# EDGAR Filing Document

**Accession Number:** 0001468642
**File Stem:** 0001213900-25-052296
**Filing Date:** 2025-6
**Character Count:** 2079018
**Document Hash:** 444347739a629d0855dde689001a2047
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-052296.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001213900-25-052296

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 461

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aura Minerals Inc.
- **CENTRAL INDEX KEY:** 0001468642
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287864
- **FILM NUMBER:** 251032768

**BUSINESS ADDRESS:**
- **STREET 1:** CRAIGMUIR CHAMBERS
- **STREET 2:** BOX 71
- **CITY:** ROAD TOWN TORTOLA
- **STATE:** D8
- **ZIP:** 000000
- **BUSINESS PHONE:** 866-881-9982

**MAIL ADDRESS:**
- **STREET 1:** CRAIGMUIR CHAMBERS
- **STREET 2:** BOX 71
- **CITY:** ROAD TOWN TORTOLA
- **STATE:** D8
- **ZIP:** 000000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AURA MINERALS INC
- **DATE OF NAME CHANGE:** 20090717

#### As filed with the Securities and Exchange Commission on June 9 , 2025.

#### Registration No. 333- 287864

#### UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

#### ___________________________________

#### AMENDMENT NO. 2<br> TO <br> FORM F-1<br>REGISTRATION STATEMENT<br>UNDER<br>THE SECURITIES ACT OF 1933<br> ___________________________________

#### AURA MINERALS INC.<br> (Exact Name of Registrant as Specified in Its Charter)

#### ___________________________________

---

| | | |
|:---|:---|:---|
| **British Virgin Islands** | **1000** | **N/A** |
|  (State or other jurisdiction of<br>incorporation or organization) | (Primary Standard Industrial<br>Classification Code Number) | (I.R.S. Employer<br>Identification Number) |

---

**c/o Aura Technical Services Inc.<br>3390 Mary St,<br>Suite 116, Coconut Grove,<br>Florida, 33133, United States<br>+1 (305) 239 9332<br>(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)**

**c/o Aura Technical Services Inc.<br>3390 Mary St,<br>Suite 116, Coconut Grove,<br>Florida, 33133, United States<br>+1 (305) 239 9332<br>(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service)**

#### Copies to:

---

| | |
|:---|:---|
|  **Manuel Garciadiaz**<br> **Davis Polk & Wardwell LLP**<br> **450 Lexington Avenue**<br> **New York, NY 10017**<br> **+1 (212) 450**-4000 | **Donald Baker**<br> **John Guzman**<br> **White & Case LLP**<br> **1221 Avenue of the Americas**<br> **New York, NY 10020**<br> **+1 (212) 819**-8200 |

---

#### ___________________________________
**Approximate date of commencement of proposed sale to the public:** As soon as practicable after the effective date of this Registration Statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

____________

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant will file a further amendment which specifically states that this registration statement will thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement will become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

------

#### EXPLANATORY NOTE
The sole purpose of this Amendment No. 2 to the Registration Statement on Form F-1 of Aura Minerals Inc. (the "Company') is to amend the exhibit index and to submit exhibits 96.3, 96.4 and 94.7 that exceed the SEC file size limitations for a single submission. Accordingly, this Amendment No. 2 consists only of the facing page, this explanatory note, Part II, including the signature page and the exhibit index, and the exhibits filed herewith. This Amendment No. 2 does not contain a copy of the prospectus that was included in the Company's Registration Statement on Form F-1 and is not intended to amend or delete any part of the prospectus.

------

#### Part II<br>Information Not Required in Prospectus

#### ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
According to the Registrant's Articles of Association, the directors and executive officers of the company shall be indemnified by the company for any reasonable expenses incurred and for any loss or damage suffered in connection with any action, lawsuit or proceeding to which they have been a party as a result of their position as director or executive officer, to the extent that such director or executive officer acted honestly and in good faith and, in the case of criminal or administrative proceedings, the relevant director or executive officer had reasonable grounds to believe that their conduct was lawful. We maintain liability insurance which insure our directors and officers against liability which he or she may incur in his or her capacity as such.

#### ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES.
During the past three years, we have not issued and sold securities without registering the securities under the Securities Act other than as set forth below.

On January 13, 2025, in connection with our acquisition of Bluestone Resources Inc., we issued an aggregate of 146,519,452 non-interest bearing contingent value rights, or "CVRs" as partial consideration for the Bluestone shares. Each CVR entitles the holder thereof to a potential cash payment of up to C$0.2120, payable in three equal installments, contingent upon Era Dorada achieving commercial production over a 20-year term.

#### ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Exhibits.*

The following documents are filed as part of this registration statement:

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description** |
|  1.1\* | Form of Underwriting Agreement. |
|  3.1\*\* | [Memorandum and Articles of Association of the Registrant](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex3-1_aura.htm) |
|  5.1\* | Opinion of Harney Westwood & Riegels (BVI) LP, British Virgin Islands counsel of Aura Minerals Inc., as to the validity of the common shares. |
|  10.1\*\* | [Omnibus Incentive Plan](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex10-1_aura.htm) |
|  10.2\*\*# | [Trafigura Copper Concentrate Offtake Agreement dated May 21, 2024.](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex10-2_aura.htm) |
|  10.3\*\* | [English Translation of Indenture dated September 8, 2024 Relating to Second Issuance of Debentures](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex10-3_aura.htm) |
|  10.4\*\* | [English Translation of Amendment No. 1 to Indenture Relating to Second Issuance of Debentures dated September 25 2024](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex10-4_aura.htm) |
|  10.5\*\* | [English Translation of Amendment No. 2 to Indenture Relating to Second Issuance of Debentures dated October 15 2024](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex10-5_aura.htm) |
|  10.6\*\* | [English Translation of Credit Note between Cascar Brasil Mineracao Ltda and Banco Santander (Brasil) S.A., Luxembourg Branch dated September 5, 2023](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex10-6_aura.htm) |
|  10.7\*\* | [English Translation of Swap Agreement between Aura Almas Mineracao S.A. and Itau Unibanco S.A. dated October 15 2024](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex10-7_aura.htm) |
|  10.8\*\* | [Guarantee between Aura Minerals Inc. and Itau Unibanco S.A. dated January 21, 2025 relating to the Swap Agreement between Aura Almas Mineracao S.A. and Itau Unibanco S.A. dated October 15, 2024](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex10-8_aura.htm) |
|  10.9\*\* | [Loan Agreement between Mineracao Apoena S.A. and Banco Bradesco S.A., acting through its Grand Cayman Branch dated December 17, 2024](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex10-9_aura.htm) |
|  10.10\*\* | [English translation of Credit Agreement between Aranzazu Holding S.A. de C.V. and Banco Santander Mexico, S.A., Institucion de Banca Multiple, Grupo Financero Santander Mexico dated August 14, 2024](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex10-10_aura.htm) |
|  10.11\*\*# | [Share Purchase Agreement between AngloGold South America Limited, Cascar Do Brasil Mineracao Ltda and Aura Minerals Inc. dated June 2, 2025](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex10-11_aura.htm) |
|  16.1\*\* | [Letter of Grant Thornton Auditores Independentes Ltda to the SEC.](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex16-1_aura.htm) |
|  21.1\*\* | [List of subsidiaries of the registrant.](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex21-1_aura.htm) |

---

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description** |
|  23.1\*\* | [Consent of KPMG Auditores Independentes, Independent Registered Public Accounting Firm.](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex23-1_aura.htm) |
|  23.2\*\* | [Consent of Grant Thornton Auditores Independentes Ltda, Independent Registered Public Accounting Firm.](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex23-2_aura.htm) |
|  23.3\* | Consent of Harney Westwood & Riegels (BVI) LP (included in Exhibit 5.1). |
|  23.4\*\* | [Consent of SLR Consulting (Canada) Ltd](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex23-4_aura.htm) |
|  23.5\*\* | [Consents of Farshid Ghazanfari](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex23-5_aura.htm) |
|  23.6\*\* | [Consents of Luiz Eduardo Campos Pignatari](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex23-6_aura.htm) |
|  23.7\*\* | [Consents of Homero Delboni Jr](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex23-7_aura.htm) |
|  23.8\*\* | [Consent of Branca Horta de Almeida Abrantes](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex23-8_aura.htm) |
|  23.9\*\* | [Consent of Bruno Yoshida Tomaselli](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex23-9_aura.htm) |
|  23.10\*\* | [Consent of SRK Consulting (U.S.), Inc.](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex23-10_aura.htm) |
|  23.11\*\* | [Consent of Porfirio Cabaleiro Rodriguez](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex23-11_aura.htm) |
|  23.12\*\* | [Consent of Kirkham Geosystems Ltd.](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex23-12_aura.htm) |
|  24.1\*\* | [Powers of Attorney (included on signature page to the registration statement).](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea0244679-01.htm#T1111) |
|  96.1\*\* | [S-K 1300 Technical Report Summary and Mineral Resource Estimate entitled S-K 1300 Technical Report Summary, Aranzazu Mine, Zacatecas, Mexico](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex96-1_aura.htm) |
|  96.2\*\* | [S-K 1300 Technical Report Summary and Mineral Resource Estimate entitled Technical Report Summary on the Feasibility Study for the Borborema Gold Project, Currais Novos Municipality, Rio Grande do Norte, Brazil](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex96-2_aura.htm) |
| 96.3 | [S-K 1300 Technical Report Summary and Mineral Resource Estimate entitled S-K1300 Technical Report Summary Apoena Mine (EPP Complex) Mineral Resource and Mineral Reserve, Mato Grosso, Brazil](ea024467903ex96-3_aura.htm) |
| 96.4 | [S-K 1300 Technical Report Summary and Mineral Resource Estimate entitled S-K 1300 Technical Summary, Almas Project, Tocantins State, Brazil](ea024467903ex96-4_aura.htm) |
|  96.5\*\* | S-K 1300 Technical Report Summary and Mineral Resource Estimate entitled Technical Report Summary on the Feasibility Study for the Matupá Gold Project, Matupá Municipality, Mato Grosso, Brazil |
|  96.6\*\* | S-K 1300 Technical Report Summary and Mineral Resource Estimate entitled S-K 1300 Technical Report Summary, San Andrés Mine, Department of Copán, Honduras |
| 96.7 | [S-K 1300 Technical Report Summary Initial Assessment, Era Dorada Gold Project, Jutiapa, Guatemala](ea024467903ex96-7_aura.htm) |
|  107\*\* | [Calculation of Filing Fee Table.](http://www.sec.gov/Archives/edgar/data/1468642/000121390025052236/ea024467901ex-fee_aura.htm) |

---

____________

\* To be filed by amendment.

\*\* Previously filed.

# Portions of this exhibit have been omitted as the registrant has determined that (i) the omitted information is not material and (ii) the omitted information is of the type that the registrant customarily and actually treats as private or confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Financial Statement Schedules.*

No financial statement schedules are provided because the information called for is not applicable or is shown in the financial statements or notes thereto.

#### ITEM 9. UNDERTAKINGS
The undersigned hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Miami, Florida, on this ninth day of June, 2025.

---

| | |
|:---|:---|
|  AURA MINERALS INC. | AURA MINERALS INC. |
|  By: | /s/ Rodrigo Barbosa |
|  Name: | Rodrigo Barbosa |
|  Title: | President and Chief Executive Officer |
|  By: | /s/ João Kleber Cardoso |
|  Name: | João Kleber Cardoso |
|  Title: | Chief Financial Officer and Corporate Secretary |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
|  **Name** | **Title** | **Date** |
|  /s/ Rodrigo Barbosa | President and Chief Executive Officer<br>(principal executive officer) | June 9, 2025 |
|  Rodrigo Barbosa | President and Chief Executive Officer<br>(principal executive officer) |  |
|  /s/ João Kleber Cardoso | Chief Financial Officer and Corporate Secretary | June 9, 2025 |
|  João Kleber Cardoso | (principal financial officer and principal accounting officer) |  |
|  \* | Chairman/Director | June 9, 2025 |
|  Paulo Carlos de Brito |  |  |
|  \* | Director | June 9, 2025 |
|  Stephen Keith |  |  |
|  \* | Director | June 9, 2025 |
|  Bruno Mauad |  |  |
|  \* | Director | June 9, 2025 |
|  Pedro Turqueto |  |  |
|  \* | Director | June 9, 2025 |
|  Paulo Carlos de Brito Filho |  |  |
|  \* | Director | June 9, 2025 |
|  Richmond Lee Fenn |  |  |
|  \* | Aura Technical Services Inc. | June 9, 2025 |
|  Rodrigo Velazquez | Authorized representative in the United States |  |

---

---

| | |
|:---|:---|
|  \* |  |
|  By: | /s/ Rodrigo Barbosa |
|  Name: | Rodrigo Barbosa |
|  Title: | Attorney-in-Fact |
|  By: | /s/ João Kleber Cardoso |
|  Name: | João Kleber Cardoso |
|  Title: | Chief Financial Officer and Corporate Secretary |

---

## Exhibit 96.3

**Exhibit 96.3** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-K1300 Technical Report Summary <br> Apoena Mine (EPP Complex) Mineral Resource and Mineral Reserve,<br> Mato Grosso, Brazil**<br>Prepared by:<br>**GE21 Consultoria Mineral Ltda**.<br>On behalf of: <br>**Aura Minerals Inc.**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Project GE21 nº**: 230912 – Aura – Tech Report APOENA<br> **Effective date**: October 31, 2023<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Qualified Persons</u>** **:**<br>Porfirio Cabaleiro Rodriguez, FAIG<br>Farshid Ghazanfari, P.Geo.<br>Luiz Eduardo Pignatari<br>Homero Delboni, Ph.D., MAusIMM CP (Metallurgy)<br>Branca Horta de Almeida Abrantes<br>|

---

---

| | |
|:---|:---|
| ![](ex9603_header.jpg) | Page i |

---

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| | |
|:---|:---|
| &nbsp;&nbsp; **SK-1300 Technical Report Summary**<br> **Apoena Mines (EPP Complex) Mineral Resources and Mineral Reserves**<br> **Mato Grosso, Brazil** | &nbsp;&nbsp; **SK-1300 Technical Report Summary**<br> **Apoena Mines (EPP Complex) Mineral Resources and Mineral Reserves**<br> **Mato Grosso, Brazil** |
| &nbsp;&nbsp;**GE21 Projeto n<sup>o</sup>**: | &nbsp;&nbsp;230912 |
| &nbsp;&nbsp;**Effective date:** | &nbsp;&nbsp;October 31st, 2023 |
| &nbsp;&nbsp;**Issue date:** | &nbsp;&nbsp;March 28th, 2025 |
| &nbsp;&nbsp;**Version:** | &nbsp;&nbsp;Initial Issue |
| &nbsp;&nbsp;**Work directory:** | &nbsp;&nbsp;S:\Projetos\Aura\230912-ITR-Apoena |
| &nbsp;&nbsp;**Copies:** | &nbsp;&nbsp;Aura Minerals Inc. |
| &nbsp;&nbsp;**Copies:** | &nbsp;&nbsp;GE21 Consultoria Mineral Ltda. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Review** | **Description** | **Author(s)** | **Date** |

---

Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

---

| | |
|:---|:---|
| ![](ex9603_header.jpg) | Page ii |

---

**DATe and signature**

This report, titled "S-K 1300 Technical Report Summary, Mineral Resources and Mineral Reserves for the Apoena Mines (EPP Complex), Mato Grosso, Brazil", having an effective date of October 31, 2023, was preprared by GE21 Consultoria Mineral Ltda. on behalf of Aura Minerals Inc., and signed.

Dated at Belo Horizonte, Brazil, on March 28th, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>/s/ Porfirio Cabaleiro Rodriguez</u>**

**Porfirio Cabaleiro Rodriguez**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>/s/ Farshid Ghazanfari</u>**

**Farshid Ghazanfari**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>/s/ Luiz Eduardo Pignatari</u>**

**Luiz Eduardo Pignatari**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>/s/ Homero Delboni</u>**

**Homero Delboni**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>/s/ Branca Horta de Almeida Abrantes</u>**

**Branca Horta de Almeida Abrantes**

Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

---

| | |
|:---|:---|
| ![](ex9603_header.jpg) | Page iii |

---

**UNITS, SYMBOLS, AND ABBREVIATIONS**

---

| | |
|:---|:---|
| **Units and Symbols** | **Units and Symbols** |
| " | inches |
| °C | Celsius |
| % | Percentage |
| Au g/t | Grams Of Gold Per Tonne |
| Au | Gold |
| CDN$ | Canadian Dollars |
| Cm | Centimetre(s) |
| E | East |
| Ga | Gigaannum |
| g/t | Grams Per Tonne |
| Ha | Hectare(s) |
| hp | Horse Power |
| hr | Hour |
| k | Thousands |
| k$ | Thousands Of Dollars |
| kg | Kilogram |
| km | Kilometre(s) |
| kt | Thousands of Tonnes |
| kV | Kilovolt |
| l | Litre |
| m | Metres |
| m³/h | Cubic Metres per Hour |
| Mt | Megatonne |
| M | Millions |
| Mtpa | Million Tonnes per Annum |
| mg | Milligram |
| Oz | Ounce |
| NE | Northeast |
| NW | Northwest |
| t/h | Tonnes Per Hour |
| tpd | Tonnes Per Day |
| USD | United States dollars ($) |
| V | Volts |
| w/v | Weight by volume |

---

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| 3D | Three Dimensional |
| AA | Atomic Absorption |
| AARL | Anglo American Research Laboratories |
| AHD | Average Hauling Distance |
| AI | Abrasion Index |
| AMPRD | Absolute Mean Paired Relative Difference |
| ANM | National Mining Agency of Brazil |
| Apoena | Mineração Apoena S.A. |
| ASL | Above Sea Level |
| Aura | Aura Minerals Inc. |
| BWI - | Bond Work Index |
| CA | Certificate of Authorization |
| CDN | Canadian |

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| **Abbreviations** | **Abbreviations** |
| CFEM | Financial Compensation for Exploitation of Mineral Resources |

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| | |
|:---|:---|
| Chl | Chlorite |
| CIM | Canadian Institute of Mining, Metallurgy and Petroleum |
| CoG | Cut-off Grade |
| Company | Aura Minerals Inc. |
| CRM | Certified Reference Material |
| CSA | Canadian Securities Administrators |
| Cum | Cumulative |
| DDH | Diamond Drill Hole |
| DGPS | Differential Global Positioning System |
| DTM | Dompieri Tecnologia em Mineração |
| DWT | Drop Weight Test |
| EIA | Environmental Impact Assessment |
| ERC | Ernesto Connection |
| ERN | Ernesto |
| Esp | Sphalerite |
| FA | Fire Assay |
| FS | Feasibility Study |
| GE21 | GE21 Consultoria Mineral |
| GPS | Global Positioning System |
| GRG | Gravity Recoverable Gold Tests |
| Hem | Hematite |
| IBGE | Brazilian Institute of Geography and Statistics |
| ICU | Intensive Cyanidation Unity |
| JV | Joint Venture |
| LCT-USP | USP's Technological Characterization Laboratory |
| LOM | Life Of Mine |
| LP | Preliminary License |
| LPG | Liquefied Petroleum Gas |
| LRV | Lavrinha |
| Mag | Magnetite |
| MAR | Metarenites |
| MGL | Metaconglomerate |
| MSE | Mineração Santa Elina |
| MYL | Upper Schist and Schist |
| NI 43-101 | National Instrument 43-101 |
| NSD | Nosde |
| NSR | Net Smelter Revenue |
| Py | Pyrite |
| P80 | Passing 80% |
| QA/QC | Quality Assurance and Quality Control |
| QP | Qualified Person |
| Qtz | Quartz |
| ROM | Run Of Mine |
| Sd | Siderite |
| Ser | Sericite |
| SGS | SGS Geosol Lab |
| SO2 | Sulphur dioxide |
| SPI | SAG power index and |
| SR | Stripping Ratio |
| TVX | TVX Gold Inc. |
| Yamana | Yamana Gold Inc. |

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Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| 1 | EXECUTIVE SUMMARY | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;Introduction | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;Reliance on Other Experts | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;Property Description and Location | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;Accessibility, Climate, Local Resources, Infrastructure, Physiography, and Socio-Economic Context | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;History | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;Geology and Mineralization | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;Drilling, Sampling and Assaying | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nosde and Lavrinha Deposits | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernesto and Ernesto Connection Deposits | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pau-a-Pique Deposit | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;Data Verification and QAQC Measures | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | &nbsp;&nbsp;&nbsp;Nosde and Lavrinha Mineral Resource Estimate | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;Mineral Processing and Metallurgical Testing | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;Mineral Reserve Estimate | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;Mining Method | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;Recovery Methods | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;Environmental Studies, Permitting, and Social or Community Impacts | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;Capital and Operation Costs | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;Economic Analysis | 27 |
| 2 | INTRODUCTION | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | &nbsp;&nbsp;&nbsp;Qualified Persons | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | &nbsp;&nbsp;&nbsp;Site Visits and Scope of Personal Inspection | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | &nbsp;&nbsp;&nbsp;Effective Date and Sources of Information | 31 |
| 3 | PROPERTY DESCRIPTION | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | &nbsp;&nbsp;&nbsp;Property Location | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | &nbsp;&nbsp;&nbsp;Property Description and Tenure | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | &nbsp;&nbsp;&nbsp;Royalties | 36 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;Environmental | 37 |
| 4 | ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | &nbsp;&nbsp;&nbsp;Access | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | &nbsp;&nbsp;&nbsp;Climate | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | &nbsp;&nbsp;&nbsp;Physiography | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 | &nbsp;&nbsp;&nbsp;Local Resources | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 | &nbsp;&nbsp;&nbsp;Infrastructure | 41 |
| 5 | HISTORY | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | &nbsp;&nbsp;&nbsp;Ernesto Complex | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | &nbsp;&nbsp;&nbsp;Exploration History | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | &nbsp;&nbsp;&nbsp;Pau-a-Pique Deposit | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | &nbsp;&nbsp;&nbsp;Historic Exploration | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernesto Complex | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pau-a-Pique Deposit | 45 |
| 6 | GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | &nbsp;&nbsp;&nbsp;Regional Geology | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | &nbsp;&nbsp;&nbsp;Regional Structural Geology | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | &nbsp;&nbsp;&nbsp;Deposit Geology | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernesto Deposits | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pau-a-Pique Deposit | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | &nbsp;&nbsp;&nbsp;Mineralization and Alteration | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernesto Deposits | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pau-a-Pique Deposit | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 | &nbsp;&nbsp;&nbsp;Mineralogy of Ore-Bearing Rock in Ernesto, Lavrinha, and Pau-a-Pique | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 | &nbsp;&nbsp;&nbsp;DEPOSIT TYPES | 58 |
| 7 | EXPLORATION | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | &nbsp;&nbsp;&nbsp;Exploration | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernesto | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernesto Connection | 61 |

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lavrinha | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nosde | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 – 2023 Regional Exploration Activities | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | &nbsp;&nbsp;&nbsp;DRILLING | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | &nbsp;&nbsp;&nbsp;Hydrogeology | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | &nbsp;&nbsp;&nbsp;Geotechnical Data | 88 |
| 8 | SAMPLE PREPARATION, ANALYSES AND SECURITY | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | &nbsp;&nbsp;&nbsp;Core Handling, Logging, and Sampling Protocols (Aura Minerals) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | &nbsp;&nbsp;&nbsp;Sample Preparation – Laboratory | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SGS Laboratory | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPP Laboratory | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | &nbsp;&nbsp;&nbsp;Sample Assaying | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | &nbsp;&nbsp;&nbsp;Quality Assurance/Quality Control Program | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apoena Internal QA/QC Program | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acceptance and Rejection Thresholds | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certified Reference Materials (Standards) | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRM Charts | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internal Blank Samples | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pulp Duplicate Samples | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check Assay Duplicates | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 | &nbsp;&nbsp;&nbsp;Density Determination | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | &nbsp;&nbsp;&nbsp;Recommendations and Conclusions | 122 |
| 9 | DATA VERIFICATION | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | &nbsp;&nbsp;&nbsp;Historical Drilling Data (Previous Operators) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | &nbsp;&nbsp;&nbsp;Aura Drilling Database (2015 to 2023) | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | &nbsp;&nbsp;&nbsp;Drill hole Logging | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 | &nbsp;&nbsp;&nbsp;Collar Location Validations | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 | &nbsp;&nbsp;&nbsp;Downhole Survey Validation | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 | &nbsp;&nbsp;&nbsp;Analytical Validations | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pulp duplicates re-assay of Ernesto (2017) | 133 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coarse reject duplicates re-assay of Ernesto (2018) | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coarse reject duplicates re-assay of Lavrinha (2018) | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pulp duplicates re-assay of Nosde (2023) | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 | &nbsp;&nbsp;&nbsp;Qualified Person's Opinion | 134 |
| 10 | MINERAL PROCESSING AND METALLURGICAL TESTING | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | &nbsp;&nbsp;&nbsp;Summary of Mineral Process and Metallurgy | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | &nbsp;&nbsp;&nbsp;Characterization for Comminution | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Characterizations for Ausenco's FS in 2010 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comminution Tests for Plant Resumption in 2017 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent Comminution Tests | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | &nbsp;&nbsp;&nbsp;Extraction Tests | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Extraction Tests - FS 2010 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyanidation Tests on Bottle Rolls - FS 2010 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gravimetric Concentration Tests - FS 2010 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Recoveries | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extraction Tests - 2016 Campaign | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extraction Tests for Nosde Ore | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | &nbsp;&nbsp;&nbsp;Relevant Aspects of the Recovery of Gold in the Plant, Metallurgical Balances, and Reconciliations | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 | &nbsp;&nbsp;&nbsp;Ore Sorting Tests | 154 |
| 11 | MINERAL RESOURCE ESTIMATES | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | &nbsp;&nbsp;&nbsp;Nosde and Lavrinha Mineral Resource Estimate | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduction | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lavrinha Mineral Resource Database | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nosde Mineral Resource Database | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nosde and Lavrinha Geological and Domain Modelling | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulk Density | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploratory Data Analysis | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variogram Analysis | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contact Plots | 187 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.9 Block Model Set Up 188

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.10 Grade Interpolation 188

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.11 Block Model Validation 191

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.12 Mineral Resource Classification 201

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.13 Mines Topographic Surfaces 202

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.14 Reasonable Prospects for Economic Extraction 203

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.15 Mineral Resource Statement and Sensitivity 204

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.16 Factors that may affect the Mineral Resource Estimate 206

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.17 QP's Opinion about Mineral Resource Estimate 206

&nbsp;&nbsp;&nbsp;&nbsp;11.2 Ernesto and Ernesto Connection Mineral Resource Estimate 207

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1 Introduction 207

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2 Ernesto and Ernesto Connection Database 207

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3 Ernesto and Ernesto Connection Geological and Domain Modelling 208

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.4 Bulk Density 212

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.5 Exploratory Data Analysis (Ernesto Mine) 213

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.6 Exploratory Data Analysis (Ernesto Connection) 215

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.7 Variogram Analysis 217

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.8 Block Model Set Up 222

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.9 Grade Interpolation 223

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.10 Block Models Validation 223

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.11 Mineral Resource Classification 225

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.12 Mines Topographic Surfaces 226

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.13 Reasonable Prospects for Economic Extraction 226

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.14 Mineral Resource Statement 228

&nbsp;&nbsp;&nbsp;&nbsp;11.3 Japonês Mineral Resource Estimate 231

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.1 Japonês Mineral Resource Estimate 231

&nbsp;&nbsp;&nbsp;&nbsp;11.4 Pau-a-Pique (PPQ) Mineral Resource Estimate 231

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.1 Summary 231

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.2 PPQ Database 233

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.3 PPQ 3D Mineralized Models 235

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploratory Data Analysis (PPQ) | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulk Density (PPQ) | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variograms | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block Model Set Up | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grade Interpolations | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Classification | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block Model Validation | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Statement | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 | &nbsp;&nbsp;&nbsp;Apoena Mines and EPP Complex Combined Mineral Resource Estimate | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Factors That May Affect the Mineral Resource Estimate | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opinion QP About Mineral Resource Estimate | 250 |
| 12 | MINERAL RESERVE ESTIMATES | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 | &nbsp;&nbsp;&nbsp;Introduction | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | &nbsp;&nbsp;&nbsp;Inventory of Mineral Reserves | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Documents and Information Provided | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 | Geotechnical Studies | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Slope Angle Selection | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geotechnical Parameters | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Climate and Hydrology | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 | &nbsp;&nbsp;&nbsp;Mine Planning for Reserve Estimation | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cut-Off Grade | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 | &nbsp;&nbsp;&nbsp;Pit Optimization Results | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 | &nbsp;&nbsp;&nbsp;Final Pit | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 | &nbsp;&nbsp;&nbsp;Life of Mine | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 | &nbsp;&nbsp;&nbsp;Mine Infrastructure | 264 |
| 13 | MINING METHODS | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 | &nbsp;&nbsp;&nbsp;Handling of Mined Rock | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Destination of Raw Ore (ROM) | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 | &nbsp;&nbsp;&nbsp;Mine Operation | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 | &nbsp;&nbsp;&nbsp;Mine Equipment Selection | 272 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drilling and Blasting | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loading and Transportation | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auxiliary Equipment | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 | &nbsp;&nbsp;&nbsp;Workforce | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workforce to be Contracted by Mineração Apoena S.A. | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operational Workforce Expected to have in Mine Site by Contractor | 276 |
| 14 | PROCESSING AND RECOVERY METHODS | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 | &nbsp;&nbsp;&nbsp;Process Summary | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 | &nbsp;&nbsp;&nbsp;Crushing | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 | &nbsp;&nbsp;&nbsp;Milling | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 | &nbsp;&nbsp;&nbsp;Pre-leaching Thickening | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 | &nbsp;&nbsp;&nbsp;Gravimetric Concentration | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 | &nbsp;&nbsp;&nbsp;Leaching in Tanks (CIL) | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 | &nbsp;&nbsp;&nbsp;Elution | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 | &nbsp;&nbsp;&nbsp;Electrolysis and Smelting | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 | &nbsp;&nbsp;&nbsp;Cyanide Neutralization and Tailing Pumping Circuit | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 | &nbsp;&nbsp;&nbsp;Reagent Storage and Preparation System | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sodium Cyanide (NaCN) | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydrated Lime (Calcium Hydroxide - Ca(OH)<sup>2</sup>) | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sodium Hydroxide (NaOH) | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydrochloric Acid (HCl) | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sodium Metabisulphite (Na<sub>2</sub>S<sub>2</sub>O<sub>5</sub>) | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copper Sulphate Pentahydrate (CuSO<sub>4</sub>.5H<sub>2</sub>O) | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flocculant | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluxes | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leach Aid | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Activated Carbon | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grinding Media - Steel Ball | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reagent Tanks | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 | Utilities | 292 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Instrument Air and Process Air | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Supply | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 | &nbsp;&nbsp;&nbsp;Electricity Facilities | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13 | &nbsp;&nbsp;&nbsp;Chemical Laboratory | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14 | &nbsp;&nbsp;&nbsp;Mass and Water Balance | 296 |
| 15 | INFRASTRUCTURE | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 | &nbsp;&nbsp;&nbsp;Site Access and Control | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 | &nbsp;&nbsp;&nbsp;Water Collection and Distribution | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 | &nbsp;&nbsp;&nbsp;Communications | 301 |
| 15.3.1 | Distribution | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 | &nbsp;&nbsp;&nbsp;Electrical Power Supply | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 | &nbsp;&nbsp;&nbsp;Tailings Dam | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5<sup>th</sup> STAGE – EL. 370.50 M | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Raising | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 | &nbsp;&nbsp;&nbsp;Waste Piles and Buffer Piles | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Piles | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buffer Piles | 305 |
| 16 | MARKET STUDIES | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 | &nbsp;&nbsp;&nbsp;Gold Price | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 | &nbsp;&nbsp;&nbsp;Refining and Treatment Charges | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 | &nbsp;&nbsp;&nbsp;Brink's Bullion Transport Contract | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 | &nbsp;&nbsp;&nbsp;G3 Open Pit Mining Contract For EPP | 307 |
| 17 | ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 | &nbsp;&nbsp;&nbsp;Introduction | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 | &nbsp;&nbsp;&nbsp;Location | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 | &nbsp;&nbsp;&nbsp;Brazilian Mining Regulatory Framework | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land Access and Occupation | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Reserve | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Closure | 312 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Licensing and Approval | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 | &nbsp;&nbsp;&nbsp;Summary Of Environmental Diagnosis | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 | &nbsp;&nbsp;&nbsp;Socio-Environmental Control Actions | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Reserve | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Quality Monitoring | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fauna Monitoring | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noise and Vibration Monitoring | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control of Water Consumption | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water and Effluent Monitoring | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control of Properties (Surface-Right Owners) | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tailings Dam | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solid Waste Management | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recovery Program for Degraded Areas | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seedling Nursery | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Education | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Social Program | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 | &nbsp;&nbsp;&nbsp;Mine Closure Plan | 321 |
| 18 | CAPITAL AND OPERATING COSTS | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 | &nbsp;&nbsp;&nbsp;OPEX | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Opex | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plant Operating Costs | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G&A Costs | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration Costs | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Care and Maintenance Costs | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling Costs | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 | &nbsp;&nbsp;&nbsp;CAPEX | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plant Capital and Sustaining Costs | 331 |
| 19 | ECONOMIC ANALYSIS | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 | &nbsp;&nbsp;&nbsp;Methodology | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 | &nbsp;&nbsp;&nbsp;Exchange Rate Forecast | 334 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 | &nbsp;&nbsp;&nbsp;Taxes | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Compensation for the Exploitation of Mineral Resources (CFEM) | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Tax | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Social Contribution | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax for the Control, Monitoring, and Supervision of Research, Mining, Exploration, and Exploitation of Mineral Resources (TFRM) | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIS, COFINS and ICMS | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 | &nbsp;&nbsp;&nbsp;Royalty Right | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 | &nbsp;&nbsp;&nbsp;Working Capital | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 | &nbsp;&nbsp;&nbsp;Closure Costs, Remediation Cost and Salvage Value | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7 | &nbsp;&nbsp;&nbsp;Results | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discounted Cash Flow | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.8 | &nbsp;&nbsp;&nbsp;Sensitivity Analysis | 338 |
| 20 | ADJACENT PROPERTIES | 339 |
| 21 | OTHER RELEVANT DATA AND INFORMATION | 340 |
| 22 | INTERPRETATION AND CONCLUSIONS | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 | &nbsp;&nbsp;&nbsp;Geology, Exploration and Drilling | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 | &nbsp;&nbsp;&nbsp;Database, Sampling, QAQC and Data Verification | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 | &nbsp;&nbsp;&nbsp;Mineral Resources | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4 | &nbsp;&nbsp;&nbsp;Mineral Processing and Metallurgical Testing | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5 | &nbsp;&nbsp;&nbsp;Mineral Reserves | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Resource Model | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geotechnics | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6 | &nbsp;&nbsp;&nbsp;Environmental, Permitting and Social Considerations | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7 | &nbsp;&nbsp;&nbsp;Economic Analysis | 346 |
| 23 | RECOMMENDATIONS | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 | &nbsp;&nbsp;&nbsp;Exploration | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 | &nbsp;&nbsp;&nbsp;Sampling, Security and QAQC Measures | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 | &nbsp;&nbsp;&nbsp;Database and Logging | 348 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.4 | &nbsp;&nbsp;&nbsp;Mineral Resource Estimation | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.5 | &nbsp;&nbsp;&nbsp;Mining Method | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Model | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSO | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.5.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Release vs. Rock Blasting vs. Reconciliation | 349 |
| 24 | REFERENCES | 350 |
| 25 | RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT | 352 |

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**lIST OF TABLES**

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| Table 1-1: Mineral Rights of EPP Complex | 4 |
| Table 1-2: Summary of mineralized traps in EPP deposits | 7 |
| Table 1-3: Mineral Resources of the Nosde and Lavrinha Mines | 14 |
| Table 1-4: Combined Mineral Resources of Apoena Mines | 15 |
| Table 1-5: Mineral Reserves of Nosde and Lavrinha Mines | 19 |
| Table 1-6: Pit Optimization Parameters | 20 |
| Table 1-7: Masses of ROM Extracted in Pit and Average Transport Distance by Classification | 21 |
| Table 1-8: Mine Operating Costs for Year 2025 | 26 |
| Table 1-9: Fixed OPEX Plant costs breakdown | 26 |
| Table 1-10: Variable OPEX Plant Costs Breakdown | 26 |
| Table 1-11 – Estimated Capital Costs of the Plant to Meet LOM | 27 |
| Table 2-1: List of QPs and related responsibilities | 31 |
| Table 3-1: Mining Rights of the Ernesto District | 35 |
| Table 4-1: Heather Data Summary | 38 |
| Table 6-1: Summary of ore traps of the Cágado anticline (Ernesto Complex deposits) | 54 |
| Table 6-2: Continuity of mineralization in each trap after the modeled resources in m | 54 |
| Table 7-1: Summary of 2017-2023 Drilling at Ernesto Mine | 61 |
| Table 7-2: Summary of 2017-2023 Drilling at Ernesto Mine | 62 |
| Table 7-3: Summary of 2007-2014 Drilling at Lavrinha Mine (Yamana) | 62 |
| Table 7-4: Summary of 2015-2020 Drilling at Lavrinha Mine (Aura Minerals) | 62 |
| Table 7-5: Summary of 2006-2013 Drilling at Nosde (Yamana) | 63 |
| Table 7-6: Summary of 2006-2013 Drilling at Nosde (Aura Minerals) | 63 |
| Table 7-7: Summary of sample length by target | 74 |
| Table 7-8: Summary of depth by holes/target | 74 |
| Table 7-9: Summary of dips by target | 75 |
| Table 7-10:Summary of azimuths by target | 75 |
| Table 7-11: Ernesto Significant Drill hole Intersections - Yamana Drilling | 76 |
| Table 7-12: Significant Intersections for the 2015 Drilling in Ernesto | 76 |
| Table 7-13: Best Drilling Intercepts (2022) in Ernesto "Paiol" Area | 77 |

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| Table 7-14: Best Drilling Intercepts (2022) in Ernesto Extensions | 77 |
| Table 7-15: Best Drilling Intercepts (2021 and 2022) in Ernesto Connection | 79 |
| Table 7-16: Summary of Lavrinha Exploration Drill Holes between 2017 – 2023 | 79 |
| Table 7-17: Significant Intersections - Lavrinha Exploration Drill Holes between 2017 and 2023 | 81 |
| Table 7-18: Summary of Nosde Exploration Drill Holes between 2019 – 2023 | 82 |
| Table 7-19: Significant Intersections - Nosde Exploration Drill Holes between 2019 – 2023 | 84 |
| Table 8-1: Analytical Codes for Gold Analysis: SGS Laboratory | 95 |
| Table 8-2: Analytical Codes for Gold Analysis: EPP Laboratory | 95 |
| Table 8-3: Certified Reference Materials ("CRM", "Standards") | 97 |
| Table 8-4: Standard Table (Analyzed in SGS Laboratory) | 110 |
| Table 8-5: Standard Table – Analyzed in EPP Laboratory | 112 |
| Table 8-6: Blank Table – Samples Analyzed in SGS Laboratory | 113 |
| Table 8-7: Blank Table – Samples Analyzed in EPP Laboratory | 114 |
| Table 8-8 – Pulp Duplicate Table – Ernesto Drilling Campaign (EPP Laboratory) | 119 |
| Table 8-9: Coarse Check Assay – Ernesto 2017 Drilling Campaign (EPP Lab - SGS Lab) | 120 |
| Table 8-10: Coarse Check Assay – Lavrinha 2017 Drilling Campaign (EPP Lab - SGS Lab) | 120 |
| Table 8-11: Core Check Assay – Ernesto 2017 Drilling Campaign (EPP Lab - SGS Lab) | 121 |
| Table 8-12: Pulp Check Assay – Nosde 2022 Drilling Campaign (EPP Lab - SGS Lab) | 121 |
| Table 9-1: Excluded Historical Drill Holes and Samples Excluded from Mineral Resource Estimation | 125 |
| Table 9-2: Sampling Status of Different Databases for Nosde and Lavrinha Mines | 126 |
| Table 10-1: Impact Tests - FS 2010 | 138 |
| Table 10-2: BWI Test Results - FS 2010 | 138 |
| Table 10-3: Abrasivity Tests Results – FS 2010 | 139 |
| Table 10-4: Characteristics of the Selected Mill for EPP - FS 2010 | 140 |
| Table 10-5: Results of Characterization Tests for Comminution of Representative LOM Samples | 140 |
| Table 10-6: Results of Grinding Capacity Estimates for LOM | 141 |
| Table 10-7: Results of BWI Tests for Metaconglomerate, Metarenite, and Mylonite Typologies | 141 |

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| Table 10-8: Results of DWT Impact Tests for Metaconglomerate, Metarenite, and Mylonite Typologies | 141 |
| Table 10-9 – Specific Mass Tests for Metaconglomerate, Metarenite, and Mylonite Typologies | 142 |
| Table 10-10: Summary of Results Obtained from Concentration and Extraction Tests | 143 |
| Table 10-11: Cyanidation Tests on Bottle Rolls - Japonês Upper Trap | 143 |
| Table 10-12: Cyanidation Tests on Bottle Rolls - Ernesto Medium Trap | 144 |
| Table 10-13: Cyanidation Tests on Bottle Rolls - Ernesto Lower Trap | 144 |
| Table 10-14: GRG Test Results - FS 2010 – Ernesto Lower Trap | 145 |
| Table 10-15: Summary of Metallurgical Results - Plant Operation Period between 2013 and 2014 | 146 |
| Table 10-16: Results of Extraction Tests for Lavrinha Ore | 146 |
| Table 10-17: Results of Extraction Tests for Pau-a-Pique Ore | 147 |
| Table 10-18: Results of Extraction Tests for Ernesto Ore | 147 |
| Table 10-19: Summary of Tests for Nosde Body | 148 |
| Table 10-20: Metallurgical Balance for Year 2022 | 150 |
| Table 10-21: Reconciliation for 2022 Metallurgical Balance | 152 |
| Table 11-1: Lavrinha Mine Database Status Summary | 162 |
| Table 11-2 : Nosde Mine Database Status Summary | 163 |
| Table 11-3: Average Bulk Densities for the Main Lithological Units in the Lavrinha Deposit | 166 |
| Table 11-4: Average Bulk Densities for the Main Lithological Units in the Nosde Deposit | 166 |
| Table 11-5: Summary Statistics of Raw Au Assay Data of Mineralized Domains in Nosde and Lavrinha Deposits | 167 |
| Table 11-6: Summary of Statistics for Raw Assay Data (All database) | 167 |
| Table 11-7: Summary Statistics of 2.5m and 1.25 Composited Gold Assay Data for Mineralized Domains in Nosde and Lavrinha Deposits | 173 |
| Table 11-8: Variograms Model Parameters (m) | 178 |
| Table 11-9: Nosde and Lavrinha Block Model Parameters | 188 |
| Table 11-10: Nosde Bonus Trap Estimation Parameters | 189 |
| Table 11-11: Nosde and Lavrinha Schist Estimation Parameters | 189 |
| Table 11-12: Nosde and Lavrinha Inferior Metarenite Estimation Parameters | 189 |

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| Table 11-13 – Nosde and Lavrinha Superior Metarenite Estimation Parameters | 190 |
| Table 11-14: Nosde and Lavrinha Block Mode Statistics (All Domains) | 192 |
| Table 11-15: Nosde and Lavrinha Block Model Classification Parameters | 201 |
| Table 11-16 – Nosde and Lavrinha Cut-off (CoG) Grade Assumptions | 203 |
| Table 11-17: Nosde and Lavrinha Optimization parameters | 204 |
| Table 11-18 : Mineral Resources of the Nosde and Lavrinha Mines(Exclusive) | 205 |
| Table 11-19: Ernesto Mine Database Status Summary | 208 |
| Table 11-20: Ernesto Connection Database Status Summary | 208 |
| Table 11-21: Average bulk densities for the main lithological units in the Ernesto deposit | 212 |
| Table 11-22: Average bulk densities for the main lithological units in the Ernesto connection deposit | 213 |
| Table 11-23: Summary statistics of Au (g/t) composited data in Ernesto deposit (only EX and MP data) | 215 |
| Table 11-24: Variograms Model Parameters (Ernesto deposit) | 217 |
| Table 11-25: Variograms Model Parameters (Ernesto connection deposit) | 217 |
| Table 11-26: Ernesto Connection Variograms (Angled Conglomeratic Metarenite Domain) | 222 |
| Table 11-27: Ernesto Connection Block Parameters | 222 |
| Table 11-28: Ernesto Estimation Parameters | 223 |
| Table 11-29: Ernesto Connection Estimation Parameters | 223 |
| Table 11-30: Ernesto Block Mode Au (g/t Statistics (All Domains) | 224 |
| Table 11-31: Ernesto Connection Block Model Au (g/t) Statistics (Conglomeratic Metarenite Domains) | 225 |
| Table 11-32: Ernesto and Ernesto Connection Block Model Classification Criteria | 226 |
| Table 11-33: Ernesto and Ernesto Connection Cut-off (CoG) Grade Assumptions | 226 |
| Table 11-34: Ernesto and Ernesto Connection Optimization Parameters | 227 |
| Table 11-35 – Mineral Resources of the Ernesto Mine | 228 |
| Table 11-36: Mineral Resources of the Ernesto Connection Deposit | 228 |
| Table 11-37 – Mineral Resources of the Japonês Mine | 231 |
| Table 11-38: Summary of PPQ Drill Hole Database | 233 |
| Table 11-39: Down hole survey and deviation review | 233 |
| Table 11-40: PPQ wireframes Volumes | 237 |

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| Table 11-41: Core and Channel Au (g/t) Composite Basic Statistics Summary (P1 Zone) | 240 |
| Table 11-42: Core and Channel Au(g/t) Composite Basic Statistics Summary (P2 Zone) | 241 |
| Table 11-43: Core and Channel Au(g/t) Composite Basic Statistics Summary (P3 Zone) | 241 |
| Table 11-44: Core and Channel Au (g/t) Composite Basic Statistics Summary (P4 Zone) | 241 |
| Table 11-45: Core and Channel Au (g/t) Composite Basic Statistics Summary (P5 Zone) | 241 |
| Table 11-46: Core and Chip Au (g/t) Composited Sample Capping Summary (P1 Zone) | 242 |
| Table 11-47: Core and Chip Au (g/t) Composited Sample Capping Summary (P2 Zone) | 242 |
| Table 11-48: Core and Chip Au (g/t) Composited Sample Capping Summary (P3 Zone) | 242 |
| Table 11-49: Core and Chip Au (g/t) Composited Sample Capping Summary (P4 Zone) | 242 |
| Table 11-50: Core and Chip Au (g/t) Composited Sample Capping Summary (P5 Zone) | 243 |
| Table 11-51 : Average bulk densities for the main lithological units in PPQ mine | 244 |
| Table 11-52: PPQ Variograms Model Parameters | 244 |
| Table 11-53: PPQ Block Model Parameters | 244 |
| Table 11-54: PPQ Estimation Parameters | 245 |
| Table 11-55: PPQ Block Model Classification Parameters | 247 |
| Table 11-56: PPQ Block Model Au (g/t) Statistics (All Domains) | 248 |
| Table 11-57: Mineral Resources of the PPQ Mine | 248 |
| Table 11-58: Apoena Mines (EPP complex Combined Mineral Resources) | 249 |
| Table 12-1: Mineral Reserve Estimate of the Nosde/Lavrinha Mine | 252 |
| Table 12-2: Average Directions of Each Sector of the Resource Pit | 254 |
| Table 12-3: Deterministic and Probabilistic Results of Kinematic Analyses | 255 |
| Table 12-4: Design Criteria of the Reserve Pit (Nosde/Lavrinha) | 255 |
| Table 12-5: Pit Optimization Parameters | 257 |
| Table 12-6: Selection of Optimum Pits in NPV Scheduler | 259 |
| Table 12-7: Discounted Cash Flow | 260 |
| Table 12-8: Life of mine | 264 |
| Table 12-9: Filling Capacity of Mineração Apoena Pits | 266 |
| Table 12-10: Piles in Environmental Licensing Process | 266 |
| Table 13-1: Annual Production for Years 2023, 2024, 2025, 2026, and 2027 | 269 |
| Table 13-2: Masses of ROM Extracted in Pit and Average Hauling Distance by Classification | 270 |

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| Table 13-3: Annual Equipment Fleet | 272 |
| Table 13-4: Ore Blasting Parameters | 273 |
| Table 13-5: Waste Rock Blasting Parameters | 273 |
| Table 13-6: Fleet Selection Parameters | 274 |
| Table 13-7: Workforce Requirements for the Outsourced Mining Operation Alternative. | 276 |
| Table 13-8: Contractors operational personnel staff expected to work for mining operation | 276 |
| Table 14-1: Summary of Project Criteria - Ausenco FS 2010 | 279 |
| Table 14-2: Main Equipment of Crushing Circuit | 280 |
| Table 14-3: Main Design and Operation Characteristics of the Milling Circuit | 281 |
| Table 14-4: Main Sets of Equipment and Devices of the Milling Circuit | 282 |
| Table 14-5: EPP Densification Circuit Main Equipment | 284 |
| Table 14-6: Main Equipment of Gravimetry and Intensive Leaching Circuit | 284 |
| Table 14-7: Characteristics of Main Equipment of Leaching Circuit in EPP Tanks | 285 |
| Table 14-8: Characteristics of Main Equipment of Elution Circuit | 287 |
| Table 14-9: Characteristics of Main Equipment of Detox Circuit | 288 |
| Table 14-10: Main Reagents and Inputs Used in EPP Plant | 289 |
| Table 14-11: Capacities of Reagent Preparation and Storage Tanks | 292 |
| Table 14-12: Characteristics of Main Air System Equipment | 292 |
| Table 14-13: Main Elements of Electric Power System | 295 |
| Table 14-14: Simplified Mass and Water Balance – Base 200 t/h of Milling Feed | 298 |
| Table 16-1: Summary of Lom Contract Mining Costs for Epp | 307 |
| Table 18-1: Mine Operating Costs for the Year 2024 | 323 |
| Table 18-2: Mine Operating Costs for Year 2025 | 324 |
| Table 18-3: Mine Operating Costs for Year 2026 | 324 |
| Table 18-4: Diesel Consumption by Category | 325 |
| Table 18-5: Diesel Consumption by Equipment | 325 |
| Table 18-6: Diesel Consumption by Distance Range for 8 x 4 Truck | 326 |
| Table 18-7: Fixed OPEX Plant costs breakdown | 327 |
| Table 18-8: Variable OPEX Plant Costs Breakdown | 327 |
| Table 18-9: Total Headcount for EPP Plant – Headcount for 2024 Budget | 328 |

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| Table 18-10: Headcount in 4x4 Shift Basis for the PPE Plant – 2024 Budget | 328 |
| Table 18-11: Headcount in 5x2 Shift Basis for PPE Plant – 2024 Budget | 329 |
| Table 18-12: Specific Consumption of Inputs in EPP Plant | 330 |
| Table 18-13: G&A Operating Costs | 330 |
| Table 18-14: Exploration Costs | 331 |
| Table 18-15: Care and Maintenance Costs | 331 |
| Table 18-16: Selling Costs | 331 |
| Table 18-17: Estimated Capital Costs of the Plant to Meet LOM | 331 |
| Table 19-1: Exchange Rate | 334 |
| Table 19-2: Simplified Discounted Cash Flow Results (Post-Tax) | 335 |
| Table 19-3: Cash Flow | 337 |
| Table 22-1: Combined Mineral Resources of Apoena Mines | 343 |
| Table 23-1: 3 Years Proposed Exploration Budget | 347 |

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Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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**LIST OF FIGURES**

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| Figure 1-1: Location of EPP Complex | 3 |
| Figure 1-2: Terrain and Relief, Ernesto and Pau-a-Pique Area (looking NW) | 5 |
| Figure 1-3: Representative cross section and planview of mineralized zone in the Lavrinha Mine | 8 |
| Figure 1-4: Representative cross section and planview of mineralized zone in the Nosde Mine | 8 |
| Figure 1-5: Summary of Aura's Exploration and infill Drilling in Nosde and Lavrinha | 10 |
| Figure 1-6: Summary of Aura's Exploration and infill Drilling in Ernesto and Ernesto Connection | 11 |
| Figure 1-7: Planview of the Nosde and Lavrinha mines showing mineralized Models | 13 |
| Figure 1-8: Nosde and Lavrinha mines cross section showing block grade within Mineral Resources optimized Pit($1900/oz) | 14 |
| Figure 1-9: Gold Recoveries and Pit Contributions for the Year 2022 | 17 |
| Figure 1-10: Contributions of Mineralized Bodies in the ROM Expected for the Year 2024 | 17 |
| Figure 1-11: Contributions of Pits in LOM for the Years 2025 to 2028 | 17 |
| Figure 1-12: Cross Section of Nosde and Lavrinha Mines showing the Changes in the Contours of Mineral Reserve Pit 2022 vs. 2023 (Southwest) | 19 |
| Figure 1-13: Mine Operating Costs for Year 2025 | 26 |
| Figure 1-14: Discounted Cash Flow Sensibility Analysis | 28 |
| Figure 3-1: Location of the Pau-a-Pique and Ernesto Project Sites | 33 |
| Figure 3-2: Location of the Ernesto, Lavrinha, and Pau-a-Pique Concessions | 34 |
| Figure 3-3: Coordinates of the Ernesto, Lavrinha, and Pau-a-Pique Concessions | 36 |
| Figure 4-1: Average Temperature and Rainfall Data, Pontes e Lacerda, Brazil | 39 |
| Figure 4-2: Average Temperature and Rainfall Data, Pontes e Lacerda, Brazil | 39 |
| Figure 4-3: Terrain and Relief, Ernesto and Pau-a-Pique Area (looking NW) | 40 |
| Figure 6-1: Regional Stratigraphic Column of the Aguapeí Group and basement units, Western Mato Grosso State, Brazil | 48 |
| Figure 6-2: Regional Geology and Structural Domains of the Aguapeí belt, Western Mato Grosso State, Brazil | 50 |
| Figure 6-3: Geological map of the Cágado anticline region, with structural domains defined by Carvalho (2006) (Gold Belt Regional Structural Analysis; internal report) | 51 |
| Figure 6-4: Schematic block diagram of the Pau-a-Pique deposit after Melo et al (2022) | 53 |

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| Figure 6-5: Detailed geological map of the Ernesto Mine | 55 |
| Figure 6-6: Detailed geological map of the Lavrinha Mine | 56 |
| Figure 6-7: Typical cross-section of the Lavrinha Mine | 56 |
| Figure 6-8: Detailed geological map of the Nosde Mine | 57 |
| Figure 6-9: Typical cross-section of the Nosde Mine | 57 |
| Figure 6-10: Diagrammatic Section Across Apoena Mines and EPP Complex Gold Deposits | 59 |
| Figure 7-1: Distribution map of Aura Apoena's regional targets, highlighting the São Francisco, Ernesto, and Pau-a-Pique mining complexes. | 64 |
| Figure 7-2: Distribution map of historical and current regional samples from the Guaporé-Sararé target | 65 |
| Figure 7-3: Distribution map of historical and current regional samples from the Serra Dourada target | 66 |
| Figure 7-4: Geological and geochemical map of the BP anomaly showing the exploration target into the four blocks (North, Central, South, and Fenda) | 68 |
| Figure 7-5: Geological section within the North zone | 69 |
| Figure 7-6 : Location map of geophysical acquisition lines, topographic conditions, and geochemical anomalies of the BP anomaly – Digital Elevation Model (DEM) | 70 |
| Figure 7-7: Location map of holes drilled into the BP target | 71 |
| Figure 7-8: Distribution map of historical and current regional samples and drilling from the GP3 (Ellus) target | 72 |
| Figure 7-9: Distribution map of historical and current regional samples and drilling from the GP4 (Agroplan) target | 73 |
| Figure 7-10: Sample Distribution | 74 |
| Figure 7-11: Drilling map of Lavrinha Exploration Drill Holes | 80 |
| Figure 7-12: Nosde Exploration Drill Holes between 2019 – 2023 | 83 |
| Figure 7-13: Hydrographical location of the municipality of Pontes e Lacerda-MT | 87 |
| Figure 7-14: Madeira Basin | 87 |
| Figure 8-1: Apoena Core Shack Storage and Working Area | 91 |
| Figure 8-2: Core Boxes Logging in Apoena Core Shac | 91 |
| Figure 8-3: Core Handling and Sample Protocols | 92 |
| Figure 8-4: SGS Sample Preparation Protocol | 93 |
| Figure 8-5: EPP Sample Preparation Protocol | 94 |

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| Figure 8-6: Ernesto and Ernesto Connection – Low-grade Standards - SGS Laboratory | 98 |
| Figure 8-7: Ernesto and Ernesto Connection – Medium-grade Standards - SGS Laboratory | 98 |
| Figure 8-8: Ernesto and Ernesto Connection – High-grade Standards - SGS Laboratory | 99 |
| Figure 8-9: Ernesto and Ernesto Connection – High-grade Standards (Above 10.0 g/t) - SGS Laboratory | 99 |
| Figure 8-10: Ernesto and Ernesto Connection – Low-grade Standards - EPP Laboratory | 100 |
| Figure 8-11: Ernesto and Ernesto Connection – Medium-grade Standards - EPP Laboratory | 100 |
| Figure 8-12: Ernesto and Ernesto Connection – High-grade Standards - EPP Laboratory | 101 |
| Figure 8-13: Ernesto and Ernesto Connection – Very High-Grade Standards - EPP Laboratory | 101 |
| Figure 8-14: Nosde – Grade Standards - SGS Laboratory | 102 |
| Figure 8-15: Nosde – Medium-grade Standards - SGS Laboratory | 102 |
| Figure 8-16: Nosde – High-grade Standards - SGS Laboratory | 103 |
| Figure 8-17: Nosde – Very High-Grade Standards - SGS Laboratory | 103 |
| Figure 8-18: Nosde – Low-Grade Standards - EPP Laboratory | 104 |
| Figure 8-19 – Nosde: Medium-grade Standards - EPP Laboratory | 104 |
| Figure 8-20 – Nosde: High-grade Standards - EPP Laboratory | 105 |
| Figure 8-21: Lavrinha – Low-grade Standards - SGS Laboratory | 105 |
| Figure 8-22: Lavrinha – Medium-grade Standards - SGS Laboratory | 106 |
| Figure 8-23: Lavrinha – High-grade Standards - SGS Laboratory | 106 |
| Figure 8-24: Lavrinha – Very High-grade Standards - SGS Laboratory | 107 |
| Figure 8-25: Lavrinha – Low-grade Standards - EPP Laboratory | 107 |
| Figure 8-26: Lavrinha – High-grade Standards - EPP Laboratory | 108 |
| Figure 8-27: Pau-a-Pique – Low-grade Standards - EPP Laboratory | 108 |
| Figure 8-28:Pau-a-Pique – Medium-grade Standards - EPP Laboratory | 109 |
| Figure 8-29: Pau-a-Pique – High-grade Standards - EPP Laboratory | 109 |
| Figure 8-30: Ernesto and Ernesto Connection – Blanks - SGS Laboratory | 115 |
| Figure 8-31: Ernesto and Ernesto Connection – Blanks - EPP Laboratory | 115 |
| Figure 8-32: Nosde – Blanks - SGS Laboratory | 116 |
| Figure 8-33: Nosde – Blanks - EPP Laboratory | 116 |
| Figure 8-34: Lavrinha – Blanks - SGS Laboratory | 117 |

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Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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| Figure 8-35: Lavrinha – Blanks - EPP Laboratory | 117 |
| Figure 8-36: Pau-a-Pique – Blanks - EPP Laboratory | 118 |
| Figure 8-37 – Ernesto – Pulp Duplicates (EPP Laboratory) | 119 |
| Figure 8-38: Ernesto – Coarse Check Assay (EPP Lab – SGS Lab) | 120 |
| Figure 8-39: Lavrinha – Coarse Check Assay (EPP Lab – SGS Lab) | 120 |
| Figure 8-40: Lavrinha – Coarse Check Assay (EPP Lab – SGS Lab) | 121 |
| Figure 8-41: Nosde – Pulp Check Assay (EPP Lab – SGS Lab) | 121 |
| Figure 8-42: In a) cylinder with initial volume of water in 500 milliliters. In b) Sample recently inserted into the cylinder with 500ml of water and, in c) cylinder with the core fully immersed, adding 100 ml to the final volume. Equation 1: relative density equation used in the procedure | 122 |
| Figure 9-1: Lithological Description Codes for Nosde and Lavrinha Databases | 127 |
| Figure 9-2: The Collar Location and Cemented Location after Surveying (Nosde and Lavrinha Mine Drilling) | 128 |
| Figure 9-3: Technical Specifications of the Surveying, Quantitative Data from the Ascent and Descent Surveying, and Behavior in the Borehole Chart/Cartographic Trajectory | 131 |
| Figure 9-4: SPREADSHEET within the Acquire Database | 131 |
| Figure 9-5: Pulp Duplicates Analysis of Ernesto Drill Hole Samples | 133 |
| Figure 9-6: Coarse Rejects Analysis of Ernesto Drill Hole Samples | 133 |
| Figure 9-7: Coarse Rejects Duplicates Analysis of Lavrinha Drill Hole Samples | 134 |
| Figure 9-8: Pulp Duplicates Analysis of Nosde Drill Hole Samples | 134 |
| Figure 10-1: Process Flowchart and Proposed Balance for the Grinding Circuit - FS 2010 | 139 |
| Figure 10-2: Typical Kinetics Curve for Leaching of Lavrinha Ore Sample at P80 of 106 Micrometres | 148 |
| Figure 10-3: Gold Recoveries and Pit Contributions for the Year 2022 | 153 |
| Figure 10-4: Contributions of Mineralized Bodies in the ROM Expected for the Year 2024 | 153 |
| Figure 10-5: Contributions of Pits in LOM for the Years 2025 to 2028 | 153 |
| Figure 10-6: Gold Content and Distribution for the Metaconglomerate Typology | 154 |
| Figure 10-7: Gold Content and Distribution for the Metarenite Typology | 155 |
| Figure 10-8: Gold Content and Distribution for the Mylonite Typology | 155 |
| Figure 10-9: Summary of Operating Conditions and Results of Sieving Separation Tests | 156 |

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| Figure 10-10: Simulation Mass Balance Including Disposal of the Retained Fraction in 38 mm | 157 |
| Figure 10-11: EPP Grinding Simulation Balance Considered as Base Case | 158 |
| Figure 10-12: Process Flowchart and Balance for Primary and Secondary Crushing Circuit | 159 |
| Figure 11-1: Geological Model of the Lavrinha Deposit | 164 |
| Figure 11-2:Geological model of the Nosde deposit | 165 |
| Figure 11-3: Nosde and Lavrinha 3D Models vs. Mines Topographic Surface | 165 |
| Figure 11-4: Histogram and Log Probability Plots for Raw Gold Assay Values (Nosde Bonus Trap)-All Assay Data | 169 |
| Figure 11-5: Histogram and Log Probability Plots Raw Gold Assay Values (Nosde and Lavrinha Schist)-All assay Data | 170 |
| Figure 11-6: Histogram and Log Probability Plots Raw Gold Assay Values (Nosde and Lavrinha Inferior Metarenite)-All Assay Data | 171 |
| Figure 11-7: Histogram and Log Probability Plots Raw Gold Assay Values (Nosde and Lavrinha Superior Metarenite)-All Assay Data | 172 |
| Figure 11-8-: Log Histogram and Log Probability Plots Composited Gold Assay Values (Nosde Bonus Trap) | 174 |
| Figure 11-9: Log Histogram and Log Probability Plots Composited Gold Assay Values (Nosde and Lavrinha Schist) | 175 |
| Figure 11-10: Log Histogram and Log Probability Plots Composited Gold Assay Values (Nosde and Lavrinha Inferior Metarenite) | 176 |
| Figure 11-11: Log Histogram and Log Probability Plots Composited Gold Assay Values (Nosde and Lavrinha Superior Metarenite) | 177 |
| Figure 11-12: Radial Plots for Nosde and Lavrinha domains | 178 |
| Figure 11-13 : Nosde Bonus Trap Variograms | 180 |
| Figure 11-14: Nosde and Lavrinha Schist Variograms | 182 |
| Figure 11-15: Nosde and Lavrinha Inferior Metarenite Variograms | 184 |
| Figure 11-16: – Nosde and Lavrinha Superior Metarenite Variograms | 186 |
| Figure 11-17: Contact Plots for Nosde Bonus Trap | 187 |
| Figure 11-18: Contact Plots for Nosde and Lavrinha Schist | 188 |
| Figure 11-19: Visual Validation of Nosde and Lavrinha block model- Bonus Trap drill hole composites vs. block grade values (Looking NW) | 191 |

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| Figure 11-20: Visual validation of Nosde and Lavrinha block model - Upper Trap Schist drill hole composites vs. block grade values (Looking N) | 192 |
| Figure 11-21: Nosde and Lavrinha QQ plots for mineralized domains | 195 |
| Figure 11-22: Nosde and Lavrinha Swath plots in X, Y and Z directions | 196 |
| Figure 11-23: Nosde and Lavrinha Swath plots in X, Y and Z directions for Bonus Trap Metarenite | 197 |
| Figure 11-24: Nosde and Lavrinha Swath plots in X, Y and Z directions for Schist | 198 |
| Figure 11-25: Nosde and Lavrinha Swath plots in X, Y and Z directions for Inferior Metarenite | 199 |
| Figure 11-26: Nosde and Lavrinha Swath plots in X, Y and Z directions for Superior Metarenite | 200 |
| Figure 11-27: Classification Scheme in 3D (Looking NE) | 201 |
| Figure 11-28: Nosde and Lavrinha mines Topographic surfaces (31, December 2023) | 202 |
| Figure 11-29: Nosde and Lavrinha mines cross section showing classified block model within Mineral Resources optimized Pit (1900$/oz) | 205 |
| Figure 11-30: Nosde and Lavrinha mines cross section showing block grade within Mineral Resources optimized Pit(1900$/oz) | 205 |
| Figure 11-31: Geological Model of the Ernesto Deposit | 209 |
| Figure 11-32: Ore Grade Shell Model of the Ernesto Deposit | 211 |
| Figure 11-33: Geological Model of the Ernesto Connection Deposit | 212 |
| Figure 11-34: Histogram and Log Probability Plots for Composited Gold Assay Values (Mylonite Domain) | 214 |
| Figure 11-35: Histogram and Log Probability Plots for Composited Gold Assay Values (Metaconglomerate Domain) | 215 |
| Figure 11-36: Histogram and Log Probability Plots for Raw Gold Assay Values (Ernesto Connection) | 216 |
| Figure 11-37: Histogram and Log Probability Plots for 2m composited Gold Assay Values (Ernesto Connection) | 216 |
| Figure 11-38: Ernesto Variograms (Lower Trap Mylonite Domain) | 218 |
| Figure 11-39 : Ernesto Variograms (Middle Trap Metarenite Domain) | 219 |
| Figure 11-40: Ernesto Connection Variograms (Flat Conglomeratic Metarenite Domain) | 220 |
| Figure 11-41: Ernesto Connection Variograms (Angled Conglomeratic Metarenite Domain) | 221 |

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| Figure 11-42: Sensitivity of Ernesto Indicated Mineral Resources within optimized Pit (1900$/Oz) | 229 |
| Figure 11-43: Sensitivity of Ernesto Connection Indicated Mineral Resources within optimized Pit(1900$/Oz) | 229 |
| Figure 11-44: Ernesto Mine Remaining Mineral Resources by end of 2023 versus Current Mines Topography | 230 |
| Figure 11-45: Ernesto Connection Block Model Grade Distribution, Ernesto Connection DDH traces and Current Mines Topography | 230 |
| Figure 11-46: PPQ underground stope showing mineralized shear zone in the contact (a) and Quartz boudinage withing mylonite unit (b) | 235 |
| Figure 11-47: PPQ Planview map showing the Mineralized 3D Wireframe Models | 237 |
| Figure 11-48: PPQ Longitudinal section showing the Mineralized 3D Wireframe Models and Mine Developments and Workings | 237 |
| Figure 11-49: Histogram and Log Probability Plots for Composited Gold Assay Values (P1 Domain) | 238 |
| Figure 11-50: Histogram and Log Probability Plots for Composited Gold Assay Values (P2 Domain) | 239 |
| Figure 11-51: Histogram and Log Probability Plots for Composited Gold Assay Values (P3 Domain) | 239 |
| Figure 11-52: Histogram and Log Probability Plots for Composited Gold Assay Values (P4 Domain) | 240 |
| Figure 11-53: Histogram and Log Probability Plots for Composited Gold Assay Values (P5 Domain) | 240 |
| Figure 11-54: Longitudinal Cross section of PPQ mine showing block model grade distribution (Looking NE) | 246 |
| Figure 11-55: Longitudinal Cross section of PPQ mine showing block model Classification (Looking NE) | 247 |
| Figure 11-56: Sensitivity of Measured and Indicated Mineral Resources in PPQ mine | 249 |
| Figure 12-1: Sectors Considered for the Resource Pit | 254 |
| Figure 12-2: Average Monthly Rainfall in the Region Between 2008 and 2023 | 256 |
| Figure 12-3: Selection of Pit 10 as Final Pit | 260 |
| Figure 12-4: Discounted Cash Flow | 261 |
| Figure 12-5: Final Operationalized Pit | 261 |

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| Figure 12-6: NW-SE and SW-NE Sections with Annual Progress of Pit | 262 |
| Figure 12-7: NW-SE Section with Annual Progress of Pit | 262 |
| Figure 12-8: SW-NE Section with Annual Progress of Pit | 262 |
| Figure 12-9: 2024 Operationalized Pit | 263 |
| Figure 12-10: 2025 Operationalized Pit | 263 |
| Figure 12-11: 2026 Operationalized Pit | 263 |
| Figure 12-12: 2027 Final Operationalized Pit | 264 |
| Figure 12-13: General Infrastructure of Mineração Apoena (EPP Project) | 265 |
| Figure 12-14: Waste Pile from the Nosde/Lavrinha Mine | 266 |
| Figure 12-15: Ernesto Pile Representation | 267 |
| Figure 12-16: Representation of Pit 1 Pile | 267 |
| Figure 12-17: Representation of Pit 1 Pile | 268 |
| Figure 12-18: Leste Pile Representation | 268 |
| Figure 13-1: Nosde/Lavrinha Mine | 269 |
| Figure 14-1: Process Flowchart of EPP Industrial Plant | 280 |
| Figure 14-2: Crushing and Milling Circuit Control Supervisory Screen | 281 |
| Figure 14-3: Flowchart of EPP Milling Circuit with Typical Operation Mass Balance | 283 |
| Figure 14-4: Simplified Flowchart of the Method of Preparation of Samples and Chemical Analysis | 296 |
| Figure 14-5: Simplified Flowchart with Mass and Water Balance | 297 |
| Figure 15-1: Location of Ernesto, Lavrinha, and Pau-a-Pique Access Roads | 299 |
| Figure 15-2: Route of Freshwater and Dam Water Pipelines | 301 |
| Figure 15-3: General Dam Layout | 304 |
| Figure 17-1: Location map of EPP Complex | 310 |
| Figure 17-2: Status of the Environmental License | 315 |
| Figure 17-3: Apoena's Drillhole | 319 |
| Figure 18-1: Mine Operating Costs for Year 2024 | 323 |
| Figure 18-2: Mine Operating Costs for Year 2025 | 324 |
| Figure 18-3: Mine Operating Costs for Year 2026 | 325 |
| Figure 19-1: Sensitivity Analysis | 338 |

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Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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1 EXECUTIVE SUMMARY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Introduction

This Technical Report Summary (TRS) titled "Apoena Mines (EPP Complex) Mineral Resource and Mineral Reserve" was prepared to support the disclosure of a mineral resource and mineral reserve estimate on the Ernesto/Pau-a-Pique Deposits (Apoena Mines, or EPP Complex, or EPP Property), located in the southwest of Mato Grosso state, near Pontes e Lacerda in Brazil. This TRS conforms to United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary. The EPP Property is 100% beneficially owned by Aura Minerals Inc. (Aura or the Company). Aura is a public, TSX listed, company trading under the symbol ORA.

Aura, through its Brazilian subsidiaries, acquired the EPP Project from Yamana Gold Inc. (Yamana) in June 2016. The Project was initially studied by Yamana from 2009 to 2011, and was put into production in 2013 for approximately two years before been placed on care and maintenance in late 2014. The Apoena Mines is the third Project owned by Aura in this specific region of Brazil. The Company currently owns the operating Sao Francisco gold mine near the town of Pontes-e-Lacerda and use to own Sao Vicente gold mine that ceased operations in 2014.

The Qualified Persons (QPs) responsible for this independent TRS are Mr. Porfirio Cabaleiro Rodriguez, Mr. Luiz Eduardo Campos Pignatari, Mr. Farshid Ghazanfari, Mr. Homero Delboni Jr. and Miss Branca Horta de Almeida Abrantes. Neither GE21 nor the Authors of this Independent TRS, except for Mr. Ghazanfari, who is an Aura employer, have had any material interest invested in Aura or any of its related entities. Their relationship with Aura is strictly professional, consistent with that held between a client and an independent consultant. This TRS was prepared in exchange for payment based on fees that were stipulated in a commercial agreement. Payment of these fees is not dependent upon the results of this TRS.

The Effective Date as it relates to the Mineral Resource Estimate is October 31st, 2023, with the issue date of this TRS being March 28th, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Reliance on Other Experts

The information presented regarding the tenure, status, and work permitted by permit type is based on information published by the National Mining Agency of Brazil as of the effective date, October 31st, 2023.

This TRS has been reviewed for factual errors by Aura, and all Qualified Persons (QPs). Any changes made as a result of these reviews did not involve any alteration to the conclusions made.

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Hence, the statement and opinions expressed in this TRS are given in good faith and in the belief that such statements and opinions are not false and misleading at the date of this TRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Property Description and Location

Apoena mines are near the town of Pontes e Lacerda, about 450 km west of Cuiabá, which is the capital of the Brazilian state of Mato Grosso. It is approximately 12 km southeast of Pontes e Lacerda. It can be accessed from Pontes e Lacerda by paved road BR-174 by a network of good gravel and dirt roads that offer year-round access for two-wheel drive vehicles. The Pau-a-Pique Deposit is located approximately 47 km southwest of Ernesto, and can be accessed via a dirt road that runs parallel to BR-174. Figure 1-1 shows the location of the Ernesto, Lavrinha, and Pau-a-Pique properties.

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![](ex9603_002.jpg)

**Figure 1-1: Location of EPP Complex**

Aura Apoena holds existing surface rights across the entire project area. Of the total 1,636.69 hectares comprising the Aura Apoena Unit, approximately 921.96 hectares are owned directly by the mining operation. The remaining 714.73 hectares are secured through agreements with adjacent landowners, encompassing areas where certain pits and waste piles are situated. Additionally, the Pau-a-Pique Unit includes 41.20 hectares under direct mining ownership.

The Ernesto Property comprises 1,412.89 ha of six mining sites whose rights are (legally or beneficially) held by Mineração Apoena S.A. (Apoena), a company wholly owned by Aura. The list of mineral rights is shown in Table 1-1.

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**Table 1-1: Mineral Rights of EPP Complex**

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| **Mining Rights of the EPP Complex** | **Mining Rights of the EPP Complex** | **Mining Rights of the EPP Complex** | **Mining Rights of the EPP Complex** | **Mining Rights of the EPP Complex** |
| **Target** | **ANM Process No.** | **Petitioner** | **Area (ha)** | **Status** |
| Ernesto | 866.022/2001 | Apoena | 375.49 | Mining Concession |
| Ernesto | 866.876/2005 | Apoena | 41.63 | Mining Concession |
| Ernesto | 866.877/2005 | Apoena | 15.96 | Mining Concession |
| Lavrinha | 866.276/2001 | Apoena | 111.63 | Mining Concession |
| Nosde/Japonês | 866.032/2001 | Apoena | 493.19 | Application for Mining Concession |
| Pau-a-Pique | 866.148/2003 | Apoena | 374.99 | Mining Concession |

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As part of the purchase agreement, a 2% NSR royalty is payable on gold ounces produced from the EPP Complex with respect to up to 1,000,000 collective ounces of gold, and thereafter, a 1% NSR on gold ounces produced from the Project. A 0.5% NSR royalty is due to each landowner (one for Ernesto/Lavrinha, and one for Pau-a-Pique), proportional to their surface rights. The Mining Code provides that landowners are entitled to a royalty equivalent to 50% of the royalty due to the government (the Financial Compensation for Exploitation of Mineral Resources — CFEM) and CFEM is calculated based on net income resulting from the sales of the mineral product, deducting taxes, transport costs, and insurance. In the case of gold, the rate of CFEM is 1.5%, and the landowner royalty is 0.5%.

In the environmental context, based upon the Authors' knowledge and belief, after reasonable inquiry, the authors are not aware of any environmental litigation or pending fines associated with the EPP Complex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Accessibility, Climate, Local Resources, Infrastructure, Physiography, and Socio-Economic Context

The Ernesto Property is accessible by paved road BR-174 and then gravel and dirt roads that offer year-round access to the Project. The Lavrinha Property is accessed from Pontes e Lacerda by the same roads used to access the Ernesto Property. The Pau-a-Pique Deposit is approximately 73 km away from Pontes e Lacerda by road, and approximately 47 km away by dirt road from Ernesto.

The climate in the Project area is suitable for year-round mining. The region boasts the hot, tropical, and semi-humid climate of the Mato Grosso state in Central West Brazil. The area has two well-defined seasons: one dry season, usually from April to October and a season that receives large amounts of rain during November to March.

The Ernesto Property is in a range of hills that runs from northwest of Pontes e Lacerda to southeast of Pau-a-Pique (Figure 1-2). The terrain is comprised of rolling hills. The Ernesto District is covered by the Amazon Forest, much of which has been cleared for livestock activity.

Locally, topographic features are characterized by flat relief and hilly highlands with elevation ranging between 280 m and 430 m. The Property averages around 270 m above sea level.

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![](ex9603_003.jpg)

**Figure 1-2: Terrain and Relief, Ernesto and Pau-a-Pique Area (looking NW)**

Aura operated the São Francisco Mine and the past-producing São Vincente Mine until 2014, both in the vicinity of Pontes e Lacerda. Experienced personnel can be found in the local region or in the state capital Cuiabá (approximately 450 km to the east). The nearest major airport is in Cuiabá.

The Ernesto Property contains a 130 tonnes per hour carbon-in-leach process plant, which includes crushing, milling, and tailing facilities with power supplied from the national grid via 138 kV transmission line from Pontes e Lacerda. The Ernesto Property also contains a gatehouse,

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administration offices, core shack, explosives storage facility, and the Ernesto open pit and waste rock dump. The contiguous properties do not contain any infrastructure, only the open pits and waste rock dumps. The Pau-a-Pique Property contains an underground mine in addition to surface facilities for administration and maintenance.

Aura has existing surface rights over most of the Project area either via direct ownership or agreements with landowners. There are no communities or permanent dwellings within the Complex footprint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 History

The Complex's history is rooted in gold exploration in the late 17th and early 18th centuries. Exploration and resource extraction activities started with artisanal miners recovering placer gold along the rivers and streams in the Complex area. The gold was first discovered at the Aguapeí Gold Belt in the 18th century, where it was mined from primary (mainly), colluvial, alluvial, or placer deposits. Modern gold mining began in 1984, during a second gold rush at Alto Guaporé Gold Province (1984-1997). Artisanal miners, after the exhaustion of alluvial and colluvial deposits, discovered several small primary gold deposits close to Pontes e Lacerda city.

Around Ernesto Complex, in 1992, Anglo American and WMC carried out intensive surface geochemical surveys along the belt, mainly stream sediment sampling. In 1993, Madison do Brasil, after the acquisition of exploration permits from Copacel and Minopar, carried out a diamond drilling program. In 1994, Madison do Brasil company assigned its mineral rights and transferred control of the exploration permits to TVX Gold, which, in 1995, carried out additional drilling campaigns. In the same year, TVX Gold transferred its mineral rights to MSE to capitalize on other business priorities. MSE drilled more exploratory drill holes. After 1995, no exploration was done until Yamana consolidated and expanded the Ernesto area claims. Yamana's exploration of the Ernesto Property began in 2003 and consisted of surveying, rock chip sampling, chip channel sampling, soil sampling, and mapping.

From 2003 to 2009, drill programs were carried out to extend and convert near-surface resources that were excavated by artisanal miners. However, the main goal was to increase resources at the São Francisco Mine. In May 2015, Apoena Mineração, a subsidiary of Aura Minerals that already held the mineral rights of the São Francisco and São Vicente Mines, acquired the mining rights of Yamana Gold, including the EPP mines. The ramp-up, initiated in 2016, at the Complex had approximately 233,000 oz in Proven and Probable Reserves. During the next seven years, over 420,000 oz of gold was produced. Recently it was decided to increase investments in exploration to extend the mine's lifespan. These investments have been successful, leading to an increase in Proven and Probable Mineral Reserves to over 276,000 oz, resulting in an additional five or more years to the life of mine (LOM).

Initial exploration work by Yamana began in 2009 on Pau-a-Pique Deposit, following up on earlier artisanal mining activity. From 2015 to 2016, Aura conducted a drilling campaign over the Deposit.

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The Pau-a-Pique Mine started operations in 2017, following its acquisition by Apoena (Aura Minerals), and produced 61,099 oz until 2022, when operations were suspended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 Geology and Mineralization

The EPP deposits are situated in the Middle Proterozoic Aguapeí belt, along the southwestern margin of the Amazon Craton, in the Sunsás-Aguapeí Province (1.20 and 0.95 Ga; Teixeira *et al*., 2010). The EPP deposits are described as a detachment-style gold deposit that typically has the following characteristics:

Gold mineralization is associated with low angle to flat detachment faults, generally with a normal (extensional) sense of movement which consistently places younger units over older units. Mineralization is epigenetic, hydrothermal in origin and is structurally controlled. Gold mineralization is located along asymmetrical anticlines and synclines that plunge gently to the north and are cut by Northwest and Northeast-trending narrow faults.

The Nosde-Lavrinha deposits consists of gold-rich quartz veins and veinlets occurring along a relatively thick, shallow-dipping structure at the base of the metasedimentary sequence and within altered sulphidic horizons in overlying meta-arenite units. The basal structure is interpreted to be a low-angle detachment fault that has been folded and faulted together with the overlying stratigraphy.

Gold mineralization in Apoena mines and surrounding areas occurs in four zones, which consists of the Lower Trap (Ernesto Mine), Middle Trap (Ernesto Mine and Ernesto Connection deposit), Upper Trap (Lavrinha and Nosde Mines) and Bonus Trap (Nosde Mine).

The Upper Trap is widely developed in the Lavrinha and Nosde deposits, occurs in metapelitic rocks (hematite sericite schist) in dilation zones of the intensely deformed synclinal troughs. The Upper and Intermediate traps share similar alteration and mineralization suites. The Upper Trap seems to be eroded in the Ernesto Deposit area.

Table 1-2 shows a summary of mineralized traps in EPP deposits, while Figure 1-3 illustrates representative mineralization in the Lavrinha deposit.

**Table 1-2: Summary of mineralized traps in EPP deposits**

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| **Trap** | **Host Rock** | **Type** | **Vein Geometry** | **Structural Context** | **Mineral Assembly** |
| Lower Trap (Ernesto) | Contact between metatonalite and metasediments of Fortuna Fm. | Disseminated and Quartz Veins | Shear veins from 3 to 20 cm width dipping 45° towards SW, with metric quartz pockets | Low angle shear zone | (Qtz + Ser + Chl + Py + Hem ± Esp ± Mag) |
| Middle Trap (Ernesto) | Interbedded metaconglomerate and metarenite | Disseminated and Quartz Veins | Shear veins from 3 to 20 cm width dipping 45° towards SW, with metric quartz pockets | Intra-stratigraphic shear zone | (Qtz + Py + Hem ± Esp ± Mag ± Ser ± Chl) |
| Upper Trap (Lavrinha/Nosde) | Interbedded schist and metarenite | Disseminated and Quartz Veins | Bedding-parallel shear veins with <30 cm width | Intra-stratigraphic shear zone | (Qtz + Ser + Chl + Py + Hem ± Esp ± Mag ± Sd) |

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| **Trap** | **Host Rock** | **Type** | **Vein Geometry** | **Structural Context** | **Mineral Assembly** |
| Bonus Trap (Nosde) | Metarenite | Disseminated and Quartz Veins | Mineralized veins orthogonal to bedding (191°/54°) or parallel (27°/21°), and conjugate vein arrays (126°/58°, 277°/51°, 16°/37°). | Competent metarenite layer with open dome and basing folds, and rupture of axial planes. | (Qtz + Py + Hem ± Esp ± Mag ± Ser ± Chl) |

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![](ex9603_004.jpg)

**Figure 1-3: Representative cross section and planview of mineralized zone in the Lavrinha Mine**

The Bonus Trap consists of centimetre thick cross-cutting quartz veins hosted by the upper metasandstone in the Nosde and Japonês deposits. These milky quartz veins include fresh and weathered pyrite and boxworks, along with visible gold. Hematite and limonite occur as fissure-filling and halos around the mineralized quartz veins.

Figure 1-4 shows planview and typical section of the Nosde Mine.

![](ex9603_005.jpg)

**Figure 1-4: Representative cross section and planview of mineralized zone in the Nosde Mine**

Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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The main gold mineralization in Ernesto Mine developed within of the Lower Trap zone at Ernesto consists largely of free gold hosted by mylonite, muscovite schist, and quartz veins accompanied by sulphides that occur along the sheared contact between meta-tonalite and meta-arenite. In addition to Lower Trap, gold also occurs along sheared contacts between meta-conglomerate and meta-arenite in the Middle Trap in the Ernesto Mine.

The Ernesto Connection deposit is a continuation of the old Ernesto Mine, toward the west, that was historically mined by Yamana, operations ceased in 2014 and the mine remains abandoned. Gold mineralization in the Ernesto connection deposit occurs mainly in contact with the meta-conglomerate and meta-arenite of the Middle Trap and partially in the muscovite schist of the Upper Trap.

In the Ernesto Mine the rock foliation and mineralized contact trend NNW and have a shallow dip of approximately -25° NNE. The contact is not uniformly planar and is subject to rolling. In the Ernesto connection deposit, the mineralized zone trends E-W and has a shallow dip of approximately -15° WSW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 Drilling, Sampling and Assaying

1.7.1 Nosde and Lavrinha Deposits

From 2017 onwards, exploration activities at the Lavrinha Mine were conducted by Aura (Apoena), in which 234 drilling holes were carried out in the deposit between 2017 and 2023, totaling 39518.58 metres drilled.

The objectives of drilling in the Lavrinha Mine was: converting Mineral Resources in areas where there was already consolidated geological knowledge (central area and ends of the pit); exploratory in order to test the extent of mineralized bodies at depth and; exploration with the aim of verifying the extent of mineralization between the Lavrinha and Nosde deposits.

Aura (Apoena) commenced exploration activity on the Nosde Mine in 2019 with a robust drilling schedule of 100 exploratory holes throughout the area of the current Nosde pit. In the years that followed, exploration campaigns totaled 362 drilling holes in the area with 53,466.79 metres drilled. A summary of all survey campaigns carried out between 2019 and 2023 is presented in Figure 1-5.

The Nosde Mine drilling objectives was to convert Mineral Resources in areas where there was already consolidated geological knowledge, testing the continuity of mineralized bodies at 300 and 450 metres (Middle and Lower Traps, respectively), with an average depth of 380 metres, and exploratory holes in the connection region between the Nosde and Lavrinha pits to better understand local mineralization without a defined regular drilling network.

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![](ex9603_006.jpg)

**Figure 1-5: Summary of Aura's Exploration and infill Drilling in Nosde and Lavrinha**

Aura's recent exploration successfully confirmed the connection of the Upper Trap zone between the Nosde and Lavrinha mines and added additional resources to the Mineral Resources inventory at Apoena. At the Nosde Mine, infill drilling successfully converted Mineral Resources, and tested the continuity of mineralized bodies at 300 and 450 metres (Middle and Lower Traps, respectively), confirming an average depth of 380 metres. The exploratory holes in the connection region between the Nosde and Lavrinha pits provided better understanding of local mineralization. Infill drilling at Lavrinha successfully converted Mineral Resources in the central area and NE ends of the pit and exploratory drilling tested and successfully confirmed the extent of the mineralized bodies at depth and between the Lavrinha and Nosde deposits.

The Lavrinha Lower Trap zone has been sampled by surface diamond drilling with core sampling. The Lower Trap database contains 396 drill holes, totaling 59,973.97 metres drilled of which 134 (18,547.7m) are historic holes drilled from 1994 to 2014, mainly by Yamana (85% of historical holes), and 262 were drilled by Aura since 2015.

The Nosde Bonus and Lower Trap zones have been sampled by surface diamond drilling and core sampling. The Nosde database contains 414 drill holes, totaling 61,951.51 metres drilled of which 53 (8,821.38 m) are historic holes drilled from 1994 to 2013, mainly by Yamana (94% of historical holes), and 361 were drilled by Aura since 2019 (NSD series).

A total of 52,015 drill core samples are included in the database of which 48,706 have the assay results available and 4,274.77 metres of drill holes were not sampled.

1.7.2 Ernesto and Ernesto Connection Deposits

In 2015, 3,076.2 m of drilling within 21 holes was conducted on the Ernesto area by Aura focusing only on the Lower Trap where Mineral Resources were deemed to be suitable for a potential underground mining operation.

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In 2017, 2,998.63 m of infill drilling within 25 holes was conducted on the west part of the Ernesto deposit focusing on the Middle and Lower Traps. In 2018, a total of 1,823.44 m of infill drilling in 12 holes was conducted in the central and east side of the Ernesto deposit.

In 2021, 5,146.8 m of drilling within 37 holes was conducted on the eastern/northeastern and southeastern extensions of the Ernesto area focusing on Middle and Lower Trap. A total of 21 holes to inferred Mineral Resources on the east and northeast side of Ernesto deposit.

In 2022, a total of 13,440.2 m of drilling within 74 holes was conducted on the Ernesto deposit (north extensions). A total of 12 holes were drilled to confirm the potential of the "Paiol" northern area and possible Inferred Mineral Resources, focusing on shallower mineralization in the basal metarenite. A total of 62 holes of infill drilling focused on the Middle and Lower Trap, confirming continuous mineralization in both traps with variable continuity and thicknesses.

Aura drilled the Ernesto Connection area between 2018 and 2023 to establish a Mineral Resource. In 2018, 816.43 m were drilled in 9 drilling holes. In 2021, 10,157.96 m infill diamond drilling was drilled in 62 holes. In 2023, an additional 5,040.26 m was drilled in 17 holes. In 2022, four holes were drilled, totaling 593.27 m, to determine the near surface potential of old Ernesto pit area.

Figure 1-6 summarizes Aura's exploration and infill drilling in Ernesto and Ernesto connection.

![](ex9603_237.jpg)

**Figure 1-6: Summary of Aura's Exploration and infill Drilling in Ernesto and Ernesto Connection**

All core samples from Aura's drill campaigns from the Ernesto and Ernesto Connection were analysed at SGS GEOSOL laboratory in Belo Horizonte, Brazil, using the fire assay method by AA finish. The drill holes were surveyed with a Gyromaster, reading twice every 3 m. A 5% tolerance value was used to compare the inclination in the two runs and was then validated in the survey report.

1.7.3 Pau-a-Pique Deposit

In 2009, Yamana initiated efforts to follow up on previous artisanal mining activity. From 2015 to 2022 Aura conducted several drill campaigns. The Pau-a-Pique Mine resumed operations in

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2017, following its acquisition by Apoena (Aura Minerals), and produced 61,099 oz until August of 2022, when operations were suspended due to some geotechnical issues (collapse in mine workings) and below expectation economics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 Data Verification and QAQC Measures

Aura performed data verification and validation procedures on the drilling database prior to modeling and estimation. The Geology and Mineral Resources (Farshid Ghazanfari, P. Geo), QP, reviewed the geological, drilling, and gold (Au) analytical data that was used to support Mineral Resources, and confirmed the underlying data to be suitable for Mineral Resource Estimation. It is the QP's opinion that the raw drilling data used for estimating Mineral Resources have been adequately reviewed and any identified potential risks are accounted for Mineral Resource classification in-line with S-K 1300 guidelines.

The QP has conducted numerous visits and inspections to the local analytical laboratories that provided some of the analytical data supporting Mineral Resources. The independent accredited laboratories used are considered reputable and suitable for the analyses performed. The QP did not visit the SGS lab in Belo Horizonte, Brazil where majority of exploration samples were analyzed. The QP did not verify drill hole collar locations in the field but relied on work of survey contractors and the Apoena technical team. Collar locations were checked against LiDAR topography and satellite imagery and deemed acceptable. No independent samples were collected nor analyzed for verification purposes by the QP.

Analytical work was carried out by SGS Geosol Lab (SGS), in Belo Horizonte, Brazil. Drill core samples were shipped to SGS's Lab. All samples were analyzed for gold values determined by fire assay method with atomic absorption spectrometry finish on 50 g aliquots. SGS has routine quality control procedures which are independent from the Company's.

Aura has established a standard QA/QC procedure for the drilling programs in Apoena mines and all exploration targets as below: Each batch of samples sent to the lab is composed of approximately 40 core samples and four QA/QC samples (two blanks and two standards). The number of control standards should reflect the size of the analytical batch used by the laboratory. These QA/QC samples are randomly spaced into each batch. The bags labeled with these numbers are filled with 50 grams of one of the control standards and the sample tag is inserted in the bag. Records of which control standard was put in each bag in the sample log or sample cards are kept.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 Nosde and Lavrinha Mineral Resource Estimate

The geological layout of the Nosde and Lavrinha deposits is subdivided into seven lithological domains from which two of them are mineralized. The mineralized domains are metarenites (MAR) of the Bonus and Upper Traps and schists of the Upper Trap.

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Within these two lithological domains, four mineralized models were constructed using 0.35 g/t Au (for Upper Trap domains) and 0.2 g/t Au (for Bonus Trap domain) gold grades as well as alteration and mineralogical constraints which were logged during several diamond drilling campaigns (Figure 1-7).

![](ex9603_001a.jpg)

**Figure 1-7: Planview of the Nosde and Lavrinha mines showing mineralized Models**

The updated Mineral Resource Estimate is based on 3D domains encompassing all economic gold mineralization in the Nosde and Lavrinha deposits. These mineralized domains were analysed for grade capping and variography and then were interpolated using the ordinary kriging method.

Once the block model was completed Mineral Resources are classified in accordance with S-K 1300 guidelines into Measured, Indicated and Inferred classification based on identified uncertainly and risks.

Mineral Resources amenable to open pit mining methods were estimated through an open pit optimization exercise using the Measured, Indicated and Inferred Mineral Resources and $1900/oz gold price.

Figure 1-8. presents Nosde and Lavrinha mines cross section including block grade within Mineral Resources optimized Pit ($1900/oz).

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![](ex9603_236.jpg)

**Figure 1-8: Nosde and Lavrinha mines cross section showing block grade within Mineral Resources optimized Pit($1900/oz)**

Mineral Resources, exclusive of Mineral Reserves, of the Nosde and Lavrinha mines as of December 31, 2024, are shown in Table 1-3.

**Table 1-3: Mineral Resources of the Nosde and Lavrinha Mines**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mineral Resource Estimate for Nosde and Lavrinha Mines** | **Mineral Resource Estimate for Nosde and Lavrinha Mines** | **Mineral Resource Estimate for Nosde and Lavrinha Mines** | **Mineral Resource Estimate for Nosde and Lavrinha Mines** | **Mineral Resource Estimate for Nosde and Lavrinha Mines** | **Mineral Resource Estimate for Nosde and Lavrinha Mines** |
| **Effective October 31, 2023** | **Effective October 31, 2023** | **Effective October 31, 2023** | **Effective October 31, 2023** | **Effective October 31, 2023** | **Effective October 31, 2023** |
| **Mines** | **Classfication** | **Tonnage (t)** | **Grade Au Wt)** | **Contained Au (oz)** | **Recovery (%)** |
| **Mines** | **Classfication** | **Tonnage (t)** | **Grade Au Wt)** | **Contained Au (oz)** | **Recovery (%)** |
| **Nosde** | Measured | 446 823 | 0.64 | 9 248 | 93.5 |
| **Nosde** | Indicated | 1 447 852 | 1.05 | 48 815 | 93.5 |
| **Nosde** | **M&I** | **1 894 675** | **0.95** | **58 063** | **93.5** |
| **Nosde** | Inferred | 194 516 | 1.33 | 8 305 | 93.5 |
| **Lavrinha** | Measured | 54 610 | 0.98 | 1 717 | 93.5 |
| **Lavrinha** | Indicated | 673 110 | 1.13 | 24 545 | 93.5 |
| **Lavrinha** | **M&I** | **727 720** | **1.12** | **26 262** | **93.5** |
| **Lavrinha** | Inferred | 213 390 | 1.37 | 9 382 | 93.5 |
| **Nosde & Lavrinha** | **Total (M&I)** | **2 622 395** | **1.00** | **84 326** | **93.5** |
| **Nosde & Lavrinha** | Total (Inferred) | 407 907 | 1.35 | 17 700 | 93.5 |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral Resources are reported based on the Annual Information
Form for the year ended December 31, 2022, dated as of March of 2023 except for Nosde, Lavrinha, and Ernesto mines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources for Ernesto mines are reported minus 2023
depletion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Mineral Resource estimate is reported on a 100% ownership basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are exclusive of Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Metallurgical recoveries reported as the average over the life
of mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Surface Topography Surface Topography as of October 31, 2023,
for Nosde and Lavrinha and as of December 31, 2023, for rest of the mines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The base case cut-off grade for the estimate of Mineral Resources
is 0.39 g/t Au.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Recovery % is base don actual operational metallurgical recovery
of Apoena plant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Mineral Resources estimate was prepared under the supervision
of Farshid Ghazanfari, P. Geo., a Qualified Person as that term is defined in S-K 1300.

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The Combined Mineral Resources of the Apoena Mines as of December 31, 2023, are shown in Table 1-4:

**Table 1-4: Combined Mineral Resources of Apoena Mines**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Apoena Resources 2023** | **Apoena Resources 2023** | **Apoena Resources 2023** | **Apoena Resources 2023** | **Apoena Resources 2023** |
| **Measured** | **Tonnes(t)** | **Au (g/t)** | **Contained Au (oz)** | **Recovery%** |
| Lavrinha | 54 610 | 0.98 | 1 717 | 93% |
| Ernesto | 0 | 0.00 | 0 | 0 |
| Ernesto-Lavrinha Connection | 0 | 0.00 | 0 | 0 |
| Pau-A-Pique | 242 180 | 3.19 | 24 850 | 93% |
| Japonês | 0 | 0.00 | 0 | 0 |
| Nosde | 446 823 | 0.64 | 9 248 | 93% |
| Total Measured | 743 613 | 1.50 | 35 815 | 93% |
| **Indicated** | **Tonnes(t)** | **Au (g/t)** | **Contained Au (oz)** | **Contained Au (oz)** |
| Lavrinha | 673 110 | 1.13 | 24 545 | 93% |
| Ernesto | 427 100 | 2.11 | 24 720 | 93% |
| Ernesto-Lavrinha Connection | 1 232 480 | 1.18 | 46 840 | 93% |
| Pau-A-Pique | 601 660 | 2.71 | 52 450 | 93% |
| Japonês | 215 325 | 1.40 | 9 690 | 93% |
| Nosde | 1 447 852 | 1.05 | 48 815 | 93% |
| Total Indicated | 4 597 527 | 1.40 | 207 060 | 93% |
| Total Measured & lndicated | 5 341 140 | 1.41 | 242 876 | 93% |
| **Inferred** | **Tonnes(t)** | **Au (g/t)** | **Contained Au (oz)** | **Contained Au (oz)** |
| Lavrinha | 213 390 | 1.37 | 9 382 | 93% |
| Ernesto | 542 000 | 1.94 | 33 760 | 93% |
| Ernesto-Lavrinha Connection | 99 037 | 0.87 | 2 770 | 93% |
| Pau-A-Pique | 71 330 | 2.47 | 5 660 | 93% |
| Japonês | 4 370 | 1.37 | 190 | 93% |
| Nosde | 194 516 | 1.33 | 8 305 | 93% |
| Total Inferred | 1 124 643 | 1.66 | 60 067 | 93% |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral Resources are reported based on the Annual Information Form for the year ended December 31, 2022,
dated as of March of 2023 except for Nosde, Lavrinha, and Ernesto mines,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources for Ernesto mines are reported minus 2023 depletion,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Mineral Resource estimate is reported on a 100% ownership basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are exclusive of Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Metallurgical recoveries reported as the average over the life of mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The base case cut-off grade for the estimate of Mineral Resources is 0.39 g/t Au.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Recovery % is base don actual operational metallurgical recovery of Apoena plant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Surface Topography Surface Topography as of October 31, 2023, for Nosde and Lavrinha and as of December
31, 2023, for rest of the mines,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Mineral Resources Estimate was prepared under the supervision of Farshid Ghazanfari, P. Geo., a Qualified
Person as that term is defined in S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 Mineral Processing and Metallurgical Testing

The tests that served as the basis for the Feasibility Study (FS) produced by Ausenco in 2010 were conducted on the typologies of the Ernesto and Japonês mineralized bodies. For Ernesto (Lower and Upper Trapp) samples, the average levels obtained were between 4 g/t and 6 g/t of

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gold, whereas for Japonês samples, the average gold content was around 1 g/t, with a strong nugget effect. In all tests, a strong contribution of gravimetric concentration was found. This characteristic was repeated for the samples from Pau-a-Pique underground mine. The typologies tested were metarenite, metaconglomerate, and quartz veins. The samples were subjected to characterizations for comminution parameters (simplified DWT and BWI) and to tests to check the efficiency of extractions – gravimetric analysis with centrifuge concentration and cyanidation. The average recovery in the gravimetric concentration step conducted in the benchtop centrifuge was greater than 68% of the contained gold. Cyanidation tests performed on bottle rolls in the presence of charcoal resulted in gold recoveries greater than 97%.

The FS produced in 2010 assumed a plant-fed gold content of 3 g/t for processing 1 Mtpa of ore, with a global average gold recovery of 95%. In the same FS, the processing route considered centrifuge gravimetry with the leaching of the concentrate in an intensive leaching reactor, with the rich liquor being then subjected to electrolysis and melting of the cathode concentrate. The single-stage SAG milling product, with P80 of 0.106 mm, proceeded to leaching into tanks in an LCIL configuration, that is, a leaching tank and the others containing activated carbon for gold adsorption, followed by elution, electrolysis, and casting of the concentrate obtained in the cathodes. The processing route also considered the treatment of the residual cyanide present in the final tailings and deposition of the latter in a dam, in accordance with environmental standards and the Cyanide Code.

The EPP plant operated between 2013 and 2014 with run of mine (ROM) content between 0.80 and 1.33 g/t of gold and gold recoveries between 80% and 97%. The difficulties of planning and mining control ended up contributing to the shutdown of operations.

New tests were conducted to resume the operation, including studies for the new ore body – Lavrinha. The tests revealed a high metallurgical performance of Lavrinha ore, with gold recoveries close to 94%. However, the presence of sericite shale and mylonite in the Ernesto Lower Trapp ore typology pointed to lower levels of gold recovery, owing to the lower contribution of gravimetry in the processing of such typology. With the presence of less tenacious material than the metaconglomerate, simulations based on characterizations by SPI and BWI tests revealed feed flows of the EPP circuit greater than 250 t/h of ore, greater than the rated capacity of 1 Mtpa of the plant.

Recent tests for Ernesto Medium Trapp and Nosde body showed high recoveries relating to the presence of metaconglomerate and metarenite typologies. Test results are expanded upon in Section 10 of this document. The gold recoveries obtained, close to 94%, were confirmed in 2022 when each of the typologies was processed at the EPP industrial plant.

Figure 1-9 shows the distribution of EPP feed during 2022. The typologies and origins of the ore are observed according to the vertical axis on the left, as well as the gold recoveries obtained on the vertical axis on the right. At the beginning of 2022, with the contribution of Nosde ore, gold recovery reached amounts between 93% and 94%.

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![](ex9603_009.jpg)

**Figure 1-9: Gold Recoveries and Pit Contributions for the Year 2022**

Figure 1-10 shows the feed profile for different typologies and the origin of ores predicted for the year 2024, in which a strong contribution of the Nosde body is observed. Figure 1-11 shows the distribution of ore bodies planned for LOM from 2025 to 2028.

![](ex9603_010.jpg)

**Figure 1-10: Contributions of Mineralized Bodies in the ROM Expected for the Year 2024**

![](ex9603_011.jpg)

**Figure 1-11: Contributions of Pits in LOM for the Years 2025 to 2028**

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With regard to the evaluation of the metallurgical recovery of gold at the EPP plant, the metallurgical testing campaign conducted during 2022, including the typologies processed at the industrial plant, resulted in an average recovery of 93.5%, at this point considered robust and proven.

Currently, the evaluation of crushing expansion is in the scope study phase, aiming at the inclusion of a secondary crushing stage that allows the disposal of the coarse fraction of the milling feed. To this end, determinations of granular chemical distributions were conducted, as well as tests performed on a pilot scale, which included primary crushing and secondary crushing in a cone crusher, followed by screening at 38 mm. The tests resulted in a screen oversize fraction with 0.20 g/t Au, as well as 70% gold recovery, which is thus equivalent 0.14 g/t Au, therefore regarded as waste. On the other hand, the 38 mm screen undersize fraction showed lower tenacity (BWI) and increased processing capacity in milling, in addition to a gold upgrade between 20% and 30%. Further technical and economical assessments indicated that the disposal of about 30% of the total mass fed to crushing results in a 25% reduction in the final processing cost for some ore types. The loss of gold content in the fraction disposed (38 mm screen oversize) may be offset by the increased recovery in the mine, owing to the reduction in the cut-off grade. The modification of the existing crushing circuit is considered essential to ensure grinding circuit throughputs higher than 200 t/h.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 Mineral Reserve Estimate

The Mineral Reserve Estimate was prepared using S-K 1300 definitions. Dompieri Tecnologia em Mineração (DTM) reviewed the reported resources, production schedules, and factors of conversion of Mineral Resources into Mineral Reserves. Based on this review, the Measured and Indicated Mineral Resources within the final Nosde and Lavrinha pit design can be classified as Proven and Probable Mineral Reserves.

Viable Mineral Reserves for the open pit method were estimated through a pit optimization exercise using the Measured and Indicated Mineral Resources in the block model. Based on the optimized pit, the life-of-mine (LOM) production plan was prepared.

Figure 1-12 shows a longitudinal section illustrating that most of the mineralized shales in Nosde and Lavrinha became viable for open-pit mining.

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![](ex9603_012.jpg)

**Figure 1-12: Cross Section of Nosde and Lavrinha Mines showing the Changes in the Contours of Mineral Reserve Pit 2022 vs. 2023 (Southwest)**

The Mineral Reserves of Nosde and Lavrinha Mines on October 31, 2023, are presented in Table 1-5.

**Table 1-5: Mineral Reserves of Nosde and Lavrinha Mines**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Estimated Mineral Reserves for Nosde and Lavrinha Mines Effective as of October 31, 2023** | **Estimated Mineral Reserves for Nosde and Lavrinha Mines Effective as of October 31, 2023** | **Estimated Mineral Reserves for Nosde and Lavrinha Mines Effective as of October 31, 2023** | **Estimated Mineral Reserves for Nosde and Lavrinha Mines Effective as of October 31, 2023** | **Estimated Mineral Reserves for Nosde and Lavrinha Mines Effective as of October 31, 2023** |
| **Effective as of October 31, 2023** | **Effective as of October 31, 2023** | **Effective as of October 31, 2023** | **Effective as of October 31, 2023** | **Effective as of October 31, 2023** |
| **Mines** | **Class** | **Tonnage (t)** | **Grade Au (g/t)** | **Au Contained (oz)** |
| Nosde | Proven | 1793007 | 0.74 | 42738 |
| Nosde | Probable | 5362391 | 0.97 | 168089 |
| Nosde | P&P | 7155399 | 0.92 | 210828 |
| Lavrinha | Proven | 216395 | 0.78 | 5447 |
| Lavrinha | Probable | 188618 | 0.87 | 5412 |
| Lavrinha | P&P | 405013 | 0.83 | 10859 |
| Nosde & Lavrinha | Total (2P) | 7560412 | 0.91 | 221687 |

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Notes and Assumptions on Mineral Resources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Reserves in S-K 1300 were followed for Mineral Reserves

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Mineral Reserves have an effective date of October 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Mineral Reserves have been prepared under the supervision of Luiz Pignatari, P.Eng., an independent
Qualified Person competent to sign as defined S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The base cut-off grade for estimating Mineral Reserves is 0.45 g/t Au.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Reserves are confined within an operationalized pit that uses the following parameters: gold price
of 1800 USD, exchange rate of 5.1: USD 1, total process cost of 11.8 USD/t; mining costs of 2.26 USD/t, general and administrative costs
of 3.79 USD/t; sustaining costs of 0.39 USD/t processed; metallurgical recovery of 93.5%; mining recovery of 95% for meta-arenite and
98% for shale, dilution in mining of 10%; general slope angle of 38°.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Tonnages and grades have been rounded according to reporting guidelines. Totals may not add up due to
rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Surface topography until October 31, 2023.

The parameters used to define the Mineral Reserves are presented in Table 1-6.

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**Table 1-6: Pit Optimization Parameters**

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|:---|:---|:---|
| **Input** | **Description** | **Forward Values** |
| oz | Ounce (troy) | 31,10348 g |
| m | MCF | 100% |
| mlg | MCF for low-grade | 100% |
| r | Metallurgical recovery | 93,50% |
| rlg | Metallurgical recovery (low-grade) | 93,50% |
|  | Mining recovery (meta-arenite) | 95% |
|  | Mining recovery (shale) | 98% |
| ovb | Dilution | 10% |
| fx | Exchange rate (R$/US$) | 510 |
| Cs | Cost of selling gold (refining, royalties, Management Fees) in (US$/oz) | 7731 |
| P | Reserve Gold Price (US$/oz) | 1.800 |
| Pres | Resource Gold Price (US$/oz) | 1.900 |

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|:---|:---|:---|:---|
| **Costs Input** | **Costs Input** | **R$** | **U$** |
| Cm | Mining Cost per mined t | 1150 | 226 |
| Cmf | Mine fixed cost (Administration) per mined t | 781 | 153 |
| Cp | Total Processing Costs per processed t | 6054 | 1187 |
| Cpvar | Variable Processing Cost per processed t | 3753 | 736 |
| Ca | G&A + Overhead + SHE per processed t | 1935 | 379 |
| Cr | Rehandle per moved t | 000 | 000 |
| Clh | Cost For long Haulage per hauled t | 000 | 000 |
| Com | Premium cost for ore per processed t | 785 | 154 |
| Csism | Sustaining cost/ton (Mine) per mined t | 197 | 039 |
| Csisp | Sustaining cost/ton (process) per processed t | 1041 | 204 |
| Cmc | New Mine Closure cost incurred | 000 | 000 |

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| | | |
|:---|:---|:---|
| **Input** | **Input** | **CoG Grade** |
| MO | Marginal Ore | 0,34 |
| FGO | Full Grade Ore | 0,45 |
| MW | Mineralized Waste | 0,32 |
| IO | Incremental Ore/Stockpile | 0,20 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 Mining Method

The mining method established by Apoena is an open pit mine, and commercial operation is scheduled to continue until the year 2027.

The project is developed through an outsourced operation, subject to environmentally sustainable practices and high-level mining operations with guaranteed safety standards.

The waste material comprises soil, saprolite, weathered rock, and fresh rock. The excavation of these deposits requires the use of drilling and blasting for safe and efficient mining, which is also a unit operation carried out through an outsourced company. The loading and transport of ore and waste is carried out with a combination of loaders, hydraulic excavators, and trucks prepared for the mine operation.

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The mining schedule resulted in a production of 7.56 Mt of crude ore and 53.77 Mt of waste over the four years of the project's life.

The development of the mine is based on variable cut-off grades that maximize gold production and operational flexibility, divided into high-grade (above 0.9 g/t), medium-grade (between 0.9 and 0.7 g/t), and low-grade (between 0.7 and 0.34 g/t). The production by grade class is presented in Table 1-7.

**Table 1-7: Masses of ROM Extracted in Pit and Average Transport Distance by Classification**

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|:---|:---|:---|:---|:---|:---|:---|
| **Source** | **Mine** | **Mine** | **Mine** | **Mine** | **Mine** | **Mine** |
| **Destination** | **Ore Yard/Stacks** | **Ore Yard/Stacks** | **Ore Yard/Stacks** | **Ore Yard/Stacks** | **Ore Yard/Stacks** | **Ore Yard/Stacks** |
| **Ore/Waste** | **High and medium-grade ore (to the plant)** | **High and medium-grade ore (to the plant)** | **Low-grade ore (to stockpile)** | **Low-grade ore (to stockpile)** | **Waste (to waste deposits)** | **Waste (to waste deposits)** |
| **Year** | **Tonnage** | **AHD** | **Tonnage** | **DMT** | **Tonnage** | **DMT** |
| **Year** | **t** | **m** | **t** | **m** | **t** | **m** |
| 2023 | 229169 | 3249 | 158801 | 3937 | 1940756 | 3242 |
| 2024 | 1169175 | 3249 | 612514 | 3937 | 12201627 | 3242 |
| 2025 | 419169 | 3249 | 393518 | 3937 | 16810920 | 3242 |
| 2026 | 797770 | 3249 | 558026 | 3937 | 17833307 | 3242 |
| 2027 | 2964735 | 3249 | 257533 | 3937 | 4984070 | 3242 |

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Notes: AHD Average Haul Distance

The production mining fronts will be accessed by berms with a minimum width of 6.5 m, ramps with a minimum width of 13 m, and a maximum slope of 10%. The conditions of the tracks will be consistent with good practices for the operation of mining equipment.

When necessary, mechanical excavation of soil and saprolite should be performed by bulldozer or directly by hydraulic excavators, while all rock operations will be carried out with the use of explosives. The loading operation will preferably be performed by a hydraulic excavator with a backhoe profile and complemented by loaders. The transport of rocks will be carried out by trucks prepared for the mining operation. The development and infrastructure of the mine will be carried out by bulldozers, motor graders, and compactor rollers, while dust control will be performed with the use of water trucks.

The ore will be removed from the stockyard near the crushing plant using a loader that will feed the concentration plant. Thus, there will be no direct feeding by trucks to the primary crusher feeder.

When necessary, the material from the low-grade deposits will be loaded and transported to the beneficiation plant; this alternative was considered in the production schedule until the end of the project's useful life.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 Recovery Methods

The processing route considered in the EPP Apoena processing plant was based on tests conducted for types of metarenite ore and metaconglomerates, with predominant coarse gold content. The project comprises the primary crushing stage, followed by milling in a semi-

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autogenous mill (SAG), operating in a single stage and closed circuit with cyclones to generate a product with P80 of 0.106 mm. Part of the milling circulating load is diverted to a density recovery circuit, made up of two centrifuges, in addition to an intensive leaching reactor, of which rich liquor proceeds to the electrolysis step, resulting in gold-charged cathodes, which are melted to obtain the gold bullion.

The milling product goes to a linear sieve to remove organic deleterious substances, which have its undersize thickened to feed seven mechanically stirred tanks, the first for leaching, while the others are subject to leaching and adsorption of gold by coal. Such configuration is referred to as LCIL. Originally, the residence time in the LCIL circuit was 24 hours, based on the rated plant feed rate of 123 t/h of ore. However, the residence time is currently 16 hours, owing to progressive increases in the plant's feed flow. Cyanide is dosed into the first tank, as well as lime milk to create a buffer environment for cyanide integrity. In this same first tank, injection of air was originally performed, later replaced by cryogenic or purified oxygen injection, in order to provide oxygen for the complexation reaction of gold.

Coal is moved in the counter current tanks in batches. At the end of the route, that is, in the first tank, coal is separated from the pulp by sieving, followed by acid washing and elution, according to the AARL process, to remove the gold in charcoal. The rich liquor from elution proceeds to electrolysis, and subsequently, the concentrate generated in the cathodes is cast. After gold recovery, the charcoal returns to the leaching circuit. The heating system of the solutions applied in the elution includes a boiler and liquefied petroleum gas (LPG) as fuel.

The pulp from the last tank feeds, by gravity, the Detox circuit through the SO<sub>2</sub>-air process. The Detox circuit consists of two tanks, which offer a residence time of two hours for the abatement of ionic and weakly complexed cyanide. Two additional tanks were subsequently added as the plant's feed flow increased in order to maintain the established residence time. The reagents used are sodium metabisulphite and copper sulphate, respectively, as a source of SO<sub>2</sub> and as a catalyst. Before being pumped to the tailings dam, the pulp with the abated cyanide passes through a sieve to retain the charcoal still contained in the process.

The feed of less tenacious typologies, such as sericite shale or mylonite, resulted in both an increase in the plant's feed flow and a reduction in the gravimetry portion of the overall gold recovery of the EPP plant. Several measures were adopted to correct this effect, including (a) installing two additional centrifuges, i.e., tripling the gravimetric concentration capacity, (b) placing charcoal in the first tank of the circuit, (c) using oxygen instead of air to increase the leaching reaction kinetics, and (d) increasing the elution batches, with the addition of a second column.

In addition to the measures already adopted, the following should be implemented in the EPP industrial plant: (a) an increase in the intensive leaching capacity, with the installation of a second reactor with a capacity of 2 t per batch; and (b) an increase in the area of the baskets or the capacity of the interstage sieves of CIL tanks.

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Still at the level of a strategic plan (Scope Study), the expansion of crushing is under evaluation, with the concept of eliminating fractions of larger size and with low gold contents. The crushing circuit considers the following capacity increments: primary crushing with the replacement of the current C110 crusher with a C130 model; the adaptation of a secondary cone crusher – HP300 and a sieve to discard the material above 38 mm. At milling, the mill would be adapted from its current SAG configuration to a ball mill. These modifications, in addition to discarding low-grade material from the circuit and increasing the operating margin, will allow processing rates greater than 200 t/h to be practiced in order to meet the expected LOM.

The chemical laboratory had its capacity tripled for sample preparation and chemical analysis and to meet the "Ore Control" program. The current capacity of the Chemical Laboratory is to process 6,500 samples per month, analyzed in duplicates and by the Fire Assay (FA) method, followed by atomic absorption spectrometry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 Environmental Studies, Permitting, and Social or Community Impacts

Technical Environmental Assessment of the Aura Apoena Unit was based on the analysis of the current situation of the environmental compliance of the enterprise and its relevant socio-environmental factors, in light of its environmental legal compliance.

This analysis was carried out within the scope of environmental licensing, which, for mineral extraction activity, is mandatory in Brazil and should be conducted according to Federal Decree No. 99274/90, which regulates Federal Law No. 6938/81, which, in turn, establishes the National Environmental Policy.

The jurisdiction for Environmental Compliance of the enterprise in question lies with the State of Mato Grosso, established by Law 6938/81, as well as by CONAMA Resolution No. 237/97.

For mining activities, it is also necessary for the entrepreneur to prove that it holds the right to exploit the intended mineral substance, which is granted by the National Mining Agency (ANM), considering that mineral resources are assets of the Federal Government pursuant to Article 20, IX, of the Federal Constitution of 1988.

According to CONAMA Resolution No. 237/97, which sets out concepts, procedures, and criteria used in environmental licensing, a three-phase model is the rule in Brazilian environmental licensing, being divided into the stages of preliminary license (LP), which certifies the environmental viability of the proposed activities regarding location, the installation license (LI), which allows its construction provided that the environmental control and monitoring actions are carried out, and the operating license (LO), which authorizes the project to operate after being built and commissioned in keeping with the preliminary and installation license, and also requires the performance of environmental control and monitoring efforts over operation, pursuant to applicable laws.

In summary, the environmental studies developed for the Preliminary License (LP) stage evaluated the socio-environmental characteristics of the area where the Aura Apoena Unit is

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located. The Environmental Impact Assessment (EIA) was prepared by the environmental consulting firm Mineral in 2009 and details the characteristics of the Project areas, obtained through socio-environmental diagnosis, and characteristics of the complex area. The EIA informs that the Project's insertion area does not affect areas protected by law.

The Aura Apoena unit is located in the transition area between the Amazonian and Cerrado biomes, with the predominance of Cerrado and Anthropogenic Field vegetation types observed in the influence areas. Regarding the territorial dynamics of land use and occupation, the EIA indicates that the complex intersects areas with extensive livestock use, with no indigenous lands, traditional communities, archaeological sites, or speleological sites identified.

Aura Apoena has existing surface rights over the entire project area, whether as owner or through agreements with owners of adjoining lands. There are no communities or permanent dwellings within the Project area.

Among the potential negative impacts identified in the EIA (Mineral, 2009) that deserve special attention from the entrepreneur are the continuation of socio-environmental control actions. These include the maintenance of Legal Reserve areas, air quality monitoring, fauna monitoring, noise and vibration monitoring, water and effluent monitoring, water consumption control, control of its properties, degraded areas recovery program, environmental education program, social program, seedling nursery, dam monitoring, and closure plan.

The Aura Apoena Unit complied with all stages of environmental licensing, including the preliminary, installation, and operating license, as well as fulfilling the guidelines for requesting renewals of Operating Licenses, on February 7, 2022, operating regularly with the Renewal of Operating License in effect as of August 9, 2025.

It should be noted that this is a project that has already been in operation since 2012, with the implementation of environmental control actions and in accordance with current environmental laws. Thus, the environmental feasibility of operating the mining activity is proven and supported by the effective Operating License issued by the State Secretariat for the Environment of Mato Grosso.

Environmental monitoring is carried out periodically during the Project's operational phase and are compliant with current environmental legislation. Especially concerning the monitoring of surface water quality and effluents, the results of the samples collected also indicate discharge standards in accordance with the law.

It is noted that the Nosde Mine constitutes the main target of the resource assessment addressed in this TRS, with its operational feasibility being attested by the current environmental license coupled with the implementation of environmental control actions.

Nevertheless, for the exploitation of the entire mineral resource, it is necessary to carry out technical environmental studies, in light of new environmental intervention authorizations to support vegetation suppression, necessary for the expansion of the pit.

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At this point, it is important to note that, for the expansion of the pit to fully utilize the entire mineral resource, there is an exclusive need to comply with the requirements of current legislation is necessary to obtain the appropriate authorizations, which include specific technical studies such as forest inventory, respective compensation proposals, and other procedures.

Aura's Conceptual Mine Closure Plan includes an assessment of activities necessary to minimize the impacts associated with the closure phase of the activity. The closure project costs are estimated at R$0.54 million for the Ernesto unit and R$12.72 million for the Pau-a-Pique unit. These costs were revised according to a balance carried out by the company's financial sector. The cost model assumes some expenses related to the elaboration of mine closure executive projects, degraded area recovery projects (PRAD), PRAD execution, decommissioning of structures, and other executive activities necessary for closure.

Among the main activities of the Closure Plan are the demolition of civil installations, removal of infrastructures and foundations, land regularization, drainage for rainwater runoff, initial soil coverage with grass and legume species to aid in area stabilization, and soil preparation for subsequent planting of tree and shrub species. Planning for the closure of new structures and physical and chemical stabilizations, as well as recovery of affected areas, will be included in the review process related to future expansions, at an opportune time and in accordance with legal requirements.

It is concluded that, Aura Apoena Unit complied with all stages of environmental licensing, including the preliminary, installation, and operating license, as well as fulfilling the guidelines for requesting renewals of Operating Licenses, on February 7, 2022, operating regularly with the Renewal of Operating License in effect until August 9, 2025.

It should be noted that this is a Project that has already been in operation since 2012, with the implementation of environmental control actions and in accordance with current environmental laws. Thus, the environmental feasibility of operating the mining activity is proven and supported by the effective Operating License issued by the State Secretariat for the Environment of Mato Grosso.

It is important to note that the Aura Apoena Unit also adopts good environmental management practices and is committed to furthering sustainable and social-impact efforts.

From the above, it can be concluded that the Aura Apoena Unit currently in operation is considered feasible, provided that the control and monitoring actions contained in the various environmental programs and conditions required by the current licenses are followed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 Capital and Operation Costs

Apoena has decided that the mine operation will be outsourced, the entire mining operation will be contracted. During the year 2025, the costs of the outsourced mine operations (OPEX) are expected to follow the breakdown presented in Table 1-8 and Figure 1-13.

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**Table 1-8: Mine Operating Costs for Year 2025**

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| **Drilling (BRL/t mined)** | *BRL 2.19* |
| **Blasting (BRL/t mined)** | *BRL 1.65* |
| **Load (BRL/t mined)** | *BRL 1.33* |
| **Transportation (BRL/t mined)** | *BRL 4.45* |
| **Auxiliary Equipment (BRL/t mined)** | *BRL 1.46* |
| **Geology (BRL/t mined)** | *BRL 1.02* |
| **Technical Services (BRL/t mined)** | *BRL 0.19* |
| **Mine Management (BRL/t mined)** | *BRL 0.29* |
| **TOTAL 2025 (BRL/t mined)** | BRL 12.59 |

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![A graph of a graph AI-generated content may be incorrect.](ex9603_013.jpg)

**Figure 1-13: Mine Operating Costs for Year 2025**

The operating costs of EPP Plant are classified into two categories: fixed and variable. Table 1-9 and Table 1-10 show a summary of the cost breakdown for both categories – from 2024 to 2028. The average operational cost estimate of the Plant, per ton processed, showed sums between USD 11/t and USD 12/t processed – consistent with industrial practices for operations with similar operating design and the same scale (1.5 Mtpa).

**Table 1-9: Fixed OPEX Plant costs breakdown**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2024** | **2025** | **2026** | **2027** | **2028** |
| Manpower (USD 000) | 3040.00 | 2980.42 | 2923.11 | 2923.11 | 2923.11 |
| Contracts (USD 000)\* | 1063.08 | 1042.24 | 1022.20 | 1022.20 | 1022.20 |
| Contingency (USD 000) | 56.40 | 55.29 | 54229 | 54229 | 54229 |
| Total fixed costs (USD 000) | 4159.52 | 4077.96 | 3999.54 | 3999.54 | 3999.54 |

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(\*) includes a fixed part of the power supply agreement for the minimum contracted demand.

**Table 1-10: Variable OPEX Plant Costs Breakdown**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2025** | **2025** | **2026** | **2026** | **2027** | **2027** | **2028** | **2028** |
| | **USD (000)** | **Costs USD/t** | **USD (000)** | **Costs USD/t** | **USD (000)** | **Costs USD/t** | **USD (000)** | **Costs USD/t** | **USD (000)** | **Costs USD/t** |
| Maintenance cost | 4582.40 | 3.24 | 4405.54 | 3.17 | 4478.39 | 3.11 | 5225.64 | 3.11 | 4929.67 | 3.11 |
| Input costs | 5578.79 | 3.94 | 5363.47 | 3.86 | 5452.17 | 3.79 | 6361.89 | 3.79 | 6001.56 | 3.79 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2025** | **2025** | **2026** | **2026** | **2027** | **2027** | **2028** | **2028** |
| | **USD (000)** | **Costs USD/t** | **USD (000)** | **Costs USD/t** | **USD (000)** | **Costs USD/t** | **USD (000)** | **Costs USD/t** | **USD (000)** | **Costs USD/t** |
| Power cost (\*) | 1566.79 | 1.11 | 1506.32 | 1.08 | 1531.23 | 1.06 | 1786.72 | 1.06 | 1685.53 | 1.06 |
| Variable contracts | 1163,.60 | 0.82 | 1118.69 | 0.81 | 1137.19 | 0.79 | 1326.93 | 0.79 | 1251.78 | 0.79 |
| Contingency | - | 0.00 | - | 0.00 | - |  | - |  | - |  |
| TOTAL VARIABLE COSTS | 12891.57 | 9.10 | 12394.02 | 8.93 | 12598.97 | 8.75 | 14701.18 | 8.75 | 13868.53 | 8.75 |

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(\*) includes a fixed part of the power supply agreement for the minimum contracted demand.

The following Table 1-11 shows anestimated of Capital costs (CAPEX) to meet the demands of thePlant. The installation of an intensive leaching reactor was considered, in addition to the current circuit, and the replacement of the interstage sieves – to meet the feed rate increase of the leaching circuit (CIL).

**Table 1-11 – Estimated Capital Costs of the Plant to Meet LOM**

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| | **2024** | **2025** | **2026** | **2027** | **2028** |
| Miscellaneous projects | 300 | 294 | 288 | 288 | 288 |
| Additional leaching reactor | - | 980 | - | - | - |
| Interstage screening x6 | 700 | - | - | - | - |

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CAPEX was not considered for the purchase of mine equipment, since the entire operation is 100% outsourced. CAPEX was considered as sustaining of BRL 1.97 per tonne mined.

The closure project costs are estimated at US$0.54 million for the Ernesto unit and US$12.72 million for the Pau-a-Pique unit. Mine Closure costs were not considered as part of the CAPEX and OPEX for all of Aura's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 Economic Analysis

The economic analysis estimates annual post-tax cash flow based on an assumed 10% discount rate, running with no inflation. Key assumptions include the beginning based on January 2024, 4-year mine life, and all the production are exported. The exchange rate was based on Focus Boletim issued by Central Bank of Brazil.

Taxes due were estimated by applying existing tax law to revenues associated with the Complex Production. The tax regulation applied consists of four types of taxes: the Financial Compensation for the Exploitation of Mineral Resources (CFEM), Income Tax and Social Contribution and Tax for the Control, Monitoring, and Supervision of Research, Mining, Exploration, and Exploitation of Mineral Resources (TFRM).

The CFEM tax is a federal royalty paid to the Government of Brazil for the extraction and economic exploration of Brazilian Mineral Resources.

The income tax (Imposto de Renda sobre Pessoa Jurídica) applies to the profit earned by companies and other legal entities.

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The Social Contribution tax is directed to finance social security matters, which encompass health, social security, and social assistance. The tax rate is 9% and it is also applied to the earnings before income taxes.

Lastly, TFRM tax is due in Mato Grosso State, and its rate is R$2.66 per ton of ROM.

There is a royalty right to be paid by Aura to the owners, being 0.5% of the NSR based on production of Lavrinha, Nosde, and Pombinhas. Another royalty right to be paid by Aura to the Irajá, being 2.0% of the NSR.

An estimate of working capital was incorporated into the cash flow based on accounts receivable (30 days), inventories (30 days), and accounts payable (30 days).

The closure project costs are estimated at US$0.54 million for the Ernesto unit and US$12.72 million for the Pau-a-Pique unit.

The base case estimates a post-tax NPV of US$91.38 million at a discount rate of 10% per year.

A sensitivity analysis was undertaken to evaluate the impact of the resulting economic indicators for the following attributes within the cash flow: Price, discount rate, CAPEX, OPEX, and exchange rate (Figure 1-14). The sensitivity analysis showed that the Apoena Project is most vulnerable to volatility and uncertainties associated with the gold selling price, followed by the OPEX costs.

![](ex9603_014.jpg)

**Figure 1-14: Discounted Cash Flow Sensibility Analysis**

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2 INTRODUCTION

GE21 Consultoria mineral Ltda (GE21) prepared a Technical Report titled "Apoena Mines (EPP Complex) Mineral Resource and Mineral Reserve", dated April 1<sup>st</sup>, 2024 (the 2023 Technical Report), in accordance with Canadian National Instrument 43-101 (NI 43-101). The 2023 Technical Report was prepared to support a disclosure of the mineral resource and mineral reserve estimate on the Ernesto/Pau-a-Pique Deposits (Apoena Mines, or EPP Complex, or EPP Property), located in the southwest of Mato Grosso state, near Pontes e Lacerda in Brazil. There has been no material change to the information contained in the 2023 Technical Report, and Aura considers the 2023 Technical Report to be current. This Technical Report Summary (TRS) presents information from the 2023 Technical Report in compliance with United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary (S-K 1300). GE21 has prepared this TRS to support a Aura's planned listing on the NYSE.

The EPP Property is 100% beneficially owned by Aura Minerals Inc. ("Aura" or the "Company"). Aura is a public, TSX listed, company trading under the symbol "ORA", with its head office located at 78 SW 7th St., Miami, FL 33130 USA.

Aura, through its Brazilian subsidiaries, acquired the EPP Project from Yamana Gold Inc. ("Yamana") in June 2016. The Project was initially studied by Yamana from 2009 to 2011 and was put into production in 2013 for approximately two years before been placed on care and maintenance in late 2014.

The EPP Complex is the third Project owned by Aura in this specific region of Brazil. The Company currently owns the operating Sao Francisco gold mine near the town of Pontes-e-Lacerda and had the Sao Vicente gold mine that ceased operations in 2014.

Ernesto, Lavrinha, Nosde, Japonês open pit mines and Pau Pique Mine underground mine are collectively called Apoena mines (formerly known as the EPP project).

The Lavrinha open pit and the Ernesto deposit are located approximately 60 kilometres ("km") south of the Company's Sao Francisco Mineand 12 km south of the town of Pontes e Lacerda. These two deposits are within close proximity to the process plant which is located at Ernesto.

The Pau-a-Pique deposit is located approximately 40 km south of the Ernesto and Lavrinha deposits and process plant.

Three exploration areas (Nosde, Japonês and Pombinhas) are within 20 km of the process plant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Qualified Persons

The Qualified Persons (QPs) responsible for this independent TRS are Mr. Porfirio Cabaleiro Rodriguez, Luiz Eduardo Campos Pignatari, Farshid Ghazanfari, Homero Delboni Jr. and Miss

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Branca Horta de Almeida Abrantes (Table 2-1). Neither GE21 nor the Authors of this Independent TRS, except for Mr. Ghazanfari, who is an Aura employer, have had any material interest invested in Aura or any of its related entities.

Mr. Porfirio Cabaleiro Rodriguez, Director of GE21 Consultoria Mineral, is a mining engineer, a Fellow of the AIG (FAIG #3708), and has more than 40 years of experience in Mineral Resource and Mineral Reserve estimation. Mr. Rodriguez has sufficient experience relevant to the styles of mineralization and types of deposits under consideration to be considered a QP, as defined by S-K 1300. He is responsible for supervising all sections in this Independent TRS, is individually responsible for for sections 15, 16 and 19, and is co-responsible, with other QPs, for sections 1, 18, 22, 23, and 24.

Mr. Farshid Ghazanfari, Director of Geology and Mineral Resources for Aura Minerals, is a geologist by merit of education and experience and a registered Professional Geoscientist with the Association of Professional Geoscientists of Ontario (membership # 1702). Mr. Ghazanfari has more than 30 years of experience in geology, exploration, and Mineral Resource estimation. Mr. Ghazanfari has sufficient experience relevant to the styles of mineralization and types of deposits under consideration to be considered as a QP, as defined by S-K 1300. He is individually responsible for sections 6, 7, 8, 9, and 11 and is co-responsible, with other QPs, for sections 1, 22, 23, and 24.

Mr. Luiz Eduardo Pignatari is a mining engineer associated to Dompiere Tecnologia Mineral, and a QP consultant certified associated to Dompiere Tecnologia Mineral by the Chilean Commission for the Qualification of Competencies in Resources and Reserves – CH 20.235 nº 288. Mr. Pignatari has large mining operation experience and its mineral processing, including mineral exploration, technical evaluation for many mining enterprises with economic financial feasibility studies, always with a focus on the most advanced technology and operational intelligence. Mr. Pignatari is responsible for sections 12 and 13 of this TRS, and is co-responsible, with other QPs, for sections 1, 18, 22, 23, and 24.

Dr. Homero Delboni Jr. is a Mining Engineer and Minerals Processing, Ph.D, in Minerals Processing and Chartered Professional (Metallurgy) of the Australasian Institute of Mining and Metallurgy (AusIMM #112813), and has more than 40 years of experience in mineral processing. Mr. Delboni has sufficient and relevant experience in mineral processing industrial circuits to be considered a QP as defined by S-K 1300. He is individually responsible for sections 10 and 14 and is co-responsible, with others QPs, for sections 1, 18, 22, 23, and 24.

Environmental Expert Branca Horta de Almeida Abrantes has 19 years of experience in the industrial, mining, energy, and sanitation sectors. Ms. Abrantes is a member of the AIG (MAIG #8145). She is the QP responsible for the environmental assessment, is individually responsible for sections 17, and is co-responsible, with others QPs for sections, 1, 18, 22, 23, and 24.

Neither GE21 nor the Authors of this Independent TRS, except for Mr. Ghazanfari, who is an Aura employer, have any material interest invested in Aura or any of its related entities. Their

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relationship with Aura is strictly professional, consistent with that held between a client and an independent consultant. This TRS was prepared in exchange for payment based on fees that were stipulated in a commercial agreement. Payment of these fees does not depend on the results of this TRS.

**Table 2-1: List of QPs and related responsibilities**

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| **QP** | **Section Responsibility** | **Site Visit** | **Responsibility** |
| Porfirio Cabaleiro Rodriguez, FAIG | 15, 16, 19 and partially 1, 18, 22, 23, and 24 |  | Author and Peer Review |
| Farshid Ghazanfari | 6, 7, 8, 9, and 11 and partially 122, 23, and 24 | August 16 to 18, 2023 | Author and Peer Review |
| Luiz Eduardo Pignatari | 12 and 13and partially 1, 18, 22, 23, and 24 | August 16 to 18, 2023 | Author and Peer Review |
| Dr. Homero Delboni Jr., AusIMM | 10 and 14, and partially 1, 18, 22, 23, and 24. |  | Author and Peer Review |
| Branca Horta de Almeida Abrantes, MAIG | 17 and partially 1, 18, 22, 23, and 24 |  | Peer Review |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Site Visits and Scope of Personal Inspection

Mr. Farshid Ghazanfari has conducted numerous visits and inspections to the local analytical laboratories which provided some of the analytical data supporting Mineral Resources. The independent accredited laboratories used are considered reputable and suitable for the analyses performed. The QP did not visit the SGS lab in Belo Horizonte, Brazil where majority of exploration samples were analyzed. The QP did not verify drill hole collar locations in the field but relied on work of survey contractors and Apoena technical team. Collar locations were checked against LiDAR topography and satellite imagery and deemed acceptable. No independent samples were collected nor analyzed for verification purposes by the QP.

Mr. Ghazanfari visited the Apoena Mines, in Mato Grosso State, Brazil, regularly since 2005 and his last site visit was between October 23 to 27, 2023. During his last site, he reviewed core logging procedures, QAQC measures, production and exploration database, geological interpretation, lithological modeling, mineralization modeling, geostatistical analysis, and resource modeling as well as exploration drilling and new targets in the near mine and regional areas. He validates all information that supports Mineral Resource estimation.Mr. Eduardo Pignatari visited the Apoena Mines, in Mato Grosso State, Brazil, in August 16 to 18, 2023. He reviewed pit optimization, mine plan, schedules that support Mineral Reserves for Nosde and Lavrinha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Effective Date and Sources of Information

Apoena mines previous technical report was prepared by P&E mining in 2016 after acquisition of the asset from Yamana Inc. This report titled "Feasibility Study and Technical Report on the EPP Project, Mato Grosso, Brazil" ("Report" or "Technical Report"), was prepared to provide Aura

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Minerals Inc. ("Aura" or the "Company") with a National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") Technical Report on the Ernesto/Lavrinha/Pau-a-Pique Deposits located in the southwest of Mato Grosso state, near Pontes e Lacerda in Brazil. The EPP Project at time of the report was 100% beneficially owned by Aura. Aura is a public company listed on the TSX, under the symbol "ORA".

The effective date for this Mineral Resource Estimate is October 31st, 2023. The authors believe that no relevant data with respect to the Mineral Resource Estimate were produced after this date.

Aura and its consultants provided GE21 with the information that was used to develop this TRS, specifically during the execution of the work that is described herein. This work reflects the technical and economic conditions at the time that it was executed. The authors executed, whenever possible, an independent verification of the data that it received, in addition to field visits to corroborate said data. This information was supplied in the form of an exploratory drilling database, certifications, maps, technical reports, and a topographical survey. The data is a combination of historical and newly generated information.

The results, images and illustrations presented in this TRS have been generated from information provided and compiled by Aura through data organized in spreadsheets, internal and third-party technical reports, and supplemental information obtained from the Aura technical team. Exceptions will be subtitled for the source reference.

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3 PROPERTY DESCRIPTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Property Location

The Ernesto, Lavrinha, and Pau-a-Pique gold mines are near the town of Pontes e Lacerda, about 450 km west of Cuiabá, that is the capital of the Brazilian state of Mato Grosso. The Ernesto Mine is located approximately 12 km southeast of Pontes e Lacerda and the entrance to the project has the coordinates 258141.59 east, 8303731.75 north, SAD 1969 21S. The Pau-a-Pique Mine is located approximately 38 km southeast of Pontes e Lacerda and the entrance to the project has the coordinates 269453.05 east, 8266523.38 north, SAD 1969 21S. The Project locations are shown in Figure 3-1.

The Ernesto and Lavrinha gold mines are contiguous and can be accessed from Pontes e Lacerda by paved road BR-174, which crosses within 2 km of the Project, and by a network of good gravel and dirt roads that offer year-round access for two-wheel drive vehicles. The Pau-a-Pique Deposit is located approximately 47 km southwest of Ernesto, and can be accessed via a dirt road that runs parallel to BR-174. Figure 3-2 shows the location of the Ernesto, Lavrinha, and Pau-a- Pique properties. In 2010, Pontes e Lacerda's population recorded by IBGE (Brazilian Institute of Geography and Statistics) was 41,408.

![](ex9603_002a.jpg)

**Figure 3-1: Location of the Pau-a-Pique and Ernesto Project Sites**

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![](ex9603_003a.jpg)

**Figure 3-2: Location of the Ernesto, Lavrinha, and Pau-a-Pique Concessions**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Property Description and Tenure

The Ernesto Property comprises 1,412.89 ha of six mining sites whose rights are (legally or beneficially) held by Mineração Apoena S.A. ("Apoena"), a company wholly owned by Aura. The mining in these areas is being conducted in accordance with the mining plan approved by the regulatory agency (ANM), after the release of the Mineral Research Operating License or Operating License (LO), as informed in Table 3-1. Annually, the Annual Mining Report (RAL) is presented, and the Financial Compensation for the Exploration of Mineral Resources (CFEM) is regularly collected. In addition, the safety measures required by the regulatory standards of mining activity are adopted, ensuring full compliance with current legislation, as well as the validity of acquired rights. The mining rights that cover the targets in this TRS are listed in Table 3-1. A claims map is presented in Figure 3-3, which includes the coordinates of concessions in latitude and longitude.

**Table 3-1: Mining Rights of the Ernesto District**

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| **Mining Rights of the Ernesto District** | **Mining Rights of the Ernesto District** | **Mining Rights of the Ernesto District** | **Mining Rights of the Ernesto District** | **Mining Rights of the Ernesto District** | **Mining Rights of the Ernesto District** | **Mining Rights of the Ernesto District** |
| **Target** | **ANM Process No.** | **Petitioner** | **Area (ha)** | **LOPM**<br> **(License No. and expiration data)** | **LO**<br> **(License No. and expiration data)** | **Status** |
| Ernesto | 866.022/2001 | Apoena | 37549 |  | 327479/2022<br> (No expires) | Mining Concession |
| Ernesto | 866.876/2005 | Apoena | 4163 |  | 327479/2022<br> (No expires) | Mining Concession |
| Ernesto | 866.877/2005 | Apoena | 1596 |  | 327479/2022<br> (No expires) | Mining Concession |
| Lavrinha | 866.276/2001 | Apoena | 11163 |  | 327479/2022<br> (No expires) | Mining Concession |
| Nosde/Japonês | 866.032/2001 | Apoena | 49319 | 329418/2023<br> (19-Apr-2026) |  | Application for Mining Concession |
| Pau-a-Pique | 866.148/2003 | Apoena | 37499 |  | 328090/2022<br> (No expires) | Mining Concession |

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![](ex9603_015.jpg)

**Figure 3-3: Coordinates of the Ernesto, Lavrinha, and Pau-a-Pique Concessions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Royalties

As part of the purchase agreement, a 2% NSR royalty is payable to Irajá, a company associated to Santa Elina Group, on gold ounces produced from the Project with respect to up to 1,000,000 collective ounces of gold, and thereafter, a 1% NSR on gold ounces produced from the Project.

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A 0.5% NSR royalty is due to each landowner (one for Ernesto/Lavrinha, and one for Pau-a-Pique), proportional to their surface rights. The Mining Code provides that landowners are entitled to a royalty equivalent to 50% of the royalty due to the government (the Financial Compensation for Exploitation of Mineral Resources — "CFEM"). CFEM is calculated based on net income resulting from the sales of the mineral product, deducting taxes, transport costs, and insurance. In the case of gold, the rate of CFEM is 1%, thus the landowner royalty is 0.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Environmental

To the best of QP's knowledge and belief, after reasonable inquiry, the QP is not aware of any environmental litigation or pending fines associated with the EPP Project.

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4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Access

The Ernesto Property can be accessed from Pontes e Lacerda by paved road BR-174 for 12 km and then following 2 km of gravel and dirt roads that offer year-round access to the Project. The Lavrinha Property is accessed from Pontes e Lacerda by the same roads used to access the Ernesto Property.

The Pau-a-Pique Deposit is approximately 73 km away from Pontes e Lacerda by road, and approximately 47 km away by dirt road from Ernesto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Climate

The climate in the Project area is suitable for year-round mining. The region boasts the hot, tropical, and semi-humid climate of the Mato Grosso state in Central West Brazil. The area has two well-defined seasons: one dry season, usually from April to October, when the temperature averages 20 °C to 22 °C during the cooler dry winter; and a season that receives large amounts of rain during November to March, with daily maximum temperatures ranging from 30 °C to 43 °C. Weather data is summarized in Table 4-1. Average monthly temperatures for Pontes e Lacerda is presented in Figure 4-1 and average rainfall data is presented in Figure 4-2.

**Table 4-1: Heather Data Summary**

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| | **Pontes e Lacerda and Porto Esperidiäo** |
| Annual average temperature (°C) | 22-24 |
| Annual average humidity (%) | 75-85 |
| Annual average precipitation (mm) | 1440 |
| Annual evaporation rate (mm) | 1001-1100 |
| Annual average potential evapotranspiration (mm) | 1201-1400 |
| Average summer temperature (°C) | 24-26 |
| Average summer highest temperature (°C) | 32-34 |
| Approx. summer fraction of annual precipitation | 0.7 |
| Average winter temperature (°C) | 20-22 |
| Average winter lowest temperature (°C) | 14-16 |

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Source: Ausenco, 2010.

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![](ex9603_016.jpg)

**Figure 4-1: Average Temperature and Rainfall Data, Pontes e Lacerda, Brazil**

Source: Climatempo.

![](ex9603_017.jpg)

**Figure 4-2: Average Temperature and Rainfall Data, Pontes e Lacerda, Brazil**

Source: Climatempo.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Physiography

The Ernesto Property is in a range of hills that runs from northwest of Pontes e Lacerda to southeast of Pau-a-Pique (Figure 4-3). The terrain is comprised of rolling hills. The Ernesto District is covered by the Amazon Forest, much of which has been cleared for livestock activity.

Locally, topographic features are characterized by flat relief and hilly highlands with elevation ranging between 280 m and 430 m. The Property averages around 270 m above sea level.

![](ex9603_018.jpg)

**Figure 4-3: Terrain and Relief, Ernesto and Pau-a-Pique Area (looking NW)**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Local Resources

Aura operated the São Francisco Mine and the past-producing São Vincente Mine until 2014, both in the vicinity of Pontes e Lacerda. Experienced personnel can be found in the local region or in the state capital Cuiabá (approximately 450 km to the east). The nearest major airport is in Cuiabá.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 Infrastructure

There are paved roadways between the deposits and the town of Pontes e Lacerda. The 47 km ore haulage route between Pau-a-Pique and state road BR-174 was established by the previous operator, being utilized until mining ceased in late 2014. Construction of this gravel route mainly entailed upgrading the existing roads along with construction of some new sections.

The Ernesto Property contains a 130 tonnes per hour carbon-in-leach process plant, which includes crushing, milling, and tailing facilities with power supplied from the national grid via a 12 km 138 kV transmission line from Pontes e Lacerda. The Ernesto Property also contains a gatehouse, administration offices, core shack, explosives storage facility, and the Ernesto open pit and waste rock dump. The contiguous properties do not contain any infrastructure, only the open pits and waste rock dumps. The Pau-a-Pique Property contains an underground mine that was operated by Aura until late 2022, in addition to surface facilities for administration and maintenance.

Aura has existing surface rights over most of the Project area either via direct ownership or agreements with landowners. There are no communities or permanent dwellings within the Project footprint.

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Mineral exploration in the Pontes e Lacerda region began with the discovery of mineral wealth by Portuguese explorers in the late 17<sup>th</sup> and early 18<sup>th</sup> centuries. This was followed by a mining boom for gold and diamonds that peaked with the exploitation of placer deposits in the Mato Grosso state in the mid-18<sup>th</sup> century (Machado and Figueiroa, 2001). The recent history of the Ernesto and Pau-a-Pique gold mines in sections 5.1 and 5.2 below is summarized from Ausenco's (2010) Feasibility Study report for Yamana.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Ernesto Complex

In the early 1980s, thousands of artisanal miners began recovering placer gold along the rivers and streams in the Complex area; these placer deposits were exhausted by the late 1980s. In 1989, artisanal miners began mining weathered bedrock at Ernesto and surrounding areas. From these areas, approximately 60,000 oz of gold have reportedly been recovered to date. At Ernesto, artisanal miners reportedly produced 9,000 oz of gold from a small pit in a three-metre-thick zone along a 200-metre length and from underground workings accessed via seven declines extending 50 m to 60 m down-dip from the surface outcrop. The highest artisanal miner's production was in 1991 when their best month reportedly yielded 1,600 oz of gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Exploration History

Gold was first discovered at the Aguapeí Gold Belt by Portuguese settlers (Paulistas frontiersmen) in the 18th century, around 1734, and it was mined from primary (mainly), colluvial, alluvial, or placer deposits (first Gold Cycle in Brazil's Colonial times). The most significant primary gold deposits were discovered at places today known as São Francisco Xavier and São Vicente mines, Rio Galera, Santana, Nossa Senhora do Pilar, Aguapeí, Cágado, Santa Bárbara, and Lavrinha. Since then, gold mining activities have been interrupted due to difficulties in operation and exhaustion of alluvial deposits.

Modern gold mining began in 1984, during a second gold rush at Alto Guaporé Gold Province (1984-1997). Artisanal miners, after exhaustion of alluvial and colluvial deposits, discovered several small primary gold deposits close to Pontes e Lacerda city, including Japonês, Nosde, Lavrinha, Ernesto (Copacel), Pombinhas, and Cantina/Serra Azul deposits.

About 6,000 artisanal miners carried out a large number of small operations (including panning, small underground workings, and small-scale process plants) around the cities of Pontes e Lacerda, Vila Bela da Santíssima Trindade, and Porto Esperidião. Gold production data for this period are not accurate, but it is estimated that about 5-6 tons of gold was produced between 1990 and 1995. In 1992, these artisanal mining activities attracted the attention of several mining companies, including Copacel, Minopar, Anglo American, WMC, Madison do Brasil, TVX Gold/Paulo Abib, and Mineração Santa Elina ("MSE").

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Copacel and Minopar, local mining companies, were the first and main owners of exploration permits in the Ernesto District in the early 1990s. In 1992, Anglo American and WMC carried out intensive surface geochemical surveys along the belt, mainly stream sediment sampling. In 1993, Madison do Brasil, after the acquisition of exploration permits from Copacel and Minopar, carried out a diamond drilling program at Japonês, Nosde, Lavrinha, and Ernesto targets. In 1994, Madison do Brasil company assigned its mineral rights and transferred control of the exploration permits to TVX Gold, which, in 1995, carried out additional drilling campaigns. In the same year, TVX Gold transferred its mineral rights to MSE to capitalize on other business priorities. Meanwhile, MSE drilled nine more exploratory drill holes for a total of 1,711.77 m at the Lavrinha Deposit and collected 683 samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Pau-a-Pique Deposit

Like Ernesto, the Pau-a-Pique area was explored and mined in the 18th century, and mining activities were restarted in the 1980s by artisanal miners working in alluvium and colluvium around the deposit. Later in the 1990s, the company Mineração Itapuã developed an open pit and some small galleries. Small-scale artisanal mining still occurs in the vicinity through the processing of alluvium and colluvium by artisanal miners associated with a cooperative that owns an area adjoining the Pau-a-Pique exploration permit.

The Pau-a-Pique Mine resumed operations in 2017, following its acquisition by Apoena (Aura Minerals), and produced 61,099 oz until 2022, when operations were suspended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Historic Exploration

5.4.1 Ernesto Complex

The following summary of historical exploration is based on the Ausenco (2010) report. Artisanal mine workings in the Ernesto area were examined by the Brazilian company Mineração Santa Elina ("MSE"), Western Mining Corporation, Anglo American, and other mining companies in 1991 and 1992. No significant programs were undertaken until 1994, when Madison acquired claims covering several artisanal mining targets and subsequently formed a 35/65 joint venture ("JV") with TVX Gold Inc. ("TVX"). TVX, as the JV operator, completed a program consisting of regional aerial photo mapping at a scale of 1:5000; detailed mapping of several artisanal mining targets at a scale of 1:500; analysis of 1,160 trench samples; and analysis of 15 bulk samples (150 kg each). In late 1994, the JV drilled 46 diamond core holes (6,478 m) to test five targets and identified mineralization of interest in the Ernesto and Nosde targets. Resource estimates were made for both targets based on the drilling results.

In 1995, MSE became a third partner in the joint venture and the JV operator. MSE completed 24 vertical diamond drill holes (4,881 m) at Ernesto and 12 holes (1,359 m) in the Lavrinha target west of Ernesto. The MSE drilling helped establish and extend the down-plunge continuity of the Ernesto mineralization, and a new resource estimate was prepared. The Project was

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subsequently abandoned in part due to declining gold prices. MSE maintained a core block of claims covering the northern down-plunge end of the Ernesto trend. After 1995, no exploration was done until Yamana consolidated and expanded the Ernesto area claims.

Yamana's exploration of the Ernesto Property began in 2003 and consisted of surveying, rock chip sampling, chip channel sampling, soil sampling, and mapping. The exploration activities carried out from 2003 to 2013 included rock chip sampling, chip channel sampling, soil sampling, detailed geological mapping, drilling, and compilation work. The historical drilling data analysis, combined with field checks and detailed geological mapping, revealed the higher-grade gold mineralized zones to be controlled by hinges and fold axes plunging at low angles to the northwest or southeast (azimuth N310° or N130°), which formed during compressive events where rocks of the Pontes e Lacerda Sequence were thrust over the Aguapeí Group rocks. Structural vergence indicated a tectonic transport from NE to SW.

From 2003 to 2009, drill programs were carried out only on Ernesto's near-mine areas (about 3,000 m) and at the Pau-a-Pique deposit (approximately 24,000 m) to extend and convert near-surface resources that were excavated by artisanal miners. However, the main goal was to increase resources at the São Francisco Mine.

Due to budget constraints, almost all drill programs at the Ernesto near-mine areas consisted of shallow drill holes, rarely reaching depths of 300 m or deeper. In the past, core sample intervals were visually selected, i.e., only strongly altered core intervals were sampled. It is estimated that at least 50% of the drill holes that were drilled in the Ernesto District before 2012 have not been sampled. In 2012-2013, some intervals of historic drill holes that were not completely sampled and not visually interesting returned positive results (e.g., ER_022, ER_043, ER_124). At the time, the geologic team had not developed a good understanding of what controlled the higher-grade gold mineralization (shoots). At the end of 2008, Yamana estimated the initial Proven and Probable gold resource (open pit and underground) at about 700,000 oz, from which 373,000 oz was related to the Pau-a Pique deposit. Exploration work during that period focused on adding resources to the São Francisco Mine. After the mine was sold to Aura, the goal was to add resources to the EPP project with less emphasis on testing additional potential areas of the district.

In May 2015, Apoena Mineração, a subsidiary of Aura Minerals that already held the mineral rights of the São Francisco and São Vicente Mines, acquired the mining rights of Yamana Gold, including the EPP mines. Operations resumed at both mines, with Ernesto restarting in 2016 and Pau-a-Pique in 2017. The Pau-a-Pique Mine suspended its operations in 2023. The Ernesto system began with the C1 Pit, followed by operations at the Lavrinha Pit, and, subsequently, opening its third pit, named C2, which was later renamed Ernesto Pit. The Japonês Pit was opened in the western part of the Ernesto Complex, and finally, the Nosde Pit was inaugurated.

The ramp-up initiated in 2016 at the EPP Complex had approximately 233,000 oz in Proven and Probable Mineral Reserves. During the next seven years, over 420,000 Oz of gold was produced. Recently, it was decided to increase investments in exploration to extend the mine's lifespan.

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These investments have been successful, leading to an increase in Proven and Probable Mineral Reserves to over 276,000 oz, increasing the LOM by five or more years.

Exploration and drilling at Apoena continued, resulting in significant growth and extension of the LOM. Recent drilling campaigns carried out between 2022 and 2023 covered around 53,315 metres, both in expansion and in the delineation of mineralized zones, mainly focused on the Lavrinha and Nosde.

5.4.2 Pau-a-Pique Deposit

Exploration at Pau-a-Pique was initiated in 2005 by Yamana to follow up on earlier artisanal miner's activity. In 2005 and 2006, geological mapping of the Pau-a-Pique area was performed at a 1:1000 scale, the artisanal mining area was mapped at a scale of 1:500, and a scale of 1:25 was used to map channel samples and face benches where mineralized zones were exposed. A total of 119 channel samples were collected at two-metre intervals in mineralized areas.

Chip sampling was conducted to identify lithologies with hydrothermal alteration. Samples collected for gold analysis amounted to 10 kg to 15 kg. A total of 600 chip, soil, and trench samples were taken in 2008.

Soil sampling was conducted in the Pau-a-Pique area. The first 10 cm of each drill hole was discarded, and the next 25 cm were collected and passed through a 0.6 cm sieve and put over a canvas screen. A number of 10-15 L of material were homogenized and collected in a plastic bag for analysis. On slopes, five holes were drilled for each sample collected, but only a single hole was drilled in flat areas.

Coarse material in drainage beds was sampled, sieved, homogenized, and collected in 10- to 15-L samples. Stream anomalies associated with regional folds were sampled, along with coarse-grained sediments.

Total rock analysis was conducted on two chip samples and 19 core samples from mineralized areas. Samples were submitted for 32-element ICP analysis, and the gold mineralization at Pau-a-Pique was found to be associated with high iron and zirconium content, a strong cobalt enrichment and positive molybdenum, copper and barium anomalies.

Aura conducted a drill campaign at Pau-a-Pique from 2015 to 2016. A total of 27 holes (3,160.0 m) were drilled. Drilling was concentrated mainly on NW strike and NW down plunge extensions of the Pau-a-Pique main lens (P1 zone) below current development levels. Another objective was to delineate Mineral Resources in the SE portion of the deposit (P3 and P4 zones) below mined-out levels to add more ounces and also convert Inferred Mineral Resources to the Indicated classification.

Drill holes were collared from underground accesses by REDE Energenharia and Foraco utilizing the wireline method at BQ diameter. The drill holes were surveyed with a Maxibor II, reading twice every three metres. A 5% tolerance value was used to compare the inclination in the two runs, and then the survey report was validated.

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All samples from this drill campaign were analyzed by fire assay method at the São Francisco Mine lab. Approximately 16% of the samples were sent to SGS in Belo Horizonte to check and validate the São Francisco laboratory results.

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6 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Regional Geology

The Pau-a-Pique and Ernesto-Lavrinha-Nosde deposits are situated in the Middle Proterozoic Aguapeí belt, along the southwestern margin of the Amazon Craton, in the Sunsás-Aguapeí province (1.20 and 0.95 Ga; Teixeira et al., 2010). The belt is in the context of the Western Amazon Belt (WAB; Rizzotto et al., 2014), composed of the Neoproterozoic Nova Brasilândia, Aguapeí, and Sunsás fold-and-thrust belts. The paleogeographic context comprises the collision between Amazonia and Laurentia paleocontinents during early Grenvillian stages (ca. 1.2 Ga) in the Rodinia assembly (Tohver et al., 2005; Li et al., 2008).

According to Teixeira et al. (2010), the evolution of the Aguapeí Belt started with the deposition of the Sunsás and Vibosi groups in a passive margin setting on the Aguapeí Aulacogen. Later, a collisional stage with sinistral transcurrences developed the Aguapeí belt and nearby shear zones. The depocenter of the Aguapeí Aulacogen overlaps the Rio Alegre, Santa Helena, and Alto Jauru terranes (Saes, 1999; Geraldes, 2001). The Rio Alegre terrane is subdivided into the Minouro, Santa Isabel, and São Fabiano formations, comprising metavolcanic, metamafic, meta-ultramafic, chemical, and clastic metasedimentary rocks and banded iron-formation, with ages from 1509 to 1497 Ma (Geraldes, 2000; Matos et al., 2004). The Santa Helena suite consists of calc-alkaline tonalite and granodiorite to evolved granitic compositions, with U/Pb ages between 1.45 to 1.42 Ga (Geraldes et al., 2001). The Lavrinha and Pau-a-Pique tonalites are included in this suite, with U/Pb ages of 1,464 ± 25 and 1,481 ± 47, respectively (Geraldes et al., 2000). The lower contact of the Aguapeí belt with the tonalite is usually mylonitized and comprises an important regional control on gold mineralization.

The Aguapeí Group sedimentary sequence is composed of three formations – Fortuna, Vale da Promissão, and Morro Cristalina (Saes and Leite, 1993; Saes, 1999) (Figure 6-1). At the base, the sedimentation consists of conglomerates and sandstones from a shallow marine environment. Towards the top, quartz sandstones with crossbedding, plane-parallel shale packages, limestone, and mudstones, with colors varying from brown to purple predominately. The uppermost part of the Group comprises fine to medium quartz sandstones, varying from eolic to a fluvial setting.

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![](ex9603_019.jpg)

**Figure 6-1: Regional Stratigraphic Column of the Aguapeí Group and basement units, Western Mato Grosso State, Brazil**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Regional Structural Geology

The Aguapeí belt is NNW oriented, with 25 to 50 km width and 600 km in extension, widely affected by greenschist facies metamorphism. The belt is subdivided longitudinally (north-to-

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south) into four compartments, according to Menezes et al. (1993) and Fernandes et al. (2005a) (Figure 6-2):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transcurrent domain – Pau-a-Pique deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Low-angle contractional domain – Ernesto deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Symmetric folded domain – São Vicente deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Brittle and tilted domain – Santa Bárbara hill, no deposit associated.

The Cágado anticline, where the Ernesto deposit is located, is interpreted as the hinge zone of a regional-scale fold (Fernandes et al., 2005a; b). The contact between the Aguapeí Group and the Lavrinha tonalite is formed by the Morro Solteiro shear zone, originating the mylonitic foliation S1. Melo et al. (2022) characterized this shear zone as a fold-like geometry that originated after the thrusting and bending of the Aguapeí ductile sediments over the dome-shaped rigid tonalite during D2-D3 events. The D2 event is formed by the mylonitic foliation S2, while the D3 event is registered by mylonitic rocks near the basement and by a brittle fracture system at the upper sequences.

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![](ex9603_020.jpg)

**Figure 6-2: Regional Geology and Structural Domains of the Aguapeí belt, Western Mato Grosso State, Brazil**

According to Carvalho (2006) (Gold Belt Regional Structural Analysis; internal report), the Ernesto Project area can be divided into three main structural domains based on the general structural features (Figure 6-3):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The eastern domain is characterized by low-angle structures dipping dominantly to the NE. These structures
are responsible for thrusting the Rio Alegre rocks over the Aguapeí Group and for the basal slip of the Fortuna Formation over
the tonalites of the Santa Helena Complex. The main vergence is directed to the SW. The Ernesto Lower Trap is the main mineralization
associated with this context.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The western domain is characterized by low-angle structures that dip moderately to the west and associated
high-angle, dextral strike-slips structures. These high-angle structures were probably developed as a continuation of the deformation
responsible for generating the low-angle ones. These structures were responsible for the basal slip of the Fortuna Formation rocks over
the tonalites and possibly for the local thrust of the tonalites over the meta-sedimentary sequence. The Pombinhas trend is the main mineralization
associated with this context.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The northern domain is characterized by a complex deformation where at least two main events can be identified.
These transpositions caused several interference fold patterns, depending on the domain sector. An important strain partitioning is also
observed and probably related to rock rheology. Generally, the domain scenario is marked by a series of low angle, N to NNW dipping structures
probably related to thrusts verging to the SSE. These structures are responsible for thrusting the Rio Alegre rocks over the Fortuna Formation.
Thrusts are also mapped within the metasedimentary layers of the Fortuna Formation, mostly related to the mineralization. The structures
(foliation, folds, and lineations) related to the thrusts have lately been refolded. Strong and complicated interference patterns can
be observed on the Japonês, Lavrinha, and Nosde mining sites, which are the main mineralized horizons in this domain. Late NW striking,
apparently strike-slip major faults seem to dislocate the former structures. There are some occurrences of breccias that seem to be intimately
related to these late structures.

![](ex9603_021.jpg)

**Figure 6-3: Geological map of the Cágado anticline region, with structural domains defined by Carvalho (2006) (Gold Belt Regional Structural Analysis; internal report)**

Similarly, Malheiros and Garcia (2023; unpublished manuscript) interpreted the Cágado anticline deformation as a single shortening event with tensor rotation from NNE-SSW to NE-SW, which resulted in a D1 deformational phase with two progressive stages. For the D1 stage, metric-scale Type 3 folds (Ramsay, 1967) occur in the muscovite schist and lower metasandstone with

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interbedded schist strata, related to the partitioning of deformation. The clockwise rotation of the regional stress field resulted in the superimposed NNW sub-horizontal folds of the D1 stage.

The Pau-a-Pique target is located far south of the main mineralized trend, at the Pau-a-Pique Range. The area is characterized by the Corredor shear zone (Fernandes et al., 2005a), a dextral NNW/SSE striking anastomosed contact zone between the Pau-a-Pique tonalite and the Fortuna Formation. Rocks are intensely deformed, prevailing a step-dipping mylonitic foliation and preserved folds. Tight to opened folds with moderately NW dipping axes are the most common. Mineralization is located in the aforementioned contact zone and is characterized by quartz veins and veinlets hosted on strongly hydrothermalized, sericite-rich mylonites. Alteration is dominated by quartz, sericite, pyrite, and magnetite.

According to the geological map and the field observations (Carvalho, 2006) the Pau-a-Pique area can be divided into two main contexts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The southern sector of the Pau-a-Pique target is dominated by compressive tectonics that culminated in
two major thrust faults. The West Thrust was responsible for thrusting the tonalite from the basement over the Fortuna Formation rocks.
The East Thrust caused the slip of the sedimentary sequence over the tonalite.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The northern sector of the Pau-a-Pique prospect is dominated by strike-slip tectonics. It is characterized
by step-dipping mylonitic foliation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Deposit Geology

6.3.1 Ernesto Deposits

In the Ernesto-Lavrinha-Nosde area, the Middle Proterozoic Fortuna Formation crops out at the Cágado Anticline. The Formation consists, from base to the top, of a 40- to 60-m-thick basal feldspathic metasandstone and a 10- to 30-m-thick overlying metaconglomerate that serves as a stratigraphic guide. The above 60- to 120-m-thick lower metasandstone comprises interbedded metasandstone and muscovite schist, followed by a 20- to 60-m-thick intensely altered muscovite schist exposed in the Lavrinha and Japonês open pits. The overlying upper feldspathic metasandstone is ~30 m thick, followed by the < 80-m-thick upper metasandstone exposed in the Nosde and Japonês open pit (Malheiros and Garcia, 2023; unpublished manuscript). All of the rocks have been subjected to regional low-grade greenschist facies metamorphism but still display many well-preserved sedimentary structures such as graded bedding, crossbedding, and load deformation features.

The Lavrinha tonalite underlies the sediments. This unit is composed of fine- to medium-grained plagioclase and quartz into an aphanitic matrix, being weakly foliated and hydrothermally altered. The contact with the Fortuna Formation exhibits 0.2 m to 10 m mylonitic and ultramilonitic fabrics, and a metric layer of intensely altered, crushed, and decomposed metatonalite or saprolite. These features are observed only in drill cores under the Lavrinha and Nosde deposits and in the Ernesto open pit.

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6.3.2 Pau-a-Pique Deposit

The Pau-a-Pique deposit is hosted by a mica-rich mylonitic zone in the sheared contact between the footwall Fortuna Formation and the hanging wall Mesoproterozoic igneous basement (Figure 6-4). The metasediments comprise metaconglomerates and arkosic metasandstones, while the basement includes diorites, tonalites, and granodiorites. These units were affected by the D2 shearing (Melo et al., 2022), and the igneous rocks were transformed into schistose layers of biotite, quartz, chlorite, muscovite, epidote, calcite, ilmenite, rutile, magnetite, apatite, and titanite. Toward the center of the shear zone, the biotite transitions into gray muscovite in zones with subsequent hydrothermal alteration and high-grade gold mineralization. The sheared metasediments in the hanging wall are described as centimetric to metric layers of muscovite with quartz, magnetite, rutile and ilmenite (Melo et al., 2022).

A silicified breccia occurs to the southwest of the Pau-a-Pique orebody, with no gold mineralization (Figure 6-4). It is uncertain whether it is related to an earlier rifting-related hydrothermal event, during the deposition of the Aguapeí sediments, a late D3 event, or a later Neoproterozoic event (Melo et al., 2022).

![](ex9603_022.jpg)

**Figure 6-4: Schematic block diagram of the Pau-a-Pique deposit after Melo et al (2022)**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Mineralization and Alteration

6.4.1 Ernesto Deposits

The Ernesto-Lavrinha-Nosde deposits consist of mineralized levels, following the local stratigraphy, as summarized in Table 6-1 and illustrated in Figure 6-5. The continuity of the ore bodies based upon the modeled Mineral Resources are summarized in Table 6-2

**Table 6-1: Summary of ore traps of the Cágado anticline (Ernesto Complex deposits)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Trap** | **Host Rock** | **Type** | **Vein Geometry** | **Structural Context** | **Mineral Assembly** |
| Lower Trap (Ernesto) | Contact between metatonalite and metasediments of Fortuna Fm. | Disseminated and Quartz Veins | Shear veins from 3- to 20-cm-width dipping 45° towards SW, with metric quartz pockets | Low-angle shear zone | (Qtz + Ser + Chl + Py + Hem ± Esp ± Mag) |
| Middle Trap (Ernesto) | Interbedded metaconglomerate and metarenite | Disseminated and Quartz Veins | Shear veins from 3-to 20-cm-width dipping 45° towards SW, with metric quartz pockets | Intrastractal shear zone | (Qtz + Py + Hem ± Esp ± Mag ± Ser ± Chl) |
| Upper Trap (Lavrinha/Nosde) | Interbedded schist and metarenite | Disseminated and Quartz Veins | Bedding-parallel shear veins with <br> < 30 cm width | Intrastractal shear zone | (Qtz + Ser + Chl + Py + Hem ± Esp ± Mag ± Sd) |
| Bonus Trap (Nosde) | Metarenite | Disseminated and Quartz Veins | Mineralized veins orthogonal to bedding (191°/54°) or parallel (27°/21°), and conjugate vein arrays (126°/58°, 277°/51°, 16°/37°). | Competent metarenite layer with open dome and basing folds, and rupture of axial planes. | (Qtz + Py + Hem ± Esp ± Mag ± Ser ± Chl) |

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**Table 6-2: Continuity of mineralization in each trap after the modeled resources in m**

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|:---|:---|:---|:---|
| **Deposit** | **Length (m)** | **Width (m)** | **Depth (m)** |
| Lower Trap (Ernesto) | 1380 | 300 | < 20 |
| Middle Trap (Ernesto) | 680 | 200 | < 25 |
| Upper Trap (Lavrinha/Nosde) | 1020 | 250 | 55 |
| Bonus Trap (Nosde) | 860 | 180 | < 110 m |

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The Lower Trap consists of an intensely altered mylonitic zone developed along detachment structures between the Lavrinha tonalite and the feldspathic metasandstone of the Fortuna Formation. Alteration associated with gold mineralization within the mylonitic zone includes abundant quartz veins and veinlets with coarse-grained euhedral pyrite and fine-grained bipyramidal crystalline magnetite, along with visible gold. Additionally, there is fine-grained sericite, chlorite, specularite, and fissural hematite and limonite.

The presence of extensional faulting at the time of mineralization caused the alteration of the footwall tonalitic unit. The tonalite is extensively altered and historically logged as saprolite. However, the mineralogical composition of this altered footwall unit is completely different from the saprolite on the surface. The footwall saprolite is mainly composed of clay minerals produced

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by alteration of feldspar and mica from tonalite groundmass and gradually changes to weakly altered tonalite.

![](ex9603_023.jpg)

**Figure 6-5: Detailed geological map of the Ernesto Mine**

The Middle Trap is restricted to a permeable conglomeratic horizon, where it intersects dilation structures developed by folding and faulting. It comprises milky quartz veins with fresh and weathered pyrites, with sericite and chlorite alteration of the matrix and fissural hematite. This trap crops out in the Ernesto pit (Figure 6-5), and is intersected in drill holes at the Nosde and Lavrinha deposits.

The Upper Trap is widely developed in the Lavrinha and Nosde deposits (Figure 6-6 and Figure 6-7), occurs in metapelitic rocks (hematite sericite schist) in dilation zones of the intensely deformed synclinal troughs. The Upper and Intermediate traps share similar alteration and mineralization suites. The Upper Trap seems to be eroded in the Ernesto deposit area.

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![](ex9603_024.jpg)

**Figure 6-6: Detailed geological map of the Lavrinha Mine**

![](ex9603_025.jpg)

**Figure 6-7: Typical cross-section of the Lavrinha Mine**

The Bonus Trap consists of centimetre-thick cross-cutting quartz veins hosted by the upper metasandstone in the Nosde (Figure 6-8 and Figure 6-9) and Japonês deposits. These milky quartz veins include fresh and weathered pyrite and box works, along with visible gold. Hematite and limonite occur as fissure-filling and halos around the mineralized quartz veins.

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![](ex9603_026.jpg)

**Figure 6-8: Detailed geological map of the Nosde Mine**

![](ex9603_027.jpg)

**Figure 6-9: Typical cross-section of the Nosde Mine**

6.4.2 Pau-a-Pique Deposit

The Pau-a-Pique ore zone is a 3- to 15-m-wide schistose layer with biotite and muscovite, along with multiple generations of quartz veins. The gold mineralization includes disseminated coarse pyrite with associated swarms of quartz veins. Gold occurs as inclusions in the pyrite and native gold within the quartz veins or disseminated in the mylonite. Gangue minerals comprise biotite, muscovite, magnetite, albite, chlorite, calcite, apatite, ilmenite, and rutile.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Mineralogy of Ore-Bearing Rock in Ernesto, Lavrinha, and Pau-a-Pique

A total of five samples were submitted for X-Ray Diffraction ("XRD") analysis to the University of São Paulo (Escola Politécnica da Universidade de São Paulo), Brazil. Two samples were selected from each of the Ernesto and Lavrinha mineralizations, and one sample from the NW zone of the Pau-a-Pique mineralization. These samples were sub-samples of the set of samples that were submitted for metallurgical tests in 2016.

The XRD analysis indicates that Ernesto and Lavrinha mineralized rocks are composed of 50 to 70% quartz, 25 to 40% muscovite, 5 to 7% hematite, and 1 to 4% kaolinite, with minor goethite and microcline. One sample of Pau-a-Pique mineralization contained 35% quartz, 35% muscovite, 9% albite, 6% clinoclore, 5% hematite, 5% microcline, 5% carbonate, and a trace of kaolinite. Ernesto and Lavrinha show typical mica-schist mineral composition that has been metamorphosed under lower greenschist facies. Most of the feldspar has been altered to sericite. Sulphide minerals such as pyrite are not identified by the XRD method. However, the presence of iron oxides in Ernesto and Lavrinha suggests that most of the pyrite is altered and converted to iron oxides. The lithological logging of mineralized intervals supports this since, in most cases, pyrite is replaced by iron oxide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 DEPOSIT TYPES

Ernesto, Lavrinha, Nosde and Japonês and Pau-a Pique deposits are described as a detachment-style gold deposit (Figure 6-10) that typically has the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gold mineralization is associated with low angle to flat detachment faults, generally with a normal (extensional)
sense of movement that consistently places younger units over older units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mineralization is commonly characterised by quartz-rich vein and veinlet zones (in the ±25% range)
with magnetite or hematite, coarse euhedral pyrite (in the ±1% range), sericite, some clay mineral, some late stage calcite and
gold. The gold is commonly associated with only very small amounts of silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mineralization is typically located along a 3 m to 8 m thick of mylonitic rocks of a detachment (or thrust)
fault that intersects high angle structures, either faults or folds. iThe continuity of the mineralization within the detachment zone
is normally quite good, extending over 100 m.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Detachment–style gold mineralization is in altered rock parallel to anticline axes and faults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Multiple styles of mineralization are common with local stacked mineralized zones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fluid inclusion studies indicate temperatures of formation about 200°C to 250°C.

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![](ex9603_028.jpg)

**Figure 6-10: Diagrammatic Section Across Apoena Mines and EPP Complex Gold Deposits**

The Pau-a-Pique and Ernesto (Lower Trap) deposits are similar in that they both occur at the contact between the Aguapeí Group and the basement meta-tonalite. At both locations, the contact is associated with shear zones and hydrothermal alteration assemblages with pyrite, sericite and hematite. However, there are some differences between each deposit including the Ernesto deposit having a low-angle dip (±15ᵒ-25ᵒ), and being hosted in the contact between the Aguapei Group and metatonalite (Lower Trap) and areas of weakness within Aguapei Group. While Pau-a-Pique mineralization has a high-angle (±80ᵒ) and is hosted only in the contact of the Aguapei Group and metatonalite.

The Middle Trap in Ernesto and São Francisco deposits are similar in that they both occur within Aguapeí Group psammitic rocks affected by hydrothermal alteration resulting in assemblages rich in silica, sericite and hematite. The Ausenco (2010) report draws parallels between the shallow dipping Ernesto Deposit and detachment-style gold deposits in the south eastern California and to bedding plane parallel shears in Tarkwa sediments in Ghana. Reid et al. (2012) consider the São Francisco Mine (currently in care and maintenance and owned by a third party), located north of Ernesto, to be a shear hosted lode gold deposit. São Francisco is located approximately 60 km northwest of Ernesto and displays similar host Aguapeí Group lithologies and structural controls at the deformed basement/Aguapeí Group contact. São Francisco is considered by Reid et al. (2012) as epigenetic, structurally controlled, and composed of narrow, 1 cm to 5 cm wide, and quartz veins containing free gold. The veins, and vein systems and stockworks both parallel and crosscut the bedding planes and appear to represent separate but closely related mineralizing events. The São Francisco, Ernesto-Nosde_Lavrinha and Pau-a-Pique Deposits are broadly similar in host lithologies, structural style, alteration, and mineralization and all share characteristics of shear hosted lode gold deposits. At Lavrinha and Nosde, mineralization occurs within a schist sub-member of the Aguapei Group. Mineralization is often associated with narrow quartz vein and veinlets in phyllonitic matrix with strong sericitization and chloritization. The thickness and size of quartz veins are smaller than Ernesto and rarely exceed 1 m in true thickness. Pseudomorphs of pyrite and strong sericitization with the presence of quartz are good

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indicators for mineralization intervals. Strong foliation and kink-band structures disrupted mineralized shoots both along strike and down dip of the deposit. The style of mineralization and deposit type is very similar to Ernesto and detachment style faults are marked with pervasive alteration along the contacts and within a sericite schist package. Mineralization and alteration both developed in contact meta-arenite with sericite schist and also within the sericite schist.

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7 EXPLORATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Exploration

7.1.1 Ernesto

Yamana's exploration in the Ernesto Property began in 2003 and consisted of surveying, rock chip sampling, chip channel sampling, soil sampling, and mapping. Geological maps are presented in section 6 of this TRS. Drilling is summarized in section 7.2 of this TRS.

7.1.1.1 2003 – 2009 Exploration Activities

The exploration activities carried out from 2003 to 2009 included rock chip sampling, chip channel sampling, soil sampling, detailed geological mapping, drilling, and compilation work.

7.1.1.2 2012 – 2014 Exploration Activities

The exploration activities carried out during 2012 and 2013 included rock chip sampling, detailed geological mapping, drilling, and compilation work.

The historical drilling data analysis, combined with field checks and detailed geological mapping, revealed the higher-grade gold mineralized zones to be controlled by hinges and fold axes plunging at low angles to the northwest or southeast (azimuth N310o or N130o), which formed during compressive events where rocks of the Pontes and Lacerda Sequence were thrust over the Aguapeí Group rocks. Structural vergence indicated a tectonic transport from NE to SW.

7.1.1.3 2017 – 2023 Exploration Activities

Aura drilled 23,288.50 m across 148 drill holes in near-mine exploration activities between 2017 and 2021, see Table 7-1. The purpose of this drilling was to convert Inferred Mineral Resources into Measured and Indicated, and during the 2021-2022 campaign was to add resources, checking continuities in the pit extensions (down dip – strike). A total of 14,043 samples (including those used for QA/QC purposes) were collected in these drilling campaigns.

**Table 7-1: Summary of 2017-2023 Drilling at Ernesto Mine**

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| **MINE** | **DDH** | **2017** | **2018** | **2021** | **2022** | **2023** | **TOTAL** |
| Ernesto | metres | 3000.16 | 1701.34 | 5146.80 | 13440.20 | - | 23288.50 |
| Ernesto | holes | 25 | 12 | 37 | 74 | - | 148 |

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7.1.2 Ernesto Connection

7.1.2.1 2006 – 2013 Exploration Activities

Yamana worked on the Cava 1 and Ernesto Connection targets, distributing its campaigns with the objective of converting resources within the old pit and peripheral regions in the mineralizing

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context of the Middle Trap (trend towards Lavrinha – a region currently called Ernesto Connection). For more details, see section 7.1.1 and Table 7-2.

**Table 7-2: Summary of 2017-2023 Drilling at Ernesto Mine**

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **MINE** | **DDH** | **2006** | **2007** | **2009** | **2012** | **2013** | **TOTAL** |
| Ernesto Connection | metres | 1391.65 | 331.00 | 669.20 | 563.48 | 4280.20 | 7235.53 |
| Ernesto Connection | holes | 10 | 2 | 10 | 2 | 42 | 66 |

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7.1.2.2 2018 – 2023 Exploration Activities

Aura drilled 16,607.92 m across 92 drill holes (816.43 m in 9 holes, 10,157.96 m in 62 holes, 593.27 m in 4 holes, and 5,040.26 m in 17 holes) in near-mine exploration during 2018 to 2023. The purpose of this drilling was to convert Inferred Mineral Resources into Measured and Indicated. For more details, see section 7.2.

7.1.3 Lavrinha

7.1.3.1 2007 – 2014 Exploration Activities

The exploration programs that were performed at the Lavrinha deposit were closely related to ones carried out for the Ernesto deposit, work was also carried out in the Aguapeí Belt area. Geological maps are presented in section 6 of this TRS. Drilling is summarized in section 7.2 of this TRS. The exploration activities are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exploratory work by Yamana Gold from 2001 to 2014 and performed in three phases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Phase 1: Between 2003-2009;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Phase 2: 2010 and 2011;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Phase 3: Between 2012-2014;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Infill drilling conducted by Aura.

During this period, Yamana drilled 15.828,86 metres across 115 drilling holes, see Table 7-3.

**Table 7-3: Summary of 2007-2014 Drilling at Lavrinha Mine (Yamana)**

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| **MINE** | **DDH** | **2007** | **2011** | **2012** | **2013** | **2014** | **TOTAL** |
| Lavrinha | metres | 111.50 | 5194.63 | 994.67 | 1382.95 | 8145.11 | 15828.86 |
| Lavrinha | holes | 1 | 28 | 3 | 5 | 78 | 115 |

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7.1.3.2 2015 – 2020 Exploration Activities

Aura drilled 17,941.87 m across 155 drill holes in near-mine exploration, see Table 7-4. The purpose of this drilling was to convert Inferred Mineral Resources into Measured and Indicated.

**Table 7-4: Summary of 2015-2020 Drilling at Lavrinha Mine (Aura Minerals)**

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| **MINE** | **DDH** | **2015** | **2017** | **2018** | **2019** | **2020** | **TOTAL** |
| Lavrinha | metres | 997.40 | 1385.70 | 9322.97 | 4133.85 | 2101.95 | 17941.87 |
| Lavrinha | holes | 23 | 22 | 68 | 27 | 15 | 155 |

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7.1.3.3 2021 – 2023 Exploration Activities

Aura drilled 22,574.11 m across 102 drill holes (3,034.36 m in 17 holes, 11,711.99 m in 49 holes, and 7,827.76 m in 36 holes) in near-mine exploration, Lavrinha Mine area. The purpose of this drilling was to add Mineral Resources and check continuities in pit extensions (down dip – strike), mainly northwest, Lavrinha-Nosde trend. After confirmation of the 2020 exploratory survey, the addition and conversion of Mineral Resources (Bonus Trap and Upper Trap) continued. A total of 19,812 samples (including those used for QA/QC purposes) were collected in this drilling campaign.

7.1.4 Nosde

The exploratory programs carried out at Nosde, as well as at Japonês and Pombinhas, were closely related to those carried out in the Ernesto Complex, and gained emphasis after, after receiving encouraging results from processing of the Lavrinha and Ernesto mines feed. Geological maps are presented in section 6 of this tRS. The drilling is summarized in section 7.2 of this TRS.

7.1.4.1 2006 – 2013 Exploration Activities

Yamana Gold drilled 17,941.87 m across 155 drill holes in near-mine exploration, see Table 7-5. The purpose of this drilling was to verify potential and indicate resources.

**Table 7-5: Summary of 2006-2013 Drilling at Nosde (Yamana)**

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| **MINE** | **DDH** | **2006** | **2007** | **2008** | **2012** | **2013** | **TOTAL** |
| Nosde | metres | 847.30 | 983.85 | 390.55 | 426.04 | 5581.95 | 8229.69 |
| Nosde | holes | 4 | 7 | 1 | 1 | 37 | 50 |

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7.1.4.2 2019 – 2023 Exploration Activities

Aura drilled 53,466.79 m across 362 drill holes in near-mine exploration between 2019 and 2023, see Table 7-6. The purpose of this drilling was to convert Inferred Mineral Resources into Measured and Indicated, and between 2022-2023, the drilling focused mainly on the SW region of Nosde, trend Lavrinha-Nosde, both for the Bonus Trap (Metarenite) and Upper Trap (Schist). In addition to the potential in down dip (inside the Nosde pit) in the Middle Trap (Metaconglomerate) and Lower Trap (Mylonite), continuities in pit extensions (down dip – strike) were checked. A total of 43,649 samples (including those used for QA/QC purposes) were collected in this drilling campaign.

**Table 7-6: Summary of 2006-2013 Drilling at Nosde (Aura Minerals)**

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| **MINE** | **DDH** | **2019** | **2020** | **2021** | **2022** | **2023** | **TOTAL** |
| Nosde | metres | 8305.24 | 6543.78 | 4842.50 | 29167.51 | 4607.76 | 53466.79 |
| Nosde | holes | 100 | 77 | 34 | 133 | 18 | 362 |

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Fieldwork was concentrated between 2022 and 2023. At the Lavrinha and Nosde targets, detailed structural mapping work was carried out, which culminated in new model interpretations and gains for mine geology in model adherence. A total of 444 measures were taken in the Lavrinha Mine, and 290 others in the Nosde Mine. To see the spatial distribution of withdrawn measures, see section 6 (Figure 6-7 and Figure 6-8). They are located in the SE portions of the LVR and W-SE of the NSD.

7.1.5 2021 – 2023 Regional Exploration Activities

Besides near-mine targets, Aura has an extensive land package in the Guapore Belt and Pontes e Lacerda, which provide attractive greenfield, brownfield, and advanced exploration targets, see Figure 7-1.

![](ex9603_029.jpg)

**Figure 7-1: Distribution map of Aura Apoena's regional targets, highlighting the São Francisco, Ernesto, and Pau-a-Pique mining complexes.**

Between 2020 and 2023, concomitant with the brownfield and near-mine works, the regional targets that make up the Aura Apoena portfolio were developed. These are (from north to south) Guaporé-Sararé, Serra Dourada, Bananal – North Block and BP anomaly, GP3, GP4, GP5, GP6, and GP7 – South Block.

7.1.5.1 Bananal Target

Bananal is one of the exploration targets (the most advanced Project), located ~22 km from the EPP plant. Drilling started in 2019 and continued during 2020. The Bananal target is divided into three parts, Bananal North, Bananal South, and Bananal Central, due to the different locations of these targets.

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In 2020, infill drilling campaigns were conducted in Bananal North (drilling in a 100 x 50-metre grid) and in Bananal South (drilling in a 25 x 25-metre grid). Additionally, exploration drilling was conducted to extend Bananal South and Central targets. In Bananal North, a total of 4,390.15 metres were drilled across 17 holes, and 3,567 samples (including QA/QC samples) were collected. In Bananal South a total of 19,141.40 metres across 66 holes were drilled, and 14,975 samples were collected (including QA/QC samples). A total of 566.81 metres were drilled across two holes in Bananal Central.

The drilling results were incorporated into the resource estimate for Bananal South and North and, if future infill and exploration drilling are positive, Aura may publish a TRS including these assets into the Life of Mine (LOM) for the EPP project.

7.1.5.2 Guaporé-Sararé

The Guaporé-Sararé is an early-stage project with historical information inherited from Yamana, located in the Ernesto Complex. The first field checks yielded positive results (Figure 7-2). Field work will be extended over the next few years with the goal of defining structural and hydrothermal controls for a possible exploratory survey. Guaporé-Sararé is located in the geological context of the Fortuna Formation (Aguapeí), with gold in samples (Fire-Assay) of pan concentrate, soil, and rock (Historical Data Yamana Gold Inc.).

![](ex9603_030.jpg)

**Figure 7-2: Distribution map of historical and current regional samples from the Guaporé-Sararé target**

Legend: TQa = Quaternary Rocks; PMaf = Fortuna Formation; PMavp = Vale da Promissão Formation; PMpl = Pontes e Lacerda Group; Hist = Historic Data and PG = Geological.

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7.1.5.3 Serra Dourada

Serra Dourada is another early stage project, located ~18 km from the EPP plant, among the mineralization trends of Bananal and Guaporé Sararé, in the geological context of the Fortuna Formation (Aguapeí), Gold sample results (fire assays) for pan concentrate, soil and rock samples are shown in Figure 7-3. (Historical Data Yamana Gold Inc.).

![](ex9603_031.jpg)

**Figure 7-3: Distribution map of historical and current regional samples from the Serra Dourada target**

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7.1.5.4 The BP Anomaly

The BP anomaly is the second most advanced target in Aura Apoena's portfolio, which is located ~40 km from the EPP plant and 3 km north of the Pau-a-Pique Mine. The BP Anomaly is positioned at the contact between mafic/ultramafic basements (Rio Alegre Terrane) with intermediate (Pindaitube Suite) to acid/álcali (Sta. Helena Suite) rocks, covered by metasediments (Gr. Aguapeí). Historic activities started with BP Mineração in the late 80s and early 90s as regional gold pint counting works with an identified anomaly of 108 pints. Aura Apoena started its geological fieldwork in 2020.

During fieldwork 503 samples were collected (Aura Apoena), plus 234 historical samples from Yamana exploration work, (see Figure 7-3).

Figure 7-4 shows the geological and geochemical map of the BP anomaly by sectioning the exploration targets into the four blocks (North, Central, South, and Fenda).

In addition in the northern portionsamples were collected according to a ~1:5,000 scale, using the chipping method and analysis methodology (Fire-Assay for Yamana Gold Samples and ICP-MS for Apoena Samples) in the SGS laboratory (Figure 7 5).

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![](ex9603_032.jpg)

**Figure 7-4: Geological and geochemical map of the BP anomaly showing the exploration target into the four blocks (North, Central, South, and Fenda)**

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![](ex9603_033.jpg)

**Figure 7-5: Geological section within the North zone**

In 2021, 108 km of ground magnetic geophysics was carried out, with the aim of better defining the conductive structures of mineralization and possible tectonic-structural traps. In 2022, an 11 km, induced polarization (SIP), geophysical survey was carried out, helping define the best anomalies for further investigation.

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![](ex9603_034.jpg)

**Figure 7-6 : Location map of geophysical acquisition lines, topographic conditions, and geochemical anomalies of the BP anomaly – Digital Elevation Model (DEM)**

Source: ALOS PALSAR – Radiometric Terrain Correction. PPQ = Pau-a-Pique and ABP = BP Anomaly.

With the potential to add to the company's production portfolio, the BP Anomaly is being studied with the possibility of becoming part of the potential resources. During 2022, 11 drill holes were drilled in the area, totaling 4,411.44 m (Figure 7-7). The results are positive, and assays are still being received.

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![](ex9603_035.jpg)

**Figure 7-7: Location map of holes drilled into the BP target**

7.1.5.5 GPs (GP3, GP4, GP5, GP6, GP7) – Early-Stage Targets

The GP3 and GP4 Targets are located about 30 to 40 km south of the Pau-a-Pique Mine, hosted in tonalites and granites (1.44 – 1.38 G.a) with aligned mineralization in a shear zone, trend N20W with 10 km strike extension. BPM historical works from 1984 to 1990 included mapping, soil, stream sediment rock, and drilling with sampling using chipping and analysis methodology (Fire-Assay).

7.1.5.5.1 GP3

The GP3 target consists of a mineral system of quartz veins with disseminated pyrite (1 to 3%) hosted in saussuritized granites; quartz veins with NNW direction and dip ranging from 45 to 80° SW, with punctual inversion to NE (Figure 7-8). Locally, there are recumbent to kink transposed folds, as well as folds with decimetric to metric dimensions of low amplitude (15-25°). The presence of limonitized pyrite in quartz veins, sometimes with visible gold is associated with this sulphide.

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![](ex9603_036.jpg)

**Figure 7-8: Distribution map of historical and current regional samples and drilling from the GP3 (Ellus) target**

7.1.5.5.2 GP4

The GP4 target consists of tonalitic rocks subjected to regional metamorphism from facie greenschist to low amphibolite. An antiform structure, plunging NNW, contains pegmatoide and xenoliths with chlorite+sericite+quartz schist. Cataclastic deformation with presence of mylonits (shear zone), and hydrothermal alteration composed of chlorite, carbonate, sericite, and saussurite has occurred. Two distinct types of tonalite were found in the drill core: T1 - Albite+Chlorite+Sericite+Carbonate+Py (rich gold); T2 - Albite+Epidote+Amphibole+Py (poor gold) (Figure 7-9).

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![](ex9603_037.jpg)

**Figure 7-9: Distribution map of historical and current regional samples and drilling from the GP4 (Agroplan) target**

To maintain ongoing work in both the GP3 and GP4 areas, field checks and systematic mapping are necessary to confirm and refine their historical potential, initially identified through BP Mineração's exploration from 1984 to 1990, which included mapping, soil and stream sediment sampling, and drilling with Fire-Assay analysis. GP3, hosted in saussuritized granites, features quartz veins with disseminated pyrite (1–3%) and occasional visible gold, while GP4 is characterized by tonalitic rocks subjected to regional metamorphism, hydrothermal alteration, and shear zone deformation. Distinct tonalite types (gold-rich T1 and less gold-rich T2) emphasize the need for further mineralogical studies to delineate mineralization patterns.

Research in the other targets with granitic trends (GP5, GP6, and GP7) has not progressed significantly, but they remain promising. These areas warrant systematic field checks, updated geophysical surveys, and geochemical sampling to assess their resource potential and further define the continuity of mineral systems in the region.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 DRILLING

This section presents long-term drilling data associated with diamond drilling of 206,019.28 m with average depths of ~211.20 m and 145,484 samples distributed among the Ernesto (ERN), Ernesto Connection (ERC), Lavrinha (LVR), and Nosde (NSD) targets using the analysis method (Fire-Assay and ICP-MS). The drilling location is shown in the Figure 7-10.

![Mapa O conteúdo gerado por IA pode estar incorreto.](ex9603_004a.jpg)

**Figure 7-10: Sample Distribution**

Information related to sample length, dips, azimuth, survey, and depth are summarized in the Table 7-7 to Table 7-10 tables below.

**Table 7-7: Summary of sample length by target**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Target** | **Samples** | **Length** <br> **AVG**<br>| **Length** <br> **MIN**<br>| **Length** <br> **MAX**<br>| **Length** <br> **MIN (50 cm)**<br>| **Length BET** <br> **(50-100 cm)**  | **Length BET** <br> **(100-150 cm)**  | **Length BET** <br> **(150-200 cm)**  | **Length** <br> **MAX** <br> **(200 cm)**  | **Length BET** <br> **(200-250 cm**  |
| ERN | 13429 | 1.12 | 0.20 | 4.20 | 16 | 1469 | 8439 | 3480 | 13 | 12 |
| NSD | 43649 | 1.09 | 0.21 | 7.15 | 6 | 2407 | 33115 | 8086 | 27 | 8 |
| ERC | 10301 | 1.04 | 0.38 | 2.80 | 1 | 1491 | 7562 | 1238 | 7 | 2 |
| LVR | 30245 | 1.10 | 0.13 | 4.00 | 8 | 1881 | 22364 | 5974 | 13 | 5 |

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Legend: AVG = Average; MIN = Minimum; MAX = Maximum; BET = Between.

**Table 7-8: Summary of depth by holes/target**

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|:---|:---|:---|:---|:---|:---|
| **Target** | **DH** | **Depth** <br> **MIN**  | **Depth** <br> **MAX**  | **Depth** <br> **AVG**  | **Survey** |
| ERN | 75 | 70.34 | 302.98 | 154.24 | 72 |

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| **Target** | **DH** | **Depth** <br> **MIN**  | **Depth** <br> **MAX**  | **Depth** <br> **AVG**  | **Survey** |
| NSD | 148 | 47.78 | 283.17 | 158.17 | 117 |
| ERC | 236 | 30.70 | 572.04 | 169.41 | 234 |
| LVR | 362 | 20.80 | 618.50 | 147.10 | 256 |

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Legend: DH = Drill

Hole; AVG = Average; MIN = Minimum; MAX = Maximum.

**Table 7-9: Summary of dips by target**

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|:---|:---|:---|:---|:---|:---|
| **Target** | **DIP** <br> **MIN**  | **DIP** <br> **MAX**  | **DIP BET** <br> **(90-85)**  | **DIP BET** <br> **(85-65)**  | **DIP BET** <br> **(65-45)**  |
| ERN | -64.54 | -90 | 17 | 55 | 3 |
| NSD | -52.44 | -90 | 58 | 76 | 14 |
| ERC | -48.40 | -90 | 14 | 92 | 130 |
| LVR | -52.10 | -90 | 138 | 160 | 64 |

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Legend: AVG = Average; MIN = Minimum; MAX = Maximum; AZ = Azimuth; BET = Between.

**Table 7-10:Summary of azimuths by target**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Target** | **AZ** <br> **MIN** | **AZ** <br> **MAX**  | **AZ BET** <br> **(0-45)**  | **AZ BET** <br> **(45-90)**  | **AZ BET** <br> **(90-135)**  | **AZ BET** <br> **(135-180)**  | **AZ BET** <br> **(180-225)**  | **AZ BET** <br> **(225-270)**  | **AZ BET** <br> **(270-315)**  | **AZ BET** <br> **(315-360)**  |
| ERN | 0 | 335.61 | 4 | 28 | 24 | 8 | 3 | 4 | 1 | 3 |
| NSD | 0 | 359.96 | 35 | 7 | 14 | 7 | 18 | 49 | 13 | 5 |
| ERC | 0 | 354.01 | 6 | 3 | 27 | 176 | 2 | 1 | 6 | 15 |
| LVR | 0 | 338.04 | 278 | 9 | 1 | 9 | 49 | 8 | 4 | 4 |

---

Legend: AVG = Average; MIN = Minimum; MAX = Maximum; AZ = Azimuth; BET = Between.

7.2.1.1 Ernesto

In 2005, 11,128 m of drilling was conducted by Yamana on the Ernesto resource area. Twenty-two holes tested peripheral target areas. In 2006, a further 7,777 m of diamond drilling was carried out on the Property, focusing on targets near the resource area and including a few exploration holes. Twenty-four holes, totaling 4,295 m, were advanced in the Ernesto, Cantina, Japonês, Pombinhas, and Serra Azul targets in 2007. Yamana drilled 29 holes, totaling 2,820 m in 2009. The drill programs aimed to define areas with mineralization potential to add new gold resources or extensions (down plunge or down dip) of shallower gold mineralization zones at targets near the Ernesto deposit, including Ernesto North, Ernesto SE, Pombinhas, Lavrinha, Open Pit1 Extension W, the Lavrinha-Nosde trend, and the Japonês targets. The drill programs also helped define and understand some geological features of the Ernesto district. It was discovered that 60%-70% of the gold in the district was in the form of free gold, which helped determine the sampling procedures that could help improve the final analytical results. Ernesto drill core sample highlights are shown in Table 7-11. Sampling during the initial exploration drilling phases in the Ernesto district was collected systematically in 2 m intervals in the mineralized areas, ignoring geological features like thickness and grade. This resulted in dilution and the insertion of thick packages of waste zones into the mineralized zones due to inconsistent geological models.

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**Table 7-11: Ernesto Significant Drill hole Intersections - Yamana Drilling**

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|:---|:---|:---|:---|:---|:---|
| **Drillhole** | **From (m)** | **To (m)** | **Length** | **Au (g/t)** | **Zone** |
| ER_022 | 152.36 | 153.07 | 0.71 | 18.95 | Middle Trap |
| ER_043 | 185.00 | 189.00 | 4.00 | 1.57 | Tonalite |
| Including | 185.00 | 186.00 | 1.00 | 2.59 | Tonalite |
| ER_088 | 126.00 | 127.00 | 1.00 | 1.68 | Inter Trap |
| ER_124 | 7.00 | 8.00 | 1.00 | 4.72 | Middle Trap |
| ER_150 | 88.82 | 89.58 | 0.76 | 4.54 | Lower Trap |
| ER_151 | 3.00 | 4.00 | 1.00 | 1.18 | Inter Trap |
| ER_151 | 90.00 | 91.00 | 1.00 | 0.93 | Inter Trap |
| ER_151 | 139.50 | 140.00 | 0.50 | 10.60 | Middle Trap |
| ER_151 | 231.22 | 232.20 | 0.98 | 30.10 | Lower Trap |
|  | 160.48 | 161.30 | 0.82 | 1.04 | Middle Trap |
| ER_151 A | 214.00 | 215.00 | 1.00 | 0.52 | Middle Trap |
|  | 242.89 | 244.94 | 2.05 | 0.98 | Lower Trap |
| ER_153 | 49.85 | 51.17 | 1.32 | 4.28 | Lower Trap |
| Including | 49.85 | 50.52 | 0.67 | 6.27 | Lower Trap |
| ER_158 | 120.50 | 121.00 | 0.50 | 3.65 | Inter Trap |
| ER_158 | 126.50 | 127.00 | 0.50 | 1.02 | Inter Trap |

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In 2015, 3,076.2 m of drilling across 21 holes was conducted by Aura on the Ernesto resource area, focusing only on the Lower Trap, where resources were deemed to be suitable for a potential underground mining operation. From these 21 holes, 15 holes were infill drilling to delineate existing resources, and the six other holes were geotechnical holes to assess the geotechnical characteristics of host rocks for a possible underground operation. Infill drilling focused on the center of the Lower Trap deposit, where the majority of previous drilling was concentrated. Limited drilling was needed to upgrade Inferred Mineral Resources to the Indicated classification and to provide increased confidence in the Mineral Resource classification. Significant assay results from this drilling program are shown in Table 7-12. Drilling was carried out from the surface utilizing the wireline method, using the NQ diameter. The drill holes were surveyed with a Maxibor II, with readings being carried out twice every 3 m. A 5% tolerance value was used to compare the inclination in the two runs, which was then validated in the survey report.

**Table 7-12: Significant Intersections for the 2015 Drilling in Ernesto**

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|:---|:---|:---|:---|:---|:---|
| **Hole-ID** | **From (m)** | **To (m)** | **Apparent Thickness (m)** | **True Thickness (m)** | **Weighted Average Au (g/t)** |
| P-01 | 137 | 145 | 8.00 | 6.00 | 15.2 |
| P-04 | 124 | 136 | 12.00 | 10.00 | 12.2 |
| P-06 | 124 | 125 | 1.00 | 0.80 | 3.96 |
| P-08 | 100.36 | 104 | 3.64 | 2.48 | 3.13 |
| P-10 | 119 | 122 | 3.00 | 2.25 | 1.63 |
| P-11 | 68 | 75 | 7.00 | 5.25 | 4.31 |
| KP15-01 | 137 | 143 | 6.00 | 5.46 | 21.3 |

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| **Hole-ID** | **From (m)** | **To (m)** | **Apparent Thickness (m)** | **True Thickness (m)** | **Weighted Average Au (g/t)** |
| KP15-06 | 84 | 97 | 13.00 | 9.73 | 3.11 |

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In 2017, 2,998.63 m of drilling across 25 holes was conducted on the Ernesto (West Side) resource area for infill drilling, focusing on the Middle and Lower Traps. In 2018, 1,823.44 m of drilling across 12 holes was conducted on the Ernesto area (Central and East Side) for infill drilling.

In 2021, 5,146.8 m of drilling across 37 holes was conducted on the Ernesto (Eastern/Northeastern and Southeastern Side extensions) area, focusing on the Middle and Lower Traps, 21 holes for Inferred Mineral Resources on East and Northeast extensions and 16 holes for infill drilling. Mineralization continues in the middle and Lower Traps, with considerable thickness and continuity in the southwestern portion. It is also confirmed in the eastern and northeastern portions, but with varying thicknesses and continuities.

In 2022, 13,440.2 m of drilling across 74 holes was conducted on the Ernesto (North Extensions) area, 12 holes to confirm "Paiol" potential in the northern area, as well as Inferred Mineral Resources, focusing on shallow mineralization in the base metarenite (below the Upper Trap), and the other 62 holes for Inferred Mineral Resources and infill drilling in the north cave area, focusing on the Middle and Lower Traps, confirming mineralization in both traps, although with continuity and variable thicknesses (boudinated zones).

All samples from this 2021-2022 drill campaign were analyzed at SGS GEOSOL laboratory in Belo Horizonte, Brazil, using the fire assay method by AA finish. The drill holes were surveyed with a Gyromaster, with readings being carried out twice every 3 m. A 5% tolerance value was used to compare the inclination in the two runs, which was then validated in the survey report.

Significant intersections for the 2022 drilling in the Ernesto area are presented in Ernesto Northern (Paiol Area) Table 7-13 and Ernesto Extensions Table 7-14.

**Table 7-13: Best Drilling Intercepts (2022) in Ernesto "Paiol" Area**

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|:---|:---|:---|:---|:---|:---|
| **HOLE** | **FROM** | **TO** | **THICKNESS** | **GRADE** | **INTERSECTIONS** |
| ERN0248 | 7 | 8 | 1 | 1.9655 | 1m@1.97g/t |
| ERN0249 | 42 | 43 | 1 | 2.067 | 1m@2.07g/t |
| ERN0250 | 32 | 33 | 1 | 1.575667 | 1m@1,58g/t |
| ERN0251 | 12 | 15 | 3 | 3.089 | 3m@3.09g/t |
| ERN0319 | 15 | 15.81 | 0.81 | 5.004 | <u>0.81m@5g/t</u> |
| ERN0322 | 13 | 14 | 1 | 8.684 | <u>1m@8.68g/t</u> |
| ERN0323 | 27.22 | 28 | 0.78 | 3.025 | <u>0.78m@3.02g/t</u> |

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**Table 7-14: Best Drilling Intercepts (2022) in Ernesto Extensions**

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| **HOLE** | **FROM** | **TO** | **THICKNESS** | **GRADE** | **INTERSECTIONS** |
| ERN0252 | 49.75 | 50.75 | 1 | 4.439667 | 1m@4.44g/t |
| ERN0255 | 31 | 32 | 1 | 1.024 | 1m@1.02g/t |

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| **HOLE** | **FROM** | **TO** | **THICKNESS** | **GRADE** | **INTERSECTIONS** |
| ERN0260 | 133 | 134 | 1 | 11.46567 | 1m@11.47g/t |
| ERN0261 | 26.87 | 28.8 | 1.93 | 0.954881 | 1.93m@0.95g/t |
| ERN0262 | 103 | 110 | 7 | 0.862667 | 7m@0.86g/t |
| ERN0263 | 150 | 151 | 1 | 1.358 | 1m@1.36g/t |
| ERN0264 | 105 | 106.1 | 1.1 | 0.903 | 1.1m@0.9g/t |
| ERN0265 | 113 | 118 | 5 | 2.3842 | 5m@2.38g/t |
| ERN0266 | 122 | 123 | 1 | 11.217 | 1m@11.22g/t |
| ERN0270 | 100 | 101 | 1 | 1.194 | 1m@1.19g/t |
| ERN0274 | 149 | 155 | 6 | 2.53725 | 6m@2.54g/t |
| ERN0275 | 116 | 117 | 1 | 2.467333 | 1m@2.47g/t |
| ERN0275 | 135.32 | 147 | 11.68 | 1.399259 | 11.68m@1.4g/t |
| ERN0276 | 114 | 124 | 10 | 1.41931 | 10m@1.42g/t |
| ERN0281 | 93 | 95 | 2 | 1.895333 | 2m@1.9g/t |
| ERN0284 | 206.8 | 207.64 | 0.84 | 8.156 | 0.84m@8.16g/t |
| ERN0320 | 49 | 50 | 1 | 21.789 | 1m@21.78g/t |
| ERN0320 | 196.49 | 201 | 4.51 | 10.19894 | 4.51m@10.19g/t |
| ERN0324 | 196 | 203 | 7 | 1.848 | 7m@1.84g/t |

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7.2.1.2 Ernesto Connection

During the period between 2006 and 2013, Yamana worked on the target (Cava 1 and Ernesto Connection), distributing its campaigns with the goal of converting resources within the old pit and peripheral regions in the mineralizing context of the Middle Trap. In 2006, 10 holes totaling 1,391.65 m of drilling were drilled in the Ernesto resource area. In 2007, a further 331 m of diamond drilling was carried out in two holes, focusing on the resource area. In 2009, ten holes were advanced, totaling 669.20 m. In 2012, Yamana drilled two holes totaling 563.48 m. As of 2013, 42 holes were drilled, totaling 4,280.20 m, determining the beginning of campaigns with the aim of identifying possible extensions to the west (trend towards Lavrinha – the region currently called the Ernesto Connection) and adding resources.

Between 2018 and 2023, work remained concentrated in the Ernesto connection region. In 2018, 816.43 m drilled in nine drill holes southwest of the Ernesto Connection with the aim of adding resources. In 2021, 62 drill holes, totaling 10,157.96 m of infill drilling was carried out (resource conversion), and in 2023, another 17 drill holes, totaling 5,040.26 m, were drilled. In 2022, 593.27 m of drilling in four holes was carried out to identify the potential close to the mining pit.

All samples from this drill campaign were analyzed at SGS GEOSOL laboratory in Belo Horizonte, Brazil, using the fire assay method by AA finish. The drill holes were surveyed with a Gyromaster, with readings being carried out twice every 3 m. A 5% tolerance value was used to compare the inclination in the two runs, which was then validated in the survey report.

Significant intersections for the 2021 and 2022 drilling in Ernesto Connection (Table 7-15).

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**Table 7-15: Best Drilling Intercepts (2021 and 2022) in Ernesto Connection**

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| **HOLE** | **FROM** | **TO** | **THICKNESS** | **GRADE** | **INTERSECTIONS** |
| ERN0160 | 70 | 71 | 1 | 11.891 | <u>1m@11.89g/t</u> |
| ERN0190 | 52 | 59 | 7 | 5.879574 | <u>7m@5.88g/t</u> |
| ERN0195 | 38 | 39.04 | 1.04 | 5.383333 | <u>1.04m@5.38g/t</u> |
| ERN0197 | 38.23 | 39 | 0.77 | 2.506333 | <u>0.77m@2.50g/t</u> |
| ERN0202 | 234.2 | 235 | 0.8 | 4.932 | <u>0.8m@4.93g/t</u> |
| ERN0205 | 64.8 | 66.87 | 2.07 | 10.25098 | <u>2.07m@10.25g/t</u> |
| ERN0239 | 250 | 251 | 1 | 3.222 | <u>1m@3.22g/t</u> |
| ERN0240 | 197 | 198 | 1 | 6.97 | <u>1m@6.97g/t</u> |
| ERN0257 | 6.41 | 8 | 1.59 | 1.210226 | 1.59m@1.21g/t |
| ERN0257 | 63.75 | 64.55 | 0.8 | 1.77 | 0.8m@1.77g/t |
| ERN0257 | 74 | 92 | 18 | 0.932826 | 18m@0.93g/t |
| ERN0267 | 58 | 59 | 1 | 10.251 | 1m@10.25g/t |
| ERN0267 | 135.77 | 144.5 | 8.73 | 1.746409 | 8.73m@1.75g/t |
| ERN0280 | 60 | 62 | 2 | 47.97533 | 2m@47.98g/t |

---

7.2.1.3 Lavrinha

From 2017 onwards, exploration activities at the Lavrinha target were conducted by Aura Apoena. Between 2017 and 2023, drill holes were drilled in the deposits, totaling 39,518.58 metres. A summary of all survey campaigns carried out between 2014 and 2023 is presented in Table 7-16 and in the Figure 7-11.

**Table 7-16: Summary of Lavrinha Exploration Drill Holes between 2017 – 2023**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Summary of Lavrinha Exploration Drill holes between 2017 – 2023** | **Summary of Lavrinha Exploration Drill holes between 2017 – 2023** | **Summary of Lavrinha Exploration Drill holes between 2017 – 2023** | **Summary of Lavrinha Exploration Drill holes between 2017 – 2023** | **Summary of Lavrinha Exploration Drill holes between 2017 – 2023** | **Summary of Lavrinha Exploration Drill holes between 2017 – 2023** | **Summary of Lavrinha Exploration Drill holes between 2017 – 2023** | **Summary of Lavrinha Exploration Drill holes between 2017 – 2023** | **Summary of Lavrinha Exploration Drill holes between 2017 – 2023** |
| **Campaign** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **Total** |
| Drill holes | 26 | 64 | 27 | 15 | 17 | 49 | 36 | 234 |
| Drilled metres | 156239 | 914628 | 413385 | 210195 | 303436 | 1171199 | 782776 | 3951858 |

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Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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![Mapa O conteúdo gerado por IA pode estar incorreto.](ex9603_005a.jpg)

**Figure 7-11: Drilling map of Lavrinha Exploration Drill Holes**

The goals of the holes drilled at the Lavrinha target included: converting resources in areas where there was already consolidated geological knowledge (central area and ends of the pit); exploring and testing the extent of mineralized bodies at depth; and exploring with the aim of verifying the extent of mineralization between the Lavrinha and Nosde deposits.

In 2017, a drilling campaign was carried out that concentrated in the southern area of the Lavrinha pit, aiming to understand the geology of the area better. In 2018, holes were drilled to depths of 40 and 250 metres in a regular grid of 25 x 25 metres in the northwest area of the deposit, with the aim of converting resources close to the surface. In 2019 and 2020, drilling was concentrated on detailing this northwest to southwest region of the deposit, with a less tight and non-regular drilling grid, with holes 150 metres deep on average.

In 2021, an exploratory campaign without a defined grid was carried out between the Lavrinha and Nosde deposits to verify the continuity of the ore bodies between the two deposits. The results of this campaign were promising and continued in 2022 with holes between 150 and 200 metres deep for resource conversion. A restrictive campaign of exploratory holes was also carried out in 2022 between the Lavrinha and Ernesto pits (a region known as Ernesto Connection and already detailed in section 7.6.2.

The last survey campaign carried out in 2023, aimed to convert resources in the connection region between the Lavrinha and Nosde pits and some deep holes, averaging of 470 metres deep, with the aim of testing the extent of all layers mineralized in the deposit.

The best results observed in the campaigns detailed above are presented in the Table 7-17.

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**Table 7-17: Significant Intersections - Lavrinha Exploration Drill Holes between 2017 and 2023**

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|:---|:---|:---|:---|:---|
| **SIGNIFICANT INTERSECTIONS - LAVRINHA EXPLORATION DRILL HOLES BETWEEN 2017 AND 2023** | **SIGNIFICANT INTERSECTIONS - LAVRINHA EXPLORATION DRILL HOLES BETWEEN 2017 AND 2023** | **SIGNIFICANT INTERSECTIONS - LAVRINHA EXPLORATION DRILL HOLES BETWEEN 2017 AND 2023** | **SIGNIFICANT INTERSECTIONS - LAVRINHA EXPLORATION DRILL HOLES BETWEEN 2017 AND 2023** | **SIGNIFICANT INTERSECTIONS - LAVRINHA EXPLORATION DRILL HOLES BETWEEN 2017 AND 2023** |
| **Hole ID** | **From (m)** | **To (m)** | **Length (m)** | **Weighted Average Au (g/t)** |
| LVR0223 | 105.00 | 109.00 | 4.00 | 6.12 |
| LVR0228 | 124.00 | 127.00 | 3.00 | 9.158 |
| LVR0233 | 137.00 | 139.00 | 2.00 | 7.84 |
| LVR0240 | 142.03 | 146.00 | 3.97 | 1.53 |
| LVR0238 | 120.63 | 134.73 | 14.10 | 0.55 |
| LVR0238 | 178.00 | 180.50 | 2.50 | 6.84 |
| LVR0248 | 109.03 | 120.00 | 10.97 | 2.077 |
| LVR0252 | 145.00 | 181.00 | 36.00 | 1.855 |
| LVR0254 | 5.00 | 17.00 | 12.00 | 1.15 |
| LVR0257 | 2.50 | 17.00 | 14.50 | 0.739 |
| LVR0260 | 2.50 | 15.75 | 13.25 | 0.6 |
| LVR0260 | 135.65 | 147.00 | 11.35 | 2.153 |
| LVR0265 | 127.00 | 132.00 | 5.00 | 3.47 |
| LVR0265 | 142.00 | 154.00 | 12.00 | 3.128 |
| LVR0265 | 142.00 | 143.00 | 1.00 | 23.95 |
| LVR0266 | 161.00 | 174.00 | 13.00 | 1.5 |
| LVR0268 | 10.00 | 16.27 | 6.27 | 1.953 |
| LVR0268 | 147.00 | 165.00 | 18.00 | 2.356 |
| LVR0270 | 2.76 | 14.00 | 11.24 | 1.06 |
| LVR0270 | 149.00 | 166.00 | 17.00 | 0.878 |
| LVR0270 | 171.00 | 178.00 | 7.00 | 1.96 |
| LVR0271 | 131.00 | 132.00 | 1.00 | 12.576 |
| LVR0271 | 150.00 | 160.00 | 10.00 | 1.28 |
| LVR0271 | 176.00 | 193.00 | 17.00 | 1.26 |
| LVR0273 | 139.00 | 140.00 | 1.00 | 13.832 |
| LVR0274 | 66.00 | 70.00 | 4.00 | 3.059 |
| LVR0277 | 467.49 | 472.98 | 5.49 | 0.99 |
| LVR0278 | 3.00 | 4.70 | 1.70 | 1.95 |
| LVR0279 | 150.00 | 151.00 | 1.00 | 19.452 |
| LVR0279 | 173.00 | 179.00 | 6.00 | 3.539 |
| LVR0280 | 185.00 | 193.00 | 8.00 | 3.035 |
| LVR0282 | 157.00 | 161.00 | 4.00 | 6.07 |
| LVR0282 | 177.00 | 181.00 | 4.00 | 3.28 |
| LVR0283 | 172.00 | 174.25 | 2.25 | 8.55 |
| LVR0286 | 148.87 | 162.00 | 13.13 | 0.466 |
| LVR0291 | 156.00 | 158.00 | 2.00 | 7.926 |
| LVR0292 | 115.48 | 127.00 | 11.52 | 0.317 |
| LVR0293 | 138.00 | 181.00 | 43.00 | 1.94 |
| LVR0295 | 3.00 | 13.00 | 10.00 | 0.771 |
| LVR0302 | 130.00 | 144.00 | 14.00 | 0.875 |
| LVR0302 | 159.00 | 174.00 | 15.00 | 0.94 |
| LVR0317 | 126.00 | 143.00 | 17.00 | 0.866 |
| LVR0317 | 169.00 | 178.00 | 9.00 | 4.227 |

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Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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|:---|:---|:---|:---|:---|
| **SIGNIFICANT INTERSECTIONS - LAVRINHA EXPLORATION DRILL HOLES BETWEEN 2017 AND 2023** | **SIGNIFICANT INTERSECTIONS - LAVRINHA EXPLORATION DRILL HOLES BETWEEN 2017 AND 2023** | **SIGNIFICANT INTERSECTIONS - LAVRINHA EXPLORATION DRILL HOLES BETWEEN 2017 AND 2023** | **SIGNIFICANT INTERSECTIONS - LAVRINHA EXPLORATION DRILL HOLES BETWEEN 2017 AND 2023** | **SIGNIFICANT INTERSECTIONS - LAVRINHA EXPLORATION DRILL HOLES BETWEEN 2017 AND 2023** |
| **Hole ID** | **From (m)** | **To (m)** | **Length (m)** | **Weighted Average Au (g/t)** |
| LVR0320 | 170.00 | 172.12 | 2.12 | 130.84 |
| LVR0320 | 170.00 | 171.00 | 1.00 | 277.146 |
| LVR0325 | 141.00 | 155.00 | 14.00 | 1.595 |
| LVR0325 | 157.58 | 168.00 | 10.42 | 0.75 |
| LVR0325 | 172.00 | 175.00 | 3.00 | 1.45 |

---

The seven drilling campaigns were carried out by the contracted company GEOSOL Geologia e Sondagens S.A., using tracked probes model Maquesonda 1200. The holes were initially drilled in HQ diameter until they exceeded the disaggregated saprolite material, with the diameter subsequently being reduced to NQ. After completing each hole, profiling was carried out to measure hole deviation using the Reflex MaxiBor equipment or the GyroMaster equipment from the SPT brand (Stockholm Precision Tools).

7.2.1.4 Nosde

Apoena drilled the Nosde target from 2019 onwards, starting 100 exploratory holes throughout the current Nosde pit area. In the following years, exploration campaigns totaled 53,466.79 metres drilled in the area across 362 drilling holes. A summary of all survey campaigns carried out between 2019 and 2023 is presented in Table 7-18 and in the Figure 7-12.

**Table 7-18: Summary of Nosde Exploration Drill Holes between 2019 – 2023**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Summary of Nosde Exploration Drill holes between 2019 - 2023** | **Summary of Nosde Exploration Drill holes between 2019 - 2023** | **Summary of Nosde Exploration Drill holes between 2019 - 2023** | **Summary of Nosde Exploration Drill holes between 2019 - 2023** | **Summary of Nosde Exploration Drill holes between 2019 - 2023** | **Summary of Nosde Exploration Drill holes between 2019 - 2023** | **Summary of Nosde Exploration Drill holes between 2019 - 2023** |
| **Campaign** | **2019** | **2020** | **2021** | **2022** | **2023** | **Total** |
| Drill holes | 100 | 77 | 34 | 124 | 27 | 362 |
| Drilled metres | 830524 | 654378 | 484250 | 2524840 | 852687 | 5346679 |

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Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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![Diagrama, Desenho técnico O conteúdo gerado por IA pode estar incorreto.](ex9603_006a.jpg)

**Figure 7-12: Nosde Exploration Drill Holes between 2019 – 2023**

The 2019 drilling campaign aimed to drill shallow exploratory holes with an average depth of 83 metres and between 25 and 150 metres deep on a 50 x 25-metre grid to define the Inferred Mineral Resource. In 2020, exploratory holes were carried out to define the mathematical pit and pit extension, with depths ranging from 20 to 190 metres. In 2021, exploratory holes were drilled between the Nosde and Lavrinha pits, determining an initial connection region between the two deposits. These holes averaged 140 metres deep each.

