Aura Minerals Q4 FY2025 earnings call

• Strategy execution: Focus on increasing production via greenfield projects, increasing resource and reserves, growing via M&A, and paying dividends. • Production results: Q4 had record high quarterly and yearly production. • Resource/reserves: Borborema reserves increased, and updates to resource/reserves based on higher gold price are ongoing. • M&A: Acquired MSG, which has a higher sustaining CapEx but was justified by the price paid. • Safety: Over 18 months with no lost time incidents. • Milestones: Closed MSG, got license for Era Dorada early works, Borborema got road license freeing reserves, daily trading volume increased, and a strong dividend was declared.

Quarterly production was 82,000 ounces gold equivalent ounces, 11% up from Q3 '25 and 23% up from Q4 last year. Annual production was 280,000 ounces, 9% up at constant price. Q4 EBITDA was $208 million, and annual EBITDA was $548 million. All-in sustaining cash cost was slightly below the low end of the guidance. Borborema had some minor issues with agitators but ramp-up continued. MSG had higher sustaining CapEx and cash cost, but the price paid justified it. Aranzazu's gold equivalent ounces decreased due to higher gold price. Apoena produced above guidance, while Minosa and Almas were in line with guidance.

• 2026 production: Full year of Borborema and MSG, with MSG in a turnaround year focusing on preparing for higher production. • All-in sustaining cash cost: Increase due to MSG, metal price effect, and Almas mining sequencing. • CapEx: Increase due to MSG, Almas expansion, Borborema filter press expansion, and Era Dorada early works. • Borborema: Projected production range of 65,000 - 77,000 ounces, with work on filter press expansion and engineering studies for capacity increase. • MSG: Turnaround year with focus on preparing for higher production and lower all-in sustaining cash cost in subsequent years.

Q: Regarding guidance and timing for projects like Era Dorada, A: Era Dorada has completed early works and expects a decision on full construction between the first and second quarter.

Q: On Borborema production, A: Lower production is due to a lower cutoff, but there is an increase in resource reserves.

Q: On M&A priorities, A: Prioritize growth to reach 1 million ounces, looking at acquisitions in the Americas.

Q: On index inclusion, A: Monitoring and working to be included in major indices.

Q: On Borborema recoveries, A: At design capacity, with filters being the bottleneck.

Q: On Matupa production, A: Continuing exploration to expand resource and reserves.

Q: On Almas production guidance, A: Conservative due to plant expansion and grade changes.

Q: On MSG cost reduction, A: Implementing underground development to improve efficiency.

Q: On Era Dorada CapEx, A: Expect a decision on full construction this year that will affect 2028 production