Mr. Rodrigo Barbosa reports

AURA ANNOUNCES Q3 2023 FINANCIAL AND OPERATIONAL RESULTS AND GUIDANCE UPDATE

Aura Minerals Inc. has filed its unaudited consolidated financial statements and management's discussion and analysis (MD&A) for the period ended Sept. 30, 2023. The full version of the financial and operational results can be viewed on the company's website or on SEDAR+. All amounts are in U.S. dollars unless stated otherwise.

Rodrigo Barbosa, president and chief executive officer of Aura, commented: "During Q3, Aura achieved a critical milestone with a year of zero lost-time incidents, demonstrating our unwavering commitment to safety across all operations. Financially, we saw significant growth with increases in volume, revenues and EBITDA, and we anticipate continued enhancements in volume and margins in Q4. Despite lower-than-expected productivity at EPP due to above-average rainfall, which delayed high-grade output from Ernesto, our strategic progress was substantial. We launched commercial production at Almas, pioneering industry standards for efficiency, completed a pivotal feasibility study for Borborema with 52-per-cent IRR (after tax and leveraged) at $1,900 ounce gold price, acquired the final 20-per-cent share and secured construction financing. These efforts have solidified our strategy to reach an annualized production rate of 450,000 GEO by 2025."

Q3 2023 financial and operational highlights:

• Production reached 64,875 gold equivalent ounces (GEO) in Q3 2023, an increase of 34 per cent compared with Q2 2023 and 12 per cent compared with Q3 2022:
  • Aranzazu: Production of 27,933 gold equivalent ounces was aligned with the company's expectations and, compared with Q2 2023, production increased by 11 per cent due to increased tonnage and higher head grades. Production increased by 7 per cent compared with Q3 2022. The results this quarter were further improved by the mine contractor's utilizing of advanced drilling equipment.
  • EPP: Production of 11,185 ounces (oz) gold represented a 62-per-cent increase compared with Q2 2023. The increase was mainly due to the mining of the high-grade zone at Ernesto and the processing of low-grade ore from existing stockpiles. Unexpected heavy and unusual rainfall during the quarter slowed operation in high-grade Ernesto pit and impacted productivity, and now Ernesto is expected to be in production until Q1 2024.
  • San Andres: Production of 17,543 oz gold represented a 7-per-cent increase from Q2 2023, marking the third consecutive quarter of increased production. Enhancements in the stacking system, including the incorporation of new grasshoppers, contributed to improved production and led to a 25-per-cent rise in production compared with Q3 2022.
  • Almas: Production of 8,214 oz gold came from two months of commercial operations, above industry benchmarks ramp-up. Given the strong initial performance of Almas, despite a slight decrease in productivity expected for Q4 2023, the company has committed to investing in few plant enhancements to further increase the plant processing capabilities in the coming quarters.
• Revenues were $110,635 in Q3 2023, which represented an increase of 30 per cent compared with Q2 2023 and 36 per cent compared with the same period in 2022:
  • Sales volumes were 32 per cent higher than Q2 2023, mainly due to higher production in Aranzazu, San Andres and EPP the commencement of commercial production in Almas, as discussed above, and 10 per cent higher compared with Q3 2022.
  • Average gold sale prices decreased 1 per cent compared with Q2 2023, with an average of $1,941 per oz in the quarter, and increased 13 per cent compared with Q3 2022.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $30,020 in Q3 2023, an improvement of 13 per cent compared with $26,596 in Q2 2023, as a result of higher production and sales volumes. Compared with Q3 2022, adjusted EBITDA was 80 per cent higher, also mainly due to higher production and sales volumes.
• AISC (all-in sustaining costs) during Q3 2023 of $1,437 per gold equivalent ounce represented an increase of $89 per gold equivalent ounce when compared with Q2 2023 ($1,348 per gold equivalent ounce) mainly due to processing of low-grade stockpile material at EPP and higher one-time costs at San Andres in Q3 2023, both of which were non-recurring and not expected to be repeated in Q4 2023.
• The net debt position by the end of Q3 2023 was $112,110, marking a reduction from the previous quarter, with strong recurring free cash flow.

