Aura Minerals Inc. (NASDAQ: AUGO) (TSX: ORA) (B3: AURA33) announces that it has filed its audited consolidated financial statements and management discussion and analysis for the period ended June 30, 2025. The full version of the Financial and Operational Results can be viewed on the Company’s website at www.auraminerals.com, on SEDAR+ at www.sedarplus.ca. or on SEC www.sec.gov.

 

“In Q2, we achieved another record-high Adjusted EBITDA of US$106 million, driven by higher production and gold price of US$3,185 / Oz, bringing our last twelve months (LTM) Adjusted EBITDA to US$344 million at an average gold price of US$2,812 / Oz. Additionally, Aura reached significant milestones, including the publication of the Preliminary Economic Assessment (PEA) for Era Dorada, the signing of a purchase agreement for MSG, and a successful IPO on Nasdaq. We also approved our quarterly dividend payment, delivering a 7.4% yield return to our shareholders over the LTM, inclusive of share buybacks. Looking ahead, we expect commercial production at Borborema, the completion of the MSG acquisition in Q3, and to meet our production and cost guidance for the year.” Commented Rodrigo Barbosa President and CEO of Aura.

 

Operational & Financial Headlines Q2 2025 and H1 2025

 

(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Total Production (GEO)	64,033		60,087		7	%	64,327		-0	%	124,120		132,514		-6	%
Total Sales (GEO)	62,452		60,491		3	%	63,258		-1	%	122,943		132,344		-7	%
Net Revenue	190,436		161,804		18	%	134,411		42	%	352,240		266,489		32	%
Gross Profit	103,939		78,428		33	%	51,308		103	%	182,367		97,989		86	%
Gross Margin	55	%	48	%	6 p.p.		38	%	16 p.p.		52	%	37	%	15 p.p.
EBITDA	106,224		81,479		30	%	53,208		100	%	187,703		109,398		72	%
EBITDA Margin	56	%	50	%	542 p.p.		40	%	1619 p.p.		53	%	41	%	1224 p.p.
Net Income	8,147		(73,249	)	n.a.		(25,775	)	-132	%	(65,102	)	(34,992	)	n.a.
Net Income Margin	4	%	-45	%	n.a.		-19	%	-122	%	-18	%	-13	%	n.a.
Adjusted Net Income¹	36,834		26,903		37	%	9,414		291	%	63,737		22,980		177	%
Adjusted Net Income Margin	19	%	17	%	3 p.p.		7	%	176	%	18	%	9	%	9 p.p.
Cash Cost (US$/GEO)	1,146		1,149		-0	%	1,080		6	%	–		1,040		-100	%
All In Sustaining cost (US$/GEO)	1,449		1,461		-1	%	1,328		9	%	1,455		1,307		11	%
Operating Cash Flow	60,420		41,229		47	%	53,612		13	%	83,867		79,464		6	%
Net Debt/LTM EBITDA	0.8x		0.9x		-0.1x		0.8x		0.0x		0.8x		0.8x		0.0x
CAPEX	50,327		51,725		-3	%	23,575		113	%	102,052		53,278		92	%
1. Adjusted Net Income of Q1 2025 does not consider deffered taxes over non-monetary items.

 

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

 

Headlines

• Total production in Q2 2025 reached 64,033 gold equivalent ounces (“GEO”), 7% higher than Q1 2025 and in line compared to the same period last year at current metal prices. At constant metal prices, production increased by 9% when compared to both Q1 2025 and Q2 2024. During the quarter, Aura commenced operations at Borborema — anticipated to be one of the Company’s largest and lowest cash cost operations. In H1 2025, production was 124,120 GEO an increase when compared to the result of H1 2024 of 122,680 GEO, at constant prices. Compared to the public guidance for 2025, this total production represents 47% of the low proposed guidance and 41% of the high proposed guidance, reinforcing the Company’s confidence in meeting the 2025 production guidance, since Borborema is still in the ramp up phase.
• Sales volumes was 62,452 in GEO this quarter, a decrease by 1% in Q2 2025 from Q2 2024 and increased by 3% when compared to the previous quarter. This result in the quarter was in line with Aura’s expectation, reflecting Apoena mine’s investment phase and also due to lower sales volumes at Aranzazu, considering the negative impact of the copper to gold conversion (despite the total sale copper was 16,815 Klb, a 30% increase compared to Q2 2024 and 23% higher than Q1 2025) and Minosa, all partially offset by the preliminary production of Borborema and higher sales volumes at Almas. Compared to the same period of 2024, sales decreased mainly due to lower production at Minosa and Apoena, gold prices that negatively impacted GEO conversion at Arazanzu. In H1 2025, sales volumes decreased by 7%, mainly due to lower sales volumes at Aranzazu (due to GEO conversion), Apoena and Minosa.
• Net Revenues reached a record high of US$190,436 in Q2 2025, representing an increase of 42% compared to Q2 2024 and an increase of 18% when compared to Q1 2025, mainly due to higher gold price. In H1 2025, revenues reached US$352,240, an increase of 32% compared to the same period of 2024.
  • Average net realized gold sale prices increased by 14% in Q2 2025 compared to Q1 2025, with an average of US$3,185/oz in the quarter. Compared to Q2 2024, average net realized gold sale prices increased 44% (US$2,208). In H1 2025, average net realized gold sale prices reached US$2,986, a 42% increase when compared to H1 2024.
  • Average realized copper sale prices increased 5% compared to Q1 2025, with an average of US$4.46/lb in the quarter, and were in line with the same period in 2024. In H1 2025, average copper sale prices reached US$4.36, a 5% increase when compared to H1 2024.
• Adjusted EBITDA reached another record high of US$106,224 in Q2 2025, marking the fourth consecutive quarterly record reported by Aura. The increase was driven by a combination of higher gold prices, cash costs under control and increase in sales in Q2 2025 compared to Q1 2025. When compared to Q2 2024, Adjusted EBITDA reached a 90% increase.
• AISC for Q2 2025 was US$1,449/GEO, a decrease by 1% when compared to Q1 2025 (US$1,461/GEO) and an increase of 9% over the Q2 2024, in line with the Company’s expectations. At constant Q2 2024 metal prices, AISC would have been US$1,312 in the quarter, a decrease of 1% compared to Q2 2024, due to lower AISC at Almas, Aranzazu (at constant prices) and Apoena.
• The Company’s Net Debt reached US$280,560 by Q2 2025, due to capex of US$50.3 million, mostly related to the final phase of construction of the Borborema Project, dividends of US$29.8 million, annual income taxes paid of US$29.5 million and reduction of US$13.7 million in debt due to the settlement of Nemesia SARL debt related to the Bluestone acquisition. The net debt-to-last 12 months EBITDA ratio reduced to 0.8x at the end of Q2 2025, from 0.9x at the end of Q1 2025.

OTHER UPDATES:

 

U.S. Public Offering: In July 2025, Aura concluded its U.S. Initial Public Offering (“IPO”) of 8,100,510 common shares, at a public offering price of US$24.25 per common share. Aura raised around US$196 million. The common shares were listed on the Nasdaq Global Select Market under the ticker symbol “AUGO” and began trading on July 16, 2025. The U.S. listing is part of Aura’s strategy to unlock value for our shareholders, improve liquidity of its common shares, as well as strengthen and diversify its shareholder base through broader access to global capital markets.

 

Borborema Ramp-Up and First once sold: Borborema Project (“Borborema”) started its ramp-up phase on schedule and on budget, with the mine and plant currently in operation, and it produced in Q2 2025 totaled 2,577 GEO following the project’s first gold pour. Borborema is poised to become a cornerstone asset for Aura, anticipated to deliver the second highest annual gold production among the Company’s five operating mines. Built in just 19 months with zero lost time incidents, the project exemplifies Aura’s commitment to developing simple, scalable, and efficient operations. It also sets a benchmark in ESG performance, incorporating renewable energy sources and utilizing grey water from the local municipality. Aura believes that Borborema remains on track to declare commercial production by the end of Q3 2025.

 

Acquisition of MSG (Mineração Serra Grande Gold) Mine in Goiás, Brazil: In June 2025, Aura announced the acquisition from AngloGold all of the issued and outstanding securities of Mineração Serra Grande S.A. (“MSG”), owner of the MSG gold mine located in Crixás, in the state of Goiás, Brazil. In consideration for the acquisition of MSG, Aura will pay to AngloGold: (i) an upfront cash consideration of US$ 76 million on closing subject to certain working capital adjustments as at the closing date; plus (ii) deferred consideration payments equivalent to a 3% net smelter returns participation over the currently identified Mineral Resource of MSG (inclusive of the Mineral Reserve) payable quarterly. The Transaction excludes certain current subsidiaries of MSG, which hold assets that do not form part of MSG’s mining operations or Mineral Resources and Mineral Reserves. These subsidiaries will be spun off from MSG prior to the closing of the Transaction. The closing of the Transaction is expected to happen by Q3 2025, and no later than Q4 2025.

 

Preliminary Economic Assessment for the Era Dorada Project: In June 2025, Aura filed a Preliminary Economic Assessment for the Company’s wholly owned Era Dorada Project, in the United States in accordance with S-K 1300 and NI 43.101. The PEA indicated Mineral Resources of 1.9 million ounces of gold, assuming 6.35 million tonnes at 9.31 grams per tonne. The total production of approximately 1.4 million ounces of gold over a 17 years Life of Mine, and with average production of 91k ounces of gold for the first 4 years. Regarding CAPEX, the PEA presented a total initial implementation capex of approximately US$264 million with a payback in approximately 3.5 years after the beginning of the operation.

 

Exercise of Options to Acquire 100% of the Pé Quente and Carajás Projects

 

Aura has exercised its options to acquire 100% ownership of the Pé Quente and Carajás Projects in Brazil, as previously announced in press releases dated February 27, 2023 and May 22, 2024. These transactions reinforce Aura’s commitment to growing its resource base and exploration and development pipeline across key jurisdictions in the Americas.

 

• Pé Quente Project
  • 100% ownership secured;
  • 16,942m of drilling completed confirming mineralization across four targets;
  • Continuity confirmed with strike lengths up to 440m and down-dip extents up to 350m in the Nilva target;
  • Preliminary Meturlligcal testing planned for second semester of 2025 to support potential resource and life of mine expansion for the Matupá Project, located within a 50km radius.
• Aura Carajás Project
  • Final US$3M payment completed to fully acquire the project;
  • Approximately 10,000 meters of drilling planned at Carajás in H2 2025 to support advancement; toward a maiden resource in Serra da Estrela target.

 

Investment in Altamira Gold Corp. through a Private Placement: In July 2025, Aura entered into a subscription agreement with Altamira Gold Corp., acquiring 6,000,000 units at C$0.10 per unit in a non-brokered private placement, totaling C$600,000. Each unit comprises one common share and one-half of a share purchase warrant, exercisable at C$0.15 per share until June 30, 2027. Prior to this, Aura held 24,000,000 shares and 24,000,000 warrants (11.3% non-diluted, 20.3% fully diluted, as per November 2023). Post-transaction, Aura holds 30,000,000 shares and 27,000,000 warrants (11.3% non-diluted, 19.5% fully diluted). The units were acquired directly from Altamira for investment purposes due to its exploration potential.

 

2. Consolidated Financial Results

 

2.1 Total Production and Sales (GEO)

 

English
(GEO)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Production	64,033		60,087		7	%	64,327		-0	%	124,120		132,514		-6	%
Aranzazu	22,281		20,456		9	%	24,692		-10	%	42,737		49,693		-14	%
Apoena	8,219		8,876		-7	%	9,912		-17	%	17,095		22,017		-22	%
Minosa	18,039		17,654		2	%	19,142		-6	%	35,693		38,328		-7	%
Almas	12,917		13,101		-1	%	10,580		22	%	26,018		22,475		16	%
Borborema	2,577		0		n.a.		0	%	n.a.		257700	%	0	%	n.a.
(GEO)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Sales	62,452		60,491		3	%	63,258		-1	%	122,943		132,344		-7	%
Aranzazu	22,290		20,456		9	%	24,683		-10	%	42,746		49,786		-14	%
Apoena	8,219		9,408		-13	%	8,258		-0	%	17,627		21,118		-17	%
Minosa	17,836		17,526		2	%	19,738		-10	%	35,362		38,966		-9	%
Almas	12,917		13,101		-1	%	10,580		22	%	26,018		22,475		16	%
Borborema	1,190		0		n.a.		0		n.a.		1,190		0		n.a.

