Aura Minerals : FS Q1 2026

Published: 2026-05-06 20:30:09 ET AUGO

Published on 05/06/2026 at 08:30 pm EDT

Unaudited Condensed Interim Consolidated Financial Statements

For the three-month period ended March 31, 2026 and 2025

Note

For the three

months ended

For the three

months ended

March 31, 2026

March 31, 2025

Revenue

382,606

161,804

Cost of goods sold

(153,778)

(83,376)

Gross profit

228,828

78,428

General and administrative expenses

(15,742)

(9,636)

Exploration expenses

(2,359)

(1,376)

Other income (expenses), net

(5,408)

(754)

Operating income

205,319

66,662

Finance expense

(76,287)

(123,392)

Finance income

7,366

1,781

Income (loss) before income taxes

136,398

(54,949)

Current tax

(47,409)

(20,814)

Deferred tax

6,169

2,514

Income taxes

(41,240)

(18,300)

Profit (Loss) for the period

95,158

(73,249)

Weighted average numbers of ordinary shares outstanding

Basic

83,568,595

73,189,136

Diluted

84,544,307

73,189,136

Profit (Loss) per share- Basic

1.14

(1.00)

Profit (Loss) per share- Diluted

1.13

(1.00)

For the three

months ended

For the three

months ended

March 31,

2026

March 31,

2025

Profit (Loss) for the period

95,158

(73,249)

Other comprehensive income:

Items that are or may be reclassified subsequently to profit or loss:

Change in the fair value of cash flow hedge, net of tax

2,548

(2,586)

Gain on foreign exchange translation of subsidiaries

(144)

Items that will not be reclassified to profit or loss:

Change in the fair value of equity investments

(2,718)

(336)

Actuarial gain on post-employment benefit, net of tax

Other comprehensive income (loss), net of tax

(270)

(2,884)

Total comprehensive income (loss)

94,888

(76,133)

Note

For the three

months ended

For the three

months ended

March 31, 2026

March 31, 2025

Cash flows from operating activities

Profit (Loss) for the period

95,158

(73,249)

Items adjusting profit (loss) of the period

24 (a)

118,385

155,569

Changes in working capital

24 (b)

(27,353)

(14,135)

Income tax and social contribution paid

(51,502)

(16,874)

Other current and non-current assets and liabilities

24 (c)

(16,817)

(10,083)

Net cash generated by operating activities

117,871

41,228

Cash flows from investing activities

Purchase of property, plant and equipment

(44,107)

(51,725)

Short term investment

(277)

Acquisition of investment - Bluestone Inc., net of cash

acquired

(18,538)

Net cash used in investing activities

(44,384)

(70,263)

Cash flows from financing activities

Repayment of loans and debentures

24 (e)

(18,321)

(11,455)

Derivative settlement- debt swap agreements

(2,741)

Interest paid on loans and debentures

24 (e)

(6,651)

(7,775)

Payment from liability (NSR agreement)

(11)

(741)

Principal payments of lease liabilities

17 (b)

(4,041)

(3,331)

Interest payments of lease liabilities

17 (b)

(703)

(908)

Repayment of other liabilities

17 (a)

(981)

Payment of dividends

(55,146)

(18,333)

Acquisition of treasury shares

(4,632)

(1,200)

Proceeds from exercise of stock options

350

Net cash used in financing activities

(92,877)

(44,724)

Decrease in cash and cash equivalents

(19,390)

(73,758)

Effect of foreign exchange gain on cash equivalents

1,123

1,635

Cash and cash equivalents, beginning of the year

286,056

270,189

Cash and cash equivalents, end of the period

267,789

198,066

Cash and cash equivalents

267,789

286,056

Restricted cash

3,352

3,075

Accounts receivables

14,147

20,073

Value added taxes and other recoverable taxes

35,186

37,650

Inventories

121,009

115,810

Derivative financial instruments

22,726

4,418

Other receivables and assets

51,934

45,404

Total current

516,143

512,486

Non-current

Value added taxes and other recoverable taxes

42,940

40,589

Inventories

66,534

58,576

Other receivables and assets

16,099

16,573

Property, plant and equipment

962,633

945,354

Deferred income tax assets

40,510

35,418

Total non-current

1.128,716

1,096,510

Total assets

1,644,859

1,608,996

LIABILITIES

Current

Trade and other payables

165,075

189,614

Derivative financial instruments

168,363

139,354

Loans and debentures

97,090

99,548

Liability measured at fair value

4,522

1,012

Current income tax liabilities

60,622

66,765

Current portion of other liabilities

18,931

18,933

Provision for mine closure and restoration

6,028

5,661

Liabilities directly associated with assets classified as held for sale

5,367

Total current

525,998

526,254

Non-current

Loans and debentures

311,958

311,620

Liability measured at fair value

29,093

25,822

Derivative financial instruments

257,685

265,343

Deferred income tax liabilities

35,177

37,006

Provision for mine closure and restoration

81,137

78,070

Other provisions

98,998

92,671

Other liabilities

2,954

6,473

Total non-current

817,002

817,005

SHAREHOLDERS' EQUITY

Share capital

830,580

834,430

Contributed surplus

57,987

57,757

Accumulated other comprehensive income

(448)

(178)

Accumulated losses

(586,260)

(626,272)

Total equity

301,859

265,737

Total liabilities and equity

1,644,859

1,608,996

At December 31, 2025

83,554,346

834,430

57,757

(178)

(626,272)

265,737

Shared based compensation

299,620

782

230

1,012

Shares repurchased

(64,742)

(4,632)

Change in the fair value of cash flow hedge, net of tax

2,548

Gain on foreign exchange translation of subsidiaries

(144)

Change in the fair value of equity investment

(2,718)

Actuarial gain on post-employment benefit, net of tax

Profit for the period

95,158

Dividends paid (note 28)

(55,146)

At March 31, 2026

83,789,224

830,580

57,987

(448)

(586,260)

301,859

At December 31, 2024

72,399,495

599,200

55,596

(723)

(431,118)

222,955

Issuance of new shares

1,007,186

12,503

Shared based compensation

Acquisition of treasury shares / Cancellation of shares

(96,141)

(1,200)

Change in the fair value of cash flow hedge, net of tax

(2,586)

Gain on foreign exchange translation of subsidiaries

Change in the fair value of equity investment

(336)

Loss for the period

(73,249)

Dividends paid (note 28)

(18,333)

At March 31, 2025

73,310,540

610,503

55,669

(3,607)

(522,700)

139,865

The accompanying notes form an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

Aura Minerals Inc. ("Aura Minerals", "Aura", or the "Company") is a mid-tier gold and copper production company focused on the operation and development of gold and base metal projects in the Americas.

Aura Minerals Inc. is a public company incorporated under the BVI Business Companies Act, 2004 (British Virgin Islands). The Company's common shares are listed on the Nasdaq Global Select Market under the ticker symbol "AUGO" and its Brazilian Depositary Receipts ("BDRs"), with three BDRs representing one common share, are listed on the B3 - Brasil, Bolsa Balcão under the ticker symbol "AURA33", now backed by common shares traded on Nasdaq following the approval issued by the Brazilian Securities Commission (CVM) on August 29, 2025, which authorized the migration of the reference exchange of the underlying shares from the Toronto Stock Exchange ("TSX") to Nasdaq. On September 8, 2025, the Company announced that its voluntary delisting from the TSX had been approved by its board of directors and the TSX, with effectiveness as of the close of trading on September 25, 2025. Following the delisting, the Company continues to maintain trading of its common shares and BDRs on Nasdaq and B3 respectively.

