6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number: 001-42744

Aura Minerals Inc.

(Translation of registrant's name into English)

3390 Mary St,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 [   ]

EXHIBIT INDEX

Exhibit Number	Description
99.1	Aura Announces Q1 2026 Financial and Operational Results
99.2	Consolidated Financial Statements for the three-month period ended March 31, 2026

SIGNATURES

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

	Aura Minerals Inc.
	(Registrant)
Date: May 6, 2026	/s/ João Kleber Cardoso
	João Kleber Cardoso
	Chief Financial Officer

Exhibit 99.1

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

Operational & Financial Headlines Q1 2026

(US$ thousand)	Q1 2026	Q4 2025	QoQ<br><br> <br>Change %	Q1 2025	YoY<br><br> <br>Change%
Total Production (GEO)	82,137	82,067	0%	60,087	37%
Total Sales (GEO)	81,368	80,447	1%	60,491	35%
Net Revenue	382,606	321,661	19%	161,804	136%
Gross Profit	228,828	202,897	13%	78,428	192%
Gross Margin	60%	63%	-3 p.p.	48%	12 p.p.
Adjusted EBITDA	243,868	207,948	17%	81,479	199%
Adjusted EBITDA Margin	64%	65%	-1 p.p.	50%	14 p.p.
Net Income	95,158	(19,864)	n.a.	(73,249)	n.a.
Net Income Margin	25%	-6%	n.a.	-45%	n.a.
Adjusted Net Income	109,464	73,276	49%	26,903	307%
Adjusted Net Income Margin	29%	23%	6 p.p.	17%	12 p.p.
Cash Cost (US$/GEO)	1,485	1,143	30%	1,149	29%
All In Sustaining cost (US$/GEO)	1,829	1,521	20%	1,461	25%
Operating Cash Flow	117,871	91,979	28%	41,229	185%
Net Debt/LTM EBITDA	0.16x	0.28x	-0.12x	0.88x	-0.72x
Total CAPEX	44,107	45,779	-4%	51,725	-15%

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

Headlines

·	Another Record Production Quarter: Q1 2026 total production reached 82,137 gold equivalent ounces<br>(GEO), above previous quarter and up 37% from Q1 2025 at current metal prices. At constant prices, Aura’s quarterly production increased<br>by 1% compared to Q4 2025 and 41% above Q1 2025. Q1 2026 highlights:
o	Almas: 15,838 GEO (+21% Y/Y)
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o	Borborema: 17,101 GEO (higher milling throughput).
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o	MSG addition: 8,580 GEO in the quarter.
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![](logo.jpg)

·	Sales Volumes: Q1 sales were 81,368 GEO, up 1% QoQ and 35% YoY at current prices, mainly from higher<br>overall production, despite negatively impacted GEO conversion at Aranzazu.
·	Record Net Revenues: Q1 reached US$382,606, up 19% QoQ and up 136% YoY, driven by higher gold prices<br>and production; Borborema/MSG contributed to 34% of the total revenues in Q1 26.
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o	Average gold prices: Q1 2026: US$4,873/oz (+19% QoQ, +70% YoY).
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o	Average copper prices: Q1 2026: US$5.81/lb (+12% QoQ, +27% YoY).
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·	Record Adjusted EBITDA: Q1 hit US$ 243,868 (seventh consecutive quarterly record), up 17% QoQ and<br>199% YoY. Driven by higher production/sales and metal prices.
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·	AISC Performance: Q1 AISC was US$1,829/GEO, up 20% QoQ at current prices and up 25% YoY, mainly<br>due to the addition of MSG (US$ 3,735/GEO), as well as Aranzazu GEO conversion, Apoena mine sequencing and negative impact of FX, due<br>to the strong appreciation of the Brazilian Real and the Mexican Peso. At constant Q1 2025 metal prices and ex-MSG, AISC was US$1,512/GEO,<br>a 4% increase compared to Q1 2025 and 11% over Q4 2025. The Company expects consolidated 2026 AISC to be within the Company’s guidance<br>range (US$ 1,720 – US$ 1,865 / Oz) with a reduction expected mainly from the second half of the year as production increases and<br>cost reduction initiatives at MSG begin to deliver results.
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·	Consistent Recurring Free Cash Flow: Q1 2026 US$94,852, in line QoQ and 253% YoY, driven by record<br>Adjusted EBITDA, offset by annual tax payments, realized losses with gold hedges (US$ 33 million) and temporary working capital consumption<br>(mostly accounts payables and work-in-progress inventory).
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·	Net Income: US$ 95.2M, despite non-cash losses related to the MTM of gold collars (US$ 24 million).<br>Excluding the non-cash losses, adjusted Net Income was positive at US$109.5 million, driven by improved results from operations and lower<br>finance expenses QoQ and YoY, as well as lower current income taxes in Borborema and Almas due to income tax benefits in Brazil (Sudene<br>and Sudam benefit).
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·	Stable Net Debt Position and Lower Financial Leverage: Q1 2026 US$115,181 (0.16x Net Debt/EBITDA<br>LTM)
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OTHER UPDATES Q1 2026:

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

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

·	Metal price assumptions used for estimating Mineral Reserves were updated to reflect a significantly higher<br>pricing environment while maintaining a conservative outlook: gold at US$2,600/oz (up from US$2,000), copper at US$4.40/lb (up from US$4.20),<br>and silver at US$35.00/oz (up from US$25.00).
·	Inferred increased by more than 200% to 3,917k GEO, primarily driven by inclusion of MSG; Borborema MRMR<br>updates and the incorporation of Almas underground.
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Development of Era Dorada Project: On April 13^th^, 2026, Aura’s Board of Directors approved the development of the Era Dorada Project. In addition to the core project approval, Aura has secured budget authorization for an advanced water treatment system, with plans to pursue all necessary government permits and approvals. This will enable the delivery of purified, potable water to the local community, further demonstrating Aura’s steadfast dedication to environmental stewardship, sustainable social impact, and responsible mining practices. Total CAPEX for this project is estimated at US$382.0 million with an estimated NPV of US$ 1,344.5 million and unlevered after-tax IRR of 35.6%, considering Feasibility Gold prices of US$ 3,177 per Oz. The project is expected to commence operations in the first half of 2028.

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

Results Teleconference:

Date: May 7, 2026

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

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

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

2. Consolidated Financial Results

In terms of production and sales, for all assets exceptAranzazu, references herein to “GEO” are equivalent to actual gold ounces.

2.1 Total Production and Sales (GEO)

(GEO)	Q1 2026	Q4 2025	QoQ<br><br> <br>Change %	Q1 2025	YoY<br><br> <br>Change%
Production
Aranzazu	15,694	18,878	-17%	20,456	-23%
Apoena	7,525	8,961	-16%	8,876	-15%
Minosa	17,399	17,818	-2%	17,654	-1%
Almas	15,838	15,872	0%	13,101	21%
Borborema	17,101	15,777	8%	n.a.	n.a.
MSG	8,580	4,761	80%	n.a.	n.a.
Total	82,137	82,067	0%	60,087	37%
(GEO)	Q1 2026	Q4 2025	QoQ<br><br> <br>Change %	Q1 2025	YoY<br><br> <br>Change%
---	---	---	---	---	---
Sales
Aranzazu	16,218	18,068	-10%	20,456	-21%
Apoena	7,525	8,961	-16%	9,408	-20%
Minosa	17,456	16,972	3%	17,526	0%
Almas	14,048	15,872	-11%	13,101	7%
Borborema	16,609	15,777	5%	n.a.	n.a.
MSG	9,508	4,797	98%	n.a.	n.a.
Total	81,368	80,447	1%	60,491	35%

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

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

2.2. Net Revenue

(US$ thousand)	Q1 2026	Q4 2025	QoQ<br><br> <br>Change %	Q1 2025	YoY<br><br> <br>Change%
Aranzazu	69,178	66,541	4%	50,262	38%
Apoena	35,814	36,102	-1%	26,353	36%
Minosa	80,020	67,476	19%	48,062	66%
Almas	68,693	65,774	4%	37,127	85%
Borborema	81,988	65,530	25%	n.a.	n.a.
MSG	46,913	20,238	132%	n.a.	n.a.
Total	382,606	321,661	19%	161,804	136%

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

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

2.3. Cost and Gross Profit

(US$ thousand)	Q1 2026	Q4 2025	QoQ<br><br> <br>Change %	Q1 2025	YoY<br><br> <br>Change%
Net Revenue	382,606	321,661	19%	161,804	136%
Cost of goods sold	(153,778)	(118,764)	29%	(83,376)	84%
Cost of production	(83,528)	(50,599)	65%	(44,919)	86%
Cost of production – Contractors	(16,589)	(28,565)	-42%	(15,467)	7%
Direct mine and mill costs - Salaries	(20,696)	(12,747)	62%	(9,126)	127%
Depreciation and amortization	(32,965)	(26,853)	23%	(13,864)	138%
Gross Profit	228,828	202,897	13%	78,428	192%
Gross Margin	60%	63%	-3 p.p.	48%	12 p.p.

