ROAD TOWN, British Virgin Islands, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Aura Minerals Inc. (TSX:ORA) (B3: AURA33) (OTCQX:ORAAF) ("Aura" or the "Company") announces that it has filed its audited consolidated financial statements and management discussion and analysis (together, "Financial and Operational Results") for the period ended December 31, 2024. The full version of the Financial and Operational Results can be viewed on the Company's website at www.auraminerals.com or on SEDAR+ at www.sedarplus.ca. All amounts are in thousands of U.S. dollars unless stated otherwise.

Rodrigo Barbosa, President, and CEO of Aura, commented: "In 2024, we doubled our EBITDA to US$267 million, with average gold prices of nearly US$2,400 / Oz—well below current levels—while keeping costs firmly under control with our all-in sustaining costs (AISC) at US$1,320/Oz, below the industry average. Almas operation overcame a challenging first half to deliver an outstanding full-year performance, producing 54,129 Oz at an AISC of US$1,139/Oz. This success sets a strong foundation for Borborema, which remains on track and on budget for its 2025 startup, promising higher average production and costs below our average AISC.

Additionally, we bolstered our portfolio with the acquisition of a world-class deposit and achieved significant exploration progress. In all, 2024 marked another year of production growth, up 18% at constant metal prices, and advancement of new projects with US$159 million invested in growth for future years, all while delivering returns to shareholders through dividends and ongoing share buybacks, yielding 9.2% in the LTM. Remarkably, while expanding operations, ramping up new mines, and building another mine, our safety record remains among the best in the industry, with only one non-severe lost-time incident (LTI) in two years"

Q4 2024 and 2024 Financial and Operational Highlights:

(US$ thousand):