Aura's ultimate controlling party is Northwestern Enterprises Ltd ("Northwestern"), a company beneficially owned by the Chairman of the board of directors of Aura (the "Board").

These unaudited condensed interim consolidated financial statements (the "financial statements") were approved by the Board of Directors on May 6, 2026.

The unaudited condensed interim consolidated financial statements of the Company have been prepared in accordance with IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board. These unaudited condensed interim consolidated financial statements should be read in conjunction with Aura's annual consolidated financial statements for the year ended December 31, 2025, ("2025 Annual Financial Statements").

The accounting policies followed in these Unaudited condensed interim consolidated financial statements are consistent with those disclosed in Note 3 of 2025 Annual Financial Statements, except for those new or revised standards adopted as of January 1, 2026 as is the case with the amendments to IAS 21 - Effects of Changes in Foreign Exchange Rates. As disclosed in the 2025 Annual Financial Statements, these amendments have not had a significant impact on the Company's unaudited condensed interim consolidated financial statements.

The functional currency of Aura and the majority of its subsidiaries is the United States Dollar ("US Dollar") except for a service company in Mexico which has a functional currency of Mexican Pesos ("MXN Pesos"), a service company in Colombia which has a functional currency of Colombian Pesos ("COP") and certain Brazilian subsidiaries in Brazilian Reais ("BRL Reais"). All values in the unaudited condensed interim consolidated financial statements are rounded to the nearest thousand.

A number of new accounting standards are effective for annual reporting periods beginning after January 1, 2026 and earlier application is permitted. However, the Company has not early adopted the following new or amended accounting standards in preparing these Unaudited condensed interim consolidated financial statements.

A - IFRS Presentation and disclosure in financial statements

IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after January 1, 2027. The new standard introduces the following key new requirements:

Entities are required to classify all income and expenses into five categories in the statement of profit and loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly defined operating profit subtotal. Entities' net profit will not change.

Management defined performance measures ("MPMs") are disclosed in a single note in the financial statements.

Enhanced guidance is provided on how to group information in the financial statements.

In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.

The Company is still in the process of assessing the impact of the new standard, particularly with respect to the structure of the Company´s statement of profit and loss, the statement of cash flows and the additional disclosures required for MPMs. The Company is also assessing the impact on how information is grouped in the financial statements, including for the items currently labelled as 'other'.

B - Other accounting standards

The following new amended accounting standards are not expected to have a significant impact on the Company´s Unaudited condensed interim consolidated financial statements.

Subsidiaries without Public Accountability: Disclosures (IFRS 19) - As the Company's equity instruments

are publicly traded, it is not eligible to elect to apply IFRS 19.

The Company applied for the first time certain standards and amendments that are effective for annual periods beginning on or after January 1, 2026. The Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) - effective for annual reporting periods beginning on or after January 1, 2026. These amendments clarify requirements related to the classification and measurement of financial instruments. The adoption of these amendments did not have a

material impact on the Company's Unaudited condensed interim consolidated financial statements.

The preparation of the unaudited condensed interim consolidated financial statements requires management to make estimates and judgements and to form assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities. Management's estimates and judgements are continually evaluated and are based on historical experience and other factors that management believes to be reasonable under the circumstances. Actual results may differ from these estimates.

The Company has identified material accounting policies under which significant judgements, estimates and assumptions are made and where actual results could differ from these estimates under different assumptions and conditions and could materially affect the Company's financial results or statements of financial position reported in future periods.

Please refer to Note 4 of the 2025 Annual Financial Statements for a summary of the material accounting estimates and judgements which are consistent with those in the preparation of the financial statements. Management's estimates and judgements are evaluated quarterly and are based on historical experience and other factors that management believes to be reasonable under the circumstances. Actual or future results may differ from these estimates.

2026

2025

Cash at bank

157,794

174,119

Term deposits

109,995

111,937

Cash and Cash Equivalents

267,789

286,056

Term deposits represent amounts that have a maturity of three months or less from the date of acquisition and are repayable within 24 hours' notice with no significant loss in value.

2026

2025

Trade receivables

13,861

19,799

Other receivables

286

274

Accounts receivables

14,147

20,073

The Company periodically measures expected credit losses and considers the history and financial conditions of its clients. The Company did not recognize any credit losses in these Unaudited condensed interim consolidated financial statements.

2026

2025

Sales taxes and value added taxes

Apoena, Almas and other Brazilian Projects

49,131

49,603

Aranzazu

1,226

2,547

Minosa

19,809

18,592

Other taxes

Income taxes and social contribution

7,960

7,497

Total Value added tax and other recoverable taxes

78,126

78,239

Current

35,186

37,650

Non-Current

42,940

40,589

Value added tax receivables are expected to be recovered, taking into consideration the different alternatives available to the Company, including: (1) Reimbursement from government authorities and/or; (2) Used as credit for income tax payments; and/or (3) sales in the domestic market. The amounts are presented net of provisions for realizable value losses.

2026

2025

Finished product

4,664

2,688

Work-in-process

119,296

114,468

Parts and supplies

63,583

57,230

Total inventories

187,543

174,386

Current

121,009

115,810

Non-current

66,534

58,576

As of March 31, 2026 and December 31, 2025, the non-current inventory is related to Borborema and Almas' low grade stockpile. As of March 31, 2026, inventories were measured at their net realizable value, totaling $6,442 ($5,228 as of December 31, 2025). During the period ended March 31, 2026, $1,214 ($19 for the period ended March 31, 2025) was recognized in the Unaudited Condensed Consolidated Statements of Income (loss).

2026

2025

Prepaids expenses

6,384

4,849

Advances to vendors

40,986

36,893

Deposits

12,256

9,839

Altamira investment (a)

6,941

9,691

Other assets

1,466

705

Total other receivables and assets

68,033

61,977

Current

51,934

45,404

Non-current

16,099

16,573

On November 7, 2023, the Company entered into a subscription agreement with Altamira Gold Corp. ("Altamira") pursuant to which it acquired 24,000,000 units of Altamira at a price of $0.090 (C$0.125 -Canadian Dollars) per unit for an aggregate purchase price of $2,167 (C$3,000 - Canadian Dollars). Each unit consists of one common share and one common share purchase warrant of Altamira. Each warrant is exercisable to acquire one share of Altamira at a strike price of $ 0.14 (C$0.20 - Canadian Dollars) per share for a period of two years from November 7, 2023.

On June 30, 2025, the Company entered into a second subscription agreement with Altamira pursuant to which it acquired, an additional 6,000,000 units at a price of $0.070 (C$0.10 - Canadian Dollars) per unit, for an aggregate purchase price of $439 (C$600 - Canadian Dollars). Each unit consists of one common share and one-half of one common share purchase warrant. Each full warrant is exercisable to acquire one common share of Altamira at a price of $0.11 (C$0.15 - Canadian Dollars) per share for a period of two years from June 30, 2025.

On November 6, 2025, the Company exercised 24,000,000 common share purchase warrants of Altamira Gold Corp. at an exercise price of $ 0.14 (C$0.20 - Canadian Dollars) per warrant, with each warrant exercisable for one common share. Following this transaction, Aura owns 54,000,000 common shares and 3,000,000 warrants.

The common shares and warrant are recorded at fair value through OCI and the amount as of March 31, 2026, is $6,941 ($9,691 as of December 31, 2025).