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

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

2.4. Cash Cost and All in Sustaining Costs

(US$/GEO)	Q1 2026	Q4 2025	QoQ<br><br> <br>Change %	Q1 2025	YoY<br><br> <br>Change%
Cash Cost	1,485	1,143	30%	1,149	29%
Aranzazu	1,558	1,228	27%	1,164	34%
Apoena	1,380	1,450	-5%	1,228	12%
Minosa	1,188	1,087	9%	1,149	3%
Almas	1,204	837	44%	1,069	13%
Borborema	1,200	931	29%	n.a.	n.a.
MSG	2,900	2,148	35%	n.a.	n.a.
All-in Sustaining Cost	1,829	1,521	20%	1,461	25%
Aranzazu	2,046	1,732	18%	1,545	32%
Apoena	2,129	2,427	-12%	2,041	4%
Minosa	1,370	1,267	8%	1,249	10%
Almas	1,376	962	43%	1,195	15%
Borborema	1,256	1,111	13%	n.a.	n.a.
MSG	3,735	3,132	19%	n.a.	n.a.

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

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

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

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

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

2.5. Operating Expenses

(US$ thousand)	Q1 2026	Q4 2025	QoQ<br><br> <br>Change %	Q1 2025	YoY<br><br> <br>Change%
Gross Profit	228,828	202,897	13%	78,428	192%
Operational Expenses	(23,509)	(37,777)	-38%	(11,766)	100%
General and administrative expenses	(15,742)	(18,761)	-16%	(9,636)	63%
Exploration expenses	(2,359)	(2,595)	-9%	(1,376)	71%
ARO Change in estimate for properties in C&M	-	(489)	n.a.	n.a.	n.a.
Other Expenses	(5,408)	(15,932)	-66%	(754)	617%
Operating income	205,319	165,120	24%	66,662	208%

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

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

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

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

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

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

2.6. Adjusted EBITDA

(US$ thousand)	Q1 2026	Q4 2025	QoQ<br><br> <br>Change %	Q1 2025	YoY<br><br> <br>Change%
Operating Income	205,319	165,120	24%	66,662	208%
Depreciation and Amortization	33,141	26,407	26%	14,063	136%
Change in ARO estimate	n.a.	489	-100%	n.a.	0%
Other Expenses	5,408	15,932	-100%	754	617%
Adjusted EBITDA	243,868	207,948	17%	81,479	199%
Aranzazu	41,390	40,986	1%	24,387	70%
Almas	49,720	50,673	-2%	22,080	125%
Borborema	60,939	49,168	24%	128	n.a
Minosa	58,105	47,900	21%	26,556	119%
Apoena	24,274	21,705	12%	13,516	81%
MSG	17,440	9,574	n.a	n.a.	n.a
Corporate, Projects and Other	(8,000)	(12,058)	-34%	(4,661)	72%
Adjusted EBITDA Margin	64%	65%	-1 p.p.	50%	14 p.p.

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

2.7. Financial Result

(US$ thousand)	Q1 2026	Q4 2025	QoQ<br><br> <br>Change %	Q1 2025	YoY<br><br> <br>Change%
EBIT	205,319	165,120	24%	66,662	208%
Financial Result	(68,921)	(123,188)	-44%	(121,611)	-43%
Accretion expense	(2,279)	690	n.a.	(1,666)	37%
Lease interest expense	(810)	(1,651)	-51%	(1,595)	-49%
Interest expense on loans and debentures	(6,387)	(8,274)	-23%	(5,755)	11%
Finance cost on post-employment benefit	(598)	(867)	-31%	(338)	77%
Unrealized loss with derivative gold collars	(24,105)	(81,723)	-71%	(100,210)	-76%
Realized loss with derivative gold collars	(33,325)	(21,650)	54%	(6,036)	452%
Loss on other derivative transactions	(1,188)	(2,180)	-46%	(1,827)	-35%
Foreign exchange	(73)	(3,302)	-98%	(3,176)	n.a.
Derivative fee	n.a.	n.a.	0%	n.a.	n.a.
Change in liability measured at fair value	(5,026)	(5,296)	-5%	(2,359)	113%
Loss on settlement of liability with equity instruments	n.a.	n.a.	n.a.	n.a.	n.a.
Other finance costs	(2,496)	(2,592)	-4%	(430)	480%
Finance expenses	(76,287)	(126,840)	-40%	(123,392)	-38%
Foreign exchange	5,546	n.a.	n.a.	n.a.	n.a.
Interest income	1,820	3,652	-50%	1,781	2%
Finance income	7,366	3,652	102%	1,781	314%
Profit/ (loss) before income taxes	136,398	41,932	225%	(54,949)	n.a.

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

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

The financial result in Q1 2026 was mainly impacted by:

·	Unrealized loss on gold hedges of US$24.1 million, arising from mark-to-market (MTM) adjustments related<br>to outstanding gold hedge positions, reflecting increase in gold prices between the start and the end of the quarter, coming from US$4,325.60<br>per Oz and reaching US$ 4,646.60 per Oz at the end of the period. In accordance with IFRS standards, the Company records MTM adjustments<br>at the end of each reporting period for all outstanding derivative positions.
·	Realized losses with gold hedges of US$33.3 million were related to cash settlement of outstanding gold<br>collars during the quarter, driven by the expiration of gold collars within the quarter.
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All of Aura’s outstanding gold collars (183,999 Ozs) are associated with the future production of the Borborema and will expire between April/2026 and June/2028. As previously disclosed, an estimated 80% of the production for the first 3 years of the Borborema Project were hedged in 2023 at ceiling prices of US$2,400 per Oz.

2.8. Net Income

(US$ thousand)	Q1 2026	Q4 2025	QoQ<br><br> <br>Change %	Q1 2025	YoY<br><br> <br>Change%
Profit/ (loss) before income taxes	136,398	41,932	225%	(54,949)	n.a.
Total taxes	(41,240)	(61,796)	-33%	(18,300)	125%
Current income tax expense	(47,409)	(50,064)	-5%	(20,814)	128%
Deferred income tax expense	6,169	(11,732)	n.a.	2,514	145%
Profit/(loss) for the period	95,158	(19,864)	n.a.	(73,249)	n.a.
Net Margin	25%	-6%	31 p.p.	-45%	70 p.p.
Unrealized loss with derivative gold collars	(24,105)	(81,723)	-71%	(100,210)	-76%
Foreign Exchange	(73)	(3,302)	-98%	(3,176)	-98%
Deferred taxes on non-monetary items	9,872	(8,115)	n.a.	3,234	205%
Adjusted Net Income	109,464	73,276	49%	26,903	307%

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

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

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

Adjusted Net Income

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

·	Non-cash losses related to gold hedges: US$(24.1) million
·	Deferred taxes over non-monetary items US$(9.9) million
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3. Performance of the Operating Units

3.1 Aranzazu

(US$ thousand)	Q1 2026	Q4 2025	QoQ<br><br> <br>Change %	Q1 2025	YoY<br><br> <br>Change%
Production at Constant Prices (GEO)¹	15,694	18,456	-15%	20,456	-23%
Production at Current Prices (GEO)	15,694	18,878	-17%	20,456	-23%
Sales (GEO)	16,218	18,068	-10%	20,456	-21%
Cash Cost (US$/GEO)	1,558	1,228	27%	1,164	34%
AISC (US$/GEO)	2,046	1,732	18%	1,545	32%
Net Revenue	69,178	66,541	4%	50,262	38%
Cost of goods sold	(32,479)	(31,896)	2%	(30,282)	7%
Gross Profit	36,699	34,645	6%	19,980	84%
Expenses	(3,755)	(2,471)	52%	(3,055)	23%
General and administrative expenses	(1,587)	(1,711)	-7%	(1,774)	-11%
Exploration expenses	(935)	(1,416)	-34%	(709)	32%
Other income (expenses)	(1,233)	656	-288%	(572)	116%
EBIT	32,944	32,174	2%	16,925	95%
Adjusted EBITDA	41,390	40,986	1%	24,387	70%
Financial Result	(36)	(2,112)	-98%	(34)	6%
Financial Income	113	225	-50%	91	24%
Financial expenses	(149)	(2,337)	-94%	(125)	19%
EBT	32,908	30,062	9%	16,891	95%
Total taxes	(9,232)	(13,668)	-32%	(7,383)	25%
Current income tax expense	(10,426)	(3,013)	246%	(6,431)	62%
Deferred income tax expense	1,194	(10,655)	-111%	(952)	n.a.
Profit for the period	23,676	16,394	44%	9,508	149%

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

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

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

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

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

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

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

3.2 Apoena

(US$ thousand)	Q1 2026	Q4 2025	QoQ<br><br> <br>Change %	Q1 2025	YoY<br><br> <br>Change%
Production (GEO)	7,525	8,961	-16%	8,876	-15%
Sales (GEO)	7,525	8,961	-16%	9,408	-20%
Cash Cost (US$/GEO)	1,380	1,450	-5%	1,228	12%
AISC (US$/GEO)	2,129	2,427	-12%	2,041	4%
Net Revenue	35,814	36,102	-1%	26,353	36%
Cost of goods sold	(16,230)	(13,961)	16%	(15,104)	7%
Gross Profit	19,584	22,141	-12%	11,249	74%
Expenses	(1,161)	(3,525)	-67%	(1,356)	-14%
General and administrative expenses	(1,003)	(1,293)	-22%	(1,301)	-23%
Exploration expenses	(177)	(145)	22%	(124)	43%
Change in ARO estimate	-	(239)	n.a.	n.a.	n.a.
Other income (expenses)	19	(1,848)	-101%	69	-72%
EBIT	18,423	18,616	-1%	9,893	86%
Adjusted EBITDA	24,274	21,705	12%	13,516	80%
Financial Result	(2,013)	(661)	257%	(6,636)	-70%
Financial Income	205	276	-26%	5	4000%
Financial expenses	(2,218)	(564)	164%	(6,641)	-67%
EBT	16,410	18,328	-9%	3,257	404%
Total taxes	(2,804)	(3,500)	-20%	1,342	n.a.
Current income tax expense	(703)	(1,852)	-57%	(663)	6%
Deferred income tax expense	(2,101)	14,552	13%	2,005	n.a.
Profit for the period	13,606	14,828	-7%	4,599	196%

