Aura Minerals 9M profit hits $448M as revenue rises

Nine-month Adjusted EBITDA nearly doubled, while AISC exceeded guidance and the company signed a fleet-insourcing agreement.

Available on EDGAR 11/05/2026 - 05:30 PM EST Accepted by SEC EDGAR 11/05/2026 - 05:30 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Aura Minerals Inc. reported 9M 2026 production of 253,131 GEO, up 28% at current metal prices, and said it remained on track for 2026 guidance of 340,000–390,000 GEO. Nine-month net revenue was US$1,104.6 million, up 84%, and Adjusted EBITDA was US$677.4 million, up 99%. Q3 output was a record 95,557 GEO.

Nine-month net income was US$447.8 million, compared with a US$59.5 million loss in 9M 2025. Operating cash flow was US$397.7 million, up 86%, and recurring free cash flow was US$295.0 million, up 82%. AISC reached US$1,921/GEO, up 34% and above guidance; Aura expects costs to trend lower in Q4 2026 on higher expected production.

Aura contracted a US$200 million syndicated loan facility and signed a definitive agreement to acquire a fleet-services company operating at Apoena, Almas and Borborema, for R$612 million enterprise value (approximately US$118 million), including up to R$250 million payable in cash. Closing is subject to customary conditions, including CADE clearance. The transition is targeted for January 2027; based on internal estimates, Aura expects weighted-average AISC reductions of US$150 to US$200 per ounce of gold sold across the three operations, beginning in 2027.

3 points · 1 major

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0 major · 2 points

How the balance works

Positive

• Major pointNine-month net income reached US$447.8 million versus a US$59.5 million loss.
• Moderate pointNine-month revenue rose 84% to US$1,104.6 million.
• Moderate pointNine-month Adjusted EBITDA rose 99% to US$677.4 million.

Negative

• Moderate pointQ3 net income fell 38% sequentially to US$135.0 million.
• Moderate pointNine-month AISC rose 34% to US$1,921/GEO, above guidance.

Filing Explained

This Form 6-K furnishes interim results; at September 30, 2026, Aura reported US$418.2 million in cash and US$631.5 million in gross debt, leaving US$178.8 million in net debt.

Key Figures

Production: 253,131 GEO Net revenue: US$1,104.6 million Adjusted EBITDA: US$677.4 million +5 more

8 metrics

Production 253,131 GEO 9M 2026; up 28% at current metal prices year over year

Net revenue US$1,104.6 million 9M 2026; up 84% year over year

Adjusted EBITDA US$677.4 million 9M 2026; up 99% year over year

Net income US$447.8 million; prior-year loss US$59.5 million 9M 2026 compared with 9M 2025

Operating cash flow US$397.7 million 9M 2026; up 86% year over year

Recurring free cash flow US$295.0 million 9M 2026; up 82% year over year

All-in sustaining cost US$1,921/GEO 9M 2026; up 34% and above guidance

Net debt US$178.8 million At September 30, 2026

Key Terms

Adjusted EBITDA, Recurring Free Cash Flow, All-in Sustaining Cost, SOFR, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA reached US$677.4 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Recurring Free Cash Flow financial

"Recurring Free Cash Flow for the quarter was US$123.5 million"

All-in Sustaining Cost financial

"All-in Sustaining Cost totaled US$1,953/GEO"

All-in sustaining cost (AISC) is a per-unit measure that shows the full, ongoing cost to produce a commodity, typically an ounce of metal, including direct mining costs, sustaining capital (ongoing equipment and mine upkeep), royalties, and general overhead. For investors it matters because AISC reveals the durable earning power and true profit margin of a producer—like calculating the total monthly cost to own and operate a car to judge whether selling rides is profitable over time.

SOFR financial

"bears interest at SOFR + 2.70% per year"

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

Enterprise Value financial

"The agreed Enterprise Value is R$612 million"

Enterprise value is the total worth of a company, reflecting what it would cost to buy the entire business. It includes the company's market value plus any debts, minus its cash holdings, offering a comprehensive picture of its true value. Investors use it to compare companies regardless of their capital structures, helping them assess how much they would need to pay to acquire the business.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did AUGO produce in the first nine months of 2026?

Aura produced 253,131 GEO in 9M 2026, up 28% at current metal prices. The company said this kept it on track for full-year production guidance of 340,000–390,000 GEO.

What are the terms of AUGO's syndicated loan?

Aura contracted a US$200 million facility on September 18, 2026. It bears interest at SOFR + 2.70% per year, with a two-year grace period and a five-year maturity.

How is AUGO's fleet-insourcing purchase consideration structured?

The agreed enterprise value is R$612 million (approximately US$118 million). Up to R$250 million will be paid in cash; the remainder consists of assumed existing equipment lease financing and other contingent payments, a portion of which is subject to performance during the transition period.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2026

Commission File Number: 001-42744

Aura Minerals Inc.
(Translation of registrant's name into English)

3390 Mary St,
Suite 116, Coconut Grove,
Florida, 33133, United States
+1 (305) 239 9332
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [ X ]      Form 40-F [   ]

EXHIBIT INDEX

Exhibit Number		Description
99.1		Aura Announces Q3 2026 and 9M 2026 Earnings Results
99.2		Consolidated Financial Statements for the three and nine-months periods ended September 30, 2026 and 2025

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Aura Minerals Inc.
		(Registrant)
Date: November 5, 2026		/s/ João Kleber Cardoso
		João Kleber Cardoso
		Chief Financial Officer

Exhibit 99.1

Earnings Release Q3 2026 | 9M 2026

Miami, November 5, 2026 – “Production was the highlight of the quarter: a new record of 96k GEO, taking us to 253k GEO year-to-date, the highest nine-month result in Aura’s history and keeping us firmly on track for our 340k–390k full-year guidance. Led by a record quarter at Borborema and the continued turnaround at MSG, this operational strength translated into solid financials, with nine-month Adjusted EBITDA of $677 million — nearly double last year and already ahead of all of 2025 — and Recurring Free Cash Flow of $124 million in the quarter, funding dividends, buybacks and expansion capex with leverage stable at 0.20x. We are also moving ahead on the projects that will drive the next stage of growth: Era Dorada remains on time and on budget, the Almas and Borborema expansions are progressing, and the recent fleet insourcing is set to provide cost savings starting next year. We are delivering strong results today while building a clear path toward more than 600k GEO annually.” Commented Rodrigo Barbosa President and CEO of Aura.

Operational & Financial Headlines Q3 2026 and 9M 2026

(US$ thousand)	Q3 2026	Q2 2026	QoQ Change %	Q3 2025	YoY Change %	9M 2026	9M 2025	Change %
Total Production (GEO)	95,557	75,437	27%	74,227	29%	253,131	198,347	28%
Total Sales (GEO)	93,794	78,414	20%	74,907	25%	253,576	197,850	28%
Net Revenue	385,977	335,967	15%	247,832	56%	1,104,550	600,072	84%
Gross Profit	222,631	191,477	16%	149,609	49%	642,936	331,976	94%
Gross Margin	58%	57%	1 p.p.	60%	-3 p.p.	58%	55%	3 p.p.
Adjusted EBITDA	236,871	196,659	20%	152,105	56%	677,399	339,808	99%
Adjusted EBITDA Margin	61%	59%	3 p.p.	61%	0 p.p.	61%	57%	5 p.p.
Net Income	135,004	217,687	-38%	5,626	2300%	447,849	(59,476)	n.a.
Net Income Margin	35%	65%	-30 p.p.	2%	33 p.p.	41%	-10%	50 p.p.
Adjusted Net Income	121,208	97,414	24%	68,672	77%	322,540	132,409	144%
Adjusted Net Income Margin	31%	29%	2 p.p.	28%	4 p.p.	29%	22%	7 p.p.
Cash Cost (US$/GEO)	1,395	1,513	-8%	1,110	26%	1,460	1,133	29%
All In Sustaining cost (US$/GEO)	1,953	1,985	-2%	1,396	40%	1,921	1,433	34%
Operating Cash Flow	167,905	111,945	50%	93,096	81%	397,721	214,189	86%
Net Debt/LTM Adjusted EBITDA	0.20x	0.21x	-0.01x	0.15x	0.05x	0.20x	0.15x	0.05x
Total CAPEX	96,588	84,319	15%	31,605	206%	225,014	133,655	68%

Except as otherwise noted in this document, references herein to “US$” or and “$” are to thousands of United States dollars

Headlines

· Record High Production: Q3 2026 total production reached 95,557 GEO, a 27% increase compared to Q2 2026 and 29% higher than Q3 2025 at current metal prices (at constant prices, +26% QoQ and +25% YoY). In 9M 2026, Aura produced 253,131 GEO (255,268 GEO at constant prices), a 28% increase over 9M 2025 at current prices (+26% at constant prices) and the highest nine-month production in the Company’s history and on track to deliver its consolidated guidance of 340k – 390k GEO in 2026. Over the last twelve months, Aura produced 335,198 GEO at current prices, another record high and a 27% increase compared to the twelve-month period ended Q3 2025. Q3 2026 and 9M 2026 highlights:

o Aranzazu: 24,920 GEO (+39% QoQ; +16% YoY at current prices), mainly reflecting higher grades from mine sequencing, as planned, supported by favorable metal price effects on GEO conversion. The average realized copper price increased 6% QoQ to $6.46/lb, while the average realized gold price decreased 3% to $4,285/oz. At constant prices, production was +35% QoQ and +6% YoY, by higher grades and more copper contained in concentrate. In 9M 2026, total production reached 58,497 GEO (-9% YoY) at current prices. At constant prices, Aranzazu produced 60,634 GEO (-12% YoY), primarily due to lower grades anticipated for the first half of the year.

1

 

o Almas: 14,264 GEO (-12% QoQ; -5% YoY), mainly due to lower grades, reflecting the processing of additional ore following the plant expansion and in line with the mine sequencing plan, which moves into higher-grade areas in Q4. As result of the expansion plan, plant feed increased 31% YoY and 3% QoQ, with recovery stable at approximately 88%. In 9M 2026, production totaled 46,232 GEO (+12% YoY), as the higher plant feed enabled by the expansion more than offset the impact of lower grades. This result already represents 73% of the guidance high range.

o Apoena: 6,865 GEO (+20% QoQ; -26% YoY), with QoQ growth driven by a 27% increase in grade and higher plant feed, reflecting continued advancement of Phase 3 at the Nosde Pit, where access to the main higher-grade areas was completed during the quarter and which will be the primary source of ore in Q4. The YoY decrease was primarily due to lower plant feed and lower recovery rates. In 9M 2026, total production was 20,094 GEO (-24% YoY), mainly due to lower ore plant feed and lower grades. Aura expects higher grades in Q4 2026, keeping Apoena on track to meet its 2026 guidance.

o Borborema: 22,842 GEO (+60% QoQ; +124% YoY), a quarterly record for the operation, representing approximately 24% of Aura’s total production in Q3 2026. The increase QoQ was driven by higher grades (+42%, from 1.16 g/t to 1.65 g/t), reflecting access to higher-grade areas in line with the mine plan, and by a 14% QoQ increase in ore plant feed, supported by improved filtering performance. In 9M 2026, total production was 54,194 GEO, compared to 12,796 GEO in 9M 2025, considering that commercial production at Borborema started in the second half of 2025. This result already represents 70% of the guidance high range.

o Minosa: 13,344 GEO (-7% QoQ; -26% YoY), mainly due to lower ore plant feed, still an effect of the increase in stacking level within the leach pad, as seen in the previous quarter. In 9M 2026, production totaled 45,027 GEO (-16% YoY), mainly due to these impacts throughout the year. Even with the effects of the higher stacking level, Minosa has reached 71% of the low end of its 2026 guidance range.

o MSG: 13,321 GEO (+85% QoQ), driven by higher grades (from 0.90 g/t in Q2 2026 to 1.19 g/t in Q3 2026), an increase in ore plant feed (+28% QoQ) and a 1.9 p.p. improvement in recovery rate (89.6%), as the mine turnaround advances, with underground infrastructure and the transition to the bottom-up method progressing according to plan. In 9M 2026, production reached 29,087 GEO.

· Sales Volumes: Q3 2026 sales were 93,794 GEO, a 20% increase QoQ and 25% YoY at current prices (+7% YoY excluding MSG), mainly due to higher sales at Borborema, which posted a quarterly record, Aranzazu and MSG improvements. In 9M 2026, Aura sold 253,576 GEO, up 28% YoY, a high record result.

· Net Revenues: Q3 2026 reached US$386.0 million, up 15% QoQ and up 56% YoY, driven mainly by higher sales volumes. In 9M 2026, Net Revenue was US$1,104.6 million, up 84% compared to the same period of last year, driven by higher sales and metal prices.

o Average realized gold prices: Q3 2026: US$4,202/oz (-2% QoQ, +24% YoY). 9M 2026: US$4,436/oz (+41% YoY).

o Average realized copper prices: Q3 2026: US$6.46/lb (+6% QoQ, +45% YoY). 9M 2026: US$6.12/lb (+41% YoY).