Property, plant and equipment movements for the periods ended March 31, 2025 and 2026 are as follows:

Mineral properties

Land and buildings

Furniture,

fixtures and equipment

Plant and machinery

Right of use assets

Assets

under construction

Total

Net book value at December 31, 2025

534,776

115,548

8,283

238,276

27,481

20,990

945,354

Additions

25,227

161

849

21,528

47,799

Depletion and amortization

(15,149)

(1,486)

(365)

(7,610)

(5,763)

(30,373)

Disposals

(53)

(94)

(147)

Net book value at March 31, 2026

544,854

114,063

7,898

230,733

22,567

42,518

962,633

Consisting of: Cost

856,459

651,469

576,649

773,808

585,793

473,973

3,918,151

Accumulated Depreciation

(311,605)

(537,406)

(568,751)

(543,075)

(563,226)

(431,455)

(2,955,518)

Net book value at March 31, 2026

544,854

114,063

7,898

230,733

22,567

42,518

962,633

Mineral properties

Land and buildings

Furniture, fixtures and equipment

Plant and machinery

Right of use assets

Assets under construction

Total

Net book value at December 31, 2024

312,312

51,948

9,835

63,692

29,609

143,388

610,784

Additions

11,364

1,586

603

1,076

39,339

54,024

Bluestone acquisition

46,990

20,337

1,980

5,818

75,221

Depreciation

(9,183)

(5,090)

(518)

(1,548)

(3,129)

(19,468)

Reclassifications

1,819

(1,819)

Disposals

(95)

Net book value at March 31, 2025

361,483

68,781

9,921

67,019

26,536

186,726

720,466

Consisting of:

Cost

633,197

158,745

27,213

197,830

55,008

186,726

1,258,719

Accumulated Depreciation

(271,714)

(89,964)

(17,292)

(130,811)

(28,472)

(538,253)

Net book value at March 31, 2025

361,483

68,781

9,921

67,019

26,536

186,726

720,466

The asset retirement obligation is included within mineral properties, with the related liability recognized in current and non-current liabilities, as disclosed in Note 15.

For the period ended March 31, 2026, no interest related to loans and debentures was capitalized, as capitalization ceased following the Borborema project reaching commercial production in September 2025.

For the period ended March 31, 2025, $2,491 of interest related to loans and debentures was capitalized (at a 100% capitalization rate) as part of the construction cost of the Borborema project.

2026

2025

Trade accounts payable to suppliers

83,770

111,350

Other taxes payables

31,683

30,971

Accrued liabilities to suppliers

49,186

43,903

Contract liability

436

3,390

Total trade and other payables

165,075

189,614

The list of loans and debentures held by the Company, as of March 31, 2026 and December 31, 2025, is as follows:

Financial debt

Maturity Date

Interest Rate

03/31/2026

12/31/2025

Bank Occidente

Q2 2022 Promissory Note ("5º Promissory Note")

May 2026

6.25%

483

1,153

Q3 2022 Promissory Note ("6º Promissory Note")

August 2026

6.25%

1,401

2,088

Q1 2024 Promissory Note ("8° Promissory Note")

February 2026

7.50%

446

Q3 2024 Promissory Note ("9° Promissory Note")

July 2027

8.00%

2,344

2,730

Bank Atlántida

Q2 2022 Loan Agreement ("7º Loan")

March 2027

6.50%

2,500

3,125

Bank ABC Brasil S.A.

Q4 2022 Loan Agreement ("5º Loan")

January 2026

5.38%

2,194

Bank Santander Mexico

Q3 2024 Loan Agreement ("5° Loan")

July 2027

* SOFR + 3.8%

18,771

22,083

Bank Santander Brazil

Q3 2023 Loan Agreement ("4° Loan)

November 2028

9.51%

76,076

78,047

Bank Safra

Q3 2024 Loan Agreement ("2° Loan")

August 2026

7.10%

10,096

20,529

Bank Brasil

Q1 2024 Loan Agreement ("1º Loan")

December 2028

6.50%

10,163

10,000

Bank Bradesco

Q4 2024 Loan Agreement ("2° Loan")

December 2028

6.50% (a)

43,067

43,033

Other banks

BTG Pactual

November 2027

6.70%

20,116

Debentures payable

Debentures - 2nd issuance

Gold Royalty Corp

October 2030

CDI + 1.60%

204,131

186,433

Gold linked loan December 2029 8.5% 14,000 13,291

Nemesia SÀRL

5,900

Total

409,048

411,168

Current

97,090

99,548

Non-Current

311,958

311,620

* Definition: Secured Overnight Financing Rate Data ("SOFR") and Certificates of Interbank Deposits ("CDI")

The long term cash flows of loans and debentures payments are as follows:

Amount

2027 **

70,970

2028

51,886

2029

63,034

2030

63,034

2031 onwards 63,034

** Includes amounts that become due from April 1, 2027.

Mineração Apoena S.A. ("Apoena") - subsidiary of the Company

Bank BTG Pactual.: Principal of US$ 20,000 entered in December 2024

The agreement has financial covenants where Net Debt should be lower than 2.75x over the last 12 months EBITDA. The covenant is measured on a quarterly basis at Aura Minerals Inc.

Aranzazu Holdings SA de CV ("Aranzazu") - subsidiary of the Company

Bank Santander México S.A.: Principal amount of $15,000, in August 2024 plus $22,000 in December, 2024

The agreement has financial covenants where: Net Debt should be lower than 1.5x over the last 12 months EBITDA; and last 12 months EBITDA over the interest expense should be over or equal 5.0x. The covenant is measured on a quarterly basis at the subsidiary.

Aura Almas Mineração S.A. ("Almas") - subsidiary of the Company

Debentures: Principal of R$1 billion (US$161,491) entered in October 2024

The agreement also includes a quarterly financial covenant where the net debt to the last 12 months EBITDA ratio not exceed:

in the case of Almas, 2.00x from July 1, 2025 through October 2, 2027; and

in the case of Almas, 1.50x thereafter through maturity;

Aura Almas Mineração S.A. ("Almas") - subsidiary of the Company

Swap agreement entered in October 2024.

The agreement also includes a quarterly financial covenant where the net debt to the last 12 months EBITDA ratio not exceed:

in the case of Almas, 2.00x from July 1, 2025 through October 2, 2027; and

in the case of Almas, 1.50x thereafter through maturity;

Aura Almas Mineração S.A. ("Almas") - subsidiary of the Company

Safra Bank: Principal of US$ 20,000 entered in August 2024

The agreement has financial covenants where Net Debt should be lower than 2.75x over the last 12 months EBITDA. The covenant is measured on a quarterly basis at Aura Minerals Inc.

Cascar Brasil Mineração Ltda. ("Cascar") - subsidiary of the Company (Borborema Project)

Santander Brasil S.A., principal of $100,750 entered in September 2023

The agreement has one annual financial covenant requiring that, beginning in the year ended December 31, 2025, following an initial grace period, where Cascar's Net Debt should be lower than 1.5x over Cascar's last 12 months EBITDA.

For the period ended March 31, 2026 and the year ended December 31, 2025, the Company and its subsidiaries are in compliance with all the financial covenants.

At December 19, 2023, the Company, through its subsidiary, Borborema, entered in a Net Smelter Return Royalty

Agreement (the "NSR Royalty") for $21,000 with Gold Royalty Corp ("Grantor").

The key elements of the agreement are:

Royalty payments: 2% of net smelter returns after commercial production on the first 725,000 ounces produced

("stepdown royalty threshold");

Stepdown royalty: Upon the aggregate of 725,000 ounces of royalty-generating gold being produced, the royalty shall be reduced to 0.5% of the net smelter returns for the remainder of the term of the royalty agreement;

Grantor's buyback option: After the stepdown royalty threshold is met, the Grantor has the right to buy back the stepdown royalty at a price of $2,500 that may be exercised at any time following the date on which the earlier of an aggregate of 2,250,000 ounces of royalty-generating gold having been produced or January 1, 2050;

Pre-production payment: The Grantor shall make pre-production payment to the holder of the royalty by delivery of 250 ounces (1,000 ounces per year) of refined gold on the last day of each calendar quarter until the earlier of the commercial production date and the tenth (10th) year anniversary date of the royalty agreement; and

Environmental, Social and Governance ("ESG") payment: The holders of the royalty should pay the Grantor up to

$30 United States Dollars per each gold equivalent ounce of product and such payment shall be satisfied by Borborema as a rebate against ESG related costs. This payment shall be in the maximum aggregate amount of

$300 United States Dollars over the term of the Royalty agreement.