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

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

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

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

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

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

3.3 Minosa

(US$ thousand)	Q1 2026	Q4 2025	QoQ<br><br> <br>Change %	Q1 2025	YoY<br><br> <br>Change%
Production (GEO)	17,399	17,818	-2%	17,654	-1%
Sales (GEO)	17,456	16,972	3%	17,526	0%
Cash Cost (US$/GEO)	1,188	1,087	9%	1,149	3%
AISC (US$/GEO)	1,370	1,267	8%	1,249	10%
Net Revenue	80,020	67,476	19%	48,062	66%
Cost of goods sold	(22,680)	(19,831)	15%	(21,476)	6%
Gross Profit	57,340	47,645	20%	26,586	116%
Expenses	(1,245)	(8,998)	-86%	(1,615)	-23%
General and administrative expenses	(1,101)	(730)	51%	(1,135)	-3%
Exploration expenses	(65)	(85)	-24%	(236)	-72%
Other income (expenses)	(79)	(8,183)	-99%	(244)	-68%
EBIT	56,095	38,647	45%	24,971	125%
Adjusted EBITDA	58,105	47,900	21%	26,556	119%
Financial Result	(1,246)	(1,260)	-1%	(1,312)	-5%
Financial Income	65	63	3%	111	-41%
Financial expenses	(1,311)	(1,323)	-1%	(1,423)	-8%
Profit before income taxes	54,849	37,387	47%	23,659	132%
Total taxes	(14,770)	(8,219)	80%	(6,218)	138%
Current income tax expense	(14,489)	(11,463)	26%	(6,611)	119%
Deferred income tax expense	(281)	3,244	-109%	393	n.a.
Profit for the period	40,079	29,168	37%	17,441	130%

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

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

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

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

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

3.4 Almas

(US$ thousand)	Q1 2026	Q4 2025	QoQ<br><br> <br>Change %	Q1 2025	YoY<br><br> <br>Change%
Production (GEO)	15,838	15,872	0%	13,101	21%
Sales (GEO)	14,048	15,872	-11%	13,101	7%
Cash Cost (US$/GEO)	1,204	837	44%	1,069	13%
AISC (US$/GEO)	1,376	962	43%	1,195	15%
Net Revenue	68,693	65,774	4%	37,127	85%
Cost of goods sold	(21,670)	(17,043)	27%	(16,514)	31%
Gross Profit	47,023	48,731	-3%	20,613	128%
Expenses	(2,048)	(6,720)	-70%	(1,046)	96%
General and administrative expenses	(1,137)	(1,099)	3%	(803)	42%
Exploration expenses	(921)	(783)	18%	(237)	289%
Other income (expenses)	10	(4,838)	n.a.	(6)	n.a.
EBIT	44,975	42,011	7%	19,567	130%
Adjusted EBITDA	49,720	50,673	-2%	22,080	125%
Financial Result	(1,709)	(7,943)	-78%	(3,740)	-54%
Financial Income	317	912	-65%	1,268	-75%
Financial expenses	(2,026)	(8,855)	-77%	(5,008)	-60%
Profit before income taxes	43,266	34,068	27%	15,827	173%
Total taxes	(2,986)	(15,815)	-81%	(4,757)	-37%
Current income tax expense	(7,590)	(14,601)	-48%	(5,998)	27%
Deferred income tax expense	4,604	(1,214)	n.a.	1,241	271%
Profit for the period	40,280	18,253	121%	11,070	264%

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

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

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

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

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

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

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

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

3.5 Borborema

(US$ thousand)	Q1 2026	Q4 2025	QoQ<br><br> <br>Change %
Production (GEO)	17,101	15,777	8%
Sales (GEO)	16,609	15,777	5%
Cash Cost (US$/GEO)	1,200	931	29%
AISC (US$/GEO)	1,256	1,111	13%
Net revenue	81,988	65,530	25%
Cost of goods sold	(25,445)	(21,870)	16%
Gross Profit	56,543	43,660	30%
Expenses	(1,228)	(1,603)	-23%
General and administrative expenses	(1,015)	(1,700)	-40%
Exploration expenses	(211)	(53)	298%
Other income (expenses)	(2)	150	n.a.
EBIT	55,315	42,057	32%
Adjusted EBITDA	60,939	49,168	24%
Financial Result	(9,521)	(10,254)	-7%
Financial Income	220	8,557	-97%
Finance expenses	(9,741)	(18,811)	-48%
EBT	45,794	31,803	44%
Total taxes	(5,259)	(15,192)	-65%
Current income tax expense	(6,613)	(15,971)	-59%
Deferred income tax expense	1,354	779	74%
Profit/(loss) for the period	40,535	16,611	144%

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

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

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

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

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

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

3.6 MSG

(US$ thousand)	Q1 2026	Q4 2025¹
Production (GEO)	8,580	4,761
Sales (GEO)	9,508	4,797
Cash Cost (US$/GEO)	2,900	2,148
AISC (US$/GEO)	3,735	3,132
Net revenue	46,913	20,238
Cost of goods sold	(35,274)	(14,163)
Gross Profit	11,639	6,075
Expenses	(1,911)	(582)
General and administrative expenses	(1,882)	(224)
Exploration expenses	(29)	(134)
ARO Change in estimate	-	(250)
Other income (expenses)	-	26
EBIT	9,728	5,493
Adjusted EBITDA	17,440	9,574
Financial Result	2,429	669
Financial Income	42	-
Finance expenses	2,387	669
Profit before income taxes	12,157	6,162
Total taxes	(3,279)	(1,753)
Current income tax expense	(4,477)	-
Deferred income tax expense	1,198	(1,753)
Profit/(loss) for the period	8,878	4,409
1.	Only December 2025 considered.
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**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

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

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

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

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

4. Cash Flow

(US$ thousand)	Q1 2026	Q4 2025	QoQ<br><br> <br>Change %	Q1 2025	YoY<br><br> <br>Change%
Adjusted EBITDA	243,868	207,948	17%	81,479	199%
(+) Exploration Expenses	2,359	2,595	-9%	1,376	71%
(-) Sustaining Capex and Exploration Capex in mines in production	(20,259)	(21,686)	-7%	(12,051)	68%
(+/-) ∆ Working Capital, Changes in Other Assets and Liabilities and Others	(42,247)	(43,331)	-3%	(17,996)	135%
(-) Income Taxes Paid	(51,502)	(27,629)	86%	(16,874)	205%
(-) Lease Payments	(4,041)	(2,070)	95%	(4,239)	-5%
(-) Realized Losses on Gold Hedges	(33,325)	(21,650)	54%	(6,036)	452%
Recurring Free Cash Flow	94,852	94,176	1%	26,878	253%

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

·	17% rise in Adjusted EBITDA to US$243.9 million
·	These were partially offset by:
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o	86% increase in income taxes paid (from US$27.6 million to US$51.5 million), due to increase in operating<br>results and annual income tax payments in certain jurisdictions;
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o	increase in realized losses on gold hedges (from US$21.6 million to US$ 33.3 million), resulted from the<br>gold price increase.
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The chart below shows the change in cash position for the three months ending March 31, 2026, from a management perspective:

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

Changes to the Cash Position Q4 2025 vs. Q12026 – Managerial View (US$ Million)

Notes:

1.	Adjusted Capex includes Sustaining Capex and Exploration Capex for the mines in production.
2.	Cash position includes “Cash and Equivalents”, “Restricted Cash” and “ShortTerm Investments”
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5. Investment

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

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

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

·	Sustaining Capex: US$17.8 million, of which US$5.7 million was allocated to MSG, US$6.3 million<br>to Aranzazu, and US$2.8 million to Apoena. Another US$2.0 million to Minosa, US$0.9 million to Almas and US$0.2 million to Borborema.
·	Exploration Capex: US$3.2 million, allocated to exploration activities. Apoena led investment with<br>US$1.3 million, followed by Almas with US$0.8 million and other US$0.4 million at Aranzazu and Minosa. US$0.7 million was invested in<br>Projects.
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6. Gross and Net Debt

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

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

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

Net Debt Breakdown

(US$ thousand)	Q1 2026	Q4 2025	QoQ<br><br> <br>Change %	Q1 2025	YoY<br><br> <br>Change%
Loans and debentures (current)	97,090	99,548	-2%	100,853	-4%
Loans and debentures (non-current)	311,958	311,620	0%	366,834	-15%
Gross debt	409,048	411,168	-1%	467,687	-13%
Cash and cash equivalents	267,789	286,056	-6%	198,066	35%
Restricted Cash	3,352	3,075	9%	2,654	26%
Derivative financial instrument (Almas Swap)	22,726	4,418	414%	4,702	383%
Net Debt	115,181	117,619	-2%	262,265	-56%
Net Debt/LTM EBITDA	0.16x	0.28x	-0.12x	0.88x	-0.72x

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

The table below shows the debt amortization timeline:

Debt Amortization Timeline (US$ thousand)

