6-K
Aura Minerals Inc. (AUGO)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATEISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2025
Commission File Number: 001-42744
AURA MINERALS INC.
(Exact name of registrant as specifiedin its charter)
c/o Aura Technical Services Inc.
3390 Mary St,
Suite 116, Coconut Grove,
Florida, 33133, United States
+1 (305) 239 9332
(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:
| Form 20-F | X | Form 40-F |
|---|
TABLE OF CONTENTS
SIGNATURE
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. | ||
|---|---|---|
| By: | /s/ João Kleber Cardoso | |
| Name: | João Kleber Cardoso | |
| Title: | Chief Financial Officer |
Date: November 4, 2025
Exhibit 99.1
Miami, November 4, 2025 – “In Q3 2025, Aura achieved a record production of 74,227 GEO at constant prices and an all-time high Adjusted EBITDA of US$152 million, contributing to a trailing twelve-month Adjusted EBITDA of US$419 million at an average realized gold price of US$3,068/oz. This performance, bolstered by a realized gold price of US$3,385/oz and Recurring Free Cash Flow of US$115 million in the quarter —up 91% from Q2 2025—was driven by strong operational results across our mines and the successful start of commercial production at Borborema in September 2025, built on time and on budget with zero Lost Time Incidents. Our cost discipline - AISC decreased by 4% compared to Q2 2025 - and Aura 360 commitment enabled us to maintain robust financial performance. We remain focused on delivering consistent shareholder value through our quarterly dividend,advancing the MSG acquisition, and achieving our 2025 production and cost guidance of 266,000-300,000 GEO.” Commented Rodrigo Barbosa President and CEO of Aura.”
Operational & Financial Headlines Q3 2025 and 9M 2025
| (US$ thousand) | Q3 2025 | Q2 2025 | QoQ Change % | Q3 2024 | YoY Change% | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|---|---|
| Total Production (GEO) | 74,227 | 64,033 | 16% | 68,246 | 9% | 198,346 | 200,759 | -1% |
| Total Sales (GEO) | 74,907 | 62,452 | 20% | 67,069 | 12% | 197,850 | 200,517 | -1% |
| Net Revenue | 247,832 | 190,436 | 30% | 156,157 | 59% | 600,072 | 422,646 | 42% |
| Gross Profit | 149,609 | 103,939 | 44% | 72,181 | 107% | 331,976 | 170,171 | 95% |
| Gross Margin | 60% | 55% | 6p.p. | 46% | 14p.p. | 55% | 40% | 15p.p. |
| Adjusted EBITDA | 152,105 | 106,224 | 43% | 77,974 | 95% | 339,808 | 186,813 | 82% |
| Adjusted EBITDA Margin | 61% | 56% | 6p.p. | 50% | 11p.p. | 57% | 44% | 12p.p. |
| Net Income | 5,626 | 8,147 | -31% | (11,923) | -147% | (59,476) | (46,915) | -27% |
| Net Income Margin | 2% | 4% | -2p.p. | -8% | 10p.p. | -10% | -11% | 1p.p. |
| Adjusted Net Income | 68,672 | 36,834 | 86% | 21,650 | 217% | 132,409 | 44,630 | 197% |
| Cash Cost (US$/GEO) | 1,110 | 1,146 | -3% | 987 | 12% | 1,133 | 1,022 | 11% |
| All In Sustaining cost (US$/GEO) | 1,396 | 1,449 | -4% | 1,292 | 8% | 1,433 | 1,302 | 10% |
| Operating Cash Flow | 93,096 | 79,865 | 17% | 76,770 | 21% | 214,189 | 156,233 | 37% |
| Net Debt/LTM EBITDA | 0.15x | 0.81x | -0.66x | 0.63x | -0.48x | 0.15x | 0.63x | -0.48x |
| Total CAPEX | 31,605 | 50,325 | -37% | 60,483 | -48% | 133,655 | 113,761 | 17% |
Except as otherwise noted in this document, references herein to “US$” or and “$” are to thousands of United States dollars
Headlines
| · | Total production in Q3 2025 reached 74,227 gold equivalent ounces (“GEO”), 16% higher than Q2 2025 and also 9% higher when compared to Q3 2024 at current metal prices. At constant prices, Aura’s quarterly production was a record high, increasing by 17% compared to Q2 2025 and increasing 15% over Q3 2024. This result was achieved mainly due to: |
|---|
| 1 |
| --- |
| o | The increase production at Almas from 12,917 GEO in Q2 2025 to 15,088 GEO in Q3 2025 (+17%), due to higher ore processed volumes, reflecting the results of the plant expansion at Almas, and improved grades due to mine sequencing; |
|---|---|
| o | The first full quarter of production at Borborema and its achievement of commercial production, producing 10,219 GEO in Q3 2025 (vs. 2,577 GEO in Q2 2025); and |
| --- | --- |
| o | The reliable productions at Apoena, Aranzazu and Minosa, which, combined, remained stable in Q3 2025 compared to Q2 2025 |
| --- | --- |
In 9M 2025, the total production reached 198,346 GEO at current prices in line with the same period of 2024. At 2025 Production Guidance Prices, the 9M 2025 production was 203,592 GEO, 3% above 9M 2024, and on track to achieve the 2025 guidance.
| · | Sales volumes were 74,907 in GEO this quarter, an increase of 10% compared to Q3 2024 and an increase of 20% compared to the previous quarter at current prices quarter, mainly as result of increase in production. |
|---|---|
| · | Net Revenues reached a record high of US$247,832 in Q3 2025, representing an increase of 59% compared to Q3 2024 and an increase of 30% when compared to Q2 2025, mainly due to higher gold price and the increase in sales volumes. In 9M 2025, revenues reached US$600,072, an increase of 42% compared to the same period of 2024. |
| --- | --- |
| o | Average net realized gold sale prices increased by 6% in Q3 2025 compared to Q2 2025, with an average of US$3,385/oz in the quarter. Compared to Q3 2024, average net realized gold sale prices increased 40% (US$2,413). In 9M 2025, average net realized gold sale prices reached US$3,146, a 43% increase when compared to 9M 2024. |
| --- | --- |
| o | Average copper sale prices increased 6% compared to Q2 2025, with an average of US$4.74/lb in the quarter and was 13% higher compared to the same period in 2024. In 9M 2025, average copper sale prices reached US$4.49, an 8% increase when compared to 9M 2024. |
| --- | --- |
| · | Adjusted EBITDA reached another record high of US$152,105 in Q3 2025, marking the fifth consecutive quarterly record reported by Aura. The increase was driven by a combination of higher metal prices, cash costs under control (as further explained below) and increase in production and sales volumes. When compared to Q3 2024, Adjusted EBITDA reached a 95% increase. In 9M 2025, Adjusted EBITDA increased by 82%, for the same reasons. |
| --- | --- |
| · | AISC for Q3 2025 was US$1,396/GEO, a decrease by 4% when compared to Q2 2025 (US$1,449/GEO), mainly due to better performance at Almas (AISC of US$ 1,128/GEO) due to higher ore processed and better grades and improved waste-to-ore ration due to mine sequencing, and as result of the start of operations at Borborema, which while yet in a ramp-up had a lower-than-average AISC profile and recorded an AISC of US$ 1,237/Oz. When compared to Q3 2024, the AISC increased 8% over Q3 2024 at current prices, mainly due to Aranzazu, which was negatively impacted by the conversion of copper into GEO due to the sharp increase in gold prices in the period . At constant Q3 2024 metal prices, AISC would have been in line compared to Q3 2024. In 9M 2025, AISC reached US$1,419, an 8% increase when compared to 9M 2024 at current prices and 3% increase in constant prices. |
| --- | --- |
| · | The Company's Net Debt reached US$63,772 by Q3 2025 a 77% decrease compared to Q2 2025 and also a decrease of 56% when compared to the same period of 2024, due to (i) higher cash position due to the net proceeds from Nasdaq IPO of US$200.1 million, (ii) strong Recurring Free Cash Flows, and (ii) the significant reduction in the CAPEX 18.7 million, from US$50.3 million, in Q2 2025 to US$31.6million, a 37% decrease, mostly due to the conclusion of the Borborema construction. The net debt-to-last 12 months Adjusted EBITDA ratio reduced to 0.15x at the end of Q3 2025, from 0.81x at the end of Q2 2025. |
| --- | --- |
OTHER UPDATES:
Exercise of the Underwriters’ Option to Purchase Additional Shares: In August 2025, Aura closed the sale of 897,134 common shares for approximately US$21.8 million as a result of the partial exercise of the underwriters’ option to purchase additional shares granted to them in connection with the U.S. Initial Public Offering at the public offering price of US$24.25 per common share, less underwriting discounts and commissions.
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
Delist from Toronto Stock Exchange (TSX): On September 8th, 2025, Aura decided to pursue the Delisting of the Common Shares from the TSX following the completion of listing its Common Shares on Nasdaq on July 16th, 2025, along with its intention to consolidate the trading in the U.S. equity market, which the Company expects will improve its stock liquidity. This change was approved by the Brazilian Securities Commission (“Comissão de Valores Mobiliários“ or “CVM”), since it does not affect the rights of holders of BDRs listed on the São Paulo Stock Exchange (B3 S.A. – Brasil, Bolsa, Balcão) under the symbol "AURA33”, which continued to be supported by Common Shares, listed on Nasdaq. This change took effect on September 5, 2025 and the shares were no longer traded on the TSX as of September 25, 2025.
Borborema commercial production: On September 23rd, 2025, Aura announced the beginning of Borborema gold mine commercial production. The Borborema mine mill operates above 80% of the design capacity, processing 4,500 tonnes per day, with recoveries consistently above 90% and ranging up to 92%. The mine sold in Q3 2025 a total of 10,095 GEO. Borborema is poised to become a cornerstone asset for Aura, anticipated to deliver the second highest annual gold production among the Company’s five operating mines. Built in just 19 months with zero lost time incidents, the project exemplifies Aura’s commitment to developing simple, scalable, and efficient operations. It also sets a benchmark in ESG performance, incorporating renewable energy sources and utilizing grey water from the local municipality.
Incentive Program for the Conversion of BDRs into Shares: In October 2025, Aura announced to the holders of the Company’s Brazilian Depositary Receipts ("BDRs") the launch of the Incentive Program for the conversion of BDRs into common shares (“Incentive Program”), under which holders may request the conversion of their BDRs (“AURA33”) into the underlying common shares (“AUGO”) listed on Nasdaq (“common shares”), at a ratio of three to one, without being required to pay the applicable fees charged by Banco Bradesco. The Incentive Program is available for a fixed period of 32 days, from October 6, 2025, to November 6, 2025 (“Subsidy Period”).
Results Teleconference:
Date: November 5, 2025
Time: 10 a.m. (Brasília) | 8 a.m. (New York and Toronto)
Link to access: Click here (https://mzgroup.zoom.us/webinar/register/WN_WTH14x_wTIadbyE3264s2w#/registration)
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
- 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) | Q3 2025 | Q2 2025 | QoQ<br><br> <br>Change % | Q3 2024 | YoY<br><br> <br>Change% | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|---|---|
| Production | ||||||||
| Aranzazu | 21,534 | 22,281 | -3% | 24,486 | -12% | 64,271 | 74,196 | -13% |
| Apoena | 9,248 | 8,219 | 13% | 8,035 | 15% | 26,343 | 30,052 | -12% |
| Minosa | 18,138 | 18,039 | 1% | 20,750 | -13% | 53,831 | 59,078 | -9% |
| Almas | 15,088 | 12,917 | 17% | 14,975 | 1% | 41,107 | 37,459 | 10% |
| Borborema | 10,219 | 2,577 | 297% | 0 | N.A. | 12,796 | 0 | N.A. |
| Total | 74,227 | 64,033 | 16% | 68,246 | 9% | 198,346 | 200,785 | -1% |
| (GEO) | Q3 2025 | Q2 2025 | QoQ<br><br> <br>Change % | Q3 2024 | YoY<br><br> <br>Change% | 9M 2025 | 9M 2024 | Change % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | ||||||||
| Aranzazu | 21,514 | 22,290 | -3% | 23,380 | -8% | 64,260 | 74,269 | -13% |
| Apoena | 9,249 | 8,219 | 13% | 7,957 | 16% | 26,876 | 29,075 | -8% |
| Minosa | 17,827 | 17,836 | 0% | 20,757 | -14% | 53,189 | 59,723 | -11% |
| Almas | 15,089 | 12,917 | 17% | 14,975 | 1% | 41,107 | 37,450 | 10% |
| Borborema | 11,228 | 1,190 | 843% | 0 | N.A. | 12,418 | 0 | N.A. |
| Total | 74,907 | 62,452 | 20% | 67,069 | 12% | 197,850 | 200,517 | -1% |
Applies the metal sale prices in Aranzazu realized during Q3 2025: Copper price = US$4.45/lb; Gold Price = US$3,477/oz; Silver Price = US$40.03/oz and Molybdenum Price = US$25.02/oz.
Total production in Q3 2025 reached 74,227 gold equivalent ounces (“GEO”), 16% higher than Q2 2025 and 9% higher when compared to Q3 2024 at current metal prices, mainly due to negative impact from the copper-to-GEO conversion at Aranzazu. At constant prices, Aura’s quarterly production was record high, increasing by 17% compared to Q2 2025 and 15% above Q3 2024. When compared to the last quarter, the result was mainly attributable to stronger operational performance driven by higher ore processed volumes and improved grades at Almas and the production increase of Borborema.
During the quarter, Aura announced the beginning of commercial operation of Borborema — anticipated to be one of the Company’s largest and lowest cash cost operations. In the quarter, Borborema’s production totaled 10,219 GEO.
In 9M 2025, production reached 198,346 GEO, representing a 1% decline in current metal prices. At constant prices — which neutralize the effect of copper price fluctuations in the GEO conversion at Aranzazu —production had an increase of 5% over the 185,979 GEO produced in 9M 2024, also due to Borborema production and Almas improvements. At 2025 Production Guidance Prices, the 9M 2025 production was 203,592 GEO, 3% above 9M 2024, and on track to achieve the 2025 guidance.
At current metal prices, production in Q3 2025 represents 75% of the lower end and 66% of the upper end of the full-year guidance. At 2025 Production Guidance Prices, the 9M 2025 production was 203,592 GEO, representing 77% of the lower end and 68% of the upper end of the full-year guidance. This performance reinforces the Company’s confidence in achieving its 2025 guidance.
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
2.2. Net Revenue
| (US$ thousand) | Q3 2025 | Q2 2025 | QoQ<br><br> <br>Change % | Q3 2024 | YoY<br><br> <br>Change % | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|---|---|
| Aranzazu | 67,094 | 62,508 | 36% | 50,721 | 32% | 179,864 | 144,123 | 25% |
| Apoena | 31,223 | 26,711 | 67% | 19,250 | 64% | 84,287 | 64,249 | 31% |
| Minosa | 59,204 | 55,776 | 41% | 49,184 | 20% | 163,042 | 128,793 | 27% |
| Almas | 51,329 | 41,751 | 112% | 37,002 | 39% | 130,207 | 85,481 | 52% |
| Borborema | 38,982 | 3,690 | N.A. | - | N.A. | 42,672 | - | N.A. |
| Total | 247,832 | 190,436 | 85% | 156,157 | 59% | 600,072 | 422,646 | 42% |
In Q3 2025, the Company reported Net Revenue of US$247.8 million, representing a 59% increase year-over-year and a 30% increase compared to Q2 2025. The strong performance was primarily driven by the sales increase and higher metal prices, with the average realized gold price increasing by 40%, from US$2,413/oz in Q3 2024 to US$3,385/oz in Q3 2025. Copper prices also contributed positively, with the average copper price increasing by 13%, from US$4.18/lb in Q3 2024 to US$4.74/lb in Q3 2025. Compared to the last quarter, molybdenum average realized sale price also increased by 15%, reaching US$25/lb.
With this result, Net Revenues reached US$600,072 in 9M 2025, an increase of 42% when compared to the same period of 2024. The result was mainly driven by higher gold prices, higher sales at Almas and of the start of operations at Borborema. In 9M 2025, average net realized prices reached US$3,146, a 43% increase when compared to 9M 2024; and average copper prices reached US$4.49/lb, an 8% increase when compared to 9M 2024.
2.3. Cash Cost and All in Sustaining Costs
| (US$/GEO) | Q3 2025 | Q2 2025 | QoQ<br><br> <br>Change% | Q3 2024 | YoY<br><br> <br>Change% | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|---|---|
| Cash Cost | 1,110 | 1,146 | -3% | 987 | 12% | 1,133 | 1,022 | 11% |
| Aranzazu | 1,133 | 1,110 | 2% | 997 | 14% | 1,135 | 960 | 18% |
| Apoena | 1,082 | 1,168 | -7% | 1,095 | -1% | 1,159 | 983 | 18% |
| Minosa | 1,192 | 1,178 | 1% | 998 | 20% | 1,173 | 1,090 | 8% |
| Almas | 986 | 1,167 | -16% | 899 | 10% | 1,069 | 1,065 | 0% |
| Borborema | 1,127 | 936 | 20% | - | N.A. | 1,109 | - | N.A. |
| All-in Sustaining Cost | 1,396 | 1,449 | -4% | 1,292 | 8% | 1,433 | 1,302 | 10% |
| Aranzazu | 1,511 | 1,514 | 0% | 1,338 | 13% | 1,523 | 1,269 | 20% |
| Apoena | 1,791 | 1,751 | 2% | 1,888 | -5% | 1,867 | 1,607 | 16% |
| Minosa | 1,372 | 2,292 | -40% | 1,089 | 26% | 1,305 | 1,176 | 11% |
| Almas | 1,128 | 1,364 | -17% | 1,182 | -5% | 1,223 | 1,330 | -8% |
| Borborema | 1,237 | 1,441 | -14% | - | 0% | 1,256 | - | 0% |
For Q3 2025, the Company’s Cash Cost was US$1,110/GEO, an increase of 12% over Q3 2024 mainly attributed to the increase in costs at Aranzazu, due to impact from the copper-to-GEO conversion in production, and lower production at Minosa. When compared to Q2 2025, Cash Cost was 3% lower, due to improvements at Almas and Apoena driven by higher grades and higher recovery rates, respectively, partially offset by higher costs at Aranzazu and Borborema.
In 9M 2025, Cash Cost averaged US$1,133/GEO, representing an 11% increase, mainly due to lower grades at Apoena and higher waste to ore ratio and the impact of the copper into GEO conversion at Aranzazu. This result was also impacted by lower stacking at Minosa due to higher rainfall in 2025 than 2024, due to the unusually low rain season in Minosa in 2024. At constant 2024 metal prices, Cash Cost of 9M 2025 was US$1,060/GEO, a 4% increase.
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
In Q3 2025, consolidated All-in Sustaining Cost (AISC) was US$1,396/GEO, up 8% from Q3 2024 due to higher Cash Costs and partially explained by the negative impact of metal prices on GEO conversion. At Q3 2024 constant metal prices, AISC was in line with Q3 2024. For 9M 2025, AISC was US$1,419/GEO, a 9% increase from 9M 2024, mainly due to copper-to-GEO conversion. Compared to Q2 2025, AISC reduced 4% due to the positive performance of Almas and lower than Aura’s average AISC for Borborema.
2.4. Gross Profit
| (US$ thousand) | Q3 2025 | Q2 2025 | QoQ<br><br> <br>Change% | Q3 2024 | YoY<br><br> <br>Change% | 9M 2025 | 9M 2024 | Change% |
|---|---|---|---|---|---|---|---|---|
| Net Revenue | 247,832 | 190,436 | 30% | 156,157 | 59% | 600,072 | 422,646 | 42% |
| Cost of goods sold | (98,223) | (86,497) | 14% | (83,976) | 17% | (268,096) | (252,475) | 6% |
| Cost of production | (44,745) | (44,470) | 1% | (29,838) | 50% | (134,134) | (104,899) | 28% |
| Cost of production - Contractors | (26,437) | (17,529) | 51% | (27,481) | -4% | (59,433) | (69,861) | -15% |
| Change in inventory (cash) | (11,983) | (9,550) | 25% | (9,971) | 20% | (30,659) | (30,138) | 2% |
| Depreciation and amortization | (15,058) | (14,948) | 1% | (16,686) | -10% | (43,870) | (47,577) | -8% |
| Gross Profit | 149,609 | 103,939 | 44% | 72,181 | 107% | 331,976 | 170,171 | 95% |
| Gross Margin | 60% | 55% | 6 p.p. | 46% | 14 p.p. | 55% | 40% | 15 p.p. |
In the quarter Cost of goods sold (COGS) was directly impacted by the inclusion of Borborema andreflected an increase of 14% compared to Q2 2025 and 17% versus Q3 2024. In Q3 2025, Borborema accounted for US$12.9 million in costs. Excluding this impact, total COGS for the quarter would have been approximately US$85.6 million, consistent with Q2 2025 levels. For 9M 2025, total COGS rose 6%, also driven by Borborema’s start up, which represented US$13.8 million of the total. Excluding Borborema, cost increase versus 2024 would have been around 1%, demonstrating that, under comparable conditions, the Company maintained stable costs, reflecting Aura’s disciplined cost management and operational efficiency.