· Adjusted EBITDA: Q3 hit US$ 236.9 million, up 20% QoQ and up 56% YoY. Driven by increase in production/ sales between the periods and also metal prices when compared YoY. In 9M 2026, Adjusted EBITDA hit US$ 677.4 million, almost double of the previous year and already 24% above the full year of 2025, also benefited by increase in production/sales and more favorable metal prices.

· AISC Performance: Q3 2026 AISC was US$1,953/GEO, a 2% decrease QoQ, as the lower AISC at Aranzazu (-25%), driven by higher grades, sales volumes and more favorable copper to gold price ratio, and at MSG (-30%), as the 85% increase in volumes diluted costs combined with higher grades, more than offset the increases at Apoena (+33%, as the increase in grade did not offset the higher sustaining CAPEX), Minosa (+15%, due to lower sales), Borborema (+14%, due to higher mine development cost as the strip ratio increased from 2.1x to 4.6x) and Almas (+6%, as lower grades). MSG (US$3,647/GEO) and Apoena (US$3,554/GEO) remained the highest AISC in the quarter, reflecting the final phases of the turn-around and the development of the Nosde pit, respectively. Compared to Q3 2025, AISC increased 40%, largely driven by the consolidation of MSG; excluding MSG, AISC was US$1,673/GEO, in line with Q2 2026 ex-MSG and up 20% YoY. In 9M 2026, AISC was US$1,921/GEO.

· Recurring Free Cash Flow: Q3 2026 US$123.5 million, +54% QoQ, benefited by higher Adjusted EBITDA and lower income taxes and hedges payments, offsetting increased CAPEX (+32% QoQ as part of the Company’s plan and in line with Guidance), and increase in working capital (stockpile and VAT). Compared to Q3 2025, RFCF increased by 66% mainly related to the higher Adjusted EBITDA. In 9M 2026, US$295.0 million (+82% YoY).

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

· Net Income: US$135.0 million, -38% QoQ mainly due to lower unrealized gain with gold derivatives (US$12.7 million in Q3 26 vs. US$126.0 million in Q2 2026). In 9M 2026, net income was US$447.8 million, benefited from an Operating Income and positive accounting impact of unrealized gains with gold derivatives.

o Excluding non-cash gain, mainly related to the MTM of gold collars, adjusted net income was US$121.2 million, +24% QoQ and +77% YoY, for the reasons discussed above.

· Net Debt Position and Financial Leverage: Q3 2026 Net Debt of US$178.8 million (0.20x Net Debt/Adjusted EBITDA LTM), almost stable when compared to the previous quarter. Dividends and shares buybacks of US$71 million and expansion capex of US$55 million were almost entirely financed by Recurring Free Cash Flow of US$ 123.5 million.

· Advancing Construction, Environment, and Community at Era Dorada, on time and on budget:

o Construction: physical progress reached 13.1%. Civil works advanced across the main process areas, and the project is moving toward electromechanical construction.

o Underground mine: development ramping up. The mining contractor mobilized, delineation and ventilation raise drilling began, and underground infrastructure and equipment are being deployed on site.

o Workforce: site activity grew significantly, with about 795 people on site, 57% from Asunción Mita.

o Safety: more than 711,000 work hours and 622 days without a lost-time injury.

o Community: engagement continued alongside construction through the Development Roundtables and Casa Era Dorada.

OTHER UPDATES:

Syndicated Loan Facility: On September 18, 2026, Aura contracted a US$200 million syndicated loan facility. The facility bears interest at SOFR + 2.70% per year, with a two-year grace period and a five-year maturity. The transaction further diversifies Aura’s funding sources and supports its growth strategy, including the construction of Era Dorada, the expansion of production capacity at Almas, the expected expansion of Borborema, and its medium-term target of producing over 600k GEO per year.

Mining Fleet Insourcing: On October 2, 2026, Aura announced that it had signed a definitive agreement to acquire a company (“Newco”) that holds the mining fleet, related equipment leases and dedicated workforce currently operated by a third-party contractor at the Apoena, Almas and Borborema gold mines, bringing fleet operation and maintenance in-house (the “Insourcing”), with the transition targeted for January 2027. The agreed Enterprise Value is R$612 million (approximately US$118 million, based on an exchange rate of R$5.18/US$1.00), of which up to R$250 million will be paid in cash, with the remainder consisting of the assumption of existing equipment lease financing and other contingent payments, a portion of which is subject to performance during the transition period. Based on the Company’s internal estimates, the Insourcing is expected to reduce all-in sustaining costs (AISC) by US$150 to US$200 per ounce of gold sold, on a weighted-average basis across the three operations, beginning in 2027. Closing is subject to customary conditions precedent, including clearance from Brazil’s Administrative Council for Economic Defense (CADE). MSG already operates its fleet mine directly.

Results Teleconference:

Date: November 6, 2026

Time: 11 a.m. (Brasília) | 9 a.m. (New York and Toronto)

Link to access: https://mzgroup.zoom.us/webinar/register/WN_1EzVZeu7RqixsdvOHEklpg#/registration

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

2. Consolidated Financial Results

2.1 Total Production and Sales (GEO)

(GEO)	Q3 2026	Q2 2026	QoQ Change %	Q3 2025	YoY Change %	9M 2026	9M 2025	Change %
Production
Aranzazu	24,920	17,882	39%	21,534	16%	58,497	64,271	-9%
Apoena	6,865	5,704	20%	9,248	-26%	20,094	26,343	-24%
Minosa	13,344	14,284	-7%	18,138	-26%	45,027	53,831	-16%
Almas	14,264	16,130	-12%	15,088	-5%	46,232	41,107	12%
Borborema	22,842	14,251	60%	10,219	124%	54,194	12,796	324%
MSG	13,321	7,186	85%	n.a.	n.a.	29,087	n.a.	n.a.
Total	95,557	75,437	27%	74,227	29%	253,131	198,347	28%

(GEO)	Q3 2026	Q2 2026	QoQ Change %	Q3 2025	YoY Change %	9M 2026	9M 2025	Change %
Sales
Aranzazu	23,250	17,764	31%	21,514	8%	57,232	64,260	-11%
Apoena	6,864	5,704	20%	9,249	-26%	20,093	26,876	-25%
Minosa	13,630	15,296	-11%	17,827	-24%	46,392	53,189	-13%
Almas	14,264	17,921	-20%	15,089	-5%	46,232	41,107	12%
Borborema	22,454	14,539	54%	11,228	100%	53,601	12,418	332%
MSG	13,331	7,191	85%	n.a.	n.a.	30,025	n.a.	n.a.
Total	93,794	78,414	20%	74,907	25%	253,576	197,850	28%

Applies the metal sale prices in Aranzazu realized during Q3 2026: Copper price = US$6.46/lb; Gold Price = US$4,285/oz; Silver Price = US$63.25/oz and Molybdenum Price = US$33.05/lb.

Production

In Q3 2026, total production reached a record 95,557 gold equivalent ounces (“GEO”), up 27% from Q2 2026 and 29% from Q3 2025 at current metal prices. At constant metal prices, production grew 26% QoQ and 25% YoY, confirming that the improvement was driven mainly by operational performance rather than by price effects.

QoQ drivers:

· Aranzazu: mine sequencing reached higher grades, with copper at 1.51% vs. 1.27% in Q2. Favorable metal prices in the copper-to-GEO conversion added to the gain.

· Borborema: record quarter. Grade rose 42% to 1.65 g/t (vs. 1.16 g/t) and plant feed rose 14% on better filtering.

· MSG: production up 85% as the turnaround advanced. Plant feed rose 28% to 381,060 t, grade improved to 1.19 g/t (vs. 0.90 g/t) and recovery gained 1.9 p.p. to 89.6%.

Lower grades at Almas and lower production at Minosa partially offset these gains. Both should recover in Q4, while Apoena is also expected to improve: Almas moves into higher-grade zones, and at Apoena, access to the main higher-grade areas of Phase 3 of the Nosde Pit was completed in Q3.

YoY drivers:

· Addition of MSG and better performance at Borborema, on higher grades and higher ore plant feed.

· Aranzazu, on favorable metal prices and higher copper content in concentrate.

· Lower output at Apoena, Almas and Minosa trimmed the gain, with Minosa still affected by the higher stacking level within the leach pad, as seen in the previous quarter and Apoena and Almas impacted mainly by mine sequencing.

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

In 9M 2026, production reached a record 253,131 GEO, the highest nine-month output in Aura’s history, up 28% at current metal prices and 26% at constant prices (255,268 GEO) from the 198,347 GEO produced in 9M 2025. These results put Aura on track to meet its 2026 consolidated production guidance of 340k–390k GEO, with 9M production representing 74% of the low end and 65% of the high end of the range.

Over the last twelve months, Aura produced 335,198 GEO at current prices, another record high and a 27% increase compared to the twelve-month period ended Q3 2025.

Sales

The same drivers shaped sales in Q3 2026, which totaled 93,794 GEO, a 20% increase compared to Q2 2026 and 25% higher than Q3 2025 (+7% excluding MSG). Aranzazu sales were lower than production in the quarter because the last shipment of the period was still in transit to the refinery. In 9M 2026, Aura sold 253,576 GEO, up 28% YoY (+13% excluding MSG).

2.2. Net Revenue

(US$ thousand)	Q3 2026	Q2 2026	QoQ Change %	Q3 2025	YoY Change %	9M 2026	9M 2025	Change %
Aranzazu	89,426	74,825	20%	67,094	33%	233,429	179,864	30%
Apoena	28,998	25,376	14%	31,223	-7%	90,188	84,287	7%
Minosa	55,570	64,286	-14%	59,204	-6%	199,876	163,042	23%
Almas	60,362	79,322	-24%	51,329	18%	208,377	130,207	60%
Borborema	95,263	63,242	51%	38,982	144%	240,493	42,672	464%
MSG	56,358	28,916	95%	n.a.	0%	132,187	n.a.	0%
Total	385,977	335,967	15%	247,832	56%	1,104,550	600,072	84%

Q3 2026 Net Revenue was US$386.0 million, up 56% YoY on higher sales and metal prices. The average realized gold price rose 24% and copper rose 45%. Quarter-over-quarter, Net Revenue rose 15% on higher sales, partially offset by a lower realized gold price.

By mine:

· Borborema: US$95.3 million (25% of total), up 51% QoQ and 144% YoY, on record production and sales, higher grades and plant feed, and higher gold prices.

· Aranzazu: US$89.4 million, up 20% QoQ and 33% YoY, on higher grades and sales and a 6% QoQ rise in the realized copper price to US$6.46/lb.

· Almas: US$60.4 million, down 24% QoQ on lower sales and grades due to mine sequence and in line with the plan. It was up 18% YoY because higher gold prices more than offset lower volumes.

· MSG: US$56.4 million, up 95% QoQ as the turnaround advanced and production rose 85%.

· Minosa: US$55.6 million, down 14% QoQ and 6% YoY on lower production/ sales as explained.

· Apoena: US$29.0 million, up 14% QoQ on higher grades and sales, down 7% YoY.

In 9M 2026, Net Revenue was US$1,104.6 million, up 84% YoY, primarily driven by the strong increase in production of 28% as discussed above and the increase of 41% in the average realized gold price (US$4,436/oz vs. US$3,146/oz).

2.3. Cost and Gross Profit

(US$ thousand)	Q3 2026	Q2 2026	QoQ Change %	Q3 2025	YoY Change %	9M 2026	9M 2025	Change %
Net Revenue	385,977	335,967	15%	247,832	56%	1,104,550	600,072	84%
Cost of goods sold	(163,346)	(144,490)	13%	(98,223)	66%	(461,614)	(268,096)	72%
Cost of production	(85,452)	(72,546)	18%	(44,745)	91%	(241,526)	(134,134)	80%
Cost of production – Contractors	(23,058)	(23,132)	0%	(26,437)	-13%	(62,779)	(59,433)	6%
Direct mine and mill costs – Salaries	(22,352)	(22,944)	-3%	(11,983)	87%	(65,992)	(30,659)	115%
Depreciation and amortization	(32,484)	(25,868)	26%	(15,058)	116%	(91,317)	(43,870)	108%
Gross Profit	222,631	191,477	16%	149,609	49%	642,936	331,976	94%
Gross Margin	58%	57%	1 p.p.	60%	-3 p.p.	58%	55%	3 p.p.

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

In Q3 2026, Cost of Goods Sold (COGS) totaled US$163.4 million, up 13% from Q2 2026 and 66% from Q3 2025. QoQ, it was driven mainly by Borborema, on a higher strip ratio and MSG, as expected given the greater volume of ore moved. Over Q3 2025 (YoY), it was driven by the Company’s larger asset with the addition of MSG (acquisition closed in Dec 2025) added US$40.9 million and Borborema (commercial production in Sep 2025) US$17.4 million.

In 9M 2026, COGS was US$461.6 million, up 72% from US$268.1 million, mainly from Borborema’s commercial production and the addition of MSG, which together added US$169.0 million. Net Revenue grew 84%, so Gross Profit rose 94% to US$643.0 million and Gross Margin expanded 3 p.p. to 58%.

