Mr. Rodrigo Barbosa reports

AURA REPORTS UPDATED MINERAL RESERVES AND MINERAL RESOURCES

Aura Minerals Inc. has released updated mineral reserves and mineral resources for its four operating mines: Aranzazu mine, Apoena mines (formerly known as EPP), Minosa mine (also known as San Andres) and Almas mine, as well as its development projects, including Borborema and Matupa, as reported in the annual information form for the year ended Dec. 31, 2023. Readers are encouraged to read the 2023 AIF and technical reports, which have been filed on SEDAR+. Consolidated MRMR tables are noted herein.

Rodrigo Barbosa, president and chief executive officer of Aura Minerals, commented: "We are excited to announce our latest mineral resources and reserves (MRMR) update across our operations, marking an impressive increase across all categories, adding 2.4 million ounces in [measured and indicated] resources and 856,000 ounces in proven plus probable reserves. This achievement is a result of our clear strategy to increase production while we increase our resources and reserves. In 2023, we published a new feasibility study on Borborema, which adds, for the moment, 83 koz per annum in production during the first four years while it increases our reserves by 814 koz and 2.1 Moz on resources. In addition, the probable relocation of the Federal Road at Borborema will unlock another significant amount of reserves. Furthermore, our efforts at Apoena have led to the largest reserves increase since 2017, when Apoena had three years of [life of mine]; we operated for seven years and now have a five-year LOM. As an example, our efforts at Apoena have led to the largest reserves increase since 2017, when Apoena had three years of LOM; since then, we operated for seven years and now have a five-year LOM. Another important example of our exploration success is Aranzazu, where we started production in the end of 2018 with a five-year LOM, operated for more than five years, increased capacity by 30 per cent and now have an eight-year LOM. With these successes and the significant expansion potential remaining at all our assets, we remain committed to prioritizing increasing exploration to create value for shareholders in the years to come."

2023 AIF highlights:

• Aura Minerals completed another robust exploration program totalling 114,074.37 metres of drilling with over $24-million (U.S.) invested to increase MRMR and replace depleted ounces. Exploration efforts were conducted across all properties with the exception of Minosa due to increased efforts on operating performance. Exploration is expected to resume at Minosa in 2024.
• Important contributions toward increased MRMR included the addition of the Borborema project, following the completion of the previously announced feasibility study in August, 2023, and significant growth at Apoena mines, which saw its largest increase in mineral reserves in its operating history since 2017.
• Proven plus probable mineral reserves increased 32 per cent with 1.2 million gold equivalent ounces added (before depletion). At the four operating mines, an increase of approximately 856,000 GEO (before depletion) exceeded 2022 depletion on a consolidated basis, with a net increase in P&P reserves at Apoena, Aranzazu and Almas. Approximately 812,000 GEO was attributed to the Borborema project.
• Measured and indicated mineral resources increased 49 per cent with 2.4 million GEO added (before depletion/conversion). More than 100 per cent of depleted metals were replaced at each of the sites with the exception of Minosa.
• Inferred mineral resources increased 27 per cent with 221,000 GEO added (after conversion), the result of the addition of approximately 400,000 GEO attributed to the Borborema project. The net reduction in inferred mineral resources for the mines in production between 2022 and 2023 was primarily due to the successful conversion of inferred mineral resources to M&I mineral resources at each of the sites with the exception of Minosa.

Additional projects updates:

• At the Serrinhas deposit, which is an exploration target at the Matupa project, a total of 12,026 metres were drilled in 43 holes, with exploration actively continuing in key targets in 2024. An updated technical report is anticipated before the end of 2024.
• At Serra da Estrela exploration project (Aura Carajas), a total of 7,822.40 metres were drilled in 18 holes along a five-kilometre strike to test mineralization continuity identified in previous exploration by Anglo Gold. The company expects to release drill results during 2024 with a potential technical report in 2025.

Aranzazu, Mexico

At Aranzazu, the primary focus for infill drilling has been at the Glory Hole zone (GHZ). The company also focused on the new BW Connection (BWZ), Cabrestante and Ezperanza zones. In 2023, a total of 24,840.65 metres of drilling were completed with the goal of converting known inferred resources to indicated.