<sup>(1)   Considers capitalized production

(2)   Does not consider capitalized production</sup>

• Total production in Q4 2024 reached 66,473 gold equivalent ounces ("GEO"), 1% below the third quarter of 2024 and consistent with the same period last year at constant metal prices. Total production for 2024 reached 267,232 GEO at current prices, a 13% increase when compared to 2023 at current prices and 18% increase when compared at constant prices. At guidance metal prices, production achieved 276,305 GEO, placing it at the upper end of the consolidated production guidance ("Guidance") range of 244,000 to 292,000 GEO for the year.
  • Aranzazu: Production reached 23,379 GEO in Q4 2024, once again stable, both when compared to Q3 2024 and when compared to Q4 2023, at constant prices, reflecting continued operational stability and adherence to mine sequencing in the quarter. For the full year of 2024, Aranzazu`s production reached 97,558 GEO at current prices. During 2024, the variation in metal prices significantly influenced GEO conversion, particularly due to an increase of approximately 20% in gold price compared to the levels used to define the year's production guidance. For the guidance projection ending 2024, the Company considered the following prices: Copper at $3.95/lb, Gold at $1,988/oz, and Silver at $24.17/oz. When applying these same price levels to the annual production at Aranzazu, the total production for the year reached 106,631 GEO, aligning with the upper range of the Guidance of 94,000 to 108,000 GEO.
  • Minosa (San Andres): Production totaled 19,294 GEO in Q4 2024, reflecting a 7% decrease over the previous quarter, primarily caused by the expected rainfall during the period, particularly in November and December, but still consistently above 19,000 ounces as achieved during all quarters during the year. When compared to the same quarter last year, production increased by 8%, due to an increase of 9% in grades between quarters. For the full year of 2024, production reached 78,372 GEO, a 19% increase compared to 2023, exceeding the 2024 Guidance range of 60,000 to 75,000 GEO.
  • Almas: Production reached 16,679 GEO in Q4 2024, representing an increase of 11% compared to the previous quarter, and 74% when compared to the same period last year. This growth was primarily driven by an increase in ore mined and stable grades during the period, both aligned with the mine production plan, as well as an increase in ore feed to the plant, consistent with the plant's expansion plan. This quarter, once again, reflects continuous improvements in production and efficiency resulting from the contractor replacement in Q3 2024. For the full year of 2024, despite the challenges of replacing the contractor during the second quarter, production totaled 54,129 GEO, exceeding the upper end of the 2024 guidance range of 45,000 to 53,000 GEO.
  • Apoena (EPP): Production reached 7,121 GEO in Q4 2024, down 11% from Q3 2024 and 53% from Q4 2023. This drop was due to lower ore grades caused by delays in getting permits for the Nosde pit expansion, which was vital for accessing higher-grade ore        . Aura has already obtained all relevant permits in early 2025. The delay meant lower grades and that 2024's total production was 37,173 GEO, a 19% decrease from 2023, below the 46,000 to 56,000 GEO guidance.
• Sales volumes increased by 2% in Q4 2024 from Q3 2024 and 1% when compared to the same period of 2023. In the 2024, sales volume increased by 15%. The annual increase was primarily driven by higher sales volumes from Almas and Minosa, partially offset by a decline at Apoena, which reported reduced production in the second half of the year due to delays in obtaining the permits previously mentioned, which directly impacted sales. Aranzazu was adversely affected by the conversion of its production to gold equivalent ounces (GEO), as a consequence of fluctuations in gold prices during the year. When considering guidance prices, Aranzazu´s production remained stable in the quarter.
• Net Revenues reached US$171,517 in Q4 2024, representing an increase of 10% compared to Q3 2024 and 38% compared to the same period in 2023. In 2024, revenues reached US$594,163, a 43% increase in comparison to 2023.
  • Average gold sale prices increased 7% in Q4 2024 compared to Q3 2024, with an average of US$2,586/oz in the quarter. Compared to the same period in 2023, average gold sale prices increased 36% in Q4 2024. In 2024, average gold sale prices reached US$2,308, a 23% increase when compared to 2023.
  • Average copper sale prices decreased 1% when compared to Q3 2024, with an average of US$4.15/lb in the quarter. Compared to the same period in 2023, average copper prices increased by 12% in Q4 2024. In 2024, average copper prices reached US$4.17/lb, an 8% increase when compared to 2023.
• Another record-high Adjusted EBITDA of US$79,319 during Q4 2024, surpassing Q3 2024 performance by 2%. It was the second record high quarterly Adjusted EBITDA reported by Aura in a row. This increase was driven by an increase in gold prices and supported by a consistent sales volume in the quarter. When compared to Q4 2023, Adjusted EBITDA more than doubled. For the full year 2024, the Company achieved record-high Adjusted EBITDA of US$266,768, marking a 99% increase compared to the full year 2023, mainly due to higher sales volumes, strong cost control and favorable increases in gold prices. This growth was primarily driven by the first full year of production at Almas, which not only exceeded its initial capacity but also outperformed the 2024 guidance, further supported by higher gold prices.
• AISC¹ for Q4 2024 was US$1,373/GEO, an increase compared to Q3 2024 (US$1,292/GEO), impacted by increased AISCs in Minosa and Apoena, and by lower AISCs in Almas. For 2024, AISC averaged US$1,320/GEO, an US$ 5/GEO decrease from 2023, (US$1,325/GEO), reflecting the Company´s focus on cost.
• The standout performer in AISC for both the quarter and the year was Almas, which reported US$713/Oz in Q4 2024 (US$849 excluding non-recurring accounting items) and $1,139/Oz for the full year. This positioned Almas as Aura's lowest AISC operation—a remarkable achievement, particularly considering it was the mine's first full year of production and that it successfully transitioned to a new mining contractor in the first half of the year due to performance issues. This milestone aligns with Aura's growth strategy of bringing new mines online with AISC below the Company's average
• Recurring Free Cash Flow to Firm reached US$67 million in the quarter and US$195 million in 2024, largely driven by the increase in EBITDA in the period.
• The company's Net Debt reached US$188,079 by the end of 2024, due to investments in expansion of US$ 137 million in the year, including Borborema (US$ 108 million) and dividends and buybacks (US$ 53 million together). The LTM net debt-to-EBITDA ratio ended 2024 at 0.70x.