This agreement is being accounted at fair value through profit or loss. As the agreement contains more than one embedded derivative (items c and d above), it has been designated at fair value through profit or loss on initial recognition and as such the embedded conversion feature is not separated. The component of fair value changes relating to the Company's own credit risk is recognized in other comprehensive income. Amounts recorded in OCI related to credit risk are not subject to recycling in profit or loss and will be transferred to retained earnings when realized. Fair value changes relating to market risk are recognized in profit or loss.

Following the declaration of commercial production at the Borborema Project in September 2025, the agreement transitioned from the pre-production phase to the production phase. As a result, the obligation to deliver pre-production gold payments ceased, and the Company became subject to royalty payments based on 2% of net smelter returns, in accordance with the agreement, which commenced in the first quarter of 2026.

For the periods ended March 31, 2026 and 2025, the variation in the liability fair value was a loss of ($5,026) and ($2,359) respectively, recorded in the financial expense (note 23). The total outstanding balance as of March 31, 2026 is $33,615 ($26,834 as of December 31, 2025).

As of March 31, 2026 the current income tax liabilities is $ 60,622 ($66,765 as of December 31, 2025).

Income tax expenses included in the unaudited condensed consolidated statements of income for the periods ended March 31, 2026 and 2025, are as follows:

Three-month

period ended

Three-month

period ended

March 31, 2026

March 31, 2025

Current income tax

(47,409)

(20,814)

Deferred income tax

6,169

2,514

Total income tax expenses

(41,240)

(18,300)

Deferred tax assets and liabilities on the unaudited condensed consolidated statements of financial position consist of:

Deferred income tax assets

40,510

35,418

Deferred income tax liabilities

(35,177)

(37,006)

Total deferred taxes, net

5,333

(1,588)

The movement in the net deferred income tax asset (liability) was as follows:

Balance, December 31, 2024

(16,365)

Recorded in the statement of income (loss)

2,514

Recorded through other comprehensive income

(217)

Acquisition of Bluestone

(1,137)

Exchange differences

1,284

Balance, March 31, 2025

(13,921)

Balance, December 31, 2025

(1,588)

Recorded in the statement of income (loss)

6,169

Recorded through other comprehensive income

1,313

Exchange differences

(561)

Balance, March 31, 2026

5,333

The deferred income tax and social contribution are calculated on tax loss carryforwards and the temporary differences between the tax bases of assets and liabilities and their carrying amounts, as follows:

2026

2025

Provision for mine closure and restoration

16,433

15,597

Tax losses carried forward

297

1,034

Fair value on acquisitions

1,300

1,391

Provisions

33,947

32,110

Exchange changes

5,094

7,170

Non-monetary items

(16,899)

(26,771)

Depreciation

(23,885)

(24,113)

Advance payments

(7,690)

(8,612)

Others

(3,264)

606

Total of deferred tax assets and liabilities

5,333

(1,588)

Effective tax rate

Three-month

period ended March 31, 2026

period ended

March 31,

2025

Income (loss) before Income taxes

136,398

(54,949)

Income taxes at statutory rate applicable to the parent Company (0%)

Adjustments for calculating the effective rate

Tax calculated at the domestic rates

(68,160)

(17,721)

Non-deductible expenses

4,724

813

Unrecognized deferred tax asset (losses carried forward)

(1,435)

(1,096)

Tax exemptions (a)

21,116

1,616

Withholding taxes on distribution

(3,111)

(1,111)

Translation adjustments

(3,423)

(3,527)

Deferred taxes over non-monetary items

9,872

3,234

Others

(823)

(508)

Income tax expense

(41,240)

(18,300)

Effective tax rate

(30.2%)

33.3%

(a) As of March 31, 2026, the Company recognized a total of USD 21,116 in tax exemptions, of which USD 20,822 relates to the profit from operations incentive, specifically in Almas and Borborema for which the incentive was approved by the applicable government agencies in the first quarter of 2026, and USD 294 to the Workers Food Program (PAT), in accordance with applicable legislation.

The movements for the three months ended March 31, 2026 and 2025 are as follow:

2026

2025

Balance, beginning of period

83,731

50,573

Acquisition of Bluestone

9,668

Accretion expense (note 23)

2,279

1,666

Change in estimate

(76)

Foreign exchange

1,231

305

Balance, end of the period

87,165

62,212

Current

6,028

Non-current

81,137

62,212

Provision for mine closure and restoration is related to the closure costs and environmental restoration associated with mining operations. The provisions have been recorded at their net present values, using discount rates based on the life of mine of each operation and real risk-free rates derived from inflation-indexed government bonds in the respective jurisdictions, with average rates of 11.21%, 8.96%, 6.42% and 6.78% as for March 31, 2026 and December 31, 2025 for Brazil, Mexico, Honduras and Guatemala respectively. The provisions are remeasured at each reporting date, with the accretion expense recognized as a finance expense.

At December 31, 2024

13,860

3,284

17,144

Periodic service and finance cost (Note 22)

338

Change in provision for the period

209

2,073

2,282

Addition

9,120

Settlement during the period

(1,012)

At March 31, 2025

13,395

5,357

9,120

27,872

At December 31, 2025

15,560

41,486

23,643

11,982

92,671

Periodic service and finance cost (Note 22)

598

Change in provision for the period

2,024

801

3,233

6,058

Actuarial changes

(44)

Settlement during the period

(85)

Foreign exchange

(200)

At March 31, 2026

16,029

43,510

24,444

15,015

98,998

Long-term employee benefits liability exists as a result of a legal requirement in Honduras pursuant to which the Company is obligated to pay a severance payment based on the years of service provided by an employee without regard to the cause of termination.

2026

2025

NSR royalty (note 17 (a))

677

1,286

Lease payment obligation (note 17 (b))

21,208

24,120

Total other liabilities

21,885

25,406

Current

18,931

18,933

Non-current

2,954

6,473

The movements for the three months ended March 31, 2026 and 2025 of the NSR Royalty are as follows:

2026

2025

Balance, beginning of year

1,286

971

Royalty payments

(981)

Increase in NSR obligations

372

487

Balance, end of period

677

477

The movements for the three months ended March 31, 2026 and 2025 of the lease liability obligation are as follows:

2026

2025

Balance, beginning of year

24,120

24,251

Acquisition of Bluestone

Change in estimate

849

Accretion expense (Note 23)

810

1,595

Lease payments (Principal)

(4,041)

(3,331)

Lease payments (Interest)

(703)

(908)

Foreign exchange

173

1,595

Balance, end of year

21,208

23,265

Current

18,254

14,234

Non-current

2,954

9,031

The weighted average discount rate applied to the new lease liabilities within the period ended March 31, 2026 was 13.37% (11.73% in March 31, 2025), based on their corresponding incremental borrowing rate.

Lease liabilities are reflected within the current and non-current liabilities in the unaudited condensed interim consolidated statements of financial position. The finance cost representing the unwinding of the discount on the lease liabilities are charged to the unaudited condensed interim consolidated statements of income using the effective interest method.

The Company has authorized an unlimited number of common shares with no par value, being subscribed 83,789,224 as of March 31, 2026 (83,554,346 as of December 31, 2025).