Applies the metal sale prices in Aranzazu realized during Q2 2025: Copper price = US$4.39/lb; Gold Price = US$3,293/oz; Silver Price = US$34.27/oz.

 

Total production in Q2 2025 reached 64,033 gold equivalent ounces (“GEO”), 7% higher than Q1 2025 and in line compared to the same period last year at current metal prices, mainly due to negative impact from the copper-to-GEO conversion at Aranzazu. At constant metal prices, production increased by 9% when compared to both Q1 2025 and Q2 2024. The result was mainly attributable to stronger operational performance at Aranzazu, which posted higher metallurgical recoveries and improved head grades for all metals, on both an annual and quarterly basis

 

During the quarter, Aura commenced operations at Borborema — anticipated to be one of the Company’s largest and lowest cash cost operations. In the quarter, Borborema’s preliminary production totaled 2,577 GEO, following the project’s first gold pour. The project was completed on schedule, within 19 months, and on budget and Aura expects to achieve to declare Borborema commercial production by the end of Q3 2025.

 

In the first half of 2025, production reached 124,120 GEO, representing a 6% decline at current metal prices. At constant prices — which neutralize the effect of copper price fluctuations in the GEO conversion at Aranzazu — this reflects an increase over the 122,259 GEO produced in H1 2024. . At current metal prices, production in Q2 2025 was consistent with Q2 2024, and year-to-date production represents 47% of the lower end and 41% of the upper end of the full-year guidance. This performance reinforces the Company’s confidence in meeting its 2025 targets, especially considering that Borborema is still in the ramp-up phase. Excluding Borborema, total production to date accounts for 52% of the lower bound and 47% of the upper bound of the guidance range.

 

 

2.2. Net Revenue

 

(US$ thousand)	Q2 2025	Q1 2025	%		Q2 2024	%		H1 2025	H1 2024	%
Aranzazu	62,508	50,262	24	%	49,240	27	%	112,770	93,402	21	%
Apoena	26,711	26,353	1	%	18,992	41	%	53,064	44,999	18	%
Minosa	55,776	48,062	16	%	41,962	33	%	103,838	79,609	30	%
Almas	41,751	37,127	12	%	24,217	72	%	78,878	48,479	63	%
Borborema	3,690	–	n.a		–	n.a		3,690	–	n.a.
Total	190,436	161,804	18	%	134,411	42	%	352,240	266,489	32	%

 

In Q2 2025, the Company reported Net Revenue of US$190.4 million, representing a 42% increase year-over-year and an 18% increase compared to Q1 2025. The strong performance was primarily driven by the higher metal prices, particularly gold, with the average realized gold price increasing by 44%, from US$2,208/oz in Q2 2024 to US$3,185/oz in Q2 2025. Copper prices also contributed positively, with the average realized copper price increasing by 5%, from US$4.26/lb in Q2 2024 to US$4.46/lb in Q2 2025.

 

With this result, Net Revenues reached US$352,240 in H1 2025, an increase of 32% when compared to the same period of 2024. The result was mainly driven by higher gold prices, higher sales at Almas and the start of the Borborema Project. In H1 2025, average net realized prices reached US$2,986, a 42% increase when compared to H2 2024; and average copper prices reached US$4.36/lb, a 5% increase when compared to H2 2024.

 

 

2.3. Cash Cost and All in Sustaining Costs

 

(US$/GEO)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Cash Cost	1,146		1,149		-0	%	1,080		6	%	1,147		1,040		10	%
Aranzazu	1,110		1,164		-5	%	958		16	%	1,136		942		21	%
Apoena	1,168		1,228		-5	%	1,252		-7	%	1,200		940		28	%
Minosa	1,178		1,149		3	%	1,094		8	%	1,164		1,140		2	%
Almas	1,167		1,069		9	%	1,203		-3	%	1,118		1,176		-5	%
Borborema	936		0		n.a.		0		n.a.		936		–		n.a.
All-in Sustaining Cost	1,449		1,461		-1	%	1,328		9	%	1,455		1,307		11	%
Aranzazu	1,514		1,545		-2	%	1,206		26	%	1,529		1,235		24	%
Apoena	1,751		2,041		-14	%	1,958		-11	%	1,906		1,500		27	%
Minosa	1,292		1,249		3	%	1,159		12	%	1,271		1,223		4	%
Almas	1,364		1,195		14	%	1,434		-5	%	1,279		1,428		-10	%
Borborema	1,441		0		n.a.		0		n.a.		1,441		–		n.a.

 

For the second quarter of 2025, the Company’s Cash Cost was US$1,146/GEO, an increase of 6% over Q2 2024 and in line with Q1 2025, even with the preliminary production of Borborema. Year-on-year, the increase in cash cost was mainly attributed to the increase in costs at Aranzazu, mainly due to impact from the copper-to-GEO conversion in production. At constant Q2 2024 metal prices, Cash Costs decreased by 4%. Quarter-over-quarter, cost improvements at Aranzazu and Apoena were sufficient to offset higher costs at Almas, which faced a decrease in grades as anticipated in the mine sequencing plan.

 

In H1 2025, Cash Cost averaged US$1,147/oz, representing a 10% increase compared to the same period in 2024, the increase was primarily driven by the impact of the copper-to-GEO conversion at Aranzazu and lower production at Apoena, as expected. At constant H1 2024 metal prices, Cash Costs increased by 2%

 

The consolidated All-in Sustaining Cost (AISC) was US$1,449 per GEO, representing a 9% increase compared to Q2 2024 and a 1% decrease versus Q1 2025, in line with the cash cost trend. When calculated using constant metal prices from Q2 2024, AISC for the quarter would have been US$1,312 per GEO, a decrease of 1%. In H1 2025, AISC was US$1,455, a 11% increase compared to H1 2024. At constant H1 2024 metal prices, AISC increased by 3%.

 

 

2.4. Gross Income

 

(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Net Revenue	190,436		161,804		18	%	134,411		42	%	352,240		266,489		32	%
Cost of goods sold	(86,497	)	(83,376	)	4	%	(83,103	)	4	%	(169,873	)	(168,500	)	1	%
Cost of production	(44,470	)	(44,919	)	-1	%	(36,203	)	23	%	(89,389	)	(75,062	)	19	%
Cost of production – Contractors	(17,529	)	(15,467	)	13	%	(22,356	)	-22	%	(32,996	)	(42,380	)	-22	%
Change in inventory (cash)	(9,550	)	(9,126	)	5	%	(9,762	)	-2	%	(18,676	)	(20,167	)	-7	%
Depreciation and amortization	(14,948	)	(13,864	)	8	%	(14,782	)	1	%	(28,812	)	(30,891	)	-7	%
Gross Profit	103,939		78,428		33	%	51,308		103	%	182,368		97,989		86	%
Gross Margin	55	%	48	%	6 p.p.		38	%	1641 p.p.		52	%	37	%	15 p.p.

 

The increase in Net Revenue coupled with the Company’s rigorous cost control – with an increase of 4% on Cost of goods sold compared to the same quarter of 2024 – led to a Gross Profit at the quarter of US$130.9 million in Q2 2025, with a Gross Margin of 55%, compared to the Gross Profit of US$51.3 million in Q2 2024 and US$78.4 million in Q1 2025.

 

In H1 2025, Gross Profit reached US$182.4 million, higher than US$98.0 million in H1 2024, also explained by 32% increase in net revenue and only 1% at costs of goods sold.

 

 

2.5.Operating Expenses

 

(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Gross Profit	103,939		78,428		33	%	51,308		103	%	182,367		97,989		86	%
Operational Expenses	(12,998	)	(11,012	)	18	%	(10,482	)	24	%	(24,010	)	(20,703	)	16	%
General and administrative expenses	(11,284	)	(9,636	)	17	%	(7,156	)	58	%	(20,920	)	(15,014	)	39	%
Care-and-maintenance expenses	–		–		n.a.		(375	)	n.a.		–		(796	)	n.a.
Exploration expenses	(1,714	)	(1,376	)	25	%	(2,951	)	-42	%	(3,090	)	(4,893	)	-37	%
Operating income	90,941		67,416		35	%	40,826		123	%	158,357		77,286		105	%

 

Operating Expenses totaled US$13.0 million in the quarter, 18% higher than Q1 2025 and 24% higher than Q2 2024. The result for the quarter was mainly impacted by higher General & Administrative (G&A) expenses, driven by increased professional and consulting fees, as well as audit cost adjustments primarily related to the Company’s U.S. listing. In H1 2025, there was a 16% increase in Operational Expenses due to a 39% increase in G&A, partially offset by a 37% reduction in Exploration Expenses.

 

Exploration expenses totaled US$1.7 million in Q2 2025, a 25% increase compared to Q1 2025 and 42% reduction from Q2 2024. Exploration activities in the quarter were concentrated in Almas and Minosa. In Matupá, efforts were focused on expanding reserves in regions close to X1, Pé Quente and other strategic areas. In Carajás, exploration work successfully confirmed copper mineralization, significantly expanding the mineral potential of the region. In H1 2025, the reduction of the Q2 2025 partially compensated the higher expenses in Q1 2025, closing the semester with a 37% reduction, in line with the Company’s plan and due to the capitalization of exploration expenses in certain targets.

 

The Company thus ended Q2 2025 with Operating Income of US$90.9 million, compared to an Operating Income of US$40.8 million in Q2 2024, also higher compared to the Operating Income of Q1 2025 of US$67.4 million, which reflects a positive result of higher gross profit.

 

2.6. Adjusted EBITDA

 

 

(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Operating Income	90,941		67,416		35	%	40,826		123	%	158,357		77,286		105	%
Depreciation and Amortization	15,283		14,063		9	%	15,346		-0	%	29,346		31,553		-7	%
Adjusted EBITDA	106,224		81,479		30	%	56,172		89	%	187,703		109,398		72	%
Adjusted EBITDA Margin	56	%	50	%	5 p.p.		42	%	14 p.p.		53	%	41	%	12 p.p.

 

Adjusted EBITDA reached a new all-time high of US$106.2 million in Q2 2025, marking the fourth consecutive quarterly record for Aura. The Company’s ongoing commitment to improving asset productivity and maintaining disciplined cost control enabled it to fully capture the benefit of rising metal prices. As a result, Adjusted EBITDA doubled compared to Q2 2024 and grew 30% over Q1 2025.

 

The year-over-year improvement was primarily driven by strong cost control – only 4% increase – and higher gold and copper prices. This result was also noted on the EBITDA margin gain of 14 p.p. Compared to Q1 2025, the increase in Adjusted EBITDA was supported not only by stronger metal prices and also by a 3% increase in sales volume.

 

In H1 2025, the Company maintained stable Cost of Goods Sold compared to H1 2024. Combined with the positive impact of higher metal prices, this led to an Adjusted EBITDA of US$187.7 million, a 72% increase over the same period last year. As a result, the Adjusted EBITDA margin expanded to 53%, up from 41% in H1 2024.