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_{¹ AISC is a non-GAAP financial measure with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations to the most directly comparable IFRS measures, see Section 17: Non-GAAP Performance Measures in this MD&A.}

Dividends and Buybacks

In March, Aura announced simultaneous buyback programs for Ordinary Shares on the Toronto Stock Exchange (TSX) and Brazilian Depositary Receipts (BDRs) on B3. As of December 31, 2024, the Company had repurchased 1,082,497 common shares of its Brazilian Depositary Receipts² and 183,710 under the Normal Course Issuer Bidder program and canceled 116,948 shares from the total repurchased. To date, US$13,576 were invested in shares and BDRs buybacks.

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_{² Each common share is equivalent to 3 Brazilian Depositary Receipts.}

Safety

• The company maintained a strong safety record with zero lost time incidents across all operations and projects during Q4 2024. The Company has achieved 6 months without LTIs in any of its operations and projects and has incurred in just one LTI in the last 2 years across all its operations and projects.
• Aura's inaugural Safety Day, called by "D Day" was held on October 10 and showcased the Company's unwavering commitment to safety. The event began with an impactful video message from Aura´s COO, highlighting the importance of safety and the dedication of Aura employees and business partners. Leadership from all units participated, reinforcing Aura´s core values with a focus on "people first," emphasizing safe work practices and adherence to procedures. The video also featured messages from the families of employees across all units, deepening the sense of community and responsibility. The video was broadcast across all shifts, making it a day of reflection, celebration, and engagement for the entire workforce. This initiative reinforces Aura's dedication to fostering a culture of continuous improvement and safety in every aspect of Aura´s operations.

Borborema construction

As of the date of this MD&A, the Borborema Project construction is on track to be completed in the first quarter of 2025. Construction capex is 100% committed. Significant developments include the conclusion of the Main Substation, Power Line, Mechanical assembly of the Crushing Area and the CIL area. The mine pre-stripping is ongoing according to the plan and moved a total of 5.7Mt. The project currently employs 2,184 direct and indirect personnel.

Bluestone Acquisition Closing

On January 13, 2025, Aura completed the previously announced plan of arrangement with Bluestone Resources (the "Acquisition"). The Acquisition includes a high-grade gold deposit with approximately2.4 million ounces of gold and 10.4 ounces of silver (41 Mt at average grade 1.8 g/t Au and 7.9 g/t Ag) in Measured category and approximately 700 thousand ounces of gold and 3.0 million ounces of silver (22.6 Mt at average grade of 1.0 g/t Au and 4.2 g/t silver) in Indicated category of mineral resources and an advanced renewable energy project. In the coming months, the Company will conduct a review of the feasibility study and evaluate alternatives to optimize scale, risk, and return profile of the project. Concurrently, Aura will implement Aura 360 concept, adhering to the highest environmental and social standards, in preparation to begin construction. Additionally, the geothermal energy project at Cerro Blanco, which has the potential to generate up to 50MW, offers a distinctive opportunity to utilize renewable energy and possibly sell any excess to Guatemala.

Guidance 2024 Achievement:

The Company achieved its guidance for 2024, including production, cash cost, All-In Sustaining Cost (AISC), and capital expenditures, as demonstrated by the results of the year.

Guidance 2025

The Company's updated gold equivalent production, AISC and cash operating cost per gold equivalent ounce sold, and CAPEX guidance for 2025 are detailed below.

Production

The table below details the Company's updated GEO production guidance for 2025 by business unit:

^{For current guidance, the Company considered: Copper price = $4.29/lb; Gold Price = $2,634,41/oz; Silver Price = $31.66/oz}