As of March 31, 2026, the Company had 1,138,484 options issued and outstanding (1,455,492 as of December 31, 2025). The share-based payment expense is measured at fair value and recognized over the vesting period from the date of grant. During the period ended March 31, 2026 the Company did not grant new stock options. In addition, the Company had 142,160 Restricted Share Units ("RSUs") outstanding as of March 31, 2026, which were granted on September 29, 2025 under its Omnibus Incentive Plan. These RSUs vest in three equal annual installments through September 29, 2028 and are accounted for as equity-settled share-based compensation, with the related expense recognized over the vesting period.

The Board of Directors authorized the repurchase of shares to settle employee tax withholding obligations related to the exercise of vested of stock-based awards, and during the period the Company repurchased shares totaling $4,632, which has been recorded as a reduction in equity.

For the periods ended March 31, 2026 and 2025, total share-based payment expense recognized in general and administrative expenses was $662 and $73, respectively.

Three-month

period ended

Three-month

period ended

March 31, 2026

March 31, 2025

Gold

313,406

111,542

Copper & Gold concentrate

69,984

52,757

Provisional prices

(1,745)

(2,495)

Other (a)

961

Revenue

382,606

161,804

Revenues for the Minosa, Apoena, Borborema, MSG and Almas relate to the sale of refined gold and for the Aranzazu mine relates to the sale of copper and gold concentrate. The Company's revenues are concentrated in 4 clients (see Note 27(d)).

For the period ended March 31, 2026, Honduras, Mexico and Brazil represented 20.9%, 18.1% and 61.0% of the Company´s revenue, respectively (29.6%, 31.1% and 39.3% in 2025, respectively, for the period ended March 31,2025).

For the period ended March 31, 2026 and 2025, the Company´s main clients were Asahi Refining Inc, Trafigura México, S.A. de C.V. and Auramet International, Inc, which represented 57.6%, 18.1% and 18.0%, of the Company´s revenue, respectively (39.5 %, 30.0 % and 26.7% in 2025).

"Other" revenue for the period ended March 31, 2026, relates to the sale of molybdenum from the Aranzazu mine.

Three-month

period ended

Three-month

period ended

March 31, 2026

March 31, 2025

Direct mine and mill costs (a)

(83,528)

(44,919)

Direct mine and mill costs - Contractors

(16,589)

(15,467)

Direct mine and mill costs - Salaries

(20,696)

(9,126)

Depletion and amortization

(32,965)

(13,864)

Total

(153,778)

(83,376)

Refers primarily to consumables and materials used in the processing plant, including reagents, fuel and other operating supplies directly attributable to mineral processing activities.

21 GENERAL AND ADMINISTRATIVE EXPENSES

Three-month period ended March 31, 2026

Three-month period ended March 31, 2025

Salaries, wages, benefits and bonus

(7,218)

(3,780)

Professional and consulting fees

(1,932)

(2,048)

Legal, filing, listing and transfer agent fees

(235)

(244)

Insurance

(782)

(196)

Directors' fees

(2,534)

(671)

Travel expenses

(369)

(361)

Share-based payment expense

(662)

(73)

Depreciation and amortization

(176)

(199)

Care and maintenance

(190)

(500)

Other

(1,644)

(1,564)

Total

(15,742)

(9,636)

22 EXPLORATION EXPENSES

Three-month

period ended

March 31, 2026

period ended

March 31, 2025

Minosa

(65)

(236)

Borborema

(211)

(70)

Almas

(921)

(237)

Apoena

(177)

(124)

Aranzazu

(935)

(709)

Serra Grande

(29)

All other segments

(21)

Total

(2,359)

(1,376)

23 FINANCE INCOME (EXPENSE)

Three-month

period ended

March 31, 2026

period ended

March 31, 2025

Accretion expense (Note 15)

(2,279)

(1,666)

Lease interest expense (Note 17 (b))

(810)

(1,595)

Interest expense on loans and debentures

(6,387)

(5,755)

Finance cost on post-employment benefit

(598)

(338)

Unrealized loss with derivative gold collars

(24,105)

(100,210)

Realized loss with derivative gold collars

(33,325)

(6,036)

Loss on other derivative transactions

(1,188)

(1,827)

Foreign exchange

(73)

(3,176)

Change in liability measured at fair value (Note 13)

(5,026)

(2,359)

Other finance costs

(2,496)

(430)

Finance expenses

(76,287)

(123,392)

Foreign exchange

5,546

Interest income

1,820

1,781

Finance income

7,366

1,781

Total finance result

(68,921)

(121,611)

24 CASH FLOW INFORMATION

March 31, 2026 March 31, 2025

Deferred and current income tax expense

41,240

18,300

Depreciation and amortization

33,141

14,063

Accretion expense (Note 23)

2,279

1,666

Lease Interest expense (Note 23)

810

1,595

Interest expense on loans and debentures (Note 23)

6,387

5,755

Finance cost on post-employment benefit (Note 23)

598

338

Unrealized loss on derivatives gold collars (Note 23)

24,105

100,210

Loss on other derivatives (Note 23)

1,188

1,827

Foreign exchange (gain) loss (Note 23)

(5,473)

3,176

Change in fair value in liability measured at fair value (Note 13)

5,026

2,359

Share-based payment expense (Note 21)

662

Loss on disposal of assets (Note 10)

147

Other non-cash items

8,275

6,112

Total

118,385

155,569

b) Changes in working capital

Three-month

period ended

March 31, 2026

period ended

March 31, 2025

Increase in accounts receivables and value added taxes and other recoverable taxes

(755)

(7,948)

Increase in inventory

(12,786)

(4,454)

Increase in trade and other payables

(13,812)

(1,733)

Total

(27,353)

(14,135)

c) Other current and non-current assets and liabilities

Three-month period ended March 31, 2026

Three-month period ended March 31, 2025

Changes in other current and non-current assets and liabilities consists of:

(Increase) other receivables and assets and inventories (non-current)

(6,530)

(2,531)

(Increase) in other receivables and assets (current)

(2,244)

(86)

(Decrease) in other liabilities (current and non-current)

(8,043)

(7,466)

Total

(16,817)

(10,083)

d) Non-cash investing and financing activities consist of:

Three-month

period ended

March 31, 2026

period ended

March 31, 2025

Non-cash addition to property, plant and equipment

3,692

2,299

Total

3,692

2,299

Loans and

debentures

Derivatives

Balance as of December 31, 2024

443,104

139,490

Acquisition of Bluestone

19,900

Changes from Financing cash flows:

Loan and debentures repayments

(11,455)

Interest paid on loans (a)

(7,775)

Derivative settlement (Gold Hedges)

(6,036)

Derivative settlement (Other derivatives)

(417)

Other Changes:

Interest expenses on loans

4,889

Interest expenses on debentures

5,963

Derivative interest

(2,854)

Foreign exchange adjustments

13,061

(12,792)

Swap fair value adjustment

2,802

Gold Hedges fair value adjustment

106,246

Other derivatives fair value adjustment

1,827

Balance as of March 31, 2025

467,687

228,266

Loans and

debentures

Derivatives

Balance as of December 31, 2025

411,168

400,279

Changes from Financing cash flows: Loan and debentures repayments

(18,321)

Interest paid on loans (a)

(6,651)

Derivative settlement (Gold Hedges)

(33,325)

Derivative settlement (Other derivatives)

(2,741)

(24,972)

(36,066)

Other Changes:

Interest expenses on loans

3,940

Interest expenses on debentures

7,784

Derivative interest

(5,393)

Foreign exchange adjustments

9,928

(9,054)

Swap fair value adjustment

(3,862)

Gold Hedges fair value adjustment

57,430

Other derivatives fair value adjustment

1,200

(12)

Balance as of March 31, 2026

409,048

403,322

(a) Interest payment on debts and debentures are being presented under financing activities in the Unaudited Condensed Consolidated Statements of Cash Flow.