 

 

2.7. Financial Result

 

(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
EBIT	90,941		67,416		34.9	%	40,826		123	%	158,357		77,286		105	%
Financial Result	(59,630	)	(121,611	)	-51.0	%	(45,102	)	32	%	(181,241	)	(79,197	)	129	%
Accretion expense	(1,134	)	(1,666	)	-31.9	%	(1,573	)	-28	%	(2,800	)	(3,106	)	-10	%
Lease interest expense	(161	)	(1,595	)	-89.9	%	(2,012	)	-92	%	(1,756	)	(4,021	)	-56	%
Interest expense on debts	(6,098	)	(5,755	)	6.0	%	(4,121	)	48	%	(11,853	)	(8,338	)	42	%
Finance cost on post-employment benefit	(747	)	(338	)	121.0	%	(467	)	60	%	(1,085	)	(834	)	30	%
Unrealized gain (loss) on gold hedges	(24,304	)	(100,210	)	-75.7	%	(11,558	)	110	%	(124,514	)	(33,226	)	275	%
Realized gain (loss) on gold hedges	(11,703	)	(6,036	)	93.9	%	–		n.a.		(17,739	)	–		n.a.
Gain (loss) on other derivative transactions	(1,305	)	(1,827	)	-28.6	%	–		n.a.		(3,132	)	–		n.a.
Change in liability measures at fair value	(4,025	)	(2,359	)	70.6	%	(954	)	322	%	(6,384	)	(3,587	)	78	%
Foreign exchange (gain) loss	(2,462	)	(3,176	)	-22.5	%	(11,184	)	-78	%	(5,638	)	(13,274	)	-58	%
Derivative fee	–		–		n.a.		(13,522	)	n.a.		–		(13,522	)	n.a.
Loss on settlement of liability with equity instruments	(8,768	)	–		n.a.		–		n.a.		(8,768	)	–		n.a.
Other finance costs	(297	)	(430	)	-30.9	%	(140	)	n.a.		(727	)	(571	)	27	%
Interest Income	1,374		1,781		-22.9	%	429		220	%	3,155		1,282		146	%
Other gains (losses)	61		(754	)	n.a.		1		n.a.		(693	)	(593	)	17	%
Income/ (Loss) before income taxes	31,372		(54,949	)	n.a.		(4,275	)	n.a.		(23,577	)	(2,504	)	842	%

 

The Company’s Financial Result in Q2 2025 was US$(59.6) million, following on from the US$(121.6) million loss in Q1 2025, impacted by:

 

• Unrealized loss on gold hedges in Q2 2025, arising from mark-to-market (MTM) adjustments related to outstanding gold hedge positions, reflecting increase in gold prices between the start and the end of the quarter, which closed the quarter at US$3,288.57 per Oz, coming from US$2,861.93 per Oz on March 31, 2025. In accordance with IFRS standards, the Company records MTM adjustments at the end of each reporting period for all outstanding derivative positions.
• Realized losses with gold hedges in Q2 2025 were related to cash settlement of outstanding gold collars during the quarter, driven by the expiration of gold collars within the quarter.
• Non-cash loss of US$8.8 million related to the settlement of the Nemesia SARL debt with equity instruments, reflecting the difference between the fair value of the shares at the time when the shares were issued and the carrying amount of the debt acquired in the Bluestone transaction at the closing of the transaction.

 

Most of Aura’s outstanding gold collars (225,996 Ozs out of about 234,598 Ozs) are associated with the future production of the Borborema Project and will expire between Jul/2025 and Jun/2028. As previously disclosed, about 80% of the production of the first 3 years of the Borborema Project is hedged at ceiling prices of US$2,400.

 

 

2.8. Net Income

 

(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Income/ (Loss) before income taxes	31,372		(54,949	)	n.a.		(4,275	)	n.a.		(23,577	)	(2,504	)	841.6	%
Total taxes	(23,225	)	(18,300	)	27	%	(21,500	)	8	%	(41,525	)	(32,488	)	28	%
Current income tax (expense)	(29,551	)	(20,814	)	-42	%	(14,612	)	102	%	(50,365	)	(24,755	)	103	%
Deferred income tax (expense) recovery	6,326		2,514		-152	%	(6,888	)	-192	%	8,840		(7,733	)	n.a.
Income/(Loss) for the period	8,147		(73,249	)	n.a.		(25,775	)	-132	%	(65,102	)	(34,992	)	n.a.
Net Margin	4	%	-45	%	n.a.		-19	%	-122	%	-18	%	-13	%	n.a.
Unrealized loss with derivative gold collars	(24,304	)	(100,210	)	n.a.		(11,558	)	110	%	(124,514	)	(33,226	)	275	%
Gain (loss) on foreign exchange	(2,462	)	(3,176	)	22	%	(11,184	)	-78	%	(5,638	)	(13,274	)	-58	%
Deferred taxes on non-monetary items	6,847		3,234		n.a.		(12,447	)	-155	%	10,081		(11,472	)	n.a.
Loss on settlement of liability with equity instruments	(8,768	)	–		n.a.		–		n.a.		(8,768	)	–		n.a.
Adjusted Net Income	36,834		26,903		37	%	9,414		291	%	63,738		22,980		177	%

 

Net Income in Q2 2025 was US$8.1 million, an increase when compared to a Net Loss of US$(25.8) in Q2 2024 and US$(73.2) in Q1 2025. This improvement vs. Q2 2024 and Q1 2025 was mainly due to the improvement in the Operating Income during Q2 2025. In addition, compared to Q1 2025, there was a decrease in Finance Costs in the quarter, related to a lower unrealized loss on gold hedges in Q2 2025, which resulted from mark-to-market (MTM) adjustments on open hedge positions, driven by increase in gold price between the start and the end of the quarter

 

In H1 2025, Net Loss reached US$(65.1), also mainly due to mark-to-market (MTM) adjustments on open hedge positions, driven by increase in gold price between the start and the end of the semester.

 

Adjusted Net Income

 

As result of increase in the Company’s Operating Income, adjusted net income in Q2 2025 was US$36.8 million in the period, compared to US$9.4 million in Q2 2024, excluding:

• Non-cash losses related to gold hedges: US$(24.3) million
• FX losses: US$(2.5) million
• Deferred taxes over non-monetary items US$6.9 million
• Loss on settlement of liability with equity instruments: US$(8.8) million

 

Managerial view – Adjusted EBITDA to Adjusted Net Income Q2 2025 Bridge (US$ million)

 

 

3. Performance of the Operating Units

 

 

3.1 Aranzazu

 

(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Production at Constant Prices (GEO)¹	22,281		19,017		17	%	19,337		15	%	41,298		39,439		5	%
Production at Current Prices (GEO)	22,281		20,456		9	%	24,692		-10	%	42,737		49,693		-14	%
Sales (GEO)	22,290		20,456		9	%	24,683		-10	%	42,746		49,786		-14	%
Cash Cost (US$/GEO)	1,110		1,164		-5	%	958		16	%	1,136		942		21	%
AISC (US$/GEO)	1,514		1,545		-2	%	1,206		26	%	1,529		1,235		24	%
Net Revenue	62,508		50,262		24	%	49,240		27	%	112,770		93,402		21	%
Cost of goods sold	(31,021	)	(30,282	)	2	%	(29,266	)	6	%	(61,303	)	(58,130	)	5	%
Gross Profit	31,487		19,980		58	%	19,974		58	%	51,467		35,272		46	%
Expenses	(2,310	)	(2,483	)	-7	%	(2,588	)	-11	%	(4,793	)	(5,010	)	-4	%
G&A	(1,516	)	(1,774	)	-15	%	(932	)	63	%	(3,290	)	(2,244	)	47	%
Exploration expenses	(794	)	(709	)	12	%	(1,656	)	-52	%	(1,503	)	(2,766	)	-46	%
EBIT	29,177		17,497		67	%	17,386		68	%	46,674		30,262		54	%
Adjusted EBITDA	35,684		24,387		46	%	23,012		55	%	60,254		41,502		45	%
Financial Result	(4,292	)	(606	)	608	%	(832	)	416	%	(4,898	)	(1,675	)	192	%
Financial expenses	(3,762	)	(34	)	n.a.		(201	)	n.a.		(3,796	)	(748	)	407	%
Other revenue/expenses	(530	)	(572	)	-7	%	(631	)	-16	%	(1,102	)	(927	)	19	%
EBT	24,885		16,891		47	%	16,554		50.3	%	41,776		28,587		46.1	%
Total taxes	(12,532	)	(7,383	)	70	%	(6,814	)	84	%	(19,915	)	(11,230	)	77	%
Current income tax (expense)	(13,035	)	(6,431	)	n.a.		(7,796	)	67	%	(19,466	)	(12,291	)	58	%
Deferred income tax (expense) recovery	503		(952	)	n.a.		982		-49	%	(449	)	1,061		n.a.
Net Income	12,353		9,508		30	%	9,740		27	%	21,861		17,357		26	%

 

Applies the metal sale prices in Aranzazu realized during Q2 2025: Copper price = US$4.39/lb; Gold Price = US$3,293/oz; Silver Price = US$34.27/oz.

 

In the second quarter of 2025, Aranzazu production reached 22,281 GEO, representing an increase of 9%, at current prices, and 17% at constant prices, when compared to the previous quarter, resulting from higher grades and better recoveries, despite the increase in gold prices which negatively impacted the conversion to GEO. When compared to Q2 2024, production decreased by 14% due to the sharp increase in gold prices between the periods which also impacted GEO conversion. At constant prices, Aranzazu production increased by 15%, also due to higher grades and a recovery improvement.

 

Aranzazu’s Net Revenue totaled US$62.5 million for Q2 2025, 24% higher than Q1 2025. Net Revenue grew 27% compared to Q2 2024, driven by higher metal prices. In H1 2025, the Net Revenue of Aranzazu reached US$112.8 million, a 21% increase compared to H1 2024.

 

The Cash Cost was US$1,110/GEO for the quarter, 5% lower than Q1 2025 and 16% higher than Q2 2024. In H1 2025, Cash Cost increased by 21%, with a total of US$1,136/GEO in the semester. Aranzazu`s AISC was US$1,514 in the quarter, representing a 26% increase compared to the same period last year mainly due to differences in metal prices. At constant metal prices, AISC decreased by 3% when compared to Q2 2024. The decrease in AISC versus last year is a result from higher grades and recoveries, in line with planned mine sequencing, partially offset by higher investments in primary development and tailing dams. In H1 2025, the AISC was US$1,248, an increase of 1% compared to the same period in 2024 at same metal prices.

 

The cost discipline aligned with better productivity drove the Adjusted EBITDA to US$35.7 million in Q2 2025, 46% higher than Q1 2025 and 55% higher than Q2 2024. In H1 2025, Adjusted EBITDA reached US$60.1 million, an increase of 45% over H2 2024. Aranzazu’s Net Income totaled US$12.3 million in Q2 2025, a 27% increase compared to Q2 2024, and US$21.9 million in H1 2024.

 

 

3.2 Apoena

 

(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Production (GEO)	8,219		8,876		-7	%	9,912		-17	%	17,095		22,017		-22	%
Sales (GEO)	8,219		9,408		-13	%	8,258		-0	%	17,627		21,118		-17	%
Cash Cost (US$/GEO)	1,168		1,228		-5	%	1,252		-7	%	1,200		940		28	%
AISC (US$/GEO)	1,751		2,041		-14	%	1,958		-11	%	1,906		1,500		27	%
Net Revenue	26,711		26,353		1	%	18,992		41	%	53,064		44,999		18	%
Cost of goods sold	(14,270	)	(15,104	)	-6	%	(15,814	)	-10	%	(29,374	)	(31,749	)	-7	%
Gross Profit	12,441		11,249		11	%	3,178		291	%	23,690		13,250		79	%
Expenses	(998	)	(1,425	)	-30	%	(1,150	)	-13	%	(2,423	)	(2,175	)	11	%
G&A	(936	)	(1,301	)	-28	%	(785	)	19	%	(2,237	)	(1,427	)	57	%
Care & maintenance expenses	–		–		n.a.		(243	)	n.a.		–		(578	)	n.a.
Exploration expenses	(62	)	(124	)	-50	%	(122	)	-49	%	(186	)	(170	)	9	%
ARO	–		1,330		n.a.		–		n.a.		1,330		–		n.a.
EBIT	11,443		9,824		16	%	2,028		464	%	21,267		11,075		92	%
Adjusted EBITDA	16,151		13,516		19	%	7,541		114	%	29,697		23,046		29	%
Financial Result	(1,453	)	(6,567	)	-78	%	(2,708	)	-46	%	(8,020	)	(6,350	)	26	%
Financial expenses	(1,497	)	(6,636	)	-77	%	(2,798	)	-46	%	(8,133	)	(6,440	)	26	%
Other revenue/expenses	44		69		-36	%	90		n.a.		113		90		26	%
EBT	9,990		3,257		207	%	(680	)	n.a.		13,247		4,725		180	%
Total taxes	(1,211	)	1,342		n.a.		(2,788	)	-57	%	131		(3,507	)	n.a.
Current income tax (expense)	(862	)	(663	)	30	%	(986	)	-13	%	(1,525	)	(1,882	)	-19	%
Deferred income tax (expense) recovery	(349	)	2,005		n.a.		(1,802	)	-81	%	1,656		(1,625	)	n.a.
Net Income	8,779		4,599		91	%	(3,468	)	n.a.		13,378		1,218		998	%

 

In the second quarter of 2025, Apoena production was in line with expectations and at 8,219 GEO, a 17% decrease from Q2 2024, primarily due to the mine’s investment phase focusing on opening the Nosde Phase III pit, and lower ore grades as result. Compared to Q1 2025, production decreased 7%, consistent with the mine plan, as lower-grade ore was mined. Despite this decrease, production remains in line with the Company’ full year 2025 expectations. Pre-stripping activities are underway while we push back the Nosde and Lavrinha mines to regain access to higher volume and higher grades by end of 2026 at Nosde Phase III.