Borborema project:

• Q3 2023 marked significant advancements related for the Borborema project, including:
  • Increasing ownership of the project to 100 per cent and completion of the Borborema feasibility study, anticipating production of 748,000 ounces of gold over an initial 11.3-year mine life, with potential to increase production with robust economics. The project has a net present value (NPV) of $182-million (U.S.) and a 21.9-per-cent internal rate of return (IRR) at a gold price of $1,712 (U.S.) per oz; 51.9-per-cent IRR and NPV of $262-million (U.S.) at $1,900 (U.S.) per oz with $100-million (U.S.) debt;
• Commencement of construction of the Borborema project and securing term loan amounting $100 million (U.S.) to support the construction;
• Implementation of a hedging program through gold collars in order to derisk the project and secure the return on capital invested during the first three years of production. As part of the program, Aura was entitled to receive premium payments from the counterparties, totalling approximately $14.5-million (U.S.), which will also be invested to partially finance the construction;
• To date, 5.8 per cent of the project has been completed and is on track to start up in February, 2025;
• The company has partnered with POYRY for engineering, procurement, and construction management (EPCM), and activities are on track with the hire of primary services and material packages are in progress.

2023 guidance

The company's updated gold equivalent production, AISC and cash operating cost per gold equivalent ounce sold, and capex (capital expenses) guidance for 2023 is detailed below.

Production

An attached table details the company's updated GEO production guidance for 2023 by business unit and a comparison with the previous guidance.

Factors that contributed to the change in the company's guidance include:

• Aranzazu: production guidance unchanged;
• EPP mines: The primary reason for the reduction in guidance arises from above-average rainfall during Q3 2023, which significantly slowed mining operations, particularly in the high-grade Ernesto deposit. In August and September, 2023, monthly precipitation reached 45 millimetres (mm) and 84 mm, with peaks of 81.5 mm, with heavy rains concentrated over a few days, compared with historical averages of three mm and zero mm per month. As result, EPP fed the plant with only 166,000 tons mined (45 per cent) of high-grade ore (approximately 2.0 grams per tonne (g/t)), while about 200,000 tons (55 per cent) were fed from medium- and low-grade stockpiles (approximately 0.5 g/t). Aura expects most of the impact of such delay to be on mine sequencing, with the Ernesto pit now expected to produce until Q1 2024, as opposed to the previous estimate of complete depletion in Q4 2023;
• San Andres: production guidance unchanged;
• At Almas, following an initially successful ramp-up phase, the mine operation is now accessing the in situ rock during Q4, which posed challenges to productivity. These difficulties have resulted in reduced material movement for Q4 2023. Almas is pro-actively engaging with the contractor team to mitigate these issues, implementing targeted interventions such as enhanced training programs and equipment upgrades. These measures are designed to promptly address the productivity setbacks. Altius is confident that these efforts will realign the contractor's performance with the company's strategic objectives and Altius anticipates a return to planned productivity levels by the onset of 2024.

All in all, production of 231,000 to 253,000 gold equivalent ounces at current prices in 2023 presented a decrease of 14,000 to 20,000 gold equivalent ounces (a reduction of about 7 per cent) when compared with the previous guidance.

Cash costs

An attached table shows the company's updated guidance for 2023 cash operating costs per gold equivalent ounce sold by business unit ($/GEO) and a comparison with the previous guidance.