2025 Production Guidance:

• Minosa (San Andres): Minosa is expected to maintain reliable performance throughout 2025, similar to 2024. However, the projected production for 2025 is lower than the previous year, mainly due to expected grade reduction during the period due to mine sequencing. Additionally, in 2024, the operation benefited from lower-than-expected rainfall, which favored mining and plant feed activities.
• Apoena (EPP): In 2025, Apoena will be focusing on opening a new phase in the Nosde pit to expand production, following the delays in obtaining the Nosde pit permit in 2024. This strategic step will initially negatively affect production levels, with a more robust recovery anticipated by 2027.
• Aranzazu: Aranzazu's production in 2025 is expected to be once again stable, compared to 2024, assuming constant metal prices. However, given the guidance average gold price of $2,636.41/oz, an increase of 33% over the guidance price of 2024, and copper price of $4.3/lb, the total volume in GEO will be impacted by an unfavorable metal-to-GEO conversion factor.
• Almas: In 2025, Almas' production is expected to reach its installed capacity following process optimization and throughput enhancements implemented in 2024, which increased the plant's ore feed capacity from 1.6 to 1.8 million tonnes per month
• Borborema: With ramp-up scheduled to commence in Q1 2025, Borborema is expected to reach between 40% and 48% of its designed nominal capacity in 2025, equivalent to an annualized rate of 83k oz. Aura anticipates achieving commercial production at Borborema in the second half of 2025.

All in all, the 2025 production guidance expects production of 266-300 kGEO, represents an increase of up to 33k GEO when compared to 2024 at current prices and up to 37k GEO at constant metal prices.

Cash Costs

The table below shows the Company's cash operating costs per GEO sold guidance for 2025 by Business Unit:

2025 Cash Cost Guidance:

• Apoena (EPP): Cash costs are projected to increase in 2025 vs. 2024. Apoena is expected to have two years of lower production and higher cash cost profile as Aura pushes back its Nosde deposit, before reaching higher production again from 2027. As result, in the table above, Aura also shows the average Cash Cost with and without including the impact of Apoena cash costs in 2025.
• Minosa (San Andres): Cash costs are expected to rise compared to 2024, driven by lower ore grades planned in mine sequencing and reduced mine movement. The decrease in mine movement is due to the unusually low rainfall in 2024, which has raised the comparative base.
• Aranzazu: At constant metal prices, cash costs are expected to increase mainly due to the impact of a full year under the renewed main mine agreement, which underwent a price adjustment in the latter half of 2024, as well as the increase in gold prices unfavorably impact metal-to-GEO conversion factor.
• Almas: An increase in cash cost is expected in 2025, primarily due to mine sequencing that forecasts lower ore grades and a higher strip ratio over the year. Nonetheless, this increase will be partially mitigated by the capacity expansion completed in 2024.
• Borborema: cash costs included in the table above apply only to the period after Borborema enters commercial production. Cash costs for the first year are expected to be higher than the cash cost indicated in the Borboremas Feasibility Study published in 2023 for the following reasons: (a) inflation between the date of the Feasibility Study (effective as of July 2023) and first year of production; (b) changes in the mine sequencing; (c) only few months of commercial production in 2025 (vs. 12 months considered for first year in the Feasibility Study), when the mine is expected to be stabilizing its performance On the other hand, current gold prices (above $2,800/oz) are significantly higher than the assumption used in the study ($1,745/oz); as result, the company expects the profitability to be above those reported the Feasibility Study in case gold prices remain at similar levels.

All In Sustaining costs

The table below shows the Company's all-in sustaining costs per GEO sold guidance for 2025 by Business Unit:

2025 All-In Sustaining Cost Guidance:

• Apoena (EPP): AISC are projected to increase in 2025 vs. 2024. Apoena is expected to have two years of lower production and higher AISC profile as Aura pushes back its Nosde deposit, before reaching higher production again from 2027. As result, in the table above, Aura also shows the average Cash Cost with and without including the impact of Apoena cash costs in 2025.
• Minosa (San Andres): The increase in expected AISC compared to 2024 is mainly driven by lower production for the reasons discussed above., and the introduction of a new structures designed to improve recovery rates.
• Aranzazu: AISC are expected to be higher when compared to 2024 mainly driven by the expected increase in cash costs discussed above and the increase in gold prices unfavorably impact metal-to-GEO conversion factor. This increase is partially offset by a reduction in sustaining capex expected for the year.
• Almas: AISC is expected to be in line with the previous year, with the effects of a higher cash cost being offset by a lower sustaining capex in the year.
• Borborema: AISC included in the table above apply only to the period after Borborema enters in commercial production. Borboremas' AISC for the first year are expected to be higher than the AISC indicated in its Feasibility Study for the same reasons affecting its first-year cash costs as discussed above.