Gross Profit

In Q3 2026 was US$222.6 million, up 16% from Q2 2026 and 49% from Q3 2025, as the increase in Net Revenue more than offset the increase in COGS. Gross Margin was 58%, up 1 p.p. QoQ on lower unit costs, and down 3 p.p. YoY, as COGS (+66%) grew faster than Net Revenue (+56%).

2.4. Cash Cost and All in Sustaining Costs

(US$/GEO)	Q3 2026	Q2 2026	QoQ Change %	Q3 2025	YoY Change %	9M 2026	9M 2025	Change %
Cash Cost	1,395	1,513	-8%	1,110	26%	1,460	1,133	29%
Aranzazu	1,131	1,409	-20%	1,133	0%	1,338	1,135	18%
Apoena	1,795	1,886	-5%	1,082	66%	1,666	1,159	44%
Minosa	1,473	1,308	13%	1,192	24%	1,311	1,173	12%
Almas	1,239	1,156	7%	986	26%	1,196	1,069	12%
Borborema	1,070	991	8%	1,127	-5%	1,089	1,109	-2%
MSG	2,286	3,852	-41%	n.a.	0%	2,855	n.a.	0%
Ex-MSG	1,248	1,277	-2%	1,110	12%	1,273	1,133	12%
All-in Sustaining Cost	1,953	1,985	-2%	1,396	40%	1,921	1,433	34%
Aranzazu	1,425	1,897	-25%	1,511	-6%	1,748	1,523	15%
Apoena	3,554	2,668	33%	1,791	98%	2,769	1,867	48%
Minosa	1,775	1,545	15%	1,372	29%	1,547	1,305	19%
Almas	1,722	1,626	6%	1,128	53%	1,580	1,223	29%
Borborema	1,261	1,102	14%	1,237	2%	1,216	1,256	-3%
MSG	3,647	5,277	-31%	n.a.	0%	4,043	n.a.	0%
Ex-MSG	1,673	1,653	1%	1,396	20%	1,636	1,433	14%

Cash Cost

In Q3 2026 was US$1,395/GEO, -8% from Q2 2026 and +26% over Q3 2025, +12% excluding MSG, which was not consolidated in Q3 2025.

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

QoQ drivers:

· MSG: -41% as the turnaround advanced and production rose 85% QoQ on higher processed volumes, higher grades and improved recovery (see section 3.6).

· Aranzazu also stood out, with -20%, supported by higher processed volumes and higher grades following mine sequencing.

· Apoena’s also decreased 5% in Cash Cost, as production increased.

YoY drivers:

· MSG: Inclusion of MSG.

· Apoena: lower production.

· Minosa: lower production and higher costs due to effect of the increase in stacking level within the leach pad seen.

· Almas: higher strip ratio and lower grades.

In 9M 2026 Cash Cost was US$1,460/GEO (US$1,273/GEO excluding MSG), up 29% versus 9M 2025 (12% excluding MSG)

AISC

Following the same trend as Cash Cost, AISC totaled US$1,953/GEO in Q3 2026, -2% QoQ and +40% YoY. Over Q2 2026 (QoQ), the main offset was Apoena, where AISC rose 33% to US$3,554/GEO, although grades improved QoQ, the increase was not sufficient to offset higher sustaining development CAPEX at Nosde. YoY drivers were Apoena’s CAPEX, and Almas (+53%) on higher sustaining CAPEX to develop the Paiol pit, and inclusion of MSG. Excluding MSG, AISC increased 20% YoY. The negative FX impact in the 9M 2026 compared to the 9M 2025 is estimated to be ~8% for the Brazilian business units from the appreciation of the Brazilian real and ~ 5% for Aranzazu from the appreciation of the Mexican peso.

In 9M 2026, AISC was US$1,921/GEO, up 34% YoY, mainly reflecting the inclusion of MSG, as well as higher AISC at Apoena (+48%) and Almas (+29%). Excluding MSG, US$1,636/GEO, up 14%. While 9M 2026 AISC exceeded guidance, the Company expects costs to trend lower in Q4 2026, driven by higher expected production.

2.5. Operating Expenses

(US$ thousand)	Q3 2026	Q2 2026	QoQ Change %	Q3 2025	YoY Change %	9M 2026	9M 2025	Change %
Gross Profit	222,631	191,477	16%	149,609	49%	642,936	331,976	94%
Operational Expenses	(17,994)	(16,176)	11%	(13,526)	33%	(57,679)	(38,229)	51%
General and administrative expenses	(17,555)	(22,477)	-22%	(10,371)	69%	(55,774)	(31,291)	78%
Exploration expenses	(3,492)	(3,569)	-2%	(2,333)	50%	(9,420)	(5,423)	74%
Other Income/Expenses	3,053	9,870	-69%	(822)	n.a	7,515	(1,515)	n.a.
Operating income	204,637	175,301	17%	136,083	50%	585,257	293,747	99%

General and Administrative

In Q3 2026, expenses totaled US$17.6 million in Q3 2026, down 22% QoQ because Q2 included a non-recurring US$4.7 million provision for judicial contingencies at Apoena (which US$2.3 million impacted Q3 2026) and MSG personnel turnover costs. Up 69% YoY, due to the consolidation of Borborema and MSG, non-recurring contingency at Apoena (US$ 2.3 million), non-cash expenses related to DSU liabilities (US$ 1.5 million), impacted by the increase in our share price) and increase in expenses related to the growth of the Company and obligations following our Nasdaq listing.

In 9M 2026, G&A totaled US$55.8 million, a 78% increase from US$31.3 million in 9M 2025, mainly driven by the reasons above.

Exploration expenses

In Q3 2026, totaled US$3.5 million in Q3 2026, a decrease of 2% QoQ primarily because of higher exploration initiatives at Almas UG and Aranzazu +50% compared to Q3 2025 (US$2.3 million), primarily because of higher exploration initiatives at Almas UG and Aranzazu.

In 9M 2026, exploration expenses totaled US$9.4 million, a 74% increase from US$5.4 million in 9M 2025, and in line with the Company`s exploration plan across our business units for 2026.

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

Other Income/Expenses

In Q3 2026, net income of US$3.1 million in Q3 2026, compared with net income of US$9.9 million in Q2 (+ US$11.0 million gain in Q2 26 related São Francisco mine sale).

In 9M 2026, the Company recorded net Other Income of US$7.5 million, compared to an expense of US$1.5 million in 9M 2025.

Operating Income

In Q3 2026 was US$204.6 million, +17% QoQ, mainly reflecting the growth in Gross Profit and lower G&A expenses, partially offset by the absence of the positive Other Income recorded in the prior quarter. YoY, +50% compared to US$136.1 million in Q3 2025, driven by the 49% growth in Gross Profit, offsetting Operating Expenses.

In 9M 2026, Operating Income totaled US$585.3 million, an increase of 99% compared to US$293.7 million in 9M 2025, reflecting the 94% increase in Gross Profit, partially offset by growth in G&A and exploration expenses.

2.6. Adjusted EBITDA

(US$ thousand)	Q3 2026	Q2 2026	QoQ Change %	Q3 2025	YoY Change %	9M 2026	9M 2025	Change %
Operating Income	204,637	175,301	17%	136,083	50%	585,257	293,747	99%
Depreciation and Amortization	32,971	26,529	24%	15,200	117%	92,641	44,546	108%
Other Expenses	(3,053)	(9,870)	n.a.	822	n.a.	(7,515)	1,515	n.a.
Provision for contingent liabilities	2,316	4,699	n.a.	n.a.	n.a.	7,016	n.a.	n.a.
Adjusted EBITDA	236,871	196,659	20%	152,105	56%	677,399	339,808	99%
Aranzazu	60,149	47,402	27%	39,646	52%	148,941	99,900	49%
Almas	41,130	56,159	-27%	34,525	19%	147,009	81,661	80%
Borborema	69,781	47,297	48%	25,144	178%	178,017	27,356	551%
Minosa	34,500	43,249	-20%	35,478	-3%	135,854	96,124	41%
Apoena	14,747	13,675	8%	20,735	-29%	52,697	50,432	4%
MSG	24,402	(1,116)	n.a	n.a.	n.a	40,726	n.a.	n.a
Corporate, Projects and Other	(7,838)	(10,007)	-22%	(3,423)	129%	(25,845)	(15,665)	65%
Adjusted EBITDA Margin	61%	59%	3 p.p.	61%	0 p.p.	61%	57%	5 p.p.

Adjusted EBITDA was US$236.9 million in Q3 2026 (+20% QoQ and +56% YoY), with an Adjusted EBITDA Margin of 61%.

QoQ drivers:

· MSG: which shifted from a negative contribution in the previous quarter to a strong positive result, due the ramp up of the operation;

· Borborema (+48%) and Aranzazu (+27%), both of which recorded solid growth.

· Better cost performance: Cash cost per GEO (-8%) and lower G&A.

YoY drivers:

· Borborema ramp up (+US$44.6 million) and MSG addition (+US$24.4 million) together accounting for 81% of the increase.

· Higher realized gold and copper prices (+24% and +45%, respectively)

· Offsets: Apoena’s Adjusted EBITDA (-29%) on lower sales and higher costs, while Corporate, Projects and Other costs were US$(7.8) million.

In 9M 2026, Adjusted EBITDA reached US$677.4 million, nearly double the 9M 2025 result (US$339.8 million), with a margin of 61% vs. 57% in 9M 2025, supported by a 28% increase in sales and a 41% jump in the average realized gold price, offsetting a 29% increase in cash cost. Borborema full ramp up and MSG (first time contribution) were the main drivers of growth. Almas, Aranzazu and Minosa also delivered solid growth, while Apoena was slightly above the previous year.

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

2.7. Financial Result

(US$ thousand)	Q3 2026	Q2 2026	QoQ Change %	Q3 2025	YoY Change %	9M 2026	9M 2025	Change %
EBIT	204,637	175,301	17%	136,083	50%	585,257	293,747	99%
Financial Result	(26,449)	61,054	-143%	(102,565)	-74%	(34,316)	(283,806)	-88%
Accretion expense	(2,111)	(1,981)	7%	(2,980)	-29%	(6,371)	(5,780)	10%
Lease interest expense	(1,105)	(667)	66%	(824)	34%	(2,582)	(2,580)	0%
Interest expense on loans and debentures	(7,923)	(6,266)	26%	(5,786)	37%	(20,576)	(17,639)	17%
Finance cost on post-employment benefit	(591)	(595)	-1%	(535)	10%	(1,784)	(1,620)	10%
Unrealized gain/(loss) with derivative gold collars	0	0	0%	(75,252)	n.a	0	(199,766)	n.a.
Realized loss with derivative gold collars	(33,602)	(37,249)	-10%	(17,130)	96%	(104,176)	(34,869)	199%
Loss on other derivative transactions		(1,981)	n.a	(685)	n.a	0	(3,817)	n.a.
Foreign exchange		(10,908)	n.a	(36)	n.a	(1,428)	(5,674)	-75%
Change in liability measured at fair value	(1,951)	(1,935)	1%	(1,036)	88%	(8,912)	(7,420)	20%
Loss on settlement of liability with equity instruments	0	0	0%	0	0%	0	(8,768)	n.a.
Other finance costs	(1,369)	(4,622)	-70%	(585)	134%	(8,487)	(1,312)	547%
Finance expenses	(48,652)	(66,204)	-27%	(104,849)	-54%	(154,316)	(289,245)	-47%
Gain on other derivative transactions	3,998	0	n.a.	0	0	829	0	n.a.
Unrealized gain/loss with gold derivative	12,729	126,013	-90%	0	0%	114,637	0	n.a.
Foreign exchange	4,007	0	0%	0	0%	0	0	n.a.
Interest income	1,469	1,245	18%	2,284	-36%	4,534	5,439	-17%
Finance income	22,203	127,258	-83%	2,284	872%	120,000	5,439	2106%
Profit/ (loss) before income taxes	178,188	236,355	-25%	33,518	432%	550,941	9,941	5442%

The Company’s net Financial Result in Q3 2026 was a loss of US$26.4 million, compared to a gain of US$61.0 million recorded in Q2 2026 and a loss of (US$102.6) million in Q3 2025, impacted by:

· Unrealized gain on gold hedges of US$12.7 million in Q3 2026, arising from mark-to-market (MTM) adjustments related to outstanding gold hedge positions, mainly due to the settlement of gold collars during the quarter (“realized losses”). In accordance with IFRS standards, the Company records MTM adjustments at the end of each reporting period for all outstanding derivative positions.

· Realized losses with gold hedges of US$33.6 million in Q3 2026 were related to cash settlement of outstanding gold collars during the quarter, driven by the expiration of gold collars within the quarter.

In 9M 2026, the Financial Result was US$(34.3) million, an improvement compared to a loss of US$ (283.8) million recorded in 9M 2025, impacted by:

· Unrealized gain on gold hedges of US$114.6 million in 9M 2026, arising from mark-to-market (MTM) adjustments related to outstanding gold hedge positions, reflecting mainly due to the settlement of gold collars during the period (“realized losses”).