In 2022, the largest drilling campaign was carried out in the Nosde region, with holes drilled for different objectives: holes to define the Indicated Mineral Resource of the Bonus Trap (shallower mineralization of the deposit), with a drilling mesh of 25 x 25 metres; holes in the central region of the pit to define the indicated Mineral Resource of the Upper Trap (muscovite-sericite-chlorite-schist mineralized at a depth of approximately 150 to 200 metres), with a drilling mesh of 50 x 25 metres and 25 x 25 metres; extensive and deep holes with the objective of testing the continuity of mineralized bodies at 300 and 450 metres (Middle and Lower Traps, respectively), with an average depth of 380 metres; and exploratory holes in the connection region between the Nosde and Lavrinha pits to better understand local mineralization without a defined regular drilling network.

The last 2023 drilling campaign in the Nosde area aimed to improve geological understanding of the connection region between the Nosde and Lavrinha pits with a regular survey mesh of 50 x 50 metres and, in some cases, 50 x 25 metres was used.. In addition, 14 exploratory holes were also drilled in 2023 to check geophysical anomalies in the extreme northeast region of the Nosde deposit, aiming to identify whether there would be continuity of ore bodies in this region.

Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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The best results observed in the campaigns detailed above are presented in the Table 7-19 below.

**Table 7-19: Significant Intersections - Nosde Exploration Drill Holes between 2019 – 2023**

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|:---|:---|:---|:---|:---|
| **SIGNIFICANT INTERSECTIONS - Nosde EXPLORATION DRILL HOLES BETWEEN 2019 AND 2023** | **SIGNIFICANT INTERSECTIONS - Nosde EXPLORATION DRILL HOLES BETWEEN 2019 AND 2023** | **SIGNIFICANT INTERSECTIONS - Nosde EXPLORATION DRILL HOLES BETWEEN 2019 AND 2023** | **SIGNIFICANT INTERSECTIONS - Nosde EXPLORATION DRILL HOLES BETWEEN 2019 AND 2023** | **SIGNIFICANT INTERSECTIONS - Nosde EXPLORATION DRILL HOLES BETWEEN 2019 AND 2023** |
| **Hole ID** | **From (m)** | **To (m)** | **Length (m)** | **Weighted Average Au (g/t)** |
| NSD0150 | 64.00 | 75.00 | 11.00 | 1.56 |
| NSD0152 | 57.00 | 66.00 | 9.00 | 1.02 |
| NSD0154 | 64.00 | 76.00 | 12.00 | 2.3 |
| NSD0156 | 41.00 | 43.20 | 2.20 | 7.32 |
| NSD0157 | 13.16 | 19.00 | 5.84 | 2.44 |
| NSD0161 | 9.00 | 20.00 | 11.00 | 1.91 |
| NSD0168 | 17.00 | 22.00 | 5.00 | 4.12 |
| NSD0168 | 60.00 | 62.00 | 2.00 | 12.49 |
| NSD0170 | 24.00 | 31.00 | 7.00 | 3.06 |
| NSD0170 | 45.00 | 68.10 | 23.10 | 1.46 |
| NSD0171 | 49.00 | 52.00 | 3.00 | 5.14 |
| NSD0174 | 21.00 | 24.00 | 3.00 | 12.81 |
| NSD0174 | 29.00 | 31.00 | 2.00 | 10.87 |
| NSD0206 | 52.42 | 57.15 | 4.73 | 2.37 |
| NSD0208 | 51.00 | 54.00 | 3.00 | 4.37 |
| NSD0210 | 134.25 | 138.00 | 3.75 | 10.12 |
| NSD0211 | 133.00 | 142.23 | 9.23 | 3.96 |
| NSD0211 | 142.23 | 151.00 | 8.77 | 8.90 |
| NSD0213 | 132.00 | 138.30 | 6.30 | 2.51 |
| NSD0215 | 16.00 | 21.00 | 5.00 | 14.80 |
| NSD0215 | 125.00 | 133.00 | 8.00 | 1.29 |
| NSD0215 | 163.00 | 175.00 | 12.00 | 0.63 |
| NSD0217 | 113.00 | 134.21 | 21.21 | 1.10 |
| NSD0217 | 142.00 | 168.00 | 26.00 | 1.89 |
| NSD0218 | 11.25 | 19.00 | 7.75 | 2.06 |
| NSD0218 | 137.10 | 140.00 | 2.90 | 1.43 |
| NSD0218 | 171.00 | 176.00 | 5.00 | 10.83 |
| NSD0218 | 186.00 | 189.00 | 3.00 | 8.85 |
| NSD0219 | 17.00 | 21.00 | 4.00 | 10.48 |
| NSD0220 | 107.00 | 117.00 | 10.00 | 1.27 |
| NSD0220 | 124.25 | 154.00 | 29.75 | 1.33 |
| NSD0222 | 115.00 | 122.41 | 7.41 | 3.65 |
| NSD0222 | 122.41 | 132.00 | 9.59 | 7.01 |
| NSD0223 | 117.00 | 130.00 | 13.00 | 2.69 |
| NSD0224 | 85.00 | 98.00 | 13.00 | 4.70 |
| NSD0225 | 31.00 | 41.00 | 10.00 | 2.72 |
| NSD0225 | 153.00 | 158.00 | 5.00 | 2.74 |
| NSD0226 | 110.19 | 123.00 | 12.81 | 1.45 |
| NSD0226 | 128.00 | 142.00 | 14.00 | 1.38 |
| NSD0228 | 101.28 | 144.00 | 42.72 | 2.78 |
| NSD0228 | 160.00 | 163.00 | 3.00 | 11.52 |

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Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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|:---|:---|:---|:---|:---|
| **SIGNIFICANT INTERSECTIONS - Nosde EXPLORATION DRILL HOLES BETWEEN 2019 AND 2023** | **SIGNIFICANT INTERSECTIONS - Nosde EXPLORATION DRILL HOLES BETWEEN 2019 AND 2023** | **SIGNIFICANT INTERSECTIONS - Nosde EXPLORATION DRILL HOLES BETWEEN 2019 AND 2023** | **SIGNIFICANT INTERSECTIONS - Nosde EXPLORATION DRILL HOLES BETWEEN 2019 AND 2023** | **SIGNIFICANT INTERSECTIONS - Nosde EXPLORATION DRILL HOLES BETWEEN 2019 AND 2023** |
| **Hole ID** | **From (m)** | **To (m)** | **Length (m)** | **Weighted Average Au (g/t)** |
| NSD0230 | 97.14 | 110.00 | 12.86 | 0.99 |
| NSD0230 | 131.00 | 143.00 | 12.00 | 1.57 |
| NSD0232 | 7.00 | 10.00 | 3.00 | 2.80 |
| NSD0234 | 113.20 | 153.62 | 40.42 | 1.13 |
| NSD0236 | 94.00 | 141.00 | 47.00 | 1.14 |
| NSD0237 | 112.00 | 124.00 | 12.00 | 0.41 |
| NSD0237 | 138.00 | 145.00 | 7.00 | 2.14 |
| NSD0238 | 114.00 | 173.09 | 59.09 | 1.64 |
| NSD0239 | 30.00 | 32.75 | 2.75 | 3.41 |
| NSD0241 | 87.00 | 116.00 | 29.00 | 1.46 |
| NSD0241 | 121.00 | 135.94 | 14.94 | 1.14 |
| NSD0242 | 151.00 | 162.00 | 11.00 | 2.92 |
| NSD0244 | 99.00 | 130.00 | 31.00 | 2.56 |
| NSD0245 | 121.00 | 132.00 | 11.00 | 1.14 |
| NSD0246 | 94.00 | 114.00 | 20.00 | 1.34 |
| NSD0247 | 88.00 | 97.22 | 9.22 | 9.42 |
| NSD0248 | 126.07 | 165.00 | 38.93 | 0.93 |
| NSD0250 | 93.01 | 101.00 | 7.99 | 1.28 |
| NSD0250 | 107.00 | 140.72 | 33.72 | 0.74 |
| NSD0253 | 8.00 | 23.83 | 15.83 | 1.05 |
| NSD0253 | 116.00 | 129.00 | 13.00 | 1.79 |
| NSD0253 | 130.16 | 173.00 | 42.84 | 1.14 |
| NSD0255 | 176.00 | 178.00 | 2.00 | 4.51 |
| NSD0256 | 104.00 | 116.00 | 12.00 | 1.05 |
| NSD0257 | 172.00 | 173.00 | 1.00 | 12.57 |
| NSD0257 | 178.00 | 179.00 | 1.00 | 26.28 |
| NSD0258 | 174.00 | 183.00 | 9.00 | 2.66 |
| NSD0260 | 166.00 | 169.00 | 3.00 | 2.00 |
| NSD0263 | 130.00 | 136.00 | 6.00 | 8.94 |
| NSD0265 | 11.93 | 15.00 | 3.07 | 1.00 |
| NSD0269 | 184.00 | 195.00 | 11.00 | 2.93 |
| NSD0274 | 39.00 | 41.00 | 2.00 | 9.56 |
| NSD0276 | 166.00 | 168.00 | 2.00 | 18.01 |
| NSD0278 | 125.00 | 126.00 | 1.00 | 102.67 |
| NSD0278 | 152.00 | 156.00 | 4.00 | 8.64 |
| NSD0294 | 165.00 | 175.00 | 10.00 | 1.51 |
| NSD0295 | 168.00 | 170.00 | 2.00 | 18.07 |
| NSD0311 | 38.00 | 39.00 | 1.00 | 9.44 |
| NSD0319 | 31.40 | 35.00 | 3.60 | 8.88 |
| NSD0298 | 348.50 | 361.00 | 12.50 | 0.92 |
| NSD0303 | 12.00 | 24.00 | 12.00 | 0.81 |
| NSD0317 | 56.00 | 58.00 | 2.00 | 7.36 |
| NSD0323 | 47.00 | 55.00 | 8.00 | 3.09 |
| NSD0326 | 20.00 | 32.00 | 12.00 | 1.15 |

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Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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|:---|:---|:---|:---|:---|
| **SIGNIFICANT INTERSECTIONS - Nosde EXPLORATION DRILL HOLES BETWEEN 2019 AND 2023** | **SIGNIFICANT INTERSECTIONS - Nosde EXPLORATION DRILL HOLES BETWEEN 2019 AND 2023** | **SIGNIFICANT INTERSECTIONS - Nosde EXPLORATION DRILL HOLES BETWEEN 2019 AND 2023** | **SIGNIFICANT INTERSECTIONS - Nosde EXPLORATION DRILL HOLES BETWEEN 2019 AND 2023** | **SIGNIFICANT INTERSECTIONS - Nosde EXPLORATION DRILL HOLES BETWEEN 2019 AND 2023** |
| **Hole ID** | **From (m)** | **To (m)** | **Length (m)** | **Weighted Average Au (g/t)** |
| NSD0350 | 125.00 | 157.00 | 32.00 | 1.70 |
| NSD0350 | 189.00 | 195.00 | 6.00 | 5.28 |
| NSD0351 | 147.65 | 158.00 | 10.35 | 1.33 |
| NSD0352 | 182.00 | 186.00 | 4.00 | 4.38 |
| NSD0353 | 130.00 | 143.00 | 13.00 | 3.29 |
| NSD0356 | 128.09 | 137.00 | 8.91 | 2.59 |
| NSD0358 | 156.00 | 165.00 | 9.00 | 4.19 |
| NSD0359 | 125.00 | 158.40 | 33.40 | 2.14 |

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The five drilling campaigns were carried out by the contracted company GEOSOL Geologia e Sondagens S.A., using tracked probes model Maquesonda 1200. The holes were initially drilled in HQ diameter until they exceeded the disaggregated saprolite material, with the diameter subsequently being reduced to NQ. After completing each hole, profiling was carried out to measure hole deviation using the Reflex MaxiBor equipment or the GyroMaster equipment from the SPT brand (Stockholm Precision Tools).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Hydrogeology

The hydrogeological study of the Pontes e Lacerda region was conducted following internationally recognized standards, including the works of Struckmeier and Margat (1995), UNESCO (1983), Diniz et al. (2012, 2014), and Monteiro et al. (2016). The municipality of Pontes e Lacerda lies within the Amazon River Basin (level 1) and the Madeira River Basin (level 2), as classified by the National Water Agency (ANA). The Madeira basin encompasses the states of Mato Grosso, Rondônia, parts of Acre, and Amazonas. Figure 7-13 illustrates the hydrographic location of the region, with detailed mapping up to the fourth level, while Figure 7-14 highlights the Madeira River Basin, showing its major tributaries, including the Guaporé River, which crosses the municipality.

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![](ex9603_038.jpg)

**Figure 7-13: Hydrographical location of the municipality of Pontes e Lacerda-MT**

![](ex9603_039.jpg)

**Figure 7-14: Madeira Basin**

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Hydrogeological mapping was structured around four key thematic bases: planimetry, geology, wells, and hydrology. These elements were tailored and simplified to align with the adopted methodology and scale of the study. For instance, in the geological base, units deemed hydrogeologically irrelevant, such as thin surface coverings or restricted occurrences, were excluded due to their negligible groundwater storage capacity.

**Main Aquifer Units:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fissural Unit: A fractured aquifer system where groundwater flows through fractures in the metarenite.
Flow rates are variable, and both storage and transmission capacity are low, governed by the discontinuities' properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Porous Unit: An intergranular aquifer system comprising fine sands and clay layers. Porosity and permeability
are primarily influenced by the lithological matrix and weathering profiles.

The hydrodynamic parameters—hydraulic conductivity, transmissivity, and flow—vary according to the mineralogical, textural, and structural characteristics of the rocks. This study contributed significantly to the development of a conceptual hydrogeological model for the region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Geotechnical Data

The geotechnical investigation involved boreholes to characterize the rock mass conditions, providing critical data for geotechnical models, engineering designs, and parameter definitions for future developments. During these activities, detailed descriptions of geotechnical characteristics were performed, classifying the rock mass based on its lithology, structure, and physical state.

The assessments adhered to the following methodologies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Barton Q Index (1974): Evaluates rock mass quality using parameters such as the compressive strength of
intact rock, discontinuity conditions, groundwater influence, and structural factors. Widely applied for stability analysis and support
requirements in both underground and open-pit operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bieniawski RMR Classification (1989): Combines factors such as intact rock strength, discontinuity spacing
and condition, water presence, and fracture orientation to determine rock mass quality. This system supports tunnel, slope, and foundation
design projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ISRM Standards (1978): Provides standardized protocols for geotechnical descriptions of rock samples,
including texture, mineralogy, mechanical strength, and structural features. This ensures consistency and reliability in data analysis.

In addition to borehole analyses, geotechnical field mapping was conducted to correlate subsurface findings with surface observations in outcrops, pits, and exposed areas. These mappings included detailed evaluations of geological structures such as fractures, faults, and shear zones, enabling the assessment of massifs' geometry and stability conditions.

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The integration of data from boreholes and field mapping provides a comprehensive and accurate interpretation of the geotechnical conditions in the study area. These results form the foundation for developing robust geotechnical models, supporting the planning and execution of safe and economically viable interventions.

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8 SAMPLE PREPARATION, ANALYSES AND SECURITY

Sample preparation for all historical drill holes (all drilling before Aura's acquired the project in 2015) was disclosed in the previous NI43-101 technical report under title "FEASIBILITY STUDY AND TECHNICAL REPORT ON THE EPP PROJECT MATO GROSSO, BRAZIL, January 13, 2017" by P&E Mining consultant.

Drilling campaigns prior to 2015 were conducted by various companies in the 90s, e.g., TVX Gold, MSE, as discussed in Section 5 History, and by Yamana from 2005 till 2013. The drilling campaigns from 2015 to 2023 were conducted by Aura.

Although the term historical was not used in the EPP Feasibility Study report for drilling before 2015, for this TRS and hereafter all drilling before 2015 is considered to be historical. The QP of this TRS has relied on previous authors in terms of other companies' sample preparation and procedures which was reviewed and validated by Ausenco when Yamana was operating the mine and at the time of preparation of EPP Feasibility Study report by P&E. Therefore, in this TRS only sample preparation, analysis, and QAQC measures related to Aura's drilling (after 2015) is discussed.

From 2015 and onward the primary laboratory used by Apoena for the analysis of diamond drill hole samples were SGS (Geosol laboratory, located in Vespasiano, Minas Gerais State, Brazil) and EPP Complex local lab at mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Core Handling, Logging, and Sampling Protocols (Aura Minerals)

Apoena conducted diamond drilling campaigns during the period 2015 to 2023 under contract with SGS Geosol Drilling Ltda. Geosol drilling crews extracted the core, placed it in wooden or plastic core boxes, then sealed the boxes with tape or straps prior to transport. The core was then transported by truck to Apoena's core shed (Figure 8-1).

On arrival at the core shed, the core was laid out and washed. The core was then logged, and sample intervals marked by Apoena geologists and are photographed. Sample intervals were generally one metre; however, variations were allowed for special samples or special interval breaks. The average sample size was 1.09 m. Core logging included lithology, alteration, mineralization, structural and geotechnical logging. Structural and geotechnical details that were noted included foliation, fractures, vein orientation, and faults. Wherever possible, oriented core samples were taken to give more accurate structural readings, percent core recovery and RQD measurements were taken and calculated for all drill intervals (Figure 8-2).

The core was then cut under Apoena supervision by mining technicians. Core was cut using diamond impregnated cutting saws, standard to the industry. To the extent possible, core was cut perpendicular to major vein orientations. Then the samples are bagged in plastic bags according to Apoena procedures. Samples were tagged with one tag inside the bag and one tag outside. Sample bags were also marked by hand in permanent ink. The sample numbers were

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perpendicular to major vein orientations. Then the samples are bagged in plastic bags according to Apoena procedures. Samples were tagged with one tag inside the bag and one tag outside. Sample bags were also marked by hand in permanent ink. The sample numbers were electronically entered into the database, according to the proper sample intervals. This system then provided an electronic sample submittal form.

Core handling, logging, and sampling procedures practiced by Apoena and its contractors in the EPP Project are summarized in the flow sheet on Figure 8-3.

![](ex9603_040.jpg)

**Figure 8-1: Apoena Core Shack Storage and Working Area**

![](ex9603_041.jpg)

**Figure 8-2: Core Boxes Logging in Apoena Core Shac**

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1. DRILL HOLE SPECIFICATION <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Drilling collars are surveyed with SAD 1969 datum. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Early holes were located by GPS and are re-surveyed by Total Station. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Down-hole survey is done using GyroMaster, Stockholm Precision Tools. <br>

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2. CORE HANDLING AND STORAGE <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Core is picked up at drill rigs at a regular schedule and transported to core shed. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Drill core is laid out on racks and organized by drill targets. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Check and list the advances and recoveries. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Core boxes are labeled with hole numbers, core intervals and sample numbers. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The core is cut in half with a diamond bladed and stored again in the core box. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Core boxes are stacked and stored. <br>

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3. LOGGING<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A standard spreadsheet is used to record all logging information.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The lithological, mineralization and alteration description is recorded for each interval respecting the lithological contacts or alteration intensity.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Geotechnical data are recorded following procedures for obtaining structural measures.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. RQD (information about the degree of alteration, areas of strength and frequency of fractures) are recorded.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Structures and core orientation are recorded. <br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. DENSITY DETERMINATIONS<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. After the core is logged the intervals for performing density testing are defined and recorded in the density plan.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Marking of the sample size<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Identification of the sample box<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Collecting samples for analysis<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Weighing the sample in air and water (Archimedes' method)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Explanation of results in specific spreadsheet<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Removal of the sample and returning the same to the core box<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Formula:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Density = (Sample weight / (Sample weight(M1) – Sample weight in water (M2))) <br>

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5. SAMPLING<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Drill core samples are taken at intervals of one metre, respecting the geological contacts (the drill core samples must be in minimum 0.5 m in size). When the drill core presents low potential to mineralization, it's sampled according to regular intervals each 2 metres.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Samples from one hole are combined in batches of approximately 40 routine samples and 4 control samples.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Insertion of 5 percent of blank samples in each batch (mainly after mineralized zones)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Insertion of 5 percent of standards samples (high ore-grade, medium ore-grade and low ore-grade)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Batches and dispatches are tracked by laboratory report number assigned to each dispatch number. <br>

**Figure 8-3: Core Handling and Sample Protocols**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Sample Preparation – Laboratory

8.2.1 SGS Laboratory

To ensure that the correct particle size and sample reduction procedures are achieved during sample preparation, the SGS Geosol Laboratory used established protocols for preparation of samples of rock/core as summarized in Figure 8-4. Before starting sample preparation, proper equipment must be setup, calibrated and monitored to ensure quality specifications are met.

Quality control measures conducted during sample preparation by SGS Geosol were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Equipment is designed and set up to produce representative sample fractions during splitting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Equipment was cleaned with cutting barren rock followed by compressed air between each sample run.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Screen tests for coarse gold were conducted on crushed and pulverized sample fractions at the rate of
one test per 20 sample batch.

The procedure for sample preparation is to dry the received sample at 105º C and crush the sample until 75% is less than 3 mm (<3 mm). Using a rotary splitter, an aliquot of 500 g is selected and milled until 95% of rock less than a #150 mesh. Further quartering allows the separation of a 50 g aliquot, which is ready to be analyzed for Au Fire Assay. A coarse crushed aliquot and a pulp aliquot are kept in the lab as reserve for possible re-assaying requests or to return to the customer.

![](ex9603_042.jpg)

**Figure 8-4: SGS Sample Preparation Protocol**

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8.2.2 EPP Laboratory

The procedure for sample preparation at the EPP laboratory is to dry the received sample at 120º C, crush the sample in the primary crusher until 50% is less than ¼ in (0.64 cm) in size, then in the secondary crusher crush the rock until 90% of the sample is less than 2 mm. Using a rotary splitter, an aliquot of 1,200 gram is selected and milled until 95% of the sample is less than a #150 mesh. Further quartering allows the separation of a 50 g aliquot, which is ready to be analyzed for Au Fire Assay. Pulp aliquots are kept in the lab as reserve for possible re-assaying requests or to return to the customer. The EPP laboratory sample preparation method is summarized it the Figure 8-5 flow chart.

![](ex9603_043.jpg)

**Figure 8-5: EPP Sample Preparation Protocol**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Sample Assaying

The primary analytical laboratory used by Apoena for the EPP Project was the SGS Geosol laboratory, located in Vespasiano, Minas Gerais State, Brazil. The laboratory has ISO 9001 certification and ISO 14001:2004, ISO 17025:2009 certification for environmental chemical analyses. SGS Geosol employs modern, industry standard techniques and analytical methods.

For the purpose of routine gold analysis at the EPP Project, Fire Assay with Atomic Absorption Spectroscopy finishing ("AAS") finish has been used since the 2015 drilling campaign.

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Fire Assay with AAS finish is a quantitative analysis through which precious metals are separated by melting a powdered mineral sample in a reducing environment. The precious metals are collected in molten lead which separates from the slag by virtue of density differences. The lead button is then dissolved in aqua regia and the resulting acid solution containing the precious metals is analyzed by atomic absorption spectroscopy to determine the gold content.

The lower analytical detection limit for Au FAA505 is 0.005 ppm. When the analytical result exceeds the upper detection limit of this method (100 ppm), the samples are re-assayed using FAA525 method. The Table 8-1 shows details about the methods used for analysis in the primary laboratory, SGS.

**Table 8-1: Analytical Codes for Gold Analysis: SGS Laboratory**

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| **LABCODE** | **CODE** | **LOWER** <br> **DETECTION LIMIT**  | **UPPER** <br> **DETECTION LIMIT**  | **DESCRIPTION** |
| SGS | Au_FAA505_ppm | 0.005 | 100 | Au fire assay with AAS finish, 50g. |
| SGS | Au_FAA525_ppm | 0.001 | - | Au fire assay with AAS finish, 50g. |

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Apoena also analyzed core samples in the EPP local laboratory, located in Pontes e Lacerda, Mato Grosso, Brazil. The laboratory does not have any ISO certification, however, in 2021 improvements were made in the process of preparation, analysis, and management of the data, especially after the acquisition of the LIMS system for laboratories and improvements in workflows from the receipt of samples to the release of analysis results.

The analysis method used for core samples at the EPP local laboratory was Fire Assay with Atomic Absorption Spectroscopy finishing ("AAS"), 50 grams, summarized in Table 8-2.

**Table 8-2: Analytical Codes for Gold Analysis: EPP Laboratory**

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| **LABCODE** | **CODE** | **LOWER**<br> **DETECTION LIMIT**  | **UPPER** <br> **DETECTION LIMIT**  | **DESCRIPTION** |
| EPP | Au_FA50_gt | 0.040 | - | Au fire assay with AAS finish, 50g. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Quality Assurance/Quality Control Program

Quality Assurance ("QA") determines if assay data has precision and accuracy within generally accepted limits for the sampling and analytical method(s), and that the data is of good quality, to be used with confidence in a Mineral Resource Estimate. Quality Control ("QC") consists of procedures used to ensure that an adequate level of quality is maintained in the process of collecting, preparing, and assaying the exploration drill samples. In general, QA/QC programs are designed to prevent or detect contamination and allow assaying (analytical), precision (repeatability), and accuracy to be quantified. In addition, a QA/QC program can disclose the overall sampling-assaying variability of the sampling method itself.

8.4.1 Apoena Internal QA/QC Program

The general procedure applied by Aura consisted of samples grouped into batches of approximately 40 units. Five percent of standards, certified reference materials, and five percent

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of blanks, material containing no gold, are included in each sample batch. QA/QC samples comprise 10% of the data. Blanks are inserted in the sample stream at the end of visible mineralization, standards are randomly inserted within mineralized intervals. Pulp and reject duplicates are not routinely inserted in sample stream. Field duplicates, pulp duplicates and check assays were performed in the 2014, 2017 and 2023 campaigns.

The following types of control samples were routinely analyzed as part of Apoena's QA/QC program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Certified Reference aBlank samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Core duplicate assays (2017 drilling campaign).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pulp duplicate assays (2017 drilling campaign).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Intra and inter-laboratory check assays (2014, 2017 and 2023 drilling campaign).

8.4.2 Acceptance and Rejection Thresholds

The following criteria were used to establish acceptance and rejection thresholds for internal control samples analyzed in the EPP Project.

CRM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The CRM fails if the assay result is greater than three standard deviations of the accepted the net value
of the CRM. Re-assaying was done for all of samples prior to the failed standard up the previous approved standard sample and
also the samples after the failed standard down to next approved standard sample.

Blanks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If assays on field blanks exceed three times the detection limit, then automatic re-assaying of ten samples
surrounding the blank sample in the batch (five above and 5 below the failed sample).

Duplicates:

Apoena did not routinely submit internal field duplicates, pulp and coarse reject material, Limited core and pulp duplicate for Ernesto deposit showed very high variability due to the nuggety nature of these deposits.

8.4.3 Certified Reference Materials (Standards)

Certified Reference Materials (CRMs) or standards were used to monitor analytical accuracy and precision of assay results within the primary laboratory or externally, between two or more laboratories. CRMs are well-analyzed, meticulously prepared, ground rock powders, for which the concentration of selected constituent elements are well behaved and vary within low statistical ranges. Once a material containing the desired elements is selected, the CRM producer sends multiple samples of the reference material to a minimum of ten accredited laboratories for analysis by one or more analytical methods. This Round Robin approach is to provide sufficient assay data to determine statistically a representative mean value and standard deviation required for setting acceptance/rejection tolerance limits for the elements of interest.

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The EPP Gold Project used 23 CRMs; provided by Geostats Pty Ltd. and a total of 4,979 standards aliquots (Table 8-3) were inserted into the sample batches sent to the laboratories. The results were analyzed based on control charts and statistical analysis considered as acceptable the 3rd standard deviation of Au g/t limits per certified standard.

**Table 8-3: Certified Reference Materials ("CRM", "Standards")**

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| **CERTIFIED<br> REFERENCE<br> MATERIAL** | **TYPE** | **CERTIFIED VALUE<br> Au grade (ppm)** | **STANDARD<br> DEVIATION** | **NUMBER OF<br> SAMPLES** |
| CM-41 | Medium-grade | 1.6 | 0.15 | 104 |
| CM-47 | Medium-grade | 1.13 | 0.11 | 100 |
| G312-4 | High-grade | 5.3 | 0.22 | 221 |
| G906-1 | Medium-grade | 1.67 | 0.09 | 208 |
| G912-6 | High-grade | 4.08 | 0.17 | 226 |
| G998-6 | Low-grade | 0.8 | 0.06 | 221 |
| GS-12B | High-grade (>10.0 g/t) | 11.88 | 0.57 | 204 |
| GS-1P5Q | Medium-grade | 1.329 | 0.1 | 461 |
| GS-1P5T | Medium-grade | 1.75 | 0.17 | 187 |
| GS-2U | Medium-grade | 2.12 | 0.13 | 318 |
| GS-2W | Medium-grade | 2.1 | 0.14 | 232 |
| GS-4H | High-grade | 5.01 | 0.3 | 207 |
| GS-5X | High-grade | 5.04 | 0.33 | 233 |
| GS-5Y | High-grade | 5.21 | 0.31 | 150 |
| GS-7H | High-grade | 6.56 | 0.5 | 122 |
| GS-7J | High-grade | 7.34 | 0.29 | 107 |
| GS-7K | High-grade | 7.06 | 0.37 | 3 |
| GS-P4G | Low-grade | 0.468 | 0.052 | 337 |
| GS-P4J | Low-grade | 0.479 | 0.049 | 624 |
| GS-P5H | Low-grade | 0.497 | 0.056 | 136 |
| GS-P8G | Low-grade | 0.818 | 0.06 | 318 |
| GS-P8H | Low-grade | 0.833 | 0.071 | 124 |
| ME-2101 | Low-grade | 0.765 | 0.087 | 136 |

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8.4.4 CRM Charts

The results of the internal QA/QC program for the EPP Project regarding the CRMs are presented in graphic form from Figure 8-6 to Figure 8-29 and statistical form in Table 8-4 and Table 8-5, for samples analyzed at SGS and EPP laboratories.

According to the results received, the 23 CRMs used in the EPP Project (Table 8-3), all returned analyzes that are well within the rejection threshold of three standard deviations.

Of the 4,979 CRM samples analysed (2015-2023), only 72 samples failed, comprising less than 2% of the total. Based on the CRM data presented here, the accuracy of the tests generated for the EPP Project (2015 - 2023) were acceptable by the industry standard and would not prevent their use in Mineral Resource estimation. The QP agrees with this observation.

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![](ex9603_044.jpg)

**Figure 8-6: Ernesto and Ernesto Connection – Low-grade Standards - SGS Laboratory**

![](ex9603_045.jpg)

**Figure 8-7: Ernesto and Ernesto Connection – Medium-grade Standards - SGS Laboratory**

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![](ex9603_046.jpg)

**Figure 8-8: Ernesto and Ernesto Connection – High-grade Standards - SGS Laboratory**

![](ex9603_047.jpg)

**Figure 8-9: Ernesto and Ernesto Connection – High-grade Standards (Above 10.0 g/t) - SGS Laboratory**

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![](ex9603_048.jpg)

**Figure 8-10: Ernesto and Ernesto Connection – Low-grade Standards - EPP Laboratory**

![](ex9603_049.jpg)

**Figure 8-11: Ernesto and Ernesto Connection – Medium-grade Standards - EPP Laboratory**

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![](ex9603_050.jpg)

**Figure 8-12: Ernesto and Ernesto Connection – High-grade Standards - EPP Laboratory**

![](ex9603_051.jpg)

**Figure 8-13: Ernesto and Ernesto Connection – Very High-Grade Standards - EPP Laboratory**

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![](ex9603_052.jpg)

**Figure 8-14: Nosde – Grade Standards - SGS Laboratory**

![](ex9603_053.jpg)

**Figure 8-15: Nosde – Medium-grade Standards - SGS Laboratory**

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![](ex9603_054.jpg)

**Figure 8-16: Nosde – High-grade Standards - SGS Laboratory**

![](ex9603_055.jpg)

**Figure 8-17: Nosde – Very High-Grade Standards - SGS Laboratory**

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![](ex9603_056.jpg)

**Figure 8-18: Nosde – Low-Grade Standards - EPP Laboratory**

![](ex9603_057.jpg)

**Figure 8-19 – Nosde: Medium-grade Standards - EPP Laboratory**

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![](ex9603_058.jpg)

**Figure 8-20 – Nosde: High-grade Standards - EPP Laboratory**

![](ex9603_059.jpg)

**Figure 8-21: Lavrinha – Low-grade Standards - SGS Laboratory**

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![](ex9603_060.jpg)

**Figure 8-22: Lavrinha – Medium-grade Standards - SGS Laboratory**

![](ex9603_061.jpg)

**Figure 8-23: Lavrinha – High-grade Standards - SGS Laboratory**

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![](ex9603_062.jpg)

**Figure 8-24: Lavrinha – Very High-grade Standards - SGS Laboratory**

![](ex9603_063.jpg)

**Figure 8-25: Lavrinha – Low-grade Standards - EPP Laboratory**

Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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![](ex9603_064.jpg)

**Figure 8-26: Lavrinha – High-grade Standards - EPP Laboratory**

![](ex9603_065.jpg)

**Figure 8-27: Pau-a-Pique – Low-grade Standards - EPP Laboratory**

Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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![](ex9603_066.jpg)

**Figure 8-28:Pau-a-Pique – Medium-grade Standards - EPP Laboratory**

![](ex9603_067.jpg)

**Figure 8-29: Pau-a-Pique – High-grade Standards - EPP Laboratory**

Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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**Table 8-4: Standard Table (Analyzed in SGS Laboratory)**

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lab** | **Target** | **CRM Grade** | **CRM** | **CRM Au ppm** | **CRM Std dev** | **Num of Samples** | **Mean** | **Min value** | **Max value** | **Standard dev** | **% Rel. Std Dev** | **Coef. Variation** | **Std Error** | **% Rel Std Error** | **Total Bias** | **% Total Bias** |
| SGS | ERN-ERC | Low-grade | GS-P8G | 0.8180 | 0.0600 | 39 | 0.8109 | 0.7250 | 0.9140 | 0.0455 | 5.6169 | 0.0562 | 0.0073 | 0.8994 | -0.0086 | -0.8620 |
| SGS | ERN-ERC | Low-grade | G998-6 | 0.8000 | 0.0600 | 11 | 0.8165 | 0.7750 | 0.8940 | 0.0356 | 4.3638 | 0.0436 | 0.0107 | 1.3157 | 0.0207 | 2.0682 |
| SGS | ERN-ERC | Low-grade | GS-P5H | 0.4970 | 0.0560 | 17 | 0.5102 | 0.4570 | 0.5720 | 0.0281 | 5.5019 | 0.0550 | 0.0068 | 1.3344 | 0.0265 | 2.6512 |
| SGS | ERN-ERC | Low-grade | ME-2101 | 0.7650 | 0.0870 | 4 | 0.7688 | 0.7450 | 0.8130 | 0.0305 | 3.9689 | 0.0397 | 0.0153 | 1.9845 | 0.0049 | 0.4902 |
| SGS | ERN-ERC | Low-grade | GS-P4G | 0.4680 | 0.0520 | 12 | 0.4601 | 0.4050 | 0.5160 | 0.0398 | 8.6572 | 0.0866 | 0.0115 | 2.4991 | -0.0169 | -1.6916 |
| SGS | ERN-ERC | Low-grade | GS-P8H | 0.8330 | 0.0710 | 13 | 0.8272 | 0.7930 | 0.8510 | 0.0168 | 2.0343 | 0.0203 | 0.0047 | 0.5642 | -0.0069 | -0.6926 |
| SGS | ERN-ERC | Low-grade | GS-P4J | 0.4790 | 0.0490 | 224 | 0.4860 | 0.4060 | 0.6090 | 0.0343 | 7.0514 | 0.0705 | 0.0023 | 0.4711 | 0.0145 | 1.4539 |
| SGS | ERN-ERC | Medium-grade | CM-47 | 1.1300 | 0.1100 | 4 | 1.1603 | 1.1220 | 1.1880 | 0.0327 | 2.8205 | 0.0282 | 0.0164 | 1.4103 | 0.0268 | 2.6770 |
| SGS | ERN-ERC | Medium-grade | GS-1P5Q | 1.3290 | 0.1000 | 137 | 1.3415 | 0.8790 | 1.5140 | 0.0930 | 6.9291 | 0.0693 | 0.0079 | 0.5920 | 0.0094 | 0.9419 |
| SGS | ERN-ERC | Medium-grade | GS-2W | 2.1000 | 0.1400 | 46 | 2.2605 | 1.8220 | 5.4100 | 0.6675 | 29.5305 | 0.2953 | 0.0984 | 4.3540 | 0.0764 | 7.6439 |
| SGS | ERN-ERC | Medium-grade | CM-41 | 1.6000 | 0.1500 | 7 | 1.4857 | 0.8100 | 1.7420 | 0.3179 | 21.3991 | 0.2140 | 0.1202 | 8.0881 | -0.0714 | -7.1429 |
| SGS | ERN-ERC | Medium-grade | GS-2U | 2.1200 | 0.1300 | 97 | 2.1298 | 1.8350 | 2.3640 | 0.0970 | 4.5551 | 0.0456 | 0.0099 | 0.4625 | 0.0046 | 0.4625 |
| SGS | ERN-ERC | Medium-grade | G906-1 | 1.6700 | 0.0900 | 10 | 1.6574 | 1.5880 | 1.7390 | 0.0435 | 2.6260 | 0.0263 | 0.0138 | 0.8304 | -0.0075 | -0.7545 |
| SGS | ERN-ERC | Medium-grade | GS-1P5T | 1.7500 | 0.1700 | 66 | 1.7819 | 1.3070 | 2.1370 | 0.1543 | 8.6577 | 0.0866 | 0.0190 | 1.0657 | 0.0182 | 1.8234 |
| SGS | ERN-ERC | High-grade | GS-7J | 7.3400 | 0.2900 | 14 | 7.6086 | 7.3600 | 7.8450 | 0.1499 | 1.9704 | 0.0197 | 0.0401 | 0.5266 | 0.0366 | 3.6590 |
| SGS | ERN-ERC | High-grade | GS-7K | 7.0600 | 0.3700 | 1 | 7.2810 | 7.2810 | 7.2810 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0313 | 3.1303 |
| SGS | ERN-ERC | High-grade | GS-5Y | 5.2100 | 0.3100 | 4 | 5.4558 | 5.2580 | 5.6350 | 0.1548 | 2.8380 | 0.0284 | 0.0774 | 1.4190 | 0.0472 | 4.7169 |
| SGS | ERN-ERC | High-grade | GS-5X | 5.0400 | 0.3300 | 52 | 5.1873 | 4.8950 | 5.6840 | 0.1705 | 3.2876 | 0.0329 | 0.0236 | 0.4559 | 0.0292 | 2.9235 |
| SGS | ERN-ERC | High-grade | GS-4H | 5.0100 | 0.3000 | 94 | 5.1235 | 3.8140 | 5.6780 | 0.2826 | 5.5152 | 0.0552 | 0.0291 | 0.5689 | 0.0227 | 2.2653 |
| SGS | ERN-ERC | High-grade | G312-4 | 5.3000 | 0.2200 | 7 | 5.4527 | 5.2880 | 5.6510 | 0.1406 | 2.5780 | 0.0258 | 0.0531 | 0.9744 | 0.0288 | 2.8814 |
| SGS | ERN-ERC | High-grade | G912-6 | 4.0800 | 0.1700 | 8 | 3.9151 | 3.5560 | 4.0790 | 0.1587 | 4.0536 | 0.0405 | 0.0561 | 1.4332 | -0.0404 | -4.0411 |
| SGS | ERN-ERC | High-grade | GS-7H | 6.5600 | 0.5000 | 72 | 6.6374 | 5.6100 | 7.7740 | 0.4238 | 6.3845 | 0.0638 | 0.0499 | 0.7524 | 0.0118 | 1.1806 |
| SGS | ERN-ERC | Very High-grade | GS-12B | 11.8800 | 0.5700 | 95 | 12.1156 | 10.4380 | 13.7620 | 0.6824 | 5.6326 | 0.0563 | 0.0700 | 0.5779 | 0.0198 | 1.9829 |
| SGS | LVR | Low-grade | GS-P8G | 0.8180 | 0.0600 | 27 | 0.8175 | 0.5610 | 0.9660 | 0.0705 | 8.6267 | 0.0863 | 0.0136 | 1.6602 | -0.0006 | -0.0634 |
| SGS | LVR | Low-grade | GS-P4G | 0.4680 | 0.0520 | 91 | 0.4576 | 0.3780 | 0.5310 | 0.0284 | 6.2048 | 0.0620 | 0.0030 | 0.6504 | -0.0222 | -2.2236 |
| SGS | LVR | Low-grade | GS-P8H | 0.8330 | 0.0710 | 13 | 0.8308 | 0.7660 | 0.8800 | 0.0356 | 4.2796 | 0.0428 | 0.0099 | 1.1870 | -0.0026 | -0.2586 |
| SGS | LVR | Low-grade | GS-P5H | 0.4970 | 0.0560 | 5 | 0.5054 | 0.4740 | 0.5560 | 0.0318 | 6.2938 | 0.0629 | 0.0142 | 2.8147 | 0.0169 | 1.6901 |
| SGS | LVR | Low-grade | G998-6 | 0.8000 | 0.0600 | 140 | 0.8736 | 0.7200 | 4.0690 | 0.4003 | 45.8279 | 0.4583 | 0.0338 | 3.8732 | 0.0919 | 9.1938 |
| SGS | LVR | Low-grade | ME-2101 | 0.7650 | 0.0870 | 118 | 0.7459 | 0.5200 | 1.0780 | 0.0583 | 7.8161 | 0.0782 | 0.0054 | 0.7195 | -0.0250 | -2.4958 |
| SGS | LVR | Low-grade | GS-P4J | 0.4790 | 0.0490 | 108 | 0.4892 | 0.4130 | 0.5970 | 0.0359 | 7.3293 | 0.0733 | 0.0035 | 0.7053 | 0.0213 | 2.1321 |

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Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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| ![](ex9603_header.jpg) | Page 111 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lab** | **Target** | **CRM Grade** | **CRM** | **CRM Au ppm** | **CRM Std dev** | **Num of Samples** | **Mean** | **Min value** | **Max value** | **Standard dev** | **% Rel. Std Dev** | **Coef. Variation** | **Std Error** | **% Rel Std Error** | **Total Bias** | **% Total Bias** |
| SGS | LVR | Medium-grade | GS-1P5T | 1.7500 | 0.1700 | 56 | 1.7614 | 1.0050 | 2.0970 | 0.1611 | 9.1449 | 0.0914 | 0.0215 | 1.2220 | 0.0065 | 0.6541 |
| SGS | LVR | Medium-grade | GS-1P5Q | 1.3290 | 0.1000 | 103 | 1.3546 | 1.1600 | 1.7060 | 0.0832 | 6.1421 | 0.0614 | 0.0082 | 0.6052 | 0.0193 | 1.9271 |
| SGS | LVR | Medium-grade | GS-2W | 2.1000 | 0.1400 | 19 | 2.0802 | 0.9880 | 2.2440 | 0.2713 | 13.0409 | 0.1304 | 0.0622 | 2.9918 | -0.0094 | -0.9424 |
| SGS | LVR | Medium-grade | CM-41 | 1.6000 | 0.1500 | 83 | 1.6580 | 0.0090 | 4.7080 | 0.3992 | 24.0768 | 0.2408 | 0.0438 | 2.6428 | 0.0363 | 3.6273 |
| SGS | LVR | Medium-grade | GS-2U | 2.1200 | 0.1300 | 92 | 2.1268 | 0.7420 | 2.4290 | 0.1699 | 7.9903 | 0.0799 | 0.0177 | 0.8330 | 0.0032 | 0.3220 |
| SGS | LVR | Medium-grade | CM-47 | 1.1300 | 0.1100 | 79 | 1.1569 | 0.9730 | 1.3650 | 0.0784 | 6.7762 | 0.0678 | 0.0088 | 0.7624 | 0.0238 | 2.3782 |
| SGS | LVR | Medium-grade | G906-1 | 1.6700 | 0.0900 | 35 | 1.6616 | 1.5830 | 1.7580 | 0.0334 | 2.0084 | 0.0201 | 0.0056 | 0.3395 | -0.0050 | -0.5013 |
| SGS | LVR | High-grade | GS-4H | 5.0100 | 0.3000 | 38 | 5.2043 | 4.7220 | 5.9490 | 0.2642 | 5.0775 | 0.0508 | 0.0429 | 0.8237 | 0.0388 | 3.8780 |
| SGS | LVR | High-grade | G912-6 | 4.0800 | 0.1700 | 40 | 3.8617 | 1.7240 | 4.2170 | 0.5099 | 13.2042 | 0.1320 | 0.0806 | 2.0878 | -0.0535 | -5.3499 |
| SGS | LVR | High-grade | G312-4 | 5.3000 | 0.2200 | 99 | 5.4409 | 2.6420 | 8.1910 | 0.4818 | 8.8543 | 0.0885 | 0.0484 | 0.8899 | 0.0266 | 2.6579 |
| SGS | LVR | High-grade | GS-7J | 7.3400 | 0.2900 | 14 | 7.4815 | 6.6820 | 8.0370 | 0.4280 | 5.7214 | 0.0572 | 0.1144 | 1.5291 | 0.0193 | 1.9278 |
| SGS | LVR | High-grade | GS-5X | 5.0400 | 0.3300 | 18 | 5.2227 | 4.7960 | 5.4880 | 0.1871 | 3.5829 | 0.0358 | 0.0441 | 0.8445 | 0.0362 | 3.6243 |
| SGS | LVR | High-grade | GS-5Y | 5.2100 | 0.3100 | 101 | 5.2792 | 2.2010 | 5.8950 | 0.4136 | 7.8347 | 0.0783 | 0.0412 | 0.7796 | 0.0133 | 1.3278 |
| SGS | LVR | High-grade | GS-7H | 6.5600 | 0.5000 | 25 | 6.5689 | 5.0850 | 7.2560 | 0.4984 | 7.5875 | 0.0759 | 0.0997 | 1.5175 | 0.0014 | 0.1354 |
| SGS | LVR | High-grade | GS-7K | 7.0600 | 0.3700 | 2 | 7.5790 | 7.3600 | 7.7980 | 0.3097 | 4.0865 | 0.0409 | 0.2190 | 2.8896 | 0.0735 | 7.3513 |
| SGS | LVR | Very High-grade | GS-12B | 11.8800 | 0.5700 | 57 | 11.9990 | 6.3880 | 13.7950 | 0.9768 | 8.1409 | 0.0814 | 0.1294 | 1.0783 | 0.0100 | 1.0018 |
| SGS | NSD | Low-grade | GS-P4G | 0.4680 | 0.0520 | 234 | 0.4599 | 0.3970 | 0.5670 | 0.0290 | 6.3012 | 0.0630 | 0.0019 | 0.4119 | -0.0174 | -1.7395 |
| SGS | NSD | Low-grade | ME-2101 | 0.7650 | 0.0870 | 14 | 0.7684 | 0.7090 | 0.8670 | 0.0525 | 6.8371 | 0.0684 | 0.0140 | 1.8273 | 0.0044 | 0.4388 |
| SGS | NSD | Low-grade | GS-P8H | 0.8330 | 0.0710 | 78 | 0.8455 | 0.6640 | 1.3880 | 0.0736 | 8.7019 | 0.0870 | 0.0083 | 0.9853 | 0.0150 | 1.5037 |
| SGS | NSD | Low-grade | GS-P8G | 0.8180 | 0.0600 | 84 | 0.8177 | 0.6930 | 1.0210 | 0.0456 | 5.5802 | 0.0558 | 0.0050 | 0.6088 | -0.0004 | -0.0407 |
| SGS | NSD | Low-grade | GS-P5H | 0.4970 | 0.0560 | 97 | 0.5167 | 0.4410 | 0.6110 | 0.0389 | 7.5356 | 0.0754 | 0.0040 | 0.7651 | 0.0397 | 3.9702 |
| SGS | NSD | Low-grade | GS-P4J | 0.4790 | 0.0490 | 261 | 0.4922 | 0.3500 | 0.5790 | 0.0356 | 7.2290 | 0.0723 | 0.0022 | 0.4475 | 0.0276 | 2.7620 |
| SGS | NSD | Medium-grade | CM-47 | 1.1300 | 0.1100 | 17 | 1.1634 | 1.0360 | 1.4220 | 0.1081 | 9.2957 | 0.0930 | 0.0262 | 2.2545 | 0.0295 | 2.9516 |
| SGS | NSD | Medium-grade | G906-1 | 1.6700 | 0.0900 | 76 | 1.7044 | 1.5590 | 1.8270 | 0.0452 | 2.6529 | 0.0265 | 0.0052 | 0.3043 | 0.0206 | 2.0588 |
| SGS | NSD | Medium-grade | GS-1P5T | 1.7500 | 0.1700 | 56 | 1.8042 | 1.5230 | 2.2460 | 0.1340 | 7.4283 | 0.0743 | 0.0179 | 0.9927 | 0.0310 | 3.0990 |
| SGS | NSD | Medium-grade | GS-2W | 2.1000 | 0.1400 | 132 | 2.1420 | 1.9300 | 2.4380 | 0.0923 | 4.3112 | 0.0431 | 0.0080 | 0.3752 | 0.0200 | 1.9989 |
| SGS | NSD | Medium-grade | CM-41 | 1.6000 | 0.1500 | 14 | 1.7106 | 1.5580 | 1.9360 | 0.1159 | 6.7744 | 0.0677 | 0.0310 | 1.8105 | 0.0692 | 6.9152 |
| SGS | NSD | Medium-grade | GS-1P5Q | 1.3290 | 0.1000 | 221 | 1.3475 | 0.8580 | 1.6030 | 0.0831 | 6.1641 | 0.0616 | 0.0056 | 0.4146 | 0.0139 | 1.3942 |
| SGS | NSD | Medium-grade | GS-2U | 2.1200 | 0.1300 | 120 | 2.1456 | 1.9730 | 2.6120 | 0.0924 | 4.3081 | 0.0431 | 0.0084 | 0.3933 | 0.0121 | 1.2095 |

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Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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| ![](ex9603_header.jpg) | Page 112 |

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lab** | **Target** | **CRM Grade** | **CRM** | **CRM Au ppm** | **CRM Std dev** | **Num of Samples** | **Mean** | **Min value** | **Max value** | **Standard dev** | **% Rel. Std Dev** | **Coef. Variation** | **Std Error** | **% Rel Std Error** | **Total Bias** | **% Total Bias** |
| SGS | NSD | High-grade | GS-7J | 7.3400 | 0.2900 | 67 | 7.6181 | 6.8490 | 8.1910 | 0.3287 | 4.3143 | 0.0431 | 0.0402 | 0.5271 | 0.0379 | 3.7887 |
| SGS | NSD | High-grade | GS-5X | 5.0400 | 0.3300 | 133 | 5.2033 | 3.5920 | 6.2200 | 0.3209 | 6.1666 | 0.0617 | 0.0278 | 0.5347 | 0.0324 | 3.2393 |
| SGS | NSD | High-grade | GS-7H | 6.5600 | 0.5000 | 25 | 6.5707 | 5.7610 | 7.0890 | 0.3409 | 5.1887 | 0.0519 | 0.0682 | 1.0377 | 0.0016 | 0.1628 |
| SGS | NSD | High-grade | GS-4H | 5.0100 | 0.3000 | 75 | 5.1510 | 3.7750 | 5.6220 | 0.2434 | 4.7256 | 0.0473 | 0.0281 | 0.5457 | 0.0281 | 2.8144 |
| SGS | NSD | High-grade | GS-5Y | 5.2100 | 0.3100 | 45 | 5.5453 | 4.7890 | 12.1650 | 1.0358 | 18.6780 | 0.1868 | 0.1544 | 2.7843 | 0.0644 | 6.4359 |
| SGS | NSD | High-grade | G912-6 | 4.0800 | 0.1700 | 74 | 4.0798 | 3.6850 | 4.4220 | 0.1103 | 2.7037 | 0.0270 | 0.0128 | 0.3143 | -0.0001 | -0.0056 |
| SGS | NSD | Very High-grade | GS-12B | 11.8800 | 0.5700 | 50 | 11.9894 | 5.2740 | 13.4580 | 1.1233 | 9.3691 | 0.0937 | 0.1589 | 1.3250 | 0.0092 | 0.9205 |

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**Table 8-5: Standard Table – Analyzed in EPP Laboratory**

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lab** | **Target** | **CRM Grade** | **CRM** | **CRM Au ppm** | **CRM Std dev** | **Num of Samples** | **Mean** | **Min value** | **Max value** | **Standard dev** | **% Rel. Std Dev** | **Coef. Variation** | **Std Error** | **% Rel Std Error** | **Total Bias** | **% Total Bias** |
| EPP | ERN-ERC | Low-grade | GS-P4J | 0.4790 | 0.0490 | 12 | 0.4928 | 0.4470 | 0.5430 | 0.0291 | 5.9068 | 0.0591 | 0.0084 | 1.7051 | 0.0289 | 2.8880 |
| EPP | ERN-ERC | Low-grade | G998-6 | 0.8000 | 0.0600 | 27 | 0.7994 | 0.6660 | 0.9280 | 0.0603 | 7.5401 | 0.0754 | 0.0116 | 1.4511 | -0.0008 | -0.0787 |
| EPP | ERN-ERC | Medium-grade | GS-1P5T | 1.7500 | 0.1700 | 8 | 1.8128 | 1.6310 | 2.0370 | 0.1255 | 6.9239 | 0.0692 | 0.0444 | 2.4480 | 0.0359 | 3.5857 |
| EPP | ERN-ERC | Medium-grade | GS-2U | 2.1200 | 0.1300 | 8 | 2.0538 | 1.9360 | 2.2140 | 0.0885 | 4.3115 | 0.0431 | 0.0313 | 1.5244 | -0.0313 | -3.1250 |
| EPP | ERN-ERC | High-grade | G312-4 | 5.3000 | 0.2200 | 27 | 5.1331 | 4.5160 | 5.7170 | 0.2896 | 5.6414 | 0.0564 | 0.0557 | 1.0857 | -0.0315 | -3.1495 |
| EPP | ERN-ERC | Very High-grade | GS-12B | 11.8800 | 0.5700 | 2 | 12.3110 | 12.0430 | 12.5790 | 0.3790 | 3.0786 | 0.0308 | 0.2680 | 2.1769 | 0.0363 | 3.6279 |
| EPP | LVR | Low-grade | G998-6 | 0.8000 | 0.0600 | 42 | 0.8020 | 0.6420 | 0.9080 | 0.0583 | 7.2656 | 0.0727 | 0.0090 | 1.1211 | 0.0026 | 0.2560 |
| EPP | LVR | High-grade | G312-4 | 5.3000 | 0.2200 | 41 | 5.2871 | 4.4550 | 5.7260 | 0.2480 | 4.6904 | 0.0469 | 0.0387 | 0.7325 | -0.0024 | -0.2437 |
| EPP | NSD | Low-grade | GS-P8H | 0.8330 | 0.0710 | 20 | 0.8280 | 0.7600 | 0.8800 | 0.0329 | 3.9690 | 0.0397 | 0.0073 | 0.8875 | -0.0060 | -0.6002 |
| EPP | NSD | Low-grade | GS-P8G | 0.8180 | 0.0600 | 24 | 0.8263 | 0.7100 | 1.1000 | 0.0844 | 10.2187 | 0.1022 | 0.0172 | 2.0859 | 0.0101 | 1.0086 |
| EPP | NSD | Low-grade | GS-P5H | 0.4970 | 0.0560 | 17 | 0.5118 | 0.4500 | 0.5700 | 0.0359 | 7.0194 | 0.0702 | 0.0087 | 1.7024 | 0.0297 | 2.9708 |
| EPP | NSD | Low-grade | GS-P4J | 0.4790 | 0.0490 | 16 | 0.5700 | 0.4200 | 1.8500 | 0.3442 | 60.3808 | 0.6038 | 0.0860 | 15.0952 | 0.1900 | 18.9979 |
| EPP | NSD | Medium-grade | GS-2W | 2.1000 | 0.1400 | 35 | 2.0706 | 1.8900 | 2.3400 | 0.1133 | 5.4715 | 0.0547 | 0.0191 | 0.9249 | -0.0140 | -1.4014 |
| EPP | NSD | High-grade | GS-7J | 7.3400 | 0.2900 | 12 | 7.2358 | 6.9400 | 7.6100 | 0.1931 | 2.6684 | 0.0267 | 0.0557 | 0.7703 | -0.0142 | -1.4192 |
| EPP | NSD | High-grade | GS-5X | 5.0400 | 0.3300 | 30 | 4.9447 | 4.1900 | 5.6600 | 0.2833 | 5.7302 | 0.0573 | 0.0517 | 1.0462 | -0.0189 | -1.8915 |
| EPP | PPQ | Low-grade | GS-P8G | 0.8180 | 0.0600 | 144 | 0.8184 | 0.0400 | 1.7650 | 0.1769 | 21.6149 | 0.2161 | 0.0147 | 1.8012 | 0.0004 | 0.0441 |
| EPP | PPQ | Low-grade | G998-6 | 0.8000 | 0.0600 | 1 | 0.8320 | 0.8320 | 0.8320 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0400 | 4.0000 |
| EPP | PPQ | Low-grade | GS-P4J | 0.4790 | 0.0490 | 3 | 0.4807 | 0.4520 | 0.5200 | 0.0352 | 7.3299 | 0.0733 | 0.0203 | 4.2319 | 0.0035 | 0.3479 |
| EPP | PPQ | Medium-grade | GS-2U | 2.1200 | 0.1300 | 1 | 2.1400 | 2.1400 | 2.1400 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0094 | 0.9434 |
| EPP | PPQ | Medium-grade | G906-1 | 1.6700 | 0.0900 | 87 | 1.6102 | 0.0400 | 2.7870 | 0.2921 | 18.1418 | 0.1814 | 0.0313 | 1.9450 | -0.0358 | -3.5811 |
| EPP | PPQ | Medium-grade | GS-1P5T | 1.7500 | 0.1700 | 1 | 1.7100 | 1.7100 | 1.7100 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | -0.0229 | -2.2857 |
| EPP | PPQ | High-grade | G912-6 | 4.0800 | 0.1700 | 104 | 3.9059 | 0.0400 | 4.6510 | 0.7838 | 20.0668 | 0.2007 | 0.0769 | 1.9677 | -0.0427 | -4.2673 |
| EPP | PPQ | High-grade | G312-4 | 5.3000 | 0.2200 | 47 | 5.1338 | 0.0930 | 5.7440 | 0.8198 | 15.9677 | 0.1597 | 0.1196 | 2.3291 | -0.0314 | -3.1357 |

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The results from the standards were mainly consistent with the expected values. The standards were analyzed together and if two or more standards within one certificate failed, then the decision was made to retest the entire certificate.

8.4.5 Internal Blank Samples

An acceptable blank sample is prepared from rock that is known to contain very low or non-detectable concentrations of the element being sought. A blank is used to monitor cross contamination that may occur during sample preparation, commonly as result of insufficient cleaning of the crushing, grinding or splitting equipment between samples.

The blank sample used in the EPP Project was prepared by Apoena from material near the project site.

A total of 5,665 blank samples were inserted into the sample stream sent to the laboratories. The lower detection limit for gold by the fire assay-AA finish method was 0.005 ppm Au and 0.04 g/t Au for SGS and EPP laboratory respectively. The warning and failure thresholds for blank samples were established at twice the detection limit and three-times detection limit, respectively.

The results of the blank analyses from Apoena's drilling campaigns are presented statistically and graphically in Table 8-6.

Table 8-7 and in Figure 8-30 to Figure 8-36. The chart shows that most of the blank samples are below the failure threshold. For those blanks with gold assays above the failure threshold, ten samples surrounding the blank sample position in the batch were automatically re-assayed and compared to the original ten assays. Of the 5,665 blank samples analyzed during the EPP Project, 54 samples failed – a failure rate of less than 1%.

The blank samples used in 2019 presented several inconsistencies and Apoena began to be used another source of the material, which fixed the issue in the next analyses received, showing that the problem was associated with the material used, and not cross contamination during sample preparation in the laboratory.

**Table 8-6: Blank Table – Samples Analyzed in SGS Laboratory**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lab** | **Target** | **BLANK** | **Au ppm** | **Num of Samples** | **Mean** | **Min value** | **Max value** | **Standard dev** | **% Rel. Std Dev** | **Coef. Variation** | **Std Error** | **% Rel Std Error** | **Total Bias** | **% Total Bias** |
| SGS | ERC | EPP-BLK | 0 | 513 | 0.005 | 0.005 | 0.016 | 0.001 | 14.618 | 0.146 | 0.000 | 0.645 | 0.020 | 2.027 |
| SGS | ERN | EPP-BLK | 0 | 529 | 0.005 | 0.005 | 0.036 | 0.002 | 30.959 | 0.310 | 0.000 | 1.360 | 0.030 | 2.973 |
| SGS | LVR | EPP-BLK | 0 | 1243 | 0.006 | 0.005 | 0.263 | 0.010 | 166.484 | 1.665 | 0.000 | 4.722 | 0.204 | 20.418 |
| SGS | NSD | EPP-BLK | 0 | 1771 | 0.006 | 0.005 | 0.574 | 0.015 | 237.890 | 2.379 | 0.000 | 5.653 | 0.250 | 25.003 |

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**Table 8-7: Blank Table – Samples Analyzed in EPP Laboratory**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lab** | **Target** | **BLANK** | **Au ppm** | **Num of Samples** | **Mean** | **Min value** | **Max value** | **Standard dev** | **% Rel. Std Dev** | **Coef. Variation** | **Std Error** | **% Rel Std Error** | **Total Bias** | **% Total Bias** |
| EPP | ERN | EPP-BLK | 0.040 | 60 | 0.041 | 0.040 | 0.085 | 0.006 | 14.262 | 0.143 | 0.001 | 1.841 | 0.024 | 2.417 |
| EPP | LVR | EPP-BLK | 0.040 | 54 | 0.042 | 0.040 | 0.123 | 0.011 | 27.192 | 0.272 | 0.002 | 3.700 | 0.038 | 3.843 |
| EPP | NSD | EPP-BLK | 0.040 | 161 | 0.041 | 0.040 | 0.080 | 0.006 | 14.178 | 0.142 | 0.000 | 1.124 | 0.033 | 3.302 |
| EPP | PPQEX | EPP-BLK | 0.040 | 1334 | 0.046 | 0.040 | 2.246 | 0.078 | 171.017 | 1.710 | 0.002 | 4.682 | 0.139 | 13.877 |

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![](ex9603_068.jpg)

**Figure 8-30: Ernesto and Ernesto Connection – Blanks - SGS Laboratory**

![](ex9603_069.jpg)

**Figure 8-31: Ernesto and Ernesto Connection – Blanks - EPP Laboratory**

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![](ex9603_070.jpg)

**Figure 8-32: Nosde – Blanks - SGS Laboratory**

![](ex9603_071.jpg)

**Figure 8-33: Nosde – Blanks - EPP Laboratory**

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![](ex9603_072.jpg)

**Figure 8-34: Lavrinha – Blanks - SGS Laboratory**

![](ex9603_073.jpg)

**Figure 8-35: Lavrinha – Blanks - EPP Laboratory**

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![](ex9603_074.jpg)

**Figure 8-36: Pau-a-Pique – Blanks - EPP Laboratory**

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8.4.6 Pulp Duplicate Samples

In 2017, Apoena selected 162 samples from Ernesto 2017 drilling campaign to have the pulp re-assayed in the same laboratory, EPP Lab. This number represents 9 percent of the total of core samples analyzed in the period.

The results showed 104 samples were outside the range of 20% difference, representing a low precision in these samples possibly caused by homogenization of samples (Table 8-8, Figure 8-37).

**Table 8-8 – Pulp Duplicate Table – Ernesto Drilling Campaign (EPP Laboratory)**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Au ppm** | **Analyses** | **# Outside 20% Accuracy Limit** | **Mean** | **Median** | **Min** | **Max** | **Variance** | **Coeff. Of<br> Variance** | **Sample <br> Std. Dev.** | **Bias** | **Corr. <br> Coeff.** | **RMA<br> Error** |
| Original | 162 | 104 | 1.37 | 0.15 | 0.02 | 22.81 | 13.28 | 268 | 3.66 | -0.03 | 0.19 | 6.12 |
| Check |  |  | 1.33 | 0.15 | 0.02 | 19.57 | 9.78 | 2.36 | 3.14 |  |  |  |

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**Figure 8-37 – Ernesto – Pulp Duplicates (EPP Laboratory)**

8.4.7 Check Assay Duplicates

In the period of 2015 to 2023 Apoena sent Coarse duplicates, Pulp Duplicates and Core Duplicates from samples originally analysed in the EPP Laboratory to be check assayed in the SGS Laboratory in order to assess variability associated with the ore type, laboratory analysis and sample preparation.

A total of 221 coarse check assay were carried on the samples from the Lavrinha and Ernesto 2017 drilling campaign, representing seven percent of the total of original samples analyzed in EPP Laboratory in the period. The results in Table 8-9 and Table 8-10, and Figure 8-38 and Figure 8-39, show that 103 samples were outside the 20% accuracy limit, indicating possible nugget effect in the analysed materials..

In 2017, SGS received and analyzed 170 Core Check Assay duplicates originally analyzed in the EPP laboratory, this amount represents 88 percent of total samples analyzed at the EPP Laboratory. The results in Table 8-11 and Figure 8-40 show that 151 samples were outside the 20% accuracy limit., indicating possible nugget effect in the analysed materials.

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A total of 198 pulp assays were carried out on the samples from the 2022 Nosde drilling campaign, representing seven percent of the total samples analyzed at the EPP Laboratory in the period. The results in the Table 8-12 and Figure 8-41 show that 131 samples were outside the 20% accuracy limit, indicating possible nugget effect in the analysed materials..

**Table 8-9: Coarse Check Assay – Ernesto 2017 Drilling Campaign (EPP Lab - SGS Lab)**

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Au ppm** | **Analyses** | **# Outside 20% Accuracy Limit** | **Mean** | **Median** | **Min** | **Max** | **Max** | **Variance** | **Coeff. Of<br> Variance** | **Sample <br> Std. Dev.** | **Bias** | **Corr. <br> Coeff.** | **RMA<br> Error** |
| Original | 142 | 81 | 1.58 | 0.27 | 0.02 | 22.81 | 22.81 | 15.41 | 2.5 | 3.95 | 0.24 | 0.23 | 7.28 |
| Check |  |  | 1.97 | 0.36 | 0 | 23.23 | 23.23 | 18.74 | 2.21 | 4.35 |  |  |  |
| ![](ex9603_077.jpg) | ![](ex9603_077.jpg) | ![](ex9603_077.jpg) | ![](ex9603_077.jpg) | ![](ex9603_077.jpg) | ![](ex9603_077.jpg) | ![](ex9603_077.jpg) | ![](ex9603_078.jpg) | ![](ex9603_078.jpg) | ![](ex9603_078.jpg) | ![](ex9603_078.jpg) | ![](ex9603_078.jpg) | ![](ex9603_078.jpg) | ![](ex9603_078.jpg) |

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**Figure 8-38: Ernesto – Coarse Check Assay (EPP Lab – SGS Lab)**

**Table 8-10: Coarse Check Assay – Lavrinha 2017 Drilling Campaign (EPP Lab - SGS Lab)**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Au ppm** | **Analyses** | **# Outside 20% Accuracy Limit** | **Mean** | **Median** | **Min** | **Max** | **Variance** | **Coeff. Of<br> Variance** | **Sample <br> Std. Dev.** | **Bias** | **Corr. <br> Coeff.** | **RMA<br> Error** |
| Original | 79 | 22 | 0.21 | 0.1 | 0.02 | 2.12 | 0.13 | 1.71 | 0.36 | -0.08 | 0.93 | 0.19 |
| Check |  |  | 0.2 | 0.11 | 0.01 | 1.78 | 0.1 | 1.61 | 0.32 |  |  |  |

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| ![](ex9603_079.jpg) | ![](ex9603_080.jpg) |

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**Figure 8-39: Lavrinha – Coarse Check Assay (EPP Lab – SGS Lab)**

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**Table 8-11: Core Check Assay – Ernesto 2017 Drilling Campaign (EPP Lab - SGS Lab)**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Au ppm** | **Analyses** | **# Outside 20% Accuracy Limit** | **Mean** | **Median** | **Min** | **Max** | **Variance** | **Coeff. Of<br> Variance** | **Sample Std. Dev.** | **Bias** | **Corr. <br> Coeff.** | **RMA<br> Error** |
| Original | 170 | 118 | 1.32 | 0.12 | 0.02 | 22.81 | 12.54 | 2.69 | 3.56 | 0.71 | -0.01 | 10.59 |
| Check |  |  | 2.27 | 0.3 | 0.01 | 43.02 | 42.47 | 2.89 | 6.54 |  |  |  |

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| ![](ex9603_081.jpg) | ![](ex9603_082.jpg) |

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**Figure 8-40: Lavrinha – Coarse Check Assay (EPP Lab – SGS Lab)**

**Table 8-12: Pulp Check Assay – Nosde 2022 Drilling Campaign (EPP Lab - SGS Lab)**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Au ppm** | **Analyses** | **# Outside 20% Accuracy Limit** | **Mean** | **Median** | **Min** | **Max** | **Variance** | **Coeff. Of<br> Variance** | **Sample <br> Std. Dev.** | **Bias** | **Corr. <br> Coeff.** | **RMA<br> Error** |
| Original | 198 | 56 | 1.5 | 0.18 | 0.02 | 33.1 | 25.3 | 3.37 | 5.05 | -0.1 | 0.97 | 1.56 |
| Check |  |  | 1.35 | 0.19 | 0 | 23.72 | 15.59 | 2.97 | 3.97 |  |  |  |

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| ![Gráfico Descrição gerada automaticamente](ex9603_083.jpg) | ![Uma imagem contendo Gráfico Descrição gerada automaticamente](ex9603_084.jpg) |

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**Figure 8-41: Nosde – Pulp Check Assay (EPP Lab – SGS Lab)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Density Determination

After completing the geological description, the intervals from which samples will be collected for density determinations was selected and recorded in the Density Plan spreadsheet, which will be completed by the geologist responsible for describing the hole and subsequently used by the technician/assistant responsible for density determinations.

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Samples for determining densities were selected, preferably, every 20 metres, per lithological interval, and a fragment of approximately 10 to 20 centimetres in length will be selected, as determined in the operational procedure "Description of drilling cores".

To determine the mass, one dry sample must be placed at a time on the upper tray of the balance and wait for stabilization. When the scale stabilizes, write down the resulting value in the Wet Weight (g) column of the Density Determination Sheet in Survey Testimonies. When exchanging samples, clean the upper tray of the balance with a dry cloth.

To define the density of each lithological unit in the context, the sampling method based on the Archimedes principle (e.g. water displacement) was used. In this method, a graduated plastic cylinder with a known volume of water is used ![](ex9603_007.jpg)and the new volume of water ![](ex9603_235.jpg) is measured after placing the sample in the cylinder. An illustration of the method for better understanding can be seen in Figure 8-42 and equation 1.

![](ex9603_085.jpg)

**Figure 8-42: In a) cylinder with initial volume of water in 500 milliliters. In b) Sample recently inserted into the cylinder with 500ml of water and, in c) cylinder with the core fully immersed, adding 100 ml to the final volume. Equation 1: relative density equation used in the procedure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 Recommendations and Conclusions

In general sampling protocols are consistent with good practises for the mining industry. Based upon the evaluation of the QA/QC programs undertaken by Aura, as well as due diligence sampling, the QP concludes that the data are of good quality for use in the Mineral Resource estimation.

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Following are QP's recommendation regarding Sample Preparation, security and QAQC measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Apoena core shack is in desperate need of expansion in it is size and capacity to store any future drilling
core boxes. The expansion should not be short-sighted as increases to the LOM, resulting in more drilling, and exploration drilling, requires
additional core boxes from current or future drilling campaigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Apoena core shack needs more space in storing and keeping all existing and future pulps from exploration
drilling. All pulps from mined-out deposits as well as mines in operation, and current and future exploration targets need to be stored
properly in dry and separate rooms. All pulps need to be easily accessible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Coarse rejects can be discarded for all mined-out deposits and after six months for deposits and mines
that are subject to the current TRS. All coarse rejects from targets and deposits that are not subject to this TRS need to be kept in
a dry location in the core shack facility area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additional duplicate samples need to be collected especially for deposits such as Nosde, which has a high
nugget effect, to understand the distribution of nuggets and its effect on gold grade distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Six percent of assay results reported by the SGS Lab returned with re-assays due to discrepancies in the
results found. This fact may be associated with the presence of Coarse Au in the samples. Consider using a Screen-fire assay for high-grade
checks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All the CRM used in the EPP Project are provided by Geostatys, consider reviewing the matrix of standards
and purchasing the standards from other providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acquiring a set standard close to the matrix of mineralization and lithology of host rocks specifically
for the Nosde and Lavrinha deposits and all other exploration targets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It's recommended to carry out a check using screen-fire assay to verify the effect of coarse gold
on selected duplicate samples using coarse reject material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Apoena needs to send more samples for re-assaying to the external secondary laboratory (besides SGS) for
data verification purposes. Ideally, these selected samples need to be analyzed by the EPP local lab, SGS, and a secondary lab in Brazil
or Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additional QAQC measures are recommended for local mine site laboratories as well including different
internal standards than field Geostat standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider including a Fine blank as CRM, since the unique blank used in the Project is coarse and also
is not certified.

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9 DATA VERIFICATION

This section mainly covers the data verification of the Nosde-Lavrinha database used for the Mineral Resource and Mineral Reserve Estimates.The Nosde and Lavrinha database comprises five different databases composed of data compiled by Aura's geological team since 2015. The databases are grouped into three categories: Exploration, including only diamond drill holes; Production, including grade control drill holes; and Definition, including RC drill hole data. Nosde has three databases (exploration, production, and definition), and Lavrinha has two databases (exploration and production). Nosde and Lavrinha databases contain the collar information, down-hole survey data, assay results, and geological description (lithology, alteration, structure).

Verification of historical holes and data before 2017 for the Ernesto deposit is extensively discussed in the previous NI43-101 technical report under the title of "*FEASIBILITY STUDY AND TECHNICAL REPORT ON THE EPP PROJECT MATO GROSSO, BRAZIL, January 13, 2017"* by P&E Mining consultants Since most of the underlying data is similar to that of the Nosde and Lavrinha for all other deposits, including the Ernesto and Ernesto connection, only a brief description related to analytical validation and re-assaying is presented herein for the Ernesto and Ernesto connection deposits.

Data verification by the QP responsible for this section of the TRS included several visits since 2015, during due diligence and taking over from Yamana and during the 2017 feasibility study. Since then, only a few visits have occurred yearly. The latest site visit was in October 2023. During the site visits, QP visited the drill rigs and core shack, as well as reviewing information on mined-out areas and the data for selected drill holes (assays, QA/QC program, downhole surveys, lithologies, alteration, and structures).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Historical Drilling Data (Previous Operators)

For this TRS, historical data refers to all data before 2015, when Aura took over the EPP project from Yamana Inc. Historical data for the Lavrinha deposit are related to drill campaigns by TVX and MSE, respectively, a total of 20 diamond drill holes were drilled between 1994 and 1995, and then Yamana drilled a total of 115 diamond drill holes between 2007 and 2014.

Historical data for the Nosde deposit are related to drill campaigns by TVX, a total of three diamond drill holes in 1994, and then Yamana drilled a total of 50 diamond drill holes between 2006 and 2013.

The data verification related to Lavrinha's drill campaigns was discussed in "FEASIBILITY STUDY AND TECHNICAL REPORT ON THE EPP PROJECT MATO GROSSO, BRAZIL, January 13, 2017 by P&E Mining Consultants."

The QP responsible for this section relied on previous technical reports to verify historical drill holes. However, due to significant deficiencies related to some of the historical holes, including lack of preserved core boxes, lack of original pulps in the Apoena core shack, as well as lack of

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QAQC data, the QP decided to exclude some of the holes from the updated Mineral Resource estimation for the Nosde and Lavrinha mines.

Table 9-1 shows the list of these holes excluded from the estimation process, which includes 20 holes for Lavrinha and one drill hole for the Nosde database.

**Table 9-1: Excluded Historical Drill Holes and Samples Excluded from Mineral Resource Estimation**

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| **PROSPECT** | **HOLE ID** | **DEPTH** | **YEAR** | **OPERATING COMPANY** | **SMP** | **BLK** | **STD** |
| LVR | FL008 | 108.8 | 1994 | TVX | 82 | 0 | 0 |
| LVR | FL009 | 126.45 | 1994 | TVX | 75 | 0 | 0 |
| LVR | FL010 | 114.24 | 1994 | TVX | 79 | 0 | 0 |
| LVR | FL011 | 109.32 | 1994 | TVX | 63 | 0 | 0 |
| LVR | FL012 | 102.9 | 1994 | TVX | 99 | 0 | 0 |
| LVR | FL013 | 167.4 | 1994 | TVX | 175 | 0 | 0 |
| LVR | FL046 | 284.77 | 1994 | TVX | 12 | 0 | 0 |
| LVR | FL047 | 457.45 | 1994 | TVX | 67 | 0 | 0 |
| LVR | LV001 | 82.5 | 1995 | MSE | 40 | 0 | 0 |
| LVR | LV002 | 126.45 | 1995 | MSE | 61 | 0 | 0 |
| LVR | LV003 | 126.9 | 1995 | MSE | 63 | 0 | 0 |
| LVR | LV004 | 100.2 | 1995 | MSE | 49 | 0 | 0 |
| LVR | LV005 | 135.45 | 1995 | MSE | 68 | 0 | 0 |
| LVR | LV006 | 133.14 | 1995 | MSE | 66 | 0 | 0 |
| LVR | LV007 | 126.5 | 1995 | MSE | 34 | 0 | 0 |
| LVR | LV008 | 130.9 | 1995 | MSE | 27 | 0 | 0 |
| LVR | LV009 | 148.2 | 1995 | MSE | 39 | 0 | 0 |
| LVR | LV010 | 78.49 | 1995 | MSE | 34 | 0 | 0 |
| LVR | LV011 | 80.03 | 1995 | MSE | 20 | 0 | 0 |
| LVR | LV012 | 90.27 | 1995 | MSE | 23 | 0 | 0 |
| LVR | LVR0077 | 49.3 | 2014 | Yamana | 42 | 0 | 0 |
| NSD | JP0019 | 390.55 | 2008 | Yamana | 276 | 0 | 0 |

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In the opinion of QP, the rest of the historical holes (specifically Yamana drill holes) have enough backup information, including core boxes, logs, and QAQC measures, to be used in Mineral Resource Estimation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Aura Drilling Database (2015 to 2023)

Aura uses the AcQuire<sup>®</sup> software to store and maintain data both in Apoena operation and in corporate office to check duplicated data, variations in drill hole orientation, sample intervals larger than the end of the hole, and missing assay, survey, or lithological data. Database for exploration and infill RC drilling was validated and managed at the corporate level under the QP's supervision by Aura's database manager. The production data was maintained and validated at the mine site by the Apoena team. The database manager and the QP reviewed and validated the production databases regularly to make sure they were error-free. Table 9-2 shows the analytical sample status of Aura's database from 2015 to 2023, which was used for Mineral Resource Estimation in this TRS for both Lavrinha and Nosde mines.

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**Table 9-2: Sampling Status of Different Databases for Nosde and Lavrinha Mines**

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| **Database** | **YEAR** | **TYPE** | **HOLES** | **DEPTH** | **SAMPLES** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** | **AU ANALYSIS** | **AU ANALYSIS** | **AU ANALYSIS** |
| **Database** | **YEAR** | **TYPE** | **HOLES** | **DEPTH** | **SAMPLES** | **SGS LAB** | **SFR LAB** | **EPP LAB** | **SGS LAB** | **SFR LAB** | **EPP LAB** |
| LVR-EX | 2015 | DD | 23 | 997 | 845 |  | 845 |  |  | 845 |  |
| LVR-EX | 2017 | DD | 22 | 1 385 | 1 106 |  |  | 1 106 |  |  | 1 106 |
| LVR-EX | 2018 | DD | 68 | 9 323 | 5 475 | 5 331 |  | 144 | 5 779 |  | 144 |
| LVR-EX | 2019 | DD | 27 | 4 134 | 2 189 | 2 189 |  |  | 2 333 |  |  |
| LVR-EX | 2020 | DD | 15 | 2 102 | 1 232 | 1 232 |  |  | 1 276 |  |  |
| LVR-EX | 2021 | DD | 17 | 3 034 | 2 937 | 2 937 |  |  | 3 059 |  |  |
| LVR-EX | 2022 | DD | 49 | 11 712 | 10 142 | 9 839 |  |  | 10 044 |  |  |
| LVR-EX | 2023 | DD | 41 | 8 738 | 7 555 | 5 693 |  |  | 5 804 |  |  |
| LVR-CP | 2016 | PW | 352 | 5 230 | 5 159 |  |  | 5 159 |  |  | 5 159 |
| LVR-CP | 2017 | PW | 4 854 | 69 651 | 68 703 |  |  | 68 703 |  |  | 68 703 |
| LVR-CP | 2018 | PW | 6 630 | 113 037 | 111 416 |  |  | 111 416 |  |  | 111 416 |
| LVR-CP | 2020 | PW | 2 402 | 35 944 | 35 230 | 540 |  | 34 690 | 540 |  | 49 206 |
| LVR-CP | 2021 | PW | 436 | 7 958 | 7 876 |  |  | 7 876 |  |  | 16 082 |
| LVR-CP | 2022 | PW | 260 | 4 714 | 4 709 |  |  | 4 709 |  |  | 9 656 |
| LVR-CP | 2023 | PW | 36 | 835 | 830 |  |  | 830 |  |  | 1 734 |
| LVR-MP | 2023 | RC | 58 | 2 043 | 2 038 |  |  | 2 038 |  |  | 4 229 |
| NSD-EX | 2019 | DD | 100 | 8 305 | 6 325 | 6 325 |  |  | 7 056 |  |  |
| NSD-EX | 2020 | DD | 77 | 6 544 | 5 321 | 5 321 |  |  | 5 608 |  |  |
| NSD-EX | 2021 | DD | 34 | 4 843 | 4 440 | 4 440 |  |  | 4 522 |  |  |
| NSD-EX | 2022 | DD | 125 | 25 814 | 22 330 | 18 894 |  | 3 189 | 19 506 |  | 6 382 |
| NSD-EX | 2023 | DD | 25 | 7 624 | 5 233 | 2 191 |  |  | 2 275 |  |  |
| NSD-CP | 2020 | PW | 2 147 | 41 520 | 41 408 | 9 450 |  | 31 958 | 9 450 |  | 61 604 |
| NSD-CP | 2021 | PW | 3 699 | 66 774 | 66 004 |  |  | 66 004 |  |  | 136 875 |
| NSD-CP | 2022 | PW | 778 | 12 811 | 12 223 |  |  | 12 223 |  |  | 25 829 |
| NSD-CP | 2023 | PW | 434 | 10 941 | 10 406 |  |  | 10 406 |  |  | 18 399 |
| NSD-MP | 2021 | RC | 98 | 6 291 | 6 069 | 5 168 |  | 901 | 5 168 |  | 1 900 |
| NSD-MP | 2022 | RC | 156 | 7 382 | 7 060 |  |  | 7 060 |  |  | 14 509 |
| NSD-MP | 2023 | RC | 54 | 1 625 | 1 595 |  |  | 1 595 |  |  | 3 282 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Drill hole Logging

The geological description of drill core was carried out by the responsible geologists using an Excel<sup>®</sup> spreadsheet to insert the data into the AcQuire<sup>®</sup> software. Firstly, drill hole ID, target, date of logging, and core diameter were recorded. Then, the geologist described the lithological types with delimiting intervals that were representative of lithological contacts or changes in the type or intensity of hydrothermal alteration.

Lithological contacts were marked on the witness box with a blue or black pen on the left side of the trough. If there were an intercalation of two lithologies (e.g., an interval with centimetric to decimetric intercalations of schist and metarenite), the predominant lithology code (according to Figure 9-1) (> 50%) was filled in, describing the intercalation of the interval in a brief observation.

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The alterations and mineralization present appear as a numerical code in their respective column. The codes range from 0 to 5, indicating the intensity of the occurrence, according to Figure 9-1. For sulphides, the codes referring to oxidation and intensity of mineralization in Table 3 are used. For fresh sulphides, the prefix 1 is used, and for oxidized sulphides, the prefix 2 is used. The second number of the code goes from 1 to 3, with 1 referring to strong sulphidation, 2 for intermediate sulphidation, and 3 for weak sulphidation.

For the Qualified Person, the geological logging was satisfactory and utilized for geological modeling or Mineral Resources.

![](ex9603_086.jpg)

**Figure 9-1: Lithological Description Codes for Nosde and Lavrinha Databases**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Collar Location Validations

All drill hole collar locations were surveyed using the GPS Geodetic method (HiPerSR instrument). Collar surveying measurements were done by a third party (drilling contractors) and were monitored and audited by Aura's geologists (Figure 9-2).

After completing the hole and removing the executed coordinate, the necessary information inserting the landmarks in non-operational areas (outside the mine/greenfield) was passed on to drilling contractors.

The collar location construction was done using sand and cement. Afterward, mixed water was added and stirred with a spade or shovel, and then ready dough was added. After the dough was filled, a metal trapeze was added to the form. A tube of one-metre PVC diameter - 75 millimetres were added.

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It is the opinion of the QP that all collars in the drilling database used for Mineral Resource calculations are considered to be fairly accurate and reliable. The QP did not perform a validation check in the field to confirm collar locations.

![](ex9603_087.jpg)

**Figure 9-2: The Collar Location and Cemented Location after Surveying (Nosde and Lavrinha Mine Drilling)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 Downhole Survey Validation

Downhole surveys have been completed on all diamond drill holes, including historical holes. For RC and production holes (grade control drill holes), no downhole survey was performed. These holes were drilled at 0.0 azimuth orientation and -90ᵒ dip.

Gyroscope (Gyro Master) has been used for downhole surveys in Apoena operations since 2015. The reading is digitally stored in a palm reader (Core Retriever) and consists of measuring deviations (inclination and direction) in the trajectory of the drill holes.

After completing the hole deviation readings, the Core Retriever is exported, which contains the readings of the descent and ascent directions with the intervals recorded in the spreadsheet, as shown in Figure 9-3, which will be analyzed by the geologist and/or technician responsible for validation. The ascent reading within the software for 3D visualization of holes with their behavior at depth is only to be considered for final downhole survey readings.

After completing the profile conference and validation, the geologist responsible for the activity must insert the database with appropriate downhole survey data (Figure 9-4).

Following QAQC measures were routinely performed throughout different drilling campaigns in EPP in general:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The drilling company delivers records of deviation measurements to the geology supervisor, who must check
the results of the borehole logging, save the documents, and carry out monthly measurements, passing on the negative results to the drilling
contract manager.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Apoena geological team instructs the survey team on the best way to carry out additional activities to
determine the surveying (safe distances from equipment for checking readings) and execution (safe distances from equipment for checking
readings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ensure that the drill holes were surveyed with a Gyromaster, reading twice every three metres. A 5% tolerance
value was used to compare the inclination in the two runs and was then validated in the survey report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the limits of the differences between one reading and another are not respected, i.e. beyond acceptable
tolerance surveyors contact the Apoena team and possibly drill the hole again to guarantee the programmed direction.

![Tabela O conteúdo gerado por IA pode estar incorreto.](ex9603_088.jpg)

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![](ex9603_089.jpg)

![](ex9603_090.jpg)

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![](ex9603_091.jpg)

![](ex9603_092.jpg)

**Figure 9-3: Technical Specifications of the Surveying, Quantitative Data from the Ascent and Descent Surveying, and Behavior in the Borehole Chart/Cartographic Trajectory**

![](ex9603_093.jpg)

**Figure 9-4: SPREADSHEET within the Acquire Database**

Legend: contains the logging tab for inserting the ascent reading data after validation, as well as the logging method used.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 Analytical Validations

Apoena operation uses acQuire as the geological data management software for both production and exploration data in real-time. It provides a high level of validation and management, increasing the reliability of all the data, like collar surveying, downhole surveying, samples and assay information, and geological descriptions. For production data, an integration with the EPP internal laboratory was done to speed up the data import process and eliminate potential errors.

Aura started its drilling campaign at the Lavrinha and Nosde in 2015 and 2019 respectively, and by the end of 2023 were drilled other 623 diamond drill holes, totaling 94,556 metres drilled. A total of 69,979 samples were analyzed in the São Francisco internal laboratory (1.21%), Ernesto internal laboratory (6.34%), and SGS external laboratory (92.45%).All the assay results for these samples were imported into the project's database from the assay certificates provided by the laboratories and validated according to the data previously stored in this database. The assay results were approved after validation of the quality control samples inserted in the sample batches.

Reverse circulation holes were also drilled from 2021 to 2023 and assayed mainly in the EPP laboratory (69%), following the same controls for assay validation used in the diamond drilling.

From 2016 to 2023, over 363,000 ore control samples from the Lavrinha and Nosde pits were analyzed by Au fire assay, mainly in the EPP internal laboratory (97%).

In 2021, the internal EPP laboratory improved the preparation, analysis, and management of the data, especially after the acquisition of the LIMS system from laboratories. There were also improvements in workflows from the receipt of samples to the release of analysis results. In addition, integration with the mine database was done to improve the load of assay results, providing more agility in the release of results and reliability in the data provided.

All assay results for Exploration and Production holes were imported to the database from the reported assay certificates, corresponding to the same data in the database and the original certificates, except for the results that are below the detection limit (5 ppb). For these samples the assay values are divided by 2.

Gold Re-assaying

Gold re-assaying was not done systematically during the operation of Lavrinha or Nosde mines. Limited coarse duplicate re-assaying was done in 2018 for Lavrinha. In 2022, approximately 3,189 samples from Nosde exploration were analyzed in the local laboratory in Ernesto. The QP submitted a selected set of samples to SGS for re-assaying. The results did not show significant bias. However, the QP believes more samples need to be analyzed for data accuracy by an umpire laboratory throughout the life of mines.

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9.6.1 Pulp duplicates re-assay of Ernesto (2017)

Apoena selected a total of 162 samples originally analyzed in the EPP laboratory to be re-assayed in the same laboratory and using the same analysis method. The correlation coefficient for these samples is 0.22. and 65% of the population have an Absolute Mean Paired Relative Difference (AMPRD) greater than 20%. The low correlation for EPP samples may be associated with the nugget effect (Figure 9-5).

![](ex9603_094.jpg)

**Figure 9-5: Pulp Duplicates Analysis of Ernesto Drill Hole Samples**

9.6.2 Coarse reject duplicates re-assay of Ernesto (2018)

In 2018, the coarse reject from 142 samples, related to Ernesto drill holes drilled by Apoena in 2017, were sent to the SGS laboratory to validate the original assay results provided by the EPP laboratory. A total of 87% of samples are outside the 20% of AMPRD (Figure 9-6).

![](ex9603_095.jpg)

**Figure 9-6: Coarse Rejects Analysis of Ernesto Drill Hole Samples**

9.6.3 Coarse reject duplicates re-assay of Lavrinha (2018)

In 2018, the SGS laboratory analyzed 79 coarse reject samples from Lavrinha diamond drill holes to validate the original assay results provided by the EPP laboratory. Eight samples were returned with results below the lower detection limit of the EPP laboratory, and a total of 28% of samples was outside 20% of the correlation (Figure 9-7).

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![](ex9603_096.jpg)

**Figure 9-7: Coarse Rejects Duplicates Analysis of Lavrinha Drill Hole Samples**

9.6.4 Pulp duplicates re-assay of Nosde (2023)

A total of 198 pulps from samples of Nosde drill holes were sent to the SGS laboratory for analysis and validation of the original results provided by the EPP Local laboratory with the SGS results as showed in the Figure 9-8.The threshold 0.04 ppm was used to limit differences in the lower detection limit of SGS and EPP Lab (0.005 ppm / 0.04 ppm). The correlation in an R-squared value of 0.95 between the original assays and the SGS assays suggests that bias is not evident in the data.

![](ex9603_097.jpg)

**Figure 9-8: Pulp Duplicates Analysis of Nosde Drill Hole Samples**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 Qualified Person's Opinion

The QP supervises and oversees data acquisition of drilling, logging, or analytical data performed in Apoena since 2015, and this information was used to determine the Mineral Resources. Based on this lengthy experience, it is the Qualified Person's opinion that drilling and analytical data used in support of Mineral Resources were collected in a manner aligned with good industry practices sufficient for Mineral Resource classification.

The QP has conducted numerous visits and inspections along with other independent consultants to the local analytical laboratories, which provided some of the analytical data supporting Mineral Resources. The independent accredited laboratories used are considered reputable and suitable for the analyses performed. The QP did not visit the SGS lab in Belo Horizonte, Brazil, where the majority of exploration samples were analyzed.

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The QP did not verify drill hole collar locations in the field but relied on the work of survey contractors and the Apoena technical team. Collar locations were checked against LiDAR topography and satellite imagery and deemed acceptable.

No independent samples were collected nor analyzed by the QP for verification purposes.

The QP has reviewed the adequacy of the exploration information and the visual, physical, and geological characteristics of the property and has found no significant issues or inconsistencies that would cause one to question the validity of the data. The QP is satisfied to include the exploration, infill, and grade control data, including the drilling, drill litho-logs, and sample assays for Mineral Resource modeling, evaluation, and estimations as presented in this TRS.

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10 MINERAL PROCESSING AND METALLURGICAL TESTING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Summary of Mineral Process and Metallurgy

The metallurgical tests that supported the Feasibility Study (FS) developed by Ausenco Limited in 2010 were based on samples of Ernesto and Japonês ore bodies. Apoena's geology staff defined three target ore bodies for the initial campaign:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Japonês Upper Trap (UT), shale sericite, quartzite, intense deformation by failed metarenites belonging
to the Aguapeí group. The average gold content for the studied sample was 1.01 g/t but with a strong nugget effect – variations
in gold content ranged between 0.4 g/t and 6.8 g/t.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ernesto Medium Trap (MT), metaconglomerate and metarenites. Mineralization occurring in quartz veins,
associated with fresh or oxidized pyrites. The presence of coarse native gold and boxwork was observed. The average content of the studied
sample was 4.13 g/t of gold and ranged from 2.9 g/t to 7.9 g/t of gold – nugget effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ernesto Lower Trap (LT), mineralization associated with intense fault zone, mylonite, and clastic sediments
of metarenites and metaconglomerates, with a tonalite base. Native gold associated with quartz veins and pyrites was observed. The average
content for this sample was 6.39 g/t gold (Au).

The preliminary mineralogical and technological extraction characterization was performed at USP's Technological Characterization Laboratory (LCT-USP), in São Paulo, Brazil. The technological characterization for comminution was developed by HDA Serviços S/S Ltda, in São Paulo, Brazil. Subsequently, gravimetric concentration tests were developed Knelson Research & Technology Centre in Langley, Canadá, flotation tests in the laboratory of Metais de Goiás S.A. (Metago) in Goiania, Brazil, and cyanidation extraction tests in the laboratory of Testwork Desenvolvimento de Processo Ltda, in Nova Lima, Brazil. A campaign for the use of modular extraction facilities was developed in Ballarat, Australia, by Gekko System.

Gravimetric concentration analysis showed a potential for recovery of gold contained in up to 61%. All leaching tests (cyanidation in a bottle roll) indicated a gold extraction close to 95% for Ernesto's mineral. Tests conducted for ore from the Pau-a-Pique underground mine, containing, in particular, sericite shale, indicated high gravity recovery potential but relatively low cyanidation recovery – between 80% and 90% of gold. The Design criteria were developed considering a total gold recovery of 95% – FS from Ausenco. In the FS, a semi-autogenous grinding step (SAG) with a gravimetric concentration inserted in its circulating load was considered as the process route. Subsequently, the grinding product with P<sub>80</sub> at 0.106 mm (80% passing through the 0.106-mm mesh) was sent to the cyanidation step in tanks. The stipulated solids flow rate for the circuit was 3,000 tpd (tonnes per day).

The industrial plant operated in 2013 and had its activities suspended in 2014 owing to the difficulties in implementing and performing Ore Control procedures during mining. The total gold recovery obtained in the industrial operation in this period was 92.3%, for an average fed content of around 1.2 g/t of gold (Au) – a value lower than that provided for in the Design Criteria, which

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considered total gold recovery of 95% and average Run of Mine (ROM) content greater than 3.0 g/t Au.

In 2016, a metallurgical testing campaign was conducted, considering characterization for grinding (SPI and BWI), gravimetric concentration, and cyanidation, which were conducted at SGS Lakefield (Canada). In this campaign, samples of the Lavrinha mineral body were also tested, with the same geological characteristics as Ernesto Lower Trap. The results showed that the SAG mill could easily reach flows in excess of 130 tph, although the revised Life of Mine (LOM) pointed to a maximum of 55 kt per month. The gravimetric concentration analyses revealed a gold recovery greater than 76%. However, as in the Feasibility Study (FS), the effect of high mass recovery in the laboratory centrifuge and its effects on the estimation of the industrial circuit were not considered. The mass recovered in a centrifugal concentrator on a laboratory scale was about ten times (10x) greater than that obtained on an industrial scale. Cyanidation extraction tests, coupled with density recovery, indicated global gold recoveries of 94% for Lavrinha, 93.6% for Pau-a-Pique, and only 86.1% for Ernesto. The possible cause for the low gold recovery for Ernesto's ore was the lack of control of the cyanide concentration – low dosage of this reagent during the tests performed at SGS Lakefield. The recianetation of the tailings allowed an increase in the final recovery of gold that reached values higher than 88%.

The Nosde body, for which a strong contribution was foreseen in the LOM from 2024, has characteristics similar to the Ernesto Medium Trap. The tests showed gold recoveries greater than 97% in the laboratory, with a high contribution from the density step.

The Apoena EPP operation is constantly evaluating opportunities for production increases. One such opportunity under development is an ore sorting program via sieving, which is based on the differences in the gold content of the relatively coarse and fine fractions resulting from the formation and transformation process of some types of ores. In this case, although the disposal of part of the material fed to the crushing composed of larger fragments represents an impact on the recovery of gold, the contained value is lower than the processing cost of this fraction. The introduction of this procedure was evaluated on a pilot scale, the results of which are in a phase equivalent to the strategic planning stage (Scope Study), with results that have been consistent for the potential for operating margin gains, increased reserves, and productivity gains – aspects addressed in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Characterization for Comminution

For the purpose of design criteria for Ausenco's FS in 2010, comminution tests were developed by HDA Serviços S/S Ltda., considering the concept of a single-stage crushing (primary) and a semi-autogenic mill (SAG) with a capacity of 3 ktpd (thousands of tonnes per day), equivalent to 130 tph (tonnes per hour). The samples used in these tests came from the Ernesto and Japonês mineralized bodies, having as main typologies metarenite, metaconglomerate, and quartz veins. In 2016, a review of the grinding capacity was carried out to resume the operation, and samples were used according to the expected LOM and also the Lavrinha ore. This testing campaign was

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conducted in the SGS Lakefield laboratory. More recent tests were addressed to Minpro Solutions, with a view to checking the effect of blendings and the effects of the entry of the Nosde mineral body.

10.2.1 Characterizations for Ausenco's FS in 2010

The comminution tests for Ausenco's FS 2010, developed by HDA Serviços S/S Ltda., were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Impact Tests (DWT).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bond Tests (BWI).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Abrasivity Tests (Ai).

10.2.1.1 Impact Tests - DWT FS 2010

In the impact tests, two energy intensity ranges are applied in a device called "Impact Cell." The results of the tests are the indices of the parametric equation that relates the resulting fragmentation as a function of the applied energy.

The results obtained for impact tests - Drop Weight Test Simplified (DWT) carried out in 2020 are addressed in Table 10-1 and classify the samples as medium impact resistance.

**Table 10-1: Impact Tests - FS 2010**

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| **Identification** | **A** | **b** | **IQ** | **Classification** |
| EPP- 1 | 70.0 | 0.847 | 59.3 | MED |
| EPP- 2 | 68.2 | 0.862 | 58.8 | MED |

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10.2.1.2 Bond Work Index (BWI) Tests - FS 2010

The Bond Work Index (BWI) tests were performed considering the closure in two meshes, the first at 0.149 mm (100# Tyler) and the second at 0.105 mm (150# Tyler).

The results obtained for the two samples tested in each of the two meshes are presented in Table 10-2 and indicated relatively high BWI values for the thinner closing mesh (0.105 mm).

**Table 10-2: BWI Test Results - FS 2010**

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| **Sample** | **Test (mm)** | **F80 (mm)** | **P80 (mm)** | **Gbp (g/rev)** | **WI (kWh/st)** | **WI kWh/t)** |
| EPP-1 | 0.149 | 2.70 | 0.111 | 2.421 | 9.0 | 9.9 |
| EPP-1 | 0.105 | 2.70 | 0.087 | 1.580 | 119.0 | 13.1 |
| EPP-2 | 0.149 | 2.63 | 0.118 | 2.975 | 7.9 | 8.7 |
| EPP-2 | 0.105 | 2.63 | 0.084 | 1.935 | 9.9 | 10.9 |

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10.2.1.3 Abrasivity Tests (AI) - FS 2010

Abrasivity tests (AI) were also conducted by HDA Serviços S/S Ltda. The results obtained for the tests, in duplicate, are presented in Table 10-3. The values obtained were lower than the reference values for granite samples (AI between 0.45 and 0.65).

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**Table 10-3: Abrasivity Tests Results – FS 2010**

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| **Sample** | **Sample** | **Start (g)** | **End (g)** | **P80 (mm)** | **Al** |
| EPP-1 | A | 92.42 | 92.06 | 5.2 | 0.368 |
| EPP-1 | B | 92.06 | 91.74 | 4.9 | 0.312 |
| Average | EPP-1 | - | - | - | 0.340 |
| EPP-2 | A | 92.00 | 92.00 | 5.8 | 0.365 |
| EPP-2 | B | 92.36 | 91.68 | 5.0 | 0.315 |
| Average | EPP-2 | - | - | - | 0.340 |

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10.2.1.4 Modeling and Simulations

From the results of the comminution characterizations, mathematical modeling and simulations were carried out, using the JKSimMet simulator, based on the nominal new feed rate of 127 t/h of ore. The circuit configuration selected by Serviços S/S Ltda. was primary crushing, followed by a single stage grinding performed in a semi-autogenic mill (SAG), a configuration referred to as Single Stage SAG (SSSAG). The results of the simulation selected by HDA Serviços S/S Ltda. for the industrial comminution circuit are shown in Figure 10-1, which thus contains the process flowchart and the summary of the circuit's mass balance.

![](ex9603_098.jpg)

**Figure 10-1: Process Flowchart and Proposed Balance for the Grinding Circuit - FS 2010**

From the results obtained, the SAG mill was dimensioned, which has its main specifications shown in Table 10-4. During the Basic Engineering phase of the Design, the specification of this equipment was revised to include equipment with a nominal diameter and length of 19 feet and an installed capacity of 3 MW for a nominal capacity of 1 Mtpa (million tonnes per year).

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**Table 10-4: Characteristics of the Selected Mill for EPP - FS 2010**

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| **Equipment** | **Characteristic** | **p80=0,105 mm** |
| SAG | Equipment number | 1 |
| SAG | Size (feet) -ɸ x EGL | 18x 18 |
| SAG | Motor KW | 2500 |

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10.2.2 Comminution Tests for Plant Resumption in 2017

For the resumption of the EPP operation, suspended in 2014 owing to problems in mining control, new comminution tests were conducted considering ore samples from Ernesto and Lavrinha. The tests were conducted at SGS Lakefield Research Ltd. (SGS Canada) and included the SAG Power Index (SPI), as well as BWI tests. These two tests are the basis for simulations conducted according to the Comminution Economic Evaluation Tool (CEET) method.

According to this method, SPI tests point out the energy required for size reduction up to 1.76 mm, while the BWI reveals energy required for reduction from 1.76 mm up to 0.106 mm.

At this stage of the tests, representative samples from each semester of Life of Mine (LOM) for the bodies of Ernesto and Lavrinha were selected. Table 10-5 presents the results obtained for BWI and SPI for Lavrinha (Lav) and Ernesto samples for selected LOM periods, namely years 1 to 4 and, for each, the respective first halves (H1) and second halves (H2).

**Table 10-5: Results of Characterization Tests for Comminution of Representative LOM Samples**

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| | | | |
|:---|:---|:---|:---|
| **SPI AND BOND WORK INDEX RESULTS** | **SPI AND BOND WORK INDEX RESULTS** | **SPI AND BOND WORK INDEX RESULTS** | **SPI AND BOND WORK INDEX RESULTS** |
| **Deposit Sample** | **LOM** | **MBWI** | **SPI** |
| Lav | Year 1 H1 | 8.1 | 16.4 |
| Lav | Year 1 H2 | 8.2 | 24.1 |
| Lav | Year 2 H1 | 7.8 | 20.1 |
| Lav | Year 2 H2 | 7.7 | 28.3 |
| Lav | Year 3 H1 | 8.7 | 39.8 |
| Ernesto | Year 1 H2 | 8.9 | 20.4 |
| Ernesto | Year 2 H1 | 9.9 | 30.0 |
| Ernesto | Year 2 H2 | 10.8 | 46.3 |
| Ernesto | Year 3 H1 | 12.8 | 31.0 |
| Ernesto | Year 3 H2 | 10.4 | 31.9 |
| Ernesto | Year 4 H1 | 9.2 | 22.5 |
| Ernesto | Year 4 H2 | 9.3 | 13.6 |

---

Based on the BWI results, estimates of energy consumption and processing capacity of the grinding circuit were conducted to resume the EPP operation pursuant to LOM. The results of the estimates are shown in Table 10-6.

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**Table 10-6: Results of Grinding Capacity Estimates for LOM**

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| | | | |
|:---|:---|:---|:---|
| **BOND WORK IN DEX RESULTS** | **BOND WORK IN DEX RESULTS** | **BOND WORK IN DEX RESULTS** | **BOND WORK IN DEX RESULTS** |
| | | **Calculated** | **Calculated** |
| **LOM** | **Wi** | **kWh/t** | **t/h** |
| Lavrinha | Lavrinha | Lavrinha | Lavrinha |
| Y1 H1 | 8.1 | 3.52 | 258 |
| Y1 H2 | 8.2 | 4.35 | 230 |
| Y2 H1 | 7.8 | 3.94 | 250 |
| Y2 H2 | 7.7 | 4.75 | 225 |
| Y3 H1 | 8.7 | 5.73 | 195 |
| Ernesto | Ernesto | Ernesto | Ernesto |
| Y1 H2 | 8.9 | 3.97 | 230 |
| Y2 H1 | 9.9 | 4.49 | 205 |
| Y2 H2 | 10.8 | 4.98 | 190 |
| Y3 H1 | 12.8 | 5.72 | 165 |
| Y3 H2 | 10.4 | 5.04 | 190 |
| Y4 H1 | 9.2 | 4.24 | 220 |
| Y4 H2 | 9.3 | 3.69 | 230 |

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Based on the study conducted, it was concluded that the grinding capacity of the circuit was higher than those calculated for the predicted LOM, the latter with a maximum of 55 ktpm (thousands of tonnes per month). Owing to these results, operating the circuit in order to obtain a finer grinding product was evaluated, which would lead to a potential increase in the metallurgical gold recovery from the industrial circuit.

10.2.3 Recent Comminution Tests

Recent characterization studies were conducted by MinPro Solutions to evaluate scenarios of increased production in the grinding circuit. The types of ores object of this study phase were metaconglomerate, mylonite, and metarenite. Table 10-7, Table 10-8, and Table 10-9 show the summaries of the results obtained.

**Table 10-7: Results of BWI Tests for Metaconglomerate, Metarenite, and Mylonite Typologies**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Test Loop (mm)** | **Passing in Test Loop in feed (%)** | **F<sub>80</sub>(mm)** | **P<sub>80 </sub>(mm)** | **G<sub>pb </sub>(g/rev)** | **Wi (kWh/t)** | **Tenacity** |
| Metaconglomerate - A | 0.150 | 27.9 | 2.18 | 0.107 | 1.996 | 11.7 | Average |
| Mylonite - B | 0.150 | 38.8 | 1.68 | 0.091 | 3.653 | 6.7 | Moderately Low |
| Metarenite - C | 0.150 | 20.0 | 2.15 | 0.112 | 1.919 | 12.5 | Moderately High |

---

**Table 10-8: Results of DWT Impact Tests for Metaconglomerate, Metarenite, and Mylonite Typologies**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Sample** | **Impact** | **Impact** | **Impact** | **Impact** |
| **Sample** | **A** | **b** | **IQ** | **Sorting** |
| Metaconglomerate - A | 59.2 | 1.04 | 61.5 | Moderately Low |

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|:---|:---|:---|:---|:---|
| **Sample** | **Impact** | **Impact** | **Impact** | **Impact** |
| **Sample** | **A** | **b** | **IQ** | **Sorting** |
| Mylonite - B | 61.5 | 2.50 | 153 | Extremely Low |
| Metarenite - C | 55.0 | 1.23 | 67.4 | Moderately Low |

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**Table 10-9 – Specific Mass Tests for Metaconglomerate, Metarenite, and Mylonite Typologies**

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| | | | |
|:---|:---|:---|:---|
| **Sample A: Metaconglomerate** | **Sample 1** | **Sample 2** | **Sample 3** |
| Specific Mass (g/cm³) | 2.576 | 2.573 | 2.622 |
| Average Specific Mass (g/cm³) | 2.59 | 2.59 | 2.59 |

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| | | | |
|:---|:---|:---|:---|
| **Sample B: Mylonite** | **Sample 1** | **Sample 2** | **Sample 3** |
| Specific Mass (g/cm³) | 2.775 | 2.744 | 2.738 |
| Average Specific Mass (g/cm³) | 2.75 | 2.75 | 2.75 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Sample C: Metarenite** | **Sample 1** | **Sample 2** | **Sample 3** |
| Specific Mass (g/cm³) | 2.691 | 2.670 | 2.665 |
| Average Specific Mass (g/cm³) | 2.68 | 2.68 | 2.68 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Extraction Tests

10.3.1 Initial Extraction Tests - FS 2010

The gold hydrometallurgical extraction tests used the mineralogical and technological characterization conducted by LCT of the University of São Paulo (LCT-USP). The first tests were conducted with heavy liquid separation and cyanidation of the floating fraction. Samples were also sent to the Knelson Research & Technology Centre in Vancouver, Canada. The purpose of the studies conducted at Knelson was to check the potential for recovery of the samples by gravimetric concentration in a centrifuge (GRG tests), and the intensive leaching of the obtained concentrate. Tests to evaluate the selectivity of the flotation process were also performed, in this case in the laboratories of Metais de Goiás S.A. (Metago).

Table 10-10 presents the summary of the results obtained, adopting the following abbreviations:

Labs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· USP – Tests carried out at the University of São Paulo's LCT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Knelson – Tests carried out in the Knelson Research & Technology Centre's laboratories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Yamana – Tests carried out in the Testwork Desenvolvimento de Processo Ltda.'s laboratories.

Samples:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ernesto LT – Lower Trap;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ernesto MT – Medium Trap;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Japonês UT – Upper Trap.

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**Table 10-10: Summary of Results Obtained from Concentration and Extraction Tests**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Responsible** | **Sample** | **Test** | **Recovery** | **Overall recovery** |
| Knelson | Ernesto | Knelson Concentrator | 69% | 69% |
| Yamana | Ernesto LT | Knelson Concentrator | 93% | 93% |
| Yamana | Ernesto LT | Intensive leaching | 93% | 93% |
| Yamana | Ernesto MT | Knelson Concentrator | 90% | 90% |
| Yamana | Ernesto MT | Intensive leaching | 90% | 90% |
| Yamana | Pau a Pique | Knelson Concentrator | 89% | 89% |
| Yamana | Pau a Pique | Intensive leachin | 89% | 89% |
| Yamana | Ernesto MT | flotation p80 0,149mm | 89% | 89% |
| Yamana | Ernesto MT | flotation p80 0,074mm | 51% | 51% |
| Yamana | Pau a Pique | flotation p80 0,149mm | 92% | 92% |
| Yamana | Pau a Pique | flotation p80 0,074mm | 79% | 79% |
| USP | Ernesto LT | Heavy liquid separation | 23% | 96% |
| USP | Ernesto LT | Leaching | 73% | 96% |
| USP | Ernesto MT | Heavy liquid separation | 68% | 95% |
| USP | Ernesto MT | Leaching | 27% | 95% |
| USP | JP UT | Heavy liquid separation | 55% | 92% |
| USP | JP UT | Leaching | 37% | 92% |
| USP | Pau a Pique | Heavy liquid separation | 48% | 90% |
| USP | Pau a Pique | Leaching | 42% | 90% |

---

The results indicated high gold recoveries, both for the gravimetric method and by hydrometallurgical extraction (cyanidation). However, flotation tests indicated lower overall gold recoveries relative to direct leaching, as well as the potential need for finer grinding.

10.3.2 Cyanidation Tests on Bottle Rolls - FS 2010

The leaching tests with cyanide - cyanidation, to support the Feasibility Study, were conducted on samples from the Japonês Upper Trap, Ernesto Medium Trap, and Ernesto Lower Trap ores. The tests were carried out in the laboratories of Testwork Desenvolvimento de Processo Ltda. in bottle rolls with samples without previous gravimetric concentration under two conditions, namely, simple leaching and leaching in the presence of activated carbon. The results of these tests are shown in Table 10-11, Table 10-12, and Table 10-13.

**Table 10-11: Cyanidation Tests on Bottle Rolls - Japonês Upper Trap**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Sample top size (mm)** | **Test conditions** | **Number of tests performed** | **NaCN consumption (g/t)** | **Au extraction (%)** |
| 0.297 | Leaching Only | 1 | 501 | 94.5 |
| 0.297 | Leaching Only | 2 | 371 | 97.1 |
| 0.297 | Leaching with Carbon | 1 | 846 | 91.9 |
| 0.297 | Leaching with Carbon | 2 | 514 | 98.3 |

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| **Sample top size (mm)** | **Test conditions** | **Number of tests performed** | **NaCN consumption (g/t)** | **Au extraction (%)** |
| 0.149 | Leaching Only | 1 | 566 | 93.6 |
| 0.149 | Leaching Only | 2 | 771 | 95.4 |
| 0.149 | Leaching with Carbon | 1 | 696 | 96.8 |
| 0.149 | Leaching with Carbon | 2 | 546 | 99 |
| 0.074 | Leaching Only | 1 | 442 | 92.4 |
| 0.074 | Leaching Only | 2 | 677 | 94.3 |
| 0.074 | Leaching with Carbon | 1 | 651 | 99.4 |
| 0.074 | Leaching with Carbon | 2 | 579 | 99.7 |

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As listed in Table 10-11, except for one test, all other activated carbon leaching tests conducted with Japonês UT ore sample indicated gold recovery superior to the respective tests without the use of charcoal. The same Table 10-11 indicates a small progressive increase in gold recovery as the top size of the sample decreases.

**Table 10-12: Cyanidation Tests on Bottle Rolls - Ernesto Medium Trap**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Sample top size (mm)** | **Test conditions** | **Number of tests performed** | **NaCN consumption (g/t)** | **Au extraction (%)** |
| 0.297 | Leaching Only | 1 | 234 | 94.9 |
| 0.297 | Leaching Only | 2 | 768 | 95.6 |
| 0.297 | Leaching with Carbon | 1 | 540 | 94.4 |
| 0.297 | Leaching with Carbon | 2 | 566 | 98.8 |
| 0.149 | Leaching Only | 1 | 555 | 97 |
| 0.149 | Leaching Only | 2 | 468 | 92.8 |
| 0.149 | Leaching with Carbon | 1 | 787 | 96.3 |
| 0.149 | Leaching with Carbon | 2 | 813 | 94.4 |
| 0.074 | Leaching Only | 1 | 312 | 96.7 |
| 0.074 | Leaching Only | 2 | 572 | 95.2 |
| 0.074 | Leaching with Carbon | 1 | 624 | 97.8 |
| 0.074 | Leaching with Carbon | 2 | 618 | 97.7 |

---

As with the Japonês UT sample, superior gold extraction was obtained for most leaching tests with the Ernesto MT sample in the presence of charcoal in relation to the respective tests without this input. The same Table 10-12 indicates the trend of increasing gold recovery in connection with the decrease in top size.

**Table 10-13: Cyanidation Tests on Bottle Rolls - Ernesto Lower Trap**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample top size (mm)** | **Test conditions** | **Number of tests performed** | **NaCN consumption (g/t)** | **Lime consumption (g/t)** | **Au extraction (%)** |
| 0.297 | Leaching Only | 1 | 764 | 7 | 98.6 |
| 0.297 | Leaching Only | 2 | 741 | 7.6 | 98.7 |
| 0.297 | Leaching with Carbon | 1 | 2007 | 10.5 | 99.5 |
| 0.297 | Leaching with Carbon | 2 | 1980 | 10.6 | 99.6 |

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| **Sample top size (mm)** | **Test conditions** | **Number of tests performed** | **NaCN consumption (g/t)** | **Lime consumption (g/t)** | **Au extraction (%)** |
| 0.149 | Leaching Only | 1 | 1815 | 7.4 | 99.8 |
| 0.149 | Leaching Only | 2 | 903 | 9.1 | 99.3 |
| 0.149 | Leaching with Carbon | 1 | 870 | 7.1 | 99.4 |
| 0.149 | Leaching with Carbon | 2 | 965 | 7.4 | 99.2 |
| 0.074 | Leaching Only | 1 | 715 | 10.9 | 99 |
| 0.074 | Leaching Only | 2 | 813 | 11 | 99.6 |
| 0.074 | Leaching with Carbon | 1 | 2355 | 13 | 98.7 |
| 0.074 | Leaching with Carbon | 2 | 2386 | 13 | 98.7 |

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Table 10-13 shows gold extraction equal to or greater than 98.6% for all tests performed with the Ernesto LT sample. However, in this case, a higher consumption of sodium cyanide was observed in relation to the other two samples studied. Lime consumption, as listed in the same Table 10-13, was considered high, thus indicating the possible presence of sulfates or rapid oxidation of the sulfides present with consequent pH changes. For the Ernesto LT sample, there was no significant increase in gold recovery owing to the sample's selected granulometries.

10.3.3 Gravimetric Concentration Tests - FS 2010

The gravimetric concentration tests were conducted in the laboratories of the Knelson Research & Technology Centre in Canada, according to the GRG (Gravity Recoverable Gold) method, with their results interpreted as the maximum possible density recovery for the sample. Table 10-14 presents the summary of the results of GRG tests conducted on the Ernesto LT sample.

**Table 10-14: GRG Test Results - FS 2010 – Ernesto Lower Trap**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Grind Size µm** | **Product** | **Mass** | **Mass** | **Assay (gAu/t)** | **Distribution (%)** |
| **Grind Size µm** | **Product** | **(g)** | **(%)** | **Assay (gAu/t)** | **Distribution (%)** |
| 662 | Conc. | 101.1 | 0.57 | 664 | 39.9 |
| 662 | tails | 202.7 | 1.14 | 5.72 | 0.7 |
| 167 | Conc. | 97.6 | 0.55 | 373 | 21.7 |
| 167 | tails | 349.1 | 1.96 | 3.65 | 0.8 |
| 74 | Conc | 107.7 | 0.61 | 111 | 7.1 |
| 74 | Final Tails | 16914 | 95.17 | 2.97 | 29.9 |
|  | (Head) | 17772 | 100.0 | 9.47 | 100.0 |
|  | Knelson conc. | 306.4 | 1.72 | 377.2 | 68.7 |

---

The maximum recovery of gold obtained in the GRG tests was 68.7%, thus showing its high susceptibility to gravimetric concentration. However, it should be noted that the mass recovered in this test is about six times greater than those practiced in industrial equipment. Therefore, in this case, an adjustment is necessary to establish the equivalent recovery in the industrial equipment relating to the GRG result.

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10.3.4 Gold Recoveries

In the Feasibility Study (FS) conducted by Ausenco in 2010, the metallurgical recovery of 95% of the gold fed to the circuit was adopted as a premise. In this scenario, 100 kOz per year (thousands of annual troy ounces) would be produced for the annual feed rate of the 1 Mt industrial plant, with an average content greater than 3.0 g/t gold in ROM.

To contextualizing such project premises, Table 10-15 presents the summary of the operation data of the EPP industrial circuit in the period between 2013 and 2014.

**Table 10-15: Summary of Metallurgical Results - Plant Operation Period between 2013 and 2014**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2013** | **2013** | **2013** | **2013** | **2013** | **2014** | **2014** | **2014** | **2014** | **2014** |
| | **QI** | **Q2** | **Q3** | **Q4** | **Total** | **QI** | **Q2** | **Q3** | **Q4** | **Total** |
| **Throughput t** | 146067 | 183249 | 197051 | 263761 | 790128 | 154253 | 125177 | 118977 | 42094 | 440441 |
| **Average gold grade gpt** | 1 080 | 1 330 | 1 140 | 1 170 | 1 150 | 1 240 | 1 450 | 1 260 | 0800 | 1 260 |
| **Average gold recovery %** | 86,0% | 90,0% | 93,0% | 97,0% | 92,3% | 90,0% | 90,0% | 85,0% | 80,0% | 87,7% |

---

As shown by the historical plant operation data, the contents fed between 2013 and 2014 were much lower than those initially predicted at 3.0 g/t Au. The operation of the plant with lower fed contents ended up impacting the results of gold recovery and production.

10.3.5 Extraction Tests - 2016 Campaign

In order to resume the operation of the plant, a test campaign was conducted in 2016 at SGS's laboratories in Lakefield, Canada. The extraction route tested aimed to reproduce the route of the EPP industrial process, which included gravimetric concentration, followed by intensive leaching of the concentrate for 12 hours. The tailings from the gravimetric concentration were subjected to cyanidation in bottle rolls, in the P<sub>80</sub> granulometry of 0.106 mm, with a residence time of 24 hours. In these tests, representative samples of the revised LOM were used to resume operations, thus considering the ores to be fed each semester and the mineralized bodies of Pau-a-Pique, Lavrinha, and Ernesto underground mine. The following tables show the results obtained for the Lavrinha (Table 10-16), Pau-a-Pique (Table 10-17), and Ernesto Table 10-18() ore samples.

**Table 10-16: Results of Extraction Tests for Lavrinha Ore**

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|:---|:---|:---|:---|:---|
| **Lavrinha Recoveries** | **Lavrinha Recoveries** | **GRG 12h IL** | **CIL 24 h** | **Overall** |
| **period** | **mic.** | **%** | **%** | **%** |
| Y1 H1 | 125 | 7225 | 964 | 9722 |
| Y1 H1 | 106 | 7549 | 968 | 9795 |
| Y1 H2 | 125 | 7171 | 911 | 9594 |
| Y1 H2 | 106 | 766 | 912 | 9731 |
| Y2 H1 | 125 | 8349 | 916 | 9567 |
| Y2 H1 | 106 | 7765 | 955 | 9121 |
| Y2 H2 | 125 |  |  |  |
| Y2 H2 | 106 | 7315 | 788 | 9301 |

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| **Lavrinha Recoveries** | **Lavrinha Recoveries** | **GRG 12h IL** | **CIL 24 h** | **Overall** |
| Y3 H1 | 125 | 6678 | 94 | 9357 |
| Y3 H1 | 106 | 6574 | 952 | 903 |
| Average recovery - 106 mic. | Average recovery - 106 mic. | Average recovery - 106 mic. | Average recovery - 106 mic. | 9396 |

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**Table 10-17: Results of Extraction Tests for Pau-a-Pique Ore**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Pau a Pique Recoveries** | **Pau a Pique Recoveries** | **GRG 12h IL** | **CIL 24 h** | **Overall** |
| | **mic.** | **%** | **%** | **%** |
| North | 125 | 7462 | 802 | 9419 |
| North | 106 | 7503 | 837 | 9504 |
| South | 125 | 6721 | 786 | 9157 |
| South | 106 | 6419 | 809 | 921 |
| Average recovery - 106 mic. | Average recovery - 106 mic. | Average recovery - 106 mic. | Average recovery - 106 mic. | 9357 |

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**Table 10-18: Results of Extraction Tests for Ernesto Ore**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Ernesto Recoveries** | **Ernesto Recoveries** | **GRG 12h IL** | **CIL 24 h** | **Overall** |
| **period** | **mic.** | **%** | **%** | **%** |
| Y2 H1 | 125 | 4516 | 731 | 8222 |
| Y2 H1 | 106 | 4819 | 817 | 8774 |
| Y2 H2 | 125 | 5055 | 703 | 7235 |
| Y2 H2 | 106 | 5266 | 801 | 8182 |
| Y3 H1 | 125 | 2801 | 722 | 504 |
| Y3 H1 | 106 | 337 | 822 | 8425 |
| Y3 H2 | 125 | 5083 | 809 | 8659 |
| Y3 H2 | 106 | 5449 | 842 | 9045 |
| Average recovery - 106 mic. | Average recovery - 106 mic. | Average recovery - 106 mic. | Average recovery - 106 mic. | 86.10 |

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As shown in Table 10-18, the recovery of gold in the step of leaching the tailings from the gravimetric concentration, which simulates the CIL circuit, was relatively lower for the Ernesto sample. These results are interpreted to result from a combination of two factors. First, in the tests carried out during the Feasibility Study (FS 2010) phase, the Ernesto Lower Trap sample showed a high consumption of lime and cyanide. The second factor was the adoption of the same dosage of reagents for all tests. In this case, the retention of the tailings from the leaching tests indicated an increase in gold recovery of 4.36% (percentage points), thus supporting the above diagnosis.

The kinetics tests showed that the residence time of 24 hours adopted is sufficient to reach the maximum values of recovery (extraction) of gold, as shown in the graph in Figure 10-2.

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**Figure 10-2: Typical Kinetics Curve for Leaching of Lavrinha Ore Sample at P<sub>80</sub> of 106 Micrometres**

10.3.6 Extraction Tests for Nosde Ore

Nosde body ore has been mined and fed to the EPP plant and significantly contributed to the Life of Mine (LOM) as of 2024. This ore has two main typologies: metaconglomerate and metarenite, such as Ernesto Medium Trap.

In order to evaluate the metallurgical performance of the Nosde body, samples of this ore were sent to the laboratories of Testwork Desenvolvimento de Processo Ltda. for characterization. The contracted scope was the evaluation of the process that includes the density recovery of gold, followed by the leaching of the gravimetric tailings, thus simulating the process route of the EPP CIL leaching circuit. The summary of the results obtained is presented in Table 10-19.

**Table 10-19: Summary of Tests for Nosde Body**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Test** | **Leaching Test – Gravimetric Tailings** | **Leaching Test – Gravimetric Tailings** | **Leaching Test – Gravimetric Tailings** | **Leaching Test – Gravimetric Tailings** |
| Sample | Nosde | Nosde | Nosde | Nosde |
| Test Number | LT2 | LT3 | LT4 | LT5 |
| P80 | 106 µm | 106 µm | 106 µm | 106 µm |
| Charcoal | - | - | CIL - 18 g/L Charcoal | CIL - 18 g/L Charcoal |
|  | **Gravimetric Concentration** | **Gravimetric Concentration** | **Gravimetric Concentration** | **Gravimetric Concentration** |
| Analyzed Feed (g/t) | 2.10 | 2.10 | 2.10 | 2.10 |
| Calculated Feed (g/t) | 3.65 | 3.65 | 3.65 | 3.65 |
| Recovered Gold Grav. Conc. (g/t) | 192.68 | 192.68 | 192.68 | 192.68 |
| Medium Tailings Grav. Conc. (g/t) | 0.87 | 0.87 | 0.87 | 0.87 |
| % Mass at Grav. Conc. | 1.45% | 1.45% | 1.45% | 1.45% |
| Recovery in Grav. Conc. (%) | 76.36% | 76.36% | 76.36% | 76.36% |
|  | **Leaching of Gravimetric Tailings** | **Leaching of Gravimetric Tailings** | **Leaching of Gravimetric Tailings** | **Leaching of Gravimetric Tailings** |
| Initial NaCN (g/t) | 1515 | 1508 | 1543 | 1504 |
| NaCN Consumption (g/t) | 486 | 484 | 492 | 487 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Leaching of Gravimetric Tailings** | **Leaching of Gravimetric Tailings** | **Leaching of Gravimetric Tailings** | **Leaching of Gravimetric Tailings** | **Leaching of Gravimetric Tailings** | **Leaching of Gravimetric Tailings** | **Leaching of Gravimetric Tailings** | **Leaching of Gravimetric Tailings** |
| Lime Consumption (kg/t) | Lime Consumption (kg/t) | 1.15 | 1.15 | 1.17 | 1.17 | 1.24 | 1.24 | 1.18 | 1.18 |
| Calc. Content Au Grav. Tail. (g/t) | Calc. Content Au Grav. Tail. (g/t) | 0.85 | 0.85 | 0.94 | 0.94 | 0.86 | 0.86 | 0.86 | 0.86 |
| Charcoal Content (g/t) | Charcoal Content (g/t) | - | - | - | - | 25.30 | 25.30 | 0.86 | 0.86 |
| Gravimetric Tailings Leaching Recovery | Time | Tailings (g/t) | Recov. (%) | Tailings (g/t) | Recov. (%) | Tailings (g/t) | Recov. (%) | Tailings (g/t) | Recov. (%) |
| Gravimetric Tailings Leaching Recovery | 0 | - | 0.00% | - | 0.00% | 0.86 | 0.00% | 0.86 | 0.00% |
| Gravimetric Tailings Leaching Recovery | 2 | - | - | - | 59.38% | 0.19 | 77.89% | 0.19 | 77.82% |
| Gravimetric Tailings Leaching Recovery | 4 | - | 78.04% | - | 76.22 | 0.11 | 87.20% | 0.14 | 83.65% |
| Gravimetric Tailings Leaching Recovery | 8 | - | 84.95% | - | 85.45% | 0.06 | 93.02% | 0.07 | 91.83% |
| Gravimetric Tailings Leaching Recovery | 24 | 0.08 | 90.57% | 0.08 | 91.45% | 0.06 | 93.02% | 0.07 | 91.83% |
| Final Average Tailings Content (g/t) | Final Average Tailings Content (g/t) | 0.08 | 0.08 | 0.08 | 0.08 | 0.07 | 0.07 | 0.07 | 0.07 |
| Final Average Recovery (%) | Final Average Recovery (%) | 97.81% | 97.81% | 97.81% | 97.81% | 98.22% | 98.22% | 98.22% | 98.22% |

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The results of the tests with the Nosde ore sample indicated high-density recovery of gold, such as Ernesto Medium Trap, as well as high leaching performance of the gravimetric tailings. The final average recovery of gold from the process was in the range between 97.8% and 98.2% for the Nosde sample.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Relevant Aspects of the Recovery of Gold in the Plant, Metallurgical
Balances, and Reconciliations

The recovery of gold from the EPP plant pertains to the types of ore fed to the plant. Ore typologies such as metaconglomerate, metarenite, or quartz veins present better metallurgical performance due to the greater contributions of gold recovery in the gravimetric circuit. The mylonite and sericite shale typologies have finer gold distributions, thus resulting in relatively lower recoveries in the gravimetric concentration. Difficulties faced in EPP for the execution of the "Ore Control" protocol, such as the demand for densification of the drilling loop, ended up leading the mine operation to send ores to the plant with significantly lower levels than expected, the latter based on the characterization tests. In this scenario, the strategies adopted to enable the operation were as follows: (a) increase in the feed rate of the grinding circuit in relation to those provided for by the Feasibility Study (FS 2010); (b) expansion of the capacity of the gravimetric circuit, and (c) use of oxygen in CIL circuit to compensate for the loss of residence time owing to the processing of higher feed rates. These points are covered in Section 14 of this TRS. For detailing purpose Table 10-20 shows the monthly metallurgical balances for 2022.

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**Table 10-20: Metallurgical Balance for Year 2022**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Metallurgical Balance** | **Metallurgical Balance** | **Metallurgical Balance** | **Metallurgical Balance** | **Metallurgical Balance** | **Metallurgical Balance** | **Metallurgical Balance** | **Metallurgical Balance** | **Metallurgical Balance** | **Metallurgical Balance** | **Metallurgical Balance** | **Metallurgical Balance** | **Metallurgical Balance** | **Metallurgical Balance** |
| MONTHLY REPORT | Unit | January | February | March | April | May | June | July | August | September | October | November | December | 2022 |
| Processed Ore | Ton | 125429 | 113756 | 120314 | 114103 | 126918 | 118968 | 141059 | 150117 | 136979 | 140315 | 104315 | 121061 | 1513713 |
| Feed Content | (gAu/t) | 1.04 | 1.05 | 1.16 | 1.34 | 0.98 | 0.99 | 0.90 | 1.29 | 2.51 | 2.28 | 2.84 | 2.44 | 1.56 |
| Contained Gold | Oz | 4180 | 3849 | 4493 | 4926 | 3979 | 3800 | 4097 | 6219 | 11059 | 10330 | 9536 | 9492 | 75960 |
| Tailings Content | (gAu/t) | 0.128 | 0.113 | 0.116 | 0.151 | 0.132 | 0.126 | 0.126 | 0.175 | 0.36 | 0.36 | 0.38 | 0.39 | 0.213 |
| Gold for the Dam | Oz | 518 | 413 | 449 | 554 | 537 | 481 | 571 | 844 | 1569 | 1622 | 1288 | 1504 | 10350 |
| Plant Recovery | % | 87.6% | 89.3% | 90% | 88.7% | 87% | 87.3% | 86.1% | 86.4% | 85.8% | 84.3% | 86.5% | 84.15% | 86.4% |
| Plant Recovered Gold | Oz | 3662 | 3436 | 4044 | 4372 | 3443 | 3319 | 3526 | 5375 | 9490 | 8708 | 8248 | 7987 | 65610 |
| Dam Recovered Gold | Oz | 241 | 176 | 172 | 251 | 278 | 225 | 294 | 355 | 545 | 648 | 544 | 867 | 4595 |
| Process Recovered Gold | Oz | 3903 | 3612 | 4217 | 4623 | 3720 | 3544 | 3819 | 5730 | 10035 | 9356 | 8792 | 8855 | 70205 |
| Process Recovered Gold | % | 93.4% | 93.8% | 93.9% | 93.8% | 93.5% | 93.3% | 93.2% | 92.1% | 90.7% | 90.6% | 92.2% | 93.3% | 92.4% |
| Cast Gold – Process | Oz | 4030 | 3964 | 4308 | 4771 | 4144 | 3577 | 3978 | 5559 | 8378 | 8518 | 8429 | 9953 | 69610 |
| Cast Gold – Process – Analysis Differences | Oz | 4030 | 3964 | 4252 | 4771 | 4144 | 3577 | 3978 | 5559 | 8378 | 8518 | 8429 | 9953 | 69553 |
| Cast Gold – Plant without return of the Dam | Oz | 3798 | 3788 | 4079 | 4520 | 3866 | 3352 | 3684 | 5204 | 7833 | 7870 | 7886 | 9086 | 64958 |

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A highlight in the Metallurgical balance, Table 10-20, is the gold in the liquid phase that returns through the pumping of the water recovered in the dam. Although this gold is accounted for in the metallurgical balance, it is not considered in the reconciliation with the mine. Reconciliation based on the 2022 metallurgical balance data is presented in Table 10-21.

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**Table 10-21: Reconciliation for 2022 Metallurgical Balance**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inventory** | **Unit** | **January** | **February** | **March** | **April** | **May** | **June** | **July** | **August** | **September** | **October** | **November** | **December** | **2022** |
| Thickener | Oz | 4.4 | 12.8 | 3.1 | 2.4 | 2.4 | 1 | 3.2 | 7.9 | 15.7 | 10.8 | 10.2 | 9.6 | 9.6 |
| Gravimetry | Oz | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CIL Charcoal | Oz | 267 | 155 | 239 | 331 | 307 | 338 | 464 | 850 | 2004 | 2396 | 1808 | 1010 | 1010 |
| CIL Pulp | Oz | 18 | 15 | 26 | 14 | 18 | 29 | 14 | 49 | 111 | 60 | 56 | 78 | 78 |
| Desorption | Oz | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Electrolysis | Oz | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | Oz | 289 | 183 | 267 | 348 | 327 | 368 | 481 | 907 | 2130 | 2467 | 1874 | 1097 | 1097 |
| Variation | Oz | -22 | -106 | 84 | 80 | -21 | 41 | 114 | 426 | 1223 | 337 | -593 | -777 | 786 |
| **Reconciliation** | **Unit** | **January** | **February** | **March** | **April** | **May** | **June** | **July** | **August** | **September** | **October** | **November** | **December** | **2022** |
| Recalculated Feed Content | (gAu/t) | 1.06 | 1.12 | 1.19 | 1.41 | 1.07 | 1.01 | 0.96 | 1.34 | 2.41 | 2.17 | 2.56 | 2.52 | 1.56 |
| Dam Recovered Gold | Oz | 241 | 176 | 172 | 251 | 278 | 225 | 294 | 355 | 545 | 648 | 544 | 867 | 4595 |
| Gold Recovered from the plant | Oz | 3768 | 3681 | 4164 | 4601 | 3845 | 3393 | 3798 | 5630 | 9056 | 8207 | 7293 | 8309 | 65744 |
| Process Recovered Gold | Oz | 4008 | 3858 | 4336 | 4852 | 4123 | 3618 | 4092 | 5985 | 9601 | 8855 | 7836 | 9176 | 70339 |
| Plant Feed Contained Gold (Oz) | Oz | 4286 | 4095 | 4612 | 5155 | 4382 | 3874 | 4369 | 6474 | 10625 | 9829 | 8581 | 9813 | 76094 |
| Plant Recovery | % | 87.9% | 89.8% | 90.3% | 89.2% | 87.8% | 87.6% | 86.9% | 87.0% | 85.2% | 83.5% | 85.0% | 84.7% | 86.4% |
| Process Recovery | % | 93.5% | 94.2% | 94.0% | 94.1% | 94.1% | 93.4% | 93.6% | 92.4% | 90.4% | 90.1% | 91.3% | 93.5% | 92.4% |

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Figure 10-3 shows the contributions to the ROM of the ores from the various pits in 2022. The average monthly gold recovery values are also shown in the same Figure 10-3.

![](ex9603_231.jpg)

**Figure 10-3: Gold Recoveries and Pit Contributions for the Year 2022**

The graph in Figure 10-3 shows that the highest gold recovery values, around 94%, are for feeds with higher proportions of Nosde pits (NDD), in which the predominant typologies are metaconglomerate and metarenite.

The predicted contributions of the mineral bodies in the Run of Mine (ROM) are as follows: Figure 10-4 for the year 2024 and Figure 10-5 for the years between 2025 and 2028.

![](ex9603_101.jpg)

**Figure 10-4: Contributions of Mineralized Bodies in the ROM Expected for the Year 2024**

![](ex9603_102.jpg)

**Figure 10-5: Contributions of Pits in LOM for the Years 2025 to 2028**

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In the period between 2025 and 2028, the LOM indicates that there will be a concentration of the mine operation in the Ernesto and Nosde pits, where there is a predominance of metaconglomerate, metarenite, and quartz veins typologies. The recovery values considered were based on the metallurgical tests carried out and the metallurgical balances derived from them, thus endorsing the metallurgical recovery of gold of 93.5% considered in LOM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 Ore Sorting Tests

The EPP industrial circuit was subject to specific sampling to evaluate the characteristics of the fraction called pebbles, composed of relatively coarse fragments that are recirculated in the SAG mill. The chemical analyses conducted on the samples obtained indicated relatively low gold contents and, as it is a high-tenacity material, the decision was made to evaluate the effect of the separation of the pebbles on the grinding performance and, consequently, on the overall recovery of gold from the process.

In general, gold mineralization processes in EPP deposits tend to occur in discontinuities of the rock matrix, in zones of high frequency of failures, which are preferred breaking surfaces. From these observations, the decision was made to investigate the distribution of gold in the various granulometric fractions that make up the pebbles. To this end, several granulochemical determinations were carried out in an external metallurgy laboratory, in this case, Testwork. The work consisted of crushing the sample of pebbles, sieving, and gold analysis by Fire Assay (FA).

Figure 10-6, Figure 10-7, and Figure 10-8 show the gold contents and distributions in the selected granulometric fractions, respectively for the metaconglomerate, metarenite, and mylonite typologies, predominant in the next LOM phases.

![](ex9603_103.jpg)

**Figure 10-6: Gold Content and Distribution for the Metaconglomerate Typology**

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![](ex9603_104.jpg)

**Figure 10-7: Gold Content and Distribution for the Metarenite Typology**

![](ex9603_105.jpg)

**Figure 10-8: Gold Content and Distribution for the Mylonite Typology**

For all typologies, the gold contents for the three coarser granulometric fractions (> 50,000 mm or 2 inches) showed lower gold contents compared to the other finer fractions. The separation of these fractions in the mining would be feasible through practices such as Ore Control but through excessive densification of drilling for this purpose. In this same context, to be effective, the loading operation of the disassembled material should be practiced with high selectivity, thus implying operational difficulties.

Based on the results of the analyses listed in Figure 10-6, Figure 10-7, and Figure 10-8, the decision was made to investigate the inclusion of a secondary crushing step in the EPP industrial circuit, which would thus provide the possibility of a separation based on fragment size. Therefore, this additional crushing would be equipped with sieving, which would thus allow the disposal of a

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relatively coarser fraction while the finer fraction would be enriched, increasing the gold content fed into the EPP mill. An evaluation program of this alternative was executed with the following objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Evaluation of the contents and gold content in the discarded fraction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Evaluation of the economic value of the discarded material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Evaluation of the impact of the withdrawal of this fraction on the final recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Grinding feed enrichment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Productivity gain in grinding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact on the processing of lower grinding feed tenacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Increase in operating margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Disposal of material with lower added value.

A pilot campaign was carried out, including the following steps: Primary crushing, secondary crushing, and two-deck sieving. A sample of metaconglomerate-type ore was selected for the tests. The main process variables adopted in the tests are listed in Figure 10-9, which also includes the main results obtained, namely, gold enrichment, effect on productivity, and Work Index – WI.

![A diagram of a diagram showing different types of growth Description automatically generated with medium confidence](ex9603_106.jpg)

**Figure 10-9: Summary of Operating Conditions and Results of Sieving Separation Tests**

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The summary of test results indicated that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The gold enrichment in the passing fraction in relation to the sieving feed was 29%, which would thus
represent the ratio between the gold content in the new grinding feed in relation to the content of the primary crushing product. The
content of the coarse fraction of the sieving, which would thus be discarded, was 0.18 g/t Au.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 24% reduction in the Bond Work Index – WI of the material fed from the grinding formed by the fraction
passing through the sieve in relation to the product of the primary crushing,22% increase in the grinding feed rate, that is, the ratio
between the grinding feed flow and the fraction passing through the sieving (196 t/h) in relation to the flow without sieving (160 t/h).

In the case of implementation of this alternative, ores that currently have relatively high flows in the grinding circuit, the product of the primary crushing would be sent directly to the grinding without going through the additional crushing and sieving step.

The experimental data from the industrial tests performed were treated and balanced to obtain consistent granulometric flows and distributions. Data thus corrected was used by MinPro Solutions to evaluate operation scenarios of EPP circuits configured with secondary crushing.

Figure 10-10 shows the mass balance resulting from the simulation with the separation and disposal of the fraction retained in the sieving at 38 mm, while Figure 10-11 shows the simulation balance without the secondary crushing step of the EPP circuit. In both cases, the simulations were conducted based on metaconglomerate ore.

![](ex9603_107.jpg)

**Figure 10-10: Simulation Mass Balance Including Disposal of the Retained Fraction in 38 mm**

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![A diagram of a plant Description automatically generated](ex9603_108.jpg)

**Figure 10-11: EPP Grinding Simulation Balance Considered as Base Case**

The mass balance of the flowchart contained in Figure 10-11 indicates new feeding of the primary crushing of 300 t/h of solids, of which 74 t/h form the fraction retained in the 38 mm mesh of the sieving, being, therefore, discarded. In this same scenario, the grinding feed flow was estimated at 184 t/h, a value significantly higher than the 153 t/h of grinding feed without prior sieving, as shown in the balance shown in the flowchart of Figure 10-11.

Even greater additional simulations of circuit capacity increase were performed by MinPro based on the calibrated mathematical models. The results indicated flows of 350 t/h of feed solids from the primary crushing, with a consequent increase in the EPP grinding feed. As an example, Figure 10-12 shows the result of a simulation conducted by Metso of the EPP crushing circuit, in this case including primary and secondary steps for operation with 350 t/h.

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![](ex9603_109.jpg)

**Figure 10-12: Process Flowchart and Balance for Primary and Secondary Crushing Circuit**

Strategic level evaluations (Scope Study) are under development to dispose of pebbles with low gold content before feeding to the grinding circuit. To this end, determinations of granulochemical distributions were conducted, as well as tests performed on a pilot scale, which included primary crushing, secondary crushing in a cone crusher, followed by sieving. The tests resulted in a content of 0.20 g/t gold in the fraction retained in sieving at 38 mm after secondary crushing. Processing of this retained fraction resulted in 70% gold recovery, i.e., 0.14 g/t Au, which thus represents a lower added value than the cost of operating the EPP industrial plant. On the other

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hand, the passing fraction in the 38 mm sieving showed lower tenacity (BWI), increased processing capacity in the grinding, in addition to gold enrichment between 20% and 30%. The studies revealed the disposal of about 30% of the mass fed to crushing, with a consequent reduction of 25% in the final processing cost for some types of ore. The loss of gold content in the fraction disposed of in this process may be offset by the increased recovery in the mine, owing to the reduction in the cut-off grade. Such promising studies have currently entered the pre-feasibility phase, called FEL 2.

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11 MINERAL RESOURCE ESTIMATES

Mineral Resource Estimates in this section are considered to be new Mineral Resource Estimates for the Nosde and Lavrinha deposits compared with the previous estimate provided in Technical Report (NI43-101) under title of "*FEASIBILITY STUDY AND TECHNICAL REPORT ON THE EPP PROJECT MATO GROSSO, BRAZIL, January 13, 2017"*" by P&E) or to the Company's previous yearly Mineral Resource updated disclosure report (AIF). For other deposits the Mineral Resource Estimated reported herein are considered to be updated Mineral Resource Estimate as it was filed in in Annual Information Forms (AIF) in previous years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Nosde and Lavrinha Mineral Resource Estimate

11.1.1 Introduction

The updated Mineral Resource Estimate for the Nosde and Lavrinha deposits were estimated by conventional 3D computer block modelling methods employing Leapfrog Seequent Software<sup>®</sup> (Geo & Edge) 2023.2 version. The Mineral Resource Estimate is based on surface diamond drilling, RC drilling, core sampling and gold assaying. Assaying was performed at the SGS and ALS commercial laboratories in Belo Horizonte and Ernesto's mine laboratory, all in Brazil.

The main gold mineralization in the Lavrinha mine developed mainly within of the Upper Trap zone. The Upper Trap, which is widely developed in the Lavrinha deposits, occurs in metapelitic rocks (hematite sericite schist) and metarnites (Inferior and Superior) in dilation zones of the intensely deformed synclinal troughs.

The main gold mineralization in the Nosde mine developed within the Bonus Trap zone near surface as well as sericite schist of Upper Trap zone. Aura's recent drilling and exploration confirmed continuity of Upper Trap between the Nosde and Lavrinha mines and create potential for a larger pit outline based on new updated Mineral Resources.

Coarse gold is probably a factor in the Nosde and Lavrinha deposits, as indicated by the gravimetric recoveries used by the garimpeiros.

11.1.2 Lavrinha Mineral Resource Database

Lavrinha's database is divided into three sub-categories including exploration or diamond drill hole database (LVR-EX), RC hole database (LVR-MP) and grade control database (LVR-CP). Table 11-1 shows that Lavrinha databases and numbers of holes, samples, and other related information.

The Lavrinha Lower Trap zone has been sampled by surface diamond drilling and core sampling. Core for the surface drilling is largely NQ (47.6 mm). The Lower Trap database contains 396 drill holes, totaling 59.973,97 metres drilled of which 134 (18.547,7m) are historic holes drilled from 1994 to 2014, mainly by Yamana Gold (85% of historical holes), and 262 were drilled by Aura since 2015 (PR series and LVR series starting in the hole LVR0092).

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The total of 43,762 samples with assay results are included in the database totaling 46.081,07 metres assayed, 2,461 samples are included in the database with pending assay results and 11.091,9 m in the drill holes were not sampled.

**Table 11-1: Lavrinha Mine Database Status Summary**

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| **DATABASE** | **YEAR** | **TYPE** | **HOLES** | **DEPTH** | **SAMPLES** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** |
| **DATABASE** | **YEAR** | **TYPE** | **HOLES** | **DEPTH** | **SAMPLES** | **ALS LAB** | **SGS LAB** | **SFR LAB** | **EPP LAB** | **UNK LAB** |
| LVR-EX | 1994-2014 | DD | 134 | 18 548 | 14 742 | 5 254 | 2 214 |  | 5 506 | 1 768 |
| LVR-EX | 2015 | DD | 23 | 997 | 845 |  |  | 845 |  |  |
| LVR-EX | 2017 | DD | 22 | 1 386 | 1 106 |  |  |  | 1 106 |  |
| LVR-EX | 2018 | DD | 68 | 9 323 | 5 475 |  | 5 331 |  | 144 |  |
| LVR-EX | 2019 | DD | 27 | 4 134 | 2 189 |  | 2 189 |  |  |  |
| LVR-EX | 2020 | DD | 15 | 2 102 | 1 232 |  | 1 232 |  |  |  |
| LVR-EX | 2021 | DD | 17 | 3 034 | 2 937 |  | 2 937 |  |  |  |
| LVR-EX | 2022 | DD | 47 | 10 664 | 9 521 |  | 9 521 |  |  |  |
| LVR-EX | 2023 | DD | 43 | 9 786 | 8 176 |  | 6 314 |  |  |  |
| LVR-CP | 2016 | PW | 352 | 5 230 | 5 159 |  |  |  | 5 159 |  |
| LVR-CP | 2017 | PW | 4 854 | 69 651 | 68 703 |  |  |  | 68 703 |  |
| LVR-CP | 2018 | PW | 6 630 | 113 037 | 111 416 |  |  |  | 111 416 |  |
| LVR-CP | 2020 | PW | 2 402 | 35 944 | 35 230 |  | 540 |  | 34 690 |  |
| LVR-CP | 2021 | PW | 436 | 7 958 | 7 876 |  |  |  | 7 876 |  |
| LVR-CP | 2022 | PW | 260 | 4 714 | 4 709 |  |  |  | 4 709 |  |
| LVR-CP | 2023 | PW | 36 | 835 | 830 |  |  |  | 830 |  |
| LVR-MP | 2023 | RC | 58 | 2 043 | 2 038 |  |  |  | 2 038 |  |
| **TOTAL** | **TOTAL** | **TOTAL** | **15 424** | **299 386** | **282 184** | **5 254** | **30 278** | **845** | **242 177** | **1 768** |

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DD: Diamond Drilling ,RC;Rotary Core Drilling, PW: Pneumatic Drilling, SFR: Sao Francisco Mine Laboratory, EPPLAB: EPP Mines Laboratory, SGSLAB SGS laboratory, ALSLAB:ALS Laboratory.

11.1.3 Nosde Mineral Resource Database

Nosde database are divided into three sub-categories including exploration or diamond drill hole database (NSD-EX), RC hole database (NSD-MP) and grade control database (NSD-CP). Table 11-2 shows summary of Nosde mine database with samples and other related information.The Nosde Lower Trap zone has been sampled by surface diamond drilling and core sampling. Core for the surface drilling is largely NQ (47.6 mm). The Lower Trap database contains 414 drill holes, totaling 61.951,51 metres drilled of which 53 (8.821,38 m) are historic holes drilled from 1994 to 2013, mainly by Yamana Gold (94% of historical holes), and 361 were drilled by Aura since 2019 (NSD series).

A total of 52.015 samples are included in the database of which 48.706 have the assay results available and 4.274,77 metres of drill holes were not sampled.

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**Table 11-2 : Nosde Mine Database Status Summary**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DATABASE** | **YEAR** | **TYPE** | **HOLES** | **DEPTH** | **SAMPLES** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** |
| **DATABASE** | **YEAR** | **TYPE** | **HOLES** | **DEPTH** | **SAMPLES** | **ALS LAB** | **SGS LAB** | **SFR LAB** | **EPP LAB** | **UNK LAB** |
| NSD-EX | 1994 - 2013 | DD | 53 | 8 821 | 8 366 | 194 | 884 | 8 |  | 7 288 |
| NSD-EX | 2019 | DD | 100 | 8 305 | 6 325 |  | 6 325 | 6 |  |  |
| NSD-EX | 2020 | DD | 77 | 6 544 | 5 321 |  | 5 321 | 5 321 |  |  |
| NSD-EX | 2021 | DD | 34 | 4 843 | 4 440 |  | 4 440 | 4 440 |  |  |
| NSD-EX | 2022 | DD | 125 | 26 814 | 22 330 |  | 18 894 | 19 | 3 189 |  |
| NSD-EX | 2023 | DD | 25 | 7 624 | 5 233 |  | 2 191 | 219 |  |  |
| NSD-CP | 2020 | PW | 2 147 | 41 520 | 41 408 |  | 9 450 |  | 31 958 |  |
| NSD-CP | 2021 | PW | 3 699 | 66 774 | 66 004 |  |  |  | 66 004 |  |
| NSD-CP | 2022 | PW | 778 | 12 811 | 12 223 |  |  |  | 12 223 |  |
| NSD-CP | 2023 | PW | 434 | 10 941 | 10 406 |  |  |  | 10 406 |  |
| NSD-MP | 2021 | RC | 98 | 6 291 | 6 069 |  | 5 168 | 5 168 | 901 |  |
| NSD-MP | 2022 | RC | 156 | 7 382 | 7 060 |  |  |  | 7 060 |  |
| NSD-MP | 2023 | RC | 54 | 1 625 | 1 595 |  |  |  | 1 595 |  |
| **TOTAL** | **TOTAL** | **TOTAL** | **7 780** | **210 295** | **196 780** | **194** | **52 673** | **15 182** | **133 336** | **7 288** |

---

DD: Diamond Drilling ,RC;Rotary Core Drilling, PW: Pneumatic Drilling, SFR: Sao Francisco Mine Laboratory, EPPLAB: EPP Mines Laboratory, SGSLAB SGS laboratory, ALSLAB:ALS Laboratory.

11.1.4 Nosde and Lavrinha Geological and Domain Modelling

11.1.4.1 Lavrinha Deposit

The geological layout of the Lavrinha deposit area is subdivided into seven lithological domains, three of which are potentially mineralized (Figure 11-1B and C). These domains are inferior and superior metarenites (MAR) – Upper Trap Schists. Furthermore, local mineralization is observed in the metarenites (MAR), higher than metaconglomerate (MGL), but has not been considered as a potentially mineralized host. The geological modeling of these domains is based on a drilling grid of 25x25 mesh, as well as on interpretations made by geologists from Aura

The modeling strategy was defined using an interpolator called Stratigraphic Sequences, within the LeapFrog Geo (Seequent) routine. In the Leapfrog Geo Software<sup>®</sup>.

The contact surfaces, associated with the types of contact between the units, was chosen as Erosion in Leapfrog Geo<sup>®</sup> software, which, the strata are defined, however, some limits can cut other contact surfaces on the oldest side of the contact surface with erosion, which is seen in some central portions of the deposit. Irregular contacts with the basal metatonalitic (Figure 11-1 A).

11.1.4.2 Nosde Deposit

Similar to Lavrinha, the geological layout of the Nosde deposit is subdivided into seven large domains, two of which are potentially mineralized (Figure 11-2 B and C). These domains are metarenite (MAR) – Upper Schist and Schist (MYL). Furthermore, gold mineralization also is

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observed in the metarenites (MAR), with grade higher than meta-conglomerate (MGL), but has not been considered as a potentially mineralized host. The geological modeling of these domains is based on long-term geology with 25x25 drill spacing, as well as on interpretations made by geologists from Aura.

For methodological purposes, and because they are continuous sedimentary tracts of a rift-type basin, and specifically in the deposit by the basal unit of the Fortuna Formation Aguapeí Group) - transitional environment of shallow sea and tidal current, the modeling strategy was defined using an interpolator called Stratigraphic Sequences, within the LeapFrog Geo (Seequent) routine.

The contact surface, associated with the types of contact between the units, was chosen as Erosion in Leapfrog Geo<sup>®</sup> software. However, some strata can cut other contact surfaces on the oldest side of the contact surface with the Erosion, which is seen in some central portions of the deposit (Coarsening upward and Fining upward tracts), in addition to irregular contacts with the metatonalitic (basement) (Figure 11-1 A).

Bonus and Upper Trap are widely developed in the Lavrinha and Nosde deposits, occurring respectively in metarenitic (lithic) rocks, forming open folds in domes and basins, with ruptures in the axial and metapelitic planes (hematite sericite schist) in zones of intense syncline dilation deformed (Figure 11-1 B and C).

![](ex9603_110.jpg)

**Figure 11-1: Geological Model of the Lavrinha Deposit**

Legend: A) Plan map with lithological units in the pit region and northern extensions; in B) Section with the 7 lithological units of the deposit and C) Upper Trap Mineralized Schist Model.

Lithological and alteration domains were used to confine the grade shell models in Leapfrog Geo Software<sup>®</sup>. A nominal 0.2 g/t Au cut-off was used to constrain mineralization for Bonus Trap mineralization and a nominal 0.35 Au g/t cut-off was used to constrain mineralization for Upper Trap mineralization models.

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Figure 11-2 shows Nosde and Lavrinha 3D Models, which were constructed for Mineral Resource estimation against current topography for these mines.

![](ex9603_111.jpg)

**Figure 11-2:Geological model of the Nosde deposit**

Legend: A) Plan map with lithological units in the pit region and northern extensions; in B) Section with the 7 lithological units of the deposit and C) Bonus Trap and Upper Trap Schist models.

![](ex9603_112.jpg)

**Figure 11-3: Nosde and Lavrinha 3D Models vs. Mines Topographic Surface**

models are shown undepleted.

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11.1.5 Bulk Density

Before Aura, water immersion bulk density testing was carried out at Lavrinha by Yamana Gold for a total of 318 core samples from 40 drill holes. Aura started to collect density samples in 2021 and during the operation until the end of 2023 for a total of 828 core samples from 72 drill holes.

Water immersion bulk density testing was carried out by Aura from 2021 to the end of 2023 at the Nosde Mine for a total of 1229 core samples from 108 drill holes.

Table 11-3 and Table 11-4 shows the average bulk densities for the main lithological units in the Nosde and Lavrinha mines.

**Table 11-3: Average Bulk Densities for the Main Lithological Units in the Lavrinha Deposit**

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| | | |
|:---|:---|:---|
| **LITHO CODE** | **DESCRIPTION** | **Average Bulk Density (t/m<sup>3</sup>)** |
| SAP | Saprolite | 2.34 |
| SSCH/SQSCH | Sericite/Muscovite Schist | 2.79 |
| MAR | Metarenite | 2.67 |
| FMAR | Feldspar Metarenite | 2.65 |
| MGL | Metaconglomerate | 2.69 |
| QZV | Quartz Vein | 2.73 |
| MTNL | Metatonalite | 2.83 |
| BRXX | Breccia | 2.57 |
| CMAR | Conglomeratic Metarenite | 2.62 |
| MYL | Mylonite | 2.92 |

---

**Table 11-4: Average Bulk Densities for the Main Lithological Units in the Nosde Deposit**

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| | | |
|:---|:---|:---|
| **LITHO CODE** | **DESCRIPTION** | **Average Bulk Density (t/m<sup>3</sup>)** |
| SAP | Saprolite | 2.42 |
| SSCH/SQSCH | Sericite/Muscovite Schist | 2.78 |
| MPEL | Metapelite | 2.49 |
| MAR | Metarenite | 2.60 |
| MGL | Metaconglomerate | 2.58 |
| FMAR | Feldspar Metarenite | 2.65 |
| MYL | Muscovite Schist (Mylonite) | 2.82 |
| QZV | Quartz Vein | 2.38 |
| MTNL | Metatonalite | 2.72 |
| BRXX | Breccia | 2.41 |
| CMAR | Conglomeratic Metarenite | 2.56 |

---

The average bulk densities were used in the block models for specific lithological units that are hosting the mineralization in the Nosde and Lavrinha mines. The average bulk densities used in the Nosde and Lavrinha models were 2.71 g/cm³ for mineralized metarenite and 2.78 g/cm³ for mineralized sericite-muscovite schists.

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11.1.6 Exploratory Data Analysis

Exploratory analysis was done using Leapfrog Edge<sup>®</sup> Software 2023.2 version. Statistical analysis of the data was performed on each mineralized domain.

Table 11-5 shows the statistics of raw assay data for each mineralized domain in Nosde and Lavrinha which were used mainly for exploratory data analysis and variogram analysis using exploration diamond drill holes and RC dataset (EX & MP).

Table 11-6 shows the statistics of raw assay data for each mineralized domain in Nosde and Lavrinha which were utilized in final grade estimation using a full database (EX, MP, and CP). The Table 11-5 shows the statistics of data before depletion. The majority of data points related to the grade control database in Lavrinha Mine are mined out.

Sample lengths for diamond drill holes, RC and rotary production holes were 1.0 metre in both Nosde and Lavrinha database.

**Table 11-5: Summary Statistics of Raw Au Assay Data of Mineralized Domains in Nosde and Lavrinha Deposits**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Au (g/t) Statistics** | **Bonus Trap Metarenite** | **Inferior Metarenlte (MAR INF)** | **Schist** | **Superior Metarenite (MAR INF)** |
| **Count** | 6669.00 | 526.00 | 4651.00 | 834.00 |
| **Lenght (m)** | 6832.09 | 530.62 | 4643.04 | 822.26 |
| **Mean** | 0.81 | 1.29 | 1.41 | 1.18 |
| **SD** | 2.82 | 6.26 | 6.23 | 3.67 |
| **CV** | 3.49 | 4.85 | 4.43 | 3.10 |
| **Variance** | 7.93 | 39.17 | 38.82 | 13.44 |
| **Minimum** | 0.00 | 0.00 | 0.00 | 0.00 |
| **Q1** | 0.02 | 0.01 | 0.02 | 0.02 |
| **Q2** | 0.08 | 0.05 | 0.11 | 0.07 |
| **Q3** | 0.54 | 0.44 | 0.77 | 0.56 |
| **Maximum** | 80.47 | 114.53 | 240.60 | 34.25 |

---

Note: only EX and MP drill holes.

**Table 11-6: Summary of Statistics for Raw Assay Data (All database)**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Statistics** | **Bonus Trap Metarenite** | **Bonus Trap Metarenite** | **Schist** | **Schist** | **Superior Metarenite** <br> **(MAR INF)**  | **Superior Metarenite** <br> **(MAR INF)**  | **Inferior Metarenite** <br> **(MAR INF)**  | **Inferior Metarenite** <br> **(MAR INF)**  |
| **Statistics** | **Au_ppm** | **Interval Lenght** | **Au_ppm** | **Interval Lenght** | **Au_ppm** | **Interval Lenght** | **Au_ppm** | **Interval Lenght** |
| **Count** | 135165.00 | 135165.00 | 137288.00 | 137288.00 | 98039.00 | 98039.00 | 91752.00 | 91752.00 |
| **Mean** | 0.28 | 1.01 | 0.55 | 1.00 | 0.17 | 1.02 | 0.21 | 1.01 |
| **Standard deviation** | 1.41 | 0.10 | 3.34 | 0.10 | 1.43 | 0.14 | 1.67 | 0.14 |
| **Coefficient of Variation** | 4.98 | 0.10 | 6.04 | 0.10 | 8.60 | 0.14 | 7.87 | 0.14 |
| **Variance** | 2.00 | 0.01 | 11.16 | 0.01 | 2.04 | 0.02 | 2.78 | 0.02 |
| **Minimum** | 0.00 | 0.30 | 0.00 | 0.10 | 0.00 | 0.05 | 0.00 | 0.20 |
| **Lower Quartile** | 0.02 | 1.00 | 0.02 | 1.00 | 0.01 | 1.00 | 0.02 | 1.00 |
| **Median** | 0.03 | 1.00 | 0.05 | 1.00 | 0.02 | 1.00 | 0.02 | 1.00 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Statistics** | **Bonus Trap Metarenite** | **Bonus Trap Metarenite** | **Schist** | **Schist** | **Superior Metarenite** <br> **(MAR INF)**  | **Superior Metarenite** <br> **(MAR INF)**  | **Inferior Metarenite** <br> **(MAR INF)**  | **Inferior Metarenite** <br> **(MAR INF)**  |
| **Statistics** | **Au_ppm** | **Interval Lenght** | **Au_ppm** | **Interval Lenght** | **Au_ppm** | **Interval Lenght** | **Au_ppm** | **Interval Lenght** |
| **Upper Quartile** | 0.11 | 1.00 | 0.21 | 1.00 | 0.05 | 1.00 | 0.08 | 1.00 |
| **Maximum** | 101.62 | 7.15 | 278.76 | 3.88 | 161.67 | 4.90 | 130.08 | 3.14 |

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<u>Capping Strategy and Treating of Outliers</u>

Capping is the process of artificially reducing high values within a sample population that are regarded as statistically anomalous with respect to the population as a whole (outliers), to avoid the distorting influence these values would have on the statistical characteristics of the population if left at their full value. The risk of including atypically high values in a Mineral Resource Estimate is that their contribution to the estimated grade will be disproportionate to their contribution to the tonnage, and therefore the grade of the resource as a whole will be overstated.

Log probability plots are commonly used to determine whether capping is appropriate. If a single sample population is present, the cumulative frequency curve is a relatively straight line; steps in the curve indicate the potential presence of separate or mixed populations.

The capping analysis mainly was done on a database including diamond drilling and RC holes (EX & MP) and then the obtained threshold value was applied for the entire database including grade control data (CP database).

There is noticeable break in the curves of log of probability plots for at 10.0 g/t Au and for Upper Trap schist at 13.0 g/t (Figure 11-4 and Figure 11-6). This values then are taken as capping values for each mineralized domain. For Bonus Trap and Inferior and Superior metarenites a lower capping value at 10.0 g/t Au was adopted based on reconciliation of data and previous operational experiences in the Lavrinha mine. Capping of outliers performed after compositing.

The majority of grade control data in Lavrinha Mine areas were mined out, therefore in Figure 11-5 to Figure 11-7 only log histogram and log probability plots of combination DDH and RC were shown.

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![](ex9603_113.jpg)

![](ex9603_114.jpg)

**Figure 11-4: Histogram and Log Probability Plots for Raw Gold Assay Values (Nosde Bonus Trap)-All Assay Data**

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![](ex9603_115.jpg)

![](ex9603_116.jpg)

**Figure 11-5: Histogram and Log Probability Plots Raw Gold Assay Values (Nosde and Lavrinha Schist)-All assay Data**

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![](ex9603_117.jpg)

![](ex9603_118.jpg)

**Figure 11-6: Histogram and Log Probability Plots Raw Gold Assay Values (Nosde and Lavrinha Inferior Metarenite)-All Assay Data**

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![](ex9603_119.jpg)

![](ex9603_120.jpg)

**Figure 11-7: Histogram and Log Probability Plots Raw Gold Assay Values (Nosde and Lavrinha Superior Metarenite)-All Assay Data**

11.1.6.1 Compositing

Samples within each Bonus Trap and Superior metarenites domains were composited into 2.50m intervals.

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Samples within Upper Trap schist and Inferior metarenite domains were composited into 1.25m intervals.

All the short intervals merged into before and after composited values to avoid any bias resulting from short composited intervals.

A total of 89 assays for the Nosde Bonus Trap metarenite domain including grade control data (NSD-CP database) were capped after compositing. A total of 10 assays for the inferior metarenite domain, a total of 16 assays for Superior metarenite and a total of 99 for the Upper Trap schist domain assays were cut after compositing considering full database.

Table 11-7 shows the statistics of composited assay data for each mineralized domain in Nosde and Lavrinha which were utilized mainly for exploratory data analysis and variogram analysis using exploration diamond drill holes, RC dataset and grade control data.

**Table 11-7: Summary Statistics of 2.5m and 1.25 Composited Gold Assay Data for Mineralized Domains in Nosde and Lavrinha Deposits**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Au (g/t) Statistics** | **Bonus Trap Metarenite** | **Inferior Metarenlte** <br>**(MAR INF)**<br>| **Schist** | **Superior Metarenite** <br>**(MAR INF)**<br>|
| **Count** | 3120.00 | 506.00 | 4289.00 | 387.00 |
| **Lenght (m)** | 6742.00 | 534.10 | 4789.20 | 759.40 |
| **Mean** | 0.86 | 1.31 | 1.43 | 1.27 |
| **SD** | 2.03 | 5.18 | 5.43 | 2.51 |
| **CV** | 2.38 | 3.96 | 3.81 | 1.98 |
| **Variance** | 4.13 | 26.87 | 29.47 | 6.30 |
| **Minimum** | 0.00 | 0.00 | 0.00 | 0.00 |
| **Q1** | 0.09 | 0.02 | 0.05 | 0.08 |
| **Q2** | 0.34 | 0.12 | 0.30 | 0.42 |
| **Q3** | 0.83 | 0.82 | 1.08 | 1.24 |
| **Maximum** | 39.22 | 88.08 | 189.87 | 24.12 |

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Figure 11-8- to Figure 11-11 show histograms and log of probability plots for composited assays of all the mineralized domains in Nosde and Lavrinha deposits.

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![](ex9603_121.jpg)

![](ex9603_122.jpg)

**Figure 11-8-: Log Histogram and Log Probability Plots Composited Gold Assay Values (Nosde Bonus Trap)**

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![](ex9603_123.jpg)

![A graph with a line AI-generated content may be incorrect.](ex9603_010a.jpg)

**Figure 11-9: Log Histogram and Log Probability Plots Composited Gold Assay Values (Nosde and Lavrinha Schist)**

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![A graph of a graph of a graph AI-generated content may be incorrect.](ex9603_011a.jpg)

![A graph with a line AI-generated content may be incorrect.](ex9603_012a.jpg)

**Figure 11-10: Log Histogram and Log Probability Plots Composited Gold Assay Values (Nosde and Lavrinha Inferior Metarenite)**

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![](ex9603_124.jpg)

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**Figure 11-11: Log Histogram and Log Probability Plots Composited Gold Assay Values (Nosde and Lavrinha Superior Metarenite)**

11.1.7 Variogram Analysis

As it was discussed before in section 11.1.6 the exploratory analysis of composited data and variogram analysis only were performed on dataset excluding grade control data. The search ellipsoids for grade estimation were developed using variograms for each domain. Variograms were established in each domain for gold in the same structural orientations used to develop the

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mineralization solids. Gold was modeled using two spheroidal structures and a moderate nugget, both consistent with the grade continuity and known controls on mineralization.

Variogram model parameters and orientation data of rotated variogram axes are shown in Table 11-8. Radial plots are shown in Figure 11-12 for each mineralized domain and gold grade variograms directions including downhole direction for each mineralized domain are shown in Figure 11-13 to Figure 11-6.

**Table 11-8: Variograms Model Parameters (m)**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Nugget** | **Spherical Structure 1** | **Spherical Structure 1** | **Spherical Structure 1** | **Spherical Structure 1** | **Spherical Structure 2** | **Spherical Structure 2** | **Spherical Structure 2** | **Spherical Structure 2** |
| **Domain** | **Nugget** | **Sill** | **Major** | **Semi-Major** | **Minor** | **Sill** | **X** | **Y** | **Z** |
| Bonus Trap | 0.81 | 0.098 | 9 | 20 | 6 | 0.092 | 105 | 30 | 20 |
| Schist | 0.56 | 0.28 | 21 | 12 | 6.5 | 0.16 | 195 | 120 | 30 |
| Inferior Metarenite | 0.55 | 0.35 | 32 | 11 | 5 | 0.1 | 60 | 50 | 10 |
| Superior Metarenite | 0.8 | 0.13 | 90 | 30 | 2 | 0.07 | 120 | 100 | 20 |

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![Uma imagem contendo dispositivo, mapa, relógio, atletismo O conteúdo gerado por IA pode estar incorreto.](ex9603_013a.jpg)

**Figure 11-12: Radial Plots for Nosde and Lavrinha domains**

Legend: A) Bonus Trap B) Schist C) Inferior metarenite and D) Superior Metarenite

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![](ex9603_126.jpg)

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![A graph showing the growth of a number of people AI-generated content may be incorrect.](ex9603_128.jpg)

![A graph showing the number of the same number AI-generated content may be incorrect.](ex9603_129.jpg)

**Figure 11-13 : Nosde Bonus Trap Variograms**

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![](ex9603_130.jpg)

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![](ex9603_132.jpg)

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**Figure 11-14: Nosde and Lavrinha Schist Variograms**

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![](ex9603_136.jpg)

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**Figure 11-15: Nosde and Lavrinha Inferior Metarenite Variograms**

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![](ex9603_138.jpg)

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![](ex9603_140.jpg)

![](ex9603_141.jpg)

**Figure 11-16: – Nosde and Lavrinha Superior Metarenite Variograms**

Summary findings from the variography analyses includes:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The nugget effect is high for Bonus Trap metarenite and Superior metarenite approximately at 80% of the
sill regardless of grade shell, capping, or exclusion of grade control data. Given the known deposit style of orogenic gold, observed
mineralization in the core, the two sets of quartz veins as dominant features of gold mineralization, free gold, and spatial distribution
of grades, a high nugget effect is expected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The nugget effect is relatively high for Upper Trap Schist and Inferior metarenites approximately at 55%
of the sill regardless of grade shell and capping. Given the known deposit style of orogenic gold, observed mineralization in the core,
free gold, and spatial distribution of grades, a relatively high nugget effect is expected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· First structure ranges are constantly short typically at 20 m (ranges from 5m to 20m depending on direction
of continuity). However, the second structure ranges are relatively oMaximum of continuity (>200m) is shown for Nosde and Lavrinha
schist along strike. This is also expected due to the nature of mineralization and the connection of the Upper Trap schist from Nosde
to Lavrinha deposit.

11.1.8 Contact Plots

Contact plots were prepared at the boundary between each estimation domain to determine the nature of the contacts and how they should be treated during gold grade estimation. Some examples of the contact plot analysis are shown in Figure 11-17 and Figure 11-18. Contact plots showed hard boundaries for all mineralized domains.

![](ex9603_142.jpg)

**Figure 11-17: Contact Plots for Nosde Bonus Trap**

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![](ex9603_143.jpg)

**Figure 11-18: Contact Plots for Nosde and Lavrinha Schist**

11.1.9 Block Model Set Up

Block model parameters which are assigned in Leapfrog Edge software<sup>®</sup> are given in Table 11-9. The origin is the block centroid for minimum X, Y, and Z. Each block was discretized 3 x 3 x 1 (x, y, z directions). The model is rotated. The rotation is 298.48 degrees clockwise around the Z axis when looking down, dip: 0 degrees (then rotate around the X' axis down from the horizontal plane) pitch: 0 degrees (then rotate clockwise around the Z'' axis when looking down).

**Table 11-9: Nosde and Lavrinha Block Model Parameters**

---

| | | | |
|:---|:---|:---|:---|
| | **East** | **North** | **Elevation** |
| Origin | 256484 | 8303866 | 141.25 |
| Block Size | 2.5 | 2.5 | 2.5 |
| No. of Blocks | 224 | 638 | 155 |
| Rotation |  |  | 298.48 |

---

11.1.10 Grade Interpolation

Grade estimation was performed using the Ordinary Kriging (OK) function provided with the Leapfrog Edge<sup>®</sup> software. The block model was coded with the number of composites used during the estimation process. The sample search strategy was based upon analysis of the variogram model anisotropy, mineralization geometry and data distribution.

A three-pass strategy was adopted to estimate the grade within the mineralized domains. Dynamic anisotropy was applied, such that the search ellipse was oriented parallel to the mineralized zone, considering local variations in strike and dip.

Table 11-10 to Table 11-13 shows estimation parameters for all four mineralized domains in Nosde and Lavrinha mines.

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**Table 11-10: Nosde Bonus Trap Estimation Parameters**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nosde - Bonus Trap** | **Nosde - Bonus Trap** | **Nosde - Bonus Trap** | **Nosde - Bonus Trap** | **Nosde - Bonus Trap** | **Nosde - Bonus Trap** | **Nosde - Bonus Trap** | **Nosde - Bonus Trap** | **Nosde - Bonus Trap** | **Nosde - Bonus Trap** | **Nosde - Bonus Trap** | **Nosde - Bonus Trap** |
| **Pass** | **Search Ellipsoid** | **Search Ellipsoid** | **Search Ellipsoid** | **Directions** | **Directions** | **Directions** | **Samples** | **Samples** | **Sector Search: per Octant** | **Sector Search: per Octant** | **Drill hole Limit** |
| **Pass** | **Maximum** | **Intermediary** | **Minimum** | **Dip** | **Azimuth** | **Pitch** | **Minimum** | **Maximum** | **Max Samples Per Sector** | **Max Empty Sectors** | **Max Samples per Drill hole** |
| P1 | 105 | 30 | 20 | 60 | 210 | 15 | 15 | 42 | 12 | 5 | 2 |
| P2 | 210 | 60 | 20 | 60 | 210 | 15 | 8 | 24 | 8 | 6 | 2 |
| P3 | 210 | 60 | 40 | 60 | 210 | 15 | 3 | 12 | 8 | 7 | 1 |

---

**Table 11-11: Nosde and Lavrinha Schist Estimation Parameters**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nosde and Lavrinha Schist** | **Nosde and Lavrinha Schist** | **Nosde and Lavrinha Schist** | **Nosde and Lavrinha Schist** | **Nosde and Lavrinha Schist** | **Nosde and Lavrinha Schist** | **Nosde and Lavrinha Schist** | **Nosde and Lavrinha Schist** | **Nosde and Lavrinha Schist** | **Nosde and Lavrinha Schist** | **Nosde and Lavrinha Schist** | **Nosde and Lavrinha Schist** |
| **Pass** | **Search Ellipsoid** | **Search Ellipsoid** | **Search Ellipsoid** | **Directions - Variable Orientation where Possible** | **Directions - Variable Orientation where Possible** | **Directions - Variable Orientation where Possible** | **Samples** | **Samples** | **Sector Search: per Octant** | **Sector Search: per Octant** | **Drill hole Limit** |
| **Pass** | **Maximum** | **Intermediary** | **Minimum** | **Dip** | **Azimuth** | **Pitch** | **Minimum** | **Maximum** | **Max Samples Per Sector** | **Max Empty Sectors** | **Max Samples per Drill hole** |
| P1 | 195 | 120 | 30 | 24 | 12 | 45 | 15 | 42 | 12 | 5 | 3 |
| P2 | 390 | 240 | 30 | 24 | 12 | 45 | 8 | 24 | 8 | 6 | 3 |
| P3 | 390 | 240 | 60 | 24 | 12 | 45 | 3 | 12 | 8 | 7 | 2 |

---

**Table 11-12: Nosde and Lavrinha Inferior Metarenite Estimation Parameters**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nosde & Lavrinha Metarenite Inferior** | **Nosde & Lavrinha Metarenite Inferior** | **Nosde & Lavrinha Metarenite Inferior** | **Nosde & Lavrinha Metarenite Inferior** | **Nosde & Lavrinha Metarenite Inferior** | **Nosde & Lavrinha Metarenite Inferior** | **Nosde & Lavrinha Metarenite Inferior** | **Nosde & Lavrinha Metarenite Inferior** | **Nosde & Lavrinha Metarenite Inferior** | **Nosde & Lavrinha Metarenite Inferior** | **Nosde & Lavrinha Metarenite Inferior** | **Nosde & Lavrinha Metarenite Inferior** |
| **Pass** | **Search Ellipsoid** | **Search Ellipsoid** | **Search Ellipsoid** | **Directions - Variable Orientation where Possible** | **Directions - Variable Orientation where Possible** | **Directions - Variable Orientation where Possible** | **Samples** | **Samples** | **Sector Search: per Octant** | **Sector Search: per Octant** | **Drill hole Limit** |
| **Pass** | **Maximum** | **Intermediary** | **Minimum** | **Dip** | **Azimuth** | **Pitch** | **Minimum** | **Maximum** | **Max Samples Per Sector** | **Max Empty Sectors** | **Max Samples per Drill hole** |
| P1 | 120 | 100 | 20 | 24 | 12 | 130 | 15 | 42 | 12 | 5 | 3 |
| P2 | 240 | 200 | 20 | 24 | 12 | 130 | 8 | 24 | 8 | 6 | 3 |
| P3 | 240 | 200 | 40 | 24 | 12 | 130 | 3 | 12 | 8 | 7 | 2 |

---

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**Table 11-13 – Nosde and Lavrinha Superior Metarenite Estimation Parameters**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nosde & Lavrinha Metarenite Superior** | **Nosde & Lavrinha Metarenite Superior** | **Nosde & Lavrinha Metarenite Superior** | **Nosde & Lavrinha Metarenite Superior** | **Nosde & Lavrinha Metarenite Superior** | **Nosde & Lavrinha Metarenite Superior** | **Nosde & Lavrinha Metarenite Superior** | **Nosde & Lavrinha Metarenite Superior** | **Nosde & Lavrinha Metarenite Superior** | **Nosde & Lavrinha Metarenite Superior** | **Nosde & Lavrinha Metarenite Superior** | **Nosde & Lavrinha Metarenite Superior** |
| **Pass** | **Search Ellipsoid** | **Search Ellipsoid** | **Search Ellipsoid** | **Directions - Variable Orientation where Possible** | **Directions - Variable Orientation where Possible** | **Directions - Variable Orientation where Possible** | **Samples** | **Samples** | **Sector Search: per Octant** | **Sector Search: per Octant** | **Drill hole Limit** |
| **Pass** | **Maximum** | **Intermediary** | **Minimum** | **Dip** | **Azimuth** | **Pitch** | **Minimum** | **Maximum** | **Max Samples Per Sector** | **Max Empty Sectors** | **Max Samples per Drill hole** |
| P1 | 120 | 100 | 20 | 24 | 12 | 150 | 15 | 42 | 12 | 5 | 3 |
| P2 | 240 | 200 | 20 | 24 | 12 | 150 | 8 | 24 | 8 | 6 | 3 |
| P3 | 240 | 200 | 40 | 24 | 12 | 150 | 3 | 12 | 8 | 7 | 2 |

---

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11.1.11 Block Model Validation

The block model validation process included visual comparisons between block estimates and composite grades in plan and section, statistical comparison of composite assay value versus block grade values, QQ Plots of the block model estimated gold grade versus the composite, as well as swath plots. In addition, block estimates were visually compared to the drill hole composite data in all wireframes to ensure agreement. No material grade bias issues were identified, and the block model grades compared well to the composite data.

11.1.11.1 Visual Block Model Validation

The overall block metal grades were visually examined to confirm that all the estimation parameters were honoured and kept within the individual mineralized domains. Each of the cross-sections was reviewed and the underlying drill holes were checked to determine that the original metal grade closely matched the estimated block metal grade without exceeding it.

Figure 11-19 and Figure 11-20 show two representative cross sections within two main mineralized domains for the Nosde Mine.

![](ex9603_144.jpg)

**Figure 11-19: Visual Validation of Nosde and Lavrinha block model- Bonus Trap drill hole composites vs. block grade values (Looking NW)**

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![](ex9603_145.jpg)

**Figure 11-20: Visual validation of Nosde and Lavrinha block model - Upper Trap Schist drill hole composites vs. block grade values (Looking N)**

11.1.11.2 Comparative Statistics and QQ Plots

A statistical comparison of the raw assay values versus the composite values versus the estimated block values was extracted from Leapfrog<sup>®</sup> Software and is shown in Table 11-14.

The block model checks indicate that the Mineral Resource Estimate matches the underlying composites at lower gold grade values. At higher gold grades, the block model gold grades are underestimated relative to the underlying composites.

The various mineralized domain QQ plots of the block model estimated gold grades versus the composites are shown in Figure 11-21.

**Table 11-14: Nosde and Lavrinha Block Mode Statistics (All Domains)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Item** | **Domain** | **Domain** | **Domain** | **Domain** | **Domain** |
| **Item** | **All** | **Bonus Trap** | **MAR INF** | **MAR SUP** | **Schist** |
| Block Model Results | Block Model Results | Block Model Results | Block Model Results | Block Model Results | Block Model Results |
| Number of blocks | 407720 | 148154 | 23301 | 34035 | 202230 |
| Volume | 6370625 | 2314906 | 364078 | 531797 | 3159844 |
| Minimum | 0.01 | 0.07 | 0.01 | 0.12 | 0.13 |
| Maximum | 5.64 | 2.85 | 5.64 | 3.67 | 4.86 |
| Mean | 0.93 | 0.70 | 0.80 | 1.09 | 1.09 |
| Standard deviation | 0.46 | 0.27 | 0.65 | 0.49 | 0.47 |
| Variance | 0.21 | 0.07 | 0.43 | 0.24 | 0.22 |
| Coefficient of variance | 0.50 | 0.38 | 0.81 | 0.45 | 0.43 |
| Q1 | 0.59 | 0.50 | 0.33 | 0.67 | 0.76 |
| Q2 | 0.84 | 0.66 | 0.60 | 1.14 | 1.02 |
| Q3 | 1.19 | 0.85 | 1.15 | 1.43 | 1.36 |
| Composites | Composites | Composites | Composites | Composites | Composites |
| Count | 8302 | 3120 | 506 | 387 | 4289 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Item** | **Domain** | **Domain** | **Domain** | **Domain** | **Domain** |
| **Item** | **All** | **Bonus Trap** | **MAR INF** | **MAR SUP** | **Schist** |
| Length | 12824.70 | 6742.00 | 534.10 | 759.40 | 4789.20 |
| Minimum | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Maximum | 13.00 | 10.00 | 13.00 | 13.00 | 13.00 |
| Mean | 0.95 | 0.73 | 0.92 | 1.08 | 1.09 |
| Standard deviation | 1.97 | 1.39 | 2.30 | 2.07 | 2.24 |
| Variance | 3.87 | 1.94 | 5.30 | 4.27 | 5.01 |
| Coefficient of variance | 2.08 | 1.91 | 2.49 | 1.91 | 2.05 |
| Q1 | 0.04 | 0.06 | 0.02 | 0.06 | 0.04 |
| Q2 | 0.26 | 0.28 | 0.09 | 0.36 | 0.26 |
| Q3 | 0.87 | 0.74 | 0.64 | 0.99 | 1.01 |
| Raw Samples | Raw Samples | Raw Samples | Raw Samples | Raw Samples | Raw Samples |
| Count | 13207 | 6720 | 602 | 914 | 4971 |
| Length | 13274.26 | 6804.08 | 607.96 | 899.15 | 4963.07 |
| Minimum | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Maximum | 277.15 | 87.40 | 114.53 | 34.25 | 277.15 |
| Mean | 1.10 | 0.86 | 1.20 | 1.15 | 1.41 |
| Median | 0.09 | 0.09 | 0.05 | 0.07 | 0.12 |
| Standard deviation | 5.14 | 3.24 | 5.89 | 3.57 | 7.04 |
| Variance | 26.44 | 10.52 | 34.75 | 12.73 | 49.55 |
| Coefficient of variation | 4.67 | 3.77 | 4.92 | 3.10 | 4.99 |
| Lower quartile | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| **Upper quartile** | **0.62** | **0.56** | **0.37** | **0.53** | **0.79** |

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![](ex9603_146.jpg)

![](ex9603_147.jpg)

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![](ex9603_148.jpg)![](ex9603_149.jpg)

**Figure 11-21: Nosde and Lavrinha QQ plots for mineralized domains**

11.1.11.3 Swath Plots

A swath plot is a graphical representation of grade distribution derived by a series of sectional "swaths" throughout the deposit. Swath plots were generated for gold from slices throughout each

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domain (Figure 11-22 through Figure 11-26). They compare the block model grades for Nearest Neighborhood (NN) and Ordinary Kriging (OK) estimation methods to the drill hole composite grades to evaluate any potential local grade bias. Review of the swath plots did not identify bias in the model that is material to the Nosde and Lavrinha Mineral Resource, as there was a strong overall correlation between the block model OK grade and the capped composites used in the estimation. The swath plots are prepared in 3 different directions (X, Y and Z) for the entire block model (Figure 11-22, Figure 11-23, Figure 11-24, Figure 11-25 and Figure 11-26).

![](ex9603_150.jpg)

![](ex9603_151.jpg)

**Figure 11-22: Nosde and Lavrinha Swath plots in X, Y and Z directions**

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![A graph showing the growth of the stock market AI-generated content may be incorrect.](ex9603_152.jpg)

**Figure 11-23: Nosde and Lavrinha Swath plots in X, Y and Z directions for Bonus Trap Metarenite**

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![](ex9603_155.jpg)

![](ex9603_156.jpg)

![](ex9603_157.jpg)

**Figure 11-24: Nosde and Lavrinha Swath plots in X, Y and Z directions for Schist**

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![](ex9603_158.jpg)

![](ex9603_159.jpg)

![](ex9603_160.jpg)

**Figure 11-25: Nosde and Lavrinha Swath plots in X, Y and Z directions for Inferior Metarenite**

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![](ex9603_161.jpg)

![](ex9603_162.jpg)

![](ex9603_163.jpg)

**Figure 11-26: Nosde and Lavrinha Swath plots in X, Y and Z directions for Superior Metarenite**

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11.1.12 Mineral Resource Classification

Mineral Resources are classified in accordance with the definitions for Mineral Resources in S-K 1300 into Measured, Indicated, and Inferred classifications based on following criteria:

A minimum range of first and second passes was adopted to assign the blocks to the Measured category which is mainly limited to coverage of grade control data and the range of the third pass to the Indicated category. This was the result of the variography which was discussed in section 11.1.7. Other criteria such as the number of drill holes, distance from drill hole data, and minimum and maximum number of composites were also used to estimate a block.The Mineral Resource classification criteria applied in the current study are those shown in Table 11-15.

**Table 11-15: Nosde and Lavrinha Block Model Classification Parameters**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Search Ellipsoid** | **Search Ellipsoid** | **Search Ellipsoid** | **Samples** | **Drillhole Limit** |
| **Category** | **Maximum** | **Intermedia** | **Minimum** | **Minimum** | **Max Samples per Drillhole** |
| **Measured** | 20 | 20 | 20 | 8 | 1 |
| **Indicated** | 40 | 40 | 40 | 3 | 1 |
| **Inferred** | Everything Else | Everything Else | Everything Else | Everything Else | Everything Else |

---

Figure 11-27 shows the classification scheme in 3D for Nosde and Lavrinha block model.

![](ex9603_164.jpg)

**Figure 11-27: Classification Scheme in 3D (Looking NE)**

Nosde and Lavrinha gold deposits contain Measured Mineral Resources based on the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Encompassed grade control data drill grid spacing (5m\*5m).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Drill spacing less than ≤ 20 m.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Detailed topography survey for both mines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Existing operational reconciliation data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Confidence in geological interpretations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Quality and reliability of drilling and sampling data.

Nosde and Lavrinha gold deposits contain Indicated Mineral Resources based on the following criteria:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Use of diamond drill core for sample assay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Drill spacing less than ≤ 40 m.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Understanding of continuity of alteration and mineralization especially in mineralized schist domain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Confidence in geological interpretations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Quality and reliability of drilling and sampling data.

Nosde and Lavrinha gold deposits contain Inferred Mineral Resources based on the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Use of diamond drill core or RC drilling for sample assay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mean drill spacing less than or >40 m.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lack of continuity mainly in Superior and Inferior matarenites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Quality and reliability of drilling and sampling data.

11.1.13 Mines Topographic Surfaces

Mine topographic surfaces are constructed using GPS total station and drone data. Topographic surfaces were provided triangulated meshes with different file formats (Figure 11-28). All topographic surfaces were reconstructed and visually validated. No major issues were identified. However, the resolution of topographic surfaces varies from one area to another, and there is no high-resolution topography surface covering the Nosde and Lavrinha mines. Surfaces of mining areas do not include any in-pit material and there is no way to accurately determine the volume of in-pit waste dumps with the information available.

The Mineral Resources were clipped to the base of mining on 31st October 2023.

![](ex9603_165.jpg)

**Figure 11-28: Nosde and Lavrinha mines Topographic surfaces (31, December 2023)**

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11.1.14 Reasonable Prospects for Economic Extraction

An open pit optimization was conducted using the Deswik<sup>®</sup> software (2023.1074 version) to determine the extent of the Mineral Resource with "reasonable prospects for economic extraction" by open pit mining methods.

For Mineral Resource estimation reporting, a cut-off grade (CoG) of 0.39 g/t gold was used for both open pit mines. CoG is derived from the economic parameters presented in Table 11-16 and 11-17 based on an open pit mining scenario. A long term consensus price was adopted for reporting of Mineral Resource and Mineral Reserves.

The operating assumptions are shown in Table 11-17. These assumptions are conceptual in nature, however. geotechnical parameters were revised based on local observations and technical studies done during 2023 (Geotech Consultoria e Projectos, 2023).

**Table 11-16 – Nosde and Lavrinha Cut-off (CoG) Grade Assumptions**

---

| | | |
|:---|:---|:---|
| **Input** | **Value** | **Unit** |
| Metallurgical recovery | 93.5% | % |
| Dilution | 0% | % |
| Exchange rate | 5.1 | USD/BRL |
| Selling Cost | 77.31 | USD/oz |
| Resources Gold Price | 1900 | USD/oz |
| **Costs** |  |  |
| Mining cost | 2.26 | USD/t mined |
| Mining fixed cost | 1.53 | USD/t mined |
| Total processing cost | 11.87 | USD/t processed |
| Variable processing cost | 7.36 | USD/t processed |
| General and administrative | 3.79 | USD/t processed |
| Premium cost for ore | 1.54 | USD/t processed |
| Sustaining cost for mine | 0.39 | USD/t processed (LOM) |
| Sustaining cost for process | 2.04 | USD/t processed (LOM) |
| **Cut-off Grade** |  |  |
| Ore Grade | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | g/t |
| Marginal Ore | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | g/t |

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**Table 11-17: Nosde and Lavrinha Optimization parameters**

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| | |
|:---|:---|
| **Input** | **Value / Unit** |
| Gold price | US$1,900/oz |
| Gold Refining/Insurance/Transport Charge | US$77.3/oz |
| Royalties (CFEM') | 1.5% of Gross Revenue |
| Exchange rate | R$5.10:US$1 |
| **Costs** |  |
| Mining fixed | US$1.53/t mined |
| Mining fresh rock ore | US$3.80/t mided |
| Mining fresh rock waste | US$2.26/t mined |
| Processing | US$11.87/t processed |
| G&A | US$3.79/t processed |
| Sustaining for Mine | US$0.39/t mined |
| Sustaining for Process | US$2.04/t processed |
| **Mine and Plant Assumptions** |  |
| Plant recovery | 93.5% |
| Mining recovery | 100.0% |
| Total Dilution (planned and unplanned) | 0.0% |
| Weathered rock pit design parameters |  |
| **Geotechnical Assumptions** |  |
| Weathered rock pit design parameters |  |
| Face angle | 60º |
| Bench height | 10m |
| Berm width | 6.5m |
| Overall slope angle | 38º |
| **Fresh rock pit design parameters** |  |
| Face angle | 80º |
| Bench height | 20 m |
| Berm width | 8.5m |
| Overall slope angle | 56º |
| Ramp width | 13m |

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11.1.15 Mineral Resource Statement and Sensitivity

The updated Mineral Resource Estimate is based on 3D domains that encompassed all economic gold mineralization in the Nosde and Lavrinha deposits and is reported exclusive from Mineral Reserve.. These mineralized domains were analysed for grade capping and variography and then were interpolated using the ordinary kriging method. Once the block model was completed it was classified into Measured, Indicated, and Inferred Mineral Resources in accordance with the definitions for Mineral Resources in S-K 1300. This was followed by a pseudo-flow open pit optimization in Deswik<sup>®</sup> software which resulted in the updated Mineral Resource Estimate.

Figure 11-29 and Figure 11-30 shows Mineral Resource blocks within an optimized pit using US$1,900/oz.

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![](ex9603_166.jpg)

**Figure 11-29: Nosde and Lavrinha mines cross section showing classified block model within Mineral Resources optimized Pit (1900$/oz)**

![](ex9603_167.jpg)

**Figure 11-30: Nosde and Lavrinha mines cross section showing block grade within Mineral Resources optimized Pit(1900$/oz)**

Mineral Resources of the Nosde and Lavrinha Mines as of October 31, 2023, are shown in Table 11-18.

**Table 11-18 : Mineral Resources of the Nosde and Lavrinha Mines (Exclusive)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mineral Resource Estimate for Nosde and Lavrinha Mines** | **Mineral Resource Estimate for Nosde and Lavrinha Mines** | **Mineral Resource Estimate for Nosde and Lavrinha Mines** | **Mineral Resource Estimate for Nosde and Lavrinha Mines** | **Mineral Resource Estimate for Nosde and Lavrinha Mines** | **Mineral Resource Estimate for Nosde and Lavrinha Mines** |
| **Effective October 31, 2023** | **Effective October 31, 2023** | **Effective October 31, 2023** | **Effective October 31, 2023** | **Effective October 31, 2023** | **Effective October 31, 2023** |
| **Mines** | **Classfication** | **Tonnage (t)** | **Grade Au Wt)** | **Contained Au (oz)** | **Recovery (%)** |
| **Mines** | **Classfication** | **Tonnage (t)** | **Grade Au Wt)** | **Contained Au (oz)** | **Recovery (%)** |
| **Nosde** | Measured | 446 823 | 0.64 | 9 248 | 93.5 |
| **Nosde** | Indicated | 1 447 852 | 1.05 | 48 815 | 93.5 |
| **Nosde** | **M&I** | **1 894 675** | **0.95** | **58 063** | **93.5** |
| **Nosde** | Inferred | 194 516 | 1.33 | 8 305 | 93.5 |
| **Lavrinha** | Measured | 54 610 | 0.98 | 1 717 | 93.5 |
| **Lavrinha** | Indicated | 673 110 | 1.13 | 24 545 | 93.5 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mineral Resource Estimate for Nosde and Lavrinha Mines** | **Mineral Resource Estimate for Nosde and Lavrinha Mines** | **Mineral Resource Estimate for Nosde and Lavrinha Mines** | **Mineral Resource Estimate for Nosde and Lavrinha Mines** | **Mineral Resource Estimate for Nosde and Lavrinha Mines** | **Mineral Resource Estimate for Nosde and Lavrinha Mines** |
| **Effective October 31, 2023** | **Effective October 31, 2023** | **Effective October 31, 2023** | **Effective October 31, 2023** | **Effective October 31, 2023** | **Effective October 31, 2023** |
| **Mines** | **Classfication** | **Tonnage (t)** | **Grade Au Wt)** | **Contained Au (oz)** | **Recovery (%)** |
| **Mines** | **Classfication** | **Tonnage (t)** | **Grade Au Wt)** | **Contained Au (oz)** | **Recovery (%)** |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **M&I** | **727 720** | **1.12** | **26 262** | **93.5** |
| | Inferred | 213 390 | 1.37 | 9 382 | 93.5 |
| **Nosde & Lavrinha** | **Total (M&I)** | **2 622 395** | **1.00** | **84 326** | **93.5** |
| **Nosde & Lavrinha** | Total (Inferred) | 407 907 | 1.35 | 17 700 | 93.5 |

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Mineral Resource Notes and Assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Mineral Resources Estimate has an effective date of October 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources do not have demonstrated economic viability.

&nbsp;&nbsp;&nbsp;&nbsp;3. The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Mineral Resource estimate is reported on a 100% ownership basis.

&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are exclusive of Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;6. Metallurgical recoveries reported as the average over the life of mine.

&nbsp;&nbsp;&nbsp;&nbsp;7. The base case cut-off grade for the estimate of Mineral Resources is 0.39 g/t Au

&nbsp;&nbsp;&nbsp;&nbsp;8. The Measured, indicated and inferred mineral resources are contained within a limiting pit shell (using
US1900 $/oz. gold price) and comprise a coherent body.

&nbsp;&nbsp;&nbsp;&nbsp;9. A density model based on alteration and rock type was established for volume to tonnes conversion averaging
2.74 tonnes /m3.

&nbsp;&nbsp;&nbsp;&nbsp;10. Contained metal figures may not add due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;11. Surface Topography as of October 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;12. The Mineral Resource Estimate for the Nosde and Lavrinha deposits was prepared under supervision of Farshid
Ghazanfari, P.Geo., Aura;s Geology and Mineral Resources director, a Qualified Person as that term is defined in S-K 1300.

11.1.16 Factors that may affect the Mineral Resource Estimate

Areas of uncertainty that may materially impact the Mineral Resource Estimate include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to long to term metal price assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to the input values for mining, processing, and general, and administrative costs to constrain
the estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to local interpretations of mineralization geometry and continuity of mineralized zones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to the density values applied to the mineralized zones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to metallurgical recovery assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes in assumptions of marketability of the final product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Variations in geotechnical, hydrogeological, and mining assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to assumptions with an existing agreement or new agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to environmental, permitting, and social licence assumptions.

11.1.17 QP's Opinion about Mineral Resource Estimate

The QP is not aware of any environmental, legal, title, taxation, socio or economic, marketing, political or other relevant factors that would materially affect the estimation of Mineral Resources that are not discussed in this TRS. The QP is of the opinion that the Mineral Resources were estimated using industry accepted practices and conform to the definitions for Mineral Resources in S-K 1300. Technical and economic parameters and assumptions applied to the Mineral Resource Estimate are based on parameters received from other consultants and reviewed by QP to determine if they were appropriate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Ernesto and Ernesto Connection Mineral Resource Estimate

11.2.1 Introduction

The updated Mineral Resource Estimate for the Ernesto and Ernesto Connection were estimated by conventional 3D computer block modelling methods employing Dassault Systems Geovia mining software V6.4. The Mineral Resource Estimate is based on surface diamond drilling core sampling and gold assaying. Assaying was performed at SGS and ALS commercial laboratory in Belo Horizonte and at Ernesto mine laboratory as well as Aura Sao Francisco lab, all in Brazil.

The main gold mineralization in the Ernesto Mine developed within the Lower Trap zone and consists largely of free gold hosted by mylonite, muscovite schist, and quartz veins accompanied by sulphides that occur along the sheared contact between meta-tonalite and meta-arenite. In addition to Lower Trap, gold also occurs along the sheared contact between meta-conglomerate and meta-arenite in the Middle Trap in the Ernesto Mine.

The Ernesto Connection deposit is a continuation of the old Ernesto Mine towards the west that was historically mined by Yamana Gold and ceased operation in 2014 and remains abandoned. Gold mineralization in the Ernesto connection deposit occurs mainly in contact with the meta-conglomerate and meta-arenite of the Middle Trap and also partially in the muscovite schist of the Upper Trap.

Mineralization is epigenetic, hydrothermal in origin and is structurally controlled. The Ernesto mine rock foliation and mineralized contact trend NNW and have a shallow dip of approximately -25° NNE. The contact is not uniformly planar and is subject to rolling. The Lower Trap zone has been mined by Aura since 2020.

The Ernesto Connection mineralized zone trends E-W and has shallow dip of approximately -15° WSW.

11.2.2 Ernesto and Ernesto Connection Database

The Ernesto Mine database is divided into three sub-categories including exploration or diamond drill hole database (ERN-EX), RC hole database (ERN-MP) and grade control database (ERN-CP). Table 11-19 shows the Ernesto databases and numbers of holes, samples and other related information. Ernesto connection has only one exploration database (ERC-EX) (Table 11-20).

The Ernesto Lower Trap and Middle Trap zones has been sampled by surface diamond drilling and core sampling. Core for the surface drilling is largely NQ (47.6 mm). The Ernesto database contains 408 diamond drill holes, totaling 64,750 metres drilled of which 239 (38,264m) are historic holes drilled from 1994 to 2013, mainly by Yamana, and 169 were drilled by Aura since 2015.

A total of 52,015 samples are included in the database of which 48.706 have assay results and 4.274,77 metres of drill holes were not sample.

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**Table 11-19: Ernesto Mine Database Status Summary**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PROSPECT** | **YEAR** | **HOLES** | **DEPTH** | **SAMPLES** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** |
| **PROSPECT** | **YEAR** | **HOLES** | **DEPTH** | **SAMPLES** | **ALS LAB** | **SGS LAB** | **SFR LAB** | **EPP LAB** | **UNK LAB** |
| ERN-EX | 1994-2014 DD | 239 | 38 263.93 | 17 570 | 7 960 | 3 893 |  | 4 518 | 1 199 |
| ERN-EX | 2015 DD | 21 | 3 076.95 | 614 |  | 614 |  |  |  |
| ERN-EX | 2017 DD | 25 | 2 998.63 | 729 |  | 537 |  | 192 |  |
| ERN-EX | 2018 DD | 12 | 1 823.44 | 323 |  | 323 |  |  |  |
| ERN-EX | 2021 DD | 37 | 5 146.8 | 2 856 |  | 2 856 |  |  |  |
| ERN-EX | 2022 DD | 74 | 13 440.2 | 9 521 |  | 8 603 |  | 490 |  |
| **TOTAL** | **TOTAL** | **408** | **64 750** | **31 613** | **7 960** | **16 826** | **0** | **5 200** | **1 199** |
| **PROSPECT** | **YEAR** | **HOLES** | **DEPTH** | **SAMPLES** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** |
| **PROSPECT** | **YEAR** | **HOLES** | **DEPTH** | **SAMPLES** | **ALS LAB** | **SGS LAB** | **SFR LAB** | **EPP LAB** | **UNK LAB** |
| ERN-EX | 2019 | 377 | 6 857 | 6 846 |  | 0 |  | 6 846 |  |
| ERN-EX | 2020 | 3 284 | 63 976 | 63 904 |  | 3 143 |  | 60 761 |  |
| ERN-EX | 2021 | 3 419 | 63 006 | 62 284 |  | 0 |  | 62 284 |  |
| ERN-EX | 2022 | 1 006 | 17 371 | 16 997 |  | 0 |  | 16 997 |  |
| ERN-EX | 2023 | 1 312 | 24 072 | 23 412 |  | 0 |  | 19 622 |  |
| ERN-EX | 2020 | 443 | 9 273 | 8 660 |  | 0 |  | 8 660 |  |
| ERN-EX | 2021 | 309 | 4 808 | 4 803 |  | 0 |  | 4 803 |  |
| ERN-MP | 2020 | 203 | 10 383 | 10 255 |  | 4 718 |  | 5 537 |  |
| ERN-MP | 2021 | 245 | 12 301 | 11 151 |  | 11 021 |  | 130 |  |
| ERN-MP | 2022 | 189 | 12 089 | 7 928 |  | 0 |  | 7 928 |  |
| ERN-MP | 2023 | 282 | 14 911 | 12 347 |  | 0 |  | 12 346 |  |
| TOTAL | TOTAL | 11 069 | 239 047 | 228 587 | 0 | 18 882 | 0 | 205 914 | 0 |

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D: Diamond Drilling, RC;Rotary Core Drilling, PW: Pneumatic Drilling, SFR: Sao Francisco Mine Laboratory, EPPLAB: EPP Mines Laboratory, SGSLAB SGS laboratory, ALSLAB:ALS Laboratory.

**Table 11-20: Ernesto Connection Database Status Summary**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PROSPECT** | **YEAR** | **HOLES** | **HOLES** | **DEPTH** | **SAMPLES** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** | **SAMPLES WITH AU RESULTS** |
| **PROSPECT** | **YEAR** | **HOLES** | **HOLES** | **DEPTH** | **SAMPLES** | **ALS LAB** | **SGS LAB** | **SFR LAB** | **EPP LAB** | **UNK LAB** |
| ERN-EX | 1994-2014 DD | 70 | 70 | 7 776.21 | 6 097 | 2 531 | 350 |  | 523 | 2 693 |
| ERN-EX | 2018 DD | 9 | 9 | 816.43 | 374 | 0 | 374 |  | 0 | 0 |
| ERN-EX | 2021 DD | 62 | 62 | 10 157.96 | 9 437 | 0 | 9 437 |  | 0 | 0 |
| ERN-EX | 2022 DD | 4 | 4 | 593.27 | 490 | 0 | 490 |  | 0 | 0 |
| **TOTAL** | **TOTAL** | **TOTAL** | **145** | **19 344** | **16 398** | **2 531** | **10 651** | **0** | **523** | **2 693** |

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11.2.3 Ernesto and Ernesto Connection Geological and Domain Modelling

<u>Ernesto Deposit</u>

The geological layout of the Ernesto deposit area is subdivided into seven lithological domains, two of which are potentially mineralized (Figure 11-31 B and C). These domains are metaconglomerate (MGL) and Mylonite (MYL). Furthermore, local mineralization is observed in the metarenites (MAR), higher than MGL and lower than MGL, but has not been considered as a potentially mineralized host. The geological modeling of these domains is based on long-term geology (25 x 25m drilling grid), as well as on interpretations made by geologists from Aura For methodological purposes, and because they are continuous sedimentary tracts of a rift-type

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basin, specifically in the deposit by the basal unit of the Fortuna Formation (Aguapeí Group) - transitional environment of shallow sea and tidal current, the modeling strategy was defined using an interpolator called Stratigraphic Sequences, within the LeapFrog Geo<sup>®</sup> (Seequent) routine.

The contact surfaces, associated with the types of contact between the units, was chosen as erosion in Leapfrog Geo<sup>®</sup>, while the strata are defined, some units can cut other contact surfaces on the oldest side of the contact surface with erosion. This is seen in some central portions of the deposit. There are also irregular contacts with the basal metatonalitic (Figure 11-31 A).

All seven units exhibit dip (foliations) normally between 20 and 45º to the NE and deepen more significantly in the continuity of the N-NE trend (Figure 11-31 B and C). In an internal report (Carvalho, 2006) the author mentions that steps and ramps occur along the dip of the Trap foliation. This change in the dip of the foliation, in the Lower Trap, may be responsible for increasing the volume/grade of mineralization. This is a normal situation found in deposits associated with low-angle faults (both those related to thrust and normal faults).

![](ex9603_168.jpg)

**Figure 11-31: Geological Model of the Ernesto Deposit**

Legend: A) Plan map with lithological units in the pit region and northern extensions; in B) Section with the 7 lithological units of the deposit and C) Lithological section of the two mineralized units associated.

The two potentially mineralized units (MGL and MYL), respectively Middle Trap and Lower Trap, have a permeable conglomeratic horizon, where it crosses dilatation structures developed by folding and faults. This horizon is composed of milky quartz veins with fresh and weathered pyrites, with alteration of the sericite and chlorite matrix and fissure hematite. Mylonite, on the other hand, consists of an intensely altered mylonite zone developed along detachment structures between the Lavrinha tonalite and the feldspathic metarenite of the Fortuna Formation. Alteration associated with gold mineralization within the mylonitic zone includes abundant veins (i.e. parallel to foliation) of quartz, and veins with coarse-grained euhedral pyrite and fine-grained bipyramidal crystalline magnetite, along with visible gold. In addition, there is sericite, chlorite, specularite and

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fissure hematite and fine-grained limonite present. The presence of extensional faults at the time of mineralization caused the alteration of the tonalitic unit of the footwall. Tonalite is extensively weathered and historically recorded as saprolite.

Lithological models were used to confine the grade shell models in Leapfrog Geo<sup>®</sup> Software. A nominal 0.2 g/t Au cut-off was used to constrain mineralization within two main mineralized units (MYL and MGL). The local mineralization within metarenites (MAR) and Saprolite (SAP) was also modeled using the same nominal cut-off grade.

Figure 11-32 shows two grade shells for mineralization within mylonite (MYL) and meta-conglomerate (MGL).

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![](ex9603_014a.jpg)

**Figure 11-32: Ore Grade Shell Model of the Ernesto Deposit**

<u>Ernesto Connection Deposit</u>

The Ernesto connection mineralization is associated with the eastern and western flanks of the Lavrinha anticline, which dip 20-60º to N-NW, parallel and discordant with the NW-trending foliation.

The main lithologies in the Ernesto connection are metarenite (MAR) and metaconglomerate (MGL) of the Middle Trap at the bottom and the schist of the Upper Trap on top.

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The Middle Trap is associated with permeable conglomeratic horizons, where it intersects dilatation structures developed by possible folding and faulting (Figure 11-33). These conglomeratic horizons composed of milky quartz veins with fresh and weathered pyrites, with alteration of the sericite and chlorite matrix and fissure hematite. This trap appears in the old Ernesto pit and is recognized in drill holes in the Ernesto Connection, Nosde and Lavrinha deposits.

![](ex9603_169.jpg)

**Figure 11-33: Geological Model of the Ernesto Connection Deposit**

Legend: A) Plan map with lithological units in the pit region and northern extensions; in B) Section with the 7 lithological units of the deposit and C) Cross section of the lithological units associated.

11.2.4 Bulk Density

Before Aura, water immersion bulk density testing was carried out at Ernesto by MSE and Yamana for a total of 529 core samples in 66 ER series holes. An additional 25 tests were performed during Knight Piesold's geotechnical work in 2015 for the purpose of the feasibility study. Aura started to collect density samples in 2021 and continued during the operation until the end of 2023 for a total of 804 core samples from 71 drill holes.

For the Ernesto connection 98 core samples were collected from 17 drill holes by Yamana in 2006 and 2009. Aura collected 615 samples from 58 drill holes during the 2021 drill campaign.

Table 11-21 and Table 11-22 shows the average bulk densities for the main lithological units in the Ernesto and Ernesto connection area respectively.

**Table 11-21: Average bulk densities for the main lithological units in the Ernesto deposit**

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|:---|:---|:---|
| **LITHO CODE** | **DESCRIPTION** | **Average Bulk Density (t/m<sup>3</sup>)** |
| SAP | Saprolite | 2.14 |
| SSCH/SQSCH | Sericite/Muscovite Schist | 2.73 |

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| **LITHO CODE** | **DESCRIPTION** | **Average Bulk Density (t/m<sup>3</sup>)** |
| MPEL | Metapelite | 2.72 |
| MAR | Metarenite | 2.65 |
| MGL | Metaconglomerate | 2.54 |
| FMAR | Feldspar Metarenite | 2.46 |
| MYL | Muscovite Schist (Mylonite) | 2.62 |
| QZV | Quartz Vein | 2.76 |
| MTNL | Metatonalite | 2.50 |
| BRXX | Breccia | 2.21 |
| CMAR | Conglomeratic Metarenite | 2.55 |
| GRA | Granitoid | 2.47 |
| DBS | Mafic Rock/Diabase | 2.48 |

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**Table 11-22: Average bulk densities for the main lithological units in the Ernesto connection deposit**

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| | | |
|:---|:---|:---|
| **LITHO CODE** | **DESCRIPTION** | **Average Bulk Density (t/m<sup>3</sup>)** |
| SAP | Saprolite | 2.21 |
| SSCH/SQSCH | Sericite/Muscovite Schist | 2.51 |
| MPEL | Metapelite | 2.62 |
| MAR | Metarenite | 2.48 |
| MGL | Metaconglomerate | 2.53 |
| FMAR | Feldspar Metarenite | 2.41 |
| MYL | Muscovite Schist (Mylonite) | 2.44 |
| QZV | Quartz Vein | 2.38 |
| MTNL | Metatonalite | 2.35 |
| BRXX | Breccia | 2.39 |
| CMAR | Conglomeratic Metarenite | 2.41 |

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11.2.5 Exploratory Data Analysis (Ernesto Mine)

Exploratory analysis was done using Snowden Supervisor Software V.8. Statistical analysis of the data was performed on each mineralized domain.

A total of 46,308 assay results from 553 diamond drill holes and 48,883 assay results from 919 RC holes have been recorded and stored in the database. In addition, a total of 187,368 assay results from 10,049 rotary production holes are recorded and stored in the database. From this number of assays only 14,298 assays fall inside the mylonite model and 13,708 assays fall inside the Middle Trap metaconglomerate model, which are used for Mineral Resource estimation. Sample lengths for diamond drill holes are quite variable, from 6 centimetres to 4.20 of metres with a mean of 1.1 metres. Sample lengths for both RC and rotary production holes are 1.0 metre.

<u>Compositing</u>

Samples within each mineralized envelope were composited into 2.0 m intervals. All the short intervals (<0.50 m) are removed from the dataset for Mineral Resource estimation to avoid local bias mainly in the fringe of the mineralized zones.

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Figure 11-34 and Figure 11-35 show histograms and log of probability plots for composited assays of mylonite and metaconglomerate mineralized zones.

<u>Capping Strategy and Treating of Outliers</u>

Capping is the process of artificially reducing high values within a sample population that are regarded as statistically anomalous with respect to the population as a whole (outliers), to avoid the distorting influence these values would have on the statistical characteristics of the population if left at their full value. The risk of including atypically high values in a Mineral Resource Estimate is that their contribution to the estimated grade will be disproportionate to their contribution to the tonnage, and therefore the grade of the resource as a whole will be overstated.

Log probability plots are commonly used to determine whether capping is appropriate. If a single sample population is present, the cumulative frequency curve is a relatively straight line; steps in the curve indicate the potential presence of separate or mixed populations.

There is a noticeable break in curves of log of probability plots for mylonite at 45.0 g/t Au and for metaconglomerate at 15.0 g/t Au. These values are taken as capping values for each mineralized domain.

For the mylonite domain a total of 29 assays were cut and for the metaconglomerate domain a total 25 assay were cut after compositing.

![](ex9603_170.jpg)

**Figure 11-34: Histogram and Log Probability Plots for Composited Gold Assay Values (Mylonite Domain)**

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![](ex9603_171.jpg)

**Figure 11-35: Histogram and Log Probability Plots for Composited Gold Assay Values (Metaconglomerate Domain)**

Statistics of composited assay data (uncapped) for each mineralized zone are shown in Table 11-23.

**Table 11-23: Summary statistics of Au (g/t) composited data in Ernesto deposit (only EX and MP data)**

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| | | |
|:---|:---|:---|
| **Composites** | **Mylonite** | **Metaconglomerate** |
| Number of Composites | 12311 | 11911 |
| Minimum | 0.00 | 0.00 |
| Maximum | 139.36 | 44.49 |
| Mean | 2.65 | 0.84 |
| Standard deviation | 5.28 | 1.52 |
| Variance | 27.89 | 2.32 |
| Coefficient of variance | 1.99 | 1.81 |
| Q1 | 0.34 | 0.27 |
| Q2 | 0.93 | 0.45 |
| Q3 | 2.69 | 0.86 |

---

11.2.6 Exploratory Data Analysis (Ernesto Connection)

Exploratory analysis was done using Snowden Supervisor Software V.8. Statistical analysis of the data was performed on each mineralized domain.

A total of 16,398 assay results from 145 diamond drill holes are stored in the database. From this number of assays only 3,993 assays are inside the mineralized model which are used for Mineral Resource estimation. Sample lengths for diamond drill holes are quite variable, from 0.2 centimetres to 2.80 of metres with a mean of 1.0 metres.

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Samples within each mineralized envelope were composited into 2.0 m intervals. All the short intervals (<0.50 m) are removed from the dataset for Mineral Resource estimation to avoid local bias mainly in the fringe of the mineralized zones.

Figure 11-36 and Figure 11-37 show histograms and log probability plots for raw and composited assays for the metaconglomerate and metarenites of Middle Trap zone of the Ernesto connection deposit.

<u>Capping Strategy and Treating of Outliers</u>

The break in curves of log of probability plots for mineralized domains of metarenite and metaconglomerate was estimated at 10.0 g/t (Figure 11-36 and Figure 11-37). These values are taken as capping values for the mineralized domains. A total of 14 assays within mineralized domains was capped after compositing.

![](ex9603_173.jpg)

**Figure 11-36: Histogram and Log Probability Plots for Raw Gold Assay Values (Ernesto Connection)**

![](ex9603_174.jpg)

**Figure 11-37: Histogram and Log Probability Plots for 2m composited Gold Assay Values (Ernesto Connection)**

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11.2.7 Variogram Analysis

Exploratory analysis of composited data and variogram analysis only was performed only on exploration and infill dataset, excluding grade control data for the Ernesto and Ernesto connection deposits. The search ellipsoids for grade estimation were developed using variograms for each domain. Variograms were established in each domain for gold in the same structural orientations used to develop the mineralized solids. Gold was modeled using two spheroidal structures and a moderate nugget, both consistent with the grade continuity and known controls on mineralization.

In the Ernesto connection deposit, mineralization in conglomeratic metarenite is divided into two sets of domains for estimation and variogram analysis. The flat domain is where mineralization has an E-W strike direction and a slightly angled domain with an E-W strike and a 10 to 20 dip to the west.

Variogram model parameters and orientation data of rotated variogram axes are shown in Table 11-24 for Ernesto and Table 11-25 for Ernesto connection. Gold grade normal score variograms for Ernesto and Ernesto connection including downhole direction for each mineralized domain as shown in Figure 11-38 to Figure 11-41.

**Table 11-24: Variograms Model Parameters (Ernesto deposit)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Nugget** | **Spherical Structure 1** | **Spherical Structure 1** | **Spherical Structure 1** | **Spherical Structure 1** | **Spherical Structure 2** | **Spherical Structure 2** | **Spherical Structure 2** | **Spherical Structure 2** |
| **Domain** | **Nugget** | **Sill** | **Major** | **Semi-Major** | **Minor** | **Sill** | **Major** | **Semi-Major** | **Minor** |
| Mylonite | 0.66 | 0.3 | 20 | 20 | 3 | 0.04 | 100 | 100 | 10 |
| Metarenite | 0.71 | 0.19 | 20 | 20 | 10 | 0.1 | 110 | 75 | 25 |

---

**Table 11-25: Variograms Model Parameters (Ernesto connection deposit)**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Nugget** | **Spherical Structure 1** | **Spherical Structure 1** | **Spherical Structure 1** | **Spherical Structure 1** | **Spherical Structure 2** | **Spherical Structure 2** | **Spherical Structure 2** | **Spherical Structure 2** |
| **Domain** | **Nugget** | **Sill** | **Major** | **Semi-Major** | **Minor** | **Sill** | **Major** | **Semi-Major** | **Minor** |
| Conglomeratic Metarenite (Flat) | 0.49 | 0.44 | 25 | 25 | 5 | 0.07 | 65 | 60 | 15 |
| Conglomeratic Metarenite (Angled) | 0.87 | 0.11 | 35 | 40 | 5 | 0.02 | 100 | 100 | 35 |

---

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![](ex9603_175.jpg)

**Figure 11-38: Ernesto Variograms (Lower Trap Mylonite Domain)**

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![](ex9603_176.jpg)

**Figure 11-39 : Ernesto Variograms (Middle Trap Metarenite Domain)**

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![](ex9603_177.jpg)

**Figure 11-40: Ernesto Connection Variograms (Flat Conglomeratic Metarenite Domain)**

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![](ex9603_178.jpg)

**Figure 11-41: Ernesto Connection Variograms (Angled Conglomeratic Metarenite Domain)**

Summary findings from the Ernesto variography analyses includes:

&nbsp;&nbsp;&nbsp;&nbsp;· The nugget effect is high for both Lower Trap mylonite and Middle Trap metarenite at approximately 0%
of the sill regardless of capping, or exclusion of grade control data. Given the known deposit style of orogenic gold, observed mineralization
in the core, swarms of quartz veins as dominant features of gold mineralization, free gold, and spatial distribution of grades, a high
nugget effect is expected.

&nbsp;&nbsp;&nbsp;&nbsp;· First structure ranges are constantly short, typically at 20 m. However, the second structure ranges are
relatively long ranges from 25 m to 100 m (depending on the direction of continuity). This is also expected given the known deposit style
where

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continuity in short distances is weak and improves over longer distances for each pair in variograms.