 

Apoena’s Net Revenue totaled US$26.7 million for Q2 2025, in line with Q1 2025. Compared to Q2 2024, the significant increase of 41% mainly due to the higher gold price, offsetting the lower production. In H1 2025, Apoena reached a Net Revenue of US$53.1 million, an increase of 18% compared to H1 2024.

 

The Cash Cost was US$1,168/GEO for the quarter, a 5% decrease versus Q1 2025 and 7% lower than Q2 2024. Apoena’s AISC was US$ 1,751/GEO in Q2 2025, a drop of 14% versus Q1 2025 and a decrease of 11% compared to Q2 2024, mainly driven by increase in the proportion of costs capitalized as expansion capex, related to the Nosde pit. In H1 2025, the AISC was US$1,906, an increase of 27% compared to the same period in 2024, which was expected considering the mine sequencing. Despite the ongoing investments in expansion, which have temporarily impacted production, the focus on cost control combined with higher gold prices drove Adjusted EBITDA to US$16.1 million in Q2 2025, up 114% compared to Q2 2024 and 19% higher than Q1 2025. In H1 2025, Adjusted EBITDA reached US$29.7 million, an increase of 29% over H2 2024.

 

Apoena’s net income totaled US$8.8 million in Q2 2025, a 91% increase over Q1 2025 and a significant improvement from the net loss of US$3.5 million recorded in Q2 2024 resulting in a net income of US$13.4 million in the H1 2025, an increase of 998% when compared to H1 2024.

 

 

3.3 Minosa

 

(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Production (GEO)	18,039		17,654		2	%	19,142		-6	%	35,693		38,328		-7	%
Sales (GEO)	17,836		17,526		2	%	19,738		-10	%	35,362		38,966		-9	%
Cash Cost (US$/GEO)	1,178		1,149		3	%	1,094		8	%	1,164		1,140		2	%
AISC (US$/GEO)	1,292		1,249		3	%	1,159		12	%	1,271		1,223		4	%
Net Revenue	55,776		48,062		16	%	41,962		33	%	103,838		79,609		30	%
Cost of goods sold	(22,056	)	(21,476	)	3	%	(23,171	)	-5	%	(43,532	)	(47,213	)	-8	%
Gross Profit	33,720		26,586		27	%	18,791		79	%	60,306		32,396		86	%
Expenses	(1,430	)	(1,371	)	4	%	(1,242	)	15	%	(2,801	)	(2,392	)	17	%
G&A	(1,166	)	(1,135	)	3	%	(1,242	)	-6	%	(2,301	)	(2,391	)	-4	%
Exploration expenses	(264	)	(236	)	12	%	–		n.a.		(500	)	(1	)	n.a.
EBIT	32,290		25,215		28	%	17,549		84	%	57,505		30,004		92	%
Adjusted EBITDA	33,533		26,856		25	%	19,120		75	%	60,646		32,796		85	%
Financial Result	(1,189	)	(1,556	)	-24	%	(2,064	)	-42	%	(2,745	)	(4,426	)	-38	%
Financial expenses	(1,442	)	(1,312	)	10	%	(1,661	)	-13	%	(2,754	)	(3,836	)	-28	%
Other revenue/expenses	253		(244	)	n.a.		(403	)	n.a.		9		(590	)	n.a.
EBT	31,101		23,659		31	%	15,485		101	%	54,760		25,578		114	%
Total taxes	(7,425	)	(6,218	)	19	%	(4,948	)	50	%	(13,643	)	(8,743	)	56	%
Current income tax (expense)	(7,774	)	(6,611	)	18	%	(4,936	)	57	%	(14,385	)	(8,508	)	69	%
Deferred income tax (expense) recovery	349		393		-11	%	(12	)	n.a.		742		(235	)	n.a.
Net Income	23,676		17,441		36	%	10,537		125	%	41,117		16,835		144	%

 

In the second quarter of 2025, Minosa produced 18,039 GEO, up 2% when compared to the previous quarter, resulting from higher grades processed during the quarter due to mine sequencing. When compared to the same quarter last year, production decreased by 6%, primarily due to lower stacking volumes in Q2 2025, impacted by higher rainfall levels during the period and was in line with the Company’s expectations.

 

Net Revenue totaled US$55.8 million in Q2 2025, up 16% from Q1 2025, due to higher gold prices and sales volumes, while in comparison to Q2 2024 it grew 33%, mainly due to the increase in the price of gold over the period. In H1 2025, Net Revenue reached US$103.8 million, 30% higher than H1 2024.

 

The Cash Cost was US$1,178/GEO in Q2 2025, 3% higher than Q1 2025 and 8% higher than Q2 2024, due to lower production as result of the lower stacking volumes. In H1 2025, Cash Cost was US$1,164/GEO, 2% increase compared to H1 2024, due to lower grades and slightly higher mine costs. Considering these effects, All-In Sustaining Cost totaled US$1,292/GEO for the quarter, an increase of 3% compared to Q1 2025 and 12% compared to Q2 2024.

 

The Adjusted EBITDA totaled US$33.5 million in Q2 2025, up 84% versus Q2 2024, reflecting the positive impact of a strong cost control and higher gold prices, while it was up 25% versus Q1 2025. In H1 2025, Adjusted EBITDA reached US$60.4 million, an increase of 84%. Minosa’s Net Income totaled US$23.7 million for the quarter, up 125% in Q2 2024 and 36% in Q1 2025, resulting in a Net income of US$ 41.1 million in the H1 2025.

 

3.4 Almas

 

(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Production (GEO)	12,917		13,101		-1	%	10,580		22	%	26,018		22,475		16	%
Sales (GEO)	12,917		13,101		-1	%	10,580		22	%	26,018		22,475		16	%
Cash Cost (US$/GEO)	1,167		1,069		9	%	1,203		-3	%	1,118		1,176		-5	%
AISC (US$/GEO)	1,364		1,195		14	%	1,434		-5	%	1,279		1,428		-10	%
Net Revenue	41,751		37,127		12	%	24,217		72	%	78,878		48,479		63	%
Cost of goods sold	(18,036	)	(16,514	)	9	%	(14,851	)	21	%	(34,550	)	(31,407	)	10	%
Gross Profit	23,715		20,613		15	%	9,366		153	%	44,328		17,072		160	%
Expenses	(1,898	)	(1,040	)	83	%	(930	)	104	%	(2,938	)	(1,997	)	47	%
G&A	(1,475	)	(803	)	n.a.		(930	)	59	%	(2,278	)	(1,997	)	14	%
Exploration expenses	(423	)	(237	)	78	%	–		n.a.		(660	)	–		n.a.
EBIT	21,817		19,573		11	%	8,436		159	%	41,390		15,075		175	%
Adjusted EBITDA	24,709		22,205		11	%	11,019		124	%	47,136		21,062		124	%
Financial Result	(4,468	)	(3,746	)	19	%	(3,391	)	32	%	(8,214	)	(4,506	)	82	%
Financial expenses	(4,448	)	(3,740	)	19	%	(3,394	)	31	%	(8,188	)	(4,487	)	82	%
Other revenue/expenses	(20	)	(6	)	n.a.		3		-767	%	(26	)	(19	)	n.a.
EBT	17,349		15,827		10	%	5,045		244	%	33,176		10,569		214	%
Total taxes	(1,226	)	(4,757	)	-74	%	(6,404	)	-81	%	(5,983	)	(8,317	)	n.a.
Current income tax (expense)	(7,101	)	(5,998	)	18	%	(894	)	694	%	(13,099	)	(2,074	)	532	%
Deferred income tax (expense) recovery	5,875		1,241		373	%	(5,510	)	n.a.		7,116		(6,243	)	n.a.
Net Income	16,123		11,070		n.a.		(1,359	)	-1286	%	27,193		2,252		1108	%

 

During Q2 2025, Almas produced 12,917 GEO, consistent with Q1 2025 (13,101 GEO). Compared to Q2 2024, production increased by 22%, driven by the plant expansion and improved mine performance, reflecting the benefits of the transition to the new mine contractor during Q2 2024.

 

Net Revenue was US$41.7 million in Q2 2025, 72% higher than Q2 2024, impacted by higher sales and metal prices. Versus Q1 2025, Net Revenue was up 12%, mainly driven by a significant increase in the price of gold. In H1 2025, Net Revenue was US$78.9 million, a 63% increase compared to H1 2024, resulting from the higher volumes sold and prices increased.

 

The Cash Cost was US$1,167/GEO in Q2 2025, 3% lower than Q2 2024, due to the higher production volumes which offset the higher strip ratio, and lower grades. Compared to Q1 2025, The Cash Cost increased 9%, resulting from a grade reduction already expected by the mine segmentation. Almas’ AISC was US$1,364/GEO for the quarter, 5% lower compared to Q2 2024, primarily driven by improved operational performance as discussed before along with lower Capex during the quarter. Versus Q1 2025, AISC increased 14%. In H1 2025, the AISC was US$1,364, a decrease of 5% compared to the same period in 2024, mainly as result of the successful change in mine contractor during Q2 2024.

 

Adjusted EBITDA totaled US$24.7 million in Q2 2025, more than doubled of the Q2 2024 result, driven by plant expansion, improved operating performance, higher volumes processed and an increase in the price of gold. Compared with the Q1 2025, the Adjusted EBITDA was 11% higher than Q1 2025, explained by higher gold prices in the period. In H1 2025, Adjusted EBITDA was US$47.1 million, 123% higher than H1 2024.

 

Almas’ Net Income was US$16.1 million in Q2 2025, compared to US$11.1 in Q1 2025, also higher than the Loss of Q2 2024 of US$(1.4) million.

 

 

3.5 Borborema

 

(US$ thousand)	Q2 2025		H1 2025
Production (GEO)	2,577		2,577
Sales (GEO)	1,190		1,190
Cash Cost (US$/GEO)	936		936
AISC (US$/GEO)	1,441		1,441
Net Revenue	3,690		3,690
Cost of goods sold	(1,114	)	(1,114	)
Gross Profit	2,576		2,576
Expenses	(378	)	(378	)
G&A	(378	)	(378	)
Exploration expenses	–		–
EBIT	2,198		2,198
Adjusted EBITDA	2,084		2,084
Financial Result	(4,971	)	(4,971	)
Financial expenses	(4,982	)	(4,982	)
Other revenue/expenses	11		11
EBT	(2,773	)	(2,773	)
Total taxes	(309	)	(309	)
Current income tax (expense)	–		–
Deferred income tax (expense) recovery	(309	)	(309	)
Net Income	(3,082	)	(3,082	)

 

The Borborema production in Q2 2025 totaled 2,577 GEO following the project’s first gold pour. The Borborema Project has begun the ramp-up phase on schedule and to budget. The Company expects to achieve commercial production by the third quarter of 2025. Borborema is set to become one of Aura’s flagship assets, expected to produce the second-highest annual gold volumes from among the five operations. Constructed in just 19 months and with no lost-time incidents, the project reinforces Aura’s commitment to developing lean, scalable, efficient operations.

