# EDGAR Filing Document

**Accession Number:** 0001468642
**File Stem:** 0001171843-26-003090
**Filing Date:** 2026-5
**Character Count:** 234510
**Document Hash:** 7d4647bb9c2ffc884a52568599371739
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-26-003090.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001171843-26-003090

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20260506

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260506

**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:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42744
- **FILM NUMBER:** 26950204

**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

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

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of May 2026**

Commission File Number: **001-42744**

**Aura Minerals Inc.**

(Translation of registrant's name into English)

**3390 Mary St,<br> Suite 116, Coconut Grove,<br> Florida, 33133, United States<br> +1 (305) 239 9332**<br> (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

<br> Form 20-F [ X ] Form 40-F [ ]

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| [99.1](exh_991.htm) | [Aura Announces Q1 2026 Financial and Operational Results](exh_991.htm) |
| [99.2](exh_992.htm) | [Consolidated Financial Statements for the three-month period ended March 31, 2026](exh_992.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | **Aura Minerals Inc.** |
|  | (Registrant) |
| Date: May 6, 2026 | <u>/s/ João Kleber Cardoso</u> |
|  | João Kleber Cardoso |
|  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](hdr.jpg)

**Miami, May 6, 2026** – Rodrigo Barbosa, Aura's President, and CEO commented: "In Q1 2026, Aura delivered another strong step forward across our three core avenues for value creation: we advanced production growth through the recently built Borborema Mine and the ongoing work to improve mine conditions at our recently acquired MSG project. We also delivered a significant increase in our mineral inventory, with Proven & Probable Mineral Reserves growing from 3.4 million GEO to 7.2 million GEO since our Nasdaq IPO. At the same time, we substantially further enhanced liquidity, with average daily traded volume rising from $31 million in Q4 2025 to $94 million in Q1 2026. Additionally, we were granted the key license to begin construction of Era Dorada, followed by full Board approval for the project; at Borborema, we also got approval for the road relocation by DNIT, allowing us to increase Mineral Reserves and start planning for a potential expansion. This progress, combined with a record-high EBITDA of US$244 million, enabled us to announce now another record dividend of ~ US$65 million, or US$0.78 per share, for the quarter. Looking ahead, we expect a stronger second half of the year, driven by favorable mine sequencing that reinforces our full-year guidance. We continue to advance the construction of Era Dorada, the expansions at Almas and Borborema, and the update of the Matupá feasibility study."

Operational & Financial Headlines Q1 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q4 2025** | **QoQ**<br> **Change %** | **Q1 2025** | **YoY**<br> **Change%** |
| **Total Production (GEO)** | **82137** | 82067 | 0% | 60087 | 37% |
| **Total Sales (GEO)** | **81368** | 80447 | 1% | 60491 | 35% |
| **Net Revenue** | **382606** | 321661 | 19% | 161804 | 136% |
| **Gross Profit** | &nbsp;&nbsp;&nbsp;&nbsp;228828 | 202897 | 13% | 78428 | 192% |
| &nbsp;&nbsp;&nbsp;Gross Margin | 60% | 63% | -3 p.p. | 48% | 12 p.p. |
| **Adjusted EBITDA** | &nbsp;&nbsp;&nbsp;&nbsp;243868 | 207948 | 17% | 81479 | 199% |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA Margin | 64% | 65% | -1 p.p. | 50% | 14 p.p. |
| **Net Income** | 95158 | (19864) | n.a. | (73249) | n.a. |
| &nbsp;&nbsp;&nbsp;Net Income Margin | 25% | -6% | n.a. | -45% | n.a. |
| **Adjusted Net Income** | 109464 | 73276 | 49% | 26903 | 307% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Income Margin | 29% | 23% | 6 p.p. | 17% | 12 p.p. |
| **Cash Cost (US$/GEO)** | 1485 | 1143 | 30% | 1149 | 29% |
| **All In Sustaining cost (US$/GEO)** | 1829 | 1521 | 20% | 1461 | 25% |
| **Operating Cash Flow** | 117871 | 91979 | 28% | 41229 | 185% |
| **Net Debt/LTM EBITDA** | 0.16x | 0.28x | -0.12x | 0.88x | -0.72x |
| **Total CAPEX** | 44107 | 45779 | -4% | 51725 | -15% |

---

*Except as otherwise noted in this document, references herein to "US$" or and "$" are to thousands of United States dollars*

Headlines

· **Another Record Production Quarter**: Q1 2026 total production reached 82,137 gold equivalent ounces
(GEO), above previous quarter and up 37% from Q1 2025 at current metal prices. At constant prices, Aura's quarterly production increased
by 1% compared to Q4 2025 and 41% above Q1 2025. Q1 2026 highlights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Almas: 15,838 GEO (+21% Y/Y)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Borborema: 17,101 GEO (higher milling throughput).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o MSG addition: 8,580 GEO in the quarter.

![](logo.jpg)

· **Sales Volumes**: Q1 sales were 81,368 GEO, up 1% QoQ and 35% YoY at current prices, mainly from higher
overall production, despite negatively impacted GEO conversion at Aranzazu.

· **Record Net Revenues:** Q1 reached US$382,606, up 19% QoQ and up 136% YoY, driven by higher gold prices
and production; Borborema/MSG contributed to 34% of the total revenues in Q1 26.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Average gold prices: Q1 2026: US$4,873/oz (+19% QoQ, +70% YoY).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Average copper prices: Q1 2026: US$5.81/lb (+12% QoQ, +27% YoY).

· **Record Adjusted EBITDA**: Q1 hit US$243,868 (seventh consecutive quarterly record), up 17% QoQ and
199% YoY. Driven by higher production/sales and metal prices.

· **AISC Performance**: Q1 AISC was US$1,829/GEO, up 20% QoQ at current prices and up 25% YoY, mainly
due to the addition of MSG (US$3,735/GEO), as well as Aranzazu GEO conversion, Apoena mine sequencing and negative impact of FX, due
to the strong appreciation of the Brazilian Real and the Mexican Peso. At constant Q1 2025 metal prices and ex-MSG, AISC was US$1,512/GEO,
a 4% increase compared to Q1 2025 and 11% over Q4 2025. The Company expects consolidated 2026 AISC to be within the Company's guidance
range (US$1,720 – US$1,865 / Oz) with a reduction expected mainly from the second half of the year as production increases and
cost reduction initiatives at MSG begin to deliver results.

· **Consistent Recurring Free Cash Flow**: Q1 2026 US$94,852, in line QoQ and 253% YoY, driven by record
Adjusted EBITDA, offset by annual tax payments, realized losses with gold hedges (US$33 million) and temporary working capital consumption
(mostly accounts payables and work-in-progress inventory).

· **Net Income:** US$95.2M, despite non-cash losses related to the MTM of gold collars (US$24 million).
Excluding the non-cash losses, adjusted Net Income was positive at US$109.5 million, driven by improved results from operations and lower
finance expenses QoQ and YoY, as well as lower current income taxes in Borborema and Almas due to income tax benefits in Brazil (Sudene
and Sudam benefit).

· **Stable Net Debt Position and Lower Financial Leverage**: Q1 2026 US$115,181 (0.16x Net Debt/EBITDA
LTM)

**<u>OTHER UPDATES Q1 2026:</u>**

**Borborema:** On February 25, 2026, Aura announces that it has signed the agreement of cooperation with DNIT (Departamento Nacional de Infraestrutura Terrestre) to relocate the federal road, which crosses a portion of the Borborema mine. After the filing of Form 20-F on April 1<sup>st</sup>, 2026, Borborema has a total LOM of 36 years, considering the highway relocation, pit expansion and higher gold prices.

**Updated Mineral Reserves and Mineral Resources:** On April 1<sup>st</sup>, 2026, filed its annual report on Form 20-F. Between 2024 and 2025, Aura updated its MRMR models to reflect new data. Updates were driven by exploration drilling, revised geological interpretations, changes in mining methods, extraction plans, and economic parameters, including commodity prices that impacted cut-off grades and reserve classification, as well as M&A activities, which expanded Aura's resource base, resulting in a significant increase in Proven & Probable Mineral Reserves to 7,223k GEO, representing ~110% growth year over year after depletion—driven by the inclusion of the MSG Project, updates at Borborema, and additional reserves at Era Dorada. Other main updates include:

&nbsp;&nbsp;&nbsp;&nbsp;· Metal price assumptions used for estimating Mineral Reserves were updated to reflect a significantly higher
pricing environment while maintaining a conservative outlook: gold at US$2,600/oz (up from US$2,000), copper at US$4.40/lb (up from US$4.20),
and silver at US$35.00/oz (up from US$25.00).

&nbsp;&nbsp;&nbsp;&nbsp;· Inferred increased by more than 200% to 3,917k GEO, primarily driven by inclusion of MSG; Borborema MRMR
updates and the incorporation of Almas underground.

**Development of Era Dorada Project:** On April 13<sup>th</sup>, 2026, Aura's Board of Directors approved the development of the Era Dorada Project. In addition to the core project approval, Aura has secured budget authorization for an advanced water treatment system, with plans to pursue all necessary government permits and approvals. This will enable the delivery of purified, potable water to the local community, further demonstrating Aura's steadfast dedication to environmental stewardship, sustainable social impact, and responsible mining practices. Total CAPEX for this project is estimated at US$382.0 million with an estimated NPV of US$1,344.5 million and unlevered after-tax IRR of 35.6%, considering Feasibility Gold prices of US$3,177 per Oz. The project is expected to commence operations in the first half of 2028.

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

Results Teleconference:

**Date**: May 7, 2026

**Time**: 10:00 a.m. (Brasília) \| 9:00 a.m. (New York and Toronto)

**Link to access**: Click here (https://mzgroup.zoom.us/webinar/register/WN_vb4qdTpSSGGDDZN6dE2EMw#/registration)

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

2. Consolidated Financial Results

*In terms of production and sales, for all assets except Aranzazu, references herein to "GEO" are equivalent to actual gold ounces.*

2.1 Total Production and Sales (GEO)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(GEO)** | **Q1 2026** | **Q4 2025** | **QoQ** <br> **Change %** | **Q1 2025** | **YoY** <br> **Change%** |
| **Production** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aranzazu | 15694 | 18878 | **-17%** | 20456 | **-23%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apoena | 7525 | 8961 | **-16%** | 8876 | **-15%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minosa | 17399 | 17818 | **-2%** | 17654 | **-1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Almas | 15838 | 15872 | **0%** | 13101 | **21%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borborema | 17101 | 15777 | **8%** | n.a. | **n.a.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSG | 8580 | 4761 | **80%** | n.a. | **n.a.** |
| **Total** | **82137** | **82067** | **0%** | **60087** | **37%** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(GEO)** | **Q1 2026** | **Q4 2025** | **QoQ** <br> **Change %** | **Q1 2025** | **YoY** <br> **Change%** |
| **Sales** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aranzazu | 16218 | 18068 | **-10%** | 20456 | **-21%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apoena | 7525 | 8961 | **-16%** | 9408 | **-20%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minosa | 17456 | 16972 | **3%** | 17526 | **0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Almas | 14048 | 15872 | **-11%** | 13101 | **7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borborema | 16609 | 15777 | **5%** | n.a. | **n.a.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSG | 9508 | 4797 | **98%** | n.a. | **n.a.** |
| **Total** | 81368 | 80447 | **1%** | 60491 | **35%** |

---

Notes: (1) Applies the metal sale prices in Aranzazu realized during Q1 2026: Copper price = US$5.80/lb; Gold Price = US$4,850/oz; Silver Price = US$83.12/oz and Molybdenum Price = US$25.65/oz (2) Q4 2025 consider only December for MSG.

Total production in Q1 2026 reached 82,137 gold equivalent ounces ("GEO"), slightly above Q4 2025 levels and 37% higher when compared to Q1 2025 at current metal prices, mainly due to the start of production at Borborema and addition of MSG and increased production from Almas, despite negative impact from lower grades at Aranzazu, negative impact from the copper-to-GEO conversion at Aranzazu and lower production at Apoena. At constant prices, Aura's quarterly production was slightly higher than Q4 2025 and 41% above Q1 2025. The Company remains on track to meet its Production Guidance for 2026, of 340k to 390k GEO.

2.2. Net Revenue

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q4 2025** | **QoQ**<br> **Change %** | **Q1 2025** | **YoY**<br> **Change%** |
| Aranzazu | 69178 | 66541 | 4% | 50262 | 38% |
| Apoena | 35814 | 36102 | -1% | 26353 | 36% |
| Minosa | 80020 | 67476 | 19% | 48062 | 66% |
| Almas | 68693 | 65774 | 4% | 37127 | 85% |
| Borborema | 81988 | 65530 | 25% | n.a. | n.a. |
| MSG | 46913 | 20238 | 132% | n.a. | n.a. |
| **Total** | 382606 | 321661 | **19%** | 161804 | 136% |

---

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

In Q1 2026, the Company reported Net Revenue of US$382.6 million, representing a 19% increase compared to Q4 2025. When compared to Q1 2025, Aura's Net Revenue increased 136%, driven by the sales increase, due to the startup of Borborema and MSG acquisition, also due to higher metal prices (from US$2,862/oz in Q1 2025 to US$4,873/oz in Q1 2026). Copper sale prices also contributed positively, with the average copper price increasing by 27%, from US$4.58/lb in Q1 2025 to US$5.81/lb in Q1 2026.

2.3. Cost and Gross Profit

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q4 2025** | **QoQ** <br> **Change %** | **Q1 2025** | **YoY** <br> **Change%** |
| **Net Revenue** | **382606** | 321661 | 19% | 161804 | **136%** |
| **Cost of goods sold** | **(153778)** | (118764) | 29% | (83376) | **84%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of production | (83528) | (50599) | 65% | (44919) | 86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of production – Contractors | (16589) | (28565) | -42% | (15467) | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct mine and mill costs - Salaries | (20696) | (12747) | 62% | (9126) | 127% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | (32965) | (26853) | 23% | (13864) | 138% |
| **Gross Profit** | **228828** | 202897 | 13% | 78428 | **192%** |
| **Gross Margin** | **60%** | 63% | -3 p.p. | 48% | 12 p.p. |

---

In first quarter of 2026, Cost of Goods Sold (COGS) totaled US$153.8 million, up 29% to previous quarter and 84% above Q1 2025. When compared to the previous quarter, the increase is mainly related to the operation of MSG under Aura ownership for the entire quarter (vs. 1 month in the previous quarter) and impact of FX, due to the appreciation of the Brazilian Real and Mexican Peso in the period. Comparing with the Q1 2025, the cost increase is mainly due to the addition of MSG, commercial production from Borborema and increased production volumes at Almas, besides also negative FX impact (~5% appreciation of BRL).

In Q1 2026, the increase in Net Revenue, which more than doubled year-over-year, more than offset the increase in COGS during the quarter, driving Gross Profit to US$228.8 million, achieving a Gross Margin of 60%. This represents an increase in Gross Profit of 13% from Q4 2025 and 192% when compared to Q1 2025.

2.4. Cash Cost and All in Sustaining Costs

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(US$/GEO)** | **Q1 2026** | **Q4 2025** | **QoQ** <br> **Change %** | **Q1 2025** | **YoY** <br> **Change%** |
| **Cash Cost** | **1485** | **1143** | **30%** | **1149** | **29%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aranzazu | 1558 | 1228 | 27% | 1164 | 34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apoena | 1380 | 1450 | -5% | 1228 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minosa | 1188 | 1087 | 9% | 1149 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Almas | 1204 | 837 | 44% | 1069 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borborema | 1200 | 931 | 29% | n.a. | n.a. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSG | 2900 | 2148 | 35% | n.a. | n.a. |
| **All-in Sustaining Cost** | **1829** | **1521** | **20%** | **1461** | **25%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aranzazu | 2046 | 1732 | 18% | 1545 | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apoena | 2129 | 2427 | -12% | 2041 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minosa | 1370 | 1267 | 8% | 1249 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Almas | 1376 | 962 | 43% | 1195 | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borborema | 1256 | 1111 | 13% | n.a. | n.a. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSG | 3735 | 3132 | 19% | n.a. | n.a. |

---

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

On a quarter-over-quarter basis, Cash Cost in Q1 2026 was US$1,485/GEO, up 30% compared to Q4 2025, mainly reflecting the consolidation of MSG. Excluding MSG, Cash Cost was US$1,298, an 14% increase driven by lower production at Aranzazu and Apoena due to mine sequencing, as well as higher costs at Almas related to mine development and the appreciation of the Brazilian Real and Mexican Peso during the period (+2.5% and +4%, respectively).

On a year-over-year basis, Cash Cost increased by 29% compared to Q1 2025. Excluding MSG and at constant Q1 2025 metal prices, Cash Cost was US$1,298, representing a 13% increase compared to Q1 2025. This reflects the benefit from the addition of Borborema, which has a lower average cash cost, partially offset by the appreciation of the Brazilian Real and Mexican Peso during the period (approximately 5% and 4%, respectively).

AISC totaled US$1,829/GEO in Q1 2026, increasing 20% quarter-over-quarter and 25% year-over-year at current prices. Excluding MSG and at constant Q1 2025 metal prices, AISC was US$1,512, representing only a 4% increase, driven by the same factors impacting cash costs during the period, despite the negative FX impact.

The Company expects both consolidated 2026 Cash Costs and AISC to be within the Company's Guidance range with a reduction mainly from the second half of the year as production increases and initiatives to reduce costs at MSG start showing results.

2.5. Operating Expenses

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q4 2025** | **QoQ** <br> **Change %** | **Q1 2025** | **YoY** <br> **Change%** |
| **Gross Profit** | **228828** | 202897 | **13%** | 78428 | **192%** |
| **Operational Expenses** | **(23509)** | (37777) | **-38%** | (11766) | **100%** |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (15742) | (18761) | -16% | (9636) | 63% |
| &nbsp;&nbsp;&nbsp;Exploration expenses | (2359) | (2595) | -9% | (1376) | 71% |
| &nbsp;&nbsp;&nbsp;ARO Change in estimate for properties in C&M |  | (489) | n.a. | n.a. | n.a. |
| &nbsp;&nbsp;&nbsp;Other Expenses | (5408) | (15932) | -66% | (754) | 617% |
| **Operating income** | **205319** | 165120 | **24%** | 66662 | **208%** |

---

General and Administrative ("G&A") expenses decreased by 16% compared to Q4 2025, primarily reflecting M&A costs (~ US$2.4 million) incurred in the previous quarter (closing of MSG acquisition) which was not repeated in Q1 2026.

When compared to Q1 2025, G&A increased 63%, resulting from: (i) declaration of commercial production from Borborema (US$1 million increase; during the pre-commercial production period, a portion of the expenses were capitalized); (ii) addition of G&A associated expenses with the MSG Mine (US$2.5 million) ; increase in stock-based compensation and DSU liabilities (impacting Directors' fees) as result of the significant increase in the Company's share price (combined increase of US$2.4 million). Excluding these impacts, G&A would be mostly in line with Q1 2025.

Exploration expenses totaled US$2.4 million in Q1 2026, a 9% decrease compared to Q4 2025 and 71% increase from Q1 2025, mainly due to Aranzazu and Almas, that combined represented 77% of the total expense in the quarter. This result is in line with the Company's plan.

Other Expenses are mainly related to a non-cash loss from revaluing the Contingent Value Rights (CVRs) issued in the January 2025 as part of the Bluestone Resources (owner of Era Dorada project) acquisition, which pay holders up to approximately C$31.0 million in 3 years once Era Dorada reaches commercial production. After the Board of Directors of Aura approved Era Dorada's construction, management raised the estimated likelihood of reaching production and shortened the expected payment timeline, increasing the CVR liability's value. This is a non-cash charge reflecting the project's de-risking — a milestone expected to create shareholder value well beyond the liability increase. No cash is owed until commercial production is achieved.