&nbsp;&nbsp;&nbsp;&nbsp;· Minor direction of continuity is always short and variograms are poor even with the inclusion of tight
spacing grade control data. This is a signature of the type of mineralization in the entire EPP complex. However, in mineralization within
the Middle Trap metarenite ranges are even smaller.

Summary findings from the Ernesto connection variography analyses includes:

&nbsp;&nbsp;&nbsp;&nbsp;· The nugget effect is high for both flat and angled conglomeratic metarenite at approximately 87% of the
sill regardless of capping, or exclusion of grade control data. Given the known deposit style of orogenic gold, observed mineralization
in the core, presence of quartz veins as dominant features of gold mineralization, free gold, and spatial distribution of grades, a high
nugget effect is expected.

&nbsp;&nbsp;&nbsp;&nbsp;· First structure ranges are constantly short typically ranges between 25 m to 35 m. However, the second
structure ranges are relatively long ranges from 65 m to 100 m (depending on the direction of continuity). This is also expected given
the known deposit style where continuity in short distances is weak and improves over longer distances for each pair in variograms.

&nbsp;&nbsp;&nbsp;&nbsp;· Minor direction of continuity is always short and variograms are poor even with the inclusion of tight
spacing historical grade control data. This is a signature of the type of mineralization in the entire EPP complex. However, for the Middle
Trap conglomeratic metarenite ranges are even smaller.

11.2.8 Block Model Set Up

Block model parameters which are assigned in Geovia Gem software<sup>®</sup> are given in Table 11-26 and Table 11-27. The origin is the block centroid for minimum X, Y, and Z. Each block was discretized 5 x 5 x 1 (x, y, z directions). Block models are not rotated.

**Table 11-26: Ernesto Connection Variograms (Angled Conglomeratic Metarenite Domain)**

---

| | | | |
|:---|:---|:---|:---|
| | **East** | **North** | **Elevation** |
| **Origin** | 256950 | 8303400 | 500 |
| **Block Size (m)** | 10 | 10 | 2 |
| **No. of Blocks** | 175 | 240 | 250 |
| **Rotation** |  |  |  |

---

**Table 11-27: Ernesto Connection Block Parameters**

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| | | | |
|:---|:---|:---|:---|
| | **East** | **North** | **Elevation** |
| **Origin** | 256375 | 8303715 | 526 |
| **Block Size (m)** | 10 | 10 | 2 |
| **No. of Blocks** | 180 | 135 | 275 |
| **Rotation** |  |  |  |

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11.2.9 Grade Interpolation

The grade interpolation used Ordinary Kriging with variography as set out in Section11.2.6. The updated 3D model coded in the block model, was interpolated, using just the data points from inside that zone as the data source. The mineralized domains were modelled using 3 interpolation runs. Given the latest average grid spacing of about 25 m by 25 m for the Lower Trap domain in Ernesto, the short 1st structure in the variograms was adopted for the first pass which was used later for classification purpose. The second pass adopted the full range of the correlogram model both for the Ernesto and Ernesto connection. The third pass was approximately set at two times the range of the correlogram model both for Ernesto and Ernesto connection (Figure 11-38 to Figure 11-41). The entire model was populated by gold grade using the three passes. At least six holes were used to estimate the blocks for first pass and 3 holes were used to estimated blocks in second pass (defining three composites per hole as a maximum of samples used in grade interpolation). Estimation parameters for Ernesto and Ernesto Connection are shown in Table 11-28 and Table 11-29.

**Table 11-28: Ernesto Estimation Parameters**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SEARCH REFERENCE** | **Domain** | **SEARCH DISTANCES (m)** | **SEARCH DISTANCES (m)** | **SEARCH DISTANCES (m)** | **MINIMUM N° COMPOSITES** | **MAXIMOUS N° COMPOSITES** | **MINIMUM DRILLHOLES** | **MAXIMUM COMPOSITES PER HOLE** |
| **SEARCH REFERENCE** | **Domain** | **X** | **Y** | **Z** | | | | |
| 1 | Mylonite (Lower Trap) | 20 | 20 | 3 | 9 | 24 | 6 | 3 |
| 2 | Mylonite (Lower Trap) | 100 | 100 | 5 | 9 | 24 | 3 | 3 |
| 3 | Mylonite (Lower Trap) | 160 | 220 | 30 | 1 | 24 | 1 | _ |
| 1 | Metarenite (Middle Trap) | 20 | 20 | 10 | 9 | 24 | 6 | 3 |
| 2 | Metarenite (Middle Trap) | 110 | 75 | 25 | 9 | 24 | 3 | 3 |
| 3 | Metarenite (Middle Trap) | 200 | 200 | 40 | 1 | 24 | 1 | _ |

---

**Table 11-29: Ernesto Connection Estimation Parameters**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SEARCH REFERENCE** | **Domain** | **SEARCH DISTANCES (m)** | **SEARCH DISTANCES (m)** | **SEARCH DISTANCES (m)** | **MINIMUM N° COMPOSITES** | **MAXIMOUS N° COMPOSITES** | **MINIMUM DRILLHOLES** | **MAXIMUM COMPOSITES PER HOLE** |
| **SEARCH REFERENCE** | **Domain** | **X** | **Y** | **Z** | | | | |
| 1 | Mylonite (Lower Trap) | 25 | 25 | 5 | 9 | 24 | 6 | 3 |
| 2 | Mylonite (Lower Trap) | 65 | 60 | 15 | 9 | 24 | 3 | 3 |
| 3 | Mylonite (Lower Trap) | 120 | 120 | 30 | 2 | 12 | 1 | _ |
| 1 | Metarenite (Middle Trap) | 35 | 30 | 5 | 9 | 24 | 6 | 3 |
| 2 | Metarenite (Middle Trap) | 100 | 100 | 35 | 9 | 24 | 3 | 3 |
| 3 | Metarenite (Middle Trap) | 100 | 100 | 35 | 2 | 12 | 1 | _ |

---

11.2.10 Block Models Validation

The block model validation process included visual comparisons between block estimates and composite grades in plan and section, statistical comparison of raw assay values, composite

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assay values versus block grade values (Table 11-30 and Table 11-31). In addition, block estimates were visually compared to the drill hole composite data in all wireframes to ensure agreement. No material grade bias issues were identified, and the block model grades compared well to the composite data.

**Table 11-30: Ernesto Block Mode Au (g/t Statistics (All Domains)**

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| | | | |
|:---|:---|:---|:---|
| **Ernesto** | **Domain** | **Domain** | **Domain** |
| **Ernesto** | **All** | **Mylonite** | **Metarenite** |
| **Block Model Results** | **Block Model Results** | **Block Model Results** | **Block Model Results** |
| Number of blocks | 35258 | 18801 | 16457 |
| Minimum | 0.00 | 0.00 | 0.00 |
| Maximum | 14.49 | 14.49 | 5.55 |
| Mean | 1.21 | 1.67 | 0.68 |
| Standard deviation | 1.18 | 1.42 | 0.39 |
| Variance | 1.39 | 2.02 | 0.15 |
| Coefficient of variance | 0.98 | 0.85 | 0.57 |
| Q1 | 0.52 | 0.83 | 0.45 |
| Q2 | 0.84 | 1.29 | 0.58 |
| Q3 | 1.45 | 2.09 | 0.79 |
| **Composites** | **Composites** | **Composites** | **Composites** |
| Count | 24222 | 12311 | 11911 |
| Minimum | 0.00 | 0.00 | 0.00 |
| Maximum | 139.36 | 139.36 | 44.49 |
| Mean | 1.76 | 2.65 | 0.84 |
| Standard deviation | 4.02 | 5.28 | 1.52 |
| Variance | 16.14 | 27.89 | 2.32 |
| Coefficient of variance | 2.28 | 1.99 | 1.81 |
| Q1 | 0.29 | 0.34 | 0.27 |
| Q2 | 0.59 | 0.93 | 0.45 |
| Q3 | 1.52 | 2.69 | 0.86 |
| **Raw Samples** | **Raw Samples** | **Raw Samples** | **Raw Samples** |
| Count | 28006 | 14298 | 13708 |
| Minimum | 0.00 | 0.00 | 0.00 |
| Maximum | 190.48 | 190.48 | 55.56 |
| Mean | 1.96 | 3.00 | 0.88 |
| Standard deviation | 5.14 | 6.84 | 1.69 |
| Variance | 26.38 | 46.74 | 2.59 |
| Coefficient of variance | 2.61 | 2.28 | 1.91 |
| Q1 | 0.29 | 0.34 | 0.27 |
| Q2 | 0.59 | 0.88 | 0.45 |
| Q3 | 1.54 | 2.70 | 0.88 |

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**Table 11-31: Ernesto Connection Block Model Au (g/t) Statistics (Conglomeratic Metarenite Domains)**

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| | | | |
|:---|:---|:---|:---|
| **Ernesto Connection** | **Domain** | **Domain** | **Domain** |
| **Ernesto Connection** | **All** | **Metarenite (flat)** | **Metarenite (Angled)** |
| **Block Model Results** | **Block Model Results** | **Block Model Results** | **Block Model Results** |
| Number of blocks | 65431 | 40918 | 20668 |
| Minimum | 0.00 | 0.00 | 0.00 |
| Maximum | 6.10 | 5.13 | 6.10 |
| Mean | 0.97 | 0.77 | 1.41 |
| Standard deviation | 0.71 | 0.59 | 0.74 |
| Variance | 0.50 | 0.35 | 0.54 |
| Coefficient of variance | 0.73 | 0.77 | 0.52 |
| Q1 | 0.43 | 0.33 | 0.93 |
| Q2 | 0.84 | 0.64 | 1.30 |
| Q3 | 1.35 | 1.13 | 1.69 |
| **Composites** | **Composites** | **Composites** | **Composites** |
| Count | 3485 | 2954 | 495 |
| Minimum | 0.01 | 0.01 | 0.01 |
| Maximum | 41.15 | 26.70 | 41.15 |
| Mean | 0.88 | 0.81 | 1.30 |
| Standard deviation | 1.78 | 1.48 | 2.96 |
| Variance | 3.17 | 2.20 | 8.74 |
| Coefficient of variance | 2.03 | 1.84 | 2.28 |
| Q1 | 0.15 | 0.13 | 0.23 |
| Q2 | 0.38 | 0.36 | 0.47 |
| Q3 | 0.92 | 0.90 | 1.17 |
| **Raw Samples** | **Raw Samples** | **Raw Samples** | **Raw Samples** |
| Count | 3993 | 3488 | 555 |
| Minimum | 0.00 | 0.00 | 0.00 |
| Maximum | 76.13 | 45.49 | 76.13 |
| Mean | 1.01 | 0.92 | 1.69 |
| Standard deviation | 2.73 | 2.17 | 5.32 |
| Variance | 7.46 | 4.70 | 28.33 |
| Coefficient of variance | 2.70 | 2.35 | 3.15 |
| Q1 | 0.11 | 0.10 | 0.18 |
| Q2 | 0.31 | 0.30 | 0.41 |
| Q3 | 0.91 | 0.88 | 1.26 |

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11.2.11 Mineral Resource Classification

The Mineral Resources for the Ernesto and Ernesto connection deposits have been classified in accordance with the definitions for Mineral Resources in S-K 1300. The classification parameters consider the proximity and number of composite data. The block model then is coded accordingly for Measured (1), Indicated (2) and Inferred (3) for all three deposits.

Measured Mineral Resource only was classified for the Ernesto deposit for the area which has coverage by grade control drilling of 5m X 5m drill spacing. The second pass is to assign the

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Indicated category using a range of variograms for both Ernesto and Ernesto connection. Third passes are used to fill the remaining blocks within each mineralized domain for Ernesto and Ernesto Connection. No measured category classified for Ernesto connection. The full range of variograms was used for classification of Mineral Resources as Indicated category. The passes were the result of the variography which was discussed in section 11.2.6. Other criteria such as several drill holes, and the minimum and maximum number of composites were also used to estimate a block. The Mineral Resource classification criteria applied for both Ernesto and Ernesto connection deposits are shown in Table 11-32.

**Table 11-32: Ernesto and Ernesto Connection Block Model Classification Criteria**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CATEGORY** | **PASS NO. (OKPASS)** | **Drill Spacing** | **APPROXIMATE DISTANCE (m)** | **MIN NO. COMPS** | **MAX. NO. COMPS** | **NO. OF DH** |
| Measured | 1 | 5m\*5m | ≤ 25m | 9 | 24 | 6 |
| Indicated | 2 | 25m\*25m | >25 and ≤ 60 | 9 | 24 | 3 |
| Inferred | 3 | >50m | No limit | 1 | 24 | 1 |

---

11.2.12 Mines Topographic Surfaces

The Ernesto Mine and Ernesto connection deposit area topography were provided by Apoena mines survey department as a digital terrain model (DTM) in DXF format. The DTM was of sufficient quality for the mines and surrounding areas. Survey team in Apoena provide DTM files on monthly basis for mine planning and reconciliation purposes. Topographic surveys are prepared using Total Station GPS and drone (UAV).

11.2.13 Reasonable Prospects for Economic Extraction

An open pit optimization was conducted using the Deswik<sup>®</sup> software (2023.1074 version) to determine the extent of the Mineral Resource with "reasonable prospects for economic extraction" by open pit mining methods.

For Mineral Resource estimation reporting, a cut-off grade (CoG) of 0.40 g/t gold was used for both open pit mines. CoG is derived from the economic parameters presented on Table 11-33 based on an open pit mining scenario.

The operating assumptions are shown in Table 11-34 These assumptions are conceptual in nature, however, geotechnical parameters were revised based on local observations during the operation for the Ernesto mine.

**Table 11-33: Ernesto and Ernesto Connection Cut-off (CoG) Grade Assumptions**

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| | | |
|:---|:---|:---|
| **Inputs** | **Value** | **Unit** |
| Metallurgical recovery | 93.5% |  |
| Dilution | 10% |  |
| Exchange rate | 5.3 | USD/BRL |
| Selling Cost | 69.98 | USD/Oz |
| Resources Gold Price | 1900 | USD/Oz |
| Costs |  |  |

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|:---|:---|:---|
| **Inputs** | **Value** | **Unit** |
| Mining cost | 2.26 | USD/t mined |
| Mining fixed cost | 1.74 | USD/t mined |
| Total processing cost | 11.37 | USD/t processed |
| Variable processing cost | 8.58 | USD/t processed |
| General and administrative | 3.63 | USD/t processed |
| Premium cost for ore | 1.45 | USD/t processed |
| Sustaining cost for mine | 0.37 | USD/t processed (LOM) |
| Sustaining cost for process | 1.98 | USD/t processed (LOM) |
| **Cut-off Grade** |  |  |
| Full Grade Ore | 0.40 |  |
| Marginal Ore | 0.34 |  |

---

**Table 11-34: Ernesto and Ernesto Connection Optimization Parameters**

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| | |
|:---|:---|
| **Price** | **Velue/unit** |
| Gold price | US$1,900/oz |
| Gold Refining/Insurace/Transport Charge | US$69.98/oz |
| Royalties (CFEM) | 1.5% of Gross Revenue |
| Exchange rate | R$5.30:US$1 |
| Costs |  |
| Mining fixed | US$1.74/t mined |
| Mining fresh rock ore | US$3.70/t mided |
| Mining fresh rock waste | US$2.26/t mined |
| Processing | US$11.37/t processed |
| G&A | US$3.63/t processed |
| Sustaining for Mine | US$0.37/t mined |
| Sustaining for Process | US$1.98/t processed |
| Mine and Plant Assumptions |  |
| Plant recovery | 93.5% |
| Mining recovery | 100.0% |
| Total Dilution (planned and unplanned) | 10.0% |
| Weathered rock pit design parameters |  |
| Geotechnical Assumptions |  |
| Weathered rock pit design parameters |  |
| Face angle | 55º |
| Bench height | 10m |
| Berm width | 10m |
| Overall slope angle | 30º |
| Fresh rock pit design parameters |  |
| Face angle | 80º |
| Bench height | 20 m |
| Berm width | 6m |
| Overall slope angle | 56º |
| Ramp width | 13m |

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11.2.14 Mineral Resource Statement

Based on the cut-off grade calculation (Table 11-33), Mineral Resources above 0.40 g/t Au cut-off grades summarized in Table 11-35 and Table 11-36, while a grade tonnage curve for the Ernesto and Ernesto connection deposit is shown in Figure 11-42 and Figure 11-43.

**Table 11-35 – Mineral Resources of the Ernesto Mine**

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| | | | | |
|:---|:---|:---|:---|:---|
| **MINERAL RESOURCES CLASS** | **Tonnes (t)** | **Au (g/t)** | **CONTAINED Au oz** | **Metallurgical Recovery(%)** |
| Measured | - | - | - | - |
| Indicated | 427100 | 2.11 | 24720 | 93.5 |
| **Measured and Indicated** | **427100** | **2.11** | **24720** | **93.5** |
| Inferred (Open Pit) | 118430 | 0.78 | 2980 | 93.5 |
| Inferred (Underground) | 423581 | 2.26 | 30790 | 93.5 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Effective date of Mineral Resources is October 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Mineral Resource estimate is reported on a 100% ownership basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metallurgical recoveries reported as the average over the life of mine

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are reported from an optimized pit at US$1,900/oz gold price and at a cut-off grade
of 0.40 g/t Au.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Density models based on rock types were used for volume to tonnes conversion with resources averaging
2.62 tonnes/m3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Inferred Resources are reported in two parts, inferred (OP) which is mineable by an open pit operation
and Inferred (UG) which only can be mined by an underground operation. Inferred (UG) Mineral Resources are reported at a cut-off grade
of 1.5 g/t.Au. and minimum thickness of 2m and metallurgical recovery of 93.5%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Surface topography is based on December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The disclosure of the Mineral Resource Estimates and related scientific and technical information has
been prepared under the supervision by Farshid Ghazanfari, P.Geo. as a Qualified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Contained metal figures may not add due to rounding.

**Table 11-36: Mineral Resources of the Ernesto Connection Deposit**

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| | | | | |
|:---|:---|:---|:---|:---|
| **MINERAL RESOURCES CLASS** | **Tonnes (t)** | **Au (g/t)** | **CONTAINED Au oz** | **Metallurgical Recovery(%)** |
| Measured | - | - | - | - |
| Indicated | 1232480 | 1.18 | 46840 | 93.5 |
| **Measured and Indicated** | **1232480** | **1.18** | **46840** | **93.5** |
| Inferred | 99037 | 0.87 | 2770 | 93.5 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are i nclusive of Mineral Reserves. Mineral
Resources that are not Mineral Reserves do not have demonstrated economic viability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Effective date of Mineral Resources is October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Mineral Resource estimate is reported on a 100% ownership basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Metallurgical recoveries reported as the average over the life of mine

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources Estimate are based on an optimized pit shell using US$1,900/oz gold and at a cut-off
grade of 0.40 g/t Au and metallurgical recovery of 93.5%; .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Density models based on rock types were used for volume to tonnes conversion with resources averaging
2.73 tonnes/m3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Surface topography based on December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The disclosure of the Mineral Resource Estimates and related scientific and technical information has
been prepared under the supervision or is approved by Farshid Ghazanfari, P.Geo. as a Qualified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Contained metal figures may not add due to rounding.

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![](ex9603_179.jpg)

**Figure 11-42: Sensitivity of Ernesto Indicated Mineral Resources within optimized Pit (1900$/Oz)**

![](ex9603_180.jpg)

**Figure 11-43: Sensitivity of Ernesto Connection Indicated Mineral Resources within optimized Pit(1900$/Oz)**

Figure 11-44 and Figure 11-45 show a 3D illustration of block model grade distribution and current mine topography for Ernesto and Ernesto deposits.

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![](ex9603_181.jpg)

**Figure 11-44: Ernesto Mine Remaining Mineral Resources by end of 2023 versus Current Mines Topography**

![](ex9603_182.jpg)

**Figure 11-45: Ernesto Connection Block Model Grade Distribution, Ernesto Connection DDH traces and Current Mines Topography**

The QP is of the opinion that with consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 Japonês Mineral Resource Estimate

11.3.1 Japonês Mineral Resource Estimate

Japonês Mine is depleted and the remaining Mineral Resources are not material to the operation and Aura at time of preparation of this TRS. Therefore, remining Mineral Resources are disclosed here as of end of 2022 using updated mine topography DTM file.

The Mineral Resources at Japonês Mine as of December 31, 2022, are shown Table 11-37.

**Table 11-37 – Mineral Resources of the Japonês Mine**

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| | | | | |
|:---|:---|:---|:---|:---|
| **MINERAL RESOURCES CLASSIFICATION** | **Tonnes (t)** | **Au (g/t)** | **CONTAINED Au oz** | **Metallurgical Recovery (%)** |
| Measured | - | - | - | - |
| Indicated | 215325 | 1.40 | 9690 | 93.5 |
| **Measured and Indicated** | **215325** | **1.40** | **9690** | **93.5** |
| Inferred | 4370 | 1.37 | 190 | 93.5 |

---

Notes\*`

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. There are no Mineral Reserves estimated for the Japon ê sdeposit. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing,
or other relevant issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Mineral Resource estimate is reported on a 100% ownership basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Metallurgical recoveries reported as the average over the life of mine6. The disclosure of the Mineral
Resource estimates and related scientific and technical information has been prepared under the supervision or is approved by Farshid
Ghazanfari, P.Geo. as a Qualified Person.

7.. Contained metal figures may not add due to rounding.

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|:---|:---|
| 8.. | Mineral Resources Estimate based on an optimized pit shell using US$1,900/oz gold and at a cut-off grade of 0.40 g/t Au. |

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9.. Density models based on rock types were used for volume to tonnes conversion with resources averaging 2.76 tonnes/m3.10. The Mineral Resources Estimate has an effective date of December 31, 2022. Surface topography based on December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 Pau-a-Pique (PPQ) Mineral Resource Estimate

The Pau-a-Pique Mine (PPQ) has been in care and maintenance since August 2022 due to a collapse in one of the development areas and some geotechnical issues. The updated Mineral Resources are based on all the information available up to the end the of 2022.

11.4.1 Summary

The updated Mineral Resource Estimate for the Pau-a-Pique underground Mine ("PPQ") was estimated by conventional 3D computer block modelling methods employing Dassault Systems Geovia mining software V6.4. The Mineral Resource Estimate is based on surface diamond drilling and underground fan diamond drilling, core sampling and assaying as well as underground face channel chip sampling and assaying. Assaying was performed at SGS commercial laboratory in Belo Horizonte, at the Yamana mine laboratories Ernesto and MFB, as well as the Aura Sao Francisco Mine and EPP mines laboratory, all in Brazil. First Mineral Resources were initially estimated by P&E in October 2015. A follow up in-fill drill program in May 2016 added 3,211.44 m of drilling in 28 holes to the previous drilling database. Since re-opening of the mine in 2018, a total of 3,211.44 m of exploration and infill drilling was performed by Aura.

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The PPQ gold mineralization consists largely of free gold hosted in mylonite, muscovite schist, biotite schist and quartz veins accompanied by sulphides that occur along a sheared contact between meta-tonalite and meta-conglomerate. Mineralization is epigenetic, hydrothermal in origin and is structurally controlled. The mineralized contact trends SSE and dips steeply SW.

The meta-conglomerate unit pinches out to the SSE where three additional zones, named herein as P3, P4 and P5, are in the footwall to the principal zone P2 and narrow hanging wall zone (P1). The latter was mined from 2011 to 2014. P1, P2 P3, P4 and P5 were all subject to mining activities by Aura before suspension of operation in PPQ Mine. The narrow widths of the steeply dipping mineralization all but preclude open cast mining and the mineralization at PPQ is amenable to underground mining.

Five Mineral Resource wireframes were constructed from mineralization intersections in channels and drill holes at a cut-off grade of 1.0 g/t Au over a minimum horizontal mining width of 2.0 m. The cut-off grade represents a marginal operating cut-off based on 75% of the currently estimated mining cost. Mineralization widths are commonly narrower than minimum mining width and were "bulked out" to at least minimum width using adjacent assays. The 2 m minimum mining width was selected to permit use of the scooptrams available at the mine during the operation.

Assay composites were generated for the zone intersections from the assays captured by GEMS software in the mineral wireframes. Composites were prepared down hole dynamically at nominal 1.0 m down-hole. This method ensures that the grade weighting is correctly applied for bulked out lode widths but results in variable composite lengths. The composite length less than 0.25 m was omitted to avoid the local bias at the edge of the wireframes.

A resource block model with dimensions of 3m X 3m X 3m was created which was suitable for selective mechanized mining methods. The X-axis of the resource block model is rotated to 60° azimuth anticlockwise. Ordinary kriging ("OK") interpolation was carried out using multiple search distances and search ellipses oriented to the NNW mineralization plunge. Inverse distance squared ("ID2") and nearest neighbour ("NN") interpolation methods were employed for model validation.

The Mineral Resource Estimate was classified as Measured, Indicated and Inferred based on drill hole spacing and data quality, channel sampling locations, confidence in the assaying and geologic confidence in the zone's interpretation and grade continuity. The QP cautions that the Indicated Mineral Resource held in remnant pillars, sills and "skins" left in stopes may not all be recoverable pending an engineering study. The hanging wall (P1) and footwall lenses P3, P4 and P5 tend to be lower grade than P2. The lower grades and their narrower widths affect the interpretation of mineral continuity and confidence in the estimation of the Mineral Resource for these lenses which is lower with respect to P2.

For PPQ Mine a total Measured Mineral Resource of 42,180 tonnes averaging 3.19 g/t Au and Indicated Mineral Resource Estimate of 601,660 tonnes averaging 2.71 g/t Au were estimated. In

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addition, the total Inferred Mineral Resource of 71,330 tonnes averaging 2.47 g/t Au was estimated.

Validation of the grade interpolation and the block model was carried out by on-screen review of block grades versus drill hole composites and other block model estimation parameters, by comparison of resource grades to the grades of assays, composites and zone intersections, comparison to alternate ID2 and NN interpolations, and review of the wireframes volumes versus reported resources.

11.4.2 PPQ Database

The PPQ deposit has been sampled by surface and underground diamond drilling and underground face chip sampling. Core for the surface drilling is largely NQ (47.6 mm) and for the underground fan drilling is NQ (47.6 mm). The database contains some 1,067 holes for totalling 110,242.74 m. The PPQ deposit exploration database contains 1,067 holes for totalling 110,242.74 m of which there are 92 surface holes for totalling 25,378.88 m and 975 underground holes for totalling 84,863.86 m (Table 11-38). Assayed intervals for drill core total 47,959 records over 48,060.30 m.

**Table 11-38: Summary of PPQ Drill Hole Database**

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| | | | |
|:---|:---|:---|:---|
| **Drill Hole Database** | **Count** | **Length (m)** | **% (by m)** |
| Database | 1067 | 110242.74 | 100 |
| Holes with No Assays, No Surveys | 17 | 2841.46 | 3 |
| PPQ Surface | 92 | 25378.88 | 23 |
| PPQ Underground | 975 | 84863.86 | 77 |

---

Much of the sampling below 310 elevation (135 m depth) has been done by UG definition fan drilling resulting in a relatively high number of shallow angle and down dip intersections that make correlation hole to hole difficult/uncertain and de-regularizes the number of core samples per intercept. In addition, some surface holes are 450 m to 550 m long and thus the position of the toe and resource intersections is subject to the accuracy of deviation surveys and instrument accuracy tolerances. P&E in 2016 and Aura afterwards examined the down hole surveys with respect to deviation (Table 11-39). From Table 11-39, it is clear that a review of the down hole surveys is recommended, implausible readings should be removed, and the resulting re-positioning of the hole toe reviewed for impact. With readings taken at 3 m intervals down hole, excessive deviation is not obvious on screen or from simple hole trace plots unless the successive differences between readings is plotted.

**Table 11-39: Down hole survey and deviation review**

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| | |
|:---|:---|
| **DOWN HOLE SURVEY AND DEVIATION REVIEW** | **DOWN HOLE SURVEY AND DEVIATION REVIEW** |
| Number of Holes Reviewed | 1067 |
| Number of records | 33334 |
| Total Length Drilled (m) | 110243 |
| Number of Unsurveyed Holes | 153 |

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**DOWN HOLE SURVEY AND DEVIATION REVIEW**

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| | | |
|:---|:---|:---|
| **Deviation Review** | **Deviation Threshold** | **Deviation Threshold** |
| **Deviation Review** | **5<sup>o</sup>/30 m** | **10<sup>o</sup>/30 m** |
| No. Of Excessive Azimuth Deviations | 2608 | 387 |
| No. Of Excessive Dip Deviations | 2311 | 265 |
| Minimum Azimuth Deviation <sup>o</sup>/m | 0.17 | 0.34 |
| Maximum Azimuth Deviation <sup>o</sup>/m | 3.36 | 3.36 |
| Minimum Dip Deviation o/m | 0.17 | 0.34 |
| Maximum Dip Deviation o/m | 4.77 | 4.77 |
| No. of Holes Affected | 621 | 252 |
| No. of Holes with no Azimuth Change | 0 | 0 |
| No. of Holes with no Dip Change | 0 | 0 |

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Face chip "channel" sampling underground was carried out at 3 m intervals in production headings during mining operations. The channels are entered in the database as pseudo drill holes totalling 2,315 records for 11,619.29 m of which 76 for 352.17 m were not assayed.

Field QAQC work for the chip sampling was undertaken after start of operation by Yamana and supported the sampling as industry standard based on P&E's opinion in previous report. No field QAQC was done for years 2011 to 2013. During this time two Yamana mine labs were used: Ernesto Mine lab and MFB lab. In 2016, P&E reviewed the lab internal QAQC blanks and reference standards, and lab results was very comparable to the 2014 internal lab QAQC, resulting in and the acceptance of the chip sampling assays for resource estimation. P&E prepared QQ plots of the core and chip sample assays distributions for assays contained within the resource wireframes and believe the data sets are compatible for Mineral Resource estimation with the channel samples showing a slight low bias with respect to the core assays (P&E Mining Consultants Inc., FEASIBILITY STUDY AND TECHNICAL REPORT ON THE EPP PROJECT, MATO GROSSO, BRAZIL, Report no316, Aura EPP Project).

Aura continued the chip sampling program during the mine operation between 2018 and 2022 before the mine was put under care and maintenance. During this time all the samples were analyzed in mine lab at Ernesto mine and no QAQC were inserted except for about 100 samples in 2022.

In the opinion of the QP, this is a major shortcoming in terms of QAQC measures in the PPQ Mine, however, the QP believes that the chip samples data point was incremental to the production during the operation and helped as an additional data point in the estimation and using the same analogy as P&E (2017) used them in Mineral Resource estimation.

Drill holes and channels completely lacking assays were omitted from Mineral Resource estimation. Nine of these drill holes appear to have been planned but not executed since there are no down hole surveys or assays. Some 20 exploration holes drilled SW and elsewhere are not in the immediate resource area but are also included in the database. Partially assayed holes and channels with explicit or implicit missing assays were used for Mineral Resource Estimation and the explicit/implicit missing intervals were assigned zero grade.

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In addition, three surface (PQ-2, PQ-9 and PQ-12) diamond drill holes and one UG (PPQ0886) diamond drill hole were excluded from Mineral Resources due to excessive deviation of down hole survey data.

11.4.3 PPQ 3D Mineralized Models

Gold Mineralization in the Pau-a-Pique (PPQ) deposit is developed along a set of shear zones in contact with meta-tonalite and meta-conglomerate within the mylonitic rock type unit. From a lithostratigraphic standpoint, the PPQ deposit is developed within the Lower Trap, similar to the Ernesto deposit, but the lithostratigraphic units in the PPQ deposit are folded and overturned and meta-tonalites are located mainly on the hanging wall side of shear zones and mineralized domains (Figure 11-46). From a structural standpoint, the deposit is developed within a ductile-brittle to ductile shear structural regime compared with the Ernesto deposit which was developed within a brittle shear zone.

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| ![](ex9603_183.jpg) | ![](ex9603_184.jpg) |

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**Figure 11-46: PPQ underground stope showing mineralized shear zone in the contact (a) and Quartz boudinage withing mylonite unit (b)**

Gold mineralization at potentially economic grades and widths may be found in tonalite or conglomerate metres into the hanging wall or footwall of the contact schists, however, these are likely minor separate shears or splays off the contact shear zone and 3D continuity may not be demonstrated resulting in these isolated occurrences being ignored for the purpose of resource estimation.

Free gold is common and gold distribution is erratic both laterally and vertically within the host narrow to broad, mylonitic and schistose tonalite-conglomerate contact zone, particularly at

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marginal cut-off grades (≥1.0 g/t Au). Gold at potentially economic grades is hosted in a number of rock types in and on the margins of the contact zone and grade distribution is strongly skewed.

The main shear zone and hanging wall splay is vertical to sub-vertical zones with an azimuth of 320°. The subparallel footwall shear zones that are developed SE of the PPQ deposit are dipping and azimuth ranges from 70° to 80° and 330° to 340° respectively.

The basis for mineral zone delineation and wireframing is a cut-off of 1.0 g/t Au over a minimum horizontal mining width of 2 m. This grade is considered as an incremental or marginal cut-off for an end of mine life cost of 75% of normal mining operating cost.

After reviewing of drill hole spacing, vertical cross sections were cut at 12.5 m spacing transverse (320° azimuth) from SE to NW. Wireframing was carried out in Vulcan<sup>®</sup> (version9) Software by snapping to assay limits in 3D space where cumulated assays achieved cut-off grade over the minimum mining width.

Geologic interpretation and following of the contact zone using the lithologic block model was a key aspect of the wireframing. In cases where sub cut-off/width material in a drill hole occurred within the zone between adjacent resource grade intersections, the wireframe was carried through to maintain zone continuity. Similarly, the nominal 3 m width was maintained where practicable but may be less at zone inflection points.

Level plans were established at the production drift elevations and polylines were constructed on levels by snapping to channel chip sample limits based on the marginal cut-off grade and minimum mining width.

The 3D wireframes based on drilling were extended halfway to adjacent drill holes internally within the wireframed deposit or on the margins where barren holes exit. Where no sampling was available at reasonable distances (12 m - 25 m) at the margins on strike, as occurs in the fragmented area at the SSE area of the deposit, the wireframes were projected half the section spacing to 6 m past the drill hole intersections.

A total of five mineralized zones (P1, P2, P3, P4, and P5) were interpreted and modeled in Vulcan<sup>®</sup> software and exported for the purpose of Mineral Resource estimation. P2 is the main mineralized model with better grade continuity and in terms of volume and gold content. The majority of produced ounces from the PPQ Mine came from this zone. P3, P4, and P5 are footwall shear zones mainly located in the SE of the PPQ Mine and P1 is a hanging wall mineralized zone with poor continuity parallel to the P2 zone.

Figure 11-47 and Figure 11-48 show the plan view and longitudinal section of mineralized zones (undepleted) in the PPQ Mine respectively.

Wireframes volumes and estimated tonnage for a bulk density of 2.78 t/m<sup>3</sup> are presented in Table 11-40.

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**Table 11-40: PPQ wireframes Volumes**

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|:---|:---|:---|
| **PPQ Wireframe Volumetric (Un-depleted)** | **PPQ Wireframe Volumetric (Un-depleted)** | **PPQ Wireframe Volumetric (Un-depleted)** |
| **Solid** | **Volume (m<sup>3</sup>)** | **Tonnes\*** |
| P1 (100) | 109231 | 303662 |
| P2 (200) | 517692 | 1439184 |
| P3 (300) | 14087 | 39162 |
| P4 (400) | 52117 | 144885 |
| P5 (500) | 59001 | 164023 |
| **Total** | 752128 | 2090916 |

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\* Bulk density of 2.78 t/m<sup>3</sup> applied

![](ex9603_185.jpg)

**Figure 11-47: PPQ Planview map showing the Mineralized 3D Wireframe Models**

![](ex9603_186.jpg)

**Figure 11-48: PPQ Longitudinal section showing the Mineralized 3D Wireframe Models and Mine Developments and Workings**

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11.4.4 Exploratory Data Analysis (PPQ)

Exploratory analysis was carried out using Snowden Supervisor Software V.8. Statistical analysis of the data was performed on each mineralized domain.

A total of 48,652 assay results from 1,067 drill holes are recorded and stored in the database. From this number of assays only 7,652 assays fall inside the geological models and are used for Mineral Resource estimation. In addition, a total of 20,220 assay results from 2,315 channels are recorded and stored in the database. Sample lengths for diamond drill holes are quite variable, from 10 cm centimetres to 4.68 of metres with mean of 1.0m. Short sample intervals, which can represent a mineralized vein, are geologically important and they are more probable than high values in longer samples.

Samples within each mineralized envelope were composited into 1.0 m intervals. All the short intervals (<0.25 m) were removed from the dataset for Mineral Resource estimation to avoid local bias mainly in the fringe of the mineralized zones.

Figure 11-49 to Figure 11-53 show histograms and log of probability plots for each mineralized zone (P1, P2, P3, P4 and P5) for PPQ.

![](ex9603_187.jpg)

**Figure 11-49: Histogram and Log Probability Plots for Composited Gold Assay Values (P1 Domain)**

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![](ex9603_188.jpg)

**Figure 11-50: Histogram and Log Probability Plots for Composited Gold Assay Values (P2** Domain)**

![](ex9603_189.jpg)

**Figure 11-51: Histogram and Log Probability Plots for Composited Gold Assay Values (P3 Domain)**

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![](ex9603_190.jpg)

**Figure 11-52: Histogram and Log Probability Plots for Composited Gold Assay Values (P4 Domain)**

![](ex9603_191.jpg)

**Figure 11-53: Histogram and Log Probability Plots for Composited Gold Assay Values (P5 Domain)**

Statistics of composited assay data (uncapped) for each mineralized zone are shown in Table 11-41 to Table 11-45.

**Table 11-41: Core and Channel Au (g/t) Composite Basic Statistics Summary (P1 Zone)**

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| | |
|:---|:---|
| **Core and Channel Composite Basic Statistics Summary for Au(g/t) (P1 Zone**) | **Core and Channel Composite Basic Statistics Summary for Au(g/t) (P1 Zone**) |
| Count | 1516 |
| Mean | 2.17 |
| Minimum | 0.00 |
| 25th Percentile | 0.07 |
| Median | 0.80 |
| 75% Percentile | 2.12 |
| Maximum | 0.98 |
| Variance | 28.71 |
| Coefficient of Variation (CV) | 2.21 |

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**Table 11-42: Core and Channel Au(g/t) Composite Basic Statistics Summary (P2 Zone)**

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|:---|:---|
| **Core and Channel Composite Basic Statistics Summary for Au (g/t) (P2 Zone)** | **Core and Channel Composite Basic Statistics Summary for Au (g/t) (P2 Zone)** |
| Count | 8851 |
| Mean | 3.88 |
| Minimum | 0.00 |
| 25th Percentile | 0.25 |
| Median | 1.28 |
| 75% Percentile | 3.94 |
| Maximum | 192.59 |
| Variance | 73.66 |
| Coefficient of Variation (CV) | 2.47 |

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**Table 11-43: Core and Channel Au(g/t) Composite Basic Statistics Summary (P3 Zone)**

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| | |
|:---|:---|
| **Core and Channel Composite Basic Statistics Summary for Au (g/t) (P3 Zone)** | **Core and Channel Composite Basic Statistics Summary for Au (g/t) (P3 Zone)** |
| Count | 692 |
| Mean | 3.85 |
| Minimum | 0.00 |
| 25th Percentile | 0.28 |
| Median | 1.47 |
| 75% Percentile | 4.05 |
| Maximum | 91.25 |
| Variance | 61.79 |
| Coefficient of Variation (CV) | 2.04 |

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**Table 11-44: Core and Channel Au (g/t) Composite Basic Statistics Summary (P4 Zone)**

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|:---|:---|
| **Core and Channel Composite Basic Statistics Summary for Au(g/t) (P4 Zone)** | **Core and Channel Composite Basic Statistics Summary for Au(g/t) (P4 Zone)** |
| Count | 798 |
| Mean | 3.22 |
| Minimum | 0.00 |
| 25th Percentile | 0.20 |
| Median | 1.24 |
| 75% Percentile | 3.65 |
| Maximum | 85.41 |
| Variance | 42.48 |
| Coefficient of Variation (CV) | 2.03 |

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**Table 11-45: Core and Channel Au (g/t) Composite Basic Statistics Summary (P5 Zone)**

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| | |
|:---|:---|
| **Core and Channel Composite Basic Statistics Summary for Au (g/t) (P5 Zone)** | **Core and Channel Composite Basic Statistics Summary for Au (g/t) (P5 Zone)** |
| Count | 936 |
| Mean | 3.51 |
| Minimum | 0.02 |
| 25th Percentile | 0.26 |
| Median | 1.43 |
| 75% Percentile | 3.63 |
| Maximum | 200.73 |

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| **Core and Channel Composite Basic Statistics Summary for Au (g/t) (P5 Zone)** | **Core and Channel Composite Basic Statistics Summary for Au (g/t) (P5 Zone)** |
| Variance | 102.70 |
| Coefficient of Variation (CV) | 2.89 |

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The capping strategy summary for the combined diamond drill holes and chip sample data for each mineralized zone are shown in Table 11-46 to Table 11-50.

**Table 11-46: Core and Chip Au (g/t) Composited Sample Capping Summary (P1 Zone)**

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| | |
|:---|:---|
| **Core and Chip Composited Sample Capping Summary for Au (g/t) (P1 Zone)** | **Core and Chip Composited Sample Capping Summary for Au (g/t) (P1 Zone)** |
| No. of Composites | 1516 |
| Average Grade (g/t) | 2.17 |
| Coefficient of Variation | 2.47 |
| Cap Level (g/t Au) | 10.00 |
| No. of Assays Capped | 56 |
| % Capped | 3.69% |
| % Metal Lost | 22% |
| Average Grade of Capped Assays (g/t Au) | 1.70 |
| Coefficient of Variation Capped | 1.43 |

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**Table 11-47: Core and Chip Au (g/t) Composited Sample Capping Summary (P2 Zone)**

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| | |
|:---|:---|
| **Core and Chip Composited Sample Capping Summary for Au (g/t) (P2 Zone)** | **Core and Chip Composited Sample Capping Summary for Au (g/t) (P2 Zone)** |
| No. of Composites | 8851 |
| Average Grade (g/t) | 3.88 |
| Coefficient of Variation | 2.21 |
| Cap Level (g/t Au) | 18.00 |
| No. of Assays Capped | 361 |
| % Capped | 4.07% |
| % Metal Lost | 18% |
| Average Grade of Capped Assays (g/t Au) | 3.20 |
| Coefficient of Variation Capped | 1.43 |

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**Table 11-48: Core and Chip Au (g/t) Composited Sample Capping Summary (P3 Zone)**

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| | |
|:---|:---|
| **Core and Chip Composited Sample Capping Summary for Au (g/t) (P3 Zone)** | **Core and Chip Composited Sample Capping Summary for Au (g/t) (P3 Zone)** |
| No. of Composites | 692 |
| Average Grade (g/t) | 3.85 |
| Coefficient of Variation | 2.04 |
| Cap Level (g/t Au) | 10.00 |
| No. of Assays Capped | 66 |
| % Capped | 9.53% |
| % Metal Lost | 28% |
| Average Grade of Capped Assays (g/t Au) | 2.79 |
| Coefficient of Variation Capped | 1.15 |

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**Table 11-49: Core and Chip Au (g/t) Composited Sample Capping Summary (P4 Zone)**

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| | |
|:---|:---|
| **Core and Chip Composited Sample Capping Summary for Au (g/t) (P4 Zone)** | **Core and Chip Composited Sample Capping Summary for Au (g/t) (P4 Zone)** |
| No. of Composites | 798 |

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| | |
|:---|:---|
| **Core and Chip Composited Sample Capping Summary for Au (g/t) (P4 Zone)** | **Core and Chip Composited Sample Capping Summary for Au (g/t) (P4 Zone)** |
| Average Grade (g/t) | 3.22 |
| Coefficient of Variation | 2.03 |
| Cap Level (g/t Au) | 10.00 |
| No. of Assays Capped | 47 |
| % Capped | 5.89% |
| % Metal Lost | 24% |
| Average Grade of Capped Assays (g/t Au) | 2.46 |
| Coefficient of Variation Capped | 1.19 |

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**Table 11-50: Core and Chip Au (g/t) Composited Sample Capping Summary (P5 Zone)**

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| | |
|:---|:---|
| **Core and Chip Composited Sample Capping Summary for Au(g/t) (P5 Zone)** | **Core and Chip Composited Sample Capping Summary for Au(g/t) (P5 Zone)** |
| No. of Composites | 936 |
| Average Grade (g/t) | 3.51 |
| Coefficient of Variation | 2.89 |
| Cap Level (g/t Au) | 10.00 |
| No. of Assays Capped | 58 |
| % Capped | 6.19% |
| % Metal Lost | 27% |
| Average Grade of Capped Assays (g/t Au) | 2.55 |
| Coefficient of Variation Capped | 1.15 |

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11.4.4.1 Capping Strategy and Treating of Outliers

Composites captured in wireframes that were constructed pre-fill-in drilling were used for gold grade distributions and capping review. Grade distribution shows extended skew (Poissonian) with possibly two populations, a low-grade set up to 1 g/t Au and a second higher-grade population. The latter represents the deposit mineralization whereas the former set may be an artefact of bulking up the zone intersections and/or varied assay detection limits.

Histograms and log-probability plots first were used to evaluate gold grade distribution of composited assays and capping curves were utilized to show the impact of capping levels on composited assay average grade. 3D distribution of high-grade assays was examined on-screen to ensure that "outlier" assays were not spatially correlated. Aura concurs that capping has a significant impact on average grade and grade variability.

Throughout the operation of the PPQ Mine, several times the capping values that were predicted from the Log of probability plots were revised to address the on-going issues with production and reconciliation. Therefore, a very conservative approach was adopted to address the amount of metal lost in mining, stockpiling, and proceeding of PPQ ore materials.

11.4.5 Bulk Density (PPQ)

Water immersion bulk density tests were carried out on 379 drill core samples from 30 drill holes. Samples of seven rock types were tested as well as saprolite of undisclosed precursor rock units. Averages for the rock types tested are shown in Table 11-51.

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**Table 11-51 : Average bulk densities for the main lithological units in PPQ mine**

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| | |
|:---|:---|
| **Rock type** | **Average Density (t/m<sup>3</sup>)** |
| Biotite Schist/Sheared Tonalite | 2.83 |
| Meta-Conglomerate | 2.65 |
| Feldspathic Arenite | 2.73 |
| Mylonite, Muscovite Schist/Host Rock | 2.81 |
| Quartz Veining | 2.71 |
| Saprolite | 2.44 |
| Meta-Tonalite | 2.79 |
| Mineral Wireframe | 2.78 |

---

An average bulk density value of 2.72 t/m<sup>3</sup> was the default for minority rock types not tested. The default is the average between tonalite and conglomerate. The average bulk density which was used for the wireframe material is 2.78 t/m<sup>3</sup>. This value was used for all five zones in the block model.

11.4.6 Variograms

A down-hole linear semi-variogram was prepared for the 1.0 m composites to determine the nugget effect for each zone. This nugget effect was used for the 3D semi-variograms prepared to evaluate the range of continuity of gold grades. Table 11-52 lists the ranges for the semi variograms prepared. Normal Score semi-variograms, based on two-model nested spherical modelling, were prepared for strike and dip of the all the mineralized zones (P1, P2, P3, P4 and P5).

**Table 11-52: PPQ Variograms Model Parameters**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Zones** | **Domain Code** | **Nugget** | **Spherical Structures 1** | **Spherical Structures 1** | **Spherical Structures 1** | **Spherical Structures 1** | **Spherical Structures 1** | **Spherical Structures 2** | **Spherical Structures 2** | **Spherical Structures 2** | **Spherical Structures 2** |
| | | | **Sill** | **X** | **Y** | **Z** | **Sill** | **Sill** | **X** | **Y** | **Z** |
| P1 | 100 | 0.62 | 0.26 | 20 | 20 | 2 | 0.11 | 0.11 | 60 | 60 | 5 |
| P2 | 200 | 0.78 | 0.04 | 20 | 10 | 3 | 0.18 | 0.18 | 60 | 55 | 10 |
| P3 | 300 | 0.77 | 0.09 | 15 | 10 | 2 | 0.14 | 0.14 | 50 | 20 | 5 |
| P4 | 400 | 0.60 | 0.26 | 20 | 10 | 2 | 0.14 | 0.14 | 60 | 30 | 5 |
| P5 | 500 | 0.77 | 0.14 | 15 | 5 | 2 | 0.09 | 0.09 | 50 | 20 | 5 |

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11.4.7 Block Model Set Up

A block model was set-up to encompass the five mineralized wireframes and historic workings (Table 11-53). A block size of 3 m cubed represents a workable size for selective mining methods and the zone widths as well as being approximately ¼ of the detailed drill hole density on 12.5 m section spacing, a common industry practice. Model rotation is Geovia (GEMS) convention whereby the X axis is rotated clockwise 60° to 150°.

**Table 11-53: PPQ Block Model Parameters**

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| | | | |
|:---|:---|:---|:---|
| | **X (COL)** | **Y (ROW)** | **Z (level)** |
| Origin | 268,768 | 8,267,229 | 500 |
| Block Size (m) | 3 | 3 | 3 |

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|:---|:---|:---|:---|
| | **X (COL)** | **Y (ROW)** | **Z (level)** |
| No. of Blocks | 310 | 150 | 200 |
| Distance | 930 | 450 | 600 |
| Rotation | -60 | | |

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11.4.8 Grade Interpolations

The grade interpolation used Ordinary Kriging (OK) with variography as set out in Section 11.4.6. The updated 3-D models for each zone coded in the block model, was interpolated, using just the data points from inside that specific zone as the data source.

The search strategy (Table 11-54) was designed for the anisotropic capture of close spaced composites in tight UG fan drilling (<12.5 m spacing) and channel chip sampling at 3 m as well as in wider spaced drill holes, and to preserve local grade diversity given the high nugget effects for mineralized zones and use of OK to declutter, the latter is important where chip samples are available.

The short 1st structure in the variograms was adopted for the first pass and used to classify the Mineral Resource in the Measured Resource category. From variogram model, ellipsoid search distances were obtained using of the range of the first structure for the first pass and range of the second structure of variogram model for the second pass. The third pass adopted two times the range of the variogram models. All blocks in the wireframes were populated by the third pass. Interpolation parameters, including number of composites used, number of holes used, distance to the nearest composite, and interpolation pass were recorded in the block model attributes for review and model validation.

The distribution of block grades is shown on inclined longitudinal section in Figure 11-54.

**Table 11-54: PPQ Estimation Parameters**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Zones** | **Search Reference** | **Search Distances (m)** | **Search Distances (m)** | **Search Distances (m)** | **Minimum No. of Composites** | **Maximum No. of Composites** | **No. Drill Holes** | **Maximum Composites per Hole** |
| **Zones** | **Search Reference** | **X** | **Y** | **Z** | **Minimum No. of Composites** | **Maximum No. of Composites** | **No. Drill Holes** | **Maximum Composites per Hole** |
| P1 | 1 | 20 | 20 | 2 | 12 | 36 | 3 | 4 |
| P1 | 2 | 60 | 60 | 5 | 6 | 24 | 3 | 3 |
| P1 | 3 | 120 | 120 | 10 | 2 | 12 | 3 | 1 |
| P2 | 1 | 20 | 10 | 3 | 12 | 36 | 3 | 4 |
| P2 | 2 | 60 | 55 | 10 | 6 | 24 | 3 | 3 |
| P2 | 3 | 120 | 110 | 20 | 2 | 12 | 3 | 1 |
| P3 | 1 | 15 | 10 | 2 | 12 | 36 | 3 | 4 |
| P3 | 2 | 50 | 20 | 5 | 6 | 24 | 3 | 3 |
| P3 | 3 | 100 | 40 | 10 | 2 | 12 | 3 | 1 |
| P4 | 1 | 15 | 10 | 2 | 12 | 36 | 3 | 4 |
| P4 | 2 | 50 | 20 | 5 | 6 | 24 | 3 | 3 |
| P4 | 3 | 100 | 40 | 10 | 2 | 12 | 3 | 1 |
| P5 | 1 | 15 | 10 | 2 | 12 | 36 | 3 | 4 |
| P5 | 2 | 60 | 30 | 5 | 6 | 24 | 3 | 3 |
| P5 | 3 | 120 | 60 | 10 | 2 | 12 | 3 | 1 |

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![](ex9603_192.jpg)

**Figure 11-54: Longitudinal Cross section of PPQ mine showing block model grade distribution (Looking NE)**

11.4.9 Mineral Resource Classification

The Mineral Resources for the Pau-a-Pique(PPQ) deposithave been classified in accordance with the definitions for Mineral Resources in S-K 1300.. The classification parameters consider the proximity and number of composite data. The block model then is coded accordingly for Measured (1), Indicated (2) and Inferred (3) for all three deposits.

Resource block classification was based on a review of interpolation parameters, variogram ranges and drill hole/sampling density (Figure 11-55). Most the main zone (P2 zone) is Indicated and was 95% interpolated after the second pass with search distance at the variogram range of 60 m along strike and dip, and has a drill hole density of 25 m or tighter, except for the down plunge segment at the NW extreme end of the deposit that is defined by several down dip holes only.

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![](ex9603_193.jpg)

**Figure 11-55: Longitudinal Cross section of PPQ mine showing block model Classification (Looking NE)**

The Pau-a-Pique model used the first and second passes to assign the Measured and Indicated classification respectively. The passes were determined based on the variography discussed in the previous section. Additionally, other criteria were considered in estimating a block, including the number of drill holes, the distance from the drill hole data, and the minimum and maximum number of composites. The Mineral Resource classification criteria applied in the current study are those shown in Table 11-55.

**Table 11-55: PPQ Block Model Classification Parameters**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Pass No. (Okpass)** | **Approximate Distance (m)** | **Min No. Comps** | **Max. No. Comps** | **Max. No. Samples per Hole** | **Comments** |
| Measured | 1 | ≤ 12.5 m | 12 | 36 | 4 | Only limited to Area of active mining with high density of samples |
| Indicated | 2 | >25 and ≤ 60 | 6 | 24 | 3 | Supported by DDH |
| Inferred | 3 | > 60m | 2 | 12 | 1 | Down Plunge of Ore bodies |

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11.4.10 Block Model Validation

The Pau-a-Pique (PPQ) block models were validated visually and statistically. The visual validation, through cross-section and plan view comparisons of composite grade versus block grade, confirmed that the block models honour the drill hole composite data and provide an appropriate local estimate of grades.

The statistical comparisons between composites and respective model interpolations were completed for each block model. The differences between mean grades of blocks and composites

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were within a range of 7% to 20%. Table 11-56 presents the basic statistics of the composites and the interpolated blocks for the most important resource domains of all of the deposits. The statistical discrepancies were examined, and it was determined that the mean grades of the interpolated grade model are acceptable for considering production history and reconciliation in the PPQ Mine.

**Table 11-56: PPQ Block Model Au (g/t) Statistics (All Domains)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Zones** | **Support** | **Count** | **Min** | **Max** | **SD** | **Mean** | **Mean (Δ%)** |
| **Zones** | **Support** | **Count** | **Min** | **Max** | **SD** | **Mean** | **Mean (Δ%)** |
| P1 | Composites | 1516 | 0.00 | 10.00 | 2.44 | 1.70 | 7.06% |
| P1 | Composites | 1516 | 0.00 | 10.00 | 2.44 | 1.70 | 7.06% |
| P1 | Blocks | 14462 | 0.02 | 6.87 | 1.03 | 1.58 | 7.06% |
| P1 | Blocks | 14462 | 0.02 | 6.87 | 1.03 | 1.58 | 7.06% |
| P2 | Composites | 8851 | 0.00 | 18.00 | 4.56 | 3.20 | 12.50% |
| P2 | Composites | 8851 | 0.00 | 18.00 | 4.56 | 3.20 | 12.50% |
| P2 | Blocks | 53775 | 0.05 | 15.34 | 1.84 | 2.80 | 12.50% |
| P2 | Blocks | 53775 | 0.05 | 15.34 | 1.84 | 2.80 | 12.50% |
| P3 | Composites | 692 | 0.00 | 10.00 | 3.19 | 2.79 | 15.41% |
| P3 | Composites | 692 | 0.00 | 10.00 | 3.19 | 2.79 | 15.41% |
| P3 | Blocks | 3968 | 0.18 | 8.08 | 1.18 | 2.36 | 15.41% |
| P3 | Blocks | 3968 | 0.18 | 8.08 | 1.18 | 2.36 | 15.41% |
| P4 | Composites | 798 | 0.00 | 10.00 | 2.92 | 2.46 | 19.92% |
| P4 | Composites | 798 | 0.00 | 10.00 | 2.92 | 2.46 | 19.92% |
| P4 | Blocks | 5060 | 0.08 | 7.59 | 1.22 | 1.97 | 19.92% |
| P4 | Blocks | 5060 | 0.08 | 7.59 | 1.22 | 1.97 | 19.92% |
| P5 | Composites | 936 | 0.00 | 10.00 | 2.94 | 2.55 | 10.59% |
| P5 | Composites | 936 | 0.00 | 10.00 | 2.94 | 2.55 | 10.59% |
| P5 | Blocks | 5704 | 0.05 | 6.74 | 1.10 | 2.28 | 10.59% |
| P5 | Blocks | 5704 | 0.05 | 6.74 | 1.10 | 2.28 | 10.59% |

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11.4.11 Mineral Resource Statement

In the first quarter of 2022, a new cut-off grade was established for the Pau-a-Pique (PPQ) mine using all of the cost information available to that date fromm Apoena operation and using $US 1,750 gold price, 5.30 R$/US$ FX rate, 90% mining recovery, 1.50 sales tax, and 93.0 % plant recovery.

The Pau-a-Pique (PPQ) Mineral Resource Estimate at a breakeven cut-off grade of 1.34 g/t Au is summarized in Table 11-57. Mineral Resource Estimate sensitivity to cut-off grade and tonnage-grade profiles for Measured and Indicated Mineral Resources are shown in Figure 11-56.

**Table 11-57: Mineral Resources of the PPQ Mine**

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| | | | | |
|:---|:---|:---|:---|:---|
| **MINERAL RESOURCES CLASS** | **Tonnes (t)** | **Au (g/t)** | **CONTAINED Au oz** | **Metallurgical Recovery (%)** |
| Measured | 242180 | 3.19 | 24850 | 93.0% |
| Indicated | 601660 | 2.71 | 52450 | 93.0% |
| Measured and Indicated | **843840** | **2.85** | **77300** | 93.0% |
| Inferred | 71330 | 2.47 | 5660 | 93.0% |

---

Notes:

1. The definitions for Mineral Resources in S-K 1300 were followed for Mineral.

2. There are no Mineral Reserves estimated for the PPQ Deposit. Mineral Resources that are not Mineral Reserves
do not have demonstrated economic viability.

3. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing,
or other relevant issues.

4. The Mineral Resource estimate is reported on a 100% ownership basis.

5. Metallurgical recoveries reported as the average over the life of mine

6. The disclosure of the Mineral Resource estimates and related scientific and technical information has
been prepared under the supervision or is approved by Farshid Ghazanfari, P.Geo. as a Qualified Person.

7. Contained metal figures may not add due to rounding.

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8. Mineral Resources are based on a Cut-Off Grade of 1.34 g/t Au and minimum width of 2m and metallurgical
recovery of 93.0%.

9. Mineral Resources are estimated from the 410 m EL to the 65 m EL, or from approximately 30 m depth to
500 m depth from surface.

10. The Mineral Resources Estimate has an effective date of October 31, 2023. End of the 2022 mining depletion
shapes used to estimate remaining resources.

11. End of the year mining depletion shapes used to estimate remaining resources.

12. Density models based on rock types were used for volume to tonnes conversion with resources averaging
2.78 tonnes/m<sup>3</sup>.

![](ex9603_194.jpg)

**Figure 11-56: Sensitivity of Measured and Indicated Mineral Resources in PPQ mine**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 Apoena Mines and EPP Complex Combined Mineral Resource Estimate

The total of combined Mineral Resources of the Apoena mines (EPP Project) as of December 31, 2024, are shown in Table 11-58. Measured and Indicated Mineral Resources in Lavrinha and Nosde mines are reported as exclusive of Mineral Reserves.

**Table 11-58: Apoena Mines (EPP complex Combined Mineral Resources)**

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| | | | | |
|:---|:---|:---|:---|:---|
| **MEASURED** | **Tonnes (t)** | **Au (g/t)** | **CONTAINED Au oz** | **Metallurgical Recovery (%)** |
| Lavrinha | 54610 | 0.98 | 1717 | 93.5% |
| Ernesto | 0 | 0.00 | 0 | 93.5% |
| Ernesto-Lavrinha Connection | 0 | 0.00 | 0 | 93.5% |
| Pau-A-Pique | 242180 | 3.19 | 24850 | 93.5% |
| Japonês | 0 | 0.00 | 0 | 93.5% |
| Nosde | 446823 | 0.64 | 9248 | 93.5% |
| **Total Measured** | 743613 | 1.50 | **35815** | 93.5% |
| **INDICATED** | **Tonnes (t)** | **Au (g/t)** | **CONTAINED Au oz** | **93.5%** |
| Lavrinha | 673110 | 1.13 | 24545 | 93.5% |
| Ernesto | 427100 | 2.11 | 24720 | 93.5% |
| Ernesto-Lavrinha Connection | 1232480 | 1.18 | 46840 | 93.5% |
| Pau-A-Pique | 601660 | 2.71 | 52450 | 93.5% |
| Japonês | 215325 | 1.40 | 9690 | 93.5% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **MEASURED** | **Tonnes (t)** | **Au (g/t)** | **CONTAINED Au oz** | **Metallurgical Recovery (%)** |
| Nosde | 1447852 | 1.05 | 48815 | 93.5% |
| Total Indicated | 4597527 | 1.40 | 207060 | 93.5% |
| **Total Measured and Indicated** | 5341140 | 1.41 | 242876 | 93.5% |
| **INFERRED** | **Tonnes (t)** | **Au (g/t)** | **CONTAINED Au oz** | **93.5%** |
| Lavrinha | 213390 | 1.37 | 9382 | 93.5% |
| Ernesto(Open Pit) | 118430 | 0.78 | 2980 | 93.5% |
| Ernesto(UG) | 423581 | 2.26 | 30790 | 93.5% |
| Ernesto-Lavrinha Connection | 99037 | 0.87 | 2770 | 93.5% |
| Pau-A-Pique | 71330 | 2.47 | 5660 | 93.5% |
| Japonês | 4370 | 1.37 | 190 | 93.5% |
| Nosde | 194516 | 1.33 | 8305 | 93.5% |
| **Total Inferred** | **1124643** | **1.66** | **60067** | 93.5% |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300 were followed
for Mineral Resources

&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are Exclusive of Mineral Reserves
for Nosde and Lavringa.. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. No Mineral Reserves
were estimated for Ernesto, Ernesto connection, Japones and PPQ deposits.

&nbsp;&nbsp;&nbsp;&nbsp;3. The estimate of Mineral Resources may be materially affected
by environmental, permitting, legal, marketing, or other relevant issues.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Mineral Resource estimate is reported on a 100% ownership basis.

&nbsp;&nbsp;&nbsp;&nbsp;5. Metallurgical recoveries (93.5) reported as the average over the life of mine6. The disclosure of the
Mineral Resource Estimates and related scientific and technical information has been prepared under the supervision or is approved by
Farshid Ghazanfari, P.Geo. as a Qualified Person.

&nbsp;&nbsp;&nbsp;&nbsp;7. Contained metal may not sum in the above table due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;8. Surface Topography as of October 31, 2023, for Nosde and Lavrinha
and as of December 31, 2023, for the rest of the mines and deposits.

11.5.1 Factors That May Affect the Mineral Resource Estimate

Areas of uncertainty that may materially impact the Mineral Resource Estimate include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to long to term metal price assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to the input values for mining, processing, and general, and administrative costs to constrain
the estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to local interpretations of mineralization geometry and continuity of mineralized zones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to the density values applied to the mineralized zones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to metallurgical recovery assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes in assumptions of marketability of the final product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Variations in geotechnical, hydrogeological, and mining assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to assumptions with an existing agreement or new agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to environmental, permitting, and social licence assumptions.

11.5.2 Opinion QP About Mineral Resource Estimate

The QP is of the opinion that with consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

The QP is of the opinion that the Mineral Resources were estimated using industry accepted practices and conform to definitions for Mineral Resources in S-K 1300. Technical and economic

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parameters and assumptions applied to the Mineral Resource Estimate are based on parameters received from other consultants and reviewed by the QP to determine if they were appropriate.

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12 MINERAL RESERVE ESTIMATES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Introduction

Mineração Apoena S.A. hired Dompieri Tecnologia em Mineração (DTM) to draft a TRS for the Nosde/Lavrinha Mineral Reserves, located in the State of Mato Grosso, Brazil. DTM, through engineer Luiz Eduardo Campos Pignatari, Qualified Person, was hired by Mineração Apoena S.A. to prepare an independent TRS and estimate the Mineral Reserves of the Nosde/Lavrinha mine, located near the municipality of Pontes e Lacerda. Engineer Luiz Eduardo Campos Pignatari visited the mine in December 2023. The mine, called Nosde/Lavrinha, consists of a gold mineral deposit. Mining issues are summarized in this section and section 13 (Mining Method) of this TRS, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· data validation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· pit optimization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· mining schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· mining method;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· detailing of fleet and workforce required to accomplish the plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· mining operating and capital costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Inventory of Mineral Reserves

The Mineral reserve estimate of the Nosde/Lavrinha Mine is stated in Table 12-1.

**Table 12-1: Mineral Reserve Estimate of the Nosde/Lavrinha Mine**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mineral Reserve Estimate for the Nosde and Lavrinha Mines** <br> **Effective December 31, 2024**  | **Mineral Reserve Estimate for the Nosde and Lavrinha Mines** <br> **Effective December 31, 2024**  | **Mineral Reserve Estimate for the Nosde and Lavrinha Mines** <br> **Effective December 31, 2024**  | **Mineral Reserve Estimate for the Nosde and Lavrinha Mines** <br> **Effective December 31, 2024**  | **Mineral Reserve Estimate for the Nosde and Lavrinha Mines** <br> **Effective December 31, 2024**  | **Mineral Reserve Estimate for the Nosde and Lavrinha Mines** <br> **Effective December 31, 2024**  |
| **Mines** | **Classification** | **Tonnage (kt)** | **Grade** <br> **Au (g/t)**  | **Contained Au (kOz)** | **Metallurgical Recovery (%)** |
| Nosde | Proven | 1793 | 0.74 | 42.7 | 93.5 |
| Nosde | Probable | 5362 | 0.97 | 168.1 | 93.5 |
| Nosde | P&P | 7155 | 0.92 | 210.8 | 93.5 |
| Lavrinha | Proven | 216 | 0.78 | 5.4 | 93.5 |
| Lavrinha | Probable | 189 | 0.87 | 5.4 | 93.5 |
| Lavrinha | P&P | 405 | 0.83 | 10.9 | 93.5 |
| Nosde and Lavrinha | Total (2P) | 7560 | 0.91 | 221.7 | 93.5 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Reserves in S-K 1300 were followed
for Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Reserves have an effective date of December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Reserves were prepared under the supervision of Luiz
Pignatari, P.Eng. as an independent Qualified Person, competent to sign as defined by S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The base case cut-off grade for the estimate of Mineral Resources
is 0.45 g/t Au.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral
 Reserves are confined within an optimized pit shell that uses the following parameters: gold
 price USD 1800, exchange rate of 5.1 BRL: USD 1, total process cost: USD 11.87/t; mining
 costs: USD 2.26/t, general and administrative costs: USD 3.79/t; sustaining costs: USS 0.39/t
 processed; metallurgical recovery of 93.5%; mining recovery 95% for metarenite and 98% for
 schist, mining dilution of 10%; overall slope angle 38°.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Tonnages and grades have been rounded in accordance with reporting
guidelines. Totals may not sum due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Surface Topography as of October 31, 2024.

Mineração Apoena has been operating in Pontes e Lacerda, Mato Grosso, for over than ten years, mining mineral bodies with geological and geotechnical formations very similar to those of Nosde

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and Lavrinhas. A very important factor that has been learned is how to ensure selective mining combined with good grade control practices.

Based on the existent documentation, the visit in the mine site, the operation with other similar orebodies for over than 10 years, QP does not see any risk factors associated with, , or changes to, any aspects of the modifying factors such as mining, metallurgical, infrastructure, permitting, or other relevant factors that could materially affect the Mineral Reserve estimate.

12.2.1 Documents and Information Provided

The reserve was estimated based on information provided by Apoena and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Technical report of geomechanics performed by Geotech in July 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Power plant feed plan provided for in the 2024 budget.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Topographic surface on December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· December 2023 Resource Block Models t.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Physical constraints (concession limits, environmental constraints, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Metallurgical recoveries and processing plant costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· General and administrative costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Costs of mining subcontracted operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Diesel price per liter in the project region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exchange rates and discounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Geotechnical Studies

The geotechnical studies developed by Geotech were organized to contemplate the following topics and their respective considerations, the level of reliability in this subsection refers to the quality of the data, not the level of the feasibility study as a whole:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Geological model – The pit has geological mapping and exploration drilling, while the lithologies
are modeled in 3D. eStructural model (singular discontinuities) – Singular discontinuities are not modeled in 3D but are presented
as lineaments in the topographic map. The structural model (singular discontinuities) was considered a product of photointerpretation
and field evidence and, therefore, has a level of conceptual reliability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Structural model (family of discontinuities) – The pit has a mapping of discontinuities and a defined
database. However, no stereographic analysis was performed, and the structural domains eHydrogeological model – There is no information
about the hydrogeology of the pit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Strength of intact rock – The strength of intact rock is estimated by the geotechnical description
of holes, following the scale proposed in the geomechanical classification of the RMR system (Bieniawski, 1989). The strength of the intact
rock was considered with a level of conceptual reliability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Strength of structures – There is no information on the strength of the surfaces of the discontinuities
of the Nosde/Lavrinha pit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Geotechnical characterization – There is a geomechanical classification of the exploration holes
of the Nosde/Lavrinha pit. However, there is no initial 3D model. The geotechnical characterization was considered with a level of conceptual
reliability.

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12.3.1 Slope Angle Selection

A sectorization was carried out to determine the slope angles, considering the final pit, which was divided into sectors in which the geometric tendency of the slopes is similar. Such sectors, numbered from 1 to 6 (Figure 12-1), were used in the kinematic and stability analyses of the pit.

The direction and maximum slope of each sector are represented in the analyses by their respective central sections. The average directions of each sector are shown in Table 12-2.

![](ex9603_195.jpg)

**Figure 12-1: Sectors Considered for the Resource Pit**

**Table 12-2: Average Directions of Each Sector of the Resource Pit**

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| | |
|:---|:---|
| **SECTOR** | **AZIMUTH** |
| 1 | 180° |
| 2 | 200° |
| 3 | 290° |
| 4 | 050° |
| 5 | 340° |
| 6 | 020° |

---

The kinematic analysis considered the six geometric sectors of the final pit and the structural mapping divided by region. A great variation in the structures at different points of the pit was observed. For this reason, all measurements sent by the technical staff of Mineração Apoena were classified according to the coordinates of each point.

The concentrations of polar points were defined for each sector, representing the different families of discontinuities. Points outside the concentration zones were interpreted as random structures.

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In the calculation of the safety factor, the families of discontinuities were considered, as the analyses derive from deterministic analyses. Still, the probabilistic calculation of the occurrence of each rupture mechanism considered all mapped discontinuities.

The results of the kinematic analyses are presented, then, in deterministic and probabilistic form, according to Table 12-3. The deterministic classification considers whether or not the mechanisms of rupture occur according to the average values of the families of discontinuities.

The probabilistic classification considers all measures of each sector. Three risk factors associated with this analysis were defined. Up to 10%, low risk (GREEN); between 10 and 20%, medium risk (YELLOW); and above 20%, high risk (RED). Although there is no calculation of safety factors for probabilistic risks, these were considered in the geotechnical risk map as a warning for each sector.

**Table 12-3: Deterministic and Probabilistic Results of Kinematic Analyses**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECTOR** | **PLANAR** | **PLANAR** | **WEDGES** | **WEDGES** | **TIPPING** | **TIPPING** |
| **SECTOR** | **DETERM** | **PROBAB** | **DETERM** | **PROBAB** | **DETERM** | **PROBAB** |
| **1** | **No** | **2.27%** | **Yes** | **8.25%** | **No** | **0%** |
| **2** | **Yes** | **12.50%** | **Yes** | **31.93%** | **No** | **0%** |
| **3** | **Yes** | **12.95%** | **Yes** | **29.14%** | **No** | **4.67%** |
| **4** | **Yes** | **13.51%** | **No** | **21.60%** | **No** | **2.70%** |
| **5** | **No** | **0.83%** | **Yes** | **17.66%** | **No** | **2.50%** |
| **6** | **Yes** | **7.25%** | **No** | **15.10%** | **No** | **10.41%** |

---

12.3.2 Geotechnical Parameters

The results of the stability analyses showed high potential for optimization, with little variability of the safety factor as a result of the increase in the overall slope. Thus, the determining aspect of the operational parameters becomes the infrastructure.

Apoena's technical staff observed instability problems in the shale test to bench heights of 20 m. Therefore, ten-metre benches were chosen in this lithology, regardless of the results of the analyses. In addition, the level of reliability of the database (conceptual) implies significant variability of the results. Therefore, a conservative approach was adopted in relation to shale.

Another important fact about the operational issues is the deviation of drilling for slopes of 20 m. To reduce this loss, blastings are carried out every ten metres, requiring an offset of 1.5 metres between the blastings, reducing the final width of the berm. The defined design criteria are displayed in Table 12-4.

**Table 12-4: Design Criteria of the Reserve Pit (Nosde/Lavrinha)**

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| | | |
|:---|:---|:---|
| **PARAMETERS** | **MATERIAL** | **MATERIAL** |
| **PARAMETERS** | **METARENITE** | **SHALE** |
| Global angle (°) | 56\* | 38 |
| Inter-ramp angle (°) | 59 | 39 |
| Face angle (°) | 80 | 60 |

---

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| | | |
|:---|:---|:---|
| **PARAMETERS** | **MATERIAL** | **MATERIAL** |
| **PARAMETERS** | **METARENITE** | **SHALE** |
| Bench height (m) | 20 | 10 |
| Berm width (m) | 8.5 | 6.5 |
| Ramp width (m) | 13 | 13 |
| Ramp slope (%) | 10 | 10 |

---

Note: \*The overall angle was calculated considering the slope composed of the same material. In the case of composite slopes with shale outcropping at the bottom, the overall angle will be different.

12.3.3 Climate and Hydrology

The climate in the area of the Nosde/Lavrinha Mine is predominantly hot, tropical, and semi-humid, typical of the Midwest region of Brazil. In this context, there are two well-defined seasons during the year: dry and rainy.

The dry season occurs during the period from April to October, with an average monthly rainfall of approximately 50 mm, as illustrated by Figure 12-2. This period has average temperatures between 20 °C and 22 °C.

The rainy season is defined by the months of November to March, receiving an average of approximately 220 mm, as illustrated by Figure 12-2. This period has higher average temperatures, with daily highs between 30 °C and 40 °C.

![](ex9603_196.jpg)

**Figure 12-2: Average Monthly Rainfall in the Region Between 2008 and 2023**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Mine Planning for Reserve Estimation

The metal prices to be used in mineral reserves calculations was discussed intensively with Mineração Apoena S.A. market people department. A reasonable safety margin was adopted to assure a robust mineral reserva calculation. In relation to the costs basis for reserve calculation,

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the values are the same those related to the existent contracts in the nowadays operation, and still valids, for the Mineração Apoena S.A., Pontes e Lacerda, MT

The optimization of the pit involved the cut-off analysis for gold grades based on the information provided by Apoena pursuant to Table 12-5.

**Table 12-5: Pit Optimization Parameters**

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| | | | |
|:---|:---|:---|:---|
| **Input** | **Description** | **Forward Values** | |
| oz | Troy ounce | 31.10348 g |  |
| m | MCF | 100% |  |
| mlg | MCF for low-grade | 100% |  |
| r | Metallurgical recovery | 93.50% |  |
| rlg | Metallurgical recovery (low-grade) | 93.50% |  |
| ovb | Dilution | 10% |  |
| fx | Exchange rate (BRL/USD) | 5.10 |  |
| Cs | Cost of selling gold (refining, royalties, Management Fees) in (USD/oz) | 77.31 |  |
| P | Reserve Gold Price (USD/oz) | 1800 |  |
| Pres | Resource Gold Price (USD/oz) | 1900 |  |
|  | **Costs** | **BRL** | **USD** |
| Cm | Mining Cost per mined t | 11.50 | 2.26 |
| Cmf | Mine fixed cost (Administration) per mined t | 7.81 | 1.53 |
| Cp | Total Processing Costs per processed t | 60.54 | 11.87 |
| Cpvar | Variable Processing Cost per processed t | 37.53 | 7.36 |
| Ca | G&A + Overhead + SHE per processed t | 19.35 | 3.79 |
| Cr | Rehandle per moved t | 0.00 | 0.00 |
| Clh | Cost For long Haulage per hauled t | 0.00 | 0.00 |
| Com | Premium cost for ore per processed t | 7.85 | 1.54 |
| Csism | Sustaining cost/ton (mine) per mined t | 1.97 | 0.39 |
| Csisp | Sustaining cost/ton (process) per processed t | 10.41 | 2.04 |
| Cmc | New Mine Closure cost incurred | 0.00 | 0.00 |
|  |  | **CoG Grade** |  |
| MO | Marginal Ore | 0.34 |  |
| FGO | Full-Grade Ore | 0.45 |  |
| MW | Mineralized Waste | 0.32 |  |
| IO | Incremental Ore/Stockpile | 0.20 |  |

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12.4.1 Cut-Off Grade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The economic cut-off grade for Marginal Ore is the grade for which processing, and G&A costs are equal
to revenue, discounting metallurgical recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The economic cut-off grade for Full-Grade Ore includes the cost for ore mining, processing, G&A, and
metallurgical recovery, compared to revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The cost of mining for Mineralized Waste had already been incurred when the decision to extract the ore
was made.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When processing the ore (directly or subsequently from piles), the mining operation has already been paid
for by the Incremental Ore/Stockpile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 Pit Optimization Results

Several pits were generated for a range of revenue factors in the price of gold. Preliminary cash flows are estimated by the NPV Scheduler optimizer based on a 5% discount rate and a nominal gold price of USD 1,800/ounce.

In the following sections, a summary of the optimization results per deposit is presented. The cut-off grade was calculated considering the mining dilution, processing costs, metallurgical recovery, metal price, and royalties. Processing costs include G&A and recovery costs.

A set of pits, illustrated in Table 12-6, has been developed to determine the design sensitivity and basis for the final designed pit. As the cut-off grades decrease, the rock tonnage increases, resulting in a reduction of the grade average

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**Table 12-6: Selection of Optimum Pits in NPV Scheduler**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Revenue Factor** | **Mass (kt)** | **Total Mass (kt)** | **Volume (km³)** | **Total Volume (km³)** | **Ore Mass (kt)** | **Total Ore Mass (kt)** | **Grade (g/t)** | **Total Grade (g/t)** | **Waste (k/t)** | **Total Waste (k/t)** | **SR** |
| 0.1 | - | - | - | - | - | - | - | - | - | - |  |
| 0.2 | 0.5 | 0.5 | 0.2 | 0.2 | 0.4 | 0.4 | 2.26 | 2.26 | 0.1 | 0.1 | 0.3 |
| 0.3 | 10 | 11 | 4 | 4 | 6 | 6 | 1.68 | 1.71 | 4 | 5 | 0.7 |
| 0.4 | 73 | 84 | 27 | 31 | 33 | 39 | 1.38 | 1.44 | 40 | 45 | 1.2 |
| 0.5 | 313 | 397 | 115 | 146 | 122 | 161 | 1.11 | 1.19 | 191 | 236 | 1.6 |
| 0.6 | 1231 | 1629 | 454 | 600 | 466 | 627 | 0.95 | 1.01 | 765 | 1001 | 1.6 |
| 0.7 | 2564 | 4192 | 945 | 1545 | 1195 | 1823 | 0.77 | 0.85 | 1369 | 2370 | 1.1 |
| 0.8 | 38068 | 42260 | 13997 | 15542 | 5447 | 7270 | 0.95 | 0.93 | 32621 | 34990 | 6 |
| 0.9 | 5410 | 47670 | 1988 | 17531 | 834 | 8104 | 0.83 | 0.92 | 4576 | 39567 | 5.5 |
| 1 | 3473 | 51143 | 1276 | 18807 | 473 | 8577 | 0.78 | 0.91 | 3000 | 42567 | 6.3 |

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Pit 10 was chosen because it presents the best result for the revenue factor parameter, representing the best scenario for a more profitable operation. This comparison can also be checked in Figure 12-3.

![](ex9603_015a.jpg)

**Figure 12-3: Selection of Pit 10 as Final Pit**

With the selection of the final pit, financial analyses were performed to ascertain the cash flow, according to Table 12-7 and Figure 12-4.

**Table 12-7: Discounted Cash Flow**

---

| | | | |
|:---|:---|:---|:---|
| **Discount Rate** | 5.00% | per Year |  |
| **Mining Rate** | 10000000 | Mass per Year |  |
| **Revenue Factor** | **Best Case DCF** | **Worst Case DCF** | **Average Case DCF** |
| 0.2 | 34088 | 34088 | 34088 |
| 0.3 | 386811 | 386810 | 386810 |
| 0.4 | 1814569 | 1814536 | 1814552 |
| 0.5 | 5359966 | 5358983 | 5359475 |
| 0.6 | 15084307 | 15073068 | 15078687 |
| 0.7 | 30640265 | 30568914 | 30604589 |
| 0.8 | 77700658 | 74487053 | 76093855 |
| 0.9 | 81950005 | 76332702 | 79141353 |
| 1 | 82740167 | 75392989 | 79066578 |

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![](ex9603_197.jpg)

**Figure 12-4: Discounted Cash Flow**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 Final Pit

After the selection of the final pit, an operationalization was performed, as illustrated by the top view of the pit, shown in Figure 12-5.

![](ex9603_198.jpg)

**Figure 12-5: Final Operationalized Pit**

AA' and BB' sections of Figure 12-6, Figure 12-7, and Figure 12-8 illustrate the annual advance of the pit according to the color legend available in the image. Figure 12-9 through Figure 12-12 represent illustrate the projected mine progression from 2024 to 2027, respectively.

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![](ex9603_199.jpg)

**Figure 12-6: NW-SE and SW-NE Sections with Annual Progress of Pit**

![](ex9603_200.jpg)

**Figure 12-7: NW-SE Section with Annual Progress of Pit**

![](ex9603_201.jpg)

**Figure 12-8: SW-NE Section with Annual Progress of Pit**

Figure 12-9 to Figure 12-12 display the operationalized pits from 2024 to 2027, respectively.

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![](ex9603_202.jpg)

**Figure 12-9: 2024 Operationalized Pit**

![](ex9603_203.jpg)

**Figure 12-10: 2025 Operationalized Pit**

![](ex9603_204.jpg)

**Figure 12-11: 2026 Operationalized Pit**

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![](ex9603_205.jpg)

**Figure 12-12: 2027 Final Operationalized Pit**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 Life of Mine

shows the production table for the four years of life of mine (LOM), with the 2023 value representing actuals. Excess ROM in the years 2024 and 2027 must be stored in a buffer cell for plant processing in the following years.

Table 12-8 shows the production table for the four years of life of mine (LOM), with the 2023 value representing actuals. Excess ROM in the years 2024 and 2027 must be stored in a buffer cell for plant processing in the following years.

**Table 12-8: Life of mine**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **YEAR** | **Ore production** | **Ore production** | **Waste** | **SR** | **Au contained in the production** |
| **YEAR** | **kt (dry)** | **Grade (g/t Au)** | **kt (dry)** | **t : t** | **Au (kOz)** |
| 2023 | 387.9 | 0.74 | 1940.8 | 5.00 | 9.3 |
| 2024 | 1781.7 | 0.77 | 12201.6 | 6.85 | 44.0 |
| 2025 | 812.7 | 0.71 | 16810.9 | 20.69 | 18.5 |
| 2026 | 1355.8 | 0.79 | 17833.3 | 13.15 | 34.3 |
| 2027 | 3222.3 | 1.12 | 4984.1 | 1.55 | 115.6 |
| Total | 7560.4 | 0.91 | 53770.7 | 7.11 | 221.7 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 Mine Infrastructure

The structures covered in Figure 12-13 represent the infrastructure present in Mineração Apoena, of which the Nosde/Lavrinha Mine is part.

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![](ex9603_206.jpg)

**Figure 12-13: General Infrastructure of Mineração Apoena (EPP Project)**

Figure 12-14 shows a representation of the waste pile that directly serves the Nosde/Lavrinha mine. This pile has ten-metre-high benches, a slope inclination angle (natural angle of material rest) of 35°, and a safety berm between benches with ten metres to allow greater stability of the pile. The compaction of material will be pursuant to the transit of loaded trucks, which will provide densification of material from 1.8 t/m³ in the natural state to 1.9 t/m³ compacted. The pile will be 60 metres high overall and 23°.

The Nosde/Lavrinha pile has the capacity to receive a total of 11.3 million tons of waste. However, the mass does not meet the demand of the Nosde/Lavrinha mine, which is equivalent to a total of 53.7 million tonnes.

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![](ex9603_207.jpg)

**Figure 12-14: Waste Pile from the Nosde/Lavrinha Mine**

To make up for this deficit, three distinct strategies were devised:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Japonês, Lavrinha, and Ernesto Conect pits, belonging to Mineração Apoena, should
receive a filling with material from Nosde/Lavrinha, containing about 16.4 million tonnes of waste, according to Table 12-9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ernesto pile (Figure 12-15) should receive a part of Nosde/Lavrinha waste, containing about 8.0 million
more tonnes of waste.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Three deposition piles (Pit 1, Japonês, and Leste), displayed in Figure 12-16, Figure 12-17,
and Figure 12-18, are in the process of environmental licensing and should house about 18.6 million tonnes of waste, according to
Table 12-10 .

**Table 12-9: Filling Capacity of Mineração Apoena Pits**

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| | | | |
|:---|:---|:---|:---|
| **Pit** | **Actual Capacity (km³)** | **Apparent Density (t/m³)** | **Actual Capacity (kt)** |
| Lavrinha | 7264.6 | 1.80 | 13076.3 |
| Ernesto Conect | 868.9 | 1.80 | 1564.1 |
| Japonês | 985.2 | 1.80 | 1773.3 |
| TOTAL | 9118.8 | 1.80 | 16413.8 |

---

**Table 12-10: Piles in Environmental Licensing Process**

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| | | | |
|:---|:---|:---|:---|
| **Pile** | **Actual Capacity (km³)** | **Apparent Density (t/m³)** | **Actual Capacity (kt)** |
| Japonês | 6616.1 | 1.80 | 11909.1 |
| Pit 1 | 1762.5 | 1.80 | 3172.6 |
| Leste | 1928.8 | 1.80 | 3471.8 |
| TOTAL | 10307.5 | 1.80 | 18553.5 |

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![](ex9603_208.jpg)

**Figure 12-15: Ernesto Pile Representation**

![](ex9603_209.jpg)

**Figure 12-16: Representation of Pit 1 Pile**

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![](ex9603_210.jpg)

**Figure 12-17: Representation of Pit 1 Pile**

![](ex9603_211.jpg)

**Figure 12-18: Leste Pile Representation** 

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13 MINING METHODS

Mining costs are based on the extraction of Nosde/Lavrinha rocks, including drilling, blasting, loading, and transportation to the crushing yard and specific stockpiles; also including the necessary infrastructure to enable the mined production.

![Desenho de um cachorro O conteúdo gerado por IA pode estar incorreto.](ex9603_212.jpg)

**Figure 13-1: Nosde/Lavrinha Mine**

The tonnages planned to be extracted and the basis for all cost calculations are expanded upon below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Handling of Mined Rock

Table 13-1 shows the annual ore production of Nosde/Lavrinha pertaining to their respective average gold grade, the total waste to be removed, the waste ore ratio, and the metallic gold planned to be recovered at the plant. Gold grade is defined by ranges of high-grade (above 0.9 g/t), medium-grade (between 0.9 and 0.7 g/t), and low-grade (between 0.7 and 0.34 g/t).

**Table 13-1: Annual Production for Years 2023, 2024, 2025, 2026, and 2027**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Gold Grade** | **Unit** | **2023** | **2024** | **2025** | **2026** | **2027** |
| High Grade | Ton of Ore (kt) | 66.9 | 298.7 | 96.2 | 330.6 | 2044.8 |
| High Grade | Grade (g/t) | 1.15 | 1.14 | 1.13 | 1.21 | 1.32 |
| High Grade | In Situ Ounces (kOz) | 2.5 | 11.0 | 3.5 | 12.8 | 86.8 |
| Medium Grade | Ton of Ore (kt) | 162.3 | 870.4 | 323.0 | 467.1 | 920.0 |
| Medium Grade | Grade (g/t) | 0.76 | 0.78 | 0.78 | 0.78 | 0.81 |
| Medium Grade | In Situ Ounces (kOz) | 3.9 | 21.9 | 8.1 | 11.7 | 24.1 |
| Low Grade | Ton of Ore (kt) | 158.8 | 612.5 | 393.5 | 558.1 | 257.5 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Gold Grade** | **Unit** | **2023** | **2024** | **2025** | **2026** | **2027** |
|  | Grade (g/t) | 0.56 | 0.56 | 0.55 | 0.54 | 0.57 |
|  | In Situ Ounces (kOz) | 2.8 | 11.1 | 6.9 | 9.7 | 4.7 |
| Total Ore | Ton of Ore (kt) | 387.9 | 1781.7 | 812.7 | 1355.8 | 3222.3 |
| Total Ore | Grade (g/t) | 0.74 | 0.77 | 0.71 | 0.79 | 1.12 |
| Total Ore | In Situ Ounces (kOz) | 9.3 | 44.0 | 18.5 | 34.3 | 115.7 |
| Total Waste | Ton of Waste (kt) | 1940.8 | 12201.6 | 16810.9 | 17833.3 | 4984.1 |
| SR |  | 5.00 | 6.85 | 20.69 | 13.15 | 1.55 |

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13.1.1 Destination of Raw Ore (ROM)

The destinations of the raw ore (ROM) extracted are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· High and medium-grade ore stockpile to the crushing area: The material will be transported by a loader
to feed crushing, pursuant to the planned mass and grade specifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Low-grade ore stockpile: The low-grade ore will be sent to an ore stockpile to strategically feed the
plant over periods when medium and high-grade materials are absent.

The mass of ROM by destination and Average Hauling Distance (AHD) are shown in Table 13-2.

**Table 13-2: Masses of ROM Extracted in Pit and Average Hauling Distance by Classification**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Source** | **Mine** | **Mine** | **Mine** | **Mine** | **Mine** | **Mine** |
| **Destination** | **Ore Yard/Stacks** | **Ore Yard/Stacks** | **Ore Yard/Stacks** | **Ore Yard/Stacks** | **Ore Yard/Stacks** | **Ore Yard/Stacks** |
| **Ore/Waste** | **High- and medium-grade ore (for the plant)** | **High- and medium-grade ore (for the plant)** | **Low-grade ore<br> (for stockpile)** | **Low-grade ore<br> (for stockpile)** | **Waste (for waste deposits)** | **Waste (for waste deposits)** |
| **Year** | **Tonnage** | **AHD** | **Tonnage** | **AHD** | **Tonnage** | **AHD** |
| **Year** | **t** | **m** | **t** | **m** | **t** | **m** |
| 2023 | 229169 | 3249 | 158801 | 3937 | 1940756 | 3, 242 |
| 2024 | 1169175 | 3249 | 612514 | 3937 | 12201627 | 3242 |
| 2025 | 419169 | 3249 | 393518 | 3937 | 16810920 | 3242 |
| 2026 | 797770 | 3249 | 558026 | 3937 | 17833307 | 3242 |
| 2027 | 2964735 | 3249 | 257533 | 3937 | 4984070 | 3242 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Mine Operation

The operating concept for the Nosde/Lavrinha Mine is conventional open pit mining. Commercial operation started in 2022.

The development of the mine was planned to allow access to the high-grade level to maximize gold production and enable operational flexibility, allowing the mining of several benches simultaneously.

Disposal material includes soil, saprolite, altered rock mass, and fresh rock. The excavation of these deposits is planned for drilling and blasting with explosives, for all fresh rock. The loading and transportation will be carried out mainly by hydraulic excavators, complemented by loaders. The transportation will be carried out by 8 x 4 trucks.

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The benches are set up as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For metarenite, a width of 8.5 m and a height of 20 m is maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For shale, a width of 6.5 m and a height of 10 m is maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The benches have a slight inclination from the top to the base of the top face of the bench, towards the
open side, to drain rainwater and maintain the designed inclination angles. A good drainage design within the pit and in the rainwater
collection contribution areas around the pit allows minimization of operational disturbances during heavy rains.

The processing plant is located about 3.2 km from the Nosde/Lavrinha pit.

The mining fronts are accessed by ramps with a width of 13 m and a slope of 10%. The road conditions are consistent with good practices for the operation of mining equipment.

The gold extraction concept of Nosde/Lavrinha Mine is based on the application of conventional techniques of excavation of shallow rock masses with a maximum level of mechanization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Grade control with dedicated drilling: Sample collection to provide good support to grade control engineering
and short-term mining plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Blasting holes: They are drilled by a Top Hammer hydraulic drilling platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Primary rock blasting: Most rock, ore, and waste rock is fragmented using explosives. Ore fragmentation
has special requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mechanical excavation of rock: To be performed by excavators with the aid of bulldozers, if necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The loading operation is preferably performed by a hydraulic excavator with a backhoe bucket profile,
complemented by loaders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The transportation of rocks is performed by conventional 8 x 4 road trucks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The development and preparation of the mine are carried out by bulldozers, graders, road rollers, and
water trucks.

The destinations of the extracted materials are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ROM stock in the primary crusher area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· waste disposal stockpile; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· low-grade stock.

The ore is handled from the storage yard using a loader that will feed the primary crusher. Direct feeding by trucks to the crusher was not considered.

The mining operation is carried out by an outsourced company using hydraulic excavators with an operating weight of 50 and 75 tons in backhoe configuration, which load 8 x 4 trucks with a bucket capacity of 22 m³ (heaped), which means about 10% more for the total capacity, for 58 tons of TGW (Total Gross Weight).

When necessary, the material of the low-grade piles is moved again and feeds the beneficiation plant. Risk mitigation strategies over the rainy season are developed; otherwise, problems with potential loss of access to mining areas and operational difficulties may occur.

Short-term grade control is performed by a dedicated team responsible for sample collection and ore quality analysis prior to processing.

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The pumping infrastructure that is used in Nosde/Lavrinha is similar to the one that is installed in the Ernesto Mine, which is made up of three different pumps with a capacity of 200 m³/h, including an ITU-86C17 CABIN DIESEL MOTOR PUMP, with a suction capacity of 6" x 8", discharge equipped with a 17" SCANIA rotor. In addition, two ITU-63C17 DIESEL MOTOR PUMPS are part of the system, with a suction capacity of 6"x4", discharge and rotor also of 17". Complementing the system, there are about 500 metres of 8" HDPE piping, providing a robust and efficient structure for water management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 Mine Equipment Selection

As in other Apoena operations, mining is outsourced. Apoena is responsible for contractor management to achieve required production pursuant to the mine plan. The sizing of the fleet required to perform the operation is summed up in Table 13-3.

**Table 13-3: Annual Equipment Fleet**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Equipment** | **Model** | **2024** | **2025** | **2026** | **2027** |
| Digger | SY750H | 6 | 9 | 9 |  |
| Digger | KOMATSU PC 500 | 2 |  |  | 3 |
| Dump Truck | AROCS 4851 | 27 | 30 | 31 | 15 |
| Drilling Rig | DP1500i | 5 | 5 | 5 | 3 |
| Crawler Tractor | D8/D61 AX | 4 | 4 | 4 | 4 |
| Wheel Loader | CAT 966 | 2 | 2 | 2 | 2 |
| Motor Grader | CAT 140 | 2 | 2 | 2 | 2 |
| Infrastructure Excavator | CAT 336 | 1 | 1 | 1 | 1 |
| Water Truck | AXOR 3131 | 3 | 3 | 3 | 3 |
| Fuel Truck | AXOR 3131 | 2 | 2 | 2 | 2 |
| Compactor Roller | DYNAPAC/CA25 | 1 | 1 | 1 | 1 |
| Hydraulic Breaker | SY215C | 1 | 1 | 1 | 1 |

---

For optimized operation, complete synchronization of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Grade control drilling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Drilling for production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mine development and preparation by crawler bulldozers/motor graders/water trucks, and others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Loading by excavators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transportation of ore and waste by 8 x 4 trucks.

Road conditions affect the speed and safety conditions for transporting ROM and waste ore.

As the unloading of the ore takes place in a yard, a loader feeds the ore into the concentration plant. No queues are expected at the unloading point of the ore trucks.

13.3.1 Drilling and Blasting

Considering the operations in Nosde/Lavrinha, the blasting of waste rock and ore abides by different parameters for each of these materials, according to Table 13-4 and Table 13-5. Both

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operations are performed with pumped emulsion, and loading ratio of 227 g/t for ore and 249 g/t for waste.

**Table 13-4: Ore Blasting Parameters**

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| | |
|:---|:---|
| **PARAMETER** | **AMOUNT** |
| ROCK DENSITY (kg/m³) | 2.610 |
| HOLE DIAMETER (") | 4.00 |
| BURDEN (m) | 3.10 |
| SPACING (m) | 3.60 |
| SUBDRILLING (m) | 0.15 |
| CLOSURE (m) | 1.80 |
| OVERBREAK (m) | 1.50 |
| BENCH HEIGHT (m) | 5.00 |

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**Table 13-5: Waste Rock Blasting Parameters**

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| | |
|:---|:---|
| **PARAMETER** | **AMOUNT** |
| ROCK DENSITY (kg/m³) | 2.610 |
| HOLE DIAMETER (") | 5.50 |
| BURDEN (m) | 4.00 |
| SPACING (m) | 4.60 |
| SUBDRILLING (m) | 0.15 |
| CLOSURE (m) | 2.00 |
| OVERBREAK (m) | 1.50 |
| BENCH HEIGHT (m) | 5.00 |

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Fragmentation quality monitoring occurs during operation to optimize the total rock excavation in the mine and the grinding process. Different blasting patterns for waste rock and ore, along with knowledge of lithology, were used for fleet selection of blasting hole drilling rigs.

Hydraulic drilling rigs are a high-productivity alternative and allow the possibility of technologies that control dust generation, with high-efficiency "dust collector" systems. The generation of dust by the operation can cause environmental problems, in addition to significantly increasing the maintenance costs of equipment.

13.3.1.1 Drilling Rig for Grade Control

For Grade Control drilling, used to update the short-term mining plan and perform grade control, the use of reverse circulation has been shown to be the most effective in supporting mining reconciliation. Reverse Circulation (RC) drilling has become standard practice in most mines worldwide to perform grade control for mining reconciliation.

For very short-term information, a hydraulic drill with a dust collection system is used, for drillings up to 10 m long and a mesh of 5 m x 5 m. Sample collection is carried out from metre to metre. In this case, a PW Lobo model machine is being used, with 3" holes.

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13.3.2 Loading and Transportation

Table 16.9 shows the parameters used to select the loading and transportation fleet for the ROM on the mining fronts. Fleet sizing depends on the number of days of the month and the transport distance for each type of material. In Table 13-6, as a reference, a transport distance of 3,500 m and a month of 30 days was used.

**Table 13-6: Fleet Selection Parameters**

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| | | |
|:---|:---|:---|
| **EXCAVATORS** | **50 t Excavator** | **75t Excavator** |
| Excavator Bucket Capacity (<sup>m3</sup>) | 3.0 | 4.4 |
| *In Situ* Material Density (t/<sup>m3</sup>) | 2.62 | 2.62 |
| Swelling (%) | 32% | 32% |
| Material Moisture (%) | 2% | 2% |
| Swollen Material Density (t/m<sup>3</sup>) | 1.98 | 1.98 |
| Bucket Fill Factor (%) | 100% | 100% |
| Volume per Pass (m<sup>3</sup>) | 3.00 | 4.40 |
| Metric Tonnes per Dry Pass (t) | 5.95 | 8.73 |
| Metric Tonnes per Wet Pass (t) | 6.05 | 8.92 |
| Maximum Truck Capacity (m<sup>3</sup>) | 22 | 22 |
| Maximum Truck Capacity (t) | 40 | 40 |
| Truck Passes | 7 | 5 |
| Tons per Truck (wet) | 40 | 40 |
| Tons per Truck (Dry) | 39 | 39 |
| Waiting Time for Truck Positioning (min.) | 2.00 | 2.00 |
| Cycle Time per Pass (min.) | 0.45 | 0.40 |
| Total Cycle Time per Truck (min.) | 5.15 | 4.00 |
| Effective Unit Productivity (m<sup>3</sup>/h) | 176 | 227 |
| Effective Unit Productivity (t/h) | 461 | 594 |
| Days per Month | 30 | 30 |
| Hours per Day | 24 | 24 |
| Calendar Time (h) | 720 | 720 |
| DF (%) | 85% | 85% |
| UT (%) | 71% | 75% |
| OEE (%) | 60% | 64% |
| Available Time (h) | 612 | 612 |
| Planned Production Time (h) | 435 | 459 |
| Operational Efficiency (%) | 85% | 85% |
| Operating Unit Productivity (m<sup>3</sup>/h) | 150 | 193 |
| Operating Unit Productivity (t/h) | 392 | 505 |
| TRUCKS (8 x 4) | 50 t Excavator | 75t Excavator |
| DMT (m) | 3500 | 3500 |
| Average Empty Speed (km/h) | 30.0 | 30.0 |
| Average Loaded Speed (km/h) | 18.0 | 18.0 |
| Empty Travel Time (min.) | 7.00 | 7.00 |
| Loaded Travel Time (min.) | 11.67 | 11.67 |

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| | | |
|:---|:---|:---|
| **EXCAVATORS** | **50 t Excavator** | **75t Excavator** |
| Maneuver for Loading (min.) | 2.00 | 2.00 |
| Loading (min.) | 3.15 | 2.00 |
| Maneuver for Dumping (min.) | 0.40 | 0.40 |
| Dumping (min.) | 1.10 | 1.10 |
| Queue Time (min.) | 2.00 | 2.00 |
| Cycle Time (min.) | 27.32 | 26.17 |
| Travels / hour | 2.20 | 2.29 |
| Bucket Factor | 39.00 | 38.76 |
| Days per Month | 30 | 30 |
| Hours per Day | 24 | 24 |
| Calendar Time (h) | 720 | 720 |
| DF (%) | 85% | 85% |
| UT (%) | 71% | 71% |
| OEE (%) | 60% | 60% |
| Available Time (h) | 612 | 612 |
| Planned Production Time (h) | 435 | 435 |
| Operating Unit Productivity (m<sup>3</sup>/h) | 33 | 34 |
| Productivity for 2000m DMT (t/h) | 86 | 89 |

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13.3.3 Auxiliary Equipment

13.3.3.1 Motor Grader

The selection of motor graders should not only consider the sum of the lengths of all accesses to be maintained, but also the various tasks that the motor grader performs in a mining operation. It is also important to consider appropriately sized equipment for mining operations, with a minimum blade width of 14 feet (CAT 140).

13.3.3.2 Flatbed Truck

Considering the various equipment moved by caterpillar tracks that need to move constantly for greater distances, either due to the arrangement of the operation fronts or the maintenance needs in the workshop, the mine has a flatbed truck to meet these requirements of the mining operation. The flatbed truck can also be used to transport large components of the concentration plant during large-scale maintenance. The truck's width should consider the ability to safely transport the widest equipment in the mine.

13.3.3.3 Water Truck

Despite the high rainfall rates in the region, prolonged periods of drought require the use of many hours of water trucks. Therefore, the mine has three units, aiming to cover the entire operation. Typically, the watering system used is the "peacock tail" sprinkler type, properly adjusted to

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moisten the soil and not to "wash" the ground. It is important that water trucks also have a nozzle system to help put out fires during the dry season.

13.3.3.4 Bulldozers

For current production levels, bulldozers weighing 35 tons (CAT D8) and 20 tons (CAT D6) are used. This need is heightened in the rainy season.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 Workforce

13.4.1 Workforce to be Contracted by Mineração Apoena S.A.

As the mine operation is intended to be sub-contracted, the mine labor force is related to management, grade control and mine planning (Table 13-7).

**Table 13-7: Workforce Requirements for the Outsourced Mining Operation Alternative.**

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| | | | |
|:---|:---|:---|:---|
| **Sector** | **Job Title** | **Formation** | **Quantity** |
| Management | Mine manager | Mining Engineer | 1 |
| Grade Control | Department Chief | Geologist Sr | 1 |
| Grade Control | Coordinator | Geologist full | 1 |
| Grade Control | Grade control technician | Mining Technician | 2 |
| Mine Planning | Department Chief | Mining Engineer Sr | 1 |
| Mine Planning | Mine planning engineer | Mining Engineer full | 1 |
| Mine Planning | Topography Specialist | Topographer | 1 |
| Mine Planning | Mine planning engineer | Mining Technician | 2 |
| Mine Production | Department chief | Mining Engineer Sr | 1 |
| Mine Production | Production Engineer | Mining Engineer | 1 |
| Mine Production | Production Supervisor | Mining Technician | 4 |

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13.4.2 Operational Workforce Expected to have in Mine Site by Contractor

The contractors must follow the Mineração Apoena S.A. standards related to Health, Environment and Communities (HEC) and the personnel from one contractor to other, based on similar fleet, is not different from each other.

The working schedule considered is three shifts per day, seven days a week by operational people, 12 months per year. For vacation and absenteeism, it was considered one index of 12 %.

The Table 13-8 present the personnel staff related to contractors expected to be working in mine site.

**Table 13-8: Contractors operational personnel staff expected to work for mining operation**

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|:---|:---|:---|:---|:---|:---|:---|
| | **Equipment** | **Model** | **2024** | **2025** | **2026** | **2027** |
| **Contractor Mining Operational Labors** | Excavator | SY750H | 24 | 36 | 36 | - |
| **Contractor Mining Operational Labors** | Excavator | KOMATSU PC 500 | 8 | - | - | 12 |
| **Contractor Mining Operational Labors** | Dump Truck | AROCS 4851 | 108 | 120 | 124 | 60 |
| **Contractor Mining Operational Labors** | Drilling Rig | DP1500i | 20 | 20 | 20 | 12 |
| **Contractor Mining Operational Labors** | Crawler Tractor | D8/D61 AX | 16 | 16 | 16 | 16 |
| **Contractor Mining Operational Labors** | Wheel Loader | CAT 966 | 8 | 8 | 8 | 8 |
| **Contractor Mining Operational Labors** | Motor Grader | CAT 140 | 8 | 8 | 8 | 8 |
| **Contractor Mining Operational Labors** | Infrastructure Excavator | CAT 336 | 4 | 4 | 4 | 4 |
| **Contractor Mining Operational Labors** | Water Truck | AXOR 3131 | 12 | 12 | 12 | 12 |
| **Contractor Mining Operational Labors** | Fuel Truck | AXOR 3131 | 8 | 8 | 8 | 8 |
| **Contractor Mining Operational Labors** | Compactor Roller | DYNAPAC/CA25 | 4 | 4 | 4 | 4 |
| **Contractor Mining Operational Labors** | Hydraulic Breaker | SY215C | 4 | 4 | 4 | 4 |

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|:---|:---|:---|:---|:---|:---|:---|
| | **Equipment** | **Model** | **2024** | **2025** | **2026** | **2027** |
| | Grade Control | Top Hammer Drilling | 6 | 6 | 6 | 6 |
| | Vacations/ Absenteeism | 12% | 28 | 30 | 30 | 18 |
| | **Total Operational estimated** | **Total Operational estimated** | **258** | **276** | **280** | **172** |
| **Contractor Managements** | Site Manager | Site Manager | 1 | 1 | 1 | 1 |
| **Contractor Managements** | Production Manager | Production Manager | 1 | 1 | 1 | 1 |
| **Contractor Managements** | Maintence Manager | Maintence Manager | 1 | 1 | 1 | 1 |
| **Contractor Managements** | Production Supervisor | Production Supervisor | 4 | 4 | 4 | 4 |
| **Contractor Managements** | Maintence Supervisor | Maintence Supervisor | 4 | 4 | 4 | 4 |
| **Contractor Managements** | Mechanics | Mechanics | 84 | 90 | 92 | 56 |
| **Total Contractors Personnel** | **Total Contractors Personnel** | **Total Contractors Personnel** | **356** | **380** | **386** | **242** |

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Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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14 PROCESSING AND RECOVERY METHODS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Process Summary

The concepts used in the selection of the route and flowchart of the metallurgical process for the Aura APOENA Minerals' plant, also referred to as EPP – Ernesto & Pau-a-Pique, were based on technological test programs conducted with samples of the Ernesto and Japonês mineralized bodies. The results of the technological characterization used to outline the design criteria for the Feasibility Study, as conducted by Ausenco Limited in 2010, the summary of which is shown in Table 14-1.

The selected flowchart represented a typical application of the medium-scale gold beneficiation and extraction industry, with the leaching of the entire ROM - Run of Mine, after the comminution stage. In the flowchart there are two extraction phases. The first begins with a gravimetric concentration installed in the milling circuit, followed by intensive leaching in a reactor, using sodium cyanide and auxiliary oxidizing chemical agents. In the second extraction phase, the milling product is subjected to classical cyanide leaching in stirred tanks, pursuant to the configuration called CIL – Carbon in Leach. In this process, the gold leached by sodium cyanide is adsorbed by activated carbon.

Opportunities for performance, metallurgical, or cost improvements are under constant evaluation in the EPP operation, such as gains in milling scale, increased gravimetric concentration capacity, in addition to selective disposal of pebbles from the SAG mill.

The EPP ore treatment flowchart consists of a primary crushing step, followed by a semi-autogenous milling step – SAG in a closed circuit with cyclones, in order to obtain a product with P80 of 0.106 mm. The milling circuit includes a gold gravimetric concentration step, formed by a scalping sieving of the underflow of cyclones, the passing fraction of which is routed to the gravimetric concentration in centrifuges, followed by intensive reactor leaching for processing the gravimetric concentrate. The overflow of cyclones, which is the product of the milling, then goes to a step of cleaning harmful, organic substances, in a linear sieve, with the undersize being directed to the step of pulp thickening. The thickened pulp is then leached with sodium cyanide (cyanidation), in a circuit with seven tanks in series and cascade arrangement, with a residence time of currently 16 hours, compared to 24 hours of the original design. This reduction is a consequence of the increase in the feed rate of the EPP plant. In this circuit, the addition of activated carbon is conducted, which runs through the circuit in countercurrent to adsorb the leached gold into the pulp. The charcoal charged with gold is subjected to elution, electrolysis, and casting, the latter resulting in the "bullion". The waste from the hydrometallurgical process is treated to reduce the residual cyanide, pursuant to the applicable environmental laws, to then be deposited in a dam.

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**Table 14-1: Summary of Project Criteria - Ausenco FS 2010**

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|:---|:---|:---|
| **Criterion Unity** | **Unit** | **Source** |
| Plant capacity - Ernesto (Mt/y) | 1 | Yamana |
| Operating time – Ernesto (days) | 360 | Yamana |
| Crushing (%) | 75-90 | Ausenco proposed value |
| Grinding (%) | 90 | Client-agreed value |
| CIL and elution()% | 90 | Client-agreed value |
| Au production capacity (oz/y) | 100 000 | Yamana |
| Ore gold grade | Ore gold grade | Ore gold grade |
| Pau-a-Pique (g/t) | 4-6 | Yamana |
| Ernesto (g/t) | 1-5 | Yamana |
| Overall gold recovery (%) | 95 | Yamana |
| ROM Storage Capacity – Ernesto | ROM Storage Capacity – Ernesto | ROM Storage Capacity – Ernesto |
| Mass | Mass | Mass |
| ROM Pad (t) | 6240 | Client-agreed value |
| Emergency stockpile (t) | 2080 | Client-agreed value |
| Hours of mill feed | Hours of mill feed | Hours of mill feed |
| ROM Pad (h) | 48 | Client-agreed value |
| Emergency stockpile (h) | 16 | Client-agreed value |

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In the Feasibility Study, the rated capacity of EPP industrial plant was defined based on the following three main types of ore: feldspathic metarenite, metaconglomerate, and quartz veins, as found in the pits planned for the Ernesto and Japonês mining area. The advance of the operation and the consequent opening of new pits, as well as the use of the Pau-a-Pique underground mine, resulted in the inclusion of the sericite shale and mylonite typologies, with two main consequences in the industrial process. The first was a lower recovery of gold in the gravimetric concentration step, compared to metarenite and metaconglomerate, while the lower tenacity resulted in greater milling capacity installed in the industrial plant. This increase in the feed rate of the plant implied adaptations in the previously existing industrial circuits of gravimetric concentration and hydrometallurgical extraction.

The current flowchart of the EPP ore industrial processing plant is shown in Figure 14-1. Details of each of the processing steps are described in the following sections.

Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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![](ex9603_213.jpg)

**Figure 14-1: Process Flowchart of EPP Industrial Plant**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 Crushing

The loaded trucks from different areas of the mine unload the ore in several piles in the crushing square, thus allowing the blending of the typologies and control of the fed contents. The stacked ore is taken up by a loader that feeds the hopper of the vibratory grizzly, the latter with an average opening of 100 mm. The fraction retained in the grizzly feeds a 106-mm opening jaw crusher into the closed position. The maximum size of the material fed into the crusher is about 0.5 m. The crusher product, together with the passing fraction on the grizzly is driven by belt conveyors to the milling silo. The conveyor system is furnished with a scrap extractor and magnetic detector. The main equipment of the crushing circuit and its specifications are described in Table 14-2.

**Table 14-2: Main Equipment of Crushing Circuit**

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| | | | |
|:---|:---|:---|:---|
| **Area** | **Equipment** | **Component** | **Specification** |
| Crushing | Vibratory Grizzly | Motor | Motor - WEG 15 CV |
| Crushing | C 110 Metso Crusher | Motor | Motor - 200 HP – 1190 RPM – 315S/M 4P WEG |
| Crushing | Metso Mac-Belt CV 01 | Belt | 36" |
| Crushing | Metso Mac-Belt CV 01 | Motor | Nord 20 HP 1775 RPM – 160 L / 4 – 4P |
| Crushing | Metso Mac-Belt CV 01 | Reducer | Nord |
| Crushing | CV 02 ThecnoWood Mac-Belt | Belt | 24'' |
| Crushing | CV 02 ThecnoWood Mac-Belt | Motor | SEW 40 HP 1800 RPM – 4P |
| Crushing | CV 02 ThecnoWood Mac-Belt | Reducer | SEW |
| Crushing | Buffer Hopper | FE 05 Feeder Motor | WEG 7.5 HP 1740 RPM – 112 M – 4P |

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The operating criterion adopted in the primary crushing of EPP is to keep the feed hopper filled with material taken up by the loader, to keep the milling silo also full. Excess crushed material is stacked in an emergency stack and resumed as needed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 Milling

The new feed rate of the milling is modulated by the speed variation of the feeders installed under the silo. A scale installed on the mill feed belt conveyor monitors this operation. The discharge from the SAG mill is sent to the trommel of the mill itself, thus resulting in the retained fraction (pebbles), which returns to the mill feed, while the passing fraction flows to a pulp box, from which it is pumped to the cyclone battery, the overflow of which constitutes the milling product, while part of the underflow is sent to scalping sieving, and the passing fraction of it flows to the centrifugal concentrators. The remaining fraction of the underflow of the cyclones, as well as the fraction retained in the scalping sieving and tailings of the centrifugal concentrators return to the mill feed, as well as the tailings from the intensive leaching of the centrifuge concentrate. The milling operation has a system for real-time control and adjustment of operating parameters called Smart Control LEAF, developed by iSystems. Figure 14-2 shows the main screen of the supervisory control system of the milling circuit of the EPP industrial plant.

![](ex9603_214.jpg)

**Figure 14-2: Crushing and Milling Circuit Control Supervisory Screen**

The main design and operation characteristics of the SAG mill and the EPP plant cyclones are described in Table 14-3, while Table 14-4 shows the main sets of equipment and devices installed in the same circuit.

**Table 14-3: Main Design and Operation Characteristics of the Milling Circuit**

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| **SAG Mill** | **SAG Mill** |
| Polysius Mill | SAG/19' x 20' |
| Inside Liner Diameter (m) | 5.42 |
| Inside Liner Length (m) | 6.19 |
| Rotation (percentage of critical speed) | 70.5 |
| Grinding Media Charge (percentage of mill internal volume) | 17.8 |

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| **SAG Mill** | **SAG Mill** |
| Diameter of Spare Grinding Media | 50%-5" and 50%-4" |
| Discharge Type | Grizzly |
| Size of Grizzly Openings (mm) | 25 |
| Total Grizzly Opened Area (%) | 9.2 |
| Size of Pebble Ports (mm) | 80 |
| Area of pebble ports over total opening area (%) | 27.1 |
| Installed Power (kW) | 3000 |
| Experimental Demanded Power (kW) | 2937 |
| Calculated Demanded Power (kW) | 2436 |
| **Cyclone Nest** | **Cyclone Nest** |
| Manufacturer/Model | Krebs/GMAX20 |
| Rated Diameter (inch) | 20 |
| Equivalent Inlet Diameter - (mm) | 203 |
| Vortex Diameter (mm) | 239 |
| Apex Diameter (mm) | 121 |
| Conical Section Angle (degrees) | 20 |
| Number of Installed Hydrocyclones | 5 |
| Number of Operating Hydrocyclones | 4 |
| Operation Pressure (kPa) | 55 |

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**Table 14-4: Main Sets of Equipment and Devices of the Milling Circuit**

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| | | | |
|:---|:---|:---|:---|
| **Area** | **Equipment** | **Component** | **Specification** |
| Milling | Silo Capacity 6 h – 596 m³ | FE 02 Vibratory Feeder Motor | WEG 7.5 HP 1740 RPM – 112 M 4P |
| Milling | Silo Capacity 6 h – 596 m³ | FE 03 Vibratory Feeder Motor | WEG 7.5 HP 1740 RPM – 112 M 4P |
| Milling | CV 03 ThecnoWood Mac-Belt | Belt | 24" |
| Milling | CV 03 ThecnoWood Mac-Belt | Motor | WEG 25 HP – 1770 RPM – 4P |
| Milling | CV 03 ThecnoWood Mac-Belt | Reducer |  |
| Milling | CV 03 ThecnoWood Mac-Belt | Drive Drum |  |
| Milling | CV 03 ThecnoWood Mac-Belt | Diverting Drum 1 |  |
| Milling | CV 03 ThecnoWood Mac-Belt | Diverting Drum 2 |  |
| Milling | CV 03 ThecnoWood Mac-Belt | Tensioning Drum |  |
| Milling | 19' x 20' SAG Mill | Main Motor | Siemens 4,000 HP – 1194 RPM – 6.6 kV |
| Milling | 19' x 20' SAG Mill | Main Coupling |  |
| Milling | 19' x 20' SAG Mill | Main Reducer | Renk Zannini |
| Milling | 19' x 20' SAG Mill | Main Crown (Pinion) |  |
| Milling | 19' x 20' SAG Mill | Auxiliary Motor Drive |  |
| Milling | 19' x 20' SAG Mill | Reducer Auxiliary Drive |  |
| Milling | 19' x 20' SAG Mill | Lubrication Hydraulic Pump |  |
| Milling | 19' x 20' SAG Mill | Hyd Lub 20 HP 1770 RPM Pump Motor |  |
| Milling | 19' x 20' SAG Mill | Hydraulic Pump Lifting |  |
| Milling | 19' x 20' SAG Mill | Flow Divider |  |
| Milling | 19' x 20' SAG Mill | Hyd Lift 10 HP 1150 RPM Pump Motor |  |
| Milling | 19' x 20' SAG Mill | Heat Exchanger |  |
| Milling | 3 m³ Mill Housing | PP 0001 Motor | 600 HP Weg Motor |
| Milling | 3 m³ Mill Housing | PP 0001 Pump | 250ST-MCU Warman Weir Pump |

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Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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| **Area** | **Equipment** | **Component** | **Specification** |
|  |  | PP 0001 R Motor | 450 HP Weg Motor |
|  |  | PP 0001R Pump | 250ST-MCU Warman WEIR PUMP |
|  | Primary Cyclones | Nest with 5 GMAX-20 Cyclones | GMAX-20 FLSmidth Cyclones |

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Figure 14-3 shows the process flowchart and a typical mass balance of the EPP milling circuit as developed by consulting firm MinPro Solutions. The balance does not include centrifugal concentrator flows, as they are internal and recirculation flows.

![](ex9603_215.jpg)

**Figure 14-3: Flowchart of EPP Milling Circuit with Typical Operation Mass Balance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 Pre-leaching Thickening

The milling product with rated P<sub>80</sub> of 0.106 mm is directed to a linear sieve for removal of harmful elements to leaching, such as organic material and possible coarse particles. Owing to the increase in the capacity of the milling circuit in the treatment of less tenacious typologies – shale sericite and mylonite, the pulp densification step started to include a cyclone prior to thickening. Thus, the passing fraction in the protective sieving started to be pumped to a new cyclone, the overflow of which then goes to the existing vertical thickener, while the underflow feeds a new stage of concentration in centrifuges, called scavenger. The thickener underflow along with the scavenger centrifuge tailings form a pulp with 50% solids by weight which is then routed to leaching.

The main equipment that make up EPP pulp densification circuit, as well as the respective specifications are shown in Table 14-5.

Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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**Table 14-5: EPP Densification Circuit Main Equipment**

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| **Area** | **Equipment** | **Component** | **Specification** |
| Thickening | Cyclone Pump 2 | PP-002 WEIR Pump | AH-8/6 Warman Weir Pump |
| Thickening | Cyclone Pump 2 | PP-002 300 HP 1770 RPM Pump Motor |  |
| Thickening | SC-001 Linear Sieve | Linear Sieve Motor |  |
| Thickening | SC-001 Linear Sieve | Linear Sieve Reducer | KH87/T DRE132S4/RS REDUCER |
| Thickening | 12-m Diameter Thickener | Altaflo Westech 12-m Diam. Thickener |  |
| Thickening | 12-m Diameter Thickener | PP-004 Pump Motor | 100 HP 1760 RPM |
| Thickening | 12-m Diameter Thickener | PP-004 WEIR Pump | AH-8/6 Warman WEIR Pump |
| Thickening | 12-m Diameter Thickener | PP-04R Pump Motor | 75 HP 1760 RPM |
| Thickening | 12-m Diameter Thickener | METSO PP-04R Pump | METSO HM-150 Pump |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 Gravimetric Concentration

The EPP gold gravimetric concentration circuit was installed according to a classical configuration. In this circuit, 25% of the cyclone underflow is diverted to a scalping sieve with an opening of 3 mm, installed to remove coarse particles and organic contamination. While the oversize of this sieving returns to the mill, the undersize goes to feed the centrifugal concentrators, the tailings of which then return to the mill feed and the concentrates feed the fluidized bed cone of an intensive leaching reactor, "Intensive Cyanidation Unity" (ICU). Intensive leaching is carried out in batches and the obtained rich liquor is directed to the electrolysis step, where the concentrate generated in the cathodes, after filtration, is melted to form the bullion.

The original centrifuge considered in the EPP design had a capacity of up to 150 t/h of solids, while the reactor had a capacity of about 1.5 t of gravity concentrate. The intensive leaching residence time considered was 16 hours. Owing to the increase in the milling feed rate provided by the processing of ores such as shale sericite and mylonite, two additional centrifugal concentrators were installed. The larger equipment, with three times the capacity of the original, was installed in parallel to the then existing centrifuge, to treat the milling's circulating load. A smaller centrifuge, called scavenger, was installed to process the secondary cyclone underflow.

To adapt the leaching capacity of the reactor to the new conditions, the leaching time of ICU was reduced from 16 hours to 6 hours. The specifications and characteristics of the main equipment of gravimetry and intensive leaching steps are shown in Table 14-6.

**Table 14-6: Main Equipment of Gravimetry and Intensive Leaching Circuit**

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| **Area** | **Equipment** | **Component** | **Specification** |
| Gravimetry | SC-002 Vibrating Sieve | 25 HP 1160 RPM Motor |  |
| Gravimetry | Falcon SB-750B Concentrator | Falcon SB-750B 12.5 HP 1760 RPM Concentrator Motor | 12.5 HP 1760 RPM |
| Gravimetry | Falcon SB-5200 Concentrator | Falcon SB-5200 100 HP Concentrator Motor | 100 HP 1760 |
| Gravimetry | KNELSON XD-30 Concentrator | KNELSON XD-30 Concentrator Motor | 15 HP 1760 RPM |
| Gravimetry | 330-PP-002 | Pump motor reduces production | Weg motor, 300 HP, 1790 RPM |
| Gravimetry | 330-CV-004 | Conveyor Belt Motor | SE Motor, 7.5 HP, 1750 RPM |
| Gravimetry | Acácia CS1000 | 420-AG-001 | Weg Motor, 1 HP, 1710 RPM |

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Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 Leaching in Tanks (CIL)

The EPP carbon in leach (CIL) circuit consists of seven tanks, each with a capacity of 567 m<sup>3</sup>. These tanks have mechanical stirring in order to produce internal pumping and pulp revolutions to provide better contact with the reagents – sodium cyanide and oxygen. In the first tank, the cyanide concentration is maintained around 130 mg/l. After purification, oxygen is injected through a radial system of rods, called Slamjet. Purification, or increase in oxygen concentration, is conducted to increase the reaction kinetics, thus compensating for the higher feed rates of the plant and, consequently, decrease the residence time of the pulp in the existing tanks. All tanks have an activated carbon concentration between 10 kg/m<sup>3</sup> and 30 kg/m<sup>3</sup>. The activated carbon, responsible for the adsorption of complexed gold, is retained in the tanks by means of inter-stage sieves, of the rotating cage scraper type. In this process, the movement of charcoal is prevented in the direction of the pulp current and moved, in countercurrent, with the aid of transfer pumps, for its enrichment, to the first tank of the circuit. The enriched charcoal is separated from the pulp by a vibrating sieve and sent to the final concentration operations, which are elution, electrolysis, and smelting. The complexation of gold for extraction from the solid phase to the liquid phase is indicated in the following equation:

2 Au(s) + 4 CN<sup>-</sup> (aq) + 1/2 O<sub>2</sub>(g) + 2 H+(aq) = 2 Au(CN)<sup>-2</sup> (aq) + H<sub>2</sub>O(l) (14-1)

Table 14-7 presents the characteristics of the main equipment of EPP CIL cyanidation circuit.

**Table 14-7: Characteristics of Main Equipment of Leaching Circuit in EPP Tanks**

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|:---|:---|:---|:---|
| **Area** | **Equipment** | **Component** | **Specification** |
| Cil | Leach Tanks | 7 tanks | Capacity 567 m³ |
| Cil | PS-010 Pump | Pump Motor of Transfer of Coal Pulp 430-SC-003 | WEH 25 HP Motor |
| Cil | PS-010 Pump | Vertical Pump of Transfer of Coal Pulp 430-SC-003 | Vertical Pump Model 3-14VNR WEIR |
| Cil | PS-011 Pump | Pump Motor of Transfer of Pulp | WEH 25 HP Motor |
| Cil | PS-011 Pump | Vertical Pump of Transfer of Coal Pulp For Tanks | Vertical Pump Model 3-14VNR WEIR |
| Cil | PS-12,13,14,15,18 Pumps | Pump Motor of Transfer of Pulp | WEG 20 HP Motor |
| Cil | PS-12,13,14,15,18 Pumps | Vertical Pump of Transfer of Coal Pulp for Tanks | Vertical Pump Model 3-14VNR WEIR |
| Cil | PS-017 Pump | Vertical Pump Motor - Leach Drainage | 50 HP 1760 RPM WEG Motor |
| Cil | PS-017 Pump | Vertical Pump- CIL Leach Drain | Vertical Pump Model SP-100 Series WH11-10754 WEIR |
| Cil | PP-068 Pump | CIL/DETOX Pulp Transfer Pump Motor | 75 HP 1760 RPM is not Weg |
| Cil | PP-068 Pump | CIL/DETOX Pulp Transfer Pump | AH-6/4 WEIR Centrifugal Pump |
| Cil | PP-68R Pump | CIL/DETOX Pulp Transfer Pump Motor | WEG Motor |
| Cil | PP-68R Pump | CIL/DETOX Pulp Transfer Pump | AH-6/4WEIR Centrifugal Pump |
| Cil | CIL 3;5;7;9 Tank Stirrers | (3;5;7;9) Stirrer Motor | WEG 50 HP Motor |
| Cil | CIL 3;5;7;9 Tank Stirrers | (3;5;7;9) Stirrer Reducer | Reducer Model 98Q50 SPX FLOW TECHNOLOGY |

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| **Area** | **Equipment** | **Component** | **Specification** |
|  | CIL 4;6;8 Tank Stirrers | (4;6;8) Stirrer Motor | WEG 50 HP Motor |
|  | CIL 4;6;8 Tank Stirrers | (4;6;8) Stirrer Reducer | X3FS140/HU/B SEW-EURODRIVE Reducer |
|  | Dewatering Sieve of Charged Coal SC-003 | Dewatering Sieve of Coal Motors |  |
|  | Dewatering Sieve of Charged Coal SC-003 | Counterweights (Vibrator Set) |  |
|  | 6 m³ Interstage Sieves <br> SC-004 Coal Retention  | 6 m³ Interstage Sieves Motor | 12.5 HP 1760 RPM |
|  | 6 m³ Interstage Sieves <br> SC-004 Coal Retention  | 6 m³ Interstage Sieves Reducer |  |
|  | 4.25 m³ Interstage Sieves <br> SC-05.06.07.08.09.10 Coal Retention  | 4.25 m³ Interstage Sieves Motor | SEW EURODRIVE, 5 HP, 1775 RPM Three-Phase Electric Motor |
|  | 4.25 m³ Interstage Sieves <br> SC-05.06.07.08.09.10 Coal Retention  | 4.25 m³ Interstage Sieves Reducer | Parallel Shaft Reducer Model FHF-87 SEW EURODRIVE |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 Elution

The charcoal removed from the leach tanks in an amount of about 4 t presents between 1,000 to 1,500 g/t of gold. This charged carbon is directed to an acid wash step, performed on a fluidized bed column with a solution of about 3% w/v of hydrochloric acid. After acid washing and neutralization, the charcoal goes to another column where the gold is extracted from the charcoal by the Anglo American Research Laboratories (AARL) process. In this AARL circuit, a solution with a high concentration of sodium cyanide and caustic soda is injected into the column, which remains in contact with the charcoal for about 30 minutes. After this period, the elution itself begins, by injecting into the water column heated to 130 ºC to wash the desorbed gold. The solution obtained is stored in a rich solution tank to proceed to the electrolysis phase. At the end of the process, the charcoal is washed, cooled, and then returned to the leach tanks to begin the countercurrent enrichment process. Two batches of elution are performed daily. EPP has a thermal regeneration process of the eluted charcoal, but it is deactivated. The main characteristics of the elution circuit equipment are described in Table 14-8.

Aura Minerals Inc. \| Apoena Mines (EPP Complex) Mineral Resource and Mineral ReserveSK-1300 Technical Report Summary March 2025

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**Table 14-8: Characteristics of Main Equipment of Elution Circuit**

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| **Equipment** | **Component** | **Specification** |
| 1 acid wash column | stainless steel | 12 m³ |
| 2 elution columns | carbon steel | 12 m³ |
| rich solution tank |  | 60 m³ |
| hydrochloric acid tank |  | 8 m³ |
| caustic soda and cyanide tank |  | 8 m³ |
| boiler water tank |  | 50 m³ |
| poor solution tank |  | 60 m³ |
| boiler heating system | AQ 150 PSIG 150 ºC generator |  |
| heated solution storage tank |  | 30 m³ |
| 460-PP-022 | Cyanide recirculation pump | WEG 10 HP, 3515 RPM Motor |
| 460-PP-022 R | Cyanide recirculation pump | WEG 10 HP, 3515 RPM Motor |
| 461-PP-008 | Pump to send water to TK 52 | WEG 20 HP 1760 RPM Motor |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 Electrolysis and Smelting

In EPP, the rich solution electrolysis step is conducted in a circuit with three electrolytic cells, which operate in parallel, so that there are equitable retention times in each cell. The electrolytic cell vats have eight cathodes and nine anodes. The volume of each cell is 1,300 L, being equipped with rectifiers, which provide voltage from 3.8 V to 4.5 V in direct current. Each batch of the reduction process lasts six hours and, at the end, the cathodes are removed and washed. The collected sludge is filtered, and the cake obtained mixed with the fluxes – sodium nitrate (1:0.6), borax (1:0.4), sodium carbonate (1:0.3), and silica (1:0.3). This mixture is transferred to a graphite crucible and then smelted in a kiln at a temperature of 1250 °C provided by liquefied petroleum gas (LPG). After complete smelting, the flux is poured into forms, where the slag is separated from the metal, the latter forming the bullion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 Cyanide Neutralization and Tailing Pumping Circuit

The waste from the leaching and adsorption circuit flows by gravity from the last tank of the CIL circuit to the cyanide neutralization circuit, also called Detox.

The EPP Detox circuit in the original Design consisted of two tanks with a volume of 110 m<sup>3</sup> each. Two reserve tanks of the same capacity were subsequently installed, in order to maintain the pulp residence time for increases in feed rate.

In this process, the cyanide residue present in the leach tailings is treated using the SO<sub>2</sub>/Air method, also called Inco process. Free cyanide (CNFree) and dissociable by weak acid action (CNwad - Weak Acidic Dissociable), are oxidized to cyanate (OCN-) through sulphur dioxide (SO<sub>2</sub>) and air. The tailings of EPP CIL circuit that fed the detox circuit contain values close to 100 mg/L of CNwad. The object of the treatment is the oxidation of CNwad to cyanate (OCN-) until residual concentrations of CNwad lower than 2 mg/L. Such residual concentration has as reference the supernatant of the dam lake and subsequently in the percolate of the dam and

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monitoring wells, according to practices defined by the company, environmental laws, and the International Cyanide Code, to which Aura is a signatory and certified.

The reagents required for the neutralization of cyanide are as follows: sodium metabisulphite (which, solubilized, is a source of SO<sub>2</sub>), copper sulphate pentahydrate (source of copper ions – reaction catalyst), and hydrated lime (lime milk) to regulate the pH and Eh required for the reaction. A large amount of air (O<sub>2</sub> source) is injected into the tanks to facilitate the reaction. The main reactions involved are listed below.

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| Dissolution Na<sub>2</sub>S<sub>2</sub>O<sub>5</sub> + H<sub>2</sub>O -> 2 NaHSO<sub>3</sub> | (17.2) |
| Metabisulphite 2 NaHSO3 -> 2 NaOH+ 2 SO<sub>2</sub> | (17.3) |
| Neutralization CN + SO<sub>2</sub> + O<sub>2</sub>+ H<sub>2</sub>O -> OCN + H<sub>2</sub>SO<sub>4</sub> | (17.4) |

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The pulp that feeds the neutralization circuit is directed to a safety screen to retain any charcoal charged with gold that may have passed through the interstage sieves. The charcoal recovered at this point returns to the circuit by pumps or manually. The pulp passing through the safety screen is pumped to the dam for tailings deposition.

The main characteristics of the Detox circuit equipment are described in Table 14-9.

**Table 14-9: Characteristics of Main Equipment of Detox Circuit**

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| **Area** | **Equipment** | **Component** | **Specification** |
| Detox | Detox Tanks |  | 4 110 m³ Tanks |
| Detox | SC-0116 m LINEAR SIEVE | Linear Sieve Motor | 7.5 HP |
| Detox | Linear Sieve Reducer | KH87/T DRE132S4/RS REDUCER |  |
| Detox | tk 410-tk17, ag-009 Stirrer Motor | Sew 15 kw 1777 rpm Electric Motor | Sew 15 kw 1777 rpm Electric Motor |
| Detox | tk 410-tk37, ag-010 Stirrer Motor | Sew 15 kw 1777 rpm Electric Motor | Sew 15 kw 1777 rpm Electric Motor |
| Detox | tk 410-tk43, ag-018 Stirrer Motor | Sew 15 kw 1777 rpm Electric Motor | Sew 15 kw 1777 rpm Electric Motor |
| Detox | tk 410-tk44, ag-019 Stirrer Motor | Sew 15 kw 1777 rpm Electric Motor |  |
| Detox | PP-18 Dam Tail. Motor | 150 hp 1790 rpm | 175 hp 1790 rpm Electric Motor |
| Detox | PP-18r Dam Tail. Motor | 175 hp 1790 rpm | 175 hp 1790 rpm Electric Motor |

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14.10 Reagent Storage and Preparation System

The main reagents and inputs used in the EPP industrial processing and hydrometallurgy plant are shown in Table 14-10.

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**Table 14-10: Main Reagents and Inputs Used in EPP Plant**

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| **Main Reagents/Inputs** | **Application** | **GPT Consumption** |
| Sodium Cyanide | CIL, ICU, Elution | 394 |
| Hydrated Lime | CIL/Detox | 775 |
| Sodium Hydroxide | Cyanide Preparation, ICU, Elution, Electrolysis | 211 |
| Hydrochloric Acid | Acid Washing | 30 |
| Sodium Metabisulphite | Detox | 128 |
| Copper Sulphate | Detox | 1.4 |
| Flocculant | Thickening | 27 |
| Leach Aid | ICU | 1.4 |
| Grinding Media | Milling | 982 |
| Active Carbon | Milling | 96 |

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The reagents used in EPP are received and stored in facilities designed and built in accordance with the respective physicochemical characteristics. The storage and preparation tanks of these reagents are separated according to chemical incompatibilities and inside containment basins. All reagent solution preparation and storage tanks have level indicators, alarms, and well pumps within the respective containment basins. Safety devices, such as emergency showers and eye washers, are available, as well as wind direction monitoring system. The handling and preparation of reagents occurs in accordance with operational instructions considering occupational safety, environmental, and chemical safety data sheet (MSDS) aspects.

14.10.1 Sodium Cyanide (NaCN)

The cyanidation process for hydrometallurgical extraction of gold contained in ores has been employed since 1898. The cyanide process is based on the ability of cyanide to form a complex with gold, extracting it from the solid phase.

The cyanide used in EPP is received in the form of briquettes and/or powder with purity of 98%. This reagent is supplied in one-ton big bags as packaged within cartons. Upon receipt, these boxes/bags are stored in a warehouse, following criteria and guidelines established by the International Cyanide Management Institute (ICMI).

The storage of cyanide in EPP is performed in its own warehouse and with controlled access. The boxes, with the big bags, are taken to the preparation area, according to the demand of the reagent by the operation. For the preparation, which is conducted daily, the big bag containing the reagent is hoisted to a tear bag, above the preparation tank that has a stirring system. Sodium cyanide solutions are prepared from a basic solution formed with high pH sodium hydroxide/buffer, considering safety protocols, in order to prevent the formation of hydrocyanic gas (HCN). Fixed and mobile sensors monitor any formation of this gas with occupational protection.

The solution prepared at a concentration of 10% w/w is transferred from the preparation tank to the dosing tank, from which it is pumped to the consuming points: leaching circuit, gravimetry, and elution. The entire operation of handling, preparation, and storage of the cyanide solution is

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carried out in exclusive warehouses and containment basins. The company has standards and rules for disposal of boxes and bags in accordance with environmental legislation and the International Cyanide Code, by which it is certified.

14.10.2 Hydrated Lime (Calcium Hydroxide - Ca(OH)<sub>2</sub>)

Hydrated lime, calcium hydroxide Ca(OH)<sub>2</sub>, is applied to the leach tanks to ensure a basic pH buffer environment (pH > 10.5). With the pH at this level, the transformation of ionic cyanide (CN-) into hydrocyanic gas (HCN) is avoided, which has high toxicity and high occupational risk. Lime milk, calcium hydroxide solution, is also used in the Detox circuit for pH correction due to the formation of the sulphate ion (SO<sub>4</sub><sup>-2</sup>) during the cyanide neutralization process, using the metabisulphite that is a source of SO<sub>2</sub>.

The hydrated lime is received in bulk and transferred pneumatically to a silo. From this silo the lime is fed to the lime milk preparation tank for dosing and application at a concentration of 12.5% w/w.

14.10.3 Sodium Hydroxide (NaOH)

Sodium hydroxide (NaOH) is used for pH adjustments in the preparation of sodium cyanide solution and in the elution and electrolysis processes.

This reagent is received in liquid form in 50% w/w concentration solution in Intermediate Bulk Container (IBC) with a capacity of 1000 L. IBCs are received and stored in a suitable area. In the preparation step, the contents of IBCs are transferred to a tank for dilution with water to the concentration of 25% w/w. The solution thus prepared is applied in the elution, electrolysis, and intensive leach reactor.

14.10.4 Hydrochloric Acid (HCl)

Hydrochloric acid is used in the acid washing process of charcoal, which precedes the elution process. In this wash, calcium (Ca) ions are mainly removed from the activated carbon.

Hydrochloric acid is received in liquid form, in 33% w/w solution and density of 1.16 g/cm<sup>3</sup>. This solution is received in the form of IBC which is stored in a suitable area within a containment basin. According to operational demand and consumption need, IBCs are transported to the preparation tank, where the reagent is diluted to a concentration of 25% w/w. From this preparation tank, the solution is directed to the acid washing solution tank, where it is diluted to a concentration of 3% w/w, before its application.

14.10.5 Sodium Metabisulphite (Na<sub>2</sub>S<sub>2</sub>O<sub>5</sub>)

Sodium metabisulphite - NaMBT or SMBS (Na<sub>2</sub>S<sub>2</sub>O<sub>5</sub>) is used in the treatment/slump of residual cyanide present in the final tailings, called Inco method. This reagent is a source of SO<sub>2</sub> that promotes the oxidation of cyanide (CN<sup>-</sup>) to cyanate (OCN)<sup>-</sup>.

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Sodium metabisulphite is received in solid form in crystalline granules/powder in bags weighing one ton. This reagent, with a purity of around 97.5%, is stored in a warehouse, with a containment basin and considering aspects of chemical incompatibility. According to production needs, metabisulphite bags are transferred to the preparation area where the dissolution of this reagent occurs up to a concentration of 3.7% w/w. This dissolution occurs in a stirred tank using water. After the preparation step, the metabisulphite solution is transferred to a solution storage tank, from which it is pumped to the cyanide slump circuit - Detox.

14.10.6 Copper Sulphate Pentahydrate (CuSO<sub>4</sub>.5H<sub>2</sub>O)

The copper sulphate pentahydrate (CuSO<sub>4</sub>.5H<sub>2</sub>O) used in the EPP operation is supplied in bluish colored crystals contained in big bags (500 kg). This reagent is added to provide soluble copper to the Detox circuit, catalyst in the residual cyanide slump reactions. Copper sulphate, with a purity of 99.5%, is received and stored in a warehouse, in its own basin.

According to the daily needs, this reagent is transferred to the preparation area, in which it is solubilized with water to a concentration of 5% w/w, in a stirred tank. The resulting solution is transferred to a dosing tank, from which it is pumped into the Detox circuit.

14.10.7 Flocculant

The flocculant is an auxiliary reagent to the settling process that occurs in the thickener. The flocculant is received in bulk powder and stored. On demand, it is transferred to a preparation station, where it is diluted up to 0.025 % w/w. From this station, the diluted flocculant is stored and transferred to the thickener feed well.

14.10.8 Fluxes

In the fusion process for forming the bullion, reagents called fluxes are used. The reagents used for fusion of the cathode concentrate cake, resulting from the process in the electrolytic cells, are sodium nitrate, borax, carbonate, and silica. These inputs are received in plastic packaging from 25 kg to 50 kg and stored appropriately in the warehouse or in containers, inside the foundry. The estimated proportions of these reagents in relation to the cake to be smelted are: Sodium nitrate (1:0.6), Borax (1:0.4), Carbonate (1:0.3), and Silica (1:0.3).

14.10.9 Leach Aid

Leach Aid is the name of a mixture of oxidizing agents used in the intensive leaching of gravimetric concentrate. This mixture is supplied in 10l containers and is added directly and manually in the reactor solution tank, according to the dosage to be practiced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.10 Activated Carbon

The activated carbon used in the gold adsorption process comes from the processing of coconut shell. This input, with a size of 6 x 16 mesh Tyler, has high porosity and is supplied in big bags, which are stored in suitable warehouses considering their flammability characteristic, and later

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transferred to the leaching system. In EPP, there is no thermal regeneration system. However, charcoal treatment consists of acid washing to eliminate chemical compounds with calcium that clog the pores of the charcoal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.11 Grinding Media - Steel Ball

The EPP SAG mill holds a filling of up to 20% of its volume with steel balls. Current operation includes replacement of 4" or 5" diameter balls. This input is supplied in big bags of 1000 kg capacity that are stored in the yard, until their addition in the mill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.12 Reagent Tanks

The volumetric capacities of the reagent tanks in the solution preparation and storage steps for distribution and dosing are listed in Table 14-11.

**Table 14-11: Capacities of Reagent Preparation and Storage Tanks**

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| **Reagent Preparation Area** | **Reagent Preparation Area** | **Reagent Preparation Area** |
| FLOCCULANT DISTRIBUTION TANK | 13 | m³ |
| CYANIDE SOLUTION PREPARATION TANK | 30 | m³ |
| CYANIDE SOLUTION DISTRIBUTION TANK | 30 | m³ |
| CAUSTIC SODA PREPARATION AND DISTRIBUTION TANK | 12 | m³ |
| HYDROCHLORIDE SOLUTION PREPARATION AND DISTRIBUTION TANK | 18 | m³ |
| SODIUM METABISULPHITE SOLUTION PREPARATION TANK | 10 | m³ |
| SODIUM METABISULPHITE SOLUTION DISTRIBUTION TANK | 10 | m³ |
| COPPER SULPHATE SOLUTION PREPARATION TANK | 5 | m³ |
| COPPER SULPHATE SOLUTION DISTRIBUTION TANK | 5 | m³ |
| LIME MILK PREPARATION TANK | 15 | m³ |
| LIME MILK DISTRIBUTION TANK | 15 | m³ |

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14.11 Utilities

14.11.1 Instrument Air and Process Air

The air system at the EPP Plant has two dedicated compressors and dryers for instrument air generation. There are also three process air compressors, one of which is a backup. In addition to these compressors, EPP has a compressor to supply air to the oxygen purification system according to a Pressure Swing Adsorption (PSA) system applied in CIL. The main equipment of the air system is shown in Table 14-12.

**Table 14-12: Characteristics of Main Air System Equipment**

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| **Equipment** | **Component** | **Specification** |
| 01/01R Instrumentation Compressor | CPD100/8 | Chicago |
| 570 - CP-06 Process Air Compressor | GA 160 | Atlas Copco |
| 570-CP-07/07R Process Air Compressor | GA 160 | Atlas Copco |
| 575- CP-05/05R Process Air Compressor - compressors that generate oxygen | GA75 | Atlas Copco |
| 3 Oxygen Purification Tanks | Danas Tank | PSA Atlas Copco |

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| **Equipment** | **Component** | **Specification** |
| 570-DR-001 Instrument Air Dryer | | |
| 575-DR-002 Oxygen Purifier Air Dryer | | FX19 (E17) Atlas Copco |

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14.11.2 Water Supply

Apoena Mining adopts a comprehensive and sustainable approach to water management, encompassing the intake, usage, recirculation, and discharge of water in full compliance with environmental regulations. Water is sourced from both surface water (Lavrinha Stream) and groundwater (PT Dinex), under authorizations aligned with Ordinance No. 779/2017 and Ordinance No. 768/2021, respectively. All abstraction activities are licensed by SEMA-MT, the state environmental authority of Mato Grosso.

Raw water required for ore processing is collected from the Lavrinha Stream via a licensed pipeline system (Process No. 326795/2016), located approximately 3 km from the operational site. The effective consumption rate is approximately 0.5 m³ per ton of processed ore. Due to process requirements, the water must exhibit low salinity, low conductivity, and minimal particulate content. It is used across several critical operations in the EPP circuit, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pump and mill sealing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cooling systems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reagent preparation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Charcoal acid washing and elution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dust suppression

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Firefighting systems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Eye wash stations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Potable water treatment

Most of the water utilized in the plant is recirculated from internal sources such as clarified water from the thickener and dam supernatant, thereby significantly reducing the need for fresh water intake and enhancing operational sustainability. The plant's water balance and details on tailings dam operations are documented in relevant infrastructure and environmental sections of this report.

Domestic water use is supported by groundwater from PT Dinex and is strictly limited to administrative and partner company needs. Water consumption is monitored through hydrometers and logged in an internal control system to ensure adherence to licensed volumes and operational efficiency.

For potable water, quality is managed according to Ordinance No. 888/2021. In addition to in-house treatment, mineral water is provided to employees and contractors, sourced from Águas Lebrinha in Chapada dos Guimarães, and distributed in 20-liter and 500 ml formats.

Wastewater is managed through two separate treatment systems:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A licensed Wastewater Treatment Plant (WWTP, Process No. 4377/2024) for domestic effluents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An industrial effluent system integrated with the Tailings Storage Facility (TSF), operated in compliance
with CONAMA Resolution No. 430, which regulates discharge standards.

All water intake, usage, and discharge data are formally reported to the environmental authorities, fulfilling legal and environmental obligations. Apoena Mining's water management practices reflect a strong commitment to operational responsibility, environmental stewardship, and regulatory compliance.

14.12 Electricity Facilities

The EPP facilities are supplied with electricity by a 34 kV transmission line installed by Grupo Energisa. The primary transformation reduces the voltage to 13.8 kV and, subsequently, leads to a further reduction to the voltage for milling at 6.6 kV. Subsequently, two CCM and two busbars complete the final reduction up to 440 V. The main power elements and equipment of this system are described in Table 14-13.

Specific energy consumption at the plant ranges between 0.024 and 0.032 MWh per tonne of ore processed, varying according to the abrasiveness of the ore. The estimated total annual energy consumption is approximately 45,600 MWh, reflecting the plant's continuous operations and energy-efficient practices.

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**Table 14-13: Main Elements of Electric Power System**

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| **Area** | **Equipment** | **Component** | **Specification** |
| Substation | 610-DJ-002 | 34.5 kV Transformer Circuit Breaker (2000 A) | N/A |
| Substation | 310-XF-001 | 12.5 MVA Transformer (34.5 kV to 13.8 kV) | N/A |
| Substation | 610-RE-001 | Current Transformer | N/A |
| Substation | Cooling System |  | N/A |
| Substation | General Circuit Breaker |  | N/A |
| Substation | Mill Drive Inverter Circuit Breaker |  | N/A |
| Substation | 613-XF-001 | CCM First Transformer Circuit Breaker | N/A |
| Substation | 613-XF-002 | CCM First Transformer Circuit Breaker | N/A |
| Substation | Circuit breaker (water collection, dam, reception, office) |  | N/A |
| Substation | Circuit breaker (chemical laboratory) |  | N/A |
| CCM | 13.8 kV to 480 V Transformer | 2500 KVA Transformer | N/A |
| CCM | 13.8 kV to 480 V Transformer | 2500 KVA Transformer | N/A |
| CCM | 480 to 380 and 220 V Transformer | 225 kKVA Dry Transformer | N/A |
| CCM | Cooling System |  | N/A |
| CCM | 613-QD-001 | Weg ABW 40FS 3 4000 A Circuit Breaker | N/A |
| CCM | 613-QD-002 | Weg ABW 40FS 3 4000 A Circuit Breaker | N/A |
| CCM | 400-MC-001 | Weg ABW 20E S3 2000 A Circuit Breaker | N/A |
| CCM | Capacitors Bank | Weg ABW 20E S3 2000 A Circuit Breaker | N/A |
| CCM | CCM Utilities | Weg ABW 16DN3 1600 A Circuit Breaker | N/A |
| CCM | Capacitors Bank | Weg ABW 16DN3 1600 A Circuit Breaker | N/A |
| CCM | CCM Milling | Weg ABW 16DN3 1600 A Circuit Breaker | N/A |
| CCM | CCM Crushing | Weg ABW 16DN3 1600 A Circuit Breaker | N/A |
| CCM | CCM Emergency | Weg ABW 16DN3 1600 A Circuit Breaker | N/A |
| CCM | Crushing Feeder | Weg 58.5 A Inverter | N/A |

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14.13 Chemical Laboratory

EPP operation includes a chemical laboratory divided into two areas, called Laboratory 01 and Laboratory 02. For gold quantification, the Fire Assay method is used, with an analysis capacity of 6,500 samples per month. The samples are analyzed in duplicate and the simplified flowchart of the method adopted for preparation and analysis is shown in Figure 14-4.

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![](ex9603_216.jpg)

**Figure 14-4: Simplified Flowchart of the Method of Preparation of Samples and Chemical Analysis**

The EPP chemical laboratory has the following main equipment: Two primary crushers; five secondary crushers; two flow homogenizers; three vibrating sieves; three screening mills; eight sprayers; three splitters; three melting furnaces with 50 crucibles; three cupellation furnaces with 50 cupels, and three atomic absorption analysis equipment. In addition, the laboratory has a dedusting system - filter sleeves for collecting particulate matter and four gas scrubbers generated in the chemical attack processes.

Quality controls are adopted throughout the analytical process (QA/QC), such as: Control of the granulometry of the crushed material (85% pass) and of the pulverized material (95% pass in the control mesh); flux test prepared in each batch; blank tests; preparation and analytical duplicates; control of the weight of the lead button generated in the fusion; use of Certified Reference Material standards; calibration standard and checking of atomic absorption equipment; calibration of equipment such as scales; among others.

14.14 Mass and Water Balance

Figure 14-5 and Table 14-14present the simplified and approximate mass and water balance for the current EPP plant. The two most important points of this balance are the entry of new water into the Fresh Water plant, collected from the Lavrinha River, and the recirculation of water through the tailings dam. Details on the storage of tailings in the dam and on water collection are presented in the infrastructure section of this TRS.

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![](ex9603_217.jpg)

**Figure 14-5: Simplified Flowchart with Mass and Water Balance**

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**Table 14-14: Simplified Mass and Water Balance – Base 200 t/h of Milling Feed**

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| **# stream** | **Stream definition:** | **ore mass tph** | **water m³/h** | **Solid conc. %** |
| 1 | plant feed | 200 | 10 | 95,2% |
| 2 | sag feed | 200 | 10 | 95,2% |
| 3 | mill discharge | 900 | 338 | 72,2% |
| 4 | cicl over | 200 | 414 | 32,6% |
| 5 | outflow water cool/gland/reag. | 0 | 10 | 0,0% |
| 6 | mill circ. load | 700 | 322 | 68,5% |
| 7 | thick. recov. water. | 0 | 227 | 0,0% |
| 8 | cil feed | 200 | 200 | 50,0% |
| 9 | plant tail | 200 | 206 | 49,30% |
| 10 | clas. water | 0 | 371 | 0,0% |
| 11 | feed water sag | 0 | 32 | 0,0% |
| 12 | water dam recirc. | 0 | 107 | 0,0% |
| 13 | outflow water aux op/lab/pot | 0 | 7 | 0,0% |
| 14 | water aux op/lab/potabel | 0 | 15 | 0,0% |
| 15 | fresh water | 0 | 89 | 0,0% |
| 16 | cool/seal/prep reag/water | 0 | 11 | 0,0% |
| 17 | dedusting water | 0 | 1 | 0,0% |
| 18 | process water compl. | 0 | 62 | 0,0% |
| 19 | water lime/cyanide | 0 | 1 | 0,0% |
| 20 | losses evap and retent. Water | 200 | 99 | 66,9% |

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15 INFRASTRUCTURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Site Access and Control

The Ernesto and Lavrinha deposits are contiguous and are located 12 km south of the city of Pontes e Lacerda, which is approximately 450 km west of Cuiabá, capital of the State of Mato Grosso, Brazil. The Pau-a-Pique deposit is located approximately 47 km southwest of Ernesto.

The federal highway BR-174, which connects Cuiabá to Pontes e Lacerda, is also used to reach Ernesto and Lavrinha from Pontes e Lacerda, which crosses less than 2 km from the Project. In addition to the BR-174 highway, the development is served by a network of good gravel and dirt roads that provide year-round access for two-wheel drive vehicles.

Figure 15-1 shows the location of Ernesto and Lavrinha Deposits, as well as the various access roads.

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**Figure 15-1: Location of Ernesto, Lavrinha, and Pau-a-Pique Access Roads**

Pontes and Lacerda has a local airport that can be used by small aircraft. The nearest international airport with connecting flights to all major cities in Brazil and internationally is located in Cuiabá.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Water Collection and Distribution

The Lavrinha stream ("Córrego Lavrinha"), located near the BR-174 highway, about 3.8 km from the processing plant, is the water source for the EPP Project.

The water is collected and directed by a channel to a "pump house" concrete box that is built in unevenness with respect to the channel. The Pump Room consists of two Imbil INI 50-315 100hp centrifugal pumps, with a rated flow of 70 m<sup>3</sup>/h (maximum capacity of 120 m<sup>3</sup>/h) and an Imbil BEW125-4 250hp multi-stage pump with a rated flow of 200 m<sup>3</sup>/h. Water is pumped through a PN 16 8" HDPE pipe with a length of 3724.7 metres from the collection point to the new water tank located at the processing plant facilities.

The new water tank had three main water pumps that feed the following points:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· crushing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· milling;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· preparation of reagents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· elution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· foundry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fuel station; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· water treatment plant.

The firefighting system consists of electric and diesel water pumps that feed the hydrants and hose reels throughout the plant. The firefighting water jockey pump maintains the pressure in the main water ring piping for firefighting.

The process water is recovered from the tailings dam by two Imbil 125hp pumps, of INI150-400 model, through an HDPE pipe of 500 m in length and 8" diameter at a rated flow rate of 250 m<sup>3</sup>/h.

Figure 15-2 shows the traces of the new water and recycling water lines of the tailings dam. The bottom of the raw water tank is reserved for use as fire water.

There are two water treatment plants in the Project, one in the Ernesto facility with a treatment capacity of 6 m<sup>3</sup>/h and a second water treatment plant installed in the Pau-a-Pique field with a treatment capacity of 3 m<sup>3</sup>/h. The two plants provide drinking water for the facilities of the kitchens, bathrooms, offices, and emergency showers throughout the Project.

The drinking water tank of the Ernesto plant has a capacity of approximately 100 m³. The treated water tank of the Pau-a-Pique unit has a capacity of approximately 50 m³. The relatively low retention time ensures that the treated water maintains drinking water standards.

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![](ex9603_219.jpg)

**Figure 15-2: Route of Freshwater and Dam Water Pipelines**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 Communications

The Project's communications system is based on fiber optics, category-6 cabling, and infrastructure of wireless network, radiocommunications, telephone system, and mobile telephony.

15.3.1 Distribution

A 66-m high distribution tower is located at the Ernesto site, communicating cameras for security monitoring, radios to receive a redundancy link, and radios to provide communication with the Pau-a-Pique project through point-to-point connection by microwave.

There is also a 30-m tower in the Ernesto area, which provides mobile and radio communication in the Ernesto and Lavrinha Projects.

Pau-a-Pique has two 15-m and 24-m distribution towers furnished with radios, antennas, and cameras to provide radio and mobile communication, with point-to-point connections, internet redundancy, and security monitoring.

All communication links are connected to a switch core located in each shelter at both locations and on the distribution switches of each area; this connection is via optical fiber and then distributed by category-6 cabling and wireless to the buildings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 Electrical Power Supply

The power supply to the mine is carried out through a transmission line 12 km long and of 138 kV, connected to the Pontes e Lacerda substation.

The main substation of ENERGISA, which is the public utility of Power Services in the region, is located on the property of the mine and is fed by the 138-kV transmission line, which is then lowered to 34.5 kV for internal distribution, according to the following configuration:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Distribution line with 48 km of extension to Pau-a-Pique.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Connection to the Ernesto main substation, operated and maintained by the local team.

From the Ernesto main substation, the voltage is lowered to 13.8 kV, supplying the main distribution circuit of the plant. The transformer installed in the Ernesto substation has a power of 10/12.5 MVA, cooled by natural oil. Under forced ventilation, this transformer guarantees a reserve of 25% power for future mine expansions.

The installed capacity in Ernesto is 7.35 MW (existing plant and infrastructure on site). The installed substation and existing electrical infrastructure will be suitable for meeting the future power requirements of the mine.

The installed capacity in Pau-a-Pique is 1.91 MW. The current transmission line is suitable to provide sufficient power for the operation of the facilities. The transformer installed in Pau-a-Pique has a power of 3 MVA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 Tailings Dam

The purpose of the dam is to dispose of the tailings generated during the gold ore beneficiation process. About 1.5 million t/year of ore is processed.

The project was designed in six stages, with downstream raisings up to the final elevation at El 375.00 m (Figure 15-3).

In the 1st stage, the dam was built up to El. 355.00 m, consisting of a homogeneous landfill supported on the foundation land. The dam crest is 6.0 m wide, with upstream and downstream slopes with a 1V:2H inclination, having been completed in 2012.

In the 2nd stage, the dam was raised to El. 358.00 m, with the downstream fill partially built with mine waste. The dam crest is 6.0 m wide with upstream and downstream slopes with 1V:2H and 1V:1.8H inclination, respectively. The works were completed in 2017.

In the 3rd stage, completed in 2018, the dam was raised to El. 364.00 m using partially mine waste for the construction of the downstream fill. The dam crest is 6.0 m wide with upstream and downstream slopes with 1V:2H and 1V:1.8H inclination, respectively. Executive design prepared by GEOHYDROTECH Engenharia.

In the 4th stage, completed in 2020, the dam was raised to El. 367.50 m in compacted soil from borrow areas, with upstream and downstream slopes with an inclination of 1V:1.50 H and 1V:1.8H, respectively. As in the previous step, the downstream back was constructed with mine waste. Executive design prepared by DAM Projetos de Engenharia.

The dam is furnished with an internal drainage system consisting of a vertical sand septum filter and a sandwich drainage mat of sand and gravel "0" under the downstream flank.

The drainage mat is connected downstream to the percolate pumping wells. These wells consist of reinforced concrete pipes with an internal diameter of 1.50 m. Pumps were installed inside the

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wells to return the water collected by the internal drainage system to the reservoir. Around the pumping wells, a basin lined with HDPE geomembrane was created. In the case of well overflow, the water is contained in this basin.

It has drainage channels in its surroundings. The water collected is sent downstream of the dam without risk of contamination.

The dam was sized to minimize the risk of spillage. However, for safety reasons, it was furnished with an emergency spillway consisting of a trapezoidal channel excavated in the soil, discharging into the peripheral channel of the left abutment, with a trapezoidal section with 6.0 m of base, 1.50 m of height, and 1V:1H slopes. The weir is located at El. 366.00 m.

Tailings are launched from the crest of the dam and from points located on the left abutment and in the upstream region of the reservoir. The water is pumped back to the plant, being used in the industrial process.

To monitor the behavior of the dam, piezometres and water level metres (WL) were installed in the fill and foundations. Wells were also installed to collect and monitor groundwater downstream of the dam.

To monitor any landfill deformations and detect signs of possible instabilities, surface deformation landmarks were planned on the crest and berms of the downstream slope.

15.5.1 5<sup>th</sup> STAGE – EL. 370.50 M

As of April 2023, the raising of the dam from EL. 367.50 m to EL. 370.50 m was started, based on the downstream method, using compacted and waste earth material from the mine. The earth materials will come from borrow areas around the reservoir. The mine waste will consist basically of rocky material, with a maximum diameter of 0.30 m.

The crest width is 9.2 m, and the upstream slopes have 1V:1.5H and the downstream, 1V:1.8H, with 3.0 m-wide berms for every 10 m of unevenness.

After raising, the reservoir capacity was increased to 2.7 Mm<sup>3</sup>, occupying an area of 92.0 ha.

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**Figure 15-3: General Dam Layout**

15.5.2 New Raising

Owing to the increase in reserves and the useful life of the development, the dam will be expanded, and several locational alternatives have been studied. The expansion and adjustment of the current dam was the option chosen, with minimization of interference with the existing structures in the contour of the reservoir, such as peripheral channels, legal reserve areas, and roads.

With the new project, the reservoir will have the capacity to store the tailings generated in the ore beneficiation plant for approximately ten years.

The new configuration will have a crest width of six metres, with an upstream slope with a 1V:2He downstream inclination, which should have a 1V:1.8H inclination, with 3.0-m wide berms for every ten metres of unevenness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 Waste Piles and Buffer Piles

15.6.1 Waste Piles

The waste generated in the mining is transported by trucks and discharged into the waste piles according to the evolution and sequence defined by the mine planning. The material is spread by a bulldozer. The geometric parameters used for the projects of the waste deposit area are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bench height: 10 m;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· berm width: 10 m;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ramp width: 13 m;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ramp inclination: 10%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· face angle: 35°.

The EPP Complex has a storage capacity of 21 Mt and is in the licensing phase with the responsible agency, with an additional capacity of 18.5 Mt, thus sufficient to meet LOM.

In the future, the technical and economic feasibility of disposing of the waste rock in exhausted pits will be studied, with the potential to increase capacity by another 14.6 Mt.

15.6.2 Buffer Piles

The mined ore is transported by trucks to the ore storage yard and is directly transported to the plant depending on the recommendation of the geology/planning of the mine. The material should be tilted and stacked when necessary. In addition to the ore from the mine, there should also be a loading and transport operation from the buffer pile to the plant when necessary.

Currently, the EPP complex has a capacity of 800 kt of ore storage.

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16 MARKET STUDIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Gold Price

'The Purchase Price for the Material shall equal the agreed upon per ounce price of the returnable gold and silver estimated by the Seller to be contained therein (the "Estimated Quantity"). less the refining and treatment charges for the material as well as the reasonable costs of transport and insurance from Delivery Point (Brinks Vault Sao Paulo, Brazil) to Refinery.

Gold and Silver pricing: Seller may price the estimated returnable gold and silver contained in the Material at Buyer's current spot market bid price during New York trading hours (8:30 a.m. to 4:30 p.m. Eastern Time) on any business day (defined as \*any business day that the New York COMEX is open for business"). Also. at Seller's direction. Auramet will work Seller's firm orders to price the gold 24 hours a day on a good until cancelled basis.

The base case financial model for the Project utilizes a gold price of US$1,910/oz for 2024, US$1,876 for 2025 and US$1,819 from 2026 onwards. For comparison, the 10-month trailing average price for gold that existed on the effective date of this TRS was approximately US$1,986/oz.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 Refining and Treatment Charges

If the material is to be refined at Metalor Technologies S.A., the following Refining and Treatment Charges will apply: $0.30 per ounce of material received at the Refinery. Returnable amount - Gold: 99.95% Returnable amount - Silver: - 99.5% Metal Outturn: Gold and Silver 7 business days following receipt at the Refinery.

If the material is to be refined at PAMP S.A., the following Refining and Treatment Charges will apply:

If the material is a minimum of 90% Au. the treatment charge will be $0.30 per ounce. If the material is a minimum of 95 % Au. the treatment charge will be $0.28 per ounce. Returnable amount - Gold: If the material is a minimum of 90% Au: 99.95%

If the Material is a minimum of 95% Au: 99.975% Returnable amount - Silver - 99.5% Metal Outturn: Gold and Silver 3business days following receipt at the Refinery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 Brink's Bullion Transport Contract

Seller may act as Buyer's agent in managing the shipment of the material to the refinery.

In such instances where the Seller acts as Buyer's agent. Buyer shall be the shipper of record and shall pay the shipper (Brinks) directly for the costs thereof. Upon transfer of title and risk to Buyer Seller shall endorse to Buyer the insurance policy covering the material sold to Buyer. or otherwise assign or convey to Buyer the right to collect the insurance payments from the insurance company.

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Apoena has a contract with Brink's - Segurança e Transporte de Valores Ltda. ("Brink's") for the shipment of up to 120 kg of doré or R$10,500,000 value per shipment. The charge is R$68,840 per shipment, plus there is a custody fee of 0.004% of the shipment value and an ad valorem tax of 0.07% of the invoice amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 G3 Open Pit Mining Contract For EPP

Aura has contracted G3 Construção Pesada Ltda. ("G3") to mine the EPP open pit deposit. The contract is based on haul distances and unit costs per tonnes for waste and ore applied to the EPP mine plan, plus unit costs for auxiliary equipment usage. Equipment maintenance is included in the unit costs. Table 16-1 lists the expected average unit costs by operating area.

**Table 16-1: Summary of Lom Contract Mining Costs for Epp**

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| **SUMMARY OF LOM CONTRACT MINING COSTS FOR EPP** | **SUMMARY OF LOM CONTRACT MINING COSTS FOR EPP** |
| Operating Cost Area | Ore/Waste (US$/t) |
| Drilling | 0.47 |
| Blasting | 0.35 |
| Loading | 0.28 |
| Hauling | 0.83 |
| Aux. Equipment | 0.31 |
| Geology | 0.22 |
| Planning | 0.04 |
| G&A (Overhead) | 0.06 |
| **TOTAL Mining Operating Cost** | **2.57** |

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The major equipment in the fleet is specified as Sany excavators, CAT dozers, Mercedes trucks and Sandvik drills.

The contract term is 62 months and is to be done at least 1000kt/month. There are various performance specifications under the contract, including schedule, safety, productivity, and execution of Aura's mine plan and daily operating procedures. Included in the contract is an escalating scale of penalties for lower achievement than contract target values in the various performance specifications, up to 20% of contract billing.

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17 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS

This section describes the results of the environmental and socioeconomic assessment of the Project. The analysis conforms with applicable federal, state, and municipal legislation regarding environmental aspects, such as water, effluent, flora, fauna, noise, natural, cultural, historical, and archaeological heritage, environmental education, Indigenous and Quilombola territories, and traditional populations. The analysis was conducted within the scope of the mandatory environmental licensing in Brazil for mineral extraction activities and in accordance with Federal Decree No. 99274/90, which regulates Federal Law No. 6938/81, which, in turn, established the Brazilian National Environmental Policy. The information in this section is based on public sources and information provided by EPP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 Introduction

Aura is a company focused on the development and operation of gold and base metals projects in the Americas. The Company's producing assets include the San Andres gold mine in Honduras, the Ernesto/Pau-a-Pique gold mine in Brazil, and the Aranzazu copper, gold, and silver mine in Mexico. In addition, the Company has two more gold projects in Brazil, Almas and Matupá, and one gold project in Colombia, Tolda Fria. Currently, the company employs over 3,000 people in the Americas.

The mineral sector, owing to its scope and importance in the domestic economy, has historically played an important role in the country's effort to reduce regional inequalities and increase the integrated growth of all regions.

The permanence of part of the wealth yielded through the mineral activity in the location of the enterprise is a relevant factor for local development, facilitating income distribution and improving the quality of life of the population.

The identification of the structure of charges of mineral activities in relation to the payment of taxes and the generation of income, in addition to the quantity and quality of employment generated by this activity, is an important source for studies of impacts, both economic and social, of the wealth generated by mining.

In addition to the taxes levied on mining companies and mineral products with a social intent, the Financial Compensation for the Exploration of Mineral Resources (CFEM) has a percentage that should be applied in the municipality that generates the revenue and can, therefore, play an important role as a catalyst for change and economic growth.

The Ernesto and Pau-a-Pique Complex is a duly licensed operating project that contributes to socioeconomic development through the generation of jobs and income, tax collection, and

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performs socio-environmental programs and sustainable efforts, maximizing the benefits of sustainable mining.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 Location

The Aura EPP Project consists of two deposits, one open-air and one underground. Currently, the underground mine is shut down. However, exploration and feasibility studies are still being carried out. The open-air pit is located in the Ernesto mine, and the underground deposit is located in the Pau-a-Pique mine.

The Pau-a-Pique underground mine, shutdown and under maintenance since October 2022, is located about 40 kilometres south of Ernesto and Lavrinha and the beneficiation plant. Another three additional areas, called Nosde, Japonês, and Pombinhas, are less than five kilometres from the beneficiation plant.

The beneficiation plant is in a central area for reserves and additional areas, with a capacity of 3,000 tons per day, through a conventional leaching process. Facilities include gold crushing, grinding, extraction, and recovery areas, as well as tailings/waste piles and tailings dam.

The EPP project – called Ernesto and Pau-a-Pique – consists of the gold extraction activity carried out by the company Mineração Apoena S.A., a subsidiary of the company Aura Minerals. The enterprise is located on the edge of Highway BR-174, at Fazenda Ernesto Soares de Carvalho, in the rural area of the municipality of Pontes e Lacerda (Figure 17-1). Access to the site is approximately 15 km from the urban area of the city of Pontes e Lacerda, in the State of Mato Grosso.

Ernesto/Pau-a-Pique has a significant structure in its surroundings, which includes paved roads between all deposits and the center of Pontes e Lacerda.

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**Figure 17-1: Location map of EPP Complex**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 Brazilian Mining Regulatory Framework

Mining in Brazil is governed by the Brazilian Federal Constitution of 1988, the Brazilian Mining Code and other decrees, laws, ordinances, and regulations. This legal and regulatory framework imposes several obligations on mining companies relating to, among others, the manner in which mineral deposits are exploited, the health and safety of workers and local communities where mines are located, and environmental protection and remediation measures.

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Mining activities within Brazil are regulated by the Ministry of Mines and Energy (MME) and the National Mining Agency (ANM). The MME is responsible for formulating and coordinating Brazilian public policies regarding mineral resources and energy production and has jurisdiction over the government agencies and federal public companies in charge of executing such policies in the electric, oil and gas, mining, and other energy sectors.

The ANM is a federal agency linked to the MME, and it is responsible for, among other matters, monitoring, analyzing, and promoting the performance of the Brazilian mineral economy, awarding rights for the exploration and exploitation of mineral resources, as well as planning and inspecting mineral exploration and exploitation activities in Brazil.

Under the Brazilian Federal Constitution, surface property rights are distinct from mineral rights, which belong exclusively to the Brazilian federal government, the sole entity responsible for governing mineral exploration and mining activity in Brazil.

The Brazilian Mining Code currently establishes different regimes for regulating mineral exploration and mining activities in Brazil, which may vary according to mineral type and project size. The regimes applicable to the Project are (i) exploration authorization, (ii) mining concessions, and mining licenses.

For mining activities, it is also necessary for the entrepreneur to prove that he is the holder of the right to exploit the intended mineral substance, which is granted by the National Mining Agency, considering that the mineral resources are Union property, pursuant to art. 20, IX of the Federal Constitution of 1988.

17.3.1 Land Access and Occupation

The surface rights owner is obligated by law to provide access to the mineral rights holders to conduct mineral exploration and mining activities. If a holder of mineral rights or mining concession does not own title to the surface land where the mineral interest or mining-related infrastructure is located, they can gain access and/or occupy the land pursuant to mining easements granted by ANM under the Brazilian Mining Code or have their access rights enforced by the Brazilian courts.

Mineral rights holders must pay the surface right owner a fee to access and use the surface rights and must indemnify it against any damage to the property. The amount of such fees may be negotiated between the parties subject to certain parameters established by the Mining Code, and the ANM must be subsequently informed. In the absence of an agreement, after granting the exploration authorization or mining concession, as the case may be, the mineral rights holder may request that a competent court determine the indemnification amounts to be paid.

17.3.2 Legal Reserve

The Brazilian Forest Code sets forth that, on rural properties, a minimum percentage rate of the local vegetation must be preserved as a Legal Reserve, aimed at the sustainable use of natural resources, the conservation of biodiversity, and the protection of native fauna and flora.

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17.3.3 Mine Closure

In Brazil, pursuant to Federal Decree No. 97632/1989, the enterprises dedicated to the exploitation of mineral resources shall submit a Degraded Area Recovery Plan together with the EIA during the environmental licensing. Accordingly, the environmental recovery of the degraded areas caused by mineral exploitation activities must be planned from their conception. Mining companies must present their PAE to ANM in order to receive a mining concession. These studies must address the reclamation and decommissioning of the mined areas, describing the measures to be implemented throughout the mining process in order to prevent severe degradation of the area and minimize impacts on the environment. Mining companies are required to regularly update the mining decommissioning. Approval for mine closure is granted by the MME when the applicant can prove compliance with the decommissioning plan, especially environmental conditions.

17.3.4 Environmental Licensing and Approval

The Brazilian Federal Constitution establishes the division of powers between the federal, state, and municipal governments to issue environmental laws and regulations. While the Brazilian federal government has the authority to issue environmental regulations, each state is legally competent to promulgate specific regulations governing environmental licensing procedures under its jurisdiction. Municipal governments may only issue regulations regarding matters of local interest or as a supplement to federal or state laws.

Under Brazilian law, the construction, installation, expansion, and operation of any establishment or activity that uses environmental resources or is deemed to be or potentially polluting, as well as those capable of causing any kind of environmental degradation, is subject to a prior licensing process.

The Brazilian National Council (CONAMA) regulates the environmental licensing process. CONAMA Resolution No. 237/1997 establishes the types of authorizations, procedures, and criteria for environmental licensing, which is divided into a three-stage permitting process:

The Preliminary License (LP) certifies the environmental viability of the activities proposed in terms of their design and location. It is the most important part of the process and requires environmental baseline studies, community engagement, public hearings, and preparation of an Environmental Impact Study and Environmental Impact Report (collectively referred to as "EIA").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Installation License allows the construction, installation, and commissioning of the proposed project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Operating License authorizes the project to operate after it has been constructed and commissioned
and requires inspection of the project to ensure that it complies with the Preliminary License, Installation License, and any other applicable
permits.

The Project must first obtain the Preliminary License as determined by CONAMA regulations. An EIA must be prepared by a technical team of specialists from different areas of expertise to support the analysis of the technical, environmental, and locational viability of the Project. The

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EIA must meet the objectives set by the National Environmental Policy in accordance with Law No. 6938/81.

The Environmental Impact Study (EIA) is a technical document that thoroughly evaluates the relevant socio-environmental aspects such as water and effluents, flora and fauna, noise, natural, cultural/historical, and archaeological heritage, indigenous lands, quilombolas, and traditional populations.

In the preliminary analysis and environmental feasibility stage of the enterprise, the document referred to as RIMA is also prepared. RIMA is an abridged and accessible version of EIA aimed at the general audience's understanding. It clearly and objectively expands upon the main results and conclusions of the study, allowing the community to understand the expected environmental impacts of the project. RIMA is often used in public hearings, providing the population with the opportunity to participate in the licensing process, expressing their opinions and contributing to the final decision.

Once the technical, locational, and environmental feasibility is attested by EIA/RIMA evaluations, the environmental agencies are able to grant the preliminary license, which concerns the feasibility of the enterprise.

Especially on the EPP project, the environmental licensing history of the Ernesto and Pau-a-Pique Mine Complex is presented below, of which the licensing process was submitted to the State Secretariat for the Environment of Mato Grosso (SEMA) under the terms of State Complementary Law 214/05.

Initially, the Preliminary License (LP) process of the Ernesto Mine was formalized on September 16, 2009, under protocol number 667221/2009. The EIA/Rima filing was carried out on September 16, 2009, under number 667221/2009.

After analyzing the Environmental Impairment Study (EIA) and its Environmental Impact Report (RIMA), the Preliminary License (LP) No. 299344/2010 was granted to SEMA/MT on August 24, 2010.

Once the requirements of the Preliminary License were met and the executive design was completed, the Environmental Control Plan (PCA) was prepared, a requirement for the granting of the Installation License (LI) of the enterprise. After assessing the mitigating, control, and environmental monitoring actions, as well as the proposals for environmental compensation, the enterprise obtained, on January 10, 2011, the Installation License No. 58859/2010.

Subsequently, the effective installation of the enterprise and compliance with the Environmental Control Plan (PCA) began. Once the implementation stage and environmental control measures were completed, the Provisional Operating License (document authorizing the operation of the activities) was granted under No. 67/2012 on August 20, 2012, with effectiveness until August 20, 2013.

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In the same year, concomitantly with obtaining the provisional license, Mining Ordinance No. 192 was issued, referring to the ANM process No. 866022/2001, published in the Official Gazette on June 7, 2013.

On July 22, 2013, Operating License No. 307127/2013 was issued, effective until July 21, 2016. After the accomplishment of the Total Assignment of Mining Concession Area referring to ANM process No. 866022/2001, on July 6, 2021, the request was made to change the corporate name of the enterprise that was on behalf of Serra da Borda transferred to Mineração e Metalurgia S.A. In view of this, Operating License No. 314006/2016 was issued by SEMA/MT, with effectiveness until December 22, 2019.

It should be noted that, in 2017, an environmental licensing process was concomitantly carried out, for the expansion of the waste pile of the Ernesto Mine. For the performance of the said activity, Preliminary License No. 308184/2017 and Installation License No. 66951/2017 were also granted on March 8, 2017, both of them effective until March 7, 2020. Together with the Preliminary License (LP), the project obtained Vegetation Suppression Authorization No. 492/2017 issued on March 15, 2017, with effectiveness until March 14, 2020.

Over the term of the Operating License (LO), the performance of the socio-environmental control and monitoring efforts was carried out, which were duly proven to SEMA/MT and made it possible, on July 19, 2019, to renew Operating License No. 319944/2019, effective until July 18, 2022.

In compliance with the guidelines for requesting renewals of Operating Licenses, on February 7, 2022, the request for the Renewal of the Operating License of Aura Apoena enterprise was filed with SEMA, a License in force until August 9, 2025.

It is important to note that there are currently environmental licensing processes already completed for mineral research, such as Target Lavrinha, expiring on August 9, 2025; Paiol Pit expiring on June 20, 2025; Ernesto Conect Pit, expiring on August 9, 2025; Japonês Nosde Project expiring on April 19, 2026; and Japonês Oeste Project, expiring on February 13, 2026. Below is the current Figure 17-2 of the status of the environmental licenses in force.

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![](ex9603_222.jpg)

**Figure 17-2: Status of the Environmental License**

It should be noted that the Nosde Mine is the main target of the resource assessment object of this TRS, and its operational feasibility is attested by the effective environmental license coupled with the implementation of environmental control actions.

Nevertheless, for the exploitation of the entire mineral resource, the technical environmental studies should be prepared in light of the new environmental intervention authorizations to subsidize the vegetation suppression, required for the expansion of the pit.

At this point, it is worth noting that, for the expansion of the pit for the use of all mineral resources, there is an exclusive need to comply with the requirements of applicable laws, including specific technical studies, such as forest inventory, respective compensation proposals, and other procedures to obtain the necessary authorizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 Summary Of Environmental Diagnosis

Below is a summary of the socio-environmental characteristics of the insertion area of the Aura Apoena Unit, according to EIA (Mineral, 2009).

The climate of the region of insertion of the enterprise is considered in the hot semi-humid category, with humid summer and dry winter, average temperatures ranging from 22 ºC to 24 ºC, and relative humidity ranging from 75 to 85%. Based on data from the rainfall station of CPRM (Geological Survey of Brazil) located in the municipality of Pontes e Lacerda, it was possible to check that the rainfall index is relatively high, with an average value of 1.440 mm/year.

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In Pau-a-Pique, the predominant geology is Metatonalites/metamafics, Metaconglomerates, Metarenites and Metapelites, Muscovite schists, Biotite schists, quartz veins, and Quartz-albite-chlorite veins.

The Ernesto target is drained mainly by the Lavrinha and Cágado Streams, with some tributaries of these drains under the direct influence of the enterprise area. In Pau-a-Pique, the main watercourse that has a direct influence on the extraction processes is the Corridor Stream.

The relief is characterized as wavy to strongly wavy, with a low degree of dissection. In the areas of influence, slopes covered by undergrowth, shrubs, and/or trees are identified. However, with several locations of exposed soil, revealing a high degree of landscape change.

Based on the diagnosis, the land of the Ernesto complex is susceptible to the occurrence of events of surface dynamics triggered naturally or by the action of man. The predominant soils are easily disaggregated and carried, being more prone to surface erosion. In the survey carried out at the Pau-a-Pique Mine, the studies demonstrated the high susceptibility to the occurrence of surface dynamics processes, such as erosion and silting.

To certify the quality of the soil, samples were collected in the areas of influence of Ernesto and Pau-a-Pique projects, where there was no contamination. The parameters were compared according to the guidelines of the Environmental Company of the State of São Paulo (CETESB), which is the state government agency responsible for the control, inspection, monitoring, and licensing of pollution-generating activities, with the main concern of preserving and recovering the quality of water, air, and soil.

It is important to note that the project does not affect areas protected by law. The Aura Apoena unit is inserted in the transition area between the Amazon and Cerrado biomes, with the predominance of Cerrado and Anthropic Field vegetation being observed in the areas of influence.

Some animals found in the environmental diagnosis belonged to the group of endangered species, including the Giant Anteater (Tamanduá-bandeira), Three-banded Armadillo (Tatu-bola), Maned Wolf (Lobo-guará), and Cougar (Onça-parda). As a measure of environmental control and monitoring, the company monitors these and other species through semi-annual campaigns, where the appearance of the individuals mentioned is observed.

Regarding the territorial dynamics of land use and occupation, EIA (Mineral, 2009) reveals that the enterprise intercepts areas of extensive livestock use, with no indigenous lands, traditional communities, or archaeological or speleological sites being identified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 Socio-Environmental Control Actions

To support the maintenance of operating licenses, the Aura Apoena unit has a management system for socio-environmental indicators, which aims to guarantee the environmental quality of the enterprise in accordance with applicable laws, as well as compliance with the legal obligations set out in current environmental authorizations.

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Out of the potential negative impacts addressed in EIA (Mineral 2009), the continuity of the performance of socio-environmental control actions deserves special attention from the entrepreneur. Among them, the maintenance of Legal Reserve areas, air quality monitoring, fauna monitoring, noise and vibration monitoring, water and effluent monitoring, water consumption control, control of their properties, degraded area recovery program, environmental education program, social program, seedling nursery, dam monitoring, and closure plan.

It is important to highlight that all efforts, whether they are for environmental control or monitoring, are strictly carried out so that, in the case of possible anomaly, it is promptly corrected.

17.5.1 Legal Reserve

In compliance with the Brazilian Forest Code at the Aura Apoena Unit, just over 260 ha of the surface property owned by the Company is a Legal Reserve earmarked exclusively for the conservation of native vegetation. The maintenance of the conservation of native vegetation is carried out through the monitoring of these Legal Reserve areas by the company itself.

17.5.2 Air Quality Monitoring

Air pollution can be defined as the result of altering the normal physical, chemical, and biological characteristics of the atmosphere. It can cause damage to humans, fauna, flora, and materials, restrict the full use and enjoyment of property, and/or negatively affect the well-being of the population. The general objective of this monitoring is to analyze the characterization of air quality based on primary data measured during the monitoring carried out over a period of six months in light of potential existing receptors, which can potentially be impacted during the life cycle of the enterprise.

The company informs that according to the results obtained during the monitored period, they did not present significant changes or changes above the limits established by the legislation, CONAMA Resolution No. 491/2018.

17.5.3 Fauna Monitoring

This aims to monitor the fauna in the area at the Aura Apoena Unit. The document is part of the integrated environmental assessment process, aimed at observing possible impacts on fauna over mining activities in that area. The fauna monitoring campaign is carried out every six months by biologists legally certified and registered with the competent body.

According to the results obtained in the monitoring, it was possible to certify the absence of negative changes in the fauna resulting from mining activities, suggesting that there was no loss of biodiversity with the operation of the mine.

17.5.4 Noise and Vibration Monitoring

Noise pollution can be defined as a set of sounds without harmony or any unpleasant and undesirable auditory sensation that bothers or disturbs man in his activities (GERGES, 2000).

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Noise pollution occurs when changes in the acoustic environment result in potential harm to humans, negatively impacting the well-being of the population or restricting the full use and enjoyment of private property. The company carries out two monitoring campaigns over the year, one in the rainy season and the other in the dry season. The purpose is to certify that the blasting activities carried out in the process of blasting rocks for mining do not impact the communities neighboring the enterprise.

The results of the monitoring support compliance with applicable laws and did not exceed the limits established by CONAMA No. 1, dated March 8, 1990.

17.5.5 Control of Water Consumption

The water used in the beneficiation process and also in the administrative demand comes from two main sources, namely, the catchment of the Lavrinha river and a tubular well called Dinex. The management of water resource consumption is carried out through daily readings of the water metres installed at the catchment points. The monitoring of water consumption is qualitative and quantitative and pursuant to the limits established by the Grant.

17.5.6 Water and Effluent Monitoring

The campaign to monitor the quality of surface water and effluents is carried out monthly, of which data are sent to an external laboratory certified by ISO/IEC 17025.

According to the last monitoring report, the results reveal patterns of discharge in accordance with applicable laws, CONAMA resolution No. 430 of May 13, 2011.

17.5.7 Control of Properties (Surface-Right Owners)

Aura Apoena has existing surface rights over the entire area of the project, where of the 1,636.69 hectares of the Aura Apoena Unit, about 921.96 ha are owned by mining and another 714.73 ha take place through agreements with owners of the abutting lands, where some pits and piles of waste are located. For the Pau-a-Pique unit, 41.20 ha are part of the mining property. There are no communities or permanent dwellings within the project area. As shown in the Figure 17-3.

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![Mapa O conteúdo gerado por IA pode estar incorreto.](ex9603_016a.jpg)

**Figure 17-3: Apoena's Drillhole**

17.5.8 Tailings Dam

The main objective of the tailings dam is to contain and manage the tailings resulting from the wet processing process. In compliance with ANM (National Mining Agency)'s regulatory standards, RESOLUTION No. 95, DATED FEBRUARY 7, 2022, the tailings dam has a strict monitoring system. Visual inspections and monitoring of safety instruments are carried out daily, such as Piezometers and surface landmarks, a key measure to control the stability of the structure. The data is compiled and sent monthly to a specialized consulting firm to issue stability reports. As a measure to control the quality of surface and groundwater, analyses of samples collected at strategic points are carried out, that is, in places where it could possibly present changes due to the influence of the dam.

The Company informs that the dam does not present changes in its structures, a condition attested by the check of safety factors, being duly formalized with the Integrated Management System of Mining Dams (SIGBM) through the Declaration of Stability Condition (DCE).

It should also be noted that the quality of the watercourses in the areas of influence of the dam is also evaluated quarterly, with no significant changes in the sampled points.

17.5.9 Solid Waste Management

PGRS is an instrument of the National Solid Waste Policy (Federal Law 12305/10) that aims to establish procedures for the environmentally appropriate management of waste and bring waste

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generators to the current technical and legal reality. EPP's PGRS is prepared in accordance with the content established in Article 21 of the National Solid Waste Policy.

All waste generated by the enterprise is managed in accordance with the National Solid Waste Policy.

17.5.10 Recovery Program for Degraded Areas

The recovery of degraded areas aims to provide new dynamic balance conditions for the environment to be recovered in order to accelerate the formation of vegetation cover. The strategies for the recovery of degraded areas aim to facilitate the containment of erosive processes that may be caused by the enterprise, the prevention of new processes of the same character and the integration of the areas to be recovered to the landscape surrounding the Project in question.

The environmental recovery work currently carried out by EPP targets the physical stabilization and reintegration of the landscape of the areas supporting the enterprise and immediate surroundings, from the planting of herbaceous species, grasses, and legumes, with the simultaneous planting of pioneer native tree species, preferably fruitful with a view to attracting fauna. The monitoring of these areas is carried out every six months, covering periods of drought and rain, the purpose being to certify that the planted seedlings have developed satisfactorily. According to the latest survey, about 27 hectares of degraded areas have already been recovered by 2022, with maintenance and monitoring carried out by the company and duly evidenced to the environmental licensing agency SEMA-MT.

The results of the last monitoring point out that there was no evidenced occurrence of anthropic intervention and much less erosive processes in the area undergoing environmental rehabilitation.

In 2023, the planting of about 5,000 seedlings of native and fruit species in the areas surrounding the mine already suitable for recovery stood out.

17.5.11 Seedling Nursery

Aura Apoena Unit has a forest nursery, where seedlings of native and fruit species are grown and produced, which are used in the program for the recovery of degraded areas and in environmental education campaigns. The structure of the seedling nursery has the capacity to manage 22,000 seedlings ready for planting.

17.5.12 Environmental Education

The actions of the Environmental Education Program (PEA) allow the nurturing of "social values, knowledge, skills, attitudes, and competencies aimed at the conservation of the environment, a common good of the people, essential to a healthy quality of life and its sustainability," as recommended by the National Environmental Education Policy, under Federal Law 9795/1999.

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Thus, in accordance with the National Environmental Education Policy, the company maintains its commitment to the environment and development in a sustainable way and carries out several environmental education campaigns in schools, institutions, and within the unit itself. Environmental education actions include donations of native seedlings, fruit trees, and even food condiments, in addition to lectures on the conscious consumption of natural resources and excessive waste generation.

Among the environmental awareness campaigns carried out by the company are "World Water Day – March 22," "National Environment Week – 05/31 to 06/05", and "International Tree Day – September 21."

17.5.13 Social Program

Among the strategies for acknowledging the workforce, the company carries out programs such as the young apprentice and trainee. The main objective of the young apprentice program is the social inclusion of young people in the labor market, aiming at the development of theoretical and practical skills that help prepare them for the professional world.

The trainee program, on the other hand, aims to recruit, develop, and retain special minds with remarkable managerial capacity to undertake strategic positions in the future. In 2023, the young apprentice program selected several young people to experience the mining industry, some of whom were hired even before finishing the process. In the trainee program, the company recruited six young people aged between 25 and 27 years, newly graduated in different segments, including Environmental, Mining, Mechanical, Processing, and PCP Engineering.

In partnership with the local economy, some inputs and products used in the company are purchased in local commerce, which generates a positive impact, bringing gains for both traders and rural producers. In addition, the company participates in marketing events, workshops, and fairs and promotes specialization courses in partnership with the rural union, municipal, and federal institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 Mine Closure Plan

In a general context, the recovery of degraded areas can be defined as the set of actions aimed at reestablishing the ecological conditions of the altered areas, aiming to establish a new dynamic balance and their landscape reintegration.

The conceptual strategies proposed for the recovery of future degraded areas by the Aura Apoena Unit aim to establish an ecological succession process capable of accelerating the formation of native vegetation cover. It seeks, primarily, the integration of the areas to be recovered into the landscape surrounding the Project in question.

In turn, environmental recovery aims to restore the degraded area resulting from anthropic interventions in compliance with the legal provisions in force that determine the mandatory revegetation of areas subject to changes that resulted from ore extraction.

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The Mine Closure Conceptual Plan provides for the evaluation of activities necessary to minimize the impacts associated with the closure phase of the activity. The main purpose of this conceptual plan is to establish guidelines and corporate criteria for the closure of activities licensed by the National Mining Agency and the State Secretariat for the Environment of Mato Grosso, spurring on technical and financial conditions for the closure of the mine, until the post-closure status and respective future use is reached.

The project's closing costs are estimated at BRL 45 million for the Ernesto unit and BRL 4.8 million for the Pau-a-Pique unit. These costs were reviewed according to the balance sheet carried out by the company's financial sector. The cost model assumes some expenses pertaining to the preparation of mine closure executive designs, degraded area recovery designs (PRAD), the performance of PRAD, decommissioning of structures, and other executive activities necessary for closure. Among the main activities of the Closure Plan are the demolition of civil facilities, removal of infrastructures and foundations, land regularization, drainage for rainwater runoff, initial soil coverage with grass and legume species to aid in the stabilization of areas, and soil preparation for subsequent planting of tree and shrub species.

To ensure the establishment of reforestation, and in compliance with CONAMA Resolution No. 429/2011, the monitoring and maintenance of areas will be carried out until the complete rehabilitation of degraded environments is proven.

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18 CAPITAL AND OPERATING COSTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 OPEX

18.1.1 Mine Opex

Apoena has decided that the mine operation will be outsourced, the entire mining operation will be contracted. Costs are broken down in Table 18-1, Table 18-2 and Table 18-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· iExplosives and accessories will be provided by Apoena and the costs the costs deducted from the monthly
payment to the contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The grade control drilling activities are contracted per metre. The diesel will be supplied by Apoena
and the cost deducted from the monthly payment to the contractor.

The actual overall mine operating cost for the period between November and December 2023 was BRL 12.32, while for the year 2027, the corresponding figure was estimated at BRL 12.50. All mining costs include inputs: diesel and explosives. Estimated mining costs are detailed by year for 2024 to 2026 in Table 18-1 to Table 18-3 and Figure 18-1 to Figure 18-3.

**Table 18-1: Mine Operating Costs for the Year 2024**

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| **Mine Operation** | **Cost (BRL)** |
| Drilling (BRL/t mined) | 2.35 |
| Blasting (BRL/t mined) | 1.77 |
| Load (BRL/t mined) | 1.42 |
| Transportation (BRL/t mined) | 4.15 |
| Auxiliary Equipment (BRL/t mined) | 157 |
| Geology (BRL/t mined) | 1.09 |
| Technical Services (BRL/t mined) | 0.20 |
| Mine Management (BRL/t mined) | 0.30 |
| TOTAL 2024 (BRL/t mined) | 12.85 |

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![](ex9603_223.jpg)

**Figure 18-1: Mine Operating Costs for Year 2024**

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**Table 18-2: Mine Operating Costs for Year 2025**

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| **Mine Operation** | **Cost (BRL)** |
| Drilling (BRL/t mined) | 2.19 |
| Blasting (BRL/t mined) | 1.65 |
| Load (BRL/t mined) | 1.33 |
| Transportation (BRL/t mined) | 4.45 |
| Auxiliary Equipment (BRL/t mined) | 1.46 |
| Geology (BRL/t mined) | 1.02 |
| Technical Services (BRL/t mined) | 0.19 |
| Mine Management (BRL/t mined) | 0.29 |
| TOTAL 2025 (BRL/t mined) | 12.59 |

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![](ex9603_224.jpg)

**Figure 18-2: Mine Operating Costs for Year 2025**

**Table 18-3: Mine Operating Costs for Year 2026**

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| **Mine Operation** | **Cost (BRL)** |
| Drilling (BRL/t mined) | 2.23 |
| Blasting (BRL/t mined) | 1.69 |
| Load (BRL/t mined) | 1.35 |
| Transportation (BRL/t mined) | 4.20 |
| Auxiliary Equipment (BRL/t mined) | 1.49 |
| Geology (BRL/t mined) | 1.04 |
| Technical Services (BRL/t mined) | 0.19 |
| Mine Management (BRL/t mined) | 0.29 |
| TOTAL 2026 (BRL/t mined) | 12.48 |

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![](ex9603_225.jpg)

**Figure 18-3: Mine Operating Costs for Year 2026**

18.1.1.1 Diesel Consumption

The costs due to diesel consumption were included in the items of the mine's unit operations, referred to in Table 18-1, Table 18-2, and Table 18-3. Diesel use by mine operation is listed in Table 18-4, consumption by equipment use and type in Table 18-5, and for 8 x 4 Truck use in Table 18-6.

**Table 18-4: Diesel Consumption by Category**

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| **Operation** | **Diesel Consumption (L/t mined)** |
| Other | 0.01 |
| Geology | 0.01 |
| Drilling | 0.05 |
| Auxiliary Equipment | 0.09 |
| Loading | 0.11 |
| Transportation | 0.21 |
| **TOTAL OPERATION** | **0.48** |

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**Table 18-5: Diesel Consumption by Equipment**

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| **DIESEL CONSUMPTION BY EQUIPMENT** | **DIESEL CONSUMPTION BY EQUIPMENT** | **DIESEL CONSUMPTION BY EQUIPMENT** | **DIESEL CONSUMPTION BY EQUIPMENT** |
| **Operation** | **Equipment** | **Consumption** | **Unit** |
| Auxiliary Equipment | Motor Grader | 25 | L/h |
| Auxiliary Equipment | D6T Tractor | 25 | L/h |
| Auxiliary Equipment | D8T Tractor | 40 | L/h |
| Transportation | 6 x 4 Truck | 21 | L/h |
| Transportation | 8 x 4 Truck | 26 | L/h |
| Rockbreaker | 30-ton Hydraulic Excavator | 40 | L/h |
| Rockbreaker | 50-ton Hydraulic Excavator | 48 | L/h |
| Rockbreaker | 75-ton Hydraulic Excavator | 60 | L/h |

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**Table 18-6: Diesel Consumption by Distance Range for 8 x 4 Truck**

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| **DIESEL CONSUMPTION BY DISTANCE** | **DIESEL CONSUMPTION BY DISTANCE** | **DIESEL CONSUMPTION BY DISTANCE** | **DIESEL CONSUMPTION BY DISTANCE** |
| **Operation** | **Equipment** | **Consumption** | **Unit** |
| Transportation | From 0 to 250 metres | 0.02 | L/t |
| Transportation | From 251 to 500 metres | 0.04 | L/t |
| Transportation | From 501 to 750 metres | 0.06 | L/t |
| Transportation | From 751 to 1000 metres | 0.08 | L/t |
| Transportation | From 1,001 to 1,250 metres | 0.10 | L/t |
| Transportation | From 1,251 to 1,500 metres | 0.12 | L/t |
| Transportation | From 1,501 to 1,750 metres | 0.15 | L/t |
| Transportation | From 1,751 to 2,000 metres | 0.17 | L/t |
| Transportation | From 2,001 to 2,250 metres | 0.19 | L/t |
| Transportation | From 2,251 to 2,500 metres | 0.21 | L/t |
| Transportation | From 2,501 to 2,750 metres | 0.23 | L/t |
| Transportation | From 2,751 to 3,000 metres | 0.25 | L/t |
| Transportation | From 3,001 to 3,250 metres | 0.27 | L/t |
| Transportation | From 3,251 to 3,500 metres | 0.29 | L/t |
| Transportation | From 3,501 to 3,750 metres | 0.31 | L/t |
| Transportation | From 3,751 to 4,000 metres | 0.34 | L/t |
| Transportation | From 4,001 to 4,250 metres | 0.36 | L/t |
| Transportation | From 4,251 to 4,500 metres | 0.38 | L/t |
| Transportation | From 4,501 to 4,750 metres | 0.40 | L/t |
| Transportation | From 4,751 to 5,000 metres | 0.42 | L/t |

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18.1.1.2 Manpower

The mine operates through an organizational structure composed of four distinct, coordinated groups termed coordinations, Planning, Mine Geology, Mine Operation, and Infrastructure. These coordinations include a total of 25 employees, including engineers, geologists, technicians, and administrative staff members. The staff is subdivided between administrative assignments and is organized into four shifts, alternating between four days of work and four days of rest.

Critical activities, including loading, transportation, drilling, and auxiliary services, are performed by the outsourced company G3, which relies on a robust staff of 336 employees. The operation follows a cycle of four twelve-hour shifts, alternating between two working days during the day, two days during the night, and four days off.

The blasting operation, in turn, is entrusted to the expertise of the outsourced company Nitronel, with a staff of 20 specialized employees to conduct this important phase of the process.

The outsourced companies operating in the mine are managed by the mine management and work according to the technical assumptions and operations defined by the Aura engineering staff. Mine management is responsible for the overall oversight of operations at the mine, including the coordination of outsourced company activities. The Aura engineering staff plays a key role in defining the technical practices, operating standards, and guidelines that should be followed to ensure safety, efficiency, and environmental compliance.

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This approach to manpower was chosen because of the specialization of outsourced companies in specific tasks, while the internal staff focuses on the broader strategic and technical management of the mine.

Manpower costs are included in the items of the mine's unit operations, referred to in Table 18-1, Table 18-2, and Table 18-3.

18.1.2 Plant Operating Costs

The operating costs of EPP Plant are classified into two categories: fixed and variable. Table 18-7 and Table 18-8 show a summary of the cost breakdown for both categories – from 2024 to 2028. Variable costs include inputs, maintenance costs, part of the power cost (real demand consumed), among others. Another part of the power cost is considered fixed, owing to the minimum contracted demand. The average plant operational cost estimate is within the USD 11 - USD 12 range per processed ton (USD/t) therefore consistent with industrial practices for similar operations in terms of design and capacity.

**Table 18-7: Fixed OPEX Plant costs breakdown**

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|:---|:---|:---|:---|:---|:---|
| | **2024** | **2025** | **2026** | **2027** | **2028** |
| Manpower (USD 000) | 3040.00 | 2980.42 | 2923.11 | 2923.11 | 2923.11 |
| Contracts (USD 000)\* | 1063.08 | 1042.24 | 1022.20 | 1022.20 | 1022.20 |
| Contingency (USD 000) | 56.40 | 55.29 | 54229 | 54229 | 54229 |
| Total fixed costs (USD 000) | 4159.52 | 4077.96 | 3999.54 | 3999.54 | 3999.54 |

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(\*) includes a fixed part of the power supply agreement for the minimum contracted demand.

**Table 18-8: Variable OPEX Plant Costs Breakdown**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2025** | **2025** | **2026** | **2026** | **2027** | **2027** | **2028** | **2028** |
| | **USD (000)** | **Costs USD/t** | **USD (000)** | **Costs USD/t** | **USD (000)** | **Costs USD/t** | **USD (000)** | **Costs USD/t** | **USD (000)** | **Costs USD/t** |
| Maintenance cost | 4582.40 | 3.24 | 4405.54 | 3.17 | 4478.39 | 3.11 | 5225.64 | 3.11 | 4929.67 | 3.11 |
| Input costs | 5578.79 | 3.94 | 5363.47 | 3.86 | 5452.17 | 3.79 | 6361.89 | 3.79 | 6001.56 | 3.79 |
| Power cost (\*) | 1566.79 | 1.11 | 1506.32 | 1.08 | 1531.23 | 1.06 | 1786.72 | 1.06 | 1685.53 | 1.06 |
| Variable contracts | 1163,.60 | 0.82 | 1118.69 | 0.81 | 1137.19 | 0.79 | 1326.93 | 0.79 | 1251.78 | 0.79 |
| Contingency | - | 0.00 | - | 0.00 | - |  | - |  | - |  |
| **TOTAL VARIABLE COSTS** | **12891.57** | **9.10** | **12394.02** | **8.93** | **12598.97** | **8.75** | **14701.18** | **8.75** | **13868.53** | **8.75** |

---

(\*) includes a fixed part of the power supply agreement for the minimum contracted demand.

18.1.2.1 FIXED PLANT COSTS

The two main components of plant fixed costs are labor and power, the latter referring to the part of the power cost related to the minimum contracted demand sum and consumption amounts in and out of peak hours). Other fixed costs represent minimum sums, such as consulting.

Table 18-9 shows a summary of the total headcount for the EPP Plant. The costs associated to the Chemical Laboratory staff were not included in Table 18-9, as they were associated with General and Administrative Expenses (G&A).

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**Table 18-9: Total Headcount for EPP Plant – Headcount for 2024 Budget**

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| | | |
|:---|:---|:---|
| **Position and Assignment** | **Annual Cost BRL/t fed** | **Headcount Planning 2024** |
| **Plant** | **10.89** | **108** |
| **Coordinator** | **0.32** | **1** |
| Maintenance coordinator | 0.32 | 1 |
| **Manager** | **0.41** | **1** |
| Beneficiation manager | 0.41 | 1 |
| **Operators** | **8.59** | **97** |
| **Senior** | **0.38** | **2** |
| **Supervisor** | **1.18** | **7** |
| Planning analyst | 0.14 | 1 |
| Junior industrial automation supervisor | 0.23 | 1 |
| Beneficiation supervisor | 0.15 | 1 |
| Electrical maintenance supervisor | 0.18 | 1 |
| Mechanical maintenance supervisor | 0.15 | 1 |
| Mechanical maintenance supervisor | 0.15 | 1 |
| Plant supervisor | 0.18 | 1 |
| **Grand Total** | **10.89** | **108** |

---

Table 18-10 shows the headcount considering the distribution of labor on a 4x4 shift basis, based on the 2024 budget.

**Table 18-10: Headcount in 4x4 Shift Basis for the PPE Plant – 2024 Budget**

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| | | |
|:---|:---|:---|
| **Position and Assignment** | **Annual Cost BRL/t fed** | **Headcount Planning 2024** |
| **Plant** | **5.12** | **58** |
| **Operators** | **4.94** | **57** |
| Maintenance inspector I | 0.08 | 1 |
| Electrician inspector II | 0.12 | 1 |
| Industrial mechanic II | 0.57 | 7 |
| Heavy equipment operator | 0.07 | 1 |
| Process operator I | 1.12 | 17 |
| Process operator II | 0.64 | 8 |
| Process operator III | 0.45 | 5 |
| Welder II | 0.08 | 1 |
| Process technician | 0.36 | 3 |
| Process technician III | 0.10 | 1 |
| Electrical technician | 0.19 | 2 |
| Electrical technician I | 0.10 | 1 |
| Electrical technician II | 0.60 | 5 |
| Electrical technician III | 0.14 | 1 |
| Instrumentation technician III | 0.12 | 1 |
| Instrumentation technician II | 0.09 | 1 |
| Mechanical technician II | 0.10 | 1 |

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| | | |
|:---|:---|:---|
| **Position and Assignment** | **Annual Cost BRL/t fed** | **Headcount Planning 2024** |
| **Supervisor** | **0.18** | **1** |
| Plant supervisor | 0.18 | 1 |
| **Grand Total** | **5.12** | **58** |

---

Table 18-11 shows the headcount considering the distribution of labor on a 5x2 shift basis, also based on the 2024 budget.

**Table 18-11: Headcount in 5x2 Shift Basis for PPE Plant – 2024 Budget**

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| | | |
|:---|:---|:---|
| **Position and Assignment** | **Annual Cost BRL/t fed** | **Headcount Planning 2024** |
| **Plant** | **5.77** | **50** |
| **Coordinator** | **0.32** | **1** |
| Maintenance coordinator | 0.32 | 1 |
| **Manager** | **0.41** | **1** |
| Beneficiation manager | 0.41 | 1 |
| **Operators** | **3.65** | **40** |
| Junior pcp analyst | 0.09 | 1 |
| Maintenance scheduling assistant | 0.07 | 1 |
| Tooling assistant | 0.06 | 1 |
| Coppersmith III | 0.10 | 1 |
| Maintenance engineer | 0.17 | 1 |
| Process engineer | 0.22 | 1 |
| Electrical engineer | 0.25 | 1 |
| Mechanical engineer | 0.22 | 1 |
| Smelter I | 0.09 | 1 |
| Smelter II | 0.10 | 1 |
| Maintenance inspector III | 0.11 | 1 |
| Lubricator II | 0.08 | 1 |
| Industrial mechanic II | 0.47 | 7 |
| Heavy equipment operator III | 0.17 | 2 |
| Process operator I | 0.11 | 2 |
| Process operator II | 0.06 | 1 |
| Maintenance planner | 0.08 | 1 |
| Maintenance scheduler II | 0.08 | 1 |
| Maintenance scheduler I | 0.07 | 1 |
| Welder II | 0.41 | 6 |
| Mechanical technician II | 0.09 | 1 |
| Process technician III | 0.10 | 1 |
| Electrical technician I | 0.08 | 1 |
| Mechanical technician III | 0.08 | 1 |
| Process technician | 0.10 | 1 |
| Mechanical technician II | 0.08 | 1 |
| Mechanical technician III | 0.10 | 1 |
| **Senior** | **0.38** | **2** |
| Senior management analyst | 0.15 | 1 |
| Senior process engineer | 0.23 | 1 |

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| | | |
|:---|:---|:---|
| **Position and Assignment** | **Annual Cost BRL/t fed** | **Headcount Planning 2024** |
| **Supervisor** | **1.00** | **6** |
| Planning analyst | 0.14 | 1 |
| Junior industrial automation supervisor | 0.23 | 1 |
| Beneficiation supervisor | 0.15 | 1 |
| Electrical maintenance supervisor | 0.18 | 1 |
| Mechanical maintenance supervisor | 0.15 | 1 |
| Mechanical maintenance supervisor | 0.15 | 1 |
| **Grand Total** | **5.77** | **50** |

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18.1.2.2 Variable Plant Costs

The variable costs of EPP Plant cover inputs, chemical reagents, maintenance materials, part of the power cost, and service agreements. The power cost and service agreements are presented in the OPEX breakdown table. Variable power costs related to consumption above the minimum contracted demand and consumption in and out of peak hours. Variable service agreements are associated with performance, such as the operation of stored– both in the primary crushing feeding area and in the emergency hopper for grinding feed.

The main inputs of EPP Plant and their relevant specific consumptions and costs are indicated in Table 18-12.

**Table 18-12: Specific Consumption of Inputs in EPP Plant**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ITEM** | **Specific**<br>**Consumption**<br>**(g/t)**<br>| **Cost**<br>**(USD/t)**<br>| **ITEM** | **Specific**<br>**Consumption**<br>**(g/t)**<br>| **Cost**<br>**(USD/t)**<br>|
| Sodium hydroxide | 218 | 0.18 | Sodium metabisulphite | 61 | 0.07 |
| Hydrochloric acid | 20 | 0.01 | Copper sulphate | 20 | 0.05 |
| Sodium cyanide | 367 | 1.06 | Leach aid | 1 | 0.02 |
| Flocculant | 26 | 0.13 | Activated carbon | 60 | 0.22 |
| Lime | 761 | 0.07 | GLP | 220 | 0.28 |
| Grinding media | 866 | 1.39 | Mill liners | - | 0.87 |
| Other wear materials | - | 0.45 | Crusher liners | - | 0.16 |

---

The average plant operational cost estimate is within the USD 11 - USD 12 range per processed ton (USD/t), therefore consistent with industrial practices for similar operations in terms of design and capacity. The breakdown between fixed and variable operating is approximately 25%/75%, therefor typical of a low-cost operation.

18.1.3 G&A Costs

G&A costs were estimated on the basis of the current operation as summarized in Table 18-13.

**Table 18-13: G&A Operating Costs**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2024** | **2025** | **2026** | **2027** | **2028** |
| G&A (USD 000) | 9,622 | 7,276 | 8,829 | 8,829 | 8,829 |

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18.1.4 Exploration Costs

The exploration costs were estimated based on historical costs and the expectation for the coming years, as showed in Table 18-14.

**Table 18-14: Exploration Costs**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2024** | **2025** | **2026** | **2027** | **2028** |
| Near Mine Exploration (USD 000) | 340 | 1649 | 2474 | 2695 | 599 |
| Regional Exploration (USD 000) | 1218 | 898 | 1762 | 1322 | - |

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18.1.5 Care and Maintenance Costs

Care and maintenance costs were estimated on the basis of the current operation as summarized in Table 18-15.

**Table 18-15: Care and Maintenance Costs**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2024** | **2025** | **2026** | **2027** | **2028** |
| Care and Maintenance (USD 000) | 760 | 478 | 593 | 593 | 593 |

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18.1.6 Selling Costs

The selling costs were estimated on the basis of the unit cost and the yearly estimated production as shown in Table 18-16.

**Table 18-16: Selling Costs**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2024** | **2025** | **2026** | **2027** | **2028** |
| Transportation and Bullion Insurance (USD 000) | 1253 | 824 | 1084 | 1598 | 1613 |
| Royalties (USD 000) | 2482 | 1575 | 2226 | 3325 | 3314 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 CAPEX

18.2.1 Plant Capital and Sustaining Costs

The Table 18-17 shows the estimated Capital costs (CAPEX) for the Plant. The installation of an intensive leaching reactor was included, together with the replacement of the interstage sieves due to the increase in the feed rate of the leaching circuit (CIL).

**Table 18-17: Estimated Capital Costs of the Plant to Meet LOM**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2024** | **2025** | **2026** | **2027** | **2028** |
| Miscellaneous projects | 300 | 294 | 288 | 288 | 288 |
| Additional leaching reactor | - | 980 | - | - | - |
| New interstage screen | 700 | - | - | - | - |

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The modification of EPP Apoena crushing circuit is currently being studied, involving a new primary crusher, together with, the installation of a conical crusher and a screen. The purpose of crushing expansion is to further increase the fragmentation of the SAG mill fresh feed, together with separating a specific size fraction, the latter consisting of low grade and relatively hard

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material. The modified crushing plant will thus generate waste material, as well as a finer SAG mill fresh feed as compared to the current one. Such an aspect was detailed addressed in Section 13.5 of Chapter 13. The investment predicted in the Scope Study for the described modification was, BRL 20.6 million with a contingency between +30% and -20%.

CAPEX was not considered for the purchase of mine equipment, as the entire operation is outsourced. CAPEX was considered as sustaining of BRL 1.97 per tonne mined.

Mine Closure costs were not considered as part of the CAPEX and OPEX for all of Aura's assets.

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19 ECONOMIC ANALYSIS

The economic analysis, for the EPP Project, is based on Mineral Resources and Mineral Reserves data, including annual mining scheduling, previously presented in this TRS. The economic analysis result is subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from them. Information that this analysis is based upon are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mineral Resource Estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumed gold prices, Assumed currency exchange rates based on Focus Report by Central Bank of Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The proposed mine production plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Projected mining and process recovery rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fixed installed processing plant capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions as to closure costs and closure requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions regarding environmental, permitting, and social risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to costs of production from what is assumed.

This analysis is not based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unrecognized environmental risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unanticipated reclamation expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unexpected variations in quantity of mineralized material, grade or recovery rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Geotechnical or hydrogeological considerations during mining being different from what was assumed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unexpected variations in quantity of mineralized material, grade, or metallurgic recovery and plant recovery
efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions regarding geotechnical or hydrogeological conditions during mining.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Failure of mining methods to operate as anticipated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Failure of plant, equipment, or processes to operate as anticipated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accidents, labour disputes, and other mining industry risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to tax rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumption of a commercial discounts in the financial analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 Methodology

An economic model was developed to estimate annual post-tax cash flow and sensitivities analysis of the Project based on an assumed 10% discount rate. The capital and operating cost estimates were summarized in Section 18 of this TRS. The economic analysis has been run with no inflation.

The economic analysis was performed using the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Year 0 is based on January, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· LOM of 4 yearly feed rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Price inflation and escalation factors are ignored (constant dollar basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Results are based on 100% ownership, under 100% equity assumption basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Project revenue is derived from the sale of gold produced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All the production is exported.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 Exchange Rate Forecast

The exchange rate used for the economic analysis was of based on Focus Report of Central Bank of Brazil issued on March 8, 2024 (Table 19-1).

**Table 19-1: Exchange Rate**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assumptions** | **2024** | **2025** | **2026** | **2027** | **2028** | **2029** |
| Exchange Rate (BRL/USD) | 4.93 | 5.00 | 5.04 | 5.10 | 5.10 | 5.10 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 Taxes

Taxes due were estimated by applying existing tax laws to revenues associated with Complex production.

19.3.1 Financial Compensation for the Exploitation of Mineral Resources (CFEM)

The CFEM tax is a federal royalty paid to the Government of Brazil for the extraction and economic exploration of Brazilian mineral resources. The tax rate varies between 1 to 3% depending on the type of mineral product and is applied to the net revenues. For gold, the tax rate applied is 1.5%.

19.3.2 Income Tax

The income tax (Imposto de Renda sobre Pessoa Jurídica) applies to the profit earned by companies and other legal entities. It is calculated based on the accounting result determined by the legal entity at the end of a reporting period, such as a quarter or fiscal year. In Brazil, the corporate income tax rate for companies taxed under the Actual Profit (Lucro Real) regime is 15% of taxable income, with the possibility of an additional 10% on the portion of profit that exceeds the calculation base of BRL$20,000/month or BRL$240,000/year.

19.3.3 Social Contribution

The Social Contribution tax is directed to finance social security matters, which encompasses health, social security, and social assistance. The tax rate is 9% and it is also applied to the earnings before income taxes.

19.3.4 Tax for the Control, Monitoring, and Supervision of Research, Mining, Exploration, and Exploitation of
Mineral Resources (TFRM)

The financial model includes TFRM tax due in Mato Grosso State. This tax is charged on the Run of Mine (ROM) production. The tax rate is BRL$2,66 per ton of ROM.

19.3.5 PIS, COFINS and ICMS

The PIS (Social Integration Program) and COFINS (Contribution for Social Security Financing) rates are social contributions levied on the gross revenue of companies in Brazil. These contributions have variable rates depending on the tax regime adopted by the company.

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On the other hand, ICMS (Tax on Circulation of Goods and Services) is a Brazilian State tax that applies to the circulation of goods, interstate and intermunicipal transportation, communication, and services. The ICMS rate also varies according to each Brazilian state and the type of product or service.

PIS, COFINS, and ICMS are considered value aggregate taxes based on Brazilian tax law. The taxes paid for these concepts may be creditable when the project is in commercial operation.

The financial model does not consider these taxes because these taxes do not apply to exports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 Royalty Right

According to the earn-in agreement with the concessions' owners, there is a royalty right to be paid by Aura to the owners, a 0.5% of the NSR based on production from Lavrinha, Nosde and Pombinhas. Another royalty right to be paid by Aura to the Irajá, company also linked associated to Santa Elina Group, a 2.0% of the NSR based on total production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 Working Capital

A high-level estimation of working capital was incorporated into the cash flow based on accounts receivable (30 days), inventories (30 days), and accounts payable (30 days).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 Closure Costs, Remediation Cost and Salvage Value

Aura has already the Conceptual Mine Closure Plan, which includes an assessment of activities necessary to minimize the impacts associated with the closure phase of the activity. The closure project costs are estimated at US$0,54 million for the Ernesto unit and US$12.72 million for the Pau-a-Pique unit. These costs were revised according to a balance carried out by the company's financial sector. The cost model assumes some expenses related to the elaboration of mine closure executive projects, degraded area recovery projects (PRAD), PRAD execution, decommissioning of structures, and other executive activities necessary for closure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7 Results

19.7.1 Discounted Cash Flow

A simplified discounted cash flow base was developed to assess the Project based on economic-financial parameters, the results of the mine scheduling, sustaining and OPEX estimates are listed in Table 19-2. The base case estimates a post-tax NPV of US$91.38 million at a discount rate of 10% per year. The complete cash flow is provided in Table 19-3.