Derivative Options

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

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

7. Guidance vs. Actual

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

Gold equivalent ounces production ('000 GEO) – 2026
	Low	High	Q1 2026	Q1 2026 at Guidance<br><br> <br>metal prices	%
Aranzazu	68	76	16	15	22% - 20%
Apoena	37	44	7	7	19% - 16%
Minosa	63	70	17	17	27% - 24%
Almas	57	63	16	16	28% - 25%
Borborema	65	77	17	17	26% - 22%
MSG	50	60	9	9	17% - 14%
Total	340	390	82	81	24% - 21%
Cash Cost per equivalent ounce of gold produced – 2026
---	---	---	---	---	---
	Low	High	Q1 2026	Q1 2026 at Guidance<br><br> <br>metal prices	%
Aranzazu	1,323	1,429	1,558	1,445	109% - 101%
Apoena	1,128	1,209	1,380	1,380	122% - 114%
Minosa	1,208	1,305	1,188	1,188	98% - 91%
Almas	1,059	1,135	1,204	1,204	114% - 106%
Borborema	1,009	1,089	1,200	1,200	119% - 110%
Total  ex-MSG	1,151	1,238	1,298	1,275	111% - 103%
MSG	2,189	2,364	2,900	2,900	132% - 123%
Total w/ MSG	1,303	1,411	1,485	1,462	112% - 104%

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

AISC per equivalent ounce of gold produced – 2026
	Low	High	Q1 2026	Q1 2026 at Guidance<br><br> <br>metal prices	%
Aranzazu	1,726	1,865	2,046	1,898	110% - 102%
Apoena	1,905	2,041	2,129	2,129	112% - 104%
Minosa	1,372	1,481	1,370	1,370	100% - 92%
Almas	1,415	1,516	1,376	1,376	97% - 91%
Borborema	1,177	1,271	1,256	1,256	107% - 99%
Total  ex-MSG	1,488	1,602	1,512	1,549	104% - 97%
MSG	3,072	3,318	3,735	3,735	122% - 113%
Total w/ MSG	1,720	1,865	1,829	1,801	105% - 97%
CAPEX – 2026
---	---	---	---	---
	Low	High	Q1 2026	%
Sustaining	105	123	18	17% - 15%
Exploration	19	25	3	16% - 12%
Expansion	262	314	23	9% - 7%
Total	386	462	44	10% - 11%

8. Shareholder Information

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

9. Attachments

9.1 Non-GAAP Performance Measures

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

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

(US$ thousand)

(US$ thousand)	Q1 2026	Q1 2025
Profit / (Loss) for the period	95,158	(73,249)
Current income tax expense	47,409	20,814
Deferred income tax expense	(6,169)	(2,514)
Finance expense	76,287	123,392
Finance income	(7,366)	(1,781)
Other income (expense)	5,408	754
Depletion and amortization	33,141	14,063
ARO Change in estimate	-	-
Adjusted EBITDA	243,868	81,479

---

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

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

(US$ thousand)	Q1 2026	Q1 2025
Cost of goods sold	(153,778)	(83,376)
Depletion and amortization	32,965	13,864
Subtotal	(120,813)	(69,512)
Gold Equivalent Ounces sold	81,368	60,492
Cash costs per gold equivalent ounce sold¹	1,485	1,149

---

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

(US$ thousand)	Q1 2026	Q1 2025
Cost of goods sold	(153,778)	(83,376)
Depletion and amortization	32,965	13,864
Subtotal	(120,813)	(69,512)
Adjusted capex	(20,259)	(12,051)
General and Administrative Expenses for the mines in production	(6,288)	(3,571)
Lease Payments	(1,448)	(3,222)
Subtotal	(148,809)	(88,356)
Gold Equivalent Ounces sold (in thousands)	81,368	60,492
All In Sustaining costs per ounce sold equivalent ounce sold^1^	1,829	1,461

---

D. Reconciliation from the consolidated financial statements to realized average gold priceper ounce sold, net^2^:

(US$ thousand)	Q1 2026	Q4 2025
Gold Revenue, net of Sales Taxes	313,406	111,542
Ounces of gold sold	65,150	40,036
Realized average gold price per ounce sold, net	4,811	2,786

---

E. Net Debt:

(US$ thousand)	Q1 2026	Q1 2025
Loans and debentures (current)	97,090	100,853
Loans and debentures (non-current)	311,958	366,834
Derivative Financial Instrument (Swap – Aura Almas (Itaú Bank)	(22,726)	(4,702)
Restricted Cash	(3,352)	(2,654)
Cash and Cash Equivalents	(267,789)	(198,066)
Net Debt	115,181	262,265

---

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

^1^ Considered all mines in production.

^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.

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

---

F. Adjusted EBITDA Margin^3^ (Adjusted EBITDA/Revenues):

(US$ thousand)	Q1 2026	Q1 2025
Net Revenue	382,606	161,804
Adjusted EBITDA	243,868	81,479
Adjusted EBITDA Margin (Adjusted EBITDA/Revenues)	64%	50%

---

---

G. Adjusted Net Income

(US$ thousand)	Q1 2026	Q1 2025
Profit/(Loss) for the period	95,158	(73,249)
Foreign exchange gain (loss)	(73)	(3,176)
Loss on derivative transactions	(24,105)	(100,210)
Deferred taxes over non-monetary items	9,872	3,234
Adjusted Net Income	109,464	26,903

Qualified Person

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

About Aura 360° Mining

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

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

For more information, please contact:

Investor Relations

[email protected]

www.auraminerals.com

^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 Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

CAUTIONARY NOTES AND ADDITIONAL INFORMATION

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

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

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

**AURA Q1 2026 EARNINGS RESULTS**
![](logo.jpg)

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

AURA Q1 2026 EARNINGS RESULTS

Exhibit 99.2

Unaudited Condensed Interim Consolidated Financial Statements

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

KPMG Auditores Independentes Ltda.

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

20021-290 - Rio de Janeiro/RJ - Brasil

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

Telefone +55 (21) 2207-9400

kpmg.com.br

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

Aura Minerals, Inc.:

Results of Review of Interim Financial Information

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

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

Basis for Review Results

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

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

/s/ KPMG Auditores Independentes Ltda.

KPMG Auditores Independentes Ltda.

Rio de Janeiro, Brazil

May 06, 2026

Aura Minerals Inc.

Unaudited Condensed Consolidated Statements of Income (Loss)

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

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

	Note		For the three months ended March 31, 2026			For the three months ended March 31, 2025
Revenue		19		382,606			161,804
Cost of goods sold		20		(153,778	)		(83,376	)
Gross profit				228,828			78,428
General and administrative expenses		21		(15,742	)		(9,636	)
Exploration expenses		22		(2,359	)		(1,376	)
Other income (expenses), net		25		(5,408	)		(754	)
Operating income				205,319			66,662
Finance expense		23		(76,287	)		(123,392	)
Finance income		23		7,366			1,781
Income (loss) before income taxes				136,398			(54,949	)
Current tax		14		(47,409	)		(20,814	)
Deferred tax		14		6,169			2,514
Income taxes				(41,240	)		(18,300	)
Profit (Loss) for the period				95,158			(73,249	)
Weighted average numbers of ordinary shares outstanding
Basic		32		83,568,595			73,189,136
Diluted		32		84,544,307			73,189,136
Profit (Loss) per share– Basic		32		1.14			(1.00	)
Profit (Loss) per share– Diluted		32		1.13			(1.00	)

The accompanying notes form an integral part of these UnauditedCondensed Interim Consolidated Financial Statements.

**2 | Aura Minerals Inc.**

Aura Minerals Inc.

Unaudited Condensed Consolidated Statements of Other Comprehensive Income (Loss)

For the three months ended March 31, 2026 and 2025

Expressed in thousands of United States dollars

	For the three months ended March 31, 2026			For the three months ended March 31, 2025
Profit (Loss) for the period		95,158			(73,249	)
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss:
Change in the fair value of cash flow hedge, net of tax		2,548			(2,586	)
Gain on foreign exchange translation of subsidiaries		(144	)		38
Items that will not be reclassified to profit or loss:
Change in the fair value of equity investments		(2,718	)		(336	)
Actuarial gain on post-employment benefit, net of tax		44			-
Other comprehensive income (loss), net of tax		(270	)		(2,884	)
Total comprehensive income (loss)		94,888			(76,133	)

The accompanying notes form an integral part of these UnauditedCondensed Interim Consolidated Financial Statements.

**3 | Aura Minerals Inc.**

Aura Minerals Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

For the three months ended March 31, 2026 and 2025

Expressed in thousands of United States dollars

	Note	For the three months ended March 31, 2026		For the three months ended March 31, 2025
Cash flows from operating activities
Profit (Loss) for the period		95,158		(73,249	)
Items adjusting profit (loss) of the period	24(a)	118,385		155,569
Changes in working capital	24(b)	(27,353	)	(14,135	)
Income tax and social contribution paid		(51,502	)	(16,874	)
Other current and non-current assets and liabilities	24(c)	(16,817	)	(10,083	)
Net cash generated by operating activities		117,871		41,228
Cash flows from investing activities
Purchase of property, plant and equipment	10	(44,107	)	(51,725	)
Short term investment		(277	)	-
Acquisition of investment – Bluestone Inc., net of cash acquired		-		(18,538	)
Net cash used in investing activities		(44,384	)	(70,263	)
Cash flows from financing activities
Repayment of loans and debentures	24(e)	(18,321	)	(11,455	)
Derivative settlement- debt swap agreements		(2,741	)	-
Interest paid on loans and debentures	24(e)	(6,651	)	(7,775	)
Payment from liability (NSR agreement)		(11	)	(741	)
Principal payments of lease liabilities	17(b)	(4,041	)	(3,331	)
Interest payments of lease liabilities	17(b)	(703	)	(908	)
Repayment of other liabilities	17(a)	(981	)	(981	)
Payment of dividends	28	(55,146	)	(18,333	)
Acquisition of treasury shares	18	(4,632	)	(1,200	)
Proceeds from exercise of stock options		350		-
Net cash used in financing activities		(92,877	)	(44,724	)
Decrease in cash and cash equivalents		(19,390	)	(73,758	)
Effect of foreign exchange gain on cash equivalents		1,123		1,635
Cash and cash equivalents, beginning of the year		286,056		270,189
Cash and cash equivalents, end of the period		267,789		198,066

The accompanying notes form an integral part of these UnauditedCondensed Interim Consolidated Financial Statements.