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

The Company thus ended Q1 2026 with Operating Income of US$205.3 million, compared to an Operating Income of US$66.7 million in Q1 2025, also higher compared to the Operating Income of Q4 2025 of US$165.1 million, improvements due to higher gross profit due to the reasons discussed above.

2.6. Adjusted EBITDA

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q4 2025** | **QoQ** <br> **Change %** | **Q1 2025** | **YoY** <br> **Change%** |
| **Operating Income** | **205319** | 165120 | 24% | 66662 | 208% |
| &nbsp;&nbsp;&nbsp;Depreciation and Amortization | 33141 | 26407 | 26% | 14063 | 136% |
| &nbsp;&nbsp;&nbsp;Change in ARO estimate | n.a. | 489 | -100% | n.a. | 0% |
| &nbsp;&nbsp;&nbsp;Other Expenses | 5408 | 15932 | -100% | 754 | 617% |
| **Adjusted EBITDA** | **243868** | 207948 | 17% | 81479 | 199% |
| Aranzazu | 41390 | 40986 | 1% | 24387 | 70% |
| Almas | 49720 | 50673 | -2% | 22080 | 125% |
| Borborema | 60939 | 49168 | 24% | 128 | n.a |
| Minosa | 58105 | 47900 | 21% | 26556 | 119% |
| Apoena | 24274 | 21705 | 12% | 13516 | 81% |
| MSG | 17440 | 9574 | n.a | n.a. | n.a |
| Corporate, Projects and Other | (8000) | (12058) | -34% | (4661) | 72% |
| **Adjusted EBITDA Margin** | **64%** | 65% | -1 p.p. | 50% | 14 p.p. |

---

Adjusted EBITDA reached a new all-time high of US$243.9 million in Q1 2026 with an Adjusted EBITDA Margin of 64%, marking the seventh consecutive quarterly record for Aura. This result was 199% above the Q1 2025, due to the sales increase – considering the inclusion of Borborema and MSG - and higher metals prices, which together more than offset the cost increase. Compared with the previous quarter, Adjusted EBITDA was up 17%, capturing the benefit of increased metal prices.

2.7. Financial Result

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q4 2025** | **QoQ** <br> **Change %** | **Q1 2025** | **YoY** <br> **Change%** |
| **EBIT** | **205319** | &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;165120 | 24% | &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;66662 | 208% |
| **Financial Result** | **(68921)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123188) | -44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121611) | -43% |
| &nbsp;&nbsp;&nbsp;Accretion expense | (2279) | &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;690 | n.a. | &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;(1666) | 37% |
| &nbsp;&nbsp;&nbsp;Lease interest expense | (810) | &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;(1651) | -51% | &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;(1595) | -49% |
| &nbsp;&nbsp;&nbsp;Interest expense on loans and debentures | (6387) | &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;(8274) | -23% | &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;(5755) | 11% |
| &nbsp;&nbsp;&nbsp;Finance cost on post-employment benefit | (598) | &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;(867) | -31% | &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;(338) | 77% |
| &nbsp;&nbsp;&nbsp;Unrealized loss with derivative gold collars | (24105) | &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;(81723) | -71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100210) | -76% |
| &nbsp;&nbsp;&nbsp;Realized loss with derivative gold collars | (33325) | &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;(21650) | 54% | &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;(6036) | 452% |
| &nbsp;&nbsp;&nbsp;Loss on other derivative transactions | (1188) | &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;(2180) | -46% | &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;(1827) | -35% |
| &nbsp;&nbsp;&nbsp;Foreign exchange | (73) | &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;(3302) | -98% | &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;(3176) | n.a. |
| &nbsp;&nbsp;&nbsp;Derivative fee | n.a. | n.a. | 0% | n.a. | n.a. |
| &nbsp;&nbsp;&nbsp;Change in liability measured at fair value | &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;(5026) | &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;(5296) | -5% | &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;(2359) | 113% |
| &nbsp;&nbsp;&nbsp;Loss on settlement of liability with equity instruments | n.a. | n.a. | n.a. | n.a. | n.a. |
| &nbsp;&nbsp;&nbsp;Other finance costs | &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;(2496) | &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;(2592) | -4% | &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;(430) | 480% |
| &nbsp;&nbsp;&nbsp;**Finance expenses** | **(76287)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126840) | -40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123392) | **-38%** |
| &nbsp;&nbsp;&nbsp;Foreign exchange | 5546 | n.a. | n.a. | n.a. | n.a. |
| &nbsp;&nbsp;&nbsp;Interest income | 1820 | &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;3652 | -50% | &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;1781 | 2% |
| &nbsp;&nbsp;&nbsp;**Finance income** | **7366** | &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;3652 | 102% | &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;1781 | 314% |
| **Profit/ (loss) before income taxes** | **136398** | &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;41932 | 225% | &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;(54949) | n.a. |

---

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

The Company's Financial Result in Q1 2026 was a loss of US$(68.9) million, and an improvement compared to a loss of US$(123.2) million recorded in Q4 2025 and a loss of (US$121.6) million in Q1 2025, mainly due to lower unrealized losses with gold derivatives registered this quarter vs. previous quarters.

The financial result in Q1 2026 was mainly impacted by:

&nbsp;&nbsp;&nbsp;&nbsp;· Unrealized loss on gold hedges of US$24.1 million, arising from mark-to-market (MTM) adjustments related
to outstanding gold hedge positions, reflecting increase in gold prices between the start and the end of the quarter, coming from US$4,325.60
per Oz and reaching US$4,646.60 per Oz at the end of the period. In accordance with IFRS standards, the Company records MTM adjustments
at the end of each reporting period for all outstanding derivative positions.

&nbsp;&nbsp;&nbsp;&nbsp;· Realized losses with gold hedges of US$33.3 million were related to cash settlement of outstanding gold
collars during the quarter, driven by the expiration of gold collars within the quarter.

All of Aura's outstanding gold collars (183,999 Ozs) are associated with the future production of the Borborema and will expire between April/2026 and June/2028. As previously disclosed, an estimated 80% of the production for the first 3 years of the Borborema Project were hedged in 2023 at ceiling prices of US$2,400 per Oz.

2.8. Net Income

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q4 2025** | **QoQ**<br> **Change %** | **Q1 2025** | **YoY**<br> **Change%** |
| **Profit/ (loss) before income taxes** | **136398** | 41932 | 225% | (54949) | n.a. |
| **Total taxes** | **(41240)** | (61796) | -33% | (18300) | 125% |
| Current income tax expense | (47409) | (50064) | -5% | (20814) | 128% |
| Deferred income tax expense | 6169 | (11732) | n.a. | 2514 | 145% |
| **Profit/(loss) for the period** | **95158** | (19864) | n.a. | (73249) | n.a. |
| **Net Margin** | **25%** | -6% | 31 p.p. | -45% | 70 p.p. |
| Unrealized loss with derivative gold collars | (24105) | (81723) | -71% | (100210) | -76% |
| Foreign Exchange | (73) | (3302) | -98% | (3176) | -98% |
| Deferred taxes on non-monetary items | 9872 | (8115) | n.a. | 3234 | 205% |
| **Adjusted Net Income** | **109464** | 73276 | 49% | 26903 | 307% |

---

Net income in Q1 2026 was US$95.2 million, compared to Net Loss of US$(19.9) million in Q4 2025 and a Net Loss of US$73.3 million in Q1 2025. The improvement on quarterly basis is mainly attributable to the improved Operating Income for the reasons discussed and lower financial expenses, due to a lower increase in gold prices between the beginning and end of Q1 2026 than in Q4 2025 which led to a lower negative MTM impact of outstanding gold derivatives.

Compared to Q1 2025, Net Income improved also due to significant improvement in the Operating Income and reduction of Finance Expenses for the same reasons.

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

**Adjusted Net Income**

As result of increase in the Company's Operating Income, Adjusted Net Income in Q1 2026 reached US$109.5 million in the period. The Q1 2026 Adjusted Net Income excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-cash losses related to gold hedges: US$(24.1) million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Deferred taxes over non-monetary items US$(9.9) million

3. Performance of the Operating Units

3.1 Aranzazu

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q4 2025** | **QoQ** <br> **Change %** | **Q1 2025** | **YoY** <br> **Change%** |
| **Production at Constant Prices (GEO)¹** | **15694** | 18456 | -15% | 20456 | -23% |
| **Production at Current Prices (GEO)** | **15694** | 18878 | -17% | 20456 | -23% |
| **Sales (GEO)** | **16218** | 18068 | -10% | 20456 | -21% |
| **Cash Cost (US$/GEO)** | **1558** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228 | 27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 | 34% |
| **AISC (US$/GEO)** | **2046** | &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;1732 | 18% | &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;1545 | 32% |
| **Net Revenue** | **69178** | &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;66541 | 4% | &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;50262 | 38% |
| &nbsp;&nbsp;&nbsp;Cost of goods sold | &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;(32479) | &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;(31896) | 2% | &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;(30282) | 7% |
| **Gross Profit** | **36699** | &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;34645 | 6% | &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;19980 | 84% |
| &nbsp;&nbsp;&nbsp;***Expenses*** | **(3755)** | &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;(2471) | 52% | &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;(3055) | 23% |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | &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;(1587) | &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;(1711) | -7% | &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;(1774) | -11% |
| &nbsp;&nbsp;&nbsp;Exploration expenses | &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;(935) | &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;(1416) | -34% | &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;(709) | 32% |
| &nbsp;&nbsp;&nbsp;Other income (expenses) | &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;(1233) | &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;656 | -288% | &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;(572) | 116% |
| **EBIT** | **32944** | &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;32174 | 2% | &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;16925 | 95% |
| **Adjusted EBITDA** | **41390** | &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;40986 | 1% | &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;24387 | 70% |
| &nbsp;&nbsp;&nbsp;***Financial Result*** | **(36)** | &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;(2112) | -98% | &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;(34) | 6% |
| &nbsp;&nbsp;&nbsp;Financial Income | &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;113 | &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;225 | -50% | &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;91 | 24% |
| &nbsp;&nbsp;&nbsp;Financial expenses | &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;(149) | &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;(2337) | -94% | &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;(125) | 19% |
| **EBT** | **32908** | &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;30062 | 9% | &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;16891 | 95% |
| &nbsp;&nbsp;&nbsp;***Total taxes*** | **(9232)** | &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;(13668) | -32% | &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;(7383) | 25% |
| &nbsp;&nbsp;&nbsp;Current income tax expense | &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;(10426) | &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;(3013) | 246% | &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;(6431) | 62% |
| &nbsp;&nbsp;&nbsp;Deferred income tax expense | &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;1194 | &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;(10655) | -111% | &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;(952) | n.a. |
| **Profit for the period** | **23676** | &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;16394 | 44% | &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;9508 | 149% |

---

Applies the metal sale prices in Aranzazu realized during Q1 2026: Copper price = US$5.80/lb; Gold Price = US$4,850/oz; Silver Price = US$83.12/oz and Molybdenum Price = US$25.65/oz

At Aranzazu, production reached 15,694 GEO, representing a 17% decrease compared to the previous quarter, resulting partially from metal prices since higher gold prices negatively impact the conversion to GEO. When compared to Q1 2025, production decreased by 23% also due to the sharp increase in gold and silver prices between the periods which also impacted GEO conversion. This result is in line with the Company's mine plan and according to mine sequencing; production is expected to increase towards the last quarters of the year. At constant prices, Aranzazu production was 15% lower when compared to Q4 2025 and 23% lower compared to Q1 2025, that QoQ was mainly explained by lower grades of copper (from 1.45% to 1.15%), silver (from 21g/ton to 17g/ton) and gold (from 0.8g/ton to 0.7g/ton), due to mine sequencing and according to the Company's plan. During the quarter, Aranzazu sold 16,218 GEO, 10% lower than last quarter. Sales exceeded production due to the timing of revenue recognition of the final 2025 shipment.

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

Aranzazu's Net Revenue in Q1 2026 was US$69.2 million, 4% higher compared to Q4 2025 and up 38% compared to Q1 2025, primarily driven by higher metal prices. Average sales prices rose quarter-over-quarter, with copper increasing 15%, gold 15% and silver 46% and year-over-year, copper increased 36%, gold 69% and silver 160%.

In Q1 2026, cost of goods sold (COGS) was US$32.5 million, slightly higher than the US$31.9 million of Q4 2025 and 7% above Q1 2025, mainly driven by inflation and the appreciation of the Mexican Peso. Considering slightly higher cost and lower production, Cash Cost was US$1,558/GEO for the quarter, 27% higher than Q4 2025 and 34% higher than Q1 2025. Aranzazu's AISC was US$2,046 in the quarter, up 18% from Q4 2025 and up 32% from Q1 2025, primarily due to higher CAPEX for mine development QoQ and higher COGS YoY. At constant Q1 2025 metal prices, AISC was US$1,718/GEO, and increase of 20% over Q4 2025 and 36% over Q1 2025, mainly because of lower production due to grades and negative FX impact.

In the quarter, Aranzazu's general and administrative expenses decreased in the quarter totaled US$1.6 million, 7% lower compared to Q4 2025 as well as 11% compared to Q1 2025, mainly due to lower expenses in third party services. In the quarter, exploration expenses decreased 34%, to US$0.9 million, from US$1.4 million in Q4 2025, as drilling was more focused in conversion. Year-over-year, this expense increased 32%, mainly driven by increased exploration in regional targets (Arco Iris and others).

Although there were lower sales in the quarter, Aranzazu's Adjusted EBITDA was US$41.4 million in Q1 2026, reflecting a 1% increase from Q4 2025 and a 70% compared to Q1 2025, driven by robust Net Revenue growth from higher metal prices compared to 2025.

3.2 Apoena

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q4 2025** | **QoQ** <br> **Change %** | **Q1 2025** | **YoY** <br> **Change%** |
| **Production (GEO)** | **7525** | &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;8961 | -16% | &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;8876 | -15% |
| **Sales (GEO)** | **7525** | &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;8961 | -16% | &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;9408 | -20% |
| **Cash Cost (US$/GEO)** | **1380** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | -5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228 | 12% |
| **AISC (US$/GEO)** | 2129 | &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;2427 | -12% | &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;2041 | 4% |
| **Net Revenue** | 35814 | &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;36102 | -1% | &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;26353 | 36% |
| &nbsp;&nbsp;&nbsp;Cost of goods sold | (16230) | &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;(13961) | 16% | &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;(15104) | 7% |
| **Gross Profit** | 19584 | &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;22141 | -12% | &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;11249 | 74% |
| &nbsp;&nbsp;&nbsp;***Expenses*** | (1161) | &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;(3525) | -67% | &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;(1356) | -14% |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (1003) | &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;(1293) | -22% | &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;(1301) | -23% |
| &nbsp;&nbsp;&nbsp;Exploration expenses | (177) | &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;(145) | 22% | &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;(124) | 43% |
| &nbsp;&nbsp;&nbsp;Change in ARO estimate |  | &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;(239) | n.a. | n.a. | n.a. |
| &nbsp;&nbsp;&nbsp;Other income (expenses) | 19 | &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;(1848) | -101% | &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;69 | -72% |
| **EBIT** | 18423 | &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;18616 | -1% | &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;9893 | 86% |
| **Adjusted EBITDA** | 24274 | &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;21705 | 12% | &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;13516 | 80% |
| &nbsp;&nbsp;&nbsp;***Financial Result*** | (2013) | &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;(661) | 257% | &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;(6636) | -70% |
| &nbsp;&nbsp;&nbsp;Financial Income | 205 | &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;276 | -26% | &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;5 | 4000% |
| &nbsp;&nbsp;&nbsp;Financial expenses | (2218) | &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;(564) | 164% | &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;(6641) | -67% |
| **EBT** | 16410 | &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;18328 | -9% | &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;3257 | 404% |
| &nbsp;&nbsp;&nbsp;***Total taxes*** | (2804) | &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;(3500) | -20% | &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;1342 | n.a. |
| &nbsp;&nbsp;&nbsp;Current income tax expense | (703) | &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;(1852) | -57% | &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;(663) | 6% |
| &nbsp;&nbsp;&nbsp;Deferred income tax expense | (2101) | &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;14552 | 13% | &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;2005 | n.a. |
| **Profit for the period** | 13606 | &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;14828 | -7% | &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;4599 | 196% |

---

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

At Apoena, production was 7,525 GEO, 15% lower than Q1 2025 and 16% than Q4 2025, primarily driven by lower ore throughput and recovery rates, in line with the Company's mine plan. According to mine sequencing, production is expected to increase towards the last quarters of the year. In Q1 2026, Apoena sold 7,525 GEO, consistent with its mine sequencing and lower grades during the first half of the year.

Apoena's Net Revenue totaled US$35.8 million for Q1 2026, slightly lower than Q4 2025, due to the lower sales, and 36% above the Q1 2025, driven primarily by higher gold prices.

In Q1 2026, cost of goods sold (COGS) totaled US$16.2 million, representing a 16% increase compared to Q4 2025 and a 7% increase compared to Q1 2025. This increase was partially driven by the appreciation of the Brazilian Real during the period and a 53% increase in the total ore mined YoY, from 4.3 million tons to 6.6 million tons. QoQ, total ore mined increased 5%. These factors, combined with lower production levels (due to lower recovery rate) and higher strip ratio (from 7.9x in Q1 25 and 13.4x in Q4 25 to 12.2x in Q1 26), drove Cash Cost to US$1,380/GEO in the quarter, representing a 5% decrease compared to Q4 2025 and a 12% increase compared to Q1 2025, primarily reflecting lower production volumes for the reasons discussed above. In Q1 2026, Apoena's AISC was US$2,129/GEO, 12% lower than Q4 2025, due to lower sustaining capex in 26%, from US$5.5 million to US$4.1 million and 22% lower G&A. Compared to Q1 2025, AISC increased 4%, below the cash cost, due to lower increase in capex, partially offset by lower lease payments.

Apoena's general and administrative expenses increased in the quarter and totaled US$1.0 million, 22% lower compared to Q4 2025 and 23% lower than Q1 2025, mainly due to lower expenses in third party services. In the quarter, exploration expenses increased 22%, to US$0.2 million, from US$0.1 million in Q4 2025, due to increased regional mapping activity in the Jiboinha, Guaporé-Sararé and Serra Dourada targets. Year-over-year, this expense increased 43%, for the same reason.

The Adjusted EBITDA in Q1 2026 reached US$24.3million. This result reflects a significant increase of approximately 80% compared to Q1 2025, mainly driven by stronger gold prices. On a quarter-over-quarter basis, despite lower production and sales volumes and higher costs, the positive impact of higher gold prices more than offset these pressures, supporting an increase in Adjusted EBITDA in the quarter.