**Table 19-2: Simplified Discounted Cash Flow Results (Post-Tax)**

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| | |
|:---|:---|
| **Initial Capex (million US$)** | **-** |
| IRR (%) | N/A |
| Payback | N/A |

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| **Initial Capex (million US$)** | **-** |
| Net Present Value Discounted at 10% (million US$) | 91.38 million |

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**Table 19-3: Cash Flow**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Unit** | **Total** | **2021** | **2022** | **2023** | **2024** | **2025** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **2037** | **2038** | **2039** | **2040** | **2041** | **2042** | **2043** | **2044** | **2045** |
| **Description** | **Unit** | **Total** | **-2** | **-1** | **0** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **8** | **9** | **10** | **11** | **12** | **13** | **14** | **15** | **16** | **17** | **18** | **19** | **20** | **21** | **22** |
| ROM (High-grade) | Mt | 2.77030 |  |  |  | 29870 | 9620 | 33060 | 2.04480 | - | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Waste | Mt | 51.82892 |  |  |  | 12.2016 | 16.81092 | 17.83331 | 4.98407 | - | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Strip Ratio |  | 4223 |  |  |  | 685 | 2068 | 1315 | 155 | - | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Grade |  |  |  |  |  | 074 | 069 | 076 | 108 | - | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Production | kOz | 22369 |  |  |  | 4170 | 2661 | 3281 | 5477 | 5535 | 1245 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gold Price | US$/oz | 11.0620 |  |  |  | 1.91000 | 1.87600 | 1.81900 | 1.81900 | 1.81900 | 1.81900 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Refining | R$/Oz | 786 |  |  |  | 131 | 131 | 131 | 131 | 131 | 131 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Refining Cost | US$000 | 5806 |  |  |  | 1108 | 697 | 853 | 1407 | 1422 | 320 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Gross Revenue** |  | **41220** |  |  |  | **7964** | **4991** | **5969** | **9963** | **10068** | **2265** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenue Deductions | % | 0,00% |  |  |  | - | - | - | - | - | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Net Revenue** |  | **41220** |  |  |  | **7964** | **4991** | **5969** | **9963** | **10068** | **2265** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Opex | M US$ | 11351 |  |  |  | 2206 | 1969 | 2056 | 2525 | 2447 | 148 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mine Cost | M US$ | 015 |  |  |  | 004 | 004 | 005 | 002 | - | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Plant Cost | M US$ | 8669 |  |  |  | 1705 | 1647 | 1660 | 1870 | 1787 | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Logistics | M US$ | 2667 |  |  |  | 497 | 317 | 391 | 653 | 660 | 148 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Gross Profit** |  | **29869** |  |  |  | **5758** | **3022** | **3913** | **7438** | **7621** | **2116** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| SG&A | M US$ | 4412 |  |  |  | 962 | 728 | 883 | 883 | 883 | 074 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Royalties - OPEX | M US$ | 896 |  |  |  | 173 | 091 | 117 | 223 | 229 | 063 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Care and Maintenance | M US$ | 307 |  |  |  | 076 | 048 | 059 | 059 | 059 | 005 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CFEM | M US$ | 618 |  |  |  | 119 | 075 | 090 | 149 | 151 | 034 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| TFRM | M US$ | 145 |  |  |  | 016 | 005 | 017 | 107 | - | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **EBTIDA** |  | **23491** |  |  |  | **4412** | **2076** | **2746** | **6017** | **6299** | **1940** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Margin EBTIDA | % |  |  |  |  | 055 | 042 | 046 | 060 | 063 | 086 | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Depreciation | M US$ | 1345 |  |  |  |  | 036 | 154 | 192 | 307 | 346 | 310 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Operational Result - EBIT** |  | **22146** |  |  |  | **4412** | **2040** | **2593** | **5825** | **5992** | **1594** | **-310** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| IRPJ | M US$ | 5614 |  |  |  | 1103 | 510 | 648 | 1456 | 1498 | 399 | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CSLL | M US$ | 2021 |  |  |  | 397 | 184 | 233 | 524 | 539 | 144 | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Operating Profit** |  | **14511** |  |  |  | **2912** | **1347** | **1711** | **3844** | **3954** | **1052** | **-310** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **EBIT** | M US$ | **22146** |  |  |  | **4412** | **2040** | **2593** | **5825** | **5992** | **1594** | **-310** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **(+) Depreciation** | M US$ | **1345** |  |  |  | **-** | **036** | **154** | **192** | **307** | **346** | **310** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **(=) EBTIDA** | M US$ | **23491** |  |  |  | **4412** | **2076** | **2746** | **6017** | **6299** | **1940** | **-** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **(-) Capex** | M US$ | **1729** |  |  |  | **180** | **588** | **192** | **577** | **192** | **-** | **-** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **(-) ARO Ernesto** | M US$ | **1272** | **033** |  |  | **-** | **900** | **064** | **044** | **042** | **042** | **042** | **010** | **010** | **010** | **010** | **010** | **010** | **010** | **010** | **010** | **010** | **010** | **010** | **010** | **003** | **003** |
| **(-) ARO Pau-a-Pique** | M US$ | **157** |  | **084** | **019** | **008** | **006** | **006** | **006** | **002** | **002** | **002** | **002** | **002** | **002** | **002** | **002** | **002** | **002** | **002** | **002** | **002** | **001** | **001** |  |  |  |
| **(+-) Working Capital** | M US$ | **-** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **(-) IR** | M US$ | **7635** |  |  |  | **1500** | **694** | **882** | **1980** | **2037** | **542** | **-** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **(+) Salvage Value** | M US$ | **-** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **(=) Cash Flow** | M US$ | **12664** | **-033** | **-084** | **-019** | **2724** | **-112** | **1602** | **3409** | **4026** | **1354** | **-044** | **-012** | **-012** | **-012** | **-012** | **-012** | **-012** | **-012** | **-012** | **-012** | **-012** | **-011** | **-011** | **-010** | **-003** | **-003** |
| **(=) Accumulated Cash Flow (ACF)** | M US$ | **2.47206** | **-033** | **-084** | **-019** | **2705** | **2593** | **4195** | **7604** | **11630** | **12984** | **12940** | **12928** | **12916** | **12904** | **12892** | **12879** | **12867** | **12855** | **12843** | **12831** | **12819** | **12808** | **12797** | **12787** | **12784** | **12781** |
| **(=) Cash Flow (CF) pre-tax** | M US$ | **20299** | **-033** | **-084** | **-019** | **4224** | **582** | **2484** | **5390** | **6063** | **1896** | **-044** | **-012** | **-012** | **-012** | **-012** | **-012** | **-012** | **-012** | **-012** | **-012** | **-012** | **-011** | **-011** | **-010** | **-003** | **-003** |
| **(=) Accumulated Cash Flow (ACF) pre-tax** | M US$ | **3.95917** | **-033** | **-084** | **-019** | **4205** | **4786** | **7270** | **12660** | **18723** | **20619** | **20575** | **20563** | **20551** | **20539** | **20527** | **20514** | **20502** | **20490** | **20478** | **20466** | **20454** | **20443** | **20432** | **20422** | **20419** | **20416** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.8 Sensitivity Analysis

The sensitivity analysis was undertaken to evaluate the impact of the resulting economic indicators for the following attributes, within the cash flow: Price, discount rate, CAPEX, OPEX, and exchange rate. The first four attributes were evaluated by varying their value from 80 to 120%, while discount rate was evaluated varying its value from 8 to 12% (Figure 19-1).

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**Figure 19-1: Sensitivity Analysis**

The sensitivity analysis showed that the EPP Project is most vulnerable to volatility and uncertainties associated with the gold selling price, followed by the OPEX costs.

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20 ADJACENT PROPERTIES

Not applicable.

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21 OTHER RELEVANT DATA AND INFORMATION

Not applicable.

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22 INTERPRETATION AND CONCLUSIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 Geology, Exploration and Drilling

The geological layout of the Ernesto, Nosde and Lavrinha deposits is subdivided into 7 lithological domains from which two of them are mineralized. The mineralized domains are Metarenites of Bonus and Upper Traps and schists of Upper Trap.

Exploration and drilling at near mine targets in Apoena continued to deliver significant growth and extension of LOM. The recent drilling campaigns incorporate approximately 53,315 metres of both expansion and infill drilling between 2022 and 2023, focused primarily on the Lavrinha and Nosde Mines.

Gold mineralization in Apoena mines and surrounding areas occurs in four zones, which consists of the Lower Trap (Ernesto mine), Middle Trap (Ernesto mine and Ernesto connection deposit), Upper Trap (Lavrinha and Nosde Mines) and Bonus Trap (Nosde Mine).

The Upper Trap is widely developed in the Lavrinha and Nosde deposits and occurs in metapelitic rocks (hematite sericite schist) in dilation zones of the intensely deformed synclinal troughs. The Upper and Middle Traps share similar alteration and mineralization suites between the two deposits, though the Upper Trap seems to be eroded in the Ernesto deposit area.

Aura's recent exploration successfully confirmed the connection of the Upper Trap zone between the Nosde and Lavrinha mines and added additional resources to the Mineral Resources inventory at Apoena. At the Nosde mine, infill drilling successfully converted Mineral Resources, and tested the continuity of mineralized bodies at 300 and 450 metres (Middle and Lower Traps, respectively), confirming an average depth of 380 metres. The exploratory holes in the connection region between the Nosde and Lavrinha pits provided better understanding of local mineralization. Infill drilling at Lavrinha successfully converted Mineral Resources in the central area and NE ends of the pit and exploratory drilling tested and successfully confirmed the extent of the mineralized bodies at depth and between the Lavrinha and Nosde deposits.

Aura has had an on-going exploration program on regional targets since 2017 which resulted in some success in identifying similar deposits that can have potential ore feed into the existing process plant. The exploration and economic evaluation of these deposits continue throughout of coming years to extend the Life of Mine in Apoena.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 Database, Sampling, QAQC and Data Verification

The verification of the drill databases conducted within AcQuire database management system (both at mine site and in corporate level) in preparation of the mineral resource estimates presented in Section 11 have shown the data to be reliable and accurate.

Apoena had a QA/QC protocol that met industry best practices using standards, blanks and, duplicates as well as a primary and a secondary lab. The Au analyte shows good results of the

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data, in general, the accuracy for low, medium, and high-grade standards is observed near the reference value.

The quality of the blanks sampling was satisfactory, indicating that contamination during sample preparation is not a problem in SGS and EPP Laboratories. However, blank samples need to contain a very low or undetectable concentration of gold to ensure that there is no contamination during sample preparation or analysis which was observed during 2019, but then mitigated.

Analytical results showed that the reproducibility of gold analyse (field duplicates) is not as good, due the characteristics of the deposit or the analytical methods used. The increasing number of duplicate samples (from core, coarse rejects and pulps) to better evaluate the reproducibility should be considered in next drilling campaigns.

The qualified person therefore considers that the data collected and prepared by Apoena Mines team is adequate for the estimation of mineral resources in accordance with S-K 1300 definitions and guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 Mineral Resources

The detailed geological interpretations made in support of Mineral Resource Estimation. The Mineral Resource Estimation for the Project incorporates industry-accepted practices and meets the requirements of the S-K 1300 guidelines. Apeona technical staff perform annual updates to the mineral resource model including information from infill drilling, blast hole data, and pit mapping. Interpreted wireframes for lithology and alteration were used to code the block model. Gold grades were estimated using OK method. Validation has been done using NN and ID methods as well. Estimated block grades were classified into Measured, Indicated and Inferred categories based on mineralized continuity and drill hole spacing.

Apoena mining team generated a conceptual pit shell to demonstrate reasonable prospects of eventual economic extraction. As of the effective date of this TRS, the Pau-Pique mine is in care and maintenance, the Japonês mine is depleted and the remaining Mineral Resources are not material to the operation. The remaining Ernesto Mineral Resource and Underground opportunities in Ernesto need detailed and separate technical study at the PEA level.

There is minimal risk associated with the resource statement and if there is any, is related to local variation of tonnages and grade. Local variation of tonnages perhaps will be more evident through mine operation as the mine will produce a considerable volume of low-grade materials from halo around shear zones which are excluded from ore models.

Measured and Indicated Mineral Resources also continue to increase, now at 478,000 oz of contained gold after 2023 depletion (Table 22-1).

The current LOM in Apoena is supported mainly by Mineral Resources and contains metal in the Nosde and Lavrinha deposits.

Areas of uncertainty that may materially impact the Mineral Resource Estimate include:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to the long-term gold price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Modifications to geotechnical parameters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to metallurgical recovery assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes to environmental, permitting, and social license assumptions.

**Table 22-1: Combined Mineral Resources of Apoena Mines**

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|:---|:---|:---|:---|
| **Apoena Resources 2023** | **Apoena Resources 2023** | **Apoena Resources 2023** | **Apoena Resources 2023** |
| **Measured** | **Tonnes (t)** | **Au (g/t)** | **Contained Au oz** |
| Lavrinha | 231 684 | 0.89 | 6 661 |
| Ernesto | 0 | 0.00 | 0 |
| Ernesto-Lavrinha Connection | 0 | 0.00 | 0 |
| Pau-A-Pique | 242 180 | 3.19 | 24 850 |
| Japonês | 0 | 0.00 | 0 |
| Nosde | 2 322 823 | 0.75 | 56 062 |
| **Total Measured** | **2 796 687** | **0.97** | **87 573** |
| **Indicated** | **Tonnes (t)** | **Au (g/t)** | **Contained Au oz** |
| Lavrinha | 857 797 | 1.10 | 30 250 |
| Ernesto | 427 100 | 2.11 | 24 720 |
| Ernesto-Lavrinha Connection | 1 232 480 | 1.18 | 46 840 |
| Pau-A-Pique | 601 660 | 2.71 | 52 450 |
| Japonês | 215 325 | 1.40 | 9 690 |
| Nosde | 6 780 515 | 1.04 | 226 133 |
| **Total Indicated** | **10 114 878** | **1.20** | **390 083** |
| **Total Measured & lndicated** | **12 911 565** | **1.15** | **477 656** |
| **Inferred** | **Tonnes (t)** | **Au (g/t)** | **Contained Au oz** |
| Lavrinha | 213 390 | 1.37 | 9 382 |
| Ernesto | 542 000 | 1.94 | 33 760 |
| Ernesto-Lavrinha Connection | 99 037 | 0.87 | 2 770 |
| Pau-A-Pique | 71 330 | 2.47 | 5 660 |
| Japonês | 4 370 | 1.37 | 190 |
| Nosde | 194 516 | 1.33 | 8 305 |
| **Total Indicated** | **1 124 643** | **1.66** | **60 067** |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral Resources are reported based on the Annual Information
Form for the year ended December 31, 2022, dated as of March of 2023 except for Nosde, Lavrinha, and Ernesto mines,

&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources for Ernesto mines are reported minus 2023
depletion,

&nbsp;&nbsp;&nbsp;&nbsp;3. Surface Topography Surface Topography as of October 31, 2023,
for Nosde and Lavrinha and as of December 31, 2023, for rest of the mines,

&nbsp;&nbsp;&nbsp;&nbsp;4. The Mineral Resources Estimate was prepared under the supervision
of Farshid Ghazanfari, P. Geo., a Qualified Person as that term is defined in S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4 Mineral Processing and Metallurgical Testing

The tests that supported the process design for the Feasibility Study (FS) produced by Ausenco in 2010, were conducted on typologies of mineralized bodies known as Ernesto and Japonês. For the Ernesto samples (Lower and Upper Trapp) the average levels obtained were between 4 g/t and 6 g/t of gold (Au). For the Japonês samples, the average gold content was around 1 g/t, with a strong nugget effect. In all the tests, a strong contribution of the gravity concentration was

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confirmed. The same trend was obtained for the samples representing the Pau-a-Pique underground mine. The ore types tested were metarenite, metaconglomerate and quartz veins. The average gravity gold recovery was greater than 68%. Cyanidation tests, carried out on rolling bottles, showed gold recoveries greater than 97%.

In the 2010 FS it was assumed a plant feed grade of 3 g/t Au, for a plant throughput of 1 Mtpa and global average Au recovery of 95%. The processing route considered gravity concentration followed by leaching the concentrate in an intensive leaching reactor, whose rich liquor diverted to electrolysis and smelting of the cathode concentrate. The gravity concentration tailings, together with the single-stage SAG grinding circuit product at P80 of 0.106 mm is directed to leaching in tanks in an LCIL configuration, followed by elution, electrolysis and smelting. The processing route also considered the treating the residual cyanide occurring in the final tailings and its deposition in a dam - in accordance with environmental standards and the Cyanide Code.

The EPP plant operated between 2013 and 2014, with ROM content between 0.80 and 1.33 g/t of gold and recoveries between 80% and 97% of the gold contained. The difficulties in planning and mining control ended up in the interruption of operations.

New tests were conducted for the resumption of the operation, including studies for the new ore body - Lavrinha. The tests indicated high metallurgical performance of the Lavrinha ore with recoveries close to 94% of gold. However, the presence of sericite shale and milonite in the Ernesto Lower Trapp ore type indicated lower levels of gold recovery, due to the lower contribution of gravity gold. Other softer ore types than metaconglomerate resulted in estimations of 250 tph of mill throughput.

In the period between 2025 and 2028, the L.O.M. indicates that mining will be concentrated in the Ernesto and Nosde pits, where predominates metaconglomerate, metarenite and quartz veins ore types with significant incidence of gravimetric gold. Based on metallurgical testing and reconciliation, the gold recovery predicted for this period in the industrial plant is 93.5%.

A Scope Study is underway consisting of a pre-concentration stage comprising of a secondary crushing and screening. The characterization and testing indicated that the screen oversize represented 30% of the feed at a 0.20 g/t of Au. Due to the relative low grade and below 70% gold recovery such a fraction would be disposed off, while the screen undersize would feed the grinding circuit. Other benefits associated to the modified crushing circuit were the increase of more than 20% in the milling capacity and in the gold recovery of the plant. The estimated 25% reduction in processing costs will modulate the cut-off grade. Depending upon the ore type, the processing plant throughput is predicted to exceed 200 tph.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5 Mineral Reserves

22.5.1 Costs

The mining costs used for reserve definition, both for ore and waste, are highly robust and up-to-date. These are costs of outsourced operations with contracts based on 2023, encompassing the operation of production equipment, drilling, and rock blasting.

22.5.2 Long-Term Resource Model

The long-term model used as a basis for reserve calculation has been updated through a campaign with reverse circulation drilling and classified almost entirely as measured and indicated resources, necessary for the calculation of proven and probable reserves. In other words, the model is robust for reserve calculation.

22.5.3 Geotechnics

The geotechnical assessment of the deposit is consistent for defining the mining sequence and final pit design. The work was developed by the Geotech company, generating a sectorized geotechnical model in 6 areas, based on geological, lithological, and structural information of the rock mass.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6 Environmental, Permitting and Social Considerations

The Ernesto and Pau-a-Pique Complex is a duly licensed operating project that contributes to socioeconomic development through the generation of jobs and income, tax collection, and performs socio-environmental programs and sustainable efforts, maximizing the benefits of sustainable mining.

The Ernesto target is drained mainly by the Lavrinha and Cágado Streams, with some tributaries of these drains under the direct influence of the enterprise area. In Pau-a-Pique, the main watercourse that has a direct influence on the extraction processes is the Corridor Stream.

The relief is characterized as wavy to strongly wavy, with a low degree of dissection. In the areas of influence, slopes covered by undergrowth, shrubs, and/or trees are identified. However, with several locations of exposed soil, revealing a high degree of landscape change.

Based on the diagnosis, the land of the Ernesto complex is susceptible to the occurrence of events of surface dynamics triggered naturally or by the action of man. The predominant soils are easily disaggregated and carried, being more prone to surface erosion. In the survey carried out at the Pau-a-Pique Mine, the studies demonstrated the high susceptibility to the occurrence of surface dynamics processes, such as erosion and silting.

It is important to note that the project does not affect areas protected by law. The Aura Apoena unit is inserted in the transition area between the Amazon and Cerrado biomes, with the predominance of Cerrado and Anthropic Field vegetation being observed in the areas of influence.

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Some animals found in the environmental diagnosis belonged to the group of endangered species, including the Giant Anteater (Tamanduá-bandeira), Three-banded Armadillo (Tatu-bola), Maned Wolf (Lobo-guará), and Cougar (Onça-parda). As a measure of environmental control and monitoring, the company monitors these and other species through semi-annual campaigns, where the appearance of the individuals mentioned is observed.

It should be noted that this is a project that has already been in operation since 2012, with the implementation of environmental control actions and in accordance with current environmental laws. Thus, the environmental feasibility of operating the mining activity is proven and supported by the effective Operating License issued by the State Secretariat for the Environment of Mato Grosso.

for the expansion of the pit to fully utilize the entire mineral resource, there is an exclusive need to comply with the requirements of current legislation, which include specific technical studies such as forest inventory, respective compensation proposals, and other procedures to obtain the necessary authorizations.

Aura has already the Conceptual Mine Closure Plan, which includes an assessment of activities necessary to minimize the impacts associated with the closure phase of the activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7 Economic Analysis

Based on economic-financial parameters and products generation, discounted cash flow scenario was developed to assess the Project. As the project do not need a plat construction neither a mine development, none amount of CAPEX was considered. The Project estimates an NPV (7%@10%) for Aura of US$91.28 million.

The economic model for the Project demonstrates that under the current set of economic assumptions the Project provides a robust positive post-tax Net Present Value (NPV). Thus, it can be concluded that the Project is economically viable under the base case technical, legal and economic parameters presented in this TRS. GE21 developed the TRS using S-K 1300 guidelines for the reporting of Mineral Resources and Mineral Reserves.

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23 RECOMMENDATIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 Exploration

In terms of exploration, Aura strongly believes that there is an exploration upside in the Project area to expand and improve the Mineral Resources, and consequently, the future Project's Life of Mine (LOM). Aura has 296,796 hectares along a 200 km trend, which represents a dominant land position controlling most of the belt, and an excellent opportunity for growth.

Surface sampling and mapping was completed further north of JPW, Cantina, Pombinhas, GP targets and BP anomaly to better define the near mine/regional potential. Aura completed 107 km of a ground magnetic survey and 10.5 km of IP ground survey. Results indicated new mineralization potential zones.

Continued exploration and drilling are recommended for the expansions of current mines and near mine targets to further delineate mineralization in the area. This recommendation is summarized in Table 23-1 which lists the type of work recommended and the expected costs involved as a proposed exploration budget next 3 years.

**Table 23-1: 3 Years Proposed Exploration Budget**

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| **Activity** | **Type** | **Estimated Cost (US$)** | **DD Drilling (m)** |
| **EPP** | **Type** | **Estimated Cost (US$)** | **DD Drilling (m)** |
| Near mine: Infill + Extension + Exploration Drilling in Nosde, Lavrinha and Ernesto mines: Extension and infill of mineralization delineated by historical drilling. Infill drilling of Pombinhas/JPW targets (step 2) | ADVANCED | 15000000 | 50000 |
| Guaporé Disctric: Geological Mapping and surface Sampling following by exploration drilling in other early-stage gold target within Aura mineral rights / Concession holding costs | EARLY STAGE | 4000000 | 15000 |
| **TOTAL** |  | **19000000** | **65000** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 Sampling, Security and QAQC Measures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Apoena core shack is in desperate need of expansion in it is size and capacity to store any future drilling
core boxes. The expansion should not be short-sighted as increases to the LOM, resulting in more drilling, and exploration drilling, requires
additional core boxes from current or future drilling campaigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Apoena core shack needs more space in storing and keeping all existing and future pulps from exploration
drilling. All pulps from mined-out deposits as well as mines in operation, and current and future exploration targets need to be stored
properly in dry and separate rooms. All pulps need to be easily accessible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Coarse rejects can be discarded for all mined-out deposits and after six months for deposits and mines
that are subject to the current TRS. All coarse rejects from targets and deposits that are not subject to this TRS need to be kept in
a dry location in the core shack facility area.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additional duplicate samples need to be collected especially for deposits such as Nosde, which has a high
nugget effect, to understand the distribution of nuggets and its effect on gold grade distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Six percent of assay results reported by the SGS Lab returned with re-assays due to discrepancies in the
results found. This fact may be associated with the presence of Coarse Au in the samples. Consider using a Screen-fire assay for high-grade
checks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All the CRM used in the EPP Project are provided by Geostatys, consider reviewing the matrix of standards
and purchasing the standards from other providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acquiring a set standard close to the matrix of mineralization and lithology of host rocks specifically
for the Nosde and Lavrinha deposits and all other exploration targets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It's recommended to carry out a check using screen-fire assay to verify the effect of coarse gold
on selected duplicate samples using coarse reject material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Apoena needs to send more samples for re-assaying to the external secondary laboratory (besides SGS) for
data verification purposes. Ideally, these selected samples need to be analyzed by the EPP local lab, SGS, and a secondary lab in Brazil
or Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additional QAQC measures are recommended for local mine site laboratories as well including different
internal standards than field Geostat standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider including a Fine blank as CRM, since the unique blank used in the Project is coarse and also
is not certified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 Database and Logging

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· With the improvement of the logging facility in Apoena, the entire logging process needs to be automated
and use state-of-the-art technology that was introduced to the Mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Database management needs to gradually move from Corporate to Apoena database representative with monthly
validation of underlying data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.4 Mineral Resource Estimation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Apoena team needs to pay more attention to details of the Mineral Resources Estimation practice and
also implement fully Best Practices from data collection to Mineral Resource Estimation. Hiring a dedicated Resource Geologist is recommended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Nosde and Lavrinha's new Mineral Resources need to be updated with all pending assay information that
is available in 2023 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additional Infill drilling is required to further delineate the Mineral Resources between Nosde and Lavrinha
Mines to unlock more resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To increase the LOM, additional drilling and Mineral Resource estimation are required for near mine targets
such as Pombinhas and Japonês W.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pau-a-Pique mine needs to go under a detailed geotechnical and geological study to revaluate the possibility
of re-opening the mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· New Mineral Resources need to be established for Ernesto's underground potential based on the new cut-off
grade to evaluate economic potential considering inferred Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A probabilistic grade model needs to be created to define blocks that showed some degree of certainty
of being mineralized for deposits that are part of LOM (specifically for Nosde Bonus Trap).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.5 Mining Method

23.5.1 Short-Term Model

The short-term model should be developed for a mining horizon projected over 3 months (1 quarter) and updated monthly. Sampling should be conducted (metre by metre) through reverse circulation drilling on a 15m x 30m drilling grid, supplemented with sampling using conventional drills on a 5m x 5m grid.

23.5.2 MSO

For mining sequencing with monthly horizons and annual budget definition, DTM recommends the use of the "Datamine MSO" tool, with dimensions to be validated by the technical team of Apoena.

MSO is the smallest solid to be mined compatible with the excavation equipment used. The solid generated by this tool includes planned dilution and recovery in the mining process intrinsic to the calculation of gold grades. In this process, dilution will be a cross-dilution between high-grade, medium-grade, and low-grade, as these ore types are adjacent.

23.5.3 Release vs. Rock Blasting vs. Reconciliation

For defining the solid to be released for mining, DTM recommends the use of the "Datamine MSO" tool. This solid should be designed through an analysis of the rock blasting to be carried out and will be classified based on typology between low-grade, medium-grade, and high-grade.

The result of the operation using releases will serve as the basis for the reconciliation process of mine operations and mine to plant. The reconciliation process suggested by DTM is a proactive reconciliation process already implemented at Mineração Apoena.

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24 REFERENCES

Ausenco do Brasil Engenharia Ltda. (2010). *Ernesto e Pau-a-Pique Feasibility Study Report*, 3,687p.

Carvalho, M.J. (2006). *Gold Belt Regional Structural Analysis*. Yamana internal Report, 33p.

CIBC Global Mining Group. (2023), November). *Analyst Consensus Commodity Price Forecast*.

Fernandes, C.J.; Pulz, G.M.; Kuyumjian, R.M.; Pinho, F.E.C. (2005a). Diferenças Entre os Depósitos Auríferos do Grupo Aguapeí (Estado de Mato Grosso) e os Clássicos Exemplos de Ouro em Conglomerados. *Pesquisas em Geociências* 32, 17-26.

Fernandes, C.J.; Ruiz, A.S.; Kuyumjian, R.M.; Pinho, F.E.C. (2005b). Geologia e controle estrutural dos depósitos de ouro do Grupo Aguapeí – Região da Lavrinha, sudoeste do Cráton Amazônico. Revista Brasileira de Geociências 35, 13-22.

GEOTECH Consultoria e Projectos. (2023). *Análise de estabilidade geotécnica da Mina Nosde*. 57 p.

Geraldes, M.C. (2000). *Geoquímica e geocronologia do plutonismo granítico mesoproterozoico do SW do estado de Mato Grosso (SW do Cráton Amazônico*). Ph.D. thesis, Universidade de São Paulo, São Paulo, Brazil: 193 p.

Geraldes, M.C.; Schmus, W.R.V.; Condie, K.C.; Bell, S.; Teixeira, W.; Babinski, M. (2001). Proterozoic geologic evolution of the SW part of the Amazonian Craton in Mato Grosso state*,* Brazil. *Precambrian Research*, 111, 91-128.

Li, Z.X.; Bogdanova, S.V.; Collins, A.S.; Davidson, A.; De Waele, B.; Ernst, R.E.;Fitzsimons, I.C.W.; Fuck, R.A.; Gladkochub, D.P.; Jacobs, J.; Karlstrom, K.E.; Lu, S.; Natapov, L.M.; Pease, V.; Pisarevsky, S.A.; Thrane, K.; Vernikovsky, V. (2008). Assembly, configuration, and break-up history of Rodinia: A synthesis. *Precambrian Research* 160, 179-210.

Malheiros, M.B.; Garcia, P.M.P. (2023). *Structural architecture of the Lavrinha, Nosde and Japonês deposits, Alto Guaporé Gold Province, Amazon Craton, Brazil: insights from fold interference pattern 3D modelling and ore body geometry*. MSc dissertation, Universidade Federal de Mato Grosso, Cuiabá, Brazil: 67 p.

Matos, J.B.; Schorscher, J.H.D.; Geraldes, M.C.; Souza, M.Z.A.; Ruiz, A.S. (2004). Petrografia, Geoquímica e Geocronologia das Rochas do Orógeno Rio Alegre, Mato Grosso: Um Registro de Crosta Oceânica Mesoproterozóica no SW do Cráton Amazônico. *Revista Do Instituto De Geociências* – USP 4, 75-90.

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Melo, R.P.; Oliveira, M.A.F.; Goldfarb, R.J.; Johnson, C.A.; Marsh, E.E.; Xavier, R.P.; Oliveira, L.R.; Morgan, L.E. (2022). Early Neoproterozoic Gold Deposits of the Alto Guaporé Province, Southwestern Amazon Craton, Western Brazil. *Economic Geology*, 117, 127-163.

Menezes, R.G. (1993). *Pontes e Lacerda*, Folha SD.21-Y-C-II. Serviço Geológico do Brasil, scale 1:100.000.

P&E Mining Consultants Inc. (2017). *Feasibility Study and Technical Report on The EPP project, Mato Grosso, Brazil for Aura Minerals*, 507 p.

Ramsay, J.G. (1967). *Folding and fracturing of rocks*. McGraw-Hill Book Co., New York.

Rizzotto, G.J.; Hartmann, L.A.; Santos, J.O.S.; McNaughton, N.J. (2014). Tectonic evolution of the southern margin of the Amazonian craton in the late Mesoproterozoic based on field relationships and zircon U-Pb geochronology. *Annals of the Brazilian Academy of Sciences* 86, 57-84.

Saes, G. (1999). *Evolução tectônica e paleogeográfica do Aulacógeno Aguapeí (1.2-1.0 Ga) e dos terrenos do seu embasamento na porção sul do Cráton Amazônico*. Ph.D. thesis, Universidade de São Paulo, São Paulo, Brazil: 135 p.

Saes, G., Leite, J.A.D. (1993). Evolução tectono-sedimentar do Grupo Aguapeí, Proterozoico Médio na porção meridional do Cráton Amazônico: Mato Grosso e Oriente Boliviano. *Revista Brasileira de Geociências*, 23, 31-37.

SRK Consulting. (2023). *Geotechnical Investigation and Slope stability Assessment for Apoena- Lavrinha Pit, Brazil*. Report prepared for Aura Minerals Inc. 93 p.

Teixeira, W.; Geraldes, M.C.; Matos, R.; Ruiz, A.S.; Saes, G.; Vargas-Mattos, G. (2010). A review of the tectonic evolution of the Sunsás belt, SW Amazonian Craton. *Journal of South American Earth Sciences,* 29, 47-60.

Tohver, E.; van der Pluijm, B.A.; Scandolara, J.E.; Essene, E.J. (2005). Late Mesoproterozoic Deformation of SW Amazonia (Rondônia, Brazil): Geochronological and Structural Evidence for Collision with Southern Laurentia. *The Journal of Geology,* 113, 309-323.

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25 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT

This TRS has been prepared by GE21. The information, conclusions, opinions, and estimates contained herein are based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Information available to the QPs at the time of preparation of this TRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions, conditions, and qualifications as set forth in this TRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Data, reports, and other information supplied by Aura and other third-party sources.

The QPs have assumed and relied on the fact that all the information provided in existing technical documents listed in the References section of this TRS are accurate and complete in all material aspects. Although the Authors have carefully reviewed all the available information presented, the Authors cannot guarantee its accuracy and completeness. Information regarding the ownership, operating licenses, permits, and work contracts was provided by Aura and Apoena. The information presented regarding the tenure, status, and work permitted by permit type is based on information published by the National Mining Agency of Brazil as of the effective date, October 31st, 2023.

The QPs have relied on Aura for guidance on applicable taxes, royalties, and other government levies or interests, applicable to revenue or income from EPP Project in the Executive Summary and Section 19.

The QPs have taken all appropriate steps, in their professional opinion, to ensure that the above information from Aura is sound.

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**Date and Signature Page** 

This report, entitled "Apoena Mines (EPP Complex) Mineral Reserve, Mato Grosso, Brazil – S-K 1300 Technical Report, Aura Minerals Inc.", having an effective date of 31 of October of 2023 was assembled by GE21 on behalf of Aura Minerals Inc., and signed.

Dated at Belo Horizonte, Brazil, this March 28th, 2025.

/s/ Porfirio Cabaleiro Rodriguez

__________________________

Porfirio Cabaleiro Rodriguez

/s/ Farshid Ghazanfari

________________________________________

Farshid Ghazanfari

/s/ Luiz Eduardo Pignatari

____________________________________________________

Luiz Eduardo Pignatari

/s/ Homero Delboni

____________________________________________________

Homero Delboni

/s/ Branca Horta de Almeida Abrantes

___________________________________________________

Branca Horta de Almeida Abrantes

## Exhibit 96.4

**Exhibit 96.4**

<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Revision Record**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Revision** | **Date** | **Prepared by** | **Checked by** | **Authorized by** |
| 0 | April 9, 2025 | Antonio Caires<br>Renan Lopes<br>Amanda Kuhelj<br>Linda Dufour<br>Derek Riehm<br>Aline Romagna<br>| Antonio Caires<br>Arun Vathavooran<br>Valerie Wilson<br>Murray Dunn<br>Jason Cox<br>Deborah McCombe<br>| Antonio Caires |
| 1 | April 10, 2025 | Antonio Caires<br>Amanda Kuhelj<br>| Antonio Caires | Antonio Caires |

---

i ![](ex9604_108.jpg)

<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table of Contents**

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| | |
|:---|:---|
| **Table of Contents** | **i** |
| **1.0 Executive Summary** | **1-1** |
| 1.1 Summary | 1-1 |
| 1.2 Economic Analysis | 1-6 |
| 1.3 Technical Summary | 1-10 |
| **2.0 Introduction** | **2-1** |
| 2.1 Site Visits | 2-1 |
| 2.2 Sources of Information | 2-2 |
| 2.3 List of Abbreviations | 2-3 |
| **3.0 Property Description** | **2-4** |
| 3.1 Location | 2-4 |
| 3.2 Land Tenure | 2-6 |
| 3.3 Encumbrances | 2-11 |
| 3.4 Royalties and Exploitation Taxes | 2-11 |
| 3.5 Other Significant Factors and Risks | 2-12 |
| **4.0 Accessibility, Climate, Local Resources, Infrastructure and Physiography** | **4-1** |
| 4.1 Accessibility | 4-1 |
| 4.2 Climate | 4-1 |
| 4.3 Local Resources and Infrastructure | 4-1 |
| 4.4 Physiography | 4-2 |
| **5.0 History** | **5-1** |
| 5.1 Prior Ownership | 5-1 |
| 5.2 Exploration and Development History | 5-1 |
| 5.3 Past Production | 5-3 |
| **6.0 Geological Setting, Mineralization, and Deposit** | **6-1** |
| 6.1 Regional Geology | 6-1 |
| 6.2 Local Geology | 6-6 |
| 6.3 Property Geology | 6-9 |
| 6.4 Mineralization | 6-14 |
| 6.5 Deposit Types | 6-15 |
| **7.0 Exploration** | **7-1** |
| 7.1 Exploration | 7-1 |
| 7.2 Drilling | 7-1 |

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i ![](ex9604_108.jpg)

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| | |
|:---|:---|
| 7.3 Hydrogeology Data | 7-33 |
| 7.4 Geotechnical Data | 7-36 |
| **8.0 Sample Preparation, Analyses, and Security** | **8-1** |
| 8.1 Sample Security | 8-1 |
| 8.2 Sample Preparation and Analysis | 8-1 |
| 8.3 Density Determinations | 8-4 |
| 8.4 Quality Assurance and Quality Control | 8-4 |
| **9.0 Data Verification** | **9-1** |
| 9.1 SLR Site Verification Procedures | 9-1 |
| 9.2 SLR Audit of the Drill Hole Database | 9-1 |
| **10.0 Mineral Processing and Metallurgical Testing** | **10-1** |
| 10.1 Introduction and Historical Background | 10-1 |
| 10.2 Sample Preparation and Head Assays | 10-2 |
| 10.3 Mineralogy | 10-10 |
| 10.4 Comminution Testing | 10-11 |
| 10.5 Individual Composites Test Work Program | 10-12 |
| 10.6 Blend 3-Year Composite Test Work Program | 10-26 |
| 10.7 Metallurgical Testing Conclusions | 10-39 |
| **11.0 Mineral Resource Estimates** | **11-1** |
| 11.1 Summary | 11-1 |
| 11.2 Resource Database | 11-2 |
| 11.3 Geological Interpretation | 11-6 |
| 11.4 Resource Assays and Compositing | 11-14 |
| 11.5 Treatment of High-Grade Assays | 11-20 |
| 11.6 Trend Analysis | 11-23 |
| 11.7 Search Strategy and Grade Interpolation Parameters | 11-25 |
| 11.8 Bulk Density | 11-27 |
| 11.9 Block Models | 11-30 |
| 11.10 Cut-off Grade and Whittle Parameters | 11-30 |
| 11.11 Classification | 11-32 |
| 11.12 Block Model Validation | 11-36 |
| 11.13 Mineral Resource Reporting | 11-44 |
| **12.0 Mineral Reserve Estimates** | **12-1** |
| 12.1 Summary | 12-1 |

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ii ![](ex9604_108.jpg)

<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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|:---|:---|
| 12.2 Dilution and Ore Losses | 12-2 |
| 12.3 Cut-off Grade | 12-3 |
| 12.4 Pit Optimization | 12-4 |
| 12.5 Conversion to Mineral Reserves | 12-11 |
| 12.6 Comparison with Previous Estimate | 12-12 |
| **13.0 Mining Methods** | **13-1** |
| 13.1 Introduction | 13-1 |
| 13.2 Geotechnical Considerations | 13-1 |
| 13.3 Open Pit Design | 13-15 |
| 13.4 Mining Method | 13-20 |
| 13.5 Mine Equipment | 13-22 |
| 13.6 Mine Personnel | 13-25 |
| 13.7 Life of Mine Plan and Mine Schedule | 13-26 |
| **14.0 Processing and Recovery Methods** | **14-1** |
| 14.1 Overall Process Design | 14-1 |
| 14.2 Mill Process Plant Description | 14-1 |
| 14.3 Reagent Handling and Storage | 14-11 |
| 14.4 Services and Utilities | 14-13 |
| 14.5 Water Supply | 14-13 |
| 14.6 Reagent and Consumable Requirements | 14-14 |
| 14.7 Discussion | 14-14 |
| **15.0 Infrastructure** | **15-1** |
| 15.1 Access Roads | 15-1 |
| 15.2 Power Supply | 15-1 |
| 15.3 Water | 15-2 |
| 15.4 Support Buildings | 15-3 |
| 15.5 Site Infrastructure Views | 15-4 |
| **16.0 Market Studies** | **16-1** |
| 16.1 Markets | 16-1 |
| 16.2 Contracts | 16-1 |
| **17.0 Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups** | **17-1** |
| 17.1 Environmental and Social Setting | 17-1 |
| 17.2 Environmental and Social Aspects | 17-2 |
| 17.3 Permitting and Compliance | 17-5 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | |
|:---|:---|
| 17.4 Mine Closure Planning | 17-7 |
| 17.5 QP Opinion | 17-8 |
| **18.0 Capital and Operating Costs** | **18-1** |
| 18.1 Capital Costs | 18-1 |
| 18.2 Operating Costs | 18-2 |
| **19.0 Economic Analysis** | **19-1** |
| 19.1 Economic Criteria | 19-1 |
| 19.2 Cash Flow | 19-3 |
| 19.3 Sensitivity Analysis | 19-6 |
| **20.0 Adjacent Properties** | **20-1** |
| **21.0 Other Relevant Data and Information** | **21-1** |
| **22.0 Interpretation and Conclusions** | **22-1** |
| 22.1 Geology and Mineral Resources | 22-1 |
| 22.2 Mining and Mineral Reserves | 22-1 |
| 22.3 Mineral Processing | 22-2 |
| 22.4 Infrastructure | 22-2 |
| 22.5 Environmental and Social Aspects | 22-3 |
| 22.6 Capital and Operating Costs and Economics | 22-3 |
| **23.0 Recommendations** | **23-1** |
| 23.1 Geology and Mineral Resources | 23-1 |
| 23.2 Mining and Mineral Reserves | 23-1 |
| 23.3 Mineral Processing | 23-1 |
| 23.4 Infrastructure | 23-2 |
| 23.5 Environmental and Social Aspects | 23-2 |
| 23.6 Capital and Operating Costs | 23-2 |
| **24.0 References** | **24-1** |
| **25.0 Reliance on Information Provided by the Registrant** | **25-1** |
| **26.0 Date and Signature Page** | **26-1** |

---

**Tables**

Table 1-1: Almas Cash Flow Metal Prices 1-7 <br> Table 1-2: After-Tax Cash Flow Summary 1-9 <br> Table 1-3: Summary of Almas Project Mineral Resources EXCLUSIVE of Mineral Reserves – December 31, 2024 1-13

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| | |
|:---|:---|
| Table 1-4: Summary of Almas Project Mineral Reserves – December 31, 2024 | 1-14 |
| Table 3-1: Claim Status, December 31, 2024 | 2-6 |
| Table 5-1: Summary of Ownership of Almas Project | 5-1 |
| Table 5-2: Paiol Historical Mine Production - 1996 to 2001 | 5-3 |
| Table 7-1: Summary of Almas Drilling at the Deposits with Mineral Resources | 7-2 |
| Table 7-2: Summary of Almas Exploration Drilling at other Prospects from 2021-2024 by Target | 7-5 |
| Table 7-3: Significant Intercepts from Paiol Exploration 2024 Drill Program | 7-10 |
| Table 7-4: Significant Intercepts from Vira Saia Exploration | 7-14 |
| Table 7-5: Significant Intercepts from Morro do Carneiro Exploration | 7-18 |
| Table 7-6: Significant Results from Nova Prata Exploration | 7-19 |
| Table 7-7: Significant Results from Lagartixa Target Exploration Program | 7-23 |
| Table 7-8: Significant Intercepts from Espinheiro Target Exploration | 7-26 |
| Table 7-9: Significant Intercepts from Poço do Ouro Exploration | 7-28 |
| Table 7-10: Geotechnical Investigation for Vira Saia | 7-37 |
| Table 7-11: Geotechnical Investigation for Cata Funda | 7-37 |
| Table 8-1: Almas Control Sample Insertion Rate and Failure Criteria | 8-5 |
| Table 8-2: Almas QC Submittals: 2010 to 2024 | 8-5 |
| Table 8-3: Almas QC Submittal by Prospect: 2010 to 2024 | 8-6 |
| Table 8-4: Almas Certified Reference Material Performances | 8-7 |
| Table 8-5: Summary of Duplicate Data Performance | 8-14 |
| Table 10-1: Composite Weights | 10-3 |
| Table 10-2: Comparative Gold Head Assays | 10-4 |
| Table 10-3: Individual Samples Gold Head Assays | 10-5 |
| Table 10-4: Blend 3-Y Composite Screened Metallic Assays | 10-6 |
| Table 10-5: Blend 3-Y Composite Size Fraction Analysis | 10-6 |
| Table 10-6: Head Assays – Sulphur, Carbon, ICP Scan, and Hg | 10-8 |
| Table 10-7: Head Assays – Whole Rock Analysis (SGS Lakefield) | 10-10 |
| Table 10-8: Head Assays – Mineral Mass in Each Sample (SGS Lakefield Report) | 10-11 |
| Table 10-9: Bond Ball Work Index Summary | 10-12 |
| Table 10-10: SMC Test® Summary | 10-12 |
| Table 10-11: Individual Composites Gravity Separation Test Results | 10-14 |
| Table 10-12: Individual Composites Gravity Separation Summary | 10-15 |
| Table 10-13: Gravity Tailings Flotation Results – Effect of Grind | 10-17 |

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| | |
|:---|:---|
| Table 10-14: Paiol SDQX Whole Ore Flotation Results – Effect of Reagents and pH P<sub>80</sub> 75 µm | 10-20 |
| Table 10-15: Gravity Tailings Cyanidation/CIL Test Results | 10-21 |
| Table 10-16: Overall Test Results – Comparison of Flowsheets | 10-24 |
| Table 10-17: Heap Leach Amenability Test Results | 10-26 |
| Table 10-18: GRG Test Summary Blend 3-Y Composite | 10-27 |
| Table 10-19: Whole Ore Leach Results | 10-29 |
| Table 10-20: CIL Residue Analysis | 10-30 |
| Table 10-21: CIL Barren Solution Analysis | 10-30 |
| Table 10-22: Gravity Separation-Cyanidation Results | 10-32 |
| Table 10-23: Batch Cyanide Destruction Test Conditions and Results | 10-34 |
| Table 10-24: Continuous Cyanide Destruction Test Conditions and Results | 10-35 |
| Table 10-25: FLS Sedimentation and Rheology Summary for Thickener Type Hi-Rate | 10-37 |
| Table 10-26: FLS Recommendations and Sizing Summary for Thickener Type E-Cat | 10-38 |
| Table 10-27: Gold Recovery Estimate | 10-39 |
| Table 11-1: Summary of Almas Project Mineral Resources EXCLUSIVE of Mineral Reserves – December 31, 2024 | 11-2 |
| Table 11-2: Summary of Resource Database | 11-3 |
| Table 11-3: Description of Resource Database Variables | 11-3 |
| Table 11-4: Estimation Domain Grade Thresholds | 11-6 |
| Table 11-5: Paiol Resource Database Drill Hole Types | 11-14 |
| Table 11-6: Comparison of the Paiol Resource Assay Database after Assigning Values to the Missing Intervals | 11-16 |
| Table 11-7: Statistics of Domain Intersecting Gold Resource Assays | 11-16 |
| Table 11-8: Basic Statistics of Uncapped Gold Assays and Composites | 11-18 |
| Table 11-9: Basic Statistics of Capped and Uncapped Gold Composites | 11-20 |
| Table 11-10: High Yield Restriction Parameters for Paiol Domains | 11-22 |
| Table 11-11: Variogram Models | 11-25 |
| Table 11-12: Estimation Parameters for Paiol | 11-26 |
| Table 11-13: Estimation Parameters for Vira Saia and Cata Funda | 11-27 |
| Table 11-14: Bulk Density of Saprolite and Weathered Rock from Core Samples | 11-28 |
| Table 11-15: Paiol Density Parameters | 11-28 |
| Table 11-16: Vira Saia Density Parameters | 11-29 |
| Table 11-17: Cata Funda Density Parameters | 11-30 |
| Table 11-18: Block Model Specifications | 11-30 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | |
|:---|:---|
| Table 11-19: Whittle Inputs and Assumptions | 11-31 |
| Table 11-20: Whittle Costs | 11-31 |
| Table 11-21: Drill Hole Spacing Parameters for Resource Classification for Paiol and Vira Saia | 11-32 |
| Table 11-22: Criteria for Cata Funda Resource Classification | 11-33 |
| Table 11-23: Parallel Estimation Statistics with Capped Composites | 11-40 |
| Table 11-24: Summary of Almas Project Mineral Resources Exclusive of Mineral Reserves – December 31, 2024 | 11-44 |
| Table 12-1: Summary of Mineral Reserves – Almas Project - December 31, 2024 | 12-1 |
| Table 12-2: Material Classification by Au Grade | 12-2 |
| Table 12-3: Cut-Off Grade Parameters – Global | 12-3 |
| Table 12-4: Cut-Off Grade Parameters – Costs | 12-3 |
| Table 12-5: Pit Optimization Results - Paiol | 12-6 |
| Table 12-6: Pit Optimization Results – Vira Saia | 12-7 |
| Table 12-7: Pit Optimization Results – Cata Funda | 12-9 |
| Table 12-8: Mineral Reserves Comparison to Previous Estimates | 12-12 |
| Table 13-1: Geological and Geomechanical Description for the Paiol Pit | 13-3 |
| Table 13-2: Final Pit Slope Angles Recommended for Paiol Pit | 13-7 |
| Table 13-3: Geological and Geomechanical Description for the Cata Funda Pit | 13-9 |
| Table 13-4: Final Pit Slope Angles Recommended for Cata Funda Pit | 13-11 |
| Table 13-5: Geological and Geomechanical Description for the Vira Saia Pit | 13-13 |
| Table 13-6: Final Pit Slope Angles Recommended for the Vira Saia Pit | 13-15 |
| Table 13-7: Slope and Bench Geometric Parameters | 13-16 |
| Table 13-8: Blasting Pattern Parameters | 13-22 |
| Table 13-9: Loading Fleet Physical Parameters | 13-23 |
| Table 13-10: Average Transport Distance | 13-24 |
| Table 13-11: Equipment Calculated Working Hours | 13-25 |
| Table 13-12: Workforce in the Mining Operation / Support | 13-25 |
| Table 13-13: LOM Production Plan | 13-28 |
| Table 14-1: Production History and Mill Recovery | 14-1 |
| Table 14-2: Summary of Key Process Design Criteria | 14-3 |
| Table 14-3 Reagent and Consumables | 14-14 |
| Table 15-1: Plant Substations | 15-2 |
| Table 16-1: Metal Price Assumptions | 16-1 |
| Table 17-1: Environmental Licences and Permits | 17-6 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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|:---|:---|
| Table 18-1: Sustaining Capital Costs Summary | 18-1 |
| Table 18-2: Operating Cost Estimate | 18-2 |
| Table 18-3: Workforce in the Mining Operation / Support | 18-3 |
| Table 18-4: Process Plant Operation Personnel | 18-3 |
| Table 18-5: Process Plant Maintenance Manpower | 18-4 |
| Table 19-1: Almas Cash Flow Metal Prices | 19-1 |
| Table 19-2: Annual After-Tax Cash Flow Summary | 19-4 |
| Table 19-3: After-Tax NPV 5% Sensitivity Analyses | 19-7 |

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**Figures**

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| | |
|:---|:---|
| Figure 3-1: Project Location | 2-5 |
| Figure 3-2: Status of Claims, December 31, 2024 | 2-9 |
| Figure 6-1: Regional Geology of Tocantins Province | 6-2 |
| Figure 6-2: Tectonic Units of the Brasilia Belt | 6-4 |
| Figure 6-3: Geological Map of the Natividade Block Region Adapted from the Tocantins Sheet | 6-7 |
| Figure 6-4: Tectono-Stratigraphic Column of Almas Region | 6-11 |
| Figure 6-5: Simplified Geological Map of the Almas Region | 6-12 |
| Figure 6-6: Hydrothermal Alteration Halos of Paiol Mine | 6-13 |
| Figure 6-7: Schematic Section Showing the Main Shear Zone at Paiol and the Surrounding Modelled Hydrothermal Halo | 6-17 |
| Figure 6-8: Schematic Cross Section Showing the Main Deposits of the Almas Project | 6-18 |
| Figure 7-1: Regional Soil Sampling 2024 | 7-2 |
| Figure 7-2: Geological Mapping and Geophysical Study Comparison | 7-3 |
| Figure 7-3: Cata Funda 2025 Drill Program Collar Locations | 7-5 |
| Figure 7-4: Paiol 2025 Drill Program Collar Locations | 7-6 |
| Figure 7-5: Vira Saia 2025 Drill Program Collar Locations | 7-7 |
| Figure 7-6a: Aura Drilling Location Map (Cata Funda, Paiol, and Vira Saia) | 7-3 |
| Figure 7-6b: Aura Drilling Location Map (Cata Funda, Paiol, and Vira Saia) – Close-Up View | 7-4 |
| Figure 7-7: Aura Drilling by Exploration Targets 2021-2024 | 7-6 |
| Figure 7-8: Location of Infill Drill Holes for Paiol Mine – Q1 and Q2 2024 | 7-8 |
| Figure 7-9: Location of Drill Hole Program below Paiol Resource Shell | 7-9 |
| Figure 7-10: Cross Section of Paiol Mineralization Displaying Updated Drill Results 2023-2024 | 7-11 |
| Figure 7-11: Location Map of Aura Vira Saia Drill Program 2024 | 7-13 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | |
|:---|:---|
| Figure 7-12: Drill Holes in the Morro do Carneiro Target | 7-16 |
| Figure 7-13: Cross Section of Morro do Carneiro Target with Significant Intercepts | 7-17 |
| Figure 7-14: Location of Drill Holes for Nova Prata Exploration | 7-21 |
| Figure 7-15: Nova Prata Mineralization with Drilling Results | 7-22 |
| Figure 7-16: Location of Drill Holes for Lagartixa Target | 7-24 |
| Figure 7-17: Lagartixa Mineralization with Drilling Results | 7-25 |
| Figure 7-18: Location of Drill Holes for Espinheiro Target | 7-27 |
| Figure 7-19: Location of Drill Holes for Poço do Ouro Target | 7-29 |
| Figure 7-20: Location of Monitoring Wells and Piezometers in Paiol Area | 7-34 |
| Figure 7-21: Evolution of Water in Paiol Mine Wells 2023-2024 | 7-35 |
| Figure 7-22: Flow Map of Paiol Mine Area with Groundwater Level Data from December 2023 | 7-36 |
| Figure 8-1: Sample Preparation Process Workflow for SGS Geosol Laboratory | 8-3 |
| Figure 8-2: Z-Score for all CRMs in Almas Project | 8-8 |
| Figure 8-3: Almas Control Chart for CRM ITAK 530 at SGS: 2011 - 2012 | 8-9 |
| Figure 8-4: Almas Control Chart for CRM ITAK 531 at SGS: 2011 – 2012 | 8-9 |
| Figure 8-5: Almas Control Chart for CRM CDN-GS-6G at SGS: 2023 – 2024 | 8-10 |
| Figure 8-6: Almas Control Chart for CRM CDN-GS-1P5W at SGS: 2024 | 8-11 |
| Figure 8-7: Almas Control Chart for CRM CDN-GS-P2B at SGS: 2023 – 2024 | 8-11 |
| Figure 8-8: Coarse Blank SGS: 2010 to 2012 | 8-12 |
| Figure 8-9: Coarse Blank SGS: 2023 to 2024 | 8-13 |
| Figure 8-10: DD Field Duplicate HARD Plots and Scatter Plot in SGS: 2010 – 2012 | 8-15 |
| Figure 8-11: RC Pulp Duplicate HARD Plots and Scatter Plot in SGS-LI: 2022 – 2024 | 8-15 |
| Figure 8-12: RC Field Duplicate HARD Plots and Scatter Plot in SGS-LI: 2022 – 2024 | 8-16 |
| Figure 8-13: Scatter Plots for Gold Pulp External Checks: 2010 – 2011 | 8-17 |
| Figure 9-1: Drill Core Inspection | 9-1 |
| Figure 10-1: Blend 3-Y Composite Size Distribution Analysis | 10-7 |
| Figure 10-2: Test Work Program Flowsheet | 10-13 |
| Figure 10-3: Effect of Grind: Au Grade vs. Recovery | 10-19 |
| Figure 10-4: Cyanidation Gold Recovery versus Grind Size | 10-23 |
| Figure 11-1a: Almas Deposit Locations and Mineral Rights | 11-4 |
| Figure 11-1b: Almas Deposit Locations and Mineral Rights – Close-Up | 11-5 |
| Figure 11-2: Paiol Mineralization Domains | 11-7 |
| Figure 11-3: Cross Section of Central Solid Mineralized Domains | 11-8 |
| Figure 11-4: Paiol Weathering Model with Depletion | 11-9 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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|:---|:---|
| Figure 11-5: Vira Saia Mineralization Estimation Domain | 11-11 |
| Figure 11-6: Cata Funda Mineralization Estimation Domain | 11-13 |
| Figure 11-7: Missing Gold Values in Paiol Sample Database | 11-15 |
| Figure 11-8: Histograms of Raw Sample Lengths in Metres (m) | 11-17 |
| Figure 11-9: Histograms of Composited Au Values by Estimation Domain | 11-19 |
| Figure 11-10: Probability Plots of Uncapped (Blue) and Capped Composites (Orange) | 11-21 |
| Figure 11-11: Paiol Grade Interpolation with HG Domain Composites | 11-24 |
| Figure 11-12: Box Plots of Bulk Density Measurements (t/m3) by Weathering Unit | 11-29 |
| Figure 11-13: Resource Classification by Drill Hole Spacing for Paiol (left) and Vira Saia(right) | 11-32 |
| Figure 11-14: Resource Classification for Paiol by Domain | 11-34 |
| Figure 11-15: Resource Classification for Vira Saia and Cata Funda | 11-35 |
| Figure 11-16: Paiol Swath Plots (X, Y, Z) | 11-37 |
| Figure 11-17: Cata Funda Swath Plots (X, Y, Z) | 11-38 |
| Figure 11-18:Vira Saia Swath Plots (X, Y, Z) | 11-38 |
| Figure 11-19: Grade Interpolation Visual Validation - Paiol | 11-42 |
| Figure 11-20: Grade Interpolation Visual Validation - Cata Funda and Vira Saia | 11-43 |
| Figure 11-21: Paiol Mineral Resource (exclusive) | 11-45 |
| Figure 11-22: Vira Saia Mineral Resource (exclusive) | 11-46 |
| Figure 11-23: Cata Funda Mineral Resource (exclusive) | 11-47 |
| Figure 12-1: Physical Constraints – Pit Optimization | 12-5 |
| Figure 12-2: Pit Optimization Results - Paiol | 12-10 |
| Figure 12-3: Pit Optimization Results – Vira Saia | 12-10 |
| Figure 12-4: Pit Optimization Results – Cata Funda | 12-11 |
| Figure 13-1: Geotechnical and Geological Section through the Paiol Pit | 13-4 |
| Figure 13-2: RS2 Overall Slope Stability Analysis with a SRF of 1.32 for the Paiol Pit | 13-8 |
| Figure 13-3: Geotechnical and Geological Section through the Cata Funda Pit | 13-10 |
| Figure 13-4: SLIDE Overall Slope Stability Analysis with a FS of 2.0 for the Cata Funda Pit | 13-12 |
| Figure 13-5: Paiol Ultimate Pit Design | 13-17 |
| Figure 13-6: Vira Saia Ultimate Pit Design | 13-18 |
| Figure 13-7: Cata Funda Ultimate Pit Design | 13-19 |
| Figure 13-8: Overall View of the Paiol Pit (August 2024) | 13-21 |
| Figure 13-9: Main Access to the Paiol Pit | 13-21 |
| Figure 14-1: Overall Process Flow Diagram | 14-9 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| Figure 14-2: Overall View of the Almas Metallurgical Plant – Perspective 01 | 14-10 |
| Figure 14-3: Overall View of the Almas Metallurgical Plant – Perspective 02 | 14-11 |
| Figure 15-1: Overall View of the Almas Project – Perspective 01 | 15-4 |
| Figure 15-2: Overall View of the Almas Project – Perspective 02 | 15-5 |
| Figure 19-1: After-Tax NPV 5% Sensitivity Analysis | 19-8 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

1.0 Executive Summary

1.1 Summary

SLR Consulting (Canada) Ltd. (SLR) was retained by Aura Minerals Inc. (Aura) to prepare an independent Technical Report Summary (TRS) on the Almas Project (Almas or the Project), located in Tocantins State, Brazil. The purpose of this TRS is to support the disclosure of the December 31, 2024 Mineral Resource and Mineral Reserve estimates at Almas and to support a listing on the New York Stock Exchange (NYSE) by Aura. This TRS conforms to United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary. SLR's Qualified Persons (QP) visited the Property from November 4 to 8, 2024.

Aura is a mid-tier gold and copper producer listed on the Toronto Stock Exchange (TSX) under the symbol ORA, the Brazilian Stock Exchange (B3) as AURA33, and the OTC Markets (OTCQX) under ORAAF. Aura operates in Honduras, Brazil, and Mexico. Its exploration projects are located in Brazil, Guatemala, and Colombia.

Aura acquired the Project when Aura entered into a merger with the Project's previous owner, Rio Novo Mineração Ltda. (Rio Novo), in 2018. The Project hosts three gold deposits: Paiol, Cata Funda, and Vira Saia, which are situated along a 15 kilometre (km) corridor of the Almas Greenstone Belt. All three gold deposits are orogenic in nature and are considered amenable to open pit mining. Aura initiated commercial production of the Paiol deposit in 2023. Annual plant production targets two million tonnes per annum (Mtpa) and produces gold doré bars from ore processed through a carbon-in-leach (CIL) process with gold electrowinning and smelting. In 2024, the mine produced 54,003 ounces (oz) of gold from 1,637,574 tonnes (t) of mill feed with an average gold head grade of 1.13 grams per tonne (g/t).

The Project also includes a historical open pit and a spent heap leach stockpile at Paiol that are from when the Paiol deposit was operated by Companhia VALE do Rio Doce (VALE) from 1996 until 2001 as well as several small-scale artisanal gold mining sites, locally termed *garimpos*, whose development preceded the exploration activities of Rio Novo.

Aura's initial NI 43-101 Technical Report for the Property was dated March 10, 2021. All information presented in this TRS is effective as of December 31, 2024, unless explicitly stated otherwise.

1.1.1 Conclusions

The SLR QPs offer the following conclusions by area.

1.1.1.1 Geology and Mineral Resources

&nbsp;&nbsp;&nbsp;&nbsp;· The main mineralized deposits at Almas are classified as orogenic, shear-hosted mesothermal gold deposits. These mineralized bodies
trend north-south and are shear-hosted in Paleoproterozoic rocks, typically metabasalts and metasediments (greenstones). The shear zone
has been mapped to extend 15 km and several mineral occurrences on the property lie within and adjacent to the zone.

&nbsp;&nbsp;&nbsp;&nbsp;· Mineral Resources at Almas have been estimated for three deposits across the property: Paiol, Vira Saia, and Cata Funda. The Paiol
Mineral Resources represent the largest proportion of the estimate and were updated in 2024. Vira Saia and Cata Funda are

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

unchanged since 2020 apart from a classification update at Vira Saia. Estimates were completed by Aura and have been audited and adopted by SLR.

&nbsp;&nbsp;&nbsp;&nbsp;· Mineral Resources have been classified in accordance with the definitions for Mineral Resources in S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;· The Mineral Resource estimation for the Paiol deposit is acceptable and represents a reasonable estimate of the economic potential
of the mineral deposit. Improvements are warranted, however, and with adjustments to the estimation approach it may be possible to better
reflect the deposit characteristics locally.

&nbsp;&nbsp;&nbsp;&nbsp;· The Mineral Resource estimates for the Vira Saia and Cata Funda deposits are also acceptable and represent a reasonable estimate of
the economic potential of the mineral deposits. Prior to production consideration, both deposits will require an update to incorporate
data from planned and completed drill programs.

&nbsp;&nbsp;&nbsp;&nbsp;· Open pit Mineral Resources <u>exclusive</u> of Mineral Reserves, as at December 31, 2024, and above gold grade thresholds ranging
from 0.31 g/t to 0.34 g/t have been estimated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Measured and Indicated (M&I) Mineral Resources are estimated to total 12,866 thousand tonnes (kt) averaging 0.67 g/t Au and
containing 279 thousand ounces (koz) Au.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Inferred Mineral Resources are estimated to total 3,562 kt averaging 0.88 g/t Au and containing 100 koz Au.

&nbsp;&nbsp;&nbsp;&nbsp;· Sample preparation, security, and analysis adhere to industry standards, ensuring high data quality and integrity. Quality assurance
and quality control (QA/QC) results confirm the accuracy and precision of assay data, supporting reliable Mineral Resource estimates.

&nbsp;&nbsp;&nbsp;&nbsp;· No significant sample bias was identified in the review of drill data and assays, ensuring the adequacy of the database for Mineral
Resource estimation.

&nbsp;&nbsp;&nbsp;&nbsp;· Exploration to date has focused on near surface prospects, and the potential for discovery of deeper, underground gold targets with
vertical extent is high.

1.1.1.2 Mining and Mineral Reserves

&nbsp;&nbsp;&nbsp;&nbsp;· The Almas Project is host to an open pit mining operation composed of three main gold deposits, including Paiol, Cata Funda, and Vira
Saia. The Paiol deposit is currently being mined, with Cata Funda and Vira Saia to complement production in later years.

&nbsp;&nbsp;&nbsp;&nbsp;· Almas has consistently met production targets since production commenced in 2023.

&nbsp;&nbsp;&nbsp;&nbsp;· Mineral Reserves are estimated using a cut-off grade of 0.38 g/t Au for Paiol, 0.40 g/t Au for Vira Saia, and 0.42 g/t Au for Cata
Funda.

&nbsp;&nbsp;&nbsp;&nbsp;· The current Mineral Reserve estimates, prepared by SLR, have been classified in accordance with the definitions for Mineral Reserves
in S-K 1300. Mineral Reserves as of December 31, 2024, total 19,709 kt grading 1.07 g/t Au and containing 674 koz Au.

&nbsp;&nbsp;&nbsp;&nbsp;· Mineral Reserves are estimated by qualified professionals using modern mine planning software in a manner consistent with industry
practice.

&nbsp;&nbsp;&nbsp;&nbsp;· The estimated Mineral Reserves support a life of mine (LOM) plan that extends approximately 10 years to 2034, at a rate of 2.0 Mtpa
of ore fed into the plant.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Measured Mineral Resources and stockpiles were converted to Proven Mineral Reserves, and Indicated Mineral Resources were converted
to Probable Mineral Reserves. Inferred Mineral Resources were not converted to Mineral Reserves and are not included in the LOM plan.

&nbsp;&nbsp;&nbsp;&nbsp;· Dilution and ore losses (mining recovery) are applied before reporting Mineral Reserves.

1.1.1.3 Mineral Processing

&nbsp;&nbsp;&nbsp;&nbsp;· Process plant throughput has not yet reached the design capacity of 2.0 Mtpa, or 5,479 tonnes per day (tpd). In 2024, the average
throughput was 4,300 tpd.

&nbsp;&nbsp;&nbsp;&nbsp;· The recovery to date is 2% below the process design value.

&nbsp;&nbsp;&nbsp;&nbsp;· Aura anticipates achieving a 92% gold recovery in 2025.

1.1.1.4 Infrastructure

&nbsp;&nbsp;&nbsp;&nbsp;· The Project has operated since 2021 and has developed the necessary infrastructure to support current and planned mining activities.
Key components include power supply, water management systems, waste handling facilities, operational support buildings, and access roads.

&nbsp;&nbsp;&nbsp;&nbsp;· The Project is connected to the national power grid, which supplies the site's energy needs. No power generator sets are present at
the site.

&nbsp;&nbsp;&nbsp;&nbsp;· Process water is sourced by direct pumping from local rivers, which provide reliable flows year-round.

&nbsp;&nbsp;&nbsp;&nbsp;· Potable water is available at the site via 20-litre (L) gallons.

&nbsp;&nbsp;&nbsp;&nbsp;· Support facilities include warehouses, maintenance workshops, an assay laboratory, and administrative offices.

&nbsp;&nbsp;&nbsp;&nbsp;· Almas does not have on-site housing. The company maintains a camp in the city of Almas for visitors and temporary needs.

&nbsp;&nbsp;&nbsp;&nbsp;· The site is accessible via paved highways and gravel roads, ensuring year-round access for materials, equipment, and personnel.

&nbsp;&nbsp;&nbsp;&nbsp;· The Project maintains radio, telephone, and internet services, ensuring effective coordination across operational areas. Cell phone
services are also available at the site.

&nbsp;&nbsp;&nbsp;&nbsp;· The Project's infrastructure has been progressively maintained and adapted to meet operational requirements while ensuring environmental
and regulatory standards compliance.

1.1.1.5 Environmental and Social Aspects

&nbsp;&nbsp;&nbsp;&nbsp;· In the SLR QP's opinion, the environmental and social risks at Almas are manageable, and Aura has in place adequate plans and
systems to manage these risks and to maintain compliance with applicable environmental legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;· Aura reports that all permits required for current operations are in good standing. The Cata Funda and Vira Saia deposits are currently
the subjects of licensing processes, and Aura has submitted the necessary information for the development of both pits. Licences
are expected to be issued in 2025 and 2026.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Testing of ore, waste rock, and tailings samples indicates low potential for the generation of acid rock drainage (ARD) or metal leaching
(ML).

&nbsp;&nbsp;&nbsp;&nbsp;· As designed and permitted, the tailing storage facility (TSF) has an ultimate capacity of 15 million cubic metres (Mm<sup>3</sup>)
of tailings in storage. Should additional capacity be required, Aura plans to utilize in-pit tailings disposal in the mined-out Vira Saia
pit, providing capacity for additional storage of approximately six million cubic metres of tailings.

&nbsp;&nbsp;&nbsp;&nbsp;· Aura has continued with community engagement activities since initiating construction at Paiol, including updating the stakeholder
map and communications plan, implementing a socioeconomic diagnostic exercise, and initiating a community investment program focused principally
on the town of Almas.

&nbsp;&nbsp;&nbsp;&nbsp;· The mine closure plan is dated November 2022 and includes a closure cost estimate of US$9.8 million. SLR notes that for the economic
analysis, closure costs have been inflated to the 2024 value, which corresponds to US$14.1 million. The SLR QP considers the higher closure
and reclamation costs to reflect a more realistic approach than the closure estimate from November 2022, given costs have been escalated
to 2024 US dollars and have been adjusted to consider closure costs for the three deposits.

1.1.1.6 Capital and Operating Costs and Economics

&nbsp;&nbsp;&nbsp;&nbsp;· The Almas Project capital and operating cost estimates were prepared based on 2024 actual costs and the current operating budget for
2025. The SLR QP has reviewed the capital and operating costs and considers them appropriate for the remaining mine life.

&nbsp;&nbsp;&nbsp;&nbsp;· The LOM production schedule is based on the December 31, 2024 Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;· The economic analysis using the production, revenue, and costs estimates presented in this TRS confirms that the outcome is a positive
cash flow that supports the statement of Mineral Reserves for a 10 year mine life. At the CIBC Analysts Consensus Commodity Price, with
a long term price of US$2,212/oz gold, the Project's Base Case undiscounted pre-tax net cash flow is approximately US$590 million,
and the undiscounted after-tax net cash flow is approximately US$510 million. The pre-tax net present value (NPV) at a 5% discount rate
is approximately US$452 million and the after-tax NPV at a 5% discount rate is approximately US$393 million.

&nbsp;&nbsp;&nbsp;&nbsp;· The SLR QP confirms that SLR completed the economic analysis using reserve metal prices. The analysis demonstrates that Almas's
Mineral Reserves are also economically viable at these prices.

1.1.2 Recommendations

The SLR QPs offer the following recommendations by area.

1.1.2.1 Geology and Mineral Resources

1 While the estimated Mineral Resources are acceptable, the following process changes are suggested to be tested at the Project:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Develop and execute a standard protocol for the treatment of missing intervals and analytical values with consideration of the underlying
reasons and their impact. Industry standard practice is to assign a low (detection limit or zero) value to unsampled intervals because
they were deemed uneconomical by the logging

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

geologist during core processing. Apply the protocol during the compositing routine, and composite intervals to a multiple of the common sample length.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Support grade restriction approaches using a combination of statistical and visual tools, including probability plots, histograms,
percentiles, and a spatial review of high-grade sample location and continuity. Evaluate whether higher gold caps can be combined
with a high yield restriction to limit metal loss and preserve high grades locally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Develop an interpolation plan which limits visual and statistical grade artifacts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Evaluate the impact of combining long-term and short-term data during estimation. Consider restricting the influence of
production data to local blocks (two benches) and develop a process which allows reconciliation of the resource to grade control model
to be undertaken without influence of production data on the resource model.

1.1.2.2 Mining and Mineral Reserves

1 Improve material (especially ore) tracking system for long-term/low-grade stockpiles.

2 Undertake close follow-up in the infill program for Cata Funda and Vira Saia to ensure relevant data will be available during 2026 and 2027, not causing delay on commissioning these pits.

3 Close follow-up in the Cata Funda and Vira Saia operating licence and mining concession (only Vira Saia).

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| 4 | In consideration of the increase of approximately 30% to the cut-off grade since Aura's previous Technical Report (2021) due to production costs, the following strategic actions are suggested for the Project: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Review the future expansion projects to check their viability in a potentially reduced mineral inventory scenario.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Continue to track operating costs closely and assess the main cost levelers to investigate possible opportunities to avoid an additional
cut-off grade raise.

1.1.2.3 Mineral Processing

1 Process plant is not achieving design throughput. Review operating ore characteristics to determine if the grinding circuit, which is a converted single-stage semi-autogenous grinding (SAG) mill, is a bottleneck to mineral processing.

2 Review primary grind size data to understand why the tails grade is increasing, resulting in lower gold recovery.

3 Conduct mineralogical analysis of the plant feed and tails to troubleshoot lower gold recoveries.

1.1.2.4 Infrastructure

1 Regularly review the required infrastructure on the site, in consideration of future expansion projects.

2 Monitor the Brazilian energy market, as costs are forecasted to increase.

3 Advance the study of the TSF to the detailed design phase.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

1.1.2.5 Environmental and Social Aspects

1 Continue with permitting of the Cata Funda and Vira Saia pits, and apply for an amendment to the permitted water discharge rate as appropriate.

2 Formalize management systems for the environmental and social aspects of the Project to incorporate a full "Plan-Do-Check-Act" cycle, common to international management system standards.

3 Continue active community engagement to address any concerns that arise due to the close proximity of Cata Funda to the community of Almas.

1.1.2.6 Capital and Operating Costs

1 Enhance cost tracking and financial planning by monitoring real-time expenditures, periodic cost benchmarking against peer operations, and updating sensitivity analyses for gold price scenarios to ensure economic resilience.

2 Ensure capital and operating expenditures remain aligned with the size of the operation and reserve numbers, avoiding overcapitalization.

1.2 Economic Analysis

The economic analysis contained in this TRS is based on the Almas Mineral Reserves, economic assumptions, and capital and operating costs provided by the Aura technical team and reviewed by SLR. All costs are expressed in Q4 2024 US dollars. Unless otherwise indicated, all costs in this section are expressed without allowance for escalation, currency fluctuation, or interest.

A summary of the key criteria is provided below.

1.2.1 Economic Criteria

1.2.1.1 Production Physicals

&nbsp;&nbsp;&nbsp;&nbsp;· Mine life: 10 years (2025 to 2034).

&nbsp;&nbsp;&nbsp;&nbsp;· Open pit peak mining rate: 23,000 ktpa between years 2029 and 2032

&nbsp;&nbsp;&nbsp;&nbsp;· LOM Ore feed to process: 19,709 kt ore at 1.07 g/t Au

&nbsp;&nbsp;&nbsp;&nbsp;· Processing plant peak processing throughput: 2,000 ktpa

&nbsp;&nbsp;&nbsp;&nbsp;· LOM Contained Metal: 680 koz Au

&nbsp;&nbsp;&nbsp;&nbsp;· Weighted average LOM Process Gold Recovery: 90%

&nbsp;&nbsp;&nbsp;&nbsp;· LOM Recovered Metal: 612 koz Au

1.2.1.2 Revenue

&nbsp;&nbsp;&nbsp;&nbsp;· Exchange rate US$1.00 = BRL$5.84.

&nbsp;&nbsp;&nbsp;&nbsp;· Revenue is estimated based on metal prices provided to SLR by Aura, which sourced them from CIBC Analysts Consensus Commodity Price
Forecasts from March 2025. The CIBC analyst consensus metal price forecast is presented in Table ‎ 1-1:

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎1-1: Almas Cash Flow Metal Prices**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Metal Prices** | **2025** | **2026** | **2027** | **2028** | **2029 - Long Term** |
| Gold (US$/oz) | 2668 | 2621 | 2490 | 2363 | 2212 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Payable metals are estimated at 99.9% for gold. This rate is based on actual agreement figures.

&nbsp;&nbsp;&nbsp;&nbsp;· Transportation and Refining charges include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Gold refining: US$0.30/oz of payable Au

&nbsp;&nbsp;&nbsp;&nbsp;· The Almas property is subject to the following royalties (see further details in ‎ 1.2.1.5):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Paiol at 1.95% Net Smelter Return (NSR)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Cata Funda at 3.25% NSR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Vira Saia at 3.25% NSR

&nbsp;&nbsp;&nbsp;&nbsp;· Almas is subject to a Mining Tax over Sales at 1.8% NSR (treated as a royalty)

&nbsp;&nbsp;&nbsp;&nbsp;· LOM net revenue is US$1,367 million (after Selling Charges and Royalties).

&nbsp;&nbsp;&nbsp;&nbsp;· Revenue is recognized at the time of production.

1.2.1.3 Capital Costs

&nbsp;&nbsp;&nbsp;&nbsp;· Expansion capital costs: US$4.8 million

&nbsp;&nbsp;&nbsp;&nbsp;· Mine life sustaining capital totals US$75 million.

&nbsp;&nbsp;&nbsp;&nbsp;· Mine closure and reclamation costs in year 2034 total US$14.1 million based on Aura's latest estimate from year 2024.

1.2.1.4 Operating Costs

&nbsp;&nbsp;&nbsp;&nbsp;· Average operating cost over the mine life is US$34.51/t milled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Open pit mining costs: US$23.34/t milled, or US$2.48/t mined

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Mine capitalized stripping costs: -US$2.54/t milled

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Mine stockpile reclaiming costs: US$0.10/t milled

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Stockpile Change in Inventory Cost: US$0.71/t milled

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Processing costs: US$9.42/t milled

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o General and administration (G&A) and overhead costs: US$3.48/t milled or US$6.8 million per year

&nbsp;&nbsp;&nbsp;&nbsp;· LOM site operating costs of $680 million.

&nbsp;&nbsp;&nbsp;&nbsp;· Corporate G&A allocation costs of US$500,000 per year over the LOM.

1.2.1.5 Taxation and Royalties

&nbsp;&nbsp;&nbsp;&nbsp;· The property is subject to different third-party royalties NSR for each deposit:

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Paiol at 1.95% NSR: 1.20% NSR mining rights and 0.75% surface royalties (50% of Financial Compensation for the Exploitation
of Mineral Resources [CFEM]),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Cata Funda at 3.25% NSR: 2.50% mining rights and 0.75% surface royalties (50% of CFEM).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Vira Saia at 3.25% NSR: 2.50% mining rights and 0.75% surface royalties (50% of CFEM).

&nbsp;&nbsp;&nbsp;&nbsp;· The Brazilian Corporate Income Tax is set at 34% but Aura is currently benefiting from the tax incentives provided by Superintendência
do Desenvolvimento da Amazônia (SUDAM), which grants a reduced corporate income tax rate of 15%

&nbsp;&nbsp;&nbsp;&nbsp;· Almas is subject to a Mining Tax over Sales at 1.8% NSR (treated as a royalty): 1.5% of CFEM and 0.3% FDE (Tocantins
Economic Development Fund).

&nbsp;&nbsp;&nbsp;&nbsp;· Total taxes estimated: US$79.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;· SLR has relied on Aura's assumptions and calculations for royalties and taxes applicable to the cash flow.

1.2.2 Cash Flow Analysis

SLR prepared a LOM unlevered after-tax cash flow model to confirm the economics of the Project over the LOM (between 2025 and 2034). Economics have been evaluated using the discounted cash flow method by considering LOM production on a 100% basis, annual processed tonnages, and gold grades. The associated gold recoveries, gold price, operating costs, treatment and refining charges, expansion and sustaining capital costs, reclamation and closure costs, and income tax and royalties were also considered.

The base discount rate assumed in this TRS is 5% as per Aura's corporate guidance for the Project. Discounted present values of annual cash flows are summed to arrive at the Almas Project Base Case NPV. For this cash flow analysis, the internal rate of return (IRR) and payback are not applicable given Almas is already an operating mine; therefore, there is no initial investment to be recovered.

To support the disclosure of Mineral Reserves, the economic analysis demonstrates that Almas's Mineral Reserves are economically viable at the CIBC Analysts Consensus Commodity Price, with a long term price of US$2,212/oz gold. The Project's Base Case undiscounted pre-tax net cash flow is approximately US$590 million, and the undiscounted after-tax net cash flow is approximately US$510 million. The pre-tax NPV at a 5% discount rate is approximately US$452 million and the after-tax NPV at a 5% discount rate is approximately US$393 million.

The SLR QP confirms that SLR has also run the economic analysis using flat reserve metal prices of gold US$2,000/oz. The analysis demonstrates that Almas's Mineral Reserves are also economically viable at these prices.

The World Gold Council Adjusted Operating Cost (AOC) is US$1,163/oz Au produced. The mine life sustaining capital cost is US$153/oz Au, for an All in Sustaining Costs (AISC) of US$1,316/oz Au produced. Mine average annual gold production during the LOM is approximately 61,248 oz Au per year between 2025 and 2034.

Almas will add average annual sales over its 10-year mine life of 61,186 oz Au per year.

All costs are in Q4 2024 US dollars with no allowance for inflation. An after-tax cash flow summary is presented in Table ‎1-2.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎1-2: After-Tax Cash Flow Summary**

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| | | |
|:---|:---|:---|
| **Description** | **Units** | **Value** |
| LOM | Years | 10 |
| **Production** |  |  |
| OP Ore Production | '000 tonnes | 17340 |
| Waste | '000 tonnes | 168394 |
| Stockpile to Mill | '000 tonnes | 1205 |
| HL to Mill | '000 tonnes | 1164 |
| Mill Feed | '000 tonnes | 19709 |
| Au Grade | g/t | 1.07 |
| Contained Gold | koz | 680 |
| Gold Recovery | % | 90.0% |
| Recovered Gold | koz | 612 |
| **Revenue** |  |  |
| **Payable Metal** |  |  |
| Au (koz) | **koz** | **611.9** |
| **Long Term Consensus Prices** |  |  |
| **Au ($/oz)** | **US$/oz** | **2212** |
| **Total Gross Revenue** | **US$ million** | **1425** |
| **Operating Costs** |  |  |
| OP Mining Cost | US$ million | (460) |
| Mine Capitalized Stripping Costs | US$ million | 50 |
| Stockpile Reclaiming Costs | US$ million | (2) |
| Stockpile Change in Inventory Costs | US$ million | (14) |
| Processing Cost | US$ million | (186) |
| Site Support and G&A Cost | US$ million | (68) |
| Sales / TC / RC Charges | US$ million | (0.2) |
| Production Tax | US$ million | (26) |
| Third Party Royalties | US$ million | (32) |
| **Operating Margin** | **US$ million** | **687** |
| Off-site Admin costs | US$ million | (5) |
| **EBITDA** | **US$ million** | **682** |
| **Capital Costs** |  |  |
| Expansion Capital | US$ million | (5) |
| Sustaining Capital | US$ million | (75) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | | |
|:---|:---|:---|
| **Description** | **Units** | **Value** |
| Working Capital | US$ million | 2 |
| Closure/Reclamation Capital | US$ million | (14) |
| **Total Capital** | **US$ million** | **(92)** |
| **Project Economics** |  |  |
| **Pre-tax Free Cash Flow** | **US$ million** | **590** |
| **Pre-tax NPV @ 5%** | **US$ million** | **452** |
| Corporate Income Tax | US$ million | (79) |
| **After-tax Free Cash Flow** | **US$ million** | **510** |
| **After-tax NPV @ 5%** | **US$ million** | **393** |

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1.2.3 Sensitivity Analysis

Project risks can be identified in both economic and non-economic terms. Key economic risks were examined by running cash flow sensitivities:

&nbsp;&nbsp;&nbsp;&nbsp;· Gold price

&nbsp;&nbsp;&nbsp;&nbsp;· Gold head grades

&nbsp;&nbsp;&nbsp;&nbsp;· Gold metallurgical recoveries

&nbsp;&nbsp;&nbsp;&nbsp;· Operating costs

&nbsp;&nbsp;&nbsp;&nbsp;· Capital costs (sustaining and closure)

After-tax NPV 5% sensitivities over the Almas Project Base Case have been calculated for -20% to +20% (for head grade), -5% to +5% (for metallurgical recovery), -20% to +20% (for metal prices), and -10% to +15% (for operating costs and capital costs) variations, to determine the most sensitive parameter for the Mine.

The sensitivity analysis at Almas shows that the after-tax NPV at an 5% base discount rate is most sensitive to metal prices, head grade, and metallurgical recovery, followed by operating costs and capital costs. The SLR QP notes that a 10% reduction in metal prices reduces the after-tax NPV 5% by 23% for the Almas Project Base Case.

1.3 Technical Summary

1.3.1 Property Description

The Almas Project area lies south of Almas, a small town approximately 300 km southeast of Palmas, the Tocantins State Capitol, and 45 km west of Dianópolis, a regional commercial centre.

The Almas Project focuses on the Paiol, Cata Funda, and Vira Saia gold deposits that are distributed along a 15 km long segment of the Almas Greenstone Belt, south of the town of Almas. The Paiol deposit is currently being mined, with Cata Funda and Vira Saia to complement production in later years.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

1.3.2 Land Tenure

The Project comprises a total of 57 mineral rights holdings granted by the Agência Nacional de Mineração (ANM) covering a total area of 233,742.80 ha including two mining concessions, two mining concession applications, and 53 exploration authorizations (220,122.1 ha). The mining concessions and mining concession applications covering the three mineral deposits that are the subject of this TRS are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Paiol: Mining concession (ANM number 860.128/1983). Mined in the past by VALE, and currently in production; 5,175 ha.

&nbsp;&nbsp;&nbsp;&nbsp;· Cata Funda: Mining concession (ANM number 862.224/1980). Undeveloped property; 3,962 ha.

&nbsp;&nbsp;&nbsp;&nbsp;· Vira Saia: Mining concession applications (ANM numbers 864.083/2006 and 860.373/1988). Undeveloped property; 4483.75 ha.

1.3.3 History

Exploration at the Almas Project dates back to 1977 when VALE identified prospective terrain in the greenstone belts around Almas. Workers in the area have used a combination of geophysics, geochemistry, and geologic mapping to discover numerous gold anomalies. The Paiol deposit was discovered in 1987. The Paiol discovery was significant in that the deposit did not outcrop, and the discovery was based on a weak soil anomaly and geophysics.

The Project was formerly operated by VALE from 1996 until 2001 and produced 86,000 oz of gold. In January 2013, both the Paiol and Cata Funda received approval from the ANM authorizing the renewal of mining activities. Previously they had status of "Suspended Operation" with the ANM. The process is well documented by ANM and is defined as a request to actively mine again (Requerimento para Retomada de Lavra) under Section 20.2.3 of the Regulatory Norms for Mining (Normas Reguladoras de Mineração "NRM" Suspensão, Fechamento de Mina e Retomada das Operações Mineiras).

To operate the Project at the Paiol deposit, Rio Novo was required to obtain a new environmental licence under the standards set forth by NATURATINS. The environmental authority accepted the EA for the Paiol mine area and granted LI No. 5437/2011 on December 2, 2011, which has expired. Based on this permitting process, other licences were issued in 2017, such as LP No. 286/2017 and LI No. 297/2017. Two exploration licences (Process Nos. 864.083/2006 and 860.373/1988) assigned to Rio Novo per the terms of an Option Agreement cover the Vira Saia deposit. The ANM must accept the operator's final exploration report and a Preliminary Economic Assessment (PEA) report before granting a Mining Decree to an operator.

NATURATINS required another EA for the permitting the Cata Funda and Vira Saia deposits since illegal artisanal mining ("*Garimpo*") had already degraded the areas over the years, and the potential for negative impacts is low.

In 2018, Rio Novo was fully acquired through a merger and is now owned by Aura. In February 2021, Aura began construction activities at the Paiol mine.

The operation licence for the Paiol deposit was granted in early 2023, and production began in Q4 2023.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

1.3.4 Geology, Mineralization, and Deposit

The Almas Project area is situated within the Almas-Dianopolis Greenstone Belt (AGB) of Archean to Paleoproterozoic age. The greenstone belt lies within the Almas-Conceicao Terrane on the western block of the Goias Massif.

The Paleoproterozoic granite-greenstone terrane is composed of gneissic granite domes with folded, narrow domains of metabasic and metasedimentary rocks including tholeiitic metabasalts and calc-alkaline metatonalites that have been subjected to strong regional metamorphism. The metamorphism resulted in deep-seated, shear-hosted, mesothermal, gold deposits which can be considered as orogenic gold deposits. The gold-mineralized zone occurs in the core of hydrothermal alteration zones, generally associated with variable amounts of quartz, carbonate, albite, sericite, and sulphide minerals.

The main Paiol mineralized body extends approximately 650 m down dip, 1,250 m along strike, and has an average thickness of 30 m. The Cata Funda deposit extends approximately 240 m down dip, 230 m along strike, with an average thickness of 10 m. The Vira Saia deposit extends approximately 200 m down dip, 350 m along strike, and averages 15 m in thickness.

At Paiol and Cata Funda, mineralization is associated with hydrothermal shear zones within basic to intermediate volcanic rocks. In contrast, at Vira Saia, gold is directly linked to sulphides and quartz-sericite mylonite, which formed in shear zones within granodiorite. Gold at Vira Saia is particularly concentrated in ultra-mylonitic, sulphide-bearing, quartz-sericite-rich zones at the core of these shear structures. The intensity of hydrothermal alteration correlates with the degree of progressive deformation within the shear zone.

1.3.5 Exploration

Since the acquisition of Rio Novo in 2018, exploration work has been conducted by Aura on its mining rights along the AGB. Gold occurrences, surface sampling results, and historical drilling suggest great potential to discover new deposits in the medium to long term, including deposits with higher grades.

Since 2020, exploration efforts on the Property have primarily focused on surface drilling programs to further delineate the Paiol deposit. In contrast, Cata Funda and Vira Saia remain underexplored, presenting opportunities to expand mineral resources along strike and at depth before scheduled extraction. The deeper, covered areas of the district have yet to be explored. Due to the region's generally flat terrain and thick soil or saprolite cover, only a small portion of the district has been adequately assessed. None of the three deposits have been fully drilled, leaving significant potential for extensions along strike and down dip beyond their current footprints. Regional exploration focused on several targets from 2021 to 2024. The Morro do Carneiro target presents a good opportunity as high grade vein mineralization has been encountered15 km north of the Paiol mine. The Nova Prata target exhibits similar hydrothermally altered mineralization to Paiol, located 10 km from the mine. The Espinheiro target is located within the same greenstone belt as the Nova Prata target, approximately 12 km from the Paiol mine. The Lagartixa target is shear vein hosted and more distally located, however, it exhibits similar mineralization styles to Vira Saia.

1.3.6 Mineral Resource Estimates

Mineral Resources at the Almas Project consists of three gold deposits: Paiol, Vira Saia, and Cata Funda.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

Mineralization domains for all deposits were generated based on known geologic controls, including structure, alteration, and lithology, and refined with consideration of economic threshold values for gold and mineable width. Block model estimates were completed using a multi-pass interpolation approach using capped and composited samples and classified in accordance with the definitions for Mineral Resources in S-K 1300. Mineral Resources were constrained within an optimized pit shell using a gold price of US$2,500/oz.

A summary of the open pit Mineral Resources, exclusive of Mineral Reserves, is presented in Table ‎1-3.

**Table ‎1-3: Summary of Almas Project Mineral Resources EXCLUSIVE of Mineral Reserves – December 31, 2024**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Deposit** | **Category** | **Tonnage** | **Grade** | **Contained Metal** |
| **Deposit** | **Category** | **(000 t)** | **(g/t Au)** | **(000 oz Au)** |
| Paiol | Measured | 2948 | 0.51 | 49 |
| Paiol | Indicated | 6591 | 0.68 | 144 |
| Paiol | M&I | **9539** | **0.63** | **193** |
| Paiol | Inferred | 2606 | 0.77 | 65 |
| Vira Saia | Measured | 501 | 0.86 | 14 |
| Vira Saia | Indicated | 2306 | 0.68 | 50 |
| Vira Saia | M&I | **2806** | **0.71** | **64** |
| Vira Saia | Inferred | 357 | 0.91 | 10 |
| Cata Funda | Measured | 228 | 1.47 | 11 |
| Cata Funda | Indicated | 293 | 1.22 | 11 |
| Cata Funda | M&I | **520** | **1.33** | **22** |
| Cata Funda | Inferred | 599 | 1.30 | 25 |
| Total | Measured | 3677 | 0.62 | 73 |
| Total | Indicated | 9189 | 0.70 | 206 |
| Total | M&I | **12866** | **0.67** | **279** |
| Total | Inferred | 3562 | 0.88 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <br> Mineral Resources are reported exclusive of Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <br> The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <br> Mineral Resources are reported from optimized pit shells.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <br> Mineral Resources are estimated at a cut-off grade of 0.31 g/t Au for Paiol, 0.34 g/t Au for Cata Funda, and 0.32 g/t Au for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <br> Mineral Resources are estimated using a long-term gold price of US$2,500 per ounce.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <br> A minimum mining width of five metres was used.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <br> Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.71 t/m<sup>3</sup> for Cata Funda, and 2.63 t/m<sup>3</sup> for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <br> Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <br> Metallurgical recovery is 92% for high-grade (Au≥0.90 g/t) material, 90% for medium-grade (0.70≤Au<0.89 g/t), and 86% for low-grade (0.34≤Au<0.69 g/t).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<br>Numbers may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <br> Mineral Resources are reported exclusive of Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <br> The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <br> Mineral Resources are reported from optimized pit shells.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <br> Mineral Resources are estimated at a cut-off grade of 0.31 g/t Au for Paiol, 0.34 g/t Au for Cata Funda, and 0.32 g/t Au for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <br> Mineral Resources are estimated using a long-term gold price of US$2,500 per ounce.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <br> A minimum mining width of five metres was used.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <br> Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.71 t/m<sup>3</sup> for Cata Funda, and 2.63 t/m<sup>3</sup> for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <br> Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <br> Metallurgical recovery is 92% for high-grade (Au≥0.90 g/t) material, 90% for medium-grade (0.70≤Au<0.89 g/t), and 86% for low-grade (0.34≤Au<0.69 g/t).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<br>Numbers may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <br> Mineral Resources are reported exclusive of Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <br> The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <br> Mineral Resources are reported from optimized pit shells.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <br> Mineral Resources are estimated at a cut-off grade of 0.31 g/t Au for Paiol, 0.34 g/t Au for Cata Funda, and 0.32 g/t Au for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <br> Mineral Resources are estimated using a long-term gold price of US$2,500 per ounce.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <br> A minimum mining width of five metres was used.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <br> Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.71 t/m<sup>3</sup> for Cata Funda, and 2.63 t/m<sup>3</sup> for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <br> Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <br> Metallurgical recovery is 92% for high-grade (Au≥0.90 g/t) material, 90% for medium-grade (0.70≤Au<0.89 g/t), and 86% for low-grade (0.34≤Au<0.69 g/t).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<br>Numbers may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <br> Mineral Resources are reported exclusive of Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <br> The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <br> Mineral Resources are reported from optimized pit shells.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <br> Mineral Resources are estimated at a cut-off grade of 0.31 g/t Au for Paiol, 0.34 g/t Au for Cata Funda, and 0.32 g/t Au for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <br> Mineral Resources are estimated using a long-term gold price of US$2,500 per ounce.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <br> A minimum mining width of five metres was used.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <br> Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.71 t/m<sup>3</sup> for Cata Funda, and 2.63 t/m<sup>3</sup> for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <br> Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <br> Metallurgical recovery is 92% for high-grade (Au≥0.90 g/t) material, 90% for medium-grade (0.70≤Au<0.89 g/t), and 86% for low-grade (0.34≤Au<0.69 g/t).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<br>Numbers may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <br> Mineral Resources are reported exclusive of Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <br> The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <br> Mineral Resources are reported from optimized pit shells.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <br> Mineral Resources are estimated at a cut-off grade of 0.31 g/t Au for Paiol, 0.34 g/t Au for Cata Funda, and 0.32 g/t Au for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <br> Mineral Resources are estimated using a long-term gold price of US$2,500 per ounce.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <br> A minimum mining width of five metres was used.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <br> Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.71 t/m<sup>3</sup> for Cata Funda, and 2.63 t/m<sup>3</sup> for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <br> Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <br> Metallurgical recovery is 92% for high-grade (Au≥0.90 g/t) material, 90% for medium-grade (0.70≤Au<0.89 g/t), and 86% for low-grade (0.34≤Au<0.69 g/t).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<br>Numbers may not add due to rounding. |

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| 1-13 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The SLR QP is of the opinion that, with the consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

1.3.7 Mineral Reserve Estimates

The current Mineral Reserve estimates, as prepared by SLR and reported as of December 31, 2024, are summarized in Table ‎1-4.

**Table ‎1-4: Summary of Almas Project Mineral Reserves – December 31, 2024**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Deposit** | **Category** | **Tonnage<br> (000 t)** | **Grade<br> (g/t Au)** | **Contained Metal<br> (000 oz Au)** |
| Paiol | Proven | 5950 | 1.04 | 198 |
| Paiol | Probable | 7514 | 1.20 | 290 |
| Paiol | Total Proven + Probable | 13464 | 1.13 | 488 |
| Vira Saia | Proven | 1133 | 1.16 | 42 |
| Vira Saia | Probable | 2019 | 0.95 | 61 |
| Vira Saia | Total Proven + Probable | 3152 | 1.02 | 104 |
| Cata Funda | Proven | 456 | 1.80 | 26 |
| Cata Funda | Probable | 267 | 1.41 | 12 |
| Cata Funda | Total Proven + Probable | 723 | 1.66 | 38 |
| SUB-TOTAL | SUB-TOTAL | 17339 | 1.13 | 630 |
| Stockpiles | Proven | 2369 | 0.58 | 44 |
| Stockpiles | Probable |  |  |  |
| Stockpiles | Total Proven + Probable | 2369 | 0.58 | 44 |
| **TOTAL** | **TOTAL** | **19709** | **1.07** | **674** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Reserves in S-K 1300 were followed for Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Reserves are 100% attributable to Aura.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.64 t/m<sup>3</sup> for Vira Saia and 2.67 t/m<sup>3</sup> for Cata Funda.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Reserves are reported on an in situ basis after applying dilution and mining recovery.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Reserves are estimated using a cut-off grade of 0.38 g/t Au for Paiol, 0.40 g/t Au for Vira Saia and 0.42 g/t Au for Cata Funda.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Metallurgical recovery is 92% for high-grade material, 90% for medium-grade, and 86% for low-grade and stockpiles.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Low-grade material: 0.34≤Au<0.69; medium-grade: 0.70≤Au<0.89; high-grade: Au≥0.90. All grades in g/t.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Reserves are estimated using an average long-term price of $2,000/oz Au.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Totals may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Reserves in S-K 1300 were followed for Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Reserves are 100% attributable to Aura.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.64 t/m<sup>3</sup> for Vira Saia and 2.67 t/m<sup>3</sup> for Cata Funda.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Reserves are reported on an in situ basis after applying dilution and mining recovery.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Reserves are estimated using a cut-off grade of 0.38 g/t Au for Paiol, 0.40 g/t Au for Vira Saia and 0.42 g/t Au for Cata Funda.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Metallurgical recovery is 92% for high-grade material, 90% for medium-grade, and 86% for low-grade and stockpiles.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Low-grade material: 0.34≤Au<0.69; medium-grade: 0.70≤Au<0.89; high-grade: Au≥0.90. All grades in g/t.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Reserves are estimated using an average long-term price of $2,000/oz Au.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Totals may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Reserves in S-K 1300 were followed for Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Reserves are 100% attributable to Aura.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.64 t/m<sup>3</sup> for Vira Saia and 2.67 t/m<sup>3</sup> for Cata Funda.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Reserves are reported on an in situ basis after applying dilution and mining recovery.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Reserves are estimated using a cut-off grade of 0.38 g/t Au for Paiol, 0.40 g/t Au for Vira Saia and 0.42 g/t Au for Cata Funda.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Metallurgical recovery is 92% for high-grade material, 90% for medium-grade, and 86% for low-grade and stockpiles.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Low-grade material: 0.34≤Au<0.69; medium-grade: 0.70≤Au<0.89; high-grade: Au≥0.90. All grades in g/t.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Reserves are estimated using an average long-term price of $2,000/oz Au.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Totals may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Reserves in S-K 1300 were followed for Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Reserves are 100% attributable to Aura.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.64 t/m<sup>3</sup> for Vira Saia and 2.67 t/m<sup>3</sup> for Cata Funda.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Reserves are reported on an in situ basis after applying dilution and mining recovery.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Reserves are estimated using a cut-off grade of 0.38 g/t Au for Paiol, 0.40 g/t Au for Vira Saia and 0.42 g/t Au for Cata Funda.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Metallurgical recovery is 92% for high-grade material, 90% for medium-grade, and 86% for low-grade and stockpiles.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Low-grade material: 0.34≤Au<0.69; medium-grade: 0.70≤Au<0.89; high-grade: Au≥0.90. All grades in g/t.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Reserves are estimated using an average long-term price of $2,000/oz Au.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Totals may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Reserves in S-K 1300 were followed for Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Reserves are 100% attributable to Aura.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.64 t/m<sup>3</sup> for Vira Saia and 2.67 t/m<sup>3</sup> for Cata Funda.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Reserves are reported on an in situ basis after applying dilution and mining recovery.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Reserves are estimated using a cut-off grade of 0.38 g/t Au for Paiol, 0.40 g/t Au for Vira Saia and 0.42 g/t Au for Cata Funda.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Metallurgical recovery is 92% for high-grade material, 90% for medium-grade, and 86% for low-grade and stockpiles.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Low-grade material: 0.34≤Au<0.69; medium-grade: 0.70≤Au<0.89; high-grade: Au≥0.90. All grades in g/t.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Reserves are estimated using an average long-term price of $2,000/oz Au.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Totals may not add due to rounding. |

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The SLR QP is not aware of any risk factors associated with, or changes to, any aspects of the modifying factors such as mining, metallurgical, infrastructure, permitting, or other relevant factors that could materially affect the Mineral Reserve estimate.

Measured Mineral Resources and stockpiles were converted to Proven Mineral Reserves, and Indicated Mineral Resources were converted to Probable Mineral Reserves. Inferred Mineral Resources were not converted to Mineral Reserves and are not included in the LOM plan.

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| 1-14 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The Mineral Resource block model provided by the Aura Almas Geology department forms the basis for estimating Mineral Reserves. SLR defined Mineral Reserve estimates using Deswik software.

The conversion of Mineral Resources to Mineral Reserves is based on modifying factors applied to Lerchs-Grossmann (LG) pit optimization, detailed pit design, scheduling, and associated modifying parameters. Dilution was added in the process of reblocking to a selective mining unit of 5 m x 5 m x 6 m, and an additional contact dilution of 10% was applied. Ore losses were incurred where blocks fell below cut-off grade as a result of reblocking, and an additional loss factor of 5% was applied to high and medium grade blocks.

1.3.8 Mining Method

The open pit mining operations utilize a combination of 4.5 m³ hydraulic excavators, front-end loaders (FEL), and 35 t haul trucks as the primary equipment, which are operated by contractors.

The planned annual average run-of-mine (ROM) production rate is 2.0 Mt, which will exhaust the reserves in 10 years.

The processing plant is 0.7 km from the final Paiol pit, and the tailings dam is approximately 2.0 km from the pit. A new TSF will be required to meet the LOM tailings generation and is scheduled to be operational in 2030.

Mining is carried out on 10 m and 20 m high benches. To improve selectivity along the ore/waste contacts, however, mining in some areas will use five metre benches. The material from low-grade piles is rehandled and hauled to the processing plant following a blending strategy. Accesses and ramps are 15 m wide with a double lane and a 10% maximum gradient.

The average haulage distance for ore and waste during the LOM varies from 2.4 km to 3.4 km for Paiol, from 1.2 km to 3.2 km for Cata Funda, and from 1.4 km to 2.3 km for Vira Saia.

1.3.9 Processing and Recovery Methods

The Almas plant has a nominal processing capacity of 5,479 tpd, or two million tonnes per annum. Since its inception, the Almas plant has been achieving annual overall recoveries between 88% and 92% design capacity, averaging 90%. The process flowsheet includes primary crushing, ball mill grinding, gravity circuit, thickening, cyanide leaching, CIL, carbon elution, gold electrowinning, and smelting. The tailings are conveyed by gravity to a detoxification unit for cyanide destruction and then are pumped to the TSF.

1.3.10 Infrastructure

The Almas Project includes the Almas plant and tailings disposal area. Electrical power is obtained from the national grid. Ancillary buildings located near the mine entrance include the gatehouse with a reception area and waiting room, administration building, maintenance shops, cafeteria, warehouse, change room, first aid room, and compressor room.

The explosives warehouse is located 1.2 km from the Almas Project, in compliance with the Brazilian Army's regulations. There is no camp at the Almas site.

Additional ancillary buildings are located near the Almas plant and include an office building, a laboratory, warehousing, and a small maintenance shop.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

1.3.11 Market Studies

Gold is freely traded on global markets. Gold sales from the Project do not rely on specific sales agreements or long-term contracts, allowing Aura to capitalize on prevailing market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;· The Mineral Reserve estimates are based on a long-term gold price of US$2,000/oz, reflecting market trends. The Mineral Resource estimates
are based on a long-term gold price of US$2,500/oz.

&nbsp;&nbsp;&nbsp;&nbsp;· The price assumptions align with consensus forecasts for gold in the medium and long terms.

&nbsp;&nbsp;&nbsp;&nbsp;· The metal prices used in this TRS for the economic analysis are based on CIBC Analyst Market Consensus Commodity Forecasts from March
2025, with a gold long term price of: US$2,212/oz Au.

&nbsp;&nbsp;&nbsp;&nbsp;· Almas does not engage in hedging or forward sales contracts, ensuring exposure to spot market prices for gold.

&nbsp;&nbsp;&nbsp;&nbsp;· Almas has established agreements with contractors and suppliers to support its operational needs, including Mining Services (drill,
blast, loading and haulage) and Energy.

1.3.12 Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups

The Paiol site is approximately 400 metres above sea level (MASL), approximately 17 km south of the population centre of Almas, in the state of Tocantins. Overland travel time from the state capital of Palmas to Almas is three to four hours via paved highways and Paiol is accessed via unpaved road from Almas. The Vira Saia and Cata Funda sites are north of Paiol, approximately 10 km and five kilometres south of Almas, respectively. Dianópolis, a regional commercial hub where many mine employees reside, is approximately 45 km east of Almas along state highway TO-040. The three deposits are in the catchment of the Manuel Alves River.

The climate is tropical with a mean annual air temperature of between 22ºC and 26ºC and little variation from month to month. The climate is characterized by distinct wet and dry seasons, with the wet season extending from October to March and the dry season from April to September. Average annual rainfall is approximately 1,700 mm. Operations can take place year round.

The Project area lies wholly within the Cerrado biome, a predominantly savanna ecosystem. In much of Tocantins including the Almas area, agriculture is the predominant land use, and deforestation due to agricultural expansion—including for soybean farming, cattle ranching, and the cultivation of sugarcane—is a significant cause of habitat loss and environmental degradation. Agricultural development is extensive in the area between the community of Almas and the Project site. Locally, the impacts of past mining and ongoing artisanal mining (*garimpos*) activity are evident, with little natural habitat remaining.

Geochemical studies concluded that the risk of development of ARD/ML is low at Almas. SLR's observations during the site visit in November 2024 are consistent with this conclusion. In addition, the SLR QP notes that the water quality in the Paiol pit lake prior to it being drained was good and that the lake supported fish.

Slurried process plant tailings are discharged to an engineered TSF for permanent storage. The TSF is located approximately 2.5 km southeast of the process plant. As designed and permitted, the TSF has an ultimate capacity of 15 Mm<sup>3</sup> of tailings in storage. Should additional capacity be

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

required, Aura plans to utilize in-pit tailings disposal in the mined-out Vira Saia pit, which will provide capacity for additional storage of approximately six million cubic metres of tailings.

The engineer of record (EOR) for the TSF is consultancy GeoSafe Engenharia (GeoSafe). The most recent inspection report concluded that the facility is in good operating condition and that the stability conditions satisfy the criteria established in applicable Brazilian regulations. The SLR QP relies on the conclusions of GeoSafe monitoring report and provides no conclusions or opinions regarding the stability of the TSF.

The process plant operates in closed circuit with the TSF, with inputs to the facility in the form of tailings supernatant and rainfall approximately balancing losses in the form of evaporation (from ponded water and saturated tailings beaches) and water taken up into permanent storage in the pores of the tailings solids. The process plant draws fresh makeup water from the Manuel Aves River under permit. Excess water accumulating in the open pit is monitored and discharged under permit to the receiving environment. At times, the volume of excess water to be discharged has exceeded the permit limit and a permit amendment may be required.

Community engagement activities date back to 2010 when consultancy Mediação Social e Sustentabilidade collected socioeconomic baseline data, carried out socioeconomic assessments and stakeholder mapping, and developed a social communication plan. Aura has continued with community engagement activities since initiating construction at Paiol, including updating the stakeholder map and communications plan, implementing a socioeconomic diagnostic exercise, and initiating a community investment program focused principally on the town of Almas. The SLR QP understands that there are no formal impact-benefit agreements (IBAs) in place with Almas or other local communities.

Aura has made a concerted effort to recruit women to the Almas operations and informed SLR during the site visit that the workforce is currently 30% female.

The most recent mine closure plan (MCP) for the Almas Project is dated November 2022, and was prepared on behalf of Aura by consultancy Mineral Engenharia e Meio Ambiente in accordance with applicable legal requirements. The MCP considers a nine year process including one year pre-closure, two years of active closure, and six years of post-closure monitoring and maintenance.

The MCP adopts a conventional approach to mine closure and specifies that disturbed areas will be revegetated to limit erosion and promote physical stability, and that native plants will be planted in "nuclei" to promote generating a Cerrado-like environment.

The undiscounted closure cost estimate provided in the MCP is approximately US$9.8 million, incorporating the Paiol and Cata Funda sites but not Vira Saia.

1.3.13 Capital and Operating Cost Estimates

The Almas Project started commercial production in Q3 2023; therefore, capital and operating cost estimates were prepared based on actuals for 2024 and the current operating budget for 2025. Aura's technical team supplied these costs to SLR. The SLR QP reviewed these costs and considers them reasonable for the planned production schedule. All capital and operating costs are expressed in Q4 2024 US dollars and are based on an exchange rate of R$5.84 per US$1.00.

The capital costs required to achieve the Almas Mineral Reserve LOM production were estimated by Aura and reviewed by SLR. Since Paiol is an operating pit, there are no pre-production capital costs. Capital costs for the Paiol, Cata Funda, and Vira Saia pits are categorized as expansion capital and sustaining capital. Based on the SLR QP's review, the

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

capital costs are estimated to the equivalent of an Association for the Advancement of Cost Engineering (AACE) Class 3 estimate with an accuracy range of -15% to +20%.

The expansion capital costs are for plant expansion phase 2 in year 2025 and total US$4.8 million

Total LOM sustaining capital costs are estimated to be US$74.9 million between years 2025 and 2034. The sustaining capital costs include:

&nbsp;&nbsp;&nbsp;&nbsp;· Mine Sustaining

&nbsp;&nbsp;&nbsp;&nbsp;· Mine capitalized waste stripping

&nbsp;&nbsp;&nbsp;&nbsp;· Plant Sustaining

&nbsp;&nbsp;&nbsp;&nbsp;· Tailing dams

&nbsp;&nbsp;&nbsp;&nbsp;· Other sustaining

Mine closure and concurrent reclamation costs for the LOM scenario presented in this TRS are based on Aura's environmental reclamation estimate for the Almas Project, escalated to year 2024, and totalling US$14.1 million. SLR notes that this closure cost estimate is higher than the cost estimate dated November 2022 included in subsection 1.3.12. The SLR QP considers the higher closure and reclamation costs included in this section and in the LOM cashflow to reflect a more realistic approach than the closure estimate from November 2022, given costs have been escalated to 2024 US dollars and have been adjusted to consider costs for the three deposits.

The Almas operating costs were estimated by Aura and reviewed by SLR.

The site operating costs total US$680 million over the LOM, averaging US$70 million per year (considering years between 2025 and 2033, which are years at full production.

The unit operating cost over the mine life is US$34.51/t milled:

&nbsp;&nbsp;&nbsp;&nbsp;· Open pit mining costs: US$23.34/t milled, or US$2.48/t mined

&nbsp;&nbsp;&nbsp;&nbsp;· Mine capitalized stripping costs: -US$2.54/t milled

&nbsp;&nbsp;&nbsp;&nbsp;· Mine stockpile reclaiming costs: US$0.10/t milled

&nbsp;&nbsp;&nbsp;&nbsp;· Stockpile Change in Inventory Cost: US$0.71/t milled

&nbsp;&nbsp;&nbsp;&nbsp;· Processing costs: US$9.42/t milled

&nbsp;&nbsp;&nbsp;&nbsp;· General and administration (G&A) and overhead costs: US$3.48/t milled or US$6.8 million per year

The mining costs include all labour, materials and supplies, mining contractors, and technical support costs to complete open pit mining related activities such as drilling, blasting, loading, and hauling. The processing costs include all labour, operating and maintenance activities, power, reagents, and services to complete processing related activities. The administrative expense includes all labour and support services to complete administrative, finance, human resources, environmental, safety, supply chain, security, site services, camp and kitchen, and travel related activities.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

2.0 Introduction

SLR Consulting (Canada) Ltd. (SLR) was retained by Aura Minerals Inc. (Aura) to prepare an independent Technical Report Summary (TRS) on the Almas Project (Almas or the Project), located in Tocantins State, Brazil. The purpose of this TRS is to support the disclosure of the December 31, 2024 Mineral Resource and Mineral Reserve estimates at Almas and to support a listing on the New York Stock Exchange (NYSE) by Aura. This TRS conforms to United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.

Aura is a mid-tier gold and copper producer listed on the Toronto Stock Exchange (TSX) under the symbol ORA, the Brazilian Stock Exchange (B3) as AURA33, and the OTC Markets (OTCQX) under ORAAF. Aura operates in Honduras, Brazil, and Mexico. Its exploration projects are located in Brazil, Guatemala, and Colombia.

Aura acquired the Project when Aura entered into a merger with the Project's previous owner, Rio Novo Mineração Ltda. (Rio Novo), in 2018. The Project hosts three gold deposits: Paiol, Cata Funda, and Vira Saia, which are situated along a 15 kilometre (km) corridor of the Almas Greenstone Belt. All three gold deposits are orogenic in nature and are considered amenable to open pit mining. Aura initiated commercial production of the Paiol deposit in 2023. Annual plant production targets two million tonnes per annum (Mtpa) and produces gold doré bars from ore processed through a carbon-in-leach (CIL) process with gold electrowinning and smelting. In 2024, the mine produced 54,003 ounces (oz) of gold from 1,637,574 tonnes (t) of mill feed with an average gold head grade of 1.13 grams per tonne (g/t).

The Project also includes a historical open pit and a spent heap leach stockpile at Paiol that are from when the Paiol deposit was operated by Companhia VALE do Rio Doce (VALE) from 1996 until 2001 as well as several small-scale artisanal gold mining sites, locally termed *garimpos*, whose development preceded the exploration activities of Rio Novo.

2.1 Site Visits

The SLR Qualified Persons (QP) visited the Project from November 4 to 8, 2024. The purpose of the visit was to validate the data, observe mining operations, and assess the current state of the Project to ensure the accuracy of this TRS.

&nbsp;&nbsp;&nbsp;&nbsp;· SLR's geology QP toured operational areas, project offices, process plant and mine laboratory; inspected various parts of the
property geology and drilling sites to check coordinates; inspected the core handling facility; reviewed the sampling procedures; and
interviewed key personnel involved in the collection, interpretation, and processing of geological data and preparation of the Mineral
Resource estimates. Additionally, the QP checked the logs of seven drill holes and visually verified that assays from the database are
consistent with the metal content in the same intervals.

&nbsp;&nbsp;&nbsp;&nbsp;· SLR's mining QP reviewed mining operations, equipment utilization, and open pit layouts. The SLR QP also observed drilling,
blasting, loading, and hauling activities in active pits and reviewed the crushing station and metallurgical plant. The QP also verified
slope stability measures and other operational safety protocols.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;· SLR's environmental and social issues specialist assessed environmental compliance, social programs, and community interactions
and inspected mineral residue management practices and the water management program.

The findings from this visit have been incorporated into the report to ensure that they reflect the Almas Project's current operational and environmental conditions.

2.2 Sources of Information

During the preparation of this TRS, discussions were held with Aura personnel listed below.

&nbsp;&nbsp;&nbsp;&nbsp;· Farshid Ghazanfari, Director of Geology and Resources, Aura - Corporate

&nbsp;&nbsp;&nbsp;&nbsp;· Weydster Douglas Viana Pereira, Process Engineer, Almas Project

&nbsp;&nbsp;&nbsp;&nbsp;· Bruno Silveira Conceição, Specialist Tech. Services – Aura

&nbsp;&nbsp;&nbsp;&nbsp;· Belisário Ascarza Flores, Mine Planning Specialist, Almas Project

&nbsp;&nbsp;&nbsp;&nbsp;· Gleidson D. Santos, Database Manager, Aura

&nbsp;&nbsp;&nbsp;&nbsp;· Tainan P. S. Moreira, Environmental Engineer, Almas Project

&nbsp;&nbsp;&nbsp;&nbsp;· Augusto Fonseca, Exploration Coordinator, Almas Project

&nbsp;&nbsp;&nbsp;&nbsp;· Carolina Rocha, HR Coordinator, Almas Project

&nbsp;&nbsp;&nbsp;&nbsp;· João Paulo Silva de Freitas, Geotechnical Specialist, Almas Project

&nbsp;&nbsp;&nbsp;&nbsp;· Wanderlucio Gomes Martins, Operations Manager, Almas Project

&nbsp;&nbsp;&nbsp;&nbsp;· Debora Ellen Santos Ribeiro, Geoscience Coordinator, Almas Project

&nbsp;&nbsp;&nbsp;&nbsp;· Julliana Maisy Pinto da Silva, Geoscience Engineer, Almas Project

&nbsp;&nbsp;&nbsp;&nbsp;· Marina Del Mestre, Process Engineer, Almas Project

&nbsp;&nbsp;&nbsp;&nbsp;· Handerson Alves Silva, Process Engineer, Almas Project

&nbsp;&nbsp;&nbsp;&nbsp;· Thiago Rocha Souza, Plant Operation Coordinator, Almas Project

This initial TRS updates the NI 43-101 Technical Report prepared and filed by Aura in Canada on SEDAR for the Almas Project with an effective date of December 31, 2020 (Ghazanfari et al. 2021). The previous report was prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

Key updates include:

&nbsp;&nbsp;&nbsp;&nbsp;· Update the economic figures, including commodity price, costs, and exchange rate.

&nbsp;&nbsp;&nbsp;&nbsp;· Update of the Paiol and Vira Saia block models.

&nbsp;&nbsp;&nbsp;&nbsp;· Revision of Mineral Reserve and Mineral Resource estimates.

&nbsp;&nbsp;&nbsp;&nbsp;· Assessment of environmental and social developments impacting the Project's operational framework.

&nbsp;&nbsp;&nbsp;&nbsp;· Modifications to mine plans reflecting geological and operational updates.

The documentation reviewed, and other sources of information, are listed at the end of this TRS in Section 24.0 References.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

2.3 List of Abbreviations

Units of measurement used in this TRS conform to the metric system. All currency in this TRS is US dollars (US$) unless otherwise noted.

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| | | | |
|:---|:---|:---|:---|
| m | micron | kVA | kilovolt-amperes |
| mg | microgram | kW | kilowatt |
| a | annum | kWh | kilowatt-hour |
| A | ampere | L | litre |
| bbl | barrels | lb | pound |
| Btu | British thermal units | L/s | litres per second |
| °C | degree Celsius | m | metre |
| C$ | Canadian dollars | M | mega (million); molar |
| cal | calorie | m<sup>2</sup> | square metre |
| cfm | cubic feet per minute | m<sup>3</sup> | cubic metre |
| cm | centimetre | MASL | metres above sea level |
| cm<sup>2</sup> | square centimetre | m<sup>3</sup>/h | cubic metres per hour |
| d | day | mi | mile |
| dia | diameter | min | minute |
| dmt | dry metric tonne | mm | micrometre |
| dwt | dead-weight ton | mm | millimetre |
| °F | degree Fahrenheit | mph | miles per hour |
| ft | foot | MVA | megavolt-amperes |
| ft<sup>2</sup> | square foot | MW | megawatt |
| ft<sup>3</sup> | cubic foot | MWh | megawatt-hour |
| ft/s | foot per second | oz | Troy ounce (31.1035g) |
| g | gram | oz/st, opt | ounce per short ton |
| G | giga (billion) | ppb | part per billion |
| Gal | Imperial gallon | ppm | part per million |
| g/L | gram per litre | psia | pound per square inch absolute |
| Gpm | Imperial gallons per minute | psig | pound per square inch gauge |
| g/t | gram per tonne | R$ | Brazilian Reais (BRL) |
| gr/ft<sup>3</sup> | grain per cubic foot | RL | relative elevation |
| gr/m<sup>3</sup> | grain per cubic metre | s | second |
| ha | hectare | st | short ton |
| hp | horsepower | stpa | short ton per year |
| hr | hour | stpd | short ton per day |
| Hz | hertz | t | metric tonne |
| in. | inch | tpa | metric tonne per year |
| in<sup>2</sup> | square inch | tpd | metric tonne per day |
| J | joule | US$ | United States dollar |
| k | kilo (thousand) | USg | United States gallon |
| kcal | kilocalorie | USgpm | US gallon per minute |
| kg | kilogram | V | volt |
| km | kilometre | W | watt |
| km<sup>2</sup> | square kilometre | wmt | wet metric tonne |
| km/h | kilometre per hour | wt% | weight percent |
| koz | thousand ounces | yd<sup>3</sup> | cubic yard |
| kPa | kilopascal | yr | year |
| kt | thousand tonnes |  |  |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

3.0 Property Description

3.1 Location

The Project is located in the municipality of Almas, in Tocantins State, Brazil (Figure ‎3-1). The Project area lies south of Almas, a small town approximately 300 km southeast of Palmas, the Tocantins state capital, and 45 km west of Dianópolis, a regional commercial centre.

The Almas Project includes the Paiol, Cata Funda, and Vira Saia gold deposits that are distributed along a 15 km long segment of the Almas Greenstone Belt, south of the town of Almas. This segment of the belt contains numerous small-scale artisanal gold mining sites, locally termed *garimpos*, whose development preceded Rio Novo's exploration activities. The historical *garimpos* are associated with metabasic rocks, similar to the Paiol and Cata Funda deposits, while the Vira Saia deposit is hosted in mylonitic granodiorite west of the metabasic rocks.

The approximate centres of the three deposits are given below in coordinates referenced to the South American Datum (1969), UTM Zone 23:

&nbsp;&nbsp;&nbsp;&nbsp;· Paiol: 265025.3 m East, 8705719.1 m North

&nbsp;&nbsp;&nbsp;&nbsp;· Cata Funda: 264579.4 m East, 8719215.5 m North

&nbsp;&nbsp;&nbsp;&nbsp;· Vira Saia: 264792.7 m East, 8710681.9 m North

The Almas Project includes a historical heap leach pile, which was created during VALE's operation from 1996 until 2001.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎3-1: Project Location**

![](ex9604_001.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

3.2 Land Tenure

The Project comprises a total of 57 mineral rights holdings covering an area of 233,742.80 ha granted by the Agência Nacional de Mineração (ANM), including two mining concessions, two mining concession applications, and 53 exploration authorizations. The four mining concessions issued for the three mineral deposits that are the subject of this TRS are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Paiol: Mining concession (ANM number 860.128/1983). Mined in the past by VALE, and currently in production.

&nbsp;&nbsp;&nbsp;&nbsp;· Cata Funda: Mining concession (ANM number 862.224/1980). Undeveloped property.

&nbsp;&nbsp;&nbsp;&nbsp;· Vira Saia: Mining concession applications (ANM numbers 864.083/2006 and 860.373/1988).

Figure ‎3-2 shows all of the mineral rights including the mining concessions, mining concession applications, and exploration authorizations. The status of Aura's exploration authorizations, mining concession applications, and mining concessions as of December 31, 2024, is summarized in Table ‎3-1.

The Almas Project concessions are in good standing with regard to Aura's obligations under the Brazilian Mining Code.

**Table ‎3-1: Claim Status, December 31, 2024**

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| | | | |
|:---|:---|:---|:---|
| **ANM No.** | **Area (ha)** | **Status** | **Comments** |
| 864.162/2022 | 999.76 | Exploration Authorization | Annual Mining Fee (TAH)- Payment Completed- 07/31/2024 |
| 864.004/2022 | 4782.79 | Exploration Authorization | Annual Mining Fee (TAH)- Payment Completed- 07/31/2024 |
| 864.307/2021 | 184.98 | Exploration Authorization | Final Exploration Report- Protocol Registered- 10/21/2024 |
| 864.306/2021 | 990.5 | Exploration Authorization | Extension Requested- ANM Evaluating-08/19/2024 |
| 864.305/2021 | 2083.18 | Exploration Authorization | Extension Requested- ANM Evaluating-9/18/2024 |
| 864.304/2021 | 9714.38 | Exploration Authorization | Extension Requested- ANM Evaluating-08/20/2024 |
| 864.303/2021 | 839.72 | Exploration Authorization | Extension Requested- ANM Evaluating-08/20/2024 |
| 864.302/2021 | 5016.67 | Exploration Authorization | Extension Requested- ANM Evaluating-08/20/2024 |
| 864.301/2021 | 4479.84 | Exploration Authorization | Final Exploration Report- Protocol Registered- 10/21/2024 |
| 864.300/2021 | 9609.03 | Exploration Authorization | Extension Requested- ANM Evaluating-08/19/2024 |
| 864.299/2021 | 7890.31 | Exploration Authorization | Extension Requested- ANM Evaluating-08/19/2024 |
| 864.298/2021 | 638.41 | Exploration Authorization | Extension Requested- ANM Evaluating-08/20/2024 |
| 864.297/2021 | 856.74 | Exploration Authorization | Extension Requested- ANM Evaluating-08/20/2024 |
| 864.267/2021 | 3398.63 | Exploration Authorization | Extension Requested- ANM Evaluating-08/20/2024 |
| 864.266/2021 | 2418.9 | Exploration Authorization | Final Exploration Report- Protocol Registered- 10/21/2024 |
| 864.265/2021 | 4559.75 | Exploration Authorization | Extension Requested- ANM Evaluating-08/20/2024 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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|:---|:---|:---|:---|
| **ANM No.** | **Area (ha)** | **Status** | **Comments** |
| 864.263/2021 | 8653.8 | Exploration Authorization | Extension Requested- ANM Evaluating-08/20/2024 |
| 864.261/2021 | 4492.32 | Exploration Authorization | Extension Requested- ANM Evaluating-08/20/2024 |
| 864.260/2021 | 1752.17 | Exploration Authorization | Extension Requested- ANM Evaluating-08/19/2024 |
| 864.259/2021 | 1149.57 | Exploration Authorization | Extension Requested- ANM Evaluating-08/20/2024 |
| 864.258/2021 | 1181.68 | Exploration Authorization | Extension Requested- ANM Evaluating-08/19/2024 |
| 864.257/2021 | 9790.32 | Exploration Authorization | Final Exploration Report- Protocol Registered- 10/21/2024 |
| 864.256/2021 | 3171.69 | Exploration Authorization | Final Exploration Report- Protocol Registered- 10/21/2024 |
| 864.255/2021 | 488.31 | Exploration Authorization | Extension Requested- ANM Evaluating-08/19/2024 |
| 864.254/2021 | 4029.43 | Exploration Authorization | Extension Requested- ANM Evaluating-08/19/2024 |
| 864.253/2021 | 7050.32 | Exploration Authorization | Final Exploration Report- Protocol Registered- 10/21/2024 |
| 864.252/2021 | 1924.99 | Exploration Authorization | Final Exploration Report- Protocol Registered- 10/21/2024 |
| 864.036/2018 | 9027.88 | Exploration Authorization | 3-Year Extension – Officially Published |
| 864.011/2018 | 8654.92 | Exploration Authorization | 3-Year Extension – Officially Published |
| 864.010/2018 | 8146.21 | Exploration Authorization | 3-Year Extension – Officially Published |
| 864.008/2018 | 2678.78 | Exploration Authorization | 3-Year Extension– Officially Published |
| 864.005/2018 | 6604.67 | Exploration Authorization | Extension Requested- ANM Evaluating- 07/03/2023 |
| 864.004/2018 | 6784.71 | Exploration Authorization | Extension Requested- ANM Evaluating- 03/06/2023 |
| 864.003/2018 | 1700.24 | Exploration Authorization | Extension Requested- ANM Evaluating- 03/06/2023 |
| 864.002/2018 | 178.62 | Exploration Authorization | Extension Requested- ANM Evaluating- 03/06/2023 |
| 864.027/2017 | 49.55 | Exploration Authorization | Extension Requested- ANM Evaluating- 06/20/2022 |
| 864.299/2016 | 980.59 | Exploration Authorization | 3-Year Extension of Permit – Officially Published- 02/03/2025 |
| 864.246/2016 | 5298.31 | Exploration Authorization | Extension Requested- ANM Evaluating- 06/20/2022 |
| 864.019/2016 | 6691.32 | Exploration Authorization | Extension Requested- ANM Evaluating- 06/20/2022 |
| 864.011/2016 | 361.14 | Exploration Authorization | Extension Requested- ANM Evaluating- 06/20/2022 |
| 864.008/2016 | 445.47 | Exploration Authorization | Extension Requested- ANM Evaluating- 06/20/2022 |
| 864.004/2016 | 630.53 | Exploration Authorization | Extension Requested- ANM Evaluating- 06/20/2022 |
| 864.226/2015 | 4402.21 | Exploration Authorization | Expiry Date Extended due to Covid-19- 10/01/2021 |
| 864.026/2015 | 8927.47 | Exploration Authorization | Annual Mining Fee (TAH)- Payment Completed- 04/12/2019 |
| 864.041/2013 | 8919.92 | Exploration Authorization | Fine Debt Instalment- Payment Completed- 10/04/2019 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | | | |
|:---|:---|:---|:---|
| **ANM No.** | **Area (ha)** | **Status** | **Comments** |
| 864.015/2013 | 6376.66 | Exploration Authorization | Fine Debt Instalment- Payment Completed- 10/04/2019 |
| 864.014/2013 | 7717.38 | Exploration Authorization | Fine Debt Instalment- Payment Completed- 10/04/2019 |
| 864.110/2012 | 4701.64 | Exploration Authorization | Annual Mining Fee (TAH)- Payment Completed 04/12/2019 |
| 864.417/2011 | 508.87 | Exploration Authorization | Annual Mining Fee (TAH)- Payment Completed 04/12/2019 |
| 864.416/2011 | 1458.22 | Exploration Authorization | Annual Mining Fee (TAH)- Payment Completed 04/12/2019 |
| 864.415/2011 | 2991.38 | Exploration Authorization | Annual Mining Fee (TAH)- Payment Completed 04/12/2019 |
| 864.143/2011 | 7550.37 | Exploration Authorization | Request Extension of Deadline to Comply with Requirement- 10/23/2024 |
| 864.083/2006 | 1759.29 | Application for Mining Concession (1) | Environmental License – Protocol Registered with the Regulatory Agency- 10/23/2024 |
| 864.613/1994 | 6186.8 | Exploration Authorization | Reconsideration Request- 12/20/2024 |
| 860.373/1988 | 2724.46 | Application for Mining Concession (1) | Officially Published Requirement with Deadline- 03/25/2025 |
| 860.128/1983 | 5175 | Mining Concession (2) | Annual Mining Report (RAL) for Base Year Submitted- |
| 862.224/1980 | 3962 | Mining Concession (3) | Annual Mining Report (RAL) for Base Year Submitted- |
| Total | 233742.8 |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Vira Saia<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Paiol<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Cata Funda<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Exploration Authorizations are valid for a maximum of three years, with a maximum extension equal to the initial period, issued at the discretion of the Brazilian National Mining Agency (Agência Nacional de Mineração, or ANM).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Mining concessions are granted by the Brazilian Ministry of Mines and Energy, are renewable annually, and have no set expiry date.<br>

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎3-2: Status of Claims, December 31, 2024**

![](ex9604_002.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

3.2.1 Mineral and Surface Rights in Brazil

In Brazil, the ANM issues all mining leases (*Portarias de Lavra*) and exploration permits (*Autorizações de Pesquisa*). Mining leases are renewable annually and have no set expiry date. Each year, lease holders are required to provide information to ANM summarizing mine production statistics to maintain the mining leases and exploration concessions in good standing.

Exploration permits are granted for a period of three years. Once a company has applied for an exploration permit, the applicant holds a priority right to the concession area if there is no previous ownership. The owner of the permit can apply to have the exploration permit renewed for a one time extension period up to three years. The fee for holding the permits during this initial three year phase is Brazilian Reais (R$)4.09/ha, to be paid annually. The fee for holding the permits during the second phase is R$6.13/ha, to be paid annually. Renewal is at the sole discretion of ANM. Granted exploration permits are published in the Official Gazette of the Republic (*Diário Oficial da União* [DOU]), which lists individual concessions and their change in status. The exploration permit grants the owner the sub-surface mineral rights. Surface rights can be applied for if the land is not owned by a third party.

The owner of an exploration concession is guaranteed, by law, access to perform exploration field work, provided adequate compensation is paid to third party landowners and the owner accepts all environmental liabilities resulting from the exploration work. The exploration permits are subject to annual fees based on the size of the concession.

In instances where third party landowners have denied surface access to an exploration concession, the owner maintains full title to the concession until such time as the issue of access is negotiated or legally enforced by the courts. Access is guaranteed under law, and the owner of an exploration permit will eventually gain easements to access the concession.

Once access is obtained, the owner has three years (or six years after a renewal) to submit an Exploration Report (ER) on the concession. The owner of an exploration concession is obligated to explore the mineral potential of the concession and submit an ER to ANM summarizing the results of the fieldwork and providing conclusions as to the economic viability of the mineralization. The content and structure of the report is dictated by ANM, and a person with suitable professional qualifications must prepare the report.

ANM will review the ER for the concessions and will either:

&nbsp;&nbsp;&nbsp;&nbsp;· Approve the report, provided that ANM concurs with its conclusions regarding the potential to exploit the mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;· Dismiss the report if it does not address all the requirements, in which case the owner is given a deadline to correct any identified
deficiencies.

&nbsp;&nbsp;&nbsp;&nbsp;· Postpone a decision on the report should if it is determined that exploitation of the deposits is temporarily non-economic.

Approval, dismissal, or postponement of the ER is at the discretion of the ANM. There is no set time limit for the ANM to complete the review of the ER. The owner is notified of the ANM's decision on the ER and the decision ID is published in the DOU.

On ANM approval of the ER, the owner of an exploration concession has one year to apply for a mining lease. The application must include a detailed Development Plan (DP) outlining how the deposit will be mined.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

ANM reviews the DP and decides whether or not to grant the application. The decision is at the discretion of ANM, but approval is virtually assured unless development of the project is considered harmful to the public or the development of the project compromises interests more relevant than industrial exploitation. Should the application for a mining lease be denied for exploration concessions for which the ER has been approved, the owner is entitled to government compensation.

On approval of the DP, ANM grants the mining licence, which remains in force until the depletion of the mineral resource. Mining concessions remain in good standing subject to submission of annual production reports and payments of royalties to the federal government.

3.3 Encumbrances

The Almas Project operates in compliance with the mining and environmental laws and regulations at the federal and state levels. Mining activities in Brazil are governed by the Brazilian Federal Constitution of 1988 (the Brazilian Federal Constitution), the Brazilian Mining Code (Federal Decree-Law No. 227/1967), and various other decrees, laws, ordinances, and regulations such as the Decree No. 9.406/2018 which renews the regulation of the Brazilian Mining Code and associated environmental regulations. Almas holds all necessary permits for mining, processing, and associated activities, supported by approved Environmental Impact Assessments (EIAs) and environmental licences. Key licences to operate and environmental and other permits relating to the Almas Project are discussed in Section ‎17.3 of this TRS.

3.4 Royalties and Exploitation Taxes

Almas is subject to a Mining Tax over Sales at 1.8% Net Smelter Return (NSR; treated as a royalty). This tax on sales is comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;· The ANM imposes a 1.5% royalty on any proposed gold production, referred to as the Financial Compensation for the Exploitation of
Mineral Resources (CFEM). This royalty is distributed among the municipality, the state, and the federal government.

&nbsp;&nbsp;&nbsp;&nbsp;· A 0.3% FDE (Tocantins Economic Development Fund) is also applied, totaling a 1.8% tax on sales.

Additionally, a 1.2% royalty on revenue from the sale of any mineral production, minus refining charges, transportation and insurance costs, taxes, and sales charges, must be paid by Rio Novo to Mineração Santa Elina Indústria e Comércio S.A. (Santa Elina) for production from tenements transferred from Santa Elina to Rio Novo at the time of the initial public offering (IPO). For the purposes of this TRS, this will apply to production from the Paiol and Cata Funda deposits.

For the use of the properties, Aura will be responsible for paying Companhia de Mineração do Tocantins (Mineratins) the landowner's share of the mining results, under the terms of Article 11, paragraph "b" of the Mining Code, corresponding to 50% of the total amount owed by Aura by way of CFEM arising from the mining of gold and other minerals, which applies to mining lease no. 860.128/1983, referring to the ore(s) actually mined and extracted from the Project, as specified in the contract between Aura and Mineratins.

Production from the Vira Saia deposit will be subject to a 2.5% NSR royalty payable to Mineradora Santo Expedito Ltda. and Terra Goyana Mineradora Ltda.

Based on the above, Almas property is subject to the following royalties:

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Paiol at 1.95% NSR - 1.20% NSR mining rights and 0.75% surface royalties (50% of CFEM),

&nbsp;&nbsp;&nbsp;&nbsp;· Cata Funda at 3.25% NSR - 2.50% mining rights and 0.75% surface royalties (50% of CFEM).

&nbsp;&nbsp;&nbsp;&nbsp;· Vira Saia at 3.25% NSR - 2.50% mining rights and 0.75% surface royalties (50% of CFEM).

Additionally, the Brazilian Corporate Income Tax is set at 34% but Aura is currently benefiting from the tax incentives provided by Superintendência do Desenvolvimento da Amazônia (SUDAM), which grants a reduced corporate income tax rate of 15% for eligible projects located within the Legal Amazon region, including Almas. Given that the Project continues to meet the criteria established by SUDAM and the Company has maintained compliance with program requirements, it is reasonable to assume the continuation of the 15% income tax rate throughout the Life of Mine (LOM) as forecasted in this TRS.

3.5 Other Significant Factors and Risks

The SLR QP is not aware of any environmental liabilities on the property, aside from those described in the context of closure liabilities in the Mine Closure Plan (Section ‎17.4). Aura has all required permits to conduct the proposed work on the property and is in the process of obtaining environmental approvals for the mining of the Cata Funda and Vira Saia deposits. The SLR QP is not aware of any other significant factors and risks that may affect access, title, or the right or ability to perform the proposed work program on the property.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

4.0 Accessibility, Climate, Local Resources, Infrastructure and Physiography

4.1 Accessibility

The Paiol mine is situated in southeastern Tocantins State in the municipality of Almas, 17 km south of the city of Almas (population 7,000) in central Brazil. The Vira Saia and Cata Funda sites are north of Paiol, approximately 10 km and five kilometres south of Almas, respectively The Almas town site is accessed by state highways TO-010, TO-070, and TO-050 from the state capital of Palmas, via Porto Nacional to Natividade, a trip of approximately 300 km and three to four hours by car.

Palmas (population 306,000) has facilities for industrial support as well as state governmental agencies. Palmas supports a regional airport with scheduled commercial service to Brasilia and São Paulo. The principal commercial centre in the Almas region is Dianópolis, 40 km east of the Almas town site.

Barreiras (population 156,000) and Luiz Eduardo Magalhães (population 90,000) are located east of Almas, at distances of 280 km and 190 km, respectively. Along the BR-242 and TO-040 highways are cities with good infrastructure, service companies, commerce, and industries.

There are commercial flight options from Barreiras airport, with flights to Brasília, Belo Horizonte, and Salvador. Barreiras is approximately four hours travel by car to Almas. From the town of Almas, the three deposits may be reached by all-weather gravel roads, well maintained by the local government. The 17 km distance from Almas to the Paiol mine is traversed by light vehicle in approximately 20 minutes.

Almas may also be reached by chartered aircraft as the local government maintains a small gravel airstrip south of the town site.

At present, there is no rail service to the Almas area.

4.2 Climate

The climate in the Almas region is characterized by two seasons with relatively constant temperatures but varying degrees of precipitation. The Project area is tropical with average monthly temperatures varying from 26°C in the dry season to 22°C in the wet season. September is the hottest month, with an average monthly temperature of 28°C. July is typically the coolest month, with an average monthly temperature of 25.4°C.

The historical average annual rainfall is approximately 1,700 mm, most of which falls in the rainy season, October to March, which is followed by the winter dry season, April to September. Climate information comes from Instituto Nacional de Meteorologia (INMET), which is the national meteorological organization of Brazil. Operation and exploration can take place year round at Almas.

4.3 Local Resources and Infrastructure

The Project area is sparsely populated largely owing to the agricultural nature of the area. Ranch houses from dispersed cattle ranching operations are built in the Project area.

The town of Almas has few industrial services, primarily small mechanical, machine, and repair shops. Commercial services include small grocery and department stores, as well as

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

restaurants and small hotels. Public services include a clinic, churches, schools, and local government offices. The principal agricultural products of the region include rice, millet, soy, manioc, and cattle.

Industrial water for the Project is supplied from the Rio Manuel Alves, a westward flowing tributary of the Rio Tocantins and the largest stream in the Project area. Water is drawn at a point south of the tailings storage facility (TSF). River water is pumped to the TSF where it is combined with reclaimed water and pumped to the reclaim water pond located adjacent to the processing plant.

Power supply to the Project is available from the regional electrical utility company, ENERGISA. Locally, power is generated by several hydroelectric plants. A demand in the order of 10 MW is estimated at full milling capacity. Power is supplied by ENERGISA from the Almas substation, located approximately 18 km from Paiol, via a 138 kV overhead power line to a local substation at the plant site, then distributed to the mill and mine facilities by a local network.

4.4 Physiography

The Almas Project area lies wholly within the Cerrado ecoregion, a vast woodland savanna in the plateau country of the Central Brazilian Highlands, which extends over large parts of Goiás, Minas Gerais, and Tocantins states. The Cerrado supports diverse tropical fauna and flora. After the Amazonian ecoregion, the Cerrado is the largest of Brazil's major habitats, accounting for approximately 21% of the Brazil's land area.

The Almas Project extends over a landscape that is dominated by agricultural activities. Locally, the impacts of past mining and ongoing *garimpos* activity are evident. Currently the Cerrado savannas are under pressure as more land is converted to agricultural use due to low land prices and increased potential for irrigation from improvements in soil management and irrigation techniques.

The Central Brazilian Highlands comprise an extensive plateau region which forms the divide between Brazil's largest river systems. Elevation of the plateau varies between 750 MASL and 900 MASL with the Paiol site located at approximately 400 MASL. The Project area lies within the major Araguaia-Tocantins river basin, which drains portions of Goiás, Tocantins, Maranhão, and Pará states by flowing northward into Amazonia before reaching the Atlantic Ocean. The rivers in the region are generally not navigable except for short distances.

Tropical forests occur as "islands" in the Cerrado or as riparian forests in the southern part of the Project area where they border small perennial to intermittent streams.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

5.0 History

Gold mining in the Almas area began in the 1700s during colonial times, when slave labour was used to extract gold from near-surface oxide zones. In more recent times, *garimpeiros* (artisanal miners) expanded earlier excavations.

In 1977, the exploration arm of VALE identified some potentially prospective volcano-sedimentary sequences of Archean age in the region. Further exploration by VALE in the mid- to late-1980s led to discoveries at Cata Funda and Paiol. In 1996, VALE commenced mining at the Paiol deposit.

5.1 Prior Ownership

&nbsp;&nbsp;&nbsp;&nbsp;· Project ownership began in 1985 with a joint venture between VALE and Metais de Goiás (METAGO), a mineral exploration company
of Goiás state.

from continuing as a partner in the exploration venture. Work resumed after an agreement was signed between VALE, METAGO, and the state
of Tocantins.

&nbsp;&nbsp;&nbsp;&nbsp;· In 2006, VALE transferred the mineral rights, mining license, and environmental permits to Mineração Apu., the predecessor
to Rio Novo.

&nbsp;&nbsp;&nbsp;&nbsp;· In 2018, Aura acquired Rio Novo. Mining and processing operations began in 2022 at Paiol.

Table ‎5-1 summarizes the chronology of ownership.

**Table ‎5-1: Summary of Ownership of Almas Project**

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| **Ownership** | **Period** |
| VALE S.A. (CVRD) | 1985 to 2006 |
| Mineração Apuã Ltda. | 2006 to 2010 |
| Rio Novo Ltda. | 2010 to 2018 |
| Aura Minerals Inc. | 2018 to present |

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5.2 Exploration and Development History

Gold has been the primary target of exploration in the Project area. Discoveries thus far have been made by a combination of mapping and soil sampling followed by drilling. To date, exploration has primarily targeted near-surface gold anomalies and is therefore still in the early stages.

The following material has been slightly modified from Ghazanfari et al. (2021).

Exploration within the Almas Gold Project dates to 1977 when VALE identified prospective terrain in the greenstone belts around Almas. Initially, VALE conducted airborne geophysical surveys and ground based geochemical surveys. During the early 1990s, an airborne geophysical HEM, MAG-GAMA survey was performed by Geomag/Fugro using a helicopter with 250 m line spacing and altitudes of 30 m, 45 m and 60 m. The results of this work were helpful

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in identifying areas underlain by basic volcanic rocks, and radiometry helped define hydrothermal alteration zones.

Shortly thereafter, an induced polarization (IP)/resistivity geophysical survey was carried out in two stages. In the first stage, Geomag used the Gradient IP method to cover the entire Almas Belt. The second stage was carried out by Quantec and consisted of TDIP (Real Section) geophysics covering the Paiol deposit and part of the Arroz deposit. This technique yielded data from greater depths (between 300 m and 600 m). The results of the geophysical survey show that the mineralized zone is represented by intermediate values of chargeability (10 mV/V and 25 mV/V) and high values of apparent resistivity (>3,000 ohm/m).

VALE conducted geochemical surveys and geological mapping over the bulk of the area now covering the Almas Gold Project. These surveys were conducted at various intervals, depending on prospectively. Generally large-spaced orientation lines were completed on 500 m to 1,000 m intervals, then in-filled. Then most prospective areas were covered at nominally 25 m to 50 m.

The combination of geophysics, geochemistry and geologic mapping led to the discovery of numerous gold anomalies and nine holes were drilled in the Arroz target. The Paiol deposit was discovered in 1987. The Paiol discovery was significant in that the deposit did not crop out, and the discovery was based on a weak soil anomaly and geophysics.

The geological, geochemical, and geophysical surveys conducted by VALE have been passed on to Rio Novo and then to Aura. The data were collected in a professional and meticulous manner such that the quality is valid for continued use. Rio Novo typically conducted verification surveys on the geochemical data, and often completed infill geochemical surveys to improve on the data.

Rio Novo continued to conduct geological, geochemical, and geophysical surveys during exploration of areas adjacent to the known deposits. These surveys led to the discovery of the Vira Saia deposit in 2011 as well as a few other prospects still in the exploration stage. Rio Novo generally identified prospective areas using a combination of the existing database, plus stream sediment sampling surveys and widely spaced (500+m) orientation lines of geological mapping and sampling. Once identified, a prospective target is mapped in detail (1:500 or 1:1,000 scales) and geochemical soil and rock chip samples are taken. Further exploration will include trenching and possibly drilling.

The major exploration milestones include:

&nbsp;&nbsp;&nbsp;&nbsp;· 1985: VALE and METAGO, agreed to jointly explore the area.

&nbsp;&nbsp;&nbsp;&nbsp;· 1985 to 1987: Several targets were identified: Paiol, Cata Funda, Vira Saia, Morro do Carneiro, Refresco, Vieira, Ijuí, Mateus
Lopes, and Cemitério.

&nbsp;&nbsp;&nbsp;&nbsp;· 1986: Initial drilling and discovery of the Cata Funda deposit.

&nbsp;&nbsp;&nbsp;&nbsp;· 1987: Discovery of Paiol deposit.

&nbsp;&nbsp;&nbsp;&nbsp;· 1996: VALE reports initial resource estimates for the Paiol deposit.

&nbsp;&nbsp;&nbsp;&nbsp;· 1996 to 2001: VALE conducts mining of the Paiol deposit.

&nbsp;&nbsp;&nbsp;&nbsp;· 2006 – Mineração Apuã Ltda. (Mineração Apuã) commences exploration.

&nbsp;&nbsp;&nbsp;&nbsp;· 2008 to 2010: Rio Novo conducts confirmation drilling for Almas deposits, resulting in a Mineral Resource estimate, reported in an
NI 43- 401 Technical Report, in February 2010.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;· 2010 to 2011: Core drilling initiated by Rio Novo for confirmation and expansion of the Paiol and Cata Funda resource areas as well
as exploration of nearby targets.

&nbsp;&nbsp;&nbsp;&nbsp;· 2011: Discovery of the Vira Saia deposit five kilometres north of Paiol.

&nbsp;&nbsp;&nbsp;&nbsp;· 2011 to 2012: Infill drilling and Mineral Resource modelling at Vira Saia brought additional Mineral Resources and enhanced the overall
Almas Project, leading to completion of a Preliminary Economic Assessment (PEA) in March 2012.

&nbsp;&nbsp;&nbsp;&nbsp;· 2013 and 2016: Runge Pincock Minarco (RPM) completed two feasibility study level reports (NI 43-101) (RPM 2016).

&nbsp;&nbsp;&nbsp;&nbsp;· 2018: Aura acquired the Almas Project through the acquisition of Rio Novo.

5.3 Past Production

From 1996 to 2001, VALE operated an open pit and heap leach operation at Paiol. The VALE production history and closure of the Paiol mine is summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· June 1996 – The Paiol mine began operation, producing 32.5 koz at 2.42 g/t Au at an Au recovery of 66.41%.

&nbsp;&nbsp;&nbsp;&nbsp;· March 2001 – Operations at Paiol were suspended due to the low gold price of US$279/oz and the mine closed after four years
and nine months of operation. During the production period, 161.03 koz of gold were mined, and 86.77 koz Au were produced for sale. Final
production figures are presented in Table ‎ 5-2.

&nbsp;&nbsp;&nbsp;&nbsp;· 2001 – All installations were dismantled and disposed of, and the site was reclaimed in compliance with the requirements of
the state environmental authority

&nbsp;&nbsp;&nbsp;&nbsp;· 2001 to 2003 – VALE changed the mining licence status with DNPM to one of "indefinite suspension," which allows
resumption of operations at short notice.

&nbsp;&nbsp;&nbsp;&nbsp;· 2006 – VALE transferred the mineral rights, mining licence, and environmental permits to Mineração Apuã,
the predecessor of Rio Novo.

**Table ‎5-2: Paiol Historical Mine Production - 1996 to 2001**

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| **Description** | **Unit** | **1996** | **1997** | **1998** | **1999** | **2000** | **2001** | **Total** |
| Ore Processed by Heap Leach | t | 418248 | 455892 | 417240 | 383508 | 344736 | 15027 | 2034651 |
| Au Grade | g/t | 2.42 | 2.21 | 2.74 | 2.62 | 2.28 | 2.52 | 2.4 |
| Gold Content | g | 1012160 | 1007521 | 1143238 | 1004791 | 785998 | 37868 | 4991576 |
| Recovered Gold | g | 672175 | 589268 | 510949 | 497256 | 410551 | 19260 | 2699459 |
| Recovered Gold | oz | 21613 | 18948 | 16429 | 15989 | 13201 | 619 | 86799 |
| Metallurgical Recovery of Gold | % | 66.41 | 58.49 | 44.69 | 49.49 | 52.23 | 50.86 | 54.08 |
| Silver Production | g | 45863 | 51060 | 43947 | 37930 | 33917 | 387 | 213101 |
| Gold Left in Heap Leach | g | 399985 | 418253 | 632289 | 507535 | 375447 | 18608 | 2352117 |
| Grade of Gold in Heap Leach | g/t | 0.96 | 0.92 | 1.52 | 1.32 | 1.09 | 1.24 | 1.13 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| **Description** | **Unit** | **1996** | **1997** | **1998** | **1999** | **2000** | **2001** | **Total** |
| Gold Left in Heap Leach | oz | 12861 | 13449 | 20331 | 16319 | 12072 | 598 | 75630 |

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Aura began production in 2023 and produced 18,758 ounces of gold in 2023. In 2024, the mine produced 54,003 oz of gold from 1,637,574 t of mill feed with an average gold head grade of 1.13 g/t.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

6.0 Geological Setting, Mineralization, and Deposit

6.1 Regional Geology

6.1.1 Geological Setting

The Almas region is located within the Tocantins Province (Brasília Belt), which was initially formed through a phase of taphrogenesis, called Tonian Taphrogenesis. This phase was responsible for the rifting and dispersal of the crustal blocks that made up the Rodinia Supercontinent (Brito Neves et al. 1999; Almeida et al. 2000). Subsequently, successive collisional events occurred in a diachronic manner, forming several orogenic belts (e.g., Tocantins and Mantiqueira provinces), consolidating the agglutination of the Gondwana Supercontinent approximately 520 Ma (Trompette, 1994; Unrug, 1996).

The Tocantins Province (Figure ‎6-1) was formed through a collision between the paleocontinental blocks of the Amazonian, São Francisco-Congo, and Paranapanema, with the latter covered by the Paraná Basin and inferred through gravimetric data (Mantovani and Brito Neves, 2005). The province branches into three orogenic belts: Brasília, which surrounds the entire western and southern limits of the São Francisco Craton, and Araguaia and Paraguay, which border the Amazonian Craton (Almeida 1967; Almeida et al. 1981).

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎6-1: Regional Geology of Tocantins Province**

![](ex9604_003.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The Brasília Belt is defined by a set of folded terranes and thrust sheets that converged towards the São Francisco Craton from west to east (Almeida, 1977; Fuck et al. 1993, 1994; Dardenne, 2000; Valeriano et al. 2004). It can be divided into two distinct tectonic segments, due to their differing stratigraphic, structural, tectonic, and metallogenetic frameworks (Fonseca 1996). These segments are the Southern Brasília Belt and the Northern Brasília Belt, both trending northwest-southeast, separated by the Pireneus Megaflexure along the 17°S parallel More precisely, the Almas region is located at the northernmost portion of the northern Brasília Belt and its external domain, in a region where Archean to Paleoproterozoic granite-gneiss terranes and greenstone belts occur, forming the basement of the Brasília Belt, as illustrated in Figure ‎6-2. The area of study is indicated in the red rectangle.

The Sialic Basement domain of the Brasília Belt consists of two main formations: the Almas-Dianópolis Terrane in southeastern Tocantins (where the Project is located) and northeastern Goiás and the Anápolis-Itauçu Complex in central Goiás (Pimentel et al. 2000). The Almas-Dianópolis Terrane comprises Paleoproterozoic basement, orthogneisses, granitoids, and supracrustal sequences. These rocks represent the sialic basement upon which the Neoproterozoic sedimentary rocks of the Bambuí and Paranoá Groups, as well as the Paleoproterozoic volcanic and sedimentary rocks of the Araí and Natividade Groups, overlie discordantly.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎6-2: Tectonic Units of the Brasilia Belt**

![](ex9604_004.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

6.1.2 Structural Geology

The Almas region exhibits a geometry similar to that of domes and ridges, with elliptical tonalite-trondhjemite-granodiorite (TTG) domes surrounded by greenstone belts, forming curved contacts. These contacts are often obliterated by directional shear zones (Cruz and Kuyumjian 1999). Borges (1993) attempted to relate these structures to a single tectonic event, however, as noted by some of these shear zones crosscut younger cover rocks, while others are confined to the basement. Pioneering work in the region revealed two phases of deformation: the first phase, a ductile contractional shear event occurring before the Brasiliano orogeny, and a second contractional phase characterized by pure shear with Brasiliano age.

Subsequent studies identified a third, late-stage deformation phase characterized by extensional strain, described as purely ruptile by Ferrari and Choudhuri (2000) and as ductile-ruptile by Kuyumjian and Araújo Filho (2005). This phase is known in both studies for affecting the structures that host mineralization, often with fracturing or boudinage. According to Ferrari and Choudhuri (2004), the first deformational phase (Dn or D1) is ductile, generating foliation marked by the preferential alignment of amphiboles, pyroxenes, and plagioclases with an attitude of 040°-060°/50°-70°, contained within oblique shear zones at medium to high angles. Within the plane of foliation (Sn), a sub-horizontal to oblique low-angle stretching lineation (Ln) is observed. The event Dn+1 (or D2) is nearly coaxial with the previous event and frequently obliterates the Sn foliation. It is characterized by a ductile-ruptile regime, generating transcurrent shear zones with preferred directions of N20°-40°E, and subsidiary directions of N-10°E and N10°-30°W, with sub-horizontal Ln lineation and prominent mylonitic foliation. Dn+1 is identified as the most strongly associated event with gold mineralization in the region (Kuyumjian and Araújo Filho 2005; Ferrari and Choudhuri 2004). The last event, Dn+2 (or D3), generates ruptile quartz vein swarms, locally sheared, sterile, and truncated by joints (Kuyumjian et al. 2012), with metre-scale faults where slickensides occur, trending NE or NNE, with dips of 80° (Ferrari and Choudhuri 2004).

According to Cruz and Kuyumjian (1998), the oldest structures, formed during event Dn, show a subvertical schistosity in the greenstones, with local shear features. This schistosity tends to be parallel to the contact between the greenstones and the granitoid complexes, with tight vertical folds and sub-horizontal mineral lineation. Apophyses of granitoids from the granitoid complexes intrude along the schistosity planes (Sn).

Younger structures include directional shear zones (Dn+1) with dextral movement in a principal direction of N20°-30°E and subsidiary directions of N0°-10°E and N10°-20°W. These Dn+1 shear zones have been considered to be related to the evolution of the TAD (Almas-Dianópolis Terranes) (Borges et al. 1991, Cruz 1993, Borges 1993). Dn+1 shear zones were not observed in the rocks of the Bambuí and Natividade groups in the region (Cruz 1993).

6.1.3 Metamorphism

The regional metamorphic parageneses M1 range from amphibolite facies to greenschist facies, with the main regional paragenesis in the metabasalts consisting of amphibole + plagioclase ± chlorite ± epidote. Paragenesis M2 is composed of amphibole + albite + epidote ± white mica ± chlorite, and is present in greenstones, granitoid-gneiss complexes, and basic-ultrabasic intrusions (Alvarez 2007). The composition of the amphibole in M1 parageneses varies from ferric actinolite to tshermakitic hornblende, while the plagioclase varies from albite (An-9) to andesine (An 41-48). According to Cruz and Kuyumjian (1998), the change in amphibole composition was controlled by the tshermakite and edenite exchange vectors, which are dominant in metamorphic terranes with a high T/P ratio, as in low-pressure metamorphic series. Pressure and temperature calculations using the THERMOCAL thermodynamic database

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yielded temperatures of 576 ± 46°C and 632 ± 60°C, and pressures of 3.9 ± 2 kbars and 4.4 ± 2.3 kbars, respectively (Cruz and Kuyumjian 1998).

The calculations made for M2 parageneses yielded a more restricted range of pressure and temperature, between 485 ± 18°C and 539 ± 65°C, and 4.0 ± 0.2 kbars and 4.4 ± 0.5 kbars, respectively, indicating metamorphic conditions of the epidote-amphibolite facies. The presence of granitic apophyses along the Sn planes suggests that lateral facies variations during M1 and the high T/P metamorphic regime may be a consequence of granitoid intrusions during the Dn event (Cruz and Kuyumjian 1998).

The events that generated shear zones are identified by Cruz and Kuyumjian (1998) and Ferrari and Choudhuri (2000) as being responsible for the hydrothermal alteration that mineralized the region, as the mineralized bodies are embedded within these zones. Sulphur isotopic data from sulphides in the Paiol deposit indicated a magmatic source for the sulphur (Ferrari and Choudhuri 2004), however, broader results obtained by Cruz (2001) did not allow for the interpretation of a specific source, suggesting the possibility of mixed magmatic and metamorphic sources for the hydrothermal mineralizing fluids, or even multiple fluid phases. Fluid inclusion studies at the Paiol deposit (Ferrari and Choudhuri 2004; Kuyumjian et al. 2012) concluded that the main source of the mineralizing fluids was the metamorphic devolatilization process that occurred during Dn+1 or M2, generating aqueous-carbonic fluids responsible for the significant carbonation alteration in the studied rocks (Kuyumjian et al. 2012). Late low-temperature fluids from likely mantle sources were detected in some inclusions, however, and may have been responsible for the remobilization or reconcentration of the mineralization (Ferrari and Choudhuri 2004). Kuyumjian et al. (2012) concluded that these secondary fluids underwent intense homogenization with the host rock, which likely caused the mobilization of elements.

6.2 Local Geology

The Almas Project mineral concessions are located within the Dianópolis sheet, at a scale of 1:250,000, from the Basic Geological Survey of Brazil Program by Companhia de Pesquisa de Recursos Minerais (CPRM) (Sabóia and Meneghini 2019). The following stratigraphic units are present: Almas-Cavalcante Complex, Riachão do Ouro Group, Acidic and Basic Intrusives, Natividade Group, Bambuí Group, and Urucuia Group, along with Cenozoic Covers. These units can be visualized on the geological map in Figure ‎6-3, adapted from the Tocantins sheet (CPRM 2004).

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎6-3: Geological Map of the Natividade Block Region Adapted from the Tocantins Sheet**

![](ex9604_005.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

6.2.1 Almas Complex

The Almas-Dianópolis Terrane consists of greenstone belts of varying thickness, which surround elliptical domes of gneisses and migmatites, predominantly tonalitic in composition, and locally granodioritic and trondhjemitic (TTG domes). The presence of a basement preceding the greenstones is uncertain and not well supported in the literature, with the gneissic-migmatitic complex being a possible candidate for the basement (Borges 1993).

The Almas-Cavalcante Complex (granitoid-gneiss domes and other associated units) was characterized in the works of Borges (1993); Costa et al. (1976); Cruz (1993); Cruz et al. (2003); and Kuyumjian et al. (2012). The granitoid-gneiss complexes consist of isotropic to weakly foliated granitoid plutons, grouped into two suites (Cruz 1993): Suite 1, which includes tonalite, trondhjemite, granodiorite, quartz-monzodiorite, and quartz-diorite rich in amphibole, and Suite 2, which includes tonalite, trondhjemite, granodiorite, and monzogranite, in which biotite is the main mafic mineral. Xenoliths of amphibole-bearing granitoids from Suite 1 are found in the granitoids of Suite 2. The Ribeirão das Areias Complex was distinguished from Suite 2 as it is older than the other plutons included in Suite 1. According to Cruz and Kuyumjian (1998), these complexes represent multiphase batholiths composed of various granitoid bodies. Available Rb-Sr and K-Ar isotopic data indicate an Archaean to Paleoproterozoic age for the granitoid-gneiss rocks, with partial isotopic rejuvenation during the Brasiliano Cycle (Hasui et al. 1980).

6.2.2 Riachão do Ouro Group

The Riachão do Ouro Group consists of a Paleoproterozoic greenstone belt sequence with a Y-shaped geometry, surrounding the granitoid-gneiss complexes of the Almas-Cavalcante Complex. The Riachão do Ouro Group is composed, at its base, of the Córrego Paiol Formation and, at its top, the Morro do Carneiro Formation (Cruz and Kuyumjian 1998). The Córrego Paiol Formation consists of mafic volcanic rocks, with rare occurrences of ultramafic volcanic rocks. The mafic volcanic rocks are divided into a dominant group of high-Fe metabasalts and another group of high-Mg metabasalts (Cruz and Kuyumjian 1993). The Morro do Carneiro Formation comprises a monotonous sequence of sericitic phyllite with intercalations of banded iron formation, quartzite, metachert, conglomerate, and felsic metavolcanic rocks (Cruz and Kuyumjian 1998).

Several gold occurrences and deposits are associated with the metamorphic-deformational context of the Almas-Cavalcante Complex and the Riachão do Ouro Group (Cruz et al., 2006; Kuyumjian et al., 2012).

6.2.3 Basic-Ultramafic Intrusions

The Barra do Gameleira, Marta-Tamboril, and Cerqueira Santaninha massifs, historically grouped under the name 'Caraíbas Mafic-Ultramafic Suite,' were later distinguished as the Marginal Gabbro-Peridotite and Central Gabbro-Granulite units. The term 'Gameleira-type Mafic-Ultramafic Intrusions' was introduced by Danni and Teixeira (1981), who described a semicircular, layered intrusion in the Barra do Gameleira massif, near Dianópolis. This intrusion consists of mafic and ultramafic rocks enclosed in diatexite and metatexite granitoids, associated with the Almas-Cavalcante Complex.

6.2.4 Acidic to Intermediate Intrusions

These are characterized by peraluminous granitic magmas intruding the Ticunzal Formation. The suite is subdivided into six facies, including syn-, late-, and post-tectonic granitic rocks. This suite was characterized and mapped in the Arraias sheet (SD-23-V-A), south of the Almas

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

Project. The granitic and pegmatitic body of the Xobó Suite was recognized and described in the works of Cordeiro de Sousa (2015), etc., and the Príncipe granitic batholith and its associated gold mineralization were studied by Cordeiro de Sousa (2015), etc.

6.2.5 Natividade Group

The metasediments were initially recognized by Moore (1963) in the Natividade region. Later, this unit was classified as the Natividade Group by Costa et al. (1976). The Natividade Group is considered the northern extension of the Araí Group rift basin, both of which are part of the rifting processes of the Estaterian Taphrogenesis between 1.8 Ga and 1.6 Ga (Dardenne 2000). The detailed lithostratigraphic succession of this unit is the result of the work by Hasui et al. (1990) and others.

6.2.6 Bambuí Group

In the southeastern portion of the Dianópolis sheet, Neoproterozoic marine epicontinental covers of the Serra de Santa Helena and Lagoa do Jacaré formations, associated with the Bambuí Group, were recorded (Dardenne 1978). This cratonic sedimentation exhibits contacts through thrust faults with the granitoids of the Almas-Cavalcante Complex, with vergence to the east as a result of the Brasiliano Orogeny (Sabóia and Meleghini 2019).

6.2.7 Urucuia Group

In the east/northeast portion of the area, sediments from the São Francisco Craton (Urucuia Formation) were deposited in hemi-graben systems controlled by the reactivation of NE/SW fault systems, associated with structures that also deformed the Bambuí Group. Campos and Dardenne (1997) summarized the neotectonic evolutionary process of this Meso- to Neo-cretaceous sedimentation, resulting from the inversion of the São-Franciscana Basin. According to the authors, the evolution of this basin corresponds to the transition from a rift (extensional) phase to a post-rift (compressional) phase, accompanied by increased flexural subsidence in the center and uplift along the basin's edges, which was responsible for the formation of the depression where the Urucuia Group sediments were deposited.

6.3 Property Geology

The lithologies found in the Almas region are organized into distinct stratigraphic units based on regional geology (Borges 1993; Cruz and Kuyumjian, 1998; Valeriano et al. 2004). Additionally, the entire structural framework observed within these lithologies will be reported, along with its relation to the tectonic evolution of this crustal portion.

Seven stratigraphic units were identified, listed from bottom to top as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· **Almas Complex**: crystalline basement of the Brasilia Belt comprising of TTG-type gneisses.,

&nbsp;&nbsp;&nbsp;&nbsp;· **Riachão do Ouro Group:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Córrego do Paiol**: basal portion comprised of basic metavolcanic rocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Morro do Carneiro**: upper portion comprised of a thick sequence of interdigitated metasedimentary rocks.

&nbsp;&nbsp;&nbsp;&nbsp;· **Serra das Areias Suite**: granodiorites and alkaline granites.

&nbsp;&nbsp;&nbsp;&nbsp;· **Serra do Boqueirão Suite**: peraluminous granitoid characterized by garnet grains.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;· **Barra da Gameleira Complex**: swarm of basic and ultramafic units (dykes).

&nbsp;&nbsp;&nbsp;&nbsp;· **Natividade Group**: massive to micaceous quartzites.

&nbsp;&nbsp;&nbsp;&nbsp;· **Cenozoic Coverings**: detrital-lateritic crust and eluvial-colluvial deposits.

These units are shown in the stratigraphic column in Figure ‎6-4 as well as in the geological map (Figure ‎6-5), which illustrates the geographic extent of these units in the Almas area.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎6-4: Tectono-Stratigraphic Column of Almas Region**

![](ex9604_006.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎6-5: Simplified Geological Map of the Almas Region**

![](ex9604_007.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

6.3.1 Paiol Mine

The Paiol mine is situated at the extreme north of the Brasília Fold Belt, at the base of the Riachão do Ouro Greenstone, which consists of oceanic volcanic rocks. These rocks were subjected to metamorphism, deformation, and hydrothermalism during the Paleoproterozoic collisional event, which provided migration of fluids mineralized in gold.

The main Paiol mineralized body extends approximately 650 m down dip, 1,250 m along strike, and has an average thickness of 30 m.

The orogenic mineralization is within a dextral transgressive fault marked by strong hydrothermal alteration. The alteration halos (Figure ‎6-6) from the margin to the center of the fault are summarized as follows: (i) Epidote zone (quartz-amphibole-chlorite schist and quartz-albite-chlorite schist with pyrrhotite + chalcopyrite, waste rock); (ii) Chlorite zone (quartz-calcite-chlorite schist with thick euhedral pyrite hanging and footwall); (iii) Ankerite zone (Chlorite-ankerite-quartz schist with disseminated fine pyrite + pyrrhotite, marginal halo, low grade); (iv) Sericite zone (sericite-ankerite-quartz schist with fine pyrite + pyrrhotite + arsenopyrite, central halo, medium grade); (v) Quartz zone (sericite-quartz schist with intense pyrite + pyrrhotite + arsenopyrite sulphidation, zone core, high grade).

**Figure ‎6-6: Hydrothermal Alteration Halos of Paiol Mine**

![](ex9604_008.jpg)

Source: Aura 2024.

6.3.2 Vira Saia

The following material has been slightly modified from Ghazanfari et al. (2021).

The Vira Saia deposit is hosted in the granitic gneiss complex. These complexes are composed of isotropic to weakly foliated granitoid plutons which have been variably classified as tonalites, trondhjemites, granodiorites, quartz monzonites, amphibole-quartz diorite, and monzogranites. A second granitoid suite, composed of the same lithologies but containing biotite as the primary mafic mineral, is recognized in the region.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

At Vira Saia, a shear zone (N45°W) developed in granodiorite controls brecciation, alteration and gold mineralization.

The main Vira-Saia deposit body has overall dimensions of approximately 200 m in the down dip direction, 350 m along strike and averages 15 m in thickness. Exploration has also identified three smaller zones designated: East Body, NW Body, and NW Extension Body.

Hydrothermal alteration is well developed, and its intensity is proportional to the intensity of deformation in the granitic host rock. The outermost alteration zone is foliated and characterized by the appearance of muscovite, albite, and epidote. In an intermediate alteration zone, muscovite and albite still occur but are now associated with calcite and sulphide minerals, up to 1% by volume. Interfoliated quartz and recrystalized quartz veins with strong sericite on vein selvages occur in the core of the alteration zone. Sulphide mineralization is more intense in the central part of the alteration zone where very fine-grained pyrite occurs as inclusions in quartz and muscovite grains.

6.3.3 Cata Funda

The following material has been slightly modified from Ghazanfari et al. (2021).

The Cata Funda deposit is situated in the northern portion of the Almas Greenstone Belt, immediately southeast of the Almas town site. The deposit is hosted in metabasic and metasedimentary rocks that display hydrothermal alteration processes such as sericitization, carbonization, albitization and silicification. Host rocks are in contact with siliceous breccias and quartz-carbonate schists to the west and with tourmaline-bearing quartzites and metapelites of the Morro do Carneiro Formation to the northeast.

The gold mineralization occurs primarily in the central portion of the structure which displays zoned alteration assemblages like that previously described for the Paiol deposit.

The Cata Funda deposit has overall dimensions of approximately 240 m in the down dip direction, 230 m along strike and averages 10 m in thickness.

Bedrock is typically overlain by 2 m to 6 m of red, argillaceous soil, weakly magnetic, with low percentages of quartz fragments and pisolites. Beneath the soil horizon is 8 m to 30 m of red to yellow saprolite, locally sericitic and mottled containing Fe-Mn-oxides on relict foliations and fractures. The saprolite overlies 2 m to 6 m of weathered and partially decomposed bedrock within which decimetre-sized fragments of fresh rock are preserved.

The strongest gold mineralization at Cata Funda is associated with the schistose, sericite-ankerite- quartz (SDQX) alteration assemblage. The geological cross-sections show the significant thickness and grade continuity of the mineralized body at depth.

6.4 Mineralization

The following material has been slightly modified from Ghazanfari et al. (2021).

Gold in the Almas Greenstone Belt occurs in three different associations:

&nbsp;&nbsp;&nbsp;&nbsp;· Gold associated with hydrothermally altered shear zones in basic to intermediate volcanic rocks.

&nbsp;&nbsp;&nbsp;&nbsp;· Gold associated with hydrothermally altered banded iron formation.

&nbsp;&nbsp;&nbsp;&nbsp;· Gold associated with smoky quartz veins in sheared granite gneiss.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

Gold mineralization is closely associated with mylonitic banding in shear zones that cut mafic-to-intermediate volcanic rocks, schists, and granite-gneiss, the latter being noted at the Vira Saia deposit. Gold occurs as free gold and as gold inclusions within sulphide minerals. Stronger gold mineralization is associated with faults and shear zones (Paiol and Cata Funda).

At Paiol and Cata Funda, individual mineralized shoots are shaped as lenses and/or anastomosing bodies within the shear zone. The mineralization shoots are typically steeply dipping and plunging lenses. Gold mineralization typically occurs in the centre of the alteration zone, associated with albite-quartz-ankerite (calcite) and the sulphide minerals, pyrite, chalcopyrite, and pyrrhotite. Some coarser grained gold has been observed at Cata Funda where it occurs primarily in quartz-carbonate veins within albite-sericite-pyrrhotite alteration envelopes developed in mafic to intermediate metavolcanic host rocks.

At Vira Saia, gold is closely associated with sulphide-bearing, quartz-sericite-rich ultramylonites formed in the core of shear zones developed in granodiorite. Chalcopyrite and galena are very rare. The intensity of the hydrothermal alteration is proportional to the progressive deformation in the shear zone. Quartz veins typically have saccharoidal (sugary) textures, believed to have formed by dynamic crystallization in shear zones, suggesting a syntectonic timing of vein formation. The Vira Saia deposit belongs to the lode gold, orogenic deposit type, with predominant quartz-sericite-carbonate alteration surrounding quartz veins with low iron sulphide content (<2%).

6.5 Deposit Types

The following material has been slightly modified from Ghazanfari et al. (2021).

The known gold occurrences in the Almas area are classified as orogenic, shear-hosted mesothermal gold deposits. Minor occurrences of lateritic or even placer gold are also found in the area but are typically small and not the target of current exploration.

Mesothermal gold deposits are a distinctive type of gold deposits which are typified by many consistent features in space and time. The most typical characteristic of the deposits is their consistent association with deformed metamorphic terranes of all ages. Observations from the world's preserved Archaean greenstone belts and most recently active Phanerozoic metamorphic belts indicate a strong association of gold and greenschist facies rocks, however, some significant deposits occur in higher metamorphic grade Archaean terranes or in lower metamorphic grade domains within the metamorphic belts of a variety of geological ages. Pre-metamorphic protoliths for the auriferous Archaean greenstone belts are predominantly volcano-plutonic terranes of oceanic back-arc basalt and felsic to mafic arc rocks. Clastic marine sedimentary rock-dominant terranes that were metamorphosed to graywacke, argillite, schist, and phyllite host younger mineralization and are important in some Archaean terranes.

These deposits are typified by quartz-dominant vein systems with less than or equal to 3% to 5% sulphide minerals, mainly Fe-sulfides, and less than 5% to 15% carbonate minerals. Albite, white mica or fuchsite, chlorite, scheelite, and tourmaline are also common gangue phases in veins in greenschist-facies host rocks. Vein systems may be continuous along a vertical extent of one to two kilometres with little change in mineralogy or gold grade. Mineral zoning does occur, however, in some deposits. Au/Ag ratios range from 10 (normal) to 1 (less common), with mineralization in places being in the veins and elsewhere in sulphurized wallrocks.

Deposits exhibit strong lateral zonation of alteration phases from proximal to distal assemblages on scales of metres. Mineralogical assemblages within the alteration zones and the width of these zones generally vary with wallrock type and crustal level. Most commonly, carbonates include ankerite, dolomite, or calcite; sulfides include pyrite, pyrrhotite, or arsenopyrite; alkali

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

metasomatism involves sericitization or, less commonly, formation of fuchsite, biotite, or K-feldspar and albitization and mafic minerals are highly chloritized. Amphibole or diopside occur at progressively deeper crustal levels and carbonate minerals are less abundant. Sulphidation is extreme in banded iron formation and Fe-rich mafic host rocks.

The orogenic gold deposits targeted in current exploration in the Almas Project are hosted in Paleoproterozoic rocks, typically metabasalts and metasediments (commonly called greenstones). Exploration has also identified gold mineralization in granitic intrusives or granitoids, as in the case of the Vira Saia deposit. In all cases, the rocks have been metamorphosed to greenschist or lower amphibolite facies. Mineralization invariably forms along faults or shear zones; typically, the larger mineralized areas correlate with the larger shear zones. As well, flexures and intersection zones, where faults or shears cross, generally correspond to prime sites for these deposits.

The shear zones hosting gold mineralization typically show strong brecciation and mylonitization of the host rocks (Figure ‎6-7). Alteration of the host rocks is generally localized along the structural zones and is mainly silicification along with widespread carbonatization, potassic alteration, sericite alteration, and pyritization. Gold occurs in association with sulphides in quartz veins and veinlets. Sulphides are primarily pyrite with trace amounts of arsenopyrite, galena, and chalcopyrite. Gold is primarily free gold with an estimated 10% to 40% attached to sulphides, depending on location. Gold is primarily micron sized, though visible gold is locally present.

Exploration methods in the district typically start with magnetic surveys to identify major structures and magnetic alteration, followed by field mapping and soil sampling. IP surveys are often employed to further identify structures or resistive bodies. Trenching and drilling are used in the final phases.

Figure ‎6-8 shows a typical schematic cross section through the various deposits of the Project.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎6-7: Schematic Section Showing the Main Shear Zone at Paiol and the Surrounding Modelled Hydrothermal Halo**

![](ex9604_009.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎6-8: Schematic Cross Section Showing the Main Deposits of the Almas Project**

![](ex9604_010.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

7.0 Exploration

7.1 Exploration

Aura did not complete any exploration activities between 2018 and 2023 except drilling, the results of which are discussed in Section 10 Drilling. The soil sampling and geological mapping procedures were updated in 2023. Soil sampling procedures continue on the property using a robust sampling grid technique. Samples of 0.5 kg to 2 kg focus on in situ soil as this is the product of the alteration of the underlying rocks (parent rock) and provide specific information about the material immediately beneath the sample.

Figure ‎7-1 outlines regional soil sampling results in relation to some exploration drill targets. Through geological mapping the Aura team continues to record information about the lithology, texture, mineralogy, degree of alteration, and structures. The main objective is to observe, survey, and analyze attributes that make up the geological physical environment through fieldwork.

Figure ‎7-2 compares results from a regional geologic mapping program with a geophysical survey. Along with mapping, field or chip samples of approximately one kilogram are collected at points of interest. Together with soil sampling, geological mapping drives target generation for future drill programs.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-1: Regional Soil Sampling 2024**

![](ex9604_011.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-2: Geological Mapping and Geophysical Study Comparison**

![](ex9604_012.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The SLR QP notes that exploration thus far has been primarily designed to identify near-surface prospects. The deeper, covered areas of the Project area have yet to be explored. Due to the generally flat terrain and thick soil or saprolite cover, only a small portion of the Project area has been adequately covered by exploration. Greenstone gold deposits typically have a large vertical extent and the potential for underground targets is high.

7.1.1 Planned Exploration

Aura has a robust exploration plan for 2025 through 2027 aimed at expansion of current resources, conversion of resources to reserves, and an increase of confidence of grade continuity regionally and near mine targets outlining critical and strategic scenarios for exploration drill programs. Critical scenarios refer to short/medium term LOM focused on upgrading and extending existing resources at Paiol, Vira Saua, and Cata Funda, and long term LOM including regional target generation, drilling of ready targets, and delineation drilling. The strategic scenario refers to a more flexible results driven initiative including special projects and follow-up to significantly positive results from critical scenarios. For 2025, Aura plans to complete approximately 31,000 m of drilling with a proposed exploration budget of US$6.5 million focusing on Cata Funda, Paiol, and Visa Saia, as well as Nova Prata, a satellite target under exploration by Aura in the region. Figure ‎7-3 to Figure ‎7-5 depict the proposed collar locations for the three main Almas deposits.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-3: Cata Funda 2025 Drill Program Collar Locations**

![](ex9604_013.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-4: Paiol 2025 Drill Program Collar Locations**

![](ex9604_014.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-5: Vira Saia 2025 Drill Program Collar Locations**

![](ex9604_015.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

7.2 Drilling

7.2.1 Summary

Drilling on the Project has been conducted in phases by several companies since 1982. Total drilling at the deposits with Mineral Resources, Paio, Vira Saia, and Cata Funda, consists of 890 diamond drill holes (DDH) totalling 134,792 m and 1,831 RC drilling totalling 76,105 m. Approximately 64% of the meterage is from DDH with the remaining 36% being from RC holes Since 2021, drilling at the other prospects on the property consists of 81 DDH totalling 19,011 m.

A drilling summary by deposit up to and including all drilling information available at August 22, 2024, is presented in Table 10-1 and illustrated in Figure ‎7-6a and b.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎7-1: Summary of Almas Drilling at the Deposits with Mineral Resources**

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| **Area** | **Area** | **Time** | **CN** | **CN** | **DDH** | **DDH** | **PF** | **PF** | **RC** | **RC** | **TC** | **TC** | **TRADO** | **TRADO** | **Total** | **Total** |
| **Area** | **Area** | **Period** | **No.** | **Depth** | **No.** | **Depth** | **No.** | **Depth** | **No.** | **Depth** | **No.** | **Depth** | **No.** | **Depth** | **No.** | **Depth** |
| **Area** | **Area** | **Period** | **Holes** | **(m)** | **Holes** | **(m)** | **Holes** | **(m)** | **Holes** | **(m)** | **Holes** | **(m)** | **Holes** | **(m)** | **Holes** | **(m)** |
| **Historical drilling** | **Historical drilling** | **Historical drilling** | **Historical drilling** | **Historical drilling** | **Historical drilling** | **Historical drilling** | **Historical drilling** | **Historical drilling** | **Historical drilling** | **Historical drilling** | **Historical drilling** | **Historical drilling** | **Historical drilling** | **Historical drilling** | **Historical drilling** | **Historical drilling** |
| Cata Funda | Cata Funda | 1982-2010 |  |  | 138 | 17101.73 |  |  | 168 | 9048.57 |  |  |  |  | 306 | 26150.30 |
| Paiol | *Long term* | 1986 - 2010 |  |  | 356 | 59723.83 |  |  | 417 | 20205.50 |  |  |  |  | 773 | 79929.33 |
| Paiol | *Heap Leach* | 2010 |  |  |  |  |  |  | 59 | 728.00 |  |  | 166 | 1215.15 | 225 | 1943.15 |
| Total Historical | Total Historical | Total Historical |  |  | 494 | 76825.56 |  |  | 644 | 29982.07 |  |  | 166 | 1215.15 | 1304 | 108022.78 |
| **Aura drilling** | **Aura drilling** | **Aura drilling** | **Aura drilling** | **Aura drilling** | **Aura drilling** | **Aura drilling** | **Aura drilling** | **Aura drilling** | **Aura drilling** | **Aura drilling** | **Aura drilling** | **Aura drilling** | **Aura drilling** | **Aura drilling** | **Aura drilling** | **Aura drilling** |
| Cata Funda | Cata Funda | 2011 |  |  | 36 | 3233.35 |  |  |  |  |  |  |  |  | 36 | 3233.35 |
| Paiol | *Long term* | 2011-2024 |  |  | 162 | 27831.50 |  |  |  |  |  |  | 8 | 41.75 | 170 | 27873.25 |
| Paiol | *Short term* | 2022-2024 | 6 | 140.49 |  |  | 50 | 441.50 | 996 | 43266.00 | 61 | 986.71 |  |  | 1113 | 44834.70 |
| Paiol | *Heap Leach* | 2022-2024 |  |  |  |  |  |  | 191 | 2857.00 |  |  |  |  | 191 | 2857.00 |
| Vira Saia | Vira Saia | 2011-2012 |  |  | 198 | 26901.85 |  |  |  |  |  |  |  |  | 198 | 26901.85 |
| Total Aura | Total Aura | Total Aura | 6 | 140.49 | 396 | 57966.70 | 50 | 441.50 | 1187 | 46123.00 | 61 | 986.71 | 8 | 41.75 | 1708 | 105700.15 |
| Total | Total | Total | 6 | 140.49 | 890 | 134792.26 | 50 | 441.50 | 1831 | 76105.07 | 61 | 986.71 | 174 | 1256.90 | 3012 | 213722.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>CN: Channel<br>DDH: Diamond drilling<br>PF: Blasthole<br>RC: Reverse circulation<br>TC: Trenches<br>TRADO: Auger holes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>CN: Channel<br>DDH: Diamond drilling<br>PF: Blasthole<br>RC: Reverse circulation<br>TC: Trenches<br>TRADO: Auger holes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>CN: Channel<br>DDH: Diamond drilling<br>PF: Blasthole<br>RC: Reverse circulation<br>TC: Trenches<br>TRADO: Auger holes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>CN: Channel<br>DDH: Diamond drilling<br>PF: Blasthole<br>RC: Reverse circulation<br>TC: Trenches<br>TRADO: Auger holes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>CN: Channel<br>DDH: Diamond drilling<br>PF: Blasthole<br>RC: Reverse circulation<br>TC: Trenches<br>TRADO: Auger holes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>CN: Channel<br>DDH: Diamond drilling<br>PF: Blasthole<br>RC: Reverse circulation<br>TC: Trenches<br>TRADO: Auger holes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>CN: Channel<br>DDH: Diamond drilling<br>PF: Blasthole<br>RC: Reverse circulation<br>TC: Trenches<br>TRADO: Auger holes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>CN: Channel<br>DDH: Diamond drilling<br>PF: Blasthole<br>RC: Reverse circulation<br>TC: Trenches<br>TRADO: Auger holes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>CN: Channel<br>DDH: Diamond drilling<br>PF: Blasthole<br>RC: Reverse circulation<br>TC: Trenches<br>TRADO: Auger holes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>CN: Channel<br>DDH: Diamond drilling<br>PF: Blasthole<br>RC: Reverse circulation<br>TC: Trenches<br>TRADO: Auger holes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>CN: Channel<br>DDH: Diamond drilling<br>PF: Blasthole<br>RC: Reverse circulation<br>TC: Trenches<br>TRADO: Auger holes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>CN: Channel<br>DDH: Diamond drilling<br>PF: Blasthole<br>RC: Reverse circulation<br>TC: Trenches<br>TRADO: Auger holes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>CN: Channel<br>DDH: Diamond drilling<br>PF: Blasthole<br>RC: Reverse circulation<br>TC: Trenches<br>TRADO: Auger holes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>CN: Channel<br>DDH: Diamond drilling<br>PF: Blasthole<br>RC: Reverse circulation<br>TC: Trenches<br>TRADO: Auger holes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>CN: Channel<br>DDH: Diamond drilling<br>PF: Blasthole<br>RC: Reverse circulation<br>TC: Trenches<br>TRADO: Auger holes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>CN: Channel<br>DDH: Diamond drilling<br>PF: Blasthole<br>RC: Reverse circulation<br>TC: Trenches<br>TRADO: Auger holes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>CN: Channel<br>DDH: Diamond drilling<br>PF: Blasthole<br>RC: Reverse circulation<br>TC: Trenches<br>TRADO: Auger holes |

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| 7-2 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-6a: Aura Drilling Location Map (Cata Funda, Paiol, and Vira Saia)**

![](ex9604_016.jpg)

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|:---|:---|
| 7-3 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure 7-6b: Aura Drilling Location Map (Cata Funda, Paiol, and Vira Saia) – Close-Up View**

![](ex9604_017.jpg)

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|:---|:---|
| 7-4 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

Drilling programs from 2021 onwards have been focused on:

&nbsp;&nbsp;&nbsp;&nbsp;· Infill drilling at Paiol to further define known resources,

&nbsp;&nbsp;&nbsp;&nbsp;· Expansion drilling at Vira Saia and Cata Funda to test continuity of current resource along strike and down dip and,

&nbsp;&nbsp;&nbsp;&nbsp;· Regional exploration targets with favourable geology.

Table ‎7-2 outlines all exploration drilling at the other prospects completed by Aura from 2021 to the end of 2024 and is separated by target. The SLR QP notes that not all of these targets are fully developed, can be considered regional targets. Figure ‎7-7 depicts regional drill targets with relation to the town of Almas and the Almas deposits (Paiol, Vira Saia, and Cata Funda).

**Table ‎7-2: Summary of Almas Exploration Drilling at other Prospects from 2021-2024 by Target**

---

| | | | |
|:---|:---|:---|:---|
| **Target** | **Time Period** | **Number of Holes** | **Length<br> (m)** |
| Morro do Carneiro | June 2021-October 2022 | 20 | 4952 |
| Batalha | July 2023- August 2023 | 3 | 739 |
| Beja | June 2023 | 3 | 705 |
| Espinheiro | May 2023- August 2024 | 4 | 868 |
| Ijuí | August 2022 | 4 | 1289 |
| Jacaré | June 2023 | 3 | 610 |
| Largatixa | October 2022-July 2023 | 5 | 1979 |
| Misericórdia | September 2023-June 2024 | 3 | 633 |
| Nova Prata | September 2022-July 2024 | 13 | 3068 |
| Pixuri | July 2023- August 2023 | 2 | 479 |
| Poço do Ouro | September 2023- June 2024 | 5 | 1021 |
| Quirino | May 2023 | 3 | 362 |
| São Miguel | August 2023- May 2024 | 9 | 1858 |
| Terra Vermelha | July 2023 | 2 | 151 |
| Umburana | July 2024 | 2 | 297 |
| **Total** | **June 2021- October 2024** | **81** | **19011** |

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| 7-5 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-7: Aura Drilling by Exploration Targets 2021-2024**

![](ex9604_018.jpg)

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|:---|:---|
| 7-6 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

7.2.2 Deposit Drilling (2021 to 2024)

7.2.2.1 Paiol Mine

In the first half of 2024, 34 diamond drill (DD) holes were completed, totalling 12,989.50 m (Figure ‎7-8), aimed to convert the Inferred Resource between pits P2 (reserve) and P3 (resource). The drilling intercepted the zone of hydrothermal alteration in the metabasalt marked by silicification and pyrite + pyrrhotite + arsenopyrite association. In the second half of 2024, the main drilling target was a panel below the resource shell. The purpose of this program was to test the continuity of the high-grade mineralization at a greater depth. Eight holes were drilled that covered the strike of the central body of the Paiol mine, totalling 5,217.90 m. Figure ‎7-9 outlines the location of the second program. Favourable results were returned confirming the existence of high-grade continuity at depth, however, due to the cut off date, the data from this program was not included in the 2024 estimate. Table ‎7-3 shows some significant intercepts returned from the 2024 drill programs. Figure ‎7-10 outlines key lithological units associated with mineralization in relation to some recent (2023 onwards) drill holes and the location of some planned drill holes for future exploration programs.

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| 7-7 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-8: Location of Infill Drill Holes for Paiol Mine – Q1 and Q2 2024**

![](ex9604_019.jpg)

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|:---|:---|
| 7-8 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-9: Location of Drill Hole Program below Paiol Resource Shell**

![](ex9604_020.jpg)

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|:---|:---|
| 7-9 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎7-3: Significant Intercepts from Paiol Exploration 2024 Drill Program**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Hole** | **From<br> (m)** | **To<br> (m)** | **Length<br> (m)** | **Au<br> (g/t)** |
| FPD-0257 | 299.00 | 379.60 | 80.60 | 1.20 |
| FPD-0257 | 308.85 | 324.95 | 16.10 | 3.55 |
| FPD-0259 | 346.40 | 380.10 | 33.70 | 1.83 |
| FPD-0259 | 371.10 | 377.10 | 6.00 | 7.49 |
| FPD-0260 | 214.70 | 276.70 | 62.00 | 1.19 |
| FPD-0260 | 229.30 | 244.70 | 15.40 | 3.37 |
| FPD-0265 | 134.90 | 166.75 | 31.85 | 1.00 |
| FPD-0265 | 159.00 | 164.75 | 5.75 | 3.43 |
| FPD-0270 | 320.40 | 402.40 | 82.00 | 1.42 |
| FPD-0270 | 337.40 | 358.75 | 21.35 | 3.51 |
| FPD-0271 | 376.15 | 428.30 | 52.15 | 0.68 |
| FPD-0271 | 392.45 | 402.00 | 9.55 | 2.40 |
| FPD-0272 | 369.70 | 404.80 | 35.10 | 1.00 |
| FPD-0272 | 398.80 | 401.80 | 3.00 | 6.18 |
| PAI-001 | 259.75 | 306.00 | 46.25 | 06 |
| PAI-001 | 289.00 | 293.00 | 4.00 | 3.40 |
| PAI-001 | 325.55 | 329.35 | 3.80 | 3.20 |
| PAI-003 | 402.85 | 459.55 | 56.70 | 1.00 |
| PAI-003 | 419.60 | 427.60 | 8.00 | 2.60 |
| PAI-004 | 429.20 | 530.30 | 101.10 | 1.40 |
| PAI-004 | 456.55 | 483.20 | 26.65 | 4.20 |
| PAI-004 | 472.20 | 479.20 | 7.00 | 11.20 |
| PAI-005 | 470.20 | 519.25 | 49.05 | 1.30 |
| PAI-005 | 480.90 | 493.95 | 13.05 | 3.70 |
| PAI-007 | 370.90 | 407.00 | 36.10 | 2.00 |
| PAI-007 | 395.90 | 406.00 | 10.10 | 5.90 |
| PAI-008 | 466.50 | 508.50 | 42.00 | 0.80 |
| PAI-008 | 488.50 | 493.50 | 5.00 | 4.00 |
| PAI-012 | 380.15 | 414.95 | 34.80 | 100 |
| PAI-012 | 403.15 | 409.95 | 6.80 | 3.30 |
| PAI-014 | 562.25 | 606.20 | 43.95 | 1.60 |
| PAI-014 | 574.20 | 593.20 | 19.00 | 2.80 |
| PAI-014 | 574.20 | 577.05 | 2.85 | 8.20 |
| PAI-014 | 588.15 | 593.20 | 5.05 | 4.70 |
| \*Widths are apparent | \*Widths are apparent | \*Widths are apparent | \*Widths are apparent | \*Widths are apparent |

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| 7-10 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-10: Cross Section of Paiol Mineralization Displaying Updated Drill Results 2023-2024**

![](ex9604_021.jpg)

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| 7-11 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

7.2.2.2 Vira Saia

Located approximately five kilometres from the Paiol mine (Figure ‎7-11), the Vira Saia deposit is situated within a granodioritic dome of the Serra das Areias Suite, associated with a shear zone (strike-slip fault) discordant to the trend of the Riachão do Ouro greenstone belt.

A total of 20 diamond drilling holes were carried out in 2024, totalling 2,614.00 m drilled. The objective of this drilling was to upgrade Inferred Resources to Indicated Resources. It is still necessary, however, to tighten the infill drilling grid to cover some gaps to complete this resource upgrade. Table ‎7-4 summarizes some of the results from this program.

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| 7-12 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-11: Location Map of Aura Vira Saia Drill Program 2024**

![](ex9604_022.jpg)

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| 7-13 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎7-4: Significant Intercepts from Vira Saia Exploration**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Hole** | **From<br> (m)** | **To<br> (m)** | **Length<br> (m)** | **Au<br> (g/t)** |
| VRS-002 | 52.30 | 63.00 | 10.70 | 0.34 |
| VRS-002 | 52.30 | 53.30 | 1.00 | 1.34 |
| VRS-003 | 17.60 | 38.15 | 20.55 | 1.17 |
| VRS-003 | 24.50 | 34.50 | 10.00 | 2.37 |
| VRS-004 | 1.85 | 2.85 | 1.00 | 0.30 |
| VRS-004 | 34.10 | 35.10 | 1.00 | 0.30 |
| VRS-006 | 9.10 | 15.10 | 6.00 | 0.35 |
| VRS-006 | 13.10 | 14.10 | 1.00 | 1.08 |
| VRS-007 | - | - | - | NEGATIVE |
| VRS-008 | 4.25 | 6.25 | 2.00 | 3.20 |
| VRS-008 | 12.25 | 19.00 | 6.75 | 1.00 |
| VRS-008 | 12.25 | 13.25 | 1.00 | 5.00 |
| VRS-008 | 53.30 | 55.00 | 1.70 | 1.90 |
| VRS-008 | 53.30 | 54.30 | 1.00 | 3.20 |
| VRS-009 | - | - | - | NEGATIVE |
| VRS-011 | 28.20 | 51.35 | 23.15 | 0.40 |
| VRS-011 | 50.35 | 51.35 | 1.00 | 2.65 |
| VRS-014 | - | - | - | NEGATIVE |
| VRS-034 | 42.70 | 48.70 | 6.00 | 4.80 |
| VRS-035 | 126.80 | 129.80 | 3.00 | 1.20 |
| VRS-036 | 76.20 | 77.70 | 1.50 | 1.00 |
| VRS-036 | 83.70 | 87.70 | 4.00 | 1.40 |
| VRS-038 | 124.20 | 130.20 | 6.00 | 0.60 |
| VRS-038 | 128.20 | 130.20 | 2.00 | 1.20 |
| VRS-039 | 160.35 | 168.40 | 8.05 | 0.50 |
| VRS-039 | 164.05 | 166.05 | 2.00 | 1.40 |
| VRS-039 | 176.55 | 177.55 | 1.00 | 1.60 |
| \*Widths are apparent, not true widths. | \*Widths are apparent, not true widths. | \*Widths are apparent, not true widths. | \*Widths are apparent, not true widths. | \*Widths are apparent, not true widths. |

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7.2.3 Regional Target Drilling (2021 to 2024)

7.2.3.1 Morro do Carneiro Target

The Morro do Caneiro target is located near the city of Almas and approximately 15 km north of the Paiol mine (Figure ‎7-12). It is situated within the metavolcano-sedimentary rocks at the top

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| 7-14 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

of the Riachão do Ouro greenstone belt (Morro do Carneiro Formation). The gold mineralization is primarily hosted in metachert tourmaline (guide layer), with intercalations of felsic metavolcanic rocks, embedded in carbonaceous metaritmites. Overlying these metavolcano-sedimentary rocks are layers of metabasalts from the Córrego do Paiol Formation, suggesting that the area lies on the inverted flank of a major fold (anticline/syncline?).

Under Rio Novo, thirty exploration drill holes were completed, which subsequently guided Aura's drilling program initiated in 2021. During that year, nineteen diamond drill holes were drilled, totalling 4,852.75 m.

Several positive results were obtained, with high-grade intercepts (>1 g/t Au) encountered, however, high-grade intercepts are always intercalated with lower-grade intervals, indicating the geological complexity of the target. The area is characterized by numerous lithological intercalations, as well as a structural arrangement indicating an overlapping fold system (Figure ‎7-13). Additionally, there is potential to extend the mineralization along the northwest strike and further drilling is required to test the extents and continuity of the mineralization. Some positive results from the drill program are outlined in Table ‎7-5.

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| 7-15 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-12: Drill Holes in the Morro do Carneiro Target**

![](ex9604_023.jpg)

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| 7-16 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-13: Cross Section of Morro do Carneiro Target with Significant Intercepts**

![](ex9604_024.jpg)

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| 7-17 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎7-5: Significant Intercepts from Morro do Carneiro Exploration**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Hole** | **From** | **To** | **Length** | **Au<br> (g/t)** |
| FCD-031 | 15.00 | 17.00 | 2.00 | 1.10 |
| FCD-031 | 113.20 | 119.50 | 6.30 | 1.51 |
| FCD-031 | 115.20 | 116.20 | 1.00 | 5.00 |
| FCD-031 | 140.00 | 161.00 | 21.00 | 0.60 |
| FCD-031 | 140.80 | 143.55 | 2.75 | 1.80 |
| FCD-031 | 159.15 | 160.00 | 0.85 | 1.90 |
| FCD-032 | 78.35 | 79.60 | 1.25 | 1.10 |
| FCD-032 | 128.20 | 129.35 | 1.15 | 1.90 |
| FCD-034 | 136.20 | 151.35 | 15.15 | 0.38 |
| FCD-034 | 142.40 | 143.35 | 0.95 | 1.14 |
| FCD-034 | 173.00 | 174.05 | 1.05 | 1.20 |
| FCD-037 | 42.00 | 46.15 | 4.15 | 1.18 |
| FCD-037 | 42.00 | 43.00 | 1.00 | 2.70 |
| FCD-037 | 82.25 | 84.95 | 2.70 | 0.88 |
| FCD-037 | 82.25 | 83.25 | 1.00 | 1.20 |
| FCD-038 | 120.55 | 121.90 | 1.35 | 3.20 |
| FCD-038 | 282.30 | 283.75 | 1.45 | 1.23 |
| FCD-040 | 155.50 | 166.10 | 10.60 | 1.58 |
| FCD-040 | 159.30 | 164.30 | 5.00 | 2.93 |
| FCD-041 | 152.85 | 153.85 | 1.00 | 5.30 |
| FCD-043 | 89.25 | 94.25 | 5.00 | 0.94 |
| FCD-043 | 91.25 | 93.25 | 2.00 | 1.70 |
| FCD-043 | 137.00 | 137.60 | 0.60 | 1.52 |
| FCD-043 | 254.15 | 256.15 | 2.00 | 1.15 |
| FCD-043 | 265.30 | 268.65 | 3.35 | 0.83 |
| FCD-043 | 267.30 | 268.65 | 1.35 | 1.22 |
| FCD-046 | 136.60 | 137.60 | 1.00 | 1.40 |
| FCD-046 | 193.65 | 198.00 | 4.35 | 0.82 |
| FCD-046 | 197.00 | 198.00 | 1.00 | 1.82 |
| FCD-048 | 93.70 | 95.40 | 1.70 | 1.35 |
| FCD-048 | 100.70 | 101.40 | 0.70 | 1.26 |
| FCD-048 | 121.10 | 124.15 | 3.05 | 0.80 |

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| 7-18 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| **Hole** | **From** | **To** | **Length** | **Au<br> (g/t)** |
| FCD-050 | 88.85 | 95.00 | 6.15 | 0.89 |
| FCD-050 | 93.85 | 95.00 | 1.15 | 3.07 |
| FCD-050 | 102.65 | 122.65 | 20.00 | 0.33 |
| FCD-050 | 109.65 | 110.65 | 1.00 | 1.30 |
| FCD-050 | 286.80 | 293.80 | 7.00 | 0.58 |
| FCD-050 | 290.80 | 291.80 | 1.00 | 1.48 |
| FCD-051 | 101.50 | 102.50 | 1.00 | 1.40 |
| FCD-051 | 189.80 | 190.80 | 1.00 | 10.90 |
| FCD-053 | 157.70 | 170.80 | 13.10 | 0.57 |
| FCD-053 | 161.70 | 166.25 | 4.55 | 1.20 |

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7.2.3.2 Nova Prata Target

Located approximately 10 km southeast of the Paiol mine, the Nova Prata target is found in the upper portion of the Córrego do Paiol Formation, characterized by intercalations of mafic rocks (metabasalts) with intermediate rocks.

Drilling began in 2022, with three drill holes completed. In 2023, an additional four holes were drilled, followed by six more in 2024, resulting in a total of thirteen drill holes and 3,057.75 m of diamond drilling. The location of the drilling is shown on the map in Figure ‎7-14. These results suggest the presence of mineralization with associated hydrothermal alteration similar to that observed at the Paiol mine, where mineralization is associated with a chlorite-ankerite-quartz schist (metabasalt) layer, characterized by pervasive mylonitic foliation and intense sulphidation, with oxidized to fresh pyrite. Significant results from the drilling are presented in Table ‎7-6 and are depicted in Figure ‎7-15.

**Table ‎7-6: Significant Results from Nova Prata Exploration**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Hole** | **From** | **To** | **Length** | **Au<br> (g/t)** |
| NPT-002 | 199.50 | 200.80 | 1.30 | 1.08 |
| NPT-002 | 225.80 | 226.80 | 1.00 | 1.17 |
| NPT-002 | 251.10 | 254.10 | 3.00 | 0.87 |
| NPT-002 | 253.10 | 254.10 | 1.00 | 1.57 |
| NPT-002 | 263.10 | 264.10 | 1.00 | 1.48 |
| NPT-003 | 0.00 | 39.40 | 39.40 | 0.30 |
| NPT-003 | 30.90 | 34.40 | 3.50 | 1.20 |
| NPT-003 | 53.25 | 54.25 | 1.00 | 1.20 |
| NPT-003 | 72.90 | 80.85 | 7.95 | 0.37 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| **Hole** | **From** | **To** | **Length** | **Au<br> (g/t)** |
| NPT-004 | 19.00 | 20.00 | 1.00 | 1.50 |
| NPT-004 | 40.00 | 89.20 | 49.20 | 0.66 |
| NPT-004 | 66.00 | 86.20 | 20.20 | 1.13 |
| NPT-004 | 127.00 | 141.00 | 14.00 | 0.34 |
| NPT-004 | 128.00 | 129.00 | 1.00 | 1.50 |
| NPT-004 | 171.00 | 172.00 | 1.00 | 1.18 |
| NPT-005 | 34.85 | 42.85 | 8.00 | 0.30 |
| NPT-005 | 41.85 | 42.85 | 1.00 | 1.20 |
| NPT-005 | 52.85 | 53.85 | 1.00 | 1.20 |
| NPT-005 | 64.85 | 66.85 | 2.00 | 0.54 |
| NPT-006 | 54.90 | 58.90 | 4.00 | 0.66 |
| NPT-006 | 54.90 | 55.90 | 1.00 | 2.18 |
| NPT-007 | 41.10 | 42.10 | 1.00 | 0.81 |
| NPT-007 | 118.85 | 119.85 | 1.00 | 0.46 |
| NPT-007 | 194.45 | 195.45 | 1.00 | 0.43 |
| NPT-007 | 208.45 | 209.45 | 1.00 | 2.00 |
| NPT-008 | 6.00 | 7.00 | 1.00 | 3.1 |
| NPT-008 | 143.60 | 152.60 | 9.00 | 0.3 |
| NPT-008 | 145.60 | 146.60 | 1.00 | 1.3 |
| NPT-008 | 159.60 | 161.60 | 2.00 | 0.4 |
| NPT-009 | 55.80 | 56.80 | 1.00 | 1.8 |
| NPT-009 | 70.60 | 73.60 | 3.00 | 0.7 |
| NPT-009 | 79.60 | 108.60 | 29.00 | 0.4 |
| NPT-009 | 85.60 | 89.60 | 4.00 | 1.1 |
| NPT-009 | 140.60 | 143.60 | 3.00 | 1 |
| NPT-011 | 110.35 | 111.35 | 1.00 | 0.8 |
| NPT-011 | 120.40 | 121.40 | 1.00 | 1.3 |
| NPT-017 | 105.70 | 110.70 | 5.00 | 0.3 |
| NPT-017 | 105.70 | 106.70 | 1.00 | 0.9 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-14: Location of Drill Holes for Nova Prata Exploration**

![](ex9604_025.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-15: Nova Prata Mineralization with Drilling Results**

![](ex9604_026.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

7.2.3.3 Lagartixa Target

The Lagartixa target is located within the same geological context as the Vira Saia deposit, specifically within a granodioritic dome of the Serra das Areias Suite, where shear zones are discordant to the trend of the Riachão do Ouro greenstone belt. The map in Figure ‎7-16 illustrates the location of the Lagartixa target in relation to the Paiol mine, as well as the locations of the completed drill holes.

A total of five drill holes have been completed by Aura in 2022 and 2023, totalling 771.10 m of drilling. Notable intersections indicate the presence of mineralization with characteristics similar to those observed at Vira Saia. This includes a mylonitized granodiorite with oxidized to fresh pyrite sulphidation, and the presence of free gold associated with quartz veins (Figure ‎7-17). Significant intercepts from the drilling are shown in Table ‎7-7.

**Table ‎7-7: Significant Results from Lagartixa Target Exploration Program**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Hole** | **From** | **To** | **Length** | **Au<br> (g/t)** |
| LGX-001 | 25.40 | 26.40 | 1.00 | 6.90 |
| LGX-002 | 98.80 | 100.80 | 2.00 | 9.74 |
| LGX-002 | 99.80 | 100.80 | 1.00 | 18.10 |
| LGX-003B | 128.20 | 129.20 | 1.00 | 0.44 |
| LGX-004 | 58.50 | 65.50 | 7.00 | 0.65 |
| LGX-004 | 64.50 | 65.50 | 1.00 | 2.00 |
| LGX-004 | 92.50 | 93.50 | 1.00 | 1.70 |
| LGX-005 | 27.55 | 37.55 | 10.00 | 0.36 |
| LGX-005 | 30.55 | 31.55 | 1.00 | 1.59 |
| LGX-005 | 73.70 | 74.70 | 1.00 | 1.60 |
| LGX-005 | 103.35 | 113.35 | 10.00 | 1.21 |
| LGX-005 | 103.35 | 106.35 | 3.00 | 1.96 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-16: Location of Drill Holes for Lagartixa Target**

![](ex9604_027.jpg)

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| 7-24 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-17: Lagartixa Mineralization with Drilling Results**

![](ex9604_028.jpg)

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| 7-25 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

7.2.3.4 Espinheiro Target

The Espinheiro target is located within the same greenstone belt as the Nova Prata target, approximately 12 km from the Paiol mine (Figure ‎7-18). The geological context of the gold mineralization is characterized by intercalations of mafic rocks (metabasalt) with intermediate rocks (metadacite), indicating a higher portion of the Córrego do Paiol Formation. Four diamond drill holes have been completed by Aura in 2023-2024, totalling 867.90 m, with several high-grade intervals intercepted (Table ‎7-8).

**Table ‎7-8: Significant Intercepts from Espinheiro Target Exploration**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Hole** | **From** | **To** | **Length** | **Au<br> (g/t)** |
| EPN-001 | 41.25 | 42.25 | 1.00 | 6.20 |
| EPN-001 | 117.45 | 118.45 | 1.00 | 0.72 |
| EPN-002 | 13.40 | 18.40 | 5.00 | 0.82 |
| EPN-002 | 17.40 | 18.40 | 1.00 | 3.73 |
| EPN-002 | 66.25 | 67.25 | 1.00 | 0.35 |
| EPN-003 | 85.10 | 86.10 | 1.00 | 0.64 |
| EPN-004 | 61.90 | 62.90 | 1.00 | 0.50 |
| EPN-004 | 70.60 | 77.50 | 6.90 | 0.66 |
| EPN-004 | 74.75 | 77.20 | 2.45 | 1.50 |
| EPN-004 | 147.75 | 148.75 | 1.00 | 6.50 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-18: Location of Drill Holes for Espinheiro Target**

![](ex9604_029.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

7.2.3.5 Poço do Ouro Target

The Poço do Ouro target is located approximately 30 km south of the Paiol mine. Similar to the Nova Prata and Espinheiro targets, the mineralization is associated with the upper portion of the Córrego do Paiol Formation, where intercalations of metabasalt and metadacite occur. However, a unique feature of the Poço do Ouro target is that the intercepted mineralized zone is also associated with possible metarhyolites, exhibiting pyrite + chalcopyrite sulphidation, along with tourmaline veining. A total of five drill holes were completed by Aura in 2023-2024 for 1,021.85 m of drilling (Figure ‎7-19). Some program highlights are shown in Table ‎7-9.

**Table ‎7-9: Significant Intercepts from Poço do Ouro Exploration**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Hole** | **From** | **To** | **Length** | **Au (g/t)** |
| PÇO-001 | 164.00 | 171.95 | 7.95 | 0.36 |
| PÇO-001 | 178.95 | 180.50 | 1.55 | 0.68 |
| PÇO-001 | 178.95 | 179.95 | 1.00 | 1.04 |
| PÇO-001 | 206.00 | 207.00 | 1.00 | 0.47 |
| PÇO-002 | 24.40 | 38.60 | 14.20 | 0.45 |
| PÇO-002 | 34.60 | 37.60 | 3.00 | 1.20 |
| PÇO-003 | 74.15 | 75.15 | 1.00 | 4.50 |
| PÇO-003 | 96.75 | 103.75 | 7.00 | 1.10 |
| PÇO-003 | 100.75 | 101.75 | 1.00 | 3.40 |
| PÇO-004 | 26.70 | 28.70 | 2.00 | 1.10 |
| PÇO-004 | 26.70 | 27.70 | 1.00 | 1.90 |
| PÇO-004 | 39.65 | 40.60 | 0.95 | 0.30 |
| PÇO-005 | 128.20 | 129.20 | 1.00 | 2.00 |
| PÇO-005 | 168.75 | 169.75 | 1.00 | 0.60 |
| PÇO-005 | 179.50 | 180.50 | 1.00 | 0.80 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-19: Location of Drill Holes for Poço do Ouro Target**

![](ex9604_030.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

7.2.4 Drilling Procedures

Drilling on the Almas Project has been completed in various campaigns since 1985 by the VALE – METAGO joint venture, Santa Elina, Mineração Apuã, Rio Novo, and Aura. The main drilling methods included diamond core and reverse circulation (RC) drilling. Drilling collars were surveyed with SAD 1969 datum. Early holes were located by GPS and were re-surveyed by Total Station.

Downhole survey was carried out using GyroMaster, Stockholm Precision Tools.

Historically, core drilling used was a combination of HQ size (63.5 mm diameter) and NQ size (47.6 mm diameter). Drilling employed standard wireline methods and generally used split core tubes. Oriented core was taken where possible to allow accurate structural measurements. Drilling angles were in the range of 45° to 70° to intersect the structure and gold zones as near-perpendicular as possible. Aura completed downhole surveys on all the core holes using Maxibor instrumentation, a standard international tool. Downhole surveys completed by Rio Novo, VALE, and Mineração Apuã were also available for their core drilling programs.

The RC drilling sampling has been carried out each metre; each advanced metre is homogenized and collected. One half of each sample is sent to the laboratory, the other half is maintained in the core shed.

The auger drilling sampling has been carried out every metre; each advanced metre is homogenized and collected. Half of each sample is sent to the laboratory; the other half is maintained in the core shed.

The blasthole sampling has been carried out every one metre or 2.5 m, depending on the sampling method used.

Further details are provided in the following subsections that describe the drilling, logging, and sampling procedures used by Rio Nova and Aura.

7.2.4.1 Previous Work (2010 – 2012)

The protocols described below have been compiled from information provided in Ghazanfari et al. (2021). This report incorporates data from RPM (2016).

Rio Novo utilized data exclusively from diamond core drilling for resource estimation in RPM (2016), therefore, the following discussion pertains primarily to diamond core sampling procedures. Between 2010 and 2012, diamond core drilling was conducted by SGS Geosol Drilling Ltda. (Geosol) under contract with Rio Novo. Geosol drilling crews were responsible for extracting the core, placing it into wooden core boxes, and sealing the boxes with tape or straps before transport. The core was transported by truck to Rio Novo's core processing facility located at the former Paiol mine.

Upon arrival at the core processing facility, the core was laid out, washed, and photographed. Logging and sample interval marking were carried out by Rio Novo geologists. Sample intervals were typically one metre in length but could vary based on specific sampling requirements or geological features, with maximum intervals of 1.5 m and minimum intervals of 0.5 m. Core logging included lithological, alteration, mineralization zone, structural, and geotechnical data. Structural and geotechnical observations included foliation, fractures, vein orientation, and faults. Wherever possible, oriented core samples were collected to improve structural accuracy. Core recovery and Rock Quality Designation (RQD) were measured and calculated for all drill intervals.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

Core cutting was performed under the supervision of Rio Novo geologists by Geosol personnel using diamond-impregnated cutting saws, an industry standard. To the extent possible, the core was cut perpendicular to major vein orientations. Geosol bagged the samples according to Rio Novo's protocols, placing them in plastic bags marked with both electronic barcodes and handwritten labels. Each sample bag included one barcode tag inside and one outside the bag. Sample numbers were electronically entered into the database along with the corresponding sample intervals, generating an electronic sample submittal form.

The contractual relationship between Geosol and Rio Novo was strictly for the provision of drilling and analytical services during Rio Novo's exploration programs.

7.2.4.2 Current Work (2022 – 2024)

Aura used data from diamond core, RC, and blasthole drilling for the current resource estimation.

**Diamond Drill Core Samples**

For diamond drill core samples, Aura continues to employ the same methods previously applied by Rio Novo.

**RC Samples**

For vertical RC drilling, sampling is conducted at one metre intervals. The collected material must pass through a cyclone and splitter attached to the drill rig to ensure proper homogenization. The equipment must be properly levelled to prevent segregation caused by density differences.

Each sample is labelled following a standardized naming convention, where each metre of depth corresponds to one sample (e.g., 0.00–1.00). It is the responsibility of the on-duty technician to verify the correct identification of samples and the completion of the sampling log based on the collected samples.

Samples are collected in polyethylene plastic bags. Three aliquots are prepared for each interval:

&nbsp;&nbsp;&nbsp;&nbsp;· The first aliquot (15%) is sent to the laboratory for analysis.

&nbsp;&nbsp;&nbsp;&nbsp;· The second aliquot (15%) is designated for metallurgical testing.

&nbsp;&nbsp;&nbsp;&nbsp;· The third aliquot (15%) is reserved for duplicate analysis as specified in the sampling plan. If no duplicates are needed, the third
aliquot is retained for future use.

The sample aliquots to be sent to the laboratory are packed in polyethylene bags, clearly labelled with a tag and permanent marker or printed label following a standardized format. Bags are securely tied with cotton string. All three aliquots are weighed immediately after sampling, with weights recorded on a weight log specific to the drill hole. No data from multiple drill holes are recorded on the same log.

Recovery calculations are performed at the end of each hole and to ensure recovery greater than 75%. If recovery is less than 75%, a twin hole may be requested by Aura. Recovery calculations use assumed densities: 1.54 t/m³ for soil, 2.35 t/m³ for saprolite, and 2.78 t/m³ for fresh rock. The degree of weathering is determined from the geological description.

At each advance, a chip sample is collected and stored in a designated plastic tray. This tray holds two aliquots: one unaltered and the other sieved and washed to reveal rock fragments.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

For highly weathered samples, the second aliquot is sieved, but not washed. These samples are preferably collected from rejected material.

After every maneuver, the hole, hoses, cyclone, and splitter are cleaned using compressed air. For wet or damp samples, cleaning is done with pressurized water. Wet samples are noted in the sampling log.

At the conclusion of drilling, the geology team confirms that all planned holes and samples have been completed. This verification process includes at least two team members to reduce errors. Once completed, samples are placed in the sample yard for dispatch. At the end of each shift, generated samples are transported to the shed for preparation (labeling) and insertion of quality assurance and quality control (QA/QC) samples (see Section ‎8.4 for QA/QC details) before delivery to the laboratory.

**Blasthole Samples**

Drill holes are identified according to a pre-determined sampling plan provided by the geologist or geology technician. The drilled holes are cross-checked with a printed version of the plan and those that have been sampled are marked on the printed form. This procedure ensures accuracy and traceability throughout the process.

Samples are collected using the dust collector attached to the drill rig, based on the Type 1 or Type 2 sampling method determined by the geology team. For Type 1 sampling, material is collected every 2.5"m, either in a clean bag or on a plastic sheet placed under the dust collector. After collection, the sample is quartered using the plastic sheet, homogenized, and formed into a cone. The cone is then split into equal portions using the fishbone method. Leftover material is used for duplicates, if required, or discarded. For Type 2 sampling, material is collected every one metre, stored in a clean bag or on a plastic sheet, and no duplicates are taken.

A permanent marker is used to label a sequential number on a clean sample bag, following the sampling plan. This method ensures there are no duplicate samples. After the sample is collected, a printed tag is placed inside the bag to ensure proper laboratory control.

Only dry holes with no water are sampled by blasthole. A safety distance of at least 20 m from operating drill rigs is maintained. During night operations, artificial lighting, visible identification, proper signaling, and equipment shutdown procedures are followed when necessary. Sampling tools are cleaned using compressed air instead of water to avoid material contamination.

Personnel are required to adhere to the following safety measures:

&nbsp;&nbsp;&nbsp;&nbsp;· Do not approach or interact with the machine while it is operating. Inform
the operator before approaching and wait for confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;· Sampling should only occur when the machine is fully locked and stationary.

&nbsp;&nbsp;&nbsp;&nbsp;· Never hold sample bags directly under the dust collector with your hands during operation.

Once field collection is complete, the samples are transported to a controlled area, such as the geology shed, to insert QA/QC samples (see Section ‎8.4 for QA/QC details). Subsequently, samples must be grouped into batches of 74 units and dispatched to the laboratory for analysis. Lastly, sampled holes are registered by the survey team, with guidance from the geology team, as soon as possible.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The SLR QP is of the opinion that there are no drilling, sampling or recovery factors that could materially impact the accuracy and reliability of the results and that the results are suitable for use in Mineral Resource estimation.

7.3 Hydrogeology Data

Hydrogeological data for the Paiol Mine and Almas deposit has been collected through dedicated hydrogeological drilling, piezometer installations, and pump tests conducted across the property. These data sources have been used to assess groundwater conditions, permeability, and dewatering requirements, supporting mine planning and geotechnical stability evaluations.

7.3.1 Hydrogeological Study of Paiol Mine Area

In June 2024 MDGEO was tasked with generating a geological study on the influence of water dynamics on the extraction of Paiol mine. The work involved the consolidation, analysis, and interpretation of geological, hydrogeological, and hydrological data. The preparation of the technical report aimed to present the obtained results clearly and in detail, proposing improvements and conclusions regarding the influence on the subterranean water dynamics of the study area.

The monitoring of the groundwater level was carried out through various monitoring wells and piezometers. A map of with the location of the wells with relation to the Paiol mine is depicted in Figure ‎7-20 and the evolution of the water level in the wells is shown in Figure ‎7-21 from January 2023 to March 2024.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-20: Location of Monitoring Wells and Piezometers in Paiol Area**

![](ex9604_031.jpg)

Source: Aura 2024.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-21: Evolution of Water in Paiol Mine Wells 2023-2024**

![](ex9604_032.jpg)

Source: Aura 2024.

From the information gathered in Figure ‎7-21 MDGEO concluded that there were minor fluctuations in the water levels throughout the monitored periods, with low-amplitude oscillations in the level, probably related to rainfall periods.

Based on the groundwater level data from the instruments a flow map was created from data collected in December of 2023. This map indicates that the original flow of groundwater occurs in the NE/SW direction, coinciding with the regional structure. The flow in the northern part converges into the pit, while in the southern part, the flow directs towards the drainage channel in the area of the future southern pit. The areas of convergence of the groundwater flow tend to remain with high moisture, small flooding, and associated springs Figure ‎7-22. The local geology and rainfall consistency were analyzed as well to validate the data captured.

The conclusions from the study included that the current monitoring at Paiol may be experiencing communication failures as it has been recording less rainfall than the regional consistency analysis. The northern region of the mine pit will experience significantly less flow than to the southern region due to the large drainage area planned for the southern part of the mine. MDGEO recommended a series of sumps and pumps to be placed in the southern part of the mine to mitigate the and financial and geotechnical risk of the expected precipitation volumes as the extraction of Paiol mine continues (MDGEO,2024).

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎7-22: Flow Map of Paiol Mine Area with Groundwater Level Data from December 2023**

![](ex9604_033.jpg)

7.4 Geotechnical Data

During the 2010 to 2012 exploration period, diamond core drilling was conducted by Geosol, under contract with Rio Novo. Drilling cores were extracted and placed into sealed wooden core boxes for transport to the processing facility at the former Paiol mine. Upon arrival, cores were washed, photographed, and logged, with sample intervals generally set at one metre, ranging between 0.5 m to 1.5 m for special cases. Core logging included lithology, alteration, mineral zones, and structural and geotechnical logging. Specific details included foliation, fractures, vein orientation, and faulting. Table ‎7-10 and Table ‎7-11 show the campaign details for Vira Saia and Cata Funda, respectively.