· Realized losses with gold hedges of US$104.2 million in 9M 2026 were related to cash settlement of outstanding gold collars during the period, driven by the expiration of gold collars within the quarter. All of Aura’s outstanding gold collars (148,496 Ozs) are associated with the future production of Borborema and will expire between October/2026 and June/2028. As previously disclosed, an estimated 80% of the production for the first 3 years of the Borborema were hedged in 2023 at ceiling prices of US$2,400 per Oz.

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

2.8. Net Income

(US$ thousand)	Q3 2026	Q2 2026	QoQ Change %	Q3 2025	YoY Change %	9M 2026	9M 2025	Change %
Profit/ (loss) before income taxes	178,188	236,355	-25%	33,518	432%	550,941	9,941	5442%
Total taxes	(43,184)	(18,668)	131%	(27,892)	55%	(103,092)	(69,417)	49%
Current income tax expense	(48,570)	(19,794)	145%	(38,402)	26%	(115,773)	(88,767)	30%
Deferred income tax expense	5,386	1,126	378%	10,510	-49%	12,681	19,350	-34%
Profit/(loss) for the period	135,004	217,687	-38%	5,626	2300%	447,849	(59,476)	n.a.
Net Margin	35%	65%	-30 p.p.	2%	33 p.p.	41%	-10%	50 p.p.
Unrealized gain/(loss) with derivative gold collars	12,729	126,013	-90%	(75,252)	n.a.	114,637	(199,766)	n.a.
Foreign Exchange	4,007	(10,908)	n.a.	(36)	n.a.	(1,428)	(5,674)	-75%
Deferred taxes on non-monetary items	(2,940)	5,168	n.a.	12,242	n.a.	12,100	22,323	-46%
Loss on settlement of liability with equity instruments	0	0	n.a.	0	n.a.	0	(8,768)	n.a.
Adjusted Net Income	121,208	97,414	24%	68,672	77%	322,540	132,409	144%

Net Income in Q3 2026 was US$135.0 million, down from US$217.7 million in Q2 2026 and up from US$5.6 million in Q3 2025.

• QoQ: the unrealized gain on gold hedges fell to US$12.7 million from US$126.0 million in Q2. That drop more than offset the higher Operating Income.
• YoY: driven by higher Operating Income and by the mark-to-market (MTM) on open gold hedge positions. MTM was a US$12.7 million gain, compared with a US$(75.3) million loss in Q3 2025.

In 9M 2026, Net Income reached US$447.8 million, compared to a Net Loss of US$(59.5) million in 9M 2025, also mainly due to the improvement in Operating Income and MTM adjustments of gold hedge position, which shifted from an unrealized loss in 9M 2025 to an unrealized gain of US$114.6 million in 9M 2026.

Adjusted Net Income

As a result of the increase in the Company's Operating Income, Adjusted Net Income in Q3 2026 was US$121.2 million, compared to US$68.7 million in Q3 2025, excluding:

· Non-cash gain related to gold hedges: US$12.7 million

· FX gain: US$4.0 million

· Deferred taxes over non-monetary items: US$(2.9) million

In 9M 2026, Adjusted Net Income was US$322.5 million, compared to US$132.4 million in 9M 2025, excluding:

· Non-cash gain related to gold hedges: US$114.6 million

· FX losses: US$(1.4) million

· Deferred taxes over non-monetary items: US$12.1 million

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

3. Performance of the Operating Units

3.1 Aranzazu

(US$ thousand)	Q3 2026	Q2 2026	QoQ Change %	Q3 2025	YoY Change %	9M 2026	9M 2025	Change %
Production at Constant Prices (GEO)¹	24,920	18,405	35%	23,449	6%	60,634	69,040	-12%
Production at Current Prices (GEO)	24,920	17,882	39%	21,534	16%	58,497	64,271	-9%
Sales (GEO)	23,250	17,764	31%	21,514	8%	57,232	64,260	-11%
Cash Cost (US$/GEO)	1,131	1,409	-20%	1,133	0%	1,338	1,135	18%
AISC (US$/GEO)	1,425	1,897	-25%	1,511	-6%	1,748	1,523	15%
Net Revenue	89,426	74,825	20%	67,094	33%	233,429	179,864	30%
Cost of goods sold	(33,006)	(31,424)	5%	(29,631)	11%	(96,909)	(90,934)	7%
Gross Profit	56,420	43,401	30%	37,463	51%	136,520	88,930	54%
Expenses	(3,461)	(2,348)	47%	(2,727)	27%	(9,564)	(8,622)	11%
General and administrative expenses	(1,426)	(1,249)	14%	(1,784)	-20%	(4,262)	(5,074)	-16%
Exploration expenses	(1,553)	(1,146)	36%	(675)	130%	(3,634)	(2,178)	67%
Other income (expenses)	(482)	47	n.a.	(268)	80%	(1,668)	(1,370)	22%
EBIT	52,959	41,053	29%	34,736	52%	126,956	80,308	58%
Adjusted EBITDA	60,149	47,402	27%	39,646	52%	148,941	99,900	49%
Financial Result	852	(2,310)	n.a.	(2,173)	n.a.	(1,494)	(5,969)	-75%
Financial Income	94	51	84%	10	n.a.	258	10	n.a.
Financial expenses	758	(2,361)	n.a.	(2,183)	n.a.	(1,752)	(5,979)	-71%
EBT	53,811	38,743	39%	32,563	65%	125,462	74,339	69%
Total taxes	(12,900)	(12,033)	7%	(8,088)	59%	(34,165)	(28,003)	22%
Current income tax expense	(13,855)	(12,870)	8%	(10,248)	35%	(37,151)	(29,714)	25%
Deferred income tax expense	955	837	14%	2,160	-56%	2,986	1,711	75%
Profit for the period	40,911	26,710	53%	24,475	67%	91,297	46,336	97%
Mining & Processing
Ore mined (t)	330,257	302,118	9%	323,154	2%	948,539	934,894	1%
Ore milled (t)	340,081	300,220	13%	309,398	10%	943,660	907,530	4%
Grade
Copper (%)	1.51%	1.27%	19%	1.55%	-3%	1.32%	1.54%	-14%
Gold (g/t)	0.79	0.72	10%	0.83	-5%	0.73	0.86	-15%
Silver (g/t)	22.48	18.52	21%	22.26	1%	19.48	22.24	-12%
Recovery
Copper (%)	89.2%	89.0%	0.2 p.p.	91.9%	-2.7 p.p.	89.6%	91.1%	-1.5 p.p.
Gold (%)	81.3%	78.8%	2.5 p.p.	80.8%	0.5 p.p.	80.1%	81.7%	-1.6 p.p.
Silver (%)	59.4%	61.5%	-2.0 p.p.	63.6%	-4.2 p.p.	60.8%	63.9%	-3.2 p.p.
Molybdenum (%)	50.0%	63.9%	-14.0 p.p.	61.3%	-11.3 p.p.	53.1%	51.9%	1.3 p.p.

Applies the metal sale prices in Aranzazu realized during Q3 2026: Copper price = US$6.46/lb; Gold Price = US$4,285/oz; Silver Price = US$63.25/oz and Molybdenum Price = US$33.05/lb.

Production: Aranzazu’s Q3 2026 production reached 24,920 GEO at current prices, +39% QoQ, mainly on higher grades (in line with mine sequencing) and favorable copper-to-GEO conversion. Realized copper price rose 6% QoQ to $6.46/lb, while gold fell 3% to $4,285/oz and silver fell 11% to $63.25/oz. At constant prices, production was +35% QoQ, driven by higher grades and 13% higher ore milled, supported by the plant expansion. YoY, production was +16% at current prices and +6% at constant prices, mainly due to a 10% increase in ore milled and 2% higher ore mined, partially offset by slightly lower grades and lower copper recoveries. Sales totaled 23,250 GEO (+31% QoQ, +8% YoY), below production as the quarter’s last shipment was still in transit to the refinery.

In 9M 2026, production was 58,497 GEO at current prices (60,634 GEO at constant prices), -9% and -12% YoY respectively, due to lower first-half grades as expected in the mine sequencing, partially offset by the strong Q3. Sales totaled 57,232 GEO, -11% vs. 64,260 GEO in 9M 2025.

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

Net Revenue: was US$89.4 million in Q3 2026, +20% QoQ, driven by higher sales volume (+31%) and a higher realized copper price (+6%), partially offset by lower realized gold (-3%) and silver (-11%) prices. YoY, Net Revenue was +33%, supported by higher realized copper (+45%) and gold (+23%) prices and higher sales volumes. In 9M 2026, Net Revenue totaled US$233.4 million, +30% vs. US$179.9 million in 9M 2025, as higher metal prices more than offset 11% lower sales volumes, in line with the mine sequencing.

Costs: COGS was US$33.0 million in Q3 2026, +5% QoQ (well below the 31% sales volume increase) and +11% YoY, both impacted by inflation and Mexican Peso appreciation. Cash Cost was US$1,131/GEO, -20% QoQ on higher sales volumes, lower mine costs and the effect of lower gold prices on GEO conversion, and in line with Q3 2025 (US$1,133/GEO).

AISC was US$1,425/GEO, -25% QoQ, due to the dilution effect of higher sales and a 26% reduction in sustaining CAPEX (US$7.3 million to US$5.4 million), with G&A stable at US$1.0 million. YoY, AISC was -6%, supported by stable Cash Cost, the dilution effect of 8% higher sales and lower sustaining CAPEX, G&A and lease payments. In 9M 2026, COGS was +7% YoY, Cash Cost averaged US$1,338/GEO (+18%) and AISC reached US$1,748/GEO (+15%), both mainly driven by lower sales volumes.

Expenses: G&A was US$1.4 million in Q3 2026, +14% QoQ and -20% YoY, both impacted by third-party services. Exploration expenses were US$1.6 million (+36% QoQ, +130% YoY), reflecting increased exploration of regional targets. Total expenses were US$3.5 million (+47% QoQ, +27% YoY); the QoQ change was driven by G&A and exploration, and the YoY change mainly by exploration, partially offset by lower G&A. In 9M 2026, total expenses were US$9.6 million (+11%), as exploration (+67% to US$3.6 million) more than offset the 16% reduction in G&A.

Profitability: Adjusted EBITDA reached US$60.1 million in Q3 2026, +27% QoQ on higher net revenue from increased production and lower costs, and +52% YoY on higher copper prices and production. In 9M 2026, Adjusted EBITDA totaled US$148.9 million (+49% YoY). Net income was US$40.9 million in the quarter (+53% QoQ, +67% YoY) and US$91.3 million in 9M 2026 (+97% YoY), driven by higher revenues from 41% higher copper prices, despite lower production.

3.2 Apoena

(US$ thousand)	Q3 2026	Q2 2026	QoQ Change %	Q3 2025	YoY Change %	9M 2026	9M 2025	Change %
Production (GEO)	6,865	5,704	20%	9,248	-26%	20,094	26,343	-24%
Sales (GEO)	6,864	5,704	20%	9,249	-26%	20,093	26,876	-25%
Cash Cost (US$/GEO)	1,795	1,886	-5%	1,082	66%	1,666	1,159	44%
AISC (US$/GEO)	3,554	2,668	33%	1,791	98%	2,769	1,867	48%
Net Revenue	28,998	25,376	14%	31,223	-7%	90,188	84,287	7%
Cost of goods sold	(16,560)	(15,538)	7%	(15,307)	8%	(48,328)	(44,681)	8%
Gross Profit	12,438	9,838	26%	15,916	-22%	41,860	39,606	6%
Expenses	(3,369)	5,104	n.a.	(390)	764%	574	(2,700)	n.a.
General and administrative expenses	(3,578)	(5,459)	-34%	(292)	1125%	(10,040)	(2,529)	297%
Exploration expenses	(693)	(210)	230%	(82)	745%	(1,080)	(268)	303%
Other income (expenses)	902	10,773	-92%	(16)	n.a.	11,694	97	11956%
EBIT	9,069	14,942	-39%	15,526	-42%	42,434	36,906	15%
Adjusted EBITDA	14,747	13,675	8%	20,735	-29%	52,697	50,432	4%
Financial Result	(3,798)	(2,051)	85%	(5,386)	-29%	(7,862)	(13,519)	-42%
Financial Income	153	32	378%	234	-35%	524	393	33%
Financial expenses	(3,951)	(2,083)	90%	(5,620)	-30%	(8,386)	(13,912)	-40%
EBT	5,271	12,891	-59%	10,140	-48%	34,572	23,387	48%
Total taxes	(2,124)	(2,924)	-27%	(717)	196%	(7,852)	(586)	1240%
Current income tax expense	(4,010)	(568)	606%	(893)	349%	(5,281)	(2,418)	118%
Deferred income tax expense	1,886	(2,356)	n.a.	176	972%	(2,571)	1,832	n.a.
Profit for the period	3,147	9,967	-68%	9,423	-67%	26,720	22,801	17%
Mining & Processing
Total mined (t)	6,747,881	8,040,895	-16%	6,238,448	8%	21,376,275	16,530,506	29%
Waste to ore ratio	16.46	30.33	-46%	19.04	-14%	17.74	13.80	28%
Ore plant feed (t)	378,298	326,366	16%	398,673	-5%	1,031,133	1,157,914	-11%
Grade (g/t)	0.74	0.59	27%	0.74	1%	0.71	0.76	-6%
Recovery (%)	86.9%	90.5%	-3.6 p.p.	94.8%	-7.9 p.p.	89.8%	94.1%	-4.3 p.p.