Other (expenses) income, net for the period ended March 31, 2026 primarily consists of Change in fair value of CVR of $(3,233). For the period ended March 31, 2025, this line item consisted of the expenses of $(754).

The Company has the following derivative financial instruments in the following line items in the unaudited condensed interim consolidated statements of financial position:

Swap - Aura Almas (Itaú Bank)

Current

22,726

4,418

Swap - Apoena Mines (ABC Bank)

Current

(2,753)

Gold Derivatives

Current / Non-current

(426,048)

(401,944)

Total

(403,322)

(400,279)

Classification of financial instruments

Assets Current

Cash and cash equivalents

267,789

286,056

Accounts receivable

11,213

2,648

17,478

2,321

Derivative Financial Instrument

22,726

4,418

Non-current

Other receivables and assets

6,941

9,691

279,002

2,648

29,667

303,534

2,321

14,109

Liabilities

Current

Trade and other payables

165,075

189,614

Derivative Financial Instrument

168,363

139,354

Loans and debentures

82,063

15,027

92,497

7,051

Liability measured at fair value

4,522

1,012

Other liabilities

Non-current

Derivative Financial Instrument

18,931

257,685

18,933

265,343

Loans and debentures

122,854

189,104

132,238

179,382

Liability measured at fair value

29,093

25,822

Deferred consideration (NSR)

24,444

23,643

Other provisions (CVR)

15,015

11,982

Other liabilities

2,954

6,473

391,877

703,253

439,755

653,589

i) Swap agreements:

As of March 31, 2026 and December 31, 2025, the Company has the following swap agreements:

Swap - Aura Almas (Itaú Bank) (a) CDI Current /

Non current

22,726 4,418

Swap - Apoena Mines (ABC Bank) CDI Current - (2,753)

(a) The swap agreements from the Company's subsidiary, Almas, was designated as a hedge accounting.

ii) Derivative Options

As of March 31, 2026, the Company had 183,999 ounces outstanding for the Borborema Project. The put/calls collars have floor prices of $1,745 and ceiling prices at $2,400 per ounce of gold expiring between April 2026 and June 2028.

The fair value effect of the Derivative Collars for the period ended March 31, 2026 is $(24,105) (($100,210) in March 31, 2025), recorded as a finance expenses loss in the financial statements.

As of the date of these Unaudited Condensed Interim Consolidated Financial Statements, the Company has no agreements in place with financial institutions which would require the Company to post cash or any other type of collateral to cover fair value exposure against the Company.

The Company measures certain of its financials assets and liabilities at fair value on a recurring basis and these are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. There are three levels of the fair value hierarchy that prioritize the inputs to valuation techniques used to measure fair value:

Level 1, which are inputs that are unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2, which are inputs other than Level 1 quotes prices that are observable, either directly or indirectly, for the asset or liability; and,

Level 3, which are inputs for the asset or liability that are not based on observable market data.

Additionally, the Company classifies derivative assets and liabilities in Level 2 of the fair value hierarchy as they are valued using pricing models which require a variety of inputs such as expected gold price.

The fair value of the Company's financial assets and liabilities measured at fair value on a recurring basis at

March 31, 2026 and December 31, 2025 are summarized in the following table:

Fair value

through

Level profit & loss

Fair value through OCI

Fair value

through

profit & loss

Fair value through OCI

Assets

Accounts receivable

2,648

2,321

Other receivables and assets

6,941

9,691

Derivative Financial Instrument

- 22,726

- 4,418

2,648 29,667

2,321 14,109

Liabilities

Debentures (a)

204,131

186,433

Liability measured at fair value

33,615

26,834

Derivative Financial Instrument

426,048

404,697

Deferred consideration (NSR)

24,444

23,643

Other provisions (CVR)

15,015 -

11,982 -

703,253 -

653,589 -

Valuation inputs and relationships to fair value

The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements:

Description Fair value at

2026

2025

2026

2025

Expected

If expected production of gold ounces

Liability measured at fair

33,615

26,834

production of gold

702,903

719,512

were 10% higher or lower, the fair value

value (NSR agreement)

ounces

would increase/decrease by $440.

Contingent Value Rights

(CVRs)

15,015

11,982

Commercial

Production

(a)

Expected

If expected production of gold ounces

Contingent consideration

24,444

23,643

production of gold

315,481

were 10% higher or lower, the fair value

(NSR)

ounces

would increase/decrease by $192.

The Company assessed the probability of achieving commercial production, over various time horizons, primarily within a 0 to 20-year range, while also recognizing a residual probability of timelines extending beyond 20 years. If expected commercial production probability varies by 10% on the lower and higher ends of these time horizons, the fair value would increase or decrease by $1,687.

The finance department of the Company includes a team that performs the valuations of non-property items required for financial reporting purposes, including level 3 fair values.

Valuation process - Liability measured at fair value

The main level 3 inputs used by the Company are derived and evaluated as follows:

Discount rates for financial assets and financial liabilities are determined using a capital asset pricing model to calculate a pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the asset.

Risk adjustments specific to the counterparties (including assumptions about credit default rates) are derived from credit risk gradings determined by internal credit risk management group.

The key inputs into the Monte Carlo simulation model were as follows at March 31, 2026 and December 31, 2025:

Input

2026

2025

WACC

11.50%

Credit-risk

2.70%

Expected volatility

15.20%

Valuation process - Contingent Value Rights (CVRs)

The fair value of the Contingent Value Rights is determined using a scenario-based valuation model that incorporates management's assessment of the probability and timing of achieving commercial production at the Era Dorada Project.

The main level 3 inputs used by the Company are derived and evaluated as follows:

The probability-weighted timing of commercial production is based on scenarios provided by management, covering multiple time horizons up to 20 years, with a residual probability assigned to production commencing beyond this period.

Discount rates applied to the expected cash flows are determined based on a risk-free rate derived from U.S. Treasury bonds with maturities consistent with the expected payment dates, adjusted by a credit spread that reflects the Company's credit risk, consistent with market data for comparable issuers.

Valuation process - Deferred consideration (NSR)

The fair value of the deferred consideration related to the Net Smelter Return (NSR) agreement is determined using a discounted cash flow model that estimates future royalty payments based on expected production profiles and commodity price assumptions.

The main level 3 inputs used by the Company are derived and evaluated as follows:

Expected production volumes are based on life-of-mine production forecasts prepared by management and technical studies, reflecting current mine plans and operational assumptions.

Discount rates applied to the expected royalty cash flows are determined using a capital asset pricing model to estimate a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the asset, including country, operational and project-specific risks.

Commodity price assumptions are based on consensus forecasts obtained from market participants, which are publicly available.

Fair value of loans and other financial liability

The Company considers that for the loans, that are recorded at their contractual value and other financial liabilities measured at amortized cost, their book values are close to their fair values and therefore information on their fair values is not being presented.

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages its liquidity risk through a planning and budgeting process, which is reviewed and updated, to help determine the funding requirements to support the Company's current operations and expansion and development plans and by managing its capital structure as described in Note 28 below.