 

On August 30, 2023, Aura released a Feasibility Study indicating an expected production of 748,000 ounces of gold over an 11.3-year LOM, with the potential for even greater production from a deposit with over 2,000,000 ounces of Measured and Indicated Mineral Resources. The original Feasibility Study for the Borborema project, using a gold price of US$1,712 per ounce, projected total gold production of 812,000 ounces, with an NPV of US$182 million and IRR of 21.9%. The leveraged IRR with 50% debt was calculated at 40.8%, with an operating payback of 3.2 years. Sensitivity analysis using a gold price of US$2,600 per ounce, while maintaining all the other assumptions of the Feasibility Study, shows the NPV increasing to US$537 million, while the IRR rises to 41.8%, the leveraged IRR reaches 81.4% and the payback period improves to 1.7 years.

 

 

4. Cash Flow

 

(US$ mil)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Adjusted EBITDA	106,224		81,479		30	%	56,172		89	%	187,703		109,398		72	%
(+) Exploration Expenses	1,714		1,376		25	%	2,951		-42	%	3,090		4,893		-37	%
(-) Sustaining Capex	(15,151	)	(10,174	)	49	%	(6,740	)	125	%	(28,342	)	(17,200	)	65	%
(+/-) ∆ Working Capital and Others	7,024		(17,996	)	n.a.		(8,499	)	-183	%	(12,020	)	(23,499	)	n.a.
(-) Income Taxes Paid	(22,570	)	(16,874	)	34	%	(2,136	)	957	%	(39,444	)	(11,434	)	245	%
(-) Lease Payments	(5,122	)	(4,239	)	21	%	(4,273	)	20	%	(9,361	)	(8,680	)	8	%
(-) Realized Losses on Gold Hedges	(11,699	)	(6,036	)	94	%	–		n.a.		(17,759	)	–		n.a.
Recurring Free Cash Flow	60,420		27,536		119	%	37,475		61	%	83,867		53,478		57	%

 

Recurring Free Cash Flow for the quarter was US$60.4 million, 119% higher than Q1 2025 and 61% higher than Q2 2024. Compared to Q1 2025, the result is mainly explained by a lower consumption of the working capital and compared to Q2 2024, an additional effect of lower exploration expenses. Both periods were also impacted by an important increase in Adjusted EBITDA, driven especially by higher metal prices. In H1 2025, Free Cash Flow was US$83.9 million, 57% higher than H1 2024.

 

The chart below shows the change in cash position for the three months ending June 30, 2025, from a management perspective:

 

Changes to the Cash Position Q1 2025 vs. Q2 2025 – Managerial View (US$ Million)

 

 Changes to the Cash Position Q4 2024 vs. Q2 2025 – Managerial View (US$ Million)

 

 Note: Adjusted Capex includes Exploration and Expansion Capex.

 

5. Investment

 

The Company’s consolidated Capex for Q2 2025 totaled US$50.3 million. The main investment headlines for the quarter include:

 

• Expansion of Capex: US$36 million, concentrated mainly on Project Borborema, where US$18.5 million was invested. The remaining expansion-related investment was mainly in Apoena and Almas, with around US$6.0 million each invested respectively.
• Maintenance Capex: US$11.8 million, of which US$6.8 million was allocated to Aranzazu, US$2.2 million to Apoena, and US$1.1 million to Almas and US$1.3 million to Minosa.
• Exploration Capex: US$2.2 million, allocated to exploration activities. Aranzazu led investment with US$1.0 million, followed by Apoena with US$0.9 million. Other exploration projects totaled US$1.1 million.

 

6. Gross and Net Debt

 

Total gross debt (short and long-term portion) was US$453,893 at the end of Q2 2025, a decrease when compared to $467,687 at the end of Q1 2025. This decrease was mainly driven by the reduction of US$13,794 due to the settlement of Nemesia SARL debt.

 

The Company’s cash position remains comfortable, closing out the year at US$167.9 million, despite investment in the expansion of our operations, annual income tax payments and dividend payments. Net Debt was US$280,560 by Q2 2025, due to capex of US$50,327, mostly related to payments related to the construction of the Borborema Project and dividends payment of US$29,811. These impacts were partially offset by the higher cash generation during the quarter

 

 

Net Debt Breakdown

 

(US$ thousand)	Q2 2025	Q1 2025	%		Q2 2024	%
Short term debts	78,786	100,853	-22	%	98,004	-20	%
Long term debts	375,107	366,834	2	%	236,413	59	%
Gross debt	453,893	467,687	-3	%	334,417	36	%
Cash	167,938	198,066	-15	%	191,963	-13	%
Restric Cash	–	–	n.a.		–	n.a.
Almas Debentures Swap	5,395	2,320	133	%	45	11889	%
Net Debt	280,560	271,941	3	%	142,499	97	%
Net Debt/LTM EBITDA	0.81x	0.92x	-0.12x		0.79x	0.02x

 

The table below shows the debt amortization timeline:

 

Debt Amortization Timeline (US$ thousand)

 

 7 Guidance vs. Actual¹

 

The Company is on track to achieve the 2025 Guidance, including Production, Cash Cost, All-in Sustaining Cost and CAPEX, as shown in the results below:

 

 

Gold equivalent ounces production (‘000 GEO) – 2025
	Lower Bound	Upper Bound	H1 2025 A	H1 2025 at Guidance metal prices	%
Minosa	64	73	36	36	55% – 49%
Apoena	29	32	17	17	59% – 53%
Aranzazu	88	97	43	48	49% – 44%
Almas	51	58	26	26	51% – 45%
Total ex-Borborema	233	260	122	127	52% – 47%
Borborema	33	40	3	3	8% – 6%
Total	266	300	124	129	47% – 41%

 

	Cash Cost per equivalent ounce of gold produced – 2025
		Lower Bound	Upper Bound	H1 2025 A	H1 2025 at Guidance metal prices	%
	Minosa	1,108	1,219	1,178	1,178	106% – 97%
	Apoena	1,258	1,384	1,168	1,168	93% – 84%
	Aranzazu	1,029	1,132	1,110	950	108% – 98%
	Almas	1,013	1,114	1,167	1,167	115% – 105%
	Borborema	1,084	1,232	936	936	86% – 76%
	Total	1,078	1,191	1,146	1,080	96% – 106%

 

	AISC per equivalent ounce of gold produced – 2025
		Lower Bound	Upper Bound	H1 2025 A	H1 2025 at Guidance metal prices	%
	Minosa	1,263	1,364	1,279	1,279	101% – 94%
	Apoena	2,425	2,619	1,906	1,906	79% – 73%
	Aranzazu	1,348	1,455	1,532	1,295	114% – 105%
	Almas	1,113	1,202	1,279	1,279	115% – 106%
	Borborema	1,113	1,304	1,186	1,186	107% – 91%
	Total	1,374	1,492	1,456	1,367	98% – 106%

 

	Capex (US$ million) – 2025
		Low – 2025	High – 2025	H1 2025 A	%
	Sustaining	40	47	22	55% – 47%
	Exploration	10	13	6	60% – 45%
	New projects + Expansion	99	106	74	75% – 70%
	Total	149	167	102	61% – 68%

^{____________________________
1} Key Factors:

The Company’s future profitability, operating cash flow and financial position will be directly related to prevailing gold and copper prices. Key factors that influence the price of gold and copper include, among others, the supply and demand for gold and copper, the relative strength of currencies (especially the US dollar) and macroe7conomic factors, such as current and future expectations for inflation and interest rates. Management believes that the economic environment in the short and medium term should remain relatively favorable with respect to commodity prices, albeit with continued volatility.
To reduce the risks associated with commodity prices and currency volatility, the Company will continue to assess and deploy hedging programs. For more information on this subject, please refer to the Reference Form.

Other key factors influencing profitability and operating cash flows are: production levels (affected by grades, ore quantities, process recoveries, labor, country stability and availability of facilities and equipment); production and processing costs (impacted by production levels, prices and the use of key consumables, labor, inflation and exchange rates), and other factors.

 

9. Attachments

 

 

9.1 Financial Statements

 

(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Net revenue	190,436		161,804		18	%	134,411		42	%	352,240		266,489		32	%
Cost of goods sold	(86,497	)	(83,376	)	4	%	(83,103	)	4	%	(169,873	)	(168,500	)	1	%
Gross profit	103,939		78,428		33	%	51,308		103	%	182,367		97,989		86	%
General and administrative expenses	(11,284	)	(9,636	)	17	%	(7,156	)	58	%	(20,920	)	(25,038	)	-184%
Care-and-maintenance expenses	–		–		n.a.		(375	)	-100%		(2,181	)	(796	)	174	%
Exploration expenses	(1,714	)	(1,376	)	25	%	(2,951	)	-42%		(3,090	)	(4,893	)	-37%
Impairment	–		–		n.a.		–		n.a.		–		–		n.a.
Operating income	90,941		67,416		35	%	40,826		123	%	158,357		77,286		105	%
Financial expenses	(59,630	)	(121,611	)	-51%		(45,102	)	32	%	181,241		(79,197	)	-329%
Equity Pick Up	–		–		n.a.		–		n.a.		–		–		n.a.
Other income (expenses)	61		(754	)	-108%		1		6000	%	(693	)	(593	)	17	%
Profit before income taxes	31,372		(54,949	)	-157%		(4,275	)	-834%		(23,577	)	(2,504	)	842	%
Current income tax (expense)	(29,551	)	(20,814	)	42	%	(14,612	)	102	%	(50,365	)	(24,755	)	103	%
Deferred income tax (expense) recovery	6,326		2,514		152	%	(6,888	)	-192%		8,840		(7,733	)	-214%
Total taxes	(23,225	)	(18,300	)	27	%	(21,500	)	8	%	(41,525	)	(32,488	)	28	%
Profit (loss) from continued operation	8,147		(73,249	)	-111%		(25,775	)	-132%		(65,102	)	(34,992	)	86	%
Profit (loss) from discontinued operation	–		–		n.a.		–		n.a.		–		–		n.a.
Profit/(loss) for the period	8,147		(73,249	)	-111%		(25,775	)	-132%		(65,102	)	(34,992	)	86	%

 

9.2 Balance Sheet

 

(US$ million)	Q2 2025		Q1 2025		Q2 2024
ASSETS
Current
Cash and cash equivalents	167,938		198,066		191,963
Restricted cash	–		–		–
Accounts receivables	4,826		15,666		1,876
Value added taxes and other recoverable taxes	21,292		23,637		35,928
Inventories	80,034		67,876		54,968
Derivative financial instrument	5,395		–		45
Other receivables and assets	21,556		2,831		13,831
Total current assets	301,045		333,556		315,495
Non-current assets
Value added taxes and other recoverable taxes	46,329		43,832		15,778
Inventories	23,025		19,265		11,738
Other receivables and assets	4,319		3,741		3,457
Property, plant and equipment	762,566		720,466		516,742
Deferred income tax assets	28,639		18,131		18,772
Total non-current assets	864,878		805,435		566,487
Total assets	1,165.923		1,138.991		881.982
LIABILITIES
Current
Trade and other payables	111,156		103,793		79,537
Derivative financial instruments	26,654		26,578		–
Loans and Debentures	78,786		100,853		98,004
Liability measured at fair value	485		3,829		2,869
Current income tax liabilities	28,507		31,379		8,752
Current portion of other liabilities	14,939		14,711		1,391
Liabilities directly associated with assets classified as held for sale	2,757		2,757
Total current liabilities	267,649		2,839		203,072
Non-current liabilities
Loans and debentures	375,107		366,834		236,413
Liability measured at fair value	17,689		15,537		21,041
Derivative financial instruments	222,901		201,688		75,982
Deferred income tax liabilities	35,925		32,052		1,118
Provision for mine closure and restoration	6,447		62,212		51,343
Other provisions	28,467		27,872		13,633
Other liabilities	13,951		9,031		17,023
Total non-current liabilities	75,851		715,226		430,702
SHAREHOLDERS’ EQUITY
Share capital	633,271		6,105		608,977
Contributed surplus	55,669		55,669		55,494
Accumulated other comprehensive income	(4,812	)	(3,607	)	2,222
Accumulated losses	(544,364	)	(5,227	)	(418,485	)
Deficit	(544,364	)	(5,227	)	(418,485	)
Total equity	139,764		13,986		248,208
Total liabilities and equity	1,165,923		1,138,991		881,982