In Q3 2025, disciplined cost management, aligned with Q3 2024 on a comparable basis, and a significant rise in Net Revenue drove Gross Profit to US$149.6 million, achieving a Gross Margin of 60%. This represents a more than twofold increase from the US$72.2 million Gross Profit in Q3 2024. For 9M 2025, Gross Profit reached US$332.0 million, nearly doubling the 9M 2024 figure, propelled by cost containment strategies and a 42% increase in Net Revenue for the reasons discussed.
2.5. Operating Expenses
| (US$ thousand) | Q3 2025 | Q2 2025 | QoQ<br><br> <br>Change % | Q3 2024 | YoY<br><br> <br>Change% | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|---|---|
| Gross Profit | 149,609 | 103,939 | 44% | 72,181 | 107% | 331,976 | 170,171 | 95% |
| Operational Expenses | (12,704) | (12,998) | -2% | (11,216) | 13% | (36,714) | (31,920) | 15% |
| General and administrative expenses | (10,371) | (11,284) | -8% | (6,923) | 50% | (31,291) | (22,734) | 38% |
| Exploration expenses | (2,333) | (1,714) | 36% | (4,293) | -46% | (5,423) | (9,186) | -41% |
| Operating income | 136,905 | 90,941 | 51% | 60,965 | 125% | 295,262 | 138,251 | 114% |
Operating Expenses totaled US$12.7 million in the quarter, 2% lower than Q2 2025 and 13% higher than Q3 2024.
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
General and Administrative (“G&A”) expenses decreased by 8% compared to Q2 2025, primarily reflecting the absence of certain non-recurring expenses related to the Nasdaq IPO incurred in the previous quarter. When compared to Q3 2024, G&A expenses increased by US$3.5 million, mainly due to: (i) higher stock-based compensation (non-cash) and Deferred Share Unit (“DSU”) expenses, driven by the significant appreciation in the Company’s share price during the period; (ii) increased Directors and Officers (“D&O”) insurance premiums following the Nasdaq listing; and (iii) an increase in other general and administrative costs.
For the nine months ended September 30, 2025, the increase in G&A expenses was driven by the same factors, as well as higher salaries and benefits and professional fees associated with the acquisition and incorporation of Era Dorada, the start-up of Borborema, and activities related to the Nasdaq IPO.
Exploration expenses totaled US$2.3 million in Q3 2025, a 36% increase compared to Q2 2025 and 46% reduction from Q3 2024, as most expenses related to exploration activities in the quarter were capitalized. Exploration activities in the quarter were concentrated in Apoena. In Matupá, efforts were focused on expanding reserves in regions close to X1, Pé Quente and other strategic areas. In Carajás, exploration work successfully confirmed copper mineralization, expanding the mineral potential of the region.
The Company thus ended Q3 2025 with Operating Income of US$137.6 million, compared to an Operating Income of US$90.9 million in Q3 2024, also higher compared to the Operating Income of Q2 2025 of US$90.9 million, which reflects a positive result of higher gross profit.
2.6. Adjusted EBITDA
| (US$ thousand) | Q3 2025 | Q2 2025 | QoQ<br><br> <br>Change % | Q3 2024 | YoY<br><br> <br>Change% | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 136,905 | 90,941 | 51% | 60,965 | 125% | 295,262 | 138,251 | 114% |
| Depreciation and Amortization | 15,200 | 15,283 | -1% | 17,009 | -11% | 44,546 | 48,562 | -8% |
| Adjusted EBITDA | 152,105 | 106,224 | 43% | 77,974 | 95% | 339,808 | 186,813 | 82% |
| Adjusted EBITDA Margin | 61% | 56% | 6 p.p. | 50% | 11 p.p. | 57% | 44% | 12 p.p. |
Adjusted EBITDA reached a new all-time high of US$152.1 million in Q3 2025, marking the fifth consecutive quarterly record for Aura. The Company’s increase in production, while maintaining disciplined cost control, enabled it to fully capture the benefit of rising metal prices. As a result, Adjusted EBITDA almost doubled compared to Q3 2024 and grew 43% over Q2 2025.
The year-over-year improvement was primarily driven by higher production and sales volumes, strong cost control and higher gold and copper prices, as discussed previously. This result was also noted on the EBITDA margin gain of 6 p.p. compared to Q2 2025, supported not only by stronger metal prices but also by a 20% increase in sales volume.
In 9M 2025, Adjusted EBITDA reached US$339.8 million, representing an 82% increase compared to the same period in 2024. This result reflects also the positive impact of higher metal prices and increases in production. As a result, the Adjusted EBITDA margin expanded to 57%, up from 44% in 9M 2024.
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
2.7. Financial Result
| (US$ thousand) | Q3 2025 | Q2 2025 | QoQ<br><br> <br>Change % | Q3 2024 | YoY<br><br> <br>Change% | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|---|---|
| EBIT | 136,905 | 90,941 | 51% | 60,965 | 125% | 295,262 | 138,251 | 114% |
| Financial Result | (102,565) | (59,630) | 72% | (62,691) | 64% | (283,806) | (141,888) | 100% |
| Accretion expense | (2,980) | (1,134) | 163% | (1,447) | 106% | (5,780) | (4,553) | 27% |
| Lease interest expense | (824) | (161) | 412% | (2,758) | -70% | (2,580) | (6,779) | -62% |
| Interest expense on loans and debentures | (5,786) | (6,098) | -5% | (7,278) | -21% | (17,639) | (15,616) | 13% |
| Finance cost on post-employment benefit | (535) | (747) | -28% | (415) | 29% | (1,620) | (1,249) | 30% |
| Unrealized loss with derivative gold collars | (75,252) | (24,304) | 210% | (56,267) | 34% | (199,766) | (89,493) | 123% |
| Realized loss with derivative gold collars | (17,130) | (11,703) | 46% | - | N.A. | (34,869) | - | N.A. |
| Loss on other derivative transactions | (685) | (1,305) | -48% | (1,321) | -48% | (3,817) | (1,321) | 189% |
| Change in liability measured at fair value | (1,036) | (4,025) | -74% | - | N.A. | (7,420) | (85) | N.A. |
| Foreign exchange | (36) | (2,462) | -99% | - | N.A. | (5,674) | (10,995) | -48% |
| Derivative fee | - | - | N.A. | - | N.A. | - | (13,522) | N.A. |
| Loss on settlement of liability with equity instruments | - | (8,768) | N.A. | - | N.A. | (8,768) | - | N.A. |
| Other finance costs | (585) | (297) | 97% | (476) | 23% | (1,312) | (1,047) | 25% |
| Finance expenses | (104,849) | (61,004) | 72% | (69,962) | 50% | (289,245) | (144,660) | 100% |
| Change in liability measured at fair value | - | - | N.A. | 3,502 | N.A. | - | - | N.A. |
| Foreign exchange | - | - | N.A. | 2,279 | N.A. | - | - | N.A. |
| Interest income | 2,284 | 1,374 | 66% | 1,490 | 53% | 5,439 | 2,772 | 96% |
| Finance income | 2,284 | 1,374 | 66% | 7,271 | -69% | 5,439 | 2,772 | 96% |
| Other income (expenses) | (822) | 61 | N.A. | (359) | 129% | (1,515) | (952) | 59% |
| Profit/ (loss) before income taxes | 33,518 | 31,372 | 7% | (2,085) | N.A. | 9,941 | (4,589) | N.A. |
The Company’s Financial Result in Q3 2025 was a loss of US$(102.6) million, following on from the US$(59.6) million loss in Q2 2025, impacted by:
| · | Unrealized loss on gold hedges in Q3 2025, 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$3,287.45 per Oz and reaching US$ 3,825.30 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. |
|---|---|
| · | Realized losses with gold hedges in Q3 2025 were related to cash settlement of outstanding gold collars during the quarter, driven by the expiration of gold collars within the quarter. |
| --- | --- |
Most of Aura’s outstanding gold collars (213,192 Ozs out of about 214,442 Ozs) are associated with the future production of the Borborema and will expire between October/2025 and Jun/2028. As previously disclosed, about 80% of the production for the first 3 years of the Borborema Project is hedged at ceiling prices of US$2,400.
2.8. Net Income
| (US$ thousand) | Q3 2025 | Q2 2025 | QoQ<br><br> <br>Change % | Q3 2024 | YoY<br><br> <br>Change% | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|---|---|
| Profit/ (loss) before income taxes | 33,518 | 31,372 | 7% | (2,085) | N.A. | 9,941 | (4,589) | N.A. |
| Total taxes | (27,892) | (23,225) | 20% | (9,838) | 184% | (69,417) | (42,326) | 64% |
| Current income tax expense | (38,402) | (29,551) | 30% | (11,833) | 225% | (88,767) | (36,588) | 143% |
| Deferred income tax expense | 10,510 | 6,326 | N.A. | 1,995 | N.A. | 19,350 | (5,738) | N.A. |
| Profit/(loss) for the period | 5,626 | 8,147 | -31% | (11,923) | -147% | (59,476) | (46,915) | 27% |
| Net Margin | 2% | 4% | -2 p.p. | -8% | 10 p.p. | -10% | -11% | 1 p.p. |
| Unrealized loss with derivative gold collars | (75,252) | (24,304) | 210% | (56,267/0 | 34% | (199,766) | (89,493) | 123% |
| Foreign Exchange | (36) | (2,462) | -99% | 2,279 | N.A. | (5,674) | (10,995) | -48% |
| Deferred taxes on non-monetary items | 12,242 | 6,847 | 95% | 20,415 | -35% | 22,323 | 8,943 | 162% |
| Loss on settlement of liability with equity instruments | - | (8,768) | N.A. | - | N.A. | (8,768) | - | N.A. |
| Adjusted Net Income | 68,672 | 36,834 | 86% | 21,650 | 217% | 132,409 | 44,630 | 197%. |
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
Net income in Q3 2025 was US$5.6 million, compared to Net Loss of US$(11.9) million in Q3 2024 and a Net income of US$8.1 million in Q2 2025. This result versus Q3 2024 occurred mainly due to higher operating income, which increased by 125% as a result of revenue growth, partially offset by higher financial expenses related to gold derivative losses and higher current income taxes, as expected given the operating income increase.
In 9M 2025, Net Loss reached US$(59.5) million, also mainly due to mark-to-market (MTM) adjustments on open gold hedging positions, driven by increase in gold price between the start and the end of the period.
Adjusted Net Income
As result of increase in the Company’s Operating Income, adjusted net income in Q3 2025 was US$68.7 million in the period, compared to US$34.6 million in Q3 2024, excluding:
| · | Non-cash losses related to gold hedges: US$(75.2) million |
|---|---|
| · | FX losses: US$(0.36) million |
| --- | --- |
| · | Deferred taxes over non-monetary items US$12.2 million |
| --- | --- |
- Performance of the Operating Units
3.1 Aranzazu
| (US$ thousand) | Q3 2025 | Q2 2025 | QoQ<br><br> <br>Change % | Q3 2024 | YoY<br><br> <br>Change% | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|---|---|
| Production at Constant Prices (GEO)¹ | 21,534 | 21,805 | -1% | 20,648 | 4% | 62,046 | 59,399 | 4% |
| Production at Current Prices (GEO) | 21,534 | 22,281 | -3% | 24,486 | -12% | 64,271 | 74,179 | -13% |
| Sales (GEO) | 21,514 | 22,290 | -3% | 23,380 | -8% | 64,260 | 74,269 | -13% |
| Cash Cost (US$/GEO) | 1,133 | 1,110 | 2% | 997 | 14% | 1,135 | 960 | 18% |
| AISC (US$/GEO) | 1,511 | 1,514 | 0% | 1,338 | 13% | 1,523 | 1,269 | 20% |
| Net Revenue | 67,094 | 62,508 | 7% | 50,721 | 32% | 179,864 | 144,123 | 25% |
| Cost of goods sold | (29,631) | (31,021) | -4% | (32,036) | -8% | (90,934) | (90,166) | 1% |
| Gross Profit | 37,463 | 31,487 | 19% | 18,685 | 100% | 88,930 | 53,957 | 65% |
| Expenses | (2,459) | (2,310) | 6% | (1,952) | 26% | (7,252) | (6,962) | 4% |
| General and administrative expenses | (1,784) | (1,516) | 18% | (759) | 135% | (5,074) | (3,003) | 69% |
| Exploration expenses | (675) | (794) | -15% | (1,193) | -43% | (2,178) | (3,959) | -45% |
| EBIT | 35,004 | 29,177 | 20% | 16,733 | 109% | 81,678 | 46,995 | 74% |
| Adjusted EBITDA | 39,646 | 35,684 | 11% | 24,361 | 63% | 99,900 | 65,863 | 52% |
| Financial Result | (2,441) | (4,292) | -43% | (982) | 149% | (7,339) | (2,657) | 176% |
| Financial expenses | (2,173) | (3,762) | -42% | (432) | 403% | (5,969) | (1,180) | 406% |
| Other income (expenses) | (268) | (530) | -49% | (550) | -51% | (1,370) | (1,477) | -7% |
| EBT | 32,563 | 24,885 | 31% | 15,751 | 107% | 74,339 | 44,338 | 68% |
| Total taxes | (8,088) | (12,532) | -35% | (7,170) | 13% | (28,003) | (18,400) | 52% |
| Current income tax expense | (10,248) | (13,035) | -21% | (7,057) | 45% | (29,714) | (19,348) | 54% |
| Deferred income tax expense | 2,160 | 503 | 329% | (113) | N.A. | 1,711 | 948 | 80% |
| Profit for the period | 24,475 | 12,353 | 98% | 8,581 | 185% | 46,336 | 25,938 | 79% |
Note: Applies the metal sale prices in Aranzazu realized during Q3 2025: Copper price = US$4.45/lb; Gold Price = US$3,477/oz; Silver Price = US$40.03/oz and Molybdenum Price = US$25.02/oz.
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
At Aranzazu, production reached 21,534 GEO, representing a 3% decrease compared to the previous quarter, resulting mainly from metal prices since higher gold prices negatively impact the conversion to GEO. When compared to Q3 2024, production decreased by 12% also due to the sharp increase in gold prices between the periods which also impacted GEO conversion. At constant prices, Aranzazu production was in line when compared to Q2 2025 (21,805 GEO) and 4% higher when compared to Q3 2024, also due to higher copper and silver grades, closing the quarter with copper grade of 1.55% and silver grade of 22.26 g/tonne. In the 9M 2025, total production at current prices decreased by 13% compared to the previous quarter, reaching 64,271, in line with the negative impact of the metals price conversion. At 9M 2024 constant prices, Aranzazu produced 62,046 GEO, 4% higher than the same period of the previous year, mainly due to higher grades – around 4% of gold and silver, closing the period with an average of 0.86 g/tonne and 22.24 g/tonne, respectively - and molybdenum production.
Aranzazu’s Net Revenue in Q3 2025 was US$67.1 million, up 7% from Q2 2025 and 32% from Q3 2024, primarily driven by higher metal prices. Average sales prices rose quarter-over-quarter, with copper increasing 3%, gold 6%, silver 19%, and molybdenum 15%. For 9M 2025, Aranzazu’s Net Revenue reached US$179.9 million, a 25% increase over 9M 2024, also attributed to elevated metal prices.
The Cash Cost was US$1,133/GEO for the quarter, 2% higher than Q2 2025 and 14% higher than Q3 2024, with slightly lower grades and recovery. In 9M 2025, Cash Cost increased by 18%, with a total of US$1,135/GEO, primarily impacted by the effect of metal prices in the conversion to GEO.
Aranzazu’s AISC was US$1,511 in the quarter, consistent with Q2 2025 but up 13% from Q3 2024, primarily due to variations in metal prices and increased G&A expenses. At constant Q3 2024 metal prices, AISC was US$1,273/GEO. For 9M 2025, AISC at constant metal prices reduced 5% from 9M 2024.
Aranzazu’s Adjusted EBITDA was US$39.6 million in Q3 2025, reflecting an 11% increase from Q2 2025 and a 63% surge compared to Q3 2024, driven by robust Net Revenue growth from higher metal prices. For 9M 2025, Adjusted EBITDA totaled US$99.9 million, up 52% from 9M 2024, propelled by a 25% increase in Net Revenue, primarily from elevated metal prices and stable Cost of Goods Sold.
3.2 Apoena
| (US$ thousand) | Q3 2025 | Q2 2025 | QoQ<br><br> <br>Change % | Q3 2024 | YoY<br><br> <br>Change% | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|---|---|
| Production (GEO) | 9,248 | 8,219 | 13% | 8,035 | 15% | 26,343 | 30,052 | -12% |
| Sales (GEO) | 9,249 | 8,219 | 13% | 7,957 | 16% | 26,876 | 29,075 | -8% |
| Cash Cost (US$/GEO) | 1,082 | 1,168 | -7% | 1,095 | -1% | 1,159 | 983 | 18% |
| AISC (US$/GEO) | 1,791 | 1,751 | 2% | 1,888 | -5% | 1,867 | 1,607 | 16% |
| Net Revenue | 31,223 | 26,711 | 17% | 19,250 | 62% | 84,287 | 64,249 | 31% |
| Cost of goods sold | (15,307) | (14,270) | 7% | (14,561) | 5% | (44,681) | (46,310) | -4% |
| Gross Profit | 15,916 | 12,441 | 28% | 4,689 | 239% | 39,606 | 17,939 | 121% |
| Expenses | (374) | (998) | -63% | (931) | -60% | (2,797) | (3,106) | -10% |
| General and administrative expenses | (292) | (936) | -69% | (802) | -64% | (2,529) | (2,807) | -10% |
| Exploration expenses | (82) | (62) | 32% | (129) | -36% | (268) | (299) | -10% |
| EBIT | 15,542 | 11,443 | 36% | 3,758 | 314% | 36,809 | 14,833 | 148% |
| Adjusted EBITDA | 20,735 | 16,151 | 28% | 9,645 | 115% | 50,432 | 32,691 | 54% |
| Financial Result | (5,402) | (1,453) | 272% | (5,220) | 3% | (13,422) | (11,570) | 16% |
| Financial expenses | (5,386) | (1,497) | 260% | (5,441) | -1% | (13,519) | (11,881) | 14% |
| Other income (expenses) | (16) | 44 | N.A. | 221 | N.A. | 97 | 311 | -69% |
| EBT | 10,140 | 9,990 | 2% | -1,462 | N.A. | 23,387 | 3,263 | 616.7% |
| Total taxes | (717) | (1,211) | -41% | 1,486 | N.A. | (586) | (2,021) | -71% |
| Current income tax expense | (893) | (862) | 4% | (83) | 976% | (2,418) | (1,965) | 23% |
| Deferred income tax expense | 176 | (349) | N.A. | 1,569 | -89% | 1,832 | (56) | N.A. |
| Profit for the period | 9,423 | 8,779 | 7% | 24 | N.A. | 22,801 | 1,242 | N.A. |
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
In Q3 2025, Apoena production was 9,248 GEO, up 13% from Q2 2025, driven by improved recovery rates of 95%. Compared to Q3 2024, production rose 15%, fueled by higher recovery rates and increased processed tonnage. For 9M 2025, production fell 12% versus 9M 2024, primarily due to elevated grades in 9M 2024, particularly in Q1 2024, from the high-grade Ernesto pit. Overall, 2025 performance exceeded Company expectations.
Apoena’s Net Revenue totaled US$31.2 million for Q3 2025, 17% higher than Q2 2025 and 62% above the Q3 2024, driven primarily by increased sales volume and higher gold prices. In 9M 2025, Apoena reached a Net Revenue of US$84.3 million, an increase of 31% compared to 9M 2024, supported by higher gold prices that partially offset lower sales volume during the period.
The Cash Cost was US$1,082/GEO for the quarter, down 1% from Q3 2024 and 7% from Q2 2025. The quarter-over-quarter decrease was primarily driven by improved recovery rates, partially offset by a higher strip ratio during the development phase. Year over year, Apoena’s Cash Cost rose 18% to US$1,082/GEO in Q3 2025, driven by an increased waste-to-ore ratio from 6.56 tonnes in Q3 2024 to 19.04 tonnes in Q3 2025, combined with lower grades. For 9M 2025, All-in Sustaining Cost increased 16% to US$1,867/GEO, primarily due to lower grades, consistent with expected mine sequencing. In Q3 2025, Apoena’s AISC was US$1,791/GEO, mostly stable compared to Q2 2025, due to the increased lease expenses.
Apoena’s Adjusted EBITDA in Q3 2025 reached US$20.7 million, a 115% increase from Q3 2024 and 28% higher than Q2 2025, driven by a 62% rise in Net Revenue from higher sales volume and gold prices. For 9M 2025, Adjusted EBITDA was US$50.4 million, up 54% from 9M 2024, supported by a 31% increase in Net Revenue from higher gold prices, despite an AISC due to lower grades and mine sequencing.