3.3 Minosa

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q4 2025** | **QoQ** <br> **Change %** | **Q1 2025** | **YoY** <br> **Change%** |
| **Production (GEO)** | 17399 | 17818 | -2% | 17654 | -1% |
| **Sales (GEO)** | 17456 | 16972 | 3% | 17526 | 0% |
| **Cash Cost (US$/GEO)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 | 9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149 | 3% |
| **AISC (US$/GEO)** | &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;1370 | &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;1267 | 8% | &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;1249 | 10% |
| **Net Revenue** | **80020** | &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;67476 | 19% | &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;48062 | 66% |
| &nbsp;&nbsp;&nbsp;Cost of goods sold | &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;(22680) | &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;(19831) | 15% | &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;(21476) | 6% |
| **Gross Profit** | **57340** | &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;47645 | 20% | &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;26586 | 116% |
| &nbsp;&nbsp;&nbsp;***Expenses*** | **(1245)** | &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;(8998) | -86% | &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;(1615) | -23% |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | &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;(1101) | &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;(730) | 51% | &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;(1135) | -3% |
| &nbsp;&nbsp;&nbsp;Exploration expenses | &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;(65) | &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;(85) | -24% | &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;(236) | -72% |
| &nbsp;&nbsp;&nbsp;Other income (expenses) | &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;(79) | &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;(8183) | -99% | &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;(244) | -68% |
| **EBIT** | **56095** | &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;38647 | 45% | &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;24971 | 125% |
| **Adjusted EBITDA** | **58105** | &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;47900 | 21% | &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;26556 | 119% |
| &nbsp;&nbsp;&nbsp;***Financial Result*** | **(1246)** | &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;(1260) | -1% | (1312) | -5% |
| &nbsp;&nbsp;&nbsp;Financial Income | **65** | &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;63 | 3% | 111 | -41% |
| &nbsp;&nbsp;&nbsp;Financial expenses | &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;(1311) | &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;(1323) | -1% | (1423) | -8% |
| **Profit before income taxes** | **54849** | &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;37387 | 47% | &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;23659 | 132% |
| &nbsp;&nbsp;&nbsp;***Total taxes*** | **(14770)** | &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;(8219) | 80% | &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;(6218) | 138% |
| &nbsp;&nbsp;&nbsp;Current income tax expense | &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;(14489) | &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;(11463) | 26% | &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;(6611) | 119% |
| &nbsp;&nbsp;&nbsp;Deferred income tax expense | &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;(281) | &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;3244 | -109% | &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;393 | n.a. |
| **Profit for the period** | **40079** | &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;29168 | 37% | &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;17441 | 130% |

---

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

In Q1 2026, production totaled 17,399 GEO in Q1 2026, 2% lower than Q4 2025 and in line with Q1 2025, mainly as a result of lower gold extraction during the period and consistent with Aura's expectations. In terms of sales, Minosa sold 17,456 GEO, 3% above Q4 2025 and same level of Q1 2025, mainly due to the shipping schedule of gold from December 2025. This result aligned with the gold price increase drove Minosa's Net Revenue to US$80.0 million in Q1 2026, up 19% from Q4 2025, while compared to Q1 2025 it grew 66%.

In Q1 2026, cost of goods sold (COGS) totaled US$22.7 million, representing a 15% increase compared to the previous quarter and a 6% increase compared to Q1 2025, due to increase in total ore mined (28% YoY and 2% QoQ). The Cash Cost was US$1,188/GEO for the quarter, up 9% from Q4 2025 and also up 3% from Q1 2025. The All-in Sustaining Cost (AISC) for Q1 2026 was US$1,370/GEO, up 8% from Q4 2025. Compared to Q1 2025, AISC increased 11%, primarily due to higher CAPEX, that increased 9%, from US$2.2 million to US$2.4 million in Q1 2026.

General and administrative expenses increased in the quarter totaled US$1.1 million, 51% higher compared to Q4 2025 and 3% lower compared to Q1 2025, mainly due to lower expenses in third party services. In the quarter, exploration expenses decreased 24% compared to Q4 2025, as efforts are focused on understanding last year drilling campaign.

In Q1 2026, Minosa's Adjusted EBITDA reached US$58.1 million, up 21% from Q4 2025 and 119% from Q1 2025, driven by higher gold prices, despite reduced production from lower gold extraction during the period.

3.4 Almas

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q4 2025** | **QoQ** <br> **Change %** | **Q1 2025** | **YoY** <br> **Change%** |
| **Production (GEO)** | **15838** | 15872 | 0% | 13101 | 21% |
| **Sales (GEO)** | **14048** | 15872 | **-11%** | 13101 | 7% |
| **Cash Cost (US$/GEO)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | **44%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 | **13%** |
| **AISC (US$/GEO)** | &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;1376 | &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;962 | 43% | &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;1195 | **15%** |
| **Net Revenue** | **68693** | &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;65774 | 4% | &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;37127 | **85%** |
| &nbsp;&nbsp;&nbsp;Cost of goods sold | &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;(21670) | &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;(17043) | **27%** | &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;(16514) | 31% |
| **Gross Profit** | **47023** | &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;48731 | **-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;20613 | **128%** |
| &nbsp;&nbsp;&nbsp;***Expenses*** | **(2048)** | &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;(6720) | -70% | &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;(1046) | **96%** |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | &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;(1137) | &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;(1099) | 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;(803) | 42% |
| &nbsp;&nbsp;&nbsp;Exploration expenses | &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;(921) | &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;(783) | **18%** | &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;(237) | 289% |
| &nbsp;&nbsp;&nbsp;Other income (expenses) | &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;10 | &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;(4838) | n.a. | &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;(6) | n.a. |
| **EBIT** | **44975** | &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;42011 | **7%** | &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;19567 | **130%** |
| **Adjusted EBITDA** | **49720** | &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;50673 | **-2%** | &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;22080 | **125%** |
| &nbsp;&nbsp;&nbsp;***Financial Result*** | **(1709)** | &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;(7943) | **-78%** | &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;(3740) | **-54%** |
| &nbsp;&nbsp;&nbsp;Financial Income | **317** | &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;912 | **-65%** | &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;1268 | -75% |
| &nbsp;&nbsp;&nbsp;Financial expenses | &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;(2026) | &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;(8855) | -77% | &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;(5008) | -60% |
| **Profit before income taxes** | **43266** | &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;34068 | **27%** | &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;15827 | **173%** |
| &nbsp;&nbsp;&nbsp;***Total taxes*** | **(2986)** | &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;(15815) | **-81%** | &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;(4757) | **-37%** |
| &nbsp;&nbsp;&nbsp;Current income tax expense | &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;(7590) | &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;(14601) | -48% | &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;(5998) | 27% |
| &nbsp;&nbsp;&nbsp;Deferred income tax expense | &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;4604 | &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;(1214) | n.a. | &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;1241 | 271% |
| **Profit for the period** | **40280** | &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;18253 | **121%** | &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;11070 | **264%** |

---

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

During Q1 2026, Almas produced 15,838 GEO, representing a 21% increase compared to Q1 2025 and remaining in line with Q4 2025 levels. This performance was driven by higher ore throughput and improved mine performance, reflecting the benefits of the plant expansion, which more than offset lower grades during the period as result of mine sequencing. In the quarter, Almas sold 14,048 GEO, lower than production as the last shipment of the quarter is in transit to the refinery.

Net Revenue was US$68.7 million in Q1 2026, up 85% from Q1 2025, driven by increased production and sales volumes, supported by higher ore processing from the plant expansion, and elevated metal prices. Compared to Q4 2025, Net Revenue rose 4%, primarily due to a significant rise in gold prices.

In Q1 2026, cost of goods sold (COGS) was US$21.7 million, 31% above Q1 2025 and 27% when compared to Q4 2025, primarily attributed to a higher total ore mined over the Q1 2025 as result of increased production capacity. The appreciation of the Brazilian Real against the US Dollar also had a negative impact.

The Cash Cost was US$1,204/GEO in Q1 2026, 44% higher than Q4 2025 and 13% higher than Q1 2025, due to mine sequence, with lower grades (from 1.10 g/ton in Q1 25 and 1.06g/ton in Q4 25 to 0.95g/ton in Q1 26) and higher strip ratio (from 5.21 in Q1 25 and 4.22 in Q4 25 to 6.51 in Q1 26).

Almas' All-in Sustaining Cost was US$1,376/GEO in Q1 2026, up 43% from Q4 2025 and 15% higher than Q1 2025, in line with the cash cost evolution in the period. Compared to Q1 2025, there was an increase of 145% in CAPEX, mainly due to higher sustaining CAPEX for mine development (push back), counting US$4.9 million of total CAPEX in Q1 2026 from US$2.0 million in Q4 2025 and in line with the Company's plan.

General and administrative expenses decreased in the quarter totaled US$1.1 million, 3% higher when compared to Q4 2025 and 42% higher compared to Q1 2025, mainly due to higher expenses in third party services. In the quarter, exploration expenses increased 18% compared to Q4 2025 and increased 289% year over year, mainly driven by the focus on Almas underground project.

Adjusted EBITDA totaled US$49.7 million in Q1 2026, 125% higher than Q1 2025 result, driven by 21% increase in ore processing from the plant expansion, improved operational performance and elevated gold prices. Compared to Q4 2025, Adjusted EBITDA decreased 2%, primarily due to higher costs.

3.5 Borborema

---

| | | | |
|:---|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q4 2025** | **QoQ** <br> **Change %** |
| **Production (GEO)** | **17101** | **15777** | **8%** |
| **Sales (GEO)** | **16609** | **15777** | **5%** |
| **Cash Cost (US$/GEO)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 | **29%** |
| **AISC (US$/GEO)** | &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;1256 | &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;1111 | **13%** |
| **Net revenue** | **81988** | **65530** | **25%** |
| &nbsp;&nbsp;&nbsp;Cost of goods sold | &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;(25445) | &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;(21870) | 16% |
| **Gross Profit** | **56543** | **43660** | **30%** |
| &nbsp;&nbsp;&nbsp;***Expenses*** | **(1228)** | **(1603)** | **-23%** |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | &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;(1015) | &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;(1700) | -40% |
| &nbsp;&nbsp;&nbsp;Exploration expenses | &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;(211) | &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;(53) | 298% |
| &nbsp;&nbsp;&nbsp;Other income (expenses) | &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;(2) | &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;150 | n.a. |
| **EBIT** | **55315** | **42057** | **32%** |
| **Adjusted EBITDA** | **60939** | **49168** | **24%** |
| &nbsp;&nbsp;&nbsp;***Financial Result*** | **(9521)** | **(10254)** | **-7%** |
| &nbsp;&nbsp;&nbsp;Financial Income | **220** | **8557** | **-97%** |
| &nbsp;&nbsp;&nbsp;Finance expenses | &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;(9741) | &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;(18811) | -48% |
| **EBT** | **45794** | **31803** | **44%** |
| &nbsp;&nbsp;&nbsp;***Total taxes*** | **(5259)** | **(15192)** | **-65%** |
| &nbsp;&nbsp;&nbsp;Current income tax expense | &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;(6613) | &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;(15971) | -59% |
| &nbsp;&nbsp;&nbsp;Deferred income tax expense | &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;1354 | &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;779 | 74% |
| **Profit/(loss) for the period** | **40535** | **16611** | **144%** |

---

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

Borborema's production totaled 17,101 GEO, representing an 8% increase compared to the previous quarter, reflecting continued progress along the ramp-up curve and higher milling throughput. In the quarter, Borborema sold 16,609 GEO, a 5% increase compared to the previous quarter. Net Revenue was US$82.0 million in Q1 2026, up 25% from Q4 2025, driven by increased sales volumes and supported by higher metal prices.

In Q1 2026, cost of goods sold (COGS) increased 16% compared to Q4 2025, mainly due to a one-off maintenance event at the CIL plant during the period. The Cash Cost was US$1,200/GEO in Q1 2026, an increase of 29% compared to Q4 2025, due to a slightly higher strip ratio (from 2.02x to 2.69x) due to mine sequencing and lower recovery rates (from 91.7% to 88.2%) while grades remained stable.

Borborema's All-in Sustaining Cost (AISC) was US$1,256/GEO in Q1 2026, 13% higher than Q4 2025, due to mainly the increase in the Cash Cost.

General and administrative expenses decreased 40% in the quarter compared to Q4 2025, totaling US$1.0 million, mainly due to lower expenses in services. In the quarter, exploration expenses increased compared to Q4 2025, because of an increase in studies of regional targets.

Adjusted EBITDA was US$60.9 million in Q1 2026, driven by strong Net Revenue from 8% increase in production and favorable gold prices while costs remained relatively stable.

3.6 MSG

---

| | | |
|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q4 2025¹** |
| **Production (GEO)** | **8580** | **4761** |
| **Sales (GEO)** | **9508** | **4797** |
| **Cash Cost (US$/GEO)** | 2900 | 2148 |
| **AISC (US$/GEO)** | 3735 | 3132 |
| **Net revenue** | **46913** | **20238** |
| &nbsp;&nbsp;&nbsp;Cost of goods sold | (35274) | (14163) |
| **Gross Profit** | **11639** | **6075** |
| &nbsp;&nbsp;&nbsp;***Expenses*** | **(1911)** | **(582)** |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (1882) | (224) |
| &nbsp;&nbsp;&nbsp;Exploration expenses | (29) | (134) |
| &nbsp;&nbsp;&nbsp;ARO Change in estimate |  | (250) |
| &nbsp;&nbsp;&nbsp;Other income (expenses) |  | 26 |
| **EBIT** | **9728** | **5493** |
| **Adjusted EBITDA** | **17440** | **9574** |
| &nbsp;&nbsp;&nbsp;***Financial Result*** | **2429** | **669** |
| &nbsp;&nbsp;&nbsp;Financial Income | **42** | **-** |
| &nbsp;&nbsp;&nbsp;Finance expenses | 2387 | 669 |
| **Profit before income taxes** | **12157** | **6162** |
| &nbsp;&nbsp;&nbsp;***Total taxes*** | **(3279)** | **(1753)** |
| &nbsp;&nbsp;&nbsp;Current income tax expense | (4477) |  |
| &nbsp;&nbsp;&nbsp;Deferred income tax expense | 1198 | (1753) |
| **Profit/(loss) for the period** | **8878** | **4409** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Only December 2025 considered.

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

At MSG, production totaled 8,580 GEO, with sales of 9,508 GEO. This production resulted in a Net Revenue of US$46.9 million in Q1 2026.

The Cash Cost was US$2,900/GEO in Q1 2026. MSG All-in Sustaining Cost (AISC) was US$3,735/GEO in Q1 2026, reflecting the turnaround phase. As part of the ongoing turnaround at the mine, Aura dedicated Q1 to critical underground infrastructure upgrades — a fundamental step that will continue throughout the year and enable more consistent development and higher production levels in the coming years.

The Company expects production at MSG to be lower in Q2 compared to Q1, while cash costs and AISC are anticipated to increase. This reflects the Company's decision to focus during Q2 on developing areas of the mine that are expected to improve operational performance starting in Q3 2026 and support sustained gains in the following years.

In Q1, Serra Grande established the structural foundations for the asset's turnaround. We advanced underground development, with approximately 1,800 meters completed during the period, and accelerated the surface exploration program. This effort complements the previously disclosed resource and reserve update and supports the ramp-up toward the second half of 2026, when the expected production turnaround for 2027 begins to materialize. The technical agenda progressed in line with our safety priorities: the quarter was completed with zero lost-time injuries (LTI), reflecting the strong adoption of the Aura 360° culture across leadership and operational teams, and reinforcing our commitment to safe, disciplined mining and long-term value creation.

4. Cash Flow

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q4 2025** | **QoQ**<br> **Change %** | **Q1 2025** | **YoY**<br> **Change%** |
| **Adjusted EBITDA** | **243868** | 207948 | **17%** | 81479 | **199%** |
| (+) Exploration Expenses | 2359 | 2595 | **-9%** | 1376 | **71%** |
| (-) Sustaining Capex and Exploration Capex in mines in production | (20259) | (21686) | **-7%** | (12051) | **68%** |
| (+/-) ∆ Working Capital, Changes in Other Assets and Liabilities and Others | (42247) | (43331) | **-3%** | (17996) | **135%** |
| (-) Income Taxes Paid | (51502) | (27629) | **86%** | (16874) | **205%** |
| (-) Lease Payments | (4041) | (2070) | **95%** | (4239) | **-5%** |
| (-) Realized Losses on Gold Hedges | (33325) | (21650) | **54%** | (6036) | **452%** |
| **Recurring Free Cash Flow** | **94852** | 94176 | **1%** | 26878 | **253%** |

---

In Q1 2026, Recurring Free Cash Flow reached US$94.9 million, in line with Q4 2025 and 253% higher compared to Q1 2025. Compared to Q4 2025, the change was primarily driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 17% rise in Adjusted EBITDA to US$243.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· These were partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 86% increase in income taxes paid (from US$27.6 million to US$51.5 million), due to increase in operating
results and annual income tax payments in certain jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o increase in realized losses on gold hedges (from US$21.6 million to US$33.3 million), resulted from the
gold price increase.

The chart below shows the change in cash position for the three months ending March 31, 2026, from a management perspective:

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

**Changes to the Cash Position Q4 2025 vs. Q1 2026 – Managerial View (US$ Million)**![](image_01.jpg)

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. Adjusted Capex includes Sustaining Capex and Exploration Capex for the mines in production.

&nbsp;&nbsp;&nbsp;&nbsp;2. Cash position includes "Cash and Equivalents", "Restricted Cash" and "ShortTerm Investments"

5. Investment

The Company's consolidated Capex for Q1 2026 totaled US$44.1 million. The main investment headlines for the quarter include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Expansion of Capex**: US$23.1 million, mainly on Apoena, Era Dorada and Almas, where US$9.4 million
was invested at Apoena, US$6.4 million Era Dorada, US$3.1 million at Almas. Another US$2.2 million was invested in Borborema and the
remaining US$1.3 million was at Aranzazu and Minosa. US$0.6 million was invested in Projects.

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Sustaining Capex**: US$17.8 million, of which US$5.7 million was allocated to MSG, US$6.3 million
to Aranzazu, and US$2.8 million to Apoena. Another US$2.0 million to Minosa, US$0.9 million to Almas and US$0.2 million to Borborema.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Exploration Capex**: US$3.2 million, allocated to exploration activities. Apoena led investment with
US$1.3 million, followed by Almas with US$0.8 million and other US$0.4 million at Aranzazu and Minosa. US$0.7 million was invested in
Projects.

6. Gross and Net Debt

Total gross debt (short and long-term portion) was US$409.0 million at the end of Q1 2026, a decrease when compared to US$411.2 million at the end of Q4 2025.

The Company's cash position remains comfortable, closing out the quarter at US$267.8 million.

The Company's Net Debt reached US$115.2 million by Q1 2026, a small reduction compared to US$117.6 million at the end of 2025. The main source of cash was the cashflows generated from operating activities in an amount of US$117.9 million (net of annual income taxes paid of $51.5 million and payment of realized losses with gold derivatives of US$33.2 million), while main uses of cash includes capex of US$44.1 million (of which US$23.1 million expansion capex) and dividends paid of US$55.1 million.

**Net Debt Breakdown**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q4 2025** | **QoQ**<br> **Change %** | **Q1 2025** | **YoY**<br> **Change%** |
| &nbsp;&nbsp;&nbsp;Loans and debentures (current) | &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;97090 | &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;99548 | -2% | &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;100853 | -4% |
| &nbsp;&nbsp;&nbsp;Loans and debentures (non-current) | &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;311958 | &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;311620 | 0% | &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;366834 | -15% |
| **Gross debt** | **409048** | &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;411168 | -1% | &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;467687 | -13% |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | &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;267789 | &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;286056 | -6% | &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;198066 | 35% |
| &nbsp;&nbsp;&nbsp;Restricted Cash | &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;3352 | &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;3075 | 9% | &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;2654 | 26% |
| &nbsp;&nbsp;&nbsp;Derivative financial instrument (Almas Swap) | &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;22726 | &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;4418 | 414% | &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;4702 | 383% |
| **Net Debt** | **115181** | &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;117619 | -2% | &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;262265 | -56% |
| **Net Debt/LTM EBITDA** | **0.16x** | 0.28x | -0.12x | 0.88x | -0.72x |

---

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

The table below shows the debt amortization timeline:

**Debt Amortization Timeline (US$ thousand)**

![](image_02.jpg)

**Derivative Options** 

As of March 31, 2026, the Company had 183,999 ounces outstanding for the Borborema Project. The put/calls collars have floor prices of $1,745 and ceiling prices at $2,400 per ounce of gold expiring between April 2026 and June 2028.

The fair value effect of the Derivative Collars for the period ended March 31, 2026 is $(24,105) ($100,210) in March 31, 2025), recorded as a finance expenses loss in the financial statements.