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

Production: Apoena’s Q3 2026 production totaled 6,865 GEO, +20% QoQ, mainly on higher grades (reflecting continued advancement of Phase 3 at the Nosde Pit) and higher ore plant feed, supported by the characteristics of the processed material. These gains were partially offset by lower recovery, also impacted by ore characteristics. YoY, production was -26%, primarily due to lower ore plant feed, as planned, and lower recovery, with grade in line with the prior year.

In 9M 2026, production was 20,094 GEO, -24% vs. 26,343 GEO in 9M 2025, mainly due to lower ore plant feed and lower grades. In both quarter and the nine-month period, sales equaled production.

Net Revenue: was US$29.0 million in Q3 2026, +14% QoQ on 20% higher sales, and -7% YoY, driven primarily by lower production. In 9M 2026, Net Revenue totaled US$90.2 million, +7% YoY, for the same reasons described above.

Cost: COGS was US$16.6 million in Q3 2026, +7% QoQ (well below the 20% increase in sales volumes), driven largely by higher ore mined. YoY, COGS was +8% for the same reason, combined with the appreciation of the Brazilian Real against the US dollar (approximately 6% on average). Cash Cost was US$1,795/GEO, -5% QoQ on 20% higher sales volumes, and +66% YoY, mainly due to lower sales volumes reflecting lower plant feed and recovery. In 9M 2026, COGS totaled US$48.3 million (+8% YoY) while sales volumes fell 25%; Cash Cost averaged US$1,666/GEO, +44% vs. US$1,159/GEO in 9M 2025.

AISC was US$3,554/GEO in Q3 2026, +33% QoQ and +98% YoY, while Cash Cost decreased 5%. Although grades improved QoQ, the increase was not sufficient to offset higher sustaining development CAPEX at Nosde. Total CAPEX impacting AISC was US$7.6 million, vs. US$3.7 million in Q2 2026.

Expenses: G&A was US$3.6 million in Q3 2026, -34% QoQ, reflecting a lower impact from non-recurring provisions for judicial contingencies (US$2.3 million in Q3 vs. US$4.7 million in Q2 2026). Exploration expenses increased QoQ and YoY on higher regional mapping activity at the Jiboinha, Guaporé-Sararé and Serra Dourada targets. Other income was US$0.9 million, vs. US$10.8 million in Q2 2026, which included the gain on the sale of São Francisco.

Profitability: Adjusted EBITDA reached US$14.7 million in Q3 2026, approximately +8% QoQ and -29% YoY. QoQ, Gross Profit rose 26% to US$12.4 million on 20% higher sales volumes, partially offset by higher G&A and exploration expenses (Q2 2026 included a one-time, non-recurring provision of US$4.7 million, excluded from Adjusted EBITDA). YoY, the decrease reflects 26% lower sales volumes, partially offset by higher gold prices.

In 9M 2026, Adjusted EBITDA reached US$52.7 million, in line with 9M 2025, as a 41% higher average realized gold price offset 25% lower sales volumes, lifting Gross Profit 6% to US$41.9 million. This gain was absorbed by higher G&A (excluding the Q2 2026 non-recurring provision) and higher exploration expenses.

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

3.3 Minosa

(US$ thousand)	Q3 2026	Q2 2026	QoQ Change %	Q3 2025	YoY Change %	9M 2026	9M 2025	Change %
Production (GEO)	13,344	14,284	-7%	18,138	-26%	45,027	53,831	-16%
Sales (GEO)	13,630	15,296	-11%	17,827	-24%	46,392	53,189	-13%
Cash Cost (US$/GEO)	1,473	1,308	13%	1,192	24%	1,311	1,173	12%
AISC (US$/GEO)	1,775	1,545	15%	1,372	29%	1,547	1,305	19%
Net Revenue	55,570	64,286	-14%	59,204	-6%	199,876	163,042	23%
Cost of goods sold	(21,049)	(21,346)	-1%	(22,486)	-6%	(65,075)	(66,018)	-1%
Gross Profit	34,521	42,940	-20%	36,718	-6%	134,801	97,024	39%
Expenses	(1,159)	(1,479)	-22%	(2,312)	-50%	(3,883)	(5,104)	-24%
General and administrative expenses	(976)	(1,004)	-3%	(1,271)	-23%	(3,081)	(3,572)	-14%
Exploration expenses	(19)	(19)	0%	(760)	-98%	(103)	(1,260)	-92%
Other income (expenses)	(164)	(456)	-64%	(281)	-42%	(699)	(272)	157%
EBIT	33,362	41,461	-20%	34,406	-3%	130,918	91,920	42%
Adjusted EBITDA	34,500	43,249	-20%	35,478	-3%	135,854	96,124	41%
Financial Result	(1,286)	(1,252)	3%	(1,147)	12%	(3,784)	(3,901)	-3%
Financial Income	-	89	-100%	86	-100%	154	268
Financial expenses	(1,286)	(1,341)	-4%	(1,233)	4%	(3,938)	(4,169)	-6%
Profit before income taxes	32,076	40,209	-20%	33,259	-4%	127,134	88,019	44%
Total taxes	(8,056)	(9,865)	-18%	(8,350)	-4%	(32,691)	(21,993)	49%
Current income tax expense	(8,452)	(10,707)	-21%	(8,725)	-3%	(33,648)	(23,110)	46%
Deferred income tax expense	396	842	-53%	375	6%	957	1,117	-14%
Profit for the period	24,020	30,344	-21%	24,909	-4%	94,443	66,026	43%
Mining & Processing
Ore mined (t)	1,583,876	2,102,336	-25%	2,648,661	-40%	6,384,891	7,078,621	-10%
Waste to ore ratio	0.39	0.37	5%	0.20	93%	0.34	0.24	38%
Plant Feed (t)	1,630,972	1,885,971	-14%	1,861,103	-12%	5,610,262	5,807,416	-3%
Grade (g/t)	0.41	0.42	-2%	0.46	-11%	0.43	0.43	-1%
Recovery (%)	60.7%	51.5%	9.2 p.p.	64.3%	-3.7 p.p.	55.9%	66.5%	-10.5 p.p.

Production: Minosa’s Q3 2026 production totaled 13,344 GEO, -7% QoQ, mainly driven by 14% lower ore plant feed, still reflecting the higher stacking level within the leach pad, as seen in the previous quarter, compounded by lower grades. These impacts were partially offset by a 9.2 p.p. improvement in gold extraction, supported by project progress and new stacking areas. YoY, production was -26%, primarily due to lower ore plant feed, lower grades and lower extraction, for the same reasons described above. Sales totaled 13,630 GEO (-11% QoQ, -24% YoY), reflecting lower production.

In 9M 2026, production was 45,027 GEO, -16% vs. 53,831 GEO in 9M 2025, mainly due to the higher leach pad stacking level throughout the year. Sales totaled 46,392 GEO vs. 53,189 GEO in 9M 2025 (-13%).

Net Revenue: was US$55.6 million in Q3 2026, -14% QoQ, mainly on lower sales volumes and lower gold prices, and -6% YoY, as lower sales volumes more than offset higher gold prices. In 9M 2026, Net Revenue reached US$199.9 million, +23% vs. US$163.0 million in 9M 2025, driven by higher gold prices.

Costs: COGS was US$21.0 million in Q3 2026, -1% QoQ and -6% YoY, in line with lower ore plant feed. Cash Cost was US$1,473/oz, +13% QoQ and +24% YoY (vs. US$1,192/oz in Q3 2025), mainly due to lower production volume in both periods. AISC followed the same trend, rising to US$1,775/oz (+15% QoQ, +29% YoY), reflecting the same factors plus higher Capex (+26% QoQ, +50% YoY).

Following the shape of the quarter, in 9M 2026, Cash Cost was US$1,311/oz (+12% YoY) and AISC was US$1,547/oz (+19% YoY).

Expenses: G&A was US$1.0 million in Q3 2026, -3% QoQ and -23% YoY, mainly due to lower third-party services expenses. In 9M 2026, G&A was US$3.1 million (-14% YoY), for the same reasons mentioned above.

Profitability: Adjusted EBITDA was US$34.5 million in Q3 2026, -20% QoQ, mainly on lower production and sales volumes, and -3% YoY, as higher gold prices were almost entirely offset by 24% lower sales volumes. In 9M 2026, Adjusted EBITDA totaled US$135.9 million, +41% vs. US$96.1 million in 9M 2025.

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

3.4 Almas

(US$ thousand)	Q3 2026	Q2 2026	QoQ Change %	Q3 2025	YoY Change %	9M 2026	9M 2025	Change %
Production (GEO)	14,264	16,130	-12%	15,088	-5%	46,232	41,107	12%
Sales (GEO)	14,264	17,921	-20%	15,089	-5%	46,232	41,107	12%
Cash Cost (US$/GEO)	1,239	1,156	7%	986	26%	1,196	1,069	12%
AISC (US$/GEO)	1,722	1,626	6%	1,128	53%	1,580	1,223	29%
Net Revenue	60,362	79,322	-24%	51,329	18%	208,377	130,207	60%
Cost of goods sold	(21,755)	(25,105)	-13%	(18,147)	20%	(68,530)	(52,697)	30%
Gross Profit	38,607	54,217	-29%	33,182	16%	139,847	77,510	80%
Expenses	1,148	(4,037)	n.a.	(1,600)	n.a.	(4,937)	(4,564)	8%
General and administrative expenses	(927)	(1,041)	-11%	(1,107)	-16%	(3,105)	(3,385)	-8%
Exploration expenses	(635)	(1,407)	-55%	(488)	30%	(2,963)	(1,148)	158%
Other income (expenses)	2,710	(1,589)	n.a.	(5)	n.a.	1,131	(31)	n.a.
EBIT	39,755	50,180	-21%	31,582	26%	134,910	72,946	85%
Adjusted EBITDA	41,130	56,159	-27%	34,525	19%	147,009	81,661	80%
Financial Result	(7)	(7,168)	-100%	(2,421)	-100%	(8,884)	(10,609)	-16%
Financial Income	275	246	12%	1,156	-76%	838	3,439	-76%
Financial expenses	(282)	(7,414)	-96%	(3,577)	-92%	(9,722)	(14,048)	-31%
Profit before income taxes	39,748	43,012	-8%	29,161	36%	126,026	62,337	102%
Total taxes	(4,189)	11,067	n.a.	(8,478)	-51%	3,892	(14,461)	n.a.
Current income tax expense	(7,757)	12,493	n.a.	(9,614)	-19%	(2,854)	(22,713)	-87%
Deferred income tax expense	3,568	(1,426)	n.a.	1,136	214%	6,746	8,252	-18%
Profit for the period	35,559	54,079	-34%	20,683	72%	129,918	47,876	171%
Mining & Processing
Total mined (t)	6,920,822	5,865,242	18%	6,129,009	13%	17,249,621	14,703,886	17%
Waste to ore ratio	6.79	6.53	4%	4.44	53%	6.62	5.47	21%
Ore plant feed (t)	675,373	655,226	3%	514,927	31%	1,890,943	1,451,358	30%
Grade (g/t)	0.74	0.87	-16%	1.01	-27%	0.85	1.00	-15%
Recovery (%)	87.5%	87.8%	-0.3 p.p.	87.9%	-0.4 p.p.	88.5%	88.3%	0.2 p.p.

Production: Almas’ Q3 2026 production reached 14,264 GEO, -12% QoQ and -5% YoY, primarily driven by lower grades, due to mine sequencing and also reflecting the processing of additional lower-grade ore following the plant expansion. Ore plant feed increased QoQ and YoY on the benefit of the plant expansion, with a rented mobile crusher complementing capacity until the expansion crusher starts operating, while recovery remained stable. Sales totaled 14,264 GEO, in line with production, -20% QoQ (Q2 2026 sales exceeded production, as the prior quarter’s last shipment was in transit and counted as Q2 2026 volume) and -5% YoY.

In 9M 2026, production was 46,232 GEO, +12% vs. 41,107 GEO in 9M 2025, driven by 17% higher total mined volumes and 30% higher ore plant feed from the plant expansion, which more than offset lower grades. Sales totaled 46,232 GEO, in line with production.

Net Revenue: was US$60.4 million in Q3 2026, -24% QoQ, mainly on lower sales volumes and lower realized gold price, and +18% YoY, as higher gold prices more than offset 5% lower sales volumes. In 9M 2026, Net Revenue totaled US$208.4 million, +60% YoY, driven by higher production, sales volumes and gold prices.

Costs: COGS was US$21.8 million in Q3 2026, -13% QoQ and +20% YoY, primarily reflecting higher ore plant feed. In 9M 2026, COGS reached US$68.5 million (+30% YoY) for the same reason. Cash Cost was US$1,239/GEO, +7% QoQ and +26% YoY, as lower grades in both periods led to lower production and sales due to grades, despite higher ore plant feed. In 9M 2026, Cash Cost averaged US$1,196/GEO (+12% YoY).