Geosol performed the core cutting using diamond-impregnated saws under Rio Novo's supervision. Cores were cut perpendicular to major vein orientations, where possible, and samples were bagged, tagged with bar codes, and electronically entered in a centralized database, ensuring an efficient tracking and sampling process. These protocols meet industry standards for maintaining sample integrity and ensuring reliable assay results.

Laboratory testing for all three pits comprised:

&nbsp;&nbsp;&nbsp;&nbsp;· Uniaxial Compressive Strength (UCS): Measured intact rock strength.

&nbsp;&nbsp;&nbsp;&nbsp;· Shear Strength Parameters: Cohesion and friction angle for stability calculations.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Hydraulic Conductivity: Used to evaluate aquifer properties and groundwater inflow potential.

Key parameters derived from geotechnical investigations included:

&nbsp;&nbsp;&nbsp;&nbsp;· Cohesion (c) and Friction Angle (φ) for different lithologies.

&nbsp;&nbsp;&nbsp;&nbsp;· Rock Mass Rating (RMR) classifications ranging from Class V (very poor) in saprolitic soils to Class II-I (good to very good) in fresh
rock.

&nbsp;&nbsp;&nbsp;&nbsp;· RQD values, which show an increase with depth supporting steeper slopes in deeper zones.

**Table ‎7-10: Geotechnical Investigation for Vira Saia** 

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|:---|:---|:---|:---|:---|:---|:---|
| **Drilling Type** | **Company** | **Holes** | **Amount (m)** | **Samples** | **Average Depth<br> (m)** | **Series** |
| Oriented Holes | Rio Novo | 2 | 288.15 | 0 | 144.07 | FVSE-0001 to 0002 |
| Geotechnical Hole | Rio Novo | 2 | 100.75 | 0 | 50.37 | FVSG 0001 to 0002 |
| Total Drilling | - | 4 | 388.90 | 0 | 97.22 | - |

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**Table ‎7-11: Geotechnical Investigation for Cata Funda** 

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|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Company** | **Holes** | **Amount (m)** | **Samples** | **Average Depth<br> (m)** | **Series** |
| Oriented Holes | Rio Novo | 3 | 492.65 | 0 | 164.22 | FAE-0001 to 0003 |
| Geotechnical Hole | Rio Novo | 2 | 124.25 | 0 | 62.12 | FAG 0001 to 0002 |
| Total Drilling | - | 5 | 616.90 | 0 | 123.38 | - |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

8.0 Sample Preparation, Analyses, and Security

This section outlines the historical exploration and technical work conducted by Rio Novo between 2010 and 2012, as well as the sample preparation, analysis, security, and quality control/quality assurance (QA/QC) activities carried out by Aura since acquiring the property in 2018. No drilling data is available for the period between 2013 and 2021.

The sample preparation procedures used at site prior to dispatch to the laboratory are described in Section ‎7.2.4.

8.1 Sample Security

Core boxes were transported daily to the core shed by personnel from the drilling company. Samples were transported by a contractor supervised by company personnel. Core boxes and samples were stored in safe, controlled areas.

Chain-of-custody procedures were followed whenever samples were moved between locations and to and from the laboratory, by the completion of sample submittal forms from the laboratories.

8.2 Sample Preparation and Analysis

The Almas Project engaged multiple laboratories for sample analysis, with EPP-LI (Apoena Internal Laboratory), SGS-LI (Internal SGS Geosol Laboratory at Almas), and SGS-LE (External SGS Geosol Laboratory located in Vespasiano, Minas Gerais State, Brazil) serving as the primary laboratories.

SGS - Geosol Laboratórios LTDA (SGS Geosol) is an independent commercial laboratory, a joint venture between SGS do Brasil and Geosol Geologia e Sondagens, certified under ISO 9001, ensuring adherence to strict quality management standards. Additionally, it holds ISO 14001 certification for environmental management and ISO/IEC 17025 accreditation, demonstrating its competence in analytical testing and calibration. Sample preparation and analysis at SGS consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;· Drying at 105ºC and weighed

&nbsp;&nbsp;&nbsp;&nbsp;· Crushing to +90% passing 2 mm (9 mesh)

&nbsp;&nbsp;&nbsp;&nbsp;· Splitting with a quartering Jones

&nbsp;&nbsp;&nbsp;&nbsp;· Pulverizing to 95% passing 0.105 mm (150 mesh)

&nbsp;&nbsp;&nbsp;&nbsp;· 50 g pulp analyzed by fire assay (FA) with atomic absorption (AA) (Au-AA24)

&nbsp;&nbsp;&nbsp;&nbsp;· If >10 ppb Au, re-assayed by FA with metallic screen test (MET-150)

&nbsp;&nbsp;&nbsp;&nbsp;· A total of 34 other elements were determined using a multielement inductively coupled plasma – atomic emission spectroscopy
(ICP-AES) instrument and in aqua regia or in four-acids methods.

Since November 2011, all samples from the mineralized zone of the Vira Saia target have been analyzed using the metallic screen assay method. This method enhances the accuracy and precision of gold assays, particularly for samples with coarse gold grains. In this procedure, a larger sample is pulverized and sieved through a 150-mesh screen. The coarse fraction (>150 mesh), which may contain coarse gold particles, and the fine fraction (<150 mesh) are assayed separately. The entire coarse fraction is analyzed while a 50 g (2 Assay Tons) sub-sample is

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

used for the fine fraction. The final gold concentration for the total sample is calculated as the weighted average of the two fractions, ensuring representative and reliable results.

Figure ‎8-1 summarizes the analytical procedures employed by SGS Geosol laboratory for sample analysis at the Almas Project.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎8-1: Sample Preparation Process Workflow for SGS Geosol Laboratory**

![](ex9604_034.jpg)

Source: Ghazanfari et al. 2021.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

ALS Chemex (ALS), Belo Horizonte, Minas Gerais, Brazil, an independent third-party laboratory, was utilized as the external laboratory to perform independent check assays. ALS laboratories hold accreditation under ISO/IEC 17025:2005 for specific analytical procedures, ensuring precision and reliability.

Both SGS and ALS function as independent laboratories, maintaining complete autonomy from Aura. Analytical results from both laboratories were delivered digitally to the database manager. Certificates of Analysis were provided separately, with both digital files and certificates archived in Almas' digital database to support data validation processes.

In the SLR QP's opinion, the sample preparation, analysis, and security procedures at Almas are adequate for use in the estimation of Mineral Resources

8.3 Density Determinations

Full details are available in Ghazanfari et al. (2021). The information below is derived from this report and represents a summary of its contents.

Bulk densities of geological materials in drill core were critical for determining mass during mineral resource estimation. Density data had to accurately represent the deposit lithologies and were determined using replicate samples. Rio Novo employed different methodologies depending on the material type—fresh rock, weathered rock, or saprolite.

&nbsp;&nbsp;&nbsp;&nbsp;· **Fresh Rock:** The Archimedes method was used, which involved weighing the sample in air and water. The bulk density was calculated
using a mathematical equation based on these weights. Quality control was maintained by inserting a standard sample with a known density
for every 20 measurements, ensuring the accuracy of procedures and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;· **Saprolite and Weathered Rock:** Saprolite, a clay-rich material formed by tropical weathering, and oxidized, weathered rocks
were processed using a different approach. Samples were collected, preserved in plastic envelopes, and weighed to determine wet weight.
Displaced water volume was measured by submerging the sample in a water-filled basin and collecting the overflow. After drying the sample
in an oven, the wet and dry weights, along with the displaced water volume, were recorded and used to calculate the bulk density.

8.4 Quality Assurance and Quality Control

The Project has implemented rigorous quality assurance (QA) and quality control (QC) protocols since 2010 to ensure data integrity and reliability in sample management. The QA program includes the application of standardized operating procedures (SOPs) and robust data management and transfer systems. The QC program ensures the quality and performance of sampling, sample preparation, and analytical processes through routine monitoring. QC data are regularly analyzed to assess the reliability of assay results and provide confidence in the data used for Mineral Resource estimation.

For the current Mineral Resource estimate, SLR reviewed QA/QC data collected between 2010 and August 22, 2024, the cut-off date for the resource database.

The Almas QA/QC program mandates the insertion of control samples within each batch submitted for analysis, as outlined below:

&nbsp;&nbsp;&nbsp;&nbsp;· **Certified Reference Materials (CRMs):** One high-grade and one low- or medium-grade CRM are included with an insertion rate of
5% to monitor accuracy. Standards are

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

inserted within mineralized zones, with grades close to the expected values for each zone.

&nbsp;&nbsp;&nbsp;&nbsp;· **Blank Samples:** Blank samples represent 5% of the total samples and are primarily inserted after mineralized intervals or lithological
contacts to detect contamination.

&nbsp;&nbsp;&nbsp;&nbsp;· **Duplicate Samples:** Duplicates also represent 5% of the total samples, including field duplicates (quarter core) and pulp duplicates
(splits of pulverized material), to verify precision. Duplicates are preferably inserted along mineralized zones.

&nbsp;&nbsp;&nbsp;&nbsp;· **Check Assays:** No tertiary check assays were conducted for primary or secondary laboratories.

The acceptance criteria and protocols for failures are presented as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· **CRMs:** A batch fails automatically if any CRM assay result exceeds three standard deviations (SD) from the CRM's certified
mean. The entire batch must be re-assayed. CRM trend analysis is performed to monitor bias. If trends indicate possible bias, the laboratory
is contacted to resolve the issue.

&nbsp;&nbsp;&nbsp;&nbsp;· **Blanks:** If blank assays exceed three times the detection limit, ten samples surrounding the blank are automatically re-assayed.

&nbsp;&nbsp;&nbsp;&nbsp;· **Duplicates:** Field duplicates are not used to determine failure of assay certificates, instead they are reviewed to monitor
precision and variability. If the data significantly exceed the failure criteria limits, it is essential to review whether the sampling
and sample analysis protocols are being properly followed or if they require revision.

The insertion rate and failure criteria applied in the Almas Project are presented in Table ‎8-1.

**Table ‎8-1: Almas Control Sample Insertion Rate and Failure Criteria**

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|:---|:---|:---|:---|:---|
| **Control Sample** | **Type** | **Insertion Rate** | **Failure Criteria** | **Expected/Allowed<br> % Failures** |
| Blanks | Coarse | 5% | >3 x detection limit | <5% |
| CRMs | High/Medium | 5% | >3 SD | <10% |
| CRMs | Low | 5% | >3 SD | <10% |
| Duplicates | Field | 5% | >±30% HARD error | <10% |
| Duplicates | Pulp | 5% | >±10% HARD error | <10% |

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QC samples at the Project account for approximately 8% of the total samples submitted, encompassing all prospects, including Paiol, Vira Saia, and Cata-Funda. Table ‎8-2 presents a summary of the Project's QC submittals and Table ‎8-3 shows the submittals by prospect.

**Table ‎8-2: Almas QC Submittals: 2010 to 2024**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Hole Type** | **Primary Samples** | **Blank** | **%** | **CRM** | **%** | **Field Duplicate (FD)** | **%** | **Pulp Duplicate (PD)** | **%** | **Check Assay** | **Insertion Rate<br> (%)** |
| 2010 | DD | 34530 | 456 | 1% | 1182 | 3% | 511 | 1% | - | - | 489 | 7% |
| 2010 | RC | 878 | 22 | 2% | 45 | 5% | 24 | 0% | - | - | - | 9% |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Hole Type** | **Primary Samples** | **Blank** | **%** | **CRM** | **%** | **Field Duplicate (FD)** | **%** | **Pulp Duplicate (PD)** | **%** | **Check Assay** | **%** | **Insertion Rate<br> (%)** |
|  | TR | 1222 | - | - | - | 0% | 33 | 0% | - | - | - | - | 3% |
| 2011 | DD | 31346 | 821 | 2% | 1831 | 5% | 890 | 1% | - | - | 160 | 0% | 11% |
| 2011 | TR | 43 | - | 0% | - | 0% | - | 0% | - | - | - | - | 0% |
| 2011 | CN | - | 97 | 100% |  | 0% | - | 0% | - | - | - | - | - |
| 2012 | DD | 8175 | 221 | 2% | 565 | 6% | 302 | 0% | - | - | - | - | 12% |
| 2012 | CN | - | 67 | - | - | 0% | - | 0% | - | - | - | - | - |
| 2012 | TC | - | 11 | - | - | 0% | - | 0% | - | - | - | - | - |
| 2022 | CN | 7 | - | 0% | - | 0% | - | 0% | - | - | - | - | 0% |
| 2022 | RC | 2524 | 16 | 1% | 16 | 1% | 13 | 1% | 11 | 0% | - | - | 2% |
| 2023 | CN | 148 | 4 | 3% | 3 | 2% | - | 0% | 1 | 1% | - | - | 5% |
| 2023 | DD | 4000 | 94 | 2% | 99 | 2% | - | 0% | - | - | - | - | 5% |
| 2023 | PF | 92 | 4 | 4% | 2 | 2% | - | 0% | - | - | - | - | 6% |
| 2023 | RC | 22593 | 345 | 1% | 313 | 1% | 249 | 1% | 281 | 1% | - | - | 5% |
| 2023 | TC | 226 | 6 | 3% | 5 | 2% | - | 0% | 2 | 1% | - | - | 5% |
| 2024 | DD | 3006 | 192 | 6% | 176 | 5% | - | 0% | - | - | - | - | 11% |
| 2024 | PF | 203 | 5 | 2% | 2 | 1% | - | 0% | 2 | 1% | - | - | 4% |
| 2024 | RC | 20860 | 287 | 1% | 285 | 1% | 481 | 2% | 282 | 1% | - | - | 6% |
| Grand Total | Grand Total | 129853 | 2648 | 2% | 4524 | 3% | 2503 | 1% | 579 | 0% | 649 | - | 8% |
| Notes: DD (Diamond Drill), RC (Reverse Circulation), TR (Auger), CN (Channel), TC (Trench) | Notes: DD (Diamond Drill), RC (Reverse Circulation), TR (Auger), CN (Channel), TC (Trench) | Notes: DD (Diamond Drill), RC (Reverse Circulation), TR (Auger), CN (Channel), TC (Trench) | Notes: DD (Diamond Drill), RC (Reverse Circulation), TR (Auger), CN (Channel), TC (Trench) | Notes: DD (Diamond Drill), RC (Reverse Circulation), TR (Auger), CN (Channel), TC (Trench) | Notes: DD (Diamond Drill), RC (Reverse Circulation), TR (Auger), CN (Channel), TC (Trench) | Notes: DD (Diamond Drill), RC (Reverse Circulation), TR (Auger), CN (Channel), TC (Trench) | Notes: DD (Diamond Drill), RC (Reverse Circulation), TR (Auger), CN (Channel), TC (Trench) | Notes: DD (Diamond Drill), RC (Reverse Circulation), TR (Auger), CN (Channel), TC (Trench) | Notes: DD (Diamond Drill), RC (Reverse Circulation), TR (Auger), CN (Channel), TC (Trench) | Notes: DD (Diamond Drill), RC (Reverse Circulation), TR (Auger), CN (Channel), TC (Trench) | Notes: DD (Diamond Drill), RC (Reverse Circulation), TR (Auger), CN (Channel), TC (Trench) | Notes: DD (Diamond Drill), RC (Reverse Circulation), TR (Auger), CN (Channel), TC (Trench) | Notes: DD (Diamond Drill), RC (Reverse Circulation), TR (Auger), CN (Channel), TC (Trench) |

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**Table ‎8-3: Almas QC Submittal by Prospect: 2010 to 2024**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Blanks** | **Blanks** | **Blanks** | **Duplicates** | **Duplicates** | **Duplicates** | **Duplicates** | **CRM** | **CRM** | **CRM** | **Check Assay** | **Check Assay** | **Check Assay** | **Check Assay** | **Grand Total** |
| **Year** | **Cata Funda** | **Paiol** | **Vira Saia** | **Cata Funda** | **Paiol** | **Paiol (HL)** | **Vira Saia** | **Cata Funda** | **Paiol** | **Vira Saia** | **Cata Funda** | **Paiol** | **Paiol (HL)** | **Vira Saia** | **Grand Total** |
| 2010 | 178 | 300 | - | 190 | 325 | 53 | - | 460 | 767 |  | 131 | 354 | 4 | - | 2762 |
| 2011 | 211 | 357 | 350 | 192 | 332 | - | 366 | 348 | 744 | 739 | 30 | 74 | - | 56 | 3799 |
| 2012 | - | 12 | 287 | - | 16 | - | 286 | - | 33 | 532 | - | - | - | - | 1166 |
| 2022 | - | 16 | - | - | 24 | - | - | - | 16 | - | - | - | - | - | 56 |
| 2023 | - | 453 | - | - | 533 | - | - | - | 422 | - | - | - | - | - | 1408 |
| 2024 | - | 439 | 45 | - | 765 | - | - | - | 425 | 38 | - | - | - | - | 1712 |
| Grand Total | 389 | 1577 | 682 | 382 | 1995 | 53 | 652 | 808 | 2407 | 1309 | 161 | 428 | 4 | 56 | 10903 |
| Notes: HL (Heap Leach) | Notes: HL (Heap Leach) | Notes: HL (Heap Leach) | Notes: HL (Heap Leach) | Notes: HL (Heap Leach) | Notes: HL (Heap Leach) | Notes: HL (Heap Leach) | Notes: HL (Heap Leach) | Notes: HL (Heap Leach) | Notes: HL (Heap Leach) | Notes: HL (Heap Leach) | Notes: HL (Heap Leach) | Notes: HL (Heap Leach) | Notes: HL (Heap Leach) | Notes: HL (Heap Leach) | Notes: HL (Heap Leach) |

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Aura's QA/QC program aligns with industry best practices, ensuring that appropriate procedures are followed, including routine insertion of CRMs, blanks, and duplicates. The QC insertion rate, however, is below the levels defined in the protocols, and the SLR QP recommends that the

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

insertion of QC samples be increased to meet the expected rates. These controls monitor the sampling, sample preparation, and analytical processes, maintaining data reliability for resource and reserve estimation.

8.4.1 Certified Reference Material

Results of the regular submission of CRMs are used to identify potential issues with specific sample batches and long-term biases associated with the primary assay laboratory.

A total of 20 different CRM types have been used throughout the Project since 2010, when the insertion of these quality controls began in the sample stream. These include three CRMs provided by Geostats Pty Ltd., seven commercial CRMs manufactured by Instituto de Tecnologia August Kekulé (ITAK) and SGS, and 10 CRMs prepared by CDN Resource Laboratories Ltd. (CDN). Table ‎8-4 presents the performance of these CRMs.

Starting in June 2011, the CRMs ITAK 530 and ITAK 531, representing low and high grades, respectively, were introduced. These CRMs were prepared from coarse reject material generated during Rio Novo's drilling program, with initial processing carried out by ITAK. A group of accredited laboratories was engaged to perform round robin assays, the results of which were used to determine the accepted mean values and standard deviations. The coefficients of variation for ITAK 530 and ITAK 531 are 9% and 5%, respectively, confirming their stability and suitability for use as CRMs. In 2022, the Project transitioned to using commercial CRMs from CDN.

Specific pass/fail criteria were used based on setting the CRM acceptance limits at the expected value ±3SD as a failure limit threshold.

**Table ‎8-4: Almas Certified Reference Material Performances**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lab** | **Period Range** | **CRM** | **Num Samples** | **Bias<br> (%)** | **Mean** | **Expected Value** | **SD** | **Num Outliers** | **Percentage Outliers (%)** |
| SGS | 2010-2011 | ITAK 505 | 412 | -3.59 | 0.22 | 0.23 | 0.02 | 6 | 1.46 |
| SGS | 2010-2011 | ITAK 516 | 268 | -1.85 | 0.99 | 1.01 | 0.07 | 2 | 0.75 |
| SGS | 2010-2011 | ITAK 509 | 198 | -1.85 | 3.49 | 3.56 | 0.13 | 6 | 3.03 |
| SGS | 2010-2011 | G901-1 | 210 | -1.75 | 2.53 | 2.58 | 0.13 | 4 | 1.90 |
| SGS | 2010-2010 | G904-6 | 153 | -7.29 | 0.33 | 0.36 | 0.02 | 1 | 0.65 |
| SGS | 2010-2010 | G997-6 | 148 | -4.51 | 1.60 | 1.68 | 0.08 | 0 | 0.00 |
| SGS | 2011-2011 | ITAK 518 | 376 | 0.31 | 0.55 | 0.55 | 0.02 | 6 | 1.60 |
| SGS | 2011-2011 | ITAK 506 | 367 | -0.53 | 8.82 | 8.87 | 0.27 | 3 | 0.82 |
| SGS | 2011-2012 | ITAK 530 | 743 | 1.25 | 0.31 | 0.31 | 0.03 | 14 | 1.88 |
| SGS | 2011-2012 | ITAK 531 | 748 | -0.12 | 2.71 | 2.71 | 0.13 | 21 | 2.81 |
| EPP | 2022-2022 | CDN-GS-4N | 6 | -2.84 | 3.77 | 3.88 | 0.14 | 0 | 0.00 |
| EPP | 2022-2022 | CDN-GS-6G | 5 | 1.40 | 6.39 | 6.30 | 0.15 | 3 | 60.00 |
| EPP | 2022-2022 | CDN-GS-P5H | 5 | 2.62 | 0.51 | 0.50 | 0.03 | 0 | 0.00 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lab** | **Period Range** | **CRM** | **Num Samples** | **Bias<br> (%)** | **Mean** | **Expected Value** | **SD** | **Num Outliers** | **Percentage Outliers (%)** |
| SGS | 2023-2024 | CDN-GS-4N | 137 | 0.46 | 3.77 | 3.88 | 0.14 | 11 | 8.03 |
| SGS | 2023-2024 | CDN-GS-6G | 131 | 1.78 | 6.39 | 6.30 | 0.15 | 25 | 19.08 |
| SGS | 2023-2024 | CDN-GS-P5H | 139 | 2.38 | 0.51 | 0.50 | 0.03 | 5 | 3.60 |
| SGS | 2023-2023 | CDN-GS-2U | 1 | -11.70 | 1.87 | 2.12 | 0.07 | 1 | 100.00 |
| SGS | 2023-2024 | CDN-GS-P2B | 125 | 1.37 | 0.44 | 0.43 | 0.01 | 16 | 12.80 |
| SGS | 2023-2024 | CDN-GS-P8H | 113 | -1.09 | 0.82 | 0.83 | 0.04 | 1 | 0.88 |
| SGS | 2023-2024 | CDN-GS-3X | 68 | -0.63 | 3.21 | 3.23 | 0.10 | 8 | 11.76 |
| SGS | 2023-2024 | CDN-GS-1AB | 66 | 0.52 | 1.48 | 1.48 | 0.04 | 1 | 1.52 |
| SGS | 2024-2024 | CDN-GS-P8J | 54 | -2.43 | 0.77 | 0.79 | 0.02 | 4 | 7.41 |
| SGS | 2024-2024 | CDN-GS-1P5W | 51 | -4.20 | 1.52 | 1.59 | 0.07 | 0 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SD - standard deviation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SD - standard deviation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SD - standard deviation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SD - standard deviation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SD - standard deviation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SD - standard deviation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SD - standard deviation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SD - standard deviation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SD - standard deviation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SD - standard deviation |

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The Z-Score chart in Figure ‎8-2 indicates that, despite isolated instances of slight negative bias in 2010, and outliers related to ITAK 530 and ITAK 531 in 2011, 8% of CRM samples failed in the 2022 to 2024 dataset. These outliers should be reviewed for potential inconsistencies, however, the overall control charts reflect acceptable levels of dispersion and accuracy, with bias remaining below 5% for most CRMs at the SGS Geosol laboratory.

**Figure ‎8-2: Z-Score for all CRMs in Almas Project**

![](ex9604_035.jpg)

8.4.1.1 2010 to 2012

The database recorded 74,051 DD core samples, including 3,578 standards, and 878 RC samples with 45 standards, representing a submission rate of 5% for both DD and RC samples from 2010 to 2012.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

Despite outliers identified in CRMs ITAK 530 and ITAK 531, as shown in Figure ‎8-3 and Figure ‎8-4, the overall accuracy levels were deemed acceptable. Most CRM failures occurred in batches where other samples of the same CRM returned results within acceptable limits.

Of the 3,623 CRM analyses performed during this period, only 63 samples failed, accounting for less than 2% of the total.

**Figure ‎8-3: Almas Control Chart for CRM ITAK 530 at SGS: 2011 - 2012**

![](ex9604_036.jpg)

**Figure ‎8-4: Almas Control Chart for CRM ITAK 531 at SGS: 2011 – 2012**

![](ex9604_037.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

8.4.1.2 2022 to 2024

A total of ten different CRMs were employed for accuracy monitoring purposes. These included high-, moderate-, and low-grade standards.

The control charts indicate acceptable levels of dispersion and accuracy at the SGS laboratory. Out of 901 samples analyzed between 2022 and 2024, 75 failures were recorded, representing a failure rate of 8%.

SLR selected three distinct CRMs for an in-depth review, representing the low-, average-, and high-grade ranges. Figure ‎8-5 to Figure ‎8-7 illustrate the CRM performance from SGS, indicating good accuracy with biases ranging from -4.2% to 1.3%. Despite the acceptable data dispersion and bias within acceptable limits, a significant number of outliers were identified for the CRM CDN-GS-6G and CDN-GS-P2B. The SLR QP recommends that these outliers be reviewed to confirm whether they are mislabeled or if there are any issues with the CRM used.

CRMs cover a broad range of gold grades analyzed by the FA-atomic absorption spectroscopy (AAS) method. SLR noted, however, that in 2023 and 2024, multiple CRMs with overlapping grade ranges were introduced. The SLR QP recommends consolidating the selection to three CRM types—high-grade, medium-grade, and low-grade—to effectively monitor laboratory performance while simplifying the identification of emerging biases or systematic errors over time.

In the SLR QP's opinion, recent improvements have minimized biases, and the assays meet industry standards for inclusion in the resource estimation.

**Figure ‎8-5: Almas Control Chart for CRM CDN-GS-6G at SGS: 2023 – 2024**

![](ex9604_038.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎8-6: Almas Control Chart for CRM CDN-GS-1P5W at SGS: 2024**

![](ex9604_039.jpg)

**Figure ‎8-7: Almas Control Chart for CRM CDN-GS-P2B at SGS: 2023 – 2024**

![](ex9604_040.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

8.4.2 Blank Material

The regular submission of blank material is used to assess contamination during sample preparation and to identify sample numbering errors. Field blank samples are composed of barren material that have grades below the detection limit.

8.4.2.1 2010 to 2012

Between 2010 and 2012, a total of 1,695 coarse blanks were inserted into the sample stream, consisting of 1,498 blanks in 74,051 primary DD samples (2%), 22 blanks in 878 primary RC samples (2%), and the remaining blanks distributed across channels and surface trenches (ST).

A review of the blanks indicates that no significant contamination was detected, as illustrated in Figure ‎8-8. The detection limit for gold using FA with an AA finish was established at 0.005 g/t Au. Control thresholds for blank samples were defined, with the warning limit set at two times the detection limit (0.010 g/t Au) and the failure limit at three times the detection limit (0.015 g/t Au).

Of the 1,695 blank samples analyzed, 29 samples exceeded the threshold, representing a failure rate of less than 2%. In 16 instances where blank failures occurred, adjacent samples were re-assayed to assess potential cross-contamination. A comparison of re-assayed values with original assays yielded a correlation coefficient of 0.999, indicating high analytical reproducibility. The remaining failed samples were in low-grade zones, and re-assaying of adjacent samples was deemed unnecessary due to their low contamination risk.

**Figure ‎8-8: Coarse Blank SGS: 2010 to 2012**

![](ex9604_041.jpg)

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

8.4.2.2 2022 to 2024

Between November 2022 and August 2024, a total of 953 coarse blanks were inserted into the sample stream. This included 286 blanks in 7,066 primary DD samples (4%), 648 in 45,977 primary RC drilling samples (1%), and 19 blanks distributed across types of samples (channel and trench) not used in the estimation.

Sixteen of these RC blanks were analyzed by the EPP-LI laboratory, with all results below the detection limit. Blanks analyzed at SGS showed no significant contamination during preparation and analysis, with only nine out of 937 samples reporting values above the detection limit, representing a failure rate of less than 1% (Figure ‎8-9). Furthermore, most of these values were only slightly above the threshold or located within non-mineralized zones, negating the need for resampling around the failure blanks.

**Figure ‎8-9: Coarse Blank SGS: 2023 to 2024**

![](ex9604_042.jpg)

8.4.3 Duplicates

Duplicates help assess the natural local scale grade variance, or nugget effect, and are also useful for detecting sample numbering mix-ups. The field (core) duplicates help monitor the grade variability as a function of both sample homogeneity and laboratory error.

The precision of sampling and analytical results can be quantified by re-analyzing the same sample using the same methodology. The variance between the measured results will indicate their precision. Precision is affected by mineralogical factors such as grain size, distribution, and inconsistencies in the sample preparation and analysis processes. There are different duplicate sample types, which can be used to determine the precision of the entire sampling, sample preparation, and analytical process.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

Field duplicate samples were collected by designating the third aliquot from the RC drilling interval as the duplicate. This aliquot, with a fixed volume of 15%, is used specifically for duplicate analysis when required by the sampling plan. In DD, duplicate samples are obtained by collecting a quarter-core sample from the same collection point as the original sample.

Pulp duplicates are the second type of duplicate sample and are obtained from splitting the pulverized material during sample preparation. These samples are analyzed at the same laboratory that assayed the original pulp.

Individual failure criteria were set for pulp and field duplicates. The evaluation criteria require that 90% of the pulp duplicates (PD) must have a half absolute relative difference (HARD) below the 10% threshold, while field duplicates (FD) must remain below the 30% threshold. Table ‎8-5 presents the performance of each type of duplicate for the different hole types during the periods 2010 to 2012 and 2022 to 2024.

**Table ‎8-5: Summary of Duplicate Data Performance**

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Laboratory** | **Duplicate Type** | **Hole Type** | **Year Range** | **Correlation** | **Count** | **Failures<br> (HARD)** | **HARD<br> Failure Rate<br> (%)** |
| SGS | FD | RC | 2010 - 2010 | 0.94 | 24 | 3 | 12.50 |
| SGS | FD | TR | 2010 - 2010 | 0.37 | 33 | 3 | 9.09 |
| SGS | FD | DD | 2010 - 2012 | 0.63 | 1703 | 473 | 27.77 |
| EPP-LI | FD | RC | 2022 - 2022 | 0.65 | 13 | 3 | 23.08 |
| EPP-LI | PD | RC | 2022 - 2022 | 0.72 | 11 | 2 | 18.18 |
| SGS-LE | FD | RC | 2023 - 2023 | 0.94 | 118 | 18 | 15.25 |
| SGS-LE | PD | CN | 2023 - 2023 |  | 1 | 0 | 0.00 |
| SGS-LE | PD | RC | 2023 - 2023 | 1.00 | 150 | 21 | 14.00 |
| SGS-LE | PD | TC | 2023 - 2023 | 1.00 | 2 | 0 | 0.00 |
| SGS-LI | FD | RC | 2023 - 2024 | 0.91 | 612 | 114 | 18.63 |
| SGS-LI | PD | PF | 2024 - 2024 | 1.00 | 2 | 0 | 0.00 |
| SGS-LI | PD | RC | 2023 - 2024 | 1.00 | 413 | 79 | 19.13 |

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8.4.3.1 2010 to 2012

A total of 1,760 sample pairs analyzed by SGS were reviewed, comprising 1,703 DD samples, 24 RC samples, and 33 auger (TR) samples. As part of the QA/QC procedures, SLR conducted a reassessment of the duplicate sample data using the HARD analysis to evaluate analytical precision.

A 10% failure rate was established as the threshold for triggering corrective actions on a group of samples.

Both TR and RC datasets exhibited HARD failure rates close to the 10% threshold for acceptable precision.

Drill core field duplicates demonstrate high dispersion and low correlation with a coefficient of determination correlation (R = 0.63). The HARD analysis reveals a failure rate of approximately 30% (Figure ‎8-10), exceeding acceptable limits for precision. Even after applying a filter to

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

exclude low-grade samples (<0.1 ppm Au), only 70% of the duplicates meet the 30% HARD threshold.

This dispersion, showed in the data and the assay variability across the dataset, is hypothesized to be related to the nugget effect, a common characteristic of this type of deposit.

**Figure ‎8-10: DD Field Duplicate HARD Plots and Scatter Plot in SGS: 2010 – 2012**

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| ![](ex9604_043.jpg) <br>| ![](ex9604_044.jpg) |

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8.4.3.2 2022 to 2024

A total of 574 RC pulp duplicates and 743 RC field duplicates were inserted during the 2022 to 2024 campaigns.

Overall, the pulp duplicate analyses were satisfactory. The data analyzed by SGS-LI during this period showed that 81% of the sample population was below the 10% HARD limit, however, many of the samples classified as failures had grades below 0.1 ppm Au. When filtered at 0.1 ppm Au, 92% of the analyzed samples fall below the threshold limit. Additionally, the data demonstrates a strong correlation between duplicate sample results (0.999), indicating overall consistency in assay performance, as shown in Figure ‎8-11.

**Figure ‎8-11: RC Pulp Duplicate HARD Plots and Scatter Plot in SGS-LI: 2022 – 2024**

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| ![](ex9604_045.jpg) | ![](ex9604_046.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

In general, the RC field duplicates analyzed at the SGS-LE laboratory showed good correlation (0.94) and HARD failure around 15%. The field duplicate analysis of RC samples at the SGS-LI laboratory demonstrates that 81% of the sample population falls within the 30% HARD limit, with a correlation coefficient (R) of 0.906, as showed in Figure ‎8-12, however, a significant portion of the samples classified as outliers exhibited gold (Au) grades below 0.1 ppm. After applying a 0.1 ppm Au cut off, approximately 89% of the samples meet the HARD threshold, providing a more accurate reflection of performance at relevant grade intervals.

Nonetheless, there is still noticeable data dispersion which is attributed to the nugget effect commonly associated with this type of deposit.

Overall, the results are considered acceptable, however, the SLR QP recommends generating duplicates primarily in mineralized zones to enhance data reliability.

**Figure ‎8-12: RC Field Duplicate HARD Plots and Scatter Plot in SGS-LI: 2022 – 2024**

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| ![](ex9604_047.jpg) | ![](ex9604_048.jpg) |

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8.4.4 Check Assay

Between 2010 and 2011, 649 samples were collected from drill holes and submitted to ALS.

The gold analyses, as shown in Figure ‎8-13, demonstrated a strong correlation coefficient of 0.97, with a mean percentage difference of -0.5% between results from SGS and ALS laboratories. These findings indicate both datasets are statistically comparable, supporting the accuracy of the primary laboratory's reported grades.

No check assays were conducted during the period from 2022 to 2024.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎8-13: Scatter Plots for Gold Pulp External Checks: 2010 – 2011**

![](ex9604_049.jpg)

8.4.5 External Laboratory QA/QC Program

Ghazanfari et al. (2021) also reported the results of QA/QC assessments conducted by the laboratories themselves, and their findings are summarized below.

SGS Geosol and ALS laboratories incorporated blanks, CRMs, and duplicate samples into each analytical batch. Additionally, SGS Geosol laboratory included replicate samples in every batch. External QA/QC results from SGS Geosol laboratory were integrated with routine assay results, while ALS provided separate QA/QC reports upon request. Both laboratories archived their external QA/QC results and copies were stored in Rio Novo's digital database.

Results were analyzed using batch-based and global population-based control methods, ensuring high reliability and accuracy throughout the program.

8.4.5.1 Certified Reference Materials

SGS Geosol laboratory analyzed over 3,200 CRM samples using 29 different CRMs. All results were within the warning threshold of two standard deviations, demonstrating excellent analytical accuracy and precision.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

8.4.5.2 Blank Samples

A total of 3,455 blank samples were analyzed by SGS Geosol laboratory. Only three exceeded the failure threshold (0.015 g/t), with no contamination detected.

8.4.5.3 Duplicate Samples

Over 3,500 duplicates from coarse reject material were analyzed, showing a strong correlation to original assays (R² = 0.99).

Under global population control, 90% of duplicates had relative differences below 20%, with only 26 samples (<1%) rejected. No batches were rejected.

8.4.5.4 Replicate Samples

Over 2,000 replicate pulp samples were analyzed, also showing a high correlation (R² = 0.99).

Under global population control, 90% of replicates had relative differences below 10%, with only 85 samples (<5%) rejected. No batches were rejected.

Ghazanfari et al. (2021) concluded that the QA/QC program proved to be highly reliable, with minimal sample rejections and no impact on batch quality. This robust control framework ensured data integrity and supported the accuracy of the assay results.

8.4.6 Conclusions and Recommendations

Based on the review of data spanning from 2010 to 2024, the SLR QP has the following QA/QC conclusions and recommendations:

&nbsp;&nbsp;&nbsp;&nbsp;· No major contamination occurrences were identified during preparation at any of the participating laboratories.

&nbsp;&nbsp;&nbsp;&nbsp;· Overall, the CRMs demonstrated satisfactory performance across all participating laboratories, with a bias of less than 5% with control
limits established at ±3SD from the expected values. For the currently used CRMs (CDN), the SLR QP recommends considering the expected
value (EV) and only 1SD when evaluating the data, despite the CRM certificate reporting EV and 2SD.

&nbsp;&nbsp;&nbsp;&nbsp;· Some issues were identified, particularly in campaigns prior to 2012, and 8% of outliers were found in the 2022 to 2024 data. These
outliers should be reviewed, however, they do not materially affect the reliability or confidence of the resource estimation.

&nbsp;&nbsp;&nbsp;&nbsp;· The SLRQP recommends reducing CRM types to three: high-grade, medium-grade, and low-grade, as this reduction will be sufficient to
monitor laboratory performance and track potential emerging biases or systematic failures over extended timeframes.

&nbsp;&nbsp;&nbsp;&nbsp;· Pulp duplicates demonstrated acceptable precision levels at both SGS-LI and SGS-LE laboratories. The SLRQP recommends implementing
coarse duplicates to assist in monitoring the sample preparation processes at the laboratory and evaluating the distribution of minerals
of interest within a coarser fraction of the sample, as well as continuing the evaluation of field duplicate results to monitor the sampling
processes from the drill holes.

&nbsp;&nbsp;&nbsp;&nbsp;· The external check (2010 to 2011) indicates good reproducibility of gold values for both primary laboratories, SGS and ALS. The SLR
QP recommends continuing check assays at a rate of approximately 2% to 4% to monitor and validate analytical performance.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

These samples should be shipped along with blanks and standards to validate the secondary results.

In the SLR QP's opinion, the QA/QC program as designed and implemented by Aura is adequate and the assay results within the database are suitable for use in a Mineral Resource estimate.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

9.0 Data Verification

9.1 SLR Site Verification Procedures

9.1.1 Confirmation of Mineralized Intercepts

During the site visit, the SLR QP conducted visual inspections of drill cores from selected intercepts, chosen based on the geological models. These intercepts and drill holes were selected for their relevance to mineralization, geological context, and the mineral deposit.

The SLR QP reviewed the following drill holes: FPD-0270, PAI-020, PAI-014, PAI-004, NPT-004, and VRS-034. Figure ‎9-1 illustrates drill cores from the core shed.

**Figure ‎9-1: Drill Core Inspection**

![](ex9604_050.jpg)

Note: A. PAI-004 drill box; B. NPT-004 drill box; C. Drill core showing the aspect of the mineralization of the region; D. Visible gold in the drill core.

In general, the lithological descriptions of the drill holes match the drill logs, as well as the sampling intervals. No major issues were identified during the visual inspection.

9.2 SLR Audit of the Drill Hole Database

SLR carried out cross-checks between the Almas assay databases and the SGS assay certificates. These databases contain a total of 194,145 samples with gold assays recorded up to the cut-off date of August 22, 2024. Of these, 49,076 samples correspond to historical campaigns (pre-2008). SLR compared 68,139 samples, all post-2008, representing 35% of the entire database. Therefore, it can be considered that 47% of the certificates from the recent database have been analyzed.

The data verification covered 1,290 out of 3,006 drill holes, including data from 953 assay certificates spanning the years 2008 to 2024.

SLR identified only two discrepancies in gold values between the database and the assay certificates, representing an insignificant fraction of the total samples compared.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

A total of 19 minor discrepancies were identified, with 11 samples showing different values in the re-analysis certificates. The values recorded in the database correspond to the detection limit, likely from the original certificate (which was not provided in the data room), however, the differences do not exceed 0.05 ppm Au.

The SLR QP is of the opinion that database verification procedures for the Project comply with industry standards and are adequate for the purposes of Mineral Resource estimation.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

10.0 Mineral Processing and Metallurgical Testing

10.1 Introduction and Historical Background

This section of the report contains the metallurgical test results for the Almas Project conducted during two test work campaigns. All previous test work campaigns conducted on this Project were reported and summarized in RPM (2016).

The initial test work program reported in this TRS was conducted at the SGS Geosol laboratory. The test work program was conducted September to December 2018. The mineralogical study on the deposit samples was conducted at the SGS Lakefield facility in Lakefield, Canada (SGS Lakefield) in 2018. A senior metallurgist from the SGS Lakefield gold metallurgy group visited the SGS Geosol laboratory from September 25 to October 3, 2018 to monitor initial tests and review several SGS SOPs that were used in the test program.

The SGS test work reports are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· SGS Geosol laboratory. 2019. Metallurgical study report- Project 3965- 1801- Final Report- Gravity Separation, Flotation and Leaching
Test work on Gold Ore Samples from the Almas Deposit, prepared for Aura Minerals. September 20, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;· SGS Minerals Services, Lakefield. 2019. Mineralogy study report - Project 17013-01, MI5030-OCT 18 – Final Report – An Investigation
by High Definition Mineralogy into the Mineralogical Characteristics of Nine Composite Samples from the Almas and Matupa Gold Projects,
Brazil, prepared for Aura Minerals. February 7, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;· SGS Minerals Services, Lakefield. 2018. Trip Report Summary, SGS Geosol laboratory (on-site) – Project 17029- 01A, prepared
for Aura Minerals. October 17, 2018.

The main objective of this test work program was to evaluate potential process flowsheets for a subsequent trade-off study by the engineering company, Ausenco Engineering. The process flowsheets evaluated were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Flowsheet 1 - Gravity separation followed by flotation and concentrate cyanide leaching. The main emphasis was placed on the development
of this flowsheet, specifically evaluating flotation.

&nbsp;&nbsp;&nbsp;&nbsp;· Flowsheet 2 - Gravity separation followed by cyanidation- preliminary testing.

&nbsp;&nbsp;&nbsp;&nbsp;· Amenability to heap leaching has also been briefly evaluated

The second test work program reported in this document was conducted by the independent metallurgical laboratory Testwork Desenvolvimento de Processo Ltda (Testwork Process Development) in Brazil and the chemical analysis was conducted at the SGS Geosol laboratory.

The second test work campaign was completed from March to November 2020, with the main objective to confirm the gravity separation – cyanidation flowsheet and to optimize the process variables for a feasibility level study. This program included further testing of the gravity separation circuit, confirmation of the cyanide leach parameters, cyanide destruction, and solid-liquid separation testing.

Additional settling and rheology tests were conducted by FLSmidth in Brazil and the gravity separation circuit was evaluated and modelled by FLSmidth in Canada. Additional comminution breakage test work was conducted at the Metso:Outotec laboratory in Sorocaba, Brazil.

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The additional breakage tests conducted at Metso:Outotec included three semi-autogenous grinding (SAG) mill comminution (SMC) tests, one on each major ore type from the Almas deposit. The results of these tests were published by Metso:Outotec, as they are the only licenced laboratories that can conduct the SMC Test in Brazil.

The following results and reports were issued during this program:

&nbsp;&nbsp;&nbsp;&nbsp;· Testwork Process Development Laboratory – test work results and test details

&nbsp;&nbsp;&nbsp;&nbsp;· SGS Geosol laboratory - certificates of chemical analysis

&nbsp;&nbsp;&nbsp;&nbsp;· Coteprom Mineral Consultancy and Advisory Services Ltda – test work summary tables

&nbsp;&nbsp;&nbsp;&nbsp;· FLSmidth - Solid/Liquid Separation Report – Report Number RTE522/20, Aura Minerals Almas Project, Settling and Rheology of Ore
Samples, Brazil, July 8, 2020 (FLSmidth 2020a)

&nbsp;&nbsp;&nbsp;&nbsp;· FLSmidth – Gravity Separation Report – Report Number 200903-CA- 1600, Gravity Audit Modelling Report, Aura Minerals, Almas
Project, September 3, 2020 (FLSmidth 2020b)

&nbsp;&nbsp;&nbsp;&nbsp;· MinPro Solutions - Comminution Process Simulation – Report Aura 01-20, Rev 0 03, September 2020

&nbsp;&nbsp;&nbsp;&nbsp;· Metso:Outotec – Comminution tests report, October 26, 2020

The following sub-sections contain the results for both campaigns in chronological order.

10.2 Sample Preparation and Head Assays

For the first campaign, six ore type samples from the Almas Project deposits were submitted for testing as individual hole core samples. The ore types for each deposit were identified as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· **Paiol Deposit (these composites contained saprolite and two lithology samples)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Paiol Saprolite: submitted weight: 114 kg. This is oxide material, representing approximately 5% to 10% of the deposit, which is similar
to the other two deposits of saprolite ore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Paiol SDCX (sericite-chlorite-ankerite schist): submitted weight: 58 kg. This is sulphide material representing approximately 40%
to 45% of the deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Paiol SDQS (sericite-ankerite-quartz schist): submitted weight: 53 kg. This is sulphide material representing approximately 40% to
45% of the deposit.

&nbsp;&nbsp;&nbsp;&nbsp;· **Vira Saia Deposit (these composites contained two lithology samples)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Vira Saia QSX (quartz-sericite shist): submitted weight: 90 kg. Identified as the sulphide material representing approximately 20%
to 25% of the deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Vira Saia GDM (mylonitic granodiorite: submitted weight: 89 kg. Identified as the sulphide material representing approximately 70%
to 75% of the deposit.

&nbsp;&nbsp;&nbsp;&nbsp;· **Heap Leach Pad Material (identified as Trench Composite)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Trench Composite *:* submitted weight: 61 kg. This is oxidized material from the old heap leach operation by the VALE mine.

For the second campaign, a composite representing the first three years of operation was selected by the Aura technical team. The three year composite, identified as "Blend 3-Y",

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contained a blend of saprolite and fresh rock. The average blend composition representing a three year period was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Paiol: submitted weight 158 kg, representing approximately 75.4% of the deposit period.

&nbsp;&nbsp;&nbsp;&nbsp;· Vira Saia and Vira Saia saprolite: submitted weight 17.8 kg and 23.2 kg, representing 8.5% and 11.1%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;· Cata Funda: submitted weight 10.6 kg representing 5.1% of the deposit period.

The available sample weights and the composite distribution by typology for the first three years of operation are shown in Table ‎10-1.

**Table ‎10-1: Composite Weights**

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| **Sample** | **Weight<br> (kg)** | **Average % Weight Distribution** | **Average % Weight Distribution** | **Average % Weight Distribution** | **Average % Weight Distribution** |
| **Sample** | **Weight<br> (kg)** | **Year 1** | **Year 2** | **Year 3** | **Average\*** |
| Individual Composites |  |  |  |  | - |
| Paiol Saprolite | 114 |  |  |  | 5-10 |
| Paiol SDCX | 58 |  |  |  | 40-45 |
| Paiol SDQX | 53 |  |  |  | 40-45 |
| Vira Saia QSX | 90 |  |  |  | 20-25 |
| Vira Saia GDM | 89 |  |  |  | 70-75 |
| Trench | 61 |  |  |  | - |
| Blend 3-Year Composite | 210 | - | - | - | - |
| Paiol | 158 | 100 | 58 | 57 | 73 |
| Vira Saia | 41 | 0 | 42 | 23 | 20 |
| Cata Funda | 11 | 0 | 0 | 20 | 6 |
| Note. \*Average composition for each deposit | Note. \*Average composition for each deposit | Note. \*Average composition for each deposit | Note. \*Average composition for each deposit | Note. \*Average composition for each deposit | Note. \*Average composition for each deposit |

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For the additional SMC Tests, three ore type samples from the Almas deposits were submitted for testing as blended hole core samples. The ore types for each deposit were identified as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Vira Saia: GDM-QSX-VS001

&nbsp;&nbsp;&nbsp;&nbsp;· Paiol: SDQX-ADQX-PA-003 and SDQX-SCDX-PA01

&nbsp;&nbsp;&nbsp;&nbsp;· Cata Funda: SCDX CAT-001

The sample preparation and the sample handling protocols for low-grade gold ores were followed during the test work programs to ensure that the QA/QC guidelines and the SOPs were executed throughout the Project.

In addition to the sample preparation protocols, the low detection FA methodology (especially for tailings and residue analysis) has been reviewed with the testing laboratories. SGS Lakefield has provided an explanatory note and a "precision curve" graph, indicating that if the sample concentration is slightly above or near the detection limit of 0.01 g/t Au to 0.02 g/t Au, the analysis will have a significantly large uncertainty at that level. Therefore, this level of uncertainty should be taken into consideration when analyzing the results.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The individual core samples of each ore type were combined and crushed to -6 mesh. Each composite was well blended and split into representative test charges. Representative head samples were removed from each composite for assays. Each sample was analyzed for gold by direct FA (using nine subsamples from each ore type) and by screened metallic protocol, as shown in Table ‎10-2 and Table ‎10-3. Calculated head grades from metallurgical balances of gravity and leach tests are also shown for cross reference with the assayed head grades.

**Table ‎10-2: Comparative Gold Head Assays**

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| **Sample** | **Weight<br> (kg)** | **(Au g/t)** | **(Au g/t)** | **(Au g/t)** |
| **Sample** | **Weight<br> (kg)** | **Average from<br> Nine Aliquots** | **Screened Metallic Assay** | **Average Calculated Head from Gravity Separation Tests** |
| Paiol Saprolite | 114 | 0.65 | 0.65 | 0.65 |
| Paiol SDCX | 58 | 0.89 | 1.01 | 0.98 |
| Paiol SDQX | 53 | 1.20 | 1.42 | 1.29 |
| Vira Saia QSX | 90 | 1.46 | 1.59 | 1.53 |
| Vira Saia GDM | 89 | 0.89 | 0.94 | 0.91 |
| Trench | 61 | 0.89 | 0.98 | 0.94 |
| Blend 3-Year | 210 | - | 1.28^/1.34^^ | 1.86/1.31\* |
| &nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>^Triplicate screened metallic assay.<br>^^Size fraction analysis head grade assay.<br>\*Average calculated head grade from gravity tests/whole ore leach tests. | &nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>^Triplicate screened metallic assay.<br>^^Size fraction analysis head grade assay.<br>\*Average calculated head grade from gravity tests/whole ore leach tests. | &nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>^Triplicate screened metallic assay.<br>^^Size fraction analysis head grade assay.<br>\*Average calculated head grade from gravity tests/whole ore leach tests. | &nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>^Triplicate screened metallic assay.<br>^^Size fraction analysis head grade assay.<br>\*Average calculated head grade from gravity tests/whole ore leach tests. | &nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>^Triplicate screened metallic assay.<br>^^Size fraction analysis head grade assay.<br>\*Average calculated head grade from gravity tests/whole ore leach tests. |

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| 10-4 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎10-3: Individual Samples Gold Head Assays**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Aliquot<br> (g/t Au)** | **Sub-sample<br> (g/t Au)** | **Average<br> (g/t Au)** | **Sample** | **Aliquot<br> (g/t Au)** | **Sub-sample<br> (g/t Au)** | **Average<br> (g/t Au)** |
| Paiol Saprolite | 0.69 | 0.71 | 0.65 | Vira Saia QSX | 1.53 | 1.42 | 1.46 |
| Paiol Saprolite | 0.75 | 0.71 | 0.65 | Vira Saia QSX | 1.32 |  | 1.46 |
| Paiol Saprolite | 0.67 | 0.71 | 0.65 | Vira Saia QSX | 1.41 |  | 1.46 |
| Paiol Saprolite | 0.59 | 0.62 | 0.65 | Vira Saia QSX | 1.35 | 1.28 | 1.46 |
| Paiol Saprolite | 0.61 | 0.62 | 0.65 | Vira Saia QSX | 1.21 |  | 1.46 |
| Paiol Saprolite | 0.65 | 0.62 | 0.65 | Vira Saia QSX | 1.29 |  | 1.46 |
| Paiol Saprolite | 0.57 | 0.63 | 0.65 | Vira Saia QSX | 1.68 | 1.68 | 1.46 |
| Paiol Saprolite | 0.68 | 0.63 | 0.65 | Vira Saia QSX | 1.53 |  | 1.46 |
| Paiol Saprolite | 0.64 | 0.63 | 0.65 | Vira Saia QSX | 1.83 |  | 1.46 |
| Paiol SDCX | 0.86 | 0.86 | 0.89 | Vira Saia GDM | 0.86 | 0.83 | 0.89 |
| Paiol SDCX | 0.88 | 0.86 | 0.89 | Vira Saia GDM | 0.80 |  | 0.89 |
| Paiol SDCX | 0.86 | 0.86 | 0.89 | Vira Saia GDM | 0.82 |  | 0.89 |
| Paiol SDCX | 0.83 | 0.96 | 0.89 | Vira Saia GDM | 0.86 | 0.86 | 0.89 |
| Paiol SDCX | 1.06 | 0.96 | 0.89 | Vira Saia GDM | 0.88 |  | 0.89 |
| Paiol SDCX | 1.01 | 0.96 | 0.89 | Vira Saia GDM | 0.85 |  | 0.89 |
| Paiol SDCX | 0.90 | 0.85 | 0.89 | Vira Saia GDM | 1.12 | 0.97 | 0.89 |
| Paiol SDCX | 0.84 | 0.85 | 0.89 | Vira Saia GDM | 0.91 |  | 0.89 |
| Paiol SDCX | 0.82 | 0.85 | 0.89 | Vira Saia GDM | 0.88 |  | 0.89 |
| Paiol SDQX | 1.15 | 1.13 | 1.20 | Trench | 0.83 | 0.90 | 0.89 |
| Paiol SDQX | 1.13 | 1.13 | 1.20 | Trench | 0.85 |  | 0.89 |
| Paiol SDQX | 1.11 | 1.13 | 1.20 | Trench | 1.01 |  | 0.89 |
| Paiol SDQX | 1.27 | 1.28 | 1.20 | Trench | 0.77 | 0.83 | 0.89 |
| Paiol SDQX | 1.19 | 1.28 | 1.20 | Trench | 0.88 |  | 0.89 |
| Paiol SDQX | 1.40 | 1.28 | 1.20 | Trench | 0.86 |  | 0.89 |
| Paiol SDQX | 1.24 | 1.18 | 1.20 | Trench | 0.89 | 0.95 | 0.89 |
| Paiol SDQX | 1.14 | 1.18 | 1.20 | Trench | 0.99 |  | 0.89 |
| Paiol SDQX | 1.15 | 1.18 | 1.20 | Trench | 0.97 |  | 0.89 |

---

The Blend 3-Y composite was prepared following the same SOP as applied to the individual composites. Representative test charges were riffled for testing and head samples were removed for analysis. The head samples were submitted for gold assays by the screened metallic method, conducted at 150 mesh and by size fraction analysis, shown in Table ‎10-4 and Table ‎10-5, respectively, and illustrated in Figure ‎10-1.

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| 10-5 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎10-4: Blend 3-Y Composite Screened Metallic Assays**

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| | | | |
|:---|:---|:---|:---|
| **Fraction, mesh** | **Weight<br> (%)** | **Au<br> (g/t)** | **Au Distribution<br> (%)** |
| +150 mesh | 2.88 | 2.43 | 5.2 |
| -150 mesh | 97.12 | 1.32 | 94.8 |
| Head (calc) | 100.00 | **1.35** | 100.0 |
| +150 mesh | 3.77 | 1.69 | 5.0 |
| -150 mesh | 96.23 | 1.26 | 95.0 |
| Head (calc) | 100.00 | **1.28** | 100.0 |
| +150 mesh | 4.41 | 2.14 | 7.7 |
| -150 mesh | 95.59 | 1.18 | 92.3 |
| Head (calc) | 100.00 | **1.22** | 100.0 |
| Head (average) |  | **1.28** |  |

---

**Table ‎10-5: Blend 3-Y Composite Size Fraction Analysis**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Size Fraction<br> (mesh)** | **Size Fraction<br> (µm)** | **Au<br> (g/t)** | **% Au Retained** | **% Au Retained Cumulative** | **% Au Passing Cumulative** |
| 6 | 3350 | 0.83 | 0.6 | 0.6 | 99.4 |
| 16 | 1000 | 1.37 | 28.2 | 28.8 | 71.3 |
| 35 | 425 | 1.24 | 11.8 | 4.5 | 59.5 |
| 65 | 212 | 1.39 | 14.8 | 55.4 | 44.6 |
| 150 | 106 | 1.76 | 9.2 | 64.5 | 35.5 |
| 200 | 75 | 1.83 | 5.1 | 69.6 | 30.4 |
| 325 | 45 | 1.48 | 6.2 | 75.8 | 24.2 |
| <325 | <45 | 1.14 | 24.2 | 100.0 | 0.0 |
| **Head (calc)** | **Head (calc)** | **1.34** | **100.0** |  |  |

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| 10-6 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎10-1: Blend 3-Y Composite Size Distribution Analysis**

![](ex9604_051.jpg)

The Blend 3-Y composite screened metallic triplicate head assays showed the calculated head grade of 1.28 g/t Au with 5% to 7% of the gold reporting into the coarse fraction. The size fraction analyses showed the calculated head grade of 1.34 g/t Au.

The samples were submitted for specific gravity (SG) determination, sulphur, carbon speciation analysis, and the multi-element ICP scan, as presented in Table ‎10-6 for the individual and the 3-year composites. The sulphur grades were approximately 0.5% for the Paiol, Trench, and the Blend 3-Y composite samples. The other samples contained 0.02% to 0.04% S. The graphitic and organic carbon concentration in all the samples was less than 0.05% to 0.1%, indicating that there is no preg-robbing potential, unless the clay minerals present in the ore exhibit such capacity. The silver analyses were included in the ICP scan and reported as less than 3 g/t Ag for all the samples. The copper and zinc concentrations were low for all the samples tested. The copper speciation conducted in the Blend 3-Y Composite showed very low concentration of cyanide soluble copper of less than 0.002%. The mercury concentration was also low (0.02 ppm to 0.07 ppm).

In addition, the whole rock analysis was conducted by SGS Lakefield as a part of the mineralogy program, as shown in Table ‎10-7.

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| 10-7 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎10-6: Head Assays – Sulphur, Carbon, ICP Scan, and Hg**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **SG** | **S** | **C** | **C<sub>org</sub>** | **C g** | **Ag** | **Al** | **As** | **Ba** | **Be** | **Bi** |
| **Sample** | **(g/cm³)** | **(%)** | **(%)** | **(%)** | **(%)** | **(ppm)** | **(%)** | **(ppm)** | **(ppm)** | **(ppm)** | **(ppm)** |
| Paiol Saprolite | 2.83 | 0.04 | 0.13 | 0.08 | <0.05 | <3 | 7.23 | 11 | 222 | <3 | <20 |
| Paiol SDCX | 2.85 | 0.43 | 2.45 | <0.05 | 0.09 | <3 | 5.87 | 17 | 221 | <3 | <20 |
| Paiol SDQX | 2.89 | 0.48 | 3.37 | <0.05 | 0.10 | <3 | 5.39 | 37 | 109 | <3 | <20 |
| Vira Saia QSX | 2.70 | 0.04 | 0.26 | <0.05 | <0.05 | <3 | 7.22 | <10 | 717 | <3 | <20 |
| Vira Saia GDM | 2.68 | 0.02 | 0.47 | <0.05 | <0.05 | <3 | 7.34 | <10 | 770 | <3 | <20 |
| Trench | 2.81 | 0.49 | 2.36 | <0.05 | <0.05 | <3 | 5.33 | 27 | 134 | <3 | <20 |
| Blend 3-Year | - | 0.48 | 2.49 | <0.05 | - | <3 | 5.49 | 63 | 177 | <3 | <20 |
| **Sample** | **Ca** | **Cd** | **Co** | **Cr** | **Cu** | **Fe** | **K** | **La** | **Li** | **Mg** | **Mn** |
| **Sample** | **(%)** | **(ppm)** | **(ppm)** | **(ppm)** | **(ppm)** | **(%)** | **(%)** | **(ppm)** | **(ppm)** | **(%)** | **(%)** |
| Paiol Saprolite | 0.11 | <3 | 82 | 58 | 91 | 10 | 1.13 | <20 | 29 | 0.7 | 0.14 |
| Paiol SDCX | 5.70 | <3 | 34 | 11 | 47 | 10 | 0.89 | <20 | 19 | 1.9 | 0.15 |
| Paiol SDQX | 5.81 | <3 | 39 | 35 | 64 | 7.8 | 1.46 | <20 | 14 | 2.4 | 0.14 |
| Vira Saia QSX | 0.90 | <3 | <8 | 10 | 12 | 1.6 | 3.35 | <20 | 10 | 0.3 | 0.02 |
| Vira Saia GDM | 1.68 | <3 | <8 | 4 | 7 | 1.8 | 2.79 | 22 | 11 | 0.4 | 0.03 |
| Trench | 4.44 | <3 | 31 | 35 | 49 | 8 | 0.95 | <20 | 13 | 1.7 | 0.12 |
| 3-Year Comp | 4.49 | <3 | 33 | 30 | 46 | 7.8 | 1.04 | <20 | <3 | 1.7 | 0.12 |
| **Sample** | **Mo** | **Na** | **Ni** | **P** | **Pb** | **S** | **Sb** | **Sc** | **Se** | **Sn** | **Sr** |
| **Sample** | **(ppm)** | **(%)** | **(ppm)** | **(%)** | **(ppm)** | **(%)** | **(ppm)** | **(ppm)** | **(ppm)** | **(ppm)** | **(ppm)** |
| Paiol Saprolite | <3 | 0.27 | 64 | 0.03 | <8 | <0,01 | <10 | 39 | <20 | <20 | 15 |
| Paiol SDCX | <3 | 1.55 | 18 | 0.08 | <8 | 0.41 | <10 | 28 | <20 | <20 | 112 |
| Paiol SDQX | <3 | 1.18 | 51 | 0.03 | <8 | 0.44 | <10 | 30 | <20 | <20 | 92 |
| Vira Saia QSX | <3 | 1.15 | 5 | 0.02 | 13 | 0.03 | <10 | <5 | <20 | <20 | 118 |
| Vira Saia GDM | <3 | 1.76 | <3 | 0.03 | <8 | 0.03 | <10 | <5 | <20 | <20 | 238 |
| Trench | <3 | 1.4 | 30 | 0.05 | <8 | 0.46 | <10 | 26 | <20 | <20 | 86 |
| 3-Year Comp | <3 | 1.53 | 30 | 0.06 | <8 | 0.53 | <10 | 25 | <20 | <20 | 120 |

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| 10-8 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Th** | **Ti** | **Tl** | **U** | **V** | **W** | **Y** | **Zn** | **Zr** | **Hg** |
| **Sample** | **(ppm)** | **(%)** | **(ppm)** | **(ppm)** | **(ppm)** | **(ppm)** | **(ppm)** | **(ppm)** | **(ppm)** | **(ppm)** |
| Paiol Saprolite | <20 | 0.34 | <20 | <20 | 267 | 28 | 8 | 126 | 49 | 0.07 |
| Paiol SDCX | <20 | 0.92 | <20 | <20 | 236 | 48 | 5 | 146 | 124 | 0.07 |
| Paiol SDQX | <20 | 0.24 | <20 | <20 | 210 | 37 | <3 | 91 | 33 | 0.05 |
| Vira Saia QSX | <20 | 0.11 | <20 | <20 | 23 | <20 | <3 | 61 | 37 | 0.02 |
| Vira Saia GDM | <20 | 0.14 | <20 | <20 | 24 | <20 | <3 | 60 | 40 | 0.02 |
| Trench | <20 | 0.43 | <20 | <20 | 184 | 31 | 4 | 111 | 66 | 0.02 |
| 3-Year Comp | <20 | 0.57 | <20 | <20 | 183 | 33 | 6 | 87 | 87 | <0.05 |
| **Sample** | **Cu<sub>S</sub>** | **Cu <sub>CN</sub>** | **Cu <sub>Res</sub>** | **S\*** | **S=\*** | **SO<sub>4</sub> \*\*** |  |  |  |  |
| **Sample** | **%** | **%** | **%** | **%** | **%** | **%** |  |  |  |  |
| Paiol Saprolite | - | - | - | < 0.01 | < 0.05 | - |  |  |  |  |
| Paiol SDCX | - | - | - | 0.38 | 0.33 | - |  |  |  |  |
| Paiol SDQX | - | - | - | 0.57 | 0.44 | - |  |  |  |  |
| Vira Saia QSX | - | - | - | 0.04 | <0.05 | - |  |  |  |  |
| Vira Saia GDM | - | - | - | 0.02 | < 0.05 | - |  |  |  |  |
| Trench | - | - | - | 0.4 | 0.35 | - |  |  |  |  |
| 3-Year Comp | <0.002 | <0.002 | 0.004 | - | - | 0.07 |  |  |  |  |
| Notes:<br>\* SGS Lakefield assays<br>\*\* SGS Geosol Laboratory assays | Notes:<br>\* SGS Lakefield assays<br>\*\* SGS Geosol Laboratory assays | Notes:<br>\* SGS Lakefield assays<br>\*\* SGS Geosol Laboratory assays | Notes:<br>\* SGS Lakefield assays<br>\*\* SGS Geosol Laboratory assays | Notes:<br>\* SGS Lakefield assays<br>\*\* SGS Geosol Laboratory assays | Notes:<br>\* SGS Lakefield assays<br>\*\* SGS Geosol Laboratory assays | Notes:<br>\* SGS Lakefield assays<br>\*\* SGS Geosol Laboratory assays | Notes:<br>\* SGS Lakefield assays<br>\*\* SGS Geosol Laboratory assays | Notes:<br>\* SGS Lakefield assays<br>\*\* SGS Geosol Laboratory assays | Notes:<br>\* SGS Lakefield assays<br>\*\* SGS Geosol Laboratory assays | Notes:<br>\* SGS Lakefield assays<br>\*\* SGS Geosol Laboratory assays |

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| 10-9 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎10-7: Head Assays – Whole Rock Analysis (SGS Lakefield)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **SiO<sub>2</sub><br> (%)** | **Al<sub>2</sub>O<sub>3</sub><br> (%)** | **Fe<sub>2</sub>O<sub>3</sub><br> (%)** | **MgO<br> (%)** | **CaO<br> (%)** | **Na<sub>2</sub>O<br> (%)** | **K<sub>2</sub>O<br> (%)** |
| Paiol Saprolite | 57.9 | 15 | 14.5 | 1.15 | 0.17 | 0.43 | 1.44 |
| Paiol SDCX | 47.1 | 11 | 13.5 | 3.08 | 8.41 | 2.08 | 1.04 |
| Paiol SDQX | 48.3 | 9.88 | 10.6 | 3.92 | 8.36 | 1.6 | 1.64 |
| Vira Saia QSX | 77.3 | 11.7 | 1.52 | 0.41 | 1.16 | 1.6 | 3.36 |
| Vira Saia GDM | 69.4 | 14.5 | 2.17 | 0.61 | 2.48 | 2.54 | 3.74 |
| Trench | 52.4 | 10.6 | 10.9 | 2.94 | 6.69 | 2.15 | 1.32 |
| **Sample** | **TiO<sub>2</sub><br> (%)** | **P<sub>2</sub>O<sub>5</sub><br> (%)** | **MnO<br> (%)** | **Cr<sub>2</sub>O<sub>3</sub><br> (%)** | **V<sub>2</sub>O<sub>5</sub><br> (%)** | **LOI<br> (%)** | **Sum<br> (%)** |
| Paiol Saprolite | 1.23 | 0.08 | 0.21 | 0.02 | 0.06 | 7.54 | 99.7 |
| Paiol SDCX | 1.72 | 0.21 | 0.21 | < 0.01 | 0.04 | 10.5 | 98.9 |
| Paiol SDQX | 0.78 | 0.07 | 0.18 | 0.02 | 0.04 | 13.3 | 98.7 |
| Vira Saia QSX | 0.18 | 0.05 | 0.02 | 0.02 | < 0.01 | 2.13 | 99.5 |
| Vira Saia GDM | 0.24 | 0.07 | 0.04 | < 0.01 | < 0.01 | 3.37 | 99.2 |
| Trench | 1.12 | 0.11 | 0.17 | 0.02 | 0.03 | 10.3 | 98.8 |

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10.3 Mineralogy

Each composite sample from the first campaign was submitted to the Advanced Mineralogy Facility at the SGS Lakefield site for a mineralogical examination by Quantitative Evaluation of Minerals by Scanning Electron Microscopy (QEMSCAN) and X-ray diffraction (XRD). The results were presented in SGS Mineral Services (2019).

The objectives of this investigation were to determine the overall mineral assemblage of each sample and liberation of minerals of interest such as sulphides. A summary of the results obtained from the SGS report is presented below.

10.3.1 Results from the XRD Analysis

The bulk and clay XRD analysis indicated that the three samples consisted of quartz, muscovite, albite, ankerite, chlorite (chamosite and clinochlore), pyrite, phlogopite goethite, microcline (K-feldspar), and trace amounts of other minerals (<2%).

The clay minerals included kaolinite, nontronite, illite, and illite-montmorillonite. The total clay content ranged from 5% in the Trench to 9% in the Oxide and 33% in the Paiol Saprolite.

10.3.2 Results from QEMSCAN Analysis - Modal Mineralogy

All minerals varied widely within the ore types, as shown in Table ‎10-8, however, the Paiol Saprolite was characterized by elevated amounts of clays (approximately 18%) compared to the other samples (1% to 9%), and goethite compared to approximately less than 1% for the rest of the samples. Elevated ankerite was shown in Paiol SDQX (32%), Trench (21%), and Paiol SDCX (14%). Table ‎10-8 also includes a summary of the mineral mass in each sample as

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| 10-10 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

shown in the SGS report. The highlighted minerals can affect the ore processing stages in different ways (in crushing/grinding, flotation, leaching, and material handling).

**Table ‎10-8: Head Assays – Mineral Mass in Each Sample (SGS Lakefield Report)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Paiol Saprolite** | **Paiol SDCX** | **Paiol SDQX** | **Vira Saia QSX** | **Vira Saia GDM** | **Trench** |
| Pyrite% | 0.05 | 3.3 | 0.71 | 0.20 | 0.03 | 1.05 |
| Other Sulphides% | 0.01 | 0.01 | 0.03 | 0.01 | 0.00 | 0.01 |
| Quartz/Feldspars% | 48.7 | 46.3 | 47.1 | 62.3 | 66.7 | 56.3 |
| Sericite/Muscovite% | 16.7 | 7.3 | 9.7 | 32.3 | 26.6 | 7.2 |
| Clays% | 17.9 | 9.4 | 4.1 | 1.7 | 1.7 | 6.4 |
| Chlorite/Biotite% | 5 | 6.2 | 4.1 | 0.3 | 0.2 | 2.9 |
| Fe Ox/Oxy% | 10.9 | 4.6 | 1 | 0.3 | 0.4 | 2.3 |
| Carbonates% | 0.70 | 21.8 | 32.8 | 2.02 | 3.6 | 23.3 |
| Other % | 0.10 | 0.98 | 0.43 | 0.80 | 0.70 | 0.69 |

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10.3.3 Pyrite Liberation

Pyrite was the predominant sulphide mineral ranging from traces to 3% in the samples examined. Free and liberated pyrite accounted for 70% Paiol SDCX to 90% to 100% in the rest of the samples. Most of the middling occurred as complex particles (ternary and quaternary composite particles) in the Paiol SDCX.

10.3.4 Gold Deportment

The mineralogical gold deportment study was not conducted at this stage. It was noted that gold can be associated with a few minerals (quartz, sulphides). Gold in some of the oxidized samples can be associated with iron oxides and oxyhydroxides. Both the Fe-oxyhydroxides and pyrite can also contain chemically bound (submicroscopic) gold.

10.4 Comminution Testing

Each sample from the first test work campaign conducted at SGS Geosol laboratory was submitted for Bond Ball Work index determination, as shown in Table ‎10-9. The results suggested that the Saprolite sample showed a very low BWI of 4.4 kWh/t. The other samples showed average Bond indices (8.5 kWh/t to 11.9 kWh/t) for low-grade sulphide and oxide ores. These results are in line with previous test work conducted for the Almas Project, which exhibited values between 6.8 kWh/t and 11.2 kWh/t.

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| 10-11 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎10-9: Bond Ball Work Index Summary**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Sample** | **F<sub>80</sub><br> (µm)** | **Control Screen,<br> (µm)** | **P<sub>80</sub>,<br> (µm)** | **BWi<br> (kWh/t)** |
| Paiol Saprolite | 397 | 106 | 57 | 4.4 |
| Paiol SDCX | 2053 | 106 | 75 | 10.1 |
| Paiol SDQX | 1975 | 106 | 75 | 9.7 |
| Vira Saia QSX | 2066 | 106 | 76 | 11.2 |
| Vira Saia GDM | 1978 | 106 | 76 | 11.9 |
| Trench | 1180 | 106 | 70 | 8.5 |

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The results of the SMC Tests indicated that the Cata Funda ore is more competent than Vira Saia and Paiol ores, as shown by the Axb values in Table ‎10-10 (the lower the Axb value, the more competent the ore). Previous Axb values for the Project were obtained from tests following the MinPro SOLUTIONS methodology, which is different from the SMC Tests, and suggests that the Almas ores are more competent.

**Table ‎10-10: SMC Test<sup>®</sup> Summary**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Sample** | **DWI (kWh/m<sup>3</sup>)** | **A x b** | **Specific Gravity** | **Abrasion Index<br> (t<sub>a</sub>)** |
| Vira Saia | 4.13 | 66 | 2.73 | 0.63 |
| Paiol | 4.74 | 60 | 2.86 | 0.54 |
| Cata Funda | 5.87 | 49 | 2.86 | 0.44 |

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The recommended comminution process design parameters based on test work in previous sections include (in the case where no test work available an interpolation of the value was made):

&nbsp;&nbsp;&nbsp;&nbsp;· Axb = 60

&nbsp;&nbsp;&nbsp;&nbsp;· Bond crushing work index = 11.7 kWh/t

&nbsp;&nbsp;&nbsp;&nbsp;· Bond rod mill work index = 11.6 kWh/t

&nbsp;&nbsp;&nbsp;&nbsp;· Bond ball mill work index = 10.1 kWh/t

&nbsp;&nbsp;&nbsp;&nbsp;· Abrasion index = 0.069

10.5 Individual Composites Test Work Program

The test work program for the individual composites is presented in the flowsheet in Figure ‎10-2.

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| 10-12 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎10-2: Test Work Program Flowsheet**

![](ex9604_052.jpg)

10.5.1 Individual Composites Flowsheet 1: Gravity Separation – Flotation

A series of exploratory grinding tests was conducted in a laboratory rod mill to establish the grinding time to reach the particle size K<sub>80</sub> of 150 µm, 106 µm, and 75 µm. All the samples tested required short grinding time in a laboratory rod mill.

Each ore type was subjected to gravity separation and flotation testing. Flotation concentrate cyanide leaching has not been conducted at this phase of testing.

10.5.1.1 Gravity Separation

Ten kilograms of each ore type was ground to a K<sub>80</sub> of 150 µm and subjected to a gravity separation test using a laboratory Knelson concentrator. The Knelson concentrate was further upgraded by hand panning. The test products were submitted for gold assays and the pan tailings and the Knelson tailings were combined for subsequent testing. The results are presented in Table ‎10-11. The results indicated that 0.2% to 0.6% of the mass was recovered into the gravity concentrate with the grade ranging from 58 g/t Au to 234 g/t Au. The arithmetic average calculated recovery for all the samples tested (assuming equal weight ratios from each composite) was 25% with the concentrate grade of 109 g/t Au and the tailings grade of 0.7 g/t Au, as shown in Table ‎10-12. It should also be noted that SGS Geosol laboratory calculated the metallurgical balances for the gravity circuits using the BILMAT software and the experimental results.

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| 10-13 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎10-11: Individual Composites Gravity Separation Test Results**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample** | **Product** | **Weight** | **Weight** | **Assays<br> (g/t)** | **% Distribution** |
| **Sample** | **Product** | **(g)** | **(%)** | **Au** | **Au** |
| Paiol Saprolite | Hand Panning Concentrate | 20.0 | 0.20 | 57.9 | 17.9 |
| Paiol Saprolite | Hand Panning Tailing | 46.0 | 0.46 | 7.22 | 5.1 |
| Paiol Saprolite | Knelson Tailing | 9934 | 99.3 | 0.50 | 76.9 |
| Paiol Saprolite | Comb Hand & Knelson Tailing (calc) | 9980 | 99.8 | 0.53 | *82.1* |
| Paiol Saprolite | Head (calc assay) | 10000 | 100.0 | 0.65 | 100.0 |
| Paiol Saprolite | Head (direct assay) | 10000 |  | 0.65/0.65 |  |
| Paiol SDCX | Hand Panning Concentrate | 35.4 | 0.35 | 70.4 | 25.5 |
| Paiol SDCX | Hand Panning Tailing | 31.6 | 0.32 | 4.00 | 1.3 |
| Paiol SDCX | Knelson Tailing | 9933 | 99.3 | 0.72 | 73.2 |
| Paiol SDCX | Comb Hand & Knelson Tailing (calc) | 9965 | 99.6 | 0.73 | *74.5* |
| Paiol SDCX | Head (calc) | 10000 | 100.0 | 0.98 | 100.0 |
| Paiol SDCX | Head (direct) | 10000 |  | 0.89/1.01 |  |
| Paiol SDQX | Hand Panning Concentrate | 55.9 | 0.56 | 77.6 | 33.6 |
| Paiol SDQX | Hand Panning Tailing | 20.1 | 0.20 | 16.29 | 2.5 |
| Paiol SDQX | Knelson Tailing | 9924 | 99.2 | 0.83 | 63.8 |
| Paiol SDQX | Comb Hand & Knelson Tailing (calc) | 9944 | 99.4 | 0.86 | *66.4* |
| Paiol SDQX | Head (calc) | 10000 | 100.0 | 1.29 | 100.0 |
| Paiol SDQX | Head (direct) | 10000 |  | 1.20/1.42 |  |
| Vira Saia QSX | Hand Panning Concentrate | 14.0 | 0.14 | 129 | 11.8 |
| Vira Saia QSX | Hand Panning Tailing | 35.0 | 0.35 | 154 | 35.3 |
| Vira Saia QSX | Knelson Tailing | 9951 | 99.5 | 0.81 | 52.8 |
| Vira Saia QSX | Comb Hand & Knelson Tailing (calc) | 9986 | 99.9 | 1.35 | *88.2* |
| Vira Saia QSX | Head (calc) | 10000 | 100.0 | 1.53 | 100.0 |
| Vira Saia QSX | Head (direct) | 10000 |  | 1.46/1.59 |  |
| Vira Saia GDM | Hand Panning Concentrate | 11.0 | 0.11 | 234 | 28.3 |
| Vira Saia GDM | Hand Panning Tailing | 37.0 | 0.37 | 33.6 | 13.7 |
| Vira Saia GDM | Knelson Tailing | 9952 | 99.5 | 0.53 | 58.0 |
| Vira Saia GDM | Comb Hand & Knelson Tailing (calc) | 9989 | 99.9 | 0.65 | *71.7* |
| Vira Saia GDM | Head (calc) | 10000 | 100.0 | 0.91 | 100.0 |
| Vira Saia GDM | Head (direct) | 10000 |  | 0.89/0.94 |  |

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| 10-14 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample** | **Product** | **Weight** | **Weight** | **Assays<br> (g/t)** | **% Distribution** |
| **Sample** | **Product** | **(g)** | **(%)** | **Au** | **Au** |
| Trench | Hand Panning Concentrate | 35.0 | 0.35 | 85.3 | 31.7 |
| Trench | Hand Panning Tailing | 45.0 | 0.45 | 10.5 | 5.0 |
| Trench | Knelson Tailing | 9920 | 99.2 | 0.60 | 63.3 |
| Trench | Comb Hand & Knelson Tailing (calc) | 9965 | 99.7 | 0.64 | *68.3* |
| Trench | Head (calc) | 10000 | 100.0 | 0.94 | 100.0 |
| Trench | Head (direct) | 10000 |  | 0.89/0.98 |  |
| Ave Gravity Concentrate |  |  | 0.29 | 109 | 24.8 |

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**Table ‎10-12: Individual Composites Gravity Separation Summary**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Sample** | **Gravity Concentrate** | **Gravity Concentrate** | **Gravity Concentrate** | **Combined Gravity Tailing<br> (g/t Au [calc])** |
| **Sample** | **Weight<br> (%)** | **Grade<br> (g/t Au)** | **Au Recovery<br> (%)** | **Combined Gravity Tailing<br> (g/t Au [calc])** |
| Paiol Saprolite | 0.20 | 58 | 17.9 | 0.53 |
| Paiol SDCX | 0.35 | 70 | 25.5 | 0.73 |
| Paiol SDQX | 0.56 | 78 | 33.6 | 0.86 |
| Vira Saia QSX | 0.14 | 129 | 11.8 | 0.81 |
| Vira Saia GDM | 0.11 | 234 | 28.3 | 0.65 |
| Trench | 0.35 | 85 | 31.7 | 0.64 |
| Almas Ave | 0.29 | 109 | 24.8 | 0.70 |

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10.5.1.2 Flotation

Samples of the whole ore and gravity tailings were subject to flotation to evaluate the recovery of gold into a flotation concentrate. The main objective of this test program was to maximize the recovery of gold into a flotation concentrate for subsequent cyanide leaching. The effects of fineness of grind and various reagent schemes were evaluated in a series of bulk rougher tests. There were three rougher flotation tests conducted on each ore type and six exploratory rougher tests conducted on the whole ore. No other flotation flowsheet configurations were evaluated at this stage due to the limited scope of the program.

The sample gravity tailings were reground to the specified grind size and subjected to flotation. The effect of fineness of grind (P<sub>80</sub> = 150 µm, 106 µm, and 75 µm) was evaluated in this test series. The reagents used were potassium amyl xanthate (PAX), as a sulphide collector, copper sulphate as a promoter, and MIBC as a frother. Four stages of rougher concentrates were collected separately over a period of 17 minutes and submitted for gold assays. The rougher tailings were analysed for gold and sulphur. Visually, the flotation appeared to be sluggish with a non-stable froth. It has been noted that very high collector (PAX) dosages of 120-240 g/t were applied in this test series to try and recover all the residual sulphides and gold. Also 40 g/t CuSO4 was added into the last rougher stage. The test results are presented in Table ‎10-13.

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| 10-15 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The best results were achieved at a finer grind of 75 µm, as illustrated in Figure ‎10-3 showing cumulative gold grades at each rougher stage versus recovery. The results indicated that 82-87% of the gold was recovered into a flotation concentrate for the Paiol and Vira Saia composites and 71% gold recovery for the Trench composite. The flotation tailings contained 0.11- 0. 24 g/t Au and 0.03% S, (indicating that all the sulphides were recovered into the flotation concentrate). It is likely that the residual gold present in the tailings is associated with iron oxides and/or silicates. A diagnostic gold deportment study will be required to confirm the gold associations. The overall recovery by gravity separation and flotation was 86-92 % for the Paiol and Vira Saia composites and 80% for the Trench composite. A very good correlation between the calculated head grade and the assayed gravity tailings grade (flotation feed) was shown for all the composites. It is noted that this test work did not include leaching of the concentrate.

In addition, the PAIOL SDQX whole ore sample, without gravity separation, was subjected to exploratory testing of sulphide flotation to evaluate the effect of pH and various collectors. These tests were conducted at a grind size of P<sub>80</sub>= 75 µm. The test results are presented in Table ‎10-14. Despite applying strong collector combinations, the results for the tests were similar. The best test results were achieved with the PAX or SIBX collectors, copper sulphate, and Dowfroth-250 additions at a natural pH. The recovery of gold in these tests was 91-92%. The flotation tailings contained 0.10-0.12 g/t Au and 0.03% S. The results from the whole ore flotation were comparable with the results obtained from gravity- flotation circuit. It is noted that this test work did not include leaching of the concentrate.

Only exploratory scoping flotation test work has been conducted on the Almas Project composite samples at this stage of testing. Standard bulk sulphide flotation conditions were applied without further optimization including gangue depressing reagent evaluation and different flotation configurations. However, due to relatively high gold losses into the flotation tailings, the flotation process option was not further investigated.

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| 10-16 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎10-13: Gravity Tailings Flotation Results – Effect of Grind**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Conditions** | **Grind, P<sub>80<br> </sub>(µm)** | **Sample** | **% Weight** | **Au<br> (g/t)** | **Au<br> Distribution<br> (%)** | **Au Overall Recovery (%)\*** |
| Paiol SDCX<br> Grav Tail | pH- 8.4<br>120-240 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 150 | Rougher Concentrate | 2.6 | 23.4 | 73.7 | 80.4 |
| Paiol SDCX<br> Grav Tail | pH- 8.4<br>120-240 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 150 | Rougher Tailings | 97.4 | 0.23 | 26.3 |  |
| Paiol SDCX<br> Grav Tail | pH- 8.4<br>120-240 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 150 | Head (calc) | 100.0 | 0.84 | 100.0 |  |
| Paiol SDCX<br> Grav Tail | pH- 8.4<br>120-240 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 150 | Head (direct) |  | 0.73 |  |  |
| Paiol SDCX<br> Grav Tail | pH- 8.4<br>120-240 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 106 | Rougher Concentrate | 2.8 | 22.2 | 78.4 | 83.9 |
| Paiol SDCX<br> Grav Tail | pH- 8.4<br>120-240 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 106 | Rougher Tailings | 97.2 | 0.18 | 21.6 |  |
| Paiol SDCX<br> Grav Tail | pH- 8.4<br>120-240 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 106 | Head (calc) | 100.0 | 0.79 | 100.0 |  |
| Paiol SDCX<br> Grav Tail | pH- 8.4<br>120-240 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 106 | Head (direct) |  | 0.73 |  |  |
| Paiol SDCX<br> Grav Tail | pH- 8.4<br>120-240 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 75 | Rougher Concentrate | 3.6 | 19.0 | 84.5 | 88.4 |
| Paiol SDCX<br> Grav Tail | pH- 8.4<br>120-240 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 75 | Rougher Tailings | 96.4 | 0.13 | 16.1 |  |
| Paiol SDCX<br> Grav Tail | pH- 8.4<br>120-240 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 75 | Head (calc) | 100.0 | 0.82 | 100.5 |  |
| Paiol SDCX<br> Grav Tail | pH- 8.4<br>120-240 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 75 | Head (direct) |  | 0.73 |  |  |
| Paiol SDQX<br> Grav Tail | pH- 8.4<br>Collector- 120g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 150 | Rougher Concentrate | 3.6 | 18.4 | 84.8 | 89.9 |
| Paiol SDQX<br> Grav Tail | pH- 8.4<br>Collector- 120g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 150 | Rougher Tailings | 96.4 | 0.12 | 15.2 |  |
| Paiol SDQX<br> Grav Tail | pH- 8.4<br>Collector- 120g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 150 | Head (calc) | 100.0 | 0.77 | 100.0 |  |
| Paiol SDQX<br> Grav Tail | pH- 8.4<br>Collector- 120g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 150 | Head (direct) |  | 0.86 |  |  |
| Paiol SDQX<br> Grav Tail | pH- 8.4<br>Collector- 120g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 106 | Rougher Concentrate | 3.5 | 19.2 | 80.9 | 87.3 |
| Paiol SDQX<br> Grav Tail | pH- 8.4<br>Collector- 120g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 106 | Rougher Tailings | 96.5 | 0.17 | 19.1 |  |
| Paiol SDQX<br> Grav Tail | pH- 8.4<br>Collector- 120g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 106 | Head (calc) | 100.0 | 0.84 | 100.0 |  |
| Paiol SDQX<br> Grav Tail | pH- 8.4<br>Collector- 120g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 106 | Head (direct) |  | 0.86 |  |  |
| Paiol SDQX<br> Grav Tail | pH- 8.4<br>Collector- 120g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 75 | Rougher Concentrate | 3.9 | 17.8 | 87.3 | 91.6 |
| Paiol SDQX<br> Grav Tail | pH- 8.4<br>Collector- 120g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 75 | Rougher Tailings | 96.1 | 0.11 | 12.7 |  |
| Paiol SDQX<br> Grav Tail | pH- 8.4<br>Collector- 120g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 75 | Head (calc) | 100.0 | 0.80 | 100.0 |  |
| Paiol SDQX<br> Grav Tail | pH- 8.4<br>Collector- 120g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time- 17 min | 75 | Head (direct) |  | 0.86 |  |  |

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| 10-17 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Conditions** | **Grind, P<sub>80<br> </sub>(µm)** | **Sample** | **% Weight** | **Au<br> (g/t)** | **Au<br> Distribution<br> (%)** | **Au Overall Recovery (%)\*** |
| Vira Saia QSX<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 150 | Rougher Concentrate | 5.5 | 10.1 | 70.8 | 74.3 |
| Vira Saia QSX<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 150 | Rougher Tailings | 94.5 | 0.24 | 29.2 |  |
| Vira Saia QSX<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 150 | Head (calc) |  | 0.78 | 100.0 |  |
| Vira Saia QSX<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 150 | Head (direct) |  | 1.35 |  |  |
| Vira Saia QSX<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 106 | Rougher Concentrate | 5.7 | 11.1 | 76.4 | 79.2 |
| Vira Saia QSX<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 106 | Rougher Tailings | 94.3 | 0.21 | 23.6 |  |
| Vira Saia QSX<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 106 | Head (calc) | 100.0 | 0.84 | 100.0 |  |
| Vira Saia QSX<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 106 | Head (direct) |  | 1.35 |  |  |
| Vira Saia QSX<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 75 | Rougher Concentrate | 7.4 | 9.2 | 84.0 | 85.9 |
| Vira Saia QSX<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 75 | Rougher Tailings | 92.6 | 0.14 | 16.0 |  |
| Vira Saia QSX<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 75 | Head (calc) | 100.0 | 0.81 | 100.0 |  |
| Vira Saia QSX<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 75 | Head (direct) |  | 1.35 |  |  |
| Vira Saia GDM<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 150 | Rougher Concentrate | 5.5 | 7.28 | 72.7 | 80.4 |
| Vira Saia GDM<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 150 | Rougher Tailings | 94.5 | 0.16 | 27.3 |  |
| Vira Saia GDM<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 150 | Head (calc) | 100.0 | 0.55 | 100.0 |  |
| Vira Saia GDM<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 150 | Head (direct) |  | 0.65 |  |  |
| Vira Saia GDM<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 106 | Rougher Concentrate | 5.9 | 6.65 | 74.0 | 81.4 |
| Vira Saia GDM<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 106 | Rougher Tailings | 94.1 | 0.15 | 26.0 |  |
| Vira Saia GDM<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 106 | Head (calc) | 100.0 | 0.63 | 100.0 |  |
| Vira Saia GDM<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 106 | Head (direct) |  | 0.65 |  |  |
| Vira Saia GDM<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 75 | Rougher Concentrate | 9.0 | 4.72 | 82.4 | 87.4 |
| Vira Saia GDM<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 75 | Rougher Tailings | 91.0 | 0.10 | 17.6 |  |
| Vira Saia GDM<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 75 | Head (calc) | 100.0 | 0.62 | 100.0 |  |
| Vira Saia GDM<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 75 | Head (direct) |  | 0.65 |  |  |
| Trench<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 150 | Rougher Concentrate | 9.0 | 4.20 | 66.5 | 77.1 |
| Trench<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 150 | Rougher Tailings | 91.0 | 0.21 | 33.5 |  |
| Trench<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 150 | Head (calc) | 100.0 | 0.57 | 100.0 |  |
| Trench<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 150 | Head (direct) |  | 0.64 |  |  |
| Trench<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 106 | Rougher Concentrate | 10.3 | 3.00 | 68.5 | 78.5 |
| Trench<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 106 | Rougher Tailings | 89.7 | 0.16 | 31.5 |  |
| Trench<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 106 | Head (calc) | 100.0 | 0.46 | 100.0 |  |
| Trench<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 106 | Head (direct) |  | 0.64 |  |  |
| Trench<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 75 | Rougher Concentrate | 10.2 | 3.30 | 71.3 | 80.4 |
| Trench<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 75 | Rougher Tailings | 89.8 | 0.15 | 28.7 |  |
| Trench<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 75 | Head (calc) | 100.0 | 0.47 | 100.0 |  |
| Trench<br> Grav Tail | pH- 8.1<br>Collector- 120 g/t PAX<br>CuSO<sub>4</sub>- 40 g/t<br>Frother - MIBC<br>Flot time -17 min | 75 | Head (direct) |  | 0.64 |  |  |
| Note. \* Overall Gold Recovery by Gravity Separation and Flotation | Note. \* Overall Gold Recovery by Gravity Separation and Flotation | Note. \* Overall Gold Recovery by Gravity Separation and Flotation | Note. \* Overall Gold Recovery by Gravity Separation and Flotation | Note. \* Overall Gold Recovery by Gravity Separation and Flotation | Note. \* Overall Gold Recovery by Gravity Separation and Flotation | Note. \* Overall Gold Recovery by Gravity Separation and Flotation | Note. \* Overall Gold Recovery by Gravity Separation and Flotation |

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| 10-18 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎10-3: Effect of Grind: Au Grade vs. Recovery**

![](ex9604_053.jpg)

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| 10-19 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎10-14: Paiol SDQX Whole Ore Flotation Results – Effect of Reagents and pH P<sub>80</sub> 75 µm**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Collector** | **Products** | **Wt<br> (%)** | **Au<br> (g/t)** | **S<br> (%)** | **Au Distribution<br> (%)** | **S Distribution<br> (%)** |
| PAX | Rougher Concentrate | 6.9 | 15.7 | - | 90.8 | 94.2 |
| PAX | Rougher Tailings | 93.1 | 0.12 | 0.03 | 9.2 | 5.8 |
| PAX | Head (calc) | 100.0 | *1.19* | 0.48 | 100.0 | 100.0 |
| PAX | Head (direct) |  | *1.20* |  |  |  |
| MX980 | Rougher Concentrate | 8.3 | 12.3 | - | 88.6 | 90.5 |
| MX980 | Rougher Tailings | 91.7 | 0.14 | 0.05 | 11.4 | 9.5 |
| MX980 | Head (calc) | 100.0 | *1.16* | 0.48 | 100.0 | 100.0 |
| A3418 | Rougher Concentrate | 7.0 | 14.3 | - | 86.8 | 92.2 |
| A3418 | Rougher Tailings | 93.0 | 0.16 | 0.04 | 13.2 | 7.8 |
| A3418 | Head (calc) | 100.0 | *1.15* | 0.48 | 100.0 | 100.0 |
| A412 | Rougher Concentrate | 6.5 | 15.5 | - | 87.6 | 86.4 |
| A412 | Rougher Tailings | 93.5 | 0.15 | 0.07 | 12.4 | 13.6 |
| A412 | Head (calc) | 100.0 | *1.16* | 0.48 | 100.0 | 100.0 |
| OX100 | Rougher Concentrate | 7.8 | 12.0 | - | 81.0 | 42.4 |
| OX100 | Rougher Tailings | 92.2 | 0.24 | 0.30 | 19.0 | 57.6 |
| OX100 | Head (calc) | 100.0 | *1.15* | 0.48 | 100.0 | 100.0 |
| SIBX | Rougher Concentrate | 8.1 | 13.2 | - | 92.3 | 94.3 |
| SIBX | Rougher Tailings | 91.9 | 0.10 | 0.03 | 7.7 | 5.7 |
| SIBX | Head (calc) | 100.0 | *1.15* | 0.48 | 100.0 | 100.0 |

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| 10-20 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

10.5.2 Flowsheet 2 - Cyanidation of Gravity Tailings

During the earlier test work programs, the emphasis was placed on the flowsheet configuration that included either whole ore leaching or gravity separation followed by cyanidation. This segment of testing included the gravity separation circuit prior to cyanidation. The recovery of gold from the coarser 'as is' and reground gravity tailings of all the samples from the Almas Project deposits were evaluated by direct cyanidation and carbon-in-leach (CIL). Three cyanidation and three CIL tests were conducted on each ore type. The tests were conducted in bottle rolls with the conditions listed below. The effect of grind (P<sub>80 </sub>= 150 µm, 106 µm, and 75 µm) was evaluated for each sample.

Cyanidation/CIL test conditions:

&nbsp;&nbsp;&nbsp;&nbsp;· 500 g ground ore leached at 40% solids

&nbsp;&nbsp;&nbsp;&nbsp;· Grind size P<sub>80</sub> = 150 µm, 106 µm, and 75 µm

&nbsp;&nbsp;&nbsp;&nbsp;· Target pH:10.5 to 11 adjusted with lime additions

&nbsp;&nbsp;&nbsp;&nbsp;· Target NaCN concentration maintained at approximately 1 g/L

&nbsp;&nbsp;&nbsp;&nbsp;· 10 g/L carbon (pre-attritioned) for CIL

&nbsp;&nbsp;&nbsp;&nbsp;· 48 hours retention time (with pregnant solution subsample at 24 hr)

&nbsp;&nbsp;&nbsp;&nbsp;· Dissolved oxygen concentration measured throughout the test period

The final products were submitted for gold assays. The residues were assayed in triplicate and the average value was reported.

The cyanidation/CIL test results are summarized in Table 10-15 and illustrated in Figure ‎10-4.

**Table ‎10-15: Gravity Tailings Cyanidation/CIL Test Results**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Grind Size P<sub>80</sub> (µm)** | **Comb Grav Tails<br> (g/t Au\*)** | **Residue Assay<br> (g/t Au)** | **48 hr Au<br> Extraction<br> (%)** | **Calc Head<br> (g/t Au)\*\*** | **Estimated NaCN Cons<br> (kg/t)** | **Estimated Lime Addition (kg/t)** |
| Paiol Saprolite | 150 | 0.53 | 0.10 | 80.8 | 0.53 | 1.1 | 1.3 |
| Paiol Saprolite | 106 |  | 0.05 | 92.2 | 0.58 | 1.1 | 1.5 |
| Paiol Saprolite | 75 |  | 0.02 | 96.5 | 0.52 | 0.9 | 1.6 |
| Paiol SDCX | 150 | 0.73 | 0.10 | 86.6 | 0.75 | 0.9 | 0.2 |
| Paiol SDCX | 106 |  | 0.12 | 83.3 | 0.71 | 0.7 | 0.2 |
| Paiol SDCX | 75 |  | 0.07 | 87.8 | 0.61 | 1 | 0.2 |
| Paiol SDQX | 150 | 0.86 | 0.08 | 89.8 | 0.79 | 0.7 | 0.1 |
| Paiol SDQX | 106 |  | 0.07 | 89.7 | 0.71 | 0.9 | 0.2 |
| Paiol SDQX | 75 |  | 0.06 | 93 | 0.79 | 0.8 | 0.2 |

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| 10-21 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Grind Size P<sub>80</sub> (µm)** | **Comb Grav Tails<br> (g/t Au\*)** | **Residue Assay<br> (g/t Au)** | **48 hr Au<br> Extraction<br> (%)** | **Calc Head<br> (g/t Au)\*\*** | **Estimated NaCN Cons<br> (kg/t)** | **Estimated Lime Addition (kg/t)** |
| Vira Saia QSX | 150 | 0.88 | 0.03 | 96.4 | 0.79 | 0.7 | 0.2 |
| Vira Saia QSX | 106 |  | 0.03 | 96.3 | 0.73 | 0.6 | 0.1 |
| Vira Saia QSX | 75 |  | 0.02 | 97 | 0.68 | 0.7 | 0.2 |
| Vira Saia GDM | 150 | 0.64 | 0.04 | 93.1 | 0.54 | 0.7 | 0.1 |
| Vira Saia GDM | 106 |  | 0.03 | 93.8 | 0.46 | 0.6 | 0.2 |
| Vira Saia GDM | 75 |  | 0.02 | 96.2 | 0.41 | 0.7 | 0.2 |
| Trench | 150 | 0.64 | 0.09 | 82.9 | 0.54 | 0.7 | 0.6 |
| Trench | 106 |  | 0.10 | 81.7 | 0.56 | 0.7 | 0.6 |
| Trench | 75 |  | 0.08 | 86 | 0.55 | 1 | 0.6 |
| Note:<br>\*Calculated from gravity separation products.<br>\*\*Calculated from cyanidation products. | Note:<br>\*Calculated from gravity separation products.<br>\*\*Calculated from cyanidation products. | Note:<br>\*Calculated from gravity separation products.<br>\*\*Calculated from cyanidation products. | Note:<br>\*Calculated from gravity separation products.<br>\*\*Calculated from cyanidation products. | Note:<br>\*Calculated from gravity separation products.<br>\*\*Calculated from cyanidation products. | Note:<br>\*Calculated from gravity separation products.<br>\*\*Calculated from cyanidation products. | Note:<br>\*Calculated from gravity separation products.<br>\*\*Calculated from cyanidation products. | Note:<br>\*Calculated from gravity separation products.<br>\*\*Calculated from cyanidation products. |

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The following information was observed from the test results:

&nbsp;&nbsp;&nbsp;&nbsp;· The initial pulp pH was in the range of 7.2 to 7.5 for the Saprolite material and 8.2 to 8.5 for the other composites, indicating
that a pre-aeration stage may be required. The pH was stable after the initial lime additions.

&nbsp;&nbsp;&nbsp;&nbsp;· The dissolved oxygen concentration was relatively high and averaged at 7 mg/L to 8 mg/L throughout the test.

&nbsp;&nbsp;&nbsp;&nbsp;· Table ‎ 10-15 includes the comparison between the calculated gravity tailings grade
(feed to cyanidation) and the calculated head grade obtained from the cyanidation test metallurgical balance. The grades were relatively
comparable for all the samples.

&nbsp;&nbsp;&nbsp;&nbsp;· All the samples tested were amenable to cyanide leaching and showed excellent gold extraction after 48 hours of leaching averaging
greater than 90% with the average residue assay of 0.06 g/t Au.

&nbsp;&nbsp;&nbsp;&nbsp;· The intermediate 24 hr pregnant solution assays have indicated that leaching was mostly complete after 24 hours of leaching. Additional
kinetic testing will be required to confirm the retention time.

&nbsp;&nbsp;&nbsp;&nbsp;· The CIL results were similar to the cyanidation results with an average residue assay of 0.06 g/t Au.

&nbsp;&nbsp;&nbsp;&nbsp;· The effect of grind size has been somewhat demonstrated as shown in Figure ‎ 10-4. This
series of tests showed a trend of residual gold grade reduction at a finer grind however, because of low reported residue grades (0.02-0.1g/t
Au), slight fluctuations in the calculated gold grades, and the allowed procedural and analytical detection limits, the results can be
difficult to compare. Additional test work will be required to confirm the optimum grind size.

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| 10-22 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;· The sodium cyanide consumption averaged 0.8 kg/t. The lime addition was higher for the Saprolite and Trench composites, between 0.6
kg/t and 2.8 kg/t, and approximately 0.2 kg/t for the Paiol and Vira Saia composites. A pre-aeration stage with lime conditioning may
be required prior to cyanide addition.

**Figure ‎10-4: Cyanidation Gold Recovery versus Grind Size**

![](ex9604_054.jpg)

10.5.3 Overall Results

The overall results for gravity separation followed by cyanidation/CIL are presented in Table ‎10-15.

The results indicate that all the samples leached with consistent kinetics with the arithmetic average gravity recovery of 25%, and the overall gold recovery achieved by gravity separation followed by cyanidation/CIL for the three grind sizes tested was 93% to 94% leaving a residue assaying 0.06 g/t Au after 48 hr of leaching.

The overall test results comparing the flowsheets tested – gravity separation/cyanidation and gravity separation/ flotation – are shown in Table ‎10-16 at a grind size of 75 µm. The SLR QP notes that the gravity cyanidation and flotation concentrate cyanidation gold recovery has not been accounted for because there was no cyanidation work complete.

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| 10-23 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎10-16: Overall Test Results – Comparison of Flowsheets**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Grind Size K<sub>80</sub> (µm)** | **Average Ore** | **Gravity** | **Grav/ Cyanidation\*** | **Grav/ Cyanidation\*** | **Grav/ CIL\*** | **Grav/ CIL\*** | **Grav/ CIL\*** | **Grav/ CIL\*** | **Grav/Flotation\*\*** | **Grav/Flotation\*\*** |
| **Sample** | **Grind Size K<sub>80</sub> (µm)** | **Head Grade Au (g/t)** | **Recovery<br> Au<br> (%)** | **Overall Au Recovery (%)** | **Residue<br> (Au g/t)** | **Overall Au Recovery (%)** | **Residue Au<br> (g/t)** | **Estimated NaCN Cons kg/t** | **Estimated Lime add'n (kg/t)** | **Overall Au Recovery (%)** | **Ro Tailings (g/t Au)** |
| Paiol Saprolite | 150 | 0.65 | 17.9 | 84.3 | 0.10 | 83.7 | 0.13 | 1.2 | 2.4 | - | - |
| Paiol Saprolite | 106 |  |  | 93.6 | 0.05 | 95.7 | 0.05 | 1.2 | 2.7 | - | - |
| Paiol Saprolite | 75 |  |  | 97.1 | 0.02 | 97.4 | 0.02 | 1.1 | 2.8 | - | - |
| Paiol SDCX | 150 | 0.95 | 25.5 | 90 | 0.10 | 90.1 | 0.12 | 1 | 0.5 | 80.4 | 0.23 |
| Paiol SDCX | 106 |  |  | 87.6 | 0.12 | 90.8 | 0.11 | 0.9 | 0.3 | 83.9 | 0.18 |
| Paiol SDCX | 75 |  |  | 90.9 | 0.07 | 94.2 | 0.07 | 0.9 | 0.3 | 88.4 | 0.13 |
| Paiol SDQX | 150 | 1.31 | 33.6 | 93.2 | 0.08 | 94.2 | 0.09 | 0.8 | 0.3 | 89.9 | 0.12 |
| Paiol SDQX | 106 |  |  | 93.2 | 0.07 | 94.6 | 0.08 | 0.7 | 0.3 | 87.3 | 0.17 |
| Paiol SDQX | 75 |  |  | 95.4 | 0.06 | 96.3 | 0.05 | 0.9 | 0.3 | 91.6 | 0.11 |
| Vira Saia QSX | 150 | 1.53 | 11.8 | 96.8 | 0.03 | 96.6 | 0.04 | 0.6 | 0.3 | 74.3 | 0.24 |
| Vira Saia QSX | 106 |  |  | 96.7 | 0.03 | 97.8 | 0.02 | 0.8 | 0.2 | 79.2 | 0.21 |
| Vira Saia QSX | 75 |  |  | 97.4 | 0.02 | 98.5 | 0.02 | 0.9 | 0.2 | 85.9 | 0.14 |
| Vira Saia GDM | 150 | 0.91 | 28.3 | 95.1 | 0.04 | 96.6 | 0.03 | 0.7 | 0.2 | 80.4 | 0.16 |
| Vira Saia GDM | 106 |  |  | 95.6 | 0.03 | 97.8 | 0.02 | 0.8 | 0.2 | 81.4 | 0.15 |
| Vira Saia GDM | 75 |  |  | 97.3 | 0.02 | 98.5 | 0.01 | 0.7 | 0.2 | 87.4 | 0.10 |
| Trench | 150 | 0.94 | 31.7 | 88.3 | 0.09 | 88.3 | 0.11 | 0.9 | 0.8 | 77.1 | 0.21 |
| Trench | 106 |  |  | 87.5 | 0.10 | 90.4 | 0.09 | 0.9 | 0.8 | 78.5 | 0.16 |
| Trench | 75 |  |  | 90.4 | 0.08 | 92.1 | 0.08 | 0.8 | 0.8 | 80.4 | 0.14 |
| **AVERAGE at P<sub>80</sub>-106 µm** |  | **1.05** | **24.8** | **92.4** | **0.07** | **94.5** | **0.06** | **0.9** | **0.8** | **82.1** | **0.17** |
| **AVERAGE at P<sub>80</sub>-75 µm** |  | **1.05** | **24.8** | **94.7** | **0.04** | **96.2** | **0.04** | **0.9** | **0.8** | **86.7** | **0.12** |
| &nbsp;&nbsp;&nbsp; Notes:<br>\*Gravity concentrate leach recovery has not been accounted for.<br>\*\*Gravity and flotation concentrates leach recovery has not been accounted for. | &nbsp;&nbsp;&nbsp; Notes:<br>\*Gravity concentrate leach recovery has not been accounted for.<br>\*\*Gravity and flotation concentrates leach recovery has not been accounted for. | &nbsp;&nbsp;&nbsp; Notes:<br>\*Gravity concentrate leach recovery has not been accounted for.<br>\*\*Gravity and flotation concentrates leach recovery has not been accounted for. | &nbsp;&nbsp;&nbsp; Notes:<br>\*Gravity concentrate leach recovery has not been accounted for.<br>\*\*Gravity and flotation concentrates leach recovery has not been accounted for. | &nbsp;&nbsp;&nbsp; Notes:<br>\*Gravity concentrate leach recovery has not been accounted for.<br>\*\*Gravity and flotation concentrates leach recovery has not been accounted for. | &nbsp;&nbsp;&nbsp; Notes:<br>\*Gravity concentrate leach recovery has not been accounted for.<br>\*\*Gravity and flotation concentrates leach recovery has not been accounted for. | &nbsp;&nbsp;&nbsp; Notes:<br>\*Gravity concentrate leach recovery has not been accounted for.<br>\*\*Gravity and flotation concentrates leach recovery has not been accounted for. | &nbsp;&nbsp;&nbsp; Notes:<br>\*Gravity concentrate leach recovery has not been accounted for.<br>\*\*Gravity and flotation concentrates leach recovery has not been accounted for. | &nbsp;&nbsp;&nbsp; Notes:<br>\*Gravity concentrate leach recovery has not been accounted for.<br>\*\*Gravity and flotation concentrates leach recovery has not been accounted for. | &nbsp;&nbsp;&nbsp; Notes:<br>\*Gravity concentrate leach recovery has not been accounted for.<br>\*\*Gravity and flotation concentrates leach recovery has not been accounted for. | &nbsp;&nbsp;&nbsp; Notes:<br>\*Gravity concentrate leach recovery has not been accounted for.<br>\*\*Gravity and flotation concentrates leach recovery has not been accounted for. | &nbsp;&nbsp;&nbsp; Notes:<br>\*Gravity concentrate leach recovery has not been accounted for.<br>\*\*Gravity and flotation concentrates leach recovery has not been accounted for. |

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| 10-24 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The overall results shown in Table ‎10-16 show that the average overall gold recovery by gravity separation/ CIL at grind sizes of P<sub>80</sub> 106 µm and 75 µm was 94.5% and 96.2% leaving a residue assaying 0.07 g/t Au and 0.04 g/t Au, respectively.

Flotation concentrate was not leached in the test work program therefore the true recovery of a flotation concentrate leach flowsheet is unknown. An 81% average overall recovery was estimated assuming a rougher tailings assay of 0.12 g/t Au and the estimated final overall residue (calculated value of flotation tailings plus the estimated leach residue) of approximately 0.3 g/t Au. The SLR QP notes this needs to be confirmed with test work.

The results shown in Table ‎10-16 indicate that the direct cyanide leaching without flotation resulted in a significantly higher overall gold recovery under the conditions tested. A trade-off study was conducted by Ausenco to compare both flowsheets and confirmed the economic viability of each processing flowsheet. The whole ore leaching or the gravity separation followed by leaching flowsheet was selected for further evaluation in the subsequent stage of testing.

10.5.4 Heap Leach Amenability Results

The Paiol Sulphide and Saprolite material was submitted for heap leach amenability testing in bottle rolls. The main objective of this testing was to conduct a preliminary assessment of gold recovery by simulating heap leach conditions and to determine the reagent requirements for subsequent column testing, if required. There was no agglomeration or permeability testing conducted at this phase.

Each composite was prepared by blending and crushing to -1/2 inch. The samples were split into the test charges and further crushed to the required sizes. The representative head samples were riffled out and submitted for gold assays. The reported average head assays were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Paiol Saprolite: 0.52 g/t Au

&nbsp;&nbsp;&nbsp;&nbsp;· Paiol Sulphide: 1.06 g/t Au

The crush sizes evaluated were -1/2 inch for the Saprolite material and -1/2, -1/4, and -1/8 inch for the Sulphide material. The tests were conducted with two kilograms charge samples in bottle rolls at 45% solids. The bottles were rolled intermittently, rolling for one minute every hour to minimize attrition and simulate the heap leach/column testing.

The pH was maintained at the 10.0 to 10.5 level with lime additions and the cyanide concentration was maintained at 0.5 g/L NaCN throughout the test period. The tests were conducted for a period of 14 days to 20 days with intermittent removal of pregnant solution samples for gold assay. The final pulp was filtered and washed, and the products were submitted for analyses. The test results are summarized in Table ‎10-17.

The results indicate that the recovery of gold for the Saprolite ore was approximately 88% and for the Sulphide ore was in the range of 40% to 68%, increasing with the crush size reduction. The cyanide and lime consumption was below one kilogram per tonne and two kilograms per tonne, respectively, however, the lime consumption reported for the Saprolite material was high at 10 kg/t. The reason for such high lime consumption has not been determined.

Further confirmatory testing will be required to evaluate the ore amenability to heap leaching, if this process route will be considered.

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| 10-25 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎10-17: Heap Leach Amenability Test Results**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Crush Size<br> (in.)** | **Leach Time<br> (d)** | **Residue Assay (g/t Au)** | **Calc Cum Au<br> Extraction<br> (%)** | **Calc Head<br> (g/t Au)** | **Direct Head<br> (g/t Au)** | **Estimated NaCN Addition (kg/t)** | **Estimated Lime Addition<br> (kg/t)** |
| Paiol Saprolite | 1/2 | 20 | 0.07 | 88.2 | 0.58 | 0.52 | 0.6 | 10.3 |
| Paiol Sulphide | 1/2 | 14 | 0.66 | 39.5 | 1.09 | 1.06 | 0.9 | 1.6 |
| Paiol Sulphide | 1/4 | 14 | 0.67 | 49.8 | 1.33 | 1.06 | 0.9 | 1.7 |
| Paiol Sulphide | 1/8 | 14 | 0.35 | 67.8 | 1.07 | 1.06 | 0.8 | 1.6 |

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10.6 Blend 3-Year Composite Test Work Program

A confirmatory test work program was conducted during the 2020 campaign at the feasibility study level. The tests were conducted at the Testwork Process Development metallurgical laboratory in Brazil. The testing included the following investigations:

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluation of gravity circuit inclusion prior to cyanide leaching.

&nbsp;&nbsp;&nbsp;&nbsp;· Comparison of whole ore leaching versus gravity separation followed by gravity tailings leaching.

&nbsp;&nbsp;&nbsp;&nbsp;· Cyanide leaching conditions optimization, leaching mode pre-leach/CIL versus direct CIL evaluation.

&nbsp;&nbsp;&nbsp;&nbsp;· Cyanide destruction.

&nbsp;&nbsp;&nbsp;&nbsp;· Solids/liquid separation characterization.

10.6.1 Gravity Separation GRG Test Work

Two standard GRG tests were conducted on the Blend 3-Y composite sample. The standard three-stage protocol has been applied with the final targeted grind size of P<sub>80</sub> of 75 µm. At each stage, test products were submitted for size fraction analysis for gold. The results were submitted to FLSmidth & Co. A/S (FLS) for further evaluation and modelling. The results indicated that the cumulative three-stage GRG recoveries varied between 31% and 39% with the respective calculated head grades of 1.9 g/t Au and 1.7 g/t Au, as shown in Table ‎10-18. The size classification of the GRG has been determined as course to moderate using the AMIRA size classification scale by FLS.

It has been concluded that the ore is amenable to gravity recovery and the GRG particle distribution is coarse. As such, a moderate gravity circuit with concentrate intensive cyanidation has been suggested for inclusion in the flowsheet. Modelling has been undertaken and several options for a gravity circuit installation were suggested. The gravity equipment suggested by FLS was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· One KC-QS40 Knelson concentrator installed at cyclone underflow.

&nbsp;&nbsp;&nbsp;&nbsp;· One Consep Acacia CS2000 unit for intensive cyanidation system to treat the Knelson concentrate. This unit is sized to treat 24 hr
production of Knelson concentrate.

For process design purposes, gravity gold recovery of 17.5% is used processing 25% of the cyclone underflow stream.

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| 10-26 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎10-18: GRG Test Summary Blend 3-Y Composite**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Grind Size** | **Grind Size** | **Grind Size** | **Product** | **Assay & Distribution** | **Assay & Distribution** |
| **Grind Size** | **Grind Size** | **Grind Size** | **Product** | **(g/t Au)** | **(%)** |
| P<sub>80</sub> = | 845 | µm | Stage 1 Concentrate | 26.9 | 11.8 |
| P<sub>80</sub> = | 169 | µm | Stage 2 Concentrate | 26.7 | 12.3 |
| -75mm= | 20.1 | % |  |  |  |
| P<sub>80</sub> = | 68 | µm | Stage 3 Concentrate | 24.1 | 7.4 |
| P<sub>80</sub> = | 68 | µm | Final Tailings | 1.33 | 68.5 |
| P<sub>80</sub> = | 68 | µm | Calc Head | 1.89 | 100 |
| P<sub>80</sub> = | 68 | µm | Knelson Concentrate | 26.1 | 31.5 |
|  |  |  | **GRG Value** |  | **31.5** |
| P<sub>80</sub> = | 796 | µm | Stage 1 Concentrate | 25 | 13.3 |
| P<sub>80</sub> = | 197 | µm | Stage 2 Concentrate | 33.1 | 16.2 |
| -75mm= | 21.8 | % |  |  |  |
| P<sub>80</sub> = | 62 | µm | Stage 3 Concentrate | 29.9 | 10.2 |
| P<sub>80</sub> = | 62 | µm | Final Tailings | 1.06 | 60.2 |
|  |  |  | Calc Head | 1.72 | 100 |
|  |  |  | Knelson Concentrate | 29.1 | 39.8 |
|  |  |  | **GRG Value** |  | **39.8** |

---

10.6.2 Whole Ore Cyanide Leaching

The first series of cyanidation tests were conducted without gravity separation. The tests were conducted in bottles rolls under the conditions listed below.

&nbsp;&nbsp;&nbsp;&nbsp;· 1,000 g to 2000 g ground ore leached at 45% solids.

&nbsp;&nbsp;&nbsp;&nbsp;· Grind size P<sub>80</sub>: 106 µm and 75 µm.

&nbsp;&nbsp;&nbsp;&nbsp;· Target pH: 10.5 to 11 adjusted with lime additions.

&nbsp;&nbsp;&nbsp;&nbsp;· Initial NaCN concentration at one gram per litre.

&nbsp;&nbsp;&nbsp;&nbsp;· 20 g/L carbon (pre-attritioned) for CIL.

&nbsp;&nbsp;&nbsp;&nbsp;· 24 hr to 48 hr retention time (with intermediate kinetic subsamples).

&nbsp;&nbsp;&nbsp;&nbsp;· Dissolved oxygen concentration measured throughout the test period at greater than four milligrams per litre.

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| 10-27 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The intermediate and final test products were submitted for gold assays. The residues were assayed in triplicate and the average value was reported.

The effects of particle grind size of P<sub>80</sub> of 106 µm and 75 µm, retention time, and cyanidation versus CIL or pre-leach/CIL on leach kinetics and flowsheet configuration are summarized in Table ‎10-19. Two gold extraction results are included in the table. The column labeled Extraction Au% uses the calculated head grade and reside grade to calculate a recovery value.

The final leach residues and barren solution ICP scans from the two selected 24 hr CIL tests at P<sub>80</sub> 106 µm and 75 µm grind sizes are presented in Table ‎10-20 and Table ‎10-21, respectively.

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| 10-28 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎10-19: Whole Ore Leach Results**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Leach Time<br> (hr)** | **CN Test Mode** | **Grind Size<br> (P<sub>80,</sub> µm)** | **Au Extraction<sup>1</sup><br> (%)** | **Calc Head<br> (g/t Au)** | **NaCN Cons<br> (kg/t)** | **Lime Cons (kg/t)** |
| Blend 3 Year | 24 | CN | 106 | 92.2 | 1.38 | 0.17 | 0.96 |
| Blend 3 Year | 24 | CIL | 75 | 95.7 | 1.23 | 0.31 | 0.93 |
| Blend 3 Year | 24 | CN | 75 | 94.3 | 1.42 | 0.18 | 0.94 |
| Blend 3 Year | 24 | CIL | 75 | 93.6 | 1.31 | 0.34 | 1.00 |
| Blend 3 Year^^ | 24 | CN | 106 | 93.1 | 1.54 | 0.25 | 0.93 |
| Blend 3 Year^^ | 24 | CIL | 75 | 91.8 | 1.40 | 0.27 | 0.96 |
| Blend 3 Year | 4 | CIL | 106 | 79.4 | 1.43 | 0.12 | 0.82 |
| Blend 3 Year | 4 | CIL | 75 | 87.4 | 1.24 | 0.11 | 0.78 |
| Blend 3 Year | 12 | CIL | 106 | 90.9 | 1.40 | 0.21 | 1.38 |
| Blend 3 Year | 12 | CIL | 75 | 90.8 | 1.42 | 0.22 | 1.54 |
| Blend 3 Year | 24 | CIL | 106 | 92.3 | 1.24 | 0.34 | 1.53 |
| Blend 3 Year | 24 | CIL | 75 | 92.8 | 1.14 | 0.27 | 1.68 |
| Blend 3 Year | 48 | CIL | 106 | 93.3 | 1.23 | 0.49 | 1.94 |
| Blend 3 Year | 48 | CIL | 75 | 93.9 | 1.25 | 0.49 | 1.32 |
| Blend 3 Year | 12+12 | CN-CIL | 106 | 92 | 1.28 | 0.33 | 1.60 |
| Blend 3 Year | 12+12 | CN-CIL | 75 | 92.6 | 1.26 | 0.33 | 1.64 |
| Blend 3 Year | 24 | CIL | 106 | 92.5 | 1.21 | 0.18 | 0.90 |
| Blend 3 Year | 24 | CIL | 75 | 93.3 | 1.12 | 0.26 | 0.90 |
| Blend 3 Year | 24 | CIL | 75 | 92.1 | 1.35 | 0.17 | 1.60 |
| Blend 3 Year | 24 | CIL | 75 | 91.7 | 1.37 | 0.19 | 1.60 |
| Saprolite | 24 | CIL | 106 | 96.4 | 0.55 | 0.39 | 1.50 |
| Saprolite | 24 | CIL | 75 | 97.2 | 0.53 | 0.40 | 1.50 |
| Average at 24 hr 106 µm grind size |  |  |  | 92.4 | 1.33 | 0.25 | 1.18 |
| Average at 24 hr 75 µm grind size |  |  |  | 93.1 | 1.29 | 0.26 | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<br> Au Extraction - based on the difference between met balance calculated head grade and residue grades.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<br> Residue washed with NaOH solution.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<br> CN = cyanidation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<br> Au Extraction - based on the difference between met balance calculated head grade and residue grades.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<br> Residue washed with NaOH solution.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<br> CN = cyanidation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<br> Au Extraction - based on the difference between met balance calculated head grade and residue grades.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<br> Residue washed with NaOH solution.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<br> CN = cyanidation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<br> Au Extraction - based on the difference between met balance calculated head grade and residue grades.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<br> Residue washed with NaOH solution.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<br> CN = cyanidation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<br> Au Extraction - based on the difference between met balance calculated head grade and residue grades.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<br> Residue washed with NaOH solution.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<br> CN = cyanidation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<br> Au Extraction - based on the difference between met balance calculated head grade and residue grades.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<br> Residue washed with NaOH solution.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<br> CN = cyanidation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<br> Au Extraction - based on the difference between met balance calculated head grade and residue grades.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<br> Residue washed with NaOH solution.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<br> CN = cyanidation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<br> Au Extraction - based on the difference between met balance calculated head grade and residue grades.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<br> Residue washed with NaOH solution.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<br> CN = cyanidation |

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| 10-29 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎10-20: CIL Residue Analysis**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Elements** | **Unit** | **24 hr CIL Tests** | **24 hr CIL Tests** | **Element** | **Unit** | **24 hr CIL Tests** | **24 hr CIL Tests** |
| **Elements** | **Unit** | **106 µm** | **75 µm** | **Element** | **Unit** | **106 µm** | **75 µm** |
| Ag | g/t | <3 | <3 | Ni | g/t | 24 | 25 |
| Al | % | 5.56 | 5.27 | P | % | 0.06 | 0.06 |
| As | g/t | 40 | 46 | Pb | g/t | <8 | <8 |
| Ba | g/t | 180 | 168 | S | % | 0.53 | 0.55 |
| Be | g/t | <3 | <3 | Sb | g/t | <10 | <10 |
| Bi | g/t | <20 | <20 | Sc | g/t | 26 | 25 |
| Ca | % | 4.56 | 4.51 | Se | g/t | <20 | <20 |
| Cd | g/t | <3 | <3 | Sn | g/t | <20 | <20 |
| Co | g/t | 35 | 34 | Sr | g/t | 117 | 114 |
| Cr | g/t | 29 | 27 | Th | g/t | <20 | <20 |
| Cu | g/t | 41 | 36 | Ti | % | 0.62 | 0.63 |
| Fe | % | 7.72 | 7.84 | Tl | g/t | <20 | <20 |
| K | % | 1.16 | 1.08 | U | g/t | <20 | <20 |
| La | g/t | <20 | <20 | V | g/t | 197 | 189 |
| Li | g/t | 28 | 28 | W | g/t | 30 | 34 |
| Mg | % | 1.72 | 1.69 | Y | g/t | 6 | 7 |
| Mn | % | 0.13 | 0.12 | Zn | g/t | 107 | 105 |
| Mo | g/t | <3 | <3 | Zr | g/t | 97 | 93 |
| Na | % | 1.52 | 1.45 |  |  |  |  |

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**Table ‎10-21: CIL Barren Solution Analysis**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Element<br> (mg/L)** | **24 hr CIL Tests** | **24 hr CIL Tests** | **Element<br> (mg/L)** | **24 hr CIL Tests** | **24 hr CIL Tests** |
| **Element<br> (mg/L)** | **106 µm** | **75 µm** | **Element<br> (mg/L)** | **106 µm** | **75 µm** |
| Ag | <0.08 | <0.08 | Mn | 0.05 | 0.05 |
| Al | 8.0 | 7.3 | Mo | <0.6 | <0.6 |
| As | <3 | <3 | Na | 423 | 430 |
| Ba | <0.007 | 0.013 | Ni | <0.6 | <0.6 |
| Be | <0.002 | <0.002 | P | <5 | <5 |
| Bi | <1 | <1 | Pb | <2 | <2 |
| Ca | 2.6 | 2.3 | Sb | <1 | <1 |
| Cd | <0.09 | <0.09 | Se | <3 | <3 |
| Co | <0.3 | <0,3 | Sn | <2 | <2 |

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| 10-30 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Element<br> (mg/L)** | **24 hr CIL Tests** | **24 hr CIL Tests** | **Element<br> (mg/L)** | **24 hr CIL Tests** | **24 hr CIL Tests** |
| **Element<br> (mg/L)** | **106 µm** | **75 µm** | **Element<br> (mg/L)** | **106 µm** | **75 µm** |
| Cr | <0.1 | 0.3 | Sr | 0.068 | 0.064 |
| Cu | 2.8 | 4.3 | Ti | 0.06 | 0.04 |
| Fe | 5.1 | 6.1 | Tl | <3 | <3 |
| K | 52 | 50 | V | <0.2 | <0.2 |
| Li | <2 | <2 | Y | <0.02 | <0.02 |
| Mg | 0.15 | 0.35 | Zn | <0.7 | <0.7 |

---

The following information was obtained from the test results:

&nbsp;&nbsp;&nbsp;&nbsp;· The first six tests listed in Table ‎ 10-19
were the exploratory tests to compare direct cyanidation versus CIL to rule out preg-robbing potential and to evaluate the effect of grind
size. The next six tests examined the leach kinetics (4 hr to 48 hr) and the effect of grind size. The subsequent eight tests evaluated
the pre-leach/CIL versus the CIL configurations at two grind sizes.

&nbsp;&nbsp;&nbsp;&nbsp;· The results indicated that the leach kinetics reached a plateau after 24 hr of leaching. The fineness of grind examined (P<sub>80</sub>
of 106 µm and 75 µm) and CIL versus pre-leach/CIL did not affect the results. The gold recovery was in the range of 92% to
93% with the residual gold grade of 0.09 g/t Au to 0.10 g/t Au after 24 hr of leaching. The calculated head grade compared well with the
direct head grade assay in this test series and the 'normalized' gold extractions were close in value to the calculated extractions.
The NaCN and lime consumptions averaged at 0.3 kg/t and 1.2 kg/t to 1.3 kg/t, respectively. The low cyanide consumption confirms the lack
of cyanicides and other cyanide consumers present in the ore.

&nbsp;&nbsp;&nbsp;&nbsp;· The leach products analysis indicated that metal dissolution during cyanidation was low, and there were no obvious concerns with deleterious
elements.

10.6.3 Gravity Separation-Cyanide Leaching

The second series of tests was conducted with the inclusion of the gravity separation circuit. The gravity separation circuit simulation was conducted in two stages. The first stage included gravity separation of the ore crushed to 16 mesh on the laboratory Knelson concentrator. The first stage Knelson concentrate was subjected to an intensive cyanide leach. The leach residue was combined with the gravity tailings and forwarded to the second stage gravity separation conducted at grind size of 106 µm and 75 µm. The second stage concentrate was also subject to intensive leaching. The combined final gravity tailings were leaching with the test conditions and results listed in Table ‎10-22. The effect of leach time, grind size, and cyanidation (CIL versus pre-leach/CIL) were evaluated in this series of tests.

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| 10-31 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎10-22: Gravity Separation-Cyanidation Results**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Est Cum Grav Recovery<br> Au<br> (%)** | **Calc Head Grade<br> Au<br> (g/t)** | **CN Test Mode** | **Grind Size<br> P<sub>80,</sub> <br> (µm)** | **Leach Time<br> (hr)** | **Residue Assay<br> Au <br> (g/t)** | **Individual Cyanidation Recovery<br> (% Au)\*** | **Overall Au Recovery (gravity + Cyanidation (%)\*\*** | **Calc CN Feed Grade<br> Au (g/t)^^** | **NaCN Cons<br> (kg/t)** | **Lime Cons<br> (kg/t)** |
| Blend 3 Year | 52.4 | 1.43 | CIL | 106 | 24 | 0.09 | 87.2 | 93.9 | 0.66 | 0.23 | 0.85 |
| Blend 3 Year |  |  | CIL | 106 | 48 | 0.10 | 85.7 | 93.2 | 0.70 | 0.45 | 1.29 |
| Blend 3 Year |  |  | CN-CIL | 106 | 12+12 | 0.08 | 89.3 | 94.9 | 0.78 | 0.31 | 1.29 |
| Blend 3 Year | 56.4 | 1.43 | CIL | 75 | 24 | 0.07 | 88.6 | 95 | 0.65 | 0.20 | 0.87 |
| Blend 3 Year |  |  | CIL | 75 | 48 | 0.07 | 88.6 | 95 | 0.63 | 0.44 | 1.28 |
| Blend 3 Year |  |  | CN-CIL | 75 | 12+12 | 0.07 | 89.1 | 95.2 | 0.68 | 0.27 | 1.02 |
| Blend 3 Year | 56.9 | 2.13 | CN-CIL | 106 | 12+12 | 0.10 | 88.8 | 95.2 | 0.92 | 0.19 | 1.61 |
| Blend 3 Year |  |  | CN-CIL^^^ | 106 | 12+12 | 0.20 | 81 | 91.8 | 1.05 | 0.18 | 1.62 |
| Blend 3 Year | 31.8 | 2.06 | CN-CIL | 75 | 12+12 | 0.09 | 93.4 | 95.5 | 1.42 | 0.21 | 1.63 |
| Blend 3 Year |  |  | CN-CIL^^^ | 75 | 12+12 | 0.23 | 85.5 | 90.1 | 1.59 | 0.21 | 1.62 |
| Blend 3 Year | 21.1 | 3.06 | CN-CIL | 75 | 3+21 | 0.10 | 89.2 | 91.5 | 0.90 | 0.22 | 1.69 |
| Blend 3 Year | 52.7 | 1.82 | CN-CIL | 106 | 12+12 | 0.11 | 88.1 | 94.4 | 0.92 | 0.21 | 1.41 |
| Blend 3 Year | 49.2 | 1.43 | CN-CIL | 75 | 12+12 | 0.10 | 87.5 | 93.6 | 0.77 | 0.25 | 1.32 |
| Blend 3 Year | CIL Average | CIL Average | CIL Average | 106 | 24-48 | 0.10 | 86.5 | 93.5 | 0.68 | 0.34 | 1.07 |
| Blend 3 Year |  |  |  | 75 | 24-48 | 0.07 | 88.6 | 95 | 0.64 | 0.32 | 1.08 |
| Blend 3 Year | CN CIL Average | CN CIL Average | CN CIL Average | 106 | 24 | 0.12 | 86.8 | 94.1 | 0.92 | 0.22 | 1.48 |
| Blend 3 Year |  |  |  | 75 | 24 | 0.12 | 88.9 | 93.2 | 1.07 | 0.23 | 1.46 |
| Blend 3 Year | Average | Average | Average | 106 | 24 | 0.11 | 86.6 | 93.8 | 0.80 | 0.28 | 1.28 |
| Blend 3 Year |  |  |  | 75 | 24 | 0.09 | 88.6 | 94.1 | 0.86 | 0.28 | 1.27 |
| Notes:<br>\*Individual cyanidation Au recovery- based on the difference between met balance calculated head grade and residue grades.<br>\*\*Overall recovery includes gravity plus cyanidation leach recoveries, assuming gravity concentrate leach recovery=98%.<br>^^Calculated gravity tailings/ CN feed grade. | Notes:<br>\*Individual cyanidation Au recovery- based on the difference between met balance calculated head grade and residue grades.<br>\*\*Overall recovery includes gravity plus cyanidation leach recoveries, assuming gravity concentrate leach recovery=98%.<br>^^Calculated gravity tailings/ CN feed grade. | Notes:<br>\*Individual cyanidation Au recovery- based on the difference between met balance calculated head grade and residue grades.<br>\*\*Overall recovery includes gravity plus cyanidation leach recoveries, assuming gravity concentrate leach recovery=98%.<br>^^Calculated gravity tailings/ CN feed grade. | Notes:<br>\*Individual cyanidation Au recovery- based on the difference between met balance calculated head grade and residue grades.<br>\*\*Overall recovery includes gravity plus cyanidation leach recoveries, assuming gravity concentrate leach recovery=98%.<br>^^Calculated gravity tailings/ CN feed grade. | Notes:<br>\*Individual cyanidation Au recovery- based on the difference between met balance calculated head grade and residue grades.<br>\*\*Overall recovery includes gravity plus cyanidation leach recoveries, assuming gravity concentrate leach recovery=98%.<br>^^Calculated gravity tailings/ CN feed grade. | Notes:<br>\*Individual cyanidation Au recovery- based on the difference between met balance calculated head grade and residue grades.<br>\*\*Overall recovery includes gravity plus cyanidation leach recoveries, assuming gravity concentrate leach recovery=98%.<br>^^Calculated gravity tailings/ CN feed grade. | Notes:<br>\*Individual cyanidation Au recovery- based on the difference between met balance calculated head grade and residue grades.<br>\*\*Overall recovery includes gravity plus cyanidation leach recoveries, assuming gravity concentrate leach recovery=98%.<br>^^Calculated gravity tailings/ CN feed grade. | Notes:<br>\*Individual cyanidation Au recovery- based on the difference between met balance calculated head grade and residue grades.<br>\*\*Overall recovery includes gravity plus cyanidation leach recoveries, assuming gravity concentrate leach recovery=98%.<br>^^Calculated gravity tailings/ CN feed grade. | Notes:<br>\*Individual cyanidation Au recovery- based on the difference between met balance calculated head grade and residue grades.<br>\*\*Overall recovery includes gravity plus cyanidation leach recoveries, assuming gravity concentrate leach recovery=98%.<br>^^Calculated gravity tailings/ CN feed grade. | Notes:<br>\*Individual cyanidation Au recovery- based on the difference between met balance calculated head grade and residue grades.<br>\*\*Overall recovery includes gravity plus cyanidation leach recoveries, assuming gravity concentrate leach recovery=98%.<br>^^Calculated gravity tailings/ CN feed grade. | Notes:<br>\*Individual cyanidation Au recovery- based on the difference between met balance calculated head grade and residue grades.<br>\*\*Overall recovery includes gravity plus cyanidation leach recoveries, assuming gravity concentrate leach recovery=98%.<br>^^Calculated gravity tailings/ CN feed grade. | Notes:<br>\*Individual cyanidation Au recovery- based on the difference between met balance calculated head grade and residue grades.<br>\*\*Overall recovery includes gravity plus cyanidation leach recoveries, assuming gravity concentrate leach recovery=98%.<br>^^Calculated gravity tailings/ CN feed grade. |

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| 10-32 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The following conclusions were obtained from the test results:

&nbsp;&nbsp;&nbsp;&nbsp;· The results indicated that the two-stage gravity separation tests were not consistent and resulted in estimated gravity recovery from
32% to 57%. The SLR QP notes that, due to the tested flowsheet configuration without the intermediate recycled leach residue assays and
the assumption of the intensive cyanidation recovery of 100% after each gravity stage, the gravity circuit recovery should be viewed as
an estimated recovery only. The presence of coarse free gold in the ore could have also contributed to the variance in the results. The
gravity concentrate weight recovery of 5% to 7% was significantly higher than industrial scale. The calculated head grades averaged 1.9
g/t, which is higher than the direct screened metallic head grade.

&nbsp;&nbsp;&nbsp;&nbsp;· In general, at coarser grinds, gravity separation ahead of leaching can contribute to higher gold recovery by removing coarse gold
and therefore reducing the required leach residence time.

&nbsp;&nbsp;&nbsp;&nbsp;· CIL versus pre-leach/CIL configuration was evaluated. The CIL process has some inherent disadvantages compared with carbon-in-pulp
(CIP) (such as larger carbon inventory and higher gold inventory, increased carbon attrition and the associated gold losses are typically
higher, carbon loading is lower, and the operating costs are typically higher). The CIL process can be effective, however, if a pre-leach
step is included, providing a higher gold grade to the first stage of CIL/CIP. Therefore, this configuration, including the pre-leach
stage, has been selected for the process flowsheet.

&nbsp;&nbsp;&nbsp;&nbsp;· The effects of the grind size and the retention time in the CIL and pre-leach/CIL flowsheet configuration have also been examined.
The results indicated that the fineness of grind examined (P<sub>80</sub> of 106 µm and 75 µm) appear to have a minor impact
on the overall results and the leach configuration of CIL versus pre-leach/CIL did not affect the results as expected.

&nbsp;&nbsp;&nbsp;&nbsp;· Calculated overall recovery of 93.8% to 94.1% was achieved after 24 hr of leaching, leaving the average residue assay of 0.09 g/t
Au to 0.11 g/t Au. The NaCN and lime consumptions were 0.2 kg/t to 0.3 kg/t and 1.1 kg/t to 1.5 kg/t, respectively. The low cyanide consumption
indicates that there were no significant cyanide consuming species present in the composite sample.

10.6.4 Cyanide Destruction

The objective of the cyanide destruction test work was to investigate the amenability of the Blend 3-Y Composite to detoxification using SO<sub>2</sub>/air and to produce treated product containing less than 2 mg/L residual CN<sub>WAD </sub>targeting the design criteria parameters of SO<sub>2 </sub>additions of 5.5 SO<sub>2</sub>/g CN<sub>WAD to </sub>6.0 g SO<sub>2</sub>/g CN<sub>WAD </sub>and 50 mg/L Cu<sup>+2</sup> additions at pH 8.5 to 9.0 with two hours retention time.

A series of preliminary batch tests was conducted evaluating the amenability of the sample to treatment using SO<sub>2</sub>/air and providing some indication of reagent requirement and retention time.

The SLR QP notes that batch tests are inefficient and should only be used for determining the amenability of the sample to treatment using SO2/air and providing some indication of reagent requirement. Continuous testing is required for optimization of parameters such as retention time and reagent requirement.

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| 10-33 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The slurry used for the cyanide destruction (CND) test work was the cyanidation slurry at a grind size P<sub>80</sub> of 75 µm at 45% solids. The final NaCN concentration of the feed pulps to the cyanide destruction testing was decreased to approximately 100 mg/L to 140 mg/L.

Seven exploratory batch tests were carried out at various sodium metabisulphite (Na<sub>2</sub>S<sub>2</sub>O<sub>5</sub>) and/or copper sulphate (CuSO<sub>4</sub>) dosages. The pH was adjusted with lime addition and oxidation reduction potential of the pulp was monitored. The test conditions and results are shown in Table ‎10-23. The results indicate that the residual CN<sub>WAD</sub> target of less than two milligrams per litre was achieved under the design criteria conditions of 5.5 g SO<sub>2</sub>/1 g CN<sub>WAD</sub> and 50 mg/L Cu<sup>+2</sup> additions and when reducing the copper addition below 50 mg/L (tests CND5 and CND6) resulted in higher residual CN<sub>WAD</sub> concentration.

**Table ‎10-23: Batch Cyanide Destruction Test Conditions and Results**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test** | **Retention Time** | **Reagent Addition<br> g/g CN<sub>WAD </sub>& mg/L** | **Reagent Addition<br> g/g CN<sub>WAD </sub>& mg/L** | **pH** | **EMF** | **Product Sol'n CN<sub>WAD </sub>** | **Treatment Efficiency** |
| | **(hr)** | **(SO<sub>2 </sub>Equiv.)** | **(Cu)** | | **(mV)** | **(mg/L)** | **(%)** |
|  | Feed | - | - | 10.5 | -128 | 94 | - |
| CND1 | 2 | 5.5 | 50 | 8.6 | 86 | 1.3 | 98.6 |
| CND2 | 2 | 5.5 | 50 | 8.6 | 62 | 1.8 | 98.1 |
| CND3 | 2 | 6.0 | 50 | 8.6 | 59 | 3.5 | 96.3 |
| CND4 | 2 | 6.0 | 50 | 8.5 | 55 | 3.5 | 96.3 |
| CND5 | 2 | 5.5 | 25 | 8.6 | 138 | 10.6 | 88.8 |
| CND6 | 2 | 5.5 | 25 | 8.7 | 114 | 11.9 | 87.4 |
| CND7 | 2 | 5.5 | 119 | 8.5 | 144 | 0.90 | 99.0 |

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A single continuous test was carried out under the optimum conditions developed in the batch tests. A batch test was completed initially to produce treated pulp with low residual cyanide for use as a starting material for the continuous test. The continuous test examined standard operating conditions for SO<sub>2</sub>/air oxidation of the leached pulp at pH 8.5 to 9.0 with a retention time of 120 minutes using 5.5 g to 5.7 g SO<sub>2</sub> per gram CN<sub>WAD</sub> and 50 mg/L Cu. The leached pulp and the reagents were pumped continuously into a reactor vessel. Air was also applied to the reactor at a continuous flowrate. The target pH was maintained by pumping a lime slurry into the reactor. The oxidation reduction potential (EMF) was monitored and reported. The continuous test was run for four displacement periods to ensure that the steady-state conditions were achieved. The reactor overflowed into a collection vessel which was sub-sampled every 30 minutes to monitor the residual CN<sub>WAD</sub> concentration in the solution phase throughout the destruction test. The collected samples were filtered, preserved and submitted to SGS Geosol laboratory for analysis. The test conditions and results are presented in Table ‎10-24. The test results indicate that the average residual CN<sub>WAD, </sub>achieved under the conditions tested with a retention time of two hours, using the ratio of 5.1 g to 5.7 g SO<sub>2</sub> equivalent per gram CN<sub>WAD</sub> and 50 mg/L Cu during the four displacement periods was 1.2 mg/L, which is below the targeted residual CN<sub>WAD</sub> concentration of less than two milligrams per litre.

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| 10-34 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎10-24: Continuous Cyanide Destruction Test Conditions and Results**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test Conditions / Pulp** | **Test Conditions / Pulp** | **Test Conditions / Pulp** | **Test Conditions / Pulp** | **Test Conditions / Pulp** | **Product/ Sol'n CN <sub>WAD</sub>** | **Treatment Efficiency** | **Reagent Addition<br> (kg/t Solids)** | **Reagent Addition<br> (kg/t Solids)** | **Reagent Addition<br> (kg/t Solids)** | **Reagent Addition<br> (g/g CN<sub>WAD</sub>)** | **Reagent Addition<br> (g/g CN<sub>WAD</sub>)** | **Reagent Addition<br> (g/g CN<sub>WAD</sub>)** |
| **Contact Time** | **Retention Time<br> (hr)** | **pH** | **EMF** | **DO** | **Product/ Sol'n CN <sub>WAD</sub>** | **Treatment Efficiency** | **SO<sub>2 </sub>Equiv.** | **Cu** | **Ca(OH)<sub>2</sub>** | **SO<sub>2</sub>** | **Cu** | **Ca(OH)*<sub>2 </sub>*** |
| **hour** | **Retention Time<br> (hr)** | | **(mV)** | **(mg/L)** | **(mg/L)** | **%** | | | | | | |
| Feed | - | 9 | - | 5.5 | 136 | - | - | - | - | - | - | - |
| 0.5 | 2 | 9 | 85 | 5.2 | 0.88 | 99.4 | 0.97 | 0.067 | 3.1 | 5.8 | 0.40 | 18.8 |
| 1 | 2 | 9.1 | 96 | 5.4 | 1.32 | 99 | 0.88 | 0.054 | 1 | 5.3 | 0.33 | 5.7 |
| 1.5 | 2 | 9.1 | 110 | 5.5 | 1.32 | 99 | 1.03 | 0.069 | 1.2 | 6.2 | 0.42 | 7.1 |
| 2 | 2 | 9.1 | 103 | 5.4 | 0.88 | 99.4 | 1.03 | 0.067 | 1.3 | 6.2 | 0.40 | 8 |
| 2.5 | 2 | 8.9 | 107 | 5.2 | 1.76 | 98.7 | 0.99 | 0.066 | 2.3 | 5.9 | 0.40 | 13.9 |
| 3 | 2 | 9.1 | 107 | 5.3 | 0.88 | 99.4 | 0.90 | 0.058 | 0.9 | 5.4 | 0.35 | 5.3 |
| 3.5 | 2 | 9.1 | 113 | 5.2 | 0.88 | 99.4 | 1.03 | 0.067 | 1.3 | 6.2 | 0.40 | 8 |
| 4 | 2 | 8.9 | 124 | 5.5 | 0.88 | 99.4 | 0.96 | 0.062 | 1.1 | 5.8 | 0.37 | 6.7 |
| 4.5 | 2 | 9.1 | 145 | 5.3 | 0.88 | 99.4 | 1.03 | 0.069 | 1.5 | 6.2 | 0.42 | 9.3 |
| 5 | 2 | 9 | 164 | 5.5 | 1.32 | 99 | 1.02 | 0.064 | 1.1 | 6.1 | 0.39 | 6.5 |
| 5.5 | 2 | 9.1 | 189 | 5.5 | 1.32 | 99 | 0.99 | 0.066 | 1.1 | 5.9 | 0.40 | 6.8 |
| 6 | 2 | 9 | 190 | 5.4 | 1.32 | 99 | 1.03 | 0.067 | 1 | 6.2 | 0.40 | 6.2 |
| 6.5 | 2 | 8.9 | 198 | 5.7 | 2.20 | 98.4 | 1.03 | 0.067 | 1.3 | 6.2 | 0.40 | 8 |
| 7 | 2 | 9 | 206 | 5.1 | 1.32 | 99 | 0.99 | 0.068 | 1.2 | 6 | 0.41 | 7.3 |
| 7.5 | 2 | 9.1 | 213 | 5.3 | 1.32 | 99 | 0.99 | 0.066 | 1.2 | 5.9 | 0.40 | 7.1 |
| 8 | 2 | 9.1 | 210 | 5.4 | 1.32 | 99 | 0.90 | 0.060 | 1.2 | 5.4 | 0.36 | 7.1 |
| Average | Average | 9 | _ | 5.4 | 1.24 | 99.1 | 0.98 | 0.065 | 1.4 | 5.9 | 0.39 | 8.2 |
| Maximum | Maximum | 9.1 | 213 | 5.7 | 2.20 | 99.4 | 1.03 | 0.069 | 3.1 | 6.2 | 0.42 | 18.8 |
| Minimum | Minimum | 8.9 | 85 | 5.1 | 0.88 | 98.4 | 0.88 | 0.054 | 0.9 | 5.3 | 0.33 | 5.3 |

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| 10-35 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

10.6.5 Solid/Liquid Separation Testing

FLS conducted flocculant screening, static settling, and vane-rheology tests on the Blend 3-Y pre-leaching sample. The test work was conducted in June 2020 at the FLS laboratory located in Sao Paulo, Brazil.

The test sample was submitted as two ground sub-sample pulps differentiated by their particle size. The P<sub>80</sub> values were 75 µm and 106 µm. Each sample contained approximately 33% wt. solids. The pH of the as-received samples was 8.5. The pH was adjusted to 9.5 using lime prior to being subjected to testing.

Reagent screening results indicated that BASF Magnafloc 10, an anionic polyacrylamide flocculant with high molecular weight and low charge density, produced good clarification and sedimentation rate.

The best screening results were produced at 10% wt solids content of the auto diluted thickener feed, for both samples (particle sizes) tested. Auto dilution was done using overflow, therefore it will not require addition of fresh water into the feed well of the industrial thickener.

The static setting tests established a common design criteria for both grind sizes. This allowed for the preliminary sizing of the high-rate thickener that can thicken either grind size. The flocculant dosage ranged from 17 g/t to 25 g/t and from 5 g/t to 10 g/t for the finer (P<sub>80 </sub>approximately 75 µm) and coarser (P<sub>80 </sub>approximately 106 µm) samples, respectively. Under these conditions, and, at 33% wt. feed auto diluted to 10% wt., the test work-predicted solids load was 1.4 tph/m<sup>2</sup> for both samples. This is equivalent to a specific unit area of 0.05 m<sup>2</sup>/ tpd.

The corresponding underflows predicted solids concentration was approximately 50.0 wt% for both samples. This solids content was realized during a residence time of approximately 60 min. Vane-rheology measurements on these 50wt% underflows determined that the yield-stress values ranged from five Pascals (Pa) to 10 Pa for both samples.

The results allowed establishing a common preliminary sizing criterion for both grind sizes, and for a dry-solid throughput of 195 t/hr being fed as 33 wt% pulp. The underflow removal method consisted of a centrifugal pump, valid for solids content of maximum 50wt%. The recommended process parameters for a Hi-Rate type thickener and for an E-Cat type thickener are shown in Table ‎10-25 and Table ‎10-26 , as presented in the FLS report (FLSmidth 2020a).

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| 10-36 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎10-25: FLS Sedimentation and Rheology Summary for Thickener Type Hi-Rate**

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| | | |
|:---|:---|:---|
| **Process Parameters** | **Grind Size<br> 75 µm** | **Grind Size<br> 106 µm** |
| Solid Conc (wt%) | 10 | 10 |
| **Underflow** |  |  |
| Solids in Underflow (wt%) | 50 | 50 |
| Yield Stress (Pa) | 43961 | 43961 |
| Required Residence Time (min) | 1.0 | 1.0 |
| **Overflow** |  |  |
| Turbidity | <100 | <100 |
| Particulate (ppm) | <200 | <200 |
| **Flocculant** |  |  |
| Recommend Flocculant (type) | BASF Magnafloc 10 | BASF Magnafloc 10 |
| Recommended Concentration (g/L) | 0.1-0.3 | 0.1-0.3 |
| Recommended Dosage (g/t) | 17-25 | 5-10 |
| **Parameters\*** |  |  |
| Unit Area (m<sup>2</sup>/tpd) | 0.05 | 0.05 |
| Flux Rate (tph/m<sup>2</sup>) | 1.4 | 1.4 |
| Max Recommended Rise Rate (m/hr) | 28.2 | 28.2 |
| **Recommended Sizing\*\*** |  |  |
| Quantity | 1 | 1 |
|  | 15/4 | 15/4 |
| Suggested Unit (model) | LL-130 | LL-130 |

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| 10-37 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎10-26: FLS Recommendations and Sizing Summary for Thickener Type E-Cat**

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| | | |
|:---|:---|:---|
| **Process Parameters** | **Grind Size<br> 75 µm** | **Grind Size<br> 106 µm** |
| Solid Conc (wt%) | 10 | 10 |
| **Underflow** |  |  |
| Solids in Underflow (wt%) | 50 | 50 |
| Required Residence Time (min) | 1.0 | 1.0 |
| **Overflow** |  |  |
| Turbidity | <100 | <100 |
| Particulate (ppm) | <200 | <200 |
| **Flocculant** |  |  |
| Recommend Flocculant (type) | BASF Magnafloc 10 | BASF Magnafloc 10 |
| Recommended Concentration (g/L) | 0.1-0.3 | 0.1-0.3 |
| Recommended Dosage (g/t) | 17-25 | 5-10 |
| **Parameters\*** |  |  |
| Unit Area (m<sup>2</sup>/tpd) | 0.05 | 0.05 |
| Flux Rate (tpd/m<sup>2</sup>) | 34.4 | 34.4 |
| Maximum Rise Rate (m/hr) | 25.0 | 25.0 |
| **Recommended Sizing\*\*** |  |  |
| Quantity | 1 | 1 |
| Diameter (m) | St. 12 | St. 12 |
| &nbsp;&nbsp;&nbsp; Notes:<br>\* The reported values were calculated based on the results obtained. For the detailed sizing of <br> industrial equipment, FLS may use the conversion factor of its test apparatus.<br>\*\*The recommended sizing is based on the information provided by the client such as: flow of <br> solids (dry basis) of: 195t/ hr @ 33 wt% for both cases. | &nbsp;&nbsp;&nbsp; Notes:<br>\* The reported values were calculated based on the results obtained. For the detailed sizing of <br> industrial equipment, FLS may use the conversion factor of its test apparatus.<br>\*\*The recommended sizing is based on the information provided by the client such as: flow of <br> solids (dry basis) of: 195t/ hr @ 33 wt% for both cases. | &nbsp;&nbsp;&nbsp; Notes:<br>\* The reported values were calculated based on the results obtained. For the detailed sizing of <br> industrial equipment, FLS may use the conversion factor of its test apparatus.<br>\*\*The recommended sizing is based on the information provided by the client such as: flow of <br> solids (dry basis) of: 195t/ hr @ 33 wt% for both cases. |

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10.6.6 Metallurgical Recovery Estimate

The Almas Project samples selected for metallurgical testing represented various ore types and lithologies within the different ore types and deposits. In addition, an overall composite representing the first three years of operation has been tested. Sufficient sample mass has been submitted for testing, so that tests were performed on enough material. The samples tested were not refractory and the mineralization indicated no cyanicides present, except for low concentration of sulphur and iron, suggesting that there will be no obvious environmental concerns.

The ore was amenable to gravity separation followed by cyanide leaching. The suggested flowsheet included gravity separation followed by gravity concentrate intensive leaching and electrowinning. The gravity tailings were subjected to a cyanide leaching circuit with the following configuration pre-leach/ CIL. Subsequently, the gold would be recovered from the loaded carbon by elution and electrowinning.

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| 10-38 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The overall gold recovery is shown in Table ‎10-27, based on the metallurgical gold recoveries achieved in the test work program. In addition, the estimated recoveries, corrected for economic analyses purposes, were derived by reducing the overall gold extraction by one percent to allow for potential gold losses. These losses can include the gravity concentrate intensive leach recovery of 98% to 99%, the carbon fines, soluble and refining losses. The average estimated overall recovery for the individual ore types/lithologies was estimated at 93% to 95% leaving a residue assay of 0.04 g/t Au to 0.06 g/t Au, showing minor trends for grind sensitivity. The sodium cyanide and lime consumptions were below one kilogram per tonne.

The average overall recovery for the 3-Y Blend composite was estimated at 93% with residue assays of 0.09 g/t Au to 0.11g/t Au. The fineness of grind did not affect the results. The sodium cyanide and lime consumptions were 0.2 kg/t and 1.5 kg/t, respectively. The cyanide consumption was quite low in comparison with typical consumptions in the industry. This low consumption reflects the lack of cyanicides and other cyanide consuming species. Metal dissolution during cyanidation was low, and there were no obvious concerns with any deleterious elements.

The process design criteria include an overall gold recovery of 92.5% at a grind of P<sub>80</sub> = 75 µm.

**Table ‎10-27: Gold Recovery Estimate**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Grind Size K<sub>80</sub> (µm)** | **Ave Direct** | **Ave Calc** | **Overall** | **Residue** | **Reagent Cons** | **Reagent Cons** | **Estimated** |
| **Sample** | **Grind Size K<sub>80</sub> (µm)** | **Head Grade<br> (g/t Au)\*** | **Head Grade<br> (g/t Au)\*\*** | **Recovery by Grav/CIL (Au %)** | **Assay (Au g/t)** | **NaCN (kg/t)** | **Lime (kg/t)** | **Recovery for Economic Analysis<br> (Au %)** |
| Average Individual Composites | 106 | 1.10 | 1.05 | 94.5 | 0.06 | 0.9 | 0.8 | 93.5 |
| Average Individual Composites | 75 |  |  | 96.2 | 0.04 | 0.9 | 0.8 | 95.2 |
| Blend 3-Year Composite | 106 | 1.28 | 1.91/1.31 | 93.8 | 0.11 | 0.2 | 1.5 | 92.8 |
| Blend 3-Year Composite | 75 |  |  | 94.1 | 0.09 | 0.2 | 1.5 | 93.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>\*Average direct head grade determined by screen metallic assay.<br>\*\*Average calculated head grade from gravity-CIL/or whole ore leach metallurgical balance. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>\*Average direct head grade determined by screen metallic assay.<br>\*\*Average calculated head grade from gravity-CIL/or whole ore leach metallurgical balance. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>\*Average direct head grade determined by screen metallic assay.<br>\*\*Average calculated head grade from gravity-CIL/or whole ore leach metallurgical balance. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>\*Average direct head grade determined by screen metallic assay.<br>\*\*Average calculated head grade from gravity-CIL/or whole ore leach metallurgical balance. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>\*Average direct head grade determined by screen metallic assay.<br>\*\*Average calculated head grade from gravity-CIL/or whole ore leach metallurgical balance. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>\*Average direct head grade determined by screen metallic assay.<br>\*\*Average calculated head grade from gravity-CIL/or whole ore leach metallurgical balance. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>\*Average direct head grade determined by screen metallic assay.<br>\*\*Average calculated head grade from gravity-CIL/or whole ore leach metallurgical balance. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>\*Average direct head grade determined by screen metallic assay.<br>\*\*Average calculated head grade from gravity-CIL/or whole ore leach metallurgical balance. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>\*Average direct head grade determined by screen metallic assay.<br>\*\*Average calculated head grade from gravity-CIL/or whole ore leach metallurgical balance. |

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10.7 Metallurgical Testing Conclusions

In the SLR QP's opinion, the Almas Project samples selected for metallurgical testing represented various ore types and lithologies within the different ore types and deposits. In addition, an overall composite representing the first three years of operation has been tested. The samples tested were not refractory and the mineralization had low concentrations of cyanicides present, suggesting that there will be no obvious environmental concerns.

The processing flowsheet selected for the Almas Project incorporated proven technologies for the recovery of gold from ores. Metallurgical test work completed on the Project included comminution, gravity recoverable gold and gravity separation tests, evaluation of bulk sulphide flotation, cyanide leaching in the CIL and CIP circuit configurations, cyanide destruction, and solid-liquid separation testing.

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| 10-39 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The projected average overall recovery for the individual ore types tested was in the range of 93% to 95%, and 93%for the Blend 3-Y composite.

The process design criteria included overall gold recovery of 92.5% at a grind of P<sub>80</sub> = 75 µm.

Cyanide and lime consumptions were low, which reflected the lack of cyanide consuming species present in the ore. Metal dissolution during cyanide leaching was found to be low, and there were no obvious concerns with the presence of environmentally deleterious elements.

In the SLR QP's opinion, the metallurgical data is appropriate for the estimation of Mineral Reserves.

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| 10-40 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

11.0 Mineral Resource Estimates

11.1 Summary

The Almas Project consists of three main gold deposits: Paiol, Vira Saia, and Cata Funda. Mineral Resource estimates for each of the deposits were prepared by Aura and adopted by the SLR QP.

The geological model and grade estimation for Cata Funda and Vira Saia were completed in 2020 and are unchanged. As part of this update, resource classification at Vira Saia was revised, and pit optimizations were rerun at both Cata Funda and Vira Saia using higher gold prices. The Paiol Mineral Resource estimate was updated in 2024, incorporating new drill holes and updated gold prices.

Block model estimates were completed for the Paiol deposit in Leapfrog Edge software and in Gemcom software for Vira Saia and Cata Funda.

Mineralization domains for all deposits were generated with consideration to known geologic controls, including structure, alteration, weathering, and lithology and refined targeting a nominal gold threshold value. Intersecting drill hole and blast hole intervals were capped and composited, and gold grades were estimated into blocks using a standard ordinary kriging (OK) multi-pass approach.

The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resource classification.

Classification of Mineral Resources considered confidence in geological continuity and drill hole spacing. Resource classification for Cata Funda was carried forward from the previous estimate, while the resource classification for Vira Saia and Paiol was updated using a methodology of creating class assignments from calculated drill hole spacing.

SLR focused its validation work mainly on the Paiol deposit, which accounts for a significant percentage of the Mineral Resource and is currently in operation. In addition to standard historical data and database validation techniques, wireframe and block model validation procedures including wireframe to block volume confirmation, statistical comparisons including swath plots of composites with the estimate and parallel estimates (inverse distance cubed [ID<sup>3</sup>], and nearest neighbour [NN]) were performed. Visual reviews in both 3D and section view were conducted, and cross-software reporting confirmation in Python was completed for all deposits by SLR.

Mineral Resources are constrained within an optimized pit using a gold price of US$2,500/oz. A summary of the open pit Mineral Resources exclusive of Mineral Reserves is presented in Table ‎11-1.

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| 11-1 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎11-1: Summary of Almas Project Mineral Resources EXCLUSIVE of Mineral Reserves – December 31, 2024**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Deposit** | **Category** | **Tonnage** | **Grade** | **Contained Metal** |
| **Deposit** | **Category** | **(000 t)** | **(g/t Au)** | **(000 oz Au)** |
| Paiol | Measured | 2948 | 0.51 | 49 |
| Paiol | Indicated | 6591 | 0.68 | 144 |
| Paiol | M&I | **9539** | **0.63** | **193** |
| Paiol | Inferred | 2606 | 0.77 | 65 |
| Vira Saia | Measured | 501 | 0.86 | 14 |
| Vira Saia | Indicated | 2306 | 0.68 | 50 |
| Vira Saia | M&I | **2806** | **0.71** | **64** |
| Vira Saia | Inferred | 357 | 0.91 | 10 |
| Cata Funda | Measured | 228 | 1.47 | 11 |
| Cata Funda | Indicated | 293 | 1.22 | 11 |
| Cata Funda | M&I | **520** | **1.33** | **22** |
| Cata Funda | Inferred | 599 | 1.30 | 25 |
| Total | Measured | 3677 | 0.62 | 73 |
| Total | Indicated | 9189 | 0.70 | 206 |
| Total | M&I | **12866** | **0.67** | **279** |
| Total | Inferred | 3562 | 0.88 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral Resources are reported exclusive of Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Resources are reported from optimized pit shells.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are estimated at a cut-off grade of 0.31 g/t Au for Paiol, 0.34 g/t Au for Cata Funda, and 0.32 g/t Au for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are estimated using a long-term gold price of US$2,500 per ounce.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A minimum mining width of five metres was used.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.71 t/m<sup>3</sup> for Cata Funda, and 2.63 t/m<sup>3</sup> for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Metallurgical recovery is 92% for high-grade (Au≥0.90 g/t) material, 90% for medium-grade (0.70≤Au<0.89 g/t), and 86% for low-grade (0.34≤Au<0.69 g/t).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Numbers may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral Resources are reported exclusive of Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Resources are reported from optimized pit shells.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are estimated at a cut-off grade of 0.31 g/t Au for Paiol, 0.34 g/t Au for Cata Funda, and 0.32 g/t Au for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are estimated using a long-term gold price of US$2,500 per ounce.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A minimum mining width of five metres was used.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.71 t/m<sup>3</sup> for Cata Funda, and 2.63 t/m<sup>3</sup> for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Metallurgical recovery is 92% for high-grade (Au≥0.90 g/t) material, 90% for medium-grade (0.70≤Au<0.89 g/t), and 86% for low-grade (0.34≤Au<0.69 g/t).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Numbers may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral Resources are reported exclusive of Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Resources are reported from optimized pit shells.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are estimated at a cut-off grade of 0.31 g/t Au for Paiol, 0.34 g/t Au for Cata Funda, and 0.32 g/t Au for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are estimated using a long-term gold price of US$2,500 per ounce.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A minimum mining width of five metres was used.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.71 t/m<sup>3</sup> for Cata Funda, and 2.63 t/m<sup>3</sup> for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Metallurgical recovery is 92% for high-grade (Au≥0.90 g/t) material, 90% for medium-grade (0.70≤Au<0.89 g/t), and 86% for low-grade (0.34≤Au<0.69 g/t).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Numbers may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral Resources are reported exclusive of Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Resources are reported from optimized pit shells.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are estimated at a cut-off grade of 0.31 g/t Au for Paiol, 0.34 g/t Au for Cata Funda, and 0.32 g/t Au for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are estimated using a long-term gold price of US$2,500 per ounce.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A minimum mining width of five metres was used.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.71 t/m<sup>3</sup> for Cata Funda, and 2.63 t/m<sup>3</sup> for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Metallurgical recovery is 92% for high-grade (Au≥0.90 g/t) material, 90% for medium-grade (0.70≤Au<0.89 g/t), and 86% for low-grade (0.34≤Au<0.69 g/t).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Numbers may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral Resources are reported exclusive of Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Resources are reported from optimized pit shells.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are estimated at a cut-off grade of 0.31 g/t Au for Paiol, 0.34 g/t Au for Cata Funda, and 0.32 g/t Au for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are estimated using a long-term gold price of US$2,500 per ounce.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A minimum mining width of five metres was used.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.71 t/m<sup>3</sup> for Cata Funda, and 2.63 t/m<sup>3</sup> for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Metallurgical recovery is 92% for high-grade (Au≥0.90 g/t) material, 90% for medium-grade (0.70≤Au<0.89 g/t), and 86% for low-grade (0.34≤Au<0.69 g/t).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Numbers may not add due to rounding. |

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The SLR QP is of the opinion that, with the consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

11.2 Resource Database

The drilling data from the Paiol, Cata Funda, and Vira Saia deposits included in this TRS are a combination of historical and updated databases. The databases include information about DD, RC drilling, blast holes, metallurgical holes, and auger holes over several different companies and drill programs. All the data have been validated and include assay certificates to ensure

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| 11-2 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

authenticity of the information provided by the analysis laboratory. The cut off date for the databases provided was August 22, 2024.

The current resource database for the Almas Project is separated by deposit. Additionally, the Paiol resource database includes short-term data from production drilling along with a long-term database. A summary of the databases is outlined in Table ‎11-2 and a description of the variables included in the resource databases is provided in Table ‎11-3 .

**Table ‎11-2: Summary of Resource Database**

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| | | | |
|:---|:---|:---|:---|
| **Mineral Deposit** | **Drill Holes** | **Total length<br> (m)** | **Total Number of Samples** |
| Paiol (DDH) | 518 | 67571 | 83, 354 |
| Paiol (RC) | 1413 | 20666 | 20086 |
| Paiol (BH) | 50 | 43092 | 43217 |
| Cata Funda | 342 | 29020 | 29433 |
| Vira Saia | 194 | 26491 | 25433 |
| Note. RC = Reverse circulation drill hole; DDH = Diamond drill hole; BH = Blasthole | Note. RC = Reverse circulation drill hole; DDH = Diamond drill hole; BH = Blasthole | Note. RC = Reverse circulation drill hole; DDH = Diamond drill hole; BH = Blasthole | Note. RC = Reverse circulation drill hole; DDH = Diamond drill hole; BH = Blasthole |

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**Table ‎11-3: Description of Resource Database Variables**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Variable** | **Description**  | **Deposit/ Data Type** | **Deposit/ Data Type** | **Deposit/ Data Type** |
| **Variable** | **Description**  | **Paiol** | **Cata Funda** | **Vira Saia** |
| **Variable** | | **RC, BH** | **RC, DDH** | **DDH<sup>1</sup>** |
| Au_ppm_BESTEL | final Au values | ✔ | ✔ | ✔ |
| Au_Clean | Au variable used in estimation | ✔ |  |  |
| Density_Litho_teste | lithology grouping for density | ✔ |  |  |
| FROM | beginning of sample | ✔ | ✔ | ✔ |
| HOLE ID | hole id | ✔ | ✔ | ✔ |
| LITHO | described lithology (log) | ✔ | ✔ | ✔ |
| LITHO_grp | grouped lithology for modelling | ✔ | ✔ | ✔ |
| SAMPLEID | sample id |  | ✔ |  |
| SAMPLETYPE | type of sample |  | ✔ | ✔ |
| SG Dry | specific gravity test- dry | ✔ |  |  |
| SG Wet | specific gravity test- wet | ✔ |  |  |
| TO | end of sample | ✔ | ✔ | ✔ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Resource database excludes RC holes<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. RC = Reverse circulation drill hole; DDH = Diamond drill hole; BH = Blasthole | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Resource database excludes RC holes<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. RC = Reverse circulation drill hole; DDH = Diamond drill hole; BH = Blasthole | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Resource database excludes RC holes<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. RC = Reverse circulation drill hole; DDH = Diamond drill hole; BH = Blasthole | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Resource database excludes RC holes<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. RC = Reverse circulation drill hole; DDH = Diamond drill hole; BH = Blasthole | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Resource database excludes RC holes<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. RC = Reverse circulation drill hole; DDH = Diamond drill hole; BH = Blasthole |

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Figure ‎11-1 (a and b) depicts the geographical relationships between Almas databases (Paiol, Vira Saia, and Cata Funda) including mineral rights boundaries.

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| 11-3 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-1a: Almas Deposit Locations and Mineral Rights**

![](ex9604_055.jpg)

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| 11-4 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure 11-1b: Almas Deposit Locations and Mineral Rights – Close-Up**

![](ex9604_056.jpg)

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| 11-5 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

11.3 Geological Interpretation

11.3.1 Paiol

The Paiol deposit is interpretated as a steeply dipping, narrow shear-hosted vein deposit made up of splays of discontinuous lenses of gold mineralization. The orientation of the mineralization is approximately 15° to 25° and typically dips 60° to the northwest. In the centre of the deposit the splays converge generating a broader steeply plunging ore body. To the north, the splays tend to diverge from each other and generally have slightly different orientations.

Mineralization wireframes for the Paiol model were generated using Leapfrog Geo software, through interval selections which considered a combination of lithology, structure, and assay gold grade. A nominal cut-off of 0.1 g/t was used to constrain the mineralization into a solid representing the core of the mineralization, referred to as Central solid.

Further refinement of the Central solid was completed by using numeric categorical selection, using 0.34 g/t Au for the Central 0.3 100 and Central 0.3 domains. A high-grade (HG) domain was then defined using a cut-off grade of 0.9 g/t Au. Waste was defined as material within the hanging wall (HW) and footwall (FW) of these solids.

These domains, used to constrain the estimation, are shown in Figure ‎11-2, and a representative cross section of the mineralized domains within the Central solid is shown in Figure ‎11-3.

A weathering model was also constructed within Leapfrog Geo using the interval selection tool and referencing the logged data. Although not used in grade estimation, the weathering domains support density assignment. The weathering model is depicted in Figure ‎11-4.

Table ‎11-4 outlines the grade thresholds used in the generation of the Paiol estimation domains.

**Table ‎11-4: Estimation Domain Grade Thresholds**

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| | | |
|:---|:---|:---|
| **Domain** | **Code** | **Au<br> (g/t)** |
| HG | HG | >0.9 |
| Central 0.3 100 | Central_100 | 0.34 < Au < 0.9 |
| Central 0.3 | Central | 0.34 |
| LG Domain | LG | 0.1 < Au <0.34 |

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| 11-6 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-2: Paiol Mineralization Domains**

![](ex9604_057.jpg)

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| 11-7 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-3: Cross Section of Central Solid Mineralized Domains**

![](ex9604_058.jpg)

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| 11-8 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-4: Paiol Weathering Model with Depletion**

![](ex9604_059.jpg)

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| 11-9 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

11.3.2 Vira Saia

The Vira Saia deposit is interpreted to be structurally controlled, comprised of two main lithology-alteration units of quartz-sericite schist and sheared granodiorite. The 3D model was constructed using the lithology and supported by structural data. The mineralization typically has an elongated geometry and strikes about N45W along a fault. The dip in the zone can vary anywhere from 55° to 85° to the southwest.

The mineralized zone is comprised of a main shear zone and has been expanded with a hanging wall shear and northwest extensions. The domains are modelled using a 0.3 g/t cut-off, within the same orientation of the main shear zone and within favourable granodioritic rocks. The zone varies in thickness throughout the mineralization. Figure ‎11-5 depicts the geometry of the Vira Saia mineralization.

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| 11-10 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-5: Vira Saia Mineralization Estimation Domain**

![](ex9604_060.jpg)

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| 11-11 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

11.3.3 Cata Funda

The Cata Funda deposit is controlled by a major northwest-trending shear zone. The mineralized zone strikes about N45W and dips 55° to the southwest. The zone averages approximately 20 m in thickness.

The mineralization was modelled using a combination of favourable alteration units with a cut-off grade of 0.3 g/t. All mineralization is currently constrained to a singular continuous unit. Figure ‎11-6 depicts the geometry of the Cata Funda mineralization.

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| 11-12 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-6: Cata Funda Mineralization Estimation Domain**

![](ex9604_061.jpg)

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| 11-13 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

11.4 Resource Assays and Compositing

11.4.1 Assay Selection

The Paiol resource database combines drill hole (DDH, RC) and blast hole data, maintained in separate databases which reference their primary purpose, supporting the long term or short term models (Table ‎11-5). All data types were considered in the estimation; though a confidence filter was applied to remove holes with spurious results, low confidence, or lacking QA/QC support.

**Table ‎11-5: Paiol Resource Database Drill Hole Types**

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| | | |
|:---|:---|:---|
| **Database** | **Drilling Type** | **Number of Drill Holes** |
| Long Term | DDH | 518 |
| Long Term | RC | 417 |
| Short Term | RC | 996 |
| Short Term | Blast Hole | 50 |
| **Total** | **Total** | **1981** |

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Although it is common in mining operations to use different drilling methods, the SLR QP recommends conducting individual statistical assessments of the diamond, RC, and blast hole data to evaluate the differences from varying drilling and sampling methodologies, in support of deepening the understanding of any impact on resource estimation.

Unsampled intervals at Paiol, representing approximately 2% of the total samples were assigned a value of 0.001 g/t prior to estimation through the creation of a new variable "Au_Clean". A visual representation of the missing intervals is shown in Figure ‎11-7 and a comparison of the resource assay selection after assigning values to the missing intervals is outlined in Table ‎11-6.

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| 11-14 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-7: Missing Gold Values in Paiol Sample Database**

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| 11-15 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎11-6: Comparison of the Paiol Resource Assay Database after Assigning Values to the Missing Intervals**

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| | | | |
|:---|:---|:---|:---|
| **Variable** | **Drill Holes** | **Total Length<br> (m)** | **Total Number of Samples** |
| Au_ppm_BESTEL\* | 1987 | 126457 | 131532 |
| Au_Clean | 1987 | 150566 | 134190 |
| Note. \* Original assays with missing intervals. | Note. \* Original assays with missing intervals. | Note. \* Original assays with missing intervals. | Note. \* Original assays with missing intervals. |

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Summary statistics of domain intersecting assays are presented in Table ‎11-7. The resource assays selected for Vira Saia and Cata Funda are made up exclusively of diamond drill holes, excluding historical RC holes due to the lack of QAQC measures found from the previous operator (VALE). They were excluded from the estimation to avoid creating any bias in estimation.

**Table ‎11-7: Statistics of Domain Intersecting Gold Resource Assays**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mineral Deposit** | **Count** | **Length**<br> (m) | **Mean**<br> **(g/t)** | **Min**<br> **(g/t)** | **Max**<br> **(g/t)** | **SD** | **Variance** |
| Paiol | 131329 | 146658 | 0.32 | 0.001 | 110.9 | 1.34 | 1.80 |
| Cata Funda | 763 | 739 | 1.59 | 0.0025 | 109.46 | 4.11 | 19.89 |
| Vira Saia | 2385 | 2250 | 0.94 | 0.005 | 57.57 | 2.84 | 0.16 |

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11.4.2 Compositing

Compositing for Vira Saia and Cata Funda involved processing the selected resource assays into composites of defined length within the mineralized domains. The compositing workflow for Paiol utilized Leapfrog Edge software where composites were generated in the estimator, using the resource assays within domain boundaries. Histograms of the raw sample lengths for all deposits are shown in Figure ‎11-8 and all have an average sample length of approximately one metre.

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| 11-16 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-8: Histograms of Raw Sample Lengths in Metres (m)**

![](ex9604_063.jpg)

A compositing length of 2.5 m was used for Paiol and Cata Funda and two metres for Vira Saia within the domain boundaries. The compositing length of 2.5 m for Paiol and Cata Funda was chosen for operational parameters, however, the SLR QP recommends a composite length of multiples of the average raw sample length (i.e., two metres for one metre average sample length) be applied for future model updates. This will decrease the artificial breaks within the samples and will uphold the integrity of the samples database.

Basic statistics of the composited intervals before and after compositing practices are outlined in Table ‎11-8 and histograms of the composites by deposit and domain are shown in Figure ‎11-9.

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| 11-17 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎11-8: Basic Statistics of Uncapped Gold Assays and Composites**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Before Compositing** | **Before Compositing** | **Before Compositing** | **Before Compositing** | **After Compositing** | **After Compositing** | **After Compositing** | **After Compositing** |
| **Mineral Deposit** | **Domain** | **Count** | **Mean**<br>**(g/t)**<br>| **Min**<br>**(g/t)**<br>| **Max**<br>**(g/t)**<br>| **Count** | **Mean**<br>**(g/t)**<br>| **Min**<br>**(g/t)**<br>| **Max**<br>**(g/t)**<br>|
| Paiol | HG | 12523 | 2.69 | 0.001 | 110.9 | 4560 | 2.64 | 0.001 | 41.01 |
| Paiol | Central 03 100 | 18482 | 0.56 | 0.001 | 33.4 | 8034 | 0.58 | 0.001 | 15.02 |
| Paiol | Central 03 | 6056 | 0.59 | 0.001 | 100.1 | 2926 | 0.58 | 0.001 | 35.85 |
| Paiol | LG Domain | 40933 | 0.09 | 0.001 | 22.13 | 16366 | 0.09 | 0.001 | 8.99 |
| Cata Funda |  | 763 | 1.59 | 0.0025 | 109.46 | 304 | 1.58 | 0 | 36.20 |
| Vira Saia |  | 2395 | 0.97 | 0.005 | 85.63 | 1195 | 0.99 | 0.005 | 43.00 |

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It is noted that there are differences in the mean values of the sample before and after compositing for most of the domains. The differences of the values can be attributed to artificial breaks in the samples due to chosen compositing lengths, and a result of the compositing workflow across different software. The SLR QP recommends that the mean value remains consistent before and after compositing practices.

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| 11-18 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-9: Histograms of Composited Au Values by Estimation Domain**

![](ex9604_064.jpg)

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| 11-19 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

11.5 Treatment of High-Grade Assays

11.5.1 Capping Levels

To constrain high-grade samples in the estimation and eliminate outlier assays, capping values were applied to the domains in Paiol and Vira Saia after composite generation. A bottom cut was also applied to the Paiol database to assign values to low-grade samples (<0.01 g/t Au). For Cata Funda, capping was applied to resource assays prior to compositing. The differences in capping procedures among the mineral deposits reflect variations in block model generations and associated workflows; each of which is considered acceptable and standard.

The effect of capping on samples is depicted in Table ‎11-9 for all deposits and visually in probability plots in Figure ‎11-10.

**Table ‎11-9: Basic Statistics of Capped and Uncapped Gold Composites**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mineral Deposit** | **Domain** | **Count** | **Uncapped<br> Mean**<br> **(g/t)** | **Max**<br> **(g/t)** | **Top Cut**<br> **(g/t)** | **Bottom Cut**<br> **(g/t)** | **Capped Mean**<br>**(g/t)** | **No. of<br> Capped samples** | **Metal Loss** |
| Paiol | HG | 4560 | 2.64 | 41.01 | 10 | 0.01 | 2.45 | 123 | 5.0% |
| Paiol | Central 03 100 | 8034 | 0.58 | 15.02 | 2 | 0.01 | 0.57 | 187 | 5.9% |
| Paiol | Central 03 | 2926 | 0.58 | 35.85 | 2 | 0.01 | 0.54 | 51 | 7.4% |
| Paiol | LG Domain | 16366 | 0.09 | 8.99 | 2 | 0.01 | 0.09 | 11 | 1.0% |
| Cata Funda |  | 304 | 1.58 | 36.20 | 11 | - | 1.46 | 1 | 5.2% |
| Vira Saia |  | 1195 | 0.99 | 43.00 | 10 | - | 0.92 | 11 | 8.3% |

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| 11-20 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-10: Probability Plots of Uncapped (Blue) and Capped Composites (Orange)**

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| 11-21 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

For some domains, such as HG, Central 0.3 100, and Central 0.3, the top-cuts selected are before the population break observed in the probability plots shown above, resulting in a cut of 2% of the domain population and higher metal loss.

The SLR QP recommends re-evaluating the methodology for selecting capping values in future estimates, using additional tools in combination with probability plots to better define the top-cut values, and contextualized with reconciliation results. The purpose of capping is to delimit true outlier values without affecting geologically or statistically significant populations.

11.5.2 High-Grade Restriction

High-grade restrictions are not currently applied to the Cata Funda or Vira Saia estimates. The updated estimate for Paiol utilizes the high yield restrictions, with the parameters outlined in Table ‎11-10 by domain and estimation pass.

**Table ‎11-10: High Yield Restriction Parameters for Paiol Domains**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Domain** | **Value Threshold<br> (g/t Au)** | **Pass** | **Search<br> (m)** | **% of Search** |
| HG |  | 1 | 20 x 20 x 3 |  |
| HG | 10 | 2 | 30 x 20 x 3 | 66 |
| HG | 10 | 3 | 60 x 35 x 6 | 50 |
| HG | 10 | 4 | 75 x4 5 x 8 | 50 |
| HG | 10 | 5 | 150 x 90 x 16 | 50 |
| HG | 10 | 6 | 450 x 270 x 30 | 50 |
| Central 100 0.3 | 2 | 1 | 20 x 20 x 3 | 50 |
| Central 100 0.3 | 2 | 2 | 40 x 32 x 3 | 50 |
| Central 100 0.3 | 2 | 3 | 80 x 65 x 6.5 | 50 |
| Central 100 0.3 | 2 | 4 | 100 x 80 x 8 | 50 |
| Central 100 0.3 | 2 | 5 | 200 x 160 x 16 | 50 |
| Central 100 0.3 | 2 | 6 | 510 x 390 x 48 | 50 |
| Central 0.3 | 2 | 1 | 20 x 20 x 3 | 50 |
| Central 0.3 | 2 | 2 | 40 x 32 x 3 | 50 |
| Central 0.3 | 2 | 3 | 80 x 65 x 6.5 | 50 |
| Central 0.3 | 2 | 4 | 100 x 80 x 8 | 50 |
| Central 0.3 | 2 | 5 | 200 x 160 x 16 | 50 |
| Central 0.3 | 2 | 6 | 510 x 390 x 48 | 50 |
| LG Domain | 2 | 1 | 20 x 20 x 3 | 50 |
| LG Domain | 2 | 2 | 40 x 32 x 3 | 50 |
| LG Domain | 2 | 3 | 80 x 65 x 6.5 | 50 |
| LG Domain | 2 | 4 | 100 x 80 x 8 | 50 |
| LG Domain | 2 | 5 | 200 x 160 x 16 | 50 |
| LG Domain | 2 | 6 | 510 x 390 x 48 | 50 |

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| 11-22 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

It is noted by the SLR QP that the value thresholds used in the high yield restriction are consistent with the capping values for each of these domains.

11.6 Trend Analysis

11.6.1 Grade Contouring

A radial basis function (RBF) interpolant was generated using Leapfrog Edge software for the Paiol composites included in the HG variogram model. The grade interpolant reflects the geometry and the orientation of the domains used in the estimation. The grade interpolant is aligned with the HG variogram ellipse (direction) and can be observed in Figure ‎11-11.

A trend to the northwest is observed in the HG grade interpolation, represented with black solid lines. This same trend is observed as the major direction (red arrow) within the green ellipse, representing the variogram model for Paiol. The variography was modelled with the major direction following the same directions as observed in the grade interpolation.

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| 11-23 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-11: Paiol Grade Interpolation with HG Domain Composites**

![](ex9604_066.jpg)

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| 11-24 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

11.6.2 Variography

Variogram models have been created for gold in all Almas deposits using composites. Variography for Paiol was completed in Leapfrog Edge software. A variogram model was fit using composite data from the combined HG, Central 100 0.3 and Central 0.3 domains, and a separate variogram model was fit from the low-grade (LG) domain composite data. The anisotropy directions align with Central wireframe and follow the general orientation of all estimation domains.

Variography for Vira Saia was completed using Snowden's Supervisor software. The modelled azimuth for the major axis is 310° (strike of deposit), with a plunge of -70°. For Cata Funda, the model resolved a down-dip range of approximately 30 m, and an along-strike range of approximately 75 m.

Variogram models for Paiol, Vira Saia, and Cata Funda are outlined in Table ‎11-11.

**Table ‎11-11: Variogram Models**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Deposit** | **Azimuth<br> (°)** | **Nugget** | **Sill 1** | **Sill 2** | **Sill 3** | **Structure 1<br> (m)** | **Structure 1<br> (m)** | **Structure 1<br> (m)** | **Structure 2<br> (m)** | **Structure 2<br> (m)** | **Structure 2<br> (m)** | **Structure 3<br> (2)** | **Structure 3<br> (2)** | **Structure 3<br> (2)** |
| **Deposit** | **Azimuth<br> (°)** | **Nugget** | **Sill 1** | **Sill 2** | **Sill 3** | **Major** | **Semi-major** | **Minor** | **Major** | **Semi-major** | **Minor** | **Major** | **Semi-major** | **Minor** |
| Paiol HG | 295 | 0.15 | 0.55 | 0.3 |  | 25 | 15 | 5 | 75 | 45 | 13 |  |  |  |
| Paiol LG | 295 | 0.15 | 0.55 | 0.3 |  | 25 | 20 | 5 | 75 | 45 | 13 |  |  |  |
| Cata Funda | 320 | 0.23 | 1.84 | 0.36 | 0.92 | 30.3 | 27.9 | 14 | 79.5 | - | 18 | 91.1 | - | - |
| Vira Saia | 310 | 0.23 | 0.51 | 0.26 |  | 30 | 30 | 12 | 60 | 60 | 41 |  |  |  |

---

11.7 Search Strategy and Grade Interpolation Parameters

11.7.1 Paiol

Parent block estimates were completed using the ordinary kriging (OK) method. The estimation process consisted of up to six progressively expanding interpolation passes with successively relaxed octant search and composite selection criteria. Anisotropic search ellipses, aligned with observed grade plunges, were utilized for grade estimation across all domains. Dynamic anisotropy was applied using the orientation of the Central solid to account for local variability in the mineralization orientation.

Specific dimensions and orientations of the pass approach by domain are summarized in Table ‎11-12.

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| 11-25 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎11-12: Estimation Parameters for Paiol**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Pass** | **Search Distances<br> (m)** | **Search Distances<br> (m)** | **Search Distances<br> (m)** | **Min Samples** | **Max Samples** | **Max Samples per Hole** | **Sector (Octant) Search** | **Sector (Octant) Search** |
| **Domain** | **Pass** | **X** | **Y** | **Z** | **Min Samples** | **Max Samples** | **Max Samples per Hole** | **Max Samples** | **Max Empty Sectors** |
| HG | 1 | 20 | 20 | 3 | 6 | 16 | 2 | 3 | 3 |
| HG | 2 | 30 | 20 | 3 | 6 | 16 | 2 | 3 | 3 |
| HG | 3 | 60 | 35 | 6 | 6 | 16 | 2 | 2 | 4 |
| HG | 4 | 75 | 45 | 8 | 5 | 16 | 2 | 2 | 5 |
| HG | 5 | 150 | 90 | 16 | 3 | 16 | 2 | 2 | 6 |
| HG | 6 | 450 | 270 | 30 | 2 | 16 | 2 | 2 | 7 |
| Central 03 100 | 1 | 20 | 20 | 3 | 6 | 16 | 2 | 3 | 3 |
| Central 03 100 | 2 | 40 | 32 | 3 | 6 | 16 | 2 | 3 | 3 |
| Central 03 100 | 3 | 80 | 65 | 6.5 | 6 | 16 | 2 | 2 | 4 |
| Central 03 100 | 4 | 100 | 80 | 8 | 5 | 16 | 2 | 2 | 5 |
| Central 03 100 | 5 | 200 | 160 | 16 | 3 | 16 | 2 | 2 | 6 |
| Central 03 100 | 6 | 510 | 390 | 48 | 2 | 16 | 2 | 2 | 7 |
| Central 03 | 1 | 20 | 20 | 3 | 6 | 16 | 2 | 3 | 3 |
| Central 03 | 2 | 40 | 32 | 3 | 6 | 16 | 2 | 3 | 3 |
| Central 03 | 3 | 80 | 65 | 6.5 | 6 | 16 | 2 | 2 | 4 |
| Central 03 | 4 | 100 | 80 | 8 | 5 | 16 | 2 | 2 | 5 |
| Central 03 | 5 | 200 | 160 | 16 | 3 | 16 | 2 | 2 | 6 |
| Central 03 | 6 | 510 | 390 | 48 | 2 | 16 | 2 | 2 | 7 |
| LG Domain | 1 | 20 | 20 | 3 | 6 | 16 | 2 | 3 | 3 |
| LG Domain | 2 | 40 | 32 | 3 | 6 | 16 | 2 | 3 | 3 |
| LG Domain | 3 | 80 | 65 | 6.5 | 6 | 16 | 2 | 2 | 4 |
| LG Domain | 4 | 100 | 80 | 8 | 5 | 16 | 2 | 2 | 5 |
| LG Domain | 5 | 200 | 160 | 16 | 3 | 16 | 2 | 2 | 6 |
| LG Domain | 6 | 510 | 390 | 48 | 2 | 16 | 2 | 2 | 7 |

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In the estimate the short-term data, including blast hole data, was not treated differently from long-term data (diamond and RC drill holes) during the estimation (see Section ‎11.3). While

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| 11-26 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

validation work conducted by the SLR QP has confirmed an acceptable estimation result, re-evaluating the approach to the treatment of short-term (production) data in the interpolation plan is recommended for the next resource model update. Specifically, restricting the influence of production data to very local areas (up to two benches) is recommended, and maintaining a model that excludes production data for the purposes of reconciliation work should also be considered.

The SLR QP also noted that the application of the octant sector search has generated grade artifacts throughout the model, and while not expected to affect the global estimate, in future updates, attention to minimizing these local features is recommended.

11.7.2 Vira Saia and Cata Funda

Grade interpolations for Vira Saia and Cata Funda also used OK with a multi search approach, where each pass progressively increased search distances. Dynamic anisotropy was applied to orient the search ellipse parallel to the mineralized ore body, accounting for localized variability in strike and dip.

The search distances and grade interpolation parameters for Vira Saia and Cata Funda are summarized in Table ‎11-13**.**

**Table ‎11-13: Estimation Parameters for Vira Saia and Cata Funda**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Deposit** | **Pass** | **Search Distances<br> (m)** | **Search Distances<br> (m)** | **Search Distances<br> (m)** | **Min Samples** | **Max Samples** | **Min Drill Holes** |
| **Deposit** | **Pass** | **X** | **Y** | **Z** | **Min Samples** | **Max Samples** | **Min Drill Holes** |
| Vira Saia | 1 | 30 | 30 | 5 | 9 | 16 | 3 |
| Vira Saia | 2 | 60 | 60 | 15 | 9 | 16 | 3 |
| Vira Saia | 3 | 120 | 120 | 30 | 1 | 16 | 1 |
| Cata Funda | 1 | 50 | 30 | 10 | 9 | 16 | 3 |
| Cata Funda | 2 | 75 | 45 | 15 | 9 | 16 | 3 |
| Cata Funda | 3 | 150 | 90 | 30 | 1 | 16 | 1 |

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11.8 Bulk Density

Density data was collected as described in Section ‎8.3. The data were statistically analyzed by lithology, and weathering, with outliers removed. Density values were assigned based on alteration models derived from logging data.

Current density considerations are based on data was gathered under Rio Novo Gold in 2016 and the results are outlined in Table ‎11-14. It is noted by the SLR QP that an updated density study should be untaken to confirm current bulk density assumptions about all Almas deposits.

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| 11-27 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎11-14: Bulk Density of Saprolite and Weathered Rock from Core Samples**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Target** | **Rock Type** | **Count** | **Minimum SG_WET (g/cc)** | **Maximum SG_WET (g/cc)** | **Average SG_WET (g/cc)** | **Minimum SG_DRY (g/cc)** | **Maximum SG_DRY (g/cc)** | **Average SG_DRY (g/cc)** | **Average Moisture (%)** |
| Paiol | Weathered Rock | 113 | 1.7 | 3.01 | 2.29 | 1.03 | 3 | 2.05 | 11.11 |
| Paiol | Transition | 87 | 1.74 | 3.34 | 2.68 | 1.68 | 3.33 | 2.58 | 3.99 |
| Paiol | Soil | 67 | 1.61 | 2.33 | 1.98 | 1.23 | 2.11 | 1.62 | 18.31 |
| Paiol | Saprolite | 343 | 1.18 | 2.55 | 1.91 | 1.1 | 2.36 | 1.55 | 18.61 |
| Cata Funda | Weathered Rock | 41 | 1.88 | 3.05 | 2.3 | 1.58 | 3.04 | 2.12 | 8.39 |
| Cata Funda | Transition | 28 | 1.93 | 2.97 | 2.58 | 1.8 | 2.93 | 2.48 | 4.04 |
| Cata Funda | Soil | 4 | 1.77 | 2.19 | 1.96 | 1.4 | 1.88 | 1.59 | 18.88 |
| Cata Funda | Saprolite | 158 | 1.4 | 2.42 | 1.86 | 1.07 | 2.39 | 1.54 | 16.96 |
| Vira Saia | Weathered Rock | 115 | 0.24 | 2.81 | 2.29 | 0.21 | 2.77 | 2.12 | 3.48 |
| Vira Saia | Transition | 24 | 1.67 | 2.96 | 2.48 | 1.4 | 2.9 | 2.34 | 5.76 |
| Vira Saia | Soil | 47 | 1.67 | 2.4 | 2 | 1.33 | 2.09 | 1.72 | 14.09 |
| Vira Saia | Saprolite | 244 | 1.18 | 2.76 | 2.04 | 1.24 | 2.89 | 1.78 | 13 |
| Data from 2016 Feasibility Study for Almas Gold Project, Rio Novo Gold Inc. | Data from 2016 Feasibility Study for Almas Gold Project, Rio Novo Gold Inc. | Data from 2016 Feasibility Study for Almas Gold Project, Rio Novo Gold Inc. | Data from 2016 Feasibility Study for Almas Gold Project, Rio Novo Gold Inc. | Data from 2016 Feasibility Study for Almas Gold Project, Rio Novo Gold Inc. | Data from 2016 Feasibility Study for Almas Gold Project, Rio Novo Gold Inc. | Data from 2016 Feasibility Study for Almas Gold Project, Rio Novo Gold Inc. | Data from 2016 Feasibility Study for Almas Gold Project, Rio Novo Gold Inc. | Data from 2016 Feasibility Study for Almas Gold Project, Rio Novo Gold Inc. | Data from 2016 Feasibility Study for Almas Gold Project, Rio Novo Gold Inc. |

---

For Paiol, the landfill (ATR) was assigned a separate value as the material is not in situ. Values for all relevant lithologies in the Paiol block model are outlined in Table ‎11-15.

**Table ‎11-15: Paiol Density Parameters**

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| | |
|:---|:---|
| **Lithology** | **Density<br> (t/m<sup>3</sup>)** |
| Soil | 1.54 |
| Saprolite | 1.54 |
| Transition | 2.35 |
| Landfill (ATR) | 2.12 |
| Fresh Rock | 2.78 |

---

Box and whisker plots were generated using bulk density measurements and appliable lithologies and can be observed in Figure ‎11-12. The mean values observed in the plots is appropriate for the density values assigned to the Paiol model.

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| 11-28 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-12: Box Plots of Bulk Density Measurements (t/m3) by Weathering Unit**

![](ex9604_067.jpg)

At Vira Saia, density is assigned to the model by weathering profile. It is noted that the mineralization occurs within essentially a transition zone, and therefore, there is a large range in density values. Values for all relevant lithologies in the Vira Saia block model are outlined in Table ‎11-16.

**Table ‎11-16: Vira Saia Density Parameters**

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| | |
|:---|:---|
| **Weathering Profile** | **Density<br> (t/m<sup>3</sup>)** |
| Saprolite and Soil | 1.78 |
| Transitional | 2.12 |
| Fresh Rock | 2.72 |

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For Cata Funda, the median of the density dataset was used for converting volume to tonnes. Values for all relevant lithologies in the Cata Funda block model are outlined in Table ‎11-17.

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| 11-29 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎11-17: Cata Funda Density Parameters**

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| | |
|:---|:---|
| **Lithology** | **Density<br> (t/m<sup>3</sup>)** |
| Soil | 1.47 |
| Saprolite | 1.70 |
| Weathered (Intermediate) | 2.76 |
| Fresh Rock | 2.82 |

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11.9 Block Models

Block model specifications by mineral deposit are shown in Table ‎11-18. Individual block model dimensions cover each mineral deposit, and the models are rotated along the orientation of the mineralization.

**Table ‎11-18: Block Model Specifications**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mineral Deposit** | **Axis** | **Origin** | **No Blocks** | **Block Size** | **Rotation** |
| Paiol | X | 263660 | 154 | 10 | 25 |
| Paiol | Y | 8704730 | 242 | 10 |  |
| Paiol | Z | 410 | 122 | 5 |  |
| Cata Funda | X | 264234 | 60 | 10 | 50 |
| Cata Funda | Y | 8719327 | 60 | 10 |  |
| Cata Funda | Z | 525 | 30 | 10 |  |
| Vira Saia | X | 265100 | 60 | 10 | 310 |
| Vira Saia | Y | 8710200 | 215 | 10 |  |
| Vira Saia | Z | 110 | 68 | 5 |  |

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11.10 Cut-off Grade and Whittle Parameters

Gold cut-off grades were generated for each deposit and vary due to the different mine sustaining and transport costs associated with the individual pits. Cut-off grades of 0.31 g/t Au, 0.32 g/t Au, and 0.34 g/t Au were calculated for Paiol, Vira Saia, and Cata Funda, respectively. The calculations considered gold price, metallurgical recovery, and full operating costs, including mining, processing, and general and administration (G&A).

Metal prices were supplied by Aura's Corporate group and are based on consensus, long term forecasts from banks, financial institutions, and other sources. Metal prices used for resources are slightly higher than those for reserves.

.

The open pit shells for the three mineral deposits were optimized using Whittle software. The Whittle inputs, assumptions, and costs for the Almas deposits are shown in Table ‎11-19 and Table ‎11-20.

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| 11-30 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎11-19: Whittle Inputs and Assumptions**

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| | | |
|:---|:---|:---|
| **Description** | **Unit** | **Forward Values** |
| MCF | % | 95 |
| MCF for low grade | % | 100 |
| Metallurgical recovery | % | 92.00% |
| Metallurgical recovery (low grade) | % | 86 |
| Dilution | % | 10 |
| Exchange rate (FX) | BRL/USD | 5.30 |
| Cost of selling gold (refining, royalties, Management Fees) | US$/oz | 63.28 |
| Reserve Gold Price | US$/oz | 2000 |
| Resource Gold Price | US$/oz | 2500 |

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**Table ‎11-20: Whittle Costs**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **Paiol** | **Vira Saia** | **Cata Funda** |
| Mining Ore | US$/t mined | 2.71 | 2.68 | 2.68 |
| Mining Cost (without administration) | US$/t mov | 2.26 | 2.26 | 2.26 |
| Mine fixed Cost (administration) | US$/t mov | 0.14 | 0.14 | 0.14 |
| Premium Cost for Ore (grade control) | US$/t mov | 0.23 | 0.23 | 0.23 |
| Sustaining (mine) | US$/t mov | 0.08 | 0.05 | 0.05 |
| Mining Waste | US$/t mov | 2.40 | 2.40 | 2.40 |
| Mining Cost (without administration) | US$/t mov | 2.26 | 2.26 | 2.26 |
| Mine Fixed Cost (administration) | US$/t mov | 0.14 | 0.14 | 0.14 |
| Sustaining (mine) | US$/t mov | 0 | 0 | 0 |
| Plant Costs | US$/t ore | 12.95 | 14.10 | 15.04 |
| Total Processing Costs | US$/t ore | 11.99 | 11.99 | 11.99 |
| Rehandle | US$/t ore | 0.20 | 0.20 | 0.20 |
| Rehandle Cost for Long Haulage | US$/t ore | 0.00 | 1.15 | 2.09 |
| Sustaining (process) | US$/t ore | 0.75 | 0.75 | 0.75 |
| G&A + Overhead | US$/t ore | 2.63 | 2.63 | 2.63 |
| Mine Closure Cost | US$/t ore | 0.13 | 0.13 | 0.13 |
| Cut-off Grade | (g/t) | 0.38 | 0.40 | 0.42 |

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The SLR QP is of the opinion that the assumptions, parameters, and methodology used for the Almas Mineral Resource estimates are appropriate for the style of mineralization and mining methods. The SLR QP is not aware of any environmental, permitting, legal, title, taxation, socio-

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| 11-31 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

economic, political, or other relevant factors that could significantly affect the Almas Mineral Resources.

11.11 Classification

The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resource classification. Mineral Resources are classified into Measured, Indicated, and Inferred categories for all deposits, based primarily on drill spacing which in turn reference continuity modelled in variograms and observed.

For Paiol and Vira Saia, resource class flags were based on the generation of solids representing volumes defined by drill hole spacing as shown in Table ‎11-21. Drill spacing was calculated on a block-by-block basis.

**Table ‎11-21: Drill Hole Spacing Parameters for Resource Classification for Paiol and Vira Saia**

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| | |
|:---|:---|
| **Classification** | **Criteria** |
| Measured | Up to 30 m drill hole spacing, inside HG, Central 0.3 100, Central 0.3 and LG Domains. Minimum of three drill holes. |
| Indicated | Up to 60 m drill hole spacing, inside HG, Central 0.3 100, Central 0.3 and LG Domains. Minimum of three drill holes. |
| Inferred | Up to 120 m drill hole spacing, inside HG, Central 0.3 100, Central 0.3 and LG Domains. Minimum of three drill holes. |

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Smooth class shapes were created to best represent areas defined by the various drill hole spacings in the deposit.

The distribution of the resource categories by drill hole spacing for Paiol (left) and Vira Saia (right) is illustrated in Figure ‎11-13.

**Figure ‎11-13: Resource Classification by Drill Hole Spacing for Paiol (left) and Vira Saia(right)**

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| ![](ex9604_068.jpg) | ![](ex9604_069.jpg) |

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Cata Funda's classification used the first and second estimation passes approach to assign Measured and Indicated categories, respectively. These flags represent consideration to sample

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| 11-32 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

density (through a combination of search distance and minimum drill hole criteria), and sample distribution (through octant criteria). The criteria applied is outlined in Table ‎11-22**.**

This approach is considered acceptable, however, the SLR QP recommends standardizing class approach across all deposits in any updates.

**Table ‎11-22: Criteria for Cata Funda Resource Classification**

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| | |
|:---|:---|
| **Classification** | **Criteria** |
| Measured | At least four holes within a search distance of 25 m, within at least four octants. |
| Indicated | At least four holes within a search distance of 25 m, within at least four octants. |
| Inferred | Garde estimated from drill hole data, but no greater than 80 m from sample data. |

---

Visualizations of all final Resource Classification for Paiol by estimation domain are shown in Figure ‎11-14 and for Vira Cata and Cata Funda in Figure ‎11-15.

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| 11-33 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-14: Resource Classification for Paiol by Domain**

![](ex9604_070.jpg)

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| 11-34 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-15: Resource Classification for Vira Saia and Cata Funda**

![](ex9604_071.jpg)

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| 11-35 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

11.12 Block Model Validation

&nbsp;&nbsp;&nbsp;&nbsp;· Both Aura and SLR performed a series of validations and statistical and visual checks on the block model. Specifically,
SLR utilized the following tools to confirm that the block model gold grades exhibited general accord with the drilling and sampling results: Swath
plots containing the OK, ID<sup>3</sup>, and NN estimations. The ID<sup>3</sup> and NN estimates were parallel estimates prepared by SLR
within mineralized domains using duplicate parameters from the official grade variables as outlined by Aura.

&nbsp;&nbsp;&nbsp;&nbsp;· Statistical comparison of parallel estimations interpolated (OK, ID<sup>3</sup>, and NN) including capped composite values.

&nbsp;&nbsp;&nbsp;&nbsp;· Visual validation of the block models and composited samples through representative sections.

11.12.1 Swath Plots

Figure ‎11-16, Figure ‎11-17, and Figure ‎11-18 show the swath plots for the Almas mineral deposits. In general, the plots show good adherence between the estimators, although small and non-material differences are observed and expected.

The Paiol swath plots combine all mineralized domains (HG, Central 0.3 100, Central 0.3, and Domain LG) to provide a comprehensive understanding of the resource. Slight overestimation of the OK variable is observed at the limits of the swaths in both the X and Y directions; however, this is generally acceptable in areas with lower data density.

Cata Funda swath plots exhibit a pattern like Paiol, with the main difference occurring in the Z direction in the deeper portion of the deposit, where the OK and ID<sup>3</sup> estimators show a different trend when compared with NN.

Vira Saia swath plots exhibit more variability between the estimators when compared with Paiol and Cata Funda, although the general NN trend is being followed by the OK and ID<sup>3</sup> estimators.

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| 11-36 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-16: Paiol Swath Plots (X, Y, Z)**

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|:---|:---|
| ![](ex9604_072.jpg) | ![](ex9604_073.jpg) |
| ![](ex9604_074.jpg) |  |

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|:---|:---|
| 11-37 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-17: Cata Funda Swath Plots (X, Y, Z)**

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|:---|:---|
| ![](ex9604_075.jpg) | ![](ex9604_076.jpg) |
| ![](ex9604_077.jpg) |  |

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**Figure ‎11-18:Vira Saia Swath Plots (X, Y, Z)**

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|:---|:---|
| ![](ex9604_078.jpg) | ![](ex9604_079.jpg) |

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![](ex9604_080.jpg)

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|:---|:---|
| 11-38 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

11.12.2 Parallel Estimation Statistics

Block model estimated values are compared against the capped composited samples in Table ‎11-23. Composited samples were not declustered. Although the mineralized domains were combined for the swath analysis of the Paiol deposit, they have been reported separately in the statistical validation to provide more detail. Cata Funda and Vira Saia have one estimation domain each.

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| 11-39 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎11-23: Parallel Estimation Statistics with Capped Composites**

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mineral Deposit** | **Domain** | **Capped Comps<br> (Au g/t)** | **Capped Comps<br> (Au g/t)** | **Capped Comps<br> (Au g/t)** | **Capped Comps<br> (Au g/t)** | **OK<br> (Au g/t)** | **OK<br> (Au g/t)** | **OK<br> (Au g/t)** | **OK<br> (Au g/t)** | **NN<br> (Au g/t)** | **NN<br> (Au g/t)** | **NN<br> (Au g/t)** | **NN<br> (Au g/t)** | **ID<sup>3</sup><br> (Au g/t)** | **ID<sup>3</sup><br> (Au g/t)** | **ID<sup>3</sup><br> (Au g/t)** | **ID<sup>3</sup><br> (Au g/t)** |
| **Mineral Deposit** | **Domain** | **Max** | **Mean** | **Min** | **SD** | **Max** | **Mean** | **Min** | **SD** | **Max** | **Mean** | **Min** | **SD** | **Max** | **Mean** | **Min** | **SD** |
| Paiol | HG | 10 | 2.45 | 0.001 | 2.2 | 8.92 | 2.39 | 0.48 | 1.13 | 10 | 2.32 | 0.01 | 2.05 | 9.99 | 2.27 | 0.008 | 1.48 |
|  | Central 03 100 | 2 | 0.57 | 0.0025 | 0.38 | 1.52 | 0.52 | 0.09 | 0.16 | 2 | 0.54 | 0.005 | 0.334 | 1.98 | 0.51 | 0.006 | 0.192 |
|  | Central 03 | 2 | 0.53 | 0.0025 | 0.36 | 1.42 | 0.51 | 0.08 | 0.145 | 2 | 0.57 | 0.01 | 0.334 | 1.99 | 0.53 | 0.01 | 0.21 |
|  | LG Domain | 2 | 0.09 | 0.0025 | 0.11 | 1.20 | 0.06 | 0 | 0.05 | 2 | 0.05 | 0.005 | 0.075 | 1.73 | 0.05 | 0.0025 | 0.05 |
| Cata Funda | Ore | 10.8 | 1.46 | 0.004 | 1.51 | 5.41 | 1.39 | 0.056 | 0.9 | 11 | 1.33 | 0.005 | 1.38 | 5.99 | 1.41 | 0.08 | 0.96 |
| Vira Saia | Ore | 10 | 0.92 | 0.005 | 1.55 | 6.40 | 0.78 | 0.01 | 0.6 | 10 | 0.89 | 0.005 | 1.37 | 9.95 | 0.84 | 0.008 | 0.76 |
| SD = Standard Deviation | SD = Standard Deviation | SD = Standard Deviation | SD = Standard Deviation | SD = Standard Deviation | SD = Standard Deviation | SD = Standard Deviation | SD = Standard Deviation | SD = Standard Deviation | SD = Standard Deviation | SD = Standard Deviation | SD = Standard Deviation | SD = Standard Deviation | SD = Standard Deviation | SD = Standard Deviation | SD = Standard Deviation | SD = Standard Deviation | SD = Standard Deviation |

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| 11-40 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The comparisons indicate that the maximum, minimum, and mean values of the final block model grades are consistent and are within the range of minimum and maximum values observed in the composited samples, but smoother, as indicated by the SD and CV, which is typical and expected. Mean differences of approximately 3% to 10% are observed and considered expected due to low capping values in some of the domains. The SLR QP is of the opinion that the current estimations sufficiently represent the respective databases for the Almas deposits.

11.12.3 Visual Validation

A visual validation for each deposit was carried out by generating sections in multiple orientations throughout each deposit. The purpose of this exercise was to observe the adherence of block grade with capped composites for all deposits to ensure the samples are consistent with the grades estimated in the blocks around in the block model. Figure ‎11-19 and Figure ‎11-20 show representative sections of each of the deposits.

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| 11-41 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-19: Grade Interpolation Visual Validation - Paiol**

![](ex9604_081.jpg)

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| 11-42 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-20: Grade Interpolation Visual Validation - Cata Funda and Vira Saia**

![](ex9604_082.jpg)

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| 11-43 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

11.13 Mineral Resource Reporting

Table ‎11-24 summarizes the Almas Mineral Resource estimate, exclusive of Mineral Reserves, by deposit (Paiol, Vira Saia, and Cata Funda). Figure ‎11-21, Figure ‎11-22, and Figure ‎11-23 depict exclusive Mineral Resource blocks within the resource shells, and above cut-off grade for all respective deposits. The effective date of this estimate is December 31, 2024.

**Table ‎11-24: Summary of Almas Project Mineral Resources Exclusive of Mineral Reserves – December 31, 2024**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Deposit** | **Category** | **Tonnage** | **Grade** | **Contained Metal** |
| **Deposit** | **Category** | **(000 t)** | **(g/t Au)** | **(000 oz Au)** |
| Paiol | Measured | 2948 | 0.51 | 49 |
| Paiol | Indicated | 6591 | 0.68 | 144 |
| Paiol | M&I | **9539** | **0.63** | **193** |
| Paiol | Inferred | 2606 | 0.77 | 65 |
| Vira Saia | Measured | 501 | 0.86 | 14 |
| Vira Saia | Indicated | 2306 | 0.68 | 50 |
| Vira Saia | M&I | **2806** | **0.71** | **64** |
| Vira Saia | Inferred | 357 | 0.91 | 10 |
| Cata Funda | Measured | 228 | 1.47 | 11 |
| Cata Funda | Indicated | 293 | 1.22 | 11 |
| Cata Funda | M&I | **520** | **1.33** | **22** |
| Cata Funda | Inferred | 599 | 1.30 | 25 |
| Total | Measured | 3677 | 0.62 | 73 |
| Total | Indicated | 9189 | 0.70 | 206 |
| Total | M&I | **12866** | **0.67** | **279** |
| Total | Inferred | 3562 | 0.88 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral Resources are reported exclusive of Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Resources are reported from optimized pit shells.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are estimated at a cut-off grade of 0.31 g/t Au for Paiol, 0.34 g/t Au for Cata Funda, and 0.32 g/t Au for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are estimated using a long-term gold price of US$2,500 per ounce.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A minimum mining width of five metres was used.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.71 t/m<sup>3</sup> for Cata Funda, and 2.63 t/m<sup>3</sup> for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Metallurgical recovery is 92% for high-grade (Au≥0.90 g/t) material, 90% for medium-grade (0.70≤Au<0.89 g/t), and 86% for low-grade (0.34≤Au<0.69 g/t).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Numbers may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral Resources are reported exclusive of Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Resources are reported from optimized pit shells.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are estimated at a cut-off grade of 0.31 g/t Au for Paiol, 0.34 g/t Au for Cata Funda, and 0.32 g/t Au for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are estimated using a long-term gold price of US$2,500 per ounce.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A minimum mining width of five metres was used.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.71 t/m<sup>3</sup> for Cata Funda, and 2.63 t/m<sup>3</sup> for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Metallurgical recovery is 92% for high-grade (Au≥0.90 g/t) material, 90% for medium-grade (0.70≤Au<0.89 g/t), and 86% for low-grade (0.34≤Au<0.69 g/t).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Numbers may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral Resources are reported exclusive of Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Resources are reported from optimized pit shells.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are estimated at a cut-off grade of 0.31 g/t Au for Paiol, 0.34 g/t Au for Cata Funda, and 0.32 g/t Au for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are estimated using a long-term gold price of US$2,500 per ounce.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A minimum mining width of five metres was used.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.71 t/m<sup>3</sup> for Cata Funda, and 2.63 t/m<sup>3</sup> for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Metallurgical recovery is 92% for high-grade (Au≥0.90 g/t) material, 90% for medium-grade (0.70≤Au<0.89 g/t), and 86% for low-grade (0.34≤Au<0.69 g/t).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Numbers may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral Resources are reported exclusive of Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Resources are reported from optimized pit shells.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are estimated at a cut-off grade of 0.31 g/t Au for Paiol, 0.34 g/t Au for Cata Funda, and 0.32 g/t Au for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are estimated using a long-term gold price of US$2,500 per ounce.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A minimum mining width of five metres was used.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.71 t/m<sup>3</sup> for Cata Funda, and 2.63 t/m<sup>3</sup> for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Metallurgical recovery is 92% for high-grade (Au≥0.90 g/t) material, 90% for medium-grade (0.70≤Au<0.89 g/t), and 86% for low-grade (0.34≤Au<0.69 g/t).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Numbers may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral Resources are reported exclusive of Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Resources are reported from optimized pit shells.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are estimated at a cut-off grade of 0.31 g/t Au for Paiol, 0.34 g/t Au for Cata Funda, and 0.32 g/t Au for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are estimated using a long-term gold price of US$2,500 per ounce.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A minimum mining width of five metres was used.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.71 t/m<sup>3</sup> for Cata Funda, and 2.63 t/m<sup>3</sup> for Vira Saia.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Metallurgical recovery is 92% for high-grade (Au≥0.90 g/t) material, 90% for medium-grade (0.70≤Au<0.89 g/t), and 86% for low-grade (0.34≤Au<0.69 g/t).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Numbers may not add due to rounding. |

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| 11-44 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-21: Paiol Mineral Resource (exclusive)**

![](ex9604_083.jpg)

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| 11-45 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11- 22: Vira Saia Mineral Resource (exclusive)**

![](ex9604_084.jpg)

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| 11-46 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎11-23: Cata Funda Mineral Resource (exclusive)**

![](ex9604_085.jpg)

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| 11-47 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The open pit Mineral Resource estimate is reported using regularized block models with grades above the cut-off grades, and considering the blocks situated within the resource shell. The open pit sub-blocked model was reblocked to 10 m x 10 m x 5 m regular blocks (in X, Y, and Z, respectively) to represent a reasonable selective mining unit (SMU).

The SLR QP is of the opinion that the resource reporting procedures are consistent with S-K 1300 and satisfy the Reasonable Prospects for Economic Extraction (RPEE).

The SLR QP reviewed database consistency, QA/QC results, mineralized wireframes, and the resource classification, implementing changes to support the Mineral Resource disclosure. The SLR QP is of the opinion that the Mineral Resource estimate is appropriate for the style of mineralization.

The SLR QP is of the opinion that, with the consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

11.13.1 Sources of Uncertainty

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability, nor is there certainty that all or any part of the Mineral Resource estimated here will be converted to Mineral Reserves through further study.

Uncertainty in the reporting of Mineral Resources may arise from factors such as sampling or drilling methods, data handling and processing, geological modelling, and grade estimation procedures. At the Property, these uncertainties vary depending on the assigned classification of the Mineral Resources. The SLR QP has not identified any significant technical or economic factors that would require resolution to support the current Mineral Resource estimate.

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| 11-48 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

12.0 Mineral Reserve Estimates

This section describes the methodology and parameters used to estimate the Mineral Reserves for the Project. Mineral Reserves are inclusive of diluting materials that will be mined in conjunction with the economically mineralized rock and delivered to the treatment plant.

The term "Mineral Reserve" does not necessarily signify that all facilities are in place and operational, nor that governmental approvals have been received for the entire life of mine (LOM). The term does indicate, however, that there are reasonable expectations for such approvals.

The current Mineral Reserve estimate, as prepared by the SLR QP, is effective as of December 31, 2024, and considers all information used in the Mineral Resource estimate, presented in Section ‎11.0.

Only Measured and Indicated Mineral Resources were converted to Mineral Reserves. Any Inferred Mineral Resources included within the Mineral Reserve designs were considered waste and carried at zero grade.

12.1 Summary

The Mineral Reserve estimates reported as of December 31, 2024, are summarized in Table ‎12-1.

**Table ‎12-1: Summary of Mineral Reserves – Almas Project - December 31, 2024**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Pit** | **Category** | **Tonnage<br> (000 t)** | **Grade<br> (g/t Au)** | **Contained Metal<br> (000 oz Au)** | **Metallurgical Recovery<br> (%)** |
| Paiol | Proven | 5950 | 1.04 | 198 | 89% |
| Paiol | Probable | 7514 | 1.20 | 290 | 89% |
| Paiol | Total Proven + Probable | 13464 | 1.13 | 488 | 89% |
| Vira Saia | Proven | 1133 | 1.16 | 42 | 91% |
| Vira Saia | Probable | 2019 | 0.95 | 61 | 91% |
| Vira Saia | Total Proven + Probable | 3152 | 1.02 | 104 | 91% |
| Cata Funda | Proven | 456 | 1.80 | 26 | 90% |
| Cata Funda | Probable | 267 | 1.41 | 12 | 90% |
| Cata Funda | Total Proven + Probable | 723 | 1.66 | 38 | 90% |
| SUB-TOTAL | SUB-TOTAL | 17339 | 1.13 | 630 | 89% |
| Stockpiles | Proven | 2369 | 0.58 | 44 | 86% |
| Stockpiles | Probable |  |  |  |  |
| Stockpiles | Total Proven + Probable | 2369 | 0.58 | 44 | 86% |
| **TOTAL** | **TOTAL** | **19709** | **1.07** | **674** | **89%** |

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| 12-1 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Reserves in S-K 1300 were followed for Mineral Reserves.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Reserves are 100% attributable to Aura.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Bulk density is 2.75 t/m<sup>3</sup> for Paiol, 2.64 t/m<sup>3</sup> for Vira Saia and 2.67 t/m<sup>3</sup> for Cata Funda<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Reserves are reported on an in situ basis after applying dilution and mining recovery.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Reserves are estimated using a cut-off grade of 0.38 g/t Au for Paiol, 0.40 g/t Au for Vira Saia and 0.42 g/t Au for Cata Funda.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Metallurgical recovery is 92% for high-grade material, 90% for medium-grade, and 86% for low-grade and stockpiles.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Low-grade material: 0.34≤Au<0.69; medium-grade: 0.70≤Au<0.89; high-grade: Au≥0.90. All grades in g/t.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Mineral Reserves are estimated using an average long-term price of $2,000/oz Au.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Totals may not add due to rounding.<br>

The SLR QP is not aware of any risk factors associated with, or changes to, any aspects of the modifying factors such as mining, metallurgical, infrastructure, permitting, or other relevant factors that could materially affect the Mineral Reserve estimate.

12.2 Dilution and Ore Losses

12.2.1 Internal Dilution and Ore Losses

Internal or planned dilution accounts for the waste material entrenched within the deposit at the scale of the selective mining unit (SMU) block size.

The block model created and used for the Mineral Reserves estimation includes planned dilution. The SMU for the Almas deposits is 10 m x 10 m x 5 m, and the gold grade of economically mineralized zones is diluted according to the amount of uneconomical material present within each block, as defined during the re-blocking procedure.

This process calculates the average grade weighted by the volume of the sub-blocks or portions of sub-blocks falling within the SMU. If the total volume inclusion is less than 100%, then the grade of the SMU block is diluted with zero grade for the remaining portion. Blocks with diluted grades below the cut-off grade were treated as waste and removed from the Mineral Reserve as ore losses.

12.2.2 Contact Dilution

Contact dilution refers to the inclusion of waste material that is unintentionally extracted along with the ore at the boundaries between the orebody and the surrounding waste rock. It occurs due to the physical difficulty of maintaining precise separation between ore and waste during extraction. Almas has a record of operational dilution and ore losses, which were applied to the Mineral Reserve estimation as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Mining dilution: 10% considering the diluting material as 0.0 g/t Au

&nbsp;&nbsp;&nbsp;&nbsp;· Ore loss:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o High- and medium-grade: 5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Low-grade: 0%

For reference purposes, the grade classes are presented in Table ‎12-2.

**Table ‎12-2: Material Classification by Au Grade**

---

| | |
|:---|:---|
| **Material** | **Grade Au (g/t)** |
| High Grade | > 0.90 |
| Medium Grade | 0.70 – 0.90 |
| Low Grade | 0.34\* - 0.7 |

---

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| | |
|:---|:---|
| 12-2 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | |
|:---|:---|
| **Material** | **Grade Au (g/t)** |
| Waste | < 0.34\* |

---

12.3 Cut-off Grade

The cut-off grade strategy uses results of strategic long-range mine and business planning undertaken by the Almas team in August 2024. The plan has been calibrated with historical numbers.