7. Guidance vs. Actual

The Company is on track to achieve the 2026 Guidance, including Production, Cash Cost, All-in Sustaining Cost (AISC) and CAPEX, as shown in the results below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Gold equivalent ounces production ('000 GEO) – 2026** | **Gold equivalent ounces production ('000 GEO) – 2026** | **Gold equivalent ounces production ('000 GEO) – 2026** | **Gold equivalent ounces production ('000 GEO) – 2026** | **Gold equivalent ounces production ('000 GEO) – 2026** | **Gold equivalent ounces production ('000 GEO) – 2026** |
| | **Low** | **High** | **Q1 2026** | **Q1 2026 at Guidance** <br> **metal prices** | **%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aranzazu | 68 | 76 | 16 | 15 | 22% - 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apoena | 37 | 44 | 7 | 7 | 19% - 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minosa | 63 | 70 | 17 | 17 | 27% - 24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Almas | 57 | 63 | 16 | 16 | 28% - 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borborema | 65 | 77 | 17 | 17 | 26% - 22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSG | 50 | 60 | 9 | 9 | 17% - 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **340** | **390** | **82** | **81** | **24% - 21%** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cash Cost per equivalent ounce of gold produced – 2026** | **Cash Cost per equivalent ounce of gold produced – 2026** | **Cash Cost per equivalent ounce of gold produced – 2026** | **Cash Cost per equivalent ounce of gold produced – 2026** | **Cash Cost per equivalent ounce of gold produced – 2026** | **Cash Cost per equivalent ounce of gold produced – 2026** |
| | **Low** | **High** | **Q1 2026** | **Q1 2026 at Guidance** <br> **metal prices** | **%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aranzazu | 1323 | 1429 | 1558 | 1445 | 109% - 101% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apoena | 1128 | 1209 | 1380 | 1380 | 122% - 114% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minosa | 1208 | 1305 | 1188 | 1188 | 98% - 91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Almas | 1059 | 1135 | 1204 | 1204 | 114% - 106% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borborema | 1009 | 1089 | 1200 | 1200 | 119% - 110% |
| **Total ex-MSG** | **1151** | **1238** | **1298** | **1275** | **111% - 103%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSG | 2189 | 2364 | 2900 | 2900 | 132% - 123% |
| **Total w/ MSG** | **1303** | **1411** | **1485** | **1462** | **112% - 104%** |

---

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AISC per equivalent ounce of gold produced – 2026** | **AISC per equivalent ounce of gold produced – 2026** | **AISC per equivalent ounce of gold produced – 2026** | **AISC per equivalent ounce of gold produced – 2026** | **AISC per equivalent ounce of gold produced – 2026** | **AISC per equivalent ounce of gold produced – 2026** |
| | **Low** | **High** | **Q1 2026** | **Q1 2026 at Guidance** <br> **metal prices** | **%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aranzazu | 1726 | 1865 | 2046 | 1898 | 110% - 102% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apoena | 1905 | 2041 | 2129 | 2129 | 112% - 104% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minosa | 1372 | 1481 | 1370 | 1370 | 100% - 92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Almas | 1415 | 1516 | 1376 | 1376 | 97% - 91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borborema | 1177 | 1271 | 1256 | 1256 | 107% - 99% |
| **Total ex-MSG** | **1488** | **1602** | **1512** | **1549** | **104% - 97%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSG | 3072 | 3318 | 3735 | 3735 | 122% - 113% |
| **Total w/ MSG** | **1720** | **1865** | **1829** | **1801** | **105% - 97%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CAPEX – 2026** | **CAPEX – 2026** | **CAPEX – 2026** | **CAPEX – 2026** | **CAPEX – 2026** |
| | **Low** | **High** | **Q1 2026** | **%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sustaining | 105 | 123 | 18 | 17% - 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration | 19 | 25 | 3 | 16% - 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expansion | 262 | 314 | 23 | 9% - 7% |
| **Total** | **386** | **462** | **44** | **10% - 11%** |

---

8. Shareholder Information

As of March 31, 2026, the Company had the following outstanding: 83,789,224 Common Shares, 1,138,484 stock options, and 82,785 deferred share units.

9. Attachments

9.1 Non-GAAP Performance Measures

Set out below are reconciliations for certain non-GAAP financial measures (including non-GAAP ratios) utilized by the Company in this Earnings Release: Adjusted EBITDA; Adjusted net Income, cash operating costs per gold equivalent ounce sold; AISCs; Net Debt; and Adjusted EBITDA Margin, which are non-GAAP financial measures. These non-GAAP measures do not have any standardized meaning within IFRS and therefore may not be comparable to similar measures presented by other companies. The Company believes that these measures provide investors with additional information which is useful in evaluating the Company's performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

**A. Reconciliation from income for the quarter to Adjusted EBITDA:**

**(US$ thousand)**

---

| | | |
|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q1 2025** |
| Profit / (Loss) for the period | 95158 | &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;(73249) |
| &nbsp;&nbsp;&nbsp;Current income tax expense | 47409 | &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;20814 |
| &nbsp;&nbsp;&nbsp;Deferred income tax expense | (6169) | &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;(2514) |
| &nbsp;&nbsp;&nbsp;Finance expense | 76287 | &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;123392 |
| &nbsp;&nbsp;&nbsp;Finance income | (7366) | &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;(1781) |
| &nbsp;&nbsp;&nbsp;Other income (expense) | 5408 | &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;754 |
| &nbsp;&nbsp;&nbsp;Depletion and amortization | 33141 | &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;14063 |
| &nbsp;&nbsp;&nbsp;ARO Change in estimate | - | &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;- |
| **Adjusted EBITDA** | 243868 | **81479** |

---

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

**B. Reconciliation from the consolidated financial statements to cash operating costs per gold equivalent ounce sold:** 

---

| | | |
|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q1 2025** |
| &nbsp;&nbsp;&nbsp;Cost of goods sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153778) | &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;(83376) |
| &nbsp;&nbsp;&nbsp;Depletion and amortization | &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;32965 | &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;13864 |
| &nbsp;&nbsp;&nbsp;**Subtotal** | **(120813)** | **(69512)** |
| &nbsp;&nbsp;&nbsp;Gold Equivalent Ounces sold | &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;81368 | &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;60492 |
| &nbsp;&nbsp;&nbsp;**Cash costs per gold equivalent ounce sold¹** | **1485** | **1149** |

---

**C. Reconciliation from the consolidated financial statements to all in sustaining costs per gold equivalent ounce sold:**

---

| | | |
|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q1 2025** |
| Cost of goods sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153778) | &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;(83376) |
| &nbsp;&nbsp;&nbsp;Depletion and amortization | &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;32965 | &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;13864 |
| &nbsp;&nbsp;&nbsp;**Subtotal** | **(120813)** | **(69512)** |
| &nbsp;&nbsp;&nbsp;Adjusted capex | &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;(20259) | &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;(12051) |
| &nbsp;&nbsp;&nbsp;General and Administrative Expenses for the mines in production | &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;(6288) | &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;(3571) |
| &nbsp;&nbsp;&nbsp;Lease Payments | &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;(1448) | &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;(3222) |
| &nbsp;&nbsp;&nbsp;**Subtotal** | **(148809)** | **(88356)** |
| &nbsp;&nbsp;&nbsp;Gold Equivalent Ounces sold (in thousands) | &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;81368 | &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;60492 |
| &nbsp;&nbsp;&nbsp;**All In Sustaining costs per ounce sold equivalent ounce sold<sup>1</sup>** | **1829** | **1461** |

---

**D. Reconciliation from the consolidated financial statements to realized average gold price per ounce sold, net<sup>2</sup>:**

---

| | | |
|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q4 2025** |
| &nbsp;&nbsp;&nbsp;Gold Revenue, net of Sales Taxes | &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;313406 | &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;111542 |
| &nbsp;&nbsp;&nbsp;Ounces of gold sold | &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;65150 | &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;40036 |
| &nbsp;&nbsp;&nbsp;***Realized average gold price per ounce sold, net*** | **4811** | **2786** |

---

**E. Net Debt:** 

---

| | | |
|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q1 2025** |
| Loans and debentures (current) | &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;97090 | &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;100853 |
| Loans and debentures (non-current) | &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;311958 | &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;366834 |
| Derivative Financial Instrument (Swap – Aura Almas (Itaú Bank) | &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;(22726) | &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;(4702) |
| Restricted Cash | &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;(3352) | &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;(2654) |
| Cash and Cash Equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198066) |
| &nbsp;&nbsp;&nbsp;**Net Debt** | **115181** | **262265** |

---

(1) Derivative Financial Instrument: only includes the swap related to the Aura Almas Debenture.

<sup>1</sup> Considered all mines in production.

<sup>2</sup> Realized average gold price per ounce sold, net is a non-GAAP financial measure with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers.

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

**F. Adjusted EBITDA Margin<sup>3</sup> (Adjusted EBITDA/Revenues):**

---

| | | |
|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q1 2025** |
| Net Revenue | &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;382606 | &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;161804 |
| Adjusted EBITDA | 243868 | &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;81479 |
| Adjusted EBITDA Margin (Adjusted EBITDA/Revenues) | 64% | 50% |

---

**G. Adjusted Net Income**

---

| | | |
|:---|:---|:---|
| **(US$ thousand)** | **Q1 2026** | **Q1 2025** |
| Profit/(Loss) for the period | 95158 | (73249) |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain (loss) | (73) | (3176) |
| &nbsp;&nbsp;&nbsp;Loss on derivative transactions | &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;(24105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100210) |
| &nbsp;&nbsp;&nbsp;Deferred taxes over non-monetary items | &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;9872 | &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;3234 |
| **Adjusted Net Income** | **109464** | **26903** |

---

Qualified Person

The scientific and technical information contained in this press release has been reviewed and approved by Farshid Ghazanfari, P.Geo., Geology and Mineral Resources Manager, an employee of Aura and a "qualified person" within the meaning of NI 43-101 and SK-1300.

About Aura 360° Mining

Aura is focused on mining in complete terms – thinking holistically about how its business impacts and benefits every one of our stakeholders: our company, our shareholders, our employees, and the countries and communities we serve. We call this 360° Mining.

Aura is a company focused on the development and operation of gold and base metal projects in the Americas. The Company's six operating assets include the Minosa gold mine in Honduras; the Almas, Apoena, Borborema and MSG gold mines in Brazil; and the Aranzazu copper, gold, and silver mine in Mexico. Additionally, the Company owns Era Dorada, a gold project in Guatemala; Tolda Fria, a gold project in Colombia; and three projects in Brazil: Matupá, which is under development; São Francisco, which is in care and maintenance; and the Carajás copper project in the Carajás region, in the exploration phase.

**For more information, please contact:** 

**Investor Relations**

**ri@auraminerals.com**

**www.auraminerals.com**

<sup>3</sup> Adjusted EBITDA Margin is a non-GAAP financial measure with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers.

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

CAUTIONARY NOTES AND ADDITIONAL INFORMATION

This Press Release, and the documents incorporated by reference herein, contain certain "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of applicable United States securities laws (together, "forward-looking information"). Forward-looking information relates to future events or future performance of the Company and reflect the Company's current estimates, predictions, expectations or beliefs regarding future events and include, without limitation, statements with respect to: expected production from, and the further potential of the Company's properties; the ability of the Company to achieve its long-term outlook and the anticipated timing and results thereof (including the guidance set forth herein); the ability to lower costs and increase production; the economic viability of a project; strategic plans, including the Company's plans with respect to its properties; the amount of mineral reserves and mineral resources; probable mineral reserves; indicated mineral reserves; inferred mineral reserves; the potential conversion of indicated mineral resources into mineral reserves; the amount of future production over any period; capital expenditures and mine production costs; the outcome of mine permitting; other required permitting; information with respect to the future price of minerals; expected cash costs and AISCs; the Company's ability expand exploration on its properties; the Company's ability to obtain assay results; the Company's exploration and development programs; estimated future expenses; exploration and development capital requirements; the amount of mining costs; cash operating costs; operating costs; expected grades and ounces of metals and minerals; expected processing recoveries; expected time frames; prices of metals and minerals; LOM of certain projects; expectations of gold hedging programs; the implementation of cultural initiatives; expected increases to fleet capacities; non-cash losses translating into cash losses; the ability to continue to finance planned growth; access to additional debt; and the repayment of outstanding balances on revolving credit facilities. Often, but not always, forward-looking information may be identified by the use of words such as "expects", "anticipates", "plans", "projects", "forecasts", "estimates", "assumes", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information in this Press Release is based upon, without limitation, the following estimates and assumptions: the ability of the Company to successfully achieve business objectives; the presence of and continuity of metals at the Company's projects at modeled grades; gold and copper price volatility; the capacities of various machinery and equipment; the availability of personnel, machinery and equipment at estimated prices; exchange rates; metals and minerals sales prices; cash costs and AISCs; the Company's ability to expand operations; the Company's ability to obtain assay results; appropriate discount rates; tax rates and royalty rates applicable to the mining operations; cash operating costs and other financial metrics; anticipated mining losses and dilution; metals recovery rates; reasonable contingency requirements; the Company's expected ability to develop adequate infrastructure and that the cost of doing so will be reasonable; the Company's expected ability to develop its projects including financing such projects; and receipt of regulatory approvals on acceptable terms.

Known and unknown risks, uncertainties and other factors, many of which are beyond the Company's ability to predict or control, could cause actual results to differ materially from those contained in the forward-looking information. Specific reference is made to the Company's most recent Annual Report on Form 20-F filed with the SEC for a discussion of some of the factors underlying forward-looking information, which include, without limitation: gold and copper or certain other commodity price volatility; changes in debt and equity markets; the uncertainties involved in obtaining and interpreting geological data; increases in costs; environmental compliance and changes in environmental legislation and regulation; interest rate and exchange rate fluctuations; general economic conditions; political stability; and other risks involved in the mineral exploration and development industry. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking information.

**AURA Q1 2026 EARNINGS RESULTS**

![](logo.jpg)

All forward-looking information herein is qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information whether because of new information or future events or otherwise, except as may be required by law. If the Company does update any forward-looking information, no inference should be drawn that it will make additional updates with respect to such or other forward-looking information.

**AURA Q1 2026 EARNINGS RESULTS**

## Exhibit 99.2

**Exhibit 99.2**

![](exh992logo.jpg)

Unaudited Condensed Interim Consolidated Financial Statements

For the three-month period ended March 31, 2026 and 2025

KPMG Auditores Independentes Ltda.

Rua do Passeio, 38 - Setor 2 - 17º andar - Centro

20021-290 - Rio de Janeiro/RJ - Brasil

Caixa Postal 2888 - CEP 20001-970 - Rio de Janeiro/RJ - Brasil

Telefone +55 (21) 2207-9400

kpmg.com.br

#### Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors of<br> Aura Minerals, Inc.:

*Results of Review of Interim Financial Information*

We have reviewed the condensed interim consolidated statements of financial position of Aura Minerals, Inc. and subsidiaries (the Company) as of March 31, 2026, the related condensed interim consolidated statements of income (loss), other comprehensive income (loss), changes in equity and cash flows for the three-month periods ended March 31, 2026 and 2025, and the related notes (collectively, the condensed interim consolidated financial statements). Based on our review, we are not aware of any material modifications that should be made to the condensed interim consolidated financial statements for it to be in conformity with IAS 34 – Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB).

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Company as of December 31, 2025, and the related consolidated statements of income (loss), other comprehensive income (loss), changes in equity and cash flows for the year then ended (not presented herein); and in our report dated March 31, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed interim consolidated statements of financial position as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated statements of financial position from which it has been derived.

*Basis for Review Results*

This condensed interim consolidated financial statements is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our review in accordance with the standards of the PCAOB. A review of condensed interim consolidated financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

*/s/ KPMG Auditores Independentes Ltda.*

KPMG Auditores Independentes Ltda.

Rio de Janeiro, Brazil<br> May 06, 2026

**Aura Minerals Inc.**

Unaudited Condensed Consolidated Statements of Income (Loss)

For the three month period ended March 31, 2026 and 2025

*Expressed in thousands of United States dollars, except share and per share amounts*

 

---

| | | | |
|:---|:---|:---|:---|
| | **Note** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2025** |
| Revenue | 19 | 382606 | 161804 |
| Cost of goods sold | 20 | (153778) | (83376) |
| **Gross profit** |  | 228828 | 78428 |
| General and administrative expenses | 21 | (15742) | (9636) |
| Exploration expenses | 22 | (2359) | (1376) |
| Other income (expenses), net | 25 | (5408) | (754) |
| **Operating income** |  | 205319 | 66662 |
| Finance expense | 23 | (76287) | (123392) |
| Finance income | 23 | 7366 | 1781 |
| **Income (loss) before income taxes** |  | 136398 | (54949) |
| Current tax | 14 | (47409) | (20814) |
| Deferred tax | 14 | 6169 | 2514 |
| **Income taxes** |  | (41240) | (18300) |
| **Profit (Loss) for the period** |  | 95158 | (73249) |
| **Weighted average numbers of ordinary shares outstanding** |  |  |  |
| Basic | 32 | 83568595 | 73189136 |
| Diluted | 32 | 84544307 | 73189136 |
| Profit (Loss) per share– Basic | 32 | 1.14 | (1.00) |
| Profit (Loss) per share– Diluted | 32 | 1.13 | (1.00) |

---

*The accompanying notes form an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.*

**2 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Unaudited Condensed Consolidated Statements of Other Comprehensive Income (Loss)

For the three months ended March 31, 2026 and 2025

*Expressed in thousands of United States dollars*

 

---

| | | |
|:---|:---|:---|
| | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2025** |
| Profit (Loss) for the period | 95158 | (73249) |
| Other comprehensive income: |  |  |
| *Items that are or may be reclassified subsequently to profit or loss:* |  |  |
| Change in the fair value of cash flow hedge, net of tax | 2548 | (2586) |
| Gain on foreign exchange translation of subsidiaries | (144) | 38 |
| *Items that will not be reclassified to profit or loss:* |  |  |
| Change in the fair value of equity investments | (2718) | (336) |
| Actuarial gain on post-employment benefit, net of tax | 44 | - |
| **Other comprehensive income (loss), net of tax** | (270) | (2884) |
| **Total comprehensive income (loss)** | 94888 | (76133) |

---

*The accompanying notes form an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.*

**3 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Unaudited Condensed Consolidated Statements of Cash Flows

For the three months ended March 31, 2026 and 2025

*Expressed in thousands of United States dollars*

 

---

| | | | |
|:---|:---|:---|:---|
| | **Note** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2025** |
| **Cash flows from operating activities** |  |  |  |
| Profit (Loss) for the period |  | 95158 | (73249) |
| Items adjusting profit (loss) of the period | 24(a) | 118385 | 155569 |
| Changes in working capital | 24(b) | (27353) | (14135) |
| Income tax and social contribution paid |  | (51502) | (16874) |
| Other current and non-current assets and liabilities | 24(c) | (16817) | (10083) |
| **Net cash generated by operating activities** |  | 117871 | 41228 |
| **Cash flows from investing activities** |  |  |  |
| Purchase of property, plant and equipment | 10 | (44107) | (51725) |
| Short term investment |  | (277) |  |
| Acquisition of investment – Bluestone Inc., net of cash acquired |  | - | (18538) |
| **Net cash used in investing activities** |  | (44384) | (70263) |
| **Cash flows from financing activities** |  |  |  |
| Repayment of loans and debentures | 24(e) | (18321) | (11455) |
| Derivative settlement- debt swap agreements |  | (2741) |  |
| Interest paid on loans and debentures | 24(e) | (6651) | (7775) |
| Payment from liability (NSR agreement) |  | (11) | (741) |
| Principal payments of lease liabilities | 17(b) | (4041) | (3331) |
| Interest payments of lease liabilities | 17(b) | (703) | (908) |
| Repayment of other liabilities | 17(a) | (981) | (981) |
| Payment of dividends | 28 | (55146) | (18333) |
| Acquisition of treasury shares | 18 | (4632) | (1200) |
| Proceeds from exercise of stock options |  | 350 | - |
| **Net cash used in financing activities** |  | (92877) | (44724) |
| **Decrease in cash and cash equivalents** |  | (19390) | (73758) |
| **Effect of foreign exchange gain on cash equivalents** |  | 1123 | 1635 |
| **Cash and cash equivalents, beginning of the year** |  | 286056 | 270189 |
| **Cash and cash equivalents, end of the period** |  | 267789 | 198066 |