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

AISC was US$1,722/GEO in Q3 2026, +6% QoQ, mainly due to higher Cash Cost; although COGS was 13% lower and Capex 22% lower, the 20% decrease in sales volumes had a greater impact. YoY, AISC was +53%, mainly due to higher CAPEX (US$5.9 million vs. US$1.2 million) from the planned Paiol pit pushback mine development, and higher Cash Cost. In 9M 2026, AISC was US$1,580/GEO (+29% YoY) for the same reasons, with Sustaining CAPEX of US$15.1 million vs. US$3.4 million in 9M 2025.

Expenses: G&A was US$0.9 million in Q3 2026, -11% QoQ and -16% YoY, mainly due to lower third-party services expenses in both periods. In 9M 2026, G&A totaled US$3.1 million (-8% YoY). Exploration expenses were US$0.6 million, -55% QoQ and +30% YoY, mainly driven by the focus on the Almas underground project, concentrated in Q2 2026. In 9M 2026, exploration expenses totaled US$3.0 million (+158% YoY).

Profitability: Adjusted EBITDA totaled US$41.1 million in Q3 2026, -27% QoQ and +19% YoY, for the reasons discussed above. In 9M 2026, Adjusted EBITDA was US$147.0 million (+80% YoY).

3.5 Borborema

(US$ thousand)	Q3 2026	Q2 2026	QoQ Change %	Q3 2025	YoY Change %	9M 2026
Production (GEO)	22,842	14,251	60%	10,219	124%	54,194
Sales (GEO)	22,454	14,539	54%	11,228	100%	53,601
Cash Cost (US$/GEO)	1,070	991	8%	1,127	-5%	1,089
AISC (US$/GEO)	1,261	1,102	14%	1,237	2%	1,216
Net revenue	95,263	63,242	51%	38,982	144%	240,493
Cost of goods sold	(30,068)	(18,326)	64%	(12,652)	138%	(73,839)
Gross Profit	65,195	44,916	45%	26,330	148%	166,654
Expenses	(1,602)	(1,315)	22%	(1,206)	33%	(4,145)
General and administrative expenses	(1,124)	(1,061)	6%	(869)	29%	(3,200)
Exploration expenses	(476)	(583)	-18%	(317)	50%	(1,270)
Other income (expenses)	(2)	329	n.a.	(20)	n.a.	325
EBIT	63,593	43,601	46%	25,124	153%	162,509
Adjusted EBITDA	69,781	47,297	48%	25,144	178%	178,017
Financial Result	(657)	(9,117)	-93%	(232)	183%	(19,295)
Financial Income	310	172	80%	17	n.a.	702
Finance expenses	(967)	(9,289)	-90%	(249)	288%	(19,997)
EBT	62,936	34,484	83%	24,892	153%	143,214
Total taxes	(11,835)	(5,297)	123%	(522)	2167%	(22,391)
Current income tax expense	(10,425)	(5,799)	80%	(6,585)	58%	(22,837)
Deferred income tax expense	(1,410)	502	n.a.	6,063	n.a.	446
Profit/(loss) for the period	51,101	29,187	75%	24,370	110%	120,823
Mining & Processing
Total mined (t)	4,729,984	4,287,387	10%	4,020,668	18%	13,104,717
Waste to ore ratio	4.60	2.10	119%	2.30	100%	2.93
Ore plant feed (t)	492,083	429,988	14%	341,165	44%	1,330,181
Grade (g/t)	1.65	1.16	42%	1.05	57%	1.42
Recovery (%)	90.0%	90.3%	-0.3 p.p.	88.9%	1.1 p.p.	89.6%

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

Production: Borborema’s Q3 2026 production totaled 22,842 GEO, a quarterly record, +60% QoQ and ~24% of Aura’s total. Growth was driven by higher grades (+42%, from 1.16 g/t to 1.65 g/t) from access to higher-grade areas, and ore plant feed +14% QoQ (492,083 t) on improved filtering performance, with recovery stable at ~90%. This occurred despite ore mined -39% QoQ (801,012 t), as the mine focused on development, with the waste-to-ore ratio rising from 2.1x to 4.6x. YoY, production was +124%, on a 57% higher grade (1.05 g/t to 1.65 g/t) and 44% higher ore plant feed from the plant ramp-up. Sales were 22,454 GEO, also a record (+54% QoQ, +100% YoY).

In 9M 2026, production was 54,194 GEO vs. 12,796 GEO in 9M 2025, as commercial production started in 2H 2025. Sales totaled 53,601 GEO.

Net Revenue was US$95.3 million in Q3 2026, +51% QoQ on higher sales volumes, partially offset by lower realized gold price, and +144% YoY, as Q3 2025 was still in ramp-up. In 9M 2026, Net Revenue was US$240.5 million (+464% YoY).

Costs: COGS was +64% QoQ, mainly on higher waste mined (+33%), and +138% YoY, due to higher production, as Borborema was ramping up in the same period of 2025. 9M 2026 COGS was US$73.8 million. Cash Cost was US$1,070/GEO, +8% QoQ on the higher waste-to-ore ratio (from 2.10 to 4.60), partially offset by higher grades (+42%) and feed, and -5% YoY on higher sales volumes. AISC was US$1,261/GEO, +14% QoQ on higher costs and CAPEX (US$2.0 million vs. US$0.8 million), in line with Q3 2025. In 9M 2026, Cash Cost was US$1,089/GEO and AISC was US$1,216/GEO.

Expenses: G&A was US$1.1 million, +6% QoQ and +29% YoY, mainly on third-party services. Exploration expenses were US$0.5 million, -18% QoQ and +50% YoY. In 9M 2026, G&A and exploration totaled US$3.2 million and US$1.3 million, respectively.

Profitability: Adjusted EBITDA was US$69.8 million in Q3 2026, +48% QoQ (vs. US$47.3 million) and +178% YoY (vs. US$25.1 million), on 51% higher Net Revenue from higher production and sales, partially offset by higher Cash Cost. In 9M 2026, Adjusted EBITDA was US$178.0 million.

3.6 MSG

(US$ thousand)	Q3 2026	Q2 2026	QoQ Change %	9M 2026
Production (GEO)	13,321	7,186	85%	29,087
Sales (GEO)	13,331	7,191	85%	30,025
Cash Cost (US$/GEO)	2,286	3,852	-41%	2,855
AISC (US$/GEO)	3,647	5,277	-31%	4,043
Net revenue	56,358	28,916	95%	132,187
Cost of goods sold	(40,908)	(32,751)	25%	(108,933)
Gross Profit	15,450	(3,835)	n.a.	23,254
Expenses	(1,539)	(2,766)	-44%	(6,216)
General and administrative expenses	(1,647)	(2,412)	-32%	(5,941)
Exploration expenses	(116)	(215)	-46%	(360)
Other income (expenses)	224	(139)	n.a.	85
EBIT	13,911	(6,601)	n.a.	17,038
Adjusted EBITDA	24,402	(1,116)	n.a.	40,726
Financial Result	(239)	(4,884)	-95%	(2,694)
Financial Income	1,135	52	2083%	1,229
Finance expenses	(1,374)	(4,936)	-72%	(3,923)
Profit before income taxes	13,672	(11,485)	n.a.	14,344
Total taxes	(3,724)	3,402	n.a.	(3,601)
Current income tax expense	(3,735)	929	n.a.	(7,283)
Deferred income tax expense	11	2,473	n.a.	3,682
Profit/(loss) for the period	9,948	(8,083)	n.a.	10,743
Mining & Processing
Total mined (t)	751,243	504,766	49%	1,544,146
Waste to ore ratio	0.78	0.70	12%	0.70
Ore plant feed (t)	381,060	297,009	28%	866,502
Grade (g/t)	1.19	0.90	32%	1.17
Recovery (%)	89.6%	87.7%	1.9 p.p.	89.8%

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

In Q3, MSG continued to advance its turnaround, with production up 85% quarter-over-quarter. Primary underground development continued to outpace plan totaling 6,244 meters. In the 9M 2026 performance showed a 30% increase compared to the same period of 2025, building the access needed to support higher underground ore volumes. Improvement work with the current underground fleet has already delivered results this year, and a full fleet renewal will begin in January 2027. The operation began blending lower-grade stockpile material with higher-grade underground ore, including the first stope mined under the bottom-up method, a transition that started this year and will progress gradually throughout 2027. After a first half focused on mine development, the underground contribution to plant feed is expected to increase gradually, in line with the plan to bring MSG to an annual production of around 80koz. Aura will keep advancing MSG turnaround in the coming quarter.

Production: Q3 2026 production totaled 13,321 GEO, +85% QoQ, driven by higher feed grade (0.90 g/t to 1.19 g/t, +32%), ore plant feed +28% QoQ (381,060 t) and a 1.9 p.p. recovery improvement to 89.6%. Higher grade and feed reflect the turnaround, with underground infrastructure and the transition to bottom-up mining already in place. Ore mined was +42% QoQ (421,783 t), in line with the 2026 plan, on higher recovery of material from the East Pile and the planned resumption of mining in old underground areas after rehabilitation works. Sales were 13,331 GEO (+85% QoQ), in line with production. In 9M 2026, MSG produced 29,087 GEO and sold 30,025 GEO.

Net Revenue: Net Revenue was US$56.4 million in Q3 2026, +95% QoQ, driven by 85% higher sales volumes and a higher average realized price. In 9M 2026, Net Revenue was US$132.2 million.

Costs: COGS was +25% QoQ on higher mining activity (ore mined +42%, waste mined +59%). Cash Cost was US$2,286/GEO, -41% QoQ on higher production and sales. AISC was US$3,647/GEO, -30% vs. US$5,277/GEO in Q2 2026: despite higher COGS and CAPEX (+109% QoQ), higher sales volumes more than offset these costs. In 9M 2026, COGS was US$108.9 million, Cash Cost was US$2,855/GEO and AISC was US$4,043/GEO.

Expenses: G&A was US$1.6 million, -32% QoQ. Exploration expenses were US$0.1 million, -46% QoQ, on lower studies of regional targets of Q2 2026. In 9M 2026, G&A and exploration totaled US$5.9 million and US$0.4 million, respectively.

Profitability: Adjusted EBITDA was US$24.4 million in Q3 2026 vs. US$(1.1) million in Q2 2026, for the reasons above, reflecting the results of the turnaround strategy and the expected H2 2026 operational improvement. In 9M 2026, Adjusted EBITDA was US$40.7 million.

4. Projects updates

Era Dorada

Construction Progress

Era Dorada continued to gain momentum during the quarter, reaching 13.1% overall physical progress, with construction at 7.6% and engineering at 46.6%. The earthmovings activities for the Operational Plateau is concluded. Civil works across key process plant areas, including crushing, grinding and CIL is ongoing, while the CITIC mills progressed and the project moved toward the start of electromechanical erection. Importantly, key project milestones remain unchanged.

In the underground mine, activity ramped up during the quarter. The mining contractor was mobilized, short-term delineation drilling commenced to support the 2028 mine plan, and the pilot drilling started at one of the ventilation raise. Mine infrastructure also advanced, including the temporary refrigeration plant, underground equipment deployment, waste-dump drainage and synchronization of the power generators.

This broader ramp-up has been achieved while maintaining a strong safety performance, with 622 days and more than 711,000 work hours without a lost-time injury. Overall, construction, underground mine development and supporting infrastructure are now advancing simultaneously across multiple fronts, on time and on budget.

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

Communities

Community integration continued to advance alongside construction. The project workforce reached 795 people, including 663 contractors, with 57% of the total workforce coming from Asunción Mita, reinforcing local participation as activities on site expand. 

Community engagement remained active through Casa Era Dorada and the Development Roundtables. During September, eight Roundtable sessions were held and Casa Era Dorada recorded 199 interactions, including 137 employment applications. Local employment remained at the center of the community agenda, including initiatives to increase female participation in the workforce. The project achieved its target of 15 local women employed by the construction contractor, with five employees promoted.

The project also continued responding to community priorities, with 89% of registered grievances closed by the end of the period and initiatives advancing in areas such as community infrastructure and local development. This continued engagement supports the integration of Era Dorada’s construction progress with tangible opportunities for surrounding communities.

5. Cash Flow

(US$ thousand)	Q3 2026	Q2 2026	QoQ Change %	Q3 2025	YoY Change %	9M 2026	9M 2025	Change %
Adjusted EBITDA	236,871	196,659	20%	152,105	56%	677,399	339,808	99%
(+) Exploration Expenses	3,492	3,569	-2%	2,333	50%	9,420	5,423	74%
(-) Sustaining Capex and Exploration Capex in mines in production	(39,826)	(30,111)	32%	(14,335)	178%	(90,196)	(40,377)	123%
(+/-) ∆ Working Capital, Changes in Other Assets and Liabilities and Others	(20,019)	(7,494)	167%	(26,033)	-23%	(71,974)	(37,092)	94%
(-) Income Taxes Paid	(17,654)	(40,898)	-57%	(17,755)	-1%	(110,054)	(57,199)	92%
(-) Lease Payments	(5,721)	(4,246)	35%	(4,551)	26%	(15,387)	(13,912)	11%
(-) Realized Losses on Gold Hedges	(33,602)	(37,249)	-10%	(17,130)	96%	(104,176)	(34,869)	199%
Recurring Free Cash Flow	123,541	80,230	54%	74,633	66%	295,031	161,781	82%

Recurring Free Cash Flow for the quarter was US$123.5 million, 54% higher than Q2 2026 and 66% higher than Q3 2025. The increase compared to Q3 2025 was mainly related to higher sales and gold prices, partially offset by higher CAPEX and losses realized on gold hedges. In 9M 2026, Free Cash Flow was US$295.0 million, 82% higher than 9M 2025.

