Almas Mine
The Almas Project is host to an open pit mining operation situated in the south-central region of Tocantins State, Brazil. The three main gold deposits of the Almas Project include Paiol, Cata Funda, and Vira Saia, which are situated along a 15 kilometre (km) corridor of the Almas Greenstone Belt. All three gold deposits are orogenic in nature and are considered amenable to open pit mining. The Paiol deposit is currently being mined, with Cata Funda and Vira Saia to complement production in later years.
The Almas Project was acquired by Aura when Aura entered into a merger with its previous owner, Rio Novo Mineração Ltda. (Rio Novo), in 2018. The Project includes a historical open pit and a spent heap leach stockpile at Paiol, which was operated by Companhia VALE do Rio Doce (VALE) from 1996 until 2001, as well as several small-scale artisanal gold mining sites, locally termed garimpos, whose development preceded the exploration activities of Rio Novo.
The site currently includes the Paiol open pit mine, where Aura initiated commercial production in 2023. Annual plant production targets two million tonnes per annum (Mtpa) and produces gold doré bars from ore processed through a carbon-in-leach (CIL) process with gold electrowinning and smelting. In 2024, the mine produced 54,003 ounces (oz) of gold from 1,637,574 tonnes (t) of mill feed with an average gold head grade of 1.13 grams per tonne (g/t).
Highlights of the Almas Report:
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Measured Mineral Resources are estimated to total 13.60 million tonnes (Mt) at a grade of 0.88 g/t Au, containing 385 thousand ounces of gold (koz Au). Indicated Mineral Resources are estimated to total 19.15 Mt at a grade of 0.92 g/t Au, containing 567 koz Au. Inferred Mineral Resources are estimated to total 3.56 Mt at a grade of 0.87 g/t Au, containing 100 koz Au. Mineral Resources are inclusive of Mineral Reserves.
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Mineral Reserves are estimated to total 19.71 Mt, grading 1.07 g/t Au and containing 674 koz Au.
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Mineral Resources are estimated using the long-term price of US$2,500 per ounce of gold and Mineral Reserves are estimated using the long-term price of US$2,000 per ounce of gold.
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Adopted metallurgical recoveries are 92% for High-grade ore, 90% for medium-grade and 86% for low-grade and historic stockpiles.
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Average annual production of 61.2 koz gold with a planned life of mine (“LOM”) of 10 years, based on Mineral Reserves estimated in accordance with CIM (2014).
Minosa (San Andres Mine)
The San Andrés Mine is located in the Department of Copán, within the Municipality of La Unión, Honduras. The site is approximately 210 km southwest of San Pedro Sula and 340 km west of the capital, Tegucigalpa. Situated in the western Interior Highlands at elevations ranging from 750 to 1,300 meters above sea level (masl), the region features moderate relief, open pine and oak forests, and reliable year-round access via paved highways and secondary roads.
The Mine benefits from established infrastructure, including grid power, water supply, and a dedicated process plant. The Mine also implements environmental management systems and community engagement programs that supports its long-term sustainability.
Highlights of Minosa Report:
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Measured Mineral Resources are estimated to total 11.52 million tonnes (Mt) at a grade of 0.38 g/t Au, containing 140 thousand ounces of gold (koz Au). Indicated Mineral Resources are estimated to total 47.53 Mt at a grade of 0.45 g/t Au, containing 681 koz Au. Inferred Mineral Resources are estimated to total 8.55 Mt at a grade of 0.45 g/t Au, containing, 123 koz Au. Mineral Resources are inclusive of Mineral Reserves.
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Mineral Reserves are estimated to total 30.7 Mt, grading 0.44 g/t Au, and containing 429 koz Au.
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Mineral Resources are estimated using a long-term gold price of US$2,200 per ounce.
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Mineral Reserves are estimated using a long-term gold price of US$2,000 per ounce.
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Adopted heap leach metallurgical recoveries are 70% for oxide and 45% for mixed material.
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Average annual production of 101 koz gold, with an estimated life of mine (“LOM”) of 4.2 years, based on Mineral Reserves.
Qualified Persons
The Aranzazu Technical Report, entitled “NI 43-101 Technical Report Aranzazu Mine, Zacatecas, Mexico” and dated March 28, 2025, with an effective date of December 31, 2024, was prepared for Aura Minerals by Murray Dunn, P.Eng., Marie-Christine Gosselin, P.Geo., Andrew Hampton, M.Sc., P.Eng., and Derek Riehm, M.A.Sc., P. Eng., all of SLR Consulting (Canada) Ltd. (the “Aranzazu Technical Report”).