**4 | Aura Minerals Inc.**

Aura Minerals Inc.

Unaudited Condensed Consolidated Statements of Financial Position

As of March 31, 2026 and December 31, 2025

Expressed in thousands of United States dollars

	Note	2026		2025
ASSETS
Current
Cash and cash equivalents	5	267,789		286,056
Restricted cash		3,352		3,075
Accounts receivables	6	14,147		20,073
Value added taxes and other recoverable taxes	7	35,186		37,650
Inventories	8	121,009		115,810
Derivative financial instruments	26	22,726		4,418
Other receivables and assets	9	51,934		45,404
Total current		516,143		512,486
Non-current
Value added taxes and other recoverable taxes	7	42,940		40,589
Inventories	8	66,534		58,576
Other receivables and assets	9	16,099		16,573
Property, plant and equipment	10	962,633		945,354
Deferred income tax assets	14	40,510		35,418
Total non-current		1.128,716		1,096,510
Total assets		1,644,859		1,608,996
LIABILITIES
Current
Trade and other payables	11	165,075		189,614
Derivative financial instruments	26	168,363		139,354
Loans and debentures	12	97,090		99,548
Liability measured at fair value	13	4,522		1,012
Current income tax liabilities	14	60,622		66,765
Current portion of other liabilities	17	18,931		18,933
Provision for mine closure and restoration	15	6,028		5,661
Liabilities directly associated with assets classified as held for sale		5,367		5,367
Total current		525,998		526,254
Non-current
Loans and debentures	12	311,958		311,620
Liability measured at fair value	13	29,093		25,822
Derivative financial instruments	26	257,685		265,343
Deferred income tax liabilities	14	35,177		37,006
Provision for mine closure and restoration	15	81,137		78,070
Other provisions	16	98,998		92,671
Other liabilities	17	2,954		6,473
Total non-current		817,002		817,005
SHAREHOLDERS’ EQUITY	18
Share capital		830,580		834,430
Contributed surplus		57,987		57,757
Accumulated other comprehensive income		(448	)	(178	)
Accumulated losses		(586,260	)	(626,272	)
Total equity		301,859		265,737
Total liabilities and equity		1,644,859		1,608,996

The accompanying notes form an integral part of these UnauditedCondensed Interim Consolidated Financial Statements.

**5 | Aura Minerals Inc.**

Aura Minerals Inc.

Unaudited Condensed Consolidated Statements of Changes in Equity

For the three months ended March 31, 2026 and 2025

Expressed in thousands of United States dollars, exceptshare amounts

	Number of Common Shares			Share Capital			Contributed Surplus		Accumulated Other Comprehensive Income			Accumulated losses			Total Equity
At December 31, 2025		83,554,346			834,430			57,757		(178	)		(626,272	)		265,737
Shared based compensation		299,620			782			230		-			-			1,012
Shares repurchased		(64,742	)		(4,632	)		-		-			-			(4,632	)
Change in the fair value of cash flow hedge, net of tax		-			-			-		2,548			-			2,548
Gain on foreign exchange translation of subsidiaries		-			-			-		(144	)		-			(144	)
Change in the fair value of equity investment		-			-			-		(2,718	)		-			(2,718	)
Actuarial gain on post-employment benefit, net of tax		-			-			-		44			-			44
Profit for the period		-			-			-		-			95,158			95,158
Dividends paid (note 28)		-			-			-		-			(55,146	)		(55,146	)
At March 31, 2026		83,789,224			830,580			57,987		(448	)		(586,260	)		301,859
	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		1,007,186			12,503			-		-			-			12,503
Shared based compensation		-			-			73		-			-			73
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		-			-			-		(2,586	)		-			(2,586	)
Gain on foreign exchange translation of subsidiaries		-			-			-		38			-			38
Change in the fair value of equity investment		-			-			-		(336	)		-			(336	)
Loss for the period		-			-			-		-			(73,249	)		(73,249	)
Dividends paid (note 28)		-			-			-		-			(18,333	)		(18,333	)
At March 31, 2025		73,310,540			610,503			55,669		(3,607	)		(522,700	)		139,865

The accompanying notes form an integral part of these UnauditedCondensed Interim Consolidated Financial Statements.

**6 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

1        NATURE OF OPERATIONS

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

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

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

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

2        BASIS OF PREPARATION AND PRESENTATION

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

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

**7 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

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

3        ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE

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

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, namely the operating,<br>investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly defined operating<br>profit subtotal. Entities’ net profit will not change.
-	Management defined performance measures (“MPMs”) are disclosed in a single note in the financial statements.
-	Enhanced guidance is provided on how to group information in the financial statements.

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

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

B – Other accounting standards

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

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

**8 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

(a)	New and amended standards and interpretations

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

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

4        MATERIAL ACCOUNTING ESTIMATES AND JUDGEMENTS

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

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

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

5        CASH AND CASH EQUIVALENTS

	2026		2025
Cash at bank		157,794		174,119
Term deposits		109,995		111,937
Cash and Cash Equivalents		267,789		286,056

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

**9 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

6        ACCOUNTS RECEIVABLES

	2026		2025
Trade receivables		13,861		19,799
Other receivables		286		274
Accounts receivables		14,147		20,073

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

7        VALUE ADDED TAX AND OTHER RECOVERABLE TAXES

	2026	2025
Sales taxes and value added taxes
Apoena, Almas and other Brazilian Projects	49,131	49,603
Aranzazu	1,226	2,547
Minosa	19,809	18,592
Other taxes
Income taxes and social contribution	7,960	7,497
Total Value added tax and other recoverable taxes	78,126	78,239
Current	35,186	37,650
Non-Current	42,940	40,589

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

8        INVENTORIES

	2026		2025
Finished product		4,664		2,688
Work-in-process		119,296		114,468
Parts and supplies		63,583		57,230
Total inventories		187,543		174,386
Current		121,009		115,810
Non-current		66,534		58,576

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

**10 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

9        OTHER RECEIVABLES AND ASSETS

	2026		2025
Prepaids expenses		6,384		4,849
Advances to vendors		40,986		36,893
Deposits		12,256		9,839
Altamira investment (a)		6,941		9,691
Other assets		1,466		705
Total other receivables and assets		68,033		61,977
Current		51,934		45,404
Non-current		16,099		16,573
(a)	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<br>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)<br>per unit, for an aggregate purchase price of $439 (C$600 – Canadian Dollars). Each unit consists of one common share and one-half<br>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<br>- Canadian Dollars) per share for a period of two years from June 30, 2025.
	On November 6, 2025, the Company exercised 24,000,000 common<br>share purchase warrants of Altamira Gold Corp. at an exercise price of $ 0.14 (C$0.20 - Canadian Dollars) per warrant, with each warrant<br>exercisable for one common share. Following this transaction, Aura owns 54,000,000 common shares and 3,000,000 warrants.
	The common shares and warrant are recorded at fair value through<br>OCI and the amount as of March 31, 2026, is $6,941 ($9,691 as of December 31, 2025).

**11 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

10      PROPERTY, PLANT ANDEQUIPMENT

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

	Mineral properties			Land and buildings			Furniture, fixtures and equipment			Plant and machinery			Right of use assets			Assets under construction			Total
Net book value at December 31, 2025		534,776			115,548			8,283			238,276			27,481			20,990			945,354
Additions		25,227			1			33			161			849			21,528			47,799
Depletion and amortization		(15,149	)		(1,486	)		(365	)		(7,610	)		(5,763	)		-			(30,373	)
Disposals		-			-			(53	)		(94	)		-			-			(147	)
Net book value at March 31, 2026		544,854			114,063			7,898			230,733			22,567			42,518			962,633
Consisting of:
Cost		856,459			651,469			576,649			773,808			585,793			473,973			3,918,151
Accumulated Depreciation		(311,605	)		(537,406	)		(568,751	)		(543,075	)		(563,226	)		(431,455	)		(2,955,518	)
Net book value at March 31, 2026		544,854			114,063			7,898			230,733			22,567			42,518			962,633
	Mineral properties			Land and buildings			Furniture, fixtures and equipment			Plant and machinery			Right of use assets			Assets under construction			Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Net book value at December 31, 2024		312,312			51,948			9,835			63,692			29,609			143,388			610,784
Additions		11,364			1,586			603			1,076			56			39,339			54,024
Bluestone acquisition		46,990			20,337			96			1,980			-			5,818			75,221
Depreciation		(9,183	)		(5,090	)		(518	)		(1,548	)		(3,129	)		-			(19,468	)
Reclassifications		-			-			-			1,819			-			(1,819	)		-
Disposals		-			-			(95	)		-			-			-			(95	)
Net book value at March 31, 2025		361,483			68,781			9,921			67,019			26,536			186,726			720,466
Consisting of:
Cost		633,197			158,745			27,213			197,830			55,008			186,726			1,258,719
Accumulated Depreciation		(271,714	)		(89,964	)		(17,292	)		(130,811	)		(28,472	)		-			(538,253	)
Net book value at March 31, 2025		361,483			68,781			9,921			67,019			26,536			186,726			720,466