3.3 Minosa
| (US$ thousand) | Q3 2025 | Q2 2025 | QoQ<br><br> <br>Change % | Q3 2024 | YoY<br><br> <br>Change% | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|---|---|
| Production (GEO) | 18,138 | 18,039 | 1% | 20,750 | -13% | 53,831 | 59,078 | -9% |
| Sales (GEO) | 17,827 | 17,836 | 0% | 20,757 | -14% | 53,189 | 59,723 | -11% |
| Cash Cost (US$/GEO) | 1,192 | 1,178 | 1% | 998 | 19% | 1,173 | 1,090 | 8% |
| AISC (US$/GEO) | 1,378 | 1,292 | 7% | 1,089 | 27% | 1,307 | 1,176 | 11% |
| Net Revenue | 59,204 | 55,776 | 6% | 49,184 | 20% | 163,042 | 128,793 | 27% |
| Cost of goods sold | (22,486) | (22,056) | 2% | (21,809) | 3% | (66,018) | (69,022) | -4% |
| Gross Profit | 36,718 | 33,720 | 9% | 27,375 | 34% | 97,024 | 59,771 | 62% |
| Expenses | (2,031) | (1,430) | 42% | (1,648) | 23% | (4,832) | (4,040) | 20% |
| General and administrative expenses | (1,271) | (1,166) | 9% | (1,059) | 20% | (3,572) | (3,450) | 4% |
| Exploration expenses | (760) | (264) | 188% | (589) | 29% | (1,260) | (590) | 114% |
| EBIT | 34,687 | 32,290 | 7% | 25,727 | 35% | 92,192 | 55,731 | 65% |
| Adjusted EBITDA | 35,478 | 33,533 | 6% | 26,831 | 32% | 96,124 | 59,627 | 61% |
| Financial Result | (1,428) | (1,189) | 20% | (1,556) | -8% | (4,173) | (5,982) | -30% |
| Financial expenses | (1,147) | (1,442) | -20% | (1,417) | -19% | (3,901) | (5,253) | -26% |
| Other income (expenses) | (281) | 253 | N.A. | (139) | 102% | (272) | (729) | -63% |
| EBT | 33,259 | 31,101 | 7% | 24,171 | 38% | 88,019 | 49,749 | 77% |
| Total taxes | (8,350) | (7,425) | 12% | (6,136) | 36% | (21,993) | (14,879) | 48% |
| Current income tax expense | (8,725) | (7,774) | 12% | (6,352) | 37% | (23,110) | (14,860) | 56% |
| Deferred income tax expense | 375 | 349 | 7% | 216 | 74% | 1,117 | (19) | N.A. |
| Profit for the period | 24,909 | 23,676 | 5% | 18,035 | 38% | 66,026 | 34,870 | 89% |
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
In Q3 2025, Minosa produced 18,138 GEO, another stable quarter and in line when compared to the previous quarter, resulting from higher grades processed during the quarter and higher recovery rate, which achieved 68%. When compared to the same quarter last year, production decreased by 13%, due to lower stacking in Q3 2025 compared to Q3 2024 due to higher rainfall in Q3 2025. In the 9M 2025, production decreased 9% mainly due to lower ore feed to the plant, reflecting mine sequencing and weather-related constraints, and was consistent with Aura’s expectations.
Net Revenue totaled US$59.2 million in Q3 2025, up 6% from Q2 2025, while in comparison to Q3 2024 it grew 20%, mainly due to the increase in the price of gold over the period. In 9M 2025, Net Revenue reached US$163.0 million, 27% higher than 9M 2024.
The Cash Cost was US$1,192/GEO in Q3 2025, 1% higher than Q2 2025 and 9% higher than Q3 2024, driven by lower production due to reduced stacking volumes. For 9M 2025, Cash Cost was US$1,173/GEO, an 8% increase from 9M 2024, attributed to lower grades and slightly elevated mine costs. The All-in Sustaining Cost (AISC) for Q3 2025 was US$1,372/GEO, up 6% from Q2 2025 and 26% from Q3 2024, primarily due to higher Capital Expenditures (CAPEX). For 9M 2025, AISC was US$1,305/GEO, an 11% increase over 9M 2024, reflecting the combined impact of lower grades and increased CAPEX.
In Q3 2025, Minosa’s Adjusted EBITDA reached US$35.5 million, up 32% from Q3 2024 and 5% from Q2 2025, driven by higher gold prices, despite reduced production from lower stacking volumes due to increased rainfall and higher CAPEX. For 9M 2025, Adjusted EBITDA was US$96.1 million, a 61% increase from 9M 2024, supported by elevated gold prices, though impacted by lower grades, higher mine costs, and increased CAPEX due to mine sequencing and weather constraints.
3.4 Almas
| (US$ thousand) | Q3 2025 | Q2 2025 | QoQ<br><br> <br>Change % | Q3 2024 | YoY<br><br> <br>Change% | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|---|---|
| Production (GEO) | 15,089 | 12,917 | 17% | 14,975 | 1% | 41,107 | 37,450 | 10% |
| Sales (GEO) | 15,089 | 12,917 | 17% | 14,975 | 1% | 41,107 | 37,450 | 10% |
| Cash Cost (US$/GEO) | 986 | 1,167 | -16% | 899 | 10% | 1,069 | 1,065 | 0% |
| AISC (US$/GEO) | 1,132 | 1,364 | -17% | 1,182 | -4% | 1,225 | 1,330 | -8% |
| Net Revenue | 51,329 | 41,751 | 23% | 37,002 | 39% | 130,207 | 85,481 | 52% |
| Cost of goods sold | (18,147) | (18,036) | 1% | (15,569) | 17% | (52,697) | (46,977) | 12% |
| Gross Profit | 33,182 | 23,715 | 40% | 21,432 | 55% | 77,510 | 38,504 | 101% |
| Expenses | (1,595) | (1,898) | -16% | (941) | 70% | (4,533) | (2,938) | 54% |
| General and administrative expenses | (1,107) | (1,475) | -25% | (941) | 18% | (3,385) | (2,938) | 15% |
| Exploration expenses | (488) | (423) | 15% | - | N.A. | (1,148) | - | N.A. |
| EBIT | 31,587 | 21,817 | 45% | 20,491 | 54% | 72,977 | 35,566 | 105% |
| Adjusted EBITDA | 34,525 | 24,709 | 40% | 22,931 | 51% | 81,661 | 43,993 | 86% |
| Financial Result | (2,426) | (4,468) | -46% | (1,371) | 77% | (10,640) | (5,877) | 81% |
| Financial expenses | (2,421) | (4,448) | -46% | (1,345) | 80% | (10,609) | (5,832) | 82% |
| Other income (expenses) | (5) | (20) | -75% | (26) | -81% | (31) | (45) | -31% |
| EBT | 29,161 | 17,349 | 68% | 19,120 | 52.5% | 62,337 | 29,689 | 110.0% |
| Total taxes | (8,478) | (1,226) | 892% | 4,194 | N.A. | (14.461) | (4,123) | 251% |
| Current income tax expense | (9,614) | (7,101) | 35% | 3,937 | N.A. | (22,713) | 1,863 | N.A. |
| Deferred income tax expense | 1,136 | 5,875 | -80% | 257 | 342% | 8,252 | (5,986) | N.A. |
| Profit for the period | 20,683 | 16,123 | 28% | 23,314 | -11% | 47,876 | 25,566 | 87% |
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
During Q3 2025, Almas produced 15,088 GEO, 17% higher than Q2 2025 (12,917 GEO), driven by improved grades (1.01 g/ton vs. 0.94g/ton) and higher ore processed volumes, reflecting the results of the plant expansion. Production was in line when compared to Q3 2024, due to the higher ore processed, as the grades decreased due to mine sequencing (1.21 g/ton in Q3 2024). In the 9M 2025, production increased 10%, driven by a higher volume of ore processed, due to the plant capacity expansion.
Net Revenue was US$51.3 million in Q3 2025, up 39% from Q3 2024, driven by increased sales volumes, supported by higher ore processing from the plant expansion, and elevated metal prices. Compared to Q2 2025, Net Revenue rose 23%, primarily due to a significant rise in gold prices and a 17% increase in production volumes. For 9M 2025, Net Revenue was US$130.2 million, a 52% increase from 9M 2024, fueled by higher sales volumes from enhanced operational capacity and larger equipment, alongside higher metal prices.
The Cash Cost was US$986/GEO in Q3 2025, 10% higher than Q3 2024, driven by lower grades due to mine sequencing. Compared to Q2 2025, Cash Cost fell 16%, attributed to a production plan with a lower waste-to-ore (from 6.08 to 4.44) ratio and higher grades (up 7% from 0.94 to 1.01). For 9M 2025, Cash Cost remained in line with 9M 2024. Almas’ All-in Sustaining Cost was US$1,128/GEO in Q3 2025, down 5% from Q3 2024, supported by improved operational performance and reduced CAPEX. Compared to Q2 2025, AISC decreased 17%, due to lower CAPEX and G&A expenses. In 9M 2025, the AISC was US$1,223, a decrease of 8% compared to the same period in 2024.
Adjusted EBITDA totaled US$34.5 million in Q3 2025, 51% higher than Q3 2024 result, driven by increased ore processing from the plant expansion, improved operational performance, higher sales volumes, and elevated gold prices. Compared to Q2 2025, Adjusted EBITDA rose 38%, primarily due to higher gold prices and a 17% increase in production volumes. For 9M 2025, Adjusted EBITDA was US$81.7 million, an 86% increase from 9M 2024, supported by higher sales volumes from expanded operational capacity, despite stable Cash Costs and an 8% reduction in AISC to US$1,223/GEO.
3.5 Borborema
| (US$ mil) | Q3 2025 | Q2 2025 |
|---|---|---|
| Production (GEO) | 10,219 | 2,577 |
| Sales (GEO) | 11,228 | 1,190 |
| Cash Cost (US$/GEO) | 1,127 | 936 |
| AISC (US$/GEO) | 1,237 | 1,441 |
| Net Revenue | 38,982 | 3,690 |
| Cost of goods sold | (12,652) | (1,114) |
| Gross Profit | 26,330 | 2,576 |
| Expenses | (1,186) | (378) |
| General and administrative expenses | (869) | (378) |
| Exploration expenses | (317) | - |
| EBIT | 25,144 | 2,198 |
| Adjusted EBITDA | 25,144 | 2,084 |
| Financial Result | (252) | (4,971) |
| Finance expense | (232) | (4,982) |
| Other income (expenses) | (20) | 11 |
| EBT | 24,892 | (2,773) |
| Total taxes | (522) | (309) |
| Current income tax expense | (6,585) | - |
| Deferred income tax expense | 6,063 | (309) |
| Profit/(loss) for the period | 24,370 | (3,082) |
Note: Borborema’s Q2 2025 results did not presented significant sales due to the beginning of gold production on its ramp-up phase, while Q3 2025 counts with a full quarter of relevant sales. Due to this, the results of Q3 2025 and Q2 2025 are not comparable.
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
Borborema production in Q3 2025 totaled 10,219 GEO advancing along the ramp-up curve and achieving commercial production in September 2025 as scheduled.
In Q3 2025, Borborema’s Net Revenue reached US$38.9 million, contributing to a 9M 2025 Net Revenue of US$42.7 million. The Cash Cost was US$1,127 per Gold Equivalent Ounce (GEO) in Q3 2025, in line with Company expectations for the mine’s ramp-up phase, which began with the first gold production shipped in June 2025. Borborema’s All-in Sustaining Cost (AISC) was US$1,237/GEO in Q3 2025, also in line with the Company’s expectations for this stage of Borborema.
Adjusted EBITDA was US$25.1 million in Q3 2025, driven by strong Net Revenue from 10,219 GEO produced and favorable gold prices.
- Cash Flow
| (US$ thousand) | Q3 2025 | Q2 2025 | QoQ<br><br> <br>Change % | Q3 2024 | YoY<br><br> <br>Change% | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|---|---|
| Adjusted EBITDA | 152,105 | 106,224 | 43% | 77,974 | 95% | 339,808 | 186,813 | 82% |
| (+) Exploration Expenses | 2,333 | 1,714 | 36% | 4,293 | -46% | 5,423 | 9,186 | -41% |
| (-) Sustaining Capex | (14,335) | (15,151) | -5% | (10,570) | -36% | (40,377) | (27,770) | 45% |
| (+/-) ∆ Working Capital, Changes in Other Assets and Liabilities and Others | (26,033) | 7,024 | N.A | 3,065 | N.A | (37,092) | (26,670) | 39% |
| (-) Income Taxes Paid | (17,755) | (22,570) | -21% | (3,728) | 376% | (57,199) | (15,162) | 277% |
| (-) Lease Payments | (4,551) | (5,122) | -11% | (4,810) | -5% | (13,912) | (13,490) | 3% |
| (-) Realized Losses on Gold Hedges | (17,130) | (11,699) | 46% | - | 0% | (34,869) | - | 0% |
| Recurring Free Cash Flow | 74,633 | 60,420 | 24% | 66,224 | 13% | 161,781 | 112,907 | 43% |
In Q3 2025, Recurring Free Cash Flow reached US$74.6 million, up 24% from Q2 2025 and 13% from Q3 2024. Compared to Q2 2025, the increase was primarily driven by:
| · | 43% rise in Adjusted EBITDA to US$152.1 million, due to higher sales volumes and higher metal prices; |
|---|---|
| · | 21% reduction in income taxes paid (from US$22.6 million to US$17.8 million), as in Q2 2025 there were annual adjustment tax payments in Minosa; |
| --- | --- |
| · | These were partially offset by: |
| --- | --- |
| o | “Working Capital, Changes in Other Assets and Liabilities and Others outflow of US$26.0 million, mainly due to increase in low-grades stockpiles in Almas and Borborema; and |
| --- | --- |
| o | increase in realized losses on gold hedges (to US$17.1 million), resulted from the gold price increase. |
| --- | --- |
The chart below shows the change in cash position for the three months ending September 30, 2025, from a management perspective:
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
Changes to the Cash Position Q2 2025 vs. Q3 2025 – Managerial View (US$ Million)
Changes to the Cash Position Q4 2024 vs. Q3 2025 – Managerial View (US$ Million)
Note: Adjusted Capex includes Exploration and Expansion Capex.
- Investment
The Company’s consolidated Capex for Q3 2025 totaled US$31.6 million. The main investment headlines for the quarter include:
| · | Expansion of Capex: US$15.6 million, concentrated mainly on Apoena and Almas, where US$5.1 million was invested at Apoena, US$3.4 million at Almas, US$1.1 at Era Dorada and the remaining US$0.4 million was at Borborema and Minosa. Other expansion projects totaled US$4.7 million. |
|---|---|
| · | Maintenance Capex: US$11.7 million, of which US$5.7 million was allocated to Aranzazu, US$1.8 million to Apoena, and US$1.2 million to Almas, US$2.0 million to Minosa and US$0.9 million to Borborema. |
| --- | --- |
| · | Exploration Capex: US$4.5 million, allocated to exploration activities. Apoena led investment with US$1.4 million, followed by Aranzazu with US$0.9 million. Other exploration projects totaled US$2.2 million. |
| --- | --- |
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
- Gross and Net Debt
Total gross debt (short and long-term portion) was US$429,776 at the end of Q3 2025, a decrease when compared to U$453,893 at the end of Q2 2025. This decrease was mainly driven by interest and principal payments in the quarter.
The Company’s cash position remains comfortable, closing out the year at US$351,414, due to the Nasdaq IPO and strong Recurring Cash Flows.
The Company's Net Debt reached US$63,772 by Q3 2025 a 77% decrease compared to Q2 2025 and also a decrease of 56% when compared to the same period of 2024, due to (i) higher cash position due to the net proceeds from Nasdaq IPO of US$200.1 million, (ii) strong Recurring Free Cash Flows, (iii) the significant reduction in the CAPEX of US$31.6 million, 37% lower than Q2 2025 CAPEX (US$50.3 million), mostly related to lower CAPEX at Borborema due to the conclusion of the construction, despite payment of dividends of US$27.6 million. The net debt-to-last 12 months EBITDA ratio reduced to 0.15x at the end of Q3 2025, from 0.81x at the end of Q2 2025.
Net Debt Breakdown
| (US$ thousand) | Q3 2025 | Q2 2025 | QoQ Change % | Q3 2024 | YoY Change % |
|---|---|---|---|---|---|
| Loans and debentures (current) | 89,810 | 78,786 | 14% | 163,115 | -45% |
| Loans and debentures (non-current) | 339,966 | 375,107 | -9% | 177,444 | 92% |
| Gross debt | 429,776 | 453,893 | -5% | 340,559 | 26% |
| Cash and cash equivalentes | 351,414 | 167,938 | 109% | 195,979 | 79% |
| Derivative financial instrument (Almas Swap) | 14,590 | 5,395 | 170% | 214 | 6718% |
| Net Debt | 63,772 | 280,560 | -77% | 144,366 | -56% |
| Net Debt/LTM EBITDA | 0.15x | 0.81x | -0.7x | 0.63x | -0.5x |
The table below shows the debt amortization timeline:
Debt Amortization Timeline (US$ thousand)
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
- Guidance vs. Actual^1^
The Company is on track to achieve the 2025 Guidance, including Production, Cash Cost, All-in Sustaining Cost (AISC) and CAPEX, as shown in the results below:
| Gold equivalent ounces production ('000 GEO) – 2025 | ||||||
|---|---|---|---|---|---|---|
| Lower Bound | Upper Bound | 9M 2025 A | 9M 2025 at Guidance metal prices | % | ||
| Aranzazu | 88 | 97 | 64 | 70 | 79% - 72% | |
| Apoena | 29 | 32 | 26 | 26 | 91% - 82% | |
| Minosa | 64 | 73 | 54 | 54 | 84% - 74% | |
| Almas | 51 | 58 | 41 | 41 | 80% - 70% | |
| Total ex-Borborema | 233 | 260 | 186 | 191 | 82% - 73% | |
| Borborema | 33 | 40 | 13 | 13 | 39% - 32% | |
| Total | 266 | 300 | 198 | 204 | 77% - 68% | |
| Cash Cost per equivalent ounce of gold produced – 2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Lower Bound | Upper Bound | 9M 2025 A | 9M 2025 at Guidance metal prices | % | ||
| Aranzazu | 1,029 | 1,132 | 1,135 | 1,002 | 97% - 88% | |
| Apoena | 1,258 | 1,384 | 1,159 | 1,159 | 92% - 84% | |
| Minosa | 1,108 | 1,219 | 1,173 | 1,173 | 106% - 96% | |
| Almas | 1,013 | 1,114 | 1,167 | 1,167 | 115% - 105% | |
| Borborema | 1,084 | 1,232 | 1,109 | 1,109 | 102% - 90% | |
| Total | 1,078 | 1,191 | 1,133 | 1,086 | 101% - 91% | |
| AISC per equivalent ounce of gold produced – 2025 | ||||||
| --- | --- | --- | --- | --- | --- | |
| Lower Bound | Upper Bound | 9M 2025 A | 9M 2025 at Guidance metal prices | % | ||
| Aranzazu | 1,348 | 1,455 | 1,523 | 1,344 | 100% - 92% | |
| Apoena | 2,425 | 2,619 | 1,771 | 1,867 | 73% - 68% | |
| Minosa | 1,263 | 1,364 | 1,305 | 1,305 | 103% - 96% | |
| Almas | 1,113 | 1,202 | 1,223 | 1,223 | 110% - 102% | |
| Borborema | 1,113 | 1,304 | 1,256 | 1,256 | 113% - 96% | |
| Total | 1,374 | 1,492 | 1,419 | 1,373 | 99% - 91% |
_______________________________
^1^ Key Factors:
The Company’s future profitability, operating cash flow and financial position will be directly related to prevailing gold and copper prices. Key factors that influence the price of gold and copper include, among others, the supply and demand for gold and copper, the relative strength of currencies (especially the US dollar) and macroe7conomic factors, such as current and future expectations for inflation and interest rates. Management believes that the economic environment in the short and medium term should remain relatively favorable with respect to commodity prices, albeit with continued volatility.
To reduce the risks associated with commodity prices and currency volatility, the Company will continue to assess and deploy hedging programs. For more information on this subject, please refer to the Reference Form.
Other key factors influencing profitability and operating cash flows are: production levels (affected by grades, ore quantities, process recoveries, labor, country stability and availability of facilities and equipment); production and processing costs (impacted by production levels, prices and the use of key consumables, labor, inflation and exchange rates), and other factors.
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
| Capex (US million) – 2025 | |||
|---|---|---|---|
| High - 2025 | 9M 2025 A | % | |
| Sustaining | 47 | 34 | 84% - 72% |
| Exploration | 13 | 11 | 113% - 84% |
| New projects + Expansion | 106 | 96 | 97% - 91% |
| Total | 167 | 141 | 85% - 95% |
All values are in US Dollars.
- Shareholder Information
As of September 30, 2025, the Company had the following outstanding: 83,534,506 Common Shares, 1,493,492 stock options, and 189,795 deferred share units.