---

*The accompanying notes form an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.*

**4 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Unaudited Condensed Consolidated Statements of Financial Position

As of March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars*

 

---

| | | | |
|:---|:---|:---|:---|
| | **Note** | **2026** | **2025** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5 | 267789 | 286056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash |  | 3352 | 3075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivables | 6 | 14147 | 20073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Value added taxes and other recoverable taxes | 7 | 35186 | 37650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 8 | 121009 | 115810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative financial instruments | 26 | 22726 | 4418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables and assets | 9 | 51934 | 45404 |
| &nbsp;&nbsp;&nbsp;**Total current** |  | 516143 | 512486 |
| &nbsp;&nbsp;&nbsp;**Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Value added taxes and other recoverable taxes | 7 | 42940 | 40589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 8 | 66534 | 58576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables and assets | 9 | 16099 | 16573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment | 10 | 962633 | 945354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets | 14 | 40510 | 35418 |
| &nbsp;&nbsp;&nbsp;**Total non-current** |  | 1.128716 | 1096510 |
| **Total assets** |  | 1644859 | 1608996 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables | 11 | 165075 | 189614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative financial instruments | 26 | 168363 | 139354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and debentures | 12 | 97090 | 99548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability measured at fair value | 13 | 4522 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current income tax liabilities | 14 | 60622 | 66765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of other liabilities | 17 | 18931 | 18933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for mine closure and restoration | 15 | 6028 | 5661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities directly associated with assets classified as held for sale |  | 5367 | 5367 |
| &nbsp;&nbsp;&nbsp;**Total current** |  | 525998 | 526254 |
| &nbsp;&nbsp;&nbsp;**Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and debentures | 12 | 311958 | 311620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability measured at fair value | 13 | 29093 | 25822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative financial instruments | 26 | 257685 | 265343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liabilities | 14 | 35177 | 37006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for mine closure and restoration | 15 | 81137 | 78070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other provisions | 16 | 98998 | 92671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 17 | 2954 | 6473 |
| &nbsp;&nbsp;&nbsp;**Total non-current** |  | 817002 | 817005 |
| **SHAREHOLDERS' EQUITY** | 18 |  |  |
| &nbsp;&nbsp;&nbsp;Share capital |  | 830580 | 834430 |
| &nbsp;&nbsp;&nbsp;Contributed surplus |  | 57987 | 57757 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income |  | (448) | (178) |
| &nbsp;&nbsp;&nbsp;Accumulated losses |  | (586260) | (626272) |
| **Total equity** |  | 301859 | 265737 |
| **Total liabilities and equity** |  | 1644859 | 1608996 |

---

*The accompanying notes form an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.*

**5 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Unaudited Condensed Consolidated Statements of Changes in Equity

For the three months ended March 31, 2026 and 2025

*Expressed in thousands of United States dollars, except share amounts*

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Common Shares** | **Share Capital** | **Contributed Surplus** | **Accumulated Other Comprehensive Income** | **Accumulated losses** | **Total Equity** |
| &nbsp;&nbsp;&nbsp;At December 31, 2025 | 83554346 | 834430 | 57757 | (178) | (626272) | 265737 |
| &nbsp;&nbsp;&nbsp;Shared based compensation | 299620 | 782 | 230 |  |  | 1012 |
| &nbsp;&nbsp;&nbsp;Shares repurchased | (64742) | (4632) |  |  |  | (4632) |
| &nbsp;&nbsp;&nbsp;Change in the fair value of cash flow hedge, net of tax |  |  |  | 2548 |  | 2548 |
| &nbsp;&nbsp;&nbsp;Gain on foreign exchange translation of subsidiaries |  |  |  | (144) |  | (144) |
| &nbsp;&nbsp;&nbsp;Change in the fair value of equity investment |  |  |  | (2718) |  | (2718) |
| &nbsp;&nbsp;&nbsp;Actuarial gain on post-employment benefit, net of tax |  |  |  | 44 |  | 44 |
| &nbsp;&nbsp;&nbsp;Profit for the period |  |  |  |  | 95158 | 95158 |
| &nbsp;&nbsp;&nbsp;Dividends paid (note 28) | - | - | - | - | (55146) | (55146) |
| &nbsp;&nbsp;&nbsp;**At March 31, 2026** | 83789224 | 830580 | 57987 | (448) | (586260) | 301859 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Common Shares** | **Share Capital** | **Contributed Surplus** | **Accumulated Other Comprehensive Income** | **Accumulated losses** | **Total Equity** |
| &nbsp;&nbsp;&nbsp;At December 31, 2024 | **72399495** | **599200** | **55596** | **(723)** | **(431118)** | **222955** |
| &nbsp;&nbsp;&nbsp;Issuance of new shares | 1007186 | 12503 |  |  |  | 12503 |
| &nbsp;&nbsp;&nbsp;Shared based compensation |  |  | 73 |  |  | 73 |
| &nbsp;&nbsp;&nbsp;Acquisition of treasury shares / Cancellation of shares | (96141) | (1200) |  |  |  | (1200) |
| &nbsp;&nbsp;&nbsp;Change in the fair value of cash flow hedge, net of tax |  |  |  | (2586) |  | (2586) |
| &nbsp;&nbsp;&nbsp;Gain on foreign exchange translation of subsidiaries |  |  |  | 38 |  | 38 |
| &nbsp;&nbsp;&nbsp;Change in the fair value of equity investment |  |  |  | (336) |  | (336) |
| &nbsp;&nbsp;&nbsp;Loss for the period |  |  |  |  | (73249) | (73249) |
| &nbsp;&nbsp;&nbsp;Dividends paid (note 28) | - | - | - | - | (18333) | (18333) |
| &nbsp;&nbsp;&nbsp;**At March 31, 2025** | **73310540** | **610503** | **55669** | **(3607)** | **(522700)** | **139865** |

---

*The accompanying notes form an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.*

**6 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

**1 NATURE OF OPERATIONS**

Aura Minerals Inc. ("Aura Minerals", "Aura", or the "Company") is a mid-tier gold and copper production company focused on the operation and development of gold and base metal projects in the Americas.

Aura Minerals Inc. is a public company incorporated under the BVI Business Companies Act, 2004 (British Virgin Islands). The Company's common shares are listed on the Nasdaq Global Select Market under the ticker symbol "AUGO" and its Brazilian Depositary Receipts ("BDRs"), with three BDRs representing one common share, are listed on the B3 – Brasil, Bolsa Balcão under the ticker symbol "AURA33", now backed by common shares traded on Nasdaq following the approval issued by the Brazilian Securities Commission (CVM) on August 29, 2025, which authorized the migration of the reference exchange of the underlying shares from the Toronto Stock Exchange ("TSX") to Nasdaq. On September 8, 2025, the Company announced that its voluntary delisting from the TSX had been approved by its board of directors and the TSX, with effectiveness as of the close of trading on September 25, 2025. Following the delisting, the Company continues to maintain trading of its common shares and BDRs on Nasdaq and B3 respectively.

Aura's ultimate controlling party is Northwestern Enterprises Ltd ("Northwestern"), a company beneficially owned by the Chairman of the board of directors of Aura (the "Board").

These unaudited condensed interim consolidated financial statements (the "financial statements") were approved by the Board of Directors on May 6, 2026.

**2 BASIS OF PREPARATION AND PRESENTATION**

The unaudited condensed interim consolidated financial statements of the Company have been prepared in accordance with IAS 34 – Interim Financial Reporting, as issued by the International Accounting Standards Board. These unaudited condensed interim consolidated financial statements should be read in conjunction with Aura's annual consolidated financial statements for the year ended December 31, 2025, ("2025 Annual Financial Statements").

The accounting policies followed in these Unaudited condensed interim consolidated financial statements are consistent with those disclosed in Note 3 of 2025 Annual Financial Statements, except for those new or revised standards adopted as of January 1, 2026 as is the case with the amendments to IAS 21 – Effects of Changes in Foreign Exchange Rates. As disclosed in the 2025 Annual Financial Statements, these amendments have not had a significant impact on the Company's unaudited condensed interim consolidated financial statements.

**7 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

The functional currency of Aura and the majority of its subsidiaries is the United States Dollar ("US Dollar") except for a service company in Mexico which has a functional currency of Mexican Pesos ("MXN Pesos"), a service company in Colombia which has a functional currency of Colombian Pesos ("COP") and certain Brazilian subsidiaries in Brazilian Reais ("BRL Reais"). All values in the unaudited condensed interim consolidated financial statements are rounded to the nearest thousand.

**3 ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE**

A number of new accounting standards are effective for annual reporting periods beginning after January 1, 2026 and earlier application is permitted. However, the Company has not early adopted the following new or amended accounting standards in preparing these Unaudited condensed interim consolidated financial statements.

<u>A – IFRS Presentation and disclosure in financial statements</u>

IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after January 1, 2027. The new standard introduces the following key new requirements:

---

| |
|:---|
| Entities are required to classify all income and expenses into five categories in the statement of profit and loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly defined operating profit subtotal. Entities' net profit will not change. |
| Management defined performance measures ("MPMs") are disclosed in a single note in the financial statements. |
| Enhanced guidance is provided on how to group information in the financial statements. |

---

In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.

The Company is still in the process of assessing the impact of the new standard, particularly with respect to the structure of the Company´s statement of profit and loss, the statement of cash flows and the additional disclosures required for MPMs. The Company is also assessing the impact on how information is grouped in the financial statements, including for the items currently labelled as 'other'.

<u>B – Other accounting standards</u>

The following new amended accounting standards are not expected to have a significant impact on the Company´s Unaudited condensed interim consolidated financial statements.

- Subsidiaries without Public Accountability: Disclosures (IFRS 19) - As the Company's equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19.

**8 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **New and amended standards and interpretations** 

The Company applied for the first time certain standards and amendments that are effective for annual periods beginning on or after January 1, 2026. The Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) – effective for annual reporting periods beginning on or after January 1, 2026. These amendments clarify requirements related to the classification and measurement of financial instruments. The adoption of these amendments did not have a material impact on the Company's Unaudited condensed interim consolidated financial statements.

**4 MATERIAL ACCOUNTING ESTIMATES AND JUDGEMENTS**

The preparation of the unaudited condensed interim consolidated financial statements requires management to make estimates and judgements and to form assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities. Management's estimates and judgements are continually evaluated and are based on historical experience and other factors that management believes to be reasonable under the circumstances. Actual results may differ from these estimates.

The Company has identified material accounting policies under which significant judgements, estimates and assumptions are made and where actual results could differ from these estimates under different assumptions and conditions and could materially affect the Company's financial results or statements of financial position reported in future periods.

Please refer to Note 4 of the 2025 Annual Financial Statements for a summary of the material accounting estimates and judgements which are consistent with those in the preparation of the financial statements. Management's estimates and judgements are evaluated quarterly and are based on historical experience and other factors that management believes to be reasonable under the circumstances. Actual or future results may differ from these estimates.

**5 CASH AND CASH EQUIVALENTS**

---

| | | |
|:---|:---|:---|
| | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;Cash at bank | 157794 | 174119 |
| &nbsp;&nbsp;&nbsp;Term deposits | 109995 | 111937 |
| &nbsp;&nbsp;&nbsp;**Cash and Cash Equivalents** | 267789 | 286056 |

---

Term deposits represent amounts that have a maturity of three months or less from the date of acquisition and are repayable within 24 hours' notice with no significant loss in value.

**9 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

**6 ACCOUNTS RECEIVABLES**

---

| | | |
|:---|:---|:---|
| | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;Trade receivables | 13861 | 19799 |
| &nbsp;&nbsp;&nbsp;Other receivables | 286 | 274 |
| &nbsp;&nbsp;&nbsp;**Accounts receivables** | 14147 | 20073 |

---

The Company periodically measures expected credit losses and considers the history and financial conditions of its clients. The Company did not recognize any credit losses in these Unaudited condensed interim consolidated financial statements.

**7 VALUE ADDED TAX AND OTHER RECOVERABLE TAXES**

---

| | | |
|:---|:---|:---|
| | **2026** | **2025** |
| **Sales taxes and value added taxes** |  |  |
| Apoena, Almas and other Brazilian Projects | 49131 | 49603 |
| Aranzazu | 1226 | 2547 |
| Minosa | 19809 | 18592 |
| **Other taxes** |  |  |
| Income taxes and social contribution | 7960 | 7497 |
| **Total Value added tax and other recoverable taxes** | 78126 | 78239 |
| **Current** | 35186 | 37650 |
| **Non-Current** | 42940 | 40589 |

---

Value added tax receivables are expected to be recovered, taking into consideration the different alternatives available to the Company, including: (1) Reimbursement from government authorities and/or; (2) Used as credit for income tax payments; and/or (3) sales in the domestic market. The amounts are presented net of provisions for realizable value losses.

**8 INVENTORIES**

---

| | | |
|:---|:---|:---|
| | **2026** | **2025** |
| Finished product | 4664 | 2688 |
| Work-in-process | 119296 | 114468 |
| Parts and supplies | 63583 | 57230 |
| **Total inventories** | 187543 | 174386 |
| **Current** | 121009 | 115810 |
| **Non-current** | 66534 | 58576 |

---

As of March 31, 2026 and December 31, 2025, the non-current inventory is related to Borborema and Almas' low grade stockpile. As of March 31, 2026, inventories were measured at their net realizable value, totaling $6,442 ($5,228 as of December 31, 2025). During the period ended March 31, 2026, $1,214 ($19 for the period ended March 31, 2025) was recognized in the Unaudited Condensed Consolidated Statements of Income (loss).

**10 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

**9 OTHER RECEIVABLES AND ASSETS** 

---

| | | |
|:---|:---|:---|
| | **2026** | **2025** |
| Prepaids expenses | 6384 | 4849 |
| Advances to vendors | 40986 | 36893 |
| Deposits | 12256 | 9839 |
| Altamira investment (a) | 6941 | 9691 |
| Other assets | 1466 | 705 |
| **Total other receivables and assets** | 68033 | 61977 |
| **Current** | 51934 | 45404 |
| **Non-current** | 16099 | 16573 |

---

---

| | |
|:---|:---|
| (a) | On November 7, 2023, the Company entered into a subscription agreement with Altamira Gold Corp. ("Altamira") pursuant to which it acquired 24,000,000 units of Altamira at a price of $0.090 (C$0.125 - Canadian Dollars) per unit for an aggregate purchase price of $2,167 (C$3,000 - Canadian Dollars). Each unit consists of one common share and one common share purchase warrant of Altamira. Each warrant is exercisable to acquire one share of Altamira at a strike price of $0.14 (C$0.20 - Canadian Dollars) per share for a period of two years from November 7, 2023. |
|  | On June 30, 2025, the Company entered into a second subscription agreement with Altamira pursuant to which it acquired, an additional 6,000,000 units at a price of $0.070 (C$0.10 - Canadian Dollars) per unit, for an aggregate purchase price of $439 (C$600 – Canadian Dollars). Each unit consists of one common share and one-half of one common share purchase warrant. Each full warrant is exercisable to acquire one common share of Altamira at a price of $0.11 (C$0.15 - Canadian Dollars) per share for a period of two years from June 30, 2025. |
|  | On November 6, 2025, the Company exercised 24,000,000 common share purchase warrants of Altamira Gold Corp. at an exercise price of $0.14 (C$0.20 - Canadian Dollars) per warrant, with each warrant exercisable for one common share. Following this transaction, Aura owns 54,000,000 common shares and 3,000,000 warrants. |
|  | The common shares and warrant are recorded at fair value through OCI and the amount as of March 31, 2026, is $6,941 ($9,691 as of December 31, 2025). |

---

**11 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

**10 PROPERTY, PLANT AND EQUIPMENT**

Property, plant and equipment movements for the periods ended March 31, 2025 and 2026 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Mineral properties** | **Land and buildings** | **Furniture, fixtures and equipment** | **Plant and machinery** | **Right of use assets** | **Assets under construction** | **Total** |
| &nbsp;&nbsp;&nbsp;**Net book value at December 31, 2025** | **534776** | **115548** | **8283** | **238276** | **27481** | **20990** | **945354** |
| &nbsp;&nbsp;&nbsp;Additions | 25227 | 1 | 33 | 161 | 849 | 21528 | 47799 |
| &nbsp;&nbsp;&nbsp;Depletion and amortization | (15149) | (1486) | (365) | (7610) | (5763) |  | (30373) |
| &nbsp;&nbsp;&nbsp;Disposals | - | - | (53) | (94) | - | - | (147) |
| &nbsp;&nbsp;&nbsp;**Net book value at March 31, 2026** | 544854 | 114063 | 7898 | 230733 | 22567 | 42518 | 962633 |
| &nbsp;&nbsp;&nbsp;Consisting of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost | 856459 | 651469 | 576649 | 773808 | 585793 | 473973 | 3918151 |
| &nbsp;&nbsp;&nbsp;Accumulated Depreciation | (311605) | (537406) | (568751) | (543075) | (563226) | (431455) | (2955518) |
| &nbsp;&nbsp;&nbsp;**Net book value at March 31, 2026** | 544854 | 114063 | 7898 | 230733 | 22567 | 42518 | 962633 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Mineral properties** | **Land and buildings** | **Furniture, fixtures and equipment** | **Plant and machinery** | **Right of use assets** | **Assets under construction** | **Total** |
| &nbsp;&nbsp;&nbsp;**Net book value at December 31, 2024** | **312312** | **51948** | **9835** | **63692** | **29609** | **143388** | **610784** |
| &nbsp;&nbsp;&nbsp;Additions | 11364 | 1586 | 603 | 1076 | 56 | 39339 | 54024 |
| &nbsp;&nbsp;&nbsp;Bluestone acquisition | 46990 | 20337 | 96 | 1980 |  | 5818 | 75221 |
| &nbsp;&nbsp;&nbsp;Depreciation | (9183) | (5090) | (518) | (1548) | (3129) |  | (19468) |
| &nbsp;&nbsp;&nbsp;Reclassifications |  |  |  | 1819 |  | (1819) |  |
| &nbsp;&nbsp;&nbsp;Disposals | - | - | (95) | - | - | - | (95) |
| &nbsp;&nbsp;&nbsp;**Net book value at March 31, 2025** | **361483** | **68781** | **9921** | **67019** | **26536** | **186726** | **720466** |
| &nbsp;&nbsp;&nbsp;Consisting of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost | 633197 | 158745 | 27213 | 197830 | 55008 | 186726 | 1258719 |
| &nbsp;&nbsp;&nbsp;Accumulated Depreciation | (271714) | (89964) | (17292) | (130811) | (28472) | - | (538253) |
| &nbsp;&nbsp;&nbsp;**Net book value at March 31, 2025** | **361483** | **68781** | **9921** | **67019** | **26536** | **186726** | **720466** |

---

**12 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

The asset retirement obligation is included within mineral properties, with the related liability recognized in current and non-current liabilities, as disclosed in Note 15.

For the period ended March 31, 2026, no interest related to loans and debentures was capitalized, as capitalization ceased following the Borborema project reaching commercial production in September 2025.

For the period ended March 31, 2025, $2,491 of interest related to loans and debentures was capitalized (at a 100% capitalization rate) as part of the construction cost of the Borborema project.

