Aura Minerals Inc. (TSX: ORA) (B3: AURA33) (OTCQX: ORAAF) is pleased to announce Q1 2024 preliminary production results from the Company’s four operating mines: Aranzazu, Apoena, Minosa (San Andres), and Almas. Total production in Q1 2024 reached 68,181 gold equivalent ounces ¹, stable compared to Q4 2023 and 28% above the same period of last year, mainly due to Minosa’s performance due to operational improvements in 2023, and Almas. At constant metal prices, production was stable compared to Q4 2023 and increased by 35% compared to Q1 2023.

Total production for Q1 2024 was either at or above the Company’s expectations across all its operating mines, which positions the Company to remain on track to achieve Consolidated Production Guidance of between 244,000 – 292,000 GEO for 2024.

Q1 2024 Highlights

• At Aranzazu, production was 25,001 GEO. Production was 5% lower compared to Q4 2023 and 5% above Q1 2023 at constant metal prices, due to mine sequencing and in line with the Company’s expectations, demonstrating its stability and consistent performance quarter after quarter.
• At Apoena (EPP), production was 12,105 GEO, 20% lower in Q1 2024 compared to the previous quarter and 5% below Q1 2023 due to lower grade fed in the plant and mine sequencing. Production was in line with the Company’s expectations, considering mine sequence, as there were remaining tonnes of Ernesto from last year, concluding its operations this quarter.
• At Minosa (San Andres), production was 19,186 GEO for the quarter, representing a 7% increase compared to the previous quarter and 36% increase over Q1 2023, mostly due to an increase in the volume of stacked ore and higher recovery rates. This marks the fifth consecutive quarterly increase in production due to an increased focus on operational efficiencies including the implementation of the stacking system during Q3 2023.
• At Almas, production in Q1 2024 reached 11,889 GEO, marking a 24% increase compared to the previous quarter. This notable improvement can be mainly attributed to a series of initiatives implemented at the mine operations aimed at recovering productivity and overcoming challenges faced during the third and fourth quarters of 2023.

Rodrigo Barbosa, Aura’s President and CEO commented, “Aura kicked-off 2024 on a positive note, as all mines operated at or exceeded the Company’s expectations. Notably, both Minosa and Almas demonstrated our capacity to overcome operational challenges through enhancements and strategic initiatives aimed at bolstering mine performance, and we will continue to prioritize efforts across the rest of the assets.”

Mr. Barbosa continued, “With this quarter’s performance, we reiterate our confidence to meet our 2024 Production Guidance. Furthermore, in light of the recent considerable rise in gold prices together with our tight control over our costs, we anticipate robust cash flows from our four operating mines this year, while we continue advancing on budget and on time to deliver the Borborema project by early 2025.”

Production Results

Preliminary GEO^2,3 production volume for the three months ended March 31, 2024, 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 March 31, 2024 was 250,772 GEO, an increase of 6% compared to Q4 2023 LTM. Production LTM increased for the third quarter in a row and in line with the Company’s expectations an as a result of production from Almas and consistent production improvements at Minosa. The chart below shows the quarterly consolidated GEO production measured in current and constant prices since Q1 2022, 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. Production was in line with the Company’s expectations.

Qualified Person

The scientific and technical information contained within this news release has been reviewed and approved by Farshid Ghazanfari, P.Geo. Mineral resources and Geology Director for Aura Minerals Inc. and serve as the 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 operating and developing gold and base metal projects in the Americas. The Company has 4 operating mines including the Aranzazu copper-gold-silver mine in Mexico, the EPP (Apoena) and Almas gold mines in Brazil, and the San Andres gold mine in Honduras. The Company’s development projects include Borborema and Matupá both in Brazil. Aura has unmatched exploration potential owning over 630,000 hectares of mineral rights and is currently advancing multiple near-mine and regional targets along with the Serra da Estrela copper project in the prolific Carajás region of Brazil.