 

9.3 Cash Flow Statement

 

(US$ thousand)	Q2 2025		Q1 2025		Q2 2024		H1 2025		H2 2025		%
Cash flows from operating activities
Income/(Loss) for the period	8,147		(73,249	)	(25,775	)	(65,102	)	(34,992	)	86.0	%
Items not affecting cash	82,263		155,569		69,846		237,832		132,015		80.2	%
Changes in working capital	3,372		(14,135	)	638		(10,764	)	(17,133	)	-37.2	%
Taxes paid	(22,570	)	(16,874	)	(2,136	)	(39,444	)	(11,434	)	245.0	%
Other assets and liabilities	8,653		(10,082	)	11,038		(1,429	)	11,007		-113.0	%
Net cash generated by operating activities	79,864		41,229		53,612		121,093		79,464		52	%
Cash flows from investing activities
Purchase of property, plant and equipment, and other investments	(50,325	)	(51,725	)	(23,575	)	(102,051	)	(53,278	)	91.5	%
Short term investments	–		–		1,314		–		–		0.0	%
Proceeds on sale of plant and equipment	–		–		–		–		–		0.0	%
Acquision of investment – Big River Gold	–		–		–		–		–		0.0	%
Bluestone	–		(1,244	)	–		(1,244	)	–
Acquisition of investment – Altamira Gold Corp	(439	)	–		–		–		–		0.0	%
Cash impact from acqusition included into consolidation	–		–		–		–		–
Net cash generated by investing activities	(50,764	)	(52,969	)	(22,261	)	(102,051	)	(53,278	)	92	%
Cash flows from financing activities
Proceeds received from loans and debentures	–		–		19,000		–		34,000		-100.0	%
Repayment of loans and debentures	(9,147	)	(11,455	)	(9,520	)	(20,602	)	(23,312	)
Derivative settlement- debt swap agreements	2,582		–		–		2,582		2,868		90.0	%
Derivative fee	–		–		(13,522	)	–		(13,522	)	-65.3	%
Interest paid on loans and debentures	(13,397	)	(7,775	)	(4,096	)	(21,172	)	(17,698	)
Payment of liability (NSR agreement)	(853	)	(741	)	(1,136	)	(1,594	)	(1,210	)	-11.6	%
Principal and interest payments of lease liabilities	(5,122	)	(4,239	)	(4,273	)	(9,361	)	(8,680	)	19.0	%
Repayment of other liabilities	–		(981	)	–		(981	)	(825	)	7.8	%
Payment of dividends	(29,811	)	(18,333	)	(25,339	)	(48,144	)	(25,339	)	19.6	%
Proceeds from exercise of stock options	–		–		100		–		100
Acquisition of treasury shares	–		(1,200	)	(3,458	)	(1,200	)	(3,458	)
Net cash generated by financing activities	(55,748	)	(44,724	)	(42,244	)	(100,472	)	(57,176	)	76	%
Increase (decrease) in cash and cash equivalents	(26,648	)	(56,465	)	(10,893	)	(81,429	)	(30,891	)	163.6	%
Effect of foreign exchange gain (loss) on cash equivalents	(3,480	)	1,635		(11,210	)	(1,845	)	(14,442	)	-87.2%
Cash and cash equivalents, beginning of the period	495,931		270,188		214,067		270,189		237,295		13.9	%
Per balance sheet at the end of comparative period	465,804		215,359		191,962		186,915		191,962		-3%

Qualified Person

 

Farshid Ghazanfari, P.Geo., Mineral Resources and Geology Director for Aura Minerals Inc., has reviewed and approved the scientific and technical information contained within this Press Release and serves as the Qualified Person as defined in NI 43-101 and S-K 1300. All NI 43-101 technical reports related to properties material to Aura are available on SEDAR+ at sedarplus.ca and all S-K 1300 technical report summaries related to properties material to Aura are available on www.sec.gov.

 

About Aura 360° Mining

 

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

 

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

 

 

 

 

Net Revenue
(US$ thousand)	Q2 2025	Q1 2025	%		Q2 2024	%		H1 2025	H1 2024	%
Aranzazu	62,508	50,262	24	%	49,240	27	%	112,770	93,402	21	%
Apoena	26,711	26,353	1	%	18,992	41	%	53,064	44,999	18	%
Minosa	55,776	48,062	16	%	41,962	33	%	103,838	79,609	30	%
Almas	41,751	37,127	12	%	24,217	72	%	78,878	48,479	63	%
Borborema	3,690	–	n.a		–	n.a		3,690	–	n.a.
Total	190,436	161,804	18	%	134,411	42	%	352,240	266,489	32	%

 

 

 

 

 

English
(GEO)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Production	64,033		60,087		7	%	64,327		-0	%	124,120		132,514		-6	%
Aranzazu	22,281		20,456		9	%	24,692		-10	%	42,737		49,693		-14	%
Apoena	8,219		8,876		-7	%	9,912		-17	%	17,095		22,017		-22	%
Minosa	18,039		17,654		2	%	19,142		-6	%	35,693		38,328		-7	%
Almas	12,917		13,101		-1	%	10,580		22	%	26,018		22,475		16	%
Borborema	2,577		0		n.a.		0	%	n.a.		257700	%	0	%	n.a.
Total	64,042		60,087		7	%	64,327		-0	%	121,552		132,514		-8	%
0
Vendas
(GEO)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Sales	62,452		60,491		3	%	63,258		-1	%	122,943		132,344		-7	%
Aranzazu	22,290		20,456		9	%	24,683		-10	%	42,746		49,786		-14	%
Apoena	8,219		9,408		-13	%	8,258		-0	%	17,627		21,118		-17	%
Minosa	17,836		17,526		2	%	19,738		-10	%	35,362		38,966		-9	%
Almas	12,917		13,101		-1	%	10,580		22	%	26,018		22,475		16	%
Borborema	1,190		0		n.a.		0		n.a.		1,190		0		n.a.
Total	62,452		60,491		3	%	62,452		63,258		-1	%
Custo Caixa
(US$/GEO)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Cash Cost	1,146		1,149		-0	%	1,080		6	%	1,147		1,040		10	%
Aranzazu	1,110		1,164		-5	%	958		16	%	1,136		942		21	%
Apoena	1,168		1,228		-5	%	1,252		-7	%	1,200		940		28	%
Minosa	1,178		1,149		3	%	1,094		8	%	1,164		1,140		2	%
Almas	1,167		1,069		9	%	1,203		-3	%	1,118		1,176		-5	%
Borborema	936		0		n.a.		0		n.a.		936		–		n.a.
Total	1,152		1,149		0	%	1,080		7	%	1,151		1,040		11	%
All-in Sustaining Cost	1,449		1,461		-1	%	1,328		9	%	1,455		1,307		11	%
Aranzazu	1,514		1,545		-2	%	1,206		26	%	1,529		1,235		24	%
Apoena	1,751		2,041		-14	%	1,958		-11	%	1,906		1,500		27	%
Minosa	1,292		1,249		3	%	1,159		12	%	1,271		1,223		4	%
Almas	1,364		1,195		14	%	1,434		-5	%	1,279		1,428		-10	%
Borborema	1,441		0		n.a.		0		n.a.		1,441		–		n.a.
Total	1,449		1,461		-0.8	%	1,449		1,328		9.1	%
											0
Aranzazu
(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Net Revenue	62,508		50,262		24.4	%	#N/A		49,240		26.9	%
Cost of goods sold	(31,021	)	(30,282	)	2.4	%	#N/A		(29,266	)	6.0	%
Depreciation and amortization	#N/A		#N/A		#N/A		#N/A		–		#N/A
Gross Profit	12,353		9,508		29.9	%	#N/A		19,974		-38.2	%
Adjusted EBITDA	35,684		24,387		46.3	%	#N/A		23,012		55.1	%
EPP
(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025
Net Revenue	#N/A		#N/A		#N/A		#N/A		–		#N/A
Cost of goods sold	#N/A		#N/A		#N/A		#N/A		–		#N/A
Depreciation and amortization	#N/A		#N/A		#N/A		#N/A		–		#N/A
Gross Profit	#N/A		#N/A		#N/A		#N/A		–		#N/A
Adjusted EBITDA	#N/A		#N/A		#N/A		#N/A		–		#N/A
San Andres
(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025
Net Revenue	#N/A		#N/A		#N/A		#N/A		–		#N/A
Cost of goods sold	#N/A		#N/A		#N/A		#N/A		–		#N/A
Depreciation and amortization	#N/A		#N/A		#N/A		#N/A		–		#N/A
Gross Profit	#N/A		#N/A		#N/A		#N/A		–		#N/A
Adjusted EBITDA	#N/A		#N/A		#N/A		#N/A		–		#N/A

 

 

 

(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Total Production (GEO)	64,033		60,087		7	%	64,327		-0	%	124,120		132,514		-6	%
Total Commercial Production (GEO)	64,033		60,087		7	%	64,327		-0	%	124,120		132,514		-6	%
Total Sales (GEO)	62,452		60,491		3	%	63,258		-1	%	122,943		132,344		-7	%
Net Revenue	190,436		161,804		18	%	134,411		42	%	352,240		266,489		32	%
Gross Profit	103,939		78,428		33	%	51,308		103	%	182,367		97,989		86	%
Gross Margin	55	%	48	%	6 p.p.		38	%	16 p.p.		52	%	37	%	15 p.p.
EBITDA	106,224		81,479		30	%	53,208		100	%	187,703		109,398		72	%
EBITDA Margin	56	%	50	%	542 p.p.		40	%	1619 p.p.		53	%	41	%	1224 p.p.
Adjusted EBITDA	106,224		81,479		30	%	56,172		89	%	187,703		109,380		72	%
Adjusted EBITDA Margin	56	%	50	%	5 p.p.		42	%	14 p.p.		53	%	41	%	12 p.p.
Net Income	8,147		(73,249	)	n.a.		(25,775	)	-132	%	(65,102	)	(34,992	)	n.a.
Net Income Margin	4	%	-45	%	n.a.		-19	%	-122	%	-18	%	-13	%	n.a.
Adjusted Net Income¹	36,834		26,903		37	%	9,414		291	%	63,737		22,980		177	%
Adjusted Net Income Margin	19	%	17	%	3 p.p.		7	%	176	%	18	%	9	%	9 p.p.
Cash Cost (US$/GEO)	1,146		1,149		-0	%	1,080		6	%	–		1,040		-100	%
All In Sustaining cost (US$/GEO)	1,449		1,461		-1	%	1,328		9	%	1,455		1,307		11	%
Operating Cash Flow	60,420		41,229		47	%	53,612		13	%	83,867		79,464		6	%
Net Debt/LTM EBITDA	0.8x		0.9x		-0.1x		0.8x		0.0x		0.8x		0.8x		0.0x
CAPEX	50,327		51,725		-3	%	23,575		113	%	102,052		53,278		92	%
1. Adjusted Net Income of Q1 2025 does not consider deffered taxes over non-monetary items.