**12 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

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

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

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

11      TRADE AND OTHER PAYABLES

	2026		2025
Trade accounts payable to suppliers		83,770		111,350
Other taxes payables		31,683		30,971
Accrued liabilities to suppliers		49,186		43,903
Contract liability		436		3,390
Total trade and other payables		165,075		189,614

**13 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

12      LOANS AND DEBENTURES

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

Financial debt	Maturity Date	Interest Rate	03/31/2026		12/31/2025
Bank Occidente
Q2 2022 Promissory Note (“5º Promissory Note”)	May 2026	6.25%		483		1,153
Q3 2022 Promissory Note (“6º Promissory Note”)	August 2026	6.25%		1,401		2,088
Q1 2024 Promissory Note (“8° Promissory Note”)	February 2026	7.50%		-		446
Q3 2024 Promissory Note (“9° Promissory Note”)	July 2027	8.00%		2,344		2,730
Bank Atlántida
Q2 2022 Loan Agreement (“7º Loan”)	March 2027	6.50%		2,500		3,125
Bank ABC Brasil S.A.
Q4 2022 Loan Agreement (“5º Loan”)	January 2026	5.38%		-		2,194
Bank Santander Mexico
Q3 2024 Loan Agreement (“5° Loan”)	July 2027	* SOFR + 3.8%		18,771		22,083
Bank Santander Brazil
Q3 2023 Loan Agreement (“4° Loan)	November 2028	9.51%		76,076		78,047
Bank Safra
Q3 2024 Loan Agreement (“2° Loan”)	August 2026	7.10%		10,096		20,529
Bank Brasil
Q1 2024 Loan Agreement (“1º Loan”)	December 2028	6.50%		10,163		10,000
Bank Bradesco
Q4 2024 Loan Agreement (“2° Loan”)	December 2028	6.50%(a)		43,067		43,033
Other banks
BTG Pactual	November 2027	6.70%		20,116		20,116
Debentures payable
Debentures – 2^nd^ issuance	October 2030	CDI + 1.60%		204,131		186,433
Gold Royalty Corp
Gold linked loan	December 2029	8.5%		14,000		13,291
Nemesia SARL
Nemesia SÀRL	-	7%		5,900		5,900
Total				409,048		411,168
Current				97,090		99,548
Non-Current				311,958		311,620

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

The long term cash flows of loans and debentures payments are as follows:

		Amount
2027	**		70,970
2028			51,886
2029			63,034
2030			63,034
2031 onwards			63,034
			311,958

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

**14 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

Financial Covenants

Mineração Apoena S.A. (“Apoena”) –subsidiary of 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 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 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

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

**15 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

13      LIABILITY MEASUREDAT FAIR VALUE

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

The key elements of the agreement are:

a)	Royalty payments: 2% of net smelter returns after commercial production on the first<br>725,000 ounces produced (“stepdown royalty threshold”);
b)	Stepdown royalty: Upon the aggregate of 725,000 ounces of royalty-generating gold<br>being produced, the royalty shall be reduced to 0.5% of the net smelter returns for the remainder of the term of the royalty agreement;
---	---
c)	Grantor’s buyback option: After the stepdown royalty threshold is met, the<br>Grantor has the right to buy back the stepdown royalty at a price of $2,500 that may be exercised at any time following the date on which<br>the earlier of an aggregate of 2,250,000 ounces of royalty-generating gold having been produced or January 1, 2050;
---	---
d)	Pre-production payment: The Grantor shall make pre-production payment to the holder<br>of the royalty by delivery of 250 ounces (1,000 ounces per year) of refined gold on the last day of each calendar quarter until the earlier<br>of the commercial production date and the tenth (10th) year anniversary date of the royalty agreement; and
---	---
e)	Environmental, Social and Governance (“ESG”) payment: The holders of<br>the royalty should pay the Grantor up to $30 United States Dollars per each gold equivalent ounce of product and such payment shall be<br>satisfied by Borborema as a rebate against ESG related costs. This payment shall be in the maximum aggregate amount of $300 United States<br>Dollars over the term of the Royalty agreement.
---	---

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

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

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

**16 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

14      INCOME TAXES

a)               Income taxes

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

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

	Three-month period ended March 31, 2026			Three-month period ended March 31, 2025
Current income tax		(47,409	)		(20,814	)
Deferred income tax		6,169			2,514
Total income tax expenses		(41,240	)		(18,300	)

b)               Deferred income tax assets and liabilities

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

Net deferred income tax assets (liabilities) are classified as follows:	2026			2025
Deferred income tax assets		40,510			35,418
Deferred income tax liabilities		(35,177	)		(37,006	)
Total deferred taxes, net		5,333			(1,588	)

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

Balance, December 31, 2024	(16,365	)
Recorded in the statement of income (loss)	2,514
Recorded through other comprehensive income	(217	)
Acquisition of Bluestone	(1,137	)
Exchange differences	1,284
Balance, March 31, 2025	(13,921	)
Balance, December 31, 2025	(1,588	)
Recorded in the statement of income (loss)	6,169
Recorded through other comprehensive income	1,313
Exchange differences	(561	)
Balance, March 31, 2026	5,333

**17 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

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

	2026			2025
Provision for mine closure and restoration		16,433			15,597
Tax losses carried forward		297			1,034
Fair value on acquisitions		1,300			1,391
Provisions		33,947			32,110
Exchange changes		5,094			7,170
Non-monetary items		(16,899	)		(26,771	)
Depreciation		(23,885	)		(24,113	)
Advance payments		(7,690	)		(8,612	)
Others		(3,264	)		606
Total of deferred tax assets and liabilities		5,333			(1,588	)

c)               Effective tax rate

	Three-month period ended March 31, 2026			Three-month period ended March 31, 2025
Income (loss) before Income taxes		136,398			(54,949	)
Income taxes at statutory rate applicable to the parent Company (0%)		-			-
Adjustments for calculating the effective rate
Tax calculated at the domestic rates		(68,160	)		(17,721	)
Non-deductible expenses		4,724			813
Unrecognized deferred tax asset (losses carried forward)		(1,435	)		(1,096	)
Tax exemptions (a)		21,116			1,616
Withholding taxes on distribution		(3,111	)		(1,111	)
Translation adjustments		(3,423	)		(3,527	)
Deferred taxes over non-monetary items		9,872			3,234
Others		(823	)		(508	)
Income tax expense		(41,240	)		(18,300	)
Effective tax rate		(30.2	%)		33.3	%

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

**18 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

15      PROVISION FOR MINECLOSURE AND RESTORATION

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

	2026			2025
Balance, beginning of period		83,731			50,573
Acquisition of Bluestone		-			9,668
Accretion expense (note 23)		2,279			1,666
Change in estimate		(76	)		-
Foreign exchange		1,231			305
Balance, end of the period		87,165			62,212
Current		6,028			-
Non-current		81,137			62,212

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

**19 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

16      OTHER PROVISIONS

	Long-term employee benefits			Provision for judicial contingencies		Deferred consideration (NSR)		CVRs			Total
At December 31, 2024		13,860			3,284		-		-			17,144
Periodic service and finance cost (Note 22)		338			-		-		-			338
Change in provision for the period		209			2,073		-		-			2,282
Addition		-			-		-		9,120			9,120
Settlement during the period		(1,012	)		-		-		-			(1,012	)
At March 31, 2025		13,395			5,357		-		9,120			27,872
At December 31, 2025		15,560			41,486		23,643		11,982			92,671
Periodic service and finance cost (Note 22)		598			-		-		-			598
Change in provision for the period		-			2,024		801		3,233			6,058
Actuarial changes		(44	)		-		-		-			(44	)
Settlement during the period		(85	)		-		-		-			(85	)
Foreign exchange		-			-		-		(200	)		(200	)
At March 31, 2026		16,029			43,510		24,444		15,015			98,998

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

17      OTHER LIABILITIES

	2026		2025
NSR royalty (note 17 (a))		677		1,286
Lease payment obligation (note 17 (b))		21,208		24,120
Total other liabilities		21,885		25,406
Current		18,931		18,933
Non-current		2,954		6,473

---

a)       NSR Royalty

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

	2026			2025
Balance, beginning of year		1,286			971
Royalty payments		(981	)		(981	)
Increase in NSR obligations		372			487
Balance, end of period		677			477

**20 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

b)        LeasePayment Obligation

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

	2026			2025
Balance, beginning of year		24,120			24,251
Acquisition of Bluestone		-			7
Change in estimate		849			56
Accretion expense (Note 23)		810			1,595
Lease payments (Principal)		(4,041	)		(3,331	)
Lease payments (Interest)		(703	)		(908	)
Foreign exchange		173			1,595
Balance, end of year		21,208			23,265
Current		18,254			14,234
Non-current		2,954			9,031

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

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

18      EQUITY

a)    Authorized

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

b)    Share based compensation

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

**21 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

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

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

19      REVENUE

	Three-month period ended<br><br> <br>March 31, 2026			Three-month period ended<br><br> <br>March 31, 2025
Gold		313,406			111,542
Copper & Gold concentrate		69,984			52,757
Provisional prices		(1,745	)		(2,495	)
Other (a)		961			-
Revenue		382,606			161,804

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

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

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

(a)	“Other” revenue for the period ended March 31, 2026, relates to the<br>sale of molybdenum from the Aranzazu mine.