Aura's objective is to ensure that there are sufficient committed financial resources to meet its short-term business requirements for a minimum of twelve months. In the normal course of business, Aura enters into contracts that give rise to commitments for future payments as disclosed in the following table:

2026

Within

1 year

2 to 3

years

4 to 5

years

Over 5

years

Total

Trade and other payables

165,075

Loans and debentures

97,090

182,587

137,509

59,298

476,484

Provision for mine closure and restoration

6,047

13,246

26,680

48,560

94,533

Lease liabilities

19,697

3,090

22,811

Liability measured at fair value

6,965

6,982

9,436

31,249

54,632

294,874

205,905

173,649

139,107

813,535

As of March 31, 2026, Aura has cash and cash equivalents of $267,789 ($286,056: 2025) and current assets, excluding restricted cash less current liabilities of ($13,207) ($16,843: 2025).

Aura's operations are located in Honduras, Brazil and Mexico, therefore, foreign exchange risk exposures arise from transactions denominated in foreign currencies. Although Aura's sales are denominated in United States dollars, certain operating expenses of Aura are denominated in foreign currencies, primarily the Honduran lempira, Brazilian real, Mexican peso, Canadian dollar, Colombian peso, Guatemalan Quetzals and Barbadian Dollars.

Financial instruments that impact Aura's net losses or other comprehensive losses due to currency fluctuations include cash and cash equivalents, accounts receivable, other long-term assets, accounts payable and accrued liabilities, short and long term loans and other provisions denominated in foreign currency.

At March 31, 2026 and December 31, 2025, the Company had cash and cash equivalents of $ 267,789 and $286,056, respectively, of which, $239,925 ($257,374 in 2025) were in United States dollars, $191 ($192 in 2025) in Canadian dollars, $24,439 ($19,946 in 2025) in Brazilian reais, $2,933 ($8,305 in 2025) in Honduran lempiras, $210 ($126 in 2025) in Mexican pesos, $- ($18 in 2025) in Colombian Pesos, $85 ($90 in 2025) in Guatemalan Quetzals and $6 ($6 in 2025) in Barbadian Dollars. An increase or decrease of 5% in the United States dollar exchange rate to the currencies listed above could have increased or decreased the Company's income for the year by $1,398.

The Company's policy is to minimize interest rate cash flow risk exposures on long-term financing. Longer-term borrowings are therefore usually at fixed rates. As of March 31, 2026, the Company is exposed to changes in market interest rates through a bank borrowing at SOFR interest rate at its subsidiary Aranzazu. All other borrowings are at fixed interest rates or are linked to a swap instrument, minimizing the risk of interest rate exposure.

Credit risk is the risk that a counterparty fails to discharge an obligation to the Company. The Company is exposed to credit risk from financial assets including cash and cash equivalents held at banks, trade and other receivables. The credit risk is managed based on the Company's credit risk management policies and procedures.

The credit risk in respect of cash balances held with banks and deposits with banks are managed via diversification of bank deposits.

At March 31, 2026, the Company believes that its trade credit risk is low due to the following reasons:

For the sales of refined gold from Almas, Apoena, Borborema, MSG and Minosa, the Company collects payments in advance or at the time of delivering its products to its clients.

- For the sale of copper and gold concentrate from Aranzazu, the Company sells its products to wholly-owned subsidiary of Trafigura Group Pte. Ltd, an investment grade company. The accounts receivable are generally collected within 15 days from the issuance of the invoice.

Commodity derivatives transactions - Gold collars

As mentioned in Note 26, the Company uses gold collars in order to mitigate the risk of decline in gold prices for a portion of its projected future production associated with the construction of new projects.

To calculate an expected increase / decrease in the fair value balances of potential increases or decrease in gold prices, the Company used a variation of plus or minus 10% change in gold prices in relation to the March 31, 2026 closing prices.

Liability measured at fair value

As mentioned in Note 13, the Company entered a Net Smelter Return Royalty Agreement that contains more than one embedded derivative, that is being accounted at fair value through profit or loss, and it is exposed to gold prices that can affect its future cashflows.

Gold linked Loan

Borborema Inc entered into a Gold-Linked Loan with embedded derivatives measured at fair value through profit and loss that has quarterly payments of gold ounces that are exposed to gold prices that can affect its future cashflows.

To simulate the reasonable scenario to reflect the potential effects on the statement of income (loss) from outstanding transactions, the Company used a variation in the closing and future gold price of 10%. The sensitivity analysis of these derivative financial instruments is presented as follows:

Instrument

Instrument´s main risk events

Reasonable scenario

$ Impact

Derivative financial instruments (Gold collars)

Gold price increase/decrease

Δ 10%

82,881

Liability measured at fair value

Gold price increase/decrease

Δ 10%

3,361

Loans and debentures (Gold linked loan)

Gold price increase/decrease

Δ 10%

617

Contingent consideration (NSR)

Gold price increase/decrease

Δ 10%

1,177

Aura's objectives in managing capital are to ensure sufficient liquidity is maintained in order to properly develop and operate its current projects and pursue strategic growth initiatives, to ensure that externally imposed capital requirements related to any debt obligations are complied with, and to provide returns for shareholders and benefits to other stakeholders. In assessing the capital structure of the Company, management includes in its assessment the components of shareholders' equity and long-term debt. The Company manages its capital structure considering changes in economic conditions, the risk characteristics of the underlying assets, and the Company's liquidity requirements. To maintain or adjust the capital structure, the Company may be required to issue common shares or debt, repay existing debt, acquire or dispose of assets, or adjust amounts of certain investments.

In order to facilitate management of capital, the Company prepares annual budgets which are updated periodically if changes in the Company's business are considered to be significant. The Board of Directors of the Company reviews and approves all operating and capital budgets as well as the entering into of any material debt obligations, and any material transactions out of the ordinary course of business, including dispositions, acquisitions and other investments or divestitures. In order to maintain or adjust the capital structure, the company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares to reduce debt.

During the period ended March 31, 2026, Aura's Board of Directors declared and approved the payment of quarterly dividends on February 26, 2026 totaling US$55.1 million. These dividends corresponded to US$0.66 per common share, and US$0.22 per Brazilian Depositary Receipt ("BDR"), respectively. The dividends were paid on March 26, 2026.

During the year ended December 31, 2025, Aura's Board of Directors declared and approved the payment of quarterly dividends on February 26, May 5, August 5, and November 4, 2025, totaling US$18.3 million, US$29.8 million, US$27.6 million, and US$40.1 million, respectively. These dividends corresponded to US$0.25, US$0.40, US$0.33, and US$0.48 per common share, and US$0.08, US$0.13, US$0.11, and US$0.16 per Brazilian Depositary Receipt ("BDR"), respectively. The dividends were paid on March 28, May 30, September 5, and December 2, 2025, respectively.

Key Management Compensation

Total compensation paid to key management personnel (including based salaries, bonuses and other benefits), remuneration of directors and other members of key executive management personnel for the period ended March 31, 2026 and 2025, were $3.4 million and $357 thousand, respectively.

Director's fees

Management had issued 82,785 deferred stock units (DSUs) to certain directors and former directors of the Company in 2016. The DSUs are recognized at the fair value of the Company shares based on the provisions of the agreements and will be settled in cash. The balance of the DSUs as of March 31, 2026 is $5,145 and ($2,564 in December 31, 2025) and is included as part of Trade and other payables.

Iraja Royalty Payments

As part of the Apoena Mines transaction with Yamana Gold Inc. ("Yamana"), Mineracao Apoena S.A. ("Apoena") entered into a royalty agreement (the "EPP Royalty Agreement"), dated June 21, 2016, with Serra da Borda Mineracao e Metalurgia S.A. ("SBMM"), Yamana's wholly-controlled subsidiary. Commencing on and from June 21, 2016, Apoena would pay to SBMM a royalty (the "Royalty") that is equal to 2.0% of Net Smelter Returns on all gold mined or benefited from Apoena (the "Subject Metals") sold or deemed to have been sold by or for Apoena.