Changes in P&P mineral reserves included an increase of 600,000 tonnes (6 per cent), 62,975 GEO (7 per cent) and 7 per cent on the net smelter return due to higher copper and gold prices, compensating for 40 per cent of 2023 depleted tonnes. The volume of the main orebody of Aranzazu was reduced by 6 per cent due to depletion after infill drilling and converting mineral resources to mineral reserves by the end of 2023. The GHHW zone had expanded after infill drilling by 36 per cent and accounted for about 32 per cent of the 2023 mineral reserve.

Changes in mineral resources include the conversion of 692,000 tonnes and 656,000 tonnes from inferred to M&I mineral resources in the GHFW and GHHW zones, respectively. Approximately 481,000 tonnes were added to GHZ in the inferred resource category. Infill drilling in Cabrestante zone depleted 464,000 tonnes from inferred mineral resources and converted approximately 76,000 tonnes to M&I mineral resources with grades increasing 5 per cent for copper, increasing 2 per cent for silver and decreasing 6 per cent for gold.

Apoena, Brazil

In a press release dated Feb. 22, 2024, Aura Minerals announced updated MRMR for Apoena mines, noting a significant increase in gold reserves, the largest since 2017. This growth supports an extension of the mine's life for over five years based solely on current reserves.

The update follows extensive drilling in previous years, particularly at the Nosde and Lavrinha mines. Aura Minerals aims to further expand its exploration to enhance inferred mineral resources and explore potential pit connections. The decrease in inferred mineral resources resulted from infill drilling and conversion to indicated category.

Minosa (San Andres), Honduras

Exploration activities during 2023 focused on exploration drilling to test continuity of historical sulphide high-grade vein zone. A total of 1,987 metres of drilling were completed, and more work is needed to better evaluate the potential of this area.

Mineral reserves estimated by Aura Minerals total approximately 34.5 million tonnes in P&P mineral reserves at an average grade of 0.50 gram per tonne gold. Mineral resources estimated by Aura Minerals total 59.4 Mt of M&I mineral resources at an average grade of approximately 0.51 g/t Au and inferred mineral resource of 5.69 Mt at an average grade of 0.74 g/t gold grade. The mineral resource pit shell optimization did not consider any sulphide material.

Exploration activities during 2023 focused on exploration drilling to test continuity of historical sulphide high-grade vein zone in San Andres mine. A total of 1,987.50 metres were drilled in seven holes, and more work is needed to better evaluate the potential of this area. As the company moves forward, the coming years are poised for further exploration developments at Minosa. Exploration effort at Minosa is integral to its broader strategy for growth and value creation across its portfolio.

Almas, Brazil

Almas is the first greenfield project constructed by Aura Minerals and commenced commercial production in September, 2023. Average annualized gold production is estimated at 51,000 ounces during the first four years, not including investments in expansion, which are currently under way. There is an estimated life of mine of 17 years, based on mineral reserves estimated in accordance with National Instrument 43-101.

In 2023, exploration drilling activities at the Paiol deposit were focused on converting inferred mineral resources to the indicated category. A total of 15,482.55 metres were drilled. Infill drilling was executed at the Vira-Saia deposit in the northwestern portion of the inferred body to convert inferred mineral resources to the indicated category.

Borborema, Brazil

Aura Minerals completed a feasibility study in August, 2023, which indicated anticipated production of 748,000 ounces of gold over an 11.3-year mine life, with possibilities for even greater output. Borborema also showcases a strong mineral reserve base, with probable mineral reserves of 812,000 oz gold, and an extensive mineral resource profile with strong growth potential that consists of 2,077 koz of indicated mineral resources and 393 koz of inferred mineral resources. Initial measures have already been undertaken to start obtaining permits to move the road, and upon its successful relocation, there exists the potential to convert in mineral reserves 1,265 koz of indicated mineral resources into mineral reserves (exclusive of the current mineral reserves), depending on future set of modifying factors, such as gold price, exchange rate and others.

Matupa, Brazil

Since the feasibility study in 2022, regional exploration activities have been conducted by Aura Minerals at the Matupa project, including surface activities such as soil and rock sampling, geological mapping and reconnaissance, drill core relogging, geophysical survey, and exploration and extension drilling programs to develop a significant amount of gold occurrences and anomalies identified within a 50-kilometre radius from the X1 deposit inside Aura Minerals' mineral rights.

In the Serrinhas target, exploration activities continued with full core relogging and 1,200 km of detailed drone magnetometer survey covering the entire prospect, which was used to guide the continuity of scout and extension drilling programs at MP2 West zone and MP2 East zone orebodies both with conventional diamond core drilling and with directional diamond core drilling.