Factors that contributed to the change in the company's guidance include:

• Aranzazu: cash cost guidance unchanged;
• EPP mines: The increase in cash cost guidance is mainly attributable to lower production, for the reasons explained in the production section above. It is important to highlight that EPP's work-in-process (stockpile) inventory was approximately $999 per oz on June 30, 2023, resulting of the lower production volume in Q2 2023. As production increased toward the end of Q3, work-in-process inventory cost reduced significantly, closing September at approximately $569 per oz. Once the company is already increasing ore feed from the Ernesto pit, it is expected to reduce AISC substantially in the upcoming quarters;
• San Andres: The slight increase in cash cost is mainly due to: (i) non-recurring expenses incurred in Q3 2023 with maintenance of plant equipment and grasshoppers; (ii) equipment rentals and the preparation of new areas for leaching that took place in Q3 2023, mainly in July and August, and changes in mine planning; and (iii) an increase in ore production and, consequently, in the costs related to it, which sought to offset the slight loss of recovery in the metallurgical plant due to the characteristics of the stacked ore (silicified ore) during the period;
• Almas: The increase in cash cost guidance is mainly attributable to lower production, for the reasons explained in the production section above.

All-in sustaining costs

An attached table shows the company's updated 2023 guidance for all-in sustaining costs per gold equivalent ounce sold by business unit ($/GEO) and a comparison with the previous guidance.

Factors that contributed to the change in the company's guidance include:

• Aranzazu: cash cost guidance unchanged;
• EPP mines: The increase in AISC guidance is mainly attributable to lower production, for the reasons explained in the production section above;
• San Andres: The increase in AISC guidance is mainly attributable to the reasons discussed in the topic cash costs above;
• Almas: The increase in AISC guidance is mainly attributable to lower production, for the reasons explained in the production section above and increase in the expected sustaining capex due to anticipation in capex to debottleneck the tailing pipeline that was planed for next year as part of the expansion plan of the plant.

Capex

An attached table shows the company's updated breakdown of estimated capital expenditures by type of investment and a comparison with the previous guidance.

Factors that contributed to the change in the company's guidance include:

• New projects and expansions: The increase mainly reflects the addition of the Borborema project, as previously announced. Aura announced the construction decision of Borborema project on Sept. 6, 2023, at an estimated total capex of $188-million (U.S.) to be incurred between 2023 and the first quarter of 2025;
• Exploration: unchanged;
• Sustaining: unchanged.

Key factors

The company's future profitability, operating cash flows and financial position will be closely related to the prevailing prices of gold and copper. Key factors influencing the price of gold and copper include, but are not limited to, the supply of and demand for gold and copper, the relative strength of currencies (particularly the U.S. dollar), and macroeconomic factors such as current and future expectations for inflation and interest rates. Management believes that the short-to-medium-term economic environment is likely to remain relatively supportive for commodity prices but with continued volatility.

To decrease risks associated with commodity prices and currency volatility, the company will continue to evaluate and implement available protection programs. For additional information on this, please refer to the annual information form (AIF). Other key factors influencing profitability and operating cash flows are production levels (impacted by grades, ore quantities, process recoveries, labour, country stability, and plant and equipment availabilities), and production and processing costs (impacted by production levels, prices, and usage of key consumables, labour, inflation and exchange rates), among other factors.

Qualified person

Farshid Ghazanfari, PGeo, mineral resources and geology director for Aura, has reviewed and approved the scientific and technical information contained within this news release and serves as the qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Aura Minerals Inc.

Aura is focused on mining in complete terms -- thinking holistically about how its business impacts and benefits every one of its stakeholders: the company, its shareholders, its employees, and the countries and communities the company serves. Aura calls this 360-degree 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 four producing assets include the San Andres gold mine in Honduras, the EPP and the Almas gold mines in Brazil, and the Aranzazu copper-gold-silver mine in Mexico. In addition, the company has the Tolda Fria gold project in Colombia and four projects in Brazil, of which three gold projects are Borborema and Matupa, which are in development, and Sao Francisco, which is on care and maintenance. The company also owns the Serra da Estrela copper project in Brazil, Carajas region, under exploration stage.

We seek Safe Harbor.