Metal prices used for Mineral Reserves are based on consensus, long-term forecasts from September 2024 from banks, financial institutions, and other sources. Metal prices used for resources are slightly higher than those for reserves. The cost parameters used for Mineral Reserve estimation and mine planning are outlined in Table ‎12-3. As the haulage distance differs for Paiol, Vira Saia, and Cata Funda deposits, specific costs are shown in Table ‎12-4.

**Table ‎12-3: Cut-Off Grade Parameters – Global**

---

| | |
|:---|:---|
| **Description** | **Values** |
| Ore Loss – High and medium grades | 5% |
| Ore Loss - Low grade | 0% |
| Metallurgical Recovery - High and medium grades | 92.00% |
| Metallurgical Recovery – Low grade | 86.00% |
| Mining Dilution | 10% |
| Exchange rate (FX) USD x BRL | 5.30 |
| Selling Cost (refining, royalties, management fees) (US$/oz) | 63.28 |
| Reserve Gold Price (US$/oz) | 2000 |
| Resource Gold Price (US$/oz) | 2500 |

---

**Table ‎12-4: Cut-Off Grade Parameters – Costs**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **Paiol** | **Vira Saia** | **Cata Funda** |
| Mining Ore | US$/t mined | 2.71 | 2.68 | 2.68 |
| Mining Cost (without administration) | US$/t mined | 2.26 | 2.26 | 2.26 |
| Mine fixed Cost (administration) | US$/t mined | 0.14 | 0.14 | 0.14 |
| Premium Cost for Ore (grade control) | US$/t mined | 0.23 | 0.23 | 0.23 |
| Sustaining (mine) | US$/t mined | 0.08 | 0.05 | 0.05 |
| Mining Waste | US$/t mined | 2.40 | 2.40 | 2.40 |
| Mining Cost (without administration) | US$/t mined | 2.26 | 2.26 | 2.26 |
| Mine Fixed Cost (administration) | US$/t mined | 0.14 | 0.14 | 0.14 |
| Sustaining (mine) | US$/t mined | 0 | 0 | 0 |
| Plant Costs | US$/t ore | 12.95 | 14.10 | 15.04 |

---

---

| | |
|:---|:---|
| 12-3 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **Paiol** | **Vira Saia** | **Cata Funda** |
| Total Processing Costs | US$/t ore | 11.99 | 11.99 | 11.99 |
| Rehandle | US$/t ore | 0.20 | 0.20 | 0.20 |
| Rehandle Cost for Long Haulage | US$/t ore | 0.00 | 1.15 | 2.09 |
| Sustaining (process) | US$/t ore | 0.75 | 0.75 | 0.75 |
| G&A + Overhead | US$/t ore | 2.63 | 2.63 | 2.63 |
| Mine Closure Cost | US$/t ore | 0.13 | 0.13 | 0.13 |
| Cut-off Grade | (g/t) | 0.38 | 0.40 | 0.42 |

---

12.4 Pit Optimization

Several nested pit shells were generated using Geovia Whittle software with the Pseudoflow pit optimization algorithm, for a range of revenue factors related to the product price. The following physical constraints were applied in the pit optimization (Figure ‎12-1):

&nbsp;&nbsp;&nbsp;&nbsp;· Mineral rights

&nbsp;&nbsp;&nbsp;&nbsp;· Environmental licences (current and future, with reasonable expectations to be granted)

&nbsp;&nbsp;&nbsp;&nbsp;· Main road

&nbsp;&nbsp;&nbsp;&nbsp;· Civil facilities (administrative offices, workshop, plant)

&nbsp;&nbsp;&nbsp;&nbsp;· Mineral residue facilities (stockpiles and tailings dam)

The pit optimization results are presented in Table ‎12-5, Table ‎12-6, and Table ‎12-7 for Paiol, Vira Saia, and Cata Funda, respectively. The charts are presented in Figure ‎12-2, Figure ‎12-3, and Figure ‎12-4.

The optimal pit shell was selected through marginal analysis. Larger pit shells that have modest increases in net present value (NPV) for large increases in rock tonnage are usually avoided. Alternatively, maximizing the mineral inventory tonnage and Life of Mine can be a valid strategy to select the Revenue Factor (R.F). This criterion was adopted in the Almas Project and was executed by selecting RF 1.0 for the detailed design of the ultimate pit and intermediate phases. This RF pit was used for all three pits.

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| | |
|:---|:---|
| 12-4 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎12-1: Physical Constraints – Pit Optimization**

![](ex9604_086.jpg)

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| | |
|:---|:---|
| 12-5 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎12-5: Pit Optimization Results - Paiol**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pit** | **Revenue Factor** | **Ore<br> (000 t)** | **Ore<br> (%)** | **Waste<br> (000 t)** | **Waste<br> (%)** | **Strip Ratio** |
| 1 | 0.50 | 3537 | 21% | 15181 | 11% | 4.29 |
| 2 | 0.51 | 3641 | 22% | 15483 | 11% | 4.25 |
| 3 | 0.52 | 3858 | 23% | 16432 | 12% | 4.26 |
| 4 | 0.53 | 3955 | 24% | 16568 | 12% | 4.19 |
| 5 | 0.54 | 4109 | 25% | 17199 | 12% | 4.19 |
| 6 | 0.55 | 4434 | 26% | 18744 | 13% | 4.23 |
| 7 | 0.56 | 4750 | 28% | 19962 | 14% | 4.20 |
| 8 | 0.57 | 4876 | 29% | 20285 | 14% | 4.16 |
| 9 | 0.58 | 4994 | 30% | 20446 | 15% | 4.09 |
| 10 | 0.59 | 5138 | 31% | 20525 | 15% | 3.99 |
| 11 | 0.60 | 5264 | 31% | 20642 | 15% | 3.92 |
| 12 | 0.61 | 5470 | 33% | 21405 | 15% | 3.91 |
| 13 | 0.62 | 5556 | 33% | 21356 | 15% | 3.84 |
| 14 | 0.63 | 6112 | 37% | 24382 | 17% | 3.99 |
| 15 | 0.64 | 6322 | 38% | 24913 | 18% | 3.94 |
| 16 | 0.65 | 6534 | 39% | 25374 | 18% | 3.88 |
| 17 | 0.66 | 6824 | 41% | 26535 | 19% | 3.89 |
| 18 | 0.67 | 6971 | 42% | 26587 | 19% | 3.81 |
| 19 | 0.68 | 7157 | 43% | 27167 | 19% | 3.80 |
| 20 | 0.69 | 7349 | 44% | 27764 | 20% | 3.78 |
| 21 | 0.70 | 7593 | 45% | 28475 | 20% | 3.75 |
| 22 | 0.71 | 7743 | 46% | 28881 | 21% | 3.73 |
| 23 | 0.72 | 7871 | 47% | 28925 | 21% | 3.67 |
| 24 | 0.73 | 8344 | 50% | 32296 | 23% | 3.87 |
| 25 | 0.74 | 8521 | 51% | 32589 | 23% | 3.82 |
| 26 | 0.75 | 8596 | 51% | 32550 | 23% | 3.79 |
| 27 | 0.76 | 8699 | 52% | 32561 | 23% | 3.74 |
| 28 | 0.77 | 10405 | 62% | 52362 | 37% | 5.03 |
| 29 | 0.78 | 10499 | 63% | 52773 | 38% | 5.03 |
| 30 | 0.79 | 14272 | 85% | 108465 | 78% | 7.60 |
| 31 | 0.80 | 14957 | 89% | 120927 | 86% | 8.08 |
| 32 | 0.81 | 14965 | 89% | 120959 | 86% | 8.08 |

---

---

| | |
|:---|:---|
| 12-6 | ![](ex9604_108.jpg) |

---

<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pit** | **Revenue Factor** | **Ore<br> (000 t)** | **Ore<br> (%)** | **Waste<br> (000 t)** | **Waste<br> (%)** | **Strip Ratio** |
| 33 | 0.82 | 14988 | 90% | 121104 | 87% | 8.08 |
| 34 | 0.83 | 15245 | 91% | 125656 | 90% | 8.24 |
| 35 | 0.84 | 15313 | 92% | 127475 | 91% | 8.32 |
| 36 | 0.85 | 15339 | 92% | 127566 | 91% | 8.32 |
| 37 | 0.86 | 15516 | 93% | 128922 | 92% | 8.31 |
| 38 | 0.87 | 15550 | 93% | 129165 | 92% | 8.31 |
| 39 | 0.88 | 15574 | 93% | 129235 | 92% | 8.30 |
| 40 | 0.89 | 15591 | 93% | 129294 | 92% | 8.29 |
| 41 | 0.90 | 15633 | 93% | 129547 | 93% | 8.29 |
| 42 | 0.91 | 15741 | 94% | 130615 | 93% | 8.30 |
| 43 | 0.92 | 15797 | 94% | 131221 | 94% | 8.31 |
| 44 | 0.93 | 15936 | 95% | 132609 | 95% | 8.32 |
| 45 | 0.94 | 16081 | 96% | 134630 | 96% | 8.37 |
| 46 | 0.95 | 16130 | 96% | 134911 | 96% | 8.36 |
| 47 | 0.96 | 16401 | 98% | 137335 | 98% | 8.37 |
| 48 | 0.97 | 16412 | 98% | 137369 | 98% | 8.37 |
| 49 | 0.98 | 16666 | 100% | 139510 | 100% | 8.37 |
| 50 | 0.99 | 16697 | 100% | 139699 | 100% | 8.37 |
| 51 | 1.00 | 16732 | 100% | 139952 | 100% | 8.36 |

---

**Table ‎12-6: Pit Optimization Results – Vira Saia**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pit** | **Revenue Factor** | **Ore<br> (000 t)** | **Ore<br> (%)** | **Waste<br> (000 t)** | **Waste<br> (%)** | **Strip Ratio** |
| 1 | 0.50 | 1331 | 23% | 3850 | 15% | 2.89 |
| 2 | 0.51 | 1362 | 23% | 3939 | 15% | 2.89 |
| 3 | 0.52 | 1388 | 24% | 4036 | 15% | 2.91 |
| 4 | 0.53 | 1437 | 25% | 4114 | 16% | 2.86 |
| 5 | 0.54 | 1468 | 25% | 4195 | 16% | 2.86 |
| 6 | 0.55 | 1537 | 26% | 4397 | 17% | 2.86 |
| 7 | 0.56 | 1580 | 27% | 4542 | 17% | 2.88 |
| 8 | 0.57 | 2109 | 36% | 6887 | 26% | 3.27 |
| 9 | 0.58 | 2181 | 37% | 7070 | 27% | 3.24 |
| 10 | 0.59 | 2247 | 38% | 7258 | 28% | 3.23 |
| 11 | 0.60 | 2436 | 42% | 8390 | 32% | 3.44 |

---

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| | |
|:---|:---|
| 12-7 | ![](ex9604_108.jpg) |

---

<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pit** | **Revenue Factor** | **Ore<br> (000 t)** | **Ore<br> (%)** | **Waste<br> (000 t)** | **Waste<br> (%)** | **Strip Ratio** |
| 12 | 0.61 | 2489 | 42% | 8479 | 32% | 3.41 |
| 13 | 0.62 | 2515 | 43% | 8538 | 33% | 3.39 |
| 14 | 0.63 | 2615 | 45% | 8965 | 34% | 3.43 |
| 15 | 0.64 | 2694 | 46% | 9364 | 36% | 3.48 |
| 16 | 0.65 | 2730 | 47% | 9419 | 36% | 3.45 |
| 17 | 0.66 | 2762 | 47% | 9486 | 36% | 3.43 |
| 18 | 0.67 | 3153 | 54% | 11030 | 42% | 3.50 |
| 19 | 0.68 | 3220 | 55% | 11619 | 44% | 3.61 |
| 20 | 0.69 | 3478 | 59% | 12773 | 49% | 3.67 |
| 21 | 0.70 | 3547 | 60% | 13012 | 50% | 3.67 |
| 22 | 0.71 | 3634 | 62% | 13322 | 51% | 3.67 |
| 23 | 0.72 | 3721 | 63% | 13728 | 53% | 3.69 |
| 24 | 0.73 | 3880 | 66% | 15169 | 58% | 3.91 |
| 25 | 0.74 | 3901 | 67% | 15170 | 58% | 3.89 |
| 26 | 0.75 | 3953 | 67% | 15290 | 58% | 3.87 |
| 27 | 0.76 | 4143 | 71% | 16289 | 62% | 3.93 |
| 28 | 0.77 | 4165 | 71% | 16340 | 63% | 3.92 |
| 29 | 0.78 | 4251 | 73% | 16735 | 64% | 3.94 |
| 30 | 0.79 | 4329 | 74% | 17212 | 66% | 3.98 |
| 31 | 0.80 | 4382 | 75% | 17510 | 67% | 4.00 |
| 32 | 0.81 | 4657 | 79% | 19145 | 73% | 4.11 |
| 33 | 0.82 | 4726 | 81% | 19626 | 75% | 4.15 |
| 34 | 0.83 | 4804 | 82% | 20170 | 77% | 4.20 |
| 35 | 0.84 | 4858 | 83% | 20362 | 78% | 4.19 |
| 36 | 0.85 | 4972 | 85% | 20980 | 80% | 4.22 |
| 37 | 0.86 | 5008 | 85% | 21254 | 81% | 4.24 |
| 38 | 0.87 | 5095 | 87% | 21892 | 84% | 4.30 |
| 39 | 0.88 | 5407 | 92% | 23087 | 88% | 4.27 |
| 40 | 0.89 | 5446 | 93% | 23270 | 89% | 4.27 |
| 41 | 0.90 | 5476 | 93% | 23411 | 90% | 4.27 |
| 42 | 0.91 | 5523 | 94% | 23759 | 91% | 4.30 |
| 43 | 0.92 | 5568 | 95% | 23990 | 92% | 4.31 |
| 44 | 0.93 | 5585 | 95% | 24115 | 92% | 4.32 |

---

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| | |
|:---|:---|
| 12-8 | ![](ex9604_108.jpg) |

---

<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pit** | **Revenue Factor** | **Ore<br> (000 t)** | **Ore<br> (%)** | **Waste<br> (000 t)** | **Waste<br> (%)** | **Strip Ratio** |
| 45 | 0.94 | 5660 | 97% | 24572 | 94% | 4.34 |
| 46 | 0.95 | 5711 | 97% | 24985 | 96% | 4.37 |
| 47 | 0.96 | 5718 | 98% | 25053 | 96% | 4.38 |
| 48 | 0.97 | 5786 | 99% | 25528 | 98% | 4.41 |
| 49 | 0.98 | 5792 | 99% | 25564 | 98% | 4.41 |
| 50 | 0.99 | 5859 | 100% | 26116 | 100% | 4.46 |
| 51 | 1.00 | 5862 | 100% | 26143 | 100% | 4.46 |

---

**Table ‎12-7: Pit Optimization Results – Cata Funda**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pit** | **Revenue Factor** | **Ore<br> (000 t)** | **Ore<br> (%)** | **Waste<br> (000 t)** | **Waste<br> (%)** | **Strip Ratio** |
| 1 | 0.50 | 327 | 38% | 1952 | 26% | 5.98 |
| 2 | 0.51 | 367 | 42% | 2181 | 30% | 5.95 |
| 3 | 0.52 | 393 | 45% | 2336 | 32% | 5.94 |
| 4 | 0.53 | 579 | 66% | 4678 | 63% | 8.08 |
| 5 | 0.54 | 588 | 68% | 4790 | 65% | 8.15 |
| 6 | 0.56 | 608 | 70% | 4842 | 66% | 7.96 |
| 7 | 0.57 | 623 | 72% | 4868 | 66% | 7.81 |
| 8 | 0.58 | 632 | 73% | 4883 | 66% | 7.73 |
| 9 | 0.63 | 646 | 74% | 4872 | 66% | 7.54 |
| 10 | 0.64 | 734 | 84% | 6191 | 84% | 8.43 |
| 11 | 0.66 | 758 | 87% | 6626 | 90% | 8.74 |
| 12 | 0.68 | 779 | 89% | 6752 | 92% | 8.67 |
| 13 | 0.74 | 801 | 92% | 6885 | 93% | 8.60 |
| 14 | 0.78 | 817 | 94% | 6897 | 94% | 8.44 |
| 15 | 0.80 | 820 | 94% | 6902 | 94% | 8.41 |
| 16 | 0.86 | 823 | 95% | 6952 | 94% | 8.44 |
| 17 | 0.94 | 835 | 96% | 7010 | 95% | 8.39 |
| 18 | 0.98 | 838 | 96% | 7024 | 95% | 8.38 |
| 19 | 0.99 | 847 | 97% | 7077 | 96% | 8.36 |
| 20 | 1.00 | 870 | 100% | 7374 | 100% | 8.47 |

---

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| | |
|:---|:---|
| 12-9 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎12-2: Pit Optimization Results - Paiol**

![](ex9604_087.jpg)

**Figure ‎12-3: Pit Optimization Results – Vira Saia**

![](ex9604_088.jpg)

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| | |
|:---|:---|
| 12-10 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎12-4: Pit Optimization Results – Cata Funda**

![](ex9604_089.jpg)

12.5 Conversion to Mineral Reserves

The Mineral Resource block model provided by the Aura Almas geology department forms the basis for estimating Mineral Reserves. The SLR QP estimated Mineral Reserve using Deswik software.

The conversion of Mineral Resources to Mineral Reserves is based on modifying factors applied to Pseudoflow pit optimization, detailed pit design, scheduling, and associated modifying parameters described above.

This process applied detailed access, haulage, and operational cost criteria for each deposit (Paiol, Vira Saia, and Cata Funda). The plan uses metric units, and gold grades are represented in g/t. The orientation, proximity to the topographic surface, and geological controls of the mineralization support mining the Mineral Reserves with open pit mining techniques.

Measured Mineral Resources and stockpiles were converted to Proven Mineral Reserves, and Indicated Mineral Resources were converted to Probable Mineral Reserves. Inferred Mineral Resources were not converted to Mineral Reserves and are not included in the LOM plan.

The Almas Project open pit Mineral Reserve statement with an effective date of December 31, 2024, is presented in Table ‎12-1.

The SLR QP is not aware of any risk factors associated with, or changes to, any aspects of the modifying factors such as mining, metallurgical, infrastructure, permitting, or other relevant factors that could materially affect the Mineral Reserve estimate.

---

| | |
|:---|:---|
| 12-11 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

12.6 Comparison with Previous Estimate

The 2024 Mineral Reserve estimate presents a net decrease of 3,268 kt (16%) of ore compared with the previous Mineral Reserve estimate completed in 2023. Although tonnes decreased, metal grades increased by 23%, resulting in a 4% increase in contained gold.

The most significant change was observed at Paiol, where a completely new block model was developed, incorporating new infill drilling works and updated modelling and estimation parameters.

The economic parameters largely explain most differences in Mineral Reserves for all deposits. The reserve metal price increased from $1,500 to $2,000 per ounce of gold. On the cost side, unit costs were materially higher in 2024, resulting in a cut-off grade increase between 35% and 40%. Higher cut-off grades have also increased the average grade of the reserves while reducing the tonnages, except for Paiol, which has benefited from the new geological information.

The 2024 and 2023 Mineral Reserve estimates are presented in Table ‎12-8, which also shows the comparison (in absolute and percentage values) between them.

**Table ‎12-8: Mineral Reserves Comparison to Previous Estimates**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Pit** | **Category** | **Tonnage<br> (000 t)** | **Grade<br> (g/t Au)** | **Contained Metal<br> (000 oz Au)** |
| **December 31, 2024 Proven & Probable Reserves** | **December 31, 2024 Proven & Probable Reserves** | **December 31, 2024 Proven & Probable Reserves** | **December 31, 2024 Proven & Probable Reserves** | **December 31, 2024 Proven & Probable Reserves** |
| Paiol | Proven | 5950 | 1.04 | 198 |
| Paiol | Probable | 7514 | 1.20 | 290 |
| Paiol | Total Proven + Probable | 13464 | 1.13 | 488 |
| Vira Saia | Proven | 1133 | 1.16 | 42 |
| Vira Saia | Probable | 2019 | 0.95 | 61 |
| Vira Saia | Total Proven + Probable | 3152 | 1.02 | 104 |
| Cata Funda | Proven | 456 | 1.80 | 26 |
| Cata Funda | Probable | 267 | 1.41 | 12 |
| Cata Funda | Total Proven + Probable | 723 | 1.66 | 38 |
| **TOTAL** | **TOTAL** | **17339** | **1.13** | **630** |
| **December 31, 2023 Proven & Probable Reserves** | **December 31, 2023 Proven & Probable Reserves** | **December 31, 2023 Proven & Probable Reserves** | **December 31, 2023 Proven & Probable Reserves** | **December 31, 2023 Proven & Probable Reserves** |
| Paiol | Proven | 5358 | 0.89 | 153 |
| Paiol | Probable | 10781 | 0.88 | 304 |
| Paiol | Total Proven + Probable | 16138 | 0.88 | 457 |
| Vira Saia | Proven | 646 | 0.88 | 18 |
| Vira Saia | Probable | 3134 | 0.91 | 92 |
| Vira Saia | Total Proven + Probable | 3780 | 0.91 | 110 |
| Cata Funda | Proven | 439 | 1.89 | 27 |
| Cata Funda | Probable | 250 | 1.79 | 14 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| **Pit** | **Category** | **Tonnage<br> (000 t)** | **Grade<br> (g/t Au)** | **Contained Metal<br> (000 oz Au)** |
|  | Total Proven + Probable | 689 | 1.86 | 41 |
| **TOTAL** | **TOTAL** | **20607** | **0.92** | **608** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Pit** | **Category** | **Tonnage<br> (000 t)** | **Grade<br> (g/t Au)** | **Contained Metal<br> (000 oz Au)** |
| **Difference between 2023 and 2024 Reserves – Absolute Values** | **Difference between 2023 and 2024 Reserves – Absolute Values** | **Difference between 2023 and 2024 Reserves – Absolute Values** | **Difference between 2023 and 2024 Reserves – Absolute Values** | **Difference between 2023 and 2024 Reserves – Absolute Values** |
| Paiol | Proven | 593 | 0.15 | 45 |
| Paiol | Probable | -3267 | 0.32 | -14 |
| Paiol | Total Proven + Probable | -2674 | 0.25 | 31 |
| Vira Saia | Proven | 694 | -0.73 | 15 |
| Vira Saia | Probable | 1769 | -0.84 | 47 |
| Vira Saia | Total Proven + Probable | 2463 | -0.84 | 62 |
| Cata Funda | Proven | -190 | 0.92 | 8 |
| Cata Funda | Probable | -2867 | 0.50 | -80 |
| Cata Funda | Total Proven + Probable | -3057 | 0.75 | -72 |
| **TOTAL** | **TOTAL** | **-3268** | **0.21** | **22** |
| **Difference between 2023 and 2024 Reserves – Percentage** | **Difference between 2023 and 2024 Reserves – Percentage** | **Difference between 2023 and 2024 Reserves – Percentage** | **Difference between 2023 and 2024 Reserves – Percentage** | **Difference between 2023 and 2024 Reserves – Percentage** |
| Paiol | Proven | 11% | 16% | 30% |
| Paiol | Probable | -30% | 36% | -5% |
| Paiol | Total Proven + Probable | -17% | 28% | 7% |
| Vira Saia | Proven | 158% | -39% | 58% |
| Vira Saia | Probable | 707% | -47% | 326% |
| Vira Saia | Total Proven + Probable | 358% | -45% | 152% |
| Cata Funda | Proven | -29% | 105% | 44% |
| Cata Funda | Probable | -91% | 55% | -87% |
| Cata Funda | Total Proven + Probable | -81% | 82% | -65% |
| **TOTAL** | **TOTAL** | **-16%** | **23%** | **4%** |

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| 12-13 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

13.0 Mining Methods

13.1 Introduction

The Almas Project consists of three open pits: Paiol (existing), and Cata Funda and Vira Saia (conceptual). The mining operations utilize a combination of 4.5 m³ hydraulic excavators, front-end loaders (FELs), and 35 t haul trucks as the primary equipment. The ultimate pit designs were derived from mine optimization using Whittle Pseudoflow analysis for each of the deposits. The planned annual average run-of-mine (ROM) production rate is 2.0 Mt at a gold grade of 1.13 g/t, with a total of 168 Mt of waste to be moved over the 10 year life of the Project. The production schedule is presented in Table ‎13-13.

Three deposits will be mined, including the primary Paiol deposit, which is already in production, and two satellite deposits, Vira Saia and Cata Funda, located approximately five kilometres and 15 km away, respectively. Existing heap leach reserves from VALE's historical operations and low-grade stockpiles are also included.

13.2 Geotechnical Considerations

13.2.1 Introduction

The slope stability assessments for Paiol, Vira Saia, and Cata Funda pits were conducted using kinematic analysis, limit equilibrium, and finite element methods. Safety factors were computed for each pit based on laboratory testing results and geological data. Key findings for the slope stability analysis included:

&nbsp;&nbsp;&nbsp;&nbsp;· Stability analysis indicated a minimum safety factor of 1.5 for all major slopes, meeting or exceeding acceptable industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;· No unstable layers were observed, though ground conditions required careful monitoring for stability. The maintenance of face angles
ensured upperslope stability.

&nbsp;&nbsp;&nbsp;&nbsp;· Controlled blasting was recommended to minimize damage to the rock mass and mitigate the risk of slope failures.

In 2012, BVP Geotecnia & Hidrotecnia (BVP) consultants proposed adjustments for pit geometries to further enhance slope stability, suggesting bench face angles of 80° for the hanging wall and a global angle of 48°, ensuring stability through broader berms (at least 8.0 m wide).

13.2.2 Paiol Pit

The open pit Paiol mine is designed to optimize gold extraction through well structured geotechnical, hydrogeological, and operational planning, ensuring economic efficiency and long-term stability. The pit design incorporates phased pushbacks to ensure manageable slope conditions during mining, balance stripping ratios, and ore recovery over the life of the mine, and to allow for progressive dewatering and slope adjustments as mining progresses.

13.2.2.1 Geological and Geomechanical Description

The Paiol mine is located within the Almas Metavolcano sedimentary Sequence (Archean age), characterized by mafic volcanic rocks and metasediments. The pit displays weathered profiles including saprolitic soils, altered rock, and fresh rock. Foliation dips average 65°, with steep dips

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| 13-1 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

being a primary structural control on stability. Rock mass anisotropy plays a significant role in failure mechanisms, including planar and wedge failures. The Paiol rock mass has a low fracturing intensity, and no significant problems are expected for mining operations. The RMR of the geological units encountered are based on parameters such as UCS, geological strength index (GSI), RQD, and discontinuity conditions and are described as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Colluvial/Eluvial Soil: RMR not applicable due to unconsolidated nature.

&nbsp;&nbsp;&nbsp;&nbsp;· Saprolitic Soil: RMR Class V (very poor) due to low cohesion and high weathering.

&nbsp;&nbsp;&nbsp;&nbsp;· Saprolite: RMR Class V (very poor), highlighting limited structural support capacity.

&nbsp;&nbsp;&nbsp;&nbsp;· Weathered Rock: RMR Class IV (poor), indicating reduced stability due to high fracturing and moderate alteration.

&nbsp;&nbsp;&nbsp;&nbsp;· Fresh Rock: RMR Classes I-II (good to very good), with high intact strength and low alteration contributing to high stability.

A summary of the geological and geomechanical profile is provided in Table ‎13-1 and a typical geological and geomechanical cross section is provided in Figure ‎13-1.

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| 13-2 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎13-1: Geological and Geomechanical Description for the Paiol Pit**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Unit** | **Description** | **Approximate<br> Thickness<br> (m)** | **RQD<br> (%)** | **RMR** | **Classification** |
| Colluvial/Eluvial Soils | Clayey to sandy texture with quartz and laterite gravels; red colour; stiff to very stiff compaction (S4–S5). | 4 | N/A | N/A | Soil |
| Saprolitic Soils | Fine silty texture; retains relic foliation; stiff to very stiff (S4–S5); slightly plastic to non-plastic. | 7–20<br> (variable) | N/A | N/A | Soil |
| Saprolite | Fine silty-sandy texture; yellow-ochre colour; highly weathered (A5); low strength (C5-); highly fractured (F5). | 3–6 | 0–25 | Very Poor (Class V) | Weathered Rock |
| Weathered Rock | Carbonate-Chlorite-Quartz Schist (CCQX) and Chlorite-Albite-Amphibole Schist (CAAX); moderate to high weathering (A3–A4); low strength (C3–C5+); very high fracturing (F5). | 1–4 (localized <br> 12 m) | 0–25 | Poor (Class IV) | Weathered Rock |
| Encaixante 1 (Host Rock 1) | Chlorite-Albite-Amphibole Schist (CAAX); dark green; fine-grained; compact to very compact (C1-); moderate fracturing (F3). | N/A | 91–100 | Good to Very Good (Class I–II) | Fresh Rock |
| Encaixante 2 (Host Rock 2) | Carbonate-Chlorite-Quartz Schist (CCQX); greenish; lepidoblastic texture; compact (C2); moderate to high fracturing (F3–F4). | N/A | 91–100 | Good (Class II) | Fresh Rock |
| Mineralized Zone 1 | Albite-Ankerite-Quartz Schist (ADQX) and Sericite-Ankerite-Quartz Schist (SDQX); high banding and fragmentation; compact to very compact (C2–C1-); high fracturing (F4–F5). | 5 | 0–76 | Fair (Class III) | Mineralized Rock |
| Mineralized Zone 2 | Sericite-Chlorite-Ankerite Schist (SCDX); proximal alteration halo; compact to very compact (C2–C1-); moderate fracturing (F3). | 31 | 91–100 | Good (Class II) | Mineralized Rock |
| Metadacite Dike | Sparse tabular dikes; fine- to medium-grained, porphyritic texture; very compact (C1-); moderate fracturing (F3). | 1 | 91–100 | Very Good (Class I) | Dike Rock |

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| 13-3 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎13-1: Geotechnical and Geological Section through the Paiol Pit**

![](ex9604_090.jpg)

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| 13-4 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

13.2.2.2 Hydrogeological Description

Hydrogeological conditions were assessed through a numerical steady-state model created for the Paiol area. Three scenarios were analyzed: baseline (pre-existing conditions), conditions in 2000 during operations by VALE, and the projected final pit conditions for Rio Novo's operations. Key hydrogeological findings include:

&nbsp;&nbsp;&nbsp;&nbsp;· The water table in the pit, in the year 2024, stands at approximately elevation 366, with seasonal fluctuations of plus/minus one
metre.

&nbsp;&nbsp;&nbsp;&nbsp;· Hydraulic conductivities for various lithological units were estimated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Saprolite: 0.7 m/day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Altered rock: 17.5 m/day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Fresh rock: 0.0175 m/day.

&nbsp;&nbsp;&nbsp;&nbsp;· Groundwater inflow to the final pit was estimated at 46 L/s, with most contributions originating from the altered rock zone.

&nbsp;&nbsp;&nbsp;&nbsp;· Structural mapping indicated fractures filled with quartz and carbonates, increasing permeability in specific zones.

&nbsp;&nbsp;&nbsp;&nbsp;· The volume of estimated groundwater entering in the pit is not expected to affect the stability.

The dewatering and depressurization plan for the Paiol mine aims to ensure operational stability, prevent water-related geotechnical risks, and maintain safe working conditions in the expanded excavation areas. The approach involves managing both surface water and groundwater through a comprehensive system of drainage infrastructure, monitoring, and groundwater extraction techniques. The dewatering strategy includes measures to manage water inflow into the mine and lower groundwater levels to reduce pore pressures in slope walls. The key components of the dewatering and depressurization system are:

&nbsp;&nbsp;&nbsp;&nbsp;· Surface water control to divert runoff and prevent water ingress into the pit.

&nbsp;&nbsp;&nbsp;&nbsp;· Groundwater extraction to reduce water table levels within the pit footprint.

&nbsp;&nbsp;&nbsp;&nbsp;· Monitoring infrastructure, for real-time tracking of water levels and flow patterns.

13.2.2.3 Paiol Pit Design

The design of the Paiol pit involved the development and evaluation of slope geometries, informed by geological and geotechnical data from exploration drilling and structural mapping. A total of four cross sections were developed. The analyses were carried out using the Rocscience Slide and RS2 software, employing the GLE/Morgenstern-Price method for planar failure surfaces and the Mohr-Coulomb criterion for circular failures. Parameters such as cohesion and friction angle were determined for various lithological units using the RocLab software. Inputs included UCS, GSI, and disturbance factors. The hanging wall slope inclination angle at 55° was initially analyzed for circular rupture and the safety factors for the various vertical sections were calculated.

The kinematic analysis aimed to evaluate the stability of slopes under various geological, structural, and operational conditions. The study was conducted to assess potential failure mechanisms (e.g., planar, wedge, and toppling failures), define optimal slope geometries for long-term stability, and develop recommendations for operational safety. Structural data,

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| 13-5 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

including joint orientations, fracture densities, and rock mass quality, were collected from exploration drilling and mapping.

For the Paiol pit, the kinematic analysis included analysis of the foliation planes for their dip angles, which typically ranged between 60° and 70° and kinematic assessments identified wedge and planar failure potential in steeply inclined slopes.

Key steps in the design process included:

&nbsp;&nbsp;&nbsp;&nbsp;· The initial design provided by the client was analyzed for stability, considering an acceptable safety factor (FS) of ≥1.5.

&nbsp;&nbsp;&nbsp;&nbsp;· The supplied geometry showed adequate stability, with FS values exceeding the minimum required.

&nbsp;&nbsp;&nbsp;&nbsp;· To reduce excavation volumes and improve safety margins, BVP proposed revised slope geometries.

&nbsp;&nbsp;&nbsp;&nbsp;· Suggested adjustments included modifying berm widths and face angles, ensuring global stability angles of 53° while maintaining
adequate berm widths to control erosion and rolling debris.

&nbsp;&nbsp;&nbsp;&nbsp;· Previous studies (prefeasibility study [PFS] and feasibility study [FS]) outlined the original design parameters, which included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Berm widths of three metres for rock and six metres for soil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Bench heights of 20 m for fresh rock, contingent on a compatible global angle.

&nbsp;&nbsp;&nbsp;&nbsp;· In 2022, adjustments were made to optimize operational and safety requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Berms were widened to eight metres to accommodate safety concerns and equipment operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Bench angles for soil and oxidized rock were re-evaluated.

Key outcomes of the geotechnical design were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· The final pit design for Paiol ensures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Safe operations with stable slope geometries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Efficient mining of ore reserves while minimizing waste removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Effective groundwater management through integrated dewatering systems.

&nbsp;&nbsp;&nbsp;&nbsp;· The design prioritizes flexibility, allowing for adjustments based on monitoring data and operational needs.

In conclusion, the Paiol pit's rock mass was found to be generally competent with low fracturing intensity, posing minimal risk to stability. Safety factors for rock slopes were deemed appropriate even for heights reaching 300 m. Groundwater inflow was predicted to have a negligible impact on overall stability. A summary of the final pit slope angles for the Paiol pit is provided in Table ‎13-2. An example of numerical slope stability analysis is provided in Figure ‎13-2.

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| 13-6 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎13-2: Final Pit Slope Angles Recommended for Paiol Pit**

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|:---|:---|:---|:---|:---|
| **Geological Unit** | **Berm Width (m)** | **Bench Height (m)** | **Bench Face Angle (°)** | **Inter-Ramp Angle (°)** |
| Colluvial/Eluvial Soil | 8 | 10 | 30 | 25 |
| Saprolitic Soil | 8 | 10 | 35 | 30 |
| Saprolite | 8 | 10 | 35 | 32 |
| Weathered Rock | 8 | 20 | 45 | 40 |
| Fresh Rock Footwall | 8 | 20 | 70 | 53 |
| Fresh Rock Hanging Wall | 8 | 20 | 80 | 60 |

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| 13-7 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎13-2: RS2 Overall Slope Stability Analysis with a SRF of 1.32 for the Paiol Pit**

![](ex9604_091.jpg)

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| 13-8 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

13.2.3 Cata Funda Pit

The Cata Funda pit is situated within the Almas Greenstone Belt, a region known for its significant gold mineralization associated with shear zones and hydrothermal alteration. Pushbacks are designed to balance ore recovery, minimize stripping ratios, and maintain slope stability. Initial pushbacks will target areas with higher saprolitic material content to reduce risks during early excavation phases. Later pushbacks will focus on steeper slopes in fresh rock zones, which will benefit from improved stability.

13.2.3.1 Geological and Geomechanical Description

The Cata Funda pit lies within the Almas metavolcano-sedimentary sequence, which consists of mafic volcanic and metasedimentary rocks. The geological profile includes:

&nbsp;&nbsp;&nbsp;&nbsp;· Colluvial/Eluvial Soils: Fine clayey to sandy material with subrounded quartz and laterite fragments.

&nbsp;&nbsp;&nbsp;&nbsp;· Saprolitic Soils: Silty soils with relic foliation of parent rock.

&nbsp;&nbsp;&nbsp;&nbsp;· Saprolite: Silty-sandy texture with high alteration and elevated fracturing.

&nbsp;&nbsp;&nbsp;&nbsp;· Weathered Rock: Moderately to highly altered, fractured rock zones with low RQD values.

&nbsp;&nbsp;&nbsp;&nbsp;· Fresh Rock: Dominated by schist lithologies, including chlorite schist and amphibole schist, exhibiting high RQD and good geomechanical
quality.

RMR classifications were determined based on RQD and discontinuity properties such as alteration, spacing, roughness, and infill. A summary of the geological and geomechanical profile is provided in Table ‎13-3 and a typical geological and geomechanical cross section is provided in Figure ‎13-3.

**Table ‎13-3: Geological and Geomechanical Description for the Cata Funda Pit**

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|:---|:---|:---|:---|:---|
| **Geology** | **Thickness<br> (m)** | **RQD<br> (%)** | **RMR** | **Classification** |
| Colluvial/Eluvial Soil | 4 | N/A | N/A | Unconsolidated, low strength |
| Saprolitic Soil | 7 to 20 | 0-25 | Class V (Very Poor) | Highly weathered, weak |
| Saprolite | 3 to 6 | 0-25 | Class V (Very Poor) | Highly fractured, very weak |
| Weathered Rock | 1 to 4 | 25-50 | Class IV (Poor) | Moderately weathered, weak to fair |
| Fresh Rock | >4 | 50-100 | Class II-I (Good to Very Good) | Competent, strong |

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| 13-9 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎13-3: Geotechnical and Geological Section through the Cata Funda Pit**

![](ex9604_092.jpg)

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| 13-10 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

13.2.3.2 Hydrogeological Description

A hydrogeological model was developed for water management within the pit. Key findings from the hydrogeological investigations include:

&nbsp;&nbsp;&nbsp;&nbsp;· Groundwater inflow is predominantly sourced from the weathered rock zones.

&nbsp;&nbsp;&nbsp;&nbsp;· Hydraulic conductivity values:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Saprolite: approximately 0.7 m/day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Altered Rock: approximately 17.5 m/day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Fresh Rock: approximately 0.0175 m/day.

&nbsp;&nbsp;&nbsp;&nbsp;· Seasonal water table variations were incorporated into stability models.

&nbsp;&nbsp;&nbsp;&nbsp;· Recommendations included piezometer installation and regular groundwater level monitoring.

13.2.3.3 Cata Funda Pit Design

The pit design incorporates geomechanical and hydrogeological findings, emphasizing stability and operational efficiency. The slope stability was conducted using Rocscience Slide and RS2 software, incorporating anisotropic rock mass behaviour and groundwater effects. Safety factors exceeded the minimum requirement of 1.5 for all modelled scenarios.

The Cata Funda pit drilling data from FAE-01, FAE-02, and FAE-03 supported stability evaluations. Suggested modifications included wider berms and maintenance of the global slope angle for footwall slopes to enhance safety. Circular rupture analyses indicated minimal risk of planar failures.

Key outcomes of the geotechnical design were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· The pit design incorporates conservative geometries for weak materials and steeper slopes for competent rocks.

&nbsp;&nbsp;&nbsp;&nbsp;· Effective dewatering and drainage systems mitigate groundwater impacts and ensure long-term stability.

&nbsp;&nbsp;&nbsp;&nbsp;· The phased pushback approach optimizes ore recovery while maintaining safe working conditions.

A summary of the final pit slope angles for the Cata Funda is provided in Table ‎13-4. An example of numerical slope stability analysis is provided in Figure ‎13-4.

**Table ‎13-4: Final Pit Slope Angles Recommended for Cata Funda Pit**

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|:---|:---|:---|:---|:---|:---|:---|
| **Direction** | **Group** | **Lithologies** | **Maximum Height of Slopes<br> (m)** | **Minimum Berm Width<br> (m)** | **Face Angle<br> (°)** | **Inter-Ramps Angle<br> (°)** |
| HW | Fresh Rock | ENC2, ZM1/ZM2, MD | 10 | 8 | 80 | 48 |
| FW | Fresh Rock | ENC2, ZM1/ZM2 | 10 | 8 | 65 to 70 | 45 to 47 |
| FW/HW | Soil | CO, SSP, SAP, RI | 10 | 6 | 27 | 23 |

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| 13-11 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎13-4: SLIDE Overall Slope Stability Analysis with a FS of 2.0 for the Cata Funda Pit**

![](ex9604_093.jpg)

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| 13-12 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

13.2.4 Vira Saia Pit

13.2.4.1 Geological and Geomechanical Description

The Vira Saia pit is located in the Almas Greenstone Belt. This belt is characterized by Archean and Proterozoic-aged metavolcanic and metasedimentary sequences, with mineralization primarily associated with hydrothermal processes and structural deformation. The geology of the Vira Saia pit is defined by a sequence of overburden materials, saprolitic and weathered rocks, and fresh bedrock (Table ‎13-5). The rock mass exhibits a strong foliation trend, generally dipping steeply towards the southwest. Shear zones filled with sericite and quartz are present, acting as weak planes in the rock mass. These zones are localized near ore bodies and require special attention for slope stability. Two major joint sets were identified, sub-parallel to foliation (prone to planar failure) and cross-cutting joints creating potential wedge failures.

**Table ‎13-5: Geological and Geomechanical Description for the Vira Saia Pit**

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|:---|:---|:---|:---|:---|
| **Geology** | **Thickness<br> (m)** | **RQD<br> (%)** | **RMR** | **Classification** |
| Colluvial/Eluvial Soil | 1-3 | N/A | N/A | Unconsolidated, low strength |
| Saprolitic Soil | 7-12 | 0-25 | Class V (Very Poor) | Highly weathered, weak |
| Saprolite | 3-8 | 0-25 | Class V (Very Poor) | Highly fractured, very weak |
| Weathered Rock | 5-10 | 25-50 | Class IV (Poor) | Moderately weathered, weak to fair |
| Fresh Rock | >10 | 75-100 | Class II-I (Good to Very Good) | Competent, strong |

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13.2.4.2 Hydrogeological Description

The hydrogeological profile at the Vira Saia pit consists of multiple hydrostratigraphic units, aligned with the geological sequence. Groundwater predominantly flows from higher elevation areas toward the proposed pit location, which is driven by the regional gradient. The flow is influenced by structural controls such as fault zones and joint sets. Water levels fluctuate seasonally, with higher levels observed during the rainy season (October to April) due to increased infiltration. A perched water table may develop above low-permeability zones in saprolite during wet periods.

Pit water management strategies included the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Dewatering wells, including the installation of wells around the proposed pit perimeter and within the proposed pit floor. Target
depths vary by lithology, with wells typically 30 m deep in weathered rock and 70 m in fresh rock.

&nbsp;&nbsp;&nbsp;&nbsp;· Horizontal drains will be installed into the proposed pit walls to reduce pore pressure and manage perched water zones. Typical drain
lengths will range from 20 m to 40 m.

&nbsp;&nbsp;&nbsp;&nbsp;· Surface drainage will include peripheral drainage channels to divert surface water away from the pit. Sumps will be placed strategically
in the pit floor to collect and pump infiltrated water.

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| 13-13 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

13.2.4.3 Vira Saia Pit Design

The pit design incorporates geomechanical and hydrogeological findings, emphasizing stability and operational efficiency. The slope stability was conducted using Rocscience Slide and RS2 software, incorporating anisotropic rock mass behaviour and groundwater effects. Safety factors exceeded the minimum requirement of 1.5 for all modelled scenarios.

With the results of the kinematic and stability analysis for the final rock slopes from Vira Saia pit, the re-confirmation of the pit geometry was done by specific analysis, with the following observations:

&nbsp;&nbsp;&nbsp;&nbsp;· The slopes of the final pits were considered stable in terms of stability analysis by limit equilibrium, presenting safety factors
well above 1.5 for global ruptures.

&nbsp;&nbsp;&nbsp;&nbsp;· The Vira Saia pit structural measurements in oriented holes FVSE-01 and FVSE-02 were used to characterize fracture sets and discontinuities.

&nbsp;&nbsp;&nbsp;&nbsp;· Although there are no thick layers in the analyzed sections, the slopes on the ground deserve special attention with maintenance of
the angle of the face down, thus ensuring stability in the upper portion of the pit.

&nbsp;&nbsp;&nbsp;&nbsp;· The need to carry out systematic geological mapping simultaneously with the opening of the pit is also emphasized, to verify, or not,
the potential of ruptures verified in the kinematic analysis, thus being able to adopt preventive and/or corrective measures.

&nbsp;&nbsp;&nbsp;&nbsp;· The importance of adopting controlled blasting operations is emphasized to minimize the damage to the rock mass, thus avoiding its
more intense and deep opening according to the foliation plan and, consequently, reducing the potential for breaks at the bench level,
mainly controlled by openings and damage to material discontinuities.

Key outcomes of the geotechnical design were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· The pit design incorporates conservative slope angles and robust dewatering systems to ensure stability.

&nbsp;&nbsp;&nbsp;&nbsp;· The integration of geological, geotechnical, and hydrogeological data into the design process reduces risks associated with slope
failure.

&nbsp;&nbsp;&nbsp;&nbsp;· Regular monitoring and adaptive management strategies are in place to address potential geotechnical challenges during mining operations.

&nbsp;&nbsp;&nbsp;&nbsp;· Summary of the final pit design is provided in Table ‎ 13-6.

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| 13-14 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎13-6: Final Pit Slope Angles Recommended for the Vira Saia Pit**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Direction** | **Group** | **Lithologies** | **Sector (1)** | **Maximum Height of Slopes<br> (m)** | **Minimum Berm Width<br> (m)** | **Face Angle<br> (°)** | **Inter-Ramp Angle<br> (°)** |
| HW | Fresh Rock | GD, GDP, DM-GDM | 1 | 10 | 8 | 80° | 46° |
| HW | Fresh Rock | GD, GDP, DM-GDM | 2 | 5 | 8 | 80° | 56° |
| HW | Fresh Rock | GD, GDP, DM-GDM | 3 | 10 | 5 | 85° | 48° |
| FW | Fresh Rock | GD, GDP, DM-GDM | 4 | 10 | 5 | 85° | 48° |
| FW | Fresh Rock | GD, GDP, DM-GDM | 5 (2) | 10 | 5 | 85° | 48° |
| FW/HW | Soil - SAPR | - | - | 10 | 6 | 27° | 21° |

---

13.2.5 Recommendations for Future Geotechnical Investigations

The geotechnical studies concluded that current pit designs are adequate for ongoing mining activities at Paiol and for initiating mining activities at Cata Funda and Vira Saia, however, the SLR QP recommends the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;· As slopes are exposed, continual mapping and geotechnical assessments are required to identify unstable areas and implement corrective
measures.

&nbsp;&nbsp;&nbsp;&nbsp;· The importance of controlled blasting to reduce damage to rock discontinuities is emphasized, with a focus on maintaining bench and
slope integrity.

&nbsp;&nbsp;&nbsp;&nbsp;· Future geotechnical analysis should incorporate ongoing monitoring data and kinematic assessments to refine slope designs and ensure
stability.

13.3 Open Pit Design

A detailed design was completed on the selected pit shell, including access points and ramps. The geometrical assumptions adopted are:

&nbsp;&nbsp;&nbsp;&nbsp;· Road and ramp width of 12 m.

&nbsp;&nbsp;&nbsp;&nbsp;· Maximum ramp gradient of 10%.

&nbsp;&nbsp;&nbsp;&nbsp;· Distance between pushbacks / phases of 40 m.

&nbsp;&nbsp;&nbsp;&nbsp;· Minimum operational work width of 20 m.

Slope and bench geometric parameters are derived from the geotechnical recommendations supplied by Aura and are presented in Table ‎13-7.

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| 13-15 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎13-7: Slope and Bench Geometric Parameters**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pit** | **Group** | **Sector** | **Bench Height<br> (m)** | **Bench Width<br> (m)** | **Bench Face <br> Angle<br> (°)** | **Inter Ramp <br> (toe-to-toe)<br> (°)** |
| Paiol <sup>(1)</sup> | Soil / Weathered | HW | 10 | 8 | 45 | 29 |
| Paiol <sup>(1)</sup> | Soil / Weathered | FW | 10 | 8 | 35 | 24 |
| Paiol <sup>(1)</sup> | Fresh Rock | HW | 20 | 8 | 80 | 60 |
| Paiol <sup>(1)</sup> | Fresh Rock | FW | 20 | 8 | 70 | 53 |
| Cata Funda <sup>(2)</sup> | Soil /Sap | All | 10 | 6 | 45 | 35 |
| Cata Funda <sup>(2)</sup> | Weathered | All | 10 | 6 | 45 | 35 |
| Cata Funda <sup>(2)</sup> | Fresh Rock | HW | 10 | 3 | 80 | 55 1 |
| Cata Funda <sup>(2)</sup> | Fresh Rock | FW | 10 | 3 | 70 | 50 1 |
| Vira Saia <sup>(3)</sup> | Soil /Sap | All | 10 | 6 | 27 | 24 |
| Vira Saia <sup>(3)</sup> | Weathered | All | 10 | 6.5 | 45 | 35 |
| Vira Saia <sup>(3)</sup> | Fresh Rock | HW | 10 | 6.5 | 85 | 52 |
| Vira Saia <sup>(3)</sup> | Fresh Rock | FW | 10 | 6.5 | 80 | 49 |
| Notes:<br>1. Parameters supplied by Aura 2024.<br>2. Source: FLE 2012.<br>3. Source: BVP 2012. | Notes:<br>1. Parameters supplied by Aura 2024.<br>2. Source: FLE 2012.<br>3. Source: BVP 2012. | Notes:<br>1. Parameters supplied by Aura 2024.<br>2. Source: FLE 2012.<br>3. Source: BVP 2012. | Notes:<br>1. Parameters supplied by Aura 2024.<br>2. Source: FLE 2012.<br>3. Source: BVP 2012. | Notes:<br>1. Parameters supplied by Aura 2024.<br>2. Source: FLE 2012.<br>3. Source: BVP 2012. | Notes:<br>1. Parameters supplied by Aura 2024.<br>2. Source: FLE 2012.<br>3. Source: BVP 2012. | Notes:<br>1. Parameters supplied by Aura 2024.<br>2. Source: FLE 2012.<br>3. Source: BVP 2012. |

---

Figure ‎13-5, Figure ‎13-6, and Figure ‎13-7 show the designed pits for Paiol, Vira Saia, and Cata Funda, respectively.

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| 13-16 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎13-5: Paiol Ultimate Pit Design**

![](ex9604_094.jpg)

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| 13-17 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎13-6: Vira Saia Ultimate Pit Design**

![](ex9604_095.jpg)

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| 13-18 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎13-7: Cata Funda Ultimate Pit Design**

![](ex9604_096.jpg)

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| 13-19 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

13.4 Mining Method

The project's mining operation is open pit mining with conventional techniques for surface rock mass excavation, using a maximum level of mechanization. Currently, only the Paiol pit is in operation. Vira Saia is scheduled to start operations in 2028, and Cata Funda, due to its longer haulage distance, will become operational at the end of the mine life in 2033. Up to two pits will be mined simultaneously.

The waste rock comprises soil, saprolite, weathered rock, and fresh rock. Soil tonnage is approximately 70% of saprolite mass, and it is the only lithology that does not require drilling and blasting. A combination of FELs, hydraulic excavators, and on-road trucks is used for loading and haulage.

The benches are executed with a slight decline from toe to crest to permit rainfall drainage. Allocated areas exist for rainwater collection and pumping and drainage infrastructure around the pit to minimize operational disturbances during heavy rain.

The ultimate Paiol pit will fully overlap the existing pit from the former VALE operation. Figure ‎13-8 shows the overall view of the Paiol pit, the only pit currently being mined. Figure ‎13-9 shows the main access to the Paiol pit and the haulage equipment adopted at the Almas Project.

The processing plant is 0.7 km from the final Paiol pit, and the tailings dam is approximately 2.0 km away. A new tailings facility will be required to meet the LOM tailings generation, which is projected to be operational in 2030.

The mining faces are accessed by 15 m wide double-lane roads with a 10% maximum gradient. All roads will have a 2.0% transversal gradient from the centre to the lateral edge, with drainage ditches along the roads. Road conditions are compatible with good practices for operating mining equipment.

The main characteristics of the Project operations are presented below:

&nbsp;&nbsp;&nbsp;&nbsp;· Grade control with dedicated drilling: Sample collection supports the grade control engineering and short-term mine plan.

&nbsp;&nbsp;&nbsp;&nbsp;· Blastholes: Holes are drilled using a hydraulic top hammer drilling rig.

&nbsp;&nbsp;&nbsp;&nbsp;· Primary rock blasting: Explosives fragment most of the rock, ore, and waste. Ore fragmentation has special requirements, and electronic
caps have been specified for ore.

&nbsp;&nbsp;&nbsp;&nbsp;· Rock mechanical excavation: By hydraulic excavators with the aid of bulldozers.

&nbsp;&nbsp;&nbsp;&nbsp;· The loading operation is performed by a retro-bucket-profile hydraulic excavator and complemented by FELs).

&nbsp;&nbsp;&nbsp;&nbsp;· The mine is operated by a contractor using 70 t operating-weight hydraulic excavators, loading 8 x 4 trucks (four axles, two of which
are driving axles) with 22 m<sup>3</sup> dump box size and 48 t capacity.

&nbsp;&nbsp;&nbsp;&nbsp;· Ancillary equipment used for the preparation and development of the mine includes crawler tractors, motor graders, and water tank
trucks.

&nbsp;&nbsp;&nbsp;&nbsp;· Hydraulic backhoe excavators excavate soft rock and load it directly onto the trucks. Track dozers complement excavation work where
the altered rock layers are thicker.

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| 13-20 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎13-8: Overall View of the Paiol Pit (August 2024)**

![](ex9604_097.jpg)

**Figure ‎13-9: Main Access to the Paiol Pit**

![](ex9604_098.jpg)

Source: SLR 2024.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The destinations of mined materials are:

&nbsp;&nbsp;&nbsp;&nbsp;· ROM stockpile at the primary crusher area

&nbsp;&nbsp;&nbsp;&nbsp;· Waste dumps

&nbsp;&nbsp;&nbsp;&nbsp;· Low-grade stockpile

The ore is re-handled from the stockyard using a FEL to feed the primary crusher. The ore from the heap leach pad is excavated directly by hydraulic excavators.

Mining is carried out in 10 m and 20 m high benches, however, to improve selectivity along the ore/waste contacts, mining at some areas and pits can be undertaken using five metre benches. The material from low-grade piles is rehandled and hauled to the processing plant when necessary.

A dedicated team performs short-term grade control. They are responsible for collecting samples and analyzing the ore quality before feeding.

13.5 Mine Equipment

13.5.1 Drill and Blast

Contractors run drill and blast operations at the Project. Aura is responsible for managing the contractors to achieve the necessary production.

The operation undertakes fragmentation quality monitoring to optimize the total rock excavation in the mine and the grinding process. The blasting pattern parameters are summarized in Table ‎13-8. Blastholes are 5.0" diameter in both ore and waste. In ore blasting, electronic caps are used with an explosive charge rate of 410 g/t, while in waste, non-electric caps are used with an explosive charge rate in waste rock of 220 g/t.

**Table ‎13-8: Blasting Pattern Parameters**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Parameter** | **Unit** | **5 m Bench Height** | **5 m Bench Height** | **10/20 m Bench Height** | **10/20 m Bench Height** |
| **Parameter** | **Unit** | **Ore** | **Waste** | **Ore** | **Waste** |
| Bench height | m | 5 | 5 | 10 | 10 |
| % Rock column by bench height | % | 25% | 25% | 75% | 75% |
| Blasthole diameter | (") | 5 | 5 | 5 | 5 |
| Blasthole diameter | m | 0.127 | 0.127 | 0.127 | 0.127 |
| Burden (b) | m | 3 | 3.5 | 3 | 4.1 |
| Spacing (e) | m | 3.4 | 4.5 | 3.5 | 4.8 |
| Spacing/burden ratio (e/b) | no. | 1.13 | 1.30 | 1.20 | 1.17 |
| Sub drilling | m | 0.5 | 0.5 | 1 | 1 |
| Hole inclination (from horizontal) | (°) | 90 | 90 | 90 | 90 |
| Total hole length | m | 5.5 | 5.5 | 11 | 11 |
| Stemming | m | 1.6 | 2 | 3.1 | 3.5 |
| Explosive density | g/cm<sup>3</sup> | 1.15 | 1.15 | 1.15 | 1.15 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Parameter** | **Unit** | **5 m Bench Height** | **5 m Bench Height** | **10/20 m Bench Height** | **10/20 m Bench Height** |
| **Parameter** | **Unit** | **Ore** | **Waste** | **Ore** | **Waste** |
| Explosive charge/meter | kg/m | 14.6 | 14.6 | 14.6 | 14.6 |
| Explosive charge per blasthole | kg/hole | 56.9 | 51.1 | 115.3 | 109.5 |
| "In situ" rock volume per blasthole | m<sup>3</sup> | 51 | 79 | 105 | 197 |
| Specific rock density "in situ" | t/m<sup>3</sup> | 2.67 | 2.44 | 2.67 | 2.44 |
| "In situ" rock tonnage per hole | t | 136 | 192 | 280 | 480 |
| Specific explosive charge per volume | g/m<sup>3</sup> | 1116 | 649 | 1098 | 556 |
| Specific explosive charge per mass | g/t | 419 | 266 | 411 | 228 |

---

13.5.2 Loading Equipment

Loading and haulage operations at the Project are carried out by contractors. Aura is responsible for the contractor's management in achieving the necessary production.

Hydraulic excavators with 2.5m³ and 3.5 m³ buckets are adopted for the ore-loading operation combined with 23 t and 35 t capacity trucks. FELs equipped with 3.5 m<sup>3</sup> buckets are used to complement the mine loading operation as required. The same equipment type is used to feed ore to the crushing plant.

Table ‎13-9 presents the physical parameters used for the loading fleet at the Project.

**Table ‎13-9: Loading Fleet Physical Parameters**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Parameters** | **Unit** | **Excavator**<br> **2.5m³** | **Excavator**<br> **3.5m³** | **Front End Loader** |
| Loading Equipment model | # | SY500H | SY750H | CAT 966L |
| Truck type | # | 6x4 | 8x4 | 8x4 |
| Truck Dump box | m<sup>3</sup> | 14 | 22 | 22 |
| Truck Gross Weight | t | 34 | 48 | 48 |
| Truck Payload capacity | t | 23 | 35 | 35 |
| Tonnage per loading cycle | t | 4.4 | 6.1 | 6.4 |
| Number of passes | qty | 5.2 | 5.7 | 5.5 |
| Rounded cycles quantity (nr) | qty | 5 | 6 | 6 |
| Truck manoeuvre fixed time | min. | 0.5 | 0.5 | 0.4 |
| Discharged fixed time | min. | 1.1 | 1.1 | 1.1 |
| Waiting time per queue | min. | 1 | 1 | 1 |
| Loading fixed time per cycle | min. | 0.6 | 0.6 | 0.6 |
| Loading time | min. | 2.8 | 3.4 | 3.9 |
| Total time per truck | min. | 5.5 | 6.6 | 7 |
| Loading Capacity | t/hr | 240 | 353 | 300 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

13.5.3 Transport Equipment

The contractor at the Project uses a mix of two conventional road trucks: a 6x4 truck with a 14 m³ dump box and an 8x4 truck with a 22 m³ dump box. Both are suitable for transporting primary rock.

Assuming an average rock density of 1.7 t/m<sup>3</sup> to 1.8 t/m<sup>3</sup>, the truckload is approximately 23 t for the smaller truck and 35 t for the bigger one. and the 4.5 m³ bucket-size excavator needs five cycles to fill the truck.

Currently, the brands and models employed by the contract at Almas are:

&nbsp;&nbsp;&nbsp;&nbsp;· 23t capacity: Mercedes-Benz, AROCS 3351 6×4

&nbsp;&nbsp;&nbsp;&nbsp;· 35t capacity: Volvo, FMX500

This equipment model is made in Brazil and is quite common in the local market. It grants the operation short lead times and increases fleet flexibility.

As shown inTable ‎13-9, the average fixed total time for loading by hydraulic excavator is six to seven minutes. This includes maneuvering in the loading area, maneuvering and tipping time at the discharge, and waiting time in the queue. The trucks transport cycle time variable was calculated based on the average transport distances for the entire LOM period.

Table ‎13-10 shows the average transport distances for all sequenced periods for the Paiol, Cata Funda, and Vira Saia pits.

**Table ‎13-10: Average Transport Distance**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** |
| **Paiol** | **Paiol** | **Paiol** | **Paiol** | **Paiol** | **Paiol** | **Paiol** | **Paiol** | **Paiol** | **Paiol** | **Paiol** |
| Ore km | 2.69 | 2.38 | 2.79 | 2.14 | 2.11 | 2.85 | 3.29 | 3.32 | 3.10 | 3.19 |
| Waste | 2.38 | 2.45 | 2.54 | 2.55 | 2.28 | 2.73 | 2.85 | 3.19 | 3.39 | 3.29 |
| **Cata Funda** | **Cata Funda** | **Cata Funda** | **Cata Funda** | **Cata Funda** | **Cata Funda** | **Cata Funda** | **Cata Funda** | **Cata Funda** | **Cata Funda** | **Cata Funda** |
| Ore km |  |  |  |  |  |  |  |  | 1.65 | 3.23 |
| Waste km |  |  |  |  |  |  |  |  | 1.16 | 1.51 |
| **Vira Saia** | **Vira Saia** | **Vira Saia** | **Vira Saia** | **Vira Saia** | **Vira Saia** | **Vira Saia** | **Vira Saia** | **Vira Saia** | **Vira Saia** | **Vira Saia** |
| Ore km |  |  |  | 1.87 | 1.95 | 1.82 | 2.03 | 2.27 | 2.05 |  |
| Waste km |  |  |  | 1.36 | 1.46 | 1.50 | 1.53 | 1.69 | 1.54 |  |

---

13.5.4 Auxiliary Fleet

The auxiliary fleet is run by the same contractor as the main equipment. The current fleet is summarized in the Table ‎13-11.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎13-11: Equipment Calculated Working Hours**

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| | | |
|:---|:---|:---|
| **Equipment** | **Reference Model** | **Units** |
| Bulldozer | D155AX-6 | 2 |
| Grader | Caterpillar CAT 140K | 2 |
| Bulldozer | D61EX-23M0 | 3 |
| Truck for Explosives | Mercedes Bens Axor 6x4 | 1 |
| Water tank Trucks | Atego 2730/48 6X4 / VMX 290 6x4R | 4 |
| Backhoe Loader | Caterpillar CAT 316 | 3 |
| Blasthole Production Drill Rig | Pantera DP1500i | 5 |
| Grade Control Drill rig | Epiroc Flexi-Roc D65 RC | 2 |
| Hydraulic Breaker+Excavator | R220LC-9 / SY215C / PC200 | 3 |
| Lube/Fuel Truck | Atego 1719/48 4X2 / Atego 2730/48 6X4 | 2 |
| Field Maintenance Truck | Arocs 3351 6X4 | 1 |
| Portable Lightning Tower | HILIGHT V5+ / TIS STANDARD | 9 |
| Light Vehicle | Toyota Hilux | 8 |
| Low Bed Transport Truck | SR/RANDON | 1 |

---

13.6 Mine Personnel

As the mine operation is sub-contracted, Aura's labor force is limited to management, grade control, and mine planning, as presented in Table ‎13-12.

**Table ‎13-12: Workforce in the Mining Operation / Support**

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| | | | |
|:---|:---|:---|:---|
| **Sector** | **Job Title** | **Formation** | **Quantity** |
| Management | Mine Manager | Mining Engineer | 1 |
| Grade Control | Department Chief | Geologist Sr | 1 |
| Grade Control | Coordinator | Geologist Full | 1 |
| Grade Control | Grade Control Technician | Mining Technician | 2 |
| Mine Planning | Department Chief | Mining Engineer Sr | 1 |
| Mine Planning | Mine Planning Engineer | Mining Engineer Full | 1 |
| Mine Planning | Topography Specialist | Surveyor | 1 |
| Mine Planning | Mine Planning Engineer | Mining Technician | 2 |
| Mine Production | Department Chief | Mining Engineer Sr | 1 |
| Mine Production | Production Engineer | Mining Engineer | 1 |
| Mine Production | Production Supervisor | Mining Technician | 4 |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

13.7 Life of Mine Plan and Mine Schedule

The planned annual average run-of-mine (ROM) production rate is 2.0 Mt at a gold grade of 1.13 g/t, with a total of 168 Mt of waste to be moved over the 10 year life of the Project from 2025 to 2034. The production schedule is presented in Table ‎13-13.

Three deposits will be mined, including the primary Paiol deposit, which is already in production, and two satellite deposits, Vira Saia and Cata Funda, located approximately five kilometres and 15 km away, respectively. Existing heap leach reserves from VALE's historical operations and low-grade stockpiles are also included.

The objective of the production schedule is to meet the processing plant's production capacity and maximize NPV while maintaining adequate operational practices, including safety.

Production scheduling was developed in the Deswik Sched module using the mining phases created during the design. The LOM production plan was developed annually.

The following assumptions were made for the production scheduling:

&nbsp;&nbsp;&nbsp;&nbsp;· Only blocks classified as Measured and Indicated were scheduled and considered as ore.

&nbsp;&nbsp;&nbsp;&nbsp;· Forecasted topography as of December 31, 2024 (depletion).

&nbsp;&nbsp;&nbsp;&nbsp;· Production rates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 2025: 15.6 Mt of total material moved; 1.85 Mt of mill feed, and 55 koz of targeted Au production

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 2026: 15.0 Mt of total material moved; 1.90 Mt of mill feed, and 55koz of targeted Au production

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 2027 onwards: 15.0 Mt of total material moved; 2.00 Mt of mill feed, and 55 koz of targeted Au production

&nbsp;&nbsp;&nbsp;&nbsp;· Ore loss: 5% for High and medium-grade and none for low-grade.

&nbsp;&nbsp;&nbsp;&nbsp;· Mining dilution: 10%.

&nbsp;&nbsp;&nbsp;&nbsp;· SMU: 10 m x 10 m x 5 m.

&nbsp;&nbsp;&nbsp;&nbsp;· Mining timeline:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 2025 and 2026: Paiol pit exclusively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 2027: Operation commences at Vira Saia

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Cata Funda must be postponed as much as possible with an operational start date of no earlier than 2028

&nbsp;&nbsp;&nbsp;&nbsp;· Stockpiles opening balances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Heap Leach pile: 1,164 kt @ 0.63 g/t Au

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Low grade stockpile: 1,205 kt @ 0.48 g/t Au

&nbsp;&nbsp;&nbsp;&nbsp;· Metallurgical Recovery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o High-grade: 92%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Medium-grade: 90%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Low-grade and historical stockpiles: 86%

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The guidelines observed for the mine schedule selection were:

&nbsp;&nbsp;&nbsp;&nbsp;· Manage production rates to ensure the processing facilities are consistently supplied.

&nbsp;&nbsp;&nbsp;&nbsp;· Maintaining realistic mining rates that are appropriate for the mining fleet.

&nbsp;&nbsp;&nbsp;&nbsp;· Achieve a practical open pit mining sequence.

&nbsp;&nbsp;&nbsp;&nbsp;· Ensure smooth transition between Paiol, Vira Saia, and Cata Funda deposits.

&nbsp;&nbsp;&nbsp;&nbsp;· Minimize stockpiles and rehandling levels.

Several scheduling iterations were run with the objective of identifying and selecting the best scenario. The preferred option of the LOM production plan is shown on Table ‎13-13.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎13-13: LOM Production Plan**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Unit** | **2025** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **Total** |
| **Ore Mass** |  |  |  |  |  |  |  |  |  |  |  |  |
| Paiol | 000 t | 1610 | 1663 | 1563 | 1363 | 1552 | 1938 | 1345 | 765 | 711 | 954 | 13464 |
| Vira Saia | 000 t |  |  |  | 402 | 448 | 62 | 436 | 785 | 570 | 450 | 3153 |
| Cata Funda | 000 t |  |  |  |  |  |  |  |  | 214 | 509 | 723 |
| Stockpiles | 000 t | 240 | 237 | 438 | 236 |  |  | 218 | 450 | 550 |  | 2369 |
| **Total** | **000 t** | **1850** | **1900** | **2000** | **2000** | **2000** | **2000** | **2000** | **2000** | **2045** | **1913** | **19709** |
| **Ore Grade** |  |  |  |  |  |  |  |  |  |  |  |  |
| Paiol | g/t | 1.09 | 1.06 | 1.08 | 0.95 | 0.91 | 1.03 | 1.17 | 1.94 | 1.43 | 1.46 | 1.14 |
| Vira Saia | g/t | 0.00 | 0.00 | 0.00 | 1.18 | 1.24 | 1.06 | 1.01 | 0.85 | 1.20 | 0.87 | 1.04 |
| Cata Funda | g/t | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.69 | 1.64 | 1.65 |
| Stockpiles | g/t | 0.55 | 0.53 | 0.53 | 0.51 |  |  | 0.48 | 0.48 | 0.55 |  | 0.55 |
| **Total** | **g/t** | **1.03** | **1.00** | **0.97** | **0.96** | **0.99** | **1.03** | **1.07** | **1.19** | **1.14** | **1.37** | **1.07** |
| Waste | 000 t | 14039 | 13336 | 13408 | 15645 | 20984 | 21007 | 21169 | 21455 | 21324 | 6027 | 168394 |
| Strip Ratio |  | 8.7 | 8 | 8.6 | 8.9 | 10.5 | 10.5 | 11.9 | 13.8 | 14.3 | 3.2 | 9.7 |
| **Total Mass** | **000 t** | **15649** | **14999** | **14971** | **17409** | **22984** | **23007** | **22951** | **23005** | **22819** | **7940** | **185734** |
| Contained Gold | 000 oz | 61 | 61 | 62 | 62 | 63 | 66 | 69 | 76 | 75 | 84 | 680 |
| Metallurgical Recovery | % | 90 | 89 | 89 | 90 | 91 | 90 | 90 | 90 | 89 | 91 | 90 |
| **Recovered/Produced Gold** | **000 oz** | **55** | **55** | **55** | **55** | **57** | **60** | **62** | **69** | **67** | **77** | **612** |

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| 13-28 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

14.0 Processing and Recovery Methods

14.1 Overall Process Design

The process design is based on the results of several test work programs. This includes test work completed for 2021, feasibility study and historical testing. Historical testing evaluated different flowsheet options. The flowsheet selected for the 2021 feasibility study is based on typical industry unit operations for gold processing plants and the metallurgical test results.

The flowsheet includes primary crushing followed by grinding to achieve a particle size distribution of 80% passing 75 µm. Part of the cyclone underflow will be processed in a gravity circuit and the cyclone overflow will feed a pre-leach thickener; thickener underflow is processed through a leach-CIL circuit. CIL tailings will be treated for cyanide destruction. The carbon from CIL will go to elution, and the eluate solution will go to electrowinning in the gold room followed by refining.

The process plant was commissioned in 2023. A summary of the production data is presented in Table ‎14-1.

Key process design criteria are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;· Nominal throughput of 5,479 tpd or 2.0 Mtpa.

&nbsp;&nbsp;&nbsp;&nbsp;· Crushing plant availability of 70%.

&nbsp;&nbsp;&nbsp;&nbsp;· Plant availability of 92% for grinding, gravity concentration, leach plant, and gold recovery operations.

**Table ‎14-1: Production History and Mill Recovery**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Tonnage Milled<br> (000 t)** | **Feed Grade<br> (g/t Au)** | **Recovery<br> (%)** | **Gold Produced<br> (oz)** |
| 2023 | 815 | 0.794 | 90.3 | 18758 |
| 2024 | 1333 | 1.116 | 90.7 | 43077 |

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14.2 Mill Process Plant Description

The process design comprises the following circuits:

&nbsp;&nbsp;&nbsp;&nbsp;· Primary crushing of ROM material.

&nbsp;&nbsp;&nbsp;&nbsp;· Surge bin to provide buffer capacity ahead of the grinding circuit.

&nbsp;&nbsp;&nbsp;&nbsp;· Emergency stockpile fed from the overflow of the surge bin.

&nbsp;&nbsp;&nbsp;&nbsp;· Low-aspect semi-autogenous grinding (SAG) mill with trommel screen and cyclone classification.

&nbsp;&nbsp;&nbsp;&nbsp;· Gravity recovery of the cyclone underflow slurry by one semi-batch centrifugal gravity concentrator, followed by intensive cyanidation
of the gravity concentrate and electrowinning of the pregnant leach solution in a dedicated cell located in the gold room.

&nbsp;&nbsp;&nbsp;&nbsp;· Trash screening.

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| 14-1 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Pre-leach thickening.

&nbsp;&nbsp;&nbsp;&nbsp;· Leach + adsorption (L-CIL hybrid).

&nbsp;&nbsp;&nbsp;&nbsp;· Acid washing of loaded carbon and Zadra elution followed by electrowinning and smelting to produce doré.

&nbsp;&nbsp;&nbsp;&nbsp;· Cyanide destruction of tailings using the SO2/air process.

&nbsp;&nbsp;&nbsp;&nbsp;· Carbon safety screening.

&nbsp;&nbsp;&nbsp;&nbsp;· Tailings management facility.

14.2.1 Plant Design Criteria

Key process design criteria are listed in Table ‎14-2.

14.2.2 Primary Crushing and Stockpiling

The crushing circuit is designed for an annual operating time of 6,130 hr or 70% availability at the capacity of 5,479 tpd.

Material is hauled from the mine or stockpiles and fed by FEL into the mobile crushing system. This system is composed of the ROM hopper, a vibrating grizzly feeder, a primary crusher, and a discharge conveyor, along with some auxiliary equipment. As part of the mobile system, the ROM is dumped into the ROM hopper, equipped with a static grizzly. Provision for dumping on the ROM pad for blending and re-handling into the ROM hopper is provided. Material from the ROM hopper is crushed by a primary jaw crusher. ROM hopper material is reclaimed by a vibrating grizzly at 326 t/hr to feed the jaw crusher.

A mobile rock breaker is utilized to break oversize rocks at the feed to the jaw crusher. The crushed material is conveyed to a surge bin that provides approximately 1.6 hr of live storage at the nominal processing rate. The bin has an overflow system, which forms an emergency stockpile next to the bin. Given the milling operation is designed for an annual operating time of 8,059 hr or 92% availability, this will result in excess crushed material production when the crusher is operational. The excess crushed material will allow routine crusher maintenance to be carried out without interrupting feed to the mill.

The mill feed surge bin is equipped with two vibrating feeders to regulate feed at 248 t/hr into the SAG mill. When the surge bin has material, crushed material is drawn from the surge bin by the vibrating feeders and feeds the SAG mill circuit via the SAG mill feed conveyor. When operating using the bin overflow stockpile, FELs reclaim the material to a reclaim bin equipped with a vibrating feeder that also feeds the SAG mill circuit. Pebbles from the SAG mill are recycled to the SAG mill via conveyor and discharged on the SAG mill feed conveyor. The transfer point of the pebble recycle conveyor has a chute that allows purging of the pebbles as required.

The material handling and crushing circuit includes the following key equipment:

&nbsp;&nbsp;&nbsp;&nbsp;· ROM hopper

&nbsp;&nbsp;&nbsp;&nbsp;· Vibrating grizzly

&nbsp;&nbsp;&nbsp;&nbsp;· Primary jaw crusher

&nbsp;&nbsp;&nbsp;&nbsp;· Surge bin

&nbsp;&nbsp;&nbsp;&nbsp;· Mill feed vibrating feeders (equipped with variable speed drives [VSDs])

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| 14-2 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Material handling equipment

**Table ‎14-2: Summary of Key Process Design Criteria**

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| | | |
|:---|:---|:---|
| **Design Parameter** | **Units** | **Value** |
| Plant Throughput | t/d | 5479 |
| Head Grade – Design | g/t Au | 1.13 |
| Crushing Plant Availability | % | 70 |
| Mill Availability | % | 92 |
| Bond Crusher Work Index (CWi) | kWh/t | 17.1 |
| Bond Ball Mill Work Index (BWi) | kWh/t | 10.1 |
| JK Axb | - | 47 |
| Bond Abrasion Index (Ai) | g | 0.069 |
| Primary Crusher |  | Metso C116 or Equivalent |
| Material Specific Gravity | t/m³ | 2.79 |
| Angle of Repose | degrees | 37 |
| Moisture Content | % | 5.0 |
| SAG Mill Dimensions |  | 5.0 m dia. X 9.0 m EGL |
| SAG Mill Installed Power | MW | 3.75 |
| SAG Mill Discharge Density | % w/w | 70 |
| SAG Mill Ball Charge | % v/v | 21 |
| Primary Grind size (P<sub>80</sub>) | µm | 75 |
| Gravity Circuit Feed Source |  | Cyclone underflow slurry |
| Gravity Circuit Feed Rate | % of cyclone underflow | 25 |
| Gravity Circuit Recovery | Au (%) | 17.5 |
| Pre-leach thickener settling rate | t/d/m² | 484 |
| Pre-leach thickener diameter | m | 12 |
| L-CIL Residence Time | h | 17.4 |
| L-CIL Extraction | Au (%) | 92.5 |
| L-CIL Operating Density | % w/w | 50 |
| L-CIL Dissolved Oxygen Target | mg/L | 5-8 |
| L-CIL pH Target |  | 10.5 – 11.0 |
| CIL Carbon Concentration | g/L | 25 |
| L-CIL Sodium Cyanide Addition | kg/t | 0.51 |
| L-CIL Hydrated Lime Addition | kg Ca(OH)<sub>2</sub>/t | 1.6 |
| Leach & CIL Tanks | # | 1 + 6 |

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| 14-3 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | | |
|:---|:---|:---|
| **Design Parameter** | **Units** | **Value** |
| Elution Circuit Capacity | t | 3 |
| Detox Residence Time | minutes | 101 |
| Detox Oxygen Addition Rate (weight) | O<sub>2</sub>:SO<sub>2</sub> | 3 |
| Detox Feed Cyanide Concentration | mg/L CN<sub>WAD</sub> | 150 |
| Detox Cyanide Discharge Target | mg/L CN<sub>WAD</sub> | <2 |
| Detox Copper Sulphate Addition | mg/L Cu<sup>+2</sup> | 50 |
| Detox SO<sub>2</sub> Addition (weight) | SO<sub>2</sub>:CN<sub>WAD</sub> | 5.5 |
| Detox Lime Addition (weight) | CaO:SO<sub>2</sub> | 1 |

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14.2.3 Grinding Circuit

The grinding circuit consists of a low-aspect single stage SAG mill in closed circuit with hydrocyclones. The SAG mill is an adaptation of an existing ball mill, already purchased by Aura. The mill size and design were reviewed by Ausenco, and Ausenco is of the opinion that it is suitable for this new application. The circuit is sized based on a SAG feed size F80 of 85 mm and product size P80 of 75 µm. The SAG mill discharges slurry through a trommel screen where the pebbles are screened and recycled back to the SAG mill via a conveyor, with the ability to purge the pebbles at the conveyor transfer point. Trommel undersize discharges into the cyclone feed pumpbox.

Water is added to the cyclone feed pumpbox to obtain the appropriate density prior to pumping to the cyclones. Cyclone underflow is split and feeds the gravity circuit scalping screen and the remaining cyclone underflow recycles to the SAG mill feed. Cyclone overflow flows by gravity to the pre-leach thickener via a trash screen.

The grinding circuit includes the following key equipment:

&nbsp;&nbsp;&nbsp;&nbsp;· 3,750 kW single stage SAG mill

&nbsp;&nbsp;&nbsp;&nbsp;· Cyclone feed pumpbox

&nbsp;&nbsp;&nbsp;&nbsp;· Cyclone feed pumps

&nbsp;&nbsp;&nbsp;&nbsp;· classification cyclones

&nbsp;&nbsp;&nbsp;&nbsp;· Trash screen

14.2.4 Gravity Concentrate Recovery Circuit

The gravity circuit comprises one centrifugal concentrator complete with a feed scalping screen. Feed to the circuit is directed from the cyclone underflow to the scalping screen. Gravity scalping screen oversize at +2 mm reports to the gravity tails pumpbox, from where the gravity tails pump directs the material back to feed the SAG mill.

Scalping screen undersize is fed to the centrifugal concentrator. Operation of the gravity concentrator is semi-batch and the gravity concentrate is collected in the concentrate storage cone and subsequently leached by the intensive cyanidation reactor circuit. The tails from the gravity concentrator reports to the gravity tails pumpbox.

The gravity recovery circuit includes the following key equipment:

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| 14-4 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Gravity feed scalping screen

&nbsp;&nbsp;&nbsp;&nbsp;· Gravity concentrator

&nbsp;&nbsp;&nbsp;&nbsp;· Gravity tails pumpbox

&nbsp;&nbsp;&nbsp;&nbsp;· Gravity tails pump

14.2.5 Intensive Leach Reactor

Concentrate from the gravity circuit reports to the intensive leach reactor (ILR) to extract the contained gold by intensive cyanidation. The concentrate from the gravity concentrator is directed to the ILR gravity concentrate storage cone and de-slimed before transfer to the reaction vessel of the ILR.

ILR leach solution (mixture of NaCN, NaOH, and LeachAid - an oxidant) is made up within the heated ILR reactor vessel feed tank. From the feed tank, the leach solution is circulated though the reaction vessel, then drained back into the feed tank. The leached residue within the reaction vessel is washed, with wash water recovered to the reaction vessel feed tank, and then the solid gravity leach tailings are pumped to the CIL circuit.

The ILR pregnant leach solution is pumped from the reaction vessel feed tank to the ILR pregnant solution tank located in the gold room.

ILR pregnant solution is treated in the gold room for gold recovery as gold sludge using a dedicated electrowinning cell. The sludge is combined with the sludge from the carbon elution electrowinning cells and smelted. It can also be smelted separately for metallurgical accounting purposes.

The ILR circuit includes the following key equipment:

&nbsp;&nbsp;&nbsp;&nbsp;· gravity concentrate storage cone

&nbsp;&nbsp;&nbsp;&nbsp;· Intensive cyanidation reactor

&nbsp;&nbsp;&nbsp;&nbsp;· ILR pregnant solution tank

&nbsp;&nbsp;&nbsp;&nbsp;· ILR electrowinning cell

14.2.6 Pre-Leach Thickening

Trash screen undersize feeds the pre-leach thickener, which increases the solids concentration to 50% (w/w) prior to the leach-CIL circuit. Flocculant is added to the thickener feed to improve solids settling in the thickener. The thickener overflow is reused as process water throughout the plant – mainly at the cyclone feed pumpbox.

The pre-leach thickening circuit includes the following key equipment:

&nbsp;&nbsp;&nbsp;&nbsp;· Pre-leach thickener

&nbsp;&nbsp;&nbsp;&nbsp;· Pre-leach thickener underflow pump

14.2.7 Leach and Adsorption Circuit

The leach-adsorption circuit consists of one leach tank and six CIL tanks. The circuit is fed by the pre-leach thickener. The leach and CIL tanks are identical in size, with a total circuit residence time of 24 hr at 50% w/w density.

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| 14-5 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

Air is sparged to each tank to maintain adequate dissolved oxygen levels for leaching at 5 mg/L to 8 mg/L. Hydrated lime is added to adjust the operating pH to the desired set point of 10.5 to 11. Cyanide solution is added to the first leach tank. Fresh/stripped carbon is returned to the last tank of the CIL circuit and is advanced counter-currently to the slurry flow by pumping slurry and carbon. Slurry from the last CIL tank gravitates to the cyanide detoxification tanks.

The intertank screen in each CIL tank retains the carbon while allowing the slurry to flow by gravity to the downstream tank. This counter-current process is repeated until the loaded carbon reaches the first CIL tank. Recessed impeller pumps are used to transfer slurry between the CIL tanks and from the lead tank to the loaded carbon screen mounted above the acid wash column in the elution circuit.

The leach and carbon adsorption circuit include the following key equipment:

&nbsp;&nbsp;&nbsp;&nbsp;· Leach-CIL tanks and agitators

&nbsp;&nbsp;&nbsp;&nbsp;· Loaded carbon screen

&nbsp;&nbsp;&nbsp;&nbsp;· Intertank carbon screens

&nbsp;&nbsp;&nbsp;&nbsp;· Carbon sizing screen

14.2.8 Cyanide Destruction

CIL tails at approximately 50% w/w solids flow by gravity to the two cyanide destruction tanks. The water used for acid rinse and carbon transfer is also included in the feed to the detoxification circuit. As a result, the percentage of solids in the feed to the detoxification circuit is estimated to be about 47% w/w solids.

Each tank operates with a residence time of approximately 60 min to reduce weak acid dissociable cyanide (CNWAD) concentration from 150 mg/L to less than 2.0 mg/L to comply with environmental requirements prior to deposition in the TSF.

Cyanide destruction is undertaken using the SO2/air method. The reagents required are air, lime, copper sulphate, and sodium metabisulphite (SMBS). The cyanide destruction tank is equipped with compressed air spargers and an agitator to ensure that the oxygen and reagents are thoroughly mixed with the tailing's slurry.

From the detoxification tank, the tailings report to the carbon safety screen. Screen undersize feeds the tailings pumpbox, whilst screen oversize (recovered carbon) is collected in a fine carbon bin for potential return to the CIL circuit.

The main equipment in this area includes:

&nbsp;&nbsp;&nbsp;&nbsp;· Cyanide destruction tanks and agitators

&nbsp;&nbsp;&nbsp;&nbsp;· Carbon safety screen

&nbsp;&nbsp;&nbsp;&nbsp;· Tailings pumpbox

&nbsp;&nbsp;&nbsp;&nbsp;· Tailings pump

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| 14-6 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

14.2.9 Carbon Acid Wash, Elution Circuit

14.2.9.1 Carbon Acid Wash

Prior to gold stripping stage, loaded carbon is treated with a weak hydrochloric acid solution to remove calcium, magnesium, and other salt deposits that could render the elution process less efficient and/or the scale could foul the carbon impacting gold adsorption.

Loaded carbon from the loaded carbon recovery screen flows by gravity to the acid wash column. Entrained water is drained from the column and the column is refilled from the bottom up with the hydrochloric acid solution. Once the column is filled with the acid, it is left to soak, after which the spent acid is rinsed from the carbon and discarded to the cyanide destruction tank.

The acid-washed carbon is then hydraulically transferred to the elution column for gold stripping.

The main equipment in this area includes:

&nbsp;&nbsp;&nbsp;&nbsp;· Acid wash carbon column – three tonne capacity

&nbsp;&nbsp;&nbsp;&nbsp;· Hydrochloric acid feed pump

&nbsp;&nbsp;&nbsp;&nbsp;· Spent solution discharge sump pump

14.2.9.2 Gold Stripping (Elution)

The gold stripping (elution) circuit uses the Zadra process.

The Zadra process operates under pressure eluting gold from activated carbon at high temperatures, approximately 140°C, and pressure of four bar to six bar to accelerate the elution of gold. An elution solution of sodium cyanide (NaCN) and sodium hydroxide (NaOH) solution is heated and circulated through the column, removing the adsorbed gold from the carbon, with an elution time of approximately six hours to 10 hours, for fast and effective operation.

The elution process begins by sending the loaded carbon from the holding tank to the elution column.

Once the carbon is in the column, the prepared elution solution in the solution tank, containing sodium cyanide and sodium hydroxide, begins to be recirculated. This solution passes through heat exchangers and heaters, with the aim of raising the temperature of the solution until it reaches 140°C. Then, the heated solution flows through the bottom of the elution column, promoting the removal of gold adsorbed on the carbon.

The gold-rich solution, generated after passing through the elution column, is directed to the heat exchangers to control temperature and prevent vaporization. The solution is then sent to the electrowinning cell where the gold is plated.

The barren solution, after electrowinning, returns to the solution tank, where it is continuously recirculated until 80% to 90% of the gold adsorbed onto the carbon has been extracted, completing the batch cycle.

The stripping circuit includes the following key equipment:

&nbsp;&nbsp;&nbsp;&nbsp;· Elution carbon column – three tonne capacity

&nbsp;&nbsp;&nbsp;&nbsp;· Direct strip solution heater (propane gas)

&nbsp;&nbsp;&nbsp;&nbsp;· Heat exchangers

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Strip eluate and pregnant solution tanks

14.2.9.3 Carbon

Carbon discharging from the elution column is screened on a carbon sizing screen located on top of the CIL tanks to remove undersized carbon fragments. The undersize fine carbon gravitates to the carbon safety screen, whilst carbon screen oversize is directed to the CIL circuit.

As carbon is lost by attrition, new carbon is added to the circuit using the carbon quench tank. The new carbon is then transferred along with the stripped carbon to feed the carbon sizing screen.

The carbon reactivation circuit includes the following key equipment:

&nbsp;&nbsp;&nbsp;&nbsp;· Carbon dewatering screen

&nbsp;&nbsp;&nbsp;&nbsp;· Carbon sizing screen

&nbsp;&nbsp;&nbsp;&nbsp;· Carbon quench tank

14.2.9.4 Electrowinning and Gold Room

Gold is recovered from the pregnant solution by electrowinning and smelted to produce doré bars. The pregnant solution from both elution and the intensive cyanidation circuit is combined and pumped through one electrowinning cell with stainless steel mesh cathodes. Gold is deposited on the cathodes and the barren solution bleed after elution is complete, and it is then pumped to the CIL circuit for recovery of the remaining dissolved gold.

The gold-rich sludge is washed off the steel cathodes in the electrowinning cell using high-pressure spray water and gravitates to the sludge hopper. The sludge is filtered, dried, mixed with fluxes, and smelted in an electrical induction furnace to produce gold doré. Slag is separated, quenched and any metallic gold is removed. Slag is returned to the SAG mill feed. The electrowinning and smelting processes take place within a secure and supervised gold room equipped with access control, intruder detection, and closed-circuit television equipment.

The electrowinning circuit and gold room include the following key equipment:

&nbsp;&nbsp;&nbsp;&nbsp;· Electrowinning cell with rectifier

&nbsp;&nbsp;&nbsp;&nbsp;· Sludge pressure filter

&nbsp;&nbsp;&nbsp;&nbsp;· Drying oven

&nbsp;&nbsp;&nbsp;&nbsp;· Flux mixer

&nbsp;&nbsp;&nbsp;&nbsp;· Induction smelting furnace with bullion moulds and slag handling system

&nbsp;&nbsp;&nbsp;&nbsp;· Bullion vault and safe

&nbsp;&nbsp;&nbsp;&nbsp;· Dust and fume collection system

&nbsp;&nbsp;&nbsp;&nbsp;· Gold room security system

14.2.10 Flowsheet

An overall process flow diagram is presented in Figure ‎14-1.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎14-1: Overall Process Flow Diagram**

![](ex9604_099.jpg)

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| 14-9 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

For illustration purposes, Figure ‎14-2 and Figure ‎14-3 show images of the metallurgical plant taken during the site visit in August 2024.

**Figure ‎14-2: Overall View of the Almas Metallurgical Plant – Perspective 01**

![](ex9604_100.jpg)

Source: SLR 2024.

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| 14-10 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎14-3: Overall View of the Almas Metallurgical Plant – Perspective 02**

![](ex9604_101.jpg)

Source: SLR 2024.

14.3 Reagent Handling and Storage

Compatible reagent mixing and storage systems are located within curbed containment areas to prevent incompatible reagents from mixing. Storage tanks are equipped with level indicators, instrumentation, and alarms to ensure spills do not occur during normal operation. Appropriate ventilation, fire and safety protection, eyewash stations, and material safety data sheet (MSDS) stations are located throughout the facilities. Sumps and sump pumps are provided for spillage control.

The following reagent systems are required for the process:

&nbsp;&nbsp;&nbsp;&nbsp;· Hydrated lime

&nbsp;&nbsp;&nbsp;&nbsp;· Sodium cyanide

&nbsp;&nbsp;&nbsp;&nbsp;· Hydrochloric acid

&nbsp;&nbsp;&nbsp;&nbsp;· Copper sulphate pentahydrate

&nbsp;&nbsp;&nbsp;&nbsp;· Sodium metabisulphite

&nbsp;&nbsp;&nbsp;&nbsp;· Sodium hydroxide

&nbsp;&nbsp;&nbsp;&nbsp;· Flocculant

&nbsp;&nbsp;&nbsp;&nbsp;· Activated carbon

&nbsp;&nbsp;&nbsp;&nbsp;· Smelting fluxes

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

14.3.1 Hydrated Lime

The hydrated lime arrives via truck and is unloaded directly into the lime silo storage. Lime is delivered via a screw feeder to the lime preparation tank, where it is mixed to 10% concentration and then pumped to the necessary addition points in the plant.

14.3.2 Sodium Cyanide

Sodium cyanide (NaCN) is delivered to site in secured boxes containing one tonne reagent bags. Bags are lifted using a frame and hoist to the sodium cyanide bag breaker on top of the tank. The solid reagent discharges into the tank and is dissolved in water to achieve the required dosing concentration.

After the mixing period is complete, cyanide solution is transferred to the cyanide storage tank using a transfer pump. Sodium cyanide is delivered to the leach circuit, intensive leach circuit, and elution circuit with dedicated dosing pumps.

14.3.3 Copper Sulphate

Copper sulphate pentahydrate (CuSO4•5H2O) is delivered in solid crystal form in small 25 kg bags on pallets and stored in the warehouse. Process water is added to the agitated copper sulphate mixing tank. A pallet of bags is lifted using a frame and hoist, and periodically a single bag is placed on the copper sulphate bag breaker on top of the tank. The solid reagent falls into the tank and is dissolved in water to achieve the required dosing concentration.

Copper sulphate solution is transferred by gravity to the copper sulphate storage tank, which has a stacked arrangement with the mixing tank. Copper sulphate is delivered to cyanide destruction circuit using the copper sulphate dosing pump.

14.3.4 Sodium Metabisulphite

SMBS (Na2S2O5) is delivered in the form of solid flakes in one tonne bulk bags and stored in the warehouse. Process water is added to the agitated SMBS mixing tank. Bags are lifted using a frame and hoist into the SMBS bag breaker on top of the tank. The solid reagent falls into the tank and is dissolved in water to achieve the required concentration. After the mixing period is complete, SMBS solution is transferred to the SMBS storage tank using the SMBS transfer pump. SMBS is delivered to the cyanide destruction circuit using the SMBS dosing pump.

14.3.5 Sodium Hydroxide

Sodium hydroxide (NaOH or caustic soda) solution at 35% strength is delivered in one cubic metre intermediate bulk containers (IBCs) as a solution and stored adjacent to the elution circuit until required. Dosing pumps automatically deliver the reagent to the required locations—gravity concentrate leach circuit, elution circuit, and electrowinning—to ensure the dosing requirements are met.

14.3.6 Hydrochloric Acid

Hydrochloric acid (HCl) is delivered in one cubic metre3 IBCs at 33% solution strength and stored adjacent to the elution circuit until required. Hydrochloric acid is mixed with raw water (inline) to achieve the required 3% w/v concentration. Hydrochloric acid is delivered to the acid wash circuit using the hydrochloric acid dosing pump.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

14.3.7 Flocculant

The flocculant arrives in a one cubic IBCs and is mixed in an automatic preparation system, where the solution is prepared to the concentration necessary to feed the necessary addition points in the plant.

14.3.8 Activated Carbon

Activated carbon is delivered in solid granular form in 0.5 t bulk bags. When required, fresh carbon is introduced to the carbon quench tank, or directly to the final CIL tank.

14.3.9 Gold Room Smelting Fluxes

Borax, silica sand, sodium nitrate, and soda ash are delivered as solid crystals/pellets in bags or plastic containers and stored in the warehouse until required.

14.4 Services and Utilities

14.4.1 Process/Instrument Air

High-pressure air at 700 kPa is produced by compressors to meet plant requirements. The high-pressure air supply is dried and used to satisfy both plant air and instrument air demand. Dried air is distributed via the air receivers located throughout the plant.

14.4.2 Low Pressure Air

Compressed air is injected into the leach-CIL tanks and cyanide detox tanks to meet oxygen requirements.

14.5 Water Supply

14.5.1 Raw Water Supply System

Raw water is supplied to a raw water storage tank. Raw water is used for all purposes requiring clean water with low dissolved solids and low salt content, primarily as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Gland water for pumps.

&nbsp;&nbsp;&nbsp;&nbsp;· Reagent make-up.

&nbsp;&nbsp;&nbsp;&nbsp;· Elution circuit make-up.

&nbsp;&nbsp;&nbsp;&nbsp;· Raw water is treated and stored in the potable water storage tank for use in safety showers and other similar applications.

&nbsp;&nbsp;&nbsp;&nbsp;· Fire water for use in the sprinkler and hydrant system.

14.5.2 Process Water Supply System

Overflow from the pre-leach thickener and TSF decant water meet the main process water requirements. Raw water provides any additional make-up water requirements.

14.5.3 Gland Water

One dedicated gland water pump is fed from the freshwater tank to supply gland water to all slurry pump applications in the plant.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

14.6 Reagent and Consumable Requirements

Reagent and consumable requirements are summarized in Table ‎14-3.

**Table ‎14-3 Reagent and Consumables**

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| **Reagents and Consumables** | **Units** | **Quantity** |
| Grinding media | t | 699000 |
| Hydrochloric acid | kg | 109250 |
| Caustic soda | kg | 258000 |
| Sodium Nitrate | kg | 2250 |
| Sodium Carbonate | kg | 825 |
| Silica | kg | 875 |
| Borax | kg | 2225 |
| Carbon | kg | 45650 |
| Sodium cyanide | t | 765 |
| Leach Aid | kg | 800 |
| Lime | t | 2137 |
| Sodium Metabisulphite | kg | 554850 |
| Flocculant | kg | 104000 |
| Copper Sulphate | kg | 186000 |

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14.7 Discussion

The process plant has not reached the design throughput of 5,479 tpd. In 2024 the average throughout was 4,300 tpd. The process design gold leach extraction is 92.5%. The operating plant averaged 90.8% gold leach extraction since commissioning in 2023. This is 2% below design.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

15.0 Infrastructure

15.1 Access Roads

From the municipality of Almas (state of Tocantins, Brazil) to the site, access is via 15 km of road. The first 11 km is on the municipal road, and the remaining 4 km is on a rural road that also provides access to other properties. In the next phases of engineering, Aura considers improvements on this road, to widen the road, improve the drainage system, and follow better safety standards.

The plant internal accesses are approximately 8 m and 10 m wide, designed using primary covering, drainage, and appropriate signage.

On the sides where there is a risk of vehicles falling, barriers are built with a minimum height of half the diameter of the largest vehicle tire that uses that access.

The internal roads allow access between the administrative and operational installations, construction site, beneficiation plant, crushing area, mine pit, waste deposit, and low-grade stockpile.

15.2 Power Supply

15.2.1 Electrical Power Source

Power is provided by an existing sub-station in Almas city operated by ENERGISA, the local power company, which is connected to the Brazilian national grid. A new 18 km, 138kV overhead power line was constructed to the project site main substation, located to the west of the process plant close to the administrative area. The power line was a package contracted directly by ENERGISA that was responsible for engineering, environmental licensing, construction and commissioning.

The 138kV substation site will contain an incoming structure and isolation switch, main circuit breaker, provision for utility metering, bus work to deliver 138kV power to a 10 MVA stepdown transformer complete with primary circuit breaker, and isolating switches. This transformer will feed associated secondary switchgear and is arranged to provide 13.8kV power to the main processing plant, the crushing plant, the Administration Area, the accommodation area, the mine support area, and the raw water supply and recycle system. Provision is included for automatically switched capacitor banks to assist with site power factor correction. The sub-station will be automated to allow for remote operation.

15.2.2 Electrical Distribution

The primary distribution voltage is radial, at 13.8 kV, three phase, 60 Hz, from the main substation.

Feed distribution from the main substation is via three-phase powerlines, power poles, and underground conduits for the secondary substations. Distribution from the secondary substations to the loads and panels in the field is via cable racks and conduits.

15.2.3 Main Substation

The main substation includes an electrical room and associated high-voltage equipment. It has a 10 MVA ONAN transformer from 138 CDC to 13.8 kV.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

15.2.4 Secondary Substations

Site electrical were selected and designed around the major load centres and are shown in Table ‎15-1.

**Table ‎15-1: Plant Substations**

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| **Tag Number** | **Type** | **Characteristics** | **Power Distribution from Main** |
| 3015-SE-0001<br> (Metallurgy) | E-room | Feed: 13.8 kV-25 kA<br> Process loads: 480 V-50 kA<br> Lighting: 380/220 V-50kA | Conduits – 150 m |
| 3020-SE-0001<br> (Crushing) | E-room | Feed: 13.8 kV-25 kA<br> Process loads: 480 V-50 kA<br> Lighting: 380/220 V-50kA | Conduits – 180 m |
| 3040-SE-0001<br> (Administrative) | E-room | Feed: 13.8 kV-25 kA<br> Process loads and lighting: 380/220 V-50kA | Conventional aerial network - 110 m<br> Conduits – 160 m |
| 3050-SE-0001<br> (Raw water capture) | Skid | Feed: 13.8 kV<br> Process loads and lighting: 380/220 V-50kA | Conduits – 60 m<br> Conventional aerial network: from main substation to derivation - 1300 m. <br> From derivation to substation – 8000 m. |
| 3055-SE-0001<br> (Decant water capture) | Skid | Feed:13.8 kV<br> Process loads and lighting: 380/220 V-50kA | Conduits – 60 m<br> Conventional aerial network: from main substation to derivation - 1300 m. <br> From derivation to substation – 1400 m. |

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The substations will feed the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;· 3015-SE-0001: Grinding, thickening, gravity, leach, detox, elution and electrowinning, reagents, compressed air system, water distribution
systems, primary crushing and stockpile/surge bin

&nbsp;&nbsp;&nbsp;&nbsp;· 3040-SE-0001: Administrative buildings, shop and laboratory

&nbsp;&nbsp;&nbsp;&nbsp;· 3050-SE-0001: Raw water capture system

&nbsp;&nbsp;&nbsp;&nbsp;· 3055-SE-0001: Decant return water system

15.2.5 Emergency Power

In case of an energy blackout, two diesel generators provide energy to critical places/processes like emergency lights and security systems.

15.3 Water

15.3.1 Raw Water Supply System

Raw water is captured from the Manuel Alves River and directed to the raw water tank, distributed to required plant points, such as gland water and reagent preparation. It feeds the potable water treatment system and is used as a make-up source for process water. The bottom section of the raw water tank is dedicated to the firewater system.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

15.3.2 Potable Water Supply

The quality requirement for the potable water treatment plant matches the local drinking water guidelines. Raw water is sourced from the raw water pump and processed through the potable water treatment plant before being stored in the potable water tank. This water feeds all safety showers and administrative buildings (sinks, toilets). Potable water is provided in 20 L gallons of mineral water on several dispensers on the site.

15.3.3 Fire Suppression System

All facilities have a fire suppression system in accordance with their function. Fire water is used mainly with an underground ring main network around the facilities. All buildings have hose cabinets and handheld fire extinguishers. Electrical and control rooms are equipped with dry-type fire extinguishers. Ancillary buildings are provided with automatic sprinkler systems. Appropriate fire suppression systems are included for the reagents according to their material safety datasheets.

15.3.4 Sewage Collection

A sewage treatment plant package is supplied at the plant to treat all sewage collected within the site. The collection network is underground. Depending on the type of chemical waste from the laboratory, it is either recycled to the plant or stored for off-site disposal. Office and domestic waste is collected and disposed of off-site in accordance with applicable regulations.

15.4 Support Buildings

15.4.1 Primary Crushing Area

The primary crushing area is located northeast of the process plant. The crushing stage consists of a crushing skid containing a vibrating grizzly feeder, a primary jaw crusher, chutes, plate work, and a discharge conveyor. Mobile cranes service the process equipment as required.

15.4.2 Grinding Area

The unenclosed grinding area includes the SAG mill, classification cyclones, cyclone feed hopper and pumps, trash screen, gravity circuit equipment, and a liner handler.

The grinding building is a 30 m (long) x 33.7 m (wide) steel structure with a ground floor, one elevated concrete floor, and multiple equipment access platforms. A 5-tonne hoist service the process equipment, and the mobile crane services any heavier loads.

15.4.3 Leach and Detox Areas

The L-CIL/elution area is 46 m (long) x 21.5 m (wide) and includes one 10 m diameter leach tank and six 10 m diameter CIL tanks, including tank platforms, and the area is completely limited by a containment bund with a volumetric capacity equivalent to 110% of the largest tank contained. There is a separate structure in the area for screen maintenance purposes. The area is serviced by a 7.5-tonne hoist on a monorail to access the tank pumps and screens. A mobile crane is required for agitator maintenance.

To the south of the L-CIL tanks is the detoxification and tailings area. This area includes two 7 m diameter detoxification tanks and is 30 m (long) x 12 m (wide). It also includes the tailings hopper and pumps to the TMF.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

15.4.4 Gold Room

The gold room is a two-storey, pre-cast concrete building measuring 13.5 m (long) x 13.5 m (wide) that houses the electrowinning cells, sludge hopper/filter, drying oven, furnace, vault, and security room, complete with a five-tonne monorail. It is located in a fenced area with restricted access, encompassing the pregnant solution tank and its containment bund.

15.4.5 Administrative Area

The administrative complex is located near the mine entrance and includes the gatehouse with a reception area and waiting room, visitors' parking lot, administration building, cafeteria, warehouse, change room, and first aid room.

Near the administrative office are additional ancillary buildings, including a laboratory, warehousing, and a maintenance shop.

15.5 Site Infrastructure Views

Figure ‎15-1 shows the ore pad (stockpile) and the conveyor belt to the mill (to the left) and the electric, water, and communication infrastructure (to the right).

Figure ‎15-2 shows the metallurgical plant in the foreground, with the administrative area, maintenance, and warehouse visible in the background.

**Figure ‎15-1: Overall View of the Almas Project – Perspective 01**

![](ex9604_102.jpg)

Source: SLR 2024.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎15-2: Overall View of the Almas Project – Perspective 02**

![](ex9604_103.jpg)

Source: SLR 2024.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

16.0 Market Studies

16.1 Markets

The principal commodity at Almas is gold. This type of product is freely traded on global markets at prices that are widely known, so that prospects for sale of any production are virtually assured.

The gold price used in this report has been provided to SLR by Aura and is based on analyst consensus. The gold price selected is an acceptable long-term price, taking into account the current Project life. The Mineral Resource estimates are based on a long-term gold price of US$2,500 per ounce of gold. The gold prices used for Reserves estimation and the economic analysis is US$2,000 per ounce of gold, flat over the LOM.

The metal prices used in this report for economic analysis are based on analyst market consensus. The SLR QP considers the selected metal prices for the economic analysis to be acceptable considering the current mine life. The prices used for the economic analysis are shown in Table ‎16-1.

**Table ‎16-1: Metal Price Assumptions**

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| **Metal Prices** | **2025** | **2026** | **2027** | **2028** | **2029- Long Term** |
| Gold (US$/oz) | 2668 | 2621 | 2490 | 2363 | 2212 |

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No external consultants or market studies were directly relied on to assist with the sales terms used in this report. The SLR QP agrees with the assumptions and projections provided by Aura.

16.2 Contracts

Almas has numerous contracts with subcontractors for different operating activities at the mine and with suppliers for consumables, reagents, maintenance, general and administrative requirements, and other services.

The different operating activities with subcontractors at the mine are:

&nbsp;&nbsp;&nbsp;&nbsp;· Mine operations

&nbsp;&nbsp;&nbsp;&nbsp;· Drilling

&nbsp;&nbsp;&nbsp;&nbsp;· Blasting

&nbsp;&nbsp;&nbsp;&nbsp;· Laboratory

&nbsp;&nbsp;&nbsp;&nbsp;· Security

The SLR QP has not reviewed the various support service contract details at Almas, however, the Project has used these contractors in the past and continues to do so.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

17.0 Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups

This section summarizes the main environmental and social aspects of the Almas Project.

17.1 Environmental and Social Setting

The Paiol site is at 400 MASL, at approximate coordinates 11.4ºS and 47.1ºW, and approximately 17 km south of the population center of Almas, in the state of Tocantins. Almas is approximately 300 road kilometres southeast of the state capital of Palmas. Overland travel time from Palmas to Almas is three to four hours via paved highways and Paiol is accessed via unpaved road from Almas. The Vira Saia and Cata Funda sites are north of Paiol approximately 10 km and five kilometres south of Almas, respectively. Dianópolis, a regional commercial hub where many mine employees reside, is approximately 45 km east of Almas along state highway TO-040. The three Project sites are in the catchment of the Manuel Alves River.

The climate is tropical with a mean annual air temperature of between 22ºC and 26ºC and little variation from month to month. The climate is characterized by distinct wet and dry seasons, with the wet season extending from October to March and the dry season from April to September. Average annual rainfall is approximately 1,700 mm with monthly average rainfall (at Dianópolis) varying from less than 10 mm in July and August up to 280 mm in January. The climate is conducive to year-round mining operations.

The Almas region is part of the Central Brazil Plateau, which influences much of the landscape of Tocantins state. Around Almas, the topography is dominated by a combination of gently rolling plateaus, hills, and valleys, with elevation ranging from approximately 200 MASL to 600 MASL. The terrain can be rugged in some areas, particularly around the Serra da Mimoso mountain range, which rises as a series of low hills and isolated peaks.

The vegetation in the Almas region is primarily a transition zone between the Cerrado (Brazilian savanna) and Caatinga (dryland scrub forest) biomes. The Project area lies wholly within the Cerrado biome. The Cerrado is a mosaic of grasslands, shrublands, and forests, influenced by seasonal rainfall and periodic fires, making it a predominantly savanna ecosystem. The vegetation is adapted to these conditions, with drought-resistant plants and trees. The Cerrado's flora is notably rich in endemic species, many of which are highly specialized to survive the region's dry periods, fire regimes, and nutrient-poor soils.

The Cerrado is home to a wide variety of animal species, including jaguars, maned wolves, giant anteaters, armadillos, and a great diversity of birds, reptiles, and insects. The biome is also an important area for migratory species. Many of these species are adapted to the harsh environmental conditions, with specific behavioral and physiological traits that allow them to thrive in a fire-prone, seasonal habitat.

In much of Tocantins including the Almas area, agriculture is the predominant land use, and deforestation due to agricultural expansion—including for soybean farming, cattle ranching, and the cultivation of sugarcane—is a significant cause of habitat loss and environmental degradation. Large areas of Cerrado have been cleared for monoculture crops, causing significant impacts to biodiversity and contributing to soil erosion and water scarcity. Agricultural development is extensive in the area between the community of Almas and the Project site. Locally, the impacts of past mining and ongoing artisanal mining (*garimpeiros*) activity are evident, with little natural habitat remaining.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

Paiol, Vira Saia, and Cata Funda are in the municipality of Almas, which has a territorial extent of 4,106.4 km<sup>2</sup>. Other municipalities in the area of influence of the Project include Dianópolis, Porto Alegre do Tocantina, and Natividade. The economy of Almas suffered in 2001 when the Paiol mine closed and economic conditions have improved since the re-start of the mine under Aura's control.

17.1.1 Protected Areas

The southern part of the EESGT occupies part of the northern sector of the municipality of Almas, approximately 60 km north of the Paiol mine site and outside the area of influence of the Project.

17.2 Environmental and Social Aspects

17.2.1 Vegetation and Wildlife

In the Project's area of influence, mammals such as the tapir (*Tapirus terrestrial*) and jaguar (*Panthera onca*) may be found, in addition to many species of birds. As previously noted, the Cerrado landscape has been altered substantially by human activity, resulting in the loss of habitat for these species. Depending on decisions around post-closure land use to be made in the context of mine closure planning (Section ‎17.4), there may be opportunities to restore wildlife habitat on the mine site following the cessation of operations. The climate is well suited to revegetation, as evidenced by the reclaimed heap leach pad that Aura inherited when it assumed control of the site.

17.2.2 Environmental Geochemistry

The 2021 NI 43-101 report (Ghazanfari et al. 2021) summarizes the results of sampling and testing of rock samples carried out in 2020. Composite samples of ore (seven samples from Paiol, Cata Funda, Vira Saia, and the heap leach pad), waste rock (18 samples), and tailings (two samples) were collected for static testing including modified acid-base accounting (ABA) and net acid generation (NAG) at a geochemical laboratory in Belo Horizonte. The test results indicated a low potential for the generation of acid rock drainage / metals leaching (ARD/ML), due mainly to the high carbonate content in most samples, and the low sulphide content. The study concluded that the risk of development of ARD/ML is low at Almas. SLR's observations during the site visit in November 2024 are consistent with this conclusion. In addition, the SLR QP notes that the water quality in the Paiol pit lake prior to it being drained was good and that the lake supported fish.

<sup>1</sup> An ecological station in Brazil is a type of protected area defined by the National System of Conservation Units (SNUC). The general purpose of ecological stations is to preserve relatively untouched parts of representative Brazilian biomes.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

17.2.3 Water Balance and Water Management

The climate at Almas features a wet season—when precipitation exceeds evaporation—and a dry season when the opposite occurs. Thus, the Paiol site swings between a water surplus and a water deficit through the course of a typical year.

The process plant operates in closed circuit with the TSF, with inputs to the facility in the form of tailings supernatant and rainfall approximately balancing losses in the form of evaporation (from ponded water and saturated tailings beaches) and water taken up into permanent storage in the pores of the tailings solids. The process plant draws fresh makeup water from the Manuel Aves River under permit (Section ‎17.3).

The Paiol pit was partially full of water when Aura acquired the site and the pit needed to be emptied for mining to restart. This dewatering process was done under permit. The water quality in the pit was good owing to the favorable environmental geochemistry described above. Excess water continues to accumulate in the pit during the rainy season. Aura discharges this water under permit to the environment. During the site visit by SLR, site personnel reported that the pit dewatering rate has at times exceeded the permitted rate of 150 m<sup>3</sup>/hr and that a permit amendment will be needed.

Vira Saia and Cata Funda will require water management planning for sedimentation control of runoff from disturbed areas and pit dewatering during the rainy season.

17.2.4 Mine Waste Management

17.2.4.1 Waste Rock

Waste rock is stockpiled permanently in the vicinity of the Paiol pit. At closure, the waste rock stockpiles will be covered and revegetated (Section ‎17.4).

Waste rock from the Vira Saia and Cata Funda pits will be stockpiled in the vicinity of the pits.

17.2.4.2 Tailings

Slurried process plant tailings are discharged to an engineered TSF for permanent storage. The TSF is located approximately 2.5 km southeast of the process plant. The TSF embankment utilizes a downstream construction method whereby each successive lift of the embankment is placed on the downstream side of the previous one. The embankment is to be constructed in five stages with the ultimate embankment crest elevation reaching 384 MASL. The engineer of record (EOR) for the TSF is consultancy GeoSafe Engenharia (GeoSafe).

As designed and permitted, the TSF has an ultimate capacity of 15 million cubic metres of tailings in storage. Should additional capacity be required, Aura plans to utilize in-pit tailings disposal in the mined-out Vira Saia pit, which will provide capacity for additional storage of approximately six million cubic metres of tailings.

Aura has in place inspection programs for the TSF that include daily and biweekly inspections in accordance with applicable legal requirements. Inspection results are compiled and reported monthly by GeoSafe as EOR. SLR reviewed the most recent available inspection report, for November 2024 (GeoSafe 2024). The inspection report concluded that the facility is in good operating condition and that the stability conditions satisfy the criteria established in applicable Brazilian regulations. The SLR QP relies on the conclusions of GeoSafe monitoring report and provides no conclusions or opinions regarding the stability of the TSF.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

17.2.5 Community Engagement

Community engagement activities date back to 2010 when consultancy Mediação Social e Sustentabilidade collected socioeconomic baseline data, carried out socioeconomic assessments and stakeholder mapping, and developed a social communication plan. In 2011, consultancy Conestoga Rovers e Associados expanded the database and social impact assessment for the historical Paiol mine, in support of the environmental assessment (EA) process.

The EA process included meetings with residents and other stakeholders from the municipalities of Almas, Porto Alegre do Tocantins, and Dianópolis. Approximately 260 people participated in the meetings. Stakeholders expressed concerns about environmental and social impacts, including increased traffic in Almas, and requested an implementation schedule for the Project. Community members also expressed a desire for economic opportunity in the form of employment and contracting opportunities for affected community members.

Aura has continued with community engagement activities since initiating construction at Paiol, including updating the stakeholder map and communications plan, implementing a socioeconomic diagnostic exercise, and initiating a community investment program focused principally on the town of Almas. The SLR QP understands that there are no formal impact-benefit agreements (IBAs) in place with Almas or other local communities.

Aura has made a concerted effort to recruit women to the Almas operations and informed SLR during the site visit that the workforce is currently 30% female.

17.2.6 Management Systems

Aura has in place procedures for managing the key environmental, health and safety, and social (EHSS) aspects of the operation, including:

&nbsp;&nbsp;&nbsp;&nbsp;· **Environment:** Water and effluent management, control of noise and vibrations, reclamation of disturbed areas, and solid waste
management.

&nbsp;&nbsp;&nbsp;&nbsp;· **Health & Safety:** Critical risk management including but not limited to working at height, lock-out / tag-out, confined
spaces, occupational health, and alcohol / drug control.

&nbsp;&nbsp;&nbsp;&nbsp;· **Social:** Programs include social indicator monitoring, promotion of sustainable development in the local communities, and promotion
of women in mining.

The environmental and EHSS procedures are grouped under a management system umbrella that includes key components of International Organization for Standardization (ISO)-style (14001, 45000) management systems such as management roles and responsibilities, risk and impact evaluation, document control, and programs, objectives, and targets.

The Project also has in place an environmental compliance system that utilizes fit-for-purpose software (Software de Gestão Integrado [SOGI]) developed by Brazilian company Ambipar ESG to identify, track, and monitor environmental legal requirements applicable to the Almas operations.

17.2.7 International Cyanide Management Code

The International Cyanide Management Code for the Manufacture, Transport, and Use of Cyanide in the Production of Gold<sup>[2]</sup> (Cyanide Code) is a voluntary certification program of best

<sup>2</sup> The Cyanide Code is available at <u>https://cyanidecode.org/</u>.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

practices for gold and silver mining companies and the companies producing and transporting cyanide used in gold and silver mining. The Cyanide Code focuses exclusively on the safe management of cyanide that is produced, transported and used for the recovery of gold and silver, and on mill tailings and leach solutions. The code's framework provides a mechanism of assurance for enhancing the protection of human health and reducing the potential for environmental impacts. The Cyanide Code is administered by The International Cyanide Management Institute, a non-profit corporation established to administer the code through an independent Board of Directors.

Parent company Aura is a signatory to the Cyanide Code and the Project is in the process of obtaining its certification. At the time of the site visit, Project personnel informed SLR that they would undertake a pre-audit gap analysis in early 2025 and that a certification audit is planned for early 2026.

17.2.8 Responsible Gold Mining Principles

The Responsible Gold Mining Principles (RGMPs) are an auditable set of standards that establish clear expectations for consumers, investors, and the gold supply chain as to what constitutes responsible gold mining<sup>[3]</sup>. The RGMPs cover environmental, social, and governance (ESG) aspects of gold production, and seek to consolidate existing standards and instruments under a single framework.

Aura subscribes to the RGMPs. Implementation will affect all Aura operations including those at Almas. As an implementing company, Aura will be required to obtain external assurance from a third party, independent assurance provider.

17.3 Permitting and Compliance

Mining operations in Brazil are subject to environmental laws and regulations at the federal and state levels. Generally, federal agencies provide overarching environmental regulation whereas state agencies manage localized concerns, particularly those related to regional ecosystems and affected communities. In Tocantins, the main environmental agency is NATURINS.

Paiol operates under jurisdiction of Operating Licence (Licença de Operação [LO]) Nº 22-2023 obtained on April 11, 2023 via a state-level simplified environmental permitting regime based on an EA carried out in 2011. The LO will expire in 2027 and will need to be renewed at that time.

Makeup water for the process plant is sourced at up to 240 m<sup>3</sup>/hr from the Manuel Aves River under authority of Water Use Authorization (Outorga de Direito de Uso de Recursos Hídricos [ORH]) Nº 407/2024. The same permit authorizes the discharge of excess water from the Paiol pit, at up to 150 m<sup>3</sup>/hr.

Table ‎17-1 lists the main environmental permits for Paiol issued by NATURATINS. Aura reports that all permits are in good standing.

<sup>3</sup> The RGMPs are available at <u>https://www.gold.org/industry-standards/responsible-gold-mining</u>.

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| 17-5 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎17-1: Environmental Licences and Permits**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Nº** | **Responsible Agency** | **Permit Nº** | **Permit Type** | **Permit Description** | **Expiration Date** |
| 1 | NATURATINS | 23-2023 | LO | Paiol Operating Licence | 4/11/2027 |
| 2 | NATURATINS | 111/2021 | DUI | Declaration of insignificant use for water abstraction from the Paiol pit for the construction site | 4/5/2026 |
| 3 | NATURATINS | 347/2022 | DUI | Declaration of negligible use for abstraction near the plant | 2/1/2027 |
| 4 | NATURATINS | 1077/2021 | DUI | Declaration of negligible use for surface water abstraction for use in exploration activities | 7/24/2027 |
| 5 | NATURATINS | 1270-2021 | DDLA | Exemption from environmental licensing for 34.5 kV electrical transmission network | n/a |
| 6 | NATURATINS | 491-2021 | DDLA | Exemption from environmental licensing for 34.5 kV electrical transmission network (water supply) | n/a |
| 7 | NATURATINS | 15/2022 | DDLA | 15 m<sup>3</sup> fuel storage tank | n/a |
| 8 | NATURATINS | 7574-2020 | DUI | Declaration of insignificant use, groundwater abstraction, Paiol | 9/18/2025 |
| 9 | NATURATINS | 05-2023 | LO | Water supply | 10/4/2033 |
| 10 | NATURATINS | 407/2024 | ORH | Industrial water supply and discharge of pit water | 12/20/2029 |
| 11 | NATURATINS | 362/2024 | ORH | Construction of tailings embankment (to stage 5) | 7/23/2029 |
| 12 | NATURATINS | 57/2023 | LI | Installation licence for fuel station | 8/28/2026 |
| 13 | NATURATINS | 922/2023 | AEF | Additional surface disturbance | 7/11/2025 |
| 14 | NATURATINS | 923/2023 | AEF | Renewal of licence AEF576 | 7/11/2025 |
| 15 | NATURATINS | 3993/2023 | DUI | Water well permit for irrigation (community) | 6/11/2028 |
| 16 | NATURATINS | 87-DBAP/2023 | AMAS | ART Ambienger | 6/18/2025 |
| 17 | NATURATINS | 1065/2023 | AEF | Paiol dam (renewal of AEF557) | 12/18/2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. LO = Operating Licence (Licença de Operação)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DUI = Declaration of insignificant (Decalação de uso Insignificante<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. DDLA = Declaration of Exemption from Environmental Licensing (Declaração de Dispensa de Licenciamento Ambiental)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ORH = Water Use Authorization (Outorga de Direito de Uso de Recursos Hídricos)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. LI = Installation Licence (Licença de Instalação)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. AEF = Forestry Exploitation Authorization (Autorização de Exploração Florestal)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AMAS = Authorization for Management of Wild Animals (Autorização para Manejo de Animais Silvestres) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. LO = Operating Licence (Licença de Operação)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DUI = Declaration of insignificant (Decalação de uso Insignificante<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. DDLA = Declaration of Exemption from Environmental Licensing (Declaração de Dispensa de Licenciamento Ambiental)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ORH = Water Use Authorization (Outorga de Direito de Uso de Recursos Hídricos)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. LI = Installation Licence (Licença de Instalação)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. AEF = Forestry Exploitation Authorization (Autorização de Exploração Florestal)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AMAS = Authorization for Management of Wild Animals (Autorização para Manejo de Animais Silvestres) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. LO = Operating Licence (Licença de Operação)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DUI = Declaration of insignificant (Decalação de uso Insignificante<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. DDLA = Declaration of Exemption from Environmental Licensing (Declaração de Dispensa de Licenciamento Ambiental)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ORH = Water Use Authorization (Outorga de Direito de Uso de Recursos Hídricos)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. LI = Installation Licence (Licença de Instalação)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. AEF = Forestry Exploitation Authorization (Autorização de Exploração Florestal)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AMAS = Authorization for Management of Wild Animals (Autorização para Manejo de Animais Silvestres) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. LO = Operating Licence (Licença de Operação)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DUI = Declaration of insignificant (Decalação de uso Insignificante<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. DDLA = Declaration of Exemption from Environmental Licensing (Declaração de Dispensa de Licenciamento Ambiental)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ORH = Water Use Authorization (Outorga de Direito de Uso de Recursos Hídricos)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. LI = Installation Licence (Licença de Instalação)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. AEF = Forestry Exploitation Authorization (Autorização de Exploração Florestal)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AMAS = Authorization for Management of Wild Animals (Autorização para Manejo de Animais Silvestres) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. LO = Operating Licence (Licença de Operação)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DUI = Declaration of insignificant (Decalação de uso Insignificante<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. DDLA = Declaration of Exemption from Environmental Licensing (Declaração de Dispensa de Licenciamento Ambiental)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ORH = Water Use Authorization (Outorga de Direito de Uso de Recursos Hídricos)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. LI = Installation Licence (Licença de Instalação)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. AEF = Forestry Exploitation Authorization (Autorização de Exploração Florestal)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AMAS = Authorization for Management of Wild Animals (Autorização para Manejo de Animais Silvestres) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. LO = Operating Licence (Licença de Operação)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DUI = Declaration of insignificant (Decalação de uso Insignificante<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. DDLA = Declaration of Exemption from Environmental Licensing (Declaração de Dispensa de Licenciamento Ambiental)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ORH = Water Use Authorization (Outorga de Direito de Uso de Recursos Hídricos)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. LI = Installation Licence (Licença de Instalação)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. AEF = Forestry Exploitation Authorization (Autorização de Exploração Florestal)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AMAS = Authorization for Management of Wild Animals (Autorização para Manejo de Animais Silvestres) |

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| 17-6 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

The Cata Funda and Vira Saia targets are currently the subjects of licencing processes with NATURATINS. Aura has submitted the necessary information for the LP and LI for the development of both pits. These requests are being processed separately by NATURATINS, ensuring that the progress of one process does not interfere with the other.

Aura's expectation is that LP will be issued by the end of 2025 and the LI during 2026.

17.4 Mine Closure Planning

Mine closure planning is a legal requirement in Brazil although the provision of financial assurance for closure is not mandated. The most recent mine closure plan (MCP) for the Almas Project is dated November 2022, and was prepared on behalf of Aura by consultancy Mineral Engenharia e Meio Ambiente in accordance with applicable legal requirements.

The MCP considers a nine year process including one year pre-closure, two years of active closure, and six years of post-closure monitoring and maintenance. The MCP addresses the following main topics:

&nbsp;&nbsp;&nbsp;&nbsp;· General background information and description of existing facilities.

&nbsp;&nbsp;&nbsp;&nbsp;· Closure risks and proposed mitigation measures.

&nbsp;&nbsp;&nbsp;&nbsp;· Conceptual decommissioning plan for industrial and civil works.

&nbsp;&nbsp;&nbsp;&nbsp;· Infrastructure demolition, and physical and chemical stability concerns.

&nbsp;&nbsp;&nbsp;&nbsp;· Revegetation measures.

&nbsp;&nbsp;&nbsp;&nbsp;· Monitoring program.

&nbsp;&nbsp;&nbsp;&nbsp;· Post-closure access control measures.

&nbsp;&nbsp;&nbsp;&nbsp;· Cost estimate for closure.

The scope of the MCP includes the Paiol facilities and the Cata Funda satellite pit.

The MCP adopts a conventional approach to mine closure. The MCP does not clearly establish post-closure land use objectives, however, it specifies that disturbed areas will be revegetated to limit erosion and promote physical stability, and that native plants will be planted in "nuclei" to promote the generation of a Cerrado-like environment.

Major closure activities are summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Civil and industrial facilities will be demolished including concrete foundations. Demolition debris will be disposed of in accordance
with regulatory requirements. Equipment will be sold and/or scrapped. Soil covers will be applied to disturbed areas and these will be
revegetated.

&nbsp;&nbsp;&nbsp;&nbsp;· The tailings facility will be drained of excess water and the tailings beaches and embankments will be revegetated.

&nbsp;&nbsp;&nbsp;&nbsp;· The pits will be allowed to fill with water, forming pit lakes. Pit slopes above the ultimate water level will be hydroseeded.

&nbsp;&nbsp;&nbsp;&nbsp;· Waste rock dumps will be covered with soil and revegetated.

Aura will implement a post-closure monitoring program including the following major elements:

&nbsp;&nbsp;&nbsp;&nbsp;· Surface water and sediment quality.

&nbsp;&nbsp;&nbsp;&nbsp;· Erosion control.

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| 17-7 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Geotechnical monitoring of the TSF and waste rock dumps.

&nbsp;&nbsp;&nbsp;&nbsp;· Noise and vibration.

&nbsp;&nbsp;&nbsp;&nbsp;· Air quality.

&nbsp;&nbsp;&nbsp;&nbsp;· Groundwater in the vicinity of the TSF and open pits.

&nbsp;&nbsp;&nbsp;&nbsp;· Aquatic and terrestrial fauna.

17.4.1 Closure Cost Estimate

The 2022 MCP provides undiscounted estimates of closure costs of R$51.6 million and R$5.7 million for the Paiol and Cata Funda sites, respectively, and no estimate for Vira Saia. The total closure cost estimate is R$57.3 million, which includes a contingency of R$3.75 million. At a current exchange rate of US$1.00 = R$5.86, the total closure cost estimate is approximately US$9.8 million.

SLR has not independently verified the closure cost estimate.

17.5 QP Opinion

In the SLR QP's opinion, the environmental and social risks at Almas are manageable, and Aura has in place adequate management plans and systems to manage these risks and to maintain compliance with applicable environmental legal requirements. Based on the site visit and review of documentation made available by Aura, the SLR QP is of the opinion that it is unlikely that environmental and social factors will materially affect Aura's ability to operate according to the LOM plan described in this TRS.

The SLR QP notes that management systems for the environmental and social aspects of the Project are evolving and recommends that these systems be further formalized to incorporate a full "Plan-Do-Check-Act" cycle common to international management system standards.

Environmental permitting for the Cata Funda and Vira Saia deposits is in process. The SLR QP has seen nothing to suggest that these approvals will not be obtained in due course. The SLR QP notes that the Cata Funda deposit is close to the community of Almas and hence the permitting process may be more sensitive than that for Vira Saia. The SLR QP recommends that Aura continue active community engagement to address any concerns that arise due to the close proximity of Cata Funda.

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| 17-8 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

18.0 Capital and Operating Costs

The capital and operating costs presented in this section include the costs required for mining and processing Mineral Reserves from the Almas Project. The Almas Project includes an operating mine that declared commercial production in Q3 2023, therefore, capital and operating cost estimates were prepared based on year 2024 actuals and current operating budget for 2025. These costs were supplied to SLR by Aura's technical team. The SLR QP considers these cost estimates to be reasonable for the planned production schedule.

All capital and operating costs in this section are expressed in Q4 2024 US dollars and are based on an exchange rate of R$5.84 per US$1.00.

18.1 Capital Costs

The capital costs required to achieve the Almas Mineral Reserve LOM production were estimated by Aura and reviewed by SLR. Since Paiol is an operating pit, there are no pre-production capital costs. Capital costs for the Paiol, Cata Funda, and Vira Saia pits are categorized as expansion capital and sustaining capital. Capital costs have been estimated by Aura based on the current budget for 2025 and actuals from year 2024. Based on the SLR QP's review, the sustaining capital costs are estimated to the equivalent of an Association for the Advancement of Cost Engineering (AACE) Class 3 estimate with an accuracy range of -15% to +20%.

The expansion capital costs are for plant expansion phase 2 in year 2025 and total US$4.8 million

Total LOM sustaining capital costs are estimated to be US$74.9 million between years 2025 and 2034. The sustaining capital costs include:

&nbsp;&nbsp;&nbsp;&nbsp;· Mine sustaining

&nbsp;&nbsp;&nbsp;&nbsp;· Mine capitalized waste stripping

&nbsp;&nbsp;&nbsp;&nbsp;· Plant sustaining

&nbsp;&nbsp;&nbsp;&nbsp;· Tailing dams

&nbsp;&nbsp;&nbsp;&nbsp;· Other sustaining

The summary breakdown of the estimated sustaining capital costs required to achieve the Mineral Reserve LOM production is presented in Table ‎18-1.

**Table ‎18-1: Sustaining Capital Costs Summary**

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| | |
|:---|:---|
| **Cost Component** | **Value<br> (US$ million)** |
| Mine sustaining | 6.0 |
| Mine capitalized waste stripping | 50.1 |
| Plant sustaining | 4.1 |
| Tailing dams | 11.2 |
| Other sustaining costs - General | 3.6 |
| **Total Sustaining Capital Cost** | **74.9** |

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|:---|:---|
| 18-1 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

Mine closure and concurrent reclamation costs for the LOM scenario presented in this TRS are based on Aura's latest estimate from year 2024 for the Almas Project totalling US$14.1 million. SLR notes that this closure cost estimate is higher than the cost estimate dated November 2022 included in subsection 17.4.1 Closure Cost Estimate of this TRS. The SLR QP considers the higher closure and reclamation costs included in this section and in the LOM cashflow to reflect a more realistic approach than the closure estimate from November 2022, given costs have been escalated to 2024 US dollars and have been adjusted to consider costs for the three deposits.

18.2 Operating Costs

The operating costs were estimated based on the current budget for 2025 and actuals from year 2024 at the Almas Project. The costs were estimated by Aura and reviewed by SLR. The operating costs are estimated to the equivalent of an AACE Class 3 estimate with an accuracy range of -15% to +20%, although it is noted that AACE does not typically apply to operating costs.

The site operating expenses estimated for mining, processing, and G&A activities for this Mineral Reserve LOM scenario are summarized in Table ‎18-2. Operating costs total US$680 million over the LOM, averaging US$70 million per year (considering years between 2025 and 2033, which are years at full production).

The unit operating cost over the mine life is US$34.51/t milled:

&nbsp;&nbsp;&nbsp;&nbsp;· Open pit mining costs: US$23.34/t milled, or US$2.48/t mined

&nbsp;&nbsp;&nbsp;&nbsp;· Mine capitalized stripping costs: -US$2.54/t milled

&nbsp;&nbsp;&nbsp;&nbsp;· Mine stockpile reclaiming costs: US$0.10/t milled

&nbsp;&nbsp;&nbsp;&nbsp;· Stockpile Change in Inventory Cost: US$0.71/t milled

&nbsp;&nbsp;&nbsp;&nbsp;· Processing costs: US$9.42/t milled

&nbsp;&nbsp;&nbsp;&nbsp;· General and administration (G&A) and overhead costs: US$3.48/t milled or US$6.8 million per year

The mining costs include all labour, materials and supplies, mining contractors, and technical support to complete open pit mining related activities such as drilling, blasting, loading, and hauling. The processing costs include all labour, operating and maintenance activities, power, reagents, and services to complete processing related activities. The administrative expense includes all labour and support services to complete administrative, finance, human resources, environmental, safety, supply chain, security, site services, camp and kitchen, and travel related activities.

**Table ‎18-2: Operating Cost Estimate**

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| | | | |
|:---|:---|:---|:---|
| **Cost Component** | **LOM Total<br> (US$ million)** | **Average Annual<sup>1</sup> (US$ million)** | **LOM Average<br> (US$/t milled)** |
| Open Pit Mining | 460.0 | 48.7 | 23.34 |
| Mine Capitalized Stripping Costs | (50.1) | (10.0) | (2.54) |
| Mine Stockpile Reclaiming Cost | 2.0 | 0.3 | 0.10 |
| Stockpile Change in Inventory Cost | 14.0 | 4.7 | 0.71 |

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| 18-2 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | | | |
|:---|:---|:---|:---|
| **Cost Component** | **LOM Total<br> (US$ million)** | **Average Annual<sup>1</sup> (US$ million)** | **LOM Average<br> (US$/t milled)** |
| Processing | 185.6 | 18.6 | 9.42 |
| G&A and Site Support Costs | 68.5 | 6.8 | 3.48 |
| **Total Site Operating Cost** | **680.1** | **70.4** | **34.51** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For fully operational years (2025 – 2033)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Sum of individual values may not match total due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For fully operational years (2025 – 2033)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Sum of individual values may not match total due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For fully operational years (2025 – 2033)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Sum of individual values may not match total due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For fully operational years (2025 – 2033)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Sum of individual values may not match total due to rounding. |

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18.2.1 Workforce

18.2.1.1 Mining Personnel

As the mine operation is sub-contracted, Aura's labour force is limited to management, grade control, and mine planning, and is presented in Table ‎18-3.

**Table ‎18-3: Workforce in the Mining Operation / Support**

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| | | | |
|:---|:---|:---|:---|
| **Sector** | **Job Title** | **Formation** | **Quantity** |
| Management | Mine Manager | Mining Engineer | 1 |
| Grade Control | Department Chief | Geologist Sr | 1 |
| Grade Control | Coordinator | Geologist Full | 1 |
| Grade Control | Grade Control Technician | Mining Technician | 2 |
| Mine Planning | Department Chief | Mining Engineer Sr | 1 |
| Mine Planning | Mine Planning Engineer | Mining Engineer Full | 1 |
| Mine Planning | Topography Specialist | Surveyor | 1 |
| Mine Planning | Mine Planning Engineer | Mining Technician | 2 |
| Mine Production | Department Chief | Mining Engineer Sr | 1 |
| Mine Production | Production Engineer | Mining Engineer | 1 |
| Mine Production | Production Supervisor | Mining Technician | 4 |
| **Total** |  |  | **16** |

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18.2.1.2 Process Plant Personnel

Manpower for process operations and maintenance of the Almas process plant are listed in Table ‎18-4 and Table ‎18-5.

**Table ‎18-4: Process Plant Operation Personnel**

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| | |
|:---|:---|
| **Process Plant Operation** | **Quantity** |
| Plant Operator Level I | 14 |
| Plant Operator Level II | 8 |
| Plant Operator Level III | 9 |

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| 18-3 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | |
|:---|:---|
| **Process Plant Operation** | **Quantity** |
| Control Room Operator | 4 |
| Plant Supervisor | 5 |
| Mill Manager | 1 |
| Senior Metallurgist | 2 |
| Junior Metallurgist | 1 |
| Mill Coordinator | 1 |
| Metallurgy - Refiner | 1 |
| Trainee | 1 |
| Metallurgy Technician | 1 |
| **Total** | **48** |
| Source: Aura 2024. | Source: Aura 2024. |

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**Table ‎18-5: Process Plant Maintenance Manpower**

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| | |
|:---|:---|
| **Process Plant Maintenance** | **Quantity** |
| Mechanic Assistant | 2 |
| Electrician I | 2 |
| Electrician II | 4 |
| Junior Automation Engineer | 1 |
| Senior Electrical Engineer | 1 |
| Senior Mechanical Engineer | 1 |
| Maintenance Manager | 1 |
| Electrical Inspector | 2 |
| Lube Technician | 1 |
| Millwright I | 5 |
| Millwright II | 9 |
| Millwright III | 3 |
| Maintenance Planner I | 1 |
| Maintenance Planner II | 1 |
| Electrical Supervisor | 1 |
| Mechanical Supervisor I | 2 |
| Mechanical Supervisor II | 1 |
| Maintenance Planning and Control Supervisor | 1 |
| Specialized Mechanical Maintenance Supervisor | 1 |
| Maintenance Technician I | 1 |
| Mechanical Technician III | 1 |

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| 18-4 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

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| | |
|:---|:---|
| **Process Plant Maintenance** | **Quantity** |
| Specialized Electrical Technician | 5 |
| Specialized Mechanical Technician II | 1 |
| Specialized Automation Technician | 1 |
| **Total** | **49** |
| Source: Aura 2024. | Source: Aura 2024. |

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| 18-5 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

19.0 Economic Analysis

The economic analysis contained in this TRS is based on the Almas Mineral Reserves, economic assumptions, and capital and operating costs provided by the Aura technical team and reviewed by SLR. All costs are expressed in Q4 2024 US dollars. Unless otherwise indicated, all costs in this section are expressed without allowance for escalation, currency fluctuation, or interest.

A summary of the key criteria is provided below.

19.1 Economic Criteria

19.1.1 Production Physicals

&nbsp;&nbsp;&nbsp;&nbsp;· Mine life: 10 years between years 2025 and 2034.

&nbsp;&nbsp;&nbsp;&nbsp;· Open pit peak mining rate: 23,000 ktpa between years 2030 and 2032.

&nbsp;&nbsp;&nbsp;&nbsp;· LOM ore feed to process: 19,709 kt ore at 1.07 g/t Au.

&nbsp;&nbsp;&nbsp;&nbsp;· Processing plant peak processing throughput: 2,000 ktpa.

&nbsp;&nbsp;&nbsp;&nbsp;· LOM Contained Metal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Gold: 680 koz Au

&nbsp;&nbsp;&nbsp;&nbsp;· Weighted average LOM Process Recovery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Gold Recovery: 90%

&nbsp;&nbsp;&nbsp;&nbsp;· LOM Recovered Metal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Gold: 612 koz Au

19.1.2 Revenue

&nbsp;&nbsp;&nbsp;&nbsp;· Exchange rate US$1.00 = BRL$5.84.

&nbsp;&nbsp;&nbsp;&nbsp;· Revenue is estimated based on metal prices provided to SLR by Aura, which sourced them from CIBC Analysts Consensus Commodity Price
Forecasts from March 2025. The CIBC Analysts Consensus metal price forecast is presented in Table ‎ 19-1:

**Table ‎19-1: Almas Cash Flow Metal Prices**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Metal Prices** | **2025** | **2026** | **2027** | **2028** | **2029- Long Term** |
| Gold (US$/oz) | 2668 | 2621 | 2490 | 2363 | 2212 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Payable metals are estimated at 99.9% for gold. This rate is based on actual agreement figures.

&nbsp;&nbsp;&nbsp;&nbsp;· Transportation and Refining charges include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Gold refining: US$0.30/oz of payable Au

&nbsp;&nbsp;&nbsp;&nbsp;· The Almas property is subject to the following royalties (see further details in ‎ 19.1.4):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Paiol at 1.95% NSR: 1.20% NSR mining rights and 0.75% surface royalties (50% of CFEM),

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| 19-1 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Cata Funda at 3.25% NSR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Vira Saia at 3.25% NSR

&nbsp;&nbsp;&nbsp;&nbsp;· Almas is subject to a Mining Tax over Sales at 1.8% NSR (treated as a royalty)

&nbsp;&nbsp;&nbsp;&nbsp;· LOM net revenue is US$1,367 million (after Selling Charges and Royalties).

&nbsp;&nbsp;&nbsp;&nbsp;· Revenue is recognized at the time of production.

19.1.3 Costs

&nbsp;&nbsp;&nbsp;&nbsp;· Expansion capital costs: US$4.8 million.

&nbsp;&nbsp;&nbsp;&nbsp;· Mine life sustaining capital totals US$75 million.

&nbsp;&nbsp;&nbsp;&nbsp;· Mine closure and reclamation costs in year 2034 total US$14.1 million, based on Aura's latest estimate from year 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· Average operating cost over the mine life is US$34.51/t milled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Open pit mining costs: US$23.34/t milled, or US$2.48/t mined

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Mine capitalized stripping costs: -US$2.54/t milled

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Mine stockpile reclaiming costs: US$0.10/t milled

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Stockpile Change in Inventory Cost: US$0.71/t milled

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Processing costs: US$9.42/t milled

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o General and administration (G&A) and overhead costs: US$3.48/t milled or US$6.8 million per year

&nbsp;&nbsp;&nbsp;&nbsp;· LOM site operating costs of $680 million.

&nbsp;&nbsp;&nbsp;&nbsp;· Corporate G&A allocation costs of US$500 thousand per year over the LOM.

19.1.4 Taxation and Royalties

&nbsp;&nbsp;&nbsp;&nbsp;· Property is subject to different third-party royalties NSR for each deposit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Paiol at 1.95% NSR: 1.20% NSR mining rights and 0.75% surface royalties (50% of CFEM),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Cata Funda at 3.25% NSR: 2.50% mining rights and 0.75% surface royalties (50% of CFEM).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Vira Saia at 3.25% NSR: 2.50% mining rights and 0.75% surface royalties (50% of CFEM).

&nbsp;&nbsp;&nbsp;&nbsp;· The Brazilian Corporate Income Tax is set at 34% but Aura is currently benefiting from the tax incentives provided by SUDAM, which
grants a reduced corporate income tax rate of 15%.

&nbsp;&nbsp;&nbsp;&nbsp;· Almas is subject to a Mining Tax over Sales at 1.8% NSR (treated as a royalty): 1.5% of CFEM and 0.3% FDE (Tocantins
Economic Development Fund).

&nbsp;&nbsp;&nbsp;&nbsp;· Total taxes estimated: US$79.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;· SLR has relied on Aura's assumptions and calculations for royalties and taxes applicable to the cash flow.

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| 19-2 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

19.2 Cash Flow

SLR has reviewed Aura's Almas LOM cash flow model considering gold as the final saleable product and has prepared its own unlevered after-tax LOM cash flow model based on the information contained in this TRS to confirm the physical and economic parameters of the Project.

The model does not take into account financing costs.

All costs are in Q4 2024 US dollars with no allowance for inflation. An after-tax cash flow summary is presented in Table ‎19-2.

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| 19-3 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎19-2: Annual After-Tax Cash Flow Summary**

![](ex9604_104.jpg)

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| 19-4 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

![](ex9604_105.jpg)

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| 19-5 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

19.2.1 Cash Flow Analysis

SLR prepared a LOM unlevered after-tax cash flow model to confirm the economics of the Project over the LOM (between 2025 and 2034). Economics have been evaluated using the discounted cash flow method by considering LOM production on a 100% basis, annual processed tonnages, and gold grades. The associated gold recoveries, gold price, operating costs, treatment and refining charges, expansion and sustaining capital costs, reclamation and closure costs, and income tax and royalties were also considered.

The base discount rate assumed in this TRS is 5% as per Aura's corporate guidance for the Project. Discounted present values of annual cash flows are summed to arrive at Almas Project Base Case NPV. For this cash flow analysis, the internal rate of return (IRR) and payback are not applicable given Almas is already an operating mine; therefore, there is no initial investment to be recovered.

To support the disclosure of Mineral Reserves, the economic analysis demonstrates that Almas's Mineral Reserves are economically viable at the CIBC Analysts Consensus Commodity Price, with a long term price of US$2,212/oz gold. The Project's Base Case undiscounted pre-tax net cash flow is approximately US$590 million, and the undiscounted after-tax net cash flow is approximately US$510 million. The pre-tax NPV at a 5% discount rate is approximately US$452 million and the after-tax NPV at a 5% discount rate is approximately US$393 million.

The SLR QP confirms that SLR has also run the economic analysis using flat reserve metal prices of gold US$2,000/oz. The analysis demonstrates that Almas's Mineral Reserves are also economically viable at these prices.

The World Gold Council Adjusted Operating Cost (AOC) is US$1,163/oz Au produced. The mine life sustaining capital cost is US$153/oz Au, for an All in Sustaining Costs (AISC) of US$1,316/oz Au produced. Mine average annual gold production during the LOM is approximately 61,248 oz Au per year between 2025 and 2034.

19.3 Sensitivity Analysis

Project risks can be identified in both economic and non-economic terms. Key economic risks were examined by running cash flow sensitivities:

&nbsp;&nbsp;&nbsp;&nbsp;· Gold price

&nbsp;&nbsp;&nbsp;&nbsp;· Gold head grades

&nbsp;&nbsp;&nbsp;&nbsp;· Gold metallurgical recoveries

&nbsp;&nbsp;&nbsp;&nbsp;· Operating costs

&nbsp;&nbsp;&nbsp;&nbsp;· Capital costs (sustaining and closure)

After-tax NPV 5% sensitivities over the Almas Project Base Case have been calculated for -20% to +20% (for head grade), -5% to +5% (for metallurgical recovery), -20% to +20% (for metal prices), and -10% to +15% (for operating costs and capital costs) variations, to determine the most sensitive parameter for the Project.

The sensitivities are shown in Table ‎19-3 3 and Figure ‎19-1.

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| 19-6 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Table ‎19-3: After-Tax NPV 5% Sensitivity Analyses**

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| | | |
|:---|:---|:---|
| **Variance** | **Head Grade<br> (g/t Au)** | **NPV at 5%<br> (US$000)** |
| 80% | 0.86 | 213930 |
| 90% | 0.97 | 303234 |
| **100%** | **1.07** | **392537** |
| 110% | 1.18 | 481840 |
| 120% | 1.29 | 571144 |
| **Variance** | **Recovery<br> (% Au)** | **NPV at 5%<br> (US$000)** |
| 95% | 85.5% | 347885 |
| 98% | 83.3% | 325559 |
| **100%** | **90.0%** | **392537** |
| 103% | 92.3% | 414863 |
| 105% | 94.5% | 437189 |
| **Variance** | **Metal Prices<br> (US$/oz Au)** | **NPV at 5%<br> (US$000)** |
| 80% | 1863 | 213906 |
| 90% | 2096 | 303222 |
| **100%** | **2329** | **392537** |
| 110% | 2562 | 481852 |
| 120% | 2794 | 571167 |
| **Variance** | **Operating Costs<br> (US$/t)** | **NPV at 5%<br> (US$000)** |
| 90% | 31.06 | 436989 |
| 95% | 32.78 | 414763 |
| **100%** | **34.51** | **392537** |
| 108% | 37.09 | 359198 |
| 115% | 39.68 | 325858 |
| **Variance** | **Capital Costs<br> (US$000)** | **NPV at 5%<br> (US$000)** |
| 90% | 82806 | 399474 |
| 95% | 87406 | 396006 |
| **100%** | **92007** | **392537** |
| 108% | 98907 | 387334 |
| 115% | 105808 | 382131 |

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| 19-7 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

**Figure ‎19-1: After-Tax NPV 5% Sensitivity Analysis**

![](ex9604_106.jpg)

The sensitivity analysis at Almas shows that the after-tax NPV at an 5% base discount rate is most sensitive to metal prices, head grades, and metallurgical recoveries, followed by operating costs and capital costs. The SLR QP notes that a 10% reduction in metal prices reduces the after-tax NPV 5% by 23% for the Almas Project Base Case.

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| 19-8 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

20.0 Adjacent Properties

Almas is a very mining-active area in Brazil. Several exploration companies maintain land positions near Aura's Almas Gold Project area. Although most of the surrounding mineral claims are in the exploration stage, some are at different stages, such as applying for mining concessions.

Examples of companies which hold adjacent properties are Calango Exploração Mineral S.A. (Calango), Iamgold-Brasil, M & J Mineração, Mineração Santo Expedito, and other small companies. Most of the claims are for gold, copper, or both.

A series of small artisanal mines exist along the length of the Almas Greenstone Belt in the Project area. These are generally surface or shallow underground operations, mining saprolite or quartz veins in weathered rock, operated by a few miners, most often intermittently. It is important to note that there is no hostile climate or other issue between Aura and artisanal miners.

Calango holds several properties in the Almas Gold Project area, especially to the north and east of the town of Almas. Aura is not aware of the nature of the exploration work conducted by Calango on its holdings. Currently, Calango is not active in the district.

M & J's Mineração (former Amarante Mineração) operates a small surface mining operation for gold, approximately 15 km north of the Almas town site. The operation includes several small open pits, a small oxide mill with a cyanide leach plant, and a tailings disposal facility.

The SLR QP has not independently verified this information and this information is not necessarily indicative of the mineralization at the Project.

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| 20-1 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

21.0 Other Relevant Data and Information

No additional information or explanation is necessary to make this TRS understandable and not misleading.

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| 21-1 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

22.0 Interpretation and Conclusions

The SLR QPs offer the following conclusions by area.

22.1 Geology and Mineral Resources

&nbsp;&nbsp;&nbsp;&nbsp;· The main mineralized deposits at Almas are classified as orogenic, shear-hosted mesothermal gold deposits. These mineralized bodies
trend north-south and are shear-hosted in Paleoproterozoic rocks, typically metabasalts and metasediments (greenstones). The shear zone
has been mapped to extend 15 km and several mineral occurrences on the property lie within and adjacent to the zone.

&nbsp;&nbsp;&nbsp;&nbsp;· Mineral Resources at Almas have been estimated for three deposits across the property: Paiol, Vira Saia, and Cata Funda. The Paiol
Mineral Resources represent the largest proportion of the estimate and were updated in 2024. Vira Saia and Cata Funda are unchanged since
2020 apart from a classification update at Vira Saia. Estimates were completed by Aura and have been audited and adopted by
SLR.

&nbsp;&nbsp;&nbsp;&nbsp;· Mineral Resources have been classified in accordance with the definitions for Mineral Resources in S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;· The Mineral Resource estimation for the Paiol deposit is acceptable and represents a reasonable estimate of the economic potential
of the mineral deposit. Improvements are warranted, however, and with adjustments to the estimation approach it may be possible to better
reflect the deposit characteristics locally.

&nbsp;&nbsp;&nbsp;&nbsp;· The Mineral Resource estimates for the Vira Saia and Cata Funda deposits are also acceptable and represent a reasonable estimate of
the economic potential of the mineral deposits. Prior to production consideration, both deposits will require an update to incorporate
data from planned and completed drill programs.

&nbsp;&nbsp;&nbsp;&nbsp;· Open pit Mineral Resources <u>exclusive</u> of Mineral Reserves, as at December 31, 2024, and above gold grade thresholds ranging
from 0.31 g/t to 0.34 g/t have been estimated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o M&I Mineral Resources are estimated to total 10,081 kt averaging 0.63 g/t Au and containing 206 koz Au.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Inferred Mineral Resources are estimated to total 3,562 kt averaging 0.87 g/t Au and containing 100 koz Au.

&nbsp;&nbsp;&nbsp;&nbsp;· Sample preparation, security, and analysis adhere to industry standards, ensuring high data quality and integrity. QA/QC results confirm
the accuracy and precision of assay data, supporting reliable Mineral Resource estimates.

&nbsp;&nbsp;&nbsp;&nbsp;· No significant sample bias was identified in the review of drill data and assays, ensuring the adequacy of the database for Mineral
Resource estimation.

&nbsp;&nbsp;&nbsp;&nbsp;· Exploration to date has focused on near surface prospects, and the potential for discovery of deeper, underground gold targets with
vertical extent is high.

22.2 Mining and Mineral Reserves

&nbsp;&nbsp;&nbsp;&nbsp;· The Almas Project is host to an open pit mining operation composed of three main gold deposits, including Paiol, Cata Funda, and Vira
Saia. The Paiol deposit is currently being mined, with Cata Funda and Vira Saia to complement production in later years.

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| 22-1 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Almas has consistently met production targets since production commenced in 2023.

&nbsp;&nbsp;&nbsp;&nbsp;· Mineral Reserves are estimated using a cut-off grade of 0.38 g/t Au for Paiol, 0.40 g/t Au for Vira Saia, and 0.42 g/t Au for Cata
Funda.

&nbsp;&nbsp;&nbsp;&nbsp;· The current Mineral Reserve estimates, prepared by SLR, have been classified in accordance with the definitions for Mineral Reserves
in S-K 1300. Mineral Reserves as of December 31, 2024, total 19,709 kt grading 1.07 g/t Au and containing 674 koz Au.

&nbsp;&nbsp;&nbsp;&nbsp;· Mineral Reserves are estimated by qualified professionals using modern mine planning software in a manner consistent with industry
practice.

&nbsp;&nbsp;&nbsp;&nbsp;· The estimated Mineral Reserves support a LOM plan that extends approximately 10 years to 2034, at a rate of 2.0 Mtpa of ore fed into
the plant.

&nbsp;&nbsp;&nbsp;&nbsp;· Measured Mineral Resources and stockpiles were converted to Proven Mineral Reserves, and Indicated Mineral Resources were converted
to Probable Mineral Reserves. Inferred Mineral Resources were not converted to Mineral Reserves and are not included in the LOM plan.

&nbsp;&nbsp;&nbsp;&nbsp;· Dilution and ore losses (mining recovery) are applied before reporting Mineral Reserves.

22.3 Mineral Processing

&nbsp;&nbsp;&nbsp;&nbsp;· Process plant throughput has not yet reached the design capacity of 2.0 Mtpa, or 5,479 tpd. In 2024, the average throughput was
4,300 tpd.

&nbsp;&nbsp;&nbsp;&nbsp;· The recovery to date is 2% below the process design value.

&nbsp;&nbsp;&nbsp;&nbsp;· Aura anticipates achieving a 92% gold recovery in 2025.

22.4 Infrastructure

&nbsp;&nbsp;&nbsp;&nbsp;· The Project has operated since 2021 and has developed the necessary infrastructure to support current and planned mining activities.
Key components include power supply, water management systems, waste handling facilities, operational support buildings, and access roads.

&nbsp;&nbsp;&nbsp;&nbsp;· The Project is connected to the national power grid, which supplies the site's energy needs. No power generator sets are present at
the site.

&nbsp;&nbsp;&nbsp;&nbsp;· Process water is sourced by direct pumping from local rivers, which provide reliable flows year-round.

&nbsp;&nbsp;&nbsp;&nbsp;· Potable water is available at the site via 20 L gallons.

&nbsp;&nbsp;&nbsp;&nbsp;· Support facilities include warehouses, maintenance workshops, an assay laboratory, and administrative offices.

&nbsp;&nbsp;&nbsp;&nbsp;· Almas does not have on-site housing. The company maintains a camp in the city of Almas for visitors and temporary needs.

&nbsp;&nbsp;&nbsp;&nbsp;· The site is accessible via paved highways and gravel roads, ensuring year-round access for materials, equipment, and personnel.

&nbsp;&nbsp;&nbsp;&nbsp;· The Project maintains radio, telephone, and internet services, ensuring effective coordination across operational areas. Cell phone
services are also available at the site.

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| 22-2 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

&nbsp;&nbsp;&nbsp;&nbsp;· The Project's infrastructure has been progressively maintained and adapted to meet operational requirements while ensuring environmental
and regulatory standards compliance.

22.5 Environmental and Social Aspects

&nbsp;&nbsp;&nbsp;&nbsp;· In the SLR QP's opinion, the environmental and social risks at Almas are manageable, and Aura has in place adequate plans and
systems to manage these risks and to maintain compliance with applicable environmental legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;· Aura reports that all permits required for current operations are in good standing. The Cata Funda and Vira Saia deposits are currently
the subjects of licensing processes, and Aura has submitted the necessary information for the development of both pits. Licences
are expected to be issued in 2025 and 2026.

&nbsp;&nbsp;&nbsp;&nbsp;· Testing of ore, waste rock, and tailings samples indicates low potential for the generation of ARD or ML.

&nbsp;&nbsp;&nbsp;&nbsp;· As designed and permitted, the TSF has an ultimate capacity of 15 Mm<sup>3</sup> of tailings in storage. Should additional capacity
be required, Aura plans to utilize in-pit tailings disposal in the mined-out Vira Saia pit, providing capacity for additional storage
of approximately six million cubic metres of tailings.

&nbsp;&nbsp;&nbsp;&nbsp;· Aura has continued with community engagement activities since initiating construction at Paiol, including updating the stakeholder
map and communications plan, implementing a socioeconomic diagnostic exercise, and initiating a community investment program focused principally
on the town of Almas.

&nbsp;&nbsp;&nbsp;&nbsp;· The mine closure plan is dated November 2022 and includes a closure cost estimate of US$9.8 million. SLR notes that for the economic
analysis, closure costs have been inflated to the 2024 value, which corresponds to US$14.1 million. The SLR QP considers the higher closure
and reclamation costs to reflect a more realistic approach than the closure estimate from November 2022, given costs have been escalated
to 2024 US dollars and have been adjusted to consider closure costs for the three deposits.

22.6 Capital and Operating Costs and Economics

&nbsp;&nbsp;&nbsp;&nbsp;· The Almas Project capital and operating cost estimates were prepared based on 2024 actual costs and the current operating budget for
2025. The SLR QP has reviewed the capital and operating costs and considers them appropriate for the remaining mine life.

&nbsp;&nbsp;&nbsp;&nbsp;· The LOM production schedule is based on the December 31, 2024 Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;· The economic analysis using the production, revenue, and costs estimates presented in this TRS confirms that the outcome is a positive
cash flow that supports the statement of Mineral Reserves for a 10 year mine life. At the CIBC Analysts Consensus Commodity Price, with
a long term price of US$2,212/oz gold, the Project's Base Case undiscounted pre-tax net cash flow is approximately US$590 million,
and the undiscounted after-tax net cash flow is approximately US$510 million. The pre-tax NPV at a 5% discount rate is approximately US$452
million and the after-tax NPV at a 5% discount rate is approximately US$393 million.

&nbsp;&nbsp;&nbsp;&nbsp;· The SLR QP confirms that SLR completed the economic analysis using reserve metal prices. The analysis demonstrates that Almas's
Mineral Reserves are also economically viable at these prices.

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| 22-3 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

23.0 Recommendations

The SLR QPs offer the following recommendations by area.

23.1 Geology and Mineral Resources

1 While the estimated Mineral Resources are acceptable, the following process changes are suggested to be tested at the Project:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Develop and execute a standard protocol for the treatment of missing intervals and analytical values with consideration of the underlying
reasons and their impact. Industry standard practice is to assign a low (detection limit or zero) value to unsampled intervals because
they were deemed uneconomical by the logging geologist during core processing. Apply the protocol during the compositing routine, and
composite intervals to a multiple of the common sample length.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Support grade restriction approaches using a combination of statistical and visual tools, including probability plots, histograms,
percentiles, and a spatial review of high-grade sample location and continuity. Evaluate whether higher gold caps can be combined
with a high yield restriction to limit metal loss and preserve high grades locally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Develop an interpolation plan which limits visual and statistical grade artifacts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Evaluate the impact of combining long-term and short-term data during estimation. Consider restricting the influence of
production data to local blocks (two benches) and develop a process which allows reconciliation of the resource to grade control model
to be undertaken without influence of production data on the resource model.

23.2 Mining and Mineral Reserves

1 Improve material (especially ore) tracking system for long-term/low-grade stockpiles.

2 Undertake close follow-up in the infill program for Cata Funda and Vira Saia to ensure relevant data will be available during 2026 and 2027, not causing delay on commissioning these pits.

3 Close follow-up in the Cata Funda and Vira Saia operating licence and mining concession (only Vira Saia).

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| 4 | In consideration of the increase of approximately 30% to the cut-off grade since Aura's previous Technical Report (2021) due to production costs, the following strategic actions are suggested for the Project: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Review the future expansion projects to check their viability in a potentially reduced mineral inventory scenario.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Continue to track operating costs closely and assess the main cost levelers to investigate possible opportunities to avoid an additional
cut-off grade raise.

23.3 Mineral Processing

1 Process plant is not achieving design throughput. Review operating ore characteristics to determine if the grinding circuit, which is a converted single-stage SAG mill, is a bottleneck to mineral processing.

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| 23-1 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

2 Review primary grind size data to understand why the tails grade is increasing, resulting in lower gold recovery.

3 Conduct mineralogical analysis of the plant feed and tails to troubleshoot lower gold recoveries.

23.4 Infrastructure

1 Regularly review the required infrastructure on the site, in consideration of future expansion projects.

2 Monitor the Brazilian energy market, as costs are forecasted to increase.

3 Advance the study of the TSF to the detailed design phase.

23.5 Environmental and Social Aspects

1 Continue with permitting of the Cata Funda and Vira Saia pits, and apply for an amendment to the permitted water discharge rate as appropriate.

2 Formalize management systems for the environmental and social aspects of the Project to incorporate a full "Plan-Do-Check-Act" cycle, common to international management system standards.

3 Continue active community engagement to address any concerns that arise due to the close proximity of Cata Funda to the community of Almas.

23.6 Capital and Operating Costs

1 Enhance cost tracking and financial planning by monitoring real-time expenditures, periodic cost benchmarking against peer operations, and updating sensitivity analyses for gold price scenarios to ensure economic resilience.

2 Ensure capital and operating expenditures remain aligned with the size of the operation and reserve numbers, avoiding overcapitalization.

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| 23-2 | ![](ex9604_108.jpg) |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

24.0 References

Almeida, F.F.M. 1967. Origem e evolução da Plataforma Brasileira. Rio de Janeiro, DNPM/DGM, Bol. 241, 36 p.

Almeida, F.F.M. 1977. O Cráton do São Francisco. *Rev. Bras. Geoc*., **7**(4):349-364.

Almeida, F.F.M., Hasui Y., Brito Neves B.B., and Fuck R.A. 1981*. Brazilian structural provinces: an introduction*. *Earth-Sci. Reviews*, **17**:1-21.

Almeida, F.F.M., Brito Neves, B.B., and Carneiro, C.D.R. 2000. *The origin and evolution of the South American Platform. Earth-Sci. Reviews*, **50**:77-111.

Alvarez, M.C.A. 2007. Mineralização de ouro do terreno Almas-Dianópolis, TO: guias de exploração mineral. Dissertação de Mestrado, Instituto de Geociências, Universidade de Brasília, 78 p.

Aura Minerals Inc. 2021. Updated Feasibility Study Technical Report (NI 43-101) for the Almas Gold Project, Almas Municipality, Tocantins, Brazil.

Borges, M. S. 1993. Evolução tectonoestrutural da região de Dianópolis-Almas, SE do estado de Tocantins. Tese (Doutorado em Geologia e Geoquímica) - Centro de Geociências, Universidade Federal do Pará, Belém, 365 p.

Borges, Mauricio da Silva; Costa, João Batista Sena; Hasui, Yociteru. 1999. A estruturação da sequência metavulcano-sedimentar de Almas-Dianópolis, sudeste de Tocantins. Anais da Academia Brasileira de Ciências, Rio de Janeiro, v. 71, n. 4, pp. 697-716.

Brito Neves, B.B., Campos Neto, M.C. & Fuck, R.A. 1999. *From Rondinia to Western Gondwana: an approach to the Brasilian-Pan African Cycle and orogenic collage. Episodes*, 22:155-166.

BVP Engenharia, Avaliação Geotécnica Qualitativa e Proposição de Geometrias Preliminares para a Cava Vira Saia - Rio Novo Mineração, February, 2012.

Campos, J.E.G., and Dardenne, M.A. 1997. Estratigrafia e sedimentação da Bacia Sanfranciscana: uma revisão. *Rev. Bras. Geoc*., **27**(3):269-282.

CIM. 2019. CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines, adopted by the CIM Council on November 29, 2019.

Costa et al. 1976. Projeto Leste do Tocantins / Oeste do Rio São Francisco – LETOS. Relatório Final. Rio de Janeiro: Prospec S/A, 1976. Convênio DNPM/CPRM, v.1a

Coteprom Mineral Consultancy and Advisory Services Ltda – test work summary tables

Cruz, E. L. C. C. 1993. Geologia e mineralizações auríferas do Terreno Granitóide-Greenstone de Almas-Dianópolis, Tocantins. Dissertação (Mestrado) - Instituto de Geociências, Universidade de Brasília, Brasília, 152 p.

Cruz, E.L.C.C. 2001. A gênese e o contexto tectônico da mina Córrego Paiol: um depósito de ouro hospedado em anfibolito do embasamento da Faixa de Dobramentos Brasília. Tese Doutorado, Instituto de Geociências, Universidade Brasília, Brasília, 183 pp

Cruz, E.L.C.C., and Kuyumjiam, R.M. 1998. The geology and tectonic evolution of the tocantins granitegreenstone terrane: almas-dianópolis region, Tocantins state, central brasil. Rev. Bras.Geoc., 28(2):173-182.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

Cruz, E.L.C.C., and Kuyumjian, R.M. 1999. Mineralizações auríferas filoneanas do Terreno granitogreenstone do Tocantins. Revista Brasileira de Geociências , v. 29, p. 291-298.

Cruz, E.L.C.C., and Kuyumjiam, R.M. 2006. Geochronology, isotopic signature and metallogenetic model for the Córrego do Paiol gold deposit, Tocantins state, central brazil. Revista Brasileira de Geociencias,36(1-suplemento):152-156.

Cruz, E.L.C.C.; Kuyumjiam, R.M.; Boaventura G.R. 2003. Low-k calc-alkaline granitic series of southeastern Tocantins state: chemical evidence for two sources for the granite-gneissic complexes in the paleoproterozoic Almas-Dianópolis terrane. Revista Brasileira de Geociencias., 33(2):125-136.

Danni, José Caruso Moresco; Teixeira, Noevaldo Araújo. 1981. Características e sistematização das associações de rochas máficas e ultramáficas pré-cambrianas do estado de Goiás. In: SIMPOSIO DE GEOLOGIA DO CENTRO-OESTE, 1., 25-31 out. 1981, Goiânia. Ata […]. Goiânia: SBG Núcleos Centro-Oeste e Brasília, 1981. p. 376-403.

Dardenne, M.A. 1978. Síntese sobre a estratigrafia do Grupo Bambuí no Brasil Central. *In*: SBG 30° Cong. Bras. Geol., Anais, v.2, p. 597-602.

Dardenne, M.A. 2000. *The Brasilia fold belt*. *In*: U.G. Cordani, E. G. Milani, A. Thomaz Filho e D.A. Campos (eds.) *Tectonic evolution of South America 31st International Geological Congress,* Rio de Janeiro, p. 231-263.

Ferrari, M.A.D., and Choudhuri A. 2000. Chemical and structural constraints on the Paiol gold deposit, Almas Greenstone Belt, Brazil. Rev. Bras. Geoc., 30(3):297-301.

Ferrari, M.A.D., and Choudhuri A. 2004. Structural controls on gold mineralization and the nature of related fluids of the Paiol gold deposit, Almas greenstone belt, Brazil. Ore geology reviews, 24:173-197.

FLSmidth. 2020a. Solid/Liquid Separation Report – Report Number RTE522/20, Aura Minerals Almas Project, Settling and Rheology of Ore Samples, Brazil, July 8, 2020.

FLSmidth. 2020b. Gravity Separation Report – Report Number 200903-CA- 1600, Gravity Audit Modelling Report, Aura Minerals, Almas Project, September 3, 2020.

Fonseca, M.A. 1996. Estilos estruturais e arcabouço tectônico do segmento setentrional da Faixa Brasília. Tese de Doutorado, IG/UnB, 172 p.

Fuck, R.A., Jardim de Sá, E.F., Pimentel, M.M., Dardenne, M.A. and Pedrosa-Soares, A.C. 1993. As faixas de dobramentos marginais do Cráton de São Francisco: síntese dos conhecimentos. *In*: *O Cráton do São Francisco*. Dominguez, J.M.L. and Misi, A., (Eds). SBG/SGM/CNPq, Salvador, p. 165-181.

Fuck, R.A., Pimentel, M.M.& Silva, D.H.D. 1994. Compartimentação tectônica da porção oriental da Província Tocantins. *In*: SBG, 38° Cong. Bras. Geol., Anais, 1, p. 215-216.

Fundação Luis Englert – FLE, Avaliação dos documentos relativos ao assunto geotécnico egeomecânico do projeto Almas – TO, empresa Rio Novo Mineração, Porto Alegre, May 07, 2012.

GeoSafe. 2024. Mensal de Acompanhamento Simplificado (EOR) – Barragem de Almas El.378,5m – Novembro de 2024 (Simplified Monthly Monitoring Report (EOR) – Almas Dam El.378.5m – November, 2024). Consultant's report no. AUR-GSF005C-0063.1-RT-008 prepared for Aura Minerals by GeoSafe Engenharia, November 2024.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

Ghazanfari, F., Hennessey, B. T., Pignatari, L., Raponi, T. R., Dymov, I., Rodriguez, P. C., and Wheeler, A. 2021. Updated Feasibility Study Technical Report (NI 43-101) for the Almas Gold Project, Almas Municipality, Tocantins, Brazil. Prepared for Aura Minerals. March 10, 2021.

Hasui, Yociteru; Tassinari, Colombo C. G.; Siga Junior, Oswaldo; Teixeira, Wilson; Almeida, Fernando F. M. de; Kawashita, Koji. 1980. Datações Rb-Sr e K-Ar no centro-norte do Brasil e seu significado geológico-geotectônico. In: CONGRESSO BRASILEIRO DE GEOLOGIA, 31., Balneário de Camboriú, SC. Anais [...].Balneário de Camboriú, SC: SBG, 1980. p. 669-676.

ICMBio. 2014. Plano de Manejo, Estação Ecológica Serra Geral do Tocantins. Instituto Chico Mendes de Conservação da Biodiversidade (ICMBio). Brasília, 2014. Available at <u>https://www.gov.br/icmbio/pt-br/assuntos/biodiversidade/unidade-de-conservacao/unidades-de-biomas/cerrado/lista-de-ucs/esec-serra-geral-do-tocantins</u>.

King, L. C. A. 1956. Geomorfologia do Brasil Oriental. Revista Brasileira de Geografia, Rio de Janeiro, v. 18, pp. 147-254.

Kuyumjian, R.M., and Araújo Filho, J.O. 2005. Depósitos e ocorrências de ouro no terreno arqueanopaleoproterozoico de Almas-Dianópolis (TO): evidências da importância metalogenética do evento 55 Brasiliano. Rev. Bras. Geoc., 35(4):611-614.

Kuyumjian, R.M.; Cruz, E.L.C.C.; Araújo Filho, J.O.; Moura, M.A.; Guimarães, E.M.; Pereira, K.M.S. 2012. Geologia e ocorrências de ouro do Terreno Granito-Greenstone do Tocantins, TO: síntese do conhecimento e parâmetros para exploração mineral. Revista Brasileira de Geociências 42 (1), 213-228.

Mantovani, M.S.M. and Brito Neves, B.B. 2005. *The Paranapanema lithospheric block: its importance for proterozoic (Rodinia, Gondwana) supercontinente theories. Gondwana Research*, **103**:147-173.

MDGEO. 2024. Estudo Geológico para Rebaixamento da Mina Paiol- Aura Mining (Almas- To). Consultant's report prepared for Aura Minerals by MDGEO. June, 2022.

MEEA. 2022. Plano de Fechamento de Mina. Processos ANM Nº 860.128/1983 e 862.224/1980. Consultant's report prepared for Aura Minerals by Mineral Engenharia e Meio Ambiente. Rev02. November, 2022.

Metso:Outotec – Comminution tests report, October 26, 2020

MinPro Solutions - Comminution Process Simulation – Report Aura 01-20, Rev 0 03, September 2020

Pimentel, M.M, Fuck, R.A., Jost, H., Ferreira Filho, C.F & Araújo, S.M. 2000. *The basement of the Brasília fold belt and the Goiás Magmatic Arc*. *In*: U.G. Cordani, E. G. Milani, A. Thomaz Filho e D.A. Campos (eds.) *Tectonic evolution of South America 31st International Geological Congress,* Rio de Janeiro, p. 195-229.

Ramsay, J.G. (Eds.) 1967. *Folding and Fraturing of Rocks.* McGraw-Hill Book Company, New York, 568 p.

Runge Pincock Minarco (RPM). 2016. Updated Feasibility Study Technical Report for the Almas Project Almas Municipality, Tocantins State, Brazil. Prepared for Rio Novo. August 9, 2016.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

Sabóia, A. M., and Meneghini, P. F. V. 2019. Geoogia e Recursos Minerais da Folha Dianópolis - SC.23-Y-C: Escala 1:250.000, Projeto Sudeste do Tocantins, estado do Tocantins, CPRM.

Sgarbi, G.N.C., Sgarbi P.B.A., Campos, J.E.G., Dardenne, MA. & Penha U.C. 2001. Bacia Sanfranciscana: O registro fanerozóico da Bacia do São Francisco. *In*: Pinto, C.P. & Martins-Neto, M.A. (Eds.) Bacia do São Francisco: Geologia e Recursos Naturais, SBG/MG, pp. 93-138.

SGS Geosol laboratory. 2019. Metallurgical study report- Project 3965- 1801- Final Report- Gravity Separation, Flotation and Leaching Test work on Gold Ore Samples from the Almas Deposit, prepared for Aura Minerals. September 20, 2019.

SGS Geosol laboratory - certificates of chemical analysis

SGS Minerals Services, Lakefield. 2019. Mineralogy study report - Project 17013-01, MI5030-OCT 18 – Final Report – An Investigation by High Definition Mineralogy into the Mineralogical Characteristics of Nine Composite Samples from the Almas and Matupa Gold Projects, Brazil, prepared for Aura Minerals. February 7, 2019.

SGS Minerals Services, Lakefield. 2018. Trip Report Summary, SGS Geosol laboratory (on-site) – Project 17029- 01A, prepared for Aura Minerals. October 17, 2018.

Testwork Process Development Laboratory – test work results and test details

Trompette R.R. 1994. *Geology of Western Gondwana (2000-500 Ma). Pan-African-Brasiliano aggregation of South America and Africa*. A.A. Balkema, Rotterdam.

Unrug, R. 1996. *The assembly of Gondowanaland. Episodes*, **19**(1/2):11-20.

US Securities and Exchange Commission. 2018. Regulation S-K, Subpart 229.1300, Item 1300 Disclosure by Registrants Engaged in Mining Operations and Item 601 (b)(96) Technical Report Summary.

Valeriano, C.M., Dardenne M.A., Fonseca, M.A., Simões, L.S.A. & Seer, H.J. 2004. A Evolução Tectônica da Faixa Brasília. *In*: Mantesso Neto, V., Bartorelli, A., Carneiro, C.D.R. & Brito Neves B.B. (Eds). *Geologia do Continente Sul-Americano – Evolução da obra de Fernando Flávio Marques de Almeida*. Beca, São Paulo, pp. 575-592.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

25.0 Reliance on Information Provided by the Registrant

This TRS has been prepared by SLR for Aura. The information, conclusions, opinions, and estimates contained herein are based on:

&nbsp;&nbsp;&nbsp;&nbsp;· Information available to SLR at the time of preparation of this TRS.

&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions, conditions, and qualifications as set forth in this TRS.

&nbsp;&nbsp;&nbsp;&nbsp;· Data, reports, and other information supplied by Aura.

For the purpose of this TRS, SLR has relied on ownership information provided by Aura in a legal opinion by Rodrigo Velazquez Rosales entitled Head of Legal (North America) and Head of Compliance, dated March 2025. SLR has not researched property title or mineral rights for the Almas as we consider it reasonable to rely on Aura's legal counsel, who is responsible for maintaining this information.

SLR has relied on Aura for guidance on applicable taxes, royalties, and other government levies or interests applicable to revenue or income from Almas in the Executive Summary and Section 19. As Almas has been in operation, Aura Minerals has experience in this area.

The Qualified Persons have taken all appropriate steps, in their professional opinion, to ensure that the above information from Aura is sound.

Except as provided by applicable laws, any use of this TRS by any third party is at that party's sole risk.

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

26.0 Date and Signature Page

This report titled "S-K 1300 Technical Report Summary for the Almas Project, Tocantins State, Brazil" with an effective date of December 31, 2024 was prepared and signed by:

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|  | /s/ SLR Consulting (Canada) Ltd. |
| Dated at Toronto, ON |  |
| April 10, 2025 | SLR Consulting (Canada) Ltd. |

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<u> Aura Minerals Inc. \| Almas ProjectS-K 1300 Technical Report Summary</u> <u> April 10, 2025SLR Project No.: 233.065242.00004</u>

![](ex9604_107.jpg)

## Exhibit 96.7

**Exhibit 96.7**

![](ex9607_001.jpg)

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| ![](ex9607_107.jpg) | Page i |

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| &nbsp;&nbsp;**SK-1300 Technical Report Summary, Initial Assessment on the Era Dorada Gold Project,**<br> **Jutiapa, Guatemala** | &nbsp;&nbsp;**SK-1300 Technical Report Summary, Initial Assessment on the Era Dorada Gold Project,**<br> **Jutiapa, Guatemala** |
| **GE21 Project No.**: | &nbsp;&nbsp;250410 |
| &nbsp;&nbsp;**Effective date:** | &nbsp;&nbsp;December 31, 2024 |
| &nbsp;&nbsp;**Issue date:** | &nbsp;&nbsp;June 6, 2025 |
| &nbsp;&nbsp;**Version:** | &nbsp;&nbsp;Initial Issue |
| &nbsp;&nbsp;**Work directory:** | &nbsp;&nbsp;S:\Projetos\Aura\250410-InitAss-Cerro-Blanco |
| &nbsp;&nbsp;**Copies:** | &nbsp;&nbsp;Aura Minerals Inc. |
| &nbsp;&nbsp;**Copies:** | &nbsp;&nbsp;GE21 Consultoria Mineral Ltda. |

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|:---|:---|:---|:---|
| **Review** | **Description** | **Author(s)** | **Date** |

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Aura Minerals Inc. \| Era Dorada Gold ProjectSK-1300 Technical Report Summary – Initial Assessment June, 2025

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| ![](ex9607_107.jpg) | Page ii |

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**DATe and signature**

This report, entitled "SK-1300 Technical Report Summary, Initial Assessment on the Era Dorada Gold Project, Jutiapa, Guatemala", having an effective date of December 31, 2024, was prepared by GE21 Consultoria Mineral Ltda. on behalf of Aura Minerals Inc., and signed.

Dated at Belo Horizonte, Brazil, on June 6, 2025.

**/s/ Porfirio Cabaleiro Rodriguez**

**Porfirio Cabaleiro Rodriguez**

**/s/ Homero Delboni**

**Homero Delboni**

**/s/ Garth Kirkham**

**Garth Kirkham**

Aura Minerals Inc. \| Era Dorada Gold ProjectSK-1300 Technical Report Summary – Initial Assessment June, 2025

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| ![](ex9607_107.jpg) | Page iii |

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**NOTICE**

GE21 Consultoria Mineral Ltda. prepared this Technical Report Summary, in accordance with S-K 1300 guidelines, for Aura Minerals Inc. The quality of information, conclusions and estimates contained herein is based on: (i) information available at the time of preparation; (ii) data supplied by outside sources, and (iii) the assumptions, conditions, and qualifications set forth in this report.

The Report is prepared in accordance with guidelines for mining property disclosure requirements provided in United States Securities and Exchange Commission (SEC) Regulation S-K, Subpart 1300 [S-K 1300]. Except for the purposes legislated under securities law, any other use of this report by any third party is at that party's sole risk.

Before this report, this deposit was named "Cerro Blanco." Aura Minerals Inc. has renamed it to "Era Dorada". Therefore, all previous studies that were used as the basis for information in this report refer to the former name Cerro Blanco.

Aura Minerals Inc. \| Era Dorada Gold ProjectSK-1300 Technical Report Summary – Initial Assessment June, 2025

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| ![](ex9607_107.jpg) | Page iv |

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**UNITS, SYMBOLS, AND ABBREVIATIONS**

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|:---|:---|
| **Units and Symbols** | **Units and Symbols** |
| % | percentage |
| " | inche |
| °C | Celsius |
| Au | gold |
| Au g/t | grams of gold per tonne |
| CDN$ | Canadian dollars |
| cm | centimetre |
| E | east |
| g/m | Gallon per Minute |
| g/t | grams per tonne |
| Ga | gigaannum |
| Ha | hectare(s) |
| hp | horse power |
| hr | hour |
| k | thousand |
| k$ | thousands of dollar |
| kg | kilogram |
| km | kilometre |
| kt | thousands of tonnes |
| kV | kilovolt |
| l | litre |
| m | metre |
| M | million |
| m³/h | cubic metre per hour |
| mg | milligram |
| Mt | million tonnes |
| Mtpa | million tonnes per annum |
| NE | northeast |
| NW | northwest |
| Oz | ounce |
| t/h | tonnes per hour |
| tpd | tonnes per day |
| USD | United States dollar ($) |
| V | volts |
| w/v | weight by volume |

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|:---|:---|
| **Abbreviations** | **Abbreviations** |
| 3D | Three Dimensional |
| AA | Atomic Absorption |
| AARL | Anglo American Research Laboratories |
| AHD | Average Hauling Distance |
| AI | Abrasion Index |
| AMPRD | Absolute Mean Paired Relative Difference |
| ANM | National Mining Agency of Brazil |
| ASL | Above Sea Level |
| BWI - | Bond Work Index |
| CA | Certificate of Authorization |
| CFEM | Financial Compensation for Exploitation of Mineral Resources |
| CFR | Code of Federal Regulations |
| CoG | Cut-off Grade |
| CRM | Certified Reference Material |
| Cum | Cumulative |
| DDH | Diamond Drill Hole |

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Aura Minerals Inc. \| Era Dorada Gold ProjectSK-1300 Technical Report Summary – Initial Assessment June, 2025

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|:---|:---|
| **Abbreviations** | **Abbreviations** |
| DGPS | Differential Global Positioning System |
| DWT | Drop Weight Test |
| EIA | Environmental Impact Assessment |
| Esp | Sphalerite |
| FA | Fire Assay |
| FS | Feasibility Study |
| GE21 | GE21 Consultoria Mineral Ltda. |
| GPS | Global Positioning System |
| GRG | Gravity Recoverable Gold Tests |
| IBGE | Brazilian Institute of Geography and Statistics |
| ICU | Intensive Cyanidation Unity |
| IRR | Internal Rate of Return |
| JV | Joint Venture |
| LOM | Life of Mine |
| LP | Preliminary License |
| NPV | Net Present Value |
| NSR | Net Smelter Revenue |
| P<sub>80</sub> | Passing 80% |
| QA/QC | Quality Assurance and Quality Control |
| QP | Qualified Person |
| ROM | Run of Mine |
| SEC | Securities and Exchange Commission |
| SPI | SAG power index and |
| SR | Stripping Ratio |

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Aura Minerals Inc. \| Era Dorada Gold ProjectSK-1300 Technical Report Summary – Initial Assessment June, 2025

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| ![](ex9607_107.jpg) | Page vi |

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**TABLE OF CONTENTS**

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|:---|:---|:---|:---|
| 1 | EXECUTIVE SUMMARY | EXECUTIVE SUMMARY | 1 |
|  | 1.1 | Introduction | 1 |
|  | 1.2 | Reliance and Other Experts | 1 |
|  | 1.3 | Property Description and Location | 2 |
|  | 1.4 | Accessibility, Climate, Local Resources, Infrastructure, Physiography and Socio-Economic Context | 2 |
|  | 1.5 | History | 3 |
|  | 1.6 | Exploration | 4 |
|  | 1.7 | Sample Preparation & Data Verification | 5 |
|  | 1.8 | Mineral Processing and Metallurgical Testing | 5 |
|  | 1.9 | Mineral Resource Estimate | 6 |
|  | &nbsp;&nbsp;&nbsp;1.9.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Methodology | 6 |
|  | 1.10 | Mineral Reserve Estimate | 7 |
|  | 1.13 | Mining Methods | 8 |
|  | 1.14 | Process and Recovery Methods | 8 |
|  | 1.15 | Infrastructure | 9 |
|  | 1.16 | Market Studies | 12 |
|  | 1.17 | Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups | 12 |
|  | &nbsp;&nbsp;&nbsp;1.17.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduction | 12 |
|  | &nbsp;&nbsp;&nbsp;1.17.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Management and Permitting | 12 |
|  | &nbsp;&nbsp;&nbsp;1.17.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Management | 12 |
|  | &nbsp;&nbsp;&nbsp;1.17.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Rock and Tailings Management | 13 |
|  | &nbsp;&nbsp;&nbsp;1.17.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flora and Fauna | 13 |
|  | &nbsp;&nbsp;&nbsp;1.17.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cultural and Archeological Resources | 13 |
|  | &nbsp;&nbsp;&nbsp;1.17.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Monitoring | 13 |
|  | &nbsp;&nbsp;&nbsp;1.17.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Management Plan | 13 |
|  | &nbsp;&nbsp;&nbsp;1.17.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Social Management | 13 |
|  | &nbsp;&nbsp;&nbsp;1.17.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Closure | 14 |

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Aura Minerals Inc. \| Era Dorada Gold ProjectSK-1300 Technical Report Summary – Initial Assessment June, 2025

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|:---|:---|:---|:---|
|  | 1.18 | Capital and Operating Costs | 14 |
|  | 1.19 | Economic Analysis | 15 |
|  | 1.20 | Conclusions | 16 |
|  | &nbsp;&nbsp;&nbsp;1.20.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks | 16 |
|  | 1.21 | Recommendations | 17 |
| 2.0 | INTRODUCTION | INTRODUCTION | 19 |
|  | 2.1 | Qualified Persons | 20 |
|  | 2.2 | Site Visits and Scope of Personal Inspection | 21 |
|  | 2.3 | Effective Date and Sources of Information | 21 |
| 3.0 | PROPERTY DESCRIPTION | PROPERTY DESCRIPTION | 23 |
|  | 3.1 | Property Location | 23 |
|  | 3.2 | Property Description and Tenure | 24 |
|  | 3.3 | Royalties | 26 |
|  | 3.4 | Environmental | 26 |
| 4.0 | ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY | ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY | 27 |
|  | 4.1 | Access | 27 |
|  | 4.2 | Climate | 27 |
|  | 4.3 | Physiography | 28 |
|  | 4.4 | Local Resources & Infrastructure | 29 |
| 5.0 | HISTORY | HISTORY | 31 |
|  | 5.1 | Data Validation History | 32 |
|  | 5.2 | Historic Resources | 34 |
|  | 5.3 | Historic Reserves | 36 |
| 6.0 | GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT | GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT | 38 |
|  | 6.1 | Introduction | 38 |
|  | 6.2 | Regional Geology of Southern Guatemala | 38 |
|  | 6.3 | Local Geology | 41 |
|  | &nbsp;&nbsp;&nbsp;6.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithology | 42 |
|  | &nbsp;&nbsp;&nbsp;6.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Structure | 48 |

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Aura Minerals Inc. \| Era Dorada Gold ProjectSK-1300 Technical Report Summary – Initial Assessment June, 2025

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|  | 6.4 | Deposit Geology | 56 |
|  | 6.5 | Deposit Type | 56 |
|  | 6.6 | Era Dorada Deposit Geology | 59 |
|  | 6.7 | Mineralization | 59 |
|  | &nbsp;&nbsp;&nbsp;6.7.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vein Zones | 60 |
|  | &nbsp;&nbsp;&nbsp;6.7.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disseminated Mineralization | 64 |
|  | &nbsp;&nbsp;&nbsp;6.7.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydrothermal Alteration | 65 |
| 7.0 | EXPLORATION | EXPLORATION | 68 |
|  | 7.1 | Goldcorp & Glamis Drilling (Pre-2017) | 70 |
|  | 7.2 | Data Validation | 71 |
|  | 7.3 | Bluestone Drilling (2017-2021) | 73 |
|  | 7.4 | Significant Assay Results | 74 |
| 8.0 | SAMPLE PREPARATION, ANALYSES AND SECURITY | SAMPLE PREPARATION, ANALYSES AND SECURITY | 78 |
|  | 8.1 | Sampling Method & Approach | 78 |
|  | &nbsp;&nbsp;&nbsp;8.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sampling Preparation, Analyses & Security (prior to November 2006) | 78 |
|  | &nbsp;&nbsp;&nbsp;8.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sample Preparation, Analyses & Security (Goldcorp 2010 through 2012) | 79 |
|  | &nbsp;&nbsp;&nbsp;8.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sampling Preparation, Analyses & Security (Bluestone 2017 to 2021) | 80 |
|  | 8.2 | Quality Assurance & Quality Control | 83 |
|  | &nbsp;&nbsp;&nbsp;8.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QA/QC Performance & Discussion for Samples prior to 2017 | 83 |
|  | &nbsp;&nbsp;&nbsp;8.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QA/QC Performance & Discussion of Results (Bluestone 2017 to 2021) | 84 |
| 9.0 | DATA VERIFICATION | DATA VERIFICATION | 88 |
|  | 9.1 | Geology, Drilling & Assaying | 88 |
| 10.0 | MINERAL PROCESSING AND METALLURGICAL TESTING | MINERAL PROCESSING AND METALLURGICAL TESTING | 90 |
|  | 10.1 | Introduction | 90 |
|  | 10.2 | Selected Testworks | 91 |
|  | &nbsp;&nbsp;&nbsp;10.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KCA (2012) – Leach Tests | 91 |
|  | &nbsp;&nbsp;&nbsp;10.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips Enterprises (2011) – Comminution Tests | 91 |
|  | &nbsp;&nbsp;&nbsp;10.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pocock Industrial (2011) – Solid / Liquid Separation Tests | 92 |
|  | &nbsp;&nbsp;&nbsp;10.2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BaseMet (2018) – Chemical Assays | 92 |
|  | &nbsp;&nbsp;&nbsp;10.2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BaseMet (2018) – Gravity Concentration | 93 |

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|  | &nbsp;&nbsp;&nbsp;10.2.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BaseMet (2018) – Leach Tests | 93 |
|  | &nbsp;&nbsp;&nbsp;10.2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BaseMet (2018) – Cyanide Destruction Tests | 96 |
|  | 10.3 | Summary and Conclusions | 97 |
| 11.0 | MINERAL RESOURCE ESTIMATES | MINERAL RESOURCE ESTIMATES | 99 |
|  | 11.1 | Introduction | 99 |
|  | 11.2 | Data | 100 |
|  | 11.3 | Data Analysis | 101 |
|  | 11.4 | Geology & Domain Model | 105 |
|  | 11.5 | Composites | 108 |
|  | &nbsp;&nbsp;&nbsp;11.5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High-Grade Composite Analysis | 111 |
|  | &nbsp;&nbsp;&nbsp;11.5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low-Grade Composite Analysis | 114 |
|  | 11.6 | Evaluation of Outlier Assay Values | 117 |
|  | 11.7 | Specific Gravity Estimation | 120 |
|  | 11.8 | Variography | 121 |
|  | 11.9 | Block Model Definition | 124 |
|  | 11.10 | Resource Estimation Methodology | 125 |
|  | 11.11 | Mineral Resource Classification | 126 |
|  | 11.12 | Stockpile Resources | 128 |
|  | 11.13 | Mineral Resource Estimate | 130 |
|  | 11.14 | Sensitivity of the Block Model to Selection Cut-off Grade | 136 |
|  | 11.15 | Resource Validation | 137 |
|  | 11.16 | Discussion with Respect to Potential Material Risks to the Resources | 137 |
| 12.0 | MINERAL RESERVE ESTIMATES | MINERAL RESERVE ESTIMATES | 138 |
| 13.0 | MINING METHODS | MINING METHODS | 139 |
|  | 13.1 | Introduction | 139 |
|  | 13.2 | Deposit Characteristics | 139 |
|  | 13.3 | Geotechnical Analysis and Recommendations | 140 |
|  | &nbsp;&nbsp;&nbsp;13.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rock Mass Characterization | 140 |
|  | &nbsp;&nbsp;&nbsp;13.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geotechnical Domains and Rock Mass Properties | 140 |
|  | &nbsp;&nbsp;&nbsp;13.3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-situ Stresses | 143 |

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|  | &nbsp;&nbsp;&nbsp;13.3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empirical Stope Design Analysis | 144 |
|  | &nbsp;&nbsp;&nbsp;13.3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimates of Unplanned Dilution | 144 |
|  | &nbsp;&nbsp;&nbsp;13.3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Backfill Strength Requirements | 145 |
|  | &nbsp;&nbsp;&nbsp;13.3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ground Support | 146 |
|  | 13.4 | Hydrogeology Analysis and Recommendations | 147 |
|  | &nbsp;&nbsp;&nbsp;13.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evaluation of Dewatering Rates and Number of Locations | 148 |
|  | &nbsp;&nbsp;&nbsp;13.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Injection Wells | 154 |
|  | 13.5 | Mining Methods | 156 |
|  | &nbsp;&nbsp;&nbsp;13.5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Longhole Mining | 156 |
|  | &nbsp;&nbsp;&nbsp;13.5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mechanized Cut-and-Fill | 158 |
|  | 13.6 | Mine Design | 159 |
|  | &nbsp;&nbsp;&nbsp;13.6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Design and Optimization | 159 |
|  | &nbsp;&nbsp;&nbsp;13.6.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access | 161 |
|  | &nbsp;&nbsp;&nbsp;13.6.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development Types | 161 |
|  | 13.7 | Mine Services | 164 |
|  | &nbsp;&nbsp;&nbsp;13.7.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Ventilation | 164 |
|  | &nbsp;&nbsp;&nbsp;13.7.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Supply | 165 |
|  | &nbsp;&nbsp;&nbsp;13.7.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dewatering | 165 |
|  | 13.8 | Unit Operations | 166 |
|  | &nbsp;&nbsp;&nbsp;13.8.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drilling | 166 |
|  | &nbsp;&nbsp;&nbsp;13.8.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blasting | 166 |
|  | &nbsp;&nbsp;&nbsp;13.8.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ground Support | 166 |
|  | &nbsp;&nbsp;&nbsp;13.8.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mucking | 167 |
|  | &nbsp;&nbsp;&nbsp;13.8.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hauling | 167 |
|  | &nbsp;&nbsp;&nbsp;13.8.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Backfill | 167 |
|  | 13.9 | Mine Equipment | 167 |
|  | 13.10 | Mine Personnel | 168 |
|  | 13.11 | Mine Production Schedule | 169 |
| 14.0 | PROCESSING AND RECOVERY METHODS | PROCESSING AND RECOVERY METHODS | 172 |
|  | 14.1 | Description of the Process Plant | 172 |

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Aura Minerals Inc. \| Era Dorada Gold ProjectSK-1300 Technical Report Summary – Initial Assessment June, 2025

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|  | 14.2 | Design Criteria | 173 |
|  | 14.3 | Process Plant Description | 174 |
|  | &nbsp;&nbsp;&nbsp;14.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crushing | 174 |
|  | &nbsp;&nbsp;&nbsp;14.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grinding | 174 |
|  | &nbsp;&nbsp;&nbsp;14.3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gravity Concentration and Intensive Leaching | 174 |
|  | &nbsp;&nbsp;&nbsp;14.3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Leach Thickening | 175 |
|  | &nbsp;&nbsp;&nbsp;14.3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Oxidation | 175 |
|  | &nbsp;&nbsp;&nbsp;14.3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leaching | 175 |
|  | &nbsp;&nbsp;&nbsp;14.3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carbon in Pulp – CIP | 175 |
|  | &nbsp;&nbsp;&nbsp;14.3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carbon Acid Wash, Elution and Regeneration (Carbon Processing) | 176 |
|  | &nbsp;&nbsp;&nbsp;14.3.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrowinning and Refining | 177 |
|  | &nbsp;&nbsp;&nbsp;14.3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyanide Destruction | 177 |
|  | &nbsp;&nbsp;&nbsp;14.3.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tailing Thickening and Filtering Circuit | 177 |
|  | 14.4 | Reagent Handling, Storage and Preparation System | 177 |
|  | 14.5 | Utilities and Water | 178 |
|  | &nbsp;&nbsp;&nbsp;14.5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Supply / Oxygen | 178 |
|  | &nbsp;&nbsp;&nbsp;14.5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Supply | 179 |
| 15.0 | INFRASTRUCTURE | INFRASTRUCTURE | 180 |
|  | 15.1 | General | 180 |
|  | 15.2 | General Site Layout | 180 |
|  | 15.3 | Site Access Road | 182 |
|  | 15.4 | Security | 182 |
|  | 15.5 | Power Supply and Distribution | 183 |
|  | &nbsp;&nbsp;&nbsp;15.5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emergency Power | 183 |
|  | &nbsp;&nbsp;&nbsp;15.5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Power | 183 |
|  | 15.6 | Process Plant | 183 |
|  | 15.7 | Dewatering and Reinjection | 184 |
|  | 15.8 | Truck shop, Warehouse, Mine Dry and Administration Buildings | 184 |
|  | 15.9 | On-Site Water Tanks | 184 |
|  | 15.10 | Bulk Fuel Storage and Delivery | 185 |

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|  | 15.11 | Haul Roads | 185 |
|  | 15.12 | Communications / IT | 185 |
|  | 15.13 | First Aid / Emergency Services | 185 |
|  | 15.14 | Explosives Storage and Magazines | 186 |
|  | 15.15 | Sewage Treatment | 186 |
|  | 15.16 | Surface Water Management | 186 |
|  | 15.17 | Fresh Water Supply | 187 |
|  | 15.18 | Water Treatment Infrastructure | 187 |
|  | 15.19 | Tailings Management Facility | 188 |
|  | &nbsp;&nbsp;&nbsp;15.19.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drystack Tailings Facility | 188 |
|  | &nbsp;&nbsp;&nbsp;15.19.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsurface Preparation | 189 |
|  | &nbsp;&nbsp;&nbsp;15.19.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seepage Collection System | 189 |
|  | 15.20 | Waste Rock Facility | 190 |
| 16 | MARKET STUDIES | MARKET STUDIES | 192 |
|  | 16.1 | Gold Market | 192 |
|  | &nbsp;&nbsp;&nbsp;16.1.1 | Gold Price | 192 |
|  | 16.2 | Silver Market | 192 |
|  | &nbsp;&nbsp;&nbsp;16.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Price | 193 |
| 17 | ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS | ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS | 194 |
|  | 17.1 | Introduction | 194 |
|  | 17.2 | Environmental Impact Assessment and Permitting | 194 |
|  | &nbsp;&nbsp;&nbsp;17.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EIA Areas of Influence | 194 |
|  | &nbsp;&nbsp;&nbsp;17.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permitting | 195 |
|  | 17.3 | Water Resources | 196 |
|  | &nbsp;&nbsp;&nbsp;17.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Quality | 196 |
|  | &nbsp;&nbsp;&nbsp;17.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Management | 197 |
|  | 17.4 | Waste Rock and Tailings Management | 197 |
|  | &nbsp;&nbsp;&nbsp;17.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Rock | 197 |
|  | &nbsp;&nbsp;&nbsp;17.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tailings | 197 |

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|  | &nbsp;&nbsp;&nbsp;17.4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geochemistry Testwork | 198 |
|  | 17.5 | Solid Waste Management | 199 |
|  | &nbsp;&nbsp;&nbsp;17.5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Hazardous Solid Waste | 199 |
|  | &nbsp;&nbsp;&nbsp;17.5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solid Hazardous Waste | 199 |
|  | 17.6 | Flora and Fauna | 199 |
|  | 17.7 | Cultural and Archeological Resources | 200 |
|  | 17.8 | Environmental Monitoring | 200 |
|  | 17.9 | Environmental Management Plan | 200 |
|  | 17.10 | Social Management | 200 |
|  | 17.11 | Mine Closure | 201 |
|  | &nbsp;&nbsp;&nbsp;17.11.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground Mine | 201 |
|  | &nbsp;&nbsp;&nbsp;17.11.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Process Plant | 201 |
|  | &nbsp;&nbsp;&nbsp;17.11.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration Offices and Ancillary Buildings | 202 |
|  | &nbsp;&nbsp;&nbsp;17.11.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dry Stack Tailings Facility (DSTF) | 202 |
|  | &nbsp;&nbsp;&nbsp;17.11.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Rock Facility | 202 |
|  | 17.12 | Potential Risks and Mitigation Actions | 202 |
|  | &nbsp;&nbsp;&nbsp;17.12.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permitting | 202 |
|  | &nbsp;&nbsp;&nbsp;17.12.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tailings and Waste Rock | 203 |
|  | &nbsp;&nbsp;&nbsp;17.12.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Socio-Political | 203 |
| 18.0 | CAPITAL AND OPERATING COSTS | CAPITAL AND OPERATING COSTS | 204 |
|  | 18.1 | Capital Cost Estimate | 204 |
|  | &nbsp;&nbsp;&nbsp;18.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Cost Summary | 204 |
|  | &nbsp;&nbsp;&nbsp;18.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Cost Profile | 205 |
|  | &nbsp;&nbsp;&nbsp;18.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Estimation Assumptions | 206 |
|  | &nbsp;&nbsp;&nbsp;18.1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Estimation Parameters | 206 |
|  | &nbsp;&nbsp;&nbsp;18.1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis of Estimate | 206 |
|  | &nbsp;&nbsp;&nbsp;18.1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indirect Cost Estimate | 209 |
|  | &nbsp;&nbsp;&nbsp;18.1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owner Cost Estimate. | 210 |
|  | &nbsp;&nbsp;&nbsp;18.1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closure Cost Estimate | 212 |
|  | &nbsp;&nbsp;&nbsp;18.1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingency | 212 |

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|  | &nbsp;&nbsp;&nbsp;18.1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Estimate Exclusions | 212 |
|  | 18.2 | Operating Cost Estimate | 213 |
|  | &nbsp;&nbsp;&nbsp;18.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operation Labour | 214 |
|  | &nbsp;&nbsp;&nbsp;18.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining Operating Cost Estimate | 215 |
|  | &nbsp;&nbsp;&nbsp;18.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processing Operating Cost | 215 |
|  | &nbsp;&nbsp;&nbsp;18.2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and Administration Operating Cost Estimate | 216 |
| 19.0 | ECONOMIC ANALYSIS | ECONOMIC ANALYSIS | 218 |
|  | 19.1 | Methodology | 219 |
|  | 19.2 | Gold and Silver Prices | 219 |
|  | 19.3 | Mine Production | 219 |
|  | 19.4 | Plant Production | 219 |
|  | 19.5 | Revenue | 220 |
|  | 19.6 | Total Operating Cost | 220 |
|  | 19.7 | Royalty Rights | 220 |
|  | 19.8 | Capital Expenditure | 221 |
|  | &nbsp;&nbsp;&nbsp;19.8.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Capital | 221 |
|  | &nbsp;&nbsp;&nbsp;19.8.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sustaining capital | 221 |
|  | &nbsp;&nbsp;&nbsp;19.8.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remediation and Closure Capital | 221 |
|  | 19.9 | Total All in Sustaining Cost | 221 |
|  | 19.10 | Working Capital | 222 |
|  | 19.11 | Depreciation | 222 |
|  | 19.12 | Exchange Rate Forecast | 222 |
|  | &nbsp;&nbsp;&nbsp;19.12.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Tax | 222 |
| 20.0 | ADJACENT PROPERTIES | ADJACENT PROPERTIES | 223 |
| 21.0 | OTHER RELEVANT DATA AND INFORMATION | OTHER RELEVANT DATA AND INFORMATION | 224 |
| 22.0 | INTERPRETATION AND CONCLUSIONS | INTERPRETATION AND CONCLUSIONS | 225 |
|  | 22.1 | Geology & Mineral Resources | 225 |
|  | &nbsp;&nbsp;&nbsp;22.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks | 226 |
|  | 22.2 | Mineral Processing and Metallurgical Testing and Processing and Recovery Methods | 227 |

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|  | 22.3 | Mining Methods, Infrastructure, Capital and Operating Costs | 227 |
|  | &nbsp;&nbsp;&nbsp;22.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks | 227 |
|  | 22.4 | Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups | 228 |
| 23.0 |  | RECOMMENDATIONS | 229 |
|  | 23.1 | Exploration, Geology & Resources | 229 |
|  | 23.2 | Mineral Processing and Metallurgical Testing and Processing and Recovery Methods | 229 |
|  | 23.3 | Mining Methods, Infrastructure, Capital and Operating Costs | 229 |
|  | 23.4 | Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups | 230 |
| 24.0 |  | REFERENCES | 232 |
| 25.0 |  | RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT | 235 |

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APPENDIX A – CERTIFICATE OF QUALIFIED PERSON

**lIST OF TABLES**

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| Table 1-1: Drilling summary | 4 |
| Table 1-2: Resource estimate using 2.25 g Au/t Cut-off | 6 |
| Table 1-3: Stockpile Resource estimate (Measured Resource) | 7 |
| Table 1-4: Estimated Project capital costs | 14 |
| Table 1-5: Estimated operating costs of the Project | 15 |
| Table 2-1: List of QPs and related responsibilities | 21 |
| Table 3-1: Coordinates of exploitation license "Era Dorada" | 24 |
| Table 3-2: Royalty assumptions | 26 |
| Table 5-1: Verification samples | 32 |
| Table 5-2: Drill hole collar survey (NAD 27 Zone 16N) | 33 |
| Table 5-3: Drill holes selected for data verification | 33 |
| Table 5-4: Indicated and Inferred Mineral Resource Estimate (2008) | 34 |
| Table 5-5: In-*s*itu Mineral Resources (2014) | 35 |
| Table 5-6: Mineral Resource statement (2021) | 36 |

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| Table 5-7: Mineral Reserve estimate (2019) | 36 |
| Table 5-8: Cerro Blanco Gold Project open pit Mineral Reserve estimate (2022) | 37 |
| Table 7-1: Drilling summary | 68 |
| Table 7-2: Verification samples | 72 |
| Table 7-3: Drill hole collar survey (NAD 27 Zone 16N) | 72 |
| Table 7-4: Drill holes selected for data verification | 72 |
| Table 7-5: Gold & silver samples from the drill hole database | 74 |
| Table 8-1: Quantity of control samples by type (Bluestone 2017 to 2021) | 84 |
| Table 8-2: Summary of standards (Bluestone 2017 to 2021) | 84 |
| Table 8-3: Bluestone QA/QC sample insertion rates | 85 |
| Table 10-1: Head assays | 91 |
| Table 10-2: Gold extraction summary | 91 |
| Table 10-3: Comminution test results | 92 |
| Table 10-4: Head assays | 93 |
| Table 10-5: Gravity concentration results | 93 |
| Table 10-6: Bottle roll leach results | 94 |
| Table 10-7: Bottle roll leach results (CIP) | 95 |
| Table 10-8: Cyanide destruction results | 97 |
| Table 10-9: Preliminary recovery estimative | 98 |
| Table 11-1: Lithology units & codes | 100 |
| Table 11-2: Statistics for weighted gold & silver assays | 101 |
| Table 11-3: Statistics for weighted gold & silver assays for quaternary and cross-cutting rock types | 102 |
| Table 11-4: Statistics for weighted gold & silver assays for the Salinas Group rocks | 102 |
| Table 11-5: Statistics for weighted gold & silver assays for the Mita Group rocks | 103 |
| Table 11-6: Statistics for weighted gold & silver assays | 104 |
| Table 11-7: Vein groupings for derived for statistical, geostatistical and estimation | 112 |
| Table 11-8: Au composite statistics weighted by length for veins | 113 |
| Table 11-9: Silver composite statistics weighted by length for veins | 114 |
| Table 11-10: Numeric codes for lithologies | 115 |

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| Table 11-11: Gold composite statistics weighted by length for low-grade domains | 116 |
| Table 11-12: Silver composite statistics weighted by length for low-grade domains | 117 |
| Table 11-13: Cut grades for Au & Ag within vein domains | 119 |
| Table 11-14: Cut grades for Au & Ag within low-grade domains | 119 |
| Table 11-15: Cut vs. uncut comparisons for gold and silver composites within the high-grade vein domain groupings | 119 |
| Table 11-16: Cut vs. Uncut Comparisons for Gold and Silver Composites within the Salinas and Mita Domains | 120 |
| Table 11-17: SG zone assignments | 120 |
| Table 11-18: Geostatistical model parameters for gold by lithology unit | 124 |
| Table 11-19: Geostatistical model parameters for silver by lithology unit | 124 |
| Table 11-20: Stockpile Resource estimate (Measured Resource) | 129 |
| Table 11-21: Parameters used for stope optimization and cut-off grade | 130 |
| Table 11-22: Resource estimate using 2.25 g Au/t cut-off | 131 |
| Table 11-23: Sensitivity analyses of tonnage along with Au & Ag grades at various Au cut-off grades | 136 |
| Table 13-1: Mean rock mass properties by domain for 2011/2012 geotechnical core logging data | 142 |
| Table 13-2: Design rock mass quality ranges by geotechnical domain | 144 |
| Table 13-3: Estimates of unplanned dilution for longhole and cut-and-fill stopes by domain | 145 |
| Table 13-4: Required UCS for various stope widths | 145 |
| Table 13-5: Ground support recommendations for ore development | 146 |
| Table 13-6: Ground support recommendations for permanent development | 147 |
| Table 13-7: Wells planned and executed | 153 |
| Table 13-8: Cut-off grade calculation inputs | 159 |
| Table 13-9: Stope optimization parameters | 160 |
| Table 13-10: Underground dewatering system | 166 |
| Table 13-11: Mobile equipment fleet | 167 |
| Table 13-12: Underground mine operations personnel | 168 |
| Table 13-13: Mine production schedule | 170 |
| Table 14-1: Key process design criteria | 173 |

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Aura Minerals Inc. \| Era Dorada Gold ProjectSK-1300 Technical Report Summary – Initial Assessment June, 2025

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| Table 14-2: Reagent consumption | 178 |
| Table 17-1: Main permit amendments & new permit required | 196 |
| Table 17-2: Current permits | 196 |
| Table 18-1: Capital cost summary | 204 |
| Table 18-2: Mine capital cost | 207 |
| Table 18-3: Contractor capital development rates | 208 |
| Table 18-4: Surface construction basis of estimate | 208 |
| Table 18-5: Indirect cost basis of estimate | 209 |
| Table 18-6: Closure estimate summary | 212 |
| Table 18-7: Breakdown of Estimated Operating Costs | 213 |
| Table 18-8: Main OPEX Component Assumptions | 214 |
| Table 18-9: Main OPEX Component Assumptions | 214 |
| Table 18-10: Underground Mine Operating Costs | 215 |
| Table 18-11: Process Operating Costs | 215 |
| Table 18-12: General and administration (G&A) operating cost summary | 216 |
| Table 18-13: G&A Labour Requirements & Costs | 216 |
| Table 19-1: Summary of key financial results | 218 |
| Table 19-2: Revenue composition | 220 |
| Table 19-3: Detailed operating costs | 220 |
| Table 19-4: All in sustaining costs composition | 221 |
| Table 19-5: Working capital periods | 222 |
| Table 22-1: Resource Estimate using 2.25 g Au/t Cut-off | 226 |
| Table 22-2: Stockpile Resource Estimate (Measured Resource) | 226 |

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**LIST OF FIGURES**

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| Figure 3-1: Project location map | 23 |
| Figure 3-2: Location of Mineral Resources relative to property boundary | 24 |
| Figure 3-3: Era Dorada exploitation license coordinates | 25 |
| Figure 4-1: Typical landscape in the Project area, looking South | 28 |
| Figure 4-2: Population centers near the Project area | 30 |

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| Figure 5-1: Example of XY scatter plot for hole CB34 | 34 |
| Figure 6-1: Location of Era Dorada and other deposits in the Central American Volcanic | 38 |
| Figure 6-2: Regional structural map of Guatemala | 39 |
| Figure 6-3: Geological map of Era Dorada | 42 |
| Figure 6-4: Lithostratigraphy & lithology at Era Dorada | 43 |
| Figure 6-5: Examples of andesitic lapilli tuff (Mcv) | 44 |
| Figure 6-6: Examples of limestones (Mls) | 45 |
| Figure 6-7: Silicified reed fragments | 46 |
| Figure 6-8: Example Drill log from the Salinas Group | 47 |
| Figure 6-9: Recent travertine exposure | 48 |
| Figure 6-10: Simplified west-west cross-section across Era Dorada | 49 |
| Figure 6-11: East-west cross-section of the South zone, Era Dorada looking North | 50 |
| Figure 6-12: Stereograms (equal area) showing poles & great circles for faults & veins | 52 |
| Figure 6-13: Photographs with sketches of veins exposed underground | 53 |
| Figure 6-14: Annotated, vertical east-west cross-section across the south ramp (looking North) | 54 |
| Figure 6-15: Horizontal Slices at different elevations through Era Dorada | 54 |
| Figure 6-16: Stereograms for more detailed sub-areas in underground mapping | 55 |
| Figure 6-17: Generalized deposit model schematic | 57 |
| Figure 6-18: High-grade drill hole intercept hole CB20-430 – 144 g/t Au, 282 g/t Ag (227.3 to 228.9 m) | 61 |
| Figure 6-19: View of veins VN-05, 06, 07 in the north ramp underground workings | 62 |
| Figure 6-20: Examples of vein textures from Era Dorada | 63 |
| Figure 6-21: Example of geopetal structure | 64 |
| Figure 6-22: Salinas Unit – examples of disseminated mineralization rock types, Salinas Unit | 65 |
| Figure 6-23: Vertical alteration profile through Era Dorada | 66 |
| Figure 6-24: Examples Of Sealed, Silicified Fault Zones | 67 |
| Figure 7-1: Plan view of drill hole locations | 69 |
| Figure 7-2: Section View A-Aʹ (Azimuth 110°) | 70 |
| Figure 7-3: Section view B-Bʹ (azimuth 110°) | 70 |
| Figure 7-4: Example of XY scatterplot for hole CB34 | 73 |

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| Figure 8-1: Example of core box photography | 81 |
| Figure 8-2: Example of underground channel sample | 82 |
| Figure 8-3: Batch plot of standard CDN-GS-6E | 85 |
| Figure 8-4: Plot of pulp & coarse reject duplicates (Bluestone 2017-2021) | 86 |
| Figure 8-5: Pulp & field blanks (Bluestone 2017 to 2021) | 86 |
| Figure 10-1: Effect of grind size on average gold extraction | 94 |
| Figure 10-2: Gold recovery as a function of residence time (CIP) | 96 |
| Figure 11-1: Plan view of drill holes | 101 |
| Figure 11-2: Box plot gold assays for the Salinas Group rocks | 103 |
| Figure 11-3: Box plot gold assays for the Mita Group rocks | 104 |
| Figure 11-4: Section view schematic of lithology for the Era Dorada Deposit | 105 |
| Figure 11-5: Plan view of drill holes & vein solids | 106 |
| Figure 11-6: South area section A-A' view of drill holes, vein solids with Salinas and Mita Units | 107 |
| Figure 11-7: North area B-B' section view of vein solids with Salinas and Mita Units | 107 |
| Figure 11-8: Histogram of assay interval lengths in metres | 108 |
| Figure 11-9: Histogram of assay interval lengths within veins in metres | 109 |
| Figure 11-10: Scatterplot of assay interval lengths within veins in metres versus gold grade | 109 |
| Figure 11-11: Histogram of gold composite grades (g/t) | 110 |
| Figure 11-12: Histogram of gold composite grades (g/t) with vein zones | 110 |
| Figure 11-13: Histogram of Silver Composite Grades (g/t) | 111 |
| Figure 11-14: Histogram of silver composite grades (g/t) with vein zones | 111 |
| Figure 11-15: Box plot of gold composites for veins | 113 |
| Figure 11-16: Box plot of silver composites for veins | 114 |
| Figure 11-17: Box plot of gold composites for low-grade domains | 116 |
| Figure 11-18: Box plot of silver composites for low-grade domains | 117 |
| Figure 11-19: Au cumulative frequency plot | 118 |
| Figure 11-20: Ag cumulative frequency plot | 118 |
| Figure 11-21: Au corellogram models | 121 |
| Figure 11-22: Ag corellogram models | 122 |

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| Figure 11-23: Ag correlogram models | 123 |
| Figure 11-24: Block model origin & orientation | 125 |
| Figure 11-25: Block model extents & dimensions | 125 |
| Figure 11-26: Plan view of stockpile, sample locations & domain solids | 129 |
| Figure 11-27: Plan view of gold block model with reasonable prospects optimized mine shapes with existing underground ramps | 131 |
| Figure 11-28: Plan view of Au within veins along with existing ramp development | 132 |
| Figure 11-29: Section view of Au south zone veins | 132 |
| Figure 11-30: Section view of Au block model north zone veins | 133 |
| Figure 11-31: Section view of Ag block model south zone veins | 133 |
| Figure 11-32: Section view of Ag block model north zone veins | 134 |
| Figure 11-33: Section view of Au block model south | 134 |
| Figure 11-34: Section view of Au block model north | 135 |
| Figure 11-35: Section view of Ag BLOCK MODEL NORTH | 135 |
| Figure 11-36: Section view of Ag block model south | 136 |
| Figure 13-1: Cross-section of geotechnical domain boundaries (looking North) | 142 |
| Figure 13-2: JDS (2018) geotechnical mapping Q' values vs. RMR76 values | 143 |
| Figure 13-3: Existing location of portals, dewatering wells, monitoring wells and new dewatering well locations | 149 |
| Figure 13-4: Simulation hydrograph – south area and central area predicted dewatering at 2,500 and 3,500 g/m | 151 |
| Figure 13-5: Preliminary location of injection wells | 155 |
| Figure 13-6: Perspective view of a typical mining level | 156 |
| Figure 13-7: Longhole open stoping | 157 |
| Figure 13-8: Mechanized cut-and-fill | 158 |
| Figure 13-9: Mine long section | 159 |
| Figure 13-10: Drift profiles | 163 |
| Figure 13-11: Mine design plan view | 163 |
| Figure 13-12: Mine design long section (looking Northwest) | 164 |
| Figure 14-1: Overall Process Flowsheet – Era Dorada Project | 173 |
| Figure 15-1: Overall Mine Site | 181 |

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| Figure 15-2: Plant Site General Arrangement | 182 |
| Figure 15-3: Storm Water Management Infrastructure Surrounding the DSTF | 187 |
| Figure 15-4: DSTF Seasonal Material Placement Plan | 188 |
| Figure 15-5: DSTF Geotechnical Site Investigation Plan | 189 |
| Figure 15-6: DSTF Underdrain Plan Showing Starter Dam | 190 |
| Figure 15-7: WRF General Configuration Plan | 191 |
| Figure 16-1: Gold price behavior since 2000 | 192 |
| Figure 16-2: Silver price behavior since 2000 | 193 |
| Figure 17-1: EIA Areas of Influence | 195 |
| Figure 18-1: Distribution of initial capital cost | 205 |
| Figure 18-2: Distribution of sustaining capital cost | 205 |
| Figure 18-3: Capital cost profile | 206 |
| Figure 18-4: Operating Cost Distribution | 214 |

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Aura Minerals Inc. \| Era Dorada Gold ProjectSK-1300 Technical Report Summary – Initial Assessment June, 2025

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1 EXECUTIVE SUMMARY

1.1 Introduction

In January 2025, Aura Minerals Inc ("Aura" or "the Company") completed the acquisition of the Era Dorada Gold Project—formerly "Cerro Blanco Gold Project"—and Mita Geothermal Project, located in Jutiapa, Guatemala, near the town of Asunción Mita and the border with El Salvador. The Era Dorada Project ("Era Dorada" or "the Project") is 100% beneficially owned by Aura. Aura is a public, TSX-listed company trading under the symbol "ORA", with its head office located at 78 SW 7<sup>th</sup> St., Miami, FL 33130, USA.

Aura commissioned GE21 Consultoria Mineral Ltda. (GE21) to prepare a Technical Report Summary (TRS) for the Project. The Mita Geothermal Project is not considered in this report.

This TRS, titled "SK-1300 Technical Report Summary, Initial Assessment on the Project, Jutiapa, Guatemala", presents information in compliance with United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.

The purpose of this study is to document a Mineral Resource Estimate, mine design, and preliminary economics of the Project.

The Qualified Persons (QPs) responsible for this independent TRS are Mr. Porfirio Cabaleiro Rodriguez, Mr. Homero Delboni Jr., and Mr. Garth Kirkham. Neither GE21 nor the authors of this Independent TRS have had any material interest invested in Aura or any of its related entities. Their relationship with Aura is strictly professional, consistent with that held between a client and an independent consultant. This TRS was prepared in exchange for payment based on fees that were stipulated in a commercial agreement. Payment of these fees is not dependent upon the results of this TRS.