The chart below shows the change in cash position for the three- and nine-months ending September 30, 2026, from a management perspective:

Changes to the Cash Position Q2 2026 vs. Q3 2026 – Managerial View (US$ Million)

 

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

Changes to the Cash Position Q4 2025 vs. Q3 2026 – Managerial View (US$ Million)

 

Notes: “Adjusted Capex” includes Exploration and Sustaining Capex; “Changes in WC and others” includes changes in Other current and non-current assets and liabilities.

6. Investment

The Company’s consolidated Capex for Q3 2026 totaled US$96.6 million. The main investment headlines for the quarter include:

· Expansion Capex: US$55.2 million, mainly on Era Dorada, Almas and Borborema, where US$32.8 million was invested at Era Dorada, US$9.0 million at Almas and US$7.7 million at Borborema. Another US$1.4 million was invested at MSG. The remaining US$3.1 million was at Aranzazu and Minosa. US$1.1 million was invested in Projects.

· Sustaining Capex: US$35.8 million, of which US$13.1 million was invested by MSG, US$6.3 million at Apoena, US$5.7 million at Almas, US$5.4 million at Aranzazu and another US$5.2 million at Minosa and Borborema.

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

· Exploration Capex: US$5.7 million, allocated to exploration activities. MSG led investment with US$2.1 million, followed by Other exploration projects with US$1.6 million and Apoena with US$1.3 million. Aranzazu, Minosa and Almas totaled US$0.6 million.

The Company’s consolidated Capex for 9M 2026 totaled US$225.0 million. The main investment headlines for the period include:

· Expansion Capex: US$131.7 million, mainly on Era Dorada, Apoena and Almas, where US$48.1 million was invested at Era Dorada, US$27.2 million at Apoena and US$20.3 million at Almas. Another US$17.8 million was invested at Borborema and US$6.2 million at MSG. The remaining US$8.4 million was at Aranzazu and Minosa. US$3.8 million was invested in Projects.

· Sustaining Capex: US$78.9 million, of which US$24.4 million was invested by MSG, US$18.9 million at Aranzazu, US$13.5 million at Almas and another US$22.1 million at Minosa, Apoena and Borborema.

· Exploration Capex: US$14.4 million, allocated to exploration activities. MSG led investment with US$4.3 million, followed by Apoena with US$4.1 million. Other exploration projects totaled US$3.1 million. Aranzazu, Minosa and Almas totaled US$2.9 million.

7. Gross and Net Debt

Total gross debt (short and long-term portion) was US$631.5 million at the end of Q3 2026, an increase when compared to US$441.2 million at the end of Q2 2026 mainly as a result of the US$200 million syndicated loan facility contracted by the Company during the period.

The Company’s cash position strengthened significantly in Q3 2026, rising 68% QoQ to US$418.2 million, mainly driven by proceeds from the syndicated loan facility and US$167.9 million of net cash generated by operating activities, partially offset by higher cash disbursements for Expansion CAPEX of US$55 million and dividends and share buybacks paid of US$70.7 million.

The Company’s Net Debt totaled US$178.8 million at the end of Q3 2026, slightly up from US$168.0 million at the end of Q2 2026, resulting in a Net Debt/LTM Adjusted EBITDA ratio of 0.20x, compared with 0.21x in the previous quarter.

Net Debt Breakdown

(US$ thousand)	Q3 2026	Q2 2026	QoQ Change %	Q3 2025	YoY Change %
Loans and debentures (current)	65,970	64,985	2%	89,810	-27%
Loans and debentures (non-current)	565,518	376,259	50%	339,966	66%
Gross debt	631,488	441,244	43%	429,776	47%
Cash and cash equivalents	418,245	248,322	68%	351,414	19%
Restricted Cash	3,609	3,492	3%	0	0%
Derivative financial instrument (Swaps1)	30,872	21,404	44%	14,590	112%
Net Debt	178,762	168,026	6%	63,772	180%
Net Debt/LTM EBITDA	0.20x	0.21x	-0.01x	0.15x	0.05x

¹ Almas, MSG and Borborema swaps considered.

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

8. Guidance vs. Actual ²

Gold equivalent ounces production ('000 GEO) – 2026
	Low	High	9M 2026	9M 2026 at Guidance metal prices	%
Aranzazu	68	76	58	52	76% - 68%
Apoena	37	44	20	20	54% - 46%
Minosa	63	70	45	45	71% - 64%
Almas	57	63	46	46	81% - 73%
Borborema	65	77	54	54	83% - 70%
MSG	50	60	29	29	58% - 48%
Total	340	390	253	246	72% - 63%

Cash Cost per equivalent ounce of gold sold – 2026
	Low	High	9M 2026	9M 2026 at Guidance metal prices	%
Aranzazu	1,323	1,429	1,338	1,304	99% - 91%
Apoena	1,128	1,209	1,666	1,666	148% - 138%
Minosa	1,208	1,305	1,311	1,311	109% - 100%
Almas	1,059	1,135	1,196	1,196	113% - 105%
Borborema	1,009	1,089	1,089	1,089	108% - 100%
Total ex-MSG	1,151	1,238	1,273	1,265	110% - 102%
MSG	2,189	2,364	2,855	2,855	129% - 119%
Total w/ MSG	1,303	1,411	1,460	1,452	111% - 103%

AISC per equivalent ounce of gold sold – 2026
	Low	High	9M 2026	9M 2026 at Guidance metal prices	%
Aranzazu	1,726	1,865	1,748	1,704	99% - 91%
Apoena	1,905	2,041	2,769	2,769	145% - 136%
Minosa	1,372	1,481	1,547	1,547	113% - 104%
Almas	1,415	1,516	1,580	1,580	112% - 104%
Borborema	1,177	1,271	1,216	1,216	103% - 96%
Total ex-MSG	1,488	1,602	1,636	1,625	109% - 101%
MSG	3,072	3,318	4,043	4,043	132% - 122%
Total w/ MSG	1,720	1,865	1,921	1,909	111% - 102%

CAPEX – 2026
	Low	High	9M 2026	%
Sustaining	105	123	79	75% - 64%
Exploration	19	25	14	76% - 58%
Expansion	262	314	132	50% - 42%
Total	386	462	225	58% - 49%

² Key Factors:

The Company’s future profitability, operating cash flow and financial position will be directly related to prevailing gold and copper prices. Key factors that influence the price of gold and copper include, among others, the supply and demand for gold and copper, the relative strength of currencies (especially the US dollar) and macroeconomic factors, such as current and future expectations for inflation and interest rates. Management believes that the economic environment in the short and medium term should remain relatively favorable with respect to commodity prices, albeit with continued volatility.

To reduce the risks associated with commodity prices and currency volatility, the Company will continue to assess and deploy hedging programs. For more information on this subject, please refer to the Reference Form.

Other key factors influencing profitability and operating cash flows are: production levels (affected by grades, ore quantities, process recoveries, labor, country stability and availability of facilities and equipment); production and processing costs (impacted by production levels, prices and the use of key consumables, labor, inflation and exchange rates), and other factors.

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

9. Shareholder Information

As of September 30, 2026, the Company had the following outstanding: 83,854,843 Common Shares, 1,262,887 stock options, and 82,785 deferred share units.

10. Attachments

10.1 Non-GAAP Performance Measures

Set out below are reconciliations for certain non-GAAP financial measures (including non-GAAP ratios) utilized by the Company in this Earnings Release: Adjusted EBITDA; Adjusted Net Income, cash operating costs per gold equivalent ounce sold; AISCs; Net Debt; and Adjusted EBITDA Margin, which are non-GAAP financial 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.

A. Reconciliation from income for the quarter to Adjusted EBITDA:

(US$ thousand)

(US$ thousand)	Q3 2026	Q3 2025	9M 2026	9M 2025
Profit / (Loss) for the period	135,004	5,626	447,849	(59,476)
Current income tax expense	48,570	38,402	115,773	88,767
Deferred income tax expense	(5,386)	(10,510)	(12,681)	(19,350)
Finance expense	48,652	104,849	154,316	289,245
Finance income	(22,203)	(2,284)	(120,000)	(5,439)
Other income (expense)	(3,053)	822	(7,515)	1,515
Depletion and amortization	32,971	15,200	92,641	44,546
Provision for contingent liabilities 3	2,316	–	7,016	–
Adjusted EBITDA	236,871	152,105	677,399	339,808

B. Reconciliation from the consolidated financial statements to cash operating costs per gold equivalent ounce sold:

(US$ thousand)

(US$ thousand)	Q3 2026	Q3 2025	9M 2026	9M 2025
Cost of goods sold	(163,346)	(98,223)	(461,614)	(268,096)
Depletion and amortization	32,484	15,058	91,317	43,870
Subtotal	(130,862)	(83,165)	(370,297)	(224,226)
Gold Equivalent Ounces sold	93,794	74,907	253,576	197,850
Cash costs per gold equivalent ounce sold¹	1,395	1,110	1,460	1,133

³ This provision refers to Apoena’s contingent liabilities, as mentioned in section “3.2 Apoena”.

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

C. Reconciliation from the consolidated financial statements to all in sustaining costs per gold equivalent ounce sold:

(US$ thousand)

(US$ thousand)	Q3 2026	Q3 2025	9M 2026	9M 2025
Cost of goods sold	(163,346)	(98,223)	(461,614)	(268,096)
Depletion and amortization	32,484	15,058	91,317	43,870
Subtotal	(130,862)	(83,165)	(370,297)	(224,226)
Adjusted capex	39,826	14,196	90,196	40,240
General and Administrative Expenses for the mines in production 4	4,131	4,177	11,096	11,494
Provision for contingent liabilities	2,316	–	7,016	–
Lease Payments	6,090	3,041	8,432	7,490
Subtotal	(183,226)	(104,580)	(487,038)	(283,450)
Gold Equivalent Ounces sold	93,794	74,907	253,576	197,850
All In Sustaining costs per ounce sold equivalent ounce sold 5	1,953	1,396	1,921	1,433

D. Reconciliation from the consolidated financial statements to realized average gold price per ounce sold, net ⁶:

(US$ thousand)

(US$ thousand)	Q3 2026	Q3 2025	9M 2026	9M 2025
Gold Revenue, net of Sales Taxes	296,432	180,738	870,895	420,208
Ounces of gold sold	70,543	53,393	196,344	133,590
Realized average gold price per ounce sold, net	4,202	3,385	4,436	3,146

E. Net Debt:

(US$ thousand)

(US$ thousand)	Sep 2026	Sep 2025
Loans and debentures (current)	65,970	89,810
Loans and debentures (non-current)	565,518	339,966
Derivative Financial Instrument 7	(30,872)	(14,590)
Restricted Cash	(3,609)	–
Cash and Cash Equivalents	(418,245)	(351,414)
Net Debt	178,762	63,772

⁴ Not including Amortization & depletion

⁵ Considered all mines in production.

⁶ Realized average gold price per ounce sold, net 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 10.1: Non-GAAP Performance Measures in this Earnings Release.

⁷ Derivative Financial Instrument includes the swap related to Almas, Borborema and MSG.

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

F. Adjusted EBITDA Margin⁸ (Adjusted EBITDA/Revenues):

(US$ thousand)

(US$ thousand)	Q3 2026	Q3 2025	9M 2026	9M 2025
Net Revenue	385,977	247,832	1,104,550	600,072
Adjusted EBITDA	236,871	152,105	677,399	339,808
Adjusted EBITDA Margin (Adjusted EBITDA/Revenues)	61%	61%	61%	57%

G. Adjusted Net Income

(US$ thousand)

(US$ thousand)	Q3 2026	Q3 2025	9M 2026	9M 2025
Profit/(Loss) for the period	135,004	5,626	447,849	(59,476)
Foreign exchange gain (loss)	4,007	(36)	(1,428)	(5,674)
Gain on derivative transactions	12,729	(75,252)	114,637	(199,766)
Loss on settlement of liability with equity instruments	-	–	-	(8,768)
Deferred taxes over non-monetary items	(2,940)	12,242	12,100	22,323
Adjusted Net Income	121,208	68,672	322,540	132,409

Qualified Person

The scientific and technical information contained in this press release has been reviewed and approved by Farshid Ghazanfari, P.Geo., Geology and Mineral Resources Manager, an employee of Aura and a “qualified person” within the meaning of NI 43-101 and SK-1300.