- Attachments
9.1 Financial Statements
| (US$ thousand) | Q3 2025 | Q2 2025 | QoQ<br><br> <br>Change % | Q3 2024 | YoY<br><br> <br>Change% | 9M 2025 | 9M 2024 | Change % |
|---|---|---|---|---|---|---|---|---|
| Net revenue | 247,832 | 190,436 | 30% | 156,157 | 59% | 600,072 | 422,646 | 42% |
| Cost of goods sold | (98,223) | (86,497) | 14% | (83,976) | 17% | (268,096) | (252,475) | 6% |
| Gross profit | 149,609 | 103,939 | 44% | 72,181 | 107% | 331,976 | 170,171 | 95% |
| General and administrative expenses | (10,371) | (11,284) | -8% | (6,923) | 50% | (31,291) | (22,734) | 38% |
| Exploration expenses | (2,333) | (1,714) | 36% | (4,293) | -46% | (5,423) | (9,186) | -41% |
| Operating income | 136,905 | 90,941 | 51% | 60,965 | 125% | 295,262 | 138,251 | 114% |
| Financial expenses | (102,565) | (59,630) | 72% | (62,691) | 64% | (283,806) | (141,888) | 100% |
| Other income (expenses) | (822) | 61 | N.A. | (359) | 129% | (1,515) | (952) | 59% |
| Profit before income taxes | 33,518 | 31,372 | 7% | (2,085) | N.A. | 9,941 | (4,589) | N.A. |
| Current income tax expense | (38,402) | (29,551) | 30% | (11,833) | 225% | (88,767) | (36,588) | 143% |
| Deferred income tax expense | 10,510 | 6,326 | 66% | 1,995 | 427% | 19,350 | (5,738) | N.A. |
| Profit/(loss) for the period | 5,626 | 8,147 | -31% | (11,923) | N.A. | (59,476) | (46,915) | 27% |
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
9.2 Balance Sheet
| (US$ million) | Q3 2025 | Q2 2025 | Q3 2024 |
|---|---|---|---|
| ASSETS | |||
| Current | |||
| Cash and cash equivalentes | 351,414 | 167,938 | 195,979 |
| Accounts receivables | 13,142 | 4,826 | 15,355 |
| Value added taxes and other recoverable taxes | 23,586 | 21,292 | 41,329 |
| Inventories | 76,671 | 80,034 | 63,151 |
| Derivative financial instrument | 14,590 | 5,395 | 214 |
| Other receivables and assets | 28,949 | 21,560 | 19,901 |
| Total current assets | 508,352 | 301,045 | 335,929 |
| Non-current assets | |||
| Value added taxes and other recoverable taxes | 49,843 | 46,329 | 17,148 |
| Inventory | 44,406 | 23,025 | 16,472 |
| Other receivables and assets | 7,012 | 4,319 | 3,490 |
| Property, plant and equipment | 783,346 | 762,566 | 560,993 |
| Deferred income tax assets | 35,903 | 28,639 | 20,970 |
| Total non-current assets | 920,510 | 864,878 | 619,073 |
| Total assets | 1,428,862 | 1,165,923 | 955,002 |
| LIABILITIES | |||
| Current | |||
| Trade and other payables | 125,447 | 111,156 | 100,061 |
| Derivative financial instruments | 26,521 | 26,654 | - |
| Loans and Debentures | 89,810 | 78,786 | 163,115 |
| Liability measured at fair value | 5,322 | 4,850 | 2,350 |
| Current income tax liabilities | 46,228 | 28,507 | 18,737 |
| Current portion of other liabilities | 15,988 | 14,939 | 14,225 |
| Provision for mine closure and restoration | 2,551 | - | - |
| Liabilities directly associated with assets classified as held for sale | 2,757 | 2,757 | 4,087 |
| Total current liabilities | 314,624 | 267,649 | 302,575 |
| Non-current liabilities | |||
| Loans and debentures | 339,966 | 375,107 | 177,444 |
| Liability measured at fair value | 17,311 | 17,689 | 17,406 |
| Derivative Financial Instruments | 297,801 | 222,901 | 133,622 |
| Deferred income tax liabilities | 31,888 | 35,925 | 11,360 |
| Provision for mine closure and restoration | 64,830 | 64,470 | 52,852 |
| Other provisions | 29,215 | 28,467 | 13,986 |
| Other liabilities | 10,794 | 13,951 | 15,340 |
| Total non-current liabilities | 791,805 | 758,510 | 422,010 |
| SHAREHOLDERS' EQUITY | |||
| Share capital | 833,382 | 633,271 | 602,909 |
| Contributed surplus | 56,937 | 55,669 | 55,560 |
| Accumulated other comprehensive income | (1,584) | (4,812) | 2,357 |
| Accumulated losses | (566,302) | (544,364) | (430,408) |
| Total equity | 322,433 | 139,764 | 230,418 |
| Total liabilities and equity | 1,428,862 | 1,165,923 | 955,002 |
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
9.3 Cash Flow Statement
| (US$ thousand) | Q3 2025 | Q2 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|---|---|---|---|---|---|
| Cash flows from operating activities | |||||
| Profit /(Loss) for the period | 5,626 | 8,147 | (11,923) | (59,476) | (46,915) |
| Items adjusting profit (loss) of the period | 133,542 | 82,263 | 105,657 | 371,374 | 237,672 |
| Changes in working capital | 2,174 | 3,372 | (6,674) | (8,589) | (23,807) |
| Income tax paid | (17,755) | (22,570) | (3,728) | (57,199) | (15,162) |
| Other current and non-current assets and liabilities | (30,491) | 8,653 | (6,562) | (31,921) | 4,445 |
| Net cash generated by operating activities | 93,096 | 79,865 | 76,770 | 214,189 | 156,233 |
| Cash flows from investing activities | |||||
| Purchase of property, plant and equipment | (31,605) | (50,325) | (60,483) | (133,655) | (113,761) |
| Acquisition of investment – Bluestone Resources | - | - | - | (18,538) | - |
| Acquisition of investment – Altamira | - | (439) | - | (439) | - |
| Net cash used in investing activities | (31,605) | (50,764) | (60,483) | (152,632) | (113,761) |
| Cash flows from financing activities | |||||
| Net Proceeds from the Nasdaq IPO | 200,116 | - | - | 200,116 | - |
| Proceeds received from loans and debentures | - | - | 39,640 | - | 73,640 |
| Repayment of loans and debentures | (33,728) | (9,147) | (32,017) | (54,330) | (55,329) |
| Derivative settlement- debt swap agreements | (1,418) | 2,582 | 1,186 | 1,164 | 4,054 |
| Derivative fee | - | - | - | - | (13,522) |
| Interest paid on loans and debentures | (8,308) | (13,397) | (11,758) | (29,480) | (29,456) |
| Payment of liability (NSR agreement) | (942) | (852) | (489) | (2,536) | (1,699) |
| Principal and interest payments of lease liabilities | (4,551) | (5,122) | (4,810) | (13,912) | (13,490) |
| Repayment of other liabilities | (1,044) | (1) | (1,749) | (2,025) | (2,573) |
| Payment of dividends | (27,564) | (29,811) | - | (75,708) | (25,339) |
| Acquisition of treasury shares | - | - | (6,068) | (1,200) | (9,526) |
| Proceeds and (payments) from exercise of stock options | - | - | 65 | - | 165 |
| Net cash generated by (used in) financing activities | 122,561 | (55,748) | (16,000) | 22,089 | (73,075) |
| Increase (decrease) in cash and cash equivalents | 184,052 | (26,647) | 287 | 83,646 | (30,603) |
| Effect of foreign exchange gain (loss) on cash equivalents | (576) | (3,481) | 3,729 | (2,421) | (10,713) |
| Cash and cash equivalents, beginning of the period | 167,938 | 198,066 | 191,963 | 270,189 | 237,295 |
| Per balance sheet at the end of comparative period | 351,414 | 167,938 | 195,979 | 351,414 | 195,979 |
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
9.4 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) | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|---|---|---|---|---|
| Profit / (Loss) for the period | 5,626 | (11,923) | (59,476) | (46,915) |
| Current income tax expense | 38,402 | 11,833 | 88,767 | 36,588 |
| Deferred income tax expense | (10,510) | (1,995) | (19,350) | 5,738 |
| Finance expense | 102,565 | 62,691 | 283,806 | 141,888 |
| Other income (expense) | 822 | 359 | 1,515 | 952 |
| Depletion and amortization | 15,200 | 17,108 | 44,546 | 49,198 |
| Adjusted EBITDA | 152,105 | 78,073 | 339,808 | 187,449 |
B. Reconciliation from the consolidated financial statements to cash operating costs per gold equivalent ounce sold:
| (US$ thousand) | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|---|---|---|---|---|
| Cost of goods sold | (98,223) | (83,976) | (268,096) | (252,475) |
| Depletion and amortization | 15,058 | 16,686 | 43,870 | 47,577 |
| Subtotal | (83,165) | 67,069 | (224,226) | (204,898) |
| Gold Equivalent Ounces sold | 74,907 | 67,069 | 197,850 | 200,517 |
| Cash costs per gold equivalent ounce sold | 1,110 | 987 | 1,133 | 1,022 |
C. Reconciliation from the consolidated financial statements to all in sustaining costs per gold equivalent ounce sold:
| (US$ thousand) | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|---|---|---|---|---|
| Cost of goods sold | (98,223) | (83,976) | (268,096) | (252,475) |
| Depletion and amortization | 15,058 | 16,686 | 43,870 | 47,577 |
| Subtotal | (83,165) | (67,290) | (224,226) | (204,898) |
| Adjusted capex | 14,196 | 13,535 | 40,240 | 34,725 |
| General and Administrative Expenses | 4,177 | 2,444 | 11,494 | 7,900 |
| Lease Payments | 3,041 | 4,810 | 7,490 | 13,490 |
| Subtotal | (61,751) | (46,500) | (165,002) | (148,783) |
| Gold Equivalent Ounces sold (in thousands) | 74,907 | 67,069 | 197,850 | 200,517 |
| All In Sustaining costs per ounce sold equivalent ounce sold | 1,396 | 1,292 | 1,433 | 1,302 |
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
D. Reconciliation from the consolidated financial statements to realized average gold price per ounce sold, net^2^:
| (US$ thousand) | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|---|---|---|---|---|
| Gold Revenue, net of Sales Taxes | 180,738 | 105,436 | 420,208 | 278,523 |
| Ounces of gold sold | 53,393 | 43,689 | 133,590 | 126,259 |
| Realized average gold price per ounce sold, net | 3,385 | 2,413 | 3,146 | 2,206 |
E. Net Debt:
| (US$ thousand) | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|---|---|---|---|---|
| Loans and debentures (current) | 89,810 | 163,115 | 89,810 | 163,115 |
| Loans and debentures (non-current) | 339,966 | 177,444 | 339,966 | 177,444 |
| Derivative Financial Instrument (Swap – Aura Almas (Itaú Bank) | (14,590) | (214) | (14,590) | (214) |
| Cash and Cash Equivalents | (351,414) | (195,979) | (351,414) | (195,979) |
| Net Debt | 63,772 | 144,366 | 63,772 | 144,366 |
(1) Derivative Financial Instrument: only includes the swap related to the Aura Almas Debenture.
F. Adjusted EBITDA Margin^3^ (Adjusted EBITDA/Revenues):
| (US$ thousand) | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|---|---|---|---|---|
| Net Revenue | 247,832 | 156,157 | 600,072 | 422,646 |
| Adjusted EBITDA | 152,105 | 78,073 | 339,808 | 187,449 |
| Adjusted EBITDA Margin (Adjusted EBITDA/Revenues) | 61% | 50% | 57% | 44% |
G. Adjusted Net Income
| (US$ thousand) | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|---|---|---|---|---|
| Profit/(Loss) for the period | 5,626 | (11,923) | (59,476) | (46,915) |
| Foreign exchange gain (loss) | (36) | 2,279 | (5,674) | (10,995) |
| Loss on derivative transactions | (75,252) | (56,267) | (199,766) | (89,493) |
| Loss on settlement of liability with equity instruments | - | - | (8,768) | - |
| Deferred taxes over non-monetary items | 12,242 | 20,415 | 22,323 | 8,943 |
| Adjusted Net Income | 68,672 | 21,650 | 132,409 | 44,630 |
Qualifield Person
Farshid Ghazanfari, P.Geo., Mineral Resources and Geology Director for Aura Minerals Inc., has reviewed and approved the scientific and technical information contained within this Earnings Release and serves as the Qualified Person as defined in NI 43-101 and S-K 1300. All NI 43-101 technical reports related to properties material to Aura are available on SEDAR+ at sedarplus.ca and all S-K 1300 technical report summaries related to properties material to Aura are available .from the SEC website at www.sec.gov..
_________________________________
^2^ 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.
^3^ 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 Q3 2025 | 9M 2025 EARNINGS RESULTS**
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 five operating assets include the Minosa gold mine in Honduras; the Almas, Apoena, and Borborema 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
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.
**AURA Q3 2025 | 9M 2025 EARNINGS RESULTS**
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 AIF 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.
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 Q3 2025 | 9M 2025 EARNINGS RESULTS
Exhibit 99.2
Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025 and 2024
Aura Minerals Inc.
Unaudited Condensed Interim Consolidated Statements of Income (loss)
For the three and nine months ended September 30, 2025 and 2024
Expressed in thousands of United States dollars, except share and per share amounts
| Note | Three-month period ended September 30,<br> 2025 | Three-month period ended September 30,<br> 2024 | Nine-month period ended September 30, 2025 | Nine-month period ended September 30, 2024 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Net revenue | 19 | 247,832 | 156,157 | 600,072 | 422,646 | ||||
| Cost of goods sold | 20 | (98,223 | ) | (83,976 | ) | (268,096 | ) | (252,475 | ) |
| Gross Profit | 149,609 | 72,181 | 331,976 | 170,171 | |||||
| General and administrative expenses | 21 | (10,371 | ) | (6,923 | ) | (31,291 | ) | (22,734 | ) |
| Exploration expenses | 22 | (2,333 | ) | (4,293 | ) | (5,423 | ) | (9,186 | ) |
| Operating income | 136,905 | 60,965 | 295,262 | 138,251 | |||||
| Finance expense | 23 | (102,565 | ) | (62,691 | ) | (283,806 | ) | (141,888 | ) |
| Other income (expenses) | (822 | ) | (359 | ) | (1,515 | ) | (952 | ) | |
| Profit before income taxes | 33,518 | (2,085 | ) | 9,941 | (4,589 | ) | |||
| Current income tax expense | 14 | (38,402 | ) | (11,833 | ) | (88,767 | ) | (36,588 | ) |
| Deferred income tax expense | 14 | 10,510 | 1,995 | 19,350 | (5,738 | ) | |||
| Profit<br> (Loss) for the period | 5,626 | (11,923 | ) | (59,476 | ) | (46,915 | ) | ||
| Weighted average numbers of common shares outstanding | |||||||||
| Basic | 31 | 81,672,304 | 72,377,560 | 76,466,833 | 72,319,729 | ||||
| Diluted | 31 | 82,723,337 | 72,377,560 | 76,466,833 | 72,319,729 | ||||
| Profit (Loss) per share – Basic | 31 | 0.07 | (0.16 | ) | (0.78 | ) | (0.65 | ) | |
| Profit (Loss) per share - Diluted | 31 | 0.07 | (0.16 | ) | (0.78 | ) | (0.65 | ) |
The accompanying notes form an integral part of these UnauditedCondensed Interim Consolidated Financial Statements.
| 2 |
| --- |
Aura Minerals Inc.
Unaudited Condensed Interim Consolidated Statements of Other Comprehensive Income (loss)
For the three and nine months ended September 30, 2025 and 2024
Expressed in thousands of United States dollars
| Three-month period ended September 30,<br> 2025 | Three-month period ended September 30,<br> 2024 | Nine-month period ended September 30, 2025 | Nine-month period ended September 30, 2024 | |||||
|---|---|---|---|---|---|---|---|---|
| Profit (Loss) for the period | 5,626 | (11,923 | ) | (59,476 | ) | (46,915 | ) | |
| Other comprehensive income: | ||||||||
| Items that are or may be reclassified<br> subsequently to profit or loss | ||||||||
| Change in the fair value of cash flow hedge, net of tax | 428 | 59 | (2,163 | ) | 1,235 | |||
| Loss on foreign exchange translation of subsidiaries | 342 | (168 | ) | (669 | ) | 958 | ||
| Items that will not be reclassified<br> to profit or loss | ||||||||
| Change in the fair value of equity investments | 2,693 | (26 | ) | 2,500 | 629 | |||
| Actuarial gain on post-employment<br> benefit, net of tax | (235 | ) | — | (529 | ) | — | ||
| Other<br> comprehensive income (loss), net of tax | 3,228 | (135 | ) | (861 | ) | 2,822 | ||
| Total<br> comprehensive loss | 8,854 | (12,058 | ) | (60,337 | ) | (44,093 | ) |
Items above are stated net of tax and the related taxes are disclosed in note 14 (b).
The accompanying notes form an integral part of these UnauditedCondensed Interim Consolidated Financial Statements.
| 3 |
| --- |
Aura Minerals Inc.
Unaudited Condensed Interim Consolidated Statements of Cash Flows
For the nine months ended September 30, 2025 and 2024
Expressed in thousands of United States dollars
| Note | Three-month period ended September 30,<br> 2025 | Three-month period ended September 30,<br> 2024 | Nine-month period ended September 30, 2025 | Nine-month period ended September 30, 2024 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities | |||||||||
| Profit (Loss) for the period | 5,626 | (11,923 | ) | (59,476 | ) | (46,915 | ) | ||
| Items adjusting profit (loss) of the period | 24(a) | 133,542 | 105,657 | 371,374 | 237,672 | ||||
| Changes in working capital | 24(b) | 2,174 | (6,674 | ) | (8,589 | ) | (23,807 | ) | |
| Income tax paid | (17,755 | ) | (3,728 | ) | (57,199 | ) | (15,162 | ) | |
| Other current and non-current<br> assets and liabilities | 24(c) | (30,491 | ) | (6,562 | ) | (31,921 | ) | 4,445 | |
| Net<br> cash generated by operating activities | 93,096 | 76,770 | 214,189 | 156,233 | |||||
| Cash flows from investing activities | |||||||||
| Purchase of property, plant and equipment | (31,605 | ) | (60,483 | ) | (133,655 | ) | (113,761 | ) | |
| Acquisition of investment – Bluestone Resources | 5 | — | — | (18,538 | ) | — | |||
| Acquisition of investment<br> – Altamira | 10 | — | — | (439 | ) | — | |||
| Net<br> cash used in investing activities | (31,605 | ) | (60,483 | ) | (152,632 | ) | (113,761 | ) | |
| Cash flows from financing activities | |||||||||
| Net Proceeds from the Nasdaq IPO | 200,116 | — | 200,116 | — | |||||
| Proceeds received from loans and debentures | 24(e) | — | 39,640 | — | 73,640 | ||||
| Repayment of loans and debentures | 24(e) | (33,728 | ) | (32,017 | ) | (54,330 | ) | (55,329 | ) |
| Derivative settlement- debt swap agreements | (1,418 | ) | 1,186 | 1,164 | 4,054 | ||||
| Derivative fee | — | — | — | (13,522 | ) | ||||
| Interest paid on loans and debentures | 24(e) | (8,308 | ) | (11,758 | ) | (29,480 | ) | (29,456 | ) |
| Payment of liability (NSR agreement) | (942 | ) | (489 | ) | (2,536 | ) | (1,699 | ) | |
| Principal and interest payments of lease liabilities | 17(b) | (4,551 | ) | (4,810 | ) | (13,912 | ) | (13,490 | ) |
| Repayment of other liabilities | 17(a) | (1,044 | ) | (1,749 | ) | (2,025 | ) | (2,573 | ) |
| Payment of dividends | 27 | (27,564 | ) | — | (75,708 | ) | (25,339 | ) | |
| Acquisition of treasury shares | — | (6,068 | ) | (1,200 | ) | (9,526 | ) | ||
| Proceeds and (payments)<br> from exercise of stock options | — | 65 | — | 165 | |||||
| Net<br> cash generated by (used in) financing activities | 122,561 | (16,000 | ) | 22,089 | (73,075 | ) | |||
| (Decrease) Increase in cash and cash<br> equivalents | 184,052 | 287 | 83,646 | (30,603 | ) | ||||
| Effect of foreign exchange (loss) on<br> cash equivalents | (576 | ) | 3,729 | (2,421 | ) | (10,713 | ) | ||
| Cash<br> and cash equivalents, beginning of the year | 167,938 | 191,963 | 270,189 | 237,295 | |||||
| Cash<br> and cash equivalents, end of the period | 351,414 | 195,979 | 351,414 | 195,979 |
The accompanying notes form an integral part of these UnauditedCondensed Interim Consolidated Financial Statements.
| 4 |
| --- |
Aura Minerals Inc.