Effective as at such time as Apoena has paid the Royalty on up to 1,000,000 troy ounces of the Subject Metals, the Royalty shall without the requirement for any further act or formality, reduce to 1.0% of Net Smelter Returns on all Subject Metals sold or deemed to have been sold by or for Apoena.

On October 27, 2017, SBMM entered into an agreement (the "Royalty Swap Agreement") with Iraja Mineracao Ltda., a company controlled by the same controlling group, a third-party company, for the swap of the EPP Royalty with the RDM Royalty (as defined in the Royalty Swap Agreement) with no change to the terms of the royalty calculation. Aura has incurred expenses of the related royalties of $954 in the period ended March 31, 2026 ($792 in the period ended March 31, 2025).

Royalty Agreement for Aura Almas

The Company, through its wholly owned subsidiaries Almas, maintains a royalty agreement with Irajá Mineração Ltda.., a company controlled by the same controlling group from Aura, whereby the subsidiary pays 1.2% of the Net Smelter Returns on all gold mined or sold. Aura has incurred expenses of the related royalties of $1,633 in the period ended March 31, 2026 ($991 in the period ended March 31, 2025).

Royalty Agreement for Matupá

The Company, through its wholly owned subsidiary Matupá, maintains a royalty agreement with Irajá Mineração Ltda., a company controlled by the same controlling group from Aura, whereby the subsidiary will pay 1.2% of the Net Smelter Returns on all gold mined or sold, from the moment that is declared commercial production. The subsidiary is currently in care and maintenance.

Dividends payable to Northwestern

Northwestern, a company controlled by the Chairman of the Board, is the majority shareholder of Aura with approximately 47.7% ownership as of March 31, 2026 (47.7% as of December 31, 2025).

In the three-month ended March 31, 2026, the Company paid to Northwestern the total amount of $24.4 million of dividends ($9.9 million in the period ended March 31, 2025).

The reportable operating segments have been identified as the Minosa Mine, Apoena Mine, the Aranzazu Mine, Almas Mine, Borborema Mine and Serra Grande Mine. The Company manages its business, including the allocation of resources and assessment of performance, on a project-by-project basis, except where the Company's projects are substantially connected and share resources and administrative functions. The segments presented reflect the way in which the Company's management reviews its business performance. Operating segments are reported in a manner consistent with the internal reporting provided to executive management who act as the chief operating decision makers. Executive management is responsible for allocating resources and assessing the performance of the operating segments.

For the periods ended March 31, 2026 and 2025, segment information is as follows:

For the period ended March 31, 2026

Minosa Mine

Apoena Mine

Aranzazu Mine

Almas Mine

Borborema Mine

Serra Grande Mine

Total reportable segments

Non

reportable segments (1)

Total

Revenue

80,020

35,814

69,178

68,693

81,988

46,913

382,606

Cost of goods sold

(20,749)

(10,386)

(25,266)

(16,915)

(19,935)

(27,562)

(120,813)

Depreciation and amortization

(1,931)

(5,844)

(7,213)

(4,755)

(5,510)

(7,712)

(32,965)

Gross profit

57,340

19,584

36,699

47,023

56,543

11,639

228,828

General and administrative expenses

(1,101)

(1,003)

(1,587)

(1,137)

(1,015)

(1,882)

(7,725)

(8,017)

(15,742)

Exploration expenses

(65)

(177)

(935)

(921)

(211)

(29)

(2,338)

(21)

(2,359)

Other income (expenses) , net

(79)

(1,233)

(2)

(1,285)

(4,123)

(5,408)

Operating income (loss)

56,095

18,423

32,944

44,975

55,315

9,728

217,480

(12,161)

205,319

Finance expense

(1,120)

(1,128)

(354)

(392)

(8,542)

(736)

(12,272)

(57,628)

(69,900)

Finance income

339

720

1,304

865

3,165

6,458

908

7,366

Interest expense on loans and

debentures

(191)

(1,224)

(402)

(2,621)

(1,844)

(6,282)

(105)

(6,387)

Income (loss) before income taxes

54,849

16,410

32,908

43,266

45,794

12,157

205,384

(68,986)

136,398

Current tax

(14,489)

(703)

(10,426)

(7,590)

(6,613)

(4,477)

(44,298)

(3,111)

(47,409)

Deferred tax

(281)

(2,101)

1,194

4,604

1,354

1,198

5,968

201

6,169

Income taxes

(14,770)

(2,804)

(9,232)

(2,986)

(5,259)

(3,279)

(38,330)

(2,910)

(41,240)

(Loss) / Profit for the year

40,079

13,606

23,676

40,280

40,535

8,878

167,054

(71,896)

95,158

Property, plant and equipment

72,726

89,294

131,976

158,178

239,769

139,546

831,489

131,144

962,633

Total assets

121,144

210,067

426,450

366,427

204,019

186,972

1,515,079

107,809

1,622,888

Total liabilities

98,140

130,329

96,018

257,953

157,439

76,787

816,666

504,363

1,321,029

Purchase of property, plant and

equipment

3,216

13,460

6,792

4,787

2,403

5,668

36,326

7,781

44,107

(1) Non Reportable segments are composed by Matupá, Tolda Fria, Carajás, Era Dorada Projects and Corporate.

Reportable segments

For the period ended March 31, 2025

Minosa Mine

Apoena Mine

Aranzazu Mine

Almas Mine

Borborema

Project

Total

reportable segments

Non-

Reportable Segments (1)

Total

Revenue

48,062

26,353

50,262

37,127

161,804

Cost of goods sold, except depletion

and amortization

(20,135)

(11,555)

(23,815)

(14,007)

(69,512)

Depletion and amortization

(1,341)

(3,549)

(6,467)

(2,507)

(13,864)

Gross profit

26,586

11,249

19,980

20,613

78,428

General and administrative expenses

(1,135)

(1,301)

(1,774)

(803)

(4,929)

(4,707)

(9,636)

Exploration expenses

(236)

(124)

(709)

(237)

(70)

(1,376)

Other (expense) income

(244)

(572)

(6)

(749)

(5)

(754)

Operating income/(loss)

24,971

9,893

16,925

19,567

71,374

-4,712

66,662

Finance expense

(991)

(5,821)

428

(1,544)

(2,480)

-(10,408)

(107,229)

(117,637)

Finance income

111

1,268

1,559

222

1,781

Interest expense on loans and

(432)

(820)

(553)

(3,464)

(486)

(5,755)

debentures

Income/(Loss) before income taxes

23,659

3,257

16,891

15,827

(2,864)

56,770

(111,719)

(54,949)

Current tax

(6,611)

(663)

(6,431)

(5,998)

-(19,703)

(1,111)

(20,814)

Deferred tax

393

2,005

(952)

1,241

(542)

2,145

369

2,514

Income taxes

(6,218)

1,342

(7,383)

(4,757)

(542)

(17,558)

(742)

(18,300)

(Loss) / Profit for the year

17,441

4,599

9,508

11,070

(3,406)

39,212

(112,461)

(73,249)

Property, plant and equipment

62,476

58,692

127,588

144,848

222,004

-615,608

104,858

720,466

Total assets

97,195

192,410

349,317

315,583

132,444

1,086,949

52,042

1,138,991

Total liabilities

95,221

137,912

95,726

238,134

151,932

718,925

280,201

999,126

Purchase of property, plant and

equipment

1,251

5,001

6,490

2,059

35,783

50,584

1,141

51,725

(1) Non Reportable segments are composed by Matupá, Tolda Fria, Carajás, Era Dorada Projects and Corporate.

Disclaimer

Aura Minerals Inc. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 00:29 UTC.