20      COST OF GOODS SOLD

	Three-month period ended<br><br> <br>March 31, 2026			Three-month period ended<br><br> <br>March 31, 2025
Direct mine and mill costs (a)		(83,528	)		(44,919	)
Direct mine and mill costs - Contractors		(16,589	)		(15,467	)
Direct mine and mill costs - Salaries		(20,696	)		(9,126	)
Depletion and amortization		(32,965	)		(13,864	)
Total		(153,778	)		(83,376	)

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

**22 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

21      GENERAL AND ADMINISTRATIVEEXPENSES

	Three-month period ended<br><br> <br>March 31, 2026			Three-month period ended<br><br> <br>March 31, 2025
Salaries, wages, benefits and bonus		(7,218	)		(3,780	)
Professional and consulting fees		(1,932	)		(2,048	)
Legal, filing, listing and transfer agent fees		(235	)		(244	)
Insurance		(782	)		(196	)
Directors' fees		(2,534	)		(671	)
Travel expenses		(369	)		(361	)
Share-based payment expense		(662	)		(73	)
Depreciation and amortization		(176	)		(199	)
Care and maintenance		(190	)		(500	)
Other		(1,644	)		(1,564	)
Total		(15,742	)		(9,636	)

22      EXPLORATION EXPENSES

	Three-month period ended<br><br> <br>March 31, 2026			Three-month period ended<br><br> <br>March 31, 2025
Minosa		(65	)		(236	)
Borborema		(211	)		(70	)
Almas		(921	)		(237	)
Apoena		(177	)		(124	)
Aranzazu		(935	)		(709	)
Serra Grande		(29	)		-
All other segments		(21	)		-
Total		(2,359	)		(1,376	)

**23 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

23      FINANCE INCOME (EXPENSE)

	Three-month period ended<br><br> <br>March 31, 2026			Three-month period ended<br><br> <br>March 31, 2025
Accretion expense (Note 15)		(2,279	)		(1,666	)
Lease interest expense (Note 17 (b))		(810	)		(1,595	)
Interest expense on loans and debentures		(6,387	)		(5,755	)
Finance cost on post-employment benefit		(598	)		(338	)
Unrealized loss with derivative gold collars		(24,105	)		(100,210	)
Realized loss with derivative gold collars		(33,325	)		(6,036	)
Loss on other derivative transactions		(1,188	)		(1,827	)
Foreign exchange		(73	)		(3,176	)
Change in liability measured at fair value (Note 13)		(5,026	)		(2,359	)
Other finance costs		(2,496	)		(430	)
Finance expenses		(76,287	)		(123,392	)
Foreign exchange		5,546			-
Interest income		1,820			1,781
Finance income		7,366			1,781
Total finance result		(68,921	)		(121,611	)

24      CASH FLOW INFORMATION

a)    Items adjusting profit (loss)of the year

	Three-month period ended<br><br> <br>March 31, 2026			Three-month period ended<br><br> <br>March 31, 2025
Deferred and current income tax expense		41,240			18,300
Depreciation and amortization		33,141			14,063
Accretion expense (Note 23)		2,279			1,666
Lease Interest expense (Note 23)		810			1,595
Interest expense on loans and debentures (Note 23)		6,387			5,755
Finance cost on post-employment benefit (Note 23)		598			338
Unrealized loss on derivatives gold collars (Note 23)		24,105			100,210
Loss on other derivatives (Note 23)		1,188			1,827
Foreign exchange (gain) loss (Note 23)		(5,473	)		3,176
Change in fair value in liability measured at fair value (Note 13)		5,026			2,359
Share-based payment expense (Note 21)		662			73
Loss on disposal of assets (Note 10)		147			76
Other non-cash items		8,275			6,112
Total		118,385			155,569

**24 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

b)    Changes in working capital

	Three-month period ended<br><br> <br>March 31, 2026			Three-month period ended<br><br> <br>March 31, 2025
Increase in accounts receivables and value added taxes and other recoverable taxes		(755	)		(7,948	)
Increase in inventory		(12,786	)		(4,454	)
Increase in trade and other payables		(13,812	)		(1,733	)
Total		(27,353	)		(14,135	)

---

c)    Other current and non-currentassets and liabilities

---

	Three-month period ended<br><br> <br>March 31, 2026		Three-month period ended<br><br> <br>March 31, 2025
Changes in other current and non-current assets and liabilities consists of:
(Increase) other receivables and assets and inventories (non-current)	(6,530	)	(2,531	)
(Increase) in other receivables and assets (current)	(2,244	)	(86	)
(Decrease) in other liabilities (current and non-current)	(8,043	)	(7,466	)
Total	(16,817	)	(10,083	)

---

d)    Non-cash investing and financingactivities consist of:

	Three-month period ended<br><br> <br>March 31, 2026	Three-month period ended<br><br> <br>March 31, 2025
Non-cash addition to property, plant and equipment	3,692	2,299
Total	3,692	2,299

**25 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

e)    Debt reconciliation

	Loans and debentures		Derivatives
Balance as of December 31, 2024	443,104		139,490
Acquisition of Bluestone	19,900
Changes from Financing cash flows:
Loan and debentures repayments	(11,455	)	-
Interest paid on loans (a)	(7,775	)	-
Derivative settlement (Gold Hedges)	-		(6,036	)
Derivative settlement (Other derivatives)	-		(417	)
Other Changes:
Interest expenses on loans	4,889		-
Interest expenses on debentures	5,963		-
Derivative interest	-		(2,854	)
Foreign exchange adjustments	13,061		(12,792	)
Swap fair value adjustment	-		2,802
Gold Hedges fair value adjustment	-		106,246
Other derivatives fair value adjustment	-		1,827
Balance as of March 31, 2025	467,687		228,266
	Loans and debentures		Derivatives
---	---	---	---	---
Balance as of December 31, 2025	411,168		400,279
Changes from Financing cash flows:
Loan and debentures repayments	(18,321	)	-
Interest paid on loans (a)	(6,651	)	-
Derivative settlement (Gold Hedges)	-		(33,325	)
Derivative settlement (Other derivatives)	-		(2,741	)
	(24,972	)	(36,066	)
Other Changes:
Interest expenses on loans	3,940		-
Interest expenses on debentures	7,784		-
Derivative interest	-		(5,393	)
Foreign exchange adjustments	9,928		(9,054	)
Swap fair value adjustment	-		(3,862	)
Gold Hedges fair value adjustment	-		57,430
Other derivatives fair value adjustment	1,200		(12	)
Balance as of March 31, 2026	409,048		403,322

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

**26 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

25      OTHER (EXPENSES)INCOME, NET

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

26      FINANCIAL INSTRUMENTSAND FAIR VALUE MEASUREMENT

a)       Financial Instruments

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

		Asset/(Liability) at			Asset/(Liability) at
Derivatives Contracts	Current/Non-Current	March 31, 2026			December 31, 2025
Swap - Aura Almas (Itaú Bank)	Current		22,726			4,418
Swap - Apoena Mines (ABC Bank)	Current		-			(2,753	)
Gold Derivatives	Current / Non-current		(426,048	)		(401,944	)
Total			(403,322	)		(400,279	)

**27 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

Classification of financial instruments

			March 31, 2026						December 31, 2025
	Note		Measured at amortized cost		Fair value through profit & loss		Fair value through OCI		Measured at amortized cost		Fair value through profit & loss		Fair value through OCI
Assets
Current
Cash and cash equivalents		5		267,789		-		-		286,056		-		-
Accounts receivable		6		11,213		2,648		-		17,478		2,321		-
Derivative Financial Instrument		26		-		-		22,726		-		-		4,418
Non-current
Other receivables and assets		9		-		-		6,941		-		-		9,691
				279,002		2,648		29,667		303,534		2,321		14,109
Liabilities
Current
Trade and other payables		11		165,075		-		-		189,614		-		-
Derivative Financial Instrument		25		-		168,363		-		-		139,354		-
Loans and debentures		12		82,063		15,027		-		92,497		7,051		-
Liability measured at fair value		13		-		4,522		-		-		1,012		-
Other liabilities		17		18,931		-		-		18,933				-
Non-current
Derivative Financial Instrument		24		-		257,685		-		-		265,343		-
Loans and debentures		12		122,854		189,104		-		132,238		179,382		-
Liability measured at fair value		13		-		29,093		-		-		25,822		-
Deferred consideration (NSR)		16		-		24,444		-		-		23,643		-
Other provisions (CVR)		16		-		15,015		-		-		11,982		-
Other liabilities		17		2,954		-		-		6,473		-		-
				391,877		703,253		-		439,755		653,589		-
i)	Swap agreements:
---	---

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

			Asset/(Liability) at		Asset/(Liability) at
Derivatives Contracts	Commodity/ index	Current/Non-Current	March 31, 2026		December 31, 2025
Swap - Aura Almas (Itaú Bank) (a)	CDI	Current / Non current		22,726		4,418
Swap  - Apoena Mines (ABC Bank)	CDI	Current		-		(2,753	)
Total				22,726		1,665

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

**28 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

ii) Derivative Options

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

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

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

b)    Fair value offinancial 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<br>identical assets or liabilities;
2)	Level 2, which are inputs other than Level 1 quotes prices that are observable,<br>either directly or indirectly, for the asset or liability; and,
---	---
3)	Level 3, which are inputs for the asset or liability that are not based on observable<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.