**11 TRADE AND OTHER PAYABLES**

---

| | | |
|:---|:---|:---|
| | **2026** | **2025** |
| Trade accounts payable to suppliers | 83770 | 111350 |
| Other taxes payables | 31683 | 30971 |
| Accrued liabilities to suppliers | 49186 | 43903 |
| Contract liability | 436 | 3390 |
| **Total trade and other payables** | 165075 | 189614 |

---

**13 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

**12 LOANS AND DEBENTURES**

The list of loans and debentures held by the Company, as of March 31, 2026 and December 31, 2025, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial debt** | **Maturity Date** | **Interest Rate** | **03/31/2026** | **12/31/2025** |
| **Bank Occidente** |  |  | | |
| &nbsp;&nbsp;&nbsp;Q2 2022 Promissory Note ("5º Promissory Note") | May 2026 | 6.25% | 483 | 1153 |
| &nbsp;&nbsp;&nbsp;Q3 2022 Promissory Note ("6º Promissory Note") | August 2026 | 6.25% | 1401 | 2088 |
| &nbsp;&nbsp;&nbsp;Q1 2024 Promissory Note ("8° Promissory Note") | February 2026 | 7.50% |  | 446 |
| &nbsp;&nbsp;&nbsp;Q3 2024 Promissory Note ("9° Promissory Note") | July 2027 | 8.00% | 2344 | 2730 |
| **Bank Atlántida** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Q2 2022 Loan Agreement ("7º Loan") | March 2027 | 6.50% | 2500 | 3125 |
| **Bank ABC Brasil S.A.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Q4 2022 Loan Agreement ("5º Loan") | January 2026 | 5.38% |  | 2194 |
| **Bank Santander Mexico** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Q3 2024 Loan Agreement ("5° Loan") | July 2027 | \* SOFR + 3.8% | 18771 | 22083 |
| **Bank Santander Brazil** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Q3 2023 Loan Agreement ("4° Loan) | November 2028 | 9.51% | 76076 | 78047 |
| **Bank Safra** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Q3 2024 Loan Agreement ("2° Loan") | August 2026 | 7.10% | 10096 | 20529 |
| **Bank Brasil** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Q1 2024 Loan Agreement ("1º Loan") | December 2028 | 6.50% | 10163 | 10000 |
| **Bank Bradesco** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Q4 2024 Loan Agreement ("2° Loan") | December 2028 | 6.50%(a) | 43067 | 43033 |
| **Other banks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BTG Pactual | November 2027 | 6.70% | 20116 | 20116 |
| **Debentures payable** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Debentures – 2<sup>nd</sup> issuance | October 2030 | CDI + 1.60% | 204131 | 186433 |
| **Gold Royalty Corp** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gold linked loan | December 2029 | 8.5% | 14000 | 13291 |
| **Nemesia SARL** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Nemesia SÀRL | - | 7% | 5900 | 5900 |
| **Total** |  |  | 409048 | 411168 |
| Current |  |  | 97090 | 99548 |
| Non-Current |  |  | 311958 | 311620 |

---

\* Definition: Secured Overnight Financing Rate Data ("SOFR") and Certificates of Interbank Deposits ("CDI")

<u>The long term cash flows of loans and debentures payments are as follows:</u>

---

| | | | |
|:---|:---|:---|:---|
| | | **Amount** | **Amount** |
| 2027 | \*\* |  | 70970 |
| 2028 |  |  | 51886 |
| 2029 |  |  | 63034 |
| 2030 |  |  | 63034 |
| 2031 onwards | | | 63,034 |
|  |  |  | **311,958** |

---

\*\* Includes amounts that become due from April 1, 2027.

**14 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

**Financial Covenants**

*<u>Mineração Apoena S.A. ("Apoena") – subsidiary of the Company</u>*

- Bank BTG Pactual.: Principal of US$20,000 entered in December 2024

The agreement has financial covenants where Net Debt should be lower than 2.75x over the last 12 months EBITDA. The covenant is measured on a quarterly basis at Aura Minerals Inc.

 

*<u>Aranzazu Holdings SA de CV ("Aranzazu") – subsidiary of the Company</u>*

- Bank Santander México S.A.: Principal amount of $15,000, in August 2024 plus $22,000 in December, 2024

The agreement has financial covenants where: Net Debt should be lower than 1.5x over the last 12 months EBITDA; and last 12 months EBITDA over the interest expense should be over or equal 5.0x. The covenant is measured on a quarterly basis at the subsidiary.

*<u>Aura Almas Mineração S.A. ("Almas") – subsidiary of the Company</u>*

- Debentures: Principal of R$1 billion (US$161,491) entered in October 2024

The agreement also includes a quarterly financial covenant where the net debt to the last 12 months EBITDA ratio not exceed:

- in the case of Almas, 2.00x from July 1, 2025 through October 2, 2027; and

- in the case of Almas, 1.50x thereafter through maturity;

*<u>Aura Almas Mineração S.A. ("Almas") – subsidiary of the Company</u>*

- Swap agreement entered in October 2024.

The agreement also includes a quarterly financial covenant where the net debt to the last 12 months EBITDA ratio not exceed:

- in the case of Almas, 2.00x from July 1, 2025 through October 2, 2027; and

- in the case of Almas, 1.50x thereafter through maturity;

*<u>Aura Almas Mineração S.A. ("Almas") – subsidiary of the Company</u>*

- Safra Bank: Principal of US$20,000 entered in August 2024

The agreement has financial covenants where Net Debt should be lower than 2.75x over the last 12 months EBITDA. The covenant is measured on a quarterly basis at Aura Minerals Inc.

 

*<u>Cascar Brasil Mineração Ltda. ("Cascar") – subsidiary of the Company (Borborema Project)</u>*

- Santander Brasil S.A., principal of $100,750 entered in September 2023

The agreement has one annual financial covenant requiring that, beginning in the year ended December 31, 2025, following an initial grace period, where Cascar's Net Debt should be lower than 1.5x over Cascar's last 12 months EBITDA.

For the period ended March 31, 2026 and the year ended December 31, 2025, the Company and its subsidiaries are in compliance with all the financial covenants.

**15 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

**13 LIABILITY MEASURED AT FAIR VALUE**

At December 19, 2023, the Company, through its subsidiary, Borborema, entered in a Net Smelter Return Royalty Agreement (the "NSR Royalty") for $21,000 with Gold Royalty Corp ("Grantor").

The key elements of the agreement are:

&nbsp;&nbsp;&nbsp;&nbsp;a) Royalty payments: 2% of net smelter returns after commercial production on the first
725,000 ounces produced ("stepdown royalty threshold");

&nbsp;&nbsp;&nbsp;&nbsp;b) Stepdown royalty: Upon the aggregate of 725,000 ounces of royalty-generating gold
being produced, the royalty shall be reduced to 0.5% of the net smelter returns for the remainder of the term of the royalty agreement;

&nbsp;&nbsp;&nbsp;&nbsp;c) Grantor's buyback option: After the stepdown royalty threshold is met, the
Grantor has the right to buy back the stepdown royalty at a price of $2,500 that may be exercised at any time following the date on which
the earlier of an aggregate of 2,250,000 ounces of royalty-generating gold having been produced or January 1, 2050;

&nbsp;&nbsp;&nbsp;&nbsp;d) Pre-production payment: The Grantor shall make pre-production payment to the holder
of the royalty by delivery of 250 ounces (1,000 ounces per year) of refined gold on the last day of each calendar quarter until the earlier
of the commercial production date and the tenth (10th) year anniversary date of the royalty agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;e) Environmental, Social and Governance ("ESG") payment: The holders of
the royalty should pay the Grantor up to $30 United States Dollars per each gold equivalent ounce of product and such payment shall be
satisfied by Borborema as a rebate against ESG related costs. This payment shall be in the maximum aggregate amount of $300 United States
Dollars over the term of the Royalty agreement.

This agreement is being accounted at fair value through profit or loss. As the agreement contains more than one embedded derivative (items c and d above), it has been designated at fair value through profit or loss on initial recognition and as such the embedded conversion feature is not separated. The component of fair value changes relating to the Company's own credit risk is recognized in other comprehensive income. Amounts recorded in OCI related to credit risk are not subject to recycling in profit or loss and will be transferred to retained earnings when realized. Fair value changes relating to market risk are recognized in profit or loss.

Following the declaration of commercial production at the Borborema Project in September 2025, the agreement transitioned from the pre-production phase to the production phase. As a result, the obligation to deliver pre-production gold payments ceased, and the Company became subject to royalty payments based on 2% of net smelter returns, in accordance with the agreement, which commenced in the first quarter of 2026.

For the periods ended March 31, 2026 and 2025, the variation in the liability fair value was a loss of ($5,026) and ($2,359) respectively, recorded in the financial expense (note 23). The total outstanding balance as of March 31, 2026 is $33,615 ($26,834 as of December 31, 2025).

**16 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

**14 INCOME TAXES**

**a) Income taxes**

As of March 31, 2026 the current income tax liabilities is $60,622 ($66,765 as of December 31, 2025).

Income tax expenses included in the unaudited condensed consolidated statements of income for the periods ended March 31, 2026 and 2025, are as follows:

---

| | | |
|:---|:---|:---|
| | **Three-month period ended March 31, 2026** | **Three-month period ended March 31, 2025** |
| Current income tax | (47409) | (20814) |
| Deferred income tax | 6169 | 2514 |
| **Total income tax expenses** | (41240) | (18300) |

---

**b) Deferred income tax assets and liabilities**

Deferred tax assets and liabilities on the unaudited condensed consolidated statements of financial position consist of:

---

| | | |
|:---|:---|:---|
| **Net deferred income tax assets (liabilities) are classified as follows:** | **2026** | **2025** |
| Deferred income tax assets | 40510 | 35418 |
| Deferred income tax liabilities | (35177) | (37006) |
| **Total deferred taxes, net** | 5333 | (1588) |

---

The movement in the net deferred income tax asset (liability) was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Balance, December 31, 2024** | **(16365)** |
| &nbsp;&nbsp;&nbsp; Recorded in the statement of income (loss) | 2514 |
| &nbsp;&nbsp;&nbsp;Recorded through other comprehensive income | (217) |
| &nbsp;&nbsp;&nbsp;Acquisition of Bluestone | (1137) |
| &nbsp;&nbsp;&nbsp;Exchange differences | 1284 |
| &nbsp;&nbsp;&nbsp;**Balance, March 31, 2025** | **(13921)** |
| &nbsp;&nbsp;&nbsp;**Balance, December 31, 2025** | (1588) |
| &nbsp;&nbsp;&nbsp; Recorded in the statement of income (loss) | 6169 |
| &nbsp;&nbsp;&nbsp;Recorded through other comprehensive income | 1313 |
| &nbsp;&nbsp;&nbsp;Exchange differences | (561) |
| &nbsp;&nbsp;&nbsp;**Balance, March 31, 2026** | **5333** |

---

**17 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

The deferred income tax and social contribution are calculated on tax loss carryforwards and the temporary differences between the tax bases of assets and liabilities and their carrying amounts, as follows:

---

| | | |
|:---|:---|:---|
| | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;Provision for mine closure and restoration | 16433 | 15597 |
| &nbsp;&nbsp;&nbsp;Tax losses carried forward | 297 | 1034 |
| &nbsp;&nbsp;&nbsp;Fair value on acquisitions | 1300 | 1391 |
| &nbsp;&nbsp;&nbsp;Provisions | 33947 | 32110 |
| &nbsp;&nbsp;&nbsp;Exchange changes | 5094 | 7170 |
| &nbsp;&nbsp;&nbsp;Non-monetary items | (16899) | (26771) |
| &nbsp;&nbsp;&nbsp;Depreciation | (23885) | (24113) |
| &nbsp;&nbsp;&nbsp;Advance payments | (7690) | (8612) |
| &nbsp;&nbsp;&nbsp;Others | (3264) | 606 |
| &nbsp;&nbsp;&nbsp;**Total of deferred tax assets and liabilities** | **5333** | **(1588)** |

---

**c) Effective tax rate**

---

| | | |
|:---|:---|:---|
| | **Three-month period ended March 31, 2026** | **Three-month period ended March 31, 2025** |
| Income (loss) before Income taxes | 136398 | (54949) |
| Income taxes at statutory rate applicable to the parent Company (0%) |  |  |
| Adjustments for calculating the effective rate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax calculated at the domestic rates | (68160) | (17721) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-deductible expenses | 4724 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrecognized deferred tax asset (losses carried forward) | (1435) | (1096) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax exemptions (a) | 21116 | 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes on distribution | (3111) | (1111) |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation adjustments | (3423) | (3527) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes over non-monetary items | 9872 | 3234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Others | (823) | (508) |
| **Income tax expense** | **(41240)** | **(18300)** |
| **Effective tax rate** | **(30.2** **%)** | **33.3%** |

---

(a) As of March 31, 2026, the Company recognized a total of USD 21,116 in tax exemptions, of which USD 20,822 relates to the profit from operations incentive, specifically in Almas and Borborema for which the incentive was approved by the applicable government agencies in the first quarter of 2026, and USD 294 to the Workers Food Program (PAT), in accordance with applicable legislation.

**18 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

**15 PROVISION FOR MINE CLOSURE AND RESTORATION**

The movements for the three months ended March 31, 2026 and 2025 are as follow:

---

| | | |
|:---|:---|:---|
| | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;Balance, beginning of period | 83731 | 50573 |
| &nbsp;&nbsp;&nbsp;Acquisition of Bluestone |  | 9668 |
| &nbsp;&nbsp;&nbsp;Accretion expense (note 23) | 2279 | 1666 |
| &nbsp;&nbsp;&nbsp;Change in estimate | (76) |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange | 1231 | 305 |
| &nbsp;&nbsp;&nbsp;**Balance, end of the period** | 87165 | 62212 |
| &nbsp;&nbsp;&nbsp;Current | 6028 |  |
| &nbsp;&nbsp;&nbsp;Non-current | 81137 | 62212 |

---

Provision for mine closure and restoration is related to the closure costs and environmental restoration associated with mining operations. The provisions have been recorded at their net present values, using discount rates based on the life of mine of each operation and real risk-free rates derived from inflation-indexed government bonds in the respective jurisdictions, with average rates of 11.21%, 8.96%, 6.42% and 6.78% as for March 31, 2026 and December 31, 2025 for Brazil, Mexico, Honduras and Guatemala respectively. The provisions are remeasured at each reporting date, with the accretion expense recognized as a finance expense.

**19 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

**16 OTHER PROVISIONS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Long-term employee benefits** | **Provision for judicial contingencies** | **Deferred consideration (NSR)** | **CVRs** | **Total** |
| &nbsp;&nbsp;&nbsp;**At December 31, 2024** | **13860** | **3284** | **-** | **-** | **17144** |
| &nbsp;&nbsp;&nbsp;Periodic service and finance cost (Note 22) | 338 |  |  |  | 338 |
| &nbsp;&nbsp;&nbsp;Change in provision for the period | 209 | 2073 |  |  | 2282 |
| &nbsp;&nbsp;&nbsp;Addition |  |  |  | 9120 | 9120 |
| &nbsp;&nbsp;&nbsp;Settlement during the period | (1012) | - | - | - | (1012) |
| &nbsp;&nbsp;&nbsp;**At March 31, 2025** | **13395** | **5357** | **-** | **9120** | **27872** |
| &nbsp;&nbsp;&nbsp;**At December 31, 2025** | **15560** | **41486** | **23643** | **11982** | **92671** |
| &nbsp;&nbsp;&nbsp;Periodic service and finance cost (Note 22) | 598 |  |  |  | 598 |
| &nbsp;&nbsp;&nbsp;Change in provision for the period |  | 2024 | 801 | 3233 | 6058 |
| &nbsp;&nbsp;&nbsp;Actuarial changes | (44) |  |  |  | (44) |
| &nbsp;&nbsp;&nbsp;Settlement during the period | (85) |  |  |  | (85) |
| &nbsp;&nbsp;&nbsp;Foreign exchange | - | - | - | (200) | (200) |
| &nbsp;&nbsp;&nbsp;**At March 31, 2026** | **16029** | **43510** | **24444** | **15015** | **98998** |

---

Long-term employee benefits liability exists as a result of a legal requirement in Honduras pursuant to which the Company is obligated to pay a severance payment based on the years of service provided by an employee without regard to the cause of termination.

**17 OTHER LIABILITIES**

---

| | | |
|:---|:---|:---|
| | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;NSR royalty (note 17 (a)) | 677 | 1286 |
| &nbsp;&nbsp;&nbsp;Lease payment obligation (note 17 (b)) | 21208 | 24120 |
| &nbsp;&nbsp;&nbsp;**Total other liabilities** | 21885 | 25406 |
| &nbsp;&nbsp;&nbsp;Current | 18931 | 18933 |
| &nbsp;&nbsp;&nbsp;Non-current | 2954 | 6473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**a) NSR Royalty**

The movements for the three months ended March 31, 2026 and 2025 of the NSR Royalty are as follows:

---

| | | |
|:---|:---|:---|
| | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;Balance, beginning of year | 1286 | 971 |
| &nbsp;&nbsp;&nbsp;Royalty payments | (981) | (981) |
| &nbsp;&nbsp;&nbsp;Increase in NSR obligations | 372 | 487 |
| &nbsp;&nbsp;&nbsp;**Balance, end of period** | 677 | 477 |

---

**20 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

&nbsp;&nbsp;&nbsp;&nbsp;**b) Lease Payment Obligation**

The movements for the three months ended March 31, 2026 and 2025 of the lease liability obligation are as follows:

---

| | | |
|:---|:---|:---|
| | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;Balance, beginning of year | 24120 | 24251 |
| &nbsp;&nbsp;&nbsp;Acquisition of Bluestone |  | 7 |
| &nbsp;&nbsp;&nbsp;Change in estimate | 849 | 56 |
| &nbsp;&nbsp;&nbsp;Accretion expense (Note 23) | 810 | 1595 |
| &nbsp;&nbsp;&nbsp;Lease payments (Principal) | (4041) | (3331) |
| &nbsp;&nbsp;&nbsp;Lease payments (Interest) | (703) | (908) |
| &nbsp;&nbsp;&nbsp;Foreign exchange | 173 | 1595 |
| &nbsp;&nbsp;&nbsp;**Balance, end of year** | 21208 | 23265 |
| &nbsp;&nbsp;&nbsp;Current | 18254 | 14234 |
| &nbsp;&nbsp;&nbsp;Non-current | 2954 | 9031 |

---

The weighted average discount rate applied to the new lease liabilities within the period ended March 31, 2026 was 13.37% (11.73% in March 31, 2025), based on their corresponding incremental borrowing rate.

Lease liabilities are reflected within the current and non-current liabilities in the unaudited condensed interim consolidated statements of financial position. The finance cost representing the unwinding of the discount on the lease liabilities are charged to the unaudited condensed interim consolidated statements of income using the effective interest method.

**18 EQUITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Authorized** 

The Company has authorized an unlimited number of common shares with no par value, being subscribed 83,789,224 as of March 31, 2026 (83,554,346 as of December 31, 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Share based compensation**

As of March 31, 2026, the Company had 1,138,484 options issued and outstanding (1,455,492 as of December 31, 2025). The share-based payment expense is measured at fair value and recognized over the vesting period from the date of grant. During the period ended March 31, 2026 the Company did not grant new stock options. In addition, the Company had 142,160 Restricted Share Units ("RSUs") outstanding as of March 31, 2026, which were granted on September 29, 2025 under its Omnibus Incentive Plan. These RSUs vest in three equal annual installments through September 29, 2028 and are accounted for as equity-settled share-based compensation, with the related expense recognized over the vesting period.

**21 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

The Board of Directors authorized the repurchase of shares to settle employee tax withholding obligations related to the exercise of vested of stock-based awards, and during the period the Company repurchased shares totaling $4,632, which has been recorded as a reduction in equity.

For the periods ended March 31, 2026 and 2025, total share-based payment expense recognized in general and administrative expenses was $662 and $73, respectively.