 

(US$ mil)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Adjusted EBITDA	106,224		81,479		30	%	56,172		89	%	187,703		109,398		72	%
(+) Exploration Expenses	1,714		1,376		25	%	2,951		-42	%	3,090		4,893		-37	%
(-) Sustaining Capex	(15,151	)	(10,174	)	49	%	(6,740	)	125	%	(28,342	)	(17,200	)	65	%
(+/-) ∆ Working Capital and Others	7,024		(17,996	)	n.a.		(8,499	)	-183	%	(12,020	)	(23,499	)	n.a.
(-) Income Taxes Paid	(22,570	)	(16,874	)	34	%	(2,136	)	957	%	(39,444	)	(11,434	)	245	%
(-) Lease Payments	(5,122	)	(4,239	)	21	%	(4,273	)	20	%	(9,361	)	(8,680	)	8	%
(-) Realized Losses on Gold Hedges	(11,699	)	(6,036	)	94	%	–		n.a.		(17,759	)	–		n.a.
Recurring Free Cash Flow	60,420		27,536		119	%	37,475		61	%	83,867		53,478		57	%

 

Aranzazu
(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Production at Constant Prices (GEO)¹	22,281		19,017		17	%	19,337		15	%	41,298		39,439		5	%
Production at Current Prices (GEO)	22,281		20,456		9	%	24,692		-10	%	42,737		49,693		-14	%
Sales (GEO)	22,290		20,456		9	%	24,683		-10	%	42,746		49,786		-14	%
Cash Cost (US$/GEO)	1,110		1,164		-5	%	958		16	%	1,136		942		21	%
AISC (US$/GEO)	1,514		1,545		-2	%	1,206		26	%	1,529		1,235		24	%
Net Revenue	62,508		50,262		24	%	49,240		27	%	112,770		93,402		21	%
Cost of goods sold	(31,021	)	(30,282	)	2	%	(29,266	)	6	%	(61,303	)	(58,130	)	5	%
Gross Profit	31,487		19,980		58	%	19,974		58	%	51,467		35,272		46	%
Expenses	(2,310	)	(2,483	)	-7	%	(2,588	)	-11	%	(4,793	)	(5,010	)	-4	%
G&A	(1,516	)	(1,774	)	-15	%	(932	)	63	%	(3,290	)	(2,244	)	47	%
Care & maintenance expenses	–		–		n.a.		–		n.a.		–		–		n.a.
Exploration expenses	(794	)	(709	)	12	%	(1,656	)	-52	%	(1,503	)	(2,766	)	-46	%
EBIT	29,177		17,497		67	%	17,386		68	%	46,674		30,262		54	%
Adjusted EBITDA	35,684		24,387		46	%	23,012		55	%	60,254		41,502		45	%
Financial Result	(4,292	)	(606	)	608	%	(832	)	416	%	(4,898	)	(1,675	)	192	%
Financial expenses	(3,762	)	(34	)	n.a.		(201	)	n.a.		(3,796	)	(748	)	407	%
Other revenue/expenses	(530	)	(572	)	-7	%	(631	)	-16	%	(1,102	)	(927	)	19	%
EBT	24,885		16,891		47	%	16,554		50.3	%	41,776		28,587		46.1	%
Total taxes	(12,532	)	(7,383	)	70	%	(6,814	)	84	%	(19,915	)	(11,230	)	77	%
Current income tax (expense)	(13,035	)	(6,431	)	n.a.		(7,796	)	67	%	(19,466	)	(12,291	)	58	%
Deferred income tax (expense) recovery	503		(952	)	n.a.		982		-49	%	(449	)	1,061		n.a.
Net Income	12,353		9,508		30	%	9,740		27	%	21,861		17,357		26	%
EPP
(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Production (GEO)	8,219		8,876		-7	%	9,912		-17	%	17,095		22,017		-22	%
Sales (GEO)	8,219		9,408		-13	%	8,258		-0	%	17,627		21,118		-17	%
Cash Cost (US$/GEO)	1,168		1,228		-5	%	1,252		-7	%	1,200		940		28	%
AISC (US$/GEO)	1,751		2,041		-14	%	1,958		-11	%	1,906		1,500		27	%
Net Revenue	26,711		26,353		1	%	18,992		41	%	53,064		44,999		18	%
Cost of goods sold	(14,270	)	(15,104	)	-6	%	(15,814	)	-10	%	(29,374	)	(31,749	)	-7	%
Gross Profit	12,441		11,249		11	%	3,178		291	%	23,690		13,250		79	%
Expenses	(998	)	(1,425	)	-30	%	(1,150	)	-13	%	(2,423	)	(2,175	)	11	%
G&A	(936	)	(1,301	)	-28	%	(1,150	)	-19	%	(2,237	)	(2,005	)	12	%
G&A	(936	)	(1,301	)	-28	%	(785	)	19	%	(2,237	)	(1,427	)	57	%
Care & maintenance expenses	–		–		n.a.		(243	)	n.a.		–		(578	)	n.a.
Exploration expenses	(62	)	(124	)	-50	%	(122	)	-49	%	(186	)	(170	)	9	%
ARO	–		1,330		n.a.		–		n.a.		1,330		–		n.a.
EBIT	11,443		9,824		16	%	2,028		464	%	21,267		11,075		92	%
Adjusted EBITDA	16,151		13,516		19	%	7,541		114	%	29,697		23,046		29	%
Financial Result	(1,453	)	(6,567	)	-78	%	(2,708	)	-46	%	(8,020	)	(6,350	)	26	%
Financial expenses	(1,497	)	(6,636	)	-77	%	(2,798	)	-46	%	(8,133	)	(6,440	)	26	%
Other revenue/expenses	44		69		-36	%	90		n.a.		113		90		26	%
EBT	9,990		3,257		207	%	(680	)	n.a.		13,247		4,725		180	%
Total taxes	(1,211	)	1,342		n.a.		(2,788	)	-57	%	131		(3,507	)	n.a.
Current income tax (expense)	(862	)	(663	)	30	%	(986	)	-13	%	(1,525	)	(1,882	)	-19	%
Deferred income tax (expense) recovery	(349	)	2,005		n.a.		(1,802	)	-81	%	1,656		(1,625	)	n.a.
Net Income	8,779		4,599		91	%	(3,468	)	n.a.		13,378		1,218		998	%
San Andres
(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Production (GEO)	18,039		17,654		2	%	19,142		-6	%	35,693		38,328		-7	%
Sales (GEO)	17,836		17,526		2	%	19,738		-10	%	35,362		38,966		-9	%
Cash Cost (US$/GEO)	1,178		1,149		3	%	1,094		8	%	1,164		1,140		2	%
AISC (US$/GEO)	1,292		1,249		3	%	1,159		12	%	1,271		1,223		4	%
Net Revenue	55,776		48,062		16	%	41,962		33	%	103,838		79,609		30	%
Cost of goods sold	(22,056	)	(21,476	)	3	%	(23,171	)	-5	%	(43,532	)	(47,213	)	-8	%
Gross Profit	33,720		26,586		27	%	18,791		79	%	60,306		32,396		86	%
Expenses	(1,430	)	(1,371	)	4	%	(1,242	)	15	%	(2,801	)	(2,392	)	17	%
G&A	(1,166	)	(1,135	)	3	%	(1,242	)	-6	%	(2,301	)	(2,391	)	-4	%
Care & maintenance expenses	–		–		n.a.		–		n.a.		–		–		n.a.
Exploration expenses	(264	)	(236	)	12	%	–		n.a.		(500	)	(1	)	n.a.
EBIT	32,290		25,215		28	%	17,549		84	%	57,505		30,004		92	%
Adjusted EBITDA	33,533		26,856		25	%	19,120		75	%	60,646		32,796		85	%
Financial Result	(1,189	)	(1,556	)	-24	%	(2,064	)	-42	%	(2,745	)	(4,426	)	-38	%
Financial expenses	(1,442	)	(1,312	)	10	%	(1,661	)	-13	%	(2,754	)	(3,836	)	-28	%
Other revenue/expenses	253		(244	)	n.a.		(403	)	n.a.		9		(590	)	n.a.
EBT	31,101		23,659		31	%	15,485		101	%	54,760		25,578		114	%
Total taxes	(7,425	)	(6,218	)	19	%	(4,948	)	50	%	(13,643	)	(8,743	)	56	%
Current income tax (expense)	(7,774	)	(6,611	)	18	%	(4,936	)	57	%	(14,385	)	(8,508	)	69	%
Deferred income tax (expense) recovery	349		393		-11	%	(12	)	n.a.		742		(235	)	n.a.
Net Income	23,676		17,441		36	%	10,537		125	%	41,117		16,835		144	%
Almas
(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Production (GEO)	12,917		13,101		-1	%	10,580		22	%	26,018		22,475		16	%
Sales (GEO)	12,917		13,101		-1	%	10,580		22	%	26,018		22,475		16	%
Cash Cost (US$/GEO)	1,167		1,069		9	%	1,203		-3	%	1,118		1,176		-5	%
AISC (US$/GEO)	1,364		1,195		14	%	1,434		-5	%	1,279		1,428		-10	%
Net Revenue	41,751		37,127		12	%	24,217		72	%	78,878		48,479		63	%
Cost of goods sold	(18,036	)	(16,514	)	9	%	(14,851	)	21	%	(34,550	)	(31,407	)	10	%
Gross Profit	23,715		20,613		15	%	9,366		153	%	44,328		17,072		160	%
Expenses	(1,898	)	(1,040	)	83	%	(930	)	104	%	(2,938	)	(1,997	)	47	%
G&A	(1,475	)	(803	)	n.a.		(930	)	59	%	(2,278	)	(1,997	)	14	%
Care & maintenance expenses	–		–		n.a.		–		n.a.		–		–		n.a.
Exploration expenses	(423	)	(237	)	78	%	–		n.a.		(660	)	–		n.a.
EBIT	21,817		19,573		11	%	8,436		159	%	41,390		15,075		175	%
Adjusted EBITDA	24,709		22,205		11	%	11,019		124	%	47,136		21,062		124	%
Financial Result	(4,468	)	(3,746	)	19	%	(3,391	)	32	%	(8,214	)	(4,506	)	82	%
Financial expenses	(4,448	)	(3,740	)	19	%	(3,394	)	31	%	(8,188	)	(4,487	)	82	%
Other revenue/expenses	(20	)	(6	)	n.a.		3		-767	%	(26	)	(19	)	n.a.
EBT	17,349		15,827		10	%	5,045		244	%	33,176		10,569		214	%
Total taxes	(1,226	)	(4,757	)	-74	%	(6,404	)	-81	%	(5,983	)	(8,317	)	n.a.
Current income tax (expense)	(7,101	)	(5,998	)	18	%	(894	)	694	%	(13,099	)	(2,074	)	532	%
Deferred income tax (expense) recovery	5,875		1,241		373	%	(5,510	)	n.a.		7,116		(6,243	)	n.a.
Net Income	16,123		11,070		n.a.		(1,359	)	-1286	%	27,193		2,252		1108	%
Borborema
(US$ thousand)	Q2 2025		H1 2025
Production (GEO)	2,577		2,577
Sales (GEO)	1,190		1,190
Cash Cost (US$/GEO)	936		936
AISC (US$/GEO)	1,441		1,441
Net Revenue	3,690		3,690
Cost of goods sold	(1,114	)	(1,114	)
Gross Profit	2,576		2,576
Expenses	(378	)	(378	)
G&A	(378	)	(378	)
Care & maintenance expenses	–		–
Exploration expenses	–		–
EBIT	2,198		2,198
Adjusted EBITDA	2,084		2,084
Financial Result	(4,971	)	(4,971	)
Financial expenses	(4,982	)	(4,982	)
Other revenue/expenses	11		11
EBT	(2,773	)	(2,773	)
Total taxes	(309	)	(309	)
Current income tax (expense)	–		–
Deferred income tax (expense) recovery	(309	)	(309	)
Net Income	(3,082	)	(3,082	)

 

(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Net Revenue	190,436		161,804		18	%	134,411		42	%	352,240		266,489		32	%
Cost of goods sold	(86,497	)	(83,376	)	4	%	(83,103	)	4	%	(169,873	)	(168,500	)	1	%
Cost of production	(44,470	)	(44,919	)	-1	%	(36,203	)	23	%	(89,389	)	(75,062	)	19	%
Cost of production – Contractors	(17,529	)	(15,467	)	13	%	(22,356	)	-22	%	(32,996	)	(42,380	)	-22	%
Change in inventory (cash)	(9,550	)	(9,126	)	5	%	(9,762	)	-2	%	(18,676	)	(20,167	)	-7	%
Depreciation and amortization	(14,948	)	(13,864	)	8	%	(14,782	)	1	%	(28,812	)	(30,891	)	-7	%
Gross Profit	103,939		78,428		33	%	51,308		103	%	182,368		97,989		86	%
Gross Margin	55	%	48	%	6 p.p.		38	%	1641 p.p.		52	%	37	%	15 p.p.