Unaudited Condensed Interim Consolidated Statements of Financial Position
As of September 30, 2025 and December 31, 2024
Expressed in thousands of United States dollars
| Note | September 30, 2025 | December 31, 2024 | |||
|---|---|---|---|---|---|
| ASSETS | |||||
| Current | |||||
| Cash and cash equivalents | 6 | 351,414 | 270,189 | ||
| Accounts receivables | 7 | 13,142 | 15,835 | ||
| Value added taxes and other recoverable taxes | 8 | 23,586 | 19,901 | ||
| Inventories | 9 | 76,671 | 57,943 | ||
| Derivative financial instrument | 25 | 14,590 | — | ||
| Other receivables and<br> assets | 10 | 28,949 | 25,467 | ||
| Total current | 508,352 | 389,335 | |||
| Non-current | |||||
| Value added taxes and other recoverable taxes | 8 | 49,843 | 40,596 | ||
| Inventories | 9 | 44,406 | 19,386 | ||
| Other receivables and assets | 10 | 7,012 | 4,943 | ||
| Property, plant and equipment | 11 | 783,346 | 610,784 | ||
| Deferred income tax assets | 14 | 35,903 | 15,218 | ||
| Total<br> non-current | 920,510 | 690,927 | |||
| Total assets | 1,428,862 | 1,080,262 | |||
| LIABILITIES | |||||
| Current | |||||
| Trade and other payables | 12 | 125,447 | 98,067 | ||
| Derivative financial instruments | 25 | 26,521 | 19,302 | ||
| Loans and debentures | 13 | 89,810 | 82,007 | ||
| Liability measured at fair value | 5,322 | 3,362 | |||
| Current income tax liabilities | 14 | 46,228 | 31,618 | ||
| Current portion of other liabilities | 17 | 15,988 | 14,190 | ||
| Provision for mine closure and restoration | 15 | 2,551 | — | ||
| Liabilities directly associated<br> with assets classified as held for sale | 2,757 | 2,757 | |||
| Total<br> current | 314,624 | 251,303 | |||
| Non-current | |||||
| Loans and debentures | 13 | 339,966 | 361,097 | ||
| Liability measured at fair value | 17,311 | 14,387 | |||
| Derivative financial instruments | 25 | 297,801 | 120,188 | ||
| Deferred income tax liabilities | 14 | 31,888 | 31,583 | ||
| Provision for mine closure and restoration | 15 | 64,830 | 50,573 | ||
| Other provisions | 16 | 29,215 | 17,144 | ||
| Other liabilities | 17 | 10,794 | 11,032 | ||
| Total non-current | 791,805 | 606,004 | |||
| SHAREHOLDERS’ EQUITY | 18 | ||||
| Share capital | 833,382 | 599,200 | |||
| Contributed surplus | 56,937 | 55,596 | |||
| Accumulated other comprehensive income | (1,584 | ) | (723 | ) | |
| Accumulated losses | (566,302 | ) | (431,118 | ) | |
| Total equity | 322,433 | 222,955 | |||
| Total liabilities and<br> equity | 1,428,862 | 1,080,262 | |||
| Approved on behalf of the Board of<br> Directors:<br><br> <br>“Stephen Keith” | “Rodrigo Barbosa” | ||||
| --- | --- | ||||
| Stephen Keith, Director | Rodrigo Barbosa, President & CEO |
| 5 |
| --- |
Aura Minerals Inc.
Unaudited Condensed Interim Consolidated Statements of Changes in Equity
For the nine months ended September 30, 2025 and 2024
Expressed in thousands of United States dollars, exceptshare amounts
| Number of Common Shares | Share Capital | Contributed Surplus | Accumulated Other Comprehensive Income | Accumulated losses | Total Equity | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| At December 31, 2024 | 72,399,495 | 599,200 | 55,596 | (723 | ) | (431,118 | ) | 222,955 | |||
| Issuance of new shares | 2,226,008 | 35,265 | — | — | — | 35,265 | |||||
| Issuance of new shares – IPO Nasdaq | 8,997,644 | 218,193 | — | — | — | 218,193 | |||||
| IPO transaction costs | — | (18,076 | ) | — | — | — | (18,076 | ) | |||
| Shared based compensation | 7,500 | — | 1,341 | — | — | 1,341 | |||||
| Acquisition of treasury shares / Cancellation of shares | (96,141 | ) | (1,200 | ) | — | — | — | (1,200 | ) | ||
| Change in the fair value of cash flow hedge, net of tax | — | — | — | (2,163 | ) | — | (2,163 | ) | |||
| Gain on foreign exchange translation of subsidiaries | — | — | — | (669 | ) | — | (669 | ) | |||
| Change in the fair value of equity investments | — | — | — | 2,500 | — | 2,500 | |||||
| Actuarial (loss) on post-employment benefit, net of tax | — | — | — | (529 | ) | — | (529 | ) | |||
| Loss for the period | — | — | — | — | (59,476 | ) | (59,476 | ) | |||
| Dividends paid (note<br> 27) | — | — | — | — | (75,708 | ) | (75,708 | ) | |||
| At September 30,<br> 2025 | 83,534,506 | 833,382 | 56,937 | (1,584 | ) | (566,302 | ) | 322,433 | |||
| Number of Common Shares | Share Capital | Contributed Surplus | Accumulated Other Comprehensive Income | Accumulated losses | Total Equity | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| At December 31, 2023 | 72,237,003 | 612,299 | 55,478 | 5,179 | (358,154 | ) | 314,802 | ||||
| Shared based compensation | 196,450 | 136 | 82 | — | — | 218 | |||||
| Acquisition of treasury shares / Cancellation of shares | (60,650 | ) | (9,526 | ) | — | — | — | (9,526 | ) | ||
| Change in the fair value of cash flow hedge, net of tax | — | — | — | (1,235 | ) | — | (1,235 | ) | |||
| Gain on foreign exchange translation of subsidiaries | — | — | — | (958 | ) | — | (958 | ) | |||
| Change in the fair value of equity investments | — | — | — | (629 | ) | — | (629 | ) | |||
| Loss for the period | — | — | — | — | (46,915 | ) | (46,915 | ) | |||
| Dividends paid (note<br> 27) | — | — | — | — | (25,339 | ) | (25,339 | ) | |||
| At September 30,<br> 2024 | 72,372,803 | 602,909 | 55,560 | 2,357 | (430,408 | ) | 230,418 |
The accompanying notes form an integral part of these UnauditedCondensed Interim Consolidated Financial Statements.
| 6 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 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”), each 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 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 November 4, 2025.
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 International Accounting Standard Board (IASB). 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, 2024, ("2024 Annual Financial Statements").
The accounting policies followed in these Unaudited condensed interim consolidated financial statements are consistent with those disclosed in Note 3 of 2024 Annual Financial Statements, except for those new or revised standards adopted as of January 1, 2025 as is the case with the amendments to IAS 21 – Effects of Changes in Foreign ExchangeRates. As disclosed in the 2024 Annual Financial Statements, these amendments have not had a significant impact on the Company’s unaudited condensed interim consolidated financial statements.
The functional currency of Aura and the majority of its subsidiaries is the United States Dollar (“US Dollar”) except for a non material service company in Mexico which has a functional currency of Mexican Pesos (“MXN Pesos”) and certain non material Brazilian subsidiaries in Brazilian Reais (“BRL Reais”). All values in the consolidated financial statements are rounded to the nearest thousand.
| 7 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
3 ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE
A number of new accounting standards are effective for annual reporting periods beginning after January 1, 2025 and earlier application is permitted.
A – IFRS Presentation and disclosure in financial statements
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,<br> namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a<br> 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 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’.
B – Other accounting standards
The following new amended accounting standard is not expected to have a significant impact on the Company’s consolidated financial statements.
| - | Classification and Measurement of Financial Instruments (Amendment to IFRS 9 and IFRS 7). |
|---|
4 SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of the 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.
| 8 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
The Company has identified critical 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 2024 Annual Financial Statements for a summary of the significant 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.
Declaration of Commercial Production in Borborema
In September 2025, the Company announced that the Borborema Project had reached commercial production status. This conclusion was based on management’s assessment of several factors, including: (1) the level of capital expenditures incurred compared to construction cost estimates; (2) the completion of a reasonable period of testing of plant and equipment; (3) the ability to produce minerals in saleable form meeting required specifications; and (4) the ability to sustain ongoing production of minerals at stable levels.
Upon achieving commercial production, the capitalization of development and commissioning costs ceases, and subsequent costs are either capitalized to inventory or recognized in profit or loss, except for capitalizable expenditures relating to property, plant and equipment additions or improvements, open pit stripping activities that provide future economic benefit, underground mine development, or other expenditures that meet the criteria for capitalization in accordance with the Company’s accounting policies. Revenues and related costs associated with minerals produced and sold during the commissioning phase continue to be recognized in the Consolidated Statements of Income (loss).
5 ACQUISITIONS
| a) | Asset acquisition– Bluestone Resources (“Bluestone”) |
|---|
In December 2024, the Company acquired, at market value, 5,500,000 shares of Bluestone, representing 3.62% of its total shares, for a total consideration of $1,327. The acquisition was valued based on the quoted market price of Bluestone’s shares on the Canadian stock exchange at the acquisition date and was recorded as an investment under other non-current assets (see Note 10).
On January 13, 2025, Aura completed the acquisition of control of Bluestone, acquiring all remaining 96.38% shares for an additional amount of $40,299 as follows:
| 9 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
- Cash Consideration = $18,342 (equivalent to C$26,255)
- Non-Cash Consideration = $12,503
Aura issued 1,007,186 common shares to Bluestone´s former shareholders (0.0183 common shares of Aura for each Bluestone Share held). The shares were valued based on the quoted market price of Aura’s shares on the Canadian stock exchange at the acquisition date.
- Contingent Value Rights (CVRs) = $9,120 (C$13,111) (note 16)
The fair value of the CVRs was determined based on three fixed annual payments, contingent upon the achievement of commercial production, defined as when either: (i) Aura announces that commercial production at Cerro Blanco has been achieved, or (ii) it has operated for 90 consecutive days with 80% or more of used capacity.
The fair value of the CVRs was determined using a probability-weighted discounted cash flow model. This model incorporated management’s current estimates of the probability of achieving commercial production, the expected timing of it and the contractual payout structure. The expected payments were discounted to present value using a 7.4% discount rate.
- Capitalized Acquisition Costs = $334
These costs, consisting of legal and consulting fees paid in January 2025, were capitalized as part of the investment in accordance with applicable accounting standards.
Upon the closing of the transaction, Bluestone's assets primarily consisted of mineral properties. Given that Bluestone did not have processes capable of generating outputs, it did not meet the definition of a business under the applicable accounting standards. As a result, the transaction has been treated as an asset acquisition.
The table below summarizes the financial information of the investment as of January 13, 2025 (acquisition date):
| Book value | Fair value allocation | Fair value acquired | ||
|---|---|---|---|---|
| Assets acquired | Cash and cash equivalents | 138 | — | 138 |
| Other assets | 687 | — | 687 | |
| Property, plant and equipment (Note 11) | 52,487 | 22,734 | 75,221 | |
| Liabilities assumed | Trade and other payables | 761 | — | 761 |
| Other liabilities | 2,954 | — | 2,954 | |
| Loans and debentures | 19,900 | — | 19,900 | |
| Provision for mine closure and restoration | 9,668 | — | 9,668 | |
| Deferred income tax liabilities | 1,137 | — | 1,137 | |
| Net<br> assets | 18,892 | 22,734 | 41,626 |
| 10 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
| b) | Mineração Serra Grande S.A. (“MSG”) acquisition |
|---|
On June 2, 2025, Aura Minerals Inc., through its wholly owned subsidiary, entered into a Share Purchase Agreement with AngloGold Ashanti plc to acquire 100% of the shares of Mineração Serra Grande S.A. (“MSG”), owner of the Serra Grande gold mine in Crixás, Goiás, Brazil.
Under the terms of the agreement, Aura will pay an upfront cash consideration of US$76 million at closing, subject to working capital and other adjustments. Additional deferred consideration will be paid through a 3% net smelter return (NSR) royalty on MSG’s currently identified Mineral Resource.
The transaction excludes certain non-operational subsidiaries of MSG, which will be spun off prior to closing. The completion of the acquisition is subject to customary closing conditions, including the Brazilian anti-trust agency CADE (“Administrative Council for Economic Defense”) approval, decommissioning of a legacy tailings dam, and no material adverse events.
Closing is expected to occur in the last quarter of 2025.
6 CASH AND CASH EQUIVALENTS
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Cash at bank | 149,898 | 63,056 |
| Term deposits | 201,516 | 207,133 |
| Cash<br> and Cash Equivalents | 351,414 | 270,189 |
Term deposits represent amounts that have a maturity of three months or less from the date of acquisition and are repayable with 24 hours notice with no loss of interest.
7 ACCOUNTS RECEIVABLES
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Trade receivables | 12,842 | 2,354 |
| Other receivables (a) | 300 | 13,481 |
| Accounts<br> receivables | 13,142 | 15,835 |
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 financial statements.
| 11 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
| (a) | The amount was mostly related to the sale agreement by the Company of the Serrote Project to Appian Capital<br> Advisory LLP. The sale price was the total amount of $40 million and the aggregate consideration of $40 million was made up of a cash<br> payment of $30 million (collected), as well as the delivery by the purchasers of a subordinated unsecured promissory note in the principal<br> amount of $10 million plus interest, payable from 75% of excess cash from the project after the project has repaid project financing and<br> operating cash requirements. The note became payable immediately when Appian Capital Advisory LLP, the purchaser of Mineração<br> Vale Verde (“MVV”), that developed the Serrote Project, sold its investment in MVV. The full amount was collected in April<br> 2025. |
|---|
8 VALUE ADDED TAX AND OTHER RECOVERABLE TAXES
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Sales taxes and value added taxes | ||
| Apoena, Almas and Others | 41,290 | 30,136 |
| Aranzazu | 2,385 | 2,796 |
| Minosa | 26,345 | 24,866 |
| Other taxes | ||
| Income taxes and social<br> contribution | 3,409 | 2,699 |
| Total<br> Value added tax and other recoverable taxes | 73,429 | 60,497 |
| Current | 23,586 | 19,901 |
| Non-Current | 49,843 | 40,596 |
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.
9 INVENTORIES
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Finished product | 1,032 | 2,006 |
| Work-in-process | 83,598 | 47,521 |
| Parts and supplies | 36,447 | 27,802 |
| Total<br> inventories | 121,077 | 77,329 |
| Current | 76,671 | 57,943 |
| Non-current | 44,406 | 19,386 |
As of September 30, 2025, the non-current inventory is related to Almas’ and Borborema’s low grade stockpile, while as of December 31, 2024, the non-current inventory was related to Almas’ low grade stockpile.
| 12 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
10 OTHER RECEIVABLESAND ASSETS
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Prepaids expenses | 2,327 | 4,129 |
| Advances to vendors | 22,251 | 15,378 |
| Deposits | 4,762 | 4,257 |
| Employees receivables (a) (Note 28) | — | 3,192 |
| Other assets (b) | 6,621 | 3,454 |
| Total<br> other receivables and assets | 35,961 | 30,410 |
| Current | 28,949 | 25,467 |
| Non-current | 7,012 | 4,943 |
| (a) | The Company paid on behalf of certain key management personnel, certain withholding taxes associated with<br> the exercise of stock options in the amount of $3,192 which was included as current other receivables (see Note 28 for further details).<br> This amount was fully reimbursed by the personnel in June 2025. | |
| --- | --- | |
| (b) | On November 7, 2023, the Company entered into a subscription agreement with Altamira Gold Corp. (“Altamira”)<br> 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<br> purchase price of $2,167 (C$3,000 - Canadian Dollars). Each unit consists of one common share and one common share purchase warrant of<br> 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<br> 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.
Following this transaction, the Company holds a total of 30,000,000 common shares and 27,000,000 warrants of Altamira.
The common shares are recorded at fair value through OCI and the amount as of September 30, 2025, is $5,113 ($2,168 as of December 31, 2024).
| 13 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
11 PROPERTY, PLANTAND EQUIPMENT
Property, plant and equipment movements for the nine months ended September 30, 2025 and 2024 are as follows:
| Mineral properties | Land and buildings | Furniture, fixtures and equipment | Plant and machinery | Right of use assets | Assets under construction | Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net book<br> value at December 31, 2024 | 312,312 | 51,948 | 9,835 | 63,692 | 29,609 | 143,388 | 610,784 | |||||||
| Additions | 48,117 | 8,814 | 1,501 | 3,088 | 7,817 | 80,140 | 149,477 | |||||||
| Bluestone acquisition | 46,990 | 20,337 | 96 | 1,980 | — | 5,818 | 75,221 | |||||||
| Depreciation | (24,215 | ) | (9,518 | ) | (1,459 | ) | (6,456 | ) | (9,224 | ) | — | (50,872 | ) | |
| Reclassifications | 2,488 | 901 | (2,403 | ) | 1,911 | — | (2,897 | ) | — | |||||
| Disposals | (727 | ) | (180 | ) | (232 | ) | (125 | ) | — | — | (1,264 | ) | ||
| Net book value at<br> September 30, 2025 | 384,965 | 72,302 | 7,338 | 64,090 | 28,202 | 226,449 | 783,346 | |||||||
| Consisting of: | ||||||||||||||
| Cost | 671,711 | 166,694 | 25,571 | 199,809 | 62,769 | 226,449 | 1,353,003 | |||||||
| Accumulated Depreciation | (286,746 | ) | (94,392 | ) | (18,233 | ) | (135,719 | ) | (34,567 | ) | — | (569,657 | ) | |
| Net book value at<br> September 30, 2025 | 384,965 | 72,302 | 7,338 | 64,090 | 28,202 | 226,449 | 783,346 | |||||||
| Mineral properties | Land and buildings | Furniture, fixtures and equipment | Plant and machinery | Right of use assets | Assets under construction | Total | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| Net book<br> value at December 31, 2023 | 318,651 | 53,861 | 10,719 | 62,138 | 37,814 | 5,550 | 488,733 | |||||||
| Additions | 62,103 | 6,094 | 1,036 | 11,958 | 862 | 39,592 | 121,645 | |||||||
| Depletion and amortization | (20,302 | ) | (11,154 | ) | (1,618 | ) | (7,670 | ) | (7,818 | ) | — | (48,562 | ) | |
| Disposals | (695 | ) | (76 | ) | — | (28 | ) | (24 | ) | — | (823 | ) | ||
| Net book value at<br> September 30, 2024 | 359,757 | 48,725 | 10,137 | 66,398 | 30,834 | 45,142 | 560,993 | |||||||
| Consisting of: | ||||||||||||||
| Cost | 608,286 | 136,021 | 26,733 | 196,347 | 53,079 | 45,142 | 1,065,608 | |||||||
| Accumulated depletion<br> and amortization | (248,529 | ) | (87,296 | ) | (16,596 | ) | (129,949 | ) | (22,245 | ) | — | (504,615 | ) | |
| Net book value at<br> September 30, 2024 | 359,757 | 48,725 | 10,137 | 66,398 | 30,834 | 45,142 | 560,993 |
The right of use assets corresponds to the lease liability obligations disclosed in Note 17(b).
For the period ended September 30, 2025, $9,832 of interest related to loans and debentures was capitalized (100% capitalization rate) as part of the construction cost at Borborema project ($7,452 for the period ended September 30, 2024).
| 14 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
12 TRADE AND OTHERPAYABLES
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Trade accounts payable to suppliers | 75,911 | 69,565 |
| Other taxes payables | 24,937 | 15,820 |
| Accrued liabilities to<br> suppliers | 24,599 | 12,682 |
| Total<br> accounts payable | 125,447 | 98,067 |
| 15 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
13 LOANS AND DEBENTURES
The list of loans and debentures held by the Company, as of September 30, 2025, and December 31, 2024, is as follows:
| Financial debt | Maturity Date | Interest Rate | September 30, 2025 | December 31, 2024 | |
|---|---|---|---|---|---|
| Bank<br> Occidente | |||||
| Q2 2022 Promissory Note (“5º Promissory<br> Note”) | May 2026 | 6.25 | % | 1,864 | 3,882 |
| Q3 2022 Promissory Note (“6º Promissory Note”) | August 2026 | 6.25 | % | 2,761 | 4,709 |
| Q2 2023 Promissory Note (“7º Promissory Note”) | June 2025 | 7.50 | % | — | 1,320 |
| Q1 2024 Promissory Note (“8° Promissory Note”) | February 2026 | 7.50 | % | 1,102 | 3,000 |
| Q3 2024 Promissory Note (“9° Promissory Note”) | July 2027 | 8.00 | % | 3,091 | 4,178 |
| Bank<br> Atlántida | |||||
| Q2 2022 Loan Agreement (“7º Loan”) | March 2027 | 6.50 | % | 3,750 | 5,625 |
| Bank<br> ABC Brasil S.A. | |||||
| Q4 2022 Loan Agreement (“5º Loan”) | January 2026 | 5.38 | % | 4,387 | 10,968 |
| Bank<br> Santander Mexico | |||||
| Q3 2024 Loan Agreement (“5° Loan”) | August 2027 | * SOFR + 3.8% | 25,396 | 35,333 | |
| Bank<br> Santander Brazil | |||||
| Q3 2023 Loan Agreement (“4° Loan”) | November 2028 | 9.51 | % | 76,118 | 104,073 |
| Bank<br> Safra | |||||
| Q3 2024 Loan Agreement (“2° Loan”) | August 2026 | 7.10 | % | 20,166 | 20,513 |
| Bank<br> Banco do Brasil | |||||
| Q1 2024 Loan Agreement (“1º Loan”) | December 2028 | 6.50 | % | 10,167 | 10,003 |
| Bank<br> Bradesco | |||||
| Q1 2022 Loan Agreement (“1º Loan”) | February 2025 | * CDI + 2.342% | — | 2,453 | |
| Q4 2024 Loan Agreement (“2° Loan”) | December 2028 | 6.50 | % | 43,051 | 43,000 |
| Other<br> banks | |||||
| BTG Pactual | November 2027 | 6.70 | % | 20,113 | 20,116 |
| Debentures<br> payable | |||||
| Debentures – 2^nd^<br> issuance | October 2030 | * CDI + 1.60% | 200,364 | 162,515 | |
| Gold<br> Royalty Corp | |||||
| Gold linked loan | December 2029 | 8.5 | % | 11,546 | 11,416 |
| Nemesia<br> SARL | (a) | 7.00 | % | 5,900 | — |
| Total | 429,776 | 443,104 | |||
| Current | 89,810 | 82,007 | |||
| Non-Current | 339,966 | 361,097 |
* Definition: Secured Overnight Financing Rate Data (“SOFR”) and Certificates of Interbank Deposits (“CDI”).