**19 REVENUE**

---

| | | |
|:---|:---|:---|
| | **Three-month period ended<br> March 31, 2026** | **Three-month period ended<br> March 31, 2025** |
| &nbsp;&nbsp;&nbsp;Gold | 313406 | 111542 |
| &nbsp;&nbsp;&nbsp;Copper & Gold concentrate | 69984 | 52757 |
| &nbsp;&nbsp;&nbsp;Provisional prices | (1745) | (2495) |
| &nbsp;&nbsp;&nbsp;Other (a) | 961 | - |
| &nbsp;&nbsp;&nbsp;**Revenue** | 382606 | 161804 |

---

Revenues for the Minosa, Apoena, Borborema, MSG and Almas relate to the sale of refined gold and for the Aranzazu mine relates to the sale of copper and gold concentrate. The Company's revenues are concentrated in 4 clients (see Note 27(d)).

For the period ended March 31, 2026, Honduras, Mexico and Brazil represented 20.9%, 18.1% and 61.0% of the Company´s revenue, respectively (29.6%, 31.1% and 39.3% in 2025, respectively, for the period ended March 31, 2025).

For the period ended March 31, 2026 and 2025, the Company´s main clients were Asahi Refining Inc, Trafigura México, S.A. de C.V. and Auramet International, Inc, which represented 57.6%, 18.1% and 18.0%, of the Company´s revenue, respectively (39.5 %, 30.0 % and 26.7% in 2025).

&nbsp;&nbsp;&nbsp;&nbsp;(a) "Other" revenue for the period ended March 31, 2026, relates to the
sale of molybdenum from the Aranzazu mine.

**20 COST OF GOODS SOLD**

---

| | | |
|:---|:---|:---|
| | **Three-month period ended<br> March 31, 2026** | **Three-month period ended<br> March 31, 2025** |
| &nbsp;&nbsp;&nbsp;Direct mine and mill costs (a) | (83528) | (44919) |
| &nbsp;&nbsp;&nbsp;Direct mine and mill costs - Contractors | (16589) | (15467) |
| &nbsp;&nbsp;&nbsp;Direct mine and mill costs - Salaries | (20696) | (9126) |
| &nbsp;&nbsp;&nbsp;Depletion and amortization | (32965) | (13864) |
| &nbsp;&nbsp;&nbsp;**Total** | (153778) | (83376) |

---

(a) Refers primarily to consumables and materials used in the processing plant, including reagents, fuel and other operating supplies directly attributable to mineral processing activities.

**22 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

**21 GENERAL AND ADMINISTRATIVE EXPENSES**

---

| | | |
|:---|:---|:---|
| | **Three-month period ended<br> March 31, 2026** | **Three-month period ended<br> March 31, 2025** |
| Salaries, wages, benefits and bonus | (7218) | (3780) |
| Professional and consulting fees | (1932) | (2048) |
| Legal, filing, listing and transfer agent fees | (235) | (244) |
| Insurance | (782) | (196) |
| Directors' fees | (2534) | (671) |
| Travel expenses | (369) | (361) |
| Share-based payment expense | (662) | (73) |
| Depreciation and amortization | (176) | (199) |
| Care and maintenance | (190) | (500) |
| Other | (1644) | (1564) |
| **Total** | (15742) | (9636) |

---

**22 EXPLORATION EXPENSES**

---

| | | |
|:---|:---|:---|
| | **Three-month period ended<br> March 31, 2026** | **Three-month period ended<br> March 31, 2025** |
| Minosa | (65) | (236) |
| Borborema | (211) | (70) |
| Almas | (921) | (237) |
| Apoena | (177) | (124) |
| Aranzazu | (935) | (709) |
| Serra Grande | (29) |  |
| All other segments | (21) | - |
| **Total** | (2359) | (1376) |

---

**23 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

**23 FINANCE INCOME (EXPENSE)**

---

| | | |
|:---|:---|:---|
| | **Three-month period ended<br> March 31, 2026** | **Three-month period ended<br> March 31, 2025** |
| Accretion expense (Note 15) | (2279) | (1666) |
| Lease interest expense (Note 17 (b)) | (810) | (1595) |
| Interest expense on loans and debentures | (6387) | (5755) |
| Finance cost on post-employment benefit | (598) | (338) |
| Unrealized loss with derivative gold collars | (24105) | (100210) |
| Realized loss with derivative gold collars | (33325) | (6036) |
| Loss on other derivative transactions | (1188) | (1827) |
| Foreign exchange | (73) | (3176) |
| Change in liability measured at fair value (Note 13) | (5026) | (2359) |
| Other finance costs | (2496) | (430) |
| **Finance expenses** | (76287) | **(123392)** |
| Foreign exchange | 5546 |  |
| Interest income | 1820 | 1781 |
| **Finance income** | 7366 | **1781** |
| **Total finance result** | (68921) | **(121611)** |

---

**24 CASH FLOW INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Items adjusting profit (loss) of the year**

---

| | | |
|:---|:---|:---|
| | **Three-month period ended<br> March 31, 2026** | **Three-month period ended<br> March 31, 2025** |
| Deferred and current income tax expense | 41240 | 18300 |
| Depreciation and amortization | 33141 | 14063 |
| Accretion expense (Note 23) | 2279 | 1666 |
| Lease Interest expense (Note 23) | 810 | 1595 |
| Interest expense on loans and debentures (Note 23) | 6387 | 5755 |
| Finance cost on post-employment benefit (Note 23) | 598 | 338 |
| Unrealized loss on derivatives gold collars (Note 23) | 24105 | 100210 |
| Loss on other derivatives (Note 23) | 1188 | 1827 |
| Foreign exchange (gain) loss (Note 23) | (5473) | 3176 |
| Change in fair value in liability measured at fair value (Note 13) | 5026 | 2359 |
| Share-based payment expense (Note 21) | 662 | 73 |
| Loss on disposal of assets (Note 10) | 147 | 76 |
| Other non-cash items | 8275 | 6112 |
| **Total** | 118385 | **155569** |

---

**24 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Changes in working capital**

---

| | | |
|:---|:---|:---|
| | **Three-month period ended<br> March 31, 2026** | **Three-month period ended<br> March 31, 2025** |
| &nbsp;&nbsp;&nbsp;Increase in accounts receivables and value added taxes and other recoverable taxes | (755) | (7948) |
| &nbsp;&nbsp;&nbsp;Increase in inventory | (12786) | (4454) |
| &nbsp;&nbsp;&nbsp;Increase in trade and other payables | (13812) | (1733) |
| &nbsp;&nbsp;&nbsp;**Total** | (27353) | (14135) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c) Other current and non-current assets and liabilities**

---

| | | |
|:---|:---|:---|
| | **Three-month period ended<br> March 31, 2026**  | **Three-month period ended<br> March 31, 2025**  |
| &nbsp;&nbsp;&nbsp;*Changes in other current and non-current assets and liabilities consists of:* |  |  |
| &nbsp;&nbsp;&nbsp;(Increase) other receivables and assets and inventories (non-current) | (6530) | (2531) |
| &nbsp;&nbsp;&nbsp;(Increase) in other receivables and assets (current) | (2244) | (86) |
| &nbsp;&nbsp;&nbsp;(Decrease) in other liabilities (current and non-current) | (8043) | (7466) |
| &nbsp;&nbsp;&nbsp;**Total** | (16817) | (10083) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d) Non-cash investing and financing activities consist of:**

---

| | | |
|:---|:---|:---|
| | **Three-month period ended<br> March 31, 2026**  | **Three-month period ended<br> March 31, 2025**  |
| &nbsp;&nbsp;&nbsp;Non-cash addition to property, plant and equipment | 3692 | 2299 |
| &nbsp;&nbsp;&nbsp;**Total** | 3692 | 2299 |

---

**25 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e) Debt reconciliation**

---

| | | |
|:---|:---|:---|
| | **Loans and debentures** | **Derivatives** |
| **Balance as of December 31, 2024** | **443104** | **139490** |
| Acquisition of Bluestone | 19900 |  |
| Changes from Financing cash flows: |  |  |
| &nbsp;&nbsp;&nbsp;Loan and debentures repayments | (11455) |  |
| &nbsp;&nbsp;&nbsp;Interest paid on loans (a) | (7775) |  |
| &nbsp;&nbsp;&nbsp;Derivative settlement (Gold Hedges) |  | (6036) |
| &nbsp;&nbsp;&nbsp;Derivative settlement (Other derivatives) | - | (417) |
| Other Changes: |  |  |
| &nbsp;&nbsp;&nbsp;Interest expenses on loans | 4889 |  |
| &nbsp;&nbsp;&nbsp;Interest expenses on debentures | 5963 |  |
| &nbsp;&nbsp;&nbsp;Derivative interest |  | (2854) |
| &nbsp;&nbsp;&nbsp;Foreign exchange adjustments | 13061 | (12792) |
| &nbsp;&nbsp;&nbsp;Swap fair value adjustment |  | 2802 |
| &nbsp;&nbsp;&nbsp;Gold Hedges fair value adjustment |  | 106246 |
| &nbsp;&nbsp;&nbsp;Other derivatives fair value adjustment | - | 1827 |
| Balance as of March 31, 2025 | 467687 | 228266 |

---

---

| | | |
|:---|:---|:---|
| | **Loans and debentures** | **Derivatives** |
| **Balance as of December 31, 2025** | **411168** | **400279** |
| Changes from Financing cash flows: |  |  |
| &nbsp;&nbsp;&nbsp;Loan and debentures repayments | (18321) |  |
| &nbsp;&nbsp;&nbsp;Interest paid on loans (a) | (6651) |  |
| &nbsp;&nbsp;&nbsp;Derivative settlement (Gold Hedges) |  | (33325) |
| &nbsp;&nbsp;&nbsp;Derivative settlement (Other derivatives) | - | (2741) |
|  | (24972) | (36066) |
| Other Changes: |  |  |
| &nbsp;&nbsp;&nbsp;Interest expenses on loans | 3940 |  |
| &nbsp;&nbsp;&nbsp;Interest expenses on debentures | 7784 |  |
| &nbsp;&nbsp;&nbsp;Derivative interest |  | (5393) |
| &nbsp;&nbsp;&nbsp;Foreign exchange adjustments | 9928 | (9054) |
| &nbsp;&nbsp;&nbsp;Swap fair value adjustment |  | (3862) |
| &nbsp;&nbsp;&nbsp;Gold Hedges fair value adjustment |  | 57430 |
| &nbsp;&nbsp;&nbsp;Other derivatives fair value adjustment | 1200 | (12) |
| Balance as of March 31, 2026 | 409048 | 403322 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest payment on debts and debentures are being presented under financing activities in the Unaudited Condensed Consolidated Statements of Cash Flow.

**26 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

**25 OTHER (EXPENSES) INCOME, NET**

Other (expenses) income, net for the period ended March 31, 2026 primarily consists of Change in fair value of CVR of $(3,233). For the period ended March 31, 2025, this line item consisted of the expenses of $(754).

**26 FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT**

**a) Financial Instruments**

The Company has the following derivative financial instruments in the following line items in the unaudited condensed interim consolidated statements of financial position:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Derivatives Contracts** | <br>**Current/Non-Current** | **Asset/(Liability) at**<br>**March 31, 2026** | **Asset/(Liability) at**<br>**December 31, 2025** |
| &nbsp;&nbsp;&nbsp; Swap - Aura Almas (Itaú Bank) | &nbsp;&nbsp;&nbsp;Current | 22726 | 4418 |
| &nbsp;&nbsp;&nbsp; Swap - Apoena Mines (ABC Bank) | &nbsp;&nbsp;&nbsp;Current |  | (2753) |
| &nbsp;&nbsp;&nbsp; Gold Derivatives | &nbsp;&nbsp;&nbsp;Current / Non-current | (426048) | (401944) |
| &nbsp;&nbsp;&nbsp;**Total** |  | **(403322)** | **(400279)** |

---

**27 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

<u>Classification of financial instruments</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |<br>**Note** | **Measured at amortized cost** | **Fair value through profit & loss** | **Fair value through OCI** | **Measured at amortized cost** | **Fair value through profit & loss** | **Fair value through OCI** |
| **Assets** | | | | | | | |
| **Current** | | | | | | | |
| Cash and cash equivalents | 5 | 267789 |  |  | 286056 |  |  |
| Accounts receivable | 6 | 11213 | 2648 |  | 17478 | 2321 |  |
| Derivative Financial Instrument | 26 |  |  | 22726 |  |  | 4418 |
| **Non-current** |  |  |  |  |  |  |  |
| Other receivables and assets | 9 | - | - | 6941 | - | - | 9691 |
|  |  | **279002** | **2648** | **29667** | **303534** | **2321** | **14109** |
| **Liabilities** |  |  |  |  |  |  |  |
| **Current** |  |  |  |  |  |  |  |
| Trade and other payables | 11 | 165075 |  |  | 189614 |  |  |
| Derivative Financial Instrument | 25 |  | 168363 |  |  | 139354 |  |
| Loans and debentures | 12 | 82063 | 15027 |  | 92497 | 7051 |  |
| Liability measured at fair value | 13 |  | 4522 |  |  | 1012 |  |
| Other liabilities | 17 | 18931 |  |  | 18933 |  |  |
| **Non-current** |  |  |  |  |  |  |  |
| Derivative Financial Instrument | 24 |  | 257685 |  |  | 265343 |  |
| Loans and debentures | 12 | 122854 | 189104 |  | 132238 | 179382 |  |
| Liability measured at fair value | 13 |  | 29093 |  |  | 25822 |  |
| Deferred consideration (NSR) | 16 |  | 24444 |  |  | 23643 |  |
| Other provisions (CVR) | 16 |  | 15015 |  |  | 11982 |  |
| Other liabilities | 17 | 2954 | - | - | 6473 | - | - |
|  |  | **391877** | **703253** | **-** | **439755** | **653589** | **-** |

---

i) Swap agreements:

As of March 31, 2026 and December 31, 2025, the Company has the following swap agreements:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Derivatives Contracts** | <br>**Current/Non-Current** | **Asset/(Liability) at**<br>**March 31, 2026** | **Asset/(Liability) at**<br>**December 31, 2025** |
| &nbsp;&nbsp;&nbsp;Swap - Aura Almas (Itaú Bank) (a) &nbsp;&nbsp;&nbsp;CDI | &nbsp;&nbsp;&nbsp;Current / Non current | 22726 | 4418 |
| &nbsp;&nbsp;&nbsp;Swap - Apoena Mines (ABC Bank) &nbsp;&nbsp;&nbsp;CDI | &nbsp;&nbsp;&nbsp;Current | - | (2753) |
| &nbsp;&nbsp;&nbsp;**Total** |  | **22726** | **1665** |

---

(a) The swap agreements from the Company's subsidiary, Almas, was designated as a hedge accounting.

**28 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

ii) Derivative Options

As of March 31, 2026, the Company had 183,999 ounces outstanding for the Borborema Project. The put/calls collars have floor prices of $1,745 and ceiling prices at $2,400 per ounce of gold expiring between April 2026 and June 2028.

The fair value effect of the Derivative Collars for the period ended March 31, 2026 is $(24,105) (($100,210) in March 31, 2025), recorded as a finance expenses loss in the financial statements.

As of the date of these Unaudited Condensed Interim Consolidated Financial Statements, the Company has no agreements in place with financial institutions which would require the Company to post cash or any other type of collateral to cover fair value exposure against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Fair value of financial instruments**

The Company measures certain of its financials assets and liabilities at fair value on a recurring basis and these are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. There are three levels of the fair value hierarchy that prioritize the inputs to valuation techniques used to measure fair value:

1) Level 1, which are inputs that are unadjusted quoted prices in active markets for identical assets or liabilities;

2) Level 2, which are inputs other than Level 1 quotes prices that are observable, either directly or indirectly, for the asset or liability; and,

3) Level 3, which are inputs for the asset or liability that are not based on observable market data.

Additionally, the Company classifies derivative assets and liabilities in Level 2 of the fair value hierarchy as they are valued using pricing models which require a variety of inputs such as expected gold price.

**29 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

The fair value of the Company's financial assets and liabilities measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025 are summarized in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  |<br>**Level** | **Fair value through profit & loss** | **Fair value through OCI** | **Fair value through profit & loss** | **Fair value through OCI** |
| **Assets** | | | | | |
| Accounts receivable | 2 | 2648 |  | 2321 |  |
| Other receivables and assets | 1 |  | 6941 |  | 9691 |
| Derivative Financial Instrument | 2 | - | 22726 | - | 4418 |
|  |  | **2648** | 29667 | **2321** | **14109** |
| **Liabilities** |  |  |  |  |  |
| Debentures (a) | 2 | 204131 |  | 186433 |  |
| Liability measured at fair value | 3 | 33615 |  | 26834 |  |
| Derivative Financial Instrument | 2 | 426048 |  | 404697 |  |
| Deferred consideration (NSR) | 3 | 24444 |  | 23643 |  |
| Other provisions (CVR) | 3 | 15015 | - | 11982 | - |
|  |  | **703253** | - | **653589** | **-** |

---

<u>Valuation inputs and relationships to fair value</u> 

The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair value at** | **Fair value at** | **Unobservable inputs** | **Inputs** | **Inputs** | **Relationship of unobservable inputs to fair value** |
| **Description** | **2026** | **2025** |  | **2026** | **2025** |  |
| Liability measured at fair value (NSR agreement) | 33615 | 26834 | Expected production of gold ounces | 702903 | 719512 | If expected production of gold ounces were 10% higher or lower, the fair value would increase/decrease by $440. |
| Contingent Value Rights (CVRs) | 15015 | 11982 | Commercial Production | (a) | (a) | (a) |
| Contingent consideration (NSR) | 24444 | 23643 | Expected production of gold ounces | 315481 | 315481 | If expected production of gold ounces were 10% higher or lower, the fair value would increase/decrease by $192. |

---

**30 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company assessed the probability of achieving commercial production, over various time horizons, primarily within a 0 to 20-year
range, while also recognizing a residual probability of timelines extending beyond 20 years. If expected commercial production probability
varies by 10% on the lower and higher ends of these time horizons, the fair value would increase or decrease by $1,687.

The finance department of the Company includes a team that performs the valuations of non-property items required for financial reporting purposes, including level 3 fair values.

<u>Valuation process - Liability measured at fair value</u>

The main level 3 inputs used by the Company are derived and evaluated as follows:

- Discount rates for financial assets and financial liabilities are determined using a capital asset pricing model to calculate a pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the asset.

- Risk adjustments specific to the counterparties (including assumptions about credit default rates) are derived from credit risk gradings determined by internal credit risk management group.

The key inputs into the Monte Carlo simulation model were as follows at March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Input** | **2026** | **2025** |
| WACC | 11.50% | 11.50% |
| Credit-risk | 2.70% | 2.70% |
| Expected volatility | 15.20% | 15.20% |

---

<u>Valuation process - Contingent Value Rights (CVRs)</u>

The fair value of the Contingent Value Rights is determined using a scenario-based valuation model that incorporates management's assessment of the probability and timing of achieving commercial production at the Era Dorada Project.

The main level 3 inputs used by the Company are derived and evaluated as follows:

- The probability-weighted timing of commercial production is based on scenarios provided by management, covering multiple time horizons up to 20 years, with a residual probability assigned to production commencing beyond this period.

- Discount rates applied to the expected cash flows are determined based on a risk-free rate derived from U.S. Treasury bonds with maturities consistent with the expected payment dates, adjusted by a credit spread that reflects the Company's credit risk, consistent with market data for comparable issuers.

**31 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

<u>Valuation process - Deferred consideration (NSR)</u>

The fair value of the deferred consideration related to the Net Smelter Return (NSR) agreement is determined using a discounted cash flow model that estimates future royalty payments based on expected production profiles and commodity price assumptions.

The main level 3 inputs used by the Company are derived and evaluated as follows:

- Expected production volumes are based on life-of-mine production forecasts prepared by management and technical studies, reflecting current mine plans and operational assumptions.

- Discount rates applied to the expected royalty cash flows are determined using a capital asset pricing model to estimate a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the asset, including country, operational and project-specific risks.

- Commodity price assumptions are based on consensus forecasts obtained from market participants, which are publicly available.

