16:03:20 EST Tue 05 Dec 2023
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Aura Minerals Inc (4)
Symbol ORA
Shares Issued 71,595,549
Close 2023-09-01 C$ 9.00
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Aura Minerals achieves commercial production at Almas

2023-09-05 09:20 ET - News Release

Mr. Rodrigo Barbosa reports


Commercial production has been achieved at Aura Minerals Inc.'s Almas gold mine, effective as of Aug. 31, 2023. Almas mill is operating above 100 per cent of the design capacity, processing 4,000 tonnes per day, with recoveries consistently above 90 per cent and ranging up to 92 per cent. Approximately 4,661 ounces of gold were produced in August, with gross revenues of approximately $9-million (U.S.) recognized in the month.

Almas achieved full capacity at the mill in only five months after commissioning of the project, significantly ahead of benchmarks.

Consistent with Aura's strategy to start small and optimize upfront capital expenditures, the company is now focused on investing in increasing the mill's capacity from 1.3 million tons per year to 1.5 million tons per year. During the remainder of 2023, Aura is expected to invest about $3.5-million (U.S.) for such production capacity at Almas. The capacity increases are expected to be fully implemented at the beginning of 2024 and contribute to an increased annual gold production of approximately 15 per cent compared with Almas's feasibility study.

Rodrigo Barbosa, Aura's president and chief executive officer, commented: "We are very proud to declare commercial production at Almas. We have not only built it on budget and in only 16 months during challenging years, but we have also now ramped up in record time, making us one of the world's leading benchmarks. We are also now investing on exploration targeting new resources and reserves while we are encouraged by the potential to increase the plant's capacity, to bolster production more than we initially projected, with expected results already for 2024."

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: the 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 operation and development of 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 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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