(a) This loan was recognized in the Company’s financial statements as a result of the acquisition of Bluestone.
On February 7, 2025, Aura, Nemesia S.à.r.l., and Bluestone, signed a term sheet for the purchase and assignment of the debt obligation related to the Cerro Blanco Project held by Bluestone. On March 14, 2025, the parties executed a Debt Purchase and Assignment Agreement, reflecting the terms previously agreed between the parties and subject to certain closing conditions, including approval from Toronto Stock Exchange (“TSX”). On April 15, 2025, the parties closed the transaction, pursuant to which Aura acquired from Nemesia S.à.r.l. all of Nemesia’s rights, title, and interest in the outstanding debt of Bluestone in exchange for 1,218,222 common shares of Aura and an unsecured promissory note in the principal amount of $5.9 million payable from Aura to Nemesia S.à.r.l (the “New Promissory Note”), The New Promissory Note has a fixed interest rate of 7% and becomes due once Cerro Blanco achieves commercial production within the next 20 years. The fair value of the 1,218,222 common shares issued was $22.8 million, based on Aura’s share price at the closing date. The transaction resulted in a loss on settlement of liability with equity instruments of $8.8 million, recognized as a finance expense (Note 23) for the nine-month period ended September 30, 2025.
| 16 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
The non-current loans and debentures payments are as follows:
| Amount | ||
|---|---|---|
| 2026 | ** | 78,734 |
| 2027 | 74,358 | |
| 2028 | 70,674 | |
| 2029 | 63,204 | |
| 2030 onwards | 52,996 | |
| 339,966 |
** Includes amounts that become due from October 1, 2026.
Financial Covenants
Mineração Apoena S.A. (“Apoena”) – subsidiaryof the Company
- Bank BTG Pactual.: Principal of US$ 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.
Aranzazu Holdings SA de CV (“Aranzazu”) – subsidiaryof the Company
- 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.
Aura Almas Mineração S.A. (“Almas”) –subsidiary of the Company
- Debentures: Principal of R$1 billion (US$161,491) entered in October 2024
The agreement also includes a quarterly financial covenant where the net debt to the last 12 months EBITDA ratio not exceed:
in the case of Aura Minerals, 2.75x through June 30, 2025;
in the case of Almas, 2.00x from July 1, 2025 through October 2, 2027; and
in the case of Almas, 1.50x thereafter through maturity;
Aura Almas Mineração S.A. (“Almas”) –subsidiary of the Company
- Swap agreement entered in October 2024.
The agreement also includes a quarterly financial covenant where the net debt to the last 12 months EBITDA ratio not exceed:
in the case of Aura Minerals, 2.75x through June 30, 2025;
in the case of Almas, 2.00x from July 1, 2025 through October 2, 2027; and
in the case of Almas, 1.50x thereafter through maturity;
17
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
Aura Almas Mineração S.A. (“Almas”) –subsidiary of the Company
- Safra Bank: Principal of US$ 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.
Cascar Brasil Mineração Ltda. (“Cascar”) –subsidiary of the Company (Borborema Project)
- 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 nine months ended September 30, 2025, the Company and its subsidiaries are in compliance with all the financial covenants.
14 INCOME TAXES
a) Incometaxes
As of September 30, 2025, the current income tax liability is $46,228 ($31,618 as of December 31, 2024).
Income tax expenses included in the unaudited condensed interim consolidated statements of income for the three and nine-months periods ended September 30, 2025, and 2024 are as follows:
| Three-month period ended September 30,<br> 2025 | Three-month period ended September 30,<br> 2024 | Nine-month period ended September 30, 2025 | Nine-month period ended September 30, 2024 | |||||
|---|---|---|---|---|---|---|---|---|
| Current income tax | (38,402 | ) | (11,833 | ) | (88,767 | ) | (36,588 | ) |
| Deferred income tax | 10,510 | 1,995 | 19,350 | (5,738 | ) | |||
| Total<br> income/deferred taxes expense | (27,892 | ) | (9,838 | ) | (69,417 | ) | (42,326 | ) |
| 18 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
b) Deferredincome tax assets and liabilities
Deferred tax assets and liabilities on the unaudited condensed interim consolidated statements of financial position consist of:
| Net deferred income tax<br> assets (liabilities) are classified as follows: | September 30, 2025 | December 31, 2024 | ||
|---|---|---|---|---|
| Deferred income tax assets | 35,903 | 15,218 | ||
| Deferred income tax liabilities | (31,888 | ) | (31,583 | ) |
| Total<br> deferred taxes, net | 4,015 | (16,365 | ) |
The movements in the net deferred income tax asset (liability) account for the nine months ended September 30, 2025 and 2024 are as follows:
| Balance, December<br> 31, 2023 | 17,938 | |
|---|---|---|
| Recorded in the statement of income (loss) | (5,738 | ) |
| Recorded through other comprehensive income | 544 | |
| Exchange differences | (3,134 | ) |
| Balance, September 30,<br> 2024 | 9,610 | |
| Balance, December 31,<br> 2024 | (16,365 | ) |
| Recorded in the statement of income (loss) | 19,350 | |
| Recorded through other comprehensive income | (1,114 | ) |
| Acquisition of Bluestone | (1,137 | ) |
| Exchange differences | 3,281 | |
| Balance, September 30,<br> 2025 | 4,015 |
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:
| September 30, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| Provision for mine closure and restoration | 10,250 | 7,057 | ||
| Tax losses carried forward | 3,404 | 5,831 | ||
| Amortization of intangibles | 1,482 | 5,689 | ||
| Non-deductible provisions | 12,196 | 11,235 | ||
| Non-deductible exchange changes | 4,712 | (442 | ) | |
| Deferred taxes over non-monetary items | (10,362 | ) | (34,974 | ) |
| Depreciation | (19,066 | ) | (9,198 | ) |
| Advance payments | (2,698 | ) | (3,488 | ) |
| Others | 4,097 | 1,925 | ||
| Total<br> of deferred tax assets and liabilities | 4,015 | (16,365 | ) | |
| Fair value of financial instruments | (1,946 | ) | (832 | ) |
| Total<br> of deferred tax on OCI | (1,946 | ) | (832 | ) |
| 19 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
c) Effectivetax rate
| For the nine-months period ended September<br> 30, 2025 | For<br>the nine-months period<br><br> <br>ended September 30, 2024 | |||
|---|---|---|---|---|
| Income (loss) before Income taxes | 9,941 | (4,589 | ) | |
| Income taxes at statutory rate applicable to the parent Company (0%) | — | — | ||
| Adjustments for calculating the effective rate | ||||
| Tax calculated at the domestic rates | (85,520 | ) | (32,331 | ) |
| Non-deductible expenses | 4,901 | (2,262 | ) | |
| Unrecognized deferred tax asset (losses carried forward) | 6,863 | (7,924 | ) | |
| Tax exemptions | 5,670 | 1,147 | ||
| Withholding taxes on distribution | (4,223 | ) | (2,278 | ) |
| Tax over translation adjustments | (21,314 | ) | 445 | |
| Deferred taxes over non-monetary items | 22,323 | 8,943 | ||
| Others | 1,883 | (8,066 | ) | |
| Income tax expense | (69,417 | ) | (42,326 | ) |
| Effective tax rate | (698.3 | %) | 922.3 | % |
15 PROVISION FOR MINECLOSURE AND RESTORATION
The movements for the nine months ended September 30, 2025, and 2024 are as follow:
| September 30, 2025 | September 30, 2024 | |||
|---|---|---|---|---|
| Balance, beginning of year | 50,573 | 48,727 | ||
| Bluestone acquisition | 9,668 | — | ||
| Accretion expense (note 23) | 5,780 | 4,553 | ||
| Disbursements | (1,290 | ) | — | |
| Change in estimate | 818 | (428 | ) | |
| Foreign exchange | 1,832 | — | ||
| Balance, end of period | 67,381 | 52,852 | ||
| Current | 2,551 | — | ||
| Non-current | 64,830 | 52,852 |
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 a discount rate for each entity based on their life of mine and the corresponding country treasury bill rates of 11.73%, 10.02 %, and 7.22% at September 30, 2025 and December 31, 2024 for, Brazil, Mexico, and Honduras, respectively. The provisions have been re-measured at each reporting date, with the accretion expense being recorded as a finance cost.
| 20 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
16 OTHER PROVISIONS
| Long-term employee benefits | Provision for judicial contingencies | CVRs | Total | |||
|---|---|---|---|---|---|---|
| At December 31, 2023 | 11,964 | 672 | — | 12,636 | ||
| Periodic service and finance cost (Note 23) | 1,249 | — | — | 1,249 | ||
| Change in provision for the period | 528 | 78 | — | 606 | ||
| Settlement during the period | (505 | ) | — | — | (505 | ) |
| At September 30, 2024 | 13,236 | 750 | — | 13,986 | ||
| At December 31, 2024 | 13,860 | 3,284 | — | 17,144 | ||
| Periodic service and finance cost (Note 23) | 1,620 | — | — | 1,620 | ||
| Change in provision for the period | — | 2,743 | 9,120 | 11,863 | ||
| Actuarial changes | 529 | — | — | 529 | ||
| Settlement during the period | (2,238 | ) | — | — | (2,238 | ) |
| Foreign exchange | — | — | 297 | 297 | ||
| At September 30, 2025 | 13,771 | 6,027 | 9,417 | 29,215 |
17 OTHER LIABILITIES
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| NSR royalty (note 17 (a)) | 641 | 971 |
| Lease payment obligation<br> (note 17 (b)) | 26,141 | 24,251 |
| Total<br> other liabilities | 26,782 | 25,222 |
| Current | 15,988 | 14,190 |
| Non-current | 10,794 | 11,032 |
a) NSRRoyalty
The movements for the nine months ended September 30, 2025 and 2024 of the NSR Royalty are as follows:
| September 30, 2025 | September 30, 2024 | |||
|---|---|---|---|---|
| Balance, beginning of year | 971 | 826 | ||
| Royalty payments | (2,025 | ) | (1,699 | ) |
| Increase in NSR obligations | 1,695 | 1,351 | ||
| Balance, end of the period | 641 | 478 |
| 21 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
b) Lease PaymentObligation
The movements for the nine months ended September 30, 2025 and 2024 of the lease liability obligation are as follows:
| September 30, 2025 | September 30, 2024 | |||
|---|---|---|---|---|
| Balance, beginning of year | 24,251 | 38,654 | ||
| Bluestone acquisition | 7 | — | ||
| Change in estimate | 7,817 | 860 | ||
| Accretion expense (Note 23) | 2,580 | 6,779 | ||
| Lease payments (Principal and interest) | (13,912 | ) | (13,490 | ) |
| Foreign exchange | 5,398 | (3,716 | ) | |
| Balance, end of period | 26,141 | 29,087 | ||
| Current | 15,347 | 13,747 | ||
| Non-current | 10,794 | 15,340 |
The weighted average discount rate applied to the lease liabilities within the period ended September 30, 2025 is 11.73% (13.15% and 9% for the period ended September 30, 2024), based on their corresponding country treasury bill rates.
Lease liabilities are reflected within the current and long-term liabilities in the consolidated statements of financial position. The finance cost or amortization of the discount on the lease liabilities are charged to the consolidated statements of income using the effective interest method.
18 EQUITY
The Company has authorized an unlimited number of common shares, being subscribed 83,534,506 as of September 30, 2025 (72,399,495 as of December 31, 2024).
As of September 30, 2025, the Company had 1,493,492 options issued and outstanding (1,052,589 as of December 31, 2024). The share-based payment expense is measured at fair value and recognized over the vesting period from the date of grant, and for the nine months period ended September 30, 2025 and 2024, share-based payment expense recognized in general and administrative expenses was $1,341 and $82 respectively. During the period ended September 30, 2025 the Company granted 448,398 new stock options.
On September 29, 2025, the Company also granted 142,160 Restricted Share Units (“RSUs”) under its Omnibus Incentive Plan. Each RSU represents the right to receive one common share of the Company upon vesting. The RSUs vest in three equal annual installments on September 29, 2026, 2027 and 2028, subject to continued service.
Under the terms of the plan, settlement of the RSUs is expected to occur within 60 days following each vesting date. On the settlement date, the Company may, at its discretion, deliver either common shares, cash, or a combination of both. The Company currently intends to settle the RSUs through the issuance of common shares. Accordingly, the RSUs are accounted for as equity-settled share-based compensation.
| 22 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
The grant-date fair value of the RSUs was measured based on the market price of the Company’s common shares on September 29, 2025. This fair value will be recognized as compensation expense, with a corresponding increase in equity, over the requisite service period using a straight-line attribution method.
Repurchase of shares
On March 14 2024, the Company announced a new normal course issuer bid (“New NCIB”) for its TSX listed shares and a buyback program for its Brazilian Depositary Receipts (“BDRs”) listed in the Brazilian Stock Exchange (“B3”). The limit for purchases under the NCIB and the BDR Buyback Program was a combined aggregate limit, representing, altogether, 2,261,426 Common Shares.
On March 24, 2025, Aura announced the renewal of its Normal Course Issuer Bid (NCIB) and concurrent Buyback Program for Brazilian Depositary Receipts (BDRs). The renewed NCIB allows the Company to repurchase up to 2.69 million common shares, while the BDR program permits the repurchase of up to 8.08 million BDRs—each equivalent to one-third of a common share—on the B3.
For the period ended September 30, 2025 the Company has repurchased 162,826 common shares of its Brazilian Depositary Receipts and 20,424 common shares under the NCIB, for $849 and $351, respectively, for a total of $1,200 recorded directly in share capital. During this period, the Company has canceled (96,141) shares from the total repurchased.
Nasdaq IPO (“Initial Public Offering”)
On July 17, 2025, the Company closed its U.S. Initial Public Offering of 8,100,510 common shares at a public offering price of US$24.25 per share. The registration statement on Form F-1 relating to the offering was declared effective by the U.S. Securities and Exchange Commission on July 15, 2025. The Company’s common shares began trading on the Nasdaq Global Select Market under the ticker symbol “AUGO” on July 16, 2025.
In connection with the offering, the Company granted the underwriters a 30-day option to purchase up to an additional 1,215,077 common shares at the public offering price, less underwriting discounts and commissions. This option was partially exercised by the underwriters on August 8, 2025, and a total of 897,134 shares were purchased pursuant to the option.
The Company received proceeds of $196,437 from the IPO and $21,756 from the exercise of the greenshoe option. Total cash transaction costs incurred in connection with the offering amounted to $18,076 and were accounted for as a deduction from equity. Accordingly, the net amount recognized in equity was $200,116.
| 23 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
The offering did not give rise to any gain or loss in the consolidated statement of income, as all directly attributable transaction costs related to the issuance of equity instruments were recognized as a deduction from equity.
19 REVENUE
| Three-month period ended September 30,<br> 2025 | Three-months period ended September 30,<br> 2024 | Nine-month period ended September 30, 2025 | Nine-month period ended September 30, 2024 | |||
|---|---|---|---|---|---|---|
| Gold | 180,738 | 105,436 | 420,208 | 278,523 | ||
| Copper & Gold concentrate | 63,330 | 53,387 | 176,962 | 149,253 | ||
| Provisional prices | 1,809 | (2,666 | ) | — | (5,130 | ) |
| Other (a) | 1,955 | — | 2,902 | — | ||
| Revenue | 247,832 | 156,157 | 600,072 | 422,646 |
Revenues for the Minosa, Apoena and Almas mines relate to the sale of refined gold and for the Aranzazu mine relates to the sale of copper concentrate. The Company’s revenues are concentrated in 5 clients (see Note 26(d)).
For the three and nine-months period ended September 30, 2025, Brazil, Mexico and Honduras represented 49.1%, 27.1% and 23.9% and 42.9%, 30.9% and 27.2% respectively of the Company’s revenue (36.0%, 32.5% and 31.5% and 30.4%, 34.1 % and 30.5% for the period ended September 30, 2024).
For the period ended September 30, 2025, the Company’s main clients Asahi Refining USA Inc, Trafigura México, S.A. de C.V. and Auramet International, represented 53.7%, 29.5% and 15.8% respectively of the Company’s revenue (40,5%, 15,2 % and 44.3 % for the period ended September 30, 2024).