The effective date as it relates to the Initial Assessment is December 31, 2024, with the issue date of this TRS being June 6, 2025.

1.2 Reliance
 and Other Experts

The information presented regarding the tenure, status, and work permitted by permit type is based on information published by the Ministerio de Energía y Minas (MEM).

This TRS has been reviewed for factual errors by Aura and all QPs. Any changes made as a result of these reviews did not involve any alteration to the conclusions made. Hence, the statements and opinions expressed in this TRS are given in good faith and in the belief that such statements and opinions are not false and misleading at the date of this TRS.

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1.3 Property
 Description and Location

The Project is located in southeast Guatemala, in the Department of Jutiapa, approximately 160 km by road from the capital, Guatemala City, and approximately 9 km west of the border with El Salvador. The nearest town to the Project is Asunción Mita, situated approximately 7 km west of the Project. The exploitation license covers 15.25 km<sup>2</sup> and lies entirely in the municipality of Asunción Mita.

The approximate center of the Project area is located at UTM coordinates X: 212,250 m E, Y: 1,587,250 m N, referenced to NAD27, Zone 16N. These coordinates correspond to the central portion of the mineral concession and are used for spatial reference in this report.

1.4 Accessibility,
 Climate, Local Resources, Infrastructure, Physiography and Socio-Economic Context

Current road access to the site is via the Pan-American Highway (Highway CA1) through the town of Asunción Mita. Existing infrastructure is in place to provide year-round access to the site. The topography is relatively flat, with rolling hills.

The climate and vegetation at the Project site are typical of a tropical dry forest environment. The elevation is between 450 and 560 masl. The wet season is typically from May to October. The average annual rainfall is 1,350 mm. Daily temperature highs reach 41°C, and lows reach 10°C. The average annual pan evaporation rate is 2,530 mm, with an annual average humidity of 62%.

The Project is situated in proximity to several communities, the largest of which is Asunción Mita, with a population of approximately 18,500 people. The recently constructed La Barranca power substation is located a few kilometers south of Mita. The substation can supply up to 20 MW of power.

There is no record of any previous mining activity in the area; however, with the closure of Goldcorp's Marlin Mine in late 2017, it is anticipated that a significant contingent of Guatemalan-trained labor will be available for employment at Era Dorada. As such, the Project intends to hire the majority of operations staff locally. It has allowed the Owner's budget to cover the cost of training programs.

A portion of the mine workforce is expected to live at the mine site in a purpose-built permanent camp, while employees living in the surrounding communities will provide their own transportation to and from the mine site. For employees residing in the wider Jutiapa region and areas beyond Asuncion Mita, the Company will provide transportation to and from the mine site from designated locations. There are several population centers near the Project site.

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1.5 History

The Era Dorada property (formerly "Cerro Blanco") was identified by Mar-West by a sampling of densely silicified boulders. In October 1998, Mar-West's holdings in Honduras and Guatemala were purchased by Glamis Gold Ltd. In November 2006, Goldcorp Inc. became the sole proprietor of the Project through the purchase of Glamis Gold. Goldcorp undertook a comprehensive exploration program from 2006 to 2012, which included additional surface exploration, over 3.4 km of underground development, and 43,016 m of surface and underground drilling. On January 4, 2017, Bluestone agreed with Goldcorp to acquire 100% of the Project. On October 29, 2024, Aura purchased Bluestone Resources thereby acquiring 100% of the property.

As of the end of 2021, Bluestone had drilled approximately 267 holes for a total of 45,725 m on the Cerro Blanco property since the acquisition from Goldcorp. Geology & Mineralization

The Project is a classic hot springs-related, low-sulfidation epithermal gold-silver deposit comprising both high-grade vein and low-grade disseminated mineralization. The Cerro Blanco district is part of an active volcanic arc characterized by Miocene-Pliocene-aged bimodal volcanism that extends through El Salvador, Honduras, and Nicaragua.

High-grade mineralization is hosted in the Mita unit as two upward-flaring vein swarms comprising over 60 veins (North and South Zones) that converge downwards and merge into basal feeder veins. Low-grade disseminated and veinlet mineralization within and as halos around the high-grade veins is well documented in drilling since the discovery of the deposit. Most of the veins are blind to the surface and concealed by the syn-mineral Salinas Unit, a sub-horizontal sequence of volcanogenic sediments and sinter horizons approximately 100 m thick that form the low-lying hill at the Project. The Salinas cap rocks are host to low-grade mineralization associated with silicified conglomerates and contemporaneous dacite/rhyolite flow domes or cryptodomes.

Both high and low-angle banded crustiform/colloform chalcedony veins, locally with calcite replacement textures, make up the deposit, with bonanza-grade gold grades largely confined to the chalcedony-quartz veins, especially where adularia bands are prominent. High-grade mineralization occurs over a vertical profile of 400 m (150 to 450 masl). At depth, calcite-dominated veins form the limit to mineralization; nonetheless, very locally, high gold values are present in calcite-dominated veins and silicified structures containing only minor quartz veinlets.

The Salinas Group includes thin hot spring deposits, including sinters, which are genetically linked to underlying swarms of epithermal, gold-silver bearing quartz veins. The west and east sides of the Era Dorada ridge consist of flat agricultural plains characterized by Quaternary basalts, interbedded with boulder beds and sands. These rocks also appear down-faulted to lower elevations, implying major post-mineral extensional movements on such faults.

The current gold resource occurs under a small hill within an area of 400 m by 920 m. Gold-bearing structures in the Era Dorada area extend 2 km to the northwest of the gold deposit and occur largely confined within the hydrothermal alteration zone. The extensive drilling undertaken to date of the high-grade vein swarms and their surrounding low-grade mineralized

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envelopes and overlying mineralized cap rocks show impressive intercepts, including 203.8 m grading 2.3 g Au/t and 8.1 g Ag/t (CB20-420) and 87.2 m grading 5.9 g Au/t and 32.5 g Ag/t (UGCB18-89).

Vein textures suggest that gold and silver were introduced as one major event of multi-stage finely banded veining (originally amorphous silica) with subordinate bands of platy calcite, which is mostly pseudomorphed to cryptocrystalline silica phases. Repetitive "crack and seal" pulses and associated boiling/flashing events very close to the paleosurface are proposed as the main mechanisms for precious metal deposition. Very high-grade core intersections with coarser and more abundant sulfides, electrum, and free gold appear to represent an earlier series of events. Deportment studies indicate that approximately 99% of the gold occurs in electrum as free or exposed grains, with lesser amounts as native gold and kustelite. The lack of post-mineral structural displacement of veins and distribution of high grades over a +400 m vertical profile attest to the pristine nature of the veins at Era Dorada. The lack of inter-stage hydrothermal brecciation and coarse-grained primary quartz textures suggest that the mineralizing event was fairly short-lived and occurred very close to the paleosurface.

1.6 Exploration

The Era Dorada property was identified by Mar-West by a sampling of densely silicified boulders. In October 1998, Mar-West's holdings in Honduras and Guatemala were purchased by Glamis Gold Ltd. In November 2006, Goldcorp Inc. became the sole proprietor of the Project through the purchase of Glamis Gold. Goldcorp undertook a comprehensive exploration program from 2006 to 2012, which included additional surface exploration, over 3.4 km of underground development, and 43,016 m of surface and underground drilling. On January 4, 2017, Bluestone agreed with Goldcorp to acquire 100% of the Project and on October 29, 2024, Aura acquired Bluestone Resources.

As of the end of 2021, Bluestone had drilled approximately 267 holes for a total of 45,725 m on the Era Dorada property since the acquisition from Goldcorp. Table 1-1 summarizes the historical drilling on the property.

**Table 1-1: Drilling summary**

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|:---|:---|:---|:---|
| **Year** | **Company** | **Holes Drilled** | **Meters** |
| 1998 | Mar-West | 9 | 1340 |
| 1999 | Glamis | 48 | 7074 |
| 2000 | Glamis | 18 | 3525 |
| 2002 | Glamis | 23 | 6525 |
| 2004 | Glamis | 42 | 9370 |
| 2005 | Glamis | 120 | 29065 |
| 2006 | Glamis | 67 | 15129 |
| 2007 | Goldcorp | 47 | 12373 |
| 2008 | Goldcorp | 2 | 586 |
| 2009 | Goldcorp | 1 | 140 |
| 2010 | Goldcorp | 10 | 2277 |
| 2011 | Goldcorp | 28 | 5898 |
| 2012 | Goldcorp | 96 | 21370 |

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| **Year** | **Company** | **Holes Drilled** | **Meters** |
| 2017 | Bluestone | 8 | 2324 |
| 2018 | Bluestone | 74 | 13993 |
| 2019 | Bluestone | 61 | 8403 |
| 2020 | Bluestone | 74 | 15172 |
| 2021 | Bluestone | 50 | 5833 |
| **Total** | **Total** | **778** | **160397** |

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Source: Bluestone, 2021.

1.7 Sample
 Preparation & Data Verification

Garth Kirkham, P. Geo., has been involved with the property since its acquisition in early 2017, when he performed the initial due diligence and authored the updated resource estimate for Bluestone. Mr. Kirkham first visited the property on May 8, 2017, to validate all aspects of the Project. The site visit included an inspection of the property, offices, underground vein exposures, core storage facilities, water treatment plant, and stockpiles, and a tour of major centers and the surrounding villages most likely to be affected by any potential mining operation.

Since 2017, Mr. Kirkham has visited the property numerous times for extended periods to develop and implement data-gathering and sampling methods and procedures. He also worked with Bluestone geologists to develop drill programs and supervise interpretation and modeling efforts, in addition to creating and implementing QA/QC procedures. Continued data validation and verification processes have not identified any material issues with the Era Dorada sample and assay data.

During Q3 and Q4 2020, the Era Dorada drill and assay database was moved to the AcQuire - GMSuite platform hosted by CSA Global, providing an enhanced and more secure standard of data management.

It is the opinion of the QP, Garth Kirkham, P. Geo., that the sampling preparation, security, analytical procedures, and quality control protocols used at Era Dorada are consistent with generally accepted industry best practices and are, therefore, reliable for resource estimation.

1.8 Mineral
 Processing and Metallurgical Testing

Metallurgical test work was conducted on samples from the Era Dorada deposit (formerly named "Cerro Blanco") between April 1999 and January 2012 by Kappes, Cassiday & Associates (KCA) and in 2018 by Base Metallurgical Laboratories Ltd. (BaseMet) in Kamloops, BC.

The test work programs included comminution testing, determination of head assays, grinding size assessments, gravity concentration, leach testing, tailings testing, and cyanide destruction.

Data obtained from both test work campaigns were used to estimate gold and silver recoveries, as well as to define the processing flowsheet configuration and process design criteria.

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For the global composite sample, the average recoveries obtained were 96% Au and 85% Ag.

1.9 Mineral
 Resource Estimate

Era Dorada is a classic hot springs-related, low-sulfidation epithermal gold-silver deposit comprising both high-grade vein and low-grade disseminated mineralization. Most of the high-grade mineralization is hosted in the Mita unit as two upward-flaring vein swarms (north and south zones) that converge downwards and merge into basal feeder veins where drilling has demonstrated widths of high-grade mineralization (e.g., 15.5 m 21.4 g Au/t and 52 g Ag/t). Bonanza gold grades are associated with ginguru banding and carbonate replacement textures. Sulfide contents are low, typically < 3% by volume. Low-grade disseminated and veinlet mineralization in wall rocks around the high-grade veins is well documented in drilling since the discovery of the deposit, with grades typically ranging from 0.3 to 3.0 g/t Au.

The Salinas unit overlies the Mita rocks, a sub-horizontal sequence of volcanogenic sediments and sinter horizons approximately 100 meters thick, which form the low-lying hill at the Project. Low-grade disseminated, and veinlet mineralization within and as halos around the high-grade vein swarms is well documented in drilling since the discovery of the deposit, with grades typically ranging from 0.3 to 1.5 g Au/t. The overlying Salinas cap rocks are also host to low-grade mineralization associated with silicified conglomerates and rhyolite intrusion breccias.

Mineral exploration activities conducted at Era Dorada have been performed in accordance with S-K 1300.

1.9.1 Methodology

The mineral resource estimate reported herein was prepared by Mr. Garth Kirkham, P. Geo. The mineral resources have been estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices." There are 130,307 gold assays, totaling 153,078 m, which average 0.68 g/t, and 130,238 silver assays, totaling 153,003 m, which average 3.75 g/t. Bulk densities were assigned to individual rock types and assigned on a block-by-block basis using measurement data by lithology and mineralized veins.

The estimate was completed using MineSight<sup>TM</sup> software with a 3D block model (5 m x 5 m x 5 m). Interpolation parameters have been derived based on geostatistical analyses conducted on 1.5-meter composited drill holes. Block grades have been estimated using ordinary kriging (OK) methodology, and the mineral resources have been classified based on proximity to sample data and the continuity of mineralization in accordance with S-K 1300 requirements.

**Table 1-2: Resource estimate using 2.25 g Au/t Cut-off**

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| **Resource Category** | **Tonnes (kt)** | **Au Grade (g/t)** | **Ag Grade (g/t)** | **Contained Gold (koz)** | **Contained Silver (koz)** |
| Measured |  |  |  |  |  |
| Indicated | 6349 | 9.31 | 31.54 | 1901 | 6439 |
| Measured & Indicated | 6349 | 9.31 | 31.54 | 1901 | 6439 |

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|:---|:---|:---|:---|:---|:---|
| **Resource Category** | **Tonnes (kt)** | **Au Grade (g/t)** | **Ag Grade (g/t)** | **Contained Gold (koz)** | **Contained Silver (koz)** |
| Inferred | 605 | 6.02 | 19.68 | 117 | 383 |

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Notes:

The mineral resource statement is subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral
 Resources are reported in in accordance with S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral
 resource estimates have been prepared by Garth Kirkham, P.Geo., a Qualified Person as defined
 by SK-1300.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Mineral Resource estimate is reported on a 100% ownership basis.

&nbsp;&nbsp;&nbsp;&nbsp;4. Underground
 mineral resources are reported at a cut-off grade of 2.25 g Au/t. Cut-off grades are based
 on a assumed metal prices of US$2,500/oz gold and US$28/oz silver, and assumed metallurgical
 recovery, mining, processing, and G&A costs.

&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral
 Resources are reported without applying mining dilution, mining losses, or process losses.

&nbsp;&nbsp;&nbsp;&nbsp;6. Resources
 are constrained within underground shapes based on reasonable prospects of economic extraction,
 in accordance with SK-1300. Reasonable prospects for economic extraction were met by applying
 mining shapes with a minimum mining width of 2.0 m, ensuring grade continuity above the cut-off
 value, and by excluding non-mineable material prior to reporting.

&nbsp;&nbsp;&nbsp;&nbsp;7. Metallurgical
 recoveries reported as the average over the life of mine and are assumed to be 96% Au and
 85% Ag, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;8. Bulk
 density is estimated by lithology and averages 2.47, 2.57 and 2.54 g/cm3 for the Salinas,
 Mita and mineralized vein domains, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;9. Mineral
 resources are classified as Indicated, and Inferred based on geological confidence and continuity,
 spacing of drill holes, and data quality.

&nbsp;&nbsp;&nbsp;&nbsp;10. Effective
 date of the mineral resource estimate is December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;11. Tonnage,
 grade, and contained metal values have been rounded. Totals may not sum due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;12. Mineral
 resources are not mineral reserves and do not have demonstrated economic viability.

Source: Kirkham, 2025.

In addition, there has been mixed grade material mined during the creation of the extensive, existing ramp network which has been stockpiled adjacent to North Ramp entrance. Table 1-3 shows the volume and tonnage based on an unconsolidated specific gravity of 2.0 gm/cm<sup>3</sup> along with gold and silver grades and metal content. These resources are classified as measured.

**Table 1-3: Stockpile Resource estimate (Measured Resource)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Volume (BCM)** | **Mine (t)** | **Au (g/t)** | **Ag (g/t)** | **Au (oz)** | **Ag (oz)** |
| 14863 | 29726 | 5.35 | 22.59 | 5108 | 21590 |

---

Source: Kirkham, 2019.

1.10 Mineral
 Reserve Estimate

Mineral resources are not Mineral Reserves and have no demonstrated economic viability. This initial assessment does not support an estimate of Mineral Reserves since a pre-feasibility or Feasibility Study is required for reporting mineral reserve estimates. This report is based on potentially mineable material (mineable tonnes and do not Reserve Estimate).

Mineable tonnages were derived from the resource model described in the previous section. Measured, Indicated, and Inferred resources were used to establish mineable tonnes.

Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that all or any part of the Mineral Resources or mineable tonnes would be converted into Mineral Reserves.

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1.13 Mining
 Methods

High-grade mineralization at the Era Dorada deposit is hosted within laterally stacked, sub-parallel narrow veins that generally strike northeast, with average azimuth ranging from 25° to 50°. Vein dip varies, including both tabular and near-vertical geometries.

The average dip of high-grade structures is approximately 50° to 55°. The average vein thickness ranges from 2 to 10 m, with an average spacing of 8 m between parallel structures. The potentially mineable resource ranges from 50 m at the lowest levels to 300 m near the surface. The mineralized system comprises more than 50 modeled veins with variable geometry along both strike and dip.

Era Dorada is proposed to be mined as an underground operation using a combination of longhole stoping (LH) and mechanized cut-and-fill (MCF) mining methods, with cemented paste and rock backfill. A target production rate of 1,500 tpd is envisioned over a mine life of 17 years, which will extract 8.9 Mt of ore. LH stoping will account for about 77% of total production, and the remaining 23% will come from MCF and development. The Era Dorada deposit will be accessed from surface via a series of ramps, and all ore and waste rock will be trucked out of the mine. In addition to the four existing ventilation raises, two new raises will be required to circulate the required amount of air through the underground workings.

Dewatering, ventilation, and cooling are crucial aspects of mine design at Era Dorada. A series of existing and new surface dewatering wells will lower the water levels in the immediate mine area. Any remaining water underground will be captured and pumped to the surface through collection at underground sumps. For ventilation, the quantity of air required has been designed to dilute diesel particulate matter, reduce the air temperature from exposed rock, and maintain worker comfort. Mine air refrigeration will be used to maintain air temperatures in working areas below 28°C wet bulb.

Indicated and Inferred Mineral Resources were included in the mine design and schedule optimization process. The Indicated material accounts for 78% of LoM, while Inferred material accounts for 22%.

The mine production schedule is shown in Table 13-13.

1.14 Process
 and Recovery Methods

The processing plant will process 1,500 tpd, consisting of the following unit operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crushing
 circuit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Grinding
 circuit to a nominal P<sub>80</sub> of 0.053 mm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gravity
 concentration and intensive leaching (ILR).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre-leach
 thickening to 50% solids (w/w).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 2-hour
 pre-oxidation, 36-hour leaching, and 6-hours Carbon-in-Pulp (CIP).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Carbon
 acid wash, elution, and regeneration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Electrowinning
 and refining.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cyanide
 destruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tailings
 thickening, filtration, and disposal in the DSTF or underground as paste backfill.

The leach circuit will have a residence time of 36 hours. The sodium cyanide (NaCN) consumption is predicted to be in the range of 0.3 to 0.5 kg/t to maintain a cyanide concentration of 500 ppm. Cyanide will be destroyed using the SO<sub>2</sub>/Air process (Detox circuit). Tailings resulting from the Detox circuit will be transferred to a thickener, whose underflow will be pumped to the filtration circuit, where a horizontal vacuum filter will reduce the cake moisture to 18.6% (dry basis).

Most of the water consumed in the processing plant is designed to derive from recirculation within the industrial installation.

The main reagents to be used in the Era Dorada industrial plant are sodium cyanide, hydrated lime, lead nitrate sodium hydroxide, sodium metabisulfite, hydrochloric acid, copper sulfate pentahydrate, and flocculant.

1.15 Infrastructure

The Project plans the installation of the following elements to support the mine and process facilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 5,5
 km new site access road, including a 80 m long bridge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 8.2
 km new 69 kV power line;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· on-site
 substation (69 kV to 13.8 kV);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· water
 management facilities, including a flood protection levee, diversion channel, ditches, and
 collection ponds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· process
 plant site pad and associated buildings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· primary
 crusher pad;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· emergency
 power genset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· communications
 system upgrade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· rehabilitation
 of five existing dewatering wells;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· construction
 of eight new dewatering wells;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· construction
 of nine new reinjection wells;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· reagent
 warehouse and storage facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· truck
 shop (existing facility to be used in pre-production, new shop to be constructed in Operating
 Year 1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fresh
 / fire water tank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· process
 water tank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upgrade
 fuel storage facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· new
 helipad;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upgrade
 septic system for the upgrade for sewage management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· solid
 waste disposal facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· dry
 stack tailings facility (DSTF);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· temporary
 waste rock storage facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 1.0
 km North and South portal connector haul road;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· on-site
 access roads for plant and facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· additional
 security facilities, including a site access control station.

The proposed site layout has been designed to support mining and plant operations while minimizing environmental and community impacts, reducing construction costs, ensuring secure access, and optimizing operational efficiency.

**Existing Facilities:** Administrative, technical, geology, environmental, and assay lab facilities are established and will remain operational. Logistics, security, equipment servicing, and sample processing infrastructure are also in place.

**Access and Security:** Current access via a gravel road with a 27-t bridge is insufficient. A new 5.5 km access road connecting directly to the Pan-American Highway with an 80 m bridge over El Achotal River will be built. The site entrance will feature a secure gate and access control. Fencing and security personnel will oversee site safety, with heightened measures in place during construction.

**Power Supply:** Power will be supplied via an 8.2 km, 69 kV transmission line from Energuate Barranca Honda Substation, stepping down to 13.8 kV and lower voltages as needed. Emergency power will utilize relocated diesel generators to support critical loads (~7 MVA). Temporary generators will serve construction needs.

**Process Plant:** Approximately 150 m x 70 m, including grinding, leaching, Merrill-Crowe, filtration, detoxification, reagent prep, dry stack tailings filtration, and electrical rooms. Enclosed milling and refinery facilities will be built to code; MCCs and control rooms will be preassembled where possible.

**Water Management:** Existing and new dewatering wells (totaling 24 wells) will manage groundwater inflows, with peak surface dewatering at ~795 m³/h, supplemented by underground sumps. A new cooling pond and expanded water treatment plant (capacity 341 m³/h) will treat mine water for process use and personnel facilities—potable water supplied by local bottled water vendors. Water reuse is emphasized through the use of reinjection wells and a zero-discharge strategy.

**Maintenance Facilities:** Mine truck shop near administration and North Portal with three service bays, welding/general shop, oil change bay, outdoor wash bay, parts warehouse, and offices—steel structure with 10-t crane.

**Water Storage:** New dual-purpose fresh/fire water tank (640,000 l) with minimum 470,000 l fire reserve; adjacent 170,000 l process water tank.

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**Fuel Storage:** Existing diesel tanks (2 × 37,500 l) expanded by one additional tank and containment area. Capacity supports 14 days of mobile equipment or 2 days of critical loads.

**Access Roads:** North and South portal roads widened to 22 m, with the north road extended to the dry stack tailings facility. Temporary construction roads developed as needed.

**Communications:** Existing tower supplemented with fiber optic cable alongside 69 kV power line. Dedicated underground mine communication system and handheld radios for mobile equipment and security.

**Emergency Services:** First aid clinic under construction with training room and medical storage. Ambulance and fire truck stationed near the process plant. Site-wide safety detectors and fire extinguishers installed.

**Explosives Storage:** Existing explosives magazine continues in use with a capacity for 75,000 kg explosives and 10,000 detonators; monthly deliveries planned; compliant safety berms.

**Sewage Treatment:** Septic systems with bio-reactors for sanitary waste; existing and new units for expanded facilities; treated wastewater separated before discharge.

**Surface Water Management:** Separation of contact and non-contact water; contact water reused or treated; non-contact runoff directed to sediment control ponds and discharge points. Stormwater managed by lined channels, ponds, culverts, and erosion controls designed for 100-year storm events.

**Dry Stack Tailings Facility (DSTF):** Designed for 3 million tonnes (1.9 million m³) of filtered tailings with centerline-raised embankment. Seasonal deposition for stability and runoff control. Tailings transported by haul trucks. Initial infrastructure includes impoundments, underdrains, geotextile liners, reclaim and stormwater ponds, and water recirculation systems.

**Geotechnical Investigations:** Extensive test pits, boreholes, SPT, and permeability testing confirmed subsurface conditions (colluvial/alluvial soils over residual sedimentary and volcanic materials) and supported foundation design and seismic performance.

**Seepage System:** Foundation underdrains and vertical decant towers collect seepage and runoff, directing water to reclaim and stormwater ponds with pumps returning water to the process plant, supporting zero-discharge management.

**Waste Rock Facility (WRF):** Located near the south portal, designed for 120,000 m³ temporary storage, primarily for underground backfill. Preliminary geochemical tests indicate low acid generation risk; further testing and detailed geotechnical studies planned.

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1.16 Market
 Studies

Mineral Resources were estimated using a gold price of US$2,000 per troy ounce. Project economics were evaluated at a gold price of US$2,389 per troy ounce and a silver price of US$28.44 per troy ounce. All price assumptions are based on the long-term consensus forecast from over 20 investment banks.

1.17 Environmental
 Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups

1.17.1 Introduction

Aura's review shows that the Project has all necessary permits to proceed with the development of the underground mine and construction of the process facilities, subject to the future operation to adhere to the conditions of the existing permits.

1.17.2 Environmental
 Management and Permitting

Environmental studies have been conducted at Era Dorada since the Project's inception. The Environmental Impact Assessment (EIA) was submitted and approved for an underground mine in 2007 by Guatemala's Ministry of Environment and Natural Resources (MARN). However, the Project design changed since 2007 and requires permit amendments. Additionally, new baseline studies are necessary for infrastructure components such as power lines. The approved EIA includes an Environmental Management Plan (EMP), a Social Management Plan (SMP), and a Conceptual Mine Closure Plan, which have been reviewed and updated following international best practices.

1.17.3 Water
 Management

The Project's water management infrastructure consists of a Water Treatment Plant (WTP), pipelines, settling ponds, wells, and cooling channels. Monitoring of surface and groundwater is conducted regularly, with compliance reports submitted to MARN. Naturally occurring metals such as aluminum and arsenic are found in local waters. The WTP, designed for arsenic removal, uses ferric salt co-precipitation and ensures compliance with Environmental Protection Agency (EPA) and Guatemalan standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Surface Water Management:** Runoff is classified as "contact" or "non-contact"
 water. Contact water undergoes treatment before being reused or discharged, while non-contact
 water is diverted and monitored.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Groundwater Management:** Dewatering of the mine is achieved through surface wells and underground
 sumps. Treated water is either reused or discharged into Quebrada Tempisque. Reinjection
 wells are used to manage groundwater.

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1.17.4 Waste
 Rock and Tailings Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Waste Rock:** Temporary storage of waste rock occurs for a maximum of one year before being returned
 to underground as backfill. Based on the limited exposure time and historical geochemistry
 testing, it was assumed that any potential acid generation would not have sufficient time
 to occur. Comprehensive Environmental monitoring will indicate and anticipate any potential
 acid generation to prevent impacts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Tailings:** Tailings are dewatered through filtration before placement in the Dry Stack Tailings Facility
 (DSTF). The facility, designed to prevent environmental contamination, collects runoff water
 for treatment. Based on tests of geochemical characterization and consistent with the approved
 EIA, tailings are considered to be non-acid generating (NAG).

1.17.5 Flora
 and Fauna

Baseline studies have been conducted in the region since 2007, documenting its biodiversity. Ongoing monitoring indicates minimal impact from the Project. The local ecosystem comprises subtropical and tropical dry forests, which support a diverse array of plant species. Wildlife monitoring shows stable populations of birds, reptiles, and aquatic fauna. Preventive conservation measures, including habitat relocation for threatened species, have been implemented.

1.17.6 Cultural
 and Archeological Resources

A dedicated on-site team monitors the potential impact on cultural and archaeological artifacts. Pre-construction inspections and external expert consultations ensure compliance with relevant regulations. To date, no significant historical artifacts have been identified within the Project's direct area of influence.

1.17.7 Environmental
 Monitoring

The Project maintains 26 monitoring stations for water quality, six for air quality, and additional noise monitoring locations. Monthly reports are submitted to regulatory authorities. While air quality and noise monitoring were not included in the original 2007 baseline study, comparisons to EPA standards ensure compliance.

1.17.8 Environmental
 Management Plan

The Environmental Management Plan (EMP) has been updated to incorporate lessons learned from a decade of on-site environmental data collection. The plan aligns with regulatory requirements and international best practices. It integrates corporate health, safety, and environmental programs, including emergency response strategies.

1.17.9 Social
 Management

Aura prioritizes strong community relationships. The Project retains a comprehensive database of community engagement activities and sustainability initiatives. The updated Social

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Management Plan (SMP) incorporates IFC performance standards and includes mechanisms for communication, grievance handling, and community engagement. A Social Monitoring Committee (SMC) is being established to ensure transparency.

1.17.10 Mine
 Closure

The approved EIA includes a conceptual mine closure plan, which was further refined.

Mine closure requirements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Progressive
 underground backfilling of waste rock and tailings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Decommissioning
 of infrastructure while maintaining environmental safeguards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Long-term
 monitoring of water quality and ecosystem restoration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Revegetation
 using native plant species.

The Dry Stacking Tailings Facility (DSTF) will be constructed continuously over the life of the mine using the downstream construction method, so concurrent reclamation will not be possible. At the end of operations, exposed portions of the decant piping will be dismantled, and the decant pipes will be plugged below the final surface.

The surface of the DSTF will be contoured so that it will shed precipitation rather than impound it. Topsoil that is stockpiled from the DSTF footprint during construction will be spread over the surface of the DSTF. Native grass seed mixture will be planted to reduce erosion.

Total closure costs are estimated at $17.19 M and do not include contingencies.

1.18 Capital
 and Operating Costs

LoM Project capital costs total $417 M, consisting of the following distinct phases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre-production
 capital costs – includes all costs to develop the property to a 1,500 tpd production.
 Initial capital costs total $263.6 M and are expended over a 23-month pre-production period
 on engineering, construction, and commissioning activities, as shown in Table 18.1: Estimated
 Pre-production Capital Costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sustaining
 capital costs – includes all costs related to the acquisition, replacement, or major
 overhaul of assets during the mine life required to sustain operations. Sustaining capital
 costs total $136.2 M and are expended in operating Year 1 through Year 24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Closure
 Costs – includes all costs related to the closure, reclamation, and ongoing monitoring
 of the mine, post operations. Closure costs total $17.2 M and are primarily incurred in
 Year 14, with costs extending into Year 17 for ongoing monitoring activities.

**Table 1-4: Estimated Project capital costs**

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| **WBS DESCRIPTION** | **Pre-Production<br> Cost USD ($M)** | **Sustaining <br> Cost/Closure USD<br> ($M)** | **Project Total<br> Cost USD ($M)** |
| Infrastructure | 8.2 | 8.4 | 16.6 |
| Power and Electrical | 16.7 | - | 16.7 |
| Water Management | 16.1 | 24.7 | 40.8 |

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| **WBS DESCRIPTION** | **Pre-Production<br> Cost USD ($M)** | **Sustaining <br> Cost/Closure USD<br> ($M)** | **Project Total<br> Cost USD ($M)** |
| Surface Operations | 14.7 | 1.7 | 16.4 |
| Mining | 63.4 | 80.2 | 143.6 |
| Process Plant | 49.7 | 16.7 | 66.4 |
| Construction Indirect | 38.0 | 4.6 | 42.6 |
| General Services – Owner's Costs | 21.3 | - | 21.3 |
| Logistics/ Taxes/ Insurance | 9.0 | - | 9.0 |
| Pre- Production, Start-up & Comissioning | 5.0 | - | 5.0 |
| Contingency | 21.9 | - | 21.9 |
| Closure Costs | - | 17.2 | 17.2 |
| **TOTAL** | **263.6** | **153.5** | **417.0** |

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Source: Aura, 2025.

The operating cost estimate in this study includes the costs to mine and process the mineralized material to produce doré, as well as site services to maintain the site and general and administrative expenses (G&A). These items total the Project's operating costs and are summarized in Table 1-5. The target accuracy of the operating cost is -30% to +50 %. The operating cost estimate is broken into four major sections:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Underground
 mining

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Processing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Site
 services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· General
 and Administrative (G&A).

The total operating unit cost is estimated to be US$170/t processed. Average annual, total LOM, and unit operating cost estimates are summarized in Table 1-5. The unit rates in this table include tonnes mined during the pre-production period.

**Table 1-5: Estimated operating costs of the Project**

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|:---|:---|:---|:---|
| **Operating Costs** | **Avg Annual (M$)** | **$/t processed** | **LOM (M$)** |
| Mining | 38.70 | 100 | 890.01 |
| Processing | 12.38 | 32 | 284.80 |
| Site Services | 6.97 | 18 | 160.20 |
| G&A | 7.74 | 20 | 178.00 |
| Total | **65.78** | **170** | **1513.01** |

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Source: GE21, 2025.

1.19 Economic
 Analysis

The economic analysis for the Era Dorada Project is based on Mineral Resource estimates, including the annual mine production schedule. As required under SK-1300, the results of this analysis should not be interpreted as demonstrating the economic viability of the project.

The outcome of the economic analysis is subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from them. The information on which this analysis is based is listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mineral
 Resource Estimates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumed
 fixed exchange rate

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumed
 known royalties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Proposed
 mine production plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Projected
 mining and processing recovery rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fixed
 installed processing plant capacity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions
 on closure costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions
 on environmental, licensing, and social risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes
 in production costs relative to the assumptions

This analysis does not rely on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unrecognized
 environmental risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unanticipated
 recovery expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Different
 geotechnical and/or hydrogeological considerations during mining

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unexpected
 variations in the quantity of mineralized material, grade, metallurgical recovery efficiency,
 and plant recovery efficiency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accidents,
 labour disputes, and other mining industry risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes
 in tax rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions
 of commercial discounts that are not foreseen in the financial analysis

1.20 Conclusions

The Project outlines a conceptual mine plan involving the extraction of 8.9 Mt of ROM over a 17-year LoM, with a production rate of 1,500 tpd. The selected underground mining method is suitable for ensuring a stable and consistent mill feed throughout the mine life.

The Project features a comprehensive and integrated infrastructure plan that includes new access roads, power supply systems, water management facilities, a process plant, and storage facilities for tailings and waste rock. Existing support infrastructure will be leveraged, while new installations will address essential gaps in utility access, safety, and environmental control.

The total Life-of-Mine capital cost is estimated at $416.9 million, comprising:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre-production
 capital of $263.6 million (23-month period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sustaining
 capital of $136.2 million (over 17 years), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Closure
 capital of $17.2 million (over the last 3 years of the LoM).

The cost estimate is a Class 5 estimate (±30%/±50 %) with a 12% contingency, excluding working capital, VAT, escalation, and financing. It is based on budgetary quotes, benchmarks from Latin American projects, and internal cost databases.

Operating costs were derived using first principles and local benchmarks. Processing, site services, and general and administrative (G&A) costs were carefully broken down, including labor, power, consumables, and maintenance.

1.20.1 Risks

The most significant potential risks associated with the Project include the hot water management that will be encountered during the mine dewatering effort and socio-political

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resistance to the development of the planned mine in Guatemala. The latter is a common risk to most mining projects. It can be mitigated, at least to some degree, with adequate planning and proactive management. The risk associated with water management is not entirely unknown, given the presence of existing dewatering wells and the continued dewatering, treatment, and discharge of underground water.

It is important to note that the current mine plan is based on a resource model composed exclusively of Indicated and Inferred Resources, and Inferred Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. As such, there is a significant degree of uncertainty associated with the tonnages and grades used in the sequencing.

The cost of grid power is based on a market survey rather than an actual power supply agreement. A higher power cost would result in increased operating costs.

Although the local community is favorable to the development of Era Dorada as an underground mine, there is a potential risk of socio-political opposition to mine development, which could adversely impact the Project development schedule.

The ability to achieve the estimated CAPEX and OPEX costs is an important element of the Project's success. If OPEX increases, then the NSR cut-off would also increase, and all else being equal, the size of the mineable resource would decrease, yielding fewer mineable tonnes.

1.21 Recommendations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additional
 drilling will increase resources and improve understanding and modeling of lithological units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Definition
 drilling ahead of blasting will improve the definition of grade boundaries between high-grade
 veins and low-grade disseminated mineralized material and help minimize unplanned dilution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 review of mineral resource classification and grade distributions is prudent to ensure accuracy
 and certainty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For
 geotechnical purposes, it is available to characterize and model the geotechnical parameters
 as domains and placement into the estimation block model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 comprehensive brownfields exploration program along trend of the main deposit is recommended
 to explore for additional gold and silver resources that could potentially extend the project's
 life.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Optimization
 of mine plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Implementation
 of power generation in the cooling of the mine water.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mining
 Study detailing mining dilution for both mining methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Detailed
 groundwater and dewatering control along LoM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Develop
 a detailed mining operating plan that respects all mining activities, accounting for project
 restrictions, equipment productivity, and limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Complete
 detailed engineering for the site infrastructure, ensuring optimization of costs, constructability,
 and operational integration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Submit
 final permitting documentation and ensure all facilities are compliant with local, national,
 and international environmental standards and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Continue
 detailed geochemical testing for waste rock and tailings to confirm long-term environmental
 stability and support final facility design.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Develop
 a phased construction plan with critical path scheduling and initiate procurement of long-lead
 equipment and materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Maintain
 proactive communication with local communities and stakeholders to support social license
 and minimize construction-related disruptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Implement
 a robust risk mitigation plan for infrastructure development, including contingency planning
 for stormwater events, equipment delays, and logistics challenges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Refine
 cost estimates to Class 5 level or higher, incorporating detailed engineering, contractor
 bids, and updated procurement quotes to improve accuracy and reduce contingency requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate
 project economics under different gold price scenarios, inflation rates, and cost escalations
 to test project resilience and identify key cost drivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Optimize
 the project scheduling to prioritize higher-grade zones during the initial years of operation,
 thereby enhancing early revenue generation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate
 alternative production scenarios involving variable feed rates throughout the LoM to improve
 project flexibility and economic performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conduct
 a PFS or FS study for Mineral Reserve certification considering potential variations in mining
 methods and/or stope geometry to identify opportunities for improved resource recovery and
 economic efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Use
 the current capital structure and cost estimates to support investment discussions, including
 potential financing, offtake agreements, or joint venture opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Establish
 early procurement strategies, capital budgeting systems, and contract structures that enable
 cost discipline and reduce construction risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Incorporate
 local tax regimes, VAT recoverability, depreciation schedules, and financing structures to
 derive a complete economic picture for stakeholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ensure
 that projected expenditures for G&A, environmental compliance, and social responsibility
 are transparently communicated and aligned with local expectations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Undertake
 a comprehensive technical and economic evaluation of the dewatering system to identify opportunities
 for cost reduction and efficiency improvements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate
 alternative technologies, energy-saving strategies, and hydrological modeling to minimize
 the operational impact of dewatering on OPEX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Implement
 a continuous monitoring strategy for gold price fluctuations, with regular updates to the
 economic model to assess impacts on Net Present Value (NPV), Internal Rate of Return (IRR),
 and payback period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Perform
 updated sensitivity analyses at key decision points to evaluate the Project's resilience
 under various pricing scenarios.

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2 INTRODUCTION

In January 2025, Aura Minerals Inc ("Aura" or "the Company") completed the acquisition of the Era Dorada Gold Project—formerly named "Cerro Blanco Project"—and Mita Geothermal Project, located in Jutiapa, Guatemala, near the town of Asunción Mita and the border with El Salvador. The Era Dorada Project ("Era Dorada" or "the Project") is 100% beneficially owned by Aura. Aura is a public, TSX-listed company trading under the symbol "ORA", with its head office located at 78 SW 7th St., Miami, FL 33130, USA.

Aura commissioned GE21 Consultoria Mineral Ltda. (GE21) to prepare a Technical Report Summary (TRS) for the Project. The Mita Geothermal Project is not considered in this report.

This Technical Report Summary titled "Era Dorada Gold Project – Initial Assessment" presents information in compliance with United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.

The purpose of this study is to document a Mineral Resource Estimate, mine design, and preliminary economics of the Project. Bluestone Resources Inc (Bluestone) had previously completed FS studies on the Project in 2019 and updated the results in 2022. These previous studies did not comply with S-K 1300 guidelines; however, in preparation for the Initial Assessment, any relevant information was reviewed and reused where deemed appropriate by the QPs.

This report summarizes the work carried out by several consultants, and the scope of work for each company is listed below. Combined, these make up the total Project scope.

GE21 scope of work included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Compiling
 the technical report, including information provided by other consulting companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Establishing
 an economic framework for the Initial Assessment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mine
 engineering, design, and scheduling;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Designing
 required site infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Estimating
 mining, process plant, and G&A OPEX and CAPEX for the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Preparing
 a financial model and conducting an economic evaluation, including sensitivity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Interpreting
 the results and making conclusions that lead to recommendations to improve Project value
 and reduce risks.

Kirkham Geosystems Ltd. (Kirkham) scope of work included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mineral
 Resource Estimate.

HDJ's scope of work included:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Compiling
 the technical report, including information provided by other consulting companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Developing
 a conceptual flowsheet, specifications, and selection of process equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Designing
 required plant facilities and other ancillary facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Establishing
 gold and silver recovery values for doré production on-site;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Evaluating
 the status of current permits.

2.1 Qualified
 Persons

The Qualified Persons (QPs) responsible for this independent TRS are Mr. Porfirio Cabaleiro Rodriguez, Homero Delboni Jr., and Garth Kirkham (Table 2-1). Neither GE21 nor the authors of this TRS have had any material interest invested in Aura or any of its related entities.

Mr. Porfirio Cabaleiro Rodriguez, Director of GE21 Consultoria Mineral, is a mining engineer, a Fellow of the AIG (FAIG #3708), and has more than 40 years of experience in Mineral Resource and Mineral Reserve estimation. Mr. Rodriguez has sufficient experience relevant to the styles of mineralization and types of deposits under consideration to be considered a QP, as defined by S-K 1300. He is responsible for supervising all sections in this independent TRS, is individually responsible for Sections 2, 3, 4, 5, 13, 15, 16, 18, 19, 24, and 25, and is co-responsible with other QPs for Sections 1, 22 and 23.

Dr. Homero Delboni Jr. is a Mining Engineer and Minerals Processing, Ph.D in Minerals Processing and Chartered Professional (Metallurgy) of the Australasian Institute of Mining and Metallurgy (AusIMM #112813), and has more than 40 years of experience in mineral processing. Mr. Delboni has sufficient and relevant experience in mineral processing industrial circuits to be considered a QP as defined by S-K 1300. He is individually responsible for Sections 10, 14, and 17 and is co-responsible with other QPs for Sections 1, 22, and 23.

Mr. Garth Kirkham, P.Geo. and Principal of Kirkham Geosystems Ltd., is a geophysicist and geologist (EGBC #30043) and has more than 30 years of experience in experience supplying 3D geoscience modeling, geological and geophysical consulting services to the mining, environmental and oil & gas industries. He has sufficient and relevant experience in mineral deposit geology and resource estimation to be considered a QP as defined by S-K 1300. He is individually responsible for Sections 6, 7, 8, 9, 11, 20, and 21 and is co-responsible, with other QPs, for Sections 1, 22 and 23.

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**Table 2-1: List of QPs and related responsibilities**

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|:---|:---|:---|:---|
| **QP** | **Section Responsibility** | **Site Visit** | **Responsibility** |
| Porfirio Cabaleiro Rodriguez, FAIG | 2, 3, 4, 5, 13, 15, 16, 18, 19, 24 and 25 and partially 1, 22 and 23 |  | Author and Peer Review |
| Dr. Homero Delboni Jr., AusIMM | 10, 14 and 17 and partially 1, 22 and 23 |  | Author and Peer Review |
| Garth Kirkham, P. Geo. | 6, 7, 8, 9, 11, 20 and 21 and partially 1, 22 and 23 | May 8, 2017; Sep 21-22, 2017; Apr 24-28, 2018; Feb 16-22, 2020, Jan 10-15, 2021 | Author and Peer Review |

---

Source: GE21, 2025.

2.2 Site
 Visits and Scope of Personal Inspection

Garth Kirkham, P. Geo., first visited the property on May 8, 2017, to satisfy the site visit requirements related to the 2017 Technical Report. The site visit included an inspection of the property, offices, underground vein exposures, core storage facilities, the water treatment plant, stockpiles, and a tour of major centers and surrounding villages that are most likely to be affected by any potential mining operation.

Since 2017, Mr. Kirkham has visited the property numerous times for extended periods to develop and implement data-gathering and sampling methods and procedures. He also worked with Bluestone geologists to develop drill programs and supervise the interpretation and wireframe modeling, in addition to vetting and reviewing QA/QC procedures. On September 21-22, 2017, Mr. Kirkham inspected the progress of the recommended historic drill core rehabilitation program and initiated the structural studies. From April 24 to 28, 2018, the site visit focused on advancing the planning and development of sampling and drilling, as well as supporting lithological and structural modeling. From February 16 to 22, 2020, Mr. Kirkham assisted with the planning and development of advanced drilling and sampling. He provided guidance on lithology and high-grade vein modeling for resource estimation. From January 10 to 15, 2021, Mr. Kirkham validated drill and sample data, refined high-grade models, reviewed low-grade models, and provided guidance for finalizing an open pit bulk tonnage resource scenario.

The other QPs relied upon the observations of Mr. Kirkham, who visited the site.

2.3 Effective
 Date and Sources of Information

This report is based on information collected by the QPs during site visits and on additional information provided by Aura throughout the course of GE21's analysis. Other information was obtained from the public domain. GE21 has no reason to doubt the reliability of the information provided by Aura.

Aura and its consultants provided GE21 with the information that was used to prepare this TRS, specifically during the execution of the work that is described herein. This work reflects the technical and economic conditions at the time that it was executed. The authors, whenever possible, executed independent verification of the data they received, in addition to conducting field visits to corroborate the data. This information was supplied in the form of an exploratory

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drilling database, certifications, maps, technical reports, and a topographical survey. The data is a combination of historical and newly generated information.

The results, images, and illustrations presented in this TRS have been generated from information provided and compiled by Aura through data organized in spreadsheets, internal and third-party technical reports, and supplemental information obtained from the Aura technical team. Exceptions will be subtitled for the source reference.

The effective date for this Initial Assessment is December 31, 2024, related to the gold price considered for the Project. The authors believe that no relevant data concerning the Mineral Resources Estimate were produced after this date.

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3 PROPERTY DESCRIPTION

3.1 Property
 Location

The Project is located in southeast Guatemala, in the Department of Jutiapa, approximately 160 km by road from the capital, Guatemala City (Figure 3-1), and approximately 9 km west of the border with El Salvador. The nearest town to the Project is Asunción Mita, a community of approximately 18,500 people situated approximately 7 km west of the Project. The exploitation license covers 15.25 km<sup>2</sup> and lies entirely in the municipality of Asunción Mita.

![](ex9607_002.jpg)

**Figure 3-1: Project location map**

Source: Bluestone, 2021.

The location of the mineral resources relative to the property boundary is shown in Figure 3-2.

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![](ex9607_003.jpg)

**Figure 3-2: Location of Mineral Resources relative to property boundary**

Source: Bluestone, 2022.

3.2 Property
 Description and Tenure

The coordinates of the 15.25 km<sup>2</sup> exploitation license are recorded in Decree DIC-CM-158-05 and are shown in Figure 3-3. The perimeter of the area is described as having the UTM X and Y coordinates shown in Figure 3-3 and Table 3-1.

**Table 3-1: Coordinates of exploitation license "Era Dorada"**

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|:---|:---|
| **Latitude** | **Longitude** |
| 210500 | 1589500 |
| 213000 | 1589500 |
| 213000 | 1589000 |
| 214000 | 1589000 |
| 214000 | 1585000 |
| 210500 | 1585000 |

---

Source: Bluestone, 2019.

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![](ex9607_004.jpg)

**Figure 3-3: Era Dorada exploitation license coordinates**

Source: Bluestone, 2019.

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3.3 Royalties

The Project is subject to two royalties, both of which have been included in the economic analysis and cash flow model. Table 3-2 outlines the assumed royalty terms.

**Table 3-2: Royalty assumptions**

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|:---|:---|:---|
| **Parameter** | **Unit** | **Value** |
| Guatemalan Government Royalty | % NSR | 1.00 |
| Third-Party Royalty | % NSR | 1.05\* |

---

Note: \*1.05% royalty has been grossed up to account for country withholding tax.

Source: Bluestone, 2021.

3.4 Environmental

The Project is following Guatemala environmental laws and regulations and has all necessary permits to proceed with developing the underground mine and construction of the process facilities, subject to future operations adhering to the conditions of the existing permits.

However, the Project design has changed since 2007 and requires permit amendments. Additionally, new baseline studies (EIA) and permits are necessary for infrastructure components such as power lines.

The current permits and permit amendments are presented in Section 17.

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4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY

4.1 Access

Current road access to the site is via the Pan-American Highway (Highway CA1) through the town of Asunción Mita. Existing infrastructure is in place to provide year-round access to the site. The topography is relatively flat, with rolling hills.

Guatemala has 400 km of coastline and claims its territorial waters extend 22 km outward, plus an exclusive economic zone of 370 km offshore. Hurricanes and tropical storms sometimes affect coastal regions.

The five main ports in Guatemala and their main activities are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Atlantic
 Ports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Puerto
 Santo Tomás de Castilla (containers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Puerto
 Barrios (containers).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pacific
 Ports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Puerto
 San José (liquids);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Puerto
 Quetzal (multi-use);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Puerto
 Champerico (fishing).

Puerto Santo Tomás de Castilla is the most important port on the Atlantic coast of Guatemala. This cargo terminal can handle a variety of cargo (e.g., containers and roll-on, roll-off (RoRo)), as well as general and liquid bulk cargo, passenger ships, vehicle carriers, and barges. The port facilities are approximately 290 km northeast of Guatemala City. The total distance from Santo Tomás de Castilla to the Project site is approximately 440 km.

Puerto Quetzal, which is the most important port on the Pacific Coast, has the most modern installations. It is mainly a dry bulk cargo terminal; however, it also handles containers, RoRo, general bulk cargo, and liquid bulk cargo. The port facilities are about 100 km South of Guatemala City. The distance from Puerto Quetzal to the Project site using the coastal highway is approximately 310 km. Puerto Quetzal is 2,050 nautical miles from Los Angeles.

These two ports handle nearly 80% of the sea traffic to Guatemala. Guatemala's Empresa Nacional Portuaria is a state-owned corporation of the Guatemalan port facilities.

The nearest airport to attend the region of the Project is Aurora International Airport, in Guatemala City, and 114 km far from the Project, in a 2-h travel by car. It offers a large range of flights and international connections.

4.2 Climate

The climate and vegetation at the Project site are typical of a tropical dry forest environment. The wet season is typically from May to October. The average annual rainfall is

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1,350 mm. Daily highs reach 41°C, and lows reach 10°C. The average annual pan evaporation rate is 2,530 mm, with an annual average humidity of 62%. Classified as Zona Oriental, the principal characteristics of the region are a deficiency of rain for much of the year with high ambient daytime temperatures.

4.3 Physiography

The Project is located on a hill with two peaks. The surrounding areas are relatively flat with minimal undulation. A photo showing the typical landscape around the mine property is included in Figure 4-1.

![](ex9607_005.jpg)

**Figure 4-1: Typical landscape in the Project area, looking South**

Source: Bluestone, 2022.

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Most of the vegetation in the Project area loses its foliage because of a lack of precipitation to support growth during the winter months of November through April.

The Project occurs within a south-southwest trending ridge that extends from higher ground to the north, outward into the basin and floodplain deposits of the Rio Ostua. The elevation of the upper part of the ridge is in excess of 600 masl. The elevation of the basin and floodplain deposits is about 460 to 490 masl.

The west side of the ridge is flanked by a south-southeast-trending perennial drainage called Rio Tancushapa. The east side of the ridge is flanked by a seasonal drainage called Quebrada El Tempisque, which also trends to the south-southeast. These drainages join to the south-southeast of the Project area and flow into the Rio Ostua about 4 km down gradient.

The regional area is generally hilly to mountainous, with broad flood plains formed by some of the larger streams and rivers. Three dormant volcanoes are within sight of the Project area: Ixtepeque to the north, Suchitan to the northwest, and Las Viboras to the southwest.

4.4 Local
 Resources & Infrastructure

The Project is situated in proximity to a number of communities, the largest one being Asunción Mita, with a population of approximately 18,500 people.

There is no record of any previous exploitation in the area; however, with the closure of Goldcorp's Marlin Mine in late 2017, it is anticipated that a significant contingent of Guatemalan-trained labor will be available for employment at Era Dorada. As such, the Project intends to hire the majority of operations staff locally and has allowed for the cost of training programs within the Owner's budget.

The local mine workforce is expected to live in the surrounding communities and provide their own transportation to and from the mine site due to the proximity of the population centers relative to the Project site (Figure 4-2). Employees from distant areas further than Jutiapa and expatriate employees will be housed in the on-site camp.

La Barranca power substation is located south of Asunción Mita, approximately 10 kilometers to the west of the Project. The substation has a capacity to supply up to 20 MW of power.

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![](ex9607_006.jpg)

**Figure 4-2: Population centers near the Project area**

Source: Bluestone, 2022.

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| 5 | HISTORY |

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There is no evidence of exploration activity on the Era Dorada property (formerly "Cerro Blanco") before 1997. Mar-West Resources Ltd. (Mar-West), a Canadian exploration company, had been working in adjacent Honduras since 1995 and expanded their gold prospecting activities into southern Guatemala in 1997. The Cerro Blanco property was identified by Mar-West by sampling densely silicified boulders, in some cases cut by chalcedonic veinlets, during an initial reconnaissance evaluation of an area known for active hot springs. Traverses over the hill at Cerro Blanco yielded surface rock assays of 1 to 3 g Au/t. An exploration concession was subsequently applied for and granted in late 1997. Mar-West drilled nine reverse circulation (RC) holes from April to June 1998, which tested near-surface potential to shallow depths of 100 to 150 m. At least seven holes contained one or more intercepts of 5 to 15 m grading 1 to 5 g Au/t, with the occasional 10 to 20 g Au/t interval, and were sufficient to justify continued exploration on the property.

In October 1998, Mar-West's holdings in Honduras and Guatemala were purchased by Glamis Gold Ltd. (Glamis) primarily to acquire the San Martin deposit in Honduras. Mar-West geologists continued to manage the Cerro Blanco exploration program through March 1999. The sinter area was soil sampled and trenched, and drilling was advanced to hole 19 when geophysical orientation surveys were undertaken. A further 331 drill holes were completed up until 2006.

Goldcorp became the sole proprietor of the Cerro Blanco Gold Project through the purchase of Glamis in November 2006. Goldcorp undertook a comprehensive exploration program from 2006 to 2012, including additional surface exploration, over 3.4 km of underground development, and 43,016 m of surface and underground drilling. Exploration activities at the Cerro Blanco property by Goldcorp included the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Surface
 soil geochemistry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Surface
 rock geochemistry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Surface
 geological mapping;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Construction
 of the north and south ramp access and ventilation raises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Underground
 geological mapping;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Underground
 chip sampling;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Surface
 and underground diamond drilling.

Several unpublished feasibility studies were completed by Goldcorp from 2011 to 2014. Kappes, Cassidy & Associates (KCA) and Golder Associates (Golder) completed an FS for the Project in May 2012. After this initial FS, Goldcorp issued a new geological model and requested KCA and Golder to update the FS in 2013 using a revised mine design, mine development, mine operation, and capital costs. In 2014, an internally updated FS was produced with optimized mine stope parameters and the mine schedule and costing information that was updated by Maptek.

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On January 4, 2017, Bluestone entered into an agreement with Goldcorp Inc. (Goldcorp) to acquire 100% of Minerales Entre Mares de Guatemala, S.A. (Entre Mares, or EM), which was Goldcorp's indirect wholly owned Guatemalan subsidiary which holds a 100% interest in Cerro Blanco. On successful closure of the deal, Entre Mares became a wholly owned subsidiary of Bluestone, a Canadian company headquartered in Vancouver, British Columbia.

In January 2025, Aura completed the acquisition of the Cerro Blanco Project and Mita Geothermal Project, located in Jutiapa, Guatemala, near the town of Asunción Mita and the border with El Salvador. The Cerro Blanco Project is 100% beneficially owned by Aura.

5.1 Data
 Validation History

Historical core logging, sampling, and QA/QC procedures were reviewed by Golder in 2014. Ten core samples were collected from quarter-sawn NQ core, and selected drill hole collars were surveyed using a GPS. Assayed gold and silver grades were found to be consistent with those reported by Goldcorp. Golder was satisfied that the drill hole data was collected in a manner consistent with industry best practice standards.

As part of the core logging data verification, Golder compared a selection of core logs against half-core stored at the Project site. Five half-core drill holes were reviewed from the North and South deposits. The Excel files were reviewed first, and drill holes were selected that represented the typical mineralization style for each deposit. In addition, 10 verification samples were taken from these drill holes. Each verification sample was a half-core sample sawed in half again, with the quarter sample sent for analysis and the other quarter returned to the core racks. Table 5-1 summarizes the samples selected for core logging review and verification sampling.

**Table 5-1: Verification samples**

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Drill Hole ID** | **Duplicate** <br> **Sample N<sup>o</sup>.** | **Original** <br> **Sample N<sup>o</sup>** | **From (m)** | **To (m)** | **Deposit** | **Metal**<br> **Analyzed** | **Rock Type** |
| CB-152 | 205873 | 82225 | 128 | 129 | North | Au, Ag | Lapilli Tuff |
| CB-152 | 205874 | 82226 | 129 | 130 | North | Au, Ag | Lapilli Tuff |
| CB-200 | 205884 | 407101 | 156 | 157 | South | Au, Ag | Quartz Tuff |
| CB-200 | 205885 | 407102 | 157 | 158 | South | Au, Ag | Quartz Tuff |
| CB-241 | 205891 | 404849 | 111.4 | 112.6 | South | Au, Ag | Conglomerate |
| CB-241 | 205892 | 404850 | 112.6 | 113.5 | South | Au, Ag | Fault |
| CB-254 | 205895 | 414397 | 100.5 | 102 | South | Au, Ag | Volcaniclastic sediments |
| CB-254 | 205896 | 414398 | 102 | 103.5 | South | Au, Ag | Volcaniclastic sediments |
| CB-10-15 | 205871 | 435941 | 135 | 136.23 | North | Au, Ag | Lapilli Tuff |
| CB-10-15 | 205872 | 435943 | 136.23 | 137.46 | North | Au, Ag | Lapilli Tuff |

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Source: Goldcorp, 2014.

Samples were sawed and bagged under Golder's supervision and were transported off-site via helicopter and plane to Canada and then by ground transportation to ALS Chemex laboratories in Sudbury for sample preparation and analysis.

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A comparison of the Excel files against the drill core indicated an excellent match between the core logs and the retained core.

Table 5-2 is a list of the drill hole collar surveys completed by Golder.

**Table 5-2: Drill hole collar survey (NAD 27 Zone 16N)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Drill Hole ID** | **Golder** | **Golder** | **Cerro Blanco** | **Cerro Blanco** |
| **Drill Hole ID** | **Easting** | **Northing** | **Easting** | **Northing** |
| C 10 08 | 212015.1 | 1587867 | 212009 | 1587748 |
| C 11 12 | 211906.8 | 1587714 | 211904 | 1587605 |
| C 11 15 | 211969.7 | 1587769 | 211966 | 1587655 |
| C 11 18 | 211866.4 | 1587405 | 211873.2 | 1587297 |
| C 11 21 | 211901.6 | 1587414 | 211898.9 | 1587307 |
| C 151 | 212025.1 | 1587821 | 212020.8 | 1587707 |
| C 247 | 211985.5 | 1587315 | 211978.8 | 1587202 |

---

Source: Goldcorp, 2014.

Eight drill sites were visited, with multiple drill holes located at some sites. Casings had been removed for most drill holes. The data collected was a mixture of pre-Goldcorp drill holes (2006 or earlier) and drilling completed by Goldcorp during 2010 and 2011. All drill holes from the surface were grouted to prevent water flow into the underground workings.

Approximately 5% of the drill holes (20 holes) were subjected to data verification checks by Golder. The 20 selected holes, summarized in Table 5-3, included a variety of historical data as well as some of the more recent holes. The data verification checks consisted of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· comparison
 of final assays to the original laboratory certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· analysis
 of external laboratory duplicate assays by generating XY scatter plots;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· review
 of downhole survey measurements to identify anomalous changes to hole orientation.

**Table 5-3: Drill holes selected for data verification**

---

| | |
|:---|:---|
| **Drill Hole ID** | **Drill Hole ID** |
| CB-012 | CB-200 |
| CB-016 | CB-227 |
| CB-063 | CB-244 |
| CB-078 | CB-247 |
| CB-095 | CB-305 |
| CB-10-02 | CB-309 |
| CB-120 | CB-314 |
| CB-142 | CB-345 |
| CB-146 | CB-357 |
| CB-151 | CB-362 |

---

Source: Goldcorp, 2014.

For the 20 holes reviewed, the comparison of final assays to the original assay certificates did not identify any material differences in assay values.

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External laboratory duplicate assays were reviewed to assess the reliability of the primary assay laboratory. XY scatter plots were generated for each of the 20 holes. With the exception of a few outliers, the majority of the data compared well. Figure 5-1 illustrates an example of the XY scatter plots used to compare assay results.

![](ex9607_007.jpg)

**Figure 5-1: Example of XY scatter plot for hole CB34**

Source: Goldcorp, 2014.

5.2 Historic
 Resources

Indicated and Inferred Resources were initially reported in 2008 for the Cerro Blanco Project at an 8.0 g/t gold equivalent cut-off grade as follows in Table 5-4.

**Table 5-4: Indicated and Inferred Mineral Resource Estimate (2008)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Resource** <br>**Type¹**<br>| **Tonnes** <br>**(kt)**<br>| **Gold Grade** <br>**(g/t)**<br>| **Contained Gold**<br>**(koz)**<br>| **Silver Grade** <br>**(g/t)**<br>| **Contained** <br>**Silver (koz)**<br>| **Contained** <br>**Equivalent** <br>**Ounces of Gold²**<br>|
| Indicated | 2500 | 15.65 | 1266 | 72 | 5826 | 1324 |
| Inferred | 1400 | 15.3 | 665 | 59.6 | 2589 | 691 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Mineral Resources have been calculated in accordance with definitions adopted by the Canadian
 Institute of Mining, Metallurgy, and Petroleum on August 20, 2000. Employees of Glamis Gold
 Ltd., under the supervision of James S. Voorhees, Executive Vice President of Operations
 and Chief Operating Officer, have prepared these calculations.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 conversion of silver ounces to gold-equivalent ounces is at a ratio of 100 silver ounces
 to one gold-equivalent ounce.

Source: Voorhees, 2008.

Subsequently, Mineral Resources were reported as in-situ resources at cut-off grades of 1.0 g/t Au and 4.0 g/t Au in 2014. Blocks were classified based on drill spacing (sample distances) and the number of drill

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holes. In-situ Mineral Resources are summarized in Table 5-5. No wireframing was performed around these blocks.

**Table 5-5: In-*s*itu Mineral Resources (2014)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**In-situ Mineral Resources (veins)** | &nbsp;&nbsp;**In-situ Mineral Resources (veins)** | &nbsp;&nbsp;**In-situ Mineral Resources (veins)** | &nbsp;&nbsp;**In-situ Mineral Resources (veins)** | &nbsp;&nbsp;**In-situ Mineral Resources (veins)** | &nbsp;&nbsp;**In-situ Mineral Resources (veins)** |
| &nbsp;&nbsp;**COG (g/t)** | &nbsp;&nbsp;**Mt** | &nbsp;&nbsp;**Au g/t** | &nbsp;&nbsp;**Ag g/t** | &nbsp;&nbsp;**Au Moz** | &nbsp;&nbsp;**Ag Moz** |
| &nbsp;&nbsp;**Indicated In-situ\* Mineral Resources** | &nbsp;&nbsp;**Indicated In-situ\* Mineral Resources** | &nbsp;&nbsp;**Indicated In-situ\* Mineral Resources** | &nbsp;&nbsp;**Indicated In-situ\* Mineral Resources** | &nbsp;&nbsp;**Indicated In-situ\* Mineral Resources** | &nbsp;&nbsp;**Indicated In-situ\* Mineral Resources** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;19 | &nbsp;&nbsp;3.38 | &nbsp;&nbsp;13.9 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;8.5 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;3.85 | &nbsp;&nbsp;9.71 | &nbsp;&nbsp;35.2 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;4.4 |
| &nbsp;&nbsp;**Inferred In-situ\* Mineral Resources** | &nbsp;&nbsp;**Inferred In-situ\* Mineral Resources** | &nbsp;&nbsp;**Inferred In-situ\* Mineral Resources** | &nbsp;&nbsp;**Inferred In-situ\* Mineral Resources** | &nbsp;&nbsp;**Inferred In-situ\* Mineral Resources** | &nbsp;&nbsp;**Inferred In-situ\* Mineral Resources** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;10.8 | &nbsp;&nbsp;19.8 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.2 |

---

Note: \*Reported in-situ Mineral Resources do not consider mineral availability by underground or open pit mining methods.

Source: Goldcorp, 2014.

In 2016, Goldcorp listed resources for Cerro Blanco within its Annual Report. The last public statements by Goldcorp outlined historical resources of 2.05 Mt grading 12.69 g/t for 840,000 oz of gold in the Indicated category, as well as 0.75 Mt grading 9.34 g/t for 230,000 oz of gold in the Inferred category.

The Indicated and Inferred resources are historical estimates and use the categories set out in NI 43-101. These resources are effective as of June 30, 2016, and are disclosed in Goldcorp's press release dated October 26, 2016. Resources were estimated using US$1,400/oz AU and US$20/oz Ag. Given the source of the estimates, Bluestone considers them reliable and relevant for the further development of the Project; however, a qualified person has not done sufficient work to classify the historical estimates as current Mineral Resources or Mineral Reserves, and the Company is not treating the historical estimates as current Mineral Resources or Mineral Reserves.

In 2021, the mineral resource estimate was based on a scenario that considered open-pit mining methods and is reported at a base case above a 0.4 g Au/t cut-off, as tabulated in Table 5-6.

Mineralized material from mining activities conducted up to 2021—including ramp development and access—was stockpiled on-site and segregated for future processing. Correlograms for gold and silver were created and employed to estimate the stockpile resources using ordinary kriging. The estimate was validated using nearest neighbor and inverse distance methods.

In addition to the open-pit resources, high-grade vein material located below the pit shell remains a potential target for limited underground mining meth.

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**Table 5-6: Mineral Resource statement (2021)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Resource Category** | **Tonnes (kt)** | **Au Grade (g/t)** | **Ag Grade (g/t)** | **Contained Gold (koz)** | **Contained Silver (koz)** |
| Measured | 40947 | 1.8 | 7.9 | 2382 | 10387 |
| Indicated | 22595 | 1 | 4.2 | 706 | 3058 |
| Measured & Indicated | 63542 | 1.5 | 6.6 | 3089 | 13445 |
| Inferred | 1672 | 0.6 | 2.1 | 31 | 112 |
| Below Pit (Indicated)\* | 189 | 5.7 | 13.4 | 35 | 82 |
| Stockpile (Measured) | 30 | 5.4 | 22.6 | 5 | 22 |

---

Notes: The mineral resource statement is subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. All
 mineral resources have been estimated in accordance with Canadian Institute of Mining and
 Metallurgy and Petroleum (CIM) definitions, as required under National Instrument 43-101
 (NI 43-101), with an effective date of December 31, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral
 resources reported demonstrate a reasonable prospect of eventual economic extraction, as
 required under NI 43-101; mineral resources are not mineral reserves and do not have demonstrated
 economic viability.

&nbsp;&nbsp;&nbsp;&nbsp;3. \*Underground
 mineral resources are reported at a cut-off grade of 3.5 g Au/t. Cut-off grades are based
 on a price of US$1,600/oz gold, US$20/oz silver, and a number of operating cost and recovery
 assumptions, plus a contingency.

&nbsp;&nbsp;&nbsp;&nbsp;4. Numbers
 are rounded.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 mineral resources may be affected by subsequent assessment of mining, environmental, processing,
 permitting, taxation, socio-economic and other factors.

&nbsp;&nbsp;&nbsp;&nbsp;6. An
 inferred mineral resource has a lower level of confidence than that applying to an indicated
 mineral resource and must not be converted to a mineral reserve. It is reasonably expected
 that the majority of inferred mineral resources could be upgraded to indicated mineral resources
 with continued exploration.

&nbsp;&nbsp;&nbsp;&nbsp;7. Mineral
 Resources are inclusive of mineral reserves.

Source: Kirkham, 2021.

5.3 Historic
 Reserves

The mining stope and sub-level designs with external, backfill, and planned dilution, along with the mining recovery factor applied, determined the 2019 Mineral Reserve estimate shown in Table 5-7.

**Table 5-7: Mineral Reserve estimate (2019)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **Diluted Tonnes**<br>**(kt)**<br>| **Au Grade (g/t)** | **Ag Grade (g/t)** | **Au Onces (koz)** | **Ag Ounces (koz)** |
| Proven | 313 | 8.3 | 31.4 | 83 | 315 |
| Probable | 3131 | 8.5 | 32.3 | 857 | 3256 |
| Total | 3444 | 8.5 | 32.2 | 940 | 3571 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Qualified Person for the Mineral Reserve estimate is Michael Makarenko, P. Eng., of JDS Energy
 & Mining Inc.

&nbsp;&nbsp;&nbsp;&nbsp;2. Effective
 date: January 29, 2019. All Mineral Reserves have been estimated in accordance with Canadian
 Institute of Mining and Metallurgy and Petroleum (CIM) definitions, as required under NI
 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral
 Reserves were estimated using a $1,250 /oz gold price and a gold cut-off grade of 3.5 g/t.
 Other costs and factors used for gold cut-off grade determination were mining, process, and
 other costs of $109.04/t, transport and treatment charges of $5.00/oz Au, a royalty of
 $24.84 /oz Au, and a gold metallurgical recovery of 95%.

&nbsp;&nbsp;&nbsp;&nbsp;4. Silver
 was not used in the estimation of cut-off grades but is recovered and contributes to the
 project cash flow.

&nbsp;&nbsp;&nbsp;&nbsp;5. Tonnages
 are rounded to the nearest 1,000 t; metal grades are rounded to one decimal place. Tonnage
 and grade measurements are in metric units; contained gold and silver are reported as thousands
 of troy ounces.

&nbsp;&nbsp;&nbsp;&nbsp;6. Rounding,
 as required by reporting guidelines, may result in summation differences.

Source: Bluestone, 2019.

In 2021, Mineral reserves for the Cerro Blanco Gold Project were estimated at 53.9 Mt at an average grade of 1.64 g/t of gold for 2,846,000 ozs and 7.27 g/t of silver for 12,602,000 ozs, as summarized in Table 5-8. The Mineral Reserve Estimate (MRE) was prepared by G Mining Services Inc. (GMS)

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**Table 5-8: Cerro Blanco Gold Project open pit Mineral Reserve estimate (2022)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reserve Category** | **Tonnage (kt)** | **Gold (g/t)** | **Gold (koz)** | **Silver (g/t)** | **Silver (koz)** |
| Proven | 37618 | 1.89 | 2286 | 8.33 | 10084 |
| Probable | 16279 | 1.07 | 560 | 4.81 | 2518 |
| **Proven & Probable** | **53896** | **1.64** | **2846** | **7.27** | **12602** |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. CIM
 definitions were followed for mineral reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 effective date of the estimate is Nov 1, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral
 reserves are estimated at a cut-off grade of 0.50 g/t Au Eq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral
 Reserves are estimated using the following long-term metal prices (Au = US$1,550/oz and
 Ag = US$20/oz).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 bulk density of ore is variable but averages 2.70 t/m<sup>3</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 average strip ratio is 2.7:1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The
 average mining dilution factor is 6.7%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Other
 costs and factors used for gold cut-off grade determination were process, G&A, and other
 costs of $21.17/t, a royalty of $31.60 /oz Au, and gold and silver metallurgical recoveries
 of 91% and 85%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Tonnages
 are rounded to the nearest 1,000 t; metal grades are rounded to two decimal places. Tonnage
 and grade measurements are in metric units; contained gold and silver are reported as thousands
 of troy ounces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The
 mineral reserves may be affected by subsequent assessment of mining, environmental, processing,
 permitting, taxation, and socio-economic factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Mineral
 resources are inclusive of mineral reserves.

Source: GMS, 2021.

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6 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT

6.1 Introduction

The geology of Guatemala comprises rocks that are divided into two tectonic terrains due to the collision between the North American, Caribbean, and Cocos tectonic plates during the Upper Cretaceous, 70 to 90 million years ago. The Maya Block to the north is characterized by igneous and metamorphic basement rocks overlain by late Palaeozoic metasediments. Mesozoic red beds, evaporites, and marine limestones overlie these rocks, and a karst landscape formed in the thick limestone units across the north of the country. By contrast, southern Guatemala, south of the Motagua Valley, belongs to the Chortis Block, representing the northern part of the Caribbean Plate. This region forms an active volcanic arc termed the Central American Volcanic Arc (Figure 6-1), which continues from the Guatemala-Mexico border along the Pacific side of Central America into central Costa Rica, with most of the major eruptive events having occurred in the Tertiary and Quaternary.

![](ex9607_008.jpg)

**Figure 6-1: Location of Era Dorada and other deposits in the Central American Volcanic**

Source: Bluestone, 2020.

6.2 Regional
 Geology of Southern Guatemala

Southern Guatemala, El Salvador, Honduras, and Nicaragua are located within the Chortis continental crustal block. The tectonic event that sutured the Chortis block to the North American craton took place between 66 and 70 million years ago along the east-west-striking Polochic-Montagua fault system that crosses

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southern Guatemala (Figure 6-2Figure 6-2). Three regional east-west trending, left-lateral transform faults form the plate collision boundary, defined by the Polochic, Motagua, and Jocotan fault systems from north to south. Nearer the Cerro Blanco deposit, other major regional structures that strike north-northeast, such as the Jalpatagua and Ipala faults, are important local structures.

A large group of granitic stocks and batholiths intruded the suture zone south of the Polochic-Montagua fault with ages of 35 to 85 million years. These broadly brackets, both temporally and spatially, the collision event (Donnelly et al., 1990).

![](ex9607_009.jpg)

**Figure 6-2: Regional structural map of Guatemala**

Source: Bluestone, 2021.

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The Jocotan Fault is generally considered the southernmost major suture-related fault. It is an east-west fault with considerable Late Cretaceous dip-slip movement (south side down), but it had little or no Tertiary transcurrent movement. Era Dorada is located about 50 km south of the Jocotan Fault.

The ancestral Middle America Trench developed at this time. The Pacific Oceanic plate is subducted beneath Central America and is the principal driving force for volcanic and intrusive igneous activity throughout Central America along this boundary trench. The earliest documented volcanic outpouring on the Chortis block was the Paleocene (about 55 to 65 million years ago) (Pindell and Barrett, 1990).

In Costa Rica and Panama, a series of west-northwest-trending (arc-parallel) back-arc basins developed. These accumulated tuffaceous sediments continuously from the Eocene (about 55 million years) to the present (Donnelly et al., 1990). The principal periods of Andean-style calc-alkaline volcanism in the Chortis block include the Paleocene-Eocene (relatively minor), Oligocene (major), and Miocene-Pliocene (the biggest) (Pindell and Barrett, 1990).

The Polochic-Montagua suture was reactivated as a sinistral (left-lateral) transform fault that displaced the Chortis block 130 km eastward with respect to the North American craton. Movement took place from 6 to 10 million years ago (Deaton and Burkart, 1984). An associated extension was accommodated by a series of north-south grabens across southern Guatemala and western Honduras. Back-arc rift basins developed adjacent to northwest-striking normal faults all along western Central America. The Nicaraguan Rift began to form about 7 million years ago and continues to subside today. Bimodal, rhyolite-basalt volcanism began during this event and, by 7 million years ago, was widespread throughout the western half of the Chortis block.

A large number of Central American gold deposits, including Marlin and Era Dorada, occur within a narrow belt parallel to the western Central American coast from southern Guatemala through to Panama. The geology of Guatemala comprises rocks that are divided into two tectonic terrains due to the collision between the North American, Caribbean, and Cocos tectonic plates during the Upper Cretaceous, 70 to 90 million years ago. The Maya Block to the north is characterized by igneous and metamorphic basement rocks overlain by late Palaeozoic metasediments. Mesozoic red beds, evaporites, and marine limestones overlie these rocks, and a karst landscape formed in the thick limestone units across the north of the country. By contrast, southern Guatemala, south of the Motagua Valley, belongs to the Chortis Block, representing the northern part of the Caribbean Plate. This region forms an active volcanic arc termed the Central American Volcanic Arc (Figure 6-1), which continues from the Guatemala-Mexico border along the Pacific side of Central America into central Costa Rica, with most of the major eruptive events having occurred in the Tertiary and Quaternary.

This metallogenic belt follows the volcanic arc, and precious metal deposits are clearly related in space and time to Miocene-Pliocene extensional tectonics and associated bimodal basalt-rhyolite volcanism. Published age dates cluster between 4 and 8 million years. Argon-argon dating (40Ar-39Ar) of vein adularia from Era Dorada returned a date of 4.93 ± 0.47 Ma.

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6.3 Local
 Geology

The Project deposit is a classic hot springs-related, low-sulfidation quartz-chalcedony-adularia-calcite vein system. It was localized along a structural corridor created during the late Miocene- Pliocene tectonic extension within the active Central American Volcanic Arc. Deep penetrating faults and local bimodal igneous activity drove the Cerro Blanco hydrothermal system and the formation of the gold deposit.

The Project lies within the volcanic province, with the principal rock units being Tertiary volcanic, volcaniclastics, and sediments, including ignimbrites, siltstone, limestones, and conglomerates, that are intruded by andesitic and rhyolitic dykes. Recent basalt lava flows form the youngest rocks in the area in addition to locally derived volcanic sediments.

The gold- and silver-bearing veins and upper unit of silicified sediments (Salinas unit) occupy a north-trending graben bounded by a fault (termed the East Fault), representing a major structural feature that separates the main Era Dorada gold deposit from the Mita geothermal field immediately to the east.

To the north, the graben is concealed beneath Quaternary basalt flows, and to the south, it is concealed by recent alluvium. Rhyolite/dacite domes underlie the extreme northeast portion of the district. Active hot springs occur immediately south of Cerro Blanco hill.

Figure 6-3 shows a simplified geological map for Cerro Blanco.

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![](ex9607_010.jpg)

**Figure 6-3: Geological map of Era Dorada**

Source: Pratt and Gordon, 2019.

6.3.1 Lithology

The oldest rocks at Cerro Blanco Gold Project, intersected in deep drill holes, belong to the Mita Group (Pliocene-Miocene). This group exhibits a great variety of volcanic and sedimentary rocks with important marker beds that are crucial for understanding complex structural geology. Thicknesses seem fairly constant, with little evidence of growth faulting or internal unconformities during their accumulation (Figure 6-4).

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![](ex9607_011.jpg)

**Figure 6-4: Lithostratigraphy & lithology at Era Dorada**

Source: Pratt and Gordon, 2019.

The deeper parts of the Mita Group are dominated by volcaniclastic rocks (Mvo, mass flow deposits, conglomerates) with intercalated auto-brecciated and amygdaloidal porphyritic andesites (lithology code PA). There is a distinctive unit of dark grey siltstones and fine sandstones (Silt), frequently with syn- sedimentary disruption. The sequence is capped by a major unit of andesitic-dacitic tuff (Mcv) (Figure 6-5), which erupted in a single event. This is at least 50 m thick and rich in broken crystals and small pumice lapilli. It shows a weak compaction fabric or welding (refer to the photographs in Figure 6-5).

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![](ex9607_012.jpg)

**Figure 6-5: Examples of andesitic lapilli tuff (Mcv)**

Source: Pratt and Gordon, 2019.

The tuff is overlain by sandstones (Mss), followed by a nodular micritic to shelly, oyster-rich limestone (Mls, see Figure 6-6), which is the most distinctive rock at Era Dorada. This limestone sequence is about 20 m thick and includes calcarenites (Msc).

The limestone is overlain by a thick sequence of relatively massive, brick-red to light grey siltstone and fine sandstone (Mbt). This distinctive rock has local accretionary lapilli, horizons of flaser and ripple cross-bedded fine sandstone, and local calcareous concretions. The Mbt sequence is divided into lower and upper parts by an andesitic crystal tuff (Mat). It is also punctuated by intervals of clean, well-sorted, fine-grained conglomerate (Mss). These can be rich in metamorphic vein quartz pebbles and dark grey schist, indicating a metamorphic hinterland. In the north part of the property, there is a second major package of limestone (Mlm) (Figure 6-3), in turn overlain by further massive siltstones (Mbt).

The Mita Group is overlain by the Salinas Group (Svc). This is a complex sequence of interbedded plant-rich siltstones, mudstones, sandstones, conglomerates, mass flow deposits, phreatic breccias, and hot spring sinters. The Salinas unit, of probable Pliocene age, was previously considered to unconformably overlie the Mita unit, which was then assigned to the Eocene-Oligocene. The presence of the unconformity is certainly suggested by the structural culmination defined by the Mita limestone. However, thin sinter horizons are observed interbedded with siltstone at the top of the Mita unit, a situation that requires that the Mita and Salinas

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are part of a single, uninterrupted succession. This interpretation implies that the Mita part of the succession was in place before the mineralization commenced, whereas the overlying Salinas part accumulated during the mineralization event (Sillitoe, 2018).

![](ex9607_013.jpg)

**Figure 6-6: Examples of limestones (Mls)**

Source: Pratt and Gordon, 2019.

The syn-mineral Salinas unit is believed to have accumulated progressively in a low-relief graben characterized by a shallow groundwater table. The Salinas conglomerate was presumably derived by erosion of the flanking horst blocks as relief was created during the active faulting. The topographic inversion required to explain the current prominent position of the graben fill is ascribed to the silicic character of the Salinas unit and its consequent resistance to erosion.

Where the paleo-groundwater table intersected the paleosurface, siliceous sinter was precipitated—a situation that must have prevailed on several occasions for relatively protracted time intervals to produce the main sinter horizons. The presence of abundant reed casts in the sinter shows that its formation encroached on marshy ground (Figure 6-7). Where the paleo-groundwater table was several meters below the paleosurface, a conglomerate in its immediate vicinity was silicified, and the vadose zone above it was subjected to steam-heated alteration. The steam-heated alteration, containing cristobalite, kaolinite, and possible alunite (an advanced argillic assemblage), was the product of acidic solutions formed by the condensation of ascendant H2S-bearing steam into downward-percolating groundwater. The overall result is an interlayered sequence of sinter, silicified conglomerate, and steam-heated alteration (Figure 6-7).

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The Salinas Group is characterized in the mineralized area by widespread chalcedonic alteration, which can make identifications difficult, and elsewhere by strong clay alteration. In some places, rock fragments have concentric chalcedony coats (pisoliths), implying they accumulated in a hot spring pool. Silicified reed fragments are common and locally upright in their original growth position. Rare gastropods were observed.

![](ex9607_014.jpg)

**Figure 6-7: Silicified reed fragments**

Source: Pratt and Gordon, 2019.

The sequence also includes rhyolitic tuffs and a rhyolite cryptodome / flow dome (Rp), both with bipyramidal, embayed quartz crystals. A dacite cryptodome or flow dome (dp) also crops out around the Era Dorada village and is observed in drill holes in the hanging wall of the East Fault (Figure 6-4). It has no quartz crystals but distinctive, isolated, long hornblende phenocrysts. Sediment dykes, common in geothermal districts, where they form the feeders to sand and mud volcanoes, are common in the Salinas Group.

A typical log of the Salinas Group, shown in the photographs in Figure 6-8, includes a body of rhyolite, possibly a cryptodome since probable properties were seen at the contacts.

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The highest stratigraphic part of the Salinas Group, at least 60 m thick and above the sinters, is cut in the graben in the hanging wall of the East Fault. It comprises lacustrine siltstones and volcaniclastic sandstones. The rocks are plant-rich and contain rare fish fossils and brine shrimp/ostracods (e.g., drill hole CB332).

![](ex9607_015.jpg)

**Figure 6-8: Example Drill log from the Salinas Group**

Source: Pratt and Gordon, 2019.

The Salinas Group includes common mass flow or hydrothermal breccias. Their geometry is frequently unclear; it is uncertain if they are dykes or aprons of phreatic (explosion) breccia ejected from hot springs. Some contain sinter clasts, confirming phreatic eruptions. Underground, the South Ramp is dominated by hydrothermal breccias (Hbx), with polymict clasts up to 0.5 m in diameter. This may be the north margin of a south-dipping diatreme. Successive cross-sections show it extending progressively deeper towards the south.

Quaternary basalts (bi), with a felted, trachytic texture, crop out in the north of the Era Dorada property and occur in the low graben on either side of the horst. They are clearly lava flows. Around the village of Cerro Blanco, they in-fill the paleo-topography formed by a large dacite flow dome. It is unclear if this topography is erosional or the original hummocky shape of the dacite flow. The basalts include flow-foliated and autobrecciated types.

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The youngest rocks comprise alluvium, and in a few places, modern travertine and tufa occur at springs around the flanks of Cerro Blanco hill (Figure 6-9). The tufa cements colluvial blocks of the siliceous sinter (Salinas Group) are modern and should not be confused with sinter. They imply probable karst formation and dissolution of limestone.

![](ex9607_016.jpg)

**Figure 6-9: Recent travertine exposure**

Source: Pratt and Gordon, 2019.

Discordant igneous intrusions are rare at Cerro Blanco, but a few thin rhyolites (Rp) and aphanitic andesite (ad) dykes are observed.

6.3.2 Structure

The gold mineralization at the Project is hosted within a broadly north-south-striking graben. The East Fault (Figure 6-10), also referred to as the "East Horst Fault" in previous studies, is cut by several drill holes and

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observed in the drill core as a broad zone of post-mineral cataclasite developed in Mita siltstone; however, the structure appears to control a linear rhyolite body, suggesting that it was also active during the mineralizing event. This fault may be listric and made up of several strands. Holes CB332 and CB329, in the section below, show narrow wedges of 'exotic' lithologies along the fault zone, including limestone (Mls) and conglomerate (Mss). The apparent displacement, shown by the offset of the sinter (Ss), is about 300 m.

The immediate footwall of the East Fault, which hosts the gold-bearing quartz veins, is structurally complex. A deep geothermal drill hole (MG-07) shows gold mineralization in the probable down-dip extension of the East Fault at 634-640 m downhole depth.

![](ex9607_017.jpg)

**Figure 6-10: Simplified west-west cross-section across Era Dorada**

Note: Many drill holes and some lithostratigraphic units and faults were omitted to conserve clarity. Source: Pratt and Gordon, 2019.

The Cerro Blanco property has a complex history of faulting. The structural control on mineralization is unusual for low-sulfidation epithermal vein deposits, which normally comprise a single, relatively continuous vein. At Era Dorada, there are sheeted vein swarms that resemble a duplex. Figure 6-11 indicates the typical complexity in an east-west section. Note that the thickness of the Mcv west of the Mat Fault and the Mvo to the east is an artifact of Leapfrog software and is overstated. Veins are shown in red, and faults in white.

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![](ex9607_018.jpg)

**Figure 6-11: East-west cross-section of the South zone, Era Dorada looking North**

Source: Bluestone, 2021.

Simplistically, the structural history is comprised of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sedimentation
 of the Mita Group in a basinal to shelf environment, with periodic incursions of calc-alkaline
 volcanism (mostly waterlain andesitic tuffs and andesite flows, and their volcaniclastic
 equivalents). Some of the beds appear turbiditic (silt), implying moderate water depth. Some
 metamorphic clasts imply a metamorphic hinterland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A
 compressive episode formed a series of broadly north-south-striking, west-verging folds cored
 by Mita Group rocks, in particular, the Mvo and Mcv. These folds were associated with west-verging
 reverse faults and resulted in local overturned limbs. There may have been a component of
 strike-slip, with the development of a positive flower structure at the restraining bend
 in a major north-south strike-slip fault. There is evidence that most of the gold-bearing
 veins developed at this stage. The controlling structures for the vein swarms are in the
 footwall of the East Fault and apparently steeper (e.g., the Main Fault, see Figure 6-10).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Major
 extensional faulting with downthrows to the east of up to several hundred meters. These include
 the Ramp and East faults (see above). These faults may have been active during deposition
 of the Salinas Group (Svc), possibly growth faults. Metamorphic clasts in the Salinas Group
 imply continued input from a metamorphic hinterland. The offset of Quaternary basalts implies
 that the faults may still be active (neotectonic). These faults have the greatest surface
 expression, reflected in the modern topography by the Cerro Blanco ridge and flanking low-relief
 alluvial plains.

Most of the gold-bearing veins are constrained between the Mat Fault in the west and the East Fault, and evidence suggests that most veins at this stage developed along early pre-mineral faults. The Mat fault is interpreted to be a major early structure and hosts the principal footwall vein (VS-101) in the South Zone for

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some of its length. The lack of continuity of major veining up into the Salinas suggests that much of the faulting had ceased by the time of the Salinas deposition, except for the Cross, Ramp, and East Faults.

Some of these faults may represent syn-volcanic growth faults typical of near-surface epithermal settings that represent shallow, low displacements that manifest as larger pre-mineral faults at depth with increased displacements.

In the southeast portion of the South Zone, narrow sub-vertical gold-bearing veins extend into the Salinas and possibly represent a progression from the early compressive to more extensional conditions by the end of the Salinas deposition. Drilling demonstrates that a large chunk of stratigraphy is missing in the area separating the north and south zones of the deposit. This comprises the Mls + Mbt (lower) and Mat. A northwest-striking, southwest-dipping fault ("Upper Mbt Fault") is inferred. It is unclear if this terminates into the major Ramp Fault or vice versa. The throw on the Upper Mbt Fault seems to decline towards the north, and the stratigraphy is increasingly preserved in the footwall. Together, the Ramp and Upper Mbt faults define a triangular-shaped block that seems to have slid out southwards. Explaining the geometry, in terms of tectonic regime, is difficult, but a reactivated, extensional flower structure is one possible explanation.

Faults are difficult to map underground and in drill core because they are largely quite narrow (centimeter scale) and 'sealed' by silica; they generally do not form the zones of poor rock quality that typify post-mineral faults (though there are exceptions, for example along the East and Cross faults). This is reflected underground by the general lack of wall rock support. Figure 6-12 shows structural measurements from the underground workings for faults and veins. However, most understanding of the principal faults comes from 3D modeling, based on offsets of the lithostratigraphy and the marker beds.

The underground workings display numerous swarms of quartz veins. There are examples of conjugate veins and veins refracting through different lithologies (competency control). Examples are shown in Figure 6-13.

The gold-bearing veins at Era Dorada are focused in the footwall to the west of the steep Main Fault (also referred to as the Main Zone); in particular, they are concentrated in the uplifted blocks and west-verging folds of basement volcanic rock (Mcv and Mvo). The Upper Mbt lithostratigraphic unit seems to have been less favorable for veining, explaining the relative gap in veining between the North and South ramps. Likewise, the veins tend to pinch out in the Salinas Group (though some do make it to the surface and carry low grades).

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![](ex9607_019.jpg)

**Figure 6-12: Stereograms (equal area) showing poles & great circles for faults & veins**

Note: All measured underground. Dots on the great circle plots represent slickensides. Source: Pratt and Gordon, 2019.

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![](ex9607_020.jpg)

**Figure 6-13: Photographs with sketches of veins exposed underground**

Source: Pratt and Gordon, 2019.

In section view, the veins clearly form lozenge-like duplexes and sheeted swarms, one in the South Ramp, the other in the North Ramp. Figure 6-14 is a cross-section across the South Ramp. Vein wireframes were generated in Leapfrog using core logging, alpha angles (angle between the core axis and vein) in non-oriented drill core, assay data, and underground mapping. They show a distinct branching and converging of relatively shallow veins into a steeper zone (Main Fault). Most veins are also constrained to the footwall of the Ramp Fault and the hanging wall of the steeper Mat Fault.

Sheeted veins and lozenge-shaped duplexes are also obvious in the map (plan) view. Figure 6-15 shows a series of horizontal slices at different elevations. The gap between the South and North resource areas mostly comprises the triangular wedge Upper Mbt stratigraphy between the Upper Mbt and Ramp faults. This seems to have been unfavorable for veining.

Underground mapping supports the 3D modeling; it shows a similar steepening and converging of veins into the Main Fault / Zone. Individual veins become thicker and more closely spaced along the Main Fault. The way individual veins swing into and intersect with the Main Fault creates ore shoots that plunge approximately 30° south.

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![](ex9607_021.jpg)

**Figure 6-14: Annotated, vertical east-west cross-section across the south ramp (looking North)**

Source: Bluestone, 2020.

![](ex9607_022.jpg)

**Figure 6-15: Horizontal Slices at different elevations through Era Dorada**

Note: North is up. Red – veins; blue – faults.

Source: Bluestone, 2020.

There are some secondary (conjugate) vein directions, but stereograms for sub-areas (Figure 6-16) show consistent patterns: steeper veins are mostly in the east and shallow veins in the west. A swarm of thick, sub-horizontal veins occurs in the immediate footwall of the Ramp Fault. The cumulative thickness of the veins

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exceeds 3 m. The flat veins clearly imply reverse (compressive) movement on the Ramp Fault. Clearly, the major faults played an important role in partitioning vein development.

![](ex9607_023.jpg)

**Figure 6-16: Stereograms for more detailed sub-areas in underground mapping**

Source: Pratt and Gordon, 2019.

The stress regime during vein formation can also be calculated from conjugate veins. The stereogram for all quartz veins measured underground shows the intersection between the two principal vein directions is sub-horizontal). The dominant extension direction seems to have been vertical, which is highly unusual; epithermal veins generally develop during horizontal extension. The predominance of horizontal veins in the west supports the idea of vertical extension.

Field observations, 3D modeling, and stereograms, therefore, imply that the veins developed during compression rather than extension, at least in the initial stages of mineralization. This fits with the overall compressional geometry of the west-verging folds and reverse faults, later reactivated as normal, extensional faults. Recently discovered steeply dipping/vertical veins in the hanging wall of the south zone possibly record this change from a more compressional to extensional regime during the latter part of the mineralizing event. As some steep veins cut the Salinas Group and the sinters are contemporaneous with hydrothermal activity;

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this suggests that the hydrothermal/geothermal activity spanned the change from compressional to extensional tectonics.

6.4 Deposit
 Geology

6.5 Deposit
 Type

The low sulfide content and near absence of base metals in the Era Dorada veins confirm it as a classic hot springs-related, low-sulfidation epithermal deposit. In common with most low-sulfidation deposits, it appears to be linked to compositionally bimodal, basalt-rhyolite volcanism, the hallmark of intra- and back-arc rift settings worldwide. The hydrothermal system seems likely to have been initiated during rhyolite dyke and cryptodome emplacement, at the base of the Salinas unit, with the rhyolitic magma and magmatic input to the mineralizing fluid both being derived from the same deep parental magma chamber.

Arc-related low-sulfidation gold deposits occur at the highest crustal levels, most removed from inferred intrusion source rocks. Figure 8-1 shows the generalized deposit model.

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![](ex9607_024.jpg)

**Figure 6-17: Generalized deposit model schematic**

Source: Corbett and Leach, 1998.

Adularia-sericite epithermal gold-silver deposits characteristically occur as banded fissure veins and local vein/breccias, which comprise predominantly colloform banded quartz, adularia, quartz pseudomorphing carbonate, and dark sulphidic material termed ginguro bands. Examples of adularia-sericite epithermal gold-silver deposits include Waihi and Golden Cross, Pajingo, Vera Nancy, Cracow, Hishikari, Sado, Konamai, Tolukuma, Toka Tindung, Lampung, Chatree, Cerro Vanguardia, Esquel, El Peñon.

At near surficial levels, many are capped by eruption breccias and sinter deposits. Eruption (phreatic) breccias, which form by the rapid expansion of depressurized geothermal fluids, are characterized by intensely silicified matrix and generally angular fragments, including sinter, host rock, and local surficial plant material. Although sinter deposits formed distal to fluid upflows commonly associated with eruption breccias, sinters tend to be barren with respect to gold but may be anomalous in other elements such as boron, arsenic, and antimony.

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Although cooling and traditional boiling models still hold for the deposition of gangue minerals (adularia, quartz pseudomorphing platy calcite, and chalcedony) and some gold, mixing of rising pregnant fluids with oxygenated or collapsing acid sulfate (low pH), groundwater is also favored as a mechanism for the development of characteristic bonanza gold-silver grades. Adularia-sericite vein systems are silver-rich, with gold-to-silver ratios greater than 1:10 being common.

Wall rock alteration formed as halos to veins occurs as sericite (illite) grading to peripheral smectite clays with associated pyrite and chlorite, and this alteration grades to more marginal chlorite-carbonate (propylitic) alteration. Low-temperature acid waters developed by the condensation of volatiles in the vadose zone contribute towards the formation of surficial acid sulfate alteration comprising silica (chalcedony, opal), kaolin, and local alunite, and these acid sulfate waters are interpreted to collapse to deeper levels and so aid in mineral deposition.

Structure and host rock competency are important mineralization controls in adularia-sericite vein systems. High-grade mineralized shoots often develop in dilational jogs or flexures in through-going veins where veins of greater thickness and higher gold grade develop and the intersections of fault splays. Bonanza-grade material may also develop at preferred sites of fluid quenching at rock competency changes. Recent studies (e.g., Rhys et al., 2020) attest that fault systems in very shallow epithermal systems characterized by sinter, lacustrine sediments, and hydrothermal breccias, similar to Era Dorada may represent syn- volcanic low-displacement growth faults that manifest as larger displacement pre-mineral faults at depth.

The connection between modern hot spring deposits and ancient hydrothermal systems, some with gold mineralization, has long been recognized (Lindgren, 1933). Epithermal mineral deposits are defined as those that develop close to the Earth's surface (within 1,000 m). They developed from fluids like those in modern geothermal systems. Sillitoe and Hedenquist (2003) defined the three types of epithermal deposits: high, intermediate, and low sulfidation. The low-sulfidation variant commonly occurs in rift settings, with bimodal volcanism in young, often Tertiary, volcanic arcs (e.g., Henley and Ellis, 1983). It is commonly associated with maar volcanoes, diatremes, and felsic flow domes.

Era Dorada shows all the characteristics of a completely preserved, non-eroded epithermal deposit. The occurrence of hot springs (sinters, silicified reeds, pisoliths) directly above the presumed feeder veins at Era Dorada implies a high water table and swampy conditions (cf. McLaughlin, California). In areas of high topographic relief, outflow springs (sinter) are usually found several kilometers from the upflow zones. The widespread occurrence of lacustrine and fluvial clastic sediments in the Salinas Group and accretionary lapilli, typical of water-rich pyroclastic surges, supports this interpretation. Sedimentation probably kept up with subsidence. Mudstone dykes and geopetal structures—open fractures filled by horizontally bedded chalcedonic and Sulfide-rich sediment—reinforce the interpretation.

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6.6 Era
 Dorada Deposit Geology

The Era Dorada deposit is a classic hot springs-related, low-sulfidation quartz-adularia-calcite vein system. It is localized along a complex fault intersection created during the late Miocene-Pliocene tectonic extension within the active Central American volcanic arc. Local igneous activities that drove the Era Dorada hydrothermal system include a vesicular andesite dike swarm and mineralization stage rhyolite/dacite flow dome eruption and cryptodome intrusion.

The Era Dorada vein systems are best developed (widest and most continuous) between the 300 masl to 500 masl elevation ranges. Principal host rocks include a lithic tuff—calcareous shallow marine-volcaniclastic sequence and, to a lesser extent, the overlying volcaniclastic-hydrothermal breccia sequence of probable Pliocene age. Vein zones often appear to transition to barren calcite beneath the ±300 m elevation in the northern half of the deposit. To the south, high-grade quartz-adularia-calcite vein zones continue at least another 100 m down to 200 m elevation. Some veins remain open at depth.

Massive chalcedonic silicification, referred to as a "silica cap," dominates the conglomerates of the Salinas unit. Silica-flooded volcaniclastics and phreatic breccia are interbedded with chalcedonic silica sinter from the present surface to depths of ±100 m. Silicification also occurs in the underlying Mita as irregular envelopes, up to several meters wide, around the main veins as well as in the upper part of the limestone horizon as jasperoid. The red-bed siltstone is partially bleached and altered to a grey-green, illite, and smectite-bearing rock. Chlorite, in addition to illite and smectite, is a prominent alteration mineral in the ignimbrite, where it is concentrated in the fiamme.

Wall rock alteration, to a large extent, determines geotechnical rock hardness and presents contrasting resistivity and electrical chargeability characteristics that could be exploited across the district in the search for new gold occurrences beneath thin colluvial or basalt cover.

6.7 Mineralization

The Era Dorada gold deposit occurs within a large hydrothermal alteration zone covering an area of about 5 km long and 1 km wide. This zone exhibits the effects of strong, pervasive hot spring-type hydrothermal alteration.

Gold mineralization is hosted within a broadly north-south striking sequence of westerly-dipping siltstones, sandstones, and limestones (Mita Group) that are capped by silicified conglomerates and argillaceous sediments with contemporaneous dacite/rhyolite flow domes or cryptodomes (Salinas Unit). The Salinas rocks are syn-mineral and believed to have accumulated progressively in a low-relief graben characterized by a shallow groundwater table. The Salinas conglomerate was presumably derived by erosion of the flanking horst blocks as relief was created during active faulting. The topographic inversion required

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to explain the current prominent position of the graben fill is ascribed to the silicic character of the Salinas unit and its consequent resistance to erosion.

The west and east sides of the Era Dorada ridge consist of flat agricultural plains characterized by Quaternary basalts, interbedded with boulder beds and sands. These rocks also appear down-faulted to lower elevations, implying major post-mineral extensional movements on such faults, and they may be neotectonic (active).

The current gold resource occurs under a small hill and is confined within an area of about 400 m x 800 m. Gold and silver occur almost exclusively in quartz-dominated veins of low-sulfidation epithermal origin and in low-grade disseminated mineralization within the Salinas conglomerates and rhyolites. The highest grades are hosted by high to low-angle banded chalcedony veins, locally with calcite replacement textures.

Gold-bearing structures in the Project area extend 3 km to the northwest of the gold deposit and occur largely confined within the hydrothermal alteration zone. Exposures are poor and locally covered by alluvium and post-mineral rocks. Gold-bearing structures extend at least 1 km south and southwest of the deposit under valley fill and post-mineral rocks.

Geothermal well MG7, located about 0.5 km east of the deposit, encountered a 27 m zone averaging 6.3 g Au/t and 22 g Ag/t at a depth of 634 m. The upper 6 m of this zone averages 23.9 g Au/t and 79 g Ag/t. Although the geometry is uncertain and the sampling methodology of the drill cuttings cannot be determined, possibly this vein material was caught up in a fault crush zone/splay within the East Fault (much like the other exotic lithologies seen within the fault zone), or conversely, represents a separate mineralized system distinct from the main deposit.

6.7.1 Vein
 Zones

Petrographic descriptions of four vein zones by Economic Geology Consulting (Thompson et al., 2006) concluded that the veins consist of crustiform banded chalcedony, quartz, adularia, calcite, sulfides, and visible gold. The samples represent a range of almost 300 m in elevation. Bladed calcite or pseudomorphs after bladed calcite (lattice blade texture) were observed in all four samples. Bladed calcite is a rapid depositional texture, common when calcite precipitates from boiling fluids. A wide variety of recrystallization textures in quartz and chalcedony may also indicate changing fluid conditions and periodic boiling. Figure 6-18 shows a high-grade intercept in drill hole CB-20-430 with banded chalcedony-adularia-acanthite and visible gold that assayed 144 g Au/t and 282 g Ag/t.

Observations suggest that mineralization occurred as one principal multi-stage event as banded vein material, dominated by cryptocrystalline and originally amorphous silica phases (jigsaw quartz and chalcedony) characteristic of both the north and south zone vein swarms. Colloform banding with gel-like precursor textures is common, and observations from drill core suggest that banding is characteristic of high-grade zones, with coarser crustiform and crystalline bands more associated with lower-grade veins. Higher grades are associated

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with fine-grained (<100 µm) electrum, kustelite, and acanthite concentrated in bands of fine- to very fine-grained jigsaw quartz (crystallized amorphous silica, Albinson, 2019). Gold-silver minerals are accompanied by the rare presence of tetrahedrite and chalcopyrite.

Repetitive "crack and seal" pulses and associated boiling/flashing events very close to the paleosurface are suggested as the main mechanisms for precious metal deposition. The higher-grade, often bonanza-grade core intersections with coarser and more abundant sulfides, electrum, and free gold appear to represent an earlier series of events. Multistage banding can be very finely repetitive down to 5 to 10 µm widths for individual bands. Soft sediment-type deformation is commonly visible in the bands with mamillary colloform bands deformed into flame-like textures due to the deformation of the bands by turbulent fluid flow. Sulfides and electrum are present mainly in the fine- or very fine-grained jigsaw quartz bands. Adularia-rich bands are not easily visible with the hand lens and are very fine-grained.

![](ex9607_025.jpg)

**Figure 6-18: High-grade drill hole intercept hole CB20-430 – 144 g/t Au, 282 g/t Ag (227.3 to 228.9 m)**

Source: Bluestone, 2020.

The lack of inter-stage hydrothermal brecciation and coarse-grained primary quartz textures suggest that the mineralizing event was a fairly short-lived event that occurred very close to the paleosurface. The lack of post-mineral structural displacement of veins and distribution of high grades over a +300 m vertical profile attest to the pristine nature of the veins.

Underground observations include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Vein
 zones are best developed throughout the model between elevations of 300 and 500 m. This elevation
 range roughly coincides with the Mcv contact beneath and the Salinas contact above. Thus,
 the principal host rocks are the Mita Group sandstones, calcareous sediments, and overlying
 tuffs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 quartz veins at Era Dorada occur mainly within Mita sediments and Mcv tuffaceous rocks. These
 moderate to steep veins are associated with a subsidiary conjugate set of low-angle veins.
 The majority of veins appear to stop at the Salinas contact, with the exception of sub-vertical
 veins in the southeast part of the south zone that cut the Salinas and continue to surface.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Vein
 zones occur as two upward-flared arrays that appear to converge downwards and merge with
 basal master veins around the contact with the Mcv. The south zone vein array is the better-formed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· High
 gold grades locally persist at least down to the 200 m elevation, notably in the southern
 third of the model, where at least one vein merges with the main footwall feeder structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 several locations north of 1,587,400N, drill holes pass beneath high-grade quartz veins but
 encounter only massive barren calcite. This is an indication that the bottoms of productive
 veins have been found at those locations. Within vein zone envelopes, individual veins do
 not form a random stockwork but tend to run parallel or sub-parallel to the main structural
 trends.

The definition of economic mineralization depends on the vein thickness, grade, and spacing. The structural control of the veins is discussed above. Most individual veins exposed in the underground workings do not exceed 1 to 2 m; much thicker veins, up to 7 m width, do appear in the vicinity of the north zone ramp (Figure 6-19) and in deeper levels of the south zone. Closely spaced veins or zones of convergence form wide zones of high-grade mineralization (Figure 6-19).

![](ex9607_026.jpg)

**Figure 6-19: View of veins VN-05, 06, 07 in the north ramp underground workings**

Note: Section assayed 20.4 m grading 18.9 g Au/t and 33.2 g Au/t.

Source: Bluestone, 2020.

Figure 6-20 shows vein textures associated with gold mineralization; they include bladed calcite, a classic indicator of boiling fluids, subsequently replaced by quartz or leached to give a skeletal framework.

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Other classic textures include crustiform banding, bands of cream-pinkish euhedral adularia, and quartz with minor dark grey silver Sulfides/sulphosalts.

Inspection of vein textures suggests that gold and silver were introduced as one major event of multistage finely banded veining (originally amorphous silica) with subordinate bands of platy calcite that is mostly pseudomorphed to cryptocrystalline silica phases.

![](ex9607_027.jpg)

**Figure 6-20: Examples of vein textures from Era Dorada**

Source: Bluestone, 2020.

Many veins and siliceous rocks (rhyolite/dacite) at Era Dorada display siliceous mudstone/sandstone dykes. There are also common geopetal structures, late cavities filled by horizontally banded siliceous sediments of hydrothermal origin mixed with vein gangue (Figure 6-21). These "fossil spirit levels" indicate proximity to the paleosurface and are confirmed by the presence of sinter immediately above.

It is unusual to see epithermal veins developed immediately beneath sinter, although other examples do exist (e.g., McLoughlin, California), implying the topography at the time of mineralization was low and the water table was very high. This is supported by the presence of accretionary lapilli in the Salinas Group and Mbt siltstones; they are typical of wet phreatic-dominated eruptions and pyroclastic surges. Diatremes and rhyolite flow domes are also typical in this environment.

In summary, the principal control on gold mineralization at Era Dorada was probably the boiling level in a hydrothermal system. The best grades are associated with boiling textures. At many low-sulfidation epithermal

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deposits, the vertical interval of economic grade is restricted to the former boiling level. This can be less than 100 m. These boiling levels form flat ore shoots. There are occurrences of high gold grade down to 640 m (downhole depth) in a geothermal hole (MG-07).

![](ex9607_028.jpg)

**Figure 6-21: Example of geopetal structure**

Source: Pratt and Gordon, 2019.

6.7.2 Disseminated
 Mineralization

The Salinas unit shows widespread and low-grade disseminated gold mineralization associated with weak to strongly silicified polymictic conglomerates and altered rhyolite breccias and flows. Mineralization grading of 0.2 to 2 g/t Au is pervasive and present in variably silicified bedded conglomerates and appears to be driven by intrusive rhyolite dykes and breccias (Figure 6-22). Locally, parts of the base of the Salinas are marked by an aphanitic rhyolite body, probably a cryptodome, given it is underlain by narrow rhyolite dykes. The thicker Sinter horizons do not contain significant gold values, nor do strongly argillic-altered lithologies and fault gouge zones.

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![](ex9607_029.jpg)

**Figure 6-22: Salinas Unit – examples of disseminated mineralization rock types, Salinas Unit**

Source: Bluestone, 2020.

6.7.3 Hydrothermal
 Alteration

Many low-sulfidation epithermal vein deposits have significant, mechanically weak halos of illite/smectite + pyrite + sphene/leucoxene; however, the wall rocks at Era Dorada are generally only weakly clay altered and have a very low Sulfide content (Figure 6-23). Most clay alteration is concentrated along some late faults, for example, the East and Cross faults, and within some of the hydrothermal breccias, particularly the phreatic breccias in the Salinas Group.

A study using drill core hyperspectral imaging spectroscopy in the 500 nm to 2,500 nm wavelength range and detailed petrographic, SEM, and EDS studies revealed two paragenetic stages of vein formation (Savinova, 2020). The main auriferous veins consist of multi-stage crustiform and colloform bands that are characterized by paragenetic Stage 1 equilibrium assemblage of quartz (chalcedony)-adularia-calcite- ankerite. Sulfides are located mostly in ginguro bands that consist of fine-grained pyrite, chalcopyrite, tetrahedrite, and acanthite. Stage 2 of the paragenesis is characterized by intense overprinting of the quartz-adularia veins by montmorillonite and interstratified illite. Locally, bladed calcite is replaced by quartz. Hydrothermal alteration in the proximal zone of the sedimentary and volcanoclastic wall rocks is characterized by quartz-adularia-illite-montmorillonite. Wall rock-hosted illite suggests a temperature of formation >230°C. The distal alteration zone is marked by illite-chlorite-calcite.

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![](ex9607_030.jpg)

**Figure 6-23: Vertical alteration profile through Era Dorada**

Source: Savinova, 2020.

Silicification is widely developed within the Salinas and more selectively in the underlying Mita Group, where it occurs as irregular envelopes, up to several meters wide, around the main veins as well as in the upper part of the limestone horizon as jasperoid. The most impressive alteration feature at Era Dorada is the large "silica cap" hosted in the Salinas sediments, typically beginning at or below 400 m elevation and continuing upward to the surface. Most silica is directly related to hot spring activity; the sinters and pisolithic beds contain abundant silica (although it is possible that some had carbonate precursors). However, there are also numerous beds of sandstone, conglomerate, and mass flow deposits in the Salinas Group that are highly siliceous and locally flooded by chalcedony and fine-grained pyrite. These rocks are black when fresh, white, and limonite stained when oxidized. Exposures around the Era Dorada ridge show that this silicification can be very capricious and replaced abruptly and laterally by smectite-rich clay alteration.

Where the paleo-groundwater table was several meters below the paleosurface, a conglomerate in its immediate vicinity was silicified, and the vadose zone above it was subjected to steam-heated alteration. The steam-heated alteration, containing cristobalite, kaolinite, and alunite (an advanced argillic assemblage), was the product of acidic solutions formed by the condensation of ascendant H2S-bearing steam into downward-percolating groundwater. The overall result is an interlayered sequence of sinter, silicified conglomerate, and steam-heated alteration.

Many faults at Era Dorada are sealed by silica and are pre-mineral. Examples are shown in Figure 6-24.

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![](ex9607_031.jpg)

**Figure 6-24: Examples Of Sealed, Silicified Fault Zones**

Source: Pratt and Gordon, 2019.

The boiling hydrothermal fluids that formed the Era Dorada vein system produced an even larger volume of intensely altered wall rock. Alteration types and zoning are typical of low-sulfidation epithermal systems. The remnant sinter above the deposit suggests that the Era Dorada system remains largely intact.

Silicification continues locally down to 300 m elevation along fault zones and in favorable rock types. Overall, the Era Dorada silica cap averages 400 m wide and is up to 150 m deep for at least a kilometer in strike. Within 50 m to 100 m of the surface, silicification is manifested by opaline silica flooding in the fragmental Svc and Rp units. At depth, very fine-grained quartz replacement of Mita Group calcareous sediments (locally forming jasperoid) and tuffs dominate. The Mcv crystal lithic tuff is generally only silicified near contacts with overlying sediments and along fault zones.

Silicification typically yields outward to moderate to strong sericitic alteration above 400 or 450 m elevation. At deeper levels, silicified zones grade outward and downward into large volumes of clay-sericite- pyrite±calcite alteration in Mita Group sediments and tuffs. Pyrite contents are commonly in the range of 1-3%, locally reaching 5%.

The Mcv is pervasively sericite-chlorite-pyrite±calcite altered virtually everywhere it has been drilled. Sericite dominates closer to mineralized faults and higher. Chlorite-calcite dominates outward and at depth. Pyrite is ubiquitous but generally less than 0.5%.

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7 EXPLORATION

As of the end of 2021, Bluestone had drilled approximately 267 holes for a total of 45,725 m on the Era Dorada property since acquiring it from Goldcorp. Table 7-1Table 7-1 summarizes historical drilling on the property.

**Table 7-1: Drilling summary**

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|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Holes Drilled** | &nbsp;&nbsp;**Meters** |
| &nbsp;&nbsp;1998 | &nbsp;&nbsp;Mar-West | &nbsp;&nbsp;9 | &nbsp;&nbsp;1340 |
| &nbsp;&nbsp;1999 | &nbsp;&nbsp;Glamis | &nbsp;&nbsp;48 | &nbsp;&nbsp;7074 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Glamis | &nbsp;&nbsp;18 | &nbsp;&nbsp;3525 |
| &nbsp;&nbsp;2002 | &nbsp;&nbsp;Glamis | &nbsp;&nbsp;23 | &nbsp;&nbsp;6525 |
| &nbsp;&nbsp;2004 | &nbsp;&nbsp;Glamis | &nbsp;&nbsp;42 | &nbsp;&nbsp;9370 |
| &nbsp;&nbsp;2005 | &nbsp;&nbsp;Glamis | &nbsp;&nbsp;120 | &nbsp;&nbsp;29065 |
| &nbsp;&nbsp;2006 | &nbsp;&nbsp;Glamis | &nbsp;&nbsp;67 | &nbsp;&nbsp;15129 |
| &nbsp;&nbsp;2007 | &nbsp;&nbsp;Goldcorp | &nbsp;&nbsp;47 | &nbsp;&nbsp;12373 |
| &nbsp;&nbsp;2008 | &nbsp;&nbsp;Goldcorp | &nbsp;&nbsp;2 | &nbsp;&nbsp;586 |
| &nbsp;&nbsp;2009 | &nbsp;&nbsp;Goldcorp | &nbsp;&nbsp;1 | &nbsp;&nbsp;140 |
| &nbsp;&nbsp;2010 | &nbsp;&nbsp;Goldcorp | &nbsp;&nbsp;10 | &nbsp;&nbsp;2277 |
| &nbsp;&nbsp;2011 | &nbsp;&nbsp;Goldcorp | &nbsp;&nbsp;28 | &nbsp;&nbsp;5898 |
| &nbsp;&nbsp;2012 | &nbsp;&nbsp;Goldcorp | &nbsp;&nbsp;96 | &nbsp;&nbsp;21370 |
| &nbsp;&nbsp;2017 | &nbsp;&nbsp;Bluestone | &nbsp;&nbsp;8 | &nbsp;&nbsp;2324 |
| &nbsp;&nbsp;2018 | &nbsp;&nbsp;Bluestone | &nbsp;&nbsp;74 | &nbsp;&nbsp;13993 |
| &nbsp;&nbsp;2019 | &nbsp;&nbsp;Bluestone | &nbsp;&nbsp;61 | &nbsp;&nbsp;8403 |
| &nbsp;&nbsp;2020 | &nbsp;&nbsp;Bluestone | &nbsp;&nbsp;74 | &nbsp;&nbsp;15172 |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;Bluestone | &nbsp;&nbsp;50 | &nbsp;&nbsp;5833 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | &nbsp;&nbsp;778 | &nbsp;&nbsp;160397 |

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Source: Kirkham, 2021.

Figure 7-1 shows a plan view of drill hole locations. Figure 7-2 and Figure 7-3 show representative section views of the drilling along with gold assay data and topography.

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![](ex9607_032.jpg)

**Figure 7-1: Plan view of drill hole locations**

Source: Kirkham, 2021.

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![](ex9607_033.jpg)

**Figure 7-2: Section View A-Aʹ (Azimuth 110°)**

Source: Kirkham, 2021.

![](ex9607_034.jpg)

**Figure 7-3: Section view B-Bʹ (azimuth 110°)**

Source: Kirkham, 2021.

7.1 Goldcorp
 & Glamis Drilling (Pre-2017)

Prior to Bluestone's ownership, reverse-circulation (RC) and diamond drilling (DD) was carried out. Many early holes were collared using RC size core before switching to NQ size core. Collar data from these historical programs was surveyed with a differential global positioning system (GPS), and down-hole survey measurements were taken with either a single-shot Sperry-Sun camera system or a multi-shot Flexit instrument.

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Many of the earlier drill holes by previous operators were not drilled perpendicular to the strike and dip of the veining, and therefore, drilled widths of many veins were not representative. The most common vein intersections occur from between 0° and 60° to the core access. These intervals are thought to belong to steep to moderately dipping vein sets. These core intervals would be longer than the true thickness of the actual veining. Intersections ranging from 60° to 90° to the core axis are less common and are believed to belong to flat to near-flat vein structures. These vein intervals would be closer to the true thickness of the veining but still longer than the true thickness. Only vein intervals drilled perpendicular to the strike and dip of the veining would represent the true thickness of the vein. Based on previous reports from Glamis Gold, the ratio to the true thickness of the vein on average is about 1.73 (i.e., every 1.7 m represents 1 m of true vein thickness).

7.2 Data
 Validation

Historical core logging, sampling, and quality assurance/quality control (QA/QC) procedures were first reviewed and documented by Golder in 2014. Ten core samples were collected from one-quarter sawn NQ core, and selected drill hole collars were surveyed using a GPS. Assayed gold and silver grades were found to be consistent with those reported by Goldcorp. Golder was satisfied that the drill hole data was collected in a manner consistent with industry best practice standards.

As part of the core logging data verification, Golder compared a selection of core logs against half-core stored at the project site. Five half-core drill holes were reviewed from the North and South deposits. The Microsoft Excel files were reviewed first, and drill holes were selected that represented the typical mineralization style for each deposit. In addition, 10 verification samples were taken from these drill holes. Each verification sample was a half-core sample sawed into quarters, with one-quarter sample sent for analysis and the other returned to the core racks. Table 7-2Table 7-2 on the following page summarizes the samples selected for core logging review and verification sampling.

Samples were sawed and bagged under Golder's supervision and were transported off-site via helicopter and plane to Canada and then by ground transportation to ALS Chemex Laboratories in Sudbury for sample preparation and analysis. A comparison of the Excel files against the drill core indicated an excellent match between the core logs and the retained core. Table 7-3Table 7-3 provides a list of the drill hole collar surveys completed by Golder.

Eight drill sites were visited, with multiple drill holes located at some sites. Casings had been removed for most drill holes. The data collected was a mixture of pre-Goldcorp drill holes (2006 or earlier) and drilling completed by Goldcorp during 2010 and 2011. All drill holes from the surface were grouted to prevent water flow into the underground workings.

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**Table 7-2: Verification samples**

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Drill Hole ID** | **Duplicate Sample No.** | **Original Sample No** | **From (m)** | **To (m)** | **Deposit** | **Metal Analysed** | **Rock Type** |
| CB-152 | 205873 | 82225 | 128 | 129 | North | Au, Ag | Lapilli Tuff |
| CB-152 | 205874 | 82226 | 129 | 130 | North | Au, Ag | Lapilli Tuff |
| CB-200 | 205884 | 407101 | 156 | 157 | South | Au, Ag | Quartz Tuff |
| CB-200 | 205885 | 407102 | 157 | 158 | South | Au, Ag | Quartz Tuff |
| CB-241 | 205891 | 404849 | 111.4 | 112.6 | South | Au, Ag | Conglomerate |
| CB-241 | 205892 | 404850 | 112.6 | 113.5 | South | Au, Ag | Fault |
| CB-254 | 205895 | 414397 | 100.5 | 102 | South | Au, Ag | Volcaniclastic Sediments |
| CB-254 | 205896 | 414398 | 102 | 103.5 | South | Au, Ag | Volcaniclastic Sediments |
| CB-10-15 | 205871 | 435941 | 135 | 136.23 | North | Au, Ag | Lapilli Tuff |
| CB-10-15 | 205872 | 435943 | 136.23 | 137.46 | North | Au, Ag | Lapilli Tuff |

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Source: Goldcorp, 2014.

**Table 7-3: Drill hole collar survey (NAD 27 Zone 16N)**

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|:---|:---|:---|:---|:---|
| **Drill Hole ID** | **Golder** | **Golder** | **Cerro Blanco** | **Cerro Blanco** |
| **Drill Hole ID** | **Easting** | **Northing** | **Easting** | **Northing** |
| C 10 08 | 212015.1 | 1587867 | 212009 | 1587748 |
| C 11 12 | 211906.8 | 1587714 | 211904 | 1587605 |
| C 11 15 | 211969.7 | 1587769 | 211966 | 1587655 |
| C 11 18 | 211866.4 | 1587405 | 211873.2 | 1587297 |
| C 11 21 | 211901.6 | 1587414 | 211898.9 | 1587307 |
| C 151 | 212025.1 | 1587821 | 212020.8 | 1587707 |
| C 247 | 211985.5 | 1587315 | 211978.8 | 1587202 |

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Source: Goldcorp, 2014.

Approximately 5% of the drill holes (20 holes) were subjected to data verification checks by Golder. The 20 selected holes, summarized in Table 7-4, included a variety of historical data as well as some of the more recent holes. The data verification checks consisted of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· comparison
 of final assays to the original laboratory certificates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· analysis
 of external laboratory duplicate assays by generating XY scatterplots

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· review
 of downhole survey measurements to identify anomalous changes to hole orientation.

For the 20 holes reviewed, the comparison of final assays to the original assay certificates did not identify any material differences in assay values.

External laboratory duplicate assays were reviewed to assess the reliability of the primary assay laboratory. XY scatterplots were generated for each of the 20 holes. With the exception of a few outliers, the majority of the data compared well. Figure 7-4 illustrates an example of the XY scatterplots used to compare assay results.

**Table 7-4: Drill holes selected for data verification**

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|:---|:---|
| **Drill Hole IDs** | **Drill Hole IDs** |
| CB-012 | CB-200 |
| CB-016 | CB-227 |
| CB-063 | CB-244 |
| CB-078 | CB-247 |
| CB-095 | CB-305 |
| CB-10-02 | CB-309 |
| CB-120 | CB-314 |
| CB-142 | CB-345 |
| CB-146 | CB-357 |

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| **Drill Hole IDs** | **Drill Hole IDs** |
| CB-151 | CB-362 |

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Source: Goldcorp, 2014.

![](ex9607_035.jpg)

**Figure 7-4: Example of XY scatterplot for hole CB34**

Source: Goldcorp, 2014.

7.3 Bluestone
 Drilling (2017-2021)

Drilling completed by Bluestone between 2017 and 2020 was a combination of surface and underground diamond core drilling. Underground channel sampling was also performed and included in the resource estimation.

Drills were operated by Continental Drilling of Guatemala. The surface drilling was performed using two Hydracore 1000 portable drill rigs, one of which was replaced later in the program by a Boart Longyear LM-75 belonging to Bluestone, which was later converted for underground drilling. During the height of the drill program, five LM-75s were operative. Drill holes were developed by drilling a larger diameter (HQ) core at the early stage of the hole and then decreasing to NQ and/or BQ size if the drilling conditions became difficult.

Core recoveries were high, and by utilizing several drill core sizes, Bluestone was able to ensure drill hole target completion. To date, 89 holes have been drilled from the surface and 128 holes from underground.

Drill hole collars were surveyed using a total station (coordinate system UTM NAD 27 Zone 16N). In-hole drill surveying for azimuth and dip was completed using the Reflex EZ-Shot system approximately every 25 m down-hole. Orientation of the drill core was performed throughout Bluestone's drill program using Reflex ACT III downhole survey equipment.

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7.4 Significant
 Assay Results

Table 7-5 provides a selection of significant drill hole intervals from the Era Dorada drill hole database. Drill hole intervals are reported as actual core lengths, and many may not represent the true thickness.

**Table 7-5: Gold & silver samples from the drill hole database**

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|:---|:---|:---|:---|:---|:---|:---|
| **Hole** | **Company** | **From** | **To** | **Length (m)** | **Au (g/t)** | **Ag (g/t)** |
| CB-012 | Mar-West/<br> Glamis | 99.50 | 108.50 | 9.00 | 13.7 | 46.5 |
| CB-012 | Mar-West/<br> Glamis | 141.50 | 147.50 | 6.00 | 12.9 | 75.8 |
| CB-012 | Mar-West/<br> Glamis | 195.50 | 198.50 | 3.00 | 3.0 | 8.0 |
| CB-012 | Mar-West/<br> Glamis | 236.00 | 237.50 | 1.50 | 13.0 | 6.0 |
| CB-016 | Mar-West/<br> Glamis | 192.55 | 195.35 | 2.80 | 3.3 | 0 |
| CB-063 | Glamis | 88.50 | 99.00 | 10.50 | 4.4 | 25.7 |
| CB-063 | Glamis | 114.00 | 126.00 | 12.00 | 3.2 | 21.0 |
| CB-063 | Glamis | 183.00 | 186.00 | 3.00 | 7.7 | 20.0 |
| CB-063 | Glamis | 196.50 | 199.50 | 3.00 | 4.2 | 25.0 |
| CB-063 | Glamis | 207.00 | 210.00 | 3.00 | 18.7 | 20.0 |
| CB-063 | Glamis | 225.00 | 228.00 | 3.00 | 37.3 | 75.0 |
| CB-063 | Glamis | 241.50 | 244.50 | 3.00 | 5.1 | 3.5 |
| CB-078 | Glamis | 158.20 | 161.40 | 3.20 | 3.4 | 4.1 |
| CB-078 | Glamis | 242.10 | 245.10 | 3.00 | 3.5 | 4.7 |
| CB-078 | Glamis | 248.10 | 273.75 | 25.65 | 66.1 | 42.2 |
| CB-078 | Glamis | 299.25 | 303.75 | 4.50 | 4.7 | 17.7 |
| CB-078 | Glamis | 338.25 | 345.75 | 7.50 | 10.8 | 17.4 |
| CB-095 | Glamis | 155.00 | 158.00 | 3.00 | 3.7 | 204.9 |
| CB-095 | Glamis | 179.00 | 182.00 | 3.00 | 17.8 | 7.4 |
| CB-095 | Glamis | 233.00 | 236.00 | 3.00 | 88.0 | 98.6 |
| CB-10-02 | Goldcorp | 117.50 | 120.30 | 2.80 | 14.7 | 79.5 |
| CB-10-02 | Goldcorp | 135.75 | 139.50 | 3.75 | 12.9 | 91.8 |
| CB-10-02 | Goldcorp | 146.00 | 149.00 | 3.00 | 9.5 | 79.6 |
| CB-10-02 | Goldcorp | 168.86 | 173.00 | 4.14 | 26.2 | 144.8 |
| CB-10-02 | Goldcorp | 197.00 | 200.00 | 3.00 | 20.3 | 19.9 |
| CB-120 | Glamis | 219.00 | 238.50 | 19.50 | 17.5 | 20.3 |
| **Hole** | **Company** | **From** | **To** | **Length (m)** | **Au (g/t)** | **Ag (g/t)** |
| CB-120 | Glamis | 246.00 | 249.00 | 3.00 | 8.8 | 20.6 |
| CB-142 | Glamis | 163.50 | 171.50 | 8.00 | 16.0 | 72.2 |
| CB-142 | Glamis | 196.20 | 204.50 | 8.30 | 19.2 | 11.7 |
| CB-142 | Glamis | 302.75 | 306.00 | 3.25 | 19.3 | 14.3 |
| CB-146 | Glamis | 80.30 | 86.00 | 5.70 | 14.0 | 196.8 |
| CB-146 | Glamis | 109.00 | 112.40 | 3.40 | 10.3 | 78.9 |
| CB-146 | Glamis | 118.90 | 130.00 | 11.10 | 70.4 | 226.3 |
| CB-146 | Glamis | 139.00 | 143.00 | 4.00 | 12.4 | 35.4 |
| CB-146 | Glamis | 149.00 | 152.00 | 3.00 | 3.7 | 8.0 |
| CB-146 | Glamis | 156.00 | 159.00 | 3.00 | 21.1 | 30.6 |
| CB-146 | Glamis | 182.00 | 185.00 | 3.00 | 4.2 | 2.5 |
| CB-151 | Glamis | 162.40 | 165.50 | 3.10 | 25.6 | 152.8 |
| CB-151 | Glamis | 172.90 | 179.30 | 6.40 | 13.6 | 24.7 |
| CB-151 | Glamis | 327.50 | 330.50 | 3.00 | 5.0 | 5.5 |
| CB-200 | Glamis | 117.00 | 120.00 | 3.00 | 5.7 | 26.0 |
| CB-200 | Glamis | 144.00 | 147.00 | 3.00 | 5.0 | 13.0 |
| CB-200 | Glamis | 152.00 | 161.00 | 9.00 | 7.5 | 13.6 |

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| **Hole** | **Company** | **From** | **To** | **Length (m)** | **Au (g/t)** | **Ag (g/t)** |
| CB-200 | Glamis | 165.00 | 168.50 | 3.50 | 16.7 | 212.9 |
| CB-227 | Glamis | 117.34 | 124.96 | 7.62 | 15.4 | 20.6 |
| CB-227 | Glamis | 131.00 | 134.00 | 3.00 | 5.6 | 22.0 |
| CB-244 | Glamis | 90.00 | 99.00 | 9.00 | 10.3 | 57.0 |
| CB-244 | Glamis | 139.50 | 142.50 | 3.00 | 4.2 | 4.0 |
| CB-244 | Glamis | 234.00 | 237.00 | 3.00 | 22.5 | 21.0 |
| CB-247 | Glamis | 135.00 | 138.00 | 3.00 | 3.5 | 25.5 |
| CB-247 | Glamis | 159.00 | 162.00 | 3.00 | 4.0 | 4.5 |
| CB-247 | Glamis | 231.00 | 234.00 | 3.00 | 6.8 | 15.7 |
| CB-247 | Glamis | 240.00 | 243.00 | 3.00 | 28.6 | 98.5 |
| CB-305 | Glamis | 86.00 | 90.00 | 4.00 | 5.0 | 9.5 |
| CB-305 | Glamis | 138.00 | 141.50 | 3.50 | 5.5 | 21.3 |
| CB-309 | Glamis | 128.50 | 132.00 | 3.50 | 3.5 | 8.6 |
| CB-309 | Glamis | 183.00 | 186.70 | 3.70 | 130.1 | 304.6 |
| CB-309 | Glamis | 193.50 | 196.50 | 3.00 | 40.3 | 17.0 |
| CB-314 | Glamis | 99.50 | 102.50 | 3.00 | 5.3 | 11.0 |
| CB-314 | Glamis | 111.50 | 119.50 | 8.00 | 8.3 | 19.9 |
| CB-314 | Glamis | 124.50 | 127.50 | 3.00 | 24.2 | 113.6 |
| CB-314 | Glamis | 131.50 | 134.50 | 3.00 | 13.6 | 30.7 |
| CB-314 | Glamis | 140.50 | 143.50 | 3.00 | 11.8 | 45.0 |
| CB-314 | Glamis | 151.50 | 154.50 | 3.00 | 3.7 | 15.0 |
| CB-314 | Glamis | 175.50 | 178.50 | 3.00 | 85.6 | 386.9 |
| CB-314 | Glamis | 186.00 | 189.00 | 3.00 | 4.2 | 12.5 |
| CB-345 | Glamis | 231.70 | 234.70 | 3.00 | 13.1 | 20.8 |
| CB-345 | Glamis | 315.50 | 318.50 | 3.00 | 5.8 | 6.7 |
| CB-357 | Glamis | 63.00 | 66.00 | 3.00 | 5.5 | 33.3 |
| CB-357 | Glamis | 140.00 | 143.00 | 3.00 | 3.4 | 2.7 |
| CB-357 | Glamis | 159.00 | 162.50 | 3.50 | 4.0 | 2.7 |
| CB-357 | Glamis | 184.00 | 187.00 | 3.00 | 3.6 | 22.0 |
| CB-357 | Glamis | 192.50 | 195.50 | 3.00 | 46.4 | 126.3 |
| **Hole** | **Company** | **From** | **To** | **Length (m)** | **Au (g/t)** | **Ag (g/t)** |
| CB-357 | Glamis | 200.00 | 206.20 | 6.20 | 12.6 | 6.3 |
| CB-357 | Glamis | 217.50 | 220.80 | 3.30 | 4.3 | 5.0 |
| CB-362 | Glamis | 128.50 | 131.50 | 3.00 | 4.2 | 6.0 |
| CB-362 | Glamis | 219.00 | 222.20 | 3.20 | 4.5 | 6.0 |
| CB17-376 | Bluestone | 221.90 | 224.40 | 2.50 | 17.1 | 33.0 |
| CB18-386 | Bluestone | 243.80 | 246.47 | 2.63 | 5.1 | 5.6 |
| CB18-388 | Bluestone | 37.70 | 41.00 | 3.30 | 8.6 | 3.5 |
| CB18-389 | Bluestone | 104.70 | 110.00 | 5.30 | 7.9 | 35.1 |
| CB18-390 | Bluestone | 164.27 | 169.57 | 5.30 | 16.0 | 29.1 |
| CB18-393 | Bluestone | 253.60 | 261.50 | 7.90 | 16.5 | 18.4 |
| CB18-394 | Bluestone | 110.60 | 128.00 | 17.40 | 7.0 | 65.2 |
| CB18-395 | Bluestone | 46.30 | 51.00 | 4.70 | 5.8 | 4.2 |
| CB18-396 | Bluestone | 103.08 | 108.15 | 5.07 | 7.1 | 24.7 |
| CB18-396 | Bluestone | 167.14 | 181.41 | 14.27 | 16.2 | 20.6 |
| UGCB18-71 | Bluestone | 0.00 | 27.69 | 27.69 | 5.5 | 17.1 |
| UGCB18-71 | Bluestone | 0.00 | 27.69 | 27.69 | 5.5 | 17.1 |
| UGCB18-72 | Bluestone | 88.10 | 90.00 | 1.87 | 7.6 | 23.5 |
| UGCB18-73 | Bluestone | 6.00 | 23.00 | 17.00 | 5.1 | 17.2 |
| UGCB18-73 | Bluestone | 37.19 | 43.13 | 5.94 | 5.2 | 10.3 |
| UGCB18-73 | Bluestone | 13.20 | 16.85 | 3.65 | 19.3 | 59.4 |
| UGCB18-74 | Bluestone | 37.62 | 41.23 | 3.61 | 9.0 | 28.5 |
| UGCB18-74 | Bluestone | 54.40 | 56.39 | 1.99 | 21.3 | 63.4 |
| UGCB18-75 | Bluestone | 45.72 | 51.22 | 5.50 | 7.3 | 60.9 |
| UGCB18-76 | Bluestone | 12.61 | 47.10 | 34.49 | 5.8 | 18.6 |
| UGCB18-76 | Bluestone | 12.61 | 16.53 | 3.92 | 26.8 | 84.4 |
| UGCB18-79 | Bluestone | 11.31 | 20.82 | 9.51 | 5.6 | 33.9 |

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|:---|:---|:---|:---|:---|:---|:---|
| **Hole** | **Company** | **From** | **To** | **Length (m)** | **Au (g/t)** | **Ag (g/t)** |
| UGCB18-80 | Bluestone | 47.77 | 53.25 | 5.48 | 9.3 | 105.3 |
| UGCB18-80 | Bluestone | 85.95 | 88.47 | 2.52 | 13.9 | 85.2 |
| UGCB18-81 | Bluestone | 100.50 | 105.07 | 4.57 | 20.8 | 46.9 |
| UGCB18-81 | Bluestone | 122.18 | 125.20 | 3.02 | 11.2 | 13.1 |
| UGCB18-82 | Bluestone | 71.16 | 81.18 | 10.02 | 15 | 32.5 |
| UGCB18-84 | Bluestone | 53.33 | 56.08 | 2.75 | 44.7 | 39.9 |
| UGCB18-85 | Bluestone | 52.34 | 59.12 | 6.78 | 24.6 | 92.8 |
| UGCB18-85 | Bluestone | 70.05 | 71.13 | 1.08 | 21.2 | 60.9 |
| UGCB18-86 | Bluestone | 23.50 | 30.50 | 7.00 | 17.2 | 94.9 |
| UGCB18-86 | Bluestone | 33.35 | 37.19 | 3.84 | 9.1 | 28.9 |
| UGCB18-86 | Bluestone | 43.55 | 51.81 | 8.26 | 32.7 | 79.6 |
| UGCB18-87 | Bluestone | 97.74 | 98.81 | 1.07 | 16 | 26.8 |
| UGCB18-88 | Bluestone | 43.00 | 52.20 | 9.22 | 9.8 | 29.9 |
| UGCB18-88 | Bluestone | 62.20 | 64.20 | 2.00 | 9.8 | 35.7 |
| UGCB18-89 | Bluestone | 50.72 | 65.72 | 15.00 | 16.7 | 105.4 |
| UGCB18-89 | Bluestone | 92.01 | 101.37 | 9.36 | 14.3 | 68.5 |
| UGCB18-91 | Bluestone | 12.90 | 15.85 | 2.95 | 17.9 | 27.6 |
| UGCB18-92 | Bluestone | 36.80 | 58.20 | 21.40 | 9.6 | 34.9 |
| UGCB18-92 | Bluestone | 112.30 | 117.60 | 5.40 | 12.8 | 10.8 |
| UGCB18-93 | Bluestone | 10.30 | 11.30 | 1.00 | 24.5 | 32.2 |
| UGCB18-94 | Bluestone | 98.10 | 100.30 | 2.20 | 7.2 | 15.7 |
| **Hole** | **Company** | **From** | **To** | **Length (m)** | **Au (g/t)** | **Ag (g/t)** |
| UGCB18-95 | Bluestone | 6.40 | 7.60 | 1.20 | 8.9 | 49.2 |
| UGCB18-95 | Bluestone | 14.10 | 15.60 | 1.50 | 12.2 | 27.3 |
| UGCB18-96 | Bluestone | 39.40 | 52.40 | 13.00 | 11.5 | 48.6 |
| UGCB18-96 | Bluestone | 56.40 | 61.40 | 5.00 | 7.1 | 30.5 |
| UGCB18-98 | Bluestone | 108.20 | 110.60 | 2.30 | 9.9 | 8.7 |
| UGCB18-98 | Bluestone | 115.20 | 116.20 | 1.00 | 28.6 | 112 |
| UGCB19-126 | Bluestone | 32.20 | 43.00 | 10.20 | 13.1 | 25 |
| UGCB19-143 | Bluestone | 57.00 | 66.00 | 9.00 | 8.4 | 53.2 |
| UGCB19-144 | Bluestone | 98.80 | 106.70 | 7.50 | 19 | 44.3 |
| UGCB19-147 | Bluestone | 62.80 | 76.50 | 13.70 | 11.2 | 78 |
| UGCB19-152 | Bluestone | 39.60 | 41.90 | 2.30 | 49.2 | 42 |
| UGCB19-155 | Bluestone | 75.30 | 82.30 | 7.00 | 11.9 | 18 |
| UGCB19-157 | Bluestone | 132.30 | 139.30 | 7.00 | 10.7 | 131.5 |
| CB19-410 | Bluestone | 222.40 | 233.90 | 11.50 | 8.5 | 7.1 |
| CB19-411 | Bluestone | 215.90 | 225.40 | 9.50 | 7.2 | 16 |
| UGCB20-174 | Bluestone | 120.83 | 128.20 | 7.40 | 14.9 | 54.9 |
| UGCB20-176 | Bluestone | 128.30 | 142.40 | 14.10 | 24.9 | 38.6 |
| UGCB20-179 | Bluestone | 61.30 | 73.10 | 11.90 | 86.3 | 364.9 |
| UGCB20-179 | Bluestone | 68.60 | 73.10 | 4.20 | 194 | 810.4 |
| CB20-180 | Bluestone | 170.60 | 175.93 | 5.40 | 334.7 | 538.8 |
| CB20-181 | Bluestone | 210.60 | 215.70 | 5.10 | 75.7 | 32.8 |
| CB20-188 | Bluestone | 177.70 | 186.74 | 9.00 | 26 | 26.8 |
| CB20-191 | Bluestone | 24.80 | 126.20 | 101.40 | 2.4 | 9.6 |
| CB20-420 | Bluestone | 179.50 | 195.00 | 15.50 | 21.6 | 51.7 |
| CB20-427 | Bluestone | 215.80 | 218.90 | 3.00 | 19.1 | 15 |
| CB20-429 | Bluestone | 22.90 | 212.14 | 189.30 | 0.8 | 2.5 |
| CB20-430 | Bluestone | 227.30 | 236.47 | 9.30 | 34.6 | 66.9 |
| CB20-433 | Bluestone | 75.60 | 293.20 | 217.60 | 1.4 | 5.6 |
| CB20-433 | Bluestone | 293.10 | 314.30 | 21.20 | 11.2 | 11.7 |
| CB20-442 | Bluestone | 263.50 | 292.10 | 28.60 | 11.6 | 12.3 |
| CB20-442 | Bluestone | 282.60 | 28.88 | 6.30 | 29 | 30.1 |
| CB20-444 | Bluestone | 54.60 | 166.30 | 111.80 | 2.1 | 12.5 |
| CB20-444 | Bluestone | 136.50 | 143.56 | 9.50 | 7.6 | 55.6 |
| CB20-449 | Bluestone | 43.30 | 158.20 | 114.90 | 2.5 | 13.4 |
| CB21-460 | Bluestone | 114.60 | 172.21 | 57.60 | 3.1 | 9.9 |

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| **Hole** | **Company** | **From** | **To** | **Length (m)** | **Au (g/t)** | **Ag (g/t)** |
| CB21-469 | Bluestone | 1.52 | 141.73 | 140.20 | 1.1 | 8.2 |
| CB21-487 | Bluestone | 85.30 | 92.90 | 7.60 | 30.2 | 85.5 |

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Source: Goldcorp, 2014; Bluestone, 2021.

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8 SAMPLE PREPARATION, ANALYSES AND SECURITY

8.1 Sampling
 Method & Approach

8.1.1 Sampling
 Preparation, Analyses & Security (prior to November 2006)

Prior to Goldcorp taking ownership of the Project in November 2006, all previous drilling, sampling, and assaying were under the control of Glamis.

All sample data used in the Era Dorada mineral resource calculations was produced by either diamond drilling (DD) or reverse-circulation (RC) drilling. Drilling contractors were hired to supply the drilling equipment and perform the work under the direct supervision of owner-field personnel.

The Glamis drill hole program used a variable combination of sample collection, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Double-tube
 HQ core in the upper reaches of the hole switching to double-tube NQ core deeper in the hole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· RC
 drilling in the upper reaches of the hole above the water table and/or the anticipated mineralization
 zone, switching to a double-tube NQ core deeper in the hole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· RC
 drilling for the entire hole.

Rotary samples collected from the 4¾ inch, face-sampling, hammer-drilled RC holes were initially collected in a five-gallon bucket. The weight was then recorded, and the sample was placed into the hopper of a Gilson splitter. The process was repeated until the entire 1.5 m sample was collected. The total weight was recorded on the sample sheet along with the sample identification and the time of day collected. Weights were only recorded for the dry portion of the drill hole. The Gilson splitter was set to split the sample into two halves, with one half retained and the other wasted. The remaining 50% was placed into the hopper again, and another 50% split was made. The two samples were placed into pre-labeled plastic sample bags, one for assay and the other for storage. An air hose and nozzle were provided for cleaning the Gilson splitter, pan, and buckets. A geologist was assigned to the rotary rig to supervise sample collection and log geology. A chip tray was created as a permanent record of each hole.

The core was collected and placed in wooden core boxes. The core was washed to obtain a clean surface for geological and geotechnical logging and placed in a covered logging facility. All core was photographed on print film. The core was sawn longitudinally with a diamond saw and half the core, on a nominal 1.5 m interval broken at lithologic boundaries, and was placed in pre-labeled plastic bags.

The other half was retained for inspection or additional tests as warranted. Splits from the core holes were shipped to a facility operated by CAS Laboratories (CAS Honduras) in Tegucigalpa, Honduras. The unused core was retained for inspection on-site.

Samples were transported from Era Dorada to the laboratory in Tegucigalpa, Honduras, by CAS personnel, and all sample preparation and analyses were conducted at CAS Honduras.

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Reject samples and pulps were stored at the CAS Honduras facility. Samples were analyzed for gold using a 30 g pulp with a fire assay atomic absorption (AA) finish. Samples that ran over 1.0 g/t Au from this method were re-analyzed for both gold and silver using a 30 g pulp fire assay with gravimetric finish.

Glamis had established a limited QA/QC program focused on coarse reject and pulp reject checks. A frequency of 1 in 20 pulps was systematically submitted to the Chemex Laboratories in Nevada for gold and silver analysis in addition to coarse rejects.

The drill samples were initially quick-logged to locate and mark significant changes in volcanic stratigraphy. Each volcanic unit was then described, and the location of the structure and their orientations, the percentage of quartz veining, and the type of alteration were recorded.

Standard logging conventions were used to capture information from the drill sample. Detailed, daily logging was transcribed onto log sheets and independently entered into Excel spreadsheets. The geologist checked data entry before the data was merged with the main database.

Detailed core logging was done by capturing data in four tables: lithology, alteration, Sulfide type, and geotechnical information. Lithology was captured using standardized abbreviations. The alteration was captured as a numeric value corresponding to the alteration type. The visible Sulfide types were captured as a total modal percentage and as relative ratios. Structural data was captured in the "comments/structures" table in the database, as the type and angles taken related to the core axis are displayed in an area as a graphical representation. The geotechnical data recorded rock quality designation (RQD) data for the core portion of the hole.

All independent laboratories used in the Project employed quality control procedures and protocols that included duplicates, standard reference materials, and blanks. These were available to Glamis but were not included in assay reports.

8.1.2 Sample
 Preparation, Analyses & Security (Goldcorp 2010 through 2012)

Drilling completed by Goldcorp (2010 to 2012) was a combination of surface and underground diamond core drilling. Drills were operated by both contract and Goldcorp personnel. The Goldcorp underground drill rig (Boart Longyear LM-75) was used on the surface and converted for underground drilling. Drill holes were developed by drilling a larger diameter (HQ) core at the early stage of the hole, decreasing to NQ and/or BQ if the drilling conditions became difficult.

Drill recovery was high, and by utilizing several drill core sizes, Goldcorp was able to ensure drill hole target completion. Drill hole collar surveys were completed using a GPS Trimble system (UTM NAD 27 Zone 16N). In-hole drill surveying for azimuth and dip was completed using the Reflex EZ-Shot system approximately every 50 m along the drill hole.

Drill cores (surface and underground) were stored in wooden labeled boxes from the drill and transported to the surface core logging facility at the Era Dorada surface core facility.

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Technicians first prepared the core boxes by reviewing drill hole depth tags and reassembling broken sections (from zones of poor recovery).

Core logging to identify lithology, alteration, RQD, and sampling selection for core sawing was completed by geologists or technicians under the direction of the geologist. Sampling was also completed by Goldcorp personnel, which included technicians and geologists. The typical sample lengths were 1.0 to 1.5 m with maximum lengths of 2.0 and 3.0 m; sample lengths were based on the lithology and alteration. Logs and the sample database indicated that low-grade and high-grade gold and silver samples were of the same lengths and were not broken out separately or collected in a way that caused sample bias. Samples were collected along the footwall, mineralized zones, and hanging walls without breaks in sampling. Blanks were inserted by Goldcorp personnel when a core sample was submitted. All data was initially collected on paper logs and later transferred to Excel files. This data was then entered in MapInfo™ and MineSight™ software for geological modeling.

The core selected for analysis was transported to Inspectorate Laboratories in Guatemala City for sample preparation. Samples were prepared at the Inspectorate (Guatemala) by crushing and pulverizing the drill core to 100 g pulp samples.

One pulp sample was sent to Goldcorp's Marlin Mine for gold assaying (fire assay with AA or gravimetric finish) and silver assaying (AA or AA with gravimetric finish). The second pulp sample was sent to the Inspectorate Laboratory in Reno, Nevada, for gold assaying (fire assay with AA or gravimetric finish) and silver assaying (AA or AA with gravimetric finish). The Marlin Mine assays were completed quickly, which assisted the geologists in developing the drilling program. The Inspectorate assays were used for the purposes of mineral resource modeling and estimation.

The QA/QC program employed at the Project was under the direction of Goldcorp. Blank samples were inserted by Goldcorp geologists prior to shipping to the Inspectorate at a frequency of 1 in 25 sample submissions. No duplicates of coarse rejects or standards were included in the QA/QC program at Era Dorada; however, it was recommended that duplicates of the coarse rejects be analyzed and compared and that standards be inserted into the QA/QC sample stream for future drilling campaigns. All analytical results were provided to Goldcorp staff and stored first in Excel and later in MapInfo™ and MineSight™ software. All half-core samples collected by both Goldcorp and Glamis are stored adjacent to the core logging facility on the Project site. The Era Dorada site is fully controlled by perimeter fencing and security. All samples removed from the site were under the control of Inspectorate Laboratories.

8.1.3 Sampling
 Preparation, Analyses & Security (Bluestone 2017 to 2021)

The drill core from the surface and underground was stored in labeled wooden boxes (Figure 8-1) at the drill site and transported to the surface core logging facility. Before core splitting and logging commence, the drill core was systematically photographed in high resolution using a tripod-mounted camera and digitally archived for reference as part of the drill database.

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![](ex9607_036.jpg)

**Figure 8-1: Example of core box photography**

Source: Bluestone, 2019.

Logging and sampling were undertaken on-site at Era Dorada by company personnel under a QA/QC protocol developed by Bluestone. Technicians first prepared the core boxes by reviewing drill hole depth tags, reassembling broken sections, and photographing the core. Core logging to identify lithology, alteration, RQD, and sampling selection for core sawing was completed by technicians under the direction of the geologist. Sampling was also completed by Bluestone technicians. The typical sample lengths are 1.0 to 1.5 m with a minimum sample width of 1 m and maximum lengths of 2.0 m; sample lengths were based on the lithology and alteration. Samples are collected along the footwall, mineralized zones, and hanging walls without breaks in sampling. All data was initially captured on paper logs and later transferred to Microsoft Excel. The data was then entered into MapInfo™ and MineSight™ software for geological modeling.

Specific gravity readings of all representative lithologies and vein material were taken during the various drill campaigns using the displaced water method. Samples were sealed with paraffin wax to account for natural voids/vugs.

A total of 591 channel samples were taken along representative veins exposed in the side walls of the Era Dorada underground tunnels using a portable rock saw. The sampling was undertaken across and perpendicular to the mineralized structures wherever possible and carefully surveyed with XYZ coordinates for use in 3D modeling. The samples were subject to the same QA/QC protocols as the drill core and were deemed suitable for use in calculating resources. Figure 8-2 shows a saw-cut channel sample across a mineralized vein in the South Ramp of the Era Dorada underground workings.

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![](ex9607_037.jpg)

**Figure 8-2: Example of underground channel sample**

Source: Bluestone, 2019.

Samples were transported in security-sealed bags to Inspectorate Laboratories in Guatemala City for sample preparation until March 2020 and thereafter to Inspectorate Laboratories in Managua due to the closure of the Guatemalan facility. Samples were prepared at the Inspectorate by crushing and pulverizing the drill core down to 85%, passing -75 µm. Pulps were weighed and individually packaged into 100 g envelopes and shipped for analysis. Both coarse rejects and pulp were stored for future use and utilized in Bluestone's QA/QC program. All half-core and coarse rejects are stored adjacent to the core logging facility on the Project site. The Era Dorada site is fully controlled by perimeter fencing and security.

Pulps are shipped for regular and QA/QC analysis to Inspectorate Laboratories (a division of Bureau Veritas) in Reno, Nevada, USA, and ALS Chemex in Vancouver, BC, Canada, respectively. Both are ISO 17025-accredited laboratories. Gold and silver were analyzed by a 30 g charge with atomic absorption with gravimetric finish for values exceeding 5 g Au/t and 100 g Ag/t.

All analytical results were provided to Bluestone by respective laboratory secure servers in Excel, .csv, and .pdf formats (certificates). Bluestone database files are stored and managed in Access and Excel formats before being transferred to MapInfoTM and MineSightTM software.

During Q3 and Q4 2020, the Cerro Blanco database was transitioned to the AcQuire/GMSuite platform, providing an enhanced, secure, and high standard of data management.

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8.2 Quality
 Assurance & Quality Control

8.2.1 QA/QC
 Performance & Discussion for Samples prior to 2017

Field blanks of non-mineralized material were inserted into the sample series every 25 samples (4%) to test for any potential carry-over contamination that might occur in the crushing phase of sample preparation due to poor cleaning practices. A total of 1,390 blanks were analyzed, with 558 performed at Inspectorate Laboratories, 302 at CAS Honduras, and 530 at the Marlin Mine laboratory. An analysis of the Inspectorate blanks resulted in five fails or 0.01%, with one re-failing on resample. This appears to be the result of sample misclassification as both the original and resample are relatively high grade. The CAS Honduras results showed eight fails or 0.03%, with four of those failing on resample. There may have been some cleaning issues at CAS Honduras, although it was not widespread or significant. The blanks from the Marlin Mine laboratory resulted in 14 fails or 0.03%, which is not significant. Considering that the Marlin Mine assaying was utilized for fast turnaround to guide the program and not for resource estimation purposes, this fail rate does not pose an issue.

Core duplicate samples were used to evaluate analytical precision and to determine if any biases exist between laboratories that may affect the overall assay database. The core duplicate samples were quarter-spilt cores sampled on-site and sent to Inspectorate Laboratories and CAS Honduras. A total of 1,060 samples with gold values >2 g/t were selected in the drill hole database through hole CB-222. Of those, a total of 797 samples were submitted for check analyses, with 618 samples being submitted to the Inspectorate for checks of original CAS Honduras analyses, while 179 samples were submitted to CAS Honduras for checks of original Inspectorate analyses. The 618 Inspectorate duplicate check samples show the CAS Honduras original samples to be 3% higher in gold and 16% higher in silver on an individual basis and 3% and 2.8% higher in gold and silver, respectively, on an overall basis.

The 179 CAS Honduras duplicate check samples show the Inspectorate original samples to be 1.5% lower in gold and 27% lower in silver on an individual basis and 6.8% and 11.4% lower in gold and silver, respectively, on an overall basis.

Duplicate analyses from both labs show high variation in individual gold values, potentially attributable to the nugget effect, particularly for higher-grade samples. However, on average, the samples show a better correlation, which has greater implications on a global or resource scale. The CAS Honduras check samples appeared to show a relatively small grade bias.

Standards are used to test the accuracy of the assays and to monitor the consistency of the laboratory over time. Neither Glamis nor Goldcorp employed the use of standards. It was recommended that a QA/QC program be implemented during all future drill programs that include the insertion and analysis of standards, blanks, and duplicates, as well as umpire assays.

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8.2.2 QA/QC
 Performance & Discussion of Results (Bluestone 2017 to 2021)

Since 2017, Bluestone has implemented a comprehensive QA/QC program employing industry standards and best practices for all its drill core and channel sampling. This includes the insertion of blind-certified reference materials (blanks and standards) into the sample stream, in addition to field blanks. Furthermore, duplicate analysis of pulps and coarse rejects was performed at a second laboratory to independently assess the analytical precision and accuracy of each sample batch as they were received from the laboratory. Additionally, pulp and coarse rejects were systematically submitted to ALS Chemex Laboratories in Vancouver for check analysis and additional quality control.

A total of 7,652 control samples (Table 8-1) were assigned for QA/QC purposes, accounting for approximately 20% of the total samples taken during the program.

**Table 8-1: Quantity of control samples by type (Bluestone 2017 to 2021)**

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| **Control Type** | **Number** |
| Standards | 1602 |
| Field Blanks | 685 |
| Pulp Blanks | 859 |
| Pulp and Coarse Reject Duplicates | 4506 |
| Total | 7652 |

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Source: Bluestone, 2021.

Standards are used to test the accuracy of the assays and to monitor the consistency of the laboratory over time. A variety of certified standards of various gold grades were purchased from CDN Laboratories (Table 8-2) and inserted by the logging geologists.

**Table 8-2: Summary of standards (Bluestone 2017 to 2021)**

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| **Control Sample** | **Au PPM** | **Standard Deviation** | **Analysis** |
| CDN-GS-16 | 16.48 | 0.315 | Fire Assay Gravimetric |
| CDN-GS-11B | 11.04 | 0.44 | Fire Assay Gravimetric |
| CDN-GS-6F | 6.79 | 0.15 | Fire Assay Gravimetric |
| CDN-GS-6E | 6.06 | 0.16 | Fire Assay Gravimetric |
| CDN-GS-5T | 4.76 | 0.105 | Fire Assay AA Finish |
| CDN-GS-1W | 1.063 | 0.038 | Fire Assay AA Finish |
| CDN-GS-1T | 1.08 | 0.05 | Fire Assay AA Finish |
| CDN-GS-1X | 1.299 | 0.06 | Fire Assay AA Finish |
| CDN-BL-10 | <0.01 | - | Fire Assay AA Finish |
| FIELD BLANKS | <0.01 | - | Fire Assay AA Finish |

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Source: Bluestone, 2021.

Field blanks are non-mineralized materials sourced locally that are inserted into the sample series every 20 samples (5%). Field blanks are inserted to test for any potential carry-over contamination that might occur in the crushing phase of sample preparation due to poor laboratory cleaning practices.

Duplicate analysis of pulps and quarter-core are used to evaluate the analytical precision and to determine if any biases exist between laboratories. Duplicate analysis of coarse rejects is used to analyze preparation errors. Table 8-3 shows the QA/QC sample insertion rate.

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QA/QC assay results were checked by a Bluestone database QA/QC manager on a batch-by-batch basis for analytical or batch errors. No evidence of obvious analytical bias was noted. Figure 8-3 shows a control plot for standard CDN-GS-6E.

**Table 8-3: Bluestone QA/QC sample insertion rates**

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|:---|:---|:---|
| **Batch Size – 45<br> Samples** | **Minimum<br> Insertion Rates** | **Notes** |
| Standards | 1 every 20 | Inserted according to the estimated grade of mineralization before, within, or immediately after a mineralized interval. Insertion at regular intervals avoided. |
| Field Blanks | 1 every 20 | Usually inserted at the end of mineralized runs to measure carry-over |
| Pulp Blanks | 1 every 20 | Usually inserted at the end of mineralized runs to measure carry-over |
| Pulp Duplicates | 1 every 20 | Undertaken at the second laboratory with the same analytical technique. High- and low-grade mineralized samples are usually chosen |
| Coarse Duplicates | 1 every 20 | Normally choose mineralized samples, used to measure laboratory sample preparation |

---

Source: Bluestone, 2020.

![](ex9607_038.jpg)

**Figure 8-3: Batch plot of standard CDN-GS-6E**

Source: Bluestone, 2020.

Except for one standard, the performance of the control samples was very good, reflecting the overall high quality of the analysis. Standard CDN-GS5T (4.76 g Au/t) utilized early in the Bluestone drill program plotted consistently along the highest acceptable threshold for fire assay with instrumental finish. Check analysis at both the Inspectorate and ALS Chemex laboratories gave similar results. As lower-grade CRM / blanks and the laboratories' internal QA/QC procedures ruled out any calibration issues, the use of this particular standard was discontinued.

Duplicates of pulp and coarse rejects were sent to ALS Chemex in Vancouver for check gold analysis with the analysis at the principal laboratory, Inspectorate Laboratories in Reno. As shown in Figure 8-4, the results indicate a very good correlation at both low and high gold levels and excellent reproducibility between the two laboratories, with a correlation coefficient of 0.993.

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The results can be interpreted as a reflection of the micron-sized nature of the gold and the lack of coarse, nuggety gold in the Era Dorada deposit. Analyses of both pulp and field blanks (Figure 8-5) consistently yielded gold values near or below the detection limit of the primary laboratory. No sample contamination was detected.

![](ex9607_039.jpg)

**Figure 8-4: Plot of pulp & coarse reject duplicates (Bluestone 2017-2021)**

Source: Bluestone, 2021.

![](ex9607_040.jpg)

**Figure 8-5: Pulp & field blanks (Bluestone 2017 to 2021)**

Source: Bluestone, 2021.

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It is the opinion of the QP, Garth Kirkham, P. Geo., that the sampling preparation, security, analytical procedures, and quality control protocols used by Bluestone are consistent with generally accepted industry best practices and are, therefore, reliable for the purpose of resource estimation.

The Qualified Person is of the opinion that the sample preparation, security, and analytical procedures are adequate for the purpose of mineral resource estimation as presented within this Technical Report Summary.

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9 DATA VERIFICATION

A geological site visit is a critical part of the due diligence process that ensures mineral disclosures are accurate, independently verified, and based on sound technical observations. Multiple site visits were conducted by several of the QP, as detailed in Section 2.2. The purpose of a site visit in the context of Securities and Exchange Commission Regulation S-K Subpart 1300 is to provide qualified third-party review and verification of the geological, technical, and operational aspects of a mineral property. These site visits consisted of underground investigations of mineralized and non-mineralized headings, as well as an inspection of the surface core logging, sampling, storage areas, and existing infrastructure.

The QP performed an independent verification of the data, observations, and interpretations for Era Dorada. This included confirmation sampling procedures, drilling methods, core logging, and QA/QC practices. Inspected drill cores, outcrops, underground workings, and surface trenches to corroborate reported geological models, historical data, and reporting. Additionally, this involved a thorough examination of mining infrastructure access, along with an extensive review of environmental and social conditions. Identification and evaluation of risk in support of the mineral resource/ estimates.

9.1 Geology,
 Drilling & Assaying

Garth Kirkham, P. Geo., has been involved with the property since its acquisition in early 2017, when he performed the initial due diligence and authored the updated resource estimate for Bluestone. Mr. Kirkham first visited the property on May 8, 2017, to validate all aspects. The site visit included an inspection of the property, offices, underground vein exposures, core storage facilities, water treatment plant, and stockpiles, and a tour of major centers and the surrounding villages most likely to be affected by any potential mining operation.

Since 2017, Mr. Kirkham has visited the property numerous times for extended periods to develop and implement data gathering and sampling methods and procedures. He also worked with Bluestone geologists to develop drill programs and to supervise interpretation and modeling efforts in addition to creating and implementing QA/QC procedures.

From September 21 to 22, 2017, Mr. Kirkham inspected the progress of the recommended historic drill core rehabilitation program and initiated structural studies.

From April 24 to 28, 2018, Mr. Kirkham's site visit focused on advancing the planning of sampling and drilling along with supporting lithological and structural modeling.

From February 16 to 22, 2020, Mr. Kirkham provided guidance on the planning and development of advanced drilling and sampling, as well as grade vein modeling.

From January 10 to 15, 2021, Mr. Kirkham assisted with validating drill and sample data, refining high-grade models, reviewing low-grade models, and providing guidance for the finalization of the open pit bulk tonnage resource scenario.

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Continued data validation and verification processes have not identified any material issues with the Era Dorada sample and assay data. Mr. Kirkham is satisfied that the assay data is of suitable quality to be used as the basis for this resource estimate.

During Q3 and Q4 2020, the Era Dorada drill and assay database was switched over to the AcQuire - GMSuite platform hosted by CSA Global, providing an enhanced and more secure standard of data management.

Mr. Kirkham is confident that the data and results are valid and can be relied upon. Mr. Kirkham is also confident that the methods and procedures used are reliable. It is the opinion of Mr. Kirkham that all work, procedures, and results have adhered to best practices and industry standards.

The Qualified Person is of the opinion that the data is adequate for the purposes used within this Technical Report Summary.

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10 MINERAL PROCESSING AND METALLURGICAL TESTING

10.1 Introduction

Various metallurgical testing campaigns were conducted on Era Dorada (formerly named "Cerro Blanco") samples by Kappes, Cassiday & Associates (KCA) between 1999 and 2012, together with additional testing carried out by SGS Lakefield Research Ltd., Carson GeoMIn Inc., Pocock Industrial Inc., Phillips Enterprises Inc., and CyPlus GmbH. The most recent test program was completed in 2018 and was carried out at Base Metallurgical Laboratories Ltd. (BaseMet) in Kamloops, BC. The following reports include all metallurgical testing programs carried out so far on Era Dorada samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Kappes, Cassiday & Associates (1999):** "Cerro Blanco Project, Results of Cyanide Leach
 Tests" (Issued: April 8, 1999).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Kappes, Cassiday & Associates (2000a):** "Cerro Blanco Project, Results of Cyanide Bottle
 Roll Tests" (Issued: January 12, 2000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Kappes, Cassiday & Associates (2000b):** "Cerro Blanco Project, Bottle Roll Tests"
 (Issued: August 24, 2000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Kappes, Cassiday & Associates (2002):** "Cerro Blanco Project, Results of Leaching Tests
 and Gravity Concentration Tests" (Issued: 8 October 2002).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **SGS Lakefield Research Ltd. (2005):** "Cerro Blanco North Zone Samples for Met Testing
 at SGS Lakefield" (Issued: August 2005).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Kappes, Cassiday & Associates (2005):** "Cerro Blanco Project" (Issued: December
 15, 2005).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Carson GeoMIn Inc. (2005):** "Mineralogy of Ore Composites and Related Cyanide Tailings
 from the Cerro Blanco Gold Project" (Issued: December 29, 2005).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Kappes, Cassiday & Associates (2006a):** "Cerro Blanco Project" (Issued: January
 18, 2006).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Kappes, Cassiday & Associates (2006b):** "Cerro Blanco Project" (Issued: April
 21, 2006).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Phillips Enterprises LLC (2011):** "Comminution Tests, Cerro Blanco" (Issued: June 11,
 2011).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Pocock Industrial Inc. (2011):** "Sample Characterization and PSA, Flocculant Screening,
 Gravity Sedimentation, Pulp Rheology, Vacuum Filtration and Pressure Filtration Studies Conducted
 for Kappes, Cassiday & Associates Cerro Blanco Project" (Issued: October 2011).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Kappes, Cassiday & Associates (2012):** "Cerro Blanco Project, Report of Metallurgical
 Test Work, January 2012" (Issued: January 25, 2012).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Base Metallurgical Laboratories Ltd. (2018):** "BL0246: Generation of Cyanide Detox Tailings
 – Cerro Blanco Project" (Issued: August 3, 2018).

The following sections show the selected reports and respective testing results for designing the recovery method and equipment for the Project.

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10.2 Selected
 Testworks

10.2.1 KCA
 (2012) – Leach Tests

The six pallets received by KCA in April 2011 included a total of 55 cloth bags containing half-split HQ and PQ drilling core material from five samples. These five samples were assayed, together with a master composite sample. The latter was assembled on the basis of the same five samples. The head assay results of both Au and Ag are summarized in Table 10-1.

**Table 10-1: Head assays**

---

| | | | |
|:---|:---|:---|:---|
| **KCA Sample <br> No.** | **Description** | **Average Au Assay<br> (g/t)** | **Average Ag Assay<br> (g/t)** |
| 48901 | MbT | 9.4 | 46.25 |
| 48902 | Mcv | 4.47 | 5.79 |
| 48903 | Svc | 6.52 | 44.71 |
| 48904 | Msc | 5.07 | 38.79 |
| 48905 | Cbx | 4.59 | 18.06 |
| 48907 | Master Composite | 7.7 | 37.86 |

---

Source: KCA, 2012.

The experimental program included bottle roll leach testing on the Master Composite sample according to different grinding sizes. The summarized testing conditions and gold extraction results are listed in Table 10-2, which indicates that for P<sub>80</sub> (80% passing) equal to or finer than 0.085 mm, the overall gold extractions ranged from 92% to 94%.

**Table 10-2: Gold extraction summary**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **KCA Sample<br> No.** | **KCA Test<br> No.** | **P<sub>80</sub> – Milled Size<br> (µm)** | **Target NaCN<br> (g/l)** | **Calculated Head –<br> Au (g/t)** | **Gold Extracted – <br> Au (%)** | **Leach Time <br> (h)** |
| 48907 | 48914 A | 160 | 1 | 6537 | 86 | 96 |
| 48907 | 48913 A | 138 | 1 | 6328 | 91 | 96 |
| 48907 | 48913 B | 85 | 1 | 5822 | 93 | 96 |
| 48907 | 48913 C | 77 | 1 | 6497 | 94 | 96 |
| 48907 | 48914 B | 76 | 1 | 5887 | 92 | 96 |
| 48907 | 48913 D | 72 | 1 | 5628 | 94 | 96 |
| 48907 | 48916 C | 71 | 1 | 5788 | 92 | 96 |
| 48907 | 48915 B | 57 | 1 | 6124 | 93 | 96 |
| 48907 | 48916 B | 55 | 1 | 8663 | 94 | 96 |
| 48907 | 48917 B | 44 | 1 | 5169 | 92 | 96 |
| Average | Average |  | 1 | 6244 | 92.1 | 96 |

---

Source: KCA, 2012.

10.2.2 Phillips
 Enterprises (2011) – Comminution Tests

The same five samples used in the KCA testing campaign listed in Section 10.2.1 were split and used for comminution testing at Phillips Enterprises LLC in Golden, Colorado. Comminution testing included the Bond Work index for the ball mill (BWi), Bond Work index for the rod mill (RWi), as well as Bond Abrasion index (Ai). The results obtained are summarized in Table 10-3.

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**Table 10-3: Comminution test results**

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| | | | | |
|:---|:---|:---|:---|:---|
| **KCA <br> Sample No.** | **Sample <br> Description** | **Bond Rod Mill Work<br> Index - BWi (kWh/t)** | **Bond Ball Mill Work<br> Index - RWi (kWh/t)** | **Bond Abrasion<br> Index - BAi** |
| 48901 | MbT | 17.08 | 20.27 | 0.193 |
| 48902 | Mcv | 13.91 | 16.37 | 0.104 |
| 48903 | Svc | 18.26 | 22.24 | 0.328 |
| 48904 | Msc | 16.90 | 21.45 | 0.329 |
| 48905 | Cbx | 15.52 | 18.95 | 0.246 |
| Average | Average | 16.33 | 19.86 | 0.240 |

---

Source: Phillips Enterprises, 2011.

10.2.3 Pocock
 Industrial (2011) – Solid / Liquid Separation Tests

Solid/liquid separation tests were conducted on "Fresh Milled" and "Leached and Detoxed" samples as resulting from the KCA test work previously described in Section 10.2.1. The program included testing for supporting solid/liquid separation equipment design and sizing. All testing was conducted by Pocock Industrial at their laboratory facilities located in Salt Lake City, Utah during October 2011.

The summary of solid/liquid separation testing was as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 flocculant concentration varied by individual sample and thickener type or application but
 were in the overall range of 35 to 55 g/t for Fresh Milled sample, as well as 30 to 55 g/t
 for Leached and Detoxed sample within the tested pH range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For
 conventional thickener sizing, Pocock recommended a minimum unit area design basis of 0.30
 to 0.40 m²/tpd for the Fresh Milled, and 0.25 to 0.35 m²/tpd for the Leached and
 Detoxed material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dynamic
 thickening tests conducted on the samples indicated a hydraulic net feed loading rate design
 basis in the maximum range of 3.1–4.3 m³/m²·hr for both the Fresh
 Milled and Leached and Detoxed samples for high performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 overall maximum underflow density range for the Leached and Detoxed material was 53 to 57%.
 However, the range was narrowed to 53 to 55% with rake torque considerations based on un-sheared
 data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 designed pressure filter for a stipulated 1,250 tpd plant throughput resulted in for both
 Leached and Detoxed samples a minimum requirement of 190 chambers for a horizontal recess
 plate type press, equipped with 1,500 mm plates and 15 mm recess (30 mm full chamber) with
 no cake wash to achieve 18.3% moisture. Alternative design indicated equipment with 181 chambers
 to achieve 18.9% moisture with pH adjusted to 10.5.

10.2.4 BaseMet
 (2018) – Chemical Assays

The 2018 testing campaign carried out at BaseMet was based on the two following samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Approximately
 90 kg of half and quarter cut drill core.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· About
 590 kg of bulk rock, consisting of 180 individual intervals.

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Each drill core interval was stage crushed to 3.36 mm. The crushed material was blended and split to obtain a representative sub-sample of the Global Composite. The head assay results are shown in Table 10-4.

**Table 10-4: Head assays**

---

| | | | |
|:---|:---|:---|:---|
| **Composite** | **Au (g/t)** | **Ag (g/t)** | **Cu (%)** |
| Global Composite Head 1 | 4.21 | 23 | 0.007 |
| Global Composite Head 2 | 5.65 | 21 | 0.007 |
| **Average** | **4.93** | **22** | **0.007** |

---

Source: BaseMet, 2019.

10.2.5 BaseMet
 (2018) – Gravity Concentration

The same testing campaign described in Section 10.2.4 comprised of gravity concentration testing. Accordingly, sub-samples of the Global Composite sample were ground in a laboratory rod mill to three targeted P<sub>80</sub> grind sizes of 0.050 mm, 0.075 mm and 0.100 mm. Each one of these three samples were tested at a Knelson MD-3 centrifugal gravity concentrator. Knelson concentrates were panned targeting a 0.1% to 0.5% mass recovery. Gravity concentration results shown in Table 10-5 indicate average recoveries of 19.1% Au and 7.8% Ag.

**Table 10-5: Gravity concentration results**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Test No.** | **Grind Size (µm)** | **Mass Recovery (%)** | **Au Recovery (%)** | **Ag Recovery (%)** |
| 4 | 50 | 0.317 | 22.5 | 6.3 |
| 10 | 50 | 0.186 | 21.1 | 6.9 |
| 11 | 50 | 0.23 | 15.1 | 6.5 |
| 17 | 53 | 0.319 | 20.8 | 9.4 |
| 18 | 53 | 0.301 | 17.9 | 8.5 |
| 19 | 53 | 0.274 | 16.7 | 6 |
| 20 | 53 | 0.326 | 21.7 | 9.1 |
| 21 | 75 | 0.185 | 16.3 | 5.4 |
| 2 | 75 | 0.239 | 29.8 | 16.5 |
| 6 | 75 | 0.27 | 14.7 | 5.4 |
| 7 | 75 | 0.314 | 20.7 | 6.4 |
| 8 | 75 | 0.398 | 20 | 6.6 |
| 3 | 75 | 0.48 | 17.7 | 10.2 |
| 12 | 75 | 0.291 | 15.9 | 4.1 |
| 5 | 100 | 0.534 | 15.6 | 10.2 |
| **Average** | **Average** | **0.311** | **19.1** | **7.8** |

---

Source: BaseMet, 2019.

10.2.6 BaseMet
 (2018) – Leach Tests

Leaching test work was also carried out in the 2018 BaseMet testing campaign. In this case, the tests consisted of direct cyanide leaching on two samples, i.e., fresh milled product and gravity tailings. All tests were conducted in closed rolling bottles with monitoring and controlling of cyanide level, dissolved oxygen (DO), and pH. Sampling for kinetic assessments was conducted during test periods of 2, 6, 24, 48, and 72 hours. The leach test results are summarized in Table 10-6. The average recoveries were 93.24% Au for 24 hours of residence time and 94.96% Au for 72 hours of residence time.

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**Table 10-6: Bottle roll leach results**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test No.** | **Grind<br> Size (µm)** | **Reagent Consumption** | **Reagent Consumption** | **Gravity Au<br> Recovery (%)** | **Cumulative Gold**<br> **Extraction (%)** | **Cumulative Gold**<br> **Extraction (%)** | **Cumulative Gold**<br> **Extraction (%)** | **Cumulative Gold**<br> **Extraction (%)** | **Final Gold <br> Recovery (%)** | **Final Ag<br> Recovery (%)** |
| **Test No.** | **Grind<br> Size (µm)** | **NaCN (kg/t)** | **Lime (kg/t)** | **Gravity Au<br> Recovery (%)** | **2 h** | **6 h** | **24 h** | **48 h** | **72 h** | **72 h** |
| 4 | 50 | 0.84 | 0.87 | 22.5 | 75.3 | 92.4 | 95.9 | 95.7 | 96.1 | 92.4 |
| 10 | 50 | 0.36 | 1.17 | 21.1 | 78.9 | 92.4 | 94.4 | 95.7 | 97.5 | 69.6 |
| 11 | 50 | 0.52 | 1.02 | 15.1 | 81.5 | 92.7 | 94 | 96.5 | 97.3 | 78.6 |
| 17 | 53 | 0.52 | 1.22 | 20.8 | 91.9 | 93.2 | 94.2 | 95.2 | 95.9 | 88.4 |
| 18 | 53 | 0.50 | 1.12 | 17.9 | 82.2 | 91.6 | 96.6 | 95.1 | 96.1 | 92.3 |
| 19 | 53 | 0.86 | 1.33 | 16.7 | 87.7 | 94.9 | 98.1 | 97.4 | 94.5 | 70.8 |
| 20 | 53 | 0.60 | 1.50 | 21.7 | 80.7 | 90.9 | 94.1 | 92.8 | 96.3 | 69.7 |
| 21 | 53 | 0.28 | 0.96 | 16.3 | 80.9 | 90.1 | 91.5 | 91.6 | 94.7 | 67.2 |
| 2 | 75 | 0.82 | 0.86 | 29.8 | 61.2 | 78.5 | 91.9 | 94.1 | 94.7 | 86.9 |
| 6 | 75 | 0.82 | 0.84 | 14.7 | 82.9 | 90.4 | 92.4 | 93.1 | 94.2 | 82.9 |
| 7 | 75 | 1.00 | 0.71 | 20.7 | 77.8 | 90.8 | 92.9 | 93.7 | 94.4 | 84.2 |
| 8 | 75 | 0.46 | 0.82 | 20 | 75 | 88.3 | 92.7 | 93.2 | 93.6 | 83.1 |
| 3 | 75 | 0.76 | 0.89 | 17.7 | 68.6 | 87.2 | 92.5 | 93 | 94 | 93.2 |
| 12 | 75 | 0.20 | 1.00 | 15.9 | 80.6 | 89.3 | 91.7 | 93.8 | 95.6 | 65.2 |
| 5 | 100 | 0.58 | 0.71 | 15.6 | 66.3 | 82.4 | 91.2 | 91.7 | 91.9 | 82.7 |
| 1 | 75 | 2.98 | 0.50 | No Gravity | 3.2 | 10.1 | 88.4 | 92.2 | 93.1 | 84.7 |
| 9 | 75 | 0.90 | 0.77 | No Gravity | 67.4 | 86.5 | 92.6 | 92.1 | 94.4 | 86.3 |
| **Average** | **Average** | **0.76** | **0.96** | **19.10** | **73.06** | **84.81** | **93.24** | **93.94** | **94.96** | **81.07** |

---

Source: BaseMet, 2019.

According to the results listed in Table 10-6, finer grinding sizes resulted in higher Au and Ag recoveries.

Figure 10-1 shows a graph of gold extraction as a function of the leaching period (residence time) for different grind sizes. The plotted curves include gravity recovery. The average gold extraction for a P<sub>80</sub> grind size of 0.050-0.053 mm was 95% for 24 hours, as well as 97% for 72 hours.

**Figure 10-1: Effect of grind size on average gold extraction**

Source: Author; BaseMet, 2019.

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One of the Composite samples previously listed in Section 10.2.4 was further tested to determine the adsorption of Au and Ag on carbon and, therefore, the basis for a future Carbon in Pulp (CIP) circuit. The conditions for CIP testing were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sample
 grinding: P<sub>80</sub> of 0.053 mm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pulp
 Density: 33% solids (w/w).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pulp
 pH: 10.5 to 11 maintained with lime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cyanide
 Concentration: 0.5 g/l NaCN maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Retention
 Time: Total 54 h (48 h leach, 6 h carbon absorption).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Carbon
 Concentration: 25–50 g/l.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lead
 Nitrate Concentration: 0–250 g/t.

The recoveries obtained for Au and Ag are indicated in Table 10-7. Tests carried out at 50 g/l carbon concentration (T-25, T-26, and T-27) resulted in higher Au and Ag recoveries. It was also observed that the addition of lead nitrate improved Ag recovery (T-26 and T-27).

**Table 10-7: Bottle roll leach results (CIP)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test<br> ID** | **Grinding<br> P<sub>80</sub>** | **Total Leaching<br> Time** | **NaCN** | **Consumption<br> PbNO<sub>3 </sub>** | **Carbon<br> Concentration** | **Au<br> Calculated** | **Gravity<br> Au** | **Extraction<br> (%)** | **Extraction<br> (%)** |
| **Test<br> ID** | **(µm)** | **(h)** | **(g/l)** | **(kg/t)** | **(g/l)** | **(g/t)** | **(%)** | **Au** | **Ag** |
| T-21 | 53 | 54 | 0.5 | 0 | 25 | 6.95 | 16.3 | 94.7 | 67.2 |
| T-25 | 53 | 54 | 0.5 | 0 | 50 | 6.95 | 33.2 | 97.1 | 81.1 |
| T-26 | 53 | 54 | 0.5 | 250 | 50 | 6.64 | 28.6 | 97.3 | 90.0 |
| T-27 | 53 | 54 | 0.5 | 250 | 50 | 6.59 | 25 | 96.6 | 85.4 |

---

Source: BaseMet, 2019.

The Au recovery figures listed in Table 10-7 were plotted in a graph, as shown in Figure 10-2. Overall, Au recovery for a 36-hour leaching period was estimated as 96% (Tests T-25, T-26, and T-27).

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**Figure 10-2: Gold recovery as a function of residence time (CIP)**

Source: BaseMet, 2019.

10.2.7 BaseMet
 (2018) – Cyanide Destruction Tests

A series of continuous cyanide destruction tests were conducted to assess the efficiency of the selected detox process for the leaching test tailings.

Samples from leach tests described in Section 10.2.6 were filtered, and the resulting solution was analyzed. The results indicated 283 mg/l total cyanide (CN<sub>T</sub>) and 270 mg/l weak acid dissociable cyanide (CN<sub>WAD</sub>).

The SO<sub>2</sub>/air method was assessed for destructing cyanide contained in leached tailings. Such a method, also known as the Inco or Detox method, uses sulfur dioxide (SO<sub>2</sub>) to remove weak acidic dissociable cyanide down to concentrations smaller than 5 mg/l.

The cyanide pulp resulting from leach tests performed adequately to the SO<sub>2</sub>/Air cyanide destruction process, resulting in final tailings with less than 1 mg/l CN<sub>WAD</sub>, as well as less than 4 mg/l total cyanide (CN<sub>T</sub>). The results shown in Table 10-8 indicate that the Detox tests resulted in CN<sub>WAD</sub> concentrations smaller than 5 mg/l in the final tailings.

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**Table 10-8: Cyanide destruction results**

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test No.** | **Retention<br> Time (min)** | **pH** | **Reagent Addition (g / g CN<sub>WAD</sub>)** | **Reagent Addition (g / g CN<sub>WAD</sub>)** | **Cu (mg/l of<br> solution)** | **Final Solution Composition** | **Final Solution Composition** |
| **Test No.** | **Retention<br> Time (min)** | **pH** | **SO<sub>2</sub> Equivalent** | **Lime** | **Cu (mg/l of<br> solution)** | **CNT (mg/l)** | **CN<sub>WAD</sub> (mg/l)** |
| CND-C1 | 90 | 8.5 | 7 | 4.6 | 100 | 4.59 | 1.8 |
| CND-C2 | 90 | 8.5 | 5.5 | 2 | 100 | 2.96 | 0.17 |
| CND-C3 | 90 | 8.3 | 4 | 2.2 | 100 | 0.49 | 0.22 |
| CND-C4 | 90 | 8.4 | 4 | 1.6 | 50 | 2.94 | 0.14 |
| CND-C5 | 90 | 8.5 | 4 | 1.4 | 25 | 3.02 | 0.24 |
| CND-C6 | 90 | 9 | 4 | - | 0 | 18.3 | 4.18 |
| CND-C7 | 60 | 8.5 | 4 | 0.8 | 25 | 3.56 | 0.48 |

---

Source: BaseMet, 2019.

10.3 Summary
 and Conclusions

The summary and main conclusions of the selected test work carried out on Era Dorada samples were as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Comminution**:
 Bond Ball Mill Work index (BWi) of 19.9 kWh/t and a Bond Abrasion index (Bai) of 0.24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Grinding size:** P<sub>80</sub> of 0.053 mm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Gravity Concentration:** Based on the gravity test results, a gravity concentration circuit was
 included in the grinding circuit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Leach Results:** Oxygen pre-oxidation should be incorporated into the process design, as a significant
 impact was observed during the first 24 hours of leaching. The recommended residence time
 of the pre-oxidation stage was 2 hours at a targeted cyanide concentration of 500 ppm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Leach Results (CIP):** The results and test work parameters obtained from the four leach tests
 were used to develop the process design criteria and estimated Au and Ag recoveries for the
 leach/CIP circuits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Cyanide Destruction:** The conditions used in tests CND-C7 were adopted as process design for the
 cyanide destruction circuit for reducing the CN<sub>WAD</sub> concentration to less than
 1 mg/l.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Leach Results:** The relatively small increase in Au recovery for a leaching period of 72-hour
 as compared with the 36-hour leaching period resulted in the adoption of the latter for the
 Era Dorada industrial plant. Detailed figures are listed in Table 10-9. The leached slurry
 will then flow through a carbon-in-pulp (CIP) circuit for the adsorption of the Au and Ag
 cyanide complexes onto the pores of activate carbon. The loaded carbon will be processed
 through desorption and refining circuits. The adopted Au and Ag recoveries should be 96%
 and 85% respectively.

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**Table 10-9: Preliminary recovery estimative**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Test ID** | &nbsp;&nbsp;**Residence Time 54 h** | &nbsp;&nbsp;**Residence Time 54 h** | &nbsp;&nbsp;**Residence Time 36 h** |
| &nbsp;&nbsp;**Test ID** | &nbsp;&nbsp;**Residence Time 54 h** | &nbsp;&nbsp;**Residence Time 54 h** | &nbsp;&nbsp;**Residence Time 36 h** |
| &nbsp;&nbsp;**Test ID** | &nbsp;&nbsp;**Recovery (%)** | &nbsp;&nbsp;**Recovery (%)** | &nbsp;&nbsp;**Estimated Recovery (%)** |
| &nbsp;&nbsp;**Test ID** | &nbsp;&nbsp;**Recovery (%)** | &nbsp;&nbsp;**Recovery (%)** | &nbsp;&nbsp;**Estimated Recovery (%)** |
| &nbsp;&nbsp;**Test ID** | &nbsp;&nbsp;**Au** | &nbsp;&nbsp;**Ag** | &nbsp;&nbsp;**Au** |
| &nbsp;&nbsp;T-25 | &nbsp;&nbsp;97.1 | &nbsp;&nbsp;81.1 | &nbsp;&nbsp;95.8 |
| &nbsp;&nbsp;T-26 | &nbsp;&nbsp;97.3 | &nbsp;&nbsp;90.0 | &nbsp;&nbsp;95.8 |
| &nbsp;&nbsp;T-27 | &nbsp;&nbsp;96.6 | &nbsp;&nbsp;85.4 | &nbsp;&nbsp;95.4 |
| &nbsp;&nbsp;Average | &nbsp;&nbsp;97 | &nbsp;&nbsp;86 | &nbsp;&nbsp;96 |

---

Source: Author; BaseMet, 2019.

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11 MINERAL RESOURCE ESTIMATES

11.1 Introduction

This section describes the work undertaken by Kirkham Geosystems Ltd (KGL), including key assumptions and parameters used to prepare the mineral resource models for Era Dorada, together with appropriate commentary regarding the merits and possible limitations of such assumptions.

Era Dorada is a classic hot springs-related, low-sulfidation epithermal gold-silver deposit comprising both high-grade vein and low-grade disseminated mineralization. Most of the high-grade mineralization is hosted in the Mita unit as two upward-flaring vein swarms (north and south zones) that converge downwards and merge into basal feeder veins where drilling has demonstrated widths of high-grade mineralization (e.g., 15.5 m 21.4 g Au/t and 52 g Ag/t). Bonanza gold grades are associated with ginguru banding and carbonate replacement textures. Sulfide contents are low, typically < 3 volume %.

The Mita rocks are overlain by the Salinas unit, a sub-horizontal sequence of volcanogenic sediments and sinter horizons approximately 100 m thick that form the low-lying hill at the project. Low-grade disseminated and veinlet mineralization within and as halos around the high-grade vein swarms is well documented in drilling since discovery of the deposit, with grades typically ranging from 0.3 to 1.5 g Au/t. The overlying Salinas cap rocks are also host to low-grade mineralization associated with silicified conglomerates and rhyolite intrusion breccias.

The mineral resource has a footprint of 800 x 400 m between elevations of 525 and 200 m above sea level (masl). The mineral resource estimate is the result of 141,969 m of drilling by Bluestone and previous operators (1,256 drill holes and channel samples by Bluestone). The 3.4 km of underground infrastructure allowed for underground mapping, sampling, and over 30,000 m of underground drilling that enhanced the current understanding and validation of the Era Dorada geological model. The mineral resource estimate is based on a scenario that considers open pit mining methods and therefore requires improved and refined geological models of the lithologic units. These broad mineralised lithologies are host to the high-grade veins that have been the focus of the potential underground mining scenario. The resulting domain models and estimation strategy were designed to accurately represent the grade distribution.

Several resource estimates have been published on Era Dorada since 2017 in four technical reports, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Preliminary
 Economic Assessment (March 20, 2017)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Preliminary
 Economic Assessment Update (June 2, 2017)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Feasibility
 Study (January 29, 2019)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Preliminary
 Economic Assessment Update (February 28, 2021)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Preliminary
 Economic Assessment Update (June 30, 2021)

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The first three reports and resource estimates were for an underground mining scenario. The last two resource estimates were for the open pit scenario. All estimates were authored by Qualified Person, Garth Kirkham, P.Geo.

All five technical reports are filed on the System for Electronic Document Analysis and Retrieval (SEDAR+).

11.2 Data

The drill hole database was supplied in electronic format (i.e., Microsoft Excel and Access) by Bluestone. This included collars, down hole surveys, lithology data and assay data (i.e., grams per tonne of gold and silver, and down hole "from" and "to" intervals in metric units). Lithology group and description information was provided, along with abbreviated alpha-numeric and numeric codes (see Table 11-1). Figure 11-1 shows the plan view of drill holes with collars. A total of 130,238 assay values and 55,285 lithology values were supplied for the project. Validation and verification checks were performed during import to confirm there were no overlapping intervals, typographic errors, or anomalous entries.

**Table 11-1: Lithology units & codes**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lithology** | **Code** | **Code B** | **Lithology Group** | **Lithology Description** |
| Qc | 10 | 1 | Post-Mineral Cover Rock - Quaternary | Colluvium |
| Qb | 11 | 1.1 |  | Basalt Flows |
| Bi | 20 | 2 | Cross-Cutting Rock Types | Basaltic Intrusive Dikes |
| Cbx | 30 | 3 |  | Collapse Breccia |
| Dp | 180 | 18 |  | Dacite |
| Gr | 40 | 4 |  | Granite |
| Ad | 50 | 5 |  | Andesite Dike |
| Rp | 60 | 6 |  | Quartz Eye Rhyolite |
| Vt | 70 | 7 |  | Vein |
| Stock | 71 | 7.1 |  | Stockwork |
| Hbx | 72 | 7.2 |  | Hydrothermal Breccia |
| RF | 80 | 8 |  | Rhyolite Flow |
| SZ | 81 | 8.1 |  | Shear Zone |
| Ss | 90 | 9 | Salinas Group | Sinter |
| Svc | 91 | 9.1 |  | Volcanic Sediments |
| Srt | 92 | 9.2 |  | Quartz Eye Rhyolite |
| Sfx | 93 | 9.3 |  | Phreatic Breccia |
| Slt | 94 | 9.4 |  | Siltstone |
| Sct | 95 | 9.5 |  | Ash Tuff |
| Scgl | 96 | 9.6 |  | Conglomerate |
| Mss | 100 | 10 | Mita Group | Sandstone |
| Mat | 101 | 10.1 |  | Andesite Tuff |
| Mlt | 102 | 10.2 |  | Crystal Tuff |
| Mbt | 103 | 10.3 |  | Lapilli Tuff |
| Msc | 104 | 10.4 |  | Calcareous Limestone |
| Mls | 105 | 10.5 |  | Limestone |
| Mcv | 106 | 10.6 |  | Quartz Latite Crystal Lithic Tuff |
| Mvo | 107 | 10.7 |  | Conglomerate |
| Mlm | 190 | 19 |  | Upper Limestone |
| Silt | 108 | 10.8 |  | Siltstone - mudstone |
| PA | 130 | 13 |  | Porphyritic andesite |
| Tcb | 110 | 11 | Tempisque Volcanic Complex | Basalt-dominated |

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|:---|:---|:---|:---|:---|
| **Lithology** | **Code** | **Code B** | **Lithology Group** | **Lithology Description** |
| Tca | 111 | 11.1 | | Andesite-dominated |

---

Source: Kirkham, 2025.

**Figure 11-1: Plan view of drill holes**

Source: Kirkham, 2025.

11.3 Data
 Analysis

Table 11-2 shows statistics of gold and silver assays for each of the lithologic units. It should be noted that the total number of values from section to section vary depending on the parameter being analysed and the value for reporting these varied data sub-sets is to detect and investigate issues or anomalies. Included for the statistical analysis, there are 130,307 gold assays (153,078 m) total, which average 0.68 g/t, and there are 130,238 (153,003 m) silver assays by lithology logged, which average 3.75 g/t. The maximum gold assay is 1,380 g/t, while the maximum silver assay is 8,656.7 g/t. It is important to note that 73 gold assays are greater than 100 g/t and 54 silver assays are greater than 500 g/t which may be a reflection of the non-nuggety nature of the mineralization present at Era Dorada.

**Table 11-2: Statistics for weighted gold & silver assays**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Code** | **Metal** | **Valid** | **Length (m)** | **Max (gpt)** | **Mean (gpt)** | **CV** |
| Total | AU | 130307 | 153077.8 | 1380.0 | 0.68 | 9.9 |
| Total | AG | 130238 | 153003.0 | 8656.7 | 3.75 | 11.1 |
| All | AU | 131215 | 154481.6 | 1380.0 | 0.69 | 9.8 |
| All | AG | 131146 | 154406.9 | 8656.7 | 3.78 | 11.0 |

---

Source: Kirkham, 2025.

Table 11-3 above shows intervals that intersect the high grade are primarily encountered within the Vt unit, as would be expected. The Vt unit which represents the majority of the very high-grade populations, has 7,554 gold (3,716.8m) and 7,553 (3,716.7 m) silver assay intersections, resulting in an average grade of 9.94 g Au/t and 38.92 g Ag/t. The coefficient of variation is relatively high with 3.3 for gold and 4.0 for silver. These are reviewed once compositing

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and cutting is applied which will reduce the CV to reasonable values. Also, of particular interest within the Cross-cutting group are the Stock which shows 2,899 values (3,714 m) with 1.64 g/t gold and 8.11 g/t silver and HBX shows 1592 values (1,067 m) with 1.08 g/t gold and 6.94 g/t silver, respectively. The grades within the Stock and Hbx intervals display very high variability due to a small number of very high-grade outliers. These values are fairly widely distributed within the Salinas and Mita units which may positively skew the grades within the low-grade envelopes. However, as they are disseminated and to be treated within the domains, they will be cut appropriately to ensure that they reasonably represent the estimated grades.

**Table 11-3: Statistics for weighted gold & silver assays for quaternary and cross-cutting rock types**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Code** | **Lith** | **Code** | **Metal** | **Valid** | **Length (meters)** | **Max (gpt)** | **Mean (gpt)** | **CV** |
| 10 | Qc | 10 | AU | 787 | 1271 | 5.1 | 0.05 | 2.9 |
| 10 | Qc | 10 | AG | 786 | 1270.6 | 35 | 0.97 | 2.1 |
| 11 | Qb | 11 | AU | 144 | 214.7 | 0.06 | 0.01 | 0.4 |
| 11 | Qb | 11 | AG | 144 | 214.7 | 1 | 0.83 | 0.4 |
| 30 | Cbx | 30 | AU | 4016 | 4466.6 | 1380 | 0.78 | 14.3 |
|  | Cbx | 30 | AG | 4016 | 4466.6 | 2194 | 3.86 | 5.4 |
| 40 | Gr | 40 | AU | 419 | 685.1 | 0.246 | 0.01 | 1.5 |
|  | Gr | 40 | AG | 419 | 685.1 | 2.3 | 0.81 | 0.5 |
| 50 | Ad | 50 | AU | 1780 | 2268.6 | 313.97 | 0.47 | 13.3 |
|  | Ad | 50 | AG | 1780 | 2268.6 | 801.2 | 2.73 | 7.8 |
| 60 | Rp | 60 | AU | 2899 | 3714.1 | 46.3 | 0.22 | 2.9 |
|  | Rp | 60 | AG | 2899 | 3714.1 | 241 | 2.12 | 2.9 |
| 70 | Vt | 70 | AU | 7554 | 3716.8 | 1380 | 9.94 | 3.3 |
|  | Vt | 70 | AG | 7553 | 3716.7 | 4677.8 | 38.92 | 4 |
| 71 | Stock | 71 | AU | 2383 | 2214.9 | 148.75 | 1.64 | 3.7 |
|  | Stock | 71 | AG | 2383 | 2214.9 | 409 | 8.11 | 2.6 |
| 72 | Hbx | 72 | AU | 1592 | 1067.4 | 266.09 | 1.08 | 7.9 |
|  | Hbx | 72 | AG | 1591 | 1067.3 | 969 | 6.94 | 4.7 |
| 80 | RF | 80 | AU | 5494 | 6923 | 150.7 | 0.28 | 9.2 |
| 80 | RF | 80 | AG | 5489 | 6919 | 8656.7 | 5.11 | 26.6 |
| 81 | SZ | 81 | AU | 36 | 31.5 | 8.4 | 0.27 | 3 |
| 81 | SZ | 81 | AG | 36 | 31.5 | 55.7 | 2.49 | 2.2 |

---

Source: Kirkham, 2025.

**Table 11-4: Statistics for weighted gold & silver assays for the Salinas Group rocks**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Code** | **Lith** | **Metal** | **Valid** | **Length (meters)** | **Max (gpt)** | **Mean (gpt)** | **CV** |
| 90 | Ss | AU | 4200 | 6269.7 | 15.67 | 0.27 | 2.1 |
| 90 | Ss | AG | 4198 | 6269.2 | 187.8 | 1.52 | 2.7 |
| 91 | Svc | AU | 19081 | 24245.9 | 131.6 | 0.48 | 4.0 |
| 91 | Svc | AG | 19032 | 24189.7 | 1346.9 | 3.41 | 3.9 |
| 92 | Srt | AU | 1215 | 1522.1 | 16.47 | 0.27 | 2.3 |
| 92 | Srt | AG | 1215 | 1522.1 | 88 | 2.38 | 2.1 |
| 93 | Sfx | AU | 1495 | 2334.3 | 194.7 | 0.34 | 10.8 |
| 93 | Sfx | AG | 1495 | 2334.3 | 267.4 | 2.59 | 4.4 |
| 94 | Slt | AU | 273 | 399.3 | 9.06 | 0.40 | 2.2 |
| 94 | Slt | AG | 273 | 399.3 | 74 | 1.47 | 4.0 |
| 95 | Sct | AU | 242 | 347.7 | 3.57 | 0.19 | 1.9 |
| 95 | Sct | AG | 242 | 347.7 | 32 | 1.42 | 1.6 |
| 96 | Scgl | AU | 3189 | 3481.8 | 157.43 | 0.71 | 3.8 |
| 96 | Scgl | AG | 3189 | 3481.8 | 1552.0 | 4.15 | 5.7 |
| Total |  | AU | 29695 | 38600.8 | 194.7 | 0.45 | 4.4 |
| Total |  | AG | 29644 | 38544.1 | 1552.0 | 3.04 | 4.3 |

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Source: Kirkham, 2025.

Table 11-4 lists the statistics for the Salinas Group rocks units with the predominant unit being the Volcanic Sediments (Svc) showing mean gold and silver grades of 0.48 g/t and 3.41 g/t, respectively with relatively high variability (CV) of 4.0 and 3.9. It is apparent from logging and modeling of the Salinas that the Sinter (Ss) and the Basal Conglomerate (Scgl) illustrate consistency and continuity. In addition, the Sinter has relatively lower grades with a mean of 0.27 g/t gold while the Basal Conglomerate results show higher grades with a mean of 0.71 g/t gold as illustrated in Figure 11-2. Therefore, observations and statistical analysis supports the resultant domaining for the Salinas of the Sinter, Basal Conglomerate and the remaining sedimentary units with the Volcanic Sediments (Svc) the predominant rock type.

**Figure 11-2: Box plot gold assays for the Salinas Group rocks**

Source: Kirkham, 2025.

**Table 11-5: Statistics for weighted gold & silver assays for the Mita Group rocks**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Code** | **Lith** | **Metal** | **Valid** | **Length (meters)** | **Max (gpt)** | **Mean (gpt)** | **CV** |
| 100 | Mss | AU | 10292 | 12214.2 | 368.33 | 0.33 | 12.0 |
| 100 | Mss | AG | 10292 | 12214.2 | 2405.90 | 2.37 | 10.8 |
| 101 | Mat | AU | 5303 | 6472.7 | 105.647 | 0.45 | 7.1 |
| 101 | Mat | AG | 5303 | 6472.7 | 1257.0 | 2.70 | 5.9 |
| 102 | Mlt | AU | 3387 | 4703.9 | 62.059 | 0.36 | 5.7 |
| 102 | Mlt | AG | 3387 | 4703.9 | 419 | 2.26 | 4.7 |
| 103 | Mbt | AU | 22353 | 24157.8 | 1380.0 | 0.61 | 10.0 |
| 103 | Mbt | AG | 22353 | 24157.8 | 2863.0 | 3.71 | 7.0 |
| 104 | Msc | AU | 3183 | 3988.7 | 180.73 | 0.34 | 8.4 |
| 104 | Msc | AG | 3183 | 3988.7 | 624.6 | 2.20 | 5.5 |
| 105 | Mls | AU | 2750 | 2981.8 | 163.3 | 0.59 | 6.7 |
| 105 | Mls | AG | 2750 | 2981.8 | 1202.00 | 3.73 | 6.8 |
| 106 | Mcv | AU | 21432 | 28724.3 | 287.13 | 0.32 | 9.9 |
| 106 | Mcv | AG | 21422 | 28710.9 | 997.7 | 1.49 | 4.5 |
| 107 | Mvo | AU | 2488 | 2192.1 | 210.3 | 0.53 | 7.5 |
| 107 | Mvo | AG | 2488 | 2192.1 | 271 | 1.94 | 2.9 |
| 108 | Mlm | AU | 988 | 852.2 | 45 | 0.37 | 3.4 |
| 108 | Mlm | AG | 988 | 852.2 | 50.6 | 2.08 | 1.7 |
| 120 | Silt | AU | 2 | 6.1 | 0 | 0.00 | n/a |
| 120 | Silt | AG | 2 | 6.1 | 0 | 0.00 | n/a |
| 130 | PA | AU | 497 | 388.5 | 132.9 | 0.29 | 7.0 |
| 130 | PA |  |  |  |  |  |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Code** | **Lith** | **Metal** | **Valid** | **Length (meters)** | **Max (gpt)** | **Mean (gpt)** | **CV** |
|  |  | AG | 497 | 388.5 | 125 | 1.56 | 2.4 |
| 190 | Mlm | AU | 98 | 73.0 | 14.9 | 0.86 | 2.6 |
| 190 | Mlm | AG | 98 | 73.0 | 101 | 6.08 | 1.7 |
| Total |  | AU | 72773 | 86755.4 | 1380.0 | 0.43 | 9.9 |
| Total |  | AG | 72763 | 86742.0 | 2863.0 | 2.49 | 7.5 |

---

Source: Kirkham, 2025.

Table 11-5 lists the statistics for the Mita Group rocks units with the predominant unit being the Sandstone (Mss), Crystal Lithic Tuff (Mcv) and Lapilli Tuff (Mbt) units showing mean gold grades of 0.33 g/t, 0.61 g/t, 0.32 g/t and silver grades of 2.37 g/t, 1.49 g/t, 3.71 g/t, respectively. It is noted that the variability is very high with CV's ranging from 4.5 to 12.0. It is again clear from logging and modeling of the Mita that the Mbt and the Mcv represent the main stratigraphic units which are distinct and significant showing consistency and continuity throughout Era Dorada.

Figure 11-3 shows that the Lapilli Tuff (Mbt), Conglomerate (Mvo) and Siltstone (Silt) are statistically similar, and the Upper Limestone (Mlm) is statistically different from all of the other Mita rock units. All other rock units are statistically similar as shown in Figure 11-3. Further analysis and modeling for the purpose of grouping and domaining takes these observations and conclusion into account.

**Figure 11-3: Box plot gold assays for the Mita Group rocks**

Source: Kirkham, 2025.

**Table 11-6: Statistics for weighted gold & silver assays**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Code** | **Lith** | **Metal** | **Valid** | **Length (meters)** | **Max (gpt)** | **Mean (gpt)** | **CV** |
| 110 | Tcb | AU | 37 | 49.5 | 0.05 | 0.01 | 1.3 |
| 110 | Tcb | AG | 37 | 49.5 | 1 | 0.39 | 1 |
| 111 | Tca | AU | 697 | 1096.8 | 1.33 | 0.03 | 3.1 |
| 111 | Tca | AG | 697 | 1096.8 | 13 | 0.77 | 1.2 |

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Source: Kirkham, 2025.

Table 11-6 above shows intervals that intersect Tempisque Volcanic Complex are primarily treated as waste.

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11.4 Geology
 & Domain Model

A three-phased modeling approach was taken to creating geology and estimation domains which included a lithostratigraphic model, detailed vein modeling, and domain modeling to estimate low-grade host rock solids within the Salinas and the Mita lithology units.

The lithology models were completed using the lithology codes within the database as shown in Figure 11-4.

**Figure 11-4: Section view schematic of lithology for the Era Dorada Deposit**

Source: Kirkham, 2025.

The models were created from first principals within LeapFrog<sup>TM</sup> and refined in MineSight<sup>TM</sup> for statistical analysis and to be used for the estimation process. Figure 11-4 illustrates the sectional interpretation of the main significant lithology units, namely the Salinas and Mita Group rock units. In addition, logging showed that within the Salinas, there appeared to be zones of gouge potentially related to fault zones termed TBX that were determined to require modeling so that they could be masked out of the domain models.

In addition, solid models of each of the individual veins were created and are displayed in plan in Figure 11-5 with the north veins in yellow and the south veins in blue, respectively. In preparation for the creation of the vein models, a comprehensive structural model was developed that incorporated the current drilling, underground sampling, mapping, and extensive re-logging of drill core. The models were also created from first principals using the lithostratigraphic models

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and the structural modeling as guides by Bluestone staff within LeapFrogTM under the supervision of the independent QP. This was done utilising the current and re- logged data, and from sectional interpretations that were subsequently wireframed based on a combination of lithology and gold grades.

Once completed, intersections were inspected, and all of the solids were then manually adjusted to match the drill intercepts. Once the solid models were edited and complete, they were used to code the drill hole assays and composites for subsequent statistical and geostatistical analysis. The solid zones were utilised to constrain the block model, by matching assays to those within the zones.

The orientation and ranges (distances) utilised for the search ellipsoids used in the estimation process were omni-directional and guided the strike and dip of the lithologic solids for the low-grade domains and by the highly constrained vein solids for the high-grade domains shown in Figure 11-5. The vein models were employed to estimate the high-grade structures on a partial block basis that are to be combined with the low-grade component to derive the whole block diluted grade for each block.

**Figure 11-5: Plan view of drill holes & vein solids**

Note: Yellow – north veins, blue – south veins.

Source: Kirkham, 2025.

The low-grade estimation domains were created using lithology. The methodology was to determine which lithology units could be segregated or grouped based on grade profiles and it was determined that the Salinas be modeled as Salinas, Sinter, Basal Conglomerate. Within the Mita Group, the moderately mineralised volume that envelops that North and South vein clusters are predominantly the Mbt and Mcv units.

Figure 11-6 and Figure 11-7 illustrate the estimation domains in the north and south, respectively, which include the veins, Salinas and Mita units.

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The solids were coded into the composite database in separate fields so as accurately account for the low- and high-grade components of each block along with the waste.

**Figure 11-6: South area section A-A' view of drill holes, vein solids with Salinas and Mita Units**

Legend: Vein Solids – red; Sinter – brown polygons; Salinas – beige; Scgl conglomerate – purple; Mss – pale blue; Mat – <br> sapphire blue, Mbt – pale green, Mls – bright green; Mcv – dark green.

Source: Kirkham, 2025.

**Figure 11-7: North area B-B' section view of vein solids with Salinas and Mita Units**

Legend: Vein Solids – red; Sinter – brown polygons; Salinas – beige; Scgl conglomerate – purple; Mss – pale blue; Mat<br> – sapphire blue, Mbt – pale green, Mls – bright green; Mcv – dark green.

Source: Kirkham, 2025.

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11.5 Composites

It was determined that the 1.5 m composite lengths offered the best balance between supplying common support for samples and minimising the smoothing of grades. Figure 11-8 shows a histogram illustrating the distribution of the assay interval lengths for the complete database with 90% % of the data having interval lengths greater than 1.5 m while Figure 11-9 shows the histogram of for the assay intervals limited to within the high-grade veins where 97.5% are less than or equal to 1.5 m; 16% less than or equal to 1.0 m and 2% less than or equal to 0.5 m. To determine whether there may be selective sampling an analysis of high-grade gold samples versus assay interval lengths was performed. The scatterplot of Figure 11-10 for samples within the high-grade veins shows that the assay intervals and corresponding gold grade have the same distribution and illustrate that there is not a high-grade bias within the small intervals and sample selectivity is not occurring.

The 1.5 m sample length also was consistent with the distribution of sample lengths. It should be noted that although 1.5 m is the composite length, any residual composites of greater than 0.75 m in length and less than 1.5 m remained to represent a composite, while any composites residuals less than 0.75 m were combined with the composite above.

![](ex9607_050.jpg)

**Figure 11-8: Histogram of assay interval lengths in metres**

Source: Kirkham, 2025.

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![](ex9607_051.jpg)

**Figure 11-9: Histogram of assay interval lengths within veins in metres**

Source: Kirkham, 2025.

**Figure 11-10: Scatterplot of assay interval lengths within veins in metres versus gold grade**

Source: Kirkham, 2025.

Figure 11-11 and Figure 11-12 show histograms of the gold composite values for all composites and for those that are assigned to the high-grade veins, respectively.

Figure 11-13 and Figure 11-14 show histograms silver composite values for all composites and for those that are assigned to the high-grade veins, respectively. The composite data demonstrates log-normal distributions in both cases.

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![](ex9607_053.jpg)

**Figure 11-11: Histogram of gold composite grades (g/t)**

Source: Kirkham, 2025.

![](ex9607_054.jpg)

**Figure 11-12: Histogram of gold composite grades (g/t) with vein zones**

Source: Kirkham, 2025.

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![](ex9607_055.jpg)

**Figure 11-13: Histogram of Silver Composite Grades (g/t)**

Source: Kirkham, 2025.

![](ex9607_056.jpg)

**Figure 11-14: Histogram of silver composite grades (g/t) with vein zones**

Source: Kirkham, 2025.

11.5.1 High-Grade
 Composite Analysis

The high-grade veins for north and south were grouped for statistical, geostatistical and estimation purposes by location and orientation in addition to relative grade profile. The results of

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these groupings are shown in Table 11-7 where there are 2 vein groups in the north and 6 groups in the south.

**Table 11-7: Vein groupings for derived for statistical, geostatistical and estimation**

---

| | |
|:---|:---|
| **Vein Domains Group** | **Vein Ranges** |
| VN Group 1 | VN1-VN16, VN21-VN23, VN25 |
| VN Group 2 | VN17, VN18-VN20, VN24, VN26-VN30 |
| VS Group 11 | VS101 - VS103, NS121 |
| VS Group 12 | VS105-VS118 |
| VS Group 13 | VS119-VS120 |
| VS Group 14 | VS122-VS128 |
| VS Group 15 | VS132-VS138 |
| VS Group 16 | VS130-VS131, VS139 |

---

Source: Kirkham, 2025.

Statistical analysis Figure 11-15 and Figure 11-16 show the box plots and basic statistics for the grouped gold and silver composites, respectively, for the high-grade vein domains. Table 11-8 and Table 11-9 show the basic statistics for the 1.5 m gold and silver composite grades within the mineralised domains, respectively. There is a total of 6,107 composites or specifically 3,791 in the north zone and 2,316 in the south zone composites with 30 veins in the north and 36 veins in the south.

The weighted average gold grades for the north zone is 7.97 g/t and 7.28 g/t in the south zone with coefficients of variation (CVs) being 3.2 and 2.1, respectively. Silver grades range from 31.6 g/t in the north and 26.8 g/t in the south with CV's being 3.4 to 3.4, respectively. CVs or variability is typically high for precious metal deposits primarily due to the nuggety nature particularly within epithermal veins; Grade limiting a cutting will further reduce the CVs.

The box plots and statistics show that the mean gold grade very consistent between the north and the south zones. However, the spread (i.e., SD or standard deviation) and therefore the variability (i.e., CV) are higher in the south zone. This may be due to significant outlier grades in the south which has a maximum composite value of 792.3 g Au/t which is in the very high-grade volume in VS-101 versus 276.9 g/t in VN-6 in the north. Similarly, the mean silver grades are higher in the south versus the north at 31.57 g/t and 26.77 g/t, respectfully. In addition, the silver grades have similar distribution characteristics, not only north and south but also within the individual vein groupings, with their being approximately a 4:1 ratio Ag:Au. Furthermore, variability is also significantly greater in the south which is partially due to significant outlier grades in the south where the maximum composite value is 3,540 g Ag/t in the South within VS-106 versus 1,257 g/t in the north within VN-5.

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![](ex9607_057.jpg)

**Figure 11-15: Box plot of gold composites for veins**

Source: Kirkham, 2025.

**Table 11-8: Au composite statistics weighted by length for veins**

---

| | | |
|:---|:---|:---|
| **Gold (g/t) Composites** | **South** | **North** |
| Valid | 3791 | 2316 |
| Length | 5536 | 3249.2 |
| Minimum | 0 | 0 |
| Maximum | 798.64 | 276.90 |
| Mean | 7.97 | 7.28 |
| 1st Quartile | 0.70 | 0.35 |
| Median | 2.30 | 2.33 |
| 3rd Quartile | 6.48 | 7.20 |
| Standard Deviation | 25.32 | 15.54 |
| Variance | 641.32 | 241.43 |
| Coefficient of Variation | 3.2 | 2.1 |

---

Source: Kirkham, 2025.

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![](ex9607_058.jpg)

**Figure 11-16: Box plot of silver composites for veins**

Source: Kirkham, 2025.

**Table 11-9: Silver composite statistics weighted by length for veins**

---

| | | |
|:---|:---|:---|
| **Silver (g/t) Composites** | **South** | **North** |
| Valid | 3791 | 2316 |
| Length | 5536 | 3249.2 |
| Minimum | 0 | 0 |
| Maximum | 3539.5 | 1257.0 |
| Mean | 31.57 | 26.77 |
| 1st Quartile | 3.03 | 2.34 |
| Median | 8.96 | 6.71 |
| 3rd Quartile | 25.36 | 21.99 |
| Standard Deviation | 108.70 | 72.83 |
| Variance | 11814.74 | 5303.76 |
| Coefficient of Variation | 3.4 | 2.7 |

---

Source: Kirkham, 2025.

11.5.2 Low-Grade
 Composite Analysis

Figure 11-17 and Figure 11-18 show the box plots and basic statistics for the grouped (Table 11-10) gold and silver composites, respectively, for the low-grade estimation domains.

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Table 11-11 and Table 11-12 show the basic statistics for the 1.5 m gold and silver composite grades within the low-grade domains, respectively.

**Table 11-10: Numeric codes for lithologies**

---

| | |
|:---|:---|
| **CODE** | **Litho Unit** |
| 60 | Salinas (SVC) |
| 61 | Sinter (SS) |
| 62 | MAT |
| 70 | MBT |
| 71 | MCV |
| 72 | MVO |
| 73 | MAT |
| 74 | MSS |
| 75 | MLS |
| 99 | Outside |

---

Source: Kirkham, 2025.

The low-grade envelopes show weighted average gold grades of between 0.23 and 0.55 g/t, whilst CVs between 1.6 and 5.0 show moderate to very high variability which are addressed by a conservative grade limiting and cutting strategy. It is interesting to note that the Salinas (Svc)are markedly higher grade than grade than those analysed previously which have increased from 0.19 g/t to 0.32 g/t. This may be primarily attributable updated and revised modeling of the Salinas and Sinter units which was guided by the 2021 drilling program that focussed on delineating and defining the surface resources. In addition, the Salinas Group Basal Conglomerate (Scgl) is a significantly higher-grade unit which has mean gold grade 0.55 g/t, has been defined by the updated modeling.

The mean Silver grades range from 1.7 to 3.4 g/t which is also lower than the 3.6 to 6.9 g/t ranges for the low-grade envelopes previously, with the CVs ranging the spectrum from low (1.2) to extreme (maximum of 39.0). As with the gold, grade limiting or cutting will further reduce the CVs. Again, it is clear that the low-grade domain composites require aggressive cutting.

In addition, the silver and gold grades have similar distribution characteristics, with their being an approximately a 7:1 ratio Ag:Au.

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![](ex9607_059.jpg)

**Figure 11-17: Box plot of gold composites for low-grade domains**

Source: Kirkham, 2025.

**Table 11-11: Gold composite statistics weighted by length for low-grade domains**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Domain Code** | **Domain Name** | **#** | **Length (m)** | **Maximum (g/t)** | **Mean (g/t)** | **CV** |
| 60 | Svc | 25248 | 37832.51 | 103.02 | 0.32 | 3.4 |
| 61 | Ss | 4369 | 6556.73 | 15.67 | 0.25 | 2.0 |
| 62 | Scgl | 3233 | 4848.43 | 20.79 | 0.55 | 1.6 |
| 70 | Mbt | 15418 | 23098.32 | 107.67 | 0.34 | 4.3 |
| 71 | Mcv | 10487 | 15718.36 | 52.02 | 0.27 | 4.4 |
| 72 | Mvo | 4761 | 7125.94 | 16.94 | 0.23 | 2.8 |
| 73 | Mat | 3324 | 4934.78 | 73.80 | 0.40 | 5.0 |
| 74 | Mss | 2146 | 3217.06 | 21.15 | 0.28 | 3.1 |
| 75 | Mls | 2586 | 3871.43 | 23.03 | 0.39 | 2.5 |
| 99 | Outside | 1559 | 2336.16 | 5.62 | 0.07 | 2.9 |

---

Source: Kirkham, 2025.

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![](ex9607_060.jpg)

**Figure 11-18: Box plot of silver composites for low-grade domains**

Source: Kirkham, 2025.

**Table 11-12: Silver composite statistics weighted by length for low-grade domains**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Domain Code** | **Domain Name** | **#** | **Length (m)** | **Maximum (g/t)** | **Mean (g/t)** | **CV** |
| 60 | Svc | 25211 | 37777.01 | 2398.10 | 2.75 | 7.1 |
| 61 | Ss | 4367 | 6553.73 | 8656.70 | 3.36 | 39.0 |
| 62 | Scgl | 3233 | 4848.43 | 206.9 | 3.36 | 2.0 |
| 70 | Mbt | 15418 | 23098.32 | 305.5 | 2.5 | 2.8 |
| 71 | Mcv | 10486 | 15717.11 | 251.7 | 1.71 | 3.1 |
| 72 | Mvo | 4761 | 7125.94 | 45.5 | 1.7 | 1.2 |
| 73 | Mat | 3324 | 4934.78 | 757.9 | 3.78 | 5.5 |
| 74 | Mss | 2146 | 3217.06 | 102.1 | 2.44 | 2.0 |
| 75 | Mls | 2586 | 3871.43 | 197.8 | 2.91 | 2.6 |
| 99 | Outside | 1559 | 2336.16 | 14 | 0.83 | 1.8 |

---

Source: Kirkham, 2025.

11.6 Evaluation
 of Outlier Assay Values

During the estimation process, the influence of outlier composites is controlled to limit their influence and to ensure against over-estimation of metal content. The high-grade outlier thresholds were chosen by domain and are based on an analysis of the breaks in the cumulative

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frequency plots for each of the vein groupings and the individual low-grade domains. Figure 11-19 and Figure 11-20 show examples of the gold and silver cumulative frequency plots for all composites, respectively.

In the case of the gold composites, within the high-grade vein domains, values as high as 110 g/t were cut, with those as high as 500 g/t for silver cut. Table 11-13 shows the various cut thresholds for the vein groupings and Table 11-14 shows those for the low-grade domains.

![](ex9607_061.jpg)

**Figure 11-19: Au cumulative frequency plot**

Source: Kirkham, 2025.

![](ex9607_062.jpg)

**Figure 11-20: Ag cumulative frequency plot**

Source: Kirkham, 2025.

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**Table 11-13: Cut grades for Au & Ag within vein domains**

---

| | | | |
|:---|:---|:---|:---|
| **Vein Domains<br> Group** | **Domains** | **Au Cut Threshold (g/t)** | **Ag Cut Threshold (g/t)** |
| VN Group 1 | VN1-VN16, VN21-VN23, VN25 | 80 | 280 |
| VN Group 2 | VN17, VN18-VN20, VN24, VN26-VN30 | 15 | 40 |
| VS Group 11 | VS101 - VS103, VS121 | 110 | 180 |
| VS Group 12 | VS105-VS118 | 110 | 500 |
| VS Group 13 | VS119-VS120 | 10 | 110 |
| VS Group 14 | VS122-VS128 | 22 | 90 |
| VS Group 15 | VS132-VS138 | 20 | 95 |
| VS Group 16 | VS130-VS131, VS139 | 50 | 110 |

---

Source: Kirkham, 2025.

