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Aura Minerals Inc (4)
Symbol ORA
Shares Issued 71,595,549
Close 2023-07-07 C$ 9.57
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Aura Minerals produces 48,522 oz AuEq in Q2 2023

2023-07-10 09:36 ET - News Release

Mr. Rodrigo Barbosa reports


Aura Minerals Inc. has released the Q2 2023 preliminary production results from the company's operating mines, the San Andres mine, Ernesto/Pau-a-Pique mine (EPP) and Aranzazu mine. Total production during Q2 2023 reached 48,522 gold equivalent ounces (GEO).


  • Total production in GEO decreased by 13 per cent in Q2 2023 compared with 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 per cent lower compared with Q2 2022, due to metal prices. When calculated based on constant prices, production in GEO increased by 7 per cent in Q2 2023 compared with Q2 2022;
    • At EPP, production was 6,917 GEO, 45 per cent 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 per cent. Production in GEO increased by 16 per cent when compared with Q1 2023, confirming the company's expectation of gradual improvement quarter after quarter.

Rodrigo Barbosa, Aura's president and chief executive officer, 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. Over all, 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 450,000 GEO 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 with the previous quarter and the same period of the previous year is presented herein.

Production for the last 12 months (LTM) 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 attached table 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 Tiaozito 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 Minerals Inc.

Aura is focused on mining in complete terms -- thinking holistically about how its business impacts and benefits every one of its stakeholders: its company, its shareholders, its employees, and the countries and communities it 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 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 are gold projects: Almas, which is under final phase of ramp-up; 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, which is at the exploration stage.

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