| (a) | “Other” revenue for the period ended September 30, 2025, relates to the<br> sale of molybdenum from the Aranzazu mine. |
|---|
20 COST OF GOODS SOLDBY NATURE
| Three-month period ended September 30,<br> 2025 | Three-months period ended September 30,<br> 2024 | Nine-month period ended September 30, 2025 | Nine-month period ended September 30, 2024 | |||||
|---|---|---|---|---|---|---|---|---|
| Direct mine and mill costs | (44,745 | ) | (29,838 | ) | (134,134 | ) | (104,899 | ) |
| Direct mine and mill costs - Contractors | (26,437 | ) | (27,481 | ) | (59,433 | ) | (69,861 | ) |
| Direct mine and mill costs - Salaries | (11,983 | ) | (9,971 | ) | (30,659 | ) | (30,138 | ) |
| Depletion and amortization | (15,058 | ) | (16,686 | ) | (43,870 | ) | (47,577 | ) |
| Total | (98,223 | ) | (83,976 | ) | (268,096 | ) | (252,475 | ) |
| 24 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
21 GENERAL AND ADMINISTRATIVEEXPENSES
| Three-month period ended September 30,<br> 2025 | Three-months period ended September 30,<br> 2024 | Nine-month period ended September 30, 2025 | Nine-month period ended September 30, 2024 | |||||
|---|---|---|---|---|---|---|---|---|
| Salaries, wages, benefits and bonus | (4,592 | ) | (3,409 | ) | (13,419 | ) | (10,411 | ) |
| Professional and consulting fees | (1,164 | ) | (1,543 | ) | (5,323 | ) | (4,421 | ) |
| Legal fees | (236 | ) | (158 | ) | (694 | ) | (537 | ) |
| Insurance | (675 | ) | (155 | ) | (1,065 | ) | (781 | ) |
| Directors' fees | (580 | ) | (293 | ) | (1,835 | ) | (592 | ) |
| Travel expenses | (284 | ) | (158 | ) | (858 | ) | (595 | ) |
| Share-based payment expense (Note 18) | (1,269 | ) | (66 | ) | (1,341 | ) | (118 | ) |
| Depreciation and amortization | (142 | ) | (422 | ) | (676 | ) | (1,621 | ) |
| Care and maintenance | — | (310 | ) | (716 | ) | (1,106 | ) | |
| Other | (1,429 | ) | (409 | ) | (5,364 | ) | (2,552 | ) |
| Total | (10,371 | ) | (6,923 | ) | (31,291 | ) | (22,734 | ) |
22 EXPLORATION EXPENSES
| Three-month period ended September 30,<br> 2025 | Three-months period ended September 30,<br> 2024 | Nine-month period ended September 30, 2025 | Nine-month period ended September 30, 2024 | |||||
|---|---|---|---|---|---|---|---|---|
| Minosa | (760 | ) | (589 | ) | (1,260 | ) | (590 | ) |
| Almas | (488 | ) | — | (1,148 | ) | — | ||
| Apoena | (82 | ) | (129 | ) | (268 | ) | (299 | ) |
| Aranzazu | (675 | ) | (1,193 | ) | (2,178 | ) | (3,959 | ) |
| Borborema project | (317 | ) | — | (387 | ) | — | ||
| All other segments | (11 | ) | (2,382 | ) | (182 | ) | (4,338 | ) |
| Total | (2,333 | ) | (4,293 | ) | (5,423 | ) | (9,186 | ) |
| 25 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
23 FINANCE EXPENSE
| Three-month period ended September 30,<br> 2025 | Three-months period ended September 30,<br> 2024 | Nine-month period ended September 30, 2025 | Nine-month period ended September 30, 2024 | |||||
|---|---|---|---|---|---|---|---|---|
| Accretion expense (Note 15) | (2,980 | ) | (1,447 | ) | (5,780 | ) | (4,553 | ) |
| Lease interest expense (Note 17 (b)) | (824 | ) | (2,758 | ) | (2,580 | ) | (6,779 | ) |
| Interest expense on loans and debentures (Note 24 (a)) | (5,786 | ) | (7,278 | ) | (17,639 | ) | (15,616 | ) |
| Finance cost on post-employment benefit | (535 | ) | (415 | ) | (1,620 | ) | (1,249 | ) |
| Unrealized loss with derivative gold collars (Note 25 (a)<br> - ii) | (75,252 | ) | (56,267 | ) | (199,766 | ) | (89,493 | ) |
| Realized loss with derivative gold collars | (17,130 | ) | — | (34,869 | ) | — | ||
| Loss on other derivative transactions | (685 | ) | (1,321 | ) | (3,817 | ) | (1,321 | ) |
| Change in liability measured at fair value | (1,036 | ) | — | (7,420 | ) | (85 | ) | |
| Foreign exchange | (36 | ) | — | (5,674 | ) | (10,995 | ) | |
| Derivative fee | — | — | — | (13,522 | ) | |||
| Loss on settlement of liability with equity instruments<br> (Note 13) | — | — | (8,768 | ) | — | |||
| Other finance costs | (585 | ) | (476 | ) | (1,312 | ) | (1,047 | ) |
| Finance expenses | (104,849 | ) | (69,962 | ) | (289,245 | ) | (144,660 | ) |
| Change in liability measured at fair value | — | 3,502 | — | — | ||||
| Foreign exchange | — | 2,279 | — | — | ||||
| Interest income | 2,284 | 1,490 | 5,439 | 2,772 | ||||
| Finance income | 2,284 | 7,271 | 5,439 | 2,772 | ||||
| Total<br> finance result | (102,565 | ) | (62,691 | ) | (283,806 | ) | (141,888 | ) |
24 CASH FLOW INFORMATION
a) Items adjusting (loss) ofthe period
| Three-month period ended September 30,<br> 2025 | Three-months period ended September 30,<br> 2024 | Nine-month period ended September 30, 2025 | Nine-month period ended September 30, 2024 | ||
|---|---|---|---|---|---|
| Deferred and current income tax expense | 27,892 | 9,838 | 69,417 | 42,326 | |
| Depreciation and amortization | 15,200 | 17,009 | 44,546 | 48,562 | |
| Accretion expense (Note 23) | 2,980 | 1,447 | 5,780 | 4,553 | |
| Lease Interest expense (Note 23) | 824 | 2,758 | 2,580 | 6,779 | |
| Interest expense on loans and debentures (Note 23) | 5,786 | 7,278 | 17,639 | 15,616 | |
| Finance cost on post-employment benefit (Note 23) | 535 | 415 | 1,620 | 1,249 | |
| Unrealized loss on derivatives gold collars (Note 23) | 75,252 | 56,267 | 199,766 | 89,493 | |
| Loss on other derivatives (Note 23) | 685 | 1,321 | 3,817 | 1,321 | |
| Derivative fee (Note 23) | — | 13,522 | — | 13,522 | |
| Foreign exchange loss (Note 23) | 36 | (2,279 | ) | 5,674 | 10,995 |
| Change in fair value in liability measured at fair value | 1,036 | (3,502 | ) | 7,420 | 85 |
| Share-based payment expense (Note 18) | 1,269 | 66 | 1,342 | 118 | |
| Loss on disposal of assets | 828 | 246 | 1,264 | 823 | |
| Loss on settlement of liability with equity instruments | — | — | 8,768 | — | |
| Other non-cash items | 1,219 | 1,271 | 1,741 | 2,230 | |
| Total | 133,542 | 105,657 | 371,374 | 237,672 |
| 26 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
b) Changes in working capital
| Three-month period ended September 30,<br> 2025 | Three-months period ended September 30,<br> 2024 | Nine-month period ended September 30, 2025 | Nine-month period ended September 30, 2024 | |||||
|---|---|---|---|---|---|---|---|---|
| Increase in accounts receivables and value<br> added taxes and other recoverable taxes | (14,728 | ) | (1,144 | ) | (16,854 | ) | (5,660 | ) |
| Increase in inventory | 3,254 | (12,917 | ) | (12,328 | ) | (23,941 | ) | |
| Decrease in trade and other<br> payables | 13,648 | 7,387 | 20,593 | 5,794 | ||||
| Total | 2,174 | (6,674 | ) | (8,589 | ) | (23,807 | ) |
c) Other current and non-currentassets and liabilities
| Three-month period ended September 30,<br> 2025 | Three-months period ended September 30,<br> 2024 | Nine-month period ended September 30, 2025 | Nine-month period ended September 30, 2024 | ||||
|---|---|---|---|---|---|---|---|
| Changes in other current and non-current<br> assets and liabilities consists of: | |||||||
| (Increase) Decrease in other receivables and<br> assets (non-current) | (7,389 | ) | (783 | ) | (3,290 | ) | 114 |
| (Increase) in other receivables and assets (current) | (4 | ) | (6,068 | ) | (83 | ) | 3,485 |
| Increase (Decrease) in<br> other liabilities (current and non-current) | (23,098 | ) | 289 | (28,548 | ) | 846 | |
| Total | (30,491 | ) | (6,562 | ) | (31,921 | ) | 4,445 |
d) Non-cash transactions on investingactivities consist of:
| Three-month period ended September 30,<br> 2025 | Three-months period ended September 30,<br> 2024 | Nine-month period ended September 30, 2025 | Nine-month period ended September 30, 2024 | |
|---|---|---|---|---|
| Non-cash addition<br> to property, plant and equipment | 5,094 | 1,023 | 15,822 | 823 |
| Total | 5,094 | 1,023 | 15,822 | 823 |
| 27 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
e) Loans, debentures and derivativesreconciliation
| Loans and debentures | Derivatives | |||
|---|---|---|---|---|
| Balance as of December 31,<br> 2023 | 333,589 | 32,005 | ||
| Changes from Financing cash flows: | ||||
| Loan and debentures repayments | (55,329 | ) | — | |
| Loan proceeds | 73,640 | — | ||
| Interest paid on loans * | (21,226 | ) | — | |
| Interest paid on debentures * | (8,230 | ) | — | |
| Derivative settlement | — | 4,054 | ||
| Other Changes: | ||||
| Interest expenses on loans | 19,140 | |||
| Interest expenses on debentures | 6,100 | |||
| Derivative result | — | (2,172 | ) | |
| Foreign exchange adjustments | (7,125 | ) | 7,534 | |
| Derivative settlement (withholding taxes) | — | 715 | ||
| Swap fair value adjustment | — | 1,779 | ||
| Gold Hedges fair value adjustment | — | 89,493 | ||
| Balance as of September 30, 2024 | 340,559 | 133,408 | ||
| Balance as of December 31, 2024 | 443,104 | 139,490 | ||
| Acquisition of Bluestone | 5,900 | |||
| Changes from Financing cash flows: | ||||
| Loan and debentures repayments | (54,330 | ) | — | |
| Interest paid on loans * | (29,480 | ) | — | |
| Derivative settlement (Gold Hedges) | — | (34,869 | ) | |
| Derivative settlement -<br> debt swap agreements | — | 1,164 | ||
| Other Changes: | ||||
| Interest expenses on loans | 15,099 | — | ||
| Interest expenses on debentures | 20,577 | — | ||
| Derivative result | — | (10,850 | ) | |
| Foreign exchange adjustments | 27,955 | (27,084 | ) | |
| Derivative settlement (withholding taxes) | — | 1,104 | ||
| Swap fair value adjustment | — | 3,276 | ||
| Gold Hedges fair value adjustment | — | 234,635 | ||
| Other derivatives fair value<br> adjustment | 951 | 2,866 | ||
| Balance as of September 30, 2025 | 429,776 | 309,732 |
* Interest payment on loans and debentures are being presented under financing activities in the Condensed Interim Consolidated Statements of Cash Flows
| 28 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
25 FINANCIAL INSTRUMENTSAND FAIR VALUE MEASUREMENT
a) Financial Instruments
The Company has the following derivative financial instruments in the following line items in the consolidated statements of financial position:
| Asset/(Liability) at | Asset/(Liability) at | ||||
|---|---|---|---|---|---|
| Derivatives Contracts | Current/Non-Current | September 30, 2025 | December 31, 2024 | ||
| Swap - Aura Almas (Itaú<br> Bank) | Non-current | 14,590 | (15,164 | ) | |
| Swap - Apoena Mines (Bradesco<br> and ABC Bank) | Current | (4,102 | ) | (3,872 | ) |
| Gold<br> Derivatives | Current / Non-current | (320,220 | ) | (120,454 | ) |
| Total | (309,732 | ) | (139,490 | ) |
Classification of financial instruments
| September 30, 2025 | December 31, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 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 | 6 | 351,414 | — | — | 270,189 | — | — | ||
| Accounts receivable | 7 | 12,842 | — | — | 2,354 | 13,480 | — | ||
| Derivative Financial Instrument | 25 | — | — | 14,590 | — | — | — | ||
| Non-current | — | — | — | — | |||||
| Other receivables and assets | 10 | — | — | 5,113 | — | — | 3,454 | ||
| 364,256 | — | 19,703 | 272,543 | 13,480 | 3,454 | ||||
| Liabilities | |||||||||
| Current | |||||||||
| Trade and other payables | 12 | 125,447 | — | — | 98,067 | — | — | ||
| Derivative Financial Instrument | 25 | — | 26,521 | — | — | 19,302 | |||
| Current portion of loan and debentures | 13 | 74,974 | 14,836 | — | 78,115 | 3,892 | — | ||
| Liability measured at fair value | 14 | — | 5,322 | — | — | 3,362 | — | ||
| Other liabilities | 18 | 15,988 | — | — | 14,190 | — | — | ||
| Non-current | |||||||||
| Derivative Financial Instrument | 25 | — | 297,801 | — | — | 105,024 | 15,164 | ||
| Non-Current portion of loan and debentures | 13 | 154,437 | 185,529 | — | 202,474 | 158,623 | — | ||
| Liability measured at fair value | — | 17,311 | — | — | 14,387 | — | |||
| Other provisions | 16 | — | 9,417 | — | — | — | — | ||
| Other liabilities | 17 | 10,794 | — | — | 11,032 | — | — | ||
| 381,640 | 556,737 | — | 403,878 | 304,590 | 15,164 |
| 29 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
| i) | Swap agreements: |
|---|
As of September 30, 2025, and December 31, 2024, the Company has the following swap agreements:
| Asset/(Liability) at | Asset/(Liability) at | |||||
|---|---|---|---|---|---|---|
| Derivatives Contracts | Commodity/<br> index | Current/Non-Current | September 30, 2025 | December 31, 2024 | ||
| Swap - Aura Almas (Itaú Bank) (a) | CDI | Current | 14,590 | (15,164 | ) | |
| Swap - Apoena<br> Mines (Bradesco and ABC Bank) | CDI | Current | (4,102 | ) | (3,872 | ) |
| Total | 10,488 | (19,036 | ) |
(a) The swap agreements from the Company’s subsidiary, Almas, was designated as a hedge accounting.
ii) Derivative Options
ii) a - Derivative Collars –Apoena
For Apoena Mines, as of September 30, 2025, Mineração Apoena S.A. had zero cost put/call collars for 1,250 ounces of gold with floor price of $1,400 and ceiling price of $2,100 per ounce of gold. The expiration dates are between October 2025 and December 2025.
ii) b – Derivative Collars Borborema Project
As of September 30, 2025, the Company had 213,192 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 October 2025 and June 2028.
The fair value effect of both the Derivative Collars - Apoena and the Derivative Collars Borborema Project for the three and nine-months ended September 30, 2025 is ($75,252) and ($199,766), respectively ($56,267) and ($89,493) for the three and nine-months ended September 30, 2024 respectively), recorded as a finance expenses loss in the financial statements.
| 30 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
As of the date of these Unaudited Condensed Interim Financial Statements, the Company and its subsidiaries have 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.
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<br> assets or liabilities; |
|---|---|
| 2) | Level 2, which are inputs other than Level 1 quotes prices that are observable, either<br> 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<br> 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.
The fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis at September 30, 2025 and December 31, 2024 are summarized in the following table:
| September 30, 2025 | December 31, 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Level | Fair value through profit & loss | Fair value through OCI | Fair value through profit & loss | Fair value through OCI | |||
| Assets | |||||||
| Accounts receivable | 2 | — | — | 13,480 | — | ||
| Other receivables and assets | 1 | — | 5,113 | — | 3,454 | ||
| Derivative Financial Instrument | 2 | — | 14,590 | — | — | ||
| — | 19,703 | 13,480 | 3,454 | ||||
| Liabilities | |||||||
| Debentures | 2 | 200,365 | — | 162,515 | — | ||
| Liability measured at fair value | 3 | 22,633 | — | 17,749 | — | ||
| Derivative Financial Instrument | 2 | 324,322 | — | 124,326 | 15,164 | ||
| Other provisions | 3 | 9,417 | — | — | — | ||
| 556,737 | — | 304,590 | 15,164 |
| 31 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
Valuation inputs and relationships to fair value
The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements:
| Description | Fair value at | Unobservable inputs | Inputs | Relationship of unobservable inputs to fair value | ||
|---|---|---|---|---|---|---|
| **** | September 30, 2025 | December 31, 2024 | **** | 2025 | 2024 | **** |
| Liability measured at fair value (NSR agreement)) | 22,633 | 17,749 | Expected production of gold ounces | 747,704 | 747,704 | If expected production of gold ounces were 10% higher or lower,<br> the fair value would increase/decrease by $831 |
| Contingent Value Rights (CVRs) | 9,417 | — | Commercial Production | (a) | — | (a) |
| (a) | The Company assessed the probability of achieving commercial production, which is defined on Note 5, over various time horizons, primarily<br> within a 0 to 20-year range, while also recognizing a residual probability of timelines extending beyond 20 years. If expected commercial<br> production probability varies by 10% on the lower and higher ends of these time horizons, the fair value would increase or decrease by<br> $1,367. | |||||
| --- | --- |
Valuation process
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.
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.
• Probability of commercial production achievement and expected timing of payment.
There was no significant changes on the key inputs into the Monte Carlo simulation model for the liability measured at fair value (NSR agreement) used for the period ended September 30, 2025.
| 32 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
26 FINANCIAL RISKMANAGEMENT
| 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 27 below.
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:
| As of September<br> 30, 2025 | Within<br><br> 1 year | 2 to 3<br><br> years | 4 to 5<br><br> years | Over 5<br><br> years | Total |
|---|---|---|---|---|---|
| Trade and other payables | 125,447 | — | — | — | 125,447 |
| Loans and debentures | 89,810 | 237,077 | 156,148 | 28,160 | 511,195 |
| Provision for mine closure and restoration | 3,434 | 4,189 | 6,367 | 58,747 | 72,737 |
| Lease liabilities | 13,876 | 8,378 | 100 | 40 | 22,394 |
| Liability measured at<br> fair value | 5,322 | 4,781 | 6,127 | 24,683 | 40,913 |
| 237,889 | 254,425 | 168,742 | 111,630 | 772,686 | |
| As of December<br> 31, 2024 | Within<br><br> 1 year | 2 to 3<br><br> years | 4 to 5<br><br> years | Over 5<br><br> years | Total |
| --- | --- | --- | --- | --- | --- |
| Trade and other payables | 98,067 | — | — | — | 98,067 |
| Loans and debentures | 84,518 | 196,356 | 146,976 | 46,140 | 473,990 |
| Provision for mine closure and restoration | 9,674 | 5,431 | 8,132 | 35,049 | 58,286 |
| Lease liabilities | 12,305 | 14,937 | — | — | 27,242 |
| Liability measured at<br> fair value | 3,915 | 4,332 | 4,882 | 22,860 | 35,989 |
| 208,479 | 221,056 | 159,990 | 104,049 | 693,574 |
As of September 30, 2025, Aura has cash and cash equivalents of $351,414 ($270,181 as of December 31, 2024) and net working capital of $200,306 ($200,462 as of December 31, 2024) (current assets, excluding restricted cash less current liabilities).
| 33 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
| b) | Currency risk |
|---|
Aura’s operating assets 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 and Guatemalan Quetzals.
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 term loans and other provisions denominated in foreign currency.
At September 30, 2025 and December 31, 2024 , the Company had cash and cash equivalents of $351,414, and $270,189, respectively, of which, $324,831 ($229,525 in 2024) were in United States dollars, $196 ($265 in 2024) in Canadian dollars, $18,236 ($28,997 in 2024) in Brazilian real, $7,876 ($11,229 in 2024) in Honduran lempiras, $195 ($158 in 2024) in Mexican pesos, $11 ($14 in 2024) in Colombian Pesos, $63 ($0 in 2024) in Guatemalan Quetzals and $6 ($0 in 2024) 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 $1,329.
| 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 September 30, 2025, 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. The Company concluded that its exposure to interest rates is immaterial.
| 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.
| 34 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
At September 30, 2025, 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 and Minosa, the Company collects payments in advance 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 is generally collected within 15 days from the issuance of the invoice.
| e) | Market risk |
|---|
Commodity derivatives transactions – Gold collars
As mentioned in Note 25, 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 September 30, 2025 closing prices.
Liability measured at fair value
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 cash flows.
Gold linked Loan
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 cash flows.
The reasonably possible scenario of 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%. To simulate the potential 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<br> instruments (Gold collars) | Gold price increase/decrease | D<br> 10% | 90,000 |
| Liability measured<br> at fair value | Gold price increase/decrease | D<br> 10% | 2,263 |
| Loans and debentures<br> (Gold linked loan) | Gold price increase/decrease | D<br> 10% | 391 |
| 35 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
27 CAPITALMANAGEMENT
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 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, and issue new shares to reduce debt.
On February 26, 2025, May 5, 2025 and August 5, Aura’s Board of Directors has declared and approved the payment of dividends for a total of $18.3 million, $29.8 million and $27.6 million, respectively. These correspond to $0.25 per share and $0.08 per Brazilian Depositary Receipt (“BDR”); $0.40 per share and $0.13 per BDR; and $0.33 per share and $0.11 per BDR, respectively. The dividends were paid on March 28, 2025, May 30, 2025 and September 5, 2025 respectively.
28 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 September 30, 2025 and 2024 were $3,075 and $3,338, respectively.
Director’s fees
Management issued 189,795 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 September 30, 2025, is $2,522 ($1,216 as of December 31, 2024) and is included as part of Trade and other payables.
| 36 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
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 $2,376 in the period ended September 30, 2025 ($1,890: 2024).
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 of 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 $6,880 in the period ended September 30, 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 of 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 September 30, 2025 (54.8% as of December 31, 2024).
| 37 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
In the nine-month ended September 30, 2025, the Company paid to Northwestern the total amount of $38.8 million of dividends.
Employee withholding taxes payable to the Company
In March 2021, certain key executives exercised stock options and received Company shares, triggering a withholding tax obligation that the Company paid on their behalf, as required by local regulations. The Board authorized reimbursement over a period of up to 18 months (extended to September 2025), with interest at or above the Applicable Federal Rate (AFR). The balance was secured by Company shares valued at 150% of the amount due, with provisions for additional collateral or immediate repayment in the event of employment termination. As of December 31, 2024, the outstanding balance was $3,129, which was fully reimbursed by the executive in June 2025.
29 SEGMENTINFORMATION
The reportable operating segments have been identified as the Minosa Mine, Apoena Mine, the Aranzazu Mine, Almas Mine, and Borborema Project. 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.
During the period ended March 31, 2025, the Borborema Project was included as a reportable operating segment, as it became a distinct area of focus subject to regular review by Chief Operating Decision Maker (CODM). Additionally, the Projects and Corporate segments, which were previously reported separately, no longer meet the criteria for reportable segments. Accordingly, comparative information has been recast to reflect this change and are now presented as part of non-reportable segments.
| 38 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
For the periods ended September 30, 2025 and 2024, segment information is as follows:
| Reportable<br> segments | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the period ended September<br> 30, 2025 | Minosa Mine | Apoena Mine | Aranzazu Mine | Almas Mine | Borborema Project | Total reportable segments | All other segments | Total | |||||||||
| Revenue | 163,042 | 84,287 | 179,864 | 130,207 | 42,672 | 600,072 | — | 600,072 | |||||||||
| Cost of goods sold, except depletion and<br> amortization | (62,402 | ) | (31,160 | ) | (72,947 | ) | (43,951 | ) | (13,766 | ) | (224,226 | ) | — | (224,226 | ) | ||
| Depletion<br> and amortization | (3,616 | ) | (13,521 | ) | (17,987 | ) | (8,746 | ) | — | (43,870 | ) | — | (43,870 | ) | |||
| Gross<br> profit | 97,024 | 39,606 | 88,930 | 77,510 | 28,906 | 331,976 | — | 331,976 | |||||||||
| General and administrative expenses | (3,572 | ) | (2,529 | ) | (5,074 | ) | (3,385 | ) | (1,163 | ) | (15,723 | ) | (15,568 | ) | (31,291 | ) | |
| Exploration<br> expenses | (1,260 | ) | (268 | ) | (2,178 | ) | (1,148 | ) | (387 | ) | (5,241 | ) | (182 | ) | (5,423 | ) | |
| Operating<br> income/(loss) | 92,192 | 36,809 | 81,678 | 72,977 | 27,356 | 311,012 | (15,750 | ) | 295,262 | ||||||||
| Finance income/(expense) | (2,783 | ) | (9,997 | ) | (4,192 | ) | 119 | (7,602 | ) | (24,455 | ) | (241,712 | ) | (266,167 | ) | ||
| Interest in loans and debentures | (1,118 | ) | (3,522 | ) | (1,777 | ) | (10,728 | ) | (494 | ) | (17,639 | ) | — | (17,639 | ) | ||
| Other (expense) income | (272 | ) | 97 | (1,370 | ) | (31 | ) | (5 | ) | (1,581 | ) | 66 | (1,515 | ) | |||
| Income/(Loss)<br> before income taxes | 88,019 | 23,387 | 74,339 | 62,337 | 19,255 | 267,337 | (257,396 | ) | 9,941 | ||||||||
| Current tax | (23,110 | ) | (2,418 | ) | (29,714 | ) | (22,713 | ) | (6,585 | ) | (84,540 | ) | (4,227 | ) | (88,767 | ) | |
| Deferred<br> tax | 1,117 | 1,832 | 1,711 | 8,252 | 5,212 | 18,124 | 1,226 | 19,350 | |||||||||
| Income<br> taxes | (21,993 | ) | (586 | ) | (28,003 | ) | (14,461 | ) | (1,373 | ) | (66,416 | ) | (3,001 | ) | (69,417 | ) | |
| (Loss)<br> / Profit for the year | 66,026 | 22,801 | 46,336 | 47,876 | 17,882 | 200,921 | (260,397 | ) | (59,476 | ) | |||||||
| Property, plant and equipment | 64,545 | 71,583 | 129,875 | 151,143 | 248,973 | 666,119 | 117,227 | 783,346 | |||||||||
| Total assets | 102,315 | 213,549 | 399,316 | 380,712 | 141,326 | 1,237,218 | 191,644 | 1,428,862 | |||||||||
| Total liabilities | 83,396 | 140,849 | 108,882 | 266,034 | 139,526 | 738,687 | 367,742 | 1,106,429 | |||||||||
| Purchase of property, plant<br> and equipment | 5,813 | 22,429 | 21,130 | 14,531 | 55,971 | 119,874 | 13,784 | 133,658 |
(1) Non Reportable segments are composed by Matupá, Tolda Fria, Carajás and Cerro Blanco Projects and Corporate.