<u>Fair value of loans and other financial liability</u>

The Company considers that for the loans, that are recorded at their contractual value and other financial liabilities measured at amortized cost, their book values are close to their fair values and therefore information on their fair values is not being presented.

**27 FINANCIAL RISK MANAGEMENT**

**a)** **Liquidity risk** 

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages its liquidity risk through a planning and budgeting process, which is reviewed and updated, to help determine the funding requirements to support the Company's current operations and expansion and development plans and by managing its capital structure as described in *Note 28* below.

**32 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

Aura's objective is to ensure that there are sufficient committed financial resources to meet its short-term business requirements for a minimum of twelve months. In the normal course of business, Aura enters into contracts that give rise to commitments for future payments as disclosed in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2026** | **Within<br> 1 year** | **2 to 3<br> years** | **4 to 5<br> years** | **Over 5<br> years** | **Total** |
| &nbsp;&nbsp;&nbsp;Trade and other payables | 165075 |  |  |  | 165075 |
| &nbsp;&nbsp;&nbsp;Loans and debentures | 97090 | 182587 | 137509 | 59298 | 476484 |
| &nbsp;&nbsp;&nbsp;Provision for mine closure and restoration | 6047 | 13246 | 26680 | 48560 | 94533 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 19697 | 3090 | 24 |  | 22811 |
| &nbsp;&nbsp;&nbsp;Liability measured at fair value | 6965 | 6982 | 9436 | 31249 | 54632 |
|  | 294874 | 205905 | 173649 | 139107 | 813535 |

---

As of March 31, 2026, Aura has cash and cash equivalents of $267,789 ($286,056: 2025) and current assets, excluding restricted cash less current liabilities of ($13,207) ($16,843: 2025).

**b)** **Currency risk** 

Aura's operations are located in Honduras, Brazil and Mexico, therefore, foreign exchange risk exposures arise from transactions denominated in foreign currencies. Although Aura's sales are denominated in United States dollars, certain operating expenses of Aura are denominated in foreign currencies, primarily the Honduran lempira, Brazilian real, Mexican peso, Canadian dollar, Colombian peso, Guatemalan Quetzals and Barbadian Dollars.

Financial instruments that impact Aura's net losses or other comprehensive losses due to currency fluctuations include cash and cash equivalents, accounts receivable, other long-term assets, accounts payable and accrued liabilities, short and long term loans and other provisions denominated in foreign currency.

**33 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

At March 31, 2026 and December 31, 2025, the Company had cash and cash equivalents of $267,789 and $286,056, respectively, of which, $239,925 ($257,374 in 2025) were in United States dollars, $191 ($192 in 2025) in Canadian dollars, $24,439 ($19,946 in 2025) in Brazilian reais, $2,933 ($8,305 in 2025) in Honduran lempiras, $210 ($126 in 2025) in Mexican pesos, $- ($18 in 2025) in Colombian Pesos, $85 ($90 in 2025) in Guatemalan Quetzals and $6 ($6 in 2025) in Barbadian Dollars. An increase or decrease of 5% in the United States dollar exchange rate to the currencies listed above could have increased or decreased the Company's income for the year by $1,398.

**c)** **Interest rate risk** 

The Company's policy is to minimize interest rate cash flow risk exposures on long-term financing. Longer-term borrowings are therefore usually at fixed rates. As of March 31, 2026, the Company is exposed to changes in market interest rates through a bank borrowing at SOFR interest rate at its subsidiary Aranzazu. All other borrowings are at fixed interest rates or are linked to a swap instrument, minimizing the risk of interest rate exposure.

**d)** **Credit risk** 

Credit risk is the risk that a counterparty fails to discharge an obligation to the Company. The Company is exposed to credit risk from financial assets including cash and cash equivalents held at banks, trade and other receivables. The credit risk is managed based on the Company's credit risk management policies and procedures.

The credit risk in respect of cash balances held with banks and deposits with banks are managed via diversification of bank deposits.

At March 31, 2026, the Company believes that its trade credit risk is low due to the following reasons:

-

For the sales of refined gold from Almas, Apoena, Borborema, MSG and Minosa, the Company collects payments in advance or at the time of delivering its products to its clients.

- For the sale of copper and gold concentrate from Aranzazu, the Company sells its products to wholly-owned subsidiary of Trafigura Group Pte. Ltd, an investment grade company. The accounts receivable are generally collected within 15 days from the issuance of the invoice.

**34 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

**e)** **Market risk** 

<u>Commodity derivatives transactions – Gold collars</u>

As mentioned in Note 26, the Company uses gold collars in order to mitigate the risk of decline in gold prices for a portion of its projected future production associated with the construction of new projects.

To calculate an expected increase / decrease in the fair value balances of potential increases or decrease in gold prices, the Company used a variation of plus or minus 10% change in gold prices in relation to the March 31, 2026 closing prices.

<u>Liability measured at fair value</u>

As mentioned in Note 13, the Company entered a Net Smelter Return Royalty Agreement that contains more than one embedded derivative, that is being accounted at fair value through profit or loss, and it is exposed to gold prices that can affect its future cashflows.

<u>Gold linked Loan</u>

Borborema Inc entered into a Gold-Linked Loan with embedded derivatives measured at fair value through profit and loss that has quarterly payments of gold ounces that are exposed to gold prices that can affect its future cashflows.

To simulate the reasonable scenario to reflect the potential effects on the statement of income (loss) from outstanding transactions, the Company used a variation in the closing and future gold price of 10%. The sensitivity analysis of these derivative financial instruments is presented as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Instrument** | **Instrument´s main risk events** | **Reasonable scenario** | **$ Impact** |
| Derivative financial instruments (Gold collars) | Gold price increase/decrease | D 10% | 82881 |
| Liability measured at fair value | Gold price increase/decrease | D 10% | 3361 |
| Loans and debentures (Gold linked loan) | Gold price increase/decrease | D 10% | 617 |
| Contingent consideration (NSR) | Gold price increase/decrease | D 10% | 1177 |

---

**35 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

**28 CAPITAL MANAGEMENT**

Aura's objectives in managing capital are to ensure sufficient liquidity is maintained in order to properly develop and operate its current projects and pursue strategic growth initiatives, to ensure that externally imposed capital requirements related to any debt obligations are complied with, and to provide returns for shareholders and benefits to other stakeholders. In assessing the capital structure of the Company, management includes in its assessment the components of shareholders' equity and long-term debt. The Company manages its capital structure considering changes in economic conditions, the risk characteristics of the underlying assets, and the Company's liquidity requirements. To maintain or adjust the capital structure, the Company may be required to issue common shares or debt, repay existing debt, acquire or dispose of assets, or adjust amounts of certain investments.

In order to facilitate management of capital, the Company prepares annual budgets which are updated periodically if changes in the Company's business are considered to be significant. The Board of Directors of the Company reviews and approves all operating and capital budgets as well as the entering into of any material debt obligations, and any material transactions out of the ordinary course of business, including dispositions, acquisitions and other investments or divestitures. In order to maintain or adjust the capital structure, the company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares to reduce debt.

During the period ended March 31, 2026, Aura's Board of Directors declared and approved the payment of quarterly dividends on February 26, 2026 totaling US$55.1 million. These dividends corresponded to US$0.66 per common share, and US$0.22 per Brazilian Depositary Receipt ("BDR"), respectively. The dividends were paid on March 26, 2026.

During the year ended December 31, 2025, Aura's Board of Directors declared and approved the payment of quarterly dividends on February 26, May 5, August 5, and November 4, 2025, totaling US$18.3 million, US$29.8 million, US$27.6 million, and US$40.1 million, respectively. These dividends corresponded to US$0.25, US$0.40, US$0.33, and US$0.48 per common share, and US$0.08, US$0.13, US$0.11, and US$0.16 per Brazilian Depositary Receipt ("BDR"), respectively. The dividends were paid on March 28, May 30, September 5, and December 2, 2025, respectively.

**36 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

**29 RELATED PARTY TRANSACTIONS**

*Key Management Compensation*

Total compensation paid to key management personnel (including based salaries, bonuses and other benefits), remuneration of directors and other members of key executive management personnel for the period ended March 31, 2026 and 2025, were $3.4 million and $357 thousand, respectively.

*Director's fees*

Management had issued 82,785 deferred stock units (DSUs) to certain directors and former directors of the Company in 2016. The DSUs are recognized at the fair value of the Company shares based on the provisions of the agreements and will be settled in cash. The balance of the DSUs as of March 31, 2026 is $5,145 and ($2,564 in December 31, 2025) and is included as part of Trade and other payables.

*Iraja Royalty Payments*

As part of the Apoena Mines transaction with Yamana Gold Inc. ("Yamana"), Mineracao Apoena S.A. ("Apoena") entered into a royalty agreement (the "EPP Royalty Agreement"), dated June 21, 2016, with Serra da Borda Mineracao e Metalurgia S.A. ("SBMM"), Yamana's wholly-controlled subsidiary. Commencing on and from June 21, 2016, Apoena would pay to SBMM a royalty (the "Royalty") that is equal to 2.0% of Net Smelter Returns on all gold mined or benefited from Apoena (the "Subject Metals") sold or deemed to have been sold by or for Apoena.

Effective as at such time as Apoena has paid the Royalty on up to 1,000,000 troy ounces of the Subject Metals, the Royalty shall without the requirement for any further act or formality, reduce to 1.0% of Net Smelter Returns on all Subject Metals sold or deemed to have been sold by or for Apoena.

On October 27, 2017, SBMM entered into an agreement (the "Royalty Swap Agreement") with Iraja Mineracao Ltda., a company controlled by the same controlling group, a third-party company, for the swap of the EPP Royalty with the RDM Royalty (as defined in the Royalty Swap Agreement) with no change to the terms of the royalty calculation. Aura has incurred expenses of the related royalties of $954 in the period ended March 31, 2026 ($792 in the period ended March 31, 2025).

 

**37 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

 

*Royalty Agreement for Aura Almas*

The Company, through its wholly owned subsidiaries Almas, maintains a royalty agreement with Irajá Mineração Ltda.., a company controlled by the same controlling group from Aura, whereby the subsidiary pays 1.2% of the Net Smelter Returns on all gold mined or sold. Aura has incurred expenses of the related royalties of $1,633 in the period ended March 31, 2026 ($991 in the period ended March 31, 2025).

*Royalty Agreement for Matupá*

The Company, through its wholly owned subsidiary Matupá, maintains a royalty agreement with Irajá Mineração Ltda., a company controlled by the same controlling group from Aura, whereby the subsidiary will pay 1.2% of the Net Smelter Returns on all gold mined or sold, from the moment that is declared commercial production. The subsidiary is currently in care and maintenance.

*Dividends payable to Northwestern*

Northwestern, a company controlled by the Chairman of the Board, is the majority shareholder of Aura with approximately 47.7% ownership as of March 31, 2026 (47.7% as of December 31, 2025).

In the three-month ended March 31, 2026, the Company paid to Northwestern the total amount of $24.4 million of dividends ($9.9 million in the period ended March 31, 2025).

**30 SEGMENT INFORMATION**

The reportable operating segments have been identified as the Minosa Mine, Apoena Mine, the Aranzazu Mine, Almas Mine, Borborema Mine and Serra Grande Mine. The Company manages its business, including the allocation of resources and assessment of performance, on a project-by-project basis, except where the Company's projects are substantially connected and share resources and administrative functions. The segments presented reflect the way in which the Company's management reviews its business performance. Operating segments are reported in a manner consistent with the internal reporting provided to executive management who act as the chief operating decision makers. Executive management is responsible for allocating resources and assessing the performance of the operating segments.

**38 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

For the periods ended March 31, 2026 and 2025, segment information is as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended March 31, 2026** | **Minosa Mine** | **Apoena Mine** | **Aranzazu Mine** | **Almas Mine** | **Borborema Mine** | **Serra Grande Mine** | **Total reportable segments** | **Non reportable segments (1)** | **Total** |
| Revenue | 80020 | 35814 | 69178 | 68693 | 81988 | 46913 | 382606 |  | 382606 |
| Cost of goods sold | (20749) | (10386) | (25266) | (16915) | (19935) | (27562) | (120813) |  | (120813) |
| Depreciation and amortization | (1931) | (5844) | (7213) | (4755) | (5510) | (7712) | (32965) | - | (32965) |
| **Gross profit** | 57340 | 19584 | 36699 | 47023 | 56543 | 11639 | 228828 | - | 228828 |
| General and administrative expenses | (1101) | (1003) | (1587) | (1137) | (1015) | (1882) | (7725) | (8017) | (15742) |
| Exploration expenses | (65) | (177) | (935) | (921) | (211) | (29) | (2338) | (21) | (2359) |
| Other income (expenses) , net | (79) | 19 | (1233) | 10 | (2) | - | (1285) | (4123) | (5408) |
| **Operating income (loss)** | 56095 | 18423 | 32944 | 44975 | 55315 | 9728 | 217480 | (12161) | 205319 |
| Finance expense | (1120) | (1128) | (354) | (392) | (8542) | (736) | (12272) | (57628) | (69900) |
| Finance income | 65 | 339 | 720 | 1304 | 865 | 3165 | 6458 | 908 | 7366 |
| Interest expense on loans and debentures | (191) | (1224) | (402) | (2621) | (1844) | - | (6282) | (105) | (6387) |
| **Income (loss) before income taxes** | 54849 | 16410 | 32908 | 43266 | 45794 | 12157 | 205384 | (68986) | 136398 |
| Current tax | (14489) | (703) | (10426) | (7590) | (6613) | (4477) | (44298) | (3111) | (47409) |
| Deferred tax | (281) | (2101) | 1194 | 4604 | 1354 | 1198 | 5968 | 201 | 6169 |
| Income taxes | (14770) | (2804) | (9232) | (2986) | (5259) | (3279) | (38330) | (2910) | (41240) |
| **(Loss) / Profit for the year** | 40079 | 13606 | 23676 | 40280 | 40535 | 8878 | 167054 | (71896) | 95158 |
| Property, plant and equipment | 72726 | 89294 | 131976 | 158178 | 239769 | 139546 | 831489 | 131144 | 962633 |
| Total assets | 121144 | 210067 | 426450 | 366427 | 204019 | 186972 | 1515079 | 107809 | 1622888 |
| Total liabilities | 98140 | 130329 | 96018 | 257953 | 157439 | 76787 | 816666 | 504363 | 1321029 |
| Purchase of property, plant and equipment | 3216 | 13460 | 6792 | 4787 | 2403 | 5668 | 36326 | 7781 | 44107 |

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(1) Non Reportable segments are composed by Matupá, Tolda Fria, Carajás, Era Dorada Projects and Corporate.

**39 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Reportable segments** | **Reportable segments** | **Reportable segments** | **Reportable segments** | **Reportable segments** | **Reportable segments** | | |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;**For the period ended March 31, 2025** | **Minosa Mine** | **Apoena Mine** | **Aranzazu Mine** | **Almas Mine** | **Borborema**<br> **Project**  | **Total reportable segments** | <br>**Non-Reportable Segments (1)** | <br>**Total** |
| &nbsp;&nbsp;&nbsp;Revenue | 48062 | 26353 | 50262 | 37127 |  | 161804 |  | 161804 |
| &nbsp;&nbsp;&nbsp;Cost of goods sold, except depletion and amortization | (20135) | (11555) | (23815) | (14007) |  | (69512) |  | (69512) |
| &nbsp;&nbsp;&nbsp;Depletion and amortization | (1341) | (3549) | (6467) | (2507) | - | (13864) | - | (13864) |
| &nbsp;&nbsp;&nbsp;**Gross profit** | 26586 | 11249 | 19980 | 20613 | - | 78428 | - | 78428 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (1135) | (1301) | (1774) | (803) | 84 | (4929) | (4707) | (9636) |
| &nbsp;&nbsp;&nbsp;Exploration expenses | (236) | (124) | (709) | (237) | (70) | (1376) |  | (1376) |
| &nbsp;&nbsp;&nbsp;Other (expense) income | (244) | 69 | (572) | (6) | 4 | (749) | (5) | (754) |
| &nbsp;&nbsp;&nbsp;**Operating income/(loss)** | 24971 | 9893 | 16925 | 19567 | 18 | 71374 | -4712 | 66662 |
| &nbsp;&nbsp;&nbsp;Finance expense | (991) | (5821) | 428 | (1544) | (2480) | (10408) | (107229) | (117637) |
| &nbsp;&nbsp;&nbsp;Finance income | 111 | 5 | 91 | 1268 | 84 | 1559 | 222 | 1781 |
| &nbsp;&nbsp;&nbsp;Interest expense on loans and debentures | (432) | (820) | (553) | (3464) | (486) | (5755) | - | (5755) |
| &nbsp;&nbsp;&nbsp;**Income/(Loss) before income taxes** | 23659 | 3257 | 16891 | 15827 | (2864) | 56770 | (111719) | (54949) |
| &nbsp;&nbsp;&nbsp;Current tax | (6611) | (663) | (6431) | (5998) |  | (19703) | (1111) | (20814) |
| &nbsp;&nbsp;&nbsp;Deferred tax | 393 | 2005 | (952) | 1241 | (542) | 2145 | 369 | 2514 |
| &nbsp;&nbsp;&nbsp;Income taxes | (6218) | 1342 | (7383) | (4757) | (542) | (17558) | (742) | (18300) |
| &nbsp;&nbsp;&nbsp;**(Loss) / Profit for the year** | 17441 | 4599 | 9508 | 11070 | (3406) | 39212 | (112461) | (73249) |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment | 62476 | 58692 | 127588 | 144848 | 222004 | 615608 | 104858 | 720466 |
| &nbsp;&nbsp;&nbsp;Total assets | 97195 | 192410 | 349317 | 315583 | 132444 | 1086949 | 52042 | 1138991 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 95221 | 137912 | 95726 | 238134 | 151932 | 718925 | 280201 | 999126 |
| &nbsp;&nbsp;&nbsp;Purchase of property, plant and equipment | 1251 | 5001 | 6490 | 2059 | 35783 | 50584 | 1141 | 51725 |

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(1) Non Reportable segments are composed by Matupá, Tolda Fria, Carajás, Era Dorada Projects and Corporate.

**40 \| Aura Minerals Inc.** 

**Aura Minerals Inc.**

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and December 31, 2025

*Expressed in thousands of United States dollars, except where otherwise noted.*

**31 COMMITMENTS AND CONTINGENCIES** 

**a) Leases commitments**

The Company has the following commitments for future minimum payments under leases:

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| | |
|:---|:---|
| | **2026** |
| Within 1 year | 18254 |
| 2 years | 2934 |
| 3 years | 20 |
| 4 years |  |
| Over 5 years | - |
| **Total** | 21208 |

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**b) Contingencies**

Certain conditions may exist on the date of these financial statements that could result in a loss to the Company in the future upon the occurrence or non-occurrence of specific events. At each reporting date, the Company evaluates its loss contingencies related to ongoing legal proceedings by assessing the likelihood of an unfavorable outcome and the amounts claimed or expected to be claimed.

**32 PROFIT (LOSS) PER SHARE**

Basic profit per share is calculated by dividing the income attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the year.

Diluted income per share is calculated using the "treasury stock method" in assessing the dilution impact of convertible instruments until maturity. The treasury stock method assumes that all convertible instruments until maturity have been converted in determining fully diluted profit per share if they are in-the-money, except where such conversion would be anti-dilutive. In the event of a share consolidation or share division, the calculation of basic and diluted income (loss) per share is adjusted retrospectively for all periods presented.

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| | | |
|:---|:---|:---|
| | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2025** |
| **Profit (Loss) for the period** | 95158 | (73249) |
| Weighted average number of ordinary shares outstanding - basic | 83568595 | 73189136 |
| Weighted average number of ordinary shares outstanding - diluted | 84544307 | 73189136 |
| Profit (loss) per share - basic | 1.14 | (1.00) |
| Profit (loss) per share - diluted | 1.13 | (1.00) |

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**41 \| Aura Minerals Inc.**