**Table 11-14: Cut grades for Au & Ag within low-grade domains**

---

| | | | |
|:---|:---|:---|:---|
| **Low-Grade Domain Name** | **Domain Code** | **Au Cut Threshold (g/t)** | **Ag Cut Threshold (g/t)** |
| Salinas | 60 | 11 | 110 |
| Sinter | 61 | 6 | 50 |
| SCGL | 62 | 10 | 50 |
| MBT | 70 | 15 | 50 |
| MCV | 71 | 4.5 | 15 |
| MVO | 72 | 4.5 | 45.5 |
| MAT | 73 | 4 | 50 |
| MSS | 74 | 7 | 35 |
| MLS | 75 | 5 | 50 |
| Outside | 99 | 0.6 | 10 |

---

Source: Kirkham, 2025.

Table 11-15 and Table 11-16 shows the effects of cutting the outlier grades within the high-grade vein domain groupings and the low-grade Salinas and Mita units, respectively. The conclusion is that the cutting strategy is highly successful in addressing the outlier grade populations, both within the high grade veins and the lower grade Salinas and Mita units.

**Table 11-15: Cut vs. uncut comparisons for gold and silver composites within the high-grade vein domain groupings**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Au** | **Maximum (g/t)** | **Mean (g/t)** | **CV** | **Cut Threshold (g/t)** | **Mean (g/t)** | **CV** | **Mean (g/t)** | **CV** |
| 1 | 276.90 | 7.90 | 2.1 | 80 | 7.53 | 1.7 | -5% | -16% |
| 2 | 66.38 | 3.27 | 1.9 | 15 | 2.87 | 1.4 | -12% | -26% |
| 11 | 798.64 | 15.39 | 3.4 | 110 | 11.91 | 1.8 | -23% | -48% |
| 12 | 424.15 | 9.95 | 2.2 | 110 | 9.38 | 1.8 | -6% | -19% |
| 13 | 99.93 | 2.57 | 2.8 | 10 | 2.03 | 1.3 | -21% | -54% |
| 14 | 95.82 | 3.36 | 2.1 | 22 | 2.99 | 1.4 | -11% | -31% |
| 15 | 118.74 | 4.65 | 2.2 | 20 | 3.80 | 1.2 | -18% | -45% |
| 16 | 219.40 | 5.09 | 3.4 | 50 | 3.89 | 1.9 | -24% | -43% |
| Total | 798.64 | 7.70 | 2.9 | 110 | 6.93 | 2.0 | -10% | -32% |
| **Ag** | **Maximum (g/t)** | **Mean (g/t)** | **CV** | **Cut Threshold (g/t)** | **Mean (g/t)** | **CV** | **Mean (g/t)** | **CV** |
| 1 | 1257.0 | 29.68 | 2.6 | 280 | 26.56 | 1.9 | -11% | -28% |
| 2 | 170.0 | 8.20 | 2.2 | 40 | 6.65 | 1.4 | -19% | -33% |
| 11 | 1294.5 | 33.52 | 2.7 | 180 | 26.97 | 1.5 | -20% | -44% |
| 12 | 3539.5 | 49.42 | 3.2 | 500 | 42.88 | 1.9 | -13% | -40% |
| 13 | 398.2 | 12.14 | 2.4 | 110 | 10.82 | 1.5 | -11% | -40% |
| 14 | 139.5 | 13.44 | 1.4 | 90 | 13.18 | 1.3 | -2% | -5% |
| 15 | 343.6 | 16.74 | 1.6 | 95 | 15.55 | 1.3 | -7% | -22% |
| 16 | 287.1 | 14.40 | 2.1 | 110 | 12.91 | 1.6 | -10% | -22% |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Au** | **Maximum (g/t)** | **Mean (g/t)** | **CV** | **Cut Threshold (g/t)** | **Mean (g/t)** | **CV** | **Mean (g/t)** | **CV** |
| Total | 3539.5 | 29.75 | 3.3 | 500 | 26.16 | 2.1 | -12% | -37% |

---

Source: Kirkham, 2025.

**Table 11-16: Cut vs. Uncut Comparisons for Gold and Silver Composites within the Salinas and Mita Domains**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Au** | **Maximum (g/t)** | **Mean (g/t)** | **CV** | **Cut Grade (g/t)** | **Mean (g/t)** | **CV** | **Mean (%)** | **CV (%)** |
| 60 | 103.02 | 0.324 | 3.4 | 11 | 0.316 | 2.0 | -2% | -41% |
| 61 | 15.67 | 0.247 | 2.0 | 6 | 0.242 | 1.6 | -2% | -21% |
| 62 | 20.79 | 0.551 | 1.6 | 10 | 0.546 | 1.5 | -1% | -9% |
| 70 | 107.67 | 0.361 | 4.0 | 15 | 0.344 | 2.7 | -5% | -33% |
| 71 | 52.02 | 0.260 | 4.5 | 4.5 | 0.223 | 2.4 | -14% | -46% |
| 72 | 16.94 | 0.233 | 2.8 | 4.5 | 0.221 | 2.2 | -5% | -20% |
| 73 | 73.80 | 0.403 | 5.0 | 4 | 0.306 | 1.8 | -24% | -64% |
| 74 | 21.15 | 0.284 | 3.1 | 7 | 0.268 | 2.3 | -6% | -24% |
| 75 | 23.03 | 0.388 | 2.5 | 5 | 0.360 | 1.9 | -7% | -24% |
| Total | 107.67 | 0.327 | 3.7 | 15 | 0.308 | 2.3 | -6% | -38% |
| **Ag** | **Maximum (g/t)** | **Mean (g/t)** | **CV** | **Cut Grade (g/t)** | **Mean (g/t)** | **CV** | **Mean (%)** | **CV (%)** |
| 60 | 2398.1 | 2.75 | 7.1 | 110 | 2.55 | 2.1 | -7% | -70% |
| 61 | 8656.7 | 3.36 | 39.0 | 50 | 1.35 | 1.9 | -60% | -95% |
| 62 | 206.9 | 3.36 | 2.0 | 50 | 3.24 | 1.4 | -4% | -32% |
| 70 | 305.5 | 2.61 | 2.8 | 50 | 2.46 | 1.8 | -6% | -35% |
| 71 | 251.7 | 1.69 | 3.1 | 15 | 1.43 | 1.4 | -15% | -54% |
| 72 | 45.5 | 1.70 | 1.2 | 45.5 | 1.70 | 1.2 | 0% | 0% |
| 73 | 757.9 | 3.79 | 5.5 | 50 | 2.97 | 2.0 | -22% | -63% |
| 74 | 102.1 | 2.44 | 2.0 | 35 | 2.35 | 1.5 | -4% | -21% |
| 75 | 197.8 | 2.91 | 2.6 | 50 | 2.73 | 1.7 | -6% | -35% |
| Total | 8656.7 | 2.60 | 13.3 | 110 | 2.28 | 1.9 | -12% | -85% |

---

Source: Kirkham, 2025.

11.7 Specific
 Gravity Estimation

Table 11-17 shows the specific gravity (SG) assignment by zone using 1,308 individual measurements and standard water displacement methods. The SG assigned for the veins is determined to 2.52, which is derived from 534 measurements. There is an expanded ongoing program to increase the number and distribution of SG measurements. It is recommended that future work programs should continue to include SG measurements to expand the density distributions, particularly within the upper lithology units.

**Table 11-17: SG zone assignments**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lithology Group** | **Domain / Rock** | **#** | **Density (gm/mm3)** | **Average Density (gm/mm3)** |
|  | Ss | 27 | 2.49 |  |
| SALINAS | Scgl | 35 | 2.46 |  |
| GROUP | Svc | 115 | 2.46 |  |
|  | Rp | 6 | 2.48 |  |
|  | Total | 183 |  | 2.47 |
|  | Mat | 48 | 2.54 |  |
|  | Mbt | 272 | 2.58 |  |
| MITA GROUP | Mss | 88 | 2.56 |  |
|  | Mls | 36 | 2.62 |  |
|  | Mcv | 102 | 2.59 |  |
|  | Mvo | 38 | 2.52 |  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Lithology Group** | **Domain / Rock** | **#** | **Density (gm/mm3)** | **Average Density (gm/mm3)** |
|  | Silt | 7 | 2.56 |  |
|  | Total | 591 |  | 2.57 |
| VEIN | Vt | 534 | 2.52 |  |
|  | Total | 1308 |  | 2.54 |

---

Source: Kirkham, 2025.

11.8 Variography

Experimental variograms and variogram models in the form of correlograms were generated for gold and silver grades. The definition of nugget value was derived from the downhole variograms. The correlograms for gold and silver within veins in the south and north zones are shown in Figure 11-21, Figure 11-22 and Figure 11-23 for gold and silver, respectively. These variogram models were used to estimate gold and silver grades using ordinary kriging as the interpolator used to estimate the high-grade veins.

![](ex9607_063.jpg)

**Figure 11-21: Au corellogram models**

Source: Kirkham, 2021.

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![](ex9607_064.jpg)

**Figure 11-22: Ag corellogram models**

Source: Kirkham, 2021.

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**Figure 11-23: Ag correlogram models**

Source: Kirkham, 2021.

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In addition, experimental variograms and variogram models in the form of correlograms were also generated for gold and silver grades within the low-grade domains namely, Salinas and Mita units. As above, the definition of nugget value was derived from the downhole variograms. The correlograms models for gold and silver are shown in Table 11-18 and Table 11-19, respectively. These variogram models were used to estimate gold and silver grades using ordinary kriging as the interpolator.

**Table 11-18: Geostatistical model parameters for gold by lithology unit**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**CODE** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**61** | &nbsp;&nbsp;**62** | &nbsp;&nbsp;**70** | &nbsp;&nbsp;**71** | &nbsp;&nbsp;**72** | &nbsp;&nbsp;**73** | &nbsp;&nbsp;**74** | &nbsp;&nbsp;**75** |
| &nbsp;&nbsp;**Domain Name** | | | | | | | | | |
| &nbsp;&nbsp;**Domain Name** | <br>&nbsp;&nbsp;**Salinas** | <br>&nbsp;&nbsp;**Sinter** | <br>&nbsp;&nbsp;**MAT** | <br>&nbsp;&nbsp;**MBT** | <br>&nbsp;&nbsp;**MCV** | <br>&nbsp;&nbsp;**MVO** | <br>&nbsp;&nbsp;**MAT** | <br>&nbsp;&nbsp;**MSS** | <br>&nbsp;&nbsp;**MLS** |
| &nbsp;&nbsp;Nugget (C0) | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.384 | &nbsp;&nbsp;0.475 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;0.597 | &nbsp;&nbsp;0.184 | &nbsp;&nbsp;0.588 | &nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;First Sill (C1) | &nbsp;&nbsp;0.439 | &nbsp;&nbsp;0.512 | &nbsp;&nbsp;0.406 | &nbsp;&nbsp;0.466 | &nbsp;&nbsp;0.456 | &nbsp;&nbsp;0.343 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;0.236 | &nbsp;&nbsp;0.333 |
| &nbsp;&nbsp;Second Sill (C2) | &nbsp;&nbsp;0.111 | &nbsp;&nbsp;0.388 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.059 | &nbsp;&nbsp;0.044 | &nbsp;&nbsp;0.059 | &nbsp;&nbsp;0.256 | &nbsp;&nbsp;0.176 | &nbsp;&nbsp;0.067 |
| &nbsp;&nbsp;1<sup>st</sup> Structure |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Range along the Z' | &nbsp;&nbsp;18.1 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;9.7 | &nbsp;&nbsp;7.2 | &nbsp;&nbsp;7.8 | &nbsp;&nbsp;7.9 | &nbsp;&nbsp;26.9 | &nbsp;&nbsp;8.9 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Range along the X' | &nbsp;&nbsp;10.8 | &nbsp;&nbsp;26.9 | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;22.3 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;33.9 | &nbsp;&nbsp;5.8 |
| &nbsp;&nbsp;Range along the Y' | &nbsp;&nbsp;25.7 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;31.8 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;44.2 |
| &nbsp;&nbsp;R1 about the Z | &nbsp;&nbsp;-151 | &nbsp;&nbsp;-91 | &nbsp;&nbsp;-7 | &nbsp;&nbsp;4 | &nbsp;&nbsp;-21 | &nbsp;&nbsp;15 | &nbsp;&nbsp;91 | &nbsp;&nbsp;1 | &nbsp;&nbsp;37 |
| &nbsp;&nbsp;R2 about the X' | &nbsp;&nbsp;35 | &nbsp;&nbsp;-52 | &nbsp;&nbsp;8 | &nbsp;&nbsp;-37 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;57 | &nbsp;&nbsp;-47 | &nbsp;&nbsp;41 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;R3 about the Y' | &nbsp;&nbsp;-4 | &nbsp;&nbsp;2 | &nbsp;&nbsp;-11 | &nbsp;&nbsp;56 | &nbsp;&nbsp;57 | &nbsp;&nbsp;81 | &nbsp;&nbsp;73 | &nbsp;&nbsp;-42 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;2<sup>nd</sup> Structure |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Range along the Z' | &nbsp;&nbsp;136.6 | &nbsp;&nbsp;152.6 | &nbsp;&nbsp;204.4 | &nbsp;&nbsp;196.5 | &nbsp;&nbsp;100.8 | &nbsp;&nbsp;275 | &nbsp;&nbsp;76.2 | &nbsp;&nbsp;12 | &nbsp;&nbsp;302.3 |
| &nbsp;&nbsp;Range along the X' | &nbsp;&nbsp;103 | &nbsp;&nbsp;56.1 | &nbsp;&nbsp;94.3 | &nbsp;&nbsp;63.6 | &nbsp;&nbsp;55 | &nbsp;&nbsp;67.5 | &nbsp;&nbsp;13.6 | &nbsp;&nbsp;82 | &nbsp;&nbsp;126.8 |
| &nbsp;&nbsp;Range along the Y' | &nbsp;&nbsp;402.9 | &nbsp;&nbsp;105.6 | &nbsp;&nbsp;49.8 | &nbsp;&nbsp;134.6 | &nbsp;&nbsp;289 | &nbsp;&nbsp;332 | &nbsp;&nbsp;26.5 | &nbsp;&nbsp;246 | &nbsp;&nbsp;1405.4 |
| &nbsp;&nbsp;R1 about the Z | &nbsp;&nbsp;2 | &nbsp;&nbsp;24 | &nbsp;&nbsp;45 | &nbsp;&nbsp;2 | &nbsp;&nbsp;-73 | &nbsp;&nbsp;34 | &nbsp;&nbsp;32 | &nbsp;&nbsp;19 | &nbsp;&nbsp;-15 |
| &nbsp;&nbsp;R2 about the X' | &nbsp;&nbsp;-10 | &nbsp;&nbsp;56 | &nbsp;&nbsp;1 | &nbsp;&nbsp;24 | &nbsp;&nbsp;58 | &nbsp;&nbsp;171 | &nbsp;&nbsp;14 | &nbsp;&nbsp;41 | &nbsp;&nbsp;37 |
| &nbsp;&nbsp;R3 about the Y' | &nbsp;&nbsp;-4 | &nbsp;&nbsp;-23 | &nbsp;&nbsp;-14 | &nbsp;&nbsp;30 | &nbsp;&nbsp;54 | &nbsp;&nbsp;-28 | &nbsp;&nbsp;33 | &nbsp;&nbsp;54 | &nbsp;&nbsp;41 |

---

Source: Kirkham, 2025.

**Table 11-19: Geostatistical model parameters for silver by lithology unit**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**CODE** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**61** | &nbsp;&nbsp;**62** | &nbsp;&nbsp;**70** | &nbsp;&nbsp;**71** | &nbsp;&nbsp;**72** | &nbsp;&nbsp;**73** | &nbsp;&nbsp;**74** | &nbsp;&nbsp;**75** |
| &nbsp;&nbsp;**Domain Name** | | | | | | | | | |
| &nbsp;&nbsp;**Domain Name** | <br>&nbsp;&nbsp;**Salinas** | <br>&nbsp;&nbsp;**Sinter** | <br>&nbsp;&nbsp;**MAT** | <br>&nbsp;&nbsp;**MBT** | <br>&nbsp;&nbsp;**MCV** | <br>&nbsp;&nbsp;**MVO** | <br>&nbsp;&nbsp;**MAT** | <br>&nbsp;&nbsp;**MSS** | <br>&nbsp;&nbsp;**MLS** |
| &nbsp;&nbsp;Nugget (C0) | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;0.231 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0.425 | &nbsp;&nbsp;0.167 | &nbsp;&nbsp;0.462 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.279 | &nbsp;&nbsp;0.274 |
| &nbsp;&nbsp;First Sill (C1) | &nbsp;&nbsp;0.415 | &nbsp;&nbsp;0.528 | &nbsp;&nbsp;0.465 | &nbsp;&nbsp;0.494 | &nbsp;&nbsp;0.542 | &nbsp;&nbsp;0.377 | &nbsp;&nbsp;0.533 | &nbsp;&nbsp;0.599 | &nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;Second Sill (C2) | &nbsp;&nbsp;0.185 | &nbsp;&nbsp;0.241 | &nbsp;&nbsp;0.235 | &nbsp;&nbsp;0.081 | &nbsp;&nbsp;0.291 | &nbsp;&nbsp;0.161 | &nbsp;&nbsp;0.117 | &nbsp;&nbsp;0.122 | &nbsp;&nbsp;0.285 |
| &nbsp;&nbsp;1<sup>st</sup> Structure |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Range along the Z' | &nbsp;&nbsp;20.2 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;17.3 | &nbsp;&nbsp;6.8 | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;20.1 |
| &nbsp;&nbsp;Range along the X' | &nbsp;&nbsp;4 | &nbsp;&nbsp;32 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;9.3 | &nbsp;&nbsp;8.3 | &nbsp;&nbsp;17.9 | &nbsp;&nbsp;30.6 | &nbsp;&nbsp;37.4 | &nbsp;&nbsp;7.9 |
| &nbsp;&nbsp;Range along the Y' | &nbsp;&nbsp;8.8 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;33.5 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;43.8 | &nbsp;&nbsp;19.8 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;R1 about the Z | &nbsp;&nbsp;1 | &nbsp;&nbsp;7 | &nbsp;&nbsp;-67 | &nbsp;&nbsp;-34 | &nbsp;&nbsp;4 | &nbsp;&nbsp;23 | &nbsp;&nbsp;-14 | &nbsp;&nbsp;-54 | &nbsp;&nbsp;-18 |
| &nbsp;&nbsp;R2 about the X' | &nbsp;&nbsp;-44 | &nbsp;&nbsp;-13 | &nbsp;&nbsp;87 | &nbsp;&nbsp;23 | &nbsp;&nbsp;-10 | &nbsp;&nbsp;9 | &nbsp;&nbsp;-31 | &nbsp;&nbsp;-15 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;R3 about the Y' | &nbsp;&nbsp;41 | &nbsp;&nbsp;-24 | &nbsp;&nbsp;20 | &nbsp;&nbsp;52 | &nbsp;&nbsp;-15 | &nbsp;&nbsp;-22 | &nbsp;&nbsp;33 | &nbsp;&nbsp;-53 | &nbsp;&nbsp;-20 |
| &nbsp;&nbsp;2<sup>nd</sup> Structure |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Range along the Z' | &nbsp;&nbsp;278.7 | &nbsp;&nbsp;133.2 | &nbsp;&nbsp;265.1 | &nbsp;&nbsp;153 | &nbsp;&nbsp;157.8 | &nbsp;&nbsp;132.8 | &nbsp;&nbsp;77.6 | &nbsp;&nbsp;70.3 | &nbsp;&nbsp;108.3 |
| &nbsp;&nbsp;Range along the X' | &nbsp;&nbsp;45.5 | &nbsp;&nbsp;10 | &nbsp;&nbsp;86.3 | &nbsp;&nbsp;67.6 | &nbsp;&nbsp;16.8 | &nbsp;&nbsp;278.3 | &nbsp;&nbsp;19 | &nbsp;&nbsp;115.7 | &nbsp;&nbsp;13.4 |
| &nbsp;&nbsp;Range along the Y' | &nbsp;&nbsp;70.8 | &nbsp;&nbsp;89.5 | &nbsp;&nbsp;73.4 | &nbsp;&nbsp;208.2 | &nbsp;&nbsp;27.9 | &nbsp;&nbsp;71 | &nbsp;&nbsp;117.9 | &nbsp;&nbsp;67.3 | &nbsp;&nbsp;36.7 |
| &nbsp;&nbsp;R1 about the Z | &nbsp;&nbsp;-16 | &nbsp;&nbsp;8 | &nbsp;&nbsp;49 | &nbsp;&nbsp;42 | &nbsp;&nbsp;15 | &nbsp;&nbsp;7 | &nbsp;&nbsp;61 | &nbsp;&nbsp;-27 | &nbsp;&nbsp;79 |
| &nbsp;&nbsp;R2 about the X' | &nbsp;&nbsp;21 | &nbsp;&nbsp;32 | &nbsp;&nbsp;43 | &nbsp;&nbsp;182 | &nbsp;&nbsp;-30 | &nbsp;&nbsp;35 | &nbsp;&nbsp;10 | &nbsp;&nbsp;90 | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;R3 about the Y' | &nbsp;&nbsp;71 | &nbsp;&nbsp;-8 | &nbsp;&nbsp;21 | &nbsp;&nbsp;-39 | &nbsp;&nbsp;36 | &nbsp;&nbsp;-44 | &nbsp;&nbsp;-39 | &nbsp;&nbsp;-5 | &nbsp;&nbsp;-20 |

---

Source: Kirkham, 2025.

11.9 Block
 Model Definition

The block model used for estimating the resources was defined according to origin and orientation shown in Figure 11-24 and the limits specified in Figure 11-25.

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| ![](ex9607_066.jpg)<br>**Figure 11-24: Block model origin & orientation**<br>Source: Kirkham, 2025. | ![](ex9607_067.jpg)<br>**Figure 11-25: Block model extents & dimensions**<br>Source: Kirkham, 2025. |

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The block model employs whole blocking for ease of mine planning and is orthogonal and non-rotated, roughly reflecting the orientation of the north and the south vein sets within the deposit. The block size chosen was 5 m by 5 m by 5 m. Note that MineSight™ uses the centroid of the blocks as the origin.

11.10 Resource
 Estimation Methodology

The estimation plan for the high-grade vein component was:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· vein
 code of modelled mineralization stored in each block along with partial percentage

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· specific
 gravity estimation for the vein

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· block
 gold and silver grade estimation by ordinary kriging

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· one
 pass estimation for each individual vein using hard boundaries

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A minimum of three composites and maximum of nine composites, and a maximum of three composites per hole were used to estimate block grades. Following Herco analysis, it was determined there is an appropriate amount of smoothing.

For the vein domains that make up the Era Dorada deposit, the search ellipsoids are omni-directional to a maximum of 100 m; however, hard boundaries were used so that the domains are tightly constrained and grade is not smeared between veins.

The estimation plan for the low-grade mineralised host rock component included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· domain
 code of modelled mineralization stored in each block

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· specific
 gravity estimation based on rock type code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· block
 gold and silver grade estimation by ordinary kriging

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· one
 pass estimation for each domain using hard boundaries

A minimum of three composites and maximum of twelve composites, and a maximum of three composites per hole were informed to estimate block grades. Following Herco analysis, it was determined there is an appropriate amount of smoothing for the low-grade domains.

For the vein domain domains that make up the Era Dorada deposit, the search ellipsoids are omni- directional to a maximum of 100 m, and hard boundaries were used so that grade is not smeared between the units.

11.11 Mineral
 Resource Classification

Mineral resources were estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserve Best Practices" Guidelines (2019). Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral resources for the Era Dorada deposit were classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) by Garth Kirkham, P.Geo., of Kirkham Geosystems Ltd. (KGL), an Independent Qualified Person.

The mineral resources may be impacted by further infill and exploration drilling that may result in an increase or decrease in future resource evaluations. The mineral resources may also be affected by subsequent assessment of mining, environmental, processing, permitting, taxation, socio-economic and other factors.

Mineral resource categories can be based on an estimate of uncertainty within a theoretical measure of confidence. The thresholds for the uncertainty and confidence are based on rules of thumb, however they can vary from project to project depending upon the risk tolerance that the project and the company is willing to bear. Indicated resources may be estimated so the uncertainty of yearly production is approximately ±15% with 90% confidence and Measured resources may be estimated so the uncertainty of quarterly production is no greater than ±15% with 90% confidence. The results presented above indicate the reliability is around ±15% for the assumed production rate at roughly 50 m spacing.

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It should also be noted that the confidence limits only consider the variability of grade within the deposit. There are other aspects of deposit geology and geometry such as geological contacts or the presence of faults or offsetting structures that may impact the drill spacing.

The spacing distances are intended to define contiguous volumes and they should allow for some irregularities due to actual drill hole placement. The final classification volume results typically must be adjusted manually to come to a coherent classification scheme. The thresholds should be used as a guide and boundaries interpreted and defined to ensure continuity.

Drill hole spacing is sufficient for preliminary geostatistical analysis and evaluating spatial grade variability. The classification of resources was based primarily upon distance to the nearest composite; however, the multiple quantitative measures, as listed below, were inspected and taken into consideration.

The estimated blocks were classified according to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· confidence
 in interpretation of the mineralised zones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· number
 of composites used to estimate a block

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· number
 of composites allowed per drill hole

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· distance
 to nearest composite used to estimate a block

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· average
 distance to the composites used to estimate a block

Therefore, the following lists the spacing for each resource category to classify the resources assuming the current rate of metal production:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Measured:
 Note that based on the CIM definitions, continuity must be demonstrated in the designation
 of measured (and indicated) resources. Therefore, measured resources were delineated from
 at least three drill holes spaced on a nominal 25 m pattern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Indicated:
 Resources in this category would be delineated from at least three drill holes spaced on
 a nominal 50 m pattern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Inferred:
 Any material not falling in the categories above and within a maximum 100 m of one hole.

To ensure continuity, the boundary between the indicated and inferred categories was contoured and smoothed, eliminating outliers and orphan blocks. The spacing distances are intended to define contiguous volumes and they should allow for some irregularities due to actual drill hole placement. The final classification volume results typically must be adjusted manually to come to a coherent classification scheme.

Mineral resources are classified under the categories of measured, indicated and inferred according to Canadian Institute of Mining, Metallurgy and Petroleum (CIM) guidelines. Mineral resource classification for gold was based primarily on drill hole spacing and on continuity of mineralization. Measured resources were defined as blocks within a distance to nearest composite of 25 m. Indicated resources were defined as those within a distance to three drill holes of less than ~50 m. Inferred resources were defined as those with an average drill hole spacing of less than ~100 m and meeting additional requirements. All resources are constrained in the following

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manner: primarily, by the continuous vein solids, secondarily, the low-grade envelope, and thirdly, by the Salinas group tertiary member. Blocks outside the aforementioned were estimated in a last pass to determine waste grade and volumes. Final resource classification shells were manually constructed on plan and sections.

The suggested classification parameters are roughly consistent with the past classification scheme. Classification in future models may differ, but principal differences should be due to changes in the amount of drilling.

11.12 Stockpile
 Resources

Mineralised material from mining activities undertaken to date at Era Dorada, including ramp development and access, has been stockpiled on site and segregated for future processing. This material may be considered for inclusion within the initial years of mine production or within the ramp-up phase. However, this requires an accurate representation of the volumes and grades so a comprehensive sampling program was designed and implemented. The stockpile surfaces were surveyed to accurately determine volumes and the sampling program entailed excavating trenches on 20 m grid lines and 2 m sample intervals as shown in

.![](ex9607_068.jpg)

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Figure 11-26.

![](ex9607_069.jpg)

**Figure 11-26: Plan view of stockpile, sample locations & domain solids**

Source: Kirkham, 2019.

Correlograms for gold and silver were created and employed to estimate the stockpile resources using ordinary kriging. The estimate was validated using nearest neighbour and inverse distance methods, illustrating good agreement of results.

Table 11-20 shows the volume and tonnage based on an unconsolidated specific gravity of 2.0 gm/mm3 along with gold and silver grades and metal content. These resources are classified as measured.

**Table 11-20: Stockpile Resource estimate (Measured Resource)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Volume (BCM)** | **Mine (t)** | **Au (g/t)** | **Ag (g/t)** | **Au (oz)** | **Ag (oz)** |
| 14863 | 29726 | 5.35 | 22.59 | 5108 | 21590 |

---

Source: Kirkham, 2019.

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11.13 Mineral
 Resource Estimate

This estimate is based upon the reasonable prospect of eventual economic extraction based on continuity an underground mining shapes, using estimates of operating costs and price assumptions. The "reasonable prospects for eventual economic extraction" were tested using stope optimizations performed using Datamine Studio UG v.2.57<sup>TM</sup> based on reasonable prospects of eventual economic assumptions, as shown in Table 11-21.

Metal prices are based of long-term three-year forecast consensus financial institution estimates published by CIBC (Canadian Imperial Bank of Commerce).

**Table 11-21: Parameters used for stope optimization and cut-off grade**

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| | | | |
|:---|:---|:---|:---|
| **Parameter** | **Unit** | **RPEEE UG Mining Method** | **RPEEE UG Mining Method** |
| **Parameter** | **Unit** | LH | MCF |
| Gold price | US$/oz Au | 2500 | 2500 |
| **Project Parameters** |  |  |  |
| Process Recovery | % | 96.00% | 96.00% |
| Payable metal | % | 99.92% | 99.92% |
| TC/RC | US$/oz Au | 2.21 | 2.21 |
| **Royalty** |  |  |  |
| Royalty NSR | % of NSR | 1.05% | 1.05% |
| Guatemalan Gov't Royalty (Gross) | % total payable metals revenue | 1.00% | 1.00% |
| **OPEX Estimates** |  |  |  |
| Mining | US$/t milled | 100 | 115 |
| Processing | US$/t milled | 32 | 32 |
| Site Services | US$/t milled | 18 | 18 |
| G&A | US$/t milled | 20 | 20 |
| Total OPEX estimate | US$/t milled | 170 | 185 |
| **Cut-off Grade** |  |  |  |
| In-situ cut-off Au grade | g/t | 2.25 | 2.45 |

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Source: GE21, 2025.

Figure 11-27 illustrates the gold block model along with the "reasonable prospects of eventual economic extraction" underground mining shapes.

The stope optimization results are used solely for testing the "reasonable prospects for eventual economic extraction" and do not represent an attempt to estimate mineral reserves.

Table 11-22 shows tonnage and grade in the Era Dorada deposit and includes all domains at a 2.25 g Au/t cut-off grade.

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![](ex9607_070.jpg)

**Figure 11-27: Plan view of gold block model with reasonable prospects optimized mine shapes with existing underground ramps**

Source: Kirkham, 2025.

**Table 11-22: Resource estimate using 2.25 g Au/t cut-off**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Resource Category** | **Tonnes (kt)** | **Au Grade (g/t)** | **Ag Grade (g/t)** | **Contained Gold (koz)** | **Contained Silver (koz)** |
| Measured |  |  |  |  |  |
| Indicated | 6349 | 9.31 | 31.54 | 1901 | 6439 |
| Measured & Indicated | 6349 | 9.31 | 31.54 | 1901 | 6439 |
| Inferred | 605 | 6.02 | 19.68 | 117 | 383 |

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<br> Notes:<br>

The mineral resource statement is subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral
 Resources are reported in in accordance with S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral
 resource estimates have been prepared by Garth Kirkham, P.Geo., a Qualified Person as defined
 by SK-1300.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Mineral Resource estimate is reported on a 100% ownership basis.

&nbsp;&nbsp;&nbsp;&nbsp;4. Underground
 mineral resources are reported at a cut-off grade of 2.25 g Au/t. Cut-off grades are based
 on a assumed metal prices of US$2,500/oz gold and US$28/oz silver, and assumed metallurgical
 recovery, mining, processing, and G&A costs.

&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral
 Resources are reported without applying mining dilution, mining losses, or process losses.

&nbsp;&nbsp;&nbsp;&nbsp;6. Resources
 are constrained within underground shapes based on reasonable prospects of economic extraction,
 in accordance with SK-1300. Reasonable prospects for economic extraction were met by applying
 mining shapes with a minimum mining width of 2.0 m, ensuring grade continuity above the cut-off
 value, and by excluding non-mineable material prior to reporting.

&nbsp;&nbsp;&nbsp;&nbsp;7. Metallurgical
 recoveries reported as the average over the life of mine and are assumed to be 96% Au and
 85% Ag, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;8. Bulk
 density is estimated by lithology and averages 2.47, 2.57 and 2.54 g/cm3 for the Salinas,
 Mita and mineralized vein domains, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;9. Mineral
 resources are classified as Indicated, and Inferred based on geological confidence and continuity,
 spacing of drill holes, and data quality.

&nbsp;&nbsp;&nbsp;&nbsp;10. Effective
 date of the mineral resource estimate is December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;11. Tonnage,
 grade, and contained metal values have been rounded. Totals may not sum due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;12. Mineral
 resources are not mineral reserves and do not have demonstrated economic viability.

Source: Kirkham, 2025.

Figure 11-28 illustrates a plan view of the 3-dimentional block model for the resources within the mineralized veins. Figure 11-29 through Figure 11-32 show sectional views of the high-grade veins for gold and silver in the north and south, respectively. Figure 11-33 through Figure 11-36 show sectional views of the total block model with the high-grade vein and low-grade host rock components resulting in the whole block grade for gold and silver in the north and south, respectively.

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![](ex9607_071.jpg)

**Figure 11-28: Plan view of Au within veins along with existing ramp development**

Source: Kirkham, 2025.

![](ex9607_072.jpg)

**Figure 11-29: Section view of Au south zone veins**

Source: Kirkham, 2025.

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![](ex9607_073.jpg)

**Figure 11-30: Section view of Au block model north zone veins**

Source: Kirkham, 2025.

![](ex9607_074.jpg)

**Figure 11-31**: Section view of Ag block model south zone veins**

Source: Kirkham, 2025.

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![](ex9607_075.jpg)

**Figure 11-32: Section view of Ag block model north zone veins**

Source: Kirkham, 2025.

![](ex9607_076.jpg)

**Figure 11-33**: Section view of Au block model south**

Source: Kirkham, 2025.

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![](ex9607_077.jpg)

**Figure 11-34: Section view of Au block model north**

Source: Kirkham, 2025.

![](ex9607_078.jpg)

**Figure 11-35: Section view of Ag BLOCK MODEL NORTH**

Source: Kirkham, 2025.

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![](ex9607_079.jpg)

**Figure 11-36: Section view of Ag block model south**

Source: Kirkham, 2025.

11.14 Sensitivity
 of the Block Model to Selection Cut-off Grade

The mineral resources are sensitive to the selection of cut-off grade. Table 11-23 shows tonnage and grade in the Era Dorada deposit at different gold cut-off grades.

The reader is cautioned that these values should not be misconstrued as a mineral reserve. The reported quantities and grades are only presented as a sensitivity of the resource model to the selection of cut-off grade.

**Table 11-23: Sensitivity analyses of tonnage along with Au & Ag grades at various Au cut-off grades**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Resource Category** | **Cut-off** | **Tonnes (kt)** | **Grade (Au g/t)** | **Grade (Ag g/t)** | **Contained Gold (koz)** | **Contained Silver (koz)** |
| **Indicated** | **2** | 6396 | 9.26 | 31.39 | 1905 | 6454 |
|  | **2.25** | 6349 | 9.31 | 31.54 | 1901 | 6439 |
|  | **2.45** | 6289 | 9.38 | 31.74 | 1897 | 6419 |
|  | **2.5** | 6269 | 9.40 | 31.81 | 1895 | 6410 |
|  | **3** | 5969 | 9.74 | 32.74 | 1868 | 6282 |
|  | **3.5** | 5552 | 10.22 | 34.11 | 1825 | 6089 |
|  | **4** | 5087 | 10.82 | 35.81 | 1769 | 5857 |
| **Inferred** | **2** | 623 | 5.91 | 19.45 | 118 | 389 |
|  | **2.25** | 605 | 6.02 | 19.68 | 117 | 383 |
|  | **2.45** | 587 | 6.13 | 19.88 | 116 | 375 |
|  | **2.5** | 580 | 6.18 | 19.98 | 115 | 372 |
|  | **3** | 522 | 6.56 | 20.63 | 110 | 346 |
|  | **3.5** | 446 | 7.12 | 21.55 | 102 | 309 |
|  | **4** | 399 | 7.53 | 22.12 | 96 | 284 |

---

Notes: The mineral resource statement is subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. All
 mineral resources have been estimated in accordance with Canadian Institute of Mining and
 Metallurgy and Petroleum (CIM) definitions, with an effective date of December 31, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral
 Resources reported demonstrate reasonable prospect of eventual economic extraction; mineral
 resources are not mineral reserves and do not have demonstrated economic viability.

&nbsp;&nbsp;&nbsp;&nbsp;3. Cut-off
 grades are based on a price of US$2,500/oz gold, US$28/oz silver and a number of operating
 cost and recovery assumptions, plus a contingency.

&nbsp;&nbsp;&nbsp;&nbsp;4. Numbers
 are rounded.

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&nbsp;&nbsp;&nbsp;&nbsp;5. The
 mineral resources may be affected by subsequent assessment of mining, environmental, processing,
 permitting, taxation, socio-economic and other factors.

&nbsp;&nbsp;&nbsp;&nbsp;6. An
 inferred mineral resource has a lower level of confidence than that applying to an indicated
 mineral resource and must not be converted to a mineral reserve. It is reasonably expected
 that the majority of inferred mineral resources could be upgraded to indicated mineral resources
 with continued exploration.

Source: Kirkham, 2025.

11.15 Resource
 Validation

A graphical validation was done on the block model. The purpose of this graphical validation is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· check
 the reasonableness of the estimated grades, based on the estimation plan and the near by
 composites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· check
 the general drift and the local grade trends, compared to the drift and local grade trends
 of the composites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ensure
 that all blocks in the core of the deposit have been estimated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· check
 that topography has been properly accounted for.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· check
 against partial model to determine reasonableness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· check
 against manual approximate estimates of tonnage to determine reasonableness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· inspect
 and explain potentially high-grade block estimates in the neighbourhood of extremely high
 assays.

A full set of cross-sections, long sections and plans were used to check the block model on the computer screen, showing the block grades and the composites. No evidence of any block being wrongly estimated was found; it appears that every block grade could be explained as a function of the surrounding composites and the estimation plan applied.

These validation techniques included the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· visual
 inspections on a section-by-section and plan-by-plan basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 use of grade-tonnage curves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· swath
 plots comparing kriged estimated block grades with inverse distance and nearest neighbour
 estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an
 inspection of histograms of distance of the first composite to the nearest block, and the
 average distance to blocks for all composites used, which gives a quantitative measure of
 confidence that blocks are adequately informed in addition to assisting in the classification
 of resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· validation
 of the block models was also performed by estimating the resources within the vein domains
 using partial block where the vein solids were coded as a percentage within the blocks.

11.16 Discussion
 with Respect to Potential Material Risks to the Resources

There are no known environmental, permitting, legal, taxation, title, socio-economic, political or other relevant factors that materially affect the resources.

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12 MINERAL RESERVE ESTIMATES

Mineral resources are not Mineral Reserves and have no demonstrated economic viability. This initial assessment does not support an estimate of Mineral Reserves since a pre-feasibility or Feasibility Study is required for reporting mineral reserve estimates. This report is based on potentially mineable material (mineable tonnes and/or mineable resources).

Mineable tonnages were derived from the resource model described in the previous section. Measured, Indicated, and Inferred resources were used to establish mineable tonnes.

Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that all or any part of the Mineral Resources or mineable tonnes would be converted into Mineral Reserves.

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13 MINING METHODS

13.1 Introduction

The potentially mineable resources at the Era Dorada deposit will be extracted using underground mining methods, specifically a combination of mechanized longhole stoping (LH) and cut-and-fill (MCF), utilizing both paste and rock backfill. Longhole stoping is expected to account for approximately 77% of total production, while cut-and-fill will contribute the remaining 23%.

Mining method selection was primarily guided by geotechnical rock quality, vein geometry, and orebody continuity. Where geotechnical or geometric conditions necessitated it, mechanized cut-and-fill (MCF) was selected. Otherwise, longhole stoping was preferred due to higher productivity and lower unit mining costs relative to MCF. The proposed mine plan is designed to achieve a targeted production rate of 1,500 t/d, with a total mine life estimated at 17 years.

Indicated and Inferred Mineral Resources were included in mine design and schedule optimization process supporting this initial assessment. Inferred Resources are considered too geologically speculative to apply economic parameters to allow their classification as Mineral Reserves, and there is no certainty that any portion of the Inferred Resources will be upgraded to a higher resource category. The LOM plan outlined in this initial assessment is based on a resource inventory comprising approximately 78% Indicated and 22% Inferred Resources. No Mineral Resources have been classified in the Measured category.

13.2 Deposit
 Characteristics

High-grade mineralization at the Era Dorada deposit is hosted within laterally stacked, sub-parallel narrow veins that generally strike northeast, with average azimuth ranging from 25° to 50°. Veins dips vary, including both tabular and near-vertical geometries. However, the average dip of high-grade structures is approximately 50° to 55°. The average vein thickness ranges from 2 to 10 m, with an average spacing of 8 m between parallel structures. The potentially mineable resource ranges from 50 m at the lowest levels to 300 m near the surface. The mineralized system comprises more than 50 modeled veins with variable geometry along both strike and dip.

Mineralization is concentrated within two main zones, the North and South. Both zones exhibit similar vein geometry and spacing. The South zone contains a greater number of veins by volume and extends to lower elevations compared to the North Zone. The combined strike length of the mineralized zone is approximately 800 m. High-grade mineralization was identified from 540 masl to 180 masl. More than 50% of the total mineralized volume occurs between 400 masl and 480 masl. In general, lower-grade mineralization envelopes the higher-grade lenses.

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13.3 Geotechnical
 Analysis and Recommendations

13.3.1 Rock
 Mass Characterization

A geotechnical investigation was carried out by Golder in 2011 and 2012 to support underground mine design, during which 16 geotechnical drill holes were logged and sampled for laboratory strength testing. Point load testing was also performed on selected core samples.

In 2018, JDS conducted an independent geotechnical review using the historical data as a baseline. As part of this effort, JDS performed geotechnical face mapping at 15 underground development headings and completed geotechnical logging of two additional resource drill holes. Oriented core was also collected from five drill holes located in both the North and South Zones.

The geotechnical assessment for this study is supported by the following dataset:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· RQD
 and core recovery data from the resource drill hole database;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Detailed
 logging of 16 geotechnical drill holes from the 2011/2012 campaign;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Over
 1,500 point load tests from 43 drill holes (2011/2012);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Laboratory
 strength testing programs from 2011 and 2018 (UCS, Brazilian tensile strength, and elastic
 properties);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Oriented
 core data from five drill holes (2018);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Geotechnical
 face mapping at 15 underground stations (2018);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 3D
 lithologic and structural models developed by SGM (2018).

13.3.2 Geotechnical
 Domains and Rock Mass Properties

Based on the geologic structural and lithology models and the geotechnical characterization data described above, the deposit was divided by JDS (2018) into three separate geotechnical domains. Each of the domains grouped areas of similar characterized ground conditions and overall rock mass quality, which were then used to develop geotechnical design parameters. Geologic structure and lithology were identified as the dominant factors controlling rock quality domains.

The three geotechnical domains are shown on an E-W cross-section in Figure 13-1 and summarized below. Table 13-1 contains a summary of the key rock mass properties derived from the 2011/2012 geotechnical core logging data. The data in Table 13-1 represent the average value of all the core runs drilled within the respective domains. Local variations will occur, but the values presented are expected to be representative of the overall rock mass behavior.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Domain 1**: comprises the upper lithological units of the deposit, including the upper lapilli
 tuff and lower volcanic sediments, both fine-grained clastic rocks characterized by closely
 spaced fractures. The Salinas Conglomerate, which overlies the South Zone, is also included
 in this domain due to its intense clay alteration. Additionally, a structurally bounded wedge
 of poor-quality rock, delimited by the Upper Lapilli Tuff Fault and the Ramp Fault, is part
 of Domain 1. This fault block has been significantly downthrown, resulting in bedding distortion
 and intense fracturing. Overall, Domain 1 is of poor geomechanical quality, with

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heavily fractured rock and relatively low intact rock strength. The average uniaxial compressive strength (UCS), derived from point load test conversions, is 71 MPa. The mean Rock Mass Rating (RMR76) is 50, classifying the rock mass as "Fair" according to Bieniawski (1976). The corresponding average Q' value is 1.9, placing it in the "Poor" category per Barton's classification (1974). Geotechnical mapping from five underground stations within this domain reported RMR76 values ranging from 42 to 69 (mean of 53 – "Fair") and Q' values from 0.8 to 7.8 (mean of 2.4 – "Poor").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Domain 2:** comprises the middle lithological units of the deposit, including andesite tuff, lower
 lapilli tuff, and breccias. It also includes two sandstone lenses: one located above the
 andesite tuff and another below the lower lapilli tuff. Compared to Domain 1, Domain 2 exhibits
 significantly less fracturing and higher intact rock strength. The average uniaxial compressive
 strength (UCS), derived from point load test (PLT) conversions, is 78 MPa. The mean Rock
 Mass Rating (RMR76) is 58, which corresponds to "Fair" geomechanical quality
 according to the Bieniawski (1976) classification system. The mean Q' value is 4.7,
 also classifying the domain as "Fair" rock mass quality per Barton's (1974)
 system. Geotechnical mapping at four underground stations reported RMR76 values ranging from
 55 to 81, with a mean of 65—indicating "Good" rock quality. Corresponding
 Q' values ranged from 3.1 to 33, with a mean value of 6.6, placing the domain within
 the "Fair" category under the Barton classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Domain 3**: comprises the lower stratigraphic units of the deposit, located beneath Domain 2.
 These include limestone, quartz latite crystal lithic tuff, and conglomerate, as well as
 a sandstone lens and quartz latite unit situated between the limestone and quartz latite.
 The Salinas Conglomerate in the South Zone may also be included in Domain 3, where it has
 undergone strong silicification. This domain is characterized by good geomechanical quality,
 with significantly lower fracture density and higher intact rock strength. The average uniaxial
 compressive strength (UCS), based on point load test (PLT) conversions, is 93 MPa, with some
 laboratory-tested values reaching up to 233 MPa—likely due to samples with exceptionally
 high silica content. Domain 3 has a mean Rock Mass Rating (RMR76) of 66, corresponding to
 "Good" rock mass quality according to the Bieniawski (1976) classification. The
 mean Q' value is 12, which also falls under the "Good" category as per
 Barton's (1974) classification system. As of the current study, there are no underground
 exposures in Domain 3 available for geotechnical mapping.

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![](ex9607_080.jpg)

**Figure 13-1: Cross-section of geotechnical domain boundaries (looking North)**

Source: Bluestone, 2019.

**Table 13-1: Mean rock mass properties by domain for 2011/2012 geotechnical core logging data**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain Nº.** | **No. of Runs** | **Weath.<sup>1</sup> (ISRM)** | **IRS<sup>2</sup> (ISRM)** | **Recov. (%)** | **RQD (%)** | **UCS** <br> **(MPa)<sup>3</sup>**<br>| **RMR<sub>76</sub>** | **Q'<sup>4</sup>** |
| 1 | 185 | W2.6 | R3.4 | 75 | 29 | 71 | 50 | 1.9 |
| 2 | 625 | W2.4 | R3.5 | 89 | 43 | 78 | 58 | 4.7 |
| 3 | 603 | W1.9 | R3.8 | 95 | 67 | 93 |  |  |

---

Notes:

1 According to ISRM (1978) rock weathering grade index, the results indicate slightly (W2) to moderately weathered (W3) rock.

2 Logged according to ISRM (1978) intact rock strength/hardness system, recorded independent of PLT results. Values indicate medium-strong (R3) to strong (R4).

3 Mean UCS values were calculated using the PLT database and a calculated correlation factor of 21, according to ISRM's (1985) suggested methods.

4 Q' calculated from RMR76' values using Bieniawski's 1989 equation (Q' = e [RMR76 – 44]/9).

Source: Bluestone, 2019.

The 2011/2012 geotechnical logging was done only according to the RMR76 (Bieniawski, 1976) format requiring that a conversion be made to Q' (Barton, 1974), which is necessary for stope and ground support design. An equation developed by Barton (1979) was used to estimate Q' values from the RMR76 values. The conversion Q' to/from RMR using an equation is generally not preferred over collecting the necessary information for each system independently and may not be applicable for all rock masses. However, the equation was validated for the Era Dorada rock mass by comparing the Q' and RMR76 values collected independently by JDS during the underground geotechnical mapping program (Figure 13-2). In addition, JDS geotechnically logged two recent (2018) resource drill holes and confirmed similar Q' data for Domains 1 and 2 compared to the converted 2011/2012 data.

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![](ex9607_081.jpg)

**Figure 13-2: JDS (2018) geotechnical mapping Q' values vs. RMR76 values**

Source: Bluestone, 2019.

13.3.3 In-situ
 Stresses

According to JDS, in-situ stresses at the Project have not been directly measured but were estimated using regional geological data and surface topography. Based on the World Stress Map (Heidbach *et al.,* 2016), the nearest stress data, derived from single focal mechanism earthquake events, indicate a strike-slip to the normal faulting regime, with a maximum horizontal stress (σ₁) oriented approximately 345° azimuth. These data were rated as quality 'C' (±25° accuracy).

Given the relatively shallow depth of the planned stoping areas (200–300 m below ground surface), the maximum horizontal stress magnitude is assumed to be low. No underground indicators of high horizontal stress have been observed.

For design purposes, the horizontal-to-vertical stress ratio (σH/σV) is conservatively assumed to range from 1.5 to 2, with σH aligned subparallel to the vein strike. The minimum horizontal stress (σH) is assumed to range from 0.5 to 1 times σV. These assumptions were used in calculating the stress parameter A for the stope design. Additional assessment of horizontal stress conditions may be warranted during operations.

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13.3.4 Empirical
 Stope Design Analysis

Empirical stope design was conducted using stability graph methods, where the stability number (N'), calculated from rock mass quality (Q') and empirical factors A (stress), B (structure), and C (stope dip), is plotted against the stope face hydraulic radius.

Maximum stope dimensions were estimated using the Potvin (2001) method, considering the expected range of rock mass conditions across the three geotechnical domains. Results were cross-validated using the Trueman & Maw6 and Q') were evaluated. A summary of these estimates is provided in Table 13-2.

**Table 13-2: Design rock mass quality ranges by geotechnical domain**

---

| | | | |
|:---|:---|:---|:---|
| **Domain Nº.** | **Lower and Upper Ranges** | **Lower and Upper Ranges** | **Lower and Upper Ranges** |
| **Domain Nº.** | **RQD** | **RMR76** | **Q'1** |
| 1 | 40 to 60 | 45 to 55 | 1 to 4 |
| 2 | 60 to 80 | 55 to 65 | 4 to 7 |
| 3 | 70 to 100 | 60 to 70 | 6 to 18 |

---

Note: <sup>1</sup> Q' calculated from RMR76' values using Bieniawski's 1989 equation (Q' = e [RMR76 – 44]/9).

Source: Bluestone, 2019.

Stability number (N') calculations were based on the following empirical factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Stress
 factor (A): assumed as 1, reflecting relatively strong intact rock (UCS 70–100 MPa)
 and low horizontal stress at shallow depths (200–300 m bgs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Joint
 orientation factor (B): set to 0.3, as dominant discontinuities are sub-parallel to the vein
 orientation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gravity
 factor (C): 3.8 for 45° dipping hanging walls and 2.0 for flat backs.

Maximum level spacing was set at 20 m. Hydraulic radii were calculated assuming a stope height of 28 m (true height across a 45° dip).

The geometric inputs for stope design by domain are presented below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Domain
 1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Cut-and-fill
 stopes up to 4 m high, 5 m wide, and 50 m long.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Domain
 2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Longitudinal
 stopes up to 10 m wide without cable bolting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Maximum
 stable length: 20 m (45° hanging wall).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Transverse
 stopes >8 m wide require cable bolts from top cuts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Domain
 3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Longitudinal
 stopes up to 10 m wide without cable bolting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Maximum
 stable length: 20 m (45° hanging wall).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Transverse
 stopes >8 m wide require cable bolts from top cuts.

13.3.5 Estimates
 of Unplanned Dilution

Unplanned dilution for stope hanging walls and footwalls was estimated using the Equivalent Linear Overbreak/Slough (ELOS) method (Clark, 1998), which relates the stability

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number (N') to the hydraulic radius of stope faces. Unlike stability charts, the ELOS plot presents contours of expected to overbreak thickness distributed across the stope walls.

The method is not applicable for small hydraulic radii (<4), where dilution is primarily governed by blasting quality. Accordingly, dilution in cut-and-fill stopes within Domain 1 and relevant areas of Domains 2 and 3 was estimated based on anticipated excavation and blasting practices. For longhole stopes in Domains 2 and 3, ELOS-based dilution estimates are summarized in Table 13-3, alongside assumed values for cut-and-fill stopes. Dilution allowances for longitudinal longhole stopes were conservatively increased relative to those for transverse stopes.

**Table 13-3: Estimates of unplanned dilution for longhole and cut-and-fill stopes by domain**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Mining Type** | **Stope Wall** | **Domain Nº.** | **Domain Nº.** | **Domain Nº.** |
| **Mining Type** | **Stope Wall** | **1 (Poor) A** | **2 (Fair)** | **3 (Good)** |
| LHOS | Hanging Wall | NA | 0.50 | 0.50 |
| LHOS | Footwall | NA | 0.40 | 0.30 |
| Cut and Fill | Hanging Wall | 0.50 | 0.25 | 0.15 |
| Cut and Fill | Footwall | 0.50 | 0.25 | 0.15 |

---

Source: Bluestone, 2019.

13.3.6 Backfill
 Strength Requirements

Stopes are planned to be backfilled with cemented paste backfill to provide lateral confinement to stope walls and to waste rock pillars between closely spaced veins, particularly in long transverse stopes. The use of cemented backfill also allows the mining of adjacent secondary stopes without leaving rib pillars.

Required uniaxial compressive strengths (UCS) for the paste backfill were determined analytically using a simplified wedge analysis (Mitchell, 1983), assuming a 25 m stope height and a conservative safety factor of 2.0. These values are summarized in Table 13-4. While the safety factor may be reduced to 1.5 or 1.3 during operations, a higher factor is appropriate at the initial assessment level.

Numerical stress modeling of backfill behavior may be considered in future stages once site-specific data is available; however, such modeling is not recommended at the current level of study.

**Table 13-4: Required UCS for various stope widths**

---

| | |
|:---|:---|
| **Stope Width (m)** | **Design Backfill UCS (kPa)** |
| 2 | 75 |
| 5 | 175 |
| 10 | 285 |
| 15 | 375 |
| 20 | 445 |
| 25 | 500 |

---

Source: Bluestone, 2019.

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13.3.7 Ground
 Support

Ground support requirements were assessed using the Barton & Grimstad (1994) Q-system, which incorporates rock mass quality (Q') and the Excavation Support Ratio (ESR) to account for the function and expected lifespan of each opening. ESR values of 1.6 were applied to permanent and man-entry ore development, while a value of 3 was used for temporary, non-entry ore headings.

Based on the Q-system, most permanent and temporary ore development openings require only spot bolting to remain stable. However, pattern bolting with welded wire mesh is recommended in all areas where personnel will be working to control loose rock.

Due to concerns regarding long-term resin degradation under sustained high temperatures at Era Dorada, Swellex bolts were selected for permanent development instead of resin-anchored bolts. Groundwater pH ranges from 7.5 to 8.5, indicating minimal corrosion risk for ground support elements.

Recommended support strategies for each excavation type are summarized in Table 13-5 and Table 13-6.

**Table 13-5: Ground support recommendations for ore development**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Development Type** | **Design** | **Domain 1**<br>| **Domain 2**<br>| **Domain 3**<br>|
| Temporary/Ore Development Back Bolts:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | Bolt Type | Swellex Pm12 | Swellex Pm12 | Swellex Pm12 |
| Temporary/Ore Development Back Bolts:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | Bolt Diameter (mm) | 27.5 | 27.5 | 27.5 |
| Temporary/Ore Development Back Bolts:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | Bolt Length (m) | 2.1 | 2.1 | 2.1 |
| Temporary/Ore Development Back Bolts:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | Bolt Spacing (m) | 1.2 | 1.5 | 1.5 |
| Temporary/Ore Development Back Bolts:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | WWM Required | # 6-gauge, 10 cm opening size | # 6-gauge, 10 cm opening size | # 6-gauge, 10 cm opening size |
| Temporary/Ore Development Wall Bolts:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | Bolt Type | Split Sets | Split Sets | Split Sets |
| Temporary/Ore Development Wall Bolts:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | Bolt Diameter (mm) | 39 | 39 | 39 |
| Temporary/Ore Development Wall Bolts:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | Bolt Length (m) | 1.8 | 1.8 | 1.8 |
| Temporary/Ore Development Wall Bolts:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | Bolt Spacing (m) | 1.2 | 1.5 | 1.5 |
| Temporary/Ore Development Wall Bolts:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | WWM Required | # 6-gauge, 10 cm WWM to within 1.5 m from floor | # 6-gauge, 10 cm WWM to within 1.5 m from floor | # 6-gauge, 10 cm WWM to within 1.5 m from floor |
| Temporary/Ore Development 3-Way<br> Intersections:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | Bolt Type | Cable Bolts | Cable Bolts | Cable Bolts |
| Temporary/Ore Development 3-Way<br> Intersections:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | Bolt Diameter (mm) | Single Strand | Single Strand | Single Strand |
| Temporary/Ore Development 3-Way<br> Intersections:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | Bolt Length (m) | 4.0 | 4.0 | 4.0 |
| Temporary/Ore Development 3-Way<br> Intersections:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | Bolt Spacing (m) | 2.0 | 2.0 | 2.0 |
| Temporary/Ore Development 4-Way<br> Intersections:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | Bolt Type | Cable Bolts | Cable Bolts | Cable Bolts |
| Temporary/Ore Development 4-Way<br> Intersections:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | Bolt Diameter (mm) | Single Strand | Single Strand | Single Strand |
| Temporary/Ore Development 4-Way<br> Intersections:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | Bolt Length (m) | 5.0 | 5.0 | 5.0 |
| Temporary/Ore Development 4-Way<br> Intersections:<br> LHOS (4 m x 4 m); and,<br> Shanty Back Cut and Fill (4 m H x 4 to 6 m W). | Bolt Spacing (m) | 2.0 | 2.5 | 2.5 |
| Temporary/Ore Development Back Bolts:<br> Shanty Back Cut and Fill (4 m H x 6 to 8 m W). | Bolt Type | Cable Bolts | Cable Bolts | Cable Bolts |
| Temporary/Ore Development Back Bolts:<br> Shanty Back Cut and Fill (4 m H x 6 to 8 m W). | Bolt Diameter (mm) | Single Strand | Single Strand | Single Strand |
| Temporary/Ore Development Back Bolts:<br> Shanty Back Cut and Fill (4 m H x 6 to 8 m W). | Bolt Length (m) | 4.0 | 4.0 | 4.0 |
| Temporary/Ore Development Back Bolts:<br> Shanty Back Cut and Fill (4 m H x 6 to 8 m W). | Bolt Spacing (m) | 1.2 | 1.5 | 1.5 |
| Temporary/Ore Development Back Bolts:<br> Shanty Back Cut and Fill (4 m H x 6 to 8 m W). | WWM Required | # 6-gauge, 10 cm | # 6-gauge, 10 cm | # 6-gauge, 10 cm |
| Temporary/Ore Development Wall Bolts:<br> Shanty Back Cut and Fill (4 m H x 6 to 8 m W). | Bolt Type | Split Sets | Split Sets | Split Sets |
| Temporary/Ore Development Wall Bolts:<br> Shanty Back Cut and Fill (4 m H x 6 to 8 m W). | Bolt Diameter (mm) | 39 | 39 | 39 |
| Temporary/Ore Development Wall Bolts:<br> Shanty Back Cut and Fill (4 m H x 6 to 8 m W). | Bolt Length (m) | 1.8 | 1.8 | 1.8 |
| Temporary/Ore Development Wall Bolts:<br> Shanty Back Cut and Fill (4 m H x 6 to 8 m W). | Bolt Spacing (m) | 1.2 | 1.5 | 1.5 |
| Temporary/Ore Development Wall Bolts:<br> Shanty Back Cut and Fill (4 m H x 6 to 8 m W). | WWM Required | # 6-gauge, 10 cm WWM to within 1.5 m from floor | # 6-gauge, 10 cm WWM to within 1.5 m from floor | # 6-gauge, 10 cm WWM to within 1.5 m from floor |
| Ore Development 3-Way Intersections<br> Shanty Back Cut and Fill (4 m H x 6 to 8 m W). | Bolt Type | Cable Bolts | Cable Bolts | Cable Bolts |
| Ore Development 3-Way Intersections<br> Shanty Back Cut and Fill (4 m H x 6 to 8 m W). | Bolt Diameter (mm) | Single Strand | Single Strand | Single Strand |
| Ore Development 3-Way Intersections<br> Shanty Back Cut and Fill (4 m H x 6 to 8 m W). |  |  |  |  |
| Ore Development 3-Way Intersections<br> Shanty Back Cut and Fill (4 m H x 6 to 8 m W). |  |  |  |  |

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Aura Minerals Inc. \| Era Dorada Gold ProjectSK-1300 Technical Report Summary – Initial Assessment June, 2025

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|:---|:---|:---|:---|:---|
| **Development Type** | **Design** | **Domain 1**<br>| **Domain 2**<br>| **Domain 3**<br>|
|  | Bolt Length (m) | 5.0 | 5.0 | 5.0 |
|  | Bolt Spacing (m) | 2.0 | 2.5 | 2.5 |
|  | Bolt Type | Cable Bolts | Cable Bolts | Cable Bolts |
| Development Type | Design | Domain 1<br>| Domain 2<br>| Domain 3<br>|
| Ore Development 4-Way Intersections:<br> Shanty Back Cut and Fill (4 m H x 6 to 8 m W). | Bolt Diameter (mm) | Single Strand | Single Strand | Single Strand |
| Ore Development 4-Way Intersections:<br> Shanty Back Cut and Fill (4 m H x 6 to 8 m W). | Bolt Length (m) | 6.0 | 6.0 | 6.0 |
| Ore Development 4-Way Intersections:<br> Shanty Back Cut and Fill (4 m H x 6 to 8 m W). | Bolt Spacing (m) | 2.0 | 2.5 | 2.5 |
| Estimates of Shotcrete Required: <br> LHOS (4 m x 4 m); and, <br> Shanty Back Cut and Fill (4 m H x 4 to 8 m W).  | Percent Required | **5.0** | **0.0** | **0.0** |
| Estimates of Shotcrete Required: <br> LHOS (4 m x 4 m); and, <br> Shanty Back Cut and Fill (4 m H x 4 to 8 m W).  | Thickness (cm) | 5.0 | 0.0 | 0.0 |
| Estimates of Shotcrete Required: <br> LHOS (4 m x 4 m); and, <br> Shanty Back Cut and Fill (4 m H x 4 to 8 m W).  | Max Distance from Floor (m) | 0.0 | 0.0 | 0.0 |

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Source: Bluestone, 2019.

**Table 13-6: Ground support recommendations for permanent development**

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| **Development Type** | **Design** | **Domain 1** | **Domain 2** | **Domain 3** |
| Permanent Development<br> (5 m x 5 m) and<br> Intersection Primary<br> Support | Bolt Type | Swellex Pm12 | Swellex Pm12 | Swellex Pm12 |
| Permanent Development<br> (5 m x 5 m) and<br> Intersection Primary<br> Support | Bolt Diameter (mm) | 27.5 | 27.5 | 27.5 |
| Permanent Development<br> (5 m x 5 m) and<br> Intersection Primary<br> Support | Bolt Length (m) | 2.4 | 2.4 | 2.4 |
| Permanent Development<br> (5 m x 5 m) and<br> Intersection Primary<br> Support | Bolt Spacing (m) | 1.2 | 1.5 | 1.5 |
| Permanent Development<br> (5 m x 5 m) and<br> Intersection Primary<br> Support | WWM Required | # 6-gauge, 10 cm WWM to within 1.5 m from floor | # 6-gauge, 10 cm WWM to within 1.5 m from floor | # 6-gauge, 10 cm WWM to within 1.5 m from floor |
| Permanent Development 3-Way Intersections<br> (Secondary Support) | Bolt Type | Cable Bolts | Cable Bolts | Cable Bolts |
| Permanent Development 3-Way Intersections<br> (Secondary Support) | Bolt Diameter (mm) | Single Strand | Single Strand | Single Strand |
| Permanent Development 3-Way Intersections<br> (Secondary Support) | Bolt Length (m) | 4.0 | 4.0 | 4.0 |
| Permanent Development 3-Way Intersections<br> (Secondary Support) | Bolt Spacing (m) | 1.5 | 1.5 | 1.5 |
| Permanent Development 4-Way Intersections<br> (Secondary Support) | Bolt Type | Cable Bolts | Cable Bolts | Cable Bolts |
| Permanent Development 4-Way Intersections<br> (Secondary Support) | Bolt Diameter (mm) | Single Strand | Single Strand | Single Strand |
| Permanent Development 4-Way Intersections<br> (Secondary Support) | Bolt Length (m) | 5.0 | 5.0 | 5.0 |
| Permanent Development 4-Way Intersections<br> (Secondary Support) | Bolt Spacing (m) | 2.0 | 2.5 | 2.5 |
| Estimates of Shotcrete Required | Percent Required | 25.0 | 10.0 | 5.0 |
| Estimates of Shotcrete Required | Thickness (cm) | 5.0 | 5.0 | 5.0 |
| Estimates of Shotcrete Required | Max Distance from Floor (m) | 0.0 | 0.0 | 0.0 |

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Source: Bluestone, 2019.

13.4 Hydrogeology
 Analysis and Recommendations

Dewatering of the Era Dorada mine has been a limiting economic factor in mine development because of high-temperature groundwater and thermal gradients. The average static groundwater-level elevation in the Project area is approximately 462 masl. Mine dewatering activities from pumping wells and two in-tunnel sump pumps (combined discharge of about 600 gallons per minute (g/m)) have lowered the static groundwater level to approximately 440 m at the mine as of 2013. The existing location of the portals, dewatering wells, and monitoring wells are shown in Figure 13-3.

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groundwater flow systems between the Ipala Volcano and the Rio Paz shear zone likely also contribute to gradient-driven flow to Era Dorada under pumping conditions. The regional contribution of groundwater is not fully understood and needs to be further evaluated as part of the future dewatering infrastructure installation, as evidences suggests that a broad-relatively flat drawdown cone will result and could impact potential water uses and discharges to the natural environment.

13.4.1 Evaluation
 of Dewatering Rates and Number of Locations

Historical estimates for mine dewatering have ranged from 2,000 g/m to as high as 10,000 g/m for various mine plans and have advanced as more data becomes available to better document the interconnections of the various fault systems to the regional flow system.

An analysis made by JDS resulted in the northern area of the mine reaching a level of 210 m within five years of mine start-up. In the southern area, the planned mine level is 270 m, which is also attained within five years. The change in planned mining depth reduced the overall dewatering demands at Era Dorada and has allowed focused dewatering strategies to be developed.

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![](ex9607_082.jpg)

**Figure 13-3: Existing location of portals, dewatering wells, monitoring wells and new dewatering well locations**

Source: Bluestone, 2017.

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As part of the preliminary dewatering evaluation, a simplified numerical groundwater flow model was used to simulate potential impacts associated with groundwater pumping for mine dewatering. The numerical model (MODFLOW) used a single unconfined layer with 462 m of saturated thickness and a grid of 200 rows by 200 columns (40,000 total cells) with a cell size of 25 x 25 x 500 m. The model assumed homogeneous aquifer characteristics, with a hydraulic conductivity of 0.07285 m/day and a storage coefficient of 0.028. These hydrologic parameters are based on the average values derived from testing and analyses conducted previously by MWH (2014). A general head boundary condition was used to simulate flux into and out of the model along all periphery model cells (a total of 796 general head cells). No surface recharge or evapotranspiration was simulated. This model provides a simplified tool for the calculation of dewatering rates and volumes over time and will require further development and calibration to refine dewatering estimates and injection strategies.

Dewatering wells were simulated at combined rates of 2,500 g/m and 3,500 g/m to evaluate the timeframe for dewatering areas around the current mine plan. The location of the dewatering wells for both scenarios is shown in Figure 13-3 (note: 2,500 g/m wells are called the "25" series, and 3,500 g/m wells are called the "35" series). While both dewatering rates, as predicted by the model, reach the desired dewatering levels, the 2,500 g/m rate does not achieve the dewatering in the desired timeframe planned for mine advancement. Therefore, a dewatering rate of 3,500 g/m was selected for a preliminary rate to be used in this PEA. The model-predicted water levels over time are shown in Figure 13-4, with key timeframes for dewatering levels based on the mine plan provided by JDS.

Higher dewatering rates may be required to achieve the 210 masl dewatering level within the required time frame, depending on aquifer storage and regional connection through fault zones. These details are not known at this time and require further assessment and analysis to better confirm the ultimate dewatering requirements. The 3,500 g/m dewatering rate is based on overcoming the existing storage within the aquifer and targeted dewatering along fault zones that provide connection to the regional flow system. If regional influence is significant, dewatering rates could be over twice the focused dewatering rates of 3,500 g/m and would require more wells to achieve dewatering. The increase in dewatering rates would have an effect on the need for additional injection wells and/or water treatment capacity based on the anticipated water quality. This will need to be further evaluated in the next study phase.

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![](ex9607_083.jpg)

**Figure 13-4: Simulation hydrograph – south area and central area predicted dewatering at 2,500 and 3,500 g/m**

Source: Bluestone, 2017.

The 3,500 g/m scenario uses 10 existing wells and 14 new dewatering wells, pumping an average of approximately 145 g/m each (see Figure 13-4). The 10 existing wells were selected because of their proximity to the mineralized zones where dewatering is required; however, the current condition of these wells is not known. Further evaluation of the existing capacity and condition is required, and either redevelopment may be required, or if conditions have deteriorated beyond recovery, new wells may be required. The new wells will likely be 12-inch diameter casing in an 18-inch diameter borehole. Telescoping perforations starting at 26 inches will likely be required for the drilling depths. It is recommended that ten piezometers be installed in small diameter boreholes (3.345-inch diameter) and equipped with vibrating wire line transducers and temperature sensors to monitor pressure changes and temperature changes in the rock as part of the dewatering program. With the new dewatering wells, these can be phased over the first two years of planned operations. Year -1 and Year 1 would require six wells installed each, and the remaining two wells could be installed in Year 2.

While the model shows the dewatering being reached within the desired timeframe for mining at a rate of 3,500 g/m, it does not account for the thermal effects that will be at the site, heterogeneities of the aquifer, and faults that may connect the mine site to regional groundwater flow systems, and seasonal variations in groundwater recharge. Observations from the site suggest that the system is highly compartmentalized, which may necessitate the installation of additional wells to achieve the dewatering condition. The degree of compartmentalization will need to be measured with a vibrating wire line piezometer installed in the mine area to assess pressures and temperatures. In addition, a more regional assessment of the potential effects of

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dewatering on the groundwater resources of the area will be required as it is expected that a broad and flat drawdown cone will result from the proposed dewatering.

Furthermore, potential changes in water quality over time will need to be better understood as this will impact the need for treatment to meet discharge criteria or for the suitability of the water for reinjection. The water quality assessment will need to consider the potential effects of dewatering on overall water quality and water resources in the area.

Finally, it is anticipated that precipitation will continue to supply approximately 400 to 600 g/m of water to the shaft, which would need to be dewatered through sumps. Overall, the water modeling suggests that the mine plan should expect to handle (through treatment or injection) a minimum water volume in the range of 4,000 g/m.

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**Table 13-7: Wells planned and executed**

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|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Well** | &nbsp;&nbsp;**Approx. Pumping Rate to Achieve<br> Planned Dewatering (g/m)** | &nbsp;&nbsp;**Dewater well Depth for<br> Planning (m)** | &nbsp;&nbsp;**Dewater Borehole<br> Diameter (inches)** | &nbsp;&nbsp;**Casing and Screen<br> Diameter (inches)** | &nbsp;&nbsp;**Easting¹ (m)** | &nbsp;&nbsp;**Northing (m)** |
| &nbsp;&nbsp;CBPW-2 | &nbsp;&nbsp;85 | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing |
| &nbsp;&nbsp;CBPW-3 | &nbsp;&nbsp;93 | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing |
| &nbsp;&nbsp;CBPW-4 | &nbsp;&nbsp;141 | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing |
| &nbsp;&nbsp;CBPW-5 | &nbsp;&nbsp;141 | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing |
| &nbsp;&nbsp;CBPW-6 | &nbsp;&nbsp;125 | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing |
| &nbsp;&nbsp;CBPW-8 | &nbsp;&nbsp;146 | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing |
| &nbsp;&nbsp;CBPW-9 | &nbsp;&nbsp;141 | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing |
| &nbsp;&nbsp;CBPW-11 | &nbsp;&nbsp;292 | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing |
| &nbsp;&nbsp;CBPW-14 | &nbsp;&nbsp;141 | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing |
| &nbsp;&nbsp;CBPW-15 | &nbsp;&nbsp;130 | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing | &nbsp;&nbsp;Existing |
| &nbsp;&nbsp;35-CO-1 | &nbsp;&nbsp;180 | &nbsp;&nbsp;450 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;212012.5 | &nbsp;&nbsp;1587538 |
| &nbsp;&nbsp;35-CO-2 | &nbsp;&nbsp;165 | &nbsp;&nbsp;450 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;212037 | &nbsp;&nbsp;1587538 |
| &nbsp;&nbsp;35-CO-3 | &nbsp;&nbsp;125 | &nbsp;&nbsp;450 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;212037.3 | &nbsp;&nbsp;1587512 |
| &nbsp;&nbsp;35-CO-4 | &nbsp;&nbsp;175 | &nbsp;&nbsp;450 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;212012.5 | &nbsp;&nbsp;1587487 |
| &nbsp;&nbsp;35-CO-5 | &nbsp;&nbsp;165 | &nbsp;&nbsp;450 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;211962.1 | &nbsp;&nbsp;1587312 |
| &nbsp;&nbsp;35-SO-1 | &nbsp;&nbsp;145 | &nbsp;&nbsp;450 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;211886.4 | &nbsp;&nbsp;1587188 |
| &nbsp;&nbsp;35-SO-2 | &nbsp;&nbsp;125 | &nbsp;&nbsp;450 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;211911.6 | &nbsp;&nbsp;1587188 |
| &nbsp;&nbsp;35-SO-3 | &nbsp;&nbsp;135 | &nbsp;&nbsp;450 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;211912.8 | &nbsp;&nbsp;1587163 |
| &nbsp;&nbsp;35-SO-4 | &nbsp;&nbsp;150 | &nbsp;&nbsp;450 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;211886.4 | &nbsp;&nbsp;1587138 |
| &nbsp;&nbsp;35-SO-5 | &nbsp;&nbsp;125 | &nbsp;&nbsp;450 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;211912.8 | &nbsp;&nbsp;1587138 |
| &nbsp;&nbsp;35-SO-6 | &nbsp;&nbsp;150 | &nbsp;&nbsp;450 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;211886.8 | &nbsp;&nbsp;1587112 |
| &nbsp;&nbsp;35-SO-7 | &nbsp;&nbsp;125 | &nbsp;&nbsp;450 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;211887.5 | &nbsp;&nbsp;1587086 |
| &nbsp;&nbsp;35-SO-8 | &nbsp;&nbsp;150 | &nbsp;&nbsp;450 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;211862.3 | &nbsp;&nbsp;1587062 |
| &nbsp;&nbsp;35-SO-9 | &nbsp;&nbsp;150 | &nbsp;&nbsp;450 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;211888.3 | &nbsp;&nbsp;1587062 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3500** | &nbsp;&nbsp;**6300** |  |  |  |  |

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Note: <sup>1</sup> NAD1927UTMZn16N.

Source: Bluestone, 2017.

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13.4.2 Injection
 Wells

The existing water treatment plant at Era Dorada can treat 1,500 g/m. Considering the dewatering rates are expected to be 3,500 g/m and an additional 500 g/m for mine sump water, total water treatment volumes from dewatering will be approximately 4,000 g/m in the peak dewatering periods. This volume does not consider any contact water that will be managed at the mine site. This means a total of approximately 2,500 g/m of dewatering water will need to be managed by other means than the current water treatment plant. It is recommended that 10 injection wells be installed that are capable of managing approximately 250 g/m each and will be confirmed during future injection well testing. The injection wells would be drilled to a depth of about 150 m using a 12-inch diameter casing in an 18-inch diameter borehole located on the mine property. The preliminary locations of the injection wells are shown in Figure 13-5. The injection wells are planned to be located on the south side of the mine so that groundwater withdrawals from dewatering have less impact on the local community and in order to limit pull back of water into the dewatering zone. The injection wells will likely be much shallower than the dewatering wells and will be more focused on the shallow alluvium and upper fractured bedrock. One additional injection well is planned to handle the water from the dry stack tailings facility (DSTF) runoff pond. As with the dewatering wells, injection wells can be phased in, with six planned in Year -1 and five in Year 1. Water quality, especially high iron content in the groundwater discharged to the injection wells, could cause well fouling and present a future issue with the ability to inject water efficiently. A more detailed evaluation of water quality and suitability of the water to meet injection requirements and regulatory approvals should be completed during the next study phase.

Further test work will be carried out in the next phase of engineering to confirm the shallower depth of injection wells will not adversely impact groundwater quality in surrounding communities and the efficiency of the injection system.

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![](ex9607_084.jpg)

**Figure 13-5: Preliminary location of injection wells**

Source: Bluestone, 2017.

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13.5 Mining
 Methods

Two mining methods are planned for the Era Dorada deposit: sub-level longhole (LH) and cut-and-fill (MCF). The mine will be divided into mining blocks, each comprising two to three sublevels and operating independently to enhance operational flexibility and maintain production rates.

Sill pillars will be established between blocks to ensure safe working conditions and support high recovery rates. Multiple mining blocks will be mined concurrently, enabling the project to achieve the targeted production rate before the spiral decline reaches its full depth. Each mining block will be extracted using an overhand (bottom-up) sequence. A typical level layout is illustrated in Figure 13-6.

The total average mining dilution assumed for the overall deposit was 17%, based on a combination of empirical stability analysis, ELOS-based overbreak estimates, and operational assumptions related to blasting and excavation practices. This value includes both planned and unplanned dilution across all mining methods and geotechnical domains.

![](ex9607_085.jpg)

**Figure 13-6: Perspective view of a typical mining level**

Source: Bluestone, 2017.

13.5.1 Longhole
 Mining

Sub-level longhole (LH) stoping is the preferred mining method at Era Dorada due to its lower operating cost and higher productivity. It is suitable for steeply dipping, continuous vein geometries in competent ground. LH stoping will be applied where geotechnical and geometric conditions allow for efficient stope design.

Two LH configurations will be used: longitudinal and transverse. Longitudinal stoping will be employed in the thickest and most continuous zones of the deposit. Stopes are designed to

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be up to 10 m long and 20 m high, with thicknesses ranging from 2 m to 50m. The minimum stope width is 2.0 m before accounting for dilution.

Stopes will be mined using a bottom-up (overhand) retreat sequence toward level access. Each stope is accessed via 5 x 5 m crosscuts above and below. Where stopes exceed 15 m in width, they will be divided into multiple panels with parallel access drifts and backfilled with cemented paste.

At Era Dorada, selected longhole stopes will be backfilled with cemented paste fill, primarily to provide structural confinement in areas where stopes are adjacent or where vein geometry requires support for subsequent mining. In transverse stopes, a primary/secondary mining sequence will be implemented, with primary stopes being backfilled to allow the safe extraction of adjacent secondary stopes without the use of rib pillars. In longitudinal stopes, structural backfill will be placed in all mined-out stopes to ensure stability during extraction. Backfill placement will occur from the top sill using paste lines, ejector trucks, or LHDs, depending on stope access and geometry. However, not all stopes will require backfill, only those where ground conditions, sequencing, or safety considerations necessitate its use.

The total mining dilution for longhole stopes is estimated at 17% by mass, accounting for both primary and secondary stopes. This value is based on an assumed overbreak of 0.30 m on both the hanging wall and footwall. Dilution grades were extracted from the geological block model, and a minimum stope width of 2.0 m was applied prior to dilution. These assumptions were incorporated into the mine plan and economic model to reflect anticipated operating conditions.

Figure 13-7 shows a typical mining sequence for LH at Era Dorada.

![](ex9607_086.jpg)

**Figure 13-7: Longhole open stoping**

Source: Bluestone, 2019.

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13.5.2 Mechanized
 Cut-and-Fill

Overhand mechanized cut-and-fill (MCF) stoping is planned for areas of lower rock quality and/or where the geometry of the orebody is not conducive to longhole (LH) stoping. MCF is a highly selective underground mining method well-suited for narrow, steeply, or shallow dipping high-grade veins in weak ground conditions.

Mining begins at the base of the ore block and progresses upward. Each stope lift is supported temporarily with rock bolts, followed by the placement of a cemented backfill to form a competent working floor for subsequent lifts. The backfill is designed primarily for floor support rather than full structural confinement.

Access between successive MCF lifts is achieved via attack ramps driven at a maximum 15% gradient from the main level access. Within a typical 20-meter level interval, three MCF lifts of 4 m each are planned. The remaining 8 m to the next sublevel are mined in retreat using LH up-holes, avoiding development beneath sill pillars and enhancing miner safety. Wherever possible, internal on-vein ramping is used to reduce waste and lower costs.

A minimum rib pillar spacing of 4.0 m is maintained between adjacent MCF drives. In narrower veins where this spacing is not feasible, a primary/secondary mining sequence is implemented, with primary cuts backfilled using cemented structural fill to enable safe extraction of adjacent secondary cuts.

A schematic of a typical stope development is displayed in Figure 13-8.

![](ex9607_087.jpg)

**Figure 13-8: Mechanized cut-and-fill**

Source: Bluestone, 2019.

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13.6 Mine
 Design

13.6.1 Design
 and Optimization

Mine planning for the Project was conducted by GE21 using Datamine Studio UG and Mineable Shape Optimizer (MSO) software. A long section of the complete design is shown in Figure 13-9.

![](ex9607_088.jpg)

**Figure 13-9: Mine long section**

Source: GE21, 2025.

Mine design was carried out based on a gold cut-off grade (COG) calculation specific to each mining method considered within the resource model. The COG was determined using estimated gold price, metallurgical recovery, mining, processing, general and administrative (G&A) costs, and applicable royalties. The input parameters used for COG calculation are summarized (see Table 13-8).

**Table 13-8: Cut-off grade calculation inputs**

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| | | | |
|:---|:---|:---|:---|
| **Parameter** | **Unit** | **Value** | **Value** |
| **Parameter** | **Unit** | **LH** | **MCF** |
| Gold price | US$/oz Au | 2000 | 2000 |
| **Project Parameters** | **Project Parameters** | **Project Parameters** | **Project Parameters** |
| Process Recovery | % | 96.00% | 96.00% |
| Payable metal | % | 99.92% | 99.92% |
| TC/RC | US$/oz Au | 2.21 | 2.21 |
| Royalty | Royalty | Royalty | Royalty |
| Royalty NSR | % of NSR | 1.05% | 1.05% |
| Guatemalan Gov't Royalty (Gross) | % total payable metals revenue | 1.00% | 1.00% |
| **OPEX Estimates** | **OPEX Estimates** | **OPEX Estimates** | **OPEX Estimates** |
| Mining (Underground) | US$/t milled | 100 | 115 |
| Processing | US$/t milled | 32 | 32 |
| Site Services | US$/t milled | 18 | 18 |
| G&A | US$/t milled | 20 | 20 |
| Total OPEX estimate | US$/t milled | 170 | 185 |
| **Cut-off Grade** | **Cut-off Grade** | **Cut-off Grade** | **Cut-off Grade** |
| In-situ cut-off Au grade | g/t | 2.82 | 3.07 |

---

Source: GE21, 2025.

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The MSO software was used to generate optimized stope shapes based on a set of design constraints, including minimum dip angle, stope width, and gold cut-off grade (COG). Stopes designed for mechanized cut-and-fill (MCF) were located within Geotechnical Domain 1, while longhole (LH) stopes were placed within Domains 2 and 3, where geotechnical and geometric conditions allowed.

Following stope optimization, mine development, and access layouts were designed to ensure practical and efficient extraction sequences. Subsequently, the production schedule was optimized using Datamine's Enhanced Production Scheduler (EPS). The scheduler prioritized early access to higher-grade zones while respecting operational constraints such as maximum lateral development advance rates, plant nameplate capacity, paste backfill placement limits, and minimum required backfill cure times.

Mine planning was conducted using a representative stope dimension of 20 m height by 10 m width, with a 2.82 g/t Au cut-off grade for the longhole method, and 4 m high and 5 m width with a 3.07 g/t Au cut-off grade for mechanized cut-and-fill. The full set of parameters used in the selected MSO optimization trial is summarized in Table 13-9.

**Table 13-9: Stope optimization parameters**

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| | | |
|:---|:---|:---|
| **Parameter** | **Unit** | **Value** |
| Block Model |  | April 29 2025 BM export V2 |
| Cut-off Variable | ppm | AuOK |
| Stope Orientation Plane |  | YZ |
| Framework Bearing | degrees | -20/ 90 Maximum change of 90 |
| Step X | m | 10 / 5 (LHS/MCF) |
| Step Z | m | 20 / 4 (LHS/MCF) |
| Cut-Off | Au g/t | 2.82 / 3.07 (LHS/MCF) |
| Minimum Stope depth | m | 2 |
| Wall Dilution | m | 1 / 0.3 (LHS/MCF) |
| Top to Bottom Max Ratio | # | 2.25 |
| Max Strike Deviation | degrees | 45 |
| Minimum Dip Footwall | degrees | 50 |
| Minimum Dip Hanging wall | degrees | 130 |
| Max Dip Change between stopes | degrees | 45 |

---

Source: GE21, 2025.

The stopes resulted by MSO and productive development defined the material to be input to the mining production schedule as "Run of Mine" (ROM). This material includes mineralized material classified as indicated and inferred resources and also the waste within these shapes as diluent material.

The sum of these materials is named as "mineable resources" for this report and resulted in 8.9 Mt @5.01 g/t Au and 17.71 g/t Ag, after applying modifying factors: for operational mining recovery was assumed a value of 95% and for mining dilution 17%.

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13.6.2 Access

The Era Dorada deposit will be accessed via two main declines: one servicing the North Zone and another the South Zone. The ramps will provide haulage routes for mineralized material and waste, serve as general access, and work as air-fresh intake paths for mine ventilation.

Previous exploration campaigns have resulted in the development of over 2,700 m of lateral underground workings, including two portals, declines, crosscuts, and vein drifts. These workings are developed at dimensions of 4.5 m wide x 5.0 m high and are equipped with electrical power supply, ventilation infrastructure, and air and water services.

The existing portals were constructed into the hillsides using steel arches, corrugated steel sheeting, and shotcrete. Surface infrastructure at each portal includes supply water tanks, compressed air tanks, and an electrical power house. Although no intake fans or ducts are installed at the portals, the underground ventilation was planned via four existing 3.0 m diameter exhaust raises, each approximately 100 m in length, fitted with square concrete collars extending 1.5 m above ground.

These existing workings will be fully integrated into the proposed mine plan, serving as initial access, ventilation, and production levels. Additional ramps and declines will be developed at a maximum gradient of 15%, with typical dimensions of 5.0 m × 5.0 m to accommodate 30-t haul trucks and temporary 1.4 m diameter ventilation ducts. Separate ramps will be constructed to access the deeper levels of both the North and South zones.

As the proposed mine does not descend much farther than 400 m below the surface, and mineralization begins near the surface, no shafts were investigated as part of this conceptual study.

Given that the mineralization begins near the surface and extends to a depth of less than 400 m, no vertical shafts were considered in this conceptual study.

13.6.3 Development
 Types

Spiral ramps will provide access to each production level spaced 20 m vertically apart. The spiral ramps are driven at -15% grade and 5.0 m by 5.0 m, with a maximum curvature radius of 25 m. At each operating level, the spiral ramp will run at 0% grade for 20 m to provide equipment with better visibility and turning abilities on and off the haulage ramp.

Each level is serviced with a footwall drive to provide ventilation, definition drilling, and crosscut development for stopes. Access drifts and footwall drives are developed 5.0 m x 5.0 m to allow truck access and reduce haul distance of LHDs. Footwall drifts are spaced a minimum of 15 m away from LH stopes to prevent stability issues as a result of production blasting.

Transverse LH stopes are accessed by 4.0 m x 4.0 m cross-cuts developed from footwall drives on 7.5 m spacing. Cross-cuts are used to provide a platform for LH production drills, as well as remote mucking access for blasted material.

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MCF zones are accessed by attack ramps from footwall drives or the haulage ramp directly. Attack ramps are driven at a maximum 15% grade and will stack vertically to access multiple production levels from a single access point, as shown in Figure 13-5. MCF drifts are driven at 4.0 m x 4.0 m to maintain structural integrity in the lower rock quality areas for which cut-and-fill is targeted.

Ventilation access drifts are driven on each level to ensure fresh and exhaust air raise connections to the stoping levels. The cross-cuts are approximately 4.0 m x 4.0 m.

Remucks are excavated on the main ramp and footwall drives to reduce the development mucking cycle time. A maximum of 150 m separates the remucks, which are typically driven 5.0 m W x 5.0 m H x 12 m l.

The back at the intersection of remucks and the connecting drift will require slashing to 6.4 m H to allow full extension and dumping of the LHD bucket.

Water collection sumps are located on every level adjacent to the exhaust raise, and after level intersection in the main ramps. Sumps have been sized at 4.0 m x 4.0 m. Additional cut-outs will be driven beside level sumps to accommodate a portable pumping skid that will collect water from the level sumps pump directly to the main dewatering sumps.

Electric power centers will be located outside the access drift on each level in drifts 4.0 m H x 4.0 m W. Additional power centers will be located adjacent to major power draws, such as main dewatering sumps and cooling machines.

Refuge station cut-outs 4.0 m x 4.0 m will be established on every level adjacent to fresh air raises. Portable refuge chambers will move between these cut-outs as needed, depending on activity within the mine. Refuge chambers will provide sufficient capacity for all persons working in the vicinity.

There is no plan to develop drifts dedicated entirely to diamond drilling. Any definition of diamond drilling will be carried out from footwall drives and level cross-cuts.

A fresh air raise of 3.0 m in diameter will be driven to connect the access drift of each level. Two exhaust raises 3.0 m in diameter will be developed at the extent of footwall drifts on each level where possible.

The raises are driven via a raisebore or longhole machine, depending on height. Fresh air raises will be equipped with ladders for secondary egress. The raises are sequenced in a leapfrog pattern to enable the fresh air to be carried in the direction of the ramp progression. Some return air raises will be equipped with dewatering lines and paste delivery lines as needed to supply each level of the mine.

In general, long-term development will incorporate a 1.0 m radius arched back, while all temporary drifts will be driven with a flat back. In areas of poor ground, it may be required to drive stope sublevels with an arched back, as their life span is generally longer than that of an MCF drift.

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Figure 13-10 depicts the various drift dimensions used in the Era Dorada mine plan. Figure 13-11 and Figure 13-12 depict the general arrangement of the mine plan in a long section and plan view.

![](ex9607_089.jpg)

**Figure 13-10: Drift profiles**

Source: Bluestone, 2019.

![](ex9607_090.jpg)

**Figure 13-11: Mine design plan view**

Source: GE21, 2025.

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![](ex9607_091.jpg)

**Figure 13-12: Mine design long section (looking Northwest)**

Source: GE21, 2025.

The geotechnical review prepared by JDS (2018) highlighted the potential difficulty and increased support requirements involved in creating large open stopes in the weaker ground zones in the Era Dorada resource. As a result of this, the mine design has been optimized to restrict LH stoping to Domain 2 and 3, and MCF stopes extract the remaining economic resource from Domain 1 (South of upper geotech domain boundary line).

13.7 Mine
 Services

13.7.1 Mine
 Ventilation

The ventilation system for the Era Dorada operation has been designed to dilute and remove dust, diesel emissions, blast fumes and provide cooling of the mine workings. The ventilation network was modelled using Ventsim software by JDS 2018 and adapted by GE21 according new production plan. The Era Dorada deposit requires additional air to pull away excess heat and control air temperatures.

A total of five ventilation raises are required to ventilate the mine. The Project currently has four ventilation raises, therefore only one new ventilation raise is required. As the declines are being developed, a series of ventilation drop raises will be developed concurrently. Three ventilation raises are planned to be used as exhaust raises. The remaining two raises are planned to be utilized for fresh air intake, along with the two portal ramps. The return air raises (RAR) will be required to keep air velocity on the ramp at or below 6 m/s. The fresh air raise (FAR) will also

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act as a means of secondary egress. The new raise will be developed using a raise climber at a 4 m by 4 m profile. Lateral ventilation drifts at 4 m by 4 m profile will be required to follow the decline and connect the ventilation circuits to the decline and level access.

Minimum airflow requirements were based on expected diesel emissions of the underground mining fleet required at peak mine production. Additional airflow is used underground for general cooling. The power rating of each piece of equipment was determined, and the utilization factors representing the equipment in use at any time, were applied to estimate the amount of air required. Equipment specified for site has undergone testing by either MSHA or CANMET to determine the ventilation requirements to dilute the engine emissions to a safe working level. The volume of air required for ventilating the diesel emissions is 165 m³/s. An additional 25 m³/s is used for cooling and with a 10% safety factor, the final airflow requirements for the mine were calculated at 205 m³/s.

Auxiliary fans will be used to ventilate the advancing development and active production levels. Fresh air will be sourced from the FAR and distributed using the auxiliary fans through ventilation ducting to the active mine areas.

In order to control the underground ventilation temperatures, underground mining equipment will be purchased with sealed and air conditioned cabs. When working at the active face, portable spot coolers will be used. A chiller plant located on surface will pump cold water through insulated pipes to the spot coolers used at the active faces underground to cool the air to approximately 28° C.

13.7.2 Water
 Supply

Service water will be required mainly for drilling, dust suppression and washing of development faces. Water will be supplied from a service water tank located close to the portal and will be gravity fed to the underground work areas via 100 mm diameter pipelines. Pressure reduction valves will be installed along the decline as required. The service water tank will be refilled with cooled underground mine water or externally sourced water.

13.7.3 Dewatering

Inflows into the underground workings were estimated at 25 l/s for Year 1 through 3 and 38 l/s for Year 4 onwards to the end of the mine life.

The mine dewatering system is designed as two standalone systems, the northern system and southern system. Both systems have been designed to accommodate a peak flow of 30 l/s, and will use a combination of 4-inch piping and 4-inch drill holes drilled between levels to transport water. A summary of the dewatering system is summarized. The location of the sumps and pumps are show in Table 13-10.

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**Table 13-10: Underground dewatering system**

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|:---|:---|:---|:---|:---|:---|
| **Sump No.** | **Section** | **Elevation (masl)** | **Pumps to** | **Pump (kw)** | **Booster (kw)** |
| 1 | Northem | 412 | Surface via North Ramp | 104 | 56 |
| 2 | Northem | 420 | N Main Sump (up and around) | 43 |  |
| 3 | Northem | 360 | N Main Sump | 43 |  |
| 4 | Northem | 275 | 360 Sump | 104 | 56 |
| 5 | Southem | 440 | Surface via south Ramp | 104 |  |
| 6 | Southem | 420 | South Main | 43 |  |
| 7 | Southem | 330 | S 420 | 56 |  |
| 8 | Southem | 330 | S 390 | 104 |  |
| 9 | Southem | 250 | S 330 | 104 | 56 |
| 10 | Southem | 210 | S 250 | 104 |  |

---

Source: GE21, 2025.

13.8 Unit
 Operations

13.8.1 Drilling

Development headings are planned to be driven with electro-hydraulic two-boom jumbos. Blast holes with 48 mm diameter will be drilled to a depth of 4.88 m. The advance per round is assumed to be 4.4 m. It is envisioned that one jumbo could drill between two to three rounds per shift.

Production drilling for the longhole stopes will be performed by longhole drills. Blast holes with 89 mm diameter will be drilled in a fan pattern from the overcut to the undercut.

13.8.2 Blasting

Development rounds will be charged by an explosives and ANFO loader. Lifter holes will be loaded with bulk emulsion. Blasting is planned to be initiated by non-electric (NONEL) detonators.

For longhole production blasting, bulk emulsion will be used together with NONEL detonators and Pentex boosters.

13.8.3 Ground
 Support

After mucking and scaling is complete, ground support will be installed by a mechanized scissor bolter. Typical ground support in access development is planned to consist of 2.4 m long resin rebar bolts in the back and in the walls at a spacing ranging from 1.5 x 1.5 m in moderate and poor ground. Welded wire mesh will be installed in all ground conditions. The anticipated breakdown between good, moderate, and poor is 25%, 50%, and 25%, respectively. In intersections, 3.0 m bolts will be used for deep ground support.

It was assumed that 25% of the development will be in poor ground conditions, which would require shotcrete. A shotcrete machine will be used to apply shotcrete at 60 mm thickness.

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13.8.4 Mucking

Blasted material from development headings will be mucked with a 6.0 yd<sup>3</sup> (10 t) LHD directly to a haul truck or to a remuck bay. Broken material from longhole stopes will be mucked by remote control LHD.

13.8.5 Hauling

30 t haul trucks will drive on the decline to surface, where they will dump the material on mineralized material or waste stockpiles in close proximity to the portal.

Haulage profiles for all production levels were generated to calculate equipment hours for the fleet.

13.8.6 Backfill

The selected mining methods require the placement of backfill for full extraction of the mineralized zones. Stopes require the use of cemented paste backfill to provide stability to exposed backfill walls when mining the adjacent stopes. The use of paste backfill will also minimize the storage requirements for process plant tailings on surface. The paste will be mixed at a paste plant and pumped through pipelines underground to the stopes. A cement content of 8% was assumed for cemented paste fill of primary stopes. Due to the high mica content of the mineralized material, 46% of the paste recipe will be crushed and screened waste rock, and 46% will be tailings from the plant. Further test work will be required to determine the optimum cement content, curing time and achievable backfill strength.

Underground development waste may be used for un-cemented backfill in attack ramps and remote stopes to minimize waste haulage to surface.

13.9 Mine
 Equipment

The mobile equipment fleet to support the mining operation is summarized in Table 13-11.

**Table 13-11: Mobile equipment fleet**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equipment** | **Avg** | **Peak** | **Y-1** | **Y1** | **Y2** | **Y3** | **Y4** | **Y5** | **Y6** | **Y7** | **Y8** | **Y9** | **Y10** | **Y11** | **Y12** | **Y13** | **Y14** | **Y15** | **Y16** | **Y17** |
| Truck (30t/14.5 m<sup>3</sup>) | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | - |
| LHD (4.5t/2.0 m<sup>3</sup>) | 2 | 3 | 3 | 2 | 3 | 3 | 3 | 2 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | - |
| LHD (6.7t/3.0 m<sup>3</sup>) | 2 | 3 | 3 | 2 | 3 | 3 | 3 | 2 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | - |
| LHD (10t/4.0 m<sup>3</sup>) | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | - |
| Jumbo - 1 Boom | 2 | 3 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Jumbo - 2 Boom | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Longhole Drill - Top Hammer | 1 | 2 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Longhole Drill - ITH | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Bolter | 3 | 4 | 2 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Exploration Drill | 1 | 1 | - | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Small Explosives Truck | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Large Explosives Truck | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Scissor Lift | 1 | 2 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Shotcrete Sprayer | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Personnel Carrier | 1 | 2 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |

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| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equipment** | **Avg** | **Peak** | **Y-1** | **Y1** | **Y2** | **Y3** | **Y4** | **Y5** | **Y6** | **Y7** | **Y8** | **Y9** | **Y10** | **Y11** | **Y12** | **Y13** | **Y14** | **Y15** | **Y16** | **Y17** |
| Fuel / Lube Truck | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Boom Truck | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Electrician Truck | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Grader | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Utility Vehicle | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Backhoe | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Telehandler | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Mechanics Truck | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Supervisor Truck | 4 | 4 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |

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Source: GE21, 2025.

13.10 Mine
 Personnel

The underground mine is planned to operate on two 12-hour shifts (day shift / night shift), 365 days per year with four crews on rotation. Two crews will be on-site at any time with the other crews off-site on break. Both hourly mining and maintenance personnel and salaried supervisors and technical staff will work on the same four days on, four days off rotation.

Hourly personnel were estimated based on development and production rates, operation productivities and maintenance requirements.

Underground mining personnel requirements are summarized in Table 13-12.

**Table 13-12: Underground mine operations personnel**

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|:---|:---|:---|
| **Position** | **Avg. Quantity** | **Hourly/Salary** |
| Mine Management | Mine Management | Mine Management |
| Mine Manager | 1 | Salary |
| Mining Superintendent | 1 | Salary |
| Maintenance Superintendent | 1 | Salary |
| Technical Services Superintendent | 1 | Salary |
| Mine Foreman | 1 | Salary |
| Mine Clerk | 1 | Salary |
| Mining Operations (Production) | Mining Operations (Production) | Mining Operations (Production) |
| Shift Supervisor | 4 | Salary |
| Blasting Supervisor | 4 | Salary |
| Trainer | 10 | Hourly |
| Blaster | 7 | Hourly |
| Development Services/Shotcrete | 6 | Hourly |
| Waste Development Miner | 7 | Hourly |
| LH Prodution Miner | 7 | Hourly |
| Scooptram Operator (Large) | 19 | Hourly |
| Haul Truck Operator | 18 | Hourly |
| Bolter Operator | 7 | Hourly |
| Jackleg/Stoper Miner | 8 | Hourly |
| Grader Operator | 4 | Hourly |
| Mining Operations (Services) | Mining Operations (Services) | Mining Operations (Services) |
| Paste Plant Operators | 8 | Hourly |
| Backfill Miner | 8 | Hourly |
| Backfill Helper | 8 | Hourly |
| Mine Electrician | 8 | Hourly |
| Mine Maintenance |  |  |
| Maintenance Supervisor | 1 | Hourly |
| Maintenance Planner | 1 | Hourly |
| Heavy Equipment Mechanic | 16 | Hourly |
| Mechanic Helper | 4 | Hourly |
| Welder | 8 | Hourly |
| Electric/Hydraulic Mechanic | 4 | Hourly |

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| | | |
|:---|:---|:---|
| **Position** | **Avg. Quantity** | **Hourly/Salary** |
| Mining Technical Services | Mining Technical Services | Mining Technical Services |
| Senior Mine Engineer | 1 | Salary |
| Geotechnical Engineer | 1 | Salary |
| Chief Geologist | 1 | Salary |
| Ventilation Engineer | 1 | Salary |
| Mine Surveyor | 2 | Salary |
| Surveyor Helper | 2 | Salary |
| Geologist | 4 | Salary |
| Sampler | 4 | Salary |
| Short Term Mine Planner | 1 | Salary |
| Project Engineer | 1 | Salary |
| Long-Term Mine Planner | 1 | Salary |
| Technician | 2 | Salary |
| Total Underground | 194 |  |

---

Source: Bluestone, 2017.

13.11 Mine
 Production Schedule

An underground mine production rate of 1,500 tpd was assumed for this conceptual study, which applied indexes considered appropriate the high degree of mechanization and productivities of the selected stoping methods and available working faces and/or stopes.

Table 13-13 shows the mine production schedule.

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**Table 13-13: Mine production schedule**

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| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Item** | **Unit** | **Total** | **Y-1** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **8** | **9** | **10** | **11** | **12** | **13** | **14** | **15** | **16** | **17** |
| **Material** | **Stopes\*** | **kt** | **8136.47** | **-** | 475.07 | 468.42 | 438.79 | 442.33 | 426.62 | 452.20 | 481.77 | 476.41 | 518.71 | 540.35 | 538.33 | 547.50 | 547.50 | 547.50 | 547.50 | 547.50 | 139.95 |
| **Material** | **Des. Prod** | **kt** | **763.49** | **-** | 72.43 | 79.08 | 108.71 | 105.17 | 120.88 | 95.30 | 65.73 | 71.09 | 28.79 | 7.15 | 9.17 | - | - | - | - | - | - |
| **Material** | **ROM** | **kt** | **8899.95** | **-** | **547.50** | **547.50** | **547.50** | **547.50** | **547.50** | **547.50** | **547.50** | **547.50** | **547.50** | **547.50** | **547.50** | **547.50** | **547.50** | **547.50** | **547.50** | **547.50** | **139.95** |
| **Material** | **Prod/day** | **tpd** | **-** | - | 1 500.00 | 1 500.00 | 1 500.00 | 1 500.00 | 1 500.00 | 1 500.00 | 1 500.00 | 1 500.00 | 1 500.00 | 1 500.00 | 1 500.00 | 1 500.00 | 1 500.00 | 1 500.00 | 1 500.00 | 1 500.00 | 1 500.00 |
| **Material** | **Des. N. Prod** | **kt** | **1966.10** | 150.00 | 172.00 | 134.03 | 119.22 | 127.57 | 117.45 | 97.21 | 97.21 | 116.53 | 134.28 | 150.46 | 155.01 | 164.12 | 104.58 | 115.47 | 10.97 | - | - |
| **Material** | **Mass Mov Total** | **kt** | **10866.17** | **150.00** | **719.50** | **681.53** | **666.72** | **675.07** | **664.95** | **644.71** | **644.71** | **664.03** | **681.78** | **697.96** | **702.51** | **711.62** | **652.08** | **662.97** | **558.47** | **547.50** | **139.95** |
| **Gold (Au)** | **Stope\*** | **g/t** | **4.99** | **-** | 5.49 | 4.95 | 4.80 | 4.81 | 4.69 | 5.40 | 4.60 | 4.88 | 4.73 | 4.64 | 4.64 | 4.69 | 5.26 | 5.50 | 5.49 | 5.15 | 4.89 |
| **Gold (Au)** | **Des Prod** | **g/t** | **5.29** | **-** | 5.87 | 5.95 | 5.46 | 5.20 | 4.14 | 5.31 | 4.95 | 5.42 | 6.68 | 7.97 | 3.96 | - | - | - | - | - | - |
| **Gold (Au)** | **ROM** | **g/t** | 5.01 | - | 5.54 | 5.09 | 4.93 | 4.88 | 4.57 | 5.38 | 4.65 | 4.95 | 4.83 | 4.68 | 4.63 | 4.69 | 5.26 | 5.50 | 5.49 | 5.15 | 4.89 |
| **Gold (Au)** | **Stope\*** | **koz** | **1304.66** | **-** | 83.90 | 74.54 | 67.76 | 68.39 | 64.37 | 78.50 | 71.31 | 74.75 | 78.86 | 80.61 | 80.31 | 82.59 | 92.68 | 96.74 | 96.72 | 90.64 | 21.99 |
| **Gold (Au)** | **Des Prod** | **koz** | **129.86** | **-** | 13.66 | 15.14 | 19.09 | 17.59 | 16.09 | 16.28 | 10.46 | 12.38 | 6.19 | 1.83 | 1.17 | - | - | - | - | - | - |
| **Gold (Au)** | **Total** | **koz** | **1434.52** | **-** | **97.56** | **89.68** | **86.84** | **85.98** | **80.46** | **94.78** | **81.77** | **87.13** | **85.05** | **82.44** | **81.47** | **82.59** | **92.68** | **96.74** | **96.72** | **90.64** | **21.99** |
| **Silver (Ag)** | **Stope\*** | **g/t** | **17.48** | **-** | 25.27 | 23.79 | 28.27 | 20.37 | 18.17 | 25.91 | 19.61 | 22.22 | 16.85 | 13.49 | 13.49 | 13.30 | 11.12 | 10.24 | 10.25 | 14.34 | 17.44 |
| **Silver (Ag)** | **Des Prod** | **g/t** | **20.18** | **-** | 26.53 | 24.21 | 26.41 | 29.19 | 20.55 | 14.07 | 12.98 | 8.60 | 7.26 | 10.56 | 5.73 | - | - | - | - | - | - |
| **Silver (Ag)** | **ROM** | **g/t** | **17.71** | **-** | **25.43** | **23.85** | **27.90** | **22.06** | **18.70** | **23.85** | **18.81** | **20.45** | **16.35** | **13.46** | **13.36** | **13.30** | **11.12** | **10.24** | **10.25** | **14.34** | **17.44** |
| **Silver (Ag)** | **Stope\*** | **koz** | **4573.07** | **-** | 385.90 | 358.30 | 398.85 | 289.66 | 249.29 | 376.68 | 303.70 | 340.35 | 281.01 | 234.44 | 233.56 | 234.07 | 195.69 | 180.23 | 180.44 | 252.41 | 78.50 |
| **Silver (Ag)** | **Des Prod** | **koz** | **495.24** | **-** | 61.77 | 61.55 | 92.31 | 98.71 | 79.88 | 43.10 | 27.43 | 19.65 | 6.72 | 2.43 | 1.69 | - | - | - | - | - | - |
| **Silver (Ag)** | **Total** | **koz** | **5068.31** | **-** | **447.67** | **419.85** | **491.16** | **388.37** | **329.17** | **419.78** | **331.13** | **359.99** | **287.73** | **236.87** | **235.25** | **234.07** | **195.69** | **180.23** | **180.44** | **252.41** | **78.50** |
| **Development** | **Lateral** | **m** | **33491.24** | 3 306.00 | 3 204.40 | 2 448.91 | 2 134.00 | 2 259.66 | 2 077.70 | 1 713.78 | 1 713.78 | 1 990.22 | 2 272.36 | 2 560.19 | 2 592.19 | 2 609.03 | 1 565.42 | 1 043.61 | - |  |  |
| **Development** | **Vertical** | **m** | **3138.68** | **-** | - | 48.10 | 87.13 | 117.09 | 110.47 | 97.24 | 97.24 | 180.87 | 229.46 | 242.99 | 295.83 | 401.50 | 467.73 | 401.64 | 361.40 |  |  |
| **Development** | **Operational** | m | **38257.66** | **-** | 2 045.60 | 2 752.99 | 3 028.88 | 2 873.25 | 3 061.83 | 3 438.99 | 3 438.99 | 3 078.90 | 2 748.18 | 2 446.81 | 2 361.98 | 2 192.32 | 2 246.31 | 2 043.57 | 499.05 |  |  |
| **Development** | **Total** | **m** | **74887.58** | **3 306.00** | **5 250.00** | **5 250.00** | **5 250.00** | **5 250.00** | **5 250.00** | **5 250.00** | **5 250.00** | **5 250.00** | **5 250.00** | **5 250.00** | **5 250.00** | **5 202.85** | **4 279.46** | **3 488.81** | **860.46** | **-** | **-** |
| **Plant** | **ROM processed** | **kt** | **8899.95** | **-** | 547.50 | 547.50 | 547.50 | 547.50 | 547.50 | 547.50 | 547.50 | 547.50 | 547.50 | 547.50 | 547.50 | 547.50 | 547.50 | 547.50 | 547.50 | 547.50 | 139.95 |
| **Plant** | **Au recov.\*\*** | **koz** | **1377.14** | **-** | 93.66 | 86.09 | 83.37 | 82.54 | 77.24 | 90.99 | 78.50 | 83.64 | 81.65 | 79.14 | 78.21 | 79.28 | 88.97 | 92.87 | 92.85 | 87.01 | 21.11 |
| **Plant** | **Ag recov.\*\*** | **koz** | **4308.07** | **-** | 380.52 | 356.87 | 417.49 | 330.12 | 279.80 | 356.81 | 281.46 | 305.99 | 244.57 | 201.34 | 199.96 | 198.96 | 166.34 | 153.20 | 153.37 | 214.55 | 66.72 |
| **Plant** | **Backfill Placed** | **kt** | **2847.99** | **-** | 175.20 | 175.20 | 175.20 | 175.20 | 175.20 | 175.20 | 175.20 | 175.20 | 175.20 | 175.20 | 175.20 | 175.20 | 175.20 | 175.20 | 175.20 | 175.20 | 44.79 |

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Notes: \*Material applying mining recovery and/or dilution.

Source: GE21, 2025.

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During mine operation two zones, North and South, each with multiple mining horizons will be in production simultaneously. The underground mine life is estimated at 17 years of production.

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14 PROCESSING AND RECOVERY METHODS

The process flowsheet for the Project was based on the conclusions previously described in Section 10. Results from test programs were used to develop the corresponding process design criteria, mechanical equipment list, flowsheets and operating costs.

The process plant will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Multi-staged
 crushing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Two-staged
 grinding circuit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gravity
 concentration and intensive leaching (ILR).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cyanide
 leaching and carbon adsorption using carbon-in-pulp (CIP).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cyanide
 destruction, dewatering, storage of tailings dry stacking or underground deposition as paste.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Carbon
 acid wash, elution and regeneration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Electrowinning
 and refining.

The main design criteria adopted in designing the processing circuit are listed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Nominal
 processing rate of 1,000 tpd, which is equivalent to 0.34 Mtpa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crusher
 circuit operational performance (product of availability by utilization) – OP: 65%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Grinding
 and extraction circuit OP: 92%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Filtration
 circuit OP: 92%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Grinding
 circuit product size: P<sub>80</sub> of 0.053 mm.

14.1 Description
 of the Process Plant

The selected metallurgical process flowsheet for the industrial processing of the Project comprised of the following circuits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crushing
 of run of mine (ROM) ore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crushed
 ore storage and reclaim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Grinding
 circuit with ball mills and hydrocyclones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gravity
 concentration circuit, including a scalp screen, a centrifugal concentrator, and an intensive
 leaching reactor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trash
 screening.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre
 leaching thickener.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre-oxidation
 in an agitated tank sparged with oxygen to oxidize the slurry prior to leaching.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cyanide
 Leaching in agitated leach tanks for providing 36-hour residence time to leach gold and silver
 into solution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Carbon
 in Pulp in CIP tanks to adsorb gold and silver cyanide complexes onto the pores of activated
 carbon.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Activated
 carbon acid wash, Carbon Elution and Regeneration – Acid wash of carbon to remove inorganic
 foulants, elution (strip) of carbon to produce a precious gold and silver rich solution,
 and thermal regeneration of carbon to remove organic foulants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gold
 and Silver Refining by electrowinning (sludge production), filtration, drying and refining
 to produce gold and silver doré.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Carbon
 safety screening.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Neutralization
 of residual cyanide present in tailings (SO<sub>2</sub>/Air method).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Final
 Tailings Dewatering in a thickener followed by a filter plant to reduce final tailings moisture
 to 18.6%, therefore adequate for dry stacking or paste backfill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Water
 recirculation system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reagent
 storage, preparation, and dosage systems.

The overall process flowsheet is presented in Figure 14-1.

![](ex9607_092.jpg)

**Figure 14-1: Overall Process Flowsheet – Era Dorada Project**

Source: Author, 2025.

14.2 Design
 Criteria

Key process design criteria are summarized in Table 14-1.

**Table 14-1: Key process design criteria**

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| | | |
|:---|:---|:---|
| **Processing Stage** | **Unit** | **Nominal Value** |
| **General** | | |
| Plant Daily Throughput | tpd | 1000 |
| Plant Operational Performance | % | 92 |
| Overall Au Recovery | % | 96 |
| Overall Ag Recovery | % | 85 |
| **Crushing** |  |  |
| Operational Performance | % | 65 |
| **Grinding** |  |  |
| Bond Ball Mill Work Index (design) | kWh/t | 19.9 |
| Bond Abrasion Index | g | 0.24 |
| Classification Equipment | - | Hydrocyclones |
| Final Target Product Size (P<sub>80</sub>) | mm | 0.053 |
| **Gravity Concentration** |  |  |
| Concentrator Type | - | Semicontinuous Batch Centrifugal |
| Number of Units | - | 1 |
| Feed Source | - | Cyclone Underflow |

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|:---|:---|:---|
| **Processing Stage** | **Unit** | **Nominal Value** |
| Recovery Method | - | Intensive Leach Reactor (ILR) |
| **Pre-Leach Thickening** |  |  |
| Thickener Underflow Concentration of Solids | % w/w | 50 |
| **Leaching** |  |  |
| Pre-Oxidation | Y / N | Yes |
| Pre-Oxidation Residence Time | h | 2 |
| Dissolved Oxygen Target (DO) | mg/l | <20 |
| Leach Residence Time | h | 36 |
| Sodium Cyanide Consumption | kg/t | 0.3 |
| Lime Consumption | kg/t | 1.71 |
| **CIP** |  |  |
| CIP Residence Time | h | 6 |
| Carbon Concentration | mg/l | 50 |
| Carbon Loading | g Au / t carbon | 2500 |
| **Carbon Processing** |  |  |
| Acid Wash Type | - | Hydrochloric Acid |
| Elution Operating Temperature | ⁰C | 140 |
| Elution Operating Pressure | kPa | 350 to 500 |
| Smelting Furnace Type | - | Electric Induction Furnace |
| Carbon Consumption Rate | kg / t Carbon Stripped | 30 |
| **Cyanide Destruction** |  |  |
| Feed Solution, CN<sub>WAD </sub> | mg/l | 191 |
| Discharge Solution, CN<sub>WAD </sub> | mg/l | < 1 |
| SO<sub>2</sub> Consumption | g / g CN<sub>WAD </sub> | 4 |
| Lime Consumption | g / g CN<sub>WAD </sub> | 0.8 |
| CuSO<sub>4</sub>-5H<sub>2</sub>O Concentration | mg/l | 25 |
| **Tailings Management** |  |  |
| Disposal Type | - | Dry stack/Paste |
| Final Moisture Content | % | 18.6 |

---

Source: Bluestone, 2019.

14.3 Process
 Plant Description

14.3.1 Crushing

The underground Run of Mine (ROM). will be directed to an industrial crushing plant, whose product will be conveyed to a dedicated storage bin designed to a 24-hour live storage capacity.

14.3.2 Grinding

The grinding circuit will process a nominal throughput of 1,000 t/day (fresh feed), for 0.053 mm (P<sub>80</sub>) ground product. A gravity concentration circuit will be installed in the grinding circuit.

14.3.3 Gravity
 Concentration and Intensive Leaching

A fraction of the hydrocyclone nest combined underflow will be directed to the gravity concentrator scalp screen. The scalp screen will remove oversize particles prior to gravity concentration. The screen undersize will feed a semi-continuous batch gravity concentrator.

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The gravity concentrate will be collected in the storage cone and subsequently leached in an intensive cyanidation (leaching) reactor (ILR) circuit. The ILR pregnant solution will be pumped to the ILR pregnant solution tank, the latter located in the gold room.

14.3.4 Pre-Leach
 Thickening

Hydrocyclone overflow will be directed to a vibrating trash screen for removal of trash material. Oversize material will discharge into a trash bin, while screen undersize will flow by gravity to pre-leach thickener. Flocculant solutions will be added to the thickener feed to enhance thickening to a nominal product of 50% w/w solids. The thickener underflow will be pumped to the pre-oxidation tank, while the thickener overflow will flow by gravity into the process water tank for recirculating in the grinding circuit.

14.3.5 Pre-Oxidation

Pre-leach thickener underflow will be pumped to pre-oxidation circuit, prior to leaching. Oxygen will be sparged into the bottom of the agitated tank and slurry will be conditioned for 2 hours to oxidize Sulfide minerals.

Pre-oxidation will help reduce the consumption of dissolved oxygen during cyanidation, improving metallurgical recovery. It will also reduce sodium cyanide (NaCN) consumption by preventing the formation of thiocyanate and complexing some of the heavy metals such as iron. This step will also reduce reagent consumptions in the cyanide destruction circuit.

14.3.6 Leaching

The leach circuit will be designed to provide 36-hour residence time. Lime slurry will be added to the first tanks at a rate of up to 1.71 kg/t to maintain protective alkalinity at a design pH of 11.0, preventing the creation of hydrogen cyanide gas (HCN). NaCN solutions will be added to the circuit at a rate of up to 0.30 kg/t, while oxygen will be sparged in from the bottom of each tank to maintain dissolved oxygen (DO) above 20 mg/l. As the slurry progresses through the circuit, gold and silver will be leached into solution.

Slurry from the leach circuit will then flow by gravity to the CIP circuit for carbon adsorption.

14.3.7 Carbon
 in Pulp – CIP

Leached slurry will flow through CIP tanks for adsorbing gold-cyanide and silver-cyanide complexes onto the pores of activated carbon at an average carbon of 50 g/l to maximize adsorption.

As the slurry proceeds through the circuit, metal values in the solution will progressively decrease. The carbon will be transferred countercurrent to the slurry flow to maximize precious metal recovery. Regenerated carbon, with the highest adsorption potential, will be introduced into the last CIP tank, interacting with the lowest concentrations of gold and silver. Loaded carbon,

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with the lowest adsorption potential, will be located in the first CIP tank, interacting with the highest concentrations of gold and silver.

The tailings stream from the last CIP tank will flow onto a stationary safety screen to capture any carbon particles not captured in the CIP circuit. Safety screen undersize will then be pumped to the cyanide destruction circuit.

14.3.8 Carbon
 Acid Wash, Elution and Regeneration (Carbon Processing)

The carbon processing plant will process the loaded carbon, producing gold and silver doré.

14.3.8.1 Carbon
 Acid Wash

Loaded carbon from the CIP circuit will flow by gravity into an acid wash vessel constructed of fiber-reinforced plastic. The carbon will be treated with a circulating 3% hydrochloric acid (HCL) solution to remove calcium deposits, magnesium, sodium salts, silica, and fine iron particles. Organic foulants, such as oils and fats, are unaffected by the acid and will be removed after the elution step in the regeneration circuit using a horizontal electric kiln.

After the acid wash cycle, the carbon will be directed to the elution vessel using water. Under normal operation, only one acid wash and elution cycle will take place per day.

14.3.8.2 Elution
 (Carbon Stripping)

The carbon stripping (elution) process will use the barren strip solution to strip the loaded carbon, creating a pregnant gold and silver solution which will be pumped through the electrowinning cells for precious metal recovery. The solution exiting the electrowinning cells will be circulated back to the barren solution tank for reuse.

During the strip cycle, solution containing approximately 1% sodium hydroxide and 0.1% NaCN, at a temperature of 140°C, will be pumped up through the strip. Solution exiting the top of the vessel will be cooled down to below its boiling point by a recovery heat exchanger. Heat from the outgoing solution will be transferred to the incoming cold barren solution prior to passing through the solution heater.

14.3.8.3 Carbon
 Regeneration

The carbon regeneration circuit will thermally regenerate the stripped carbon, re-activating the pores and removing any organic foulants, such as oils and fats. Fresh activated carbon will be added to account for any carbon loss during the adsorption and desorption processes.

A horizontal electric kiln equipped with a residual heat dryer will be utilized to treat the carbon. The regenerated carbon from the kiln will flow by gravity into the carbon quench tank

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where it will be cooled by fresh water and/or carbon fines water, before being pumped back to the CIP circuit.

To compensate for carbon losses from attrition and impact, fresh carbon will be added to the carbon attrition tank and mixed with fresh water to activate the carbon pores. The fresh carbon will then drain into the carbon quench tank and combine with the regenerated carbon discharging from the kiln.

14.3.9 Electrowinning
 and Refining

Pregnant solutions derived both from the strip circuit and ILR will be pumped to the refinery for electrowinning, therefore resulting in a gold and silver sludge.

Pregnant solution will be pumped through electrowinning cells, where gold and silver will plate on the stainless steel cathodes, while the barren solution will flow into the barren return tank, before being pumped back to the barren solution tank for reuse. The sludge will then be filtered, dried and refined in an electric induction furnace, producing gold and silver doré bars.

14.3.10 Cyanide
 Destruction

The cyanide destruction circuit will consist of mechanically-agitated tanks. Cyanide will be destroyed using the SO<sub>2</sub>/Air process. Treated slurry from the circuit will then be pumped to the final tailings thickener. The cyanide destruction circuit will treat CIP tailings slurry, process spills from various contained areas, as well as process bleeding streams.

Oxygen will be sparged from near the bottom of the tanks, under the agitator impeller. If necessary, lime slurry will be added for maintaining the optimum pH of 8.0–8.5. Copper sulphate (CuSO<sub>4</sub>) will also be added as a catalyst, maintaining a 25 mg/l concentration in solution. A sodium metabisulphite (SMBS) solution, at a rate of up to 789 g/t, will be added into the system as the source of SO<sub>2</sub>. The system is designed to reduce the CN<sub>WAD </sub>concentration to below 1.0 mg/l.

14.3.11 Tailing
 Thickening and Filtering Circuit

Tailings resulting from the Detox circuit at a solids concentration of 50% w/w will be pumped to a thickener where flocculant will be added.

The thickener underflow will be pumped to the filtering circuit for reducing the cake to a moisture content of 18.6% (dry basis). Filtering and thickening water will be recirculated within the processing plant, whereas the filtered product will be transferred to the disposal system.

14.4 Reagent
 Handling, Storage and Preparation System

Reagents consumed within the plant will be prepared on-site and distributed via dedicated reagent handling systems. These reagents include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sodium
 cyanide (NaCN).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lime.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lead
 nitrate (Pb<sub>2</sub>NO<sub>3</sub>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Hydrochloric
 acid (HCl).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Caustic
 soda (NaOH).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Copper
 sulphate (CuSO<sub>4</sub>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sodium
 metabisulphite (SMBS).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Flocculant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Activated
 carbon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Antiscalant.

Reagents will be received and stored in appropriate facilities. Each reagent will be prepared in accordance with occupational/environmental safety standards, preventing incompatible reagents from mixing. Storage tanks will be equipped with level indicators, instrumentation, and alarms to ensure spills do not occur during normal operation. Appropriate ventilation, fire and safety protection, eyewash stations, and Material Safety Data Sheet (MSDS) stations will be located throughout the facilities.

The reagents will be delivered to the thickener, leach, CIP, acid wash, elution, and cyanide destruction circuits. Dosages will be controlled by flow meters and manual control valves. The capacity of the storage tanks will be designed to handle one day of production.

Table 14-2 summarizes the reagents used in the process plant and the respective estimated daily consumption rates.

**Table 14-2: Reagent consumption**

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| | | |
|:---|:---|:---|
| **Reagent** | **Delivering Form** | **Daily Usage** |
| NaCN | 1 t bags (dry) | 520 kg/d |
| Lime | 2 t bags (dry) | 2.6 tpd |
| Pb<sub>2</sub>NO<sub>3 </sub> | 50 kg bags (dry) | 313 kg/d |
| HCL | 208 l drums (liquid) | 592 kg/d |
| NaOH | 50 kg bags (dry) | 184 kg/d |
| CuSO<sub>4</sub> | 50 kg bags (dry) | 127 kg/d |
| SMBS | 500 kg bags (dry) | 1.35 tpd |
| Antiscalant | 50 kg barrels | 41 kg/d |
| Flocculant | 25 kg bags (dry) | 79 kg/d |
| Activated Carbon | 50 kg bags (dry) | 120 kg/d |

---

Source: Bluestone, 2019.

14.5 Utilities
 and Water

14.5.1 Air
 Supply / Oxygen

An instrument and plant air system with four compressors and associated dryers, filters, and receivers will be installed in a compressor room, the latter located inside the plant building.

Oxygen will be used in pre-oxidation, leach, CIP and cyanide destruction circuits and will be supplied by generation systems.

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14.5.2 Water
 Supply

Overflow water resulting from the pre-leach and tailings thickeners, as well as from the filters, will be used as process water mainly in the grinding circuit to dilute slurry to the required densities. Treated water will supply process make-up water, gland water, reagent make-up water and cooling water services in the elution circuit.

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15 INFRASTRUCTURE

15.1 General

The Project infrastructure is designed to support the operation of a 1,000 tpd underground mine and processing plant, operating on a 24 hour per day, 7 day per week basis. Support facilities have been designed to suit local conditions and topography. The main infrastructure components include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 5
 km new site access road, including an 110 m long bridge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 8.2
 km new 69 kV power line;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On-site
 substation (69 kV to 13.8 kV);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Water
 management facilities including a flood protection levee, diversion channel, ditches and
 collection ponds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Process
 plant site pad and associated buildings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Primary
 crusher pad;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Emergency
 power genset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Communications
 system upgrade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Rehabilitation
 of five existing dewatering wells;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Construction
 of eight new dewatering wells;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Construction
 of nine new reinjection wells;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reagent
 warehouse and storage facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Truck
 shop (existing facility to be used in pre-production, new shop to be constructed in Operating
 Year 1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fresh
 / Fire water tank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Process
 water tank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Upgrade
 fuel storage facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· New
 helipad;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Upgrade
 Septic system for upgrade for sewage management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Solid
 waste disposal facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Drystack
 tailings facility (DSTF);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Temporary
 waste rock storage facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 1.0
 km North and South portal connector haul road;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On-site
 access roads for plant and facilities;

Additional security facilities, including site access control station.

15.2 General
 Site Layout

The proposed site layout has been designed to support mining and plant operations while minimizing environmental and community impacts, reducing construction costs, ensuring secure access, and optimizing operational efficiency.

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Existing infrastructure will be used to the greatest extent possible to reduce capital costs and construction timelines.

Several site facilities already established at the Project will remain in use during both construction and operations. These include administrative and technical offices, modular geology and environmental units and a new assay laboratory equipped with assets from the former Marlin Mine.

Security infrastructure, a first aid and emergency response center, and warehouse and maintenance shops are also in place, supporting key functions such as logistics, safety, equipment servicing, and sample processing. Together, these facilities provide adequate support for mining, processing, environmental, and administrative activities across the life of the project.

Project overall layout is provided in Figure 15 1. The plant site and the main infrastructure facilities arrangement are presented in Figure 15 2.

![](ex9607_093.jpg)

**Figure 15-1: Overall Mine Site**

Source: Bluestone, 2019.

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![](ex9607_094.jpg)

**Figure 15-2: Plant Site General Arrangement**

Source: Bluestone, 2019.

15.3 Site
 Access Road

Road access to the site is currently through Asunción Mita by gravel road, crossing the river Grande de Mita using a 27-tones-bridge capacity. This **access** is not suitable to support mining construction and operations.

Road access to the site is currently via Asunción Mita along a gravel road, which crosses the Grande de Mita River using a bridge with a 27-t capacity. This existing route is inadequate to support the heavy equipment loads required for mine construction and long-term operations.

To address this limitation, a new access route has been planned to accommodate heavy haul traffic. The proposed road will extend 5.5 km and connect directly to the Pan-American Highway (CA-1), approximately 3 km north of Asunción Mita. As part of this upgrade, a new 80-meter-long bridge will be constructed over the El Achotal River to ensure reliable and safe access to the project site during both the construction and operational phases.

15.4 Security

A new access gate and guard facility will be installed at the main site entrance, including a barrier and fenced gate for preliminary screening of all incoming traffic. A site access control building and parking lot will be located nearby, where personnel access will be managed, and only approved vehicles may proceed beyond this point. The project area will be enclosed by a combination of chain-link fencing with barbed or razor wire and barbed wire livestock fencing in remote areas. Additional fencing will be installed around sensitive infrastructure such as the

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warehouse, refinery sections, and substations. Security will be provided by a team of uniformed and plain-clothes personnel who will monitor the main gate, conduct roving patrols, and oversee security within the refinery and general site. Security will be intensified during the construction phase, including increased staffing and coordination with contractors and local law enforcemen Mine Offices.

15.5 Power
 Supply and Distribution

Electrical power for the project will be sourced from the Energuate Barranca Honda Substation, located approximately 1 km south of Asunción Mita. An 8.2 km long, 69 kV single-circuit overhead transmission line will be constructed. The estimated total operating load for the site, including dewatering and reinjection systems, is 14.3 MW, with a total connected load of 25.0 MW.

The 69 kV will be steped down power to 13.8 kV, through transformer circuits, for primary on-site power delivery to key areas including the mine, crushing plant, process plant, paste plant, cooling systems, and well fields. Existing 4.16 kV distribution lines are designed to handle 13.8 kV and will be reused where possible. However, a new 13.8 kV overhead distribution line will be built to supply power to the mine portal, mill, and related buildings. Secondary power distribution includes 4.16 kV (medium voltage) for large equipment and 480 V (low voltage) for smaller loads. Area substations will step down power accordingly, using transformers sized based on projected loads.

15.5.1 Emergency
 Power

. The existing on-site power plant is planned to be repurposed as the emergency power facility, using diesel generators relocated from the former Marlin Mine. Generator outputs include 4.16 kV units and 600 V units, the latter of which will be stepped up to 4.16 kV via internal transformers. The standby power system is designed to supply critical loads in the event of a grid power failure, ensuring controlled shutdown of the process plant, continued operation of essential underground fans and pumps, and provision of minimum emergency power. The total estimated emergency demand is slightly under 7 MVA for both surface and underground installations.

15.5.2 Construction
 Power

The existing standalone generators will supply the power required during the construction phase. Temporary construction generators will be used where required to provide power to remote locations, or where distribution from the existing generators is not practical.

15.6 Process
 Plant

The proposed process plant will occupy a footprint of approximately 150 m by 70 m. It will house grinding equipment, leaching and CCD tanks, Merrill-Crowe circuit, filtration and detox systems, a gold-silver gold room, reagent preparation facilities, a dry stack tailings filtration plant,

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and electrical rooms. Enclosed structures will be provided for the milling circuit, Merrill-Crowe system, refinery, electrical rooms, and reagent preparation facilities. Open-air installations will include the leaching and CCD tanks, as well as the cyanide destruction area.

Electrical equipment buildings, including MCCs and operator control rooms for the crusher, process plant, tailings filtration, and associated areas, will be built. These units will be compliant with all local electrical and fire safety codes. Where feasible, MCCs and control gear will be pre-installed at the factory to minimize on-site work.

15.7 Dewatering
 and Reinjection

There are currently 10 existing dewatering wells on site that are suitable for reuse. To effectively manage groundwater inflows, 14 new dewatering wells—each 450 m deep and 12 inches in diameter—will be installed. These are expected to handle a peak surface dewatering rate of approximately 795 m³/h, supplemented by 114 m³/h from underground sumps. To accommodate the increased flow, a new cooling pond will be constructed downstream of the existing south cooling pond. The site's water treatment plant is permitted to treat 341 m³/h; excess water will be managed via reinjection through 11 newly constructed wells, each 150 m deep and capable of receiving 57 m³/h. One reinjection well will serve as contingency capacity for extreme storm events (1-in-100-year).

15.8 Truck
 shop, Warehouse, Mine Dry and Administration Buildings

The mine truck shop and maintenance facility will be located near the mine administration building and the North Portal, providing easy access from both the mine and the plant site. The maintenance facility will include a warehouse for parts and spares. The truck shop will contain three vehicle service bays, a general shop and weld bay, and an oil change/lubrication bay. An outdoor wash bay will also be provided. An office area within the truck shop will accommodate the mine maintenance supervisor and planner.

A mobile equipment parts and spares warehouse will be integrated into this facility. The building will be a steel structure with metal cladding and a concrete slab-on-grade. A 10-t service crane will be installed over the service bays.

15.9 On-Site
 Water Tanks

A new dual-purpose fresh / fire water tank will be erected with a capacity of 640,000 l. Internal risers on all non-firewater suction lines will ensure a minimum fire water reserve of 470,000 l, allowing for approximately two hours of firefighting capability.

A new process water tank with 170,000 l capacity will also be erected adjacent to the fresh/fire water tank to service the process plant.

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15.10 Bulk
 Fuel Storage and Delivery

An existing diesel fuel storage facility is already installed at site for the existing power generators. It consists of two 37,500 l tanks within a concrete containment area. The existing fuel storage facility will be expanded by installing an additional 37,500 l diesel tank and increasing the containment area to accommodate the additional tank.

This expanded fuel storage facility will service the underground mining and site surface fleet with capacity for approximately 14 days of mobile equipment operations or two days running all critical support loads.

15.11 Haul
 Roads

The existing North and South portal access roads will be significantly upgraded to accommodate increased traffic. Both roads will be increased to 22 m wide and the north access road will be extended to provide access to the dry stack tailing facility.

Various temporary construction access roads will be made or modified from existing roads for temporary construction laydown facilities, the staged DSTF construction, and for construction access, where required.

15.12 Communications
 / IT

The existing communications tower currently provides sufficient access to stream data to and from the site and will service the site during the initial construction period. A new fiber optic cable will be installed as part of the 69 kV powerline.

The site communications will be distributed by fiber optic cable among the site facilities with the power transmission infrastructure. The underground mine will use a dedicated communications system. Mobile equipment and security will also use handheld radios for communications.

15.13 First
 Aid / Emergency Services

A qualified nurse or first aid attendant will be available on site. The first aid clinic, currently under construction, will be located adjacent to the administration building and will support future operations. The facility includes a 100 m² training room for emergency response and a dedicated storage area for medical equipment and supplies.

An ambulance and a fire truck will be stationed in covered parking stalls near the process plant, ready for immediate deployment. All relevant buildings will be equipped with smoke, carbon monoxide, and heat detectors, as well as appropriate chemical fire extinguishers.

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15.14 Explosives
 Storage and Magazines

The existing explosives magazine, located west of the South Portal on the southwestern side of the property, will continue to be used throughout the life of mine. The facility has adequate capacity to support approximately 50 days of operations, with storage for up to 75,000 kg of explosives (3,000 bags at 25 kg each) and 10,000 detonators. Monthly deliveries will be scheduled according to operational demand. The storage structure is built of concrete and reinforced concrete blocks and is surrounded by protective earthen and rock berms to comply with safety standards.

15.15 Sewage
 Treatment

Sewage water will be handled by standard septic tank collection systems using natural breakdown bioreactors prior to discharge. The sanitary waste from buildings at the plant and main infrastructure site will drain to a buried septic system area below the process area. An existing bio-reactor tank is already installed and connected with buried sewer pipe for the existing site facilities buildings. An additional unit will be installed and connected to the new facilities that are being added for the project.

Sewage will be treated, separated, and the liquid discharged. Water for septic operation and wash use will be made up from the raw water supply.

15.16 Surface
 Water Management

Surface water infrastructure at the site is designed to separate and manage "contact" and "non-contact" water, minimizing the potential for contamination during mine operations. Contact water—originating from areas such as the process plant and DSTF where filtered tailings are handled—is either reused in the plant or treated at the water treatment plant (WTP). Non-contact runoff is directed to designated discharge points with sediment control capacity. Stormwater is managed through 13 lined channels routed to seven ponding areas, which include both contact and non-contact ponds. The system incorporates reinforced channels, culverts, bridges, and energy dissipation structures to prevent erosion and manage flow during storm events. Contact water ponds are sized for 100-year, 24-hour storm retention and were further evaluated using a site-wide water balance based on climate data from 1970 to 2017.

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![](ex9607_095.jpg)

**Figure 15-3: Storm Water Management Infrastructure Surrounding the DSTF**

Source: Bluestone, 2019.

15.17 Fresh
 Water Supply

Mine water will be the primary source of fresh water for the process plant, dust control, and for treated water use for the site personnel facilities. The mine water will be treated in the existing water treatment plant prior to use as the site fresh water supply. On-site office facilities, and staff/contractor dining facilities will use the treated water for washing, laundry, and bathing. Drinking water and cooking water will be provided by purchasing potable bottled water from a local vendor.

15.18 Water
 Treatment Infrastructure

The existing water treatment plant (WTP) at Era Dorada is permitted to treat and discharge up approximately 341 m³/h. The plant is designed to remove arsenic via co-precipitation with ferric salts, using a treatment sequence that includes chemical oxidation, pH adjustment, ferric dosing, and solids separation. It also receives up to ≈ 61 m³/h of process water bleed from the tailings thickener overflow. The facility has modular capacity, allowing for future expansion if permit limits are increased.

To address potential mercury and copper concentrations in effluents, proposed process modifications include the use of a sulfur-based reagent effective in removing divalent heavy metals. The treated and cooled mine water is also used as process and utility water and will be stored in a dual-purpose raw/fire water tank located near the process plant. As gravity pressure is insufficient due to elevation differences, pumps will be installed to ensure adequate pressure

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throughout the distribution system. The plant also plays a key role in thermal regulation by cooling mine water via a series of ponds prior to reuse or discharge.

The Project incorporates a water management strategy that allows for the reuse of treated water from the water treatment plant (WTP), in addition to groundwater sources. Treated water is reused in the process plant and for operational services, while excess volumes are managed according to environmental discharge and reinjection plans.

15.19 Tailings
 Management Facility

15.19.1 Drystack
 Tailings Facility

The Project will utilize a drystack tailings facility (DSTF) for tailings management, incorporating filtered tailings transport and placement to minimize environmental impacts and enhance long-term stability. The DSTF will accommodate approximately 3 Mt of tailings over the mine life, corresponding to a required volume of 1.9 million cubic meters, based on a weighted average dry density of 1.59 t/m³. The facility is configured as a centerline-raised embankment, starting with a rockfill starter dam and built progressively with compacted filtered tailings.

Tailings placement follows a seasonal deposition strategy: during the wet season, material will be deposited loosely in the western section, shaped to direct runoff into decant structures; in the dry season, tailings will be compacted in horizontal lifts in the eastern section to provide structural support and storage capacity. Transport to the DSTF will be carried out by a mine fleet of haul trucks. Initial capital works include the construction of the impoundment area, underdrain systems, geotextile lining, and reclaim ponds, as well as installation of the mechanical and electrical systems required to recirculate water back to the process plantt. The general layout of the DSTF is illustrated in Figure 15-4.

![](ex9607_096.jpg)

**Figure 15-4: DSTF Seasonal Material Placement Plan**

Source: Bluestone, 2019.

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15.19.2 Subsurface
 Preparation

A series of geotechnical investigations were conducted to support the design of the DSTF. These included test pits, boreholes, Standard Penetration Tests (SPT), and in-situ permeability testing. The 2018 campaign by Stantec, complemented by prior work from Golder (2012–2013), provided a comprehensive understanding of the foundation conditions at the proposed DSTF site. The subsurface profile generally consists of colluvial and alluvial soils over residual materials derived from sedimentary and volcanic rocks. Bedrock was not encountered within the depth range investigated (up to 30.3 m).

This site characterization allowed for the development of foundation design criteria, material suitability assessments, and embankment performance evaluations under both static and seismic loading. The data were used to confirm the feasibility of the selected location and inform the layout and sequencing of construction activities.

![](ex9607_097.jpg)

**Figure 15-5: DSTF Geotechnical Site Investigation Plan**

Source: Bluestone, 2019.

15.19.3 Seepage
 Collection System

To ensure long-term performance and reduce pore pressure within the tailings mass, a dedicated seepage collection system has been incorporated into the DSTF design. The system includes a foundation-level underdrain network and perforated vertical decant towers designed to intercept percolated water and surface runoff. Water collected from both systems will flow to a low-flow reclaim pond, with overflow capacity directed to a stormwater pond for exceptional rainfall events.

Each pond is equipped with a sump and pump system to return water to the process plant for reuse. The construction of drainage infrastructure will be staged in coordination with tailings deposition, ensuring operational readiness as the facility expands. This approach supports the

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project's zero-discharge water management strategy and enhances geotechnical stability over time.

![](ex9607_098.jpg)

**Figure 15-6: DSTF Underdrain Plan Showing Starter Dam**

Source: Bluestone, 2019.

15.20 Waste
 Rock Facility

The planned Waste Rock Facility (WRF) is located southwest of the DSTF, near the south portal, and is designed to temporarily store up to 120,000 m³ of waste rock generated during mining. Bluestone intends to use most of this material in the underground backfill program, resulting in minimal long-term accumulation. While geochemical testing is ongoing to confirm the potential for acid generation (PAG), current assumptions consider low risk due to limited exposure time. Field humidity cell tests on representative samples are recommended prior to detailed engineering.

Although no targeted site investigation was conducted beneath the WRF footprint, general test pits in the area indicate a subsurface profile of sands and gravels, considered typical and adequate for feasibility-level design. Observations of existing waste rock at the south portal confirm that materials are hard and durable. Further geotechnical and geochemical studies will be required in subsequent design phases to validate long-term stability and environmental compliance.

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![](ex9607_099.jpg)

**Figure 15-7: WRF General Configuration Plan**

Source: Bluestone, 2019.

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16 MARKET STUDIES

16.1 Gold
 Market

The global gold market operates as a well-established and highly liquid system, characterized by a diversified foundation of supply and demand. From a macroeconomic perspective, gold consistently exhibits countercyclical behavior, having historically served as a store of value under conditions of elevated financial stress, inflation volatility, and geopolitical instability. Its low to negative correlation with traditional asset classes—such as sovereign bonds and equities—significantly enhances its utility as a portfolio diversifier (Figure 16-1).

![](ex9607_100.jpg)

**Figure 16-1: Gold price behavior since 2000**

Source: World Bank Group, 2025.

16.1.1 Gold
 Price

Mineral Resources have been modelled at a gold price of US$2,000/troy oz. Project economics have also been assessed at a base case gold price of US$2,389/troy oz based on the long-term consensus forecast from over 20 investment banks. Project economics at a range of gold prices are evaluated as part of project sensitivity analysis in Section 22.

16.2 Silver
 Market

Relative to global markets such gold, the global silver market is less significant in value. According to data published by the Silver Institute, it reached 680.5 million ounces (Moz) in 2024 and is projected to exceed 700 Moz in 2025 (Figure 16-2).

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**Figure 16-2: Silver price behavior since 2000**

Source: World Bank Group, 2025.

16.2.1 Silver
 Price

Although silver tonnage has not been explicitly modeled within the mineral resource estimate, project economics were assessed using a silver price of US$28.44/troy oz, based on the long-term consensus forecast from over 20 investment banks.

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17 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS

17.1 Introduction

Aura's review shows that the Project has all necessary permits to proceed with the development of the underground mine and construction of the process facilities, subjected to the future operation to adhere to the conditions of the exiting permits. The review shows that the Project has been operating so far under high levels of environmental and CSR standards and has been maintaining a comprehensive Permits Register, which shows that all applicable permit commitments have been fulfilled over time.

17.2 Environmental
 Impact Assessment and Permitting

There are various environmental studies and ongoing monitoring activities which have been performed at the Era Dorada site since the start of the project. An Environmental Impact Assessment (EIA) was submitted and approved by the Ministerio de Ambiente y Recursos Naturales (MARN) in 2007, however some components of the mine design have changed since that time and specific permit amendments are required. Additionally, it is important to highlight that new baseline environmental and social studies are required for the power line.

The approved EIA from 2007 included basic Environmental Management Plan (EMP), Social Management Plan (SMP) and Conceptual Mine Closure Plan, which have been reviewed and updated during the Feasibility Study (Blustone, 2019) to account for current international good-practices and the updated project design. Over the next project phase, those plans will be updated to reflect optimization and further development.

17.2.1 EIA
 Areas of Influence

In 2007, the approved EIA was prepared based on three specific areas, as shown in Figure 17-1. The approved EIA has defined the direct area of influence within an irregular polygon 235,452 m<sup>2</sup> in area. This includes the underground mine, the processing plant and its surrounding service buildings. The indirect area of influence includes exploration areas in addition to the direct area of influence, covering a total area of 7,050,000 m<sup>2</sup>. An external area of influence is also considered; this includes the surrounding areas and the following seven communities (total area of 5,500 ha):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Caserlo
 La Lima;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trapiche
 Vargas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· El
 Cerron;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· El
 Tule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Las
 Animas;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· San
 Rafael Cerro Blanco; and.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Municipality
 of Asunción Mita.

![](ex9607_102.jpg)

**Figure 17-1: EIA Areas of Influence**

Source: Bluestone, 2019

17.2.2 Permitting

As already mentioned, since the design has been updated and optimized, an amendment of the 2007 EIA and specific permits will be required for approval to be aligned with the updated project design.

The power line is not covered by any previous studies or permits, therefore requiring new baseline studies, EIA, and permit applications to be submitted to MARN for approval, with input from the following Guatemalan authorities: Ministerio de Energía y Mineria (MEM), Consejo Nacional de Areas Protegidas (CONAP), Instituto Nacional de Bosques (INAB), Ministerio e Salud y Asistencia social (Ministry of Health & Social Assistance), and the local municipality of Asunción Mita. The anticipated duration for completion of baseline studies, submittal/approval of EIA, and issue of permits is 8-10 months.

The

Table 17-1 provides a summary of main permit amendments and new permits required, while Source: Bluestone, 2019.

Table 17-2 summarizes the ongoing permits and current status of each.

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**Table 17-1: Main permit amendments & new permit required**

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| | |
|:---|:---|
| **Project Component** | **Action Required** |
| Water Management (Injection of Mine Water// Increase of water discharge flow) | EIA Amendment |
| DSTF Optimization (Changes from 2007 EIA Design) | EIA Amendment |
| Change of project footprint or approved design (Non authorized activities) | EIA Amendment |
| New Power Line | New EIA and Permit |
| Export Permit | New Permit |

---

Source: Bluestone, 2019.

**Table 17-2: Current permits**

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| | | |
|:---|:---|:---|
| **License / Permit** | **Resolution / Date of Issue** | **Expiration Date** |
| Mining | Resolution No.1942 MEM | 2032 |
| Tracking and Surveillance Licence Category A | 2613-2007/ECM/LP | 2028 |
| EIA approval | 2613-2007/ECM/LP MARN | The duration of the Project life |
| Export Permit | DGLEX-07-2018 MEM | Valid from April 25 2018 until April 25 2019 |
| Discharge Abatement Cerro Blanco Project and Environmental Management Plan - Category B2 | 511-2011/DIGARN/ECM/caml MARN | 2028 |
| Property Registry | October 31, 2007 | 2032 |
| Cerro Blanco Building Permit Municipality As. Mita - Difference between previous value and current value must be paid | December 29, 2007 | Indefinite |
| Forestry License #1 (East Zone) | No. 40-2205-155-1.6-2007 | In process of renewal |
| WTP Handling and disposal of sludge | Resolution 00244-2016-DIGARN/FACD/gamc MARN | 2028 |
| Amendment Handling and disposal of sludge | Resolution 03749-2019 - DIGARN/MOCMD/RJOP | 2027 |
| Medical Clinic | Sanitary License 14047 Ministry of Health and Social Assistance June 14th, 2016 | 2026 |
| Resolution: no pre-Hispanic or paleontological remains in the Project area | Opinion No. 002/mc.2008 Department of Pre-Hispanic and Colonial Monuments. | Indefinite |
| Diesel Tank Operating License, Own Consumption | Lic No. 0627 | 2029 |
| License for operation and management of Explosives | 1942 | Undefined |
| Other resolutions of environmental documents, from previously acquired commitments | 2007 | Undefined |

---

Source: Bluestone, 2019.

17.3 Water
 Resources

17.3.1 Water
 Quality

The environmental monitoring program involves continuous sampling of surface and groundwater. Monitoring at the discharge point shows that all parameters meet the criteria set by MARN and EPA guidelines for ore mining effluent. The study conducted by Consultoria y Tecnologia Ambiental, S.A. (CTA) in 2010 summarizes water quality monitoring results from 2002 to 2007. The findings include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· pH
 levels between 6.3 and 8.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Surface
 water temperatures between 26°C and 27°C, and groundwater temperatures between 33°C
 and 72°C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conductivity
 in surface water between 226 and 693 μS/cm, and groundwater between 2,235 and 3,962
 μS/cm.

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17.3.2 Water
 Management

The project's water management infrastructure includes a Water Treatment Plant (WTP), pipelines, settling ponds, channels, ponds, and groundwater wells. Regular monitoring of surface and groundwater has been conducted for the past 10 years. The 2007 Environmental Impact Assessment (EIA) indicates naturally occurring metals like Aluminum, Arsenic, Iron, and Manganese in the region's water.

Installed in 2011, the WTP is capable to treat up to 1,500 gallons per minute (gpm) discharging the treated water into Quebrada Tempisque. It removes arsenic using co-precipitation with ferric salt, involving chemical oxidation, pH adjustment, ferric iron addition, and solids separation. Sludge generated from the process is disposed of in lined trenches, as required by the Resolution number 00244-2016- DIGARN/FACD/gamc MARN and will be backfilled into underground facilities at the end of mining operations.

A monitoring and sampling program has been in place since 2011, with monthly compliance reports approved by MARN. There have been no incidents of non-compliance, and the program will continue during the project's operational phase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Surface
 Water Management: Runoff is classified as "contact" or "non-contact"
 water. Contact water undergoes treatment before reuse or discharge, while non-contact water
 is diverted and monitored.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Groundwater
 Management: Dewatering of the mine is achieved through surface wells and underground sumps.
 Treated water is either reused or discharged into Quebrada Tempisque. Reinjection wells are
 used to manage groundwater.

17.4 Waste
 Rock and Tailings Management

17.4.1 Waste
 Rock

The waste rock facility is described in Section 15.20. Temporary storage of waste rock occurs for a maximum of one year before being deposited back underground, as cemented rock fill (CRF) or loose aggregate fill.

Based on historical geochemistry test work and waste rock exposure, time will be limited, it was thus assumed that any potential acid generation will not have sufficient time to occur. The current design includes a pond that collects run-off water from the waste rock facility. A water quality monitoring program will be implemented to evaluate groundwater and run-off water quality prior to discharge. The implementation of environmental monitoring and controls will be focused on ensuring that potential acid generation does not occur.

17.4.2 Tailings

Tailings generated from the process plant will be dewatered through filtration before disposal in the Dry Stack Tailings Facility (DSTF), described in Section 15.19.1. A separate contact water management system is designed to collect all run-off from the DSTF to prevent potential surface water contamination. Contact water will be pumped to the WTP for treatment

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prior to discharge. The facility is designed to prevent environmental contamination collecting runoff water for treatment.

Based on studies of geochemistry characterization and consistent with de approved EIA, tailings are considered non-acid generating (NAG). The next section provides a summary of the geochemical tests performed for the Project.

17.4.3 Geochemistry
 Testwork

For the Feasibility Study (FS), as carried out in 2019, new tailings sample underwent geochemical testing, and existing data on ore and tailings geochemistry were reviewed.

Historical and FS testing results are summarized below:

17.4.3.1 Previous
 Test Work

A 2006 Water Management Consultants (WMC) report details Preliminary and Phase I characterizations. Waste rock and ore samples from five major ore veins (S1A, S1B, S2, S3, North zone) underwent Acid Base Accounting (ABA) testing (65 samples) and leach extractions (17 samples). Net Neutralization Potential (NNP) values indicated 27 Non-Acid-Generating (NAG) samples, 27 uncertain, and 9 potentially acid generating (PAG). Using Neutralization Potential Ratio -NPR, Phase I data (n=42) showed 48% NAG, 36% PAG and 17 % uncertain samples.

Ore samples tested by WMC, which would become tailings, likely retain their original geochemical characteristics post-milling. WMC reported a wide NPR range for ore (0.01 to 1163) with a geometric mean of 3.4, suggesting tailings would likely be NAG.

The 2012 DSTF feasibility-level design and cost estimate report by Golder, described geochemical testing for a single tailings sample (run in duplicate) using static and kinetic methods. Results indicated the sample was NAG with sufficient carbonate (calcite) to neutralize any acid from residual sulfide minerals. No evidence of metal leaching was found under aggressive or ambient conditions (SPLP testing). Thus, the evaluated tailings sample showed no potential for acid drainage or metal leaching.

17.4.3.2 Feasibility
 Study (2019)

In June of 2018, a tailings sample (DS-32-0261 Tailings) was generated by blending various ore types from different locations around the mine and sent to Maxxam Analytics in Burnaby, British Columbia. The sample was subjected to ABA tests, to assess the potential for acid rock drainage, and Shake Flask Extraction (SFE), to assess the potential for metal leaching.

The results were similar to historical testing campaigns and showed an abundance of acid neutralizing potential (ANP) compared to the acid generating potential (AGP). With a neutralization potential ratio (NPR) value of 4.8 and a net neutralization potential (NNP) of 41, the tailings were classified as non-acid generating.

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Regarding the potential for metal leaching, Mercury is the only constituent leached at a concentration at the limit identified by the International Finance Corporation (IFC). All other metals that might cause impact to the environment if discharged in surface water or groundwater are below both the IFC and limits identified by the U.S. Environmental Protection Agency (EPA).

17.5 Solid
 Waste Management

17.5.1 Non-Hazardous
 Solid Waste

The project proposes continued landfill disposal for inert, non-hazardous solid waste generated during construction and operations. Waste management practices prioritize valorization, recycling, and off-site reuse. The existing landfill will be expanded to accommodate construction waste and remain in use throughout operations, with final reclamation at mine closure. A temporary facility currently stores a Water Treatment Plant (WTP) sludge, which will eventually be disposed of underground. A new temporary storage site will be built near the landfill for ongoing WTP sludge management. The landfill, located on a hilltop outside catchment areas, avoids the need for water diversion. Waste is managed in trenches excavated and compacted by dozers, with each trench backfilled and covered with at least 1.5 meters of material before a new trench is created.

17.5.2 Solid
 Hazardous Waste

The anticipated hazardous waste primarily includes waste oils, process reagents, and laboratory chemicals. Waste oils will be incinerated or recycled by the supplier. Most reagents and chemicals will be disposed of within the process, with the remainder recycled by the supplier.

Cyanide containers and other reagent containers will be washed with fresh water in contained areas, complying with the International Cyanide Code standards. Neutralized products and containers will be disposed of or recycled according to local regulations. Laboratory fire assay wastes, which may contain small amounts of lead, and any lead-contaminated dust will be disposed of in accordance with local regulations. Hazardous material spill clean-ups will be prioritized, involving excavation, neutralization, and disposal of contaminated soils either on-site or at a licensed facility.

17.6 Flora
 and Fauna

Baseline studies have recorded the region's biodiversity since 2007. Ongoing monitoring indicates minimal impact from the project. The local ecosystem consists of subtropical and tropical dry forests, supporting diverse plant species. Wildlife monitoring shows stable populations of birds, reptiles, and aquatic fauna.

Based on a specific Flora and Fauna Management Plan, to protect both flora and fauna environments and species, preventive conservation measures, including habitat relocation for threatened species, such as orchids, tillandsias, cactus or pitayas, have been implemented.

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17.7 Cultural
 and Archeological Resources

A dedicated onsite team monitors potential impact on cultural and archeological artifacts. Pre-construction inspections and external expert consultations ensure compliance. To date, no significant historical artifacts have been identified within the project's direct area of influence.

17.8 Environmental
 Monitoring

The Project is currently operating and reporting on a comprehensive environmental monitoring network consisting of 26 monitoring stations for water quality within and outside of the Project boundaries. There are also nine stations for monitoring air quality.

As part of the commitments under the approved EIA, the Project performs monthly monitoring to evaluate the water quality, air quality and noise levels in the direct and indirect areas of influence. Monthly and annual reports are prepared and presented to the Authorities (MARN, Ministerio de Energía y Mina – MEN, Ministerio de Salud de Jutiapa and Ministerio de Ambiente de Jutiapa) to report on the results of monitoring.

17.9 Environmental
 Management Plan

The Environmental Management Plan (EMP) has been updated using lessons learned from a decade of onsite environmental data collection. The plan is aligned with regulatory requirements and international best practices. It integrates corporate health, safety, and environmental programs, including emergency response strategies.

17.10 Social
 Management

Aura prioritizes strong community relationships. The Project retains a comprehensive database of community engagement activities and sustainability initiatives.

The Social Baseline Study (SBS) included in the EIA was prepared in 2006 using information extracted from 2002 national census. It was updated in 2018 with the most recent Guatemalan official data at that time and information collected from a census conducted in the rural area, along with numerous face-to-face meetings with representatives of local organization.

The scope of the study covered the town of Asunción Mita (capital of the municipality), also referred to as the "Urban Area", plus 6 rural villages included in the external area of influence and nine rural villages located near Lake Güija (collectively referred to as the "Rural Area"). The Lake Güija villages were included in the SBS update to gain a better understanding of the project perception outside of the external area of influence.

In Asunción Mita, a total of 28 registered small local community organizations, called Consejos Comunitarios de Desarrollo (COCODEs), manage public budgets and formulate projects to meet community need. During the SBS update, meetings were held with representatives from the 20 active COCODEs in the urban area.

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Era Dorada team members are actively involved with local organizations and communities to inform the population project activities and development strategies. In order to respond to the concern around lack of specific knowledge regarding the Project, COCODE representatives and the public were invited to visit the project site, which proved to be very successful.

With respect to the surrounding villages, the majority have small populations (i.e. less than 400), except for Trapiche Vargas (566) and San Joaquín (745). The population characteristics of the villages are generally in line with those in the urban area.

To manage social issues a dedicated software has been implemented as a tool to register, monitor and report all aspects of the social management program. This has improved access to information for the onsite team and has resulted in more efficient monitoring and reporting activities.

The updated Social Management Plan (SMP) incorporates IFC performance standards and includes mechanisms for communication, grievance handling, conjuncture monitoring, local relationship, corporate social alignment, social impact evaluation, continuous training and community involvement. A Social Monitoring Committee (SMC) is in the process of being implemented to ensure transparency.

17.11 Mine
 Closure

The approved EIA includes a conceptual mine closure plan, which was further refined and is based in a long-term monitoring of water quality and ecosystem restoration, using native plant species in revegetation.

Total Closure costs are estimated at US$17.9 M.

The main requirements of the updated closure plan are summarized below:

17.11.1 Underground
 Mine

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Progressive
 underground backfilling of waste rock and tailings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Removal
 of all underground equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Portal
 and vent raises will be blocked with concrete and/or steel plugs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 infrastructure at portal pads will be removed and concrete pads covered with locally sourced
 fill and indigenous vegetation.

17.11.2 Process
 Plant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adequate
 cleaning of infrastructure and drainage of piping before demolition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Recycling,
 reuse, and reclamation of materials will be evaluated prior to closure phase to avoid disposal
 in landfills.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Concrete
 foundations will remain in place and be covered with locally sourced fill and indigenous
 vegetation. Surface will be graded to prevent water accumulation.

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17.11.3 Administration
 Offices and Ancillary Buildings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Administration
 offices and all other buildings (including explosives storage warehouse) will be decommissioned
 and demolished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cleaning
 and decontamination procedures will include equipment/waste management disposal/recycling
 prior to decommissioning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Concrete
 foundations will remain in place and be covered with locally sourced fill and indigenous
 vegetation. Surface will be graded to prevent water accumulation.

17.11.4 Dry
 Stack Tailings Facility (DSTF)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Once
 mining operations have ceased, the DSTF will be closed, covered with locally sourced fill
 and revegetated with appropriate native species.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 surface piping, mechanical equipment and electrical services associated with the DSTF will
 be decommissioned and disposed of.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Soils
 around the facility will be tested for potential contamination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Final
 reclaimed profile will respect the site-specific landform objectives.

17.11.5 Waste
 Rock Facility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 waste rock will be hauled and stored underground mine throughout the mining operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Natural
 soil cover will be put in place and vegetation with indigenous species planted over the impacted
 area.

The Dry Stacking Tailings Facility (DSTF) will be constructed continuously over the life of mine using the downstream construction method, so concurrent reclamation will not be possible. At the end of operations, exposed portions of the decant piping will be dismantled and the decant pipes will be plugged below the final surface.

The surface of the DSTF will be contoured so that it will shed precipitation, rather than impound it. Topsoil that is stockpiled from the DSTF footprint during construction will be spread over the surface of the DSTF. Native grass seed mixture will be planted to reduce erosion.

17.12 Potential
 Risks and Mitigation Actions

17.12.1 Permitting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Potential
 Risk: Delays may occur resulting in increased duration of the assumed project development
 schedule due to new EIAs and permits needed for the power line and approval of permit amendments
 for injection of mine water and/or new permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mitigation
 Action: Proceed with application of permit amendments and new EIAs/permits immediately to
 mitigate potential schedule impact. Continued discussions with local regulatory bodies are
 required to ensure avoidance of unforeseen delays in permitting.

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17.12.2 Tailings
 and Waste Rock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Potential
 Risk: Tailings and waste rock were assumed to be Non-Acid- Generating (NAG) based on test
 work completed to date and the limited exposure time at surface for waste rock. Additional
 test work is required before detail engineering to confirm this assumption. If classification
 is changed to Potentially-Acid Generating (PAG), the design will need to be updated accordingly,
 which could result in increased capital costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mitigation
 Action: The costs of geochemical testing should be included in the project budget and testing
 should be performed prior to detailed engineering.

17.12.3 Socio-Political

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Socio-Political
 Risk: Although the local community is favorable to the development of Era Dorada as an underground
 mine, there is a potential risk of socio-political opposition to mine development which could
 adversely impact the project development schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mitigation
 Action: The development of close relationships with the local communities, landowners and
 government along with implementation of the Environmental Management Plan (EMP) and Social
 Management Plan (SMP) is required to engage the people with the project, as well as a consistent
 monitoring of the main stakeholders.

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18 CAPITAL AND OPERATING COSTS

18.1 Capital
 Cost Estimate

LoM Project capital costs total $417 M, consisting of the following distinct phases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre-production
 capital costs – includes all costs to develop the property to a 1,500 tpd production.
 Initial capital costs total $264.6 M and are expended over a pre-production period on engineering,
 construction and commissioning activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sustaining
 capital costs – includes all costs related to the acquisition, replacement, or major
 overhaul of assets during the mine life required to sustain operations. Sustaining capital
 costs total $136.2 M and are expended in operating Years 1 through 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Closure
 Costs – includes all costs related to the closure, reclamation, and ongoing monitoring
 of the mine, post operations. Closure costs total $17.2 M, and are primarily incurred in
 Year 1, with costs extending into Year 17 for ongoing monitoring activities.

The capital cost estimate was compiled using a combination of database costs, and factors; the overall cost estimate was benchmarked against similar operations. Table 18-1 presents the capital estimate summary for initial and sustaining capital costs with no escalation.

18.1.1 Capital
 Cost Summary

**Table 18-1: Capital cost summary**

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|:---|:---|:---|:---|
| **WBS DESCRIPTION** | **Pre-Production Cost <br> USD ($M)** | **Sustaining Cost/Closure<br> USD ($M)** | **Project Total Cost<br> USD ($M)** |
| Infrastructure | 8.2 | 8.4 | 16.6 |
| Power and Electrical | 16.7 | - | 16.7 |
| Water Management | 16.1 | 24.7 | 40.8 |
| Surface Operations | 14.7 | 1.7 | 16.4 |
| Mining | 63.4 | 80.2 | 143.6 |
| Process Plant | 49.7 | 16.7 | 66.4 |
| Construction Indirect | 38.0 | 4.6 | 42.6 |
| General Services – Owner's Costs | 21.3 | - | 21.3 |
| Logistics/ Taxes/ Insurance | 9.0 | - | 9.0 |
| Pre- Production, Start-up & Comissioning | 5.0 | - | 5.0 |
| Contingency | 21.9 | - | 21.9 |
| Closure Costs | - | 17.2 | 17.2 |
| TOTAL | 263.6 | 153.5 | 417.0 |

---

Source: GE21, 2025.

Figure 18-1 and Figure 18-2 present the capital cost distribution for the pre-production and sustaining phases. As typical with underground operations, the majority of sustaining capital costs relate to underground lateral and vertical development. In addition, due to the geothermal nature of the Project, the sustaining capital costs include a significant amount of reinjection well drilling and dewatering wells.

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![](ex9607_103.jpg)

**Figure 18-1: Distribution of initial capital cost**

Source: GE21, 2025.

![](ex9607_104.jpg)

**Figure 18-2: Distribution of sustaining capital cost**

Source: GE21, 2025.

18.1.2 Capital
 Cost Profile

All capital costs for the Project have been distributed against the development schedule in order to support the economic cash flow model. Figure 18-3 presents an annual life of mine capital cost profile including closure years (Year 20-23).

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![](ex9607_105.jpg)

**Figure 18-3: Capital cost profile**

Source: GE21, 2025.

18.1.3 Key
 Estimation Assumptions

The following key assumptions were made during development of the capital estimate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Underground
 development activities will be performed by the Owners forces; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 surface construction (including earthworks) will be performed by contractors.

18.1.4 Key
 Estimation Parameters

The following key parameters apply to the capital estimates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Estimate
 Class: The capital cost estimates are considered Class 5 estimates (-30%/+50%). The overall
 Project definition is estimated to be 5%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Estimate
 Base Date: The base date of the estimate is May 2025. No escalation has been applied to the
 capital cost estimate for costs occurring in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Units
 of Measure: The International System of Units (SI) is used throughout the capital estimate;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Currency:
 All capital costs are expressed in US Dollars (US$). Portions of the estimate were estimated
 in Canadian Dollars (C$) and converted to US Dollars at a rate of CA$1.00: US$0.78

18.1.5 Basis
 of Estimate

18.1.5.1 Mine
 Capital Cost

Capital cost estimates are based on a combination of budgetary quotes from equipment suppliers, in-house cost databases and similar mines in Guatemala. Table 18-2 summarizes the underground mine capital cost estimate.

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**Table 18-2: Mine capital cost**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**WBS DESCRIPTION** | &nbsp;&nbsp;**Pre-Production Cost<br> USD ($M)** | &nbsp;&nbsp;**Sustaining Cost/Closure<br> USD ($M)** | &nbsp;&nbsp;**Project Total Cost USD<br> ($M)** |
| &nbsp;&nbsp;Capital Development | &nbsp;&nbsp;20.5 | &nbsp;&nbsp;29.7 | &nbsp;&nbsp;50.2 |
| &nbsp;&nbsp;Underground Mobile Equipment | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;20.6 | &nbsp;&nbsp;20.8 |
| &nbsp;&nbsp;Ventilation | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;6.6 |
| &nbsp;&nbsp;Water Management | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Fixed Infrastructure | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;Material Handling | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;Electrical and Automation | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;Technical and Safety | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;Mining - Total | &nbsp;&nbsp;30.1 | &nbsp;&nbsp;60.3 | &nbsp;&nbsp;90.4 |

---

Source: GE21, 2025.

18.1.5.1.1 Capital
 Development

Capital development includes the labour, fuel, equipment usage, power, and consumables costs for lateral and vertical development required for underground access to stopes, and underground infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lateral development fuel, equipment usage, power, and consumables requirements were developed based on the mine plan requirements. Manufacturer database equipment usage rates were applied to the required operating hours; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lateral development labour requirements were determined by the required equipment fleet in operation. Supervision and support services were pro-rated to the development costs, based on the mix of underground activities occurring.

18.1.5.1.2 Underground
 Mobile Equipment

Underground mining equipment quantities and costs were determined through buildup of mine plan quantities and associated equipment utilization requirements. Budgetary quotes were received and applied to the required quantities. The mining fleet is assumed to be provided by a contractor up to the end of Year 2, after which the Owner purchases new mobile equipment and takes control of mining development

18.1.5.1.3 Underground
 Infrastructure

Design requirements for underground infrastructure were determined from design calculations for ventilation, dewatering, and material handling. Budgetary quotations or database costs were used for major infrastructure components. Allowances have been made for miscellaneous items, such as initial PPE, radios, water supply, refuge stations, and geotechnical investigations. Acquisition of underground infrastructure is timed to support the mine plan requirements.

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18.1.5.1.4 Capitalized
 Production Costs

Capitalized production costs are defined as mine operating expenses (operating development, mineralized material extraction, mine maintenance, and mine general costs) incurred prior to the introduction of feed to the processing facilities and the commencement of Project revenues. They are included as a pre-production capital cost. Capitalized production costs are included in the asset value of the mine development and are depreciated over the mine life within the financial model.

18.1.5.1.5 Contractor
 Development

Contractor mine development is based on bid proposals received for Latin American contractors working in similar locations and production rates. Unit cost of development and stoping are based on unit costs for mine activities including drill, blast, muck, haul, and support. A nominal $250 k was assumed for contractor mobilization and demobilization, including the cost to set up and take down any additional site facilities to store and maintain equipment. Table 18-3 outlines contractor rates used for capital development.

**Table 18-3: Contractor capital development rates**

---

| | | |
|:---|:---|:---|
| **Activity** | **Profile** | **Unit Price** |
| Drift Rehabilitation | 5.0 m x 5.0 m | $510 per m |
| Capital Lateral Development | 5.0 m x 5.0 m | $3,080 per m |
| Capital Vertical Development | 4.0 m x 4.0 m | $1,860 per m |
| Capital Raisebore | 3.0 m diameter | $2,150 per m |

---

Source: GE21, 2025.

18.1.5.2 Surface
 Construction Cost

Surface construction costs include site development, mineral processing plant, tailings management facility, and on-site and off-site infrastructure. These cost estimates are primarily based on material and equipment costs from material take-offs and detailed equipment lists. Pricing for main equipment and bulk materials was primarily estimated from similar projects, with some factors applied for minor cost elements.

Table 18-4 presents a summary basis of estimate for the various commodity types within the surface construction estimates. Growth factors were included above neat material take-off quantities for all areas.

**Table 18-4: Surface construction basis of estimate**

---

| | |
|:---|:---|
| **Commodity** | **Basis** |
| Access Roads | Material take-offs developed based on general arrangements by local contractor. |
| Bulk Earthworks | Model volumes from preliminary 3D grading model. Database unit rates for bulk excavation and fill. Material take-offs for surface drainage, water management ponds and temporary roads from general drawings. |
| Concrete and Structural Steel | Material take-offs estimated and factored costs applied from similar projects. |
| Buildings and warehouses | Buildings according to general arrangements with factored costs for overall building structures. |
| Mechanical / Electrical Equipment | Mechanical/Electrical equipment based on database with factored costs applied from similar projects. |

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| | |
|:---|:---|
| **Commodity** | **Basis** |
| Piping | Material take-offs are estimated for major pipelines and small-bore piping. Factored costs applied from similar projects. |
| Dewatering and Injection Wells | Number of wells based on dewatering and injection plan. Factored costs applied from similar projects. |
| Power Transmission Line and Major Sub-stations | Estimated based on general arrangements and site layouts. Factored costs applied from similar projects. |

---

Source: GE21, 2025.

18.1.5.2.1 Surface
 Construction Sustaining Capital

Sustaining capital costs include the following dewatering and injection wells.

Drystack storage facility earthworks quantities were developed from engineering drawings by the design engineer. Database unit rates benchmarked against projects recently constructed in the region have been applied to the engineered quantities.

It is assumed that DSF construction will be performed by a contractor, during both the construction and operations phase.

18.1.6 Indirect
 Cost Estimate

Indirect costs are classified as costs not directly accountable to a specific cost object. Table 18-5 presents the subjects and basis for the indirect costs within the capital estimate.

**Table 18-5: Indirect cost basis of estimate**

---

| | |
|:---|:---|
| **Commodity** | **Basis** |
| On Site Contract Services | Heavy Lift Crane Services based on estimated durations and historical rates for crane services. |
| Contractor Field Indirects | Estimated by first principles, and including the following items: |
| Contractor Field Indirects | - Time-based cost allowance for general construction site services (temporary power, heating and hoarding, contractor support, etc.) applied against the surface construction schedule |
| Contractor Field Indirects | Construction offices and wash car facilities |
| Contractor Field Indirects | Safety training, tools and equipment |
| Contractor Field Indirects | Environmental cost |
| Contractor Field Indirects | Materials Management and Warehouse Operations |
| Contractor Field Indirects | Site Maintenance and Temporary Services |
| Contractor Field Indirects | Surveying and Quality Assurance |
| Contractor Field Indirects | Communications |
| Contractor Field Indirects | Contractor facilities and related cost |
| Contractor Field Indirects | Construction team facilities, fuel |
| Freight and Logistics | Factor (10%) for freight and logistics related to the materials and equipment required for the crushing plant, mineral processing plant, on-site and off-site infrastructure. Factor excludes mining equipment as prices are FOB site. |
| Vendor Representatives | Estimated by first principles, assessing the equipment supply packages and vendor services hours required for commissioning equipment. |
| Capital Spares | Based on material take-offs from similar projects. |
| Start-up and Commissioning | Included under EPCM (personnel) and Owner's team costs (material and consumables). |
| First Fills | Based on requirements determined by engineering and database pricing. |
| Detailed Engineering and Procurement | Factor applied against direct and indirect hours for engineering management, detailed design, drawings, and major equipment procurement |
| Project and Construction Management | Staffing plan built up against the development schedule for project management, health and safety, construction management, field engineering, project controls, and contract administration. Costs are based on similar project. |

---

Source: GE21, 2025.

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18.1.7 Owner
 Cost Estimate.

Owner's costs are capitalized in the initial capital costs during the construction phase. Owner's costs for the project start in Month 10 of Year -2 of the CAPEX cash flows. Any Owner's costs prior to this are assumed to be within the Owner's approved budget expenses and are considered sunk costs.

18.1.7.1 Process
 Plant Operations

The following processing related costs are included in the initial capital:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Management,
 technical, operations, and maintenance labour employed during the construction phase

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· First
 fills of consumables and reagents, and initial consumption during process commissioning to
 initiate operations, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Energy
 costs for power consumed during process commissioning and start-up activities.

18.1.7.2 Water
 Treatment Plant Operation

The following cost elements are included in the initial capital costs for operation of the water treatment plant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Technical
 and operations labour

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Maintenance
 and parts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Power
 consumption, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reagents,
 consumables, and third-party services.

18.1.7.3 Dewatering
 Wells Operations

The following costs elements are included in the initial capital costs for operations of dewatering wells:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervision,
 technical and operations labour

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Maintenance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Power
 consumption, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reagents,
 consumables, and third-party services.

18.1.7.4 Pre-Production
 G&A – Labour

Costs for general and administrative labour are included for the following sectors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· General
 management Sustainability, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Community
 relations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Health
 and Safety

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Environmental

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Human
 resources training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Procurement
 Logistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Security,
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Site
 services and facilities maintenance.

Costs associated with the following activities are included within the Sustainability category:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Submit
 permit amendments for injection of mine water and application for new EIA/permits for access
 road and powerline, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Complete
 land agreement negotiations for access road and power line right-of-ways and injection well
 pads.

18.1.7.5 Pre-Production
 G&A – Equipment

Costs for owner site support equipment usage are included for the following sectors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Site
 Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Warehouse
 / material management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Health,
 Safety, and Environment, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Administration
 / management.

18.1.7.6 Pre-Production
 G&A – Expenses and Service

Costs for general and administrative expenses and fees are included for the following sectors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Health,
 safety and medical supplies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Staff
 safety equipment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Environmental
 services, fees, and outside laboratory costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Human
 resources (training, recruitment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Construction
 insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Community
 relations and programs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Legal
 and regulatory, including property tax

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· External
 consulting IT and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Site
 office costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Office
 lease and services for Guatemala City

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Waste
 disposal, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Existing
 infrastructure power and maintenance.

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18.1.8 Closure
 Cost Estimate

Closure costs have been estimated based on the typical closure, reclamation, and monitoring activities for an underground mine. Activities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Removal
 of all surface infrastructure and buildings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Closure
 and capping of the DSTF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Removal
 of all fixed underground equipment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Closure
 of the underground mine portals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Power
 transmission line and substation removal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Re-vegetation
 and seeding, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ongoing
 site monitoring.

The majority of closure costs are incurred immediately following completion of operations (20). Monitoring activities are anticipated to extend to Year 24. Table 18-6 provides a summary of closure cost categories.

**Table 18-6: Closure estimate summary**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Estimated Cost (M$)** |
| &nbsp;&nbsp;Safety | &nbsp;&nbsp;0.64 |
| &nbsp;&nbsp;Underground Mine | &nbsp;&nbsp;1.36 |
| &nbsp;&nbsp;Infrastructure | &nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;Process Plant | &nbsp;&nbsp;6.78 |
| &nbsp;&nbsp;Water Treatment Plant | &nbsp;&nbsp;1.25 |
| &nbsp;&nbsp;Piping, Ponds and Tanks | &nbsp;&nbsp;2.12 |
| &nbsp;&nbsp;Switchyard and Power Distribution | &nbsp;&nbsp;0.61 |
| &nbsp;&nbsp;Administration Offices and Ancillary Buildings | &nbsp;&nbsp;0.51 |
| &nbsp;&nbsp;Drystack Tailings Facility (DSTF) | &nbsp;&nbsp;2.74 |
| &nbsp;&nbsp;Waste Rock Dump | &nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;Wells | &nbsp;&nbsp;1.84 |
| &nbsp;&nbsp;Indirect Costs | &nbsp;&nbsp;6.14 |
| &nbsp;&nbsp;Monitoring | &nbsp;&nbsp;2.20 |
| &nbsp;&nbsp;**Total Closure** | &nbsp;&nbsp;**27.09** |

---

Source: GE21, 2025.

18.1.9 Contingency

Contingency has been applied to the estimate on a line-by-line basis as a deterministic allowance by assessing the level of confidence of the scope definition, supply cost and installation cost, and then applying an appropriate weighting to each of the three inputs. The overall recommended pre-production contingency resulted in approximately 12% of direct, indirect, and Owner's costs.

18.1.10 Capital
 Estimate Exclusions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 following items have been excluded from the capital cost estimate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Working
 capital (included in the financial model)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Financing
 costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Currency
 fluctuations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lost
 time due to severe weather conditions beyond those expected in the region

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lost
 time due to force majeure

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additional
 costs for accelerated or decelerated deliveries of equipment, materials or services resultant
 from a change in Project schedule

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Warehouse
 inventories, other than those supplied in initial fills, capital spares, or commissioning
 spares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 Project sunk costs (studies, exploration programs, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Value
 added tax (VAT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Closure
 bonding, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Escalation
 cost.

18.2 Operating
 Cost Estimate

The operating cost estimate in this study includes the costs to mine and process the mineralized material to produce doré, along with site services to maintain the site, and general and administrative expenses (G&A). These items total the Project operating costs and are summarized in Table 18-1. The target accuracy of the operating cost is -30/+50%. The operating cost estimate is broken into four major sections:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Underground
 mining

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Processing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Site
 Services, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· General
 and Administrative (G&A).

The total operating unit cost is estimated to be US$117.78/t processed. Average annual, total LOM and unit operating cost estimates are summarized in Table 18-7. The unit rates in this table include tonnes mined during pre-production. Figure 18-4 illustrates the operating cost distribution.

Operating costs are expressed in US dollars. No allowance for inflation has been applied.

**Table 18-7: Breakdown of Estimated Operating Costs**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Operating Costs** | &nbsp;&nbsp;**Avg Annual (M$)** | &nbsp;&nbsp;**$/t processed** | &nbsp;&nbsp;**LOM (M$)** |
| &nbsp;&nbsp;Mining | &nbsp;&nbsp;38.70 | &nbsp;&nbsp;100 | &nbsp;&nbsp;890.01 |
| &nbsp;&nbsp;Processing | &nbsp;&nbsp;12.38 | &nbsp;&nbsp;32 | &nbsp;&nbsp;284.80 |
| &nbsp;&nbsp;Site Services | &nbsp;&nbsp;6.97 | &nbsp;&nbsp;18 | &nbsp;&nbsp;160.20 |
| &nbsp;&nbsp;G&A | &nbsp;&nbsp;7.74 | &nbsp;&nbsp;20 | &nbsp;&nbsp;178.00 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;**65.78** | &nbsp;&nbsp;**170** | &nbsp;&nbsp;**1 513.01** |

---

Source: GE21, 2025.

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![](ex9607_106.jpg)

**Figure 18-4: Operating Cost Distribution**

Source: GE21, 2025.

The main operating cost component assumptions are shown in Table 18-8.

**Table 18-8: Main OPEX Component Assumptions**

---

| | | |
|:---|:---|:---|
| **Item** | **Unit** | **Value** |
| Electrical Power Cost | $/kWh | 0.06 |
| Overall Power Consumption (all facilities) | kWh/t processed | 215 |
| Diesel Cost (delivered) | $/litre | 0.79 |
| LOM Average Operations Workforce | employees | 584 |

---

Source: Bluestone, 2019.

18.2.1 Operation **Labour** 

This section provides an overview of total workforce and the methods used to compile the labour rates. Table 18-9 summarizes the total planned workforce during Project operations.

**Table 18-9: Main OPEX Component Assumptions**

---

| | | |
|:---|:---|:---|
| **Operating Costs** | **Construction** | **Operations** |
| Mining | 193 | 329 |
| Processing | 97 | 97 |
| Site Services | 64 | 69 |
| G&A | 120 | 105 |
| **Total** | **474** | **600** |

---

Source: Bluestone, 2019.

Labour is a significant portion of annual operating cost. Labour rates include base wage and allowances for overtime, night shift, insurance, tax, and benefits. Labour burdens were assembled using first principles and range from 34 to 42%. The following items are included in the burdened labour rates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unscheduled
 Overtime at 10%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Social
 security at 12.67%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Yearly
 Christmas bonus at 1 month salary per year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Yearly
 Bonus 14 at 1 month salary per year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Vacation
 pay at 4%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Statutory
 Holiday pay at 3%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Yearly
 Insurance Payments of $54.00/employee/month; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Monthly
 savings funds at 13%.

18.2.2 Mining
 Operating Cost Estimate

Mining operating costs listed in Table 18-10 are averaged over the life of mine. Mine operating costs have been built up from using a combination of first principle engineering and equivalent Project scaling.

Mine operating unit costs are summarized below in Table 18-10 and Figure 18.3 and include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Waste
 development – costs related to the drilling, blasting, mucking, and hauling of non-capital
 development

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Production
 – costs related to the drilling, blasting, mucking, and hauling of ore for both longhole
 and cut and fill stoping

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Backfill
 – costs related to CRF and paste backfill operations, including the CRF and paste plants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mine
 Maintenance – maintenance labour costs that support all other sectors, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mine
 General – costs related to mine support activities, such as technical services, shared
 infrastructure, support equipment, and definition drilling.

**Table 18-10: Underground Mine Operating Costs**

---

| | | |
|:---|:---|:---|
| **Mining Category** | **Unit Cost ($/t processed)** | **LOM Cost (M$)** |
| Lateral Waste Development | 6.27 | 55.78 |
| Lonhole Stoping | 21.95 | 195.37 |
| Cut and Fill Stoping | 25.52 | 227.12 |
| Backfill | 24.92 | 221.80 |
| Mine Maintenance | 3.88 | 34.53 |
| Mine General | 17.46 | 155.40 |
| **Total** | 100.00 | 890.01 |

---

Source: GE21, 2025.

18.2.3 Processing
 Operating Cost

Process operating costs were developed using labour rates based on operating mines in the area and sufficient personnel to operate the process plant, factored maintenance cost, budget quotes for consumables and a factored power requirement. Process operating costs are summarized below in Table 18-11. Costs are subdivided into operating categories.

**Table 18-11: Process Operating Costs**

---

| | | |
|:---|:---|:---|
| **Mining Category** | **Unit Cost ($/t processed)** | **LOM Cost (M$)** |
| Labour | 10.53 | 93.69 |
| Power | 6.81 | 60.59 |
| Maintenance and Consumables | 14.67 | 130.53 |
| **Total Processing OPEX** | 32.00 | 284.80 |

---

Source: GE21, 2025.

Process labour includes burden for salaried and hourly employees to account for in-country benefits, training, production bonus and potential ex-patriot benefits & costs.

Equipment maintenance was calculated by applying a factor of 4% to major process equipment cost.

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Power costs were calculated from the total installed power assuming $0.06/kWh.

18.2.4 General
 and Administration Operating Cost Estimate

General and Administration costs include all on-site activities including but not limited to dry stack tailings (DST) haulage, personal protection services, water treatment plant operation, site services equipment and labour, office operating costs and associated labour. The summary of costs is shown in Table 18-12, averaged over the life of mine.

**Table 18-12: General and administration (G&A) operating cost summary**

---

| | | | |
|:---|:---|:---|:---|
| **G&A Labour Total** | 4.18 | 100.20 | 11.26 |
| Nusiness Services | 0.85 | 20.43 | 2.30 |
| General Management | 0.50 | 12.11 | 1.36 |
| Sustainability | 1.26 | 30.27 | 3.40 |
| Human Resources | 0.27 | 6.51 | 0.73 |
| Purchasing and Logistics | 0.20 | 4.84 | 0.54 |
| Security | 0.52 | 12.56 | 1.41 |
| G&A Service Staff | 0.30 | 7.27 | 0.82 |
| Project Team | 0.26 | 6.21 | 0.70 |
| **G&A Services and Expenses Total** | 3.24 | 77.80 | 8.74 |
| Accommodations | 0.18 | 4.24 | 0.48 |
| Heath and Safety, Medical, and First Aid | 0.22 | 5.30 | 0.60 |
| Environmental | 0.44 | 10.60 | 1.19 |
| Human Resources | 0.63 | 15.14 | 1.70 |
| Insurance and Legal | 0.84 | 20.13 | 2.26 |
| External Consulting | 0.47 | 11.20 | 1.26 |
| IT and Communications | 0.16 | 3.78 | 0.43 |
| Office and Miscellaneous Costs | 0.01 | 0.30 | 0.03 |
| Satellite Office | 0.11 | 2.57 | 0.29 |
| Employee Travel | 0.20 | 4.84 | 0.54 |
| **Total G&A** | 7.42 | 178.00 | 20.00 |

---

Source: GE21, 2025.

18.2.4.1 G&A
 Labour Requirements

Table 18-13 lists the site supervision and support personnel requirements and costs.

**Table 18-13: G&A Labour Requirements & Costs**

---

| | | | |
|:---|:---|:---|:---|
| **Labour** | **Salary/Hourly** | **Loaded Pay (US$)** | **Quantity** |
| Mine/General Manager | Salary | 243459 | 1 |
| Site Administrator | Salary | 12956 | 1 |
| Accounting & Taxes Manager | Salary | 20.34 | 1 |
| Accounting/Payroll Coordinator | Salary | 15417 | 2 |
| Human Resources Manager | Salary | 22.802 | 1 |
| Human Resources Clerk | Salary | 12956 | 1 |
| Trainer | Salary | 15417 | 2 |
| Community Relations Manager | Salary | 74493 | 1 |
| Community Relations Coordinator | Salary | 15417 | 1 |
| IT/Telecom. Technician | Salary | 22.802 | 1 |
| Procurement/Contracts/Logistics Manager | Salary | 25.263 | 1 |
| Procurement/Contracts Agent | Salary | 20.34 | 1 |
| Warehouse Operators | Salary | 15417 | 1 |
| Multi-Equipment Operators | Salary | 15417 | 2 |
| Health, Safety, and Security Manager | Salary | 49.878 | 1 |
| Health & Safety Coordinator | Salary | 22802 | 2 |
| First Aid Attendant/Nurse | Salary | 7591 | 4 |
| Environmental Manager | Salary | 49878 | 1 |
| Environmental Technician | Salary | 15.417 | 1 |
| Environmental Coordinator | Salary | 25263 | 2 |
| Protective Services Officials | Salary | 12956 | 30 |
| Site Services Foreman | Salary | 37.571 | 2 |
| Carpenters | Salary | 15.417 | 1 |
| WTP Operator | Salary | 15.417 | 4 |

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| | | | |
|:---|:---|:---|:---|
| **Labour** | **Salary/Hourly** | **Loaded Pay (US$)** | **Quantity** |
| Multi-Equipment Operatior | Salary | 15417 | 4 |
| Skilled Labourers | Salary | 11725 | 2 |
| **Total G&A Labour** |  |  | **71** |

---

Source: Bluestone, 2019.

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19 ECONOMIC ANALYSIS

The economic analysis for the Project is based on Mineral Resource estimates, including the annual mine production schedule previously outlined in this report. As required under SK-1300, the results of this analysis should not be interpreted as demonstrating the economic viability of the project.

The outcome of the economic analysis is subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from them. The information on which this analysis is based is listed below:

&nbsp;&nbsp;&nbsp;&nbsp;· Mineral
 Resource Estimates

&nbsp;&nbsp;&nbsp;&nbsp;· Assumed
 fixed exchange rate

&nbsp;&nbsp;&nbsp;&nbsp;· Proposed
 mine production plan

&nbsp;&nbsp;&nbsp;&nbsp;· Projected
 mining and processing recovery rates

&nbsp;&nbsp;&nbsp;&nbsp;· Fixed
 installed processing plant capacity

&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions
 on closure costs

&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions
 on environmental, licensing, and social risks

&nbsp;&nbsp;&nbsp;&nbsp;· Changes
 in production costs relative to the assumptions

This analysis does not rely on:

&nbsp;&nbsp;&nbsp;&nbsp;· Unrecognized
 environmental risks

&nbsp;&nbsp;&nbsp;&nbsp;· Unanticipated
 recovery expenses

&nbsp;&nbsp;&nbsp;&nbsp;· Different
 geotechnical and/or hydrogeological considerations during mining

&nbsp;&nbsp;&nbsp;&nbsp;· Unexpected
 variations in the quantity of mineralized material, grade, metallurgical recovery efficiency,
 and plant recovery efficiency

&nbsp;&nbsp;&nbsp;&nbsp;· Accidents,
 labour disputes, and other mining industry risks

&nbsp;&nbsp;&nbsp;&nbsp;· Changes
 in tax rates

&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions
 of commercial discounts that are not foreseen in the financial analysis

Based on the Cash Flow Model results, the Era Dorada Project has a project-level after-tax NPV of US$485.5 million at a 5% discount rate, an after-tax IRR of 23.8%, and a payback period of 3.75 years. Project results are summarized in Table 19-1.

**Table 19-1: Summary of key financial results**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Price Au<sup>1</sup> | &nbsp;&nbsp; $2.40968 |
| &nbsp;&nbsp;Price Ag<sup>1</sup> | &nbsp;&nbsp; $2864 |
| &nbsp;&nbsp;**Au recovery** | &nbsp;&nbsp; **$1.37714** |
| &nbsp;&nbsp;**Ag recovery** | &nbsp;&nbsp; **$4.30807** |
| &nbsp;&nbsp;**Gold Equivalent - GEO (kozt)** | &nbsp;&nbsp; **$1.42688** |
| &nbsp;&nbsp;**NPV After-Tax** | &nbsp;&nbsp; **48549** |
| &nbsp;&nbsp;**IRR - After tax** | &nbsp;&nbsp;**23,8%** |
| &nbsp;&nbsp;**After-tax Payback<sup>2</sup>** | &nbsp;&nbsp; **375** |
| &nbsp;&nbsp;NPV Pre-Tax @5% | &nbsp;&nbsp; 68039 |
| &nbsp;&nbsp;IRR - Pre tax | &nbsp;&nbsp;30,4% |
| &nbsp;&nbsp;Pre-Tax Payback<sup>2</sup> | &nbsp;&nbsp; 335 |
| &nbsp;&nbsp;Life of Mine (LOM) | &nbsp;&nbsp; $1700 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Average Annual Production (Au) | &nbsp;&nbsp;kozt | &nbsp;&nbsp; $8101 |
| &nbsp;&nbsp;Average Annual Production (Ag) | &nbsp;&nbsp;kozt | &nbsp;&nbsp; $25342 |
| &nbsp;&nbsp;Average Annual Production (Au eq) | &nbsp;&nbsp;kozt | &nbsp;&nbsp; $8393 |
| &nbsp;&nbsp;Total Oz Payable Au | &nbsp;&nbsp;kozt | &nbsp;&nbsp; $1.37604 |
| &nbsp;&nbsp;Total Oz Payable Ag | &nbsp;&nbsp;kozt | &nbsp;&nbsp; $4.28653 |
| &nbsp;&nbsp;Selling Cost (MUS$) | &nbsp;&nbsp;$MUS$ | &nbsp;&nbsp; $1719 |
| &nbsp;&nbsp;Royalties | &nbsp;&nbsp;$MUS$ | &nbsp;&nbsp; $24207 |
| &nbsp;&nbsp;Opex | &nbsp;&nbsp;$MUS$ | &nbsp;&nbsp; $1.51299 |
| &nbsp;&nbsp;Initial Capital | &nbsp;&nbsp;$MUS$ | &nbsp;&nbsp; $26355 |
| &nbsp;&nbsp;Sustaining and Closure Capital | &nbsp;&nbsp;$MUS$ | &nbsp;&nbsp; $15341 |
| &nbsp;&nbsp;Average Cash Cost | &nbsp;&nbsp;$MUS$ | &nbsp;&nbsp; $1.07240 |
| &nbsp;&nbsp;Average All in Sustaining Cost | &nbsp;&nbsp;$/oz | &nbsp;&nbsp; $1.17991 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. Price
 resulting from the weighted average of forecast gold and silver prices from 2028 onwards

&nbsp;&nbsp;&nbsp;&nbsp;2. Payback
 period post-construction

Source: GE21, 2025.

19.1 Methodology

An economic model was developed to estimate the Project's post-tax annual cash flow and sensitivity analysis based on an assumed discount rate of 5%. Capital and operating cost estimates were summarized in Section 18 of this report. The economic analysis was performed without inflation.

This analysis was conducted with the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;· Year
 -1 corresponds to pre-production phase

&nbsp;&nbsp;&nbsp;&nbsp;· Price
 inflation and escalation factors are ignored (constant-dollar basis)

&nbsp;&nbsp;&nbsp;&nbsp;· Results
 are based on 100% equity capital

&nbsp;&nbsp;&nbsp;&nbsp;· Project
 revenue is derived from selling a basket list of graphite production

&nbsp;&nbsp;&nbsp;&nbsp;· All
 production is sold at the year of production

19.2 Gold
 and Silver Prices

The silver and gold prices used for the economic evaluation are 28,44 US$/oz and 2,389 US$/oz respectively based on the long term consensus forecast from over 20 investment banks.

19.3 Mine
 Production

The annual production figures were derived from the mine plan presented in Section 13. Over the life of the mine, a total of 9 Mt of ore is mined.

19.4 Plant
 Production

The silver and gold production plan was estimated considering the recoveries described in Sections 14. The process plant is designed based on the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;· 1,500
 tpd ore production;

&nbsp;&nbsp;&nbsp;&nbsp;· 85%
 average silver recovery;

&nbsp;&nbsp;&nbsp;&nbsp;· 96
 % average gold recovery;

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&nbsp;&nbsp;&nbsp;&nbsp;· Estimated
 life of mine gold production of 1.4 million ounces and silver production of 4.3 million ounces.

19.5 Revenue

Annual revenue is calculated by applying the estimated silver and gold prices to the annual payable metal for each operating year. Gross revenue represents the total value of payable silver and gold. Net Smelter Return (NSR) revenue accounts for associated selling costs, while Net Revenue further accounts for royalties payable, as shown on Table 19-2.

**Table 19-2: Revenue composition**

---

| | |
|:---|:---|
| **Description** | **LOM (MUS$)** |
| Gold Gross Revenue | $3315.80 |
| Silver Gross Revenue | $122.78 |
| Total Gross Revenues | $3438.59 |
| Smelting and Refining | $17.19 |
| Total NSR Revenues | $3421.39 |
| Goldcorp Royalty | $35.92 |
| Newmont Royalty | $34.21 |
| Guatemalan Government Royalty | $171.93 |
| **Total Net Revenues** | **$3179.33** |

---

Source: GE21, 2025.

19.6 Total
 Operating Cost

The average total unit operating cost over the life of mine is estimated at $170 t of ore processed. A detail of the operating cost is shown in Section 18 and summarized in Table 19-3.

**Table 19-3: Detailed operating costs**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **LOM (MUS$)** | **$/t ROM** | **$/ozt GEO** |
| Mining | $890.00 | $100.00 | $623.73 |
| Processing | $284.80 | $32.00 | $199.59 |
| Site Service | $160.20 | $18.00 | $112.27 |
| SG&A | $178.00 | $20.00 | $124.75 |
| **Total Operating Costs** | **$1512.99** | **$170.00** | **$1060.35** |

---

Source: GE21, 2025.

19.7 Royalty
 Rights

Royalties in mining are financial compensation paid to the State for the right to exploit mineral resources, contributing to the redistribution of the benefits of mining activities. In Guatemala, the royalties due for mineral extraction amount to 5% of gross revenue. Additionally, a 1.05% rate on the Net Smelter Return is considered for royalty payments to Goldcorp Royalty.

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19.8 Capital
 Expenditure

19.8.1 Initial
 Capital

The financial analysis for the Era Dorada Project was prepared under the assumption of 100% equity financing for initial capital expenditures. The total initial capital cost estimate is USD 263.5 million and includes expenditures related to:

&nbsp;&nbsp;&nbsp;&nbsp;· pre-stripping;

&nbsp;&nbsp;&nbsp;&nbsp;· power
 supply and electrical infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;· water
 management systems;

&nbsp;&nbsp;&nbsp;&nbsp;· surface
 infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;· mine
 equipment and development;

&nbsp;&nbsp;&nbsp;&nbsp;· process
 plant construction;

&nbsp;&nbsp;&nbsp;&nbsp;· indirect
 costs;

&nbsp;&nbsp;&nbsp;&nbsp;· general
 services;

&nbsp;&nbsp;&nbsp;&nbsp;· owner's
 costs, logistics, taxes, and insurance.

The estimate also includes costs associated with process plant operations during pre-production, start-up, and commissioning, as well as an appropriate contingency allowance.

19.8.2 Sustaining
 capital

Sustaining capital is estimated at 136 MUSD and includes the renewal of the mining fleet, wtaer management, process plant maintenance, surface operations and indirect constructions and infraestructure costs.

19.8.3 Remediation
 and Closure Capital

The project includes a provision of USD 17.19 million, to be accumulated over the life of mine through the allocation of 0.5% of gross revenue. This amount is considered appropriate given the scale of the project.

19.9 Total
 All in Sustaining Cost

The average total All-In Sustaining cost over the life of the mine is estimated at $1,179 per ounce of payable gold equivalent, as shown in Table 19-4.

**Table 19-4: All in sustaining costs composition**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **LOM (MUS$)** | **$/t ROM** | **$/ozt GEO** |
| Mining | $890.00 | $100.00 | $623.73 |
| Processing | $284.80 | $32.00 | $199.59 |
| Site Service | $160.20 | $18.00 | $112.27 |
| SG&A | $178.00 | $20.00 | $124.75 |
| Selling Costs and Royalies | $17.19 | $1.93 | $12.05 |
| Sustaining and closure capital | $153.41 | $17.24 | $107.51 |

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| | | | |
|:---|:---|:---|:---|
| **Description** | **LOM (MUS$)** | **$/t ROM** | **$/ozt GEO** |
| **Total All in Sustaining Costs** | **$1683.59** | **$189.17** | **$1179.91** |

---

Source: GE21, 2025

19.10 Working
 Capital

For the purposes of estimating working capital requirements, the following assumptions were adopted for the financial analysis in Table 19-5.

**Table 19-5: Working capital periods**

---

| | |
|:---|:---|
| **Working Capital Component** | **Days** |
| Average collection period | 30 |
| Average inventory turnover period | 30 |
| Average payment period | 30 |

---

Source: GE21, 2025.

19.11 Depreciation

Depreciation of capital assets has been estimated at 10% annually for the purpose of simplifying the analysis. Fiscal reserves related to exploration and resource development have been excluded from the depreciation calculation. No salvage value has been applied to capital items, as any salvage proceeds are treated as taxable income.

19.12 Exchange
 Rate Forecast

The exchange rate was defined based on parameters adopted in international projects, not using values projected by any financial institution. The exchange rate used was Q7.75/US$.

19.12.1 Income
 Tax

Income tax applies to the profits earned by companies and other legal entities. It is calculated based on the accounting results determined at the end of a reporting period, such as a quarter or a fiscal year. In Guatemala, companies are taxed on their gross profits at a rate of 25% of taxable income.

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20 ADJACENT PROPERTIES

There are no adjacent properties relevant to the scope of this report.

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21 OTHER RELEVANT DATA AND INFORMATION

There is no other relevant data or information relative to the scope of this report.

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22 INTERPRETATION AND CONCLUSIONS

22.1 Geology
 & Mineral Resources

Era Dorada is a classic hot springs-related, low-sulfidation epithermal gold-silver deposit comprising both high-grade vein and low-grade disseminated mineralization. Most of the high-grade mineralization is hosted in the Mita unit as two upward-flaring vein swarms (north and south zones) that converge downwards and merge into basal feeder veins where drilling has demonstrated widths of high-grade mineralization (e.g., 15.5 m 21.4 g Au/t and 52 g Ag/t). Bonanza gold grades are associated with ginguru banding and carbonate replacement textures. Sulfide contents are low, typically <3% by volume. Low-grade disseminated and veinlet mineralization in wall rocks around the high-grade veins is well documented in drilling since discovery of the deposit, with grades typically ranging from 0.3 to 3.0 g/t Au.

The Mita rocks are overlain by the Salinas unit, a sub-horizontal sequence of volcanogenic sediments and sinter horizons approximately 100 m thick that form the low-lying hill at the Project. Low-grade disseminated and veinlet mineralization within and as halos around the high-grade vein swarms is well documented in drilling since discovery of the deposit, with grades typically ranging from 0.3 to 1.5 g Au/t. The overlying Salinas cap rocks are also host to low-grade mineralization associated with silicified conglomerates and rhyolite intrusion breccias.

Mineral exploration activities performed at Era Dorada have been performed in accordance with "CIM Mineral Exploration Best Practice Guidelines" dated November 23, 2018.

The mineral resource has a footprint of 800 x 400 m between elevations of 525 and 200 masl. The mineral resource estimate is the result of 153,003 m of drilling by Bluestone and previous operators (totalling 1,256 drill holes and channel samples). There are 130,307 gold assays which average 0.68 g/t and 130,238 silver assays or 153,003 m total which average 3.75 g/t. Bulk densities were assigned to individual rock types and assigned on a block-by-block basis using measurement data by lithology and mineralized vein.

The 3.4 km of underground infrastructure allowed for underground mapping, sampling, and over 30,000 m of underground drilling enhanced the understanding and validation of the Era Dorada geological model. The mineral resource estimate included an estimate of dilutive material, some of which has proven to be economic and have a reasonable prospect of economic extraction. Therefore, improved and refined geological models of the lithological units was required. These broad mineralized lithologies are host to the high-grade veins that have been the focus of the potential underground mining scenario. The resulting domain models and estimation strategy were designed to accurately represent the grade distribution.

The estimate was completed using MineSightTM software using a 3D block model (5 m by 5 m by 5 m). Interpolation parameters have been derived based on geostatistical analyses conducted on 1.5-meter composited drill holes. Block grades have been estimated using ordinary kriging (OK) methodology and the mineral resources have been classified based on proximity to

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sample data and the continuity of mineralization in accordance with CIM's "Definition Standards for Mineral Resources and Mineral Reserves" dated May 19, 2014, and "CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines" dated November 29, 2019.The mineral resources are presented in at a 2.25 g/t Au/t cut-off grade.

**Table 22-1: Resource Estimate using 2.25 g Au/t Cut-off**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Resource Category** | **Tonnes (kt)** | **Au Grade (g/t)** | **Ag Grade (g/t)** | **Contained Gold (koz)** | **Contained Silver (koz)** |
| Measured |  |  |  |  |  |
| Indicated | 6349 | 9.31 | 31.54 | 1901 | 6439 |
| Measured & Indicated | 6349 | 9.31 | 31.54 | 1901 | 6439 |
| Inferred | 605 | 6.02 | 19.68 | 117 | 383 |

---

Notes:

The mineral resource statement is subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Mineral
 Resources are reported in in accordance with S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral
 resource estimates have been prepared by Garth Kirkham, P.Geo., a Qualified Person as defined
 by SK-1300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Mineral Resource estimate is reported on a 100% ownership basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Underground
 mineral resources are reported at a cut-off grade of 2.25 g Au/t. Cut-off grades are based
 on a assumed metal prices of US$2,500/oz gold and US$28/oz silver, and assumed metallurgical
 recovery, mining, processing, and G&A costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral
 Resources are reported without applying mining dilution, mining losses, or process losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Resources
 are constrained within underground shapes based on reasonable prospects of economic extraction,
 in accordance with SK-1300. Reasonable prospects for economic extraction were met by applying
 mining shapes with a minimum mining width of 2.0 m, ensuring grade continuity above the cut-off
 value, and by excluding non-mineable material prior to reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Metallurgical
 recoveries reported as the average over the life of mine and are assumed to be 96% Au and
 85% Ag, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Bulk
 density is estimated by lithology and averages 2.47, 2.57 and 2.54 g/cm3 for the Salinas,
 Mita and mineralized vein domains, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Mineral
 resources are classified as Indicated, and Inferred based on geological confidence and continuity,
 spacing of drill holes, and data quality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Effective
 date of the mineral resource estimate is December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Tonnage,
 grade, and contained metal values have been rounded. Totals may not sum due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Mineral
 resources are not mineral reserves and do not have demonstrated economic viability.

Source: Kirkham, 2025.

In addition, there has been mixed grade material mined during the creation of the extensive, existing ramp network which has been stockpiled adjacent to North Ramp entrance. Table 22-2 shows the volume and tonnage based on an unconsolidated specific gravity of 2.0 gm/cm<sup>3</sup> along with gold and silver grades and metal content. These resources are classified as measured.

**Table 22-2: Stockpile Resource Estimate (Measured Resource)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Volume (BCM)** | **Mine (t)** | **Au (g/t)** | **Ag (g/t)** | **Au (oz)** | **Ag (oz)** |
| 14863 | 29726 | 5.35 | 22.59 | 5108 | 21590 |

---

Source: Kirkham, 2019.

22.1.1 Risks

The most significant project risks are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Commodity
 Prices (Gold, Silver) – Lower commodity prices will change the size and grade of the
 potential targets. Conversely, increased commodity prices will improve economics and resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Although
 there is a relatively high degree of confidence related to geological continuity and grade
 variability, vein models and grade distributions may adjust with further data and structural
 interpretations.

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22.2 Mineral
 Processing and Metallurgical Testing and Processing and Recovery Methods

The metallurgical test work campaigns resulted in an adequate database for estimating overall gold and silver recoveries. The same campaigns adequately supported the selected flowsheet configuration, the latter strictly following standard practices of similar industrial circuits.

The stipulated capacity of the processing plant for the Project is 1000 tpd, for a ground product with a P<sub>80</sub> of 0.053 mm.

The selected method for cyanide neutralization (SO<sub>2</sub>/air) resulted in adequate performance according to environmental regulatory specifications.

22.3 Mining
 Methods, Infrastructure, Capital and Operating Costs

The Project outlines a conceptual mine plan involving the extraction of 8.9 Mt of ROM over a 17-year LoM, with a production rate of 1,500 tpd. The selected underground mining methods is suitable for ensuring stable and consistent mill feed throughout the mine life.

The project features a comprehensive and integrated infrastructure plan that includes new access roads, power supply systems, water management facilities, a process plant, and tailings and waste rock storage. Existing support infrastructure will be leveraged, while new installations will address essential gaps in utility access, safety, and environmental control.

Strong emphasis has been placed on environmental sustainability, with features such as a zero-discharge water strategy, a dry stack tailings facility, stormwater control systems, and reinjection wells. Emergency services, communications, and workforce facilities are also well-planned, aligning with the best practices in mine development.

The total Life-of-Mine capital cost is estimated at $417 million, comprising:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre-production
 capital of $263.6 million (23-month period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sustaining
 capital of $136.2 million (over 17 years), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Closure
 capital of $17.2 million, mainly in Year 14.

The cost estimate is a Class 5 estimate (-30% / +50%) with a 12% contingency, excluding working capital, VAT, escalation, and financing. It is based on budgetary quotes, benchmarks from Latin American projects, and internal cost databases.

Operating costs were derived using first principles and local benchmarks. Processing, site services, and general & administrative (G&A) costs were carefully broken down and include labor, power, consumables, and maintenance.

22.3.1 Risks

The most significant potential risks associated with the Project consists of the hot water management that will be encountered in the mine dewatering effort and socio-political resistance

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to the development of the planned mine in Guatemala. The latter is a common risk to most mining projects and can be mitigated, at least to some degree, with adequate planning and proactive management. The risk associated with water management is not entirely unknown due to the presence of existing dewatering wells and continued dewatering, treatment and discharge of underground water.

It is important to note that the current mine plan is based on a resource model composed exclusively of Indicated and Inferred Resources, and Inferred Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. As such, there is a significant degree of uncertainty associated with the tonnages and grades used in the sequencing.

The cost of grid power is based on a market survey and not an actual power supply agreement. A higher power cost would result in increased operating costs.

Although the local community is favorable to the development of Era Dorada as an underground mine, there is a potential risk of socio-political opposition to mine development which could adversely impact the project development schedule.

The ability to achieve the estimated CAPEX and OPEX costs are important elements of Project success. If OPEX increases then the NSR cut-off would increase and, all else being equal, the size of the mineable resource would reduce yielding fewer mineable tonnes.

22.4 Environmental
 Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups

The project is fully permitted and has an approved EIA in place for underground mine; however, permit amendments are required for some of the proposed modifications, including increased processing rate and reinjection of mine water. New EIAs and permits are also needed for the power line. Potential delays in approval of permit amendments and/or new permits could result in increased duration of the assumed project development schedule.

Tailings and waste rock are assumed to be Non-Acid- Generating (NAG) based on test work completed to date and the limited exposure time at surface for waste rock. Additional test work is required prior to detailed engineering to confirm this assumption. If classification is changed to Potentially-Acid Generating (PAG), the design will need to be updated accordingly.

Although the local community is favorable to the development of Era Dorada as an underground mine, there is a potential risk of socio-political opposition to mine development which could adversely impact the project development schedule.

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23 RECOMMENDATIONS

23.1 Exploration,
 Geology & Resources

Additional drilling will increase resources and improve understanding and modeling of lithological units. Definition drilling ahead of blasting will improve the definition of grade boundaries between high-grade veins and low-grade disseminated mineralized material and help minimize unplanned dilution.

A review of mineral resource classification and grade distributions is prudent to ensure accuracy and certainty.

For geotechnical purposes, it is available to characterize and model the geotechnical parameters as domains and placement into the estimation block model.

A comprehensive brownfields exploration program along trend of the main deposit is recommended to explore for additional gold and silver resources that could potentially extend the project's life.

23.2 Mineral
 Processing and Metallurgical Testing and Processing and Recovery Methods

Based on the metallurgical test work program and the selected process route, it is recommended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 evaluate the best configuration for the comminution circuit – Primary crushing followed
 by a Single Stage SAG milling (SSSAG), or multi-staged crushing followed by a two-staged
 ball milling

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 perform a trade-off study comparing the CIL circuit with CIP and CIP pumpcell, all based
 on costs, inventory carbon and other parameters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 increase the residence time for cyanide destruction circuit to ensure the minimum residence
 time for coping with situations of reduced tank operation.

23.3 Mining
 Methods, Infrastructure, Capital and Operating Costs

It is recommended for the mining methods and mining planning:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Optimize
 the project scheduling to prioritize higher-grade zones during the initial years of operation,
 thereby enhancing early revenue generation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate
 alternative production scenarios involving variable feed rates throughout the LoM to improve
 project flexibility and economic performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conduct
 a PFS or FS study for Mineral Reserve certification considering potential variations in mining
 methods and/or stope geometry to identify opportunities for improved resource recovery and
 economic efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Implementation
 of power generation in the cooling of the mine water.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mining
 Study detailing mining dilution for both mining methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Detailed
 groundwater and dewatering control along LoM.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Develop
 a detailed mining operating plan that respects all the mining activities, accounting project
 restrictions, equipment productivities and limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Complete
 detailed engineering for site infrastructure, ensuring optimization of costs, constructability,
 and operational integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Submit
 permitting documentation and ensure all facilities are compliant with local, national, and
 international environmental standards and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Detailed
 geochemical testing for waste rock and tailings to confirm long-term environmental stability
 and support facility design.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Maintain
 proactive communication with local communities and stakeholders to support social license
 and minimize construction-related disruptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Implement
 a robust risk mitigation plan for infrastructure development, including contingency planning
 for stormwater events, equipment delays, and logistics challenges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Undertake
 a comprehensive technical and economic evaluation of the dewatering system to identify opportunities
 for cost reduction and efficiency improvements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Refine
 cost estimates to Class 5 level or higher, incorporating detailed engineering, contractor
 bids, and updated procurement quotes to improve accuracy and reduce contingency requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate
 project economics under different gold price scenarios, inflation rates, and cost escalations
 to test project resilience and identify key cost drivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Use
 the current capital structure and cost estimates to support investment discussions, including
 potential financing, offtake agreements, or joint venture opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Incorporate
 local tax regimes, VAT recoverability, depreciation schedules, and financing structures to
 derive a complete economic picture for stakeholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ensure
 that projected expenditures for G&A, environmental compliance, and social responsibility
 are transparently communicated and aligned with local expectations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate
 alternative technologies, energy-saving strategies, and hydrological modeling to minimize
 the operational impact of dewatering on OPEX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Implement
 a continuous monitoring strategy for gold price fluctuations, with regular updates to the
 economic model to assess impacts on Net Present Value (NPV), Internal Rate of Return (IRR),
 and payback period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Perform
 updated sensitivity analyses at key decision points to evaluate the project's resilience
 under various pricing scenarios.

23.4 Environmental
 Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups

Continuous efforts in obtaining the environmental permit amendments for groundwater injection and new EIA/permits for the power line, while advancing key activities that will reduce and de-risk the project execution schedule.

Costs for additional geochemical testing should be included in the budget and should be carried out prior to detailed engineering.

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Continue to monitor and update stakeholder engagements through the site Community Relations team. The development of close relationships with the local communities, landowners and government along with implementation of the Environmental Management Plan (EMP) and Social Management Plan (SMP) is required.

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24 REFERENCES

Albinson, T. 2019. **Petrographic and fluid inclusion study of samples from the Cerro Blanco project, Guatemala**.

BaseMet Labs. 2018. **Process optimization and tailings generation – Cerro Blanco Project – BL0246**. 26 set. 2018.

Bluestone. 2019. **Feasibility Study NI 43-101 Technical Report Cerro Blanco Project Guatemala**. JDS Energy & Mining Inc. Data-base: 29 jan. 2019.

Canadian Institute of Mining, Metallurgy and Petroleum (CIM). 2014. **CIM Definition Standards on Mineral Resources and Reserves**. Adopted by CIM Council May 2014.

Canadian Institute of Mining, Metallurgy and Petroleum (CIM). 2019. **CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines**. Adopted by CIM Council November 2019.

Canadian Institute of Mining, Metallurgy and Petroleum (CIM). 2019. **CIM Mineral Exploration Best Practice Guidelines**. Adopted by CIM Council November 2018.

Coplen, T. B.; Herczeg, A. L.; Barnes, C. 1999. Isotope engineering — using stable isotopes of the water molecule to solve practical problems. In: Cook, P. G.; Herczeg, A. L. (Eds.). **Environmental tracers in subsurface hydrology**. Boston: Springer, p. [sem paginação indicada].

Corbett, G. J. 1998. Epithermal gold for explorationists. **AIG Journal**, *Paper 2002-1*, fev. 2002.

Corporación Ambiental, S. A. 2007. **Proyecto Minero Cerro Blanco: Estudio de Evaluación de Impacto Ambiental – EIA**. Guatemala, jun. 2007.

Donnelly, T. H.; Shergold, J. H.; Southgate, P. N.; Barnes, C. J. 1990. Events leading to global phosphogenesis around the Proterozoic Cambrian boundary. **Geological Society of America Bulletin**, *52*: 273–287.

Entre Mares de Guatemala, S. A.; Corporación Ambiental. 2007. **Estudio de Avaliação de Impacto Ambiental (EIA) – Proyecto Minero Cerro Blanco, Municipio de Asunción Mita, Departamento de Jutiapa**. Guatemala, jun. 2007.

Geomega Inc. 2015. **Cerro Blanco materials characterization report**. 9 p.

Golder. 2012. **Initial waste rock characterization results for waste rock geochemical characterization for Cerro Blanco**. 10 p. 8 jun. 2012.

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Hedenquist, J. W.; Arribas, A. Jr.; Gonzalez-Urien, E. 2000. Exploration for epithermal gold deposits. **Reviews in Economic Geology**, *13*: 245–277.

HSRC. 2017. **Health, Safety and Reclamation Code for Mines in British Columbia**. Prepared by the Ministry of Energy and Mines, June 2017.

G Mining Services. 2021. **Interim Project Readiness Report Update 2.0 – Bluestone Resources**. January 2021.

Pindell, J.; Barrett, S. 1990. Geological evolution of the Caribbean region: a plate tectonic perspective. In: Dengo, G.; Case, J. E. (Eds.). **The Caribbean Region**. Geological Society of America, *The Geology of North America*, Volume H, p. 405–432.

Pindell, J.; Barrett, S. 1990. Geological evolution of the Caribbean region: a plate tectonic perspective. In: Dengo, G.; Case, J. E. (Eds.). **The Caribbean Region**. Geological Society of America, *The Geology of North America*, Volume H, p. 405–432.

JDS Energy & Mining Inc. 2019. **Feasibility Study NI 43-101 Technical Report Cerro Blanco Project Guatemala**. Effective date: 29 jan. 2019.

Lindgren, W. 1933. **Mineral deposits**. 4. ed. New York: McGraw-Hill, 930 p.

MEND. 2009. **Prediction manual for drainage chemistry from sulphidic geologic materials**. MEND Report 1.20.1.

Mitchell, R. J. 1983. **Earth structures engineering**. Winchester, MA: Allen & Unwin Inc.

MWH. 2014. **Cerro Blanco hydrogeologic data gap, post-closure hydrogeologic conditions, and groundwater management upside potential evaluation**. Project No. 10504660. May 2014.

Pindell, J. L.; Barrett, S. F. 1990. Geological evolution of the Caribbean region: a plate-tectonic perspective. In: Dengo, G.; Case, J. E. (Eds.). **The Caribbean Region**. **The Geology of North America**, Volume H. Geological Society of America.

BaseMet Labs. 2018. **Process optimization and tailings generation – Cerro Blanco Project – BL0246**. 26 set. 2018.

Rhys, D. A.; Lewis, P. D.; Rowland, J. V. 2020. Structural controls on ore localization in epithermal gold-silver deposits: a mineral systems approach. **Reviews in Economic Geology**, *21*. Society of Economic Geologists.

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Savinova, E. 2020. **Hydrothermal alteration mineralogy, zoning and paragenesis at the low-sulfidation epithermal Cerro Blanco deposit, Guatemala**. Dissertação (Mestrado em Geociências) – University of Western Australia, Perth.

Sillitoe, R. H.; Hedenquist, J. W. 2003. Linkages between volcanotectonic settings, ore-fluid compositions, and epithermal precious metal deposits. **Society of Economic Geologists Special Publications**, *10*: 315–343.

Sillitoe, R. H. 2018. **Comments on the Cerro Blanco epithermal gold-silver deposit, Guatemala**. Internal company report.

Sillitoe, R. H. 2018. **Comments on the Cerro Blanco epithermal gold-silver deposit, Guatemala**. Internal company report.

Stantec. 2018a. **DRAFT – Cerro Blanco stormwater management and water balance report**. December 2018.

Stantec. 2018b. **Cerro Blanco numerical groundwater modeling report**. 30 nov. 2018.

Stantec. 2018c. **Cerro Blanco dewatering and water disposal report**. 30 nov. 2018.

Stantec. 2018e. **Cerro Blanco tailings geochemistry**. Prepared for Bluestone Resources, Inc. by Stantec.

Stantec. 2018f. **Cerro Blanco tailings geochemistry update**. Prepared for Bluestone Resources, Inc. by Stantec.

Stantec. 2018f. **Memo: Cerro Blanco WTP – cost estimate for treatment of process plant effluent for mercury and copper**. 5 out. 2018.

Water Management Consultants (WMC). 2006. **Cerro Blanco project interim feasibility report: hydrology and geochemistry**. 65 p.

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25 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT

This TRS has been prepared by GE21 for Aura. The information, conclusions, opinions, and estimates contained herein are based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Information
 available to GE21 at the time of preparation of this TRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions,
 conditions, and qualifications as set forth in this TRS.

As part of the preparation of this Technical Report Summary (TRS) for the Project, GE21 has relied on information provided by Aura concerning legal matters, including land tenure, mineral rights, surface rights, environmental permitting, and regulatory compliance in Guatemala.

GE21 has relied on Aura for guidance on all relevant permits, applicable taxes, royalties, and other government levies or interests.

The Qualified Persons have taken all appropriate steps, in their professional opinion, to ensure that the above information from Aura is sound.

Except as provided by applicable laws, any use of this TRS by any third party is at that party's sole risk.

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