**29 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

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

			March 31, 2026				December 31, 2025
	Level		Fair value through profit & loss		Fair value through OCI		Fair value through profit & loss		Fair value through OCI
Assets
Accounts receivable		2		2,648		-		2,321		-
Other receivables and assets		1		-		6,941		-		9,691
Derivative Financial Instrument		2		-		22,726		-		4,418
				2,648		29,667		2,321		14,109
Liabilities
Debentures (a)		2		204,131		-		186,433		-
Liability measured at fair value		3		33,615		-		26,834		-
Derivative Financial Instrument		2		426,048		-		404,697		-
Deferred consideration (NSR)		3		24,444		-		23,643		-
Other provisions (CVR)		3		15,015		-		11,982		-
				703,253		-		653,589		-

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:

****	Fair value at		Unobservable inputs	Inputs		Relationship of unobservable inputs to fair value
Description	2026	2025	****	2026	2025	****
Liability measured at fair value (NSR agreement)	33,615	26,834	Expected production of gold ounces	702,903	719,512	If expected production of gold ounces were 10% higher or lower, the fair value would increase/decrease by $440.
Contingent Value Rights (CVRs)	15,015	11,982	Commercial Production	(a)	(a)	(a)
Contingent consideration (NSR)	24,444	23,643	Expected production of gold ounces	315,481	315,481	If expected production of gold ounces were 10% higher or lower, the fair value would increase/decrease by $192.

**30 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

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

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

Valuation process - Liability measured at fair value

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

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

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

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

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

Valuation process - Contingent Value Rights (CVRs)

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

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

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

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

  31 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

Valuation process - Deferred consideration (NSR)

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

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

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

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

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

Fair value of loans and other financial liability

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

27      FINANCIAL RISK MANAGEMENT

a)	Liquidity risk

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

**32 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

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

2026	Within<br> 1 year		2 to 3<br> years		4 to 5<br> years		Over 5<br> years		Total
Trade and other payables		165,075		-		-		-		165,075
Loans and debentures		97,090		182,587		137,509		59,298		476,484
Provision for mine closure and restoration		6,047		13,246		26,680		48,560		94,533
Lease liabilities		19,697		3,090		24		-		22,811
Liability measured at fair value		6,965		6,982		9,436		31,249		54,632
		294,874		205,905		173,649		139,107		813,535

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

b)	Currency risk

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

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

**33 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

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

c)	Interest rate risk

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

d)	Credit risk

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

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

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

-

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

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

  34 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

e)	Market risk

Commodity derivatives transactions – Gold collars

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

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

Liability measured at fair value

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

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 cashflows.

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

Instrument	Instrument´s main risk events	Reasonable scenario	$ Impact
Derivative financial instruments (Gold collars)	Gold price increase/decrease	D 10%	82,881
Liability measured at fair value	Gold price increase/decrease	D 10%	3,361
Loans and debentures (Gold linked loan)	Gold price increase/decrease	D 10%	617
Contingent consideration (NSR)	Gold price increase/decrease	D 10%	1,177

**35 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

28      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 of any material debt obligations, and any material transactions out of the ordinary course of business, including dispositions, acquisitions and other investments or divestitures. In order to maintain or adjust the capital structure, the company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares to reduce debt.

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

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

**36 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

29      RELATED PARTY TRANSACTIONS

Key Management Compensation

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

Director’s fees

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

Iraja Royalty Payments

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

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

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

**37 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

Royalty Agreement for Aura Almas

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

Royalty Agreement for Matupá

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

Dividends payable to Northwestern

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

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

30      SEGMENTINFORMATION

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

**38 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

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

For the period ended March 31, 2026	Minosa Mine			Apoena Mine			Aranzazu Mine			Almas Mine			Borborema Mine			Serra Grande Mine			Total reportable segments			Non reportable segments (1)			Total
Revenue		80,020			35,814			69,178			68,693			81,988			46,913			382,606			-			382,606
Cost of goods sold		(20,749	)		(10,386	)		(25,266	)		(16,915	)		(19,935	)		(27,562	)		(120,813	)		-			(120,813	)
Depreciation and amortization		(1,931	)		(5,844	)		(7,213	)		(4,755	)		(5,510	)		(7,712	)		(32,965	)		-			(32,965	)
Gross profit		57,340			19,584			36,699			47,023			56,543			11,639			228,828			-			228,828
General and administrative expenses		(1,101	)		(1,003	)		(1,587	)		(1,137	)		(1,015	)		(1,882	)		(7,725	)		(8,017	)		(15,742	)
Exploration expenses		(65	)		(177	)		(935	)		(921	)		(211	)		(29	)		(2,338	)		(21	)		(2,359	)
Other income (expenses) , net		(79	)		19			(1,233	)		10			(2	)		-			(1,285	)		(4,123	)		(5,408	)
Operating income (loss)		56,095			18,423			32,944			44,975			55,315			9,728			217,480			(12,161	)		205,319
Finance expense		(1,120	)		(1,128	)		(354	)		(392	)		(8,542	)		(736	)		(12,272	)		(57,628	)		(69,900	)
Finance income		65			339			720			1,304			865			3,165			6,458			908			7,366
Interest expense on loans and debentures		(191	)		(1,224	)		(402	)		(2,621	)		(1,844	)		-			(6,282	)		(105	)		(6,387	)
Income (loss) before income taxes		54,849			16,410			32,908			43,266			45,794			12,157			205,384			(68,986	)		136,398
Current tax		(14,489	)		(703	)		(10,426	)		(7,590	)		(6,613	)		(4,477	)		(44,298	)		(3,111	)		(47,409	)
Deferred tax		(281	)		(2,101	)		1,194			4,604			1,354			1,198			5,968			201			6,169
Income taxes		(14,770	)		(2,804	)		(9,232	)		(2,986	)		(5,259	)		(3,279	)		(38,330	)		(2,910	)		(41,240	)
(Loss) / Profit for the year		40,079			13,606			23,676			40,280			40,535			8,878			167,054			(71,896	)		95,158
Property, plant and equipment		72,726			89,294			131,976			158,178			239,769			139,546			831,489			131,144			962,633
Total assets		121,144			210,067			426,450			366,427			204,019			186,972			1,515,079			107,809			1,622,888
Total liabilities		98,140			130,329			96,018			257,953			157,439			76,787			816,666			504,363			1,321,029
Purchase of property, plant and equipment		3,216			13,460			6,792			4,787			2,403			5,668			36,326			7,781			44,107

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

**39 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

	Reportable segments
For the period ended March 31, 2025	Minosa Mine		Apoena Mine		Aranzazu Mine		Almas Mine		Borborema<br> <br>Project		Total reportable segments		Non-Reportable Segments (1)		Total
Revenue	48,062		26,353		50,262		37,127		-		161,804		-		161,804
Cost of goods sold, except depletion and amortization	(20,135	)	(11,555	)	(23,815	)	(14,007	)	-		(69,512	)	-		(69,512	)
Depletion and amortization	(1,341	)	(3,549	)	(6,467	)	(2,507	)	-		(13,864	)	-		(13,864	)
Gross profit	26,586		11,249		19,980		20,613		-		78,428		-		78,428
											-
General and administrative expenses	(1,135	)	(1,301	)	(1,774	)	(803	)	84		(4,929	)	(4,707	)	(9,636	)
Exploration expenses	(236	)	(124	)	(709	)	(237	)	(70	)	(1,376	)	-		(1,376	)
Other (expense) income	(244	)	69		(572	)	(6	)	4		(749	)	(5	)	(754	)
Operating income/(loss)	24,971		9,893		16,925		19,567		18		71,374		-4,712		66,662
											-
Finance expense	(991	)	(5,821	)	428		(1,544	)	(2,480	)	(10,408	)	(107,229	)	(117,637	)
Finance income	111		5		91		1,268		84		1,559		222		1,781
Interest expense on loans and debentures	(432	)	(820	)	(553	)	(3,464	)	(486	)	(5,755	)	-		(5,755	)
Income/(Loss) before income taxes	23,659		3,257		16,891		15,827		(2,864	)	56,770		(111,719	)	(54,949	)
											-
Current tax	(6,611	)	(663	)	(6,431	)	(5,998	)	-		(19,703	)	(1,111	)	(20,814	)
Deferred tax	393		2,005		(952	)	1,241		(542	)	2,145		369		2,514
Income taxes	(6,218	)	1,342		(7,383	)	(4,757	)	(542	)	(17,558	)	(742	)	(18,300	)
(Loss) / Profit for the year	17,441		4,599		9,508		11,070		(3,406	)	39,212		(112,461	)	(73,249	)
											-
Property, plant and equipment	62,476		58,692		127,588		144,848		222,004		615,608		104,858		720,466
Total assets	97,195		192,410		349,317		315,583		132,444		1,086,949		52,042		1,138,991
Total liabilities	95,221		137,912		95,726		238,134		151,932		718,925		280,201		999,126
Purchase of property, plant and equipment	1,251		5,001		6,490		2,059		35,783		50,584		1,141		51,725

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

**40 | Aura Minerals Inc.**

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

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

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

31      COMMITMENTS AND CONTINGENCIES

a)               Leases commitments

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

	2026
Within 1 year		18,254
2 years		2,934
3 years		20
4 years		-
Over 5 years		-
Total		21,208

---

b)               Contingencies

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

32      PROFIT(LOSS) PER SHARE

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

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

	For the three months ended March 31, 2026		For the three months ended March 31, 2025
Profit (Loss) for the period		95,158		(73,249	)
Weighted average number of ordinary shares outstanding - basic		83,568,595		73,189,136
Weighted average number of ordinary shares outstanding - diluted		84,544,307		73,189,136
Profit (loss) per share - basic		1.14		(1.00	)
Profit (loss) per share - diluted		1.13		(1.00	)

41 | Aura Minerals Inc.