Mr. Rodrigo Barbosa reports

AURA MINERALS ADDS 110K OZ OF MINERAL RESERVES AT APOENA MINES IN BRAZIL IN 2023; LOM NOW EXCEEDS 5 YEARS AND IS EXPECTED TO CONTINUE INCREASING

Aura Minerals Inc. has updated its mineral resources and mineral reserves for the Apoena mines located in Mato Grosso, Brazil, incorporating exploration and infill drilling completed during 2022 and 2023. Apoena (formerly known as EPP) consists of three active open-pit mines (Ernesto, Lavrinha and Nosde), two past-producing mines (Japones open pit and Pau-a-Pique underground mine) and several exploration targets. The current estimate brings material updates for the Nosde and Lavrinha mines. The technical report titled, "Apoena Mines Mineral Resource and Reserve," prepared by Aura Minerals will be filed on SEDAR+ and CVM within 45 days of this press release.

Highlights:

• Largest increase in proven plus probable mineral reserves in its operating history since 2017, supporting more than five years of life of mine based on 2P reserves only;
• P&P at Apoena increased to 276,000 ounces of contained gold at the end of 2023, after depletion from production;
• Measured and indicated mineral resources also continue to increase, now at 478,000 oz of contained gold after 2023 depletion;
• Future exploration efforts will focus on increasing inferred mineral resources downdip and along strike, including expansion drilling to delineate possible connections between the pits;
• Additionally, multiple targets remain surrounding the entire complex and regionally.

Rodrigo Barbosa, president and chief executive officer of Aura Minerals, commented: "Increasing Apoena's life of mine has been an important initiative for Aura given its high potential and limited exploration history. We initiated the ramp-up of Apoena in 2016 with about 233,000 ounces in P&P reserves. We have since operated for seven years and produced over 420,000 oz of recovered gold and, only recently, dedicated a significant portion of our drilling budget to its expansion. We have now successfully increased our P&P reserves again to over 276,000 oz, increasing its life to more than five years and demonstrating that increased drilling can add ounces quickly. In addition to our infill and expansion program, we continued to advance several targets both within the complex and regionally across the prolific Guapore gold belt, with our projects spanning across 200 kilometres of strike. Our focus for the remainder of 2024 will shift to adding inferred ounces to the overall inventory, as indicated by the targets currently being defined, to subsequently keep increasing P&P mineral reserves."

Nosde and Lavrinha mine mineral resource and reserve estimates

Exploration and drilling at Apoena continued to deliver significant growth and extension of LOM. The recent drilling campaigns incorporate approximately 53,315 metres of both expansion and infill drilling in 2022 and 2023, focused primarily on the Lavrinha and Nosde mines.

Gold mineralization in Apoena mines and surrounding areas occurs in four zones, which consists of the Lower Trap (Ernesto mine), Middle Trap (Ernesto mine and Ernesto connection deposit), Upper Trap (Lavrinha and Nosde mines) and Bonus Trap (Nosde mine).

The Upper Trap is widely developed in the Lavrinha and Nosde deposits, and occurs in metapelitic rocks (hematite sericite schist) in dilation zones of the intensely deformed synclinal troughs. The Upper and Middle Traps share similar alteration and mineralization suites between the two deposits although the Upper Trap seems to be eroded in the Ernesto deposit area.

Aura Minerals' recent exploration confirmed the connection of the Upper Trap zone between the Nosde and Lavrinha mines, and added additional resources to the mineral resource inventory at Apoena. At the Nosde mine, infill drilling converted mineral resources and tested the continuity of mineralized bodies at 300 and 450 metres (Middle and Lower Traps, respectively), confirming an average depth of 380 metres. The exploratory holes in the connection region between the Nosde and Lavrinha pits provided better understanding of local mineralization. Infill drilling at Lavrinha converted mineral resources in the central area and northeastern ends of the pit, and exploratory drilling tested and confirmed the extent of the mineralized bodies at depth and between the Lavrinha and Nosde deposits.

The geological layout of the Nosde and Lavrinha deposits is subdivided into seven lithological domains from which two are mineralized. The mineralized domains are metarenites (MAR) of Bonus and Upper Traps and schists of Upper Trap.

Within these two lithological domains, four mineralized models were constructed using 0.35 gram per tonne gold (for Upper Trap domains) and 0.2 g/t Au (for Bonus Trap domain) grades, as well as alteration and mineralogical constraints, which were logged during several diamond drilling campaigns.