 

(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Gross Profit	103,939		78,428		33	%	51,308		103	%	182,367		97,989		86	%
Operational Expenses	(12,998	)	(11,012	)	18	%	(10,482	)	24	%	(24,010	)	(20,703	)	16	%
General and administrative expenses	(11,284	)	(9,636	)	17	%	(7,156	)	58	%	(20,920	)	(15,014	)	39	%
Care-and-maintenance expenses	–		–		n.a.		(375	)	n.a.		–		(796	)	n.a.
Exploration expenses	(1,714	)	(1,376	)	25	%	(2,951	)	-42	%	(3,090	)	(4,893	)	-37	%
Operating income	90,941		67,416		35	%	40,826		123	%	158,357		77,286		105	%

 

(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Operating Income	90,941		67,416		35	%	40,826		123	%	158,357		77,286		105	%
Depreciation and Amortization	15,283		14,063		9	%	15,346		-0	%	29,346		31,553		-7	%
Ajdusted EBITDA	106,224		81,479		30	%	56,172		89	%	187,703		109,398		72	%
Adjusted EBITDA Margin	56	%	50	%	5 p.p.		42	%	14 p.p.		53	%	41	%	12 p.p.
															D

 

(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
Income/ (Loss) before income taxes	31,372		(54,949	)	n.a.		(4,275	)	n.a.		(23,577	)	(2,504	)	841.6	%
Total taxes	(23,225	)	(18,300	)	27	%	(21,500	)	8	%	(41,525	)	(32,488	)	28	%
Current income tax (expense)	(29,551	)	(20,814	)	-42	%	(14,612	)	102	%	(50,365	)	(24,755	)	103	%
Deferred income tax (expense) recovery	6,326		2,514		-152	%	(6,888	)	-192	%	8,840		(7,733	)	n.a.
Income/(Loss) for the period	8,147		(73,249	)	n.a.		(25,775	)	-132	%	(65,102	)	(34,992	)	n.a.
Net Margin	4	%	-45	%	n.a.		-19	%	-122	%	-18	%	-13	%	n.a.
Unrealized loss with derivative gold collars	(24,304	)	(100,210	)	n.a.		(11,558	)	110	%	(124,514	)	(33,226	)	275	%
Gain (loss) on foreign exchange	(2,462	)	(3,176	)	22	%	(11,184	)	-78	%	(5,638	)	(13,274	)	-58	%
Deferred taxes on non-monetary items	6,847		3,234		n.a.		(12,447	)	-155	%	10,081		(11,472	)	n.a.
Loss on settlement of liability with equity instruments	(8,768	)	–		n.a.		–		n.a.		(8,768	)	–		n.a.
Adjusted Net Income	36,834		26,903		37	%	9,414		291	%	63,738		22,980		177	%

 

(US$ thousand)	Q2 2025		Q1 2025		%		Q2 2024		%		H1 2025		H1 2024		%
EBIT	90,941		67,416		34.9	%	40,826		123	%	158,357		77,286		105	%
Financial Result	(59,630	)	(121,611	)	-51.0	%	(45,102	)	32	%	(181,241	)	(79,197	)	129	%
Accretion expense	(1,134	)	(1,666	)	-31.9	%	(1,573	)	-28	%	(2,800	)	(3,106	)	-10	%
Lease interest expense	(161	)	(1,595	)	-89.9	%	(2,012	)	-92	%	(1,756	)	(4,021	)	-56	%
Interest expense on debts	(6,098	)	(5,755	)	6.0	%	(4,121	)	48	%	(11,853	)	(8,338	)	42	%
Finance cost on post-employment benefit	(747	)	(338	)	121.0	%	(467	)	60	%	(1,085	)	(834	)	30	%
Unrealized gain (loss) on gold hedges	(24,304	)	(100,210	)	-75.7	%	(11,558	)	110	%	(124,514	)	(33,226	)	275	%
Realized gain (loss) on gold hedges	(11,703	)	(6,036	)	93.9	%	–		n.a.		(17,739	)	–		n.a.
Gain (loss) on other derivative transactions	(1,305	)	(1,827	)	-28.6	%	–		n.a.		(3,132	)	–		n.a.
Change in liability measures at fair value	(4,025	)	(2,359	)	70.6	%	(954	)	322	%	(6,384	)	(3,587	)	78	%
Foreign exchange (gain) loss	(2,462	)	(3,176	)	-22.5	%	(11,184	)	-78	%	(5,638	)	(13,274	)	-58	%
Derivative fee	–		–		n.a.		(13,522	)	n.a.		–		(13,522	)	n.a.
Loss on settlement of liability with equity instruments	(8,768	)	–		n.a.		–		n.a.		(8,768	)	–		n.a.
Other finance costs	(297	)	(430	)	-30.9	%	(140	)	n.a.		(727	)	(571	)	27	%
Interest Income	1,374		1,781		-22.9	%	429		220	%	3,155		1,282		146	%
Gain (loss) on derivative transactions	(8,768	)	(108,073	)	-91.9	%	(11,558	)	-24	%	(109,378	)	(33,226	)	229	%
Other finance costs	(297	)			#DIV/0!				#DIV/0!						#DIV/0!
Finance Income	(58,256	)	(119,830	)	-51.4	%	(44,673	)	30	%	(178,086	)	(77,915	)	129	%
Other gains (losses)	61		(754	)	n.a.		1		n.a.		(693	)	(593	)	17	%
Income/ (Loss) before income taxes	31,372		(54,949	)	n.a.		(4,275	)	n.a.		(23,577	)	(2,504	)	842	%

 

ENGLISH
(US$ thousand)	Q2 2025	Q1 2025	%		Q2 2024	%
Short term debts	78,786	100,853	-22	%	98,004	-20	%
Long term debts	375,107	366,834	2	%	236,413	59	%
Gross debt	453,893	467,687	-3	%	334,417	36	%
Cash	167,938	198,066	-15	%	191,963	-13	%
Restric Cash	–	–	n.a.		–	n.a.
Almas Debentures Swap	5,395	2,320	133	%	45	11889	%
Net Debt	280,560	271,941	3	%	142,499	97	%
Net Debt/LTM EBITDA	0.81x	0.92x	-0.12x		0.79x	0.02x
	#N/A	#N/A			#N/A
	#N/A	#N/A			#N/A

 

Gold equivalent ounces production (‘000 GEO) – 2025							AISC per equivalent ounce of gold produced – 2025							Cash Cost per equivalent ounce of gold produced – 2025							Capex (US$ million) – 2025
	Lower Bound	Upper Bound	H1 2025 A	H1 2025 at Guidance metal prices	%			Lower Bound	Upper Bound	H1 2025 A	H1 2025 at Guidance metal prices	%			Lower Bound	Upper Bound	H1 2025 A	H1 2025 at Guidance metal prices	%			Low – 2025	High – 2025	H1 2025 A	%
Aranzazu	64	73	36	36	55% – 49%		Minosa	1,263	1,364	1,279	1,279	101% – 94%		Minosa	1,108	1,219	1,178	1,178	106% – 97%		Sustaining	40	47	22	55% – 47%
Apoena	29	32	17	17	59% – 53%		Apoena	2,425	2,619	1,906	1,906	79% – 73%		Apoena	1,258	1,384	1,168	1,168	93% – 84%		Exploration	10	13	6	60% – 45%
Minosa	88	97	43	48	49% – 44%		Aranzazu	1,348	1,455	1,532	1,295	114% – 105%		Aranzazu	1,029	1,132	1,110	950	108% – 98%		New projects + Expansion	99	106	74	75% – 70%
Almas	51	58	26	26	51% – 45%		Almas	1,113	1,202	1,279	1,279	115% – 106%		Almas	1,013	1,114	1,167	1,167	115% – 105%		Total	149	167	102	61% – 68%
Total ex-Borborema	233	260	122	127	52% – 47%		Borborema	1,113	1,304	1,186	1,186	107% – 91%		Borborema	1,084	1,232	936	936	86% – 76%
Borborema	33	40	3	3	8% – 6%		Total	1,374	1,492	1,456	1,367	98% – 106%		Total	1,078	1,191	1,146	1,080	96% – 106%
Total	266	300	124	129	47% – 41%

 

 

Fluxo de Caixa Gerencial
(US$ thousand)	Q2 2025		Q1 2025		Q2 2024		H1 2025		H2 2025		%
Cash flows from operating activities
Income/(Loss) for the period	8,147		(73,249	)	(25,775	)	(65,102	)	(34,992	)	86.0	%
Items not affecting cash	82,263		155,569		69,846		237,832		132,015		80.2	%
Changes in working capital	3,372		(14,135	)	638		(10,764	)	(17,133	)	-37.2	%
Taxes paid	(22,570	)	(16,874	)	(2,136	)	(39,444	)	(11,434	)	245.0	%
Other assets and liabilities	8,653		(10,082	)	11,038		(1,429	)	11,007		-113.0	%
Net cash generated by operating activities	79,864		41,229		53,612		121,093		79,464		52	%
Cash flows from investing activities
Purchase of property, plant and equipment, and other investments	(50,325	)	(51,725	)	(23,575	)	(102,051	)	(53,278	)	91.5	%
Short term investments	–		–		1,314		–		–		0.0	%
Proceeds on sale of plant and equipment	–		–		–		–		–		0.0	%
Acquision of investment – Big River Gold	–		–		–		–		–		0.0	%
Bluestone	–		(1,244	)	–		(1,244	)	–
Acquisition of investment – Altamira Gold Corp	(439	)	–		–		–		–		0.0	%
Cash impact from acqusition included into consolidation	–		–		–		–		–
Net cash generated by investing activities	(50,764	)	(52,969	)	(22,261	)	(102,051	)	(53,278	)	92	%
Cash flows from financing activities
Proceeds received from loans and debentures	–		–		19,000		–		34,000		-100.0	%
Repayment of loans and debentures	(9,147	)	(11,455	)	(9,520	)	(20,602	)	(23,312	)
Derivative settlement- debt swap agreements	2,582		–		–		2,582		2,868		90.0	%
Derivative fee	–		–		(13,522	)	–		(13,522	)	-65.3	%
Interest paid on loans and debentures	(13,397	)	(7,775	)	(4,096	)	(21,172	)	(17,698	)
Payment of liability (NSR agreement)	(853	)	(741	)	(1,136	)	(1,594	)	(1,210	)	-11.6	%
Principal and interest payments of lease liabilities	(5,122	)	(4,239	)	(4,273	)	(9,361	)	(8,680	)	19.0	%
Repayment of other liabilities	–		(981	)	–		(981	)	(825	)	7.8	%
Payment of dividends	(29,811	)	(18,333	)	(25,339	)	(48,144	)	(25,339	)	19.6	%
Proceeds from exercise of stock options	–		–		100		–		100
Acquisition of treasury shares	–		(1,200	)	(3,458	)	(1,200	)	(3,458	)
Net cash generated by financing activities	(55,748	)	(44,724	)	(42,244	)	(100,472	)	(57,176	)	76	%
Increase (decrease) in cash and cash equivalents	(26,648	)	(56,465	)	(10,893	)	(81,429	)	(30,891	)	163.6	%
Effect of foreign exchange gain (loss) on cash equivalents	(3,480	)	1,635		(11,210	)	(1,845	)	(14,442	)	-87.2	%
Cash and cash equivalents, beginning of the period	495,931		270,188		214,067		270,189		237,295		13.9	%
Per balance sheet at the end of comparative period	465,804		215,359		191,962		186,915		191,962		-3	%