The Almas Technical Report, titled “NI 43-101 Almas Project, Tocantins State, Brazil” and dated March 28, 2025, with an effective date of December 31, 2024, was authored by Antonio Caires, FAusIMM CP (Min), Linda M. Dufour, P.Eng., Renan Lopes, M.Sc., MAusIMM CP (Geo), P.Geo., and Derek J. Riehm, M.A.Sc., P.Eng (all from SLR Consulting (Canada) Ltd.)
The San Andres Technical Report, entitled “NI 43-101 Technical Report San Andrés Mine, Department of Copán, Honduras” and dated March 28, 2025, with an effective date of December 31, 2024, was prepared for Aura Minerals by Benjamin. Sanfurgo, ChMC(RM), E. Zamanillo, M.Sc., MBA, ChMC(RM), Andrew P. Hampton, P.Eng., and Derek J. Riehm, P. Eng., all of SLR Consulting (Canada) Ltd.
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 5 operating mines including the Aranzazu copper-gold-silver mine in Mexico, the Apoena, Almas and Borborema gold mines in Brazil, and the Minosa (San Andres) mine in Honduras. The Company’s development projects include Cerro Blanco in Guatemala and Matupá 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 Carajas (Serra da Estrela) copper project in the prolific Carajás region of Brazil.
Caution Regarding Mineral Resource and Mineral Reserve Estimates
The figures for mineral resources and reserves contained herein are estimates only and no assurance can be given that the anticipated tonnages and grades will be achieved, that the indicated level of recovery will be realized or that the mineral resources and reserves could be mined or processed profitably. Actual reserves, if any, may not conform to geological, metallurgical or other expectations, and the volume and grade of ore recovered may be below the estimated levels. There are numerous uncertainties inherent in estimating mineral resources and reserves, including many factors beyond the Company’s control. Such estimation is a subjective process, and the accuracy of any reserve or resource estimate is a function of the quantity and quality of available data and of the assumptions made and judgments used in engineering and geological interpretation. Short-term operating factors relating to the mineral resources and reserves, such as the need for orderly development of the ore bodies or the processing of new or different ore grades, may cause the mining operation to be unprofitable in any particular accounting period. In addition, there can be no assurance that metal recoveries in small scale laboratory tests will be duplicated in larger scale tests under on-site conditions or during production. Lower market prices, increased production costs, the presence of deleterious elements, reduced recovery rates and other factors may result in revision of its resource and reserve estimates from time to time or may render the Company’s resources and reserves uneconomic to exploit. Resource and reserve data is not indicative of future results of operations. If the Company’s actual mineral resources and reserves are less than current estimates or if the Company fails to develop its resource base through the realization of identified mineralized potential, its results of operations or financial condition may be materially and adversely affected.
Caution Regarding Forward-Looking Information and Statements
All statements other than statements of historical fact are forward-looking statements. Forward-looking statements relate to future events or future performance and reflect the Company’s current estimates, predictions, expectations or beliefs regarding future events and include, without limitation, statements with respect to future production, life of mine and mineral and resource and
mineral reserve estimates on the Aranzazu Mine, Almas Mine and Minosa.. Often, but not always, forward-looking statements may be identified by the use of words such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions.
Forward-looking information is based upon estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this news release including, without limitation, assumptions about: exploration development, and production from the Company’s Aranzazu Mine, Almas Mine and Minosa; future prices of gold and other metal prices; the timing and results of exploration and drilling programs, and technical and economic studies; completion of its drilling programs; the accuracy of any Mineral Reserve and Mineral Resource estimates; the geology of the Aranzazu Mine, Almas Mine and Minosa being as described in the applicable technical reports; production costs; the accuracy of budgeted exploration and development costs and expenditures; the price of other commodities such as fuel; future currency exchange rates and interest rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; inflation rates; availability of labour and equipment; positive relations with local groups, and the Company’s ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company’s current loan arrangements. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. For further information of these and other risk factors, please see the “Risk Factors” section of the Company’s most recent annual information form, available on SEDAR+ at www.sedarplus.ca.
The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information contained herein. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.
Forward looking information contained herein is made as of the date of this news release and the Company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws
CONTACT: For further information, please contact us or follow our updates on our website and social media: Investor Relations ri@auraminerals.com www.auraminerals.com X: @AuraMineralsNA) LinkedIn: aura-minerals-inc