Raw assay drilling data were composited to 2.0-metre lengths with upper capping applied after compositing at 10.0 g/t Au for metarenites domains and 13.0 g/t Au for the schist domain. The ordinary kriging method was used to interpolate the grade.

Mineral resources are classified in accordance with National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum definitions into indicated and inferred categories based on identified uncertainly and risks.

Mineral reserves amenable to open-pit mining methods were estimated through an open-pit optimization exercise using the measured and indicated mineral resources in the block model provided by Aura Minerals. Mineral reserves were reported within detailed engineered pit designs and life-of-mine plans based on this pit shell.

The mineral resources of the Nosde and Lavrinha mines as of Oct. 31, 2023, are set out herein.

The mineral reserves of the Nosde and Lavrinha mines as of Oct. 31, 2023, are set out herein.

The combined mineral resources of the Apoena mines as of Dec. 31, 2023, are set out herein.

The combined mineral reserves of the Apoena mines as of Dec. 31, 2023, are set out herein.

Exploration potential

The Apoena mines are situated in the middle Proterozoic Aguapei belt, along the southwestern margin of the Amazon craton in the Sunsas-Aguapei province. The Guapore gold belt exhibits a potential stretch of approximately 200 kilometres in a northwest-southeast trend with an average width of 15 km. The region boasts a history of four major mines that are currently operational or have been in operation previously, in addition to identified targets such as artisanal occurrences.

Exploration and drilling are under way for near-mine targets (proximal to the Ernesto complex), such as the Cantina, Japones West and Pombinhas targets. These targets show promising potential through indications of historical artisanal pits, grab samples and some historical drill holes. Aura Minerals expects that with additional drilling, particularly in the Japones West and Pombinhas targets, the company can potentially establish inferred mineral resources in 2024.

Mapping, trenching, channel sampling and drilling activities of regional targets (south and north of the complex) are under way to advance additional promising targets. Southern targets like BP and GP3, along with the Guapore-Sarare target to the north, will be prioritized based on the latest results.

Data verification and quality assurance/quality control measures

Aura Minerals performed data verification and validation procedures on the drilling database prior to modelling and estimation. A qualified person of geology and mineral resources (Farshid Ghazanfari, PGeo) reviewed the geological, drilling and gold analytical data which were used to support mineral resources and confirmed that underlying data are suitable for mineral resource estimation. It is the QP's opinion that the raw drilling data used for estimating mineral resources have been adequately reviewed and any identified potential risks are accounted for in the resource classified in line with CIM guidelines.

The QP has conducted numerous visits and inspections to the local analytical laboratories, which provided some of the analytical data supporting mineral resources. The independent accredited laboratories used are considered reputable and suitable for the analyses performed. The QP did not visit the SGS lab in Belo Horizonte, Brazil, where the majority of exploration samples was analyzed. The qualified person did not verify drill hole collar locations in the field but relied on work of survey contractors and Apoena technical team. Collar locations were checked against lidar topography and satellite imagery and deemed acceptable. No independent samples were collected nor analyzed for verification purposes by the qualified person.

Analytical work was carried out by SGS Geosol Lab in Belo Horizonte, Brazil. Drill core samples were shipped to SGS's lab. All samples were analyzed for gold values determined by fire assay method with atomic absorption spectrometry finish on 50-gram aliquots. SGS has routine quality control procedures which are independent from the company.

The company has established a standard quality assurance/quality control procedure for the drilling programs in Apoena mines and all exploration targets: Each batch of samples sent to the lab is composed of approximately 40 core samples and four QA/QC samples (two blanks and two standards). The number of control standards should reflect the size of the analytical batch used by the laboratory. These QA/QC samples are randomly spaced into each batch. The bags labelled with these numbers are filled with 50 grams of one of the control standards, and the sample tag is inserted in the bag. Records of the control standard were put in each bag in the sample log or where sample cards are kept.

Qualified person

The scientific and technical information contained in this press release has been reviewed and approved by Farshid Ghazanfari, PGeo, geology and mineral resources director, an employee of Aura Minerals, and by Luiz Eduardo Pignatari, professional engineer, EDEM Mining Consultants (Engenharia de Minas ME), both a qualified person within the meaning of National Instrument 43-101.

About Aura Minerals Inc.

Aura Minerals 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 it serves. It calls this 360-degree mining.

Aura Minerals 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 four operating mines, including the Aranzazu copper-gold-silver mine in Mexico, the EPP and Almas gold mines in Brazil, and the San Andres gold mine in Honduras. The company's development projects include Borborema and Matupa, both in Brazil. Aura Minerals has unmatched exploration potential owning over 650,000 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 Carajas region of Brazil.

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