| 39 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
| Reportable<br> segments | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the period ended September 30, 2024 | Minosa Mine | Apoena Mine | Aranzazu Mine | Almas Mine | Borborema <br>Project | Total reportable segments | All other segments | Total | |||||||||
| Revenue | 128,793 | 64,249 | 144,123 | 85,481 | — | 422,646 | — | 422,646 | |||||||||
| Cost of goods sold, except depletion<br> and amortization | (65,126 | ) | (28,573 | ) | (71,298 | ) | (39,901 | ) | — | (204,898 | ) | — | (204,898 | ) | |||
| Depletion<br> and amortization | (3,896 | ) | (17,737 | ) | (18,868 | ) | (7,076 | ) | — | (47,577 | ) | — | (47,577 | ) | |||
| Gross<br> profit | 59,771 | 17,939 | 53,957 | 38,504 | — | 170,171 | — | 170,171 | |||||||||
| General and administrative expenses | (3,450 | ) | (2,017 | ) | (3,003 | ) | (2,938 | ) | (377 | ) | (11,785 | ) | (9,844 | ) | (21,629 | ) | |
| Care-and-maintenance expenses | — | (790 | ) | — | — | — | (790 | ) | (315 | ) | (1,105 | ) | |||||
| Exploration<br> expenses | (590 | ) | (299 | ) | (3,959 | ) | — | (43 | ) | (4,891 | ) | (4,295 | ) | (9,186 | ) | ||
| Operating<br> income/(loss) | 55,731 | 14,833 | 46,995 | 35,566 | (420 | ) | 152,705 | (14,454 | ) | 138,251 | |||||||
| Finance income/(expense) | (3,692 | ) | (7,532 | ) | 449 | 473 | (13,507 | ) | (23,809 | ) | (102,463 | ) | (126,272 | ) | |||
| Interest in loans and debentures | (1,561 | ) | (4,349 | ) | (1,629 | ) | (6,305 | ) | (1,772 | ) | (15,616 | ) | — | (15,616 | ) | ||
| Other<br> (expense) income | (729 | ) | 311 | (1,477 | ) | (45 | ) | 163 | (1,777 | ) | 825 | (952 | ) | ||||
| Income/<br> (Loss) before income taxes | 49,749 | 3,263 | 44,338 | 29,689 | (15,536 | ) | 111,503 | (116,092 | ) | (4,589 | ) | ||||||
| Current tax | (14,860 | ) | (1,965 | ) | (19,348 | ) | 1,863 | — | (34,310 | ) | (2,278 | ) | (36,588 | ) | |||
| Deferred<br> tax | (19 | ) | (56 | ) | 948 | (5,986 | ) | — | (5,113 | ) | (625 | ) | (5,738 | ) | |||
| Income<br> taxes | (14,879 | ) | (2,021 | ) | (18,400 | ) | (4,123 | ) | — | (39,423 | ) | (2,903 | ) | (42,326 | ) | ||
| (Loss)<br> / Profit for the year | 34,870 | 1,242 | 25,938 | 25,566 | (15,536 | ) | 72,080 | (118,995 | ) | (46,915 | ) | ||||||
| Property, plant and equipment | 56,658 | 69,160 | 123,352 | 148,837 | 134,844 | 532,851 | 28,142 | 560,993 | |||||||||
| Total assets | 81,738 | 176,123 | 318,030 | 192,102 | 187,407 | 955,400 | (398 | ) | 955,002 | ||||||||
| Total liabilities | 91,646 | 146,736 | 76,601 | 119,454 | 145,573 | 580,010 | 144,575 | 724,585 | |||||||||
| Purchase of property, plant and equipment | 4,678 | 4,116 | 20,771 | 11,779 | 67,956 | 109,300 | 4,461 | 113,761 |
(1) Non Reportable segments are composed by Matupá, Tolda Fria, Carajás and Cerro Blanco Projects and Corporate.
30 COMMITMENTS ANDCONTINGENCIES
a) Operatingleases commitments
The Company has the following commitments for future minimum payments under operating leases:
| 2025 | |
|---|---|
| Within 1 year | 13,225 |
| 2 years | 7,879 |
| 3 years | 53 |
| 4 years | 53 |
| Over 5 years | 66 |
| Total | 21,276 |
| 40 |
| --- |
Aura Minerals Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2025
Expressed in thousands of United States dollars, except where otherwise noted.
b) Contingencies
Certain conditions may exist as of the date of these financial statements which may result in a loss to the Company in the future when certain events occur or fail to occur. The Company assesses at each reporting date its loss contingencies related to ongoing legal proceedings by evaluating the likelihood of such proceedings, as well as the amounts claimed or expected to be claimed. Included in other provisions as of September 30, 2025, is a provision of $7,523 ($3,284 as of December 31, 2024) for loss contingencies related to ongoing legal claims.
31 PROFIT(LOSS) PER SHARE
Basic income 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 loss per share is adjusted retrospectively for all periods presented.
The following table summarizes activity for the three and nine months period ended September 30, 2025 and 2024:
| Three-month period ended September 30,<br> 2025 | For the three months ended September 30,<br> 2024 | Nine-month period ended September 30, 2025 | Nine-month period ended September 30, 2024 | ||||
|---|---|---|---|---|---|---|---|
| Profit (Loss) for the period | 5,626 | (11,923 | ) | (59,476 | ) | (46,915 | ) |
| Weighted average number of shares outstanding - basic | 81,672,304 | 72,377,560 | 76,466,833 | 72,319,729 | |||
| Weighted average number of shares outstanding - diluted | 82,723,337 | 72,377,560 | 76,466,833 | 72,319,729 | |||
| Profit (Loss) per share - basic | 0.07 | (0.16 | ) | (0.78 | ) | (0.65 | ) |
| Profit (Loss) per share - diluted | 0.07 | (0.16 | ) | (0.78 | ) | (0.65 | ) |
41
Exhibit 99.3
November 2025 Find, mine and deliver the planet's most important and essential minerals that enable the world and humankind to create, innovate, and prosper. Third Quarter 2025 Financial Results Presentation November 5, 2025
NASDAQ: AUGO| B3:AURA33 www.auraminerals.com 2 Forward - Looking Information This presentation contains “forward - looking information” and “forward - looking statements”, as defined in applicable securities laws (collectively, “forward - looking statements”) including the Private Securities Litigation Reform Act of 1995 which include, but are not limited to, statements with respect to the activities, events or developments that we expect or anticipate will or may occur in the future, including our guidance and targets . Known and unknown risks, uncertainties and other factors, many of which are beyond our ability to predict or control, could cause actual results to differ materially from those contained in the forward - looking statements . Non - IFRS Financial 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 . Technical Information The technical information in this presentation has been approved and verified by Farshid Ghazanfari, P . Geo . , who is the Qualified Person as that term is defined under NI 43 - 101 and S - K 1300 for Aura . Readers are further cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability . All technical information relating to Aura’s properties and the Company’s mineral reserves and resources is available on SEDAR at www . sedar . com and EDGAR on www . sec . gov . Readers are also advised to refer to the latest annual information form and technical reports of the Company as well as other continuous disclosure documents filed by the Company available at www . sedar . com and www . sec . gov .
Third Quarter 2025 Results Operational Performance and Highlights
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com he Executive Summary – Q3 2025 Highlights 4 • Q 3 2025 production totaled 74 k GEO, record high at constant prices and + 16 % when compared to Q 2 2025 at current prices, and in line with our expectations . No change on guidance . • Another record high Adjusted EBITDA of US $ 152 million in Q 3 2025 (gold price $ 3 , 473 /Oz), the fifth consecutive quarterly record reported by Aura, driven by higher production, costs under controls and more favorable gold prices . In the LTM, Adjusted EBITDA reached US $ 419 million , with an average gold market price of $ 3 , 068 /Oz . • AISC in the quarter reached US $ 1 , 396 /GEO, a decrease of 4 % when compared to Q 2 2025 (US $ 1 , 449 /GEO), in line with the Company’s expectations, benefiting from a strong performance from our two newest mines : Almas (US $ 1 , 118 /GEO) and now Borborema , (US $ 1 , 237 /GEO) which is expected to have a lower AISC profile than our average . • Net Profit US $ 6 million , - non - cash losses related to the MTM of gold collars (US $ 75 million) . Excluding the non - cash losses, Adjusted Net Income was positive at US $ 69 million . • Acquisition of Mineração Serra Grande (“MSG”), announced in June 2025 , progressing . The transaction remains on track for completion in Q 4 2025 . • Dividends of US $ 0 . 48 per share and US $ 0 . 16 per BDR based on Q 3 2025 results, resulting in a dividend yield of 7 . 4 % in the LTM . • Additional events : o Borborema : Production totaled 10 , 219 GEO, with commercial production started on September 23 , 2025 , again On Time, On Budget and with no LTI . o Important consolidation on Daily Traded Volume : September ADTV US $ 21 . 4 M and October ADTV close to US $ 30 M o Focus to consolidate listing in Nasdaq, delisted from TSX .
Advancing Safety Culture: Another quarter with no LTI across all Aura’s operations and projects Safety of our Employees Stability of our Structures During Q 3 2025 , the Company maintained a consistent safety performance, with no Lost Time Incidents (LTIs) recorded across all operations and projects . Aura has now achieved 15 consecutive months without an LTI and has recorded only one case since 2023 , even while expanding its activities, including the construction of the Borborema . At Borborema , our newest operational unit, the team has maintained strong safety results, surpassing 1 , 000 days without an LTI, from the beginning of the project through the start of commercial production . This achievement highlights the deep sense of commitment and accountability among our teams, which continues to support safe and reliable performance both at the site and across the Company . During the quarter, Aura’s dams, waste dumps and heap leach pads that are currently in operation or that are on care and maintenance were all satisfactorily stable and comply with all current legislation . In September 2025 , Aura Minerals' tailings dams in operation in Brazil received the Declaration of Stability Condition, issued by an independent external consultant and was filed with the ANM in accordance with the country's legal requirement . Independent external consultants ( Geoconsultoria and GeoSafe ) carried out monthly assessments of the stability and safety conditions of all Aura's geotechnical structures in operation , and all currently have satisfactory stability conditions .
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com Q3 2025 production reached 74k, on track to achieve 2025 Production Guidance 6 Quarterly Production 000 GEO¹ , ² Quarterly Production by Business Unit 000 GEO¹ , ² 23 7 20 LTM 1. Gold equivalent ounces, or GEO, is calculated by converting the production of silver and copper into gold using a ratio between the prices of these metals and gold . The prices used to calculate it at such proportions are based on the weighted average price of each of the metals obtained from sales at the Aranzazu Complex during the relevant periods . 2. It is a non - IFRS measure . See applicable reconciliation to IFRS in our earnings release report accompanying our financial statements filed on on SEDAR+ at www . sedarplus . ca and EDGAR at www . sec . gov 3. At constant prices . “Constant Price" is a method of converting our copper, silver and molybdenum production or sales volume into GEO based on fixed metal prices . For more details access the Earnings Releases on https : //www . auraminerals . com/en/investors/results - center/ Aranzazu³ : Production is in line when compared to Q 2 2025 and 4 % higher when compared to the Q 3 2024 , also due to higher grades of copper and silver . Apoena : Production was 13 % higher than Q 2 2025 , driven by higher recovery rates of 95 % . Compared with Q 3 2024 , production increased 15 % , primarily because of higher recovery rates and higher processed tonnage feed . Minosa : in line when compared to the previous quarter, resulting from higher grades processed during the quarter and higher recovery rate, . Compared to Q 3 2024 , production decreased by 13 % , due to lower stacking in Q 3 2025 compared to Q 3 2024 due to higher rainfall in Q 3 2025 . Almas : 17 % higher than Q 2 2025 ( 12 , 917 GEO), driven by higher ore processed volumes, reflecting the results of the plant expansion, and better grades due to mine sequencing . Production was in line when compared to Q 3 2024 . Borborema : Production totaled 10,219 GEO as the first full quarter of production, reflecting progress along the ramp - up curve. 65 69 68 64 68 66 60 64 74 234 236 251 266 269 267 259 259 265 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 20 22 22 9 8 9 18 18 18 13 13 15 3 10 Q1 2025 Almas Minosa Apoena 60 64 Aranzazu Q2 2025 Borborema Q2 2025 Q3 2025 74 Q3 2025
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com Q3 2025 AISC 7 AISC 1 US$/GEO 2 • Almas: AISC of US$1,128/GEO in Q3 2025, down 5% from Q3 2024, supported by improved operational performance and reduced CAPEX. Compared to Q2 2025, AISC decreased 17%, due to higher production, lower CAPEX and G&A expenses. • Aranzazu : AISC was US$1,511 in the quarter, consistent with Q2 2025 but up 13% from Q3 2024, primarily due to variations in metal prices. At constant Q3 2024 metal prices, AISC was US$1,273/GEO. • Minosa : AISC was US$1,372/GEO, up 6% from Q2 2025 and 26% from Q3 2024, primarily due to higher Capital Expenditures (CAPEX). • Apoena: AISC was US$1,791, 2% mostly stable compared to Q2 2025, due to the increased lease expenses. • Borborema : AISC was US$1,237/GEO in line with the Company’s expectations for this stage of Borborema . 1. This refers to All In Sustaining cash operating costs per gold equivalent ounce produced. It is a non - IFRS measure. See appli cable reconciliation to IFRS in our earning release report accompanying our financial statements filed from time to time on Sedar+ at www.sedarplus.cam and EDGAR at www.sec.gov 2. Gold equivalent ounces, or GEO, is calculated by converting the production of silver and copper into gold using a ratio be twe en the prices of these metals and gold. The prices used to calculate it at such proportions are based on the weighted average price of each of the metals obtained from sales at the Aranzazu Complex during the relevant period. Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 • AISC ex - Apoena $1,340 • AISC at constant prices Q3 24: $1,324 1,438 1,311 1,287 1,328 1,292 1,372 1,461 1,449 1,396
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com On track for 2025 Guidance: Production, CC and on track to meet Annual Guidance 8 2025 Production, Cash Cost, AISC and Capex guidance vs. Actuals & 2025 Guidance 144 - 169 244 984 1,290 144 - 169 Production guidance Aura Consolidated thousand GEO 1,4 Cash cost 2, 4 per GEO 1 sold guidance Aura Consolidated $/ GEO AISC 3, 4 per GEO 1 sold guidance Aura Consolidated $/ GEO Capex guidance Aura Consolidated (not including new projects 5 ) $ million 1. Gold equivalent ounces, or GEO, is calculated by converting the production of silver and copper into gold using a ratio be twe en the prices of these metals and gold. The prices used to calculate it at such proportions are based on the weighted average pr ice of each of the metals obtained from sales at the Aranzazu Complex during the relevant period or projected for 2025 according to marke t c onsensus projections 2. This refers to cash operating costs per gold equivalent ounce sold 3. This refers to all in sustaining cost per gold equivalent ounce sold 4. It is a non - IFRS measure. See applicable reconciliation to IFRS in our earnings release report accompanying our financial sta tements filed from time to time on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov 5. Not including the development of Matupa or other expansionary projects in the 2025 Expansion Capex; if the Company’s Board of Directors approves new investments, the C ompany will inform the market and update is Expansion Capex guidance for 2025. 984 34 11 89 9M 2025 A 99 - 106 10 - 13 40 - 47 2025 Guidance New projects + Expansion Exploration Sustaining 134 149 - 167 266 1,374 1,078 9M 2025 A 9M 2025 at Guidance metal prices 2025 Guidance 1,133 1,086 1,191 9M 2025 A 9M 2025 at Guidance metal prices 2025 Guidance 1,492 1,374 1,078 198 266 300 1,396 1,373 Lower end of the guidance range Upper end of the guidance range 204 9M 2025 A 9M 2025 at Guidance metal prices 2025 Guidance
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com Aura’s ADTV has increased several times in the past few months, reaching close to USD 30 MM so far in October/2025 9 Source: Bloomberg, retrieved on October 30 th , 2025
NASDAQ: AUGO | B3:AURA33 www.auraminerals.com Borborema 10 • Construction completed on Budget and on Time and with no LTI • First Gold Pour Produced in June • Production totaled 10,219 GEO in the Q3 2025 • Commercial production was achieved in the Q3 2025 as planned • Project completed in just 19 months with zero lost time incidents • Demonstrates Aura’s focus on simple, scalable, and efficient operations • Strong ESG profile: uses renewable energy and 100% of external water from grey water from local municipality • New Investments potential from future reserve growth , tied to planned road relocation
Third Quarter and Nine Months 2025 Results Financial Results
NASDAQ: AUGO| B3:AURA33 www.auraminerals.com 12 Fif th consecutive record - high Adjusted EBITDA of US $152 million and Net Debt was US$ 64 million at the end of Q3 2025 Consolidated Financials – Summary page Net Revenues in US$ million Adjusted EBITDA 1 in US$ million Net Income in US$ million Cash and Net Debt 1 in US$ million LTM Adjusted Ebitda LTM Net Income Cash Net Debt LTM Net Revenue 35 Adjusted Net Income: 25 Mostly non cash losses related to gold hedges MTM ND / LTM EBITDA 0.8 0.6 0.7 0.9 27 1. This is a non - IFRS measure. See applicable reconciliation to IFRS in our earning release report accompanying our financial st atements filed from time to time on SEDAR at www.sedar.com and EDGAR at www.sec.gov Q3 2024 Q4 2024 Q1 2025 Q3 2024 Q4 2024 Q1 2025 - 12 16 - 73 8 6 - 53 - 31 - 95 - 61 - 44 Q3 2024 Q4 2024 Q1 2025 144 187 272 280 64 196 270 198 168 351 Q3 2024 Q4 2024 Q2 2025 Q2 2025 Q2 2025 0.15 37 Q2 2025 Q1 2025 Q3 2025 156.0 172.0 162.0 189.0 248.0 547 549 624 679 772.0 78 79 81 106 152 228 267 295 344 419 Q3 2025 Q3 2025 Including US$ 200 million net proceeds from Nasdaq IPO 69 Q3 2025
NASDAQ: AUGO| B3:AURA33 www.auraminerals.com 13 Adjusted EBITDA of US$ 152 million, with strong financial performance in all business units 1. 1. This is a non - IFRS measure. See applicable reconciliation to IFRS in our earnings release report accompanying our financial s tatements filed from time to time on sedar + at www.sedarplus.ca and EDGAR at www.sec.gov Adjusted EBITDA 1 to Net Income Q3 2025 US$ m illion Adjusted EBITDA Amortization & Depletion Financial Expenses Income tax expense Other Net Income MTM losses with gold derivatives Foreign Exchange (gain) loss Deffered Taxes over non - monetary items Adjusted Net Income 152 Adjusted EBITDA ( 15 ) Depreciation and amortization ( 103 ) Financial expense ( 28 ) Income tax expense ( 1 ) Other income expenses Net income 75 Unrealized gain (loss) on derivative transactions 0 .4 Foreign exchange (12) Deferred taxes over non monetary items Adjusted net income 6 69 Non - cash impact • Aranzazu: 39.6 • Minosa: 35.5 • Almas: 34.5 • Borborema : 25.1 • Apoena: 20.7 • Corporate and projects: (3.4) • Non - cash losses related to gold hedges: US$(75.2) • Realized losses with gold hedges: US$ (17.1)
NASDAQ: AUGO| B3:AURA33 www.auraminerals.com 14 Strong cashflows from operations, combined with net proceeds from Nasdaq IPO Change in Cash position¹ – Q3 2025 (Managerial view) US$ million Investment for growth ( 19 ) 1. 1. This is a non - IFRS measure. See applicable reconciliation to IFRS in our earnings release report accompanying our financial s tatements filed from time to time on sedar + at www.sedarplus.ca and EDGAR at www.sec.gov ( 15 ) Expansion CAPEX 223 ( 10 ) Interest Paid (net of swap derivatives) ( 34 ) Proceeds from Debt / Repayments ( 28 ) Dividends 200 ( 26 ) 168 ( 1 ) FX on cash & equivalents and others 351 Cash and Equivalents, September 30, 2025 Cash and Equivalents, June 30, 2025 Net proceeds from IPO 152 Adjusted EBITDA 2 Exploration Expense ( 14 ) Adjusted CAPEX Changes in WC and others ( 18 ) Income Taxes paid ( 5 ) Lease Payments ( 17 ) Realized losses w/ gold hedges 243 Subtotal Subtotal ( 2 ) Exploration Expenses ( 2 ) 168 243 223 351 Exploration CAPEX in Projects +75
Contact: Investor Relations – Natasha Utescher natasha.utescher@auraminerals.com www.auraminerals.com
Q&A