The complete 2023 MRMR estimates for all tonnage, metal grades and metal content are shown herein.

Quality assurance and quality control

Aura Minerals incorporates a rigorous quality assurance and quality control program for all of its three mines and exploration projects, which conforms to industry best practices as outlined by National Instrument 43-101.

For a complete description of Aura Minerals' sample preparation, analytical methods and QA/QC procedures, please refer to the 2024 AIF and the applicable technical report, a copy of which is available on the company's SEDAR+ profile.

Qualified person

The scientific and technical information contained in this press release has been reviewed and approved by Farshid Ghazanfari, PGeo, geology and mineral resource manager, who is an employee of Aura Minerals and a qualified person within the meaning of NI 43-101.

Technical reports

All information of scientific and technical nature has been derived from the technical reports, and any information arising since the date of the technical reports has been prepared under the supervision of Farshid Ghazanfari, PGeo. Readers are encouraged to read the following technical reports for the following mineral properties of the company:

• Aranzazu: the technical report with an effective date of Jan. 31, 2018, and entitled "Feasibility Study of the Re-Opening of the Aranzazu Mine, Zacatecas, Mexico," prepared for Aura Minerals by F. Ghazanfari, PGeo (Farshid Ghazanfari Consulting), A. Wheeler, CEng (independent mining consultant), C. Connors, RM-SME (Aura Minerals), B. Dowdell, CEng (Dowdell Mining Ltd.), P. Cicchini, PE (Call & Nicholas Inc.), G. Holmes, PEng (Jacobs Engineering), B. Byler, PE (Wood Environment and Infrastructure Solutions), C. Scott, PEng (SRK Canada), D. Lister, PEng (Altura Environmental Consulting), F. Cornejo, PEng (Aura Minerals);
• EPP: the technical report dated March 31, 2024, with an effective date of Oct. 31, 2023, and entitled "Apoena Mines (EPP Complex) Mineral Resource and Reserve," prepared for Aura Minerals by Porfirio Cabaleiro Rodriguez, Luiz Eduardo Campos Pignatari, Farshid Ghazanfari, Homero Delboni Junior and Branca Horta de Almeida Abrantes, which was prepared to provide an NI 43-101 technical report on the Nosde, Lavrinha, Ernesto and Pau-a-Pique deposits;
• San Andres: the technical report dated July 2, 2014, with an effective date of Dec. 31, 2013, and entitled "Mineral Resource and Mineral Reserve Estimates on the San Andres Mine in the Municipality of La Union, in the Department of Copan, Honduras," prepared for Aura Minerals by Bruce Butcher, PEng, former vice-president, technical services, Ben Bartlett, FAusIMM, former manager mineral resources, and Persio Rosario, PEng, former principal metallurgist;
• Almas: the technical report dated March 10, 2021, written by F. Ghazanfari, PGeo (Aura Minerals), B.T. Hennessey (Micon International, Canada), L. Pignatari, PEng (EDEM, Consultants, Brazil), T.R. Raponi, PEng (Ausenco, Canada), I. Dymov, PEng, (independent consultant, Canada), P.C. Rodriguez, FAIG, (GE21 Consultants, Brazil) and A. Wheeler, CEng (independent mining consultant, United Kingdom), and titled "Updated Feasibility Study Technical Report (NI 43-101) for the Almas Gold Project, Almas Municipality, Tocantins, Brazil";
• Borborema: the technical report dated Oct. 5, 2023, with an effective date of July 12, 2023, titled "Feasibility Study Technical Report (NI 43-101) for the Borborema Gold Project, Currais Novos Municipality, Rio Grande do Norte, Brazil," written by B. Tomaselli, BSc, FAusIMM (Deswik, Belo Horizonte, Brazil), E. Ronald PGeo, principal consultant with SRK Consulting (U.S.) Inc., Denver, United States, F. Ghazanfari, PGeo (Aura Minerals), and H. Delboni Jr., PEng (independent mining consultant, Brazil);
• Matupa: the technical report "Feasibility Study Technical Report (NI 43-101) for the Matupa Gold Project, Matupa Municipality, Mato Grosso, Brazil," dated Nov. 18, 2022, with an effective date of Aug. 31, 2022, by F. Ghazanfari, PGeo (Aura Minerals), L. Pignatari, PEng (EDEM Consultants, Brazil), and H. Delboni, PEng (HDA, independent mining consultant, Brazil).

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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