Aura Minerals Inc. (TSX: ORA) (B3: AURA33) (OTCQX: ORAAF) is pleased to announce the Q2 2023 preliminary production results from the Company’s operating mines, the San Andres Mine, Ernesto/Pau-a-Pique Mine and Aranzazu Mine. Total production during Q2 2023 reached 48,522 gold equivalent ounces¹.

Highlights

• Total production in GEO decreased by 13% in Q2 2023 compared to Q2 2022, mainly due to mine sequencing at EPP Mines.
  • At Aranzazu, production was 25,192 GEO in line with the Company’s expectations. Production was 4% lower compared to Q2 2022, due to metal prices. When calculated based on constant prices, production in GEO increased by 7% in Q2 2023 compared to Q2 2022.
  • At EPP, production was 6,917 GEO, 45% lower in Q2 2023 than in Q2 2022, due to mine sequencing in areas with lower grade. With sequencing expected to move to higher-grade areas, the Company anticipates production to increase in the second semester, mainly in the last quarter of the year, which also occurred in the previous year. Aura remains on track to meet its production guidance of between 56,000 and 64,000 GEO for EPP in 2023.
  • At San Andres, production was 16,413 GEO, production remained steady relative to Q2 2022, with a decrease of 2%. Production in GEO increased by 16% when compared to Q1 2023, confirming the Company’s expectation of gradual improvement quarter after quarter.

Rodrigo Barbosa, Aura’s President and CEO commented, “Production in Q2 was as expected with mine sequencing at EPP impacting production. Development is advancing well and reaching higher grade areas to improve production in the second semester. At San Andres, we are making good progress despite a challenging start to the year, while at Aranzazu production remains stable. Overall, we expect a return to stronger output during the second semester. Additionally, we have had an important quarter with significant milestones met including the ramp up at Almas on time and with no material deviations from the budget and strong collaboration with local and government stakeholders at Borborema, setting a strong foundation for project advancements. Look ahead, we remain on track toward our goal of 450 kGEO annualized by 2025 and look forward to providing updates.”

Production Results

Preliminary GEO production volume for the three months ended June 30, 2023, when compared to the previous quarter and the same period of the previous year is presented below:

Production for the last twelve months as of June 30, 2023 was 227,626 GEO. When measured at constant prices, LTM production was 223,586 GEO. Production is expected to improve as the Almas Mine ramps up to commercial production in Q3 2023 and EPP reaches higher grades in its mining sequencing.

The chart below shows the quarterly consolidated GEO production measured in current and constant prices since Q2 2021, as well as the LTM at the end of each reporting period:

Consolidated GEO Production per Quarter and LTM

(000’s GEO, current and constant prices as reported)

The table below shows production by each type of metal at Aranzazu:

Qualified Person

The scientific and technical information contained within this news release has been reviewed and approved by Tiãozito V. Cardoso, FAusIMM, Technical Services Director for the Company. Mr. Cardoso is a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

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 mid-tier gold and copper production company focused on the development and operation of gold and base metal projects in the Americas. The Company’s producing assets include the San Andres gold mine in Honduras, the EPP gold mine in Brazil and the Aranzazu copper-gold-silver mine in Mexico. In addition, the Company has the Tolda Fria gold project in Colombia and five projects in Brazil, of which four gold projects: Almas, which is under final phase of ramp-up; Borborema and Matupá, which are in development; and São Francisco, which is on care and maintenance. The Company also owns the Serra da Estrela copper project in Brazil, Carajás region, which is at the exploration stage.