Capex:

The table below shows the breakdown of estimated capital expenditures by type of investment:

• Sustaining: Sustaining capex are expected to increase compared to 2024. Key initiatives include improvements to the tailings dams at Apoena, mine development activities, enhancements in both the mine and plant at Minosa, and the sustaining capital expenditures for Borborema.
  
  
• Exploration: Increase driven mainly by exploration in Matupa's Reserves. Other exploration initiatives are included in exploration expenses.
• Expansion: There is a projected reduction in capital expenditures compared to last year, primarily because most of the Capex for the Borborema Project was incurred in 2024. However, this decrease is partially offset by expansion Capex aimed at developing the higher-grade Nosde phase III deposit in Apoena, with completion expected by end of 2026.
  
  

2024 and Q4 2024 Earnings Call

The Company will hold an earnings conference call on Thursday, February 27, 2025, at 8:00 AM (Eastern Time). To register and participate, please click the link below.

Date: February 27, 2025

Time: 8:00 AM (New York and Toronto) | 10:00 AM (Brasília)

Access Link: Click here.

Key Factors

The Company's future profitability, operating cash flows, and financial position will be closely related to the prevailing prices of gold and copper. Key factors influencing the price of gold and copper include, but are not limited to, the supply of and demand for gold and copper, the relative strength of currencies (particularly the United States dollar), and macroeconomic factors such as current and future expectations for inflation and interest rates. Management believes that the short-to-medium term economic environment is likely to remain relatively supportive for commodity prices but with continued volatility.

To decrease risks associated with commodity prices and currency volatility, the Company will continue to evaluate and implement available protection programs. For additional information on this, please refer to the AIF.

Other key factors influencing profitability and operating cash flows are production levels (impacted by grades, ore quantities, process recoveries, labor, country stability, plant, and equipment availabilities), production and processing costs (impacted by production levels, prices, and usage of key consumables, labor, inflation, and exchange rates), among other factors.

Non-GAAP Measures

In this press release, the Company has included Adjusted EBITDA, cash operating costs per gold equivalent ounce sold, AISC and net debt which are non-GAAP measures. These non-GAAP measures do not have any standardized meaning within IFRS and therefore may not be comparable to similar measures presented by other companies. The Company believes that these measures provide investors with additional information which is useful in evaluating the Company's performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The below tables provide a reconciliation of the non-GAAP measures presented:

About Aura 360° Mining

Aura is focused on mining in complete terms – thinking holistically about how its business impacts and benefits every one of our stakeholders: our company, our shareholders, our employees, and the countries and communities we serve. We call this 360° Mining.

Aura 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 4 operating mines including the Aranzazu copper-gold-silver mine in Mexico, the Apoena (EPP) and Almas gold mines in Brazil, and the Minosa (San Andres) gold mine in Honduras. The Company's development projects include Borborema and Matupá both in Brazil. Aura has unmatched exploration potential owning over 630,000 hectares of mineral rights and is currently advancing multiple near-mine and regional targets along with the Aura Carajas copper project in the prolific Carajás region of Brazil.

Forward-Looking Information

This press release contains "forward-looking information" and "forward-looking statements", as defined in applicable securities laws (collectively, "forward-looking statements") which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved.

Known and unknown risks, uncertainties and other factors, many of which are beyond the Company's ability to predict or control, could cause actual results to differ materially from those contained in the forward-looking statements. Specific reference is made to the most recent Annual Information Form on file with certain Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements, which include, without limitation, volatility in the prices of gold, copper and certain other commodities, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the mineral exploration and development industry. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking statements.

All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.

Financial Outlook and Future-Oriented Financial Information

To the extent any forward-looking statements in this press release constitute "financial outlooks" within the meaning of applicable Canadian securities legislation, such information is being provided as certain estimated financial metrics and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Such information was approved by the company's Board of Directors on February 26, 2025. Financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to various risks as set out herein. The Company's actual financial position and results of operations may differ materially from management's current expectations and, as a result, may differ materially from values provided in this press release.

For more information, please contact:
Investor Relations
ri@auraminerals.com
www.auraminerals.com