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 company focused on the development and operation of gold and base metal projects in the Americas. The Company's six operating assets include the Minosa gold mine in Honduras; the Almas, Apoena, Borborema and MSG gold mines in Brazil; and the Aranzazu copper, gold, and silver mine in Mexico. Additionally, the Company owns Era Dorada, a gold project in Guatemala; Tolda Fria, a gold project in Colombia; and two projects in Brazil: Matupá, which is under development and the Carajás copper project in the Carajás region, in the exploration phase.

For more information, please contact:

Investor Relations

ri@auraminerals.com

www.auraminerals.com

⁸ Adjusted EBITDA Margin 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 10.1: Non-GAAP Performance Measures in this Earnings Release

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

 

CAUTIONARY NOTES AND ADDITIONAL INFORMATION

This Press Release, and the documents incorporated by reference herein, contain certain “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of applicable United States securities laws (together, “forward-looking information”). Forward-looking information relates to future events or future performance of the Company and reflect the Company’s current estimates, predictions, expectations or beliefs regarding future events and include, without limitation, statements with respect to: expected production from, and the further potential of the Company’s properties; the ability of the Company to achieve its long-term outlook and the anticipated timing and results thereof (including the guidance set forth herein); the ability to lower costs and increase production; the economic viability of a project; strategic plans, including the Company’s plans with respect to its properties; the amount of mineral reserves and mineral resources; probable mineral reserves; indicated mineral reserves; inferred mineral reserves; the potential conversion of indicated mineral resources into mineral reserves; the amount of future production over any period; capital expenditures and mine production costs; the outcome of mine permitting; other required permitting; information with respect to the future price of minerals; expected cash costs and AISCs; the Company’s ability expand exploration on its properties; the Company’s ability to obtain assay results; the Company’s exploration and development programs; estimated future expenses; exploration and development capital requirements; the amount of mining costs; cash operating costs; operating costs; expected grades and ounces of metals and minerals; expected processing recoveries; expected time frames; prices of metals and minerals; LOM of certain projects; expectations of gold hedging programs; the implementation of cultural initiatives; expected increases to fleet capacities; non-cash losses translating into cash losses; the ability to continue to finance planned growth; access to additional debt; and the repayment of outstanding balances on revolving credit facilities. Often, but not always, forward-looking information may be identified by the use of words such as “expects”, “anticipates”, “plans”, “projects”, “forecasts”, “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 necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information in this Press Release is based upon, without limitation, the following estimates and assumptions: the ability of the Company to successfully achieve business objectives; the presence of and continuity of metals at the Company’s projects at modeled grades; gold and copper price volatility; the capacities of various machinery and equipment; the availability of personnel, machinery and equipment at estimated prices; exchange rates; metals and minerals sales prices; cash costs and AISCs; the Company’s ability to expand operations; the Company’s ability to obtain assay results; appropriate discount rates; tax rates and royalty rates applicable to the mining operations; cash operating costs and other financial metrics; anticipated mining losses and dilution; metals recovery rates; reasonable contingency requirements; the Company’s expected ability to develop adequate infrastructure and that the cost of doing so will be reasonable; the Company’s expected ability to develop its projects including financing such projects; and receipt of regulatory approvals on acceptable terms.

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 information. Specific reference is made to the Company’s most recent Annual Report on Form 20-F filed with the SEC for a discussion of some of the factors underlying forward-looking information, which include, without limitation: gold and copper or certain other commodity price volatility; changes in debt and equity markets; the uncertainties involved in obtaining and interpreting geological data; increases in costs; environmental compliance and changes in environmental legislation and regulation; interest rate and exchange rate fluctuations; general economic conditions; political stability; 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 information.

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

AURA Q3 2026 | 9M 2026 EARNINGS RESULTS

Exhibit 99.2

 

Unaudited Condensed Interim Consolidated Financial Statements

For the three and nine month periods ended September 30, 2026 and 2025

Aura Minerals Inc.

Unaudited Condensed Consolidated Statements of Income (Loss)

For the three and nine month periods ended September 30, 2026 and 2025

Expressed in thousands of United States dollars, except share and per share amounts

			Note			For the three months ended September 30, 2026				For the three months ended September 30, 2025				For the nine months ended September 30, 2026				For the nine months ended September 30, 2025
Revenue			21				385,977				247,832				1,104,550				600,072
Cost of goods sold			22				(163,346	)			(98,223	)			(461,614	)			(268,096	)
Gross profit							222,631				149,609				642,936				331,976
General and administrative expenses			23				(17,555	)			(10,371	)			(55,774	)			(31,291	)
Exploration expenses			24				(3,492	)			(2,333	)			(9,420	)			(5,423	)
Other income (expenses), net			27				3,053				(822	)			7,515				(1,515	)
Operating income							204,637				136,083				585,257				293,747
Finance expense			25				(48,652	)			(104,849	)			(154,316	)			(289,245	)
Finance income			25				22,203				2,284				120,000				5,439
Income before income taxes							178,188				33,518				550,941				9,941
Current tax			16				(48,570	)			(38,402	)			(115,773	)			(88,767	)
Deferred tax			16				5,386				10,510				12,681				19,350
Income taxes							(43,184	)			(27,892	)			(103,092	)			(69,417	)
Profit (Loss) for the period							135,004				5,626				447,849				(59,476	)
Weighted average number of ordinary shares outstanding
Basic			34				83,828,312				81,672,304				83,738,051				76,466,833
Diluted			34				84,745,425				82,723,337				84,655,332				76,466,833
Profit (Loss) per share– Basic			34				1.61				0.07				5.35				(0.78	)
Profit (Loss) per share– Diluted			34				1.59				0.07				5.29				(0.78	)

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

2| Aura Minerals Inc.

Aura Minerals Inc.

Unaudited Condensed Consolidated Statements of Other Comprehensive Income (Loss)

For the three and nine month ended September 30, 2026 and 2025

Expressed in thousands of United States dollars

		For the three months ended September 30, 2026				For the three months ended September 30, 2025				For the nine months ended September 30, 2026				For the nine months ended September 30, 2025
Profit (Loss) for the period			135,004				5,626				447,849				(59,476	)
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			2,364				428				5,673				(2,163	)
Gain (loss) on foreign exchange translation of subsidiaries			(35	)			342				995				(669	)
Items that will not be reclassified to profit or loss:
Change in the fair value of equity investments			1,536				2,693				617				2,500
Actuarial gain (loss) on post-employment benefit, net of tax			48				(235	)			110				(529	)
Other comprehensive income, net of tax			3,913				3,228				7,395				(861	)
Total comprehensive income (loss)			138,917				8,854				455,244				(60,337	)

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

3| Aura Minerals Inc.

Aura Minerals Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

For the three and nine month ended September 30, 2026 and 2025

Expressed in thousands of United States dollars

			Note			For the three months ended September 30, 2026				For the three months ended September 30, 2025				For the nine months ended September 30, 2026				For the nine months ended September 30, 2025
Cash flows from operating activities
Profit (Loss) for the period							135,004				5,626				447,849				(59,476	)
Items adjusting profit (loss) of the period			26(a)				75,694				133,542				133,247				371,374
Changes in working capital			26				(15,037	)			2,174				(30,936	)			(8,589	)
Income tax and social contribution paid							(17,654	)			(17,755	)			(110,054	)			(57,199	)
Other current and non-current assets and liabilities			26				(10,102	)			(30,491	)			(42,385	)			(31,921	)
Net cash generated by operating activities							167,905				93,096				397,721				214,189
Cash flows from investing activities
Purchase of property, plant and equipment			12				(96,588	)			(31,605	)			(225,014	)			(133,655	)
Short term investment							(117	)			—				(534	)			—
Acquisition of investment – Bluestone Inc., net of cash acquired							—				—				—				(18,538	)
Acquisition of investment – Altamira							—				—				—				(439	)
Proceeds from the Sale of São Francisco Mine			5				—				—				2,000				—
Payments of deferred consideration related to business combinations			18				(1,846	)			—				(1,846	)			—
Net cash used in investing activities							(98,551	)			(31,605	)			(225,394	)			(152,632	)
Cash flows from financing activities
Net Proceeds from the Nasdaq IPO							—				200,116				—				200,116
Proceeds received from loans and debentures							197,018				—				316,650				—
Repayment of loans and debentures			26(e)				(15,064	)			(33,728	)			(114,457	)			(54,330	)
Derivative settlement- debt swap agreements							801				(1,418	)			7,303				1,164
Interest paid on loans and debentures			26(e)				(3,741	)			(8,308	)			(29,806	)			(29,480	)
Payment from liability (NSR agreement)							(1,208	)			(942	)			(3,476	)			(2,536	)
Principal payments of lease liabilities			19(b)				(4,698	)			(3,774	)			(12,985	)			(11,331	)
Interest payments of lease liabilities			19(b)				(1,023	)			(777	)			(2,402	)			(2,581	)
Repayment of other liabilities			19(a)				(1,356	)			(1,044	)			(2,636	)			(2,025	)
Payment of dividends			30				(60,363	)			(27,564	)			(180,870	)			(75,708	)
Acquisition of treasury shares			20				(10,298	)			—				(17,414	)			(1,200	)
Proceeds from exercise of stock options							195				—				1,020				—
Net cash provided by (used in) financing activities							100,263				122,561				(39,073	)			22,089
Increase in cash and cash equivalents							169,617				184,052				133,254				83,646
Effect of foreign exchange gain (loss) on cash equivalents							306				(576	)			(1,065	)			(2,421	)
Cash and cash equivalents, beginning of the period							248,322				167,938				286,056				270,189
Cash and cash equivalents, end of the period							418,245				351,414				418,245				351,414

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

4| Aura Minerals Inc.

Aura Minerals Inc.

Unaudited Condensed Consolidated Statements of Financial Position

As of September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars

			Note			September 30, 2026				December 31, 2025
ASSETS
Current
Cash and cash equivalents			7				418,245				286,056
Restricted cash							3,609				3,075
Accounts receivables			8				14,125				20,073
Value added taxes and other recoverable taxes			9				43,599				37,650
Inventories			10				120,536				115,810
Derivative financial instruments			28				30,888				4,418
Other receivables and assets			11				48,339				45,404
Total current							679,341				512,486
Non-current
Value added taxes and other recoverable taxes			9				51,280				40,589
Inventories			10				94,039				58,576
Other receivables and assets			11				24,927				16,573
Property, plant and equipment			12				1,089,430				945,354
Deferred income tax assets			16				45,395				35,418
Total non-current							1,305,071				1,096,510
Total assets							1,984,412				1,608,996
LIABILITIES
Current
Trade and other payables			13				203,934				189,614
Derivative financial instruments			28				162,983				139,354
Loans and debentures			14				65,970				99,548
Liability measured at fair value			15				6,238				1,012
Current income tax liabilities			16				54,270				66,765
Other provisions			18				6,011				—
Current portion of other liabilities			19				14,695				18,933
Provision for mine closure and restoration			17				7,241				5,661
Liabilities directly associated with assets classified as held for sale			5				—				5,367
Total current							521,342				526,254
Non-current
Loans and debentures			14				565,518				311,620
Liability measured at fair value			15				30,884				25,822
Derivative financial instruments			28				124,339				265,343
Deferred income tax liabilities			16				35,494				37,006
Provision for mine closure and restoration			17				82,385				78,070
Other provisions			18				98,000				92,671
Other liabilities			19				471				6,473
Total non-current							937,091				817,005
SHAREHOLDERS’ EQUITY			20
Share capital							818,706				834,430
Contributed surplus							59,349				57,757
Accumulated other comprehensive income							7,217				(178	)
Accumulated losses							(359,293	)			(626,272	)
Total equity							525,979				265,737
Total liabilities and equity							1,984,412				1,608,996

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

5| Aura Minerals Inc.

Aura Minerals Inc.

Unaudited Condensed Consolidated Statements of Changes in Equity

For the nine months ended September 30, 2026 and 2025

Expressed in thousands of United States dollars, except share amounts

		Number of Common Shares				Share Capital				Contributed Surplus				Accumulated Other Comprehensive Income				Accumulated losses				Total Equity
At December 31, 2025			83,554,346				834,430				57,757				(178	)			(626,272	)			265,737
Share based compensation			382,597				1,690				1,592				—				—				3,282
Shares repurchased			(82,100	)			(17,414	)			—				—				—				(17,414	)
Change in the fair value of cash flow hedge, net of tax			—				—				—				5,673				—				5,673
Gain on foreign exchange translation of subsidiaries			—				—				—				995				—				995
Change in the fair value of equity investment			—				—				—				617				—				617
Actuarial gain on post-employment benefit, net of tax			—				—				—				110				—				110
Profit for the period			—				—				—				—				447,849				447,849
Dividends paid (note 30)			—				—				—				—				(180,870	)			(180,870	)
At September 30, 2026			83,854,843				818,706				59,349				7,217				(359,293	)			525,979

		Number of Common Shares				Share Capital				Contributed Surplus				Accumulated Other Comprehensive Income				Accumulated losses				Total Equity
At December 31, 2024			72,399,495				599,200				55,596				(723	)			(431,118	)			222,955
Issuance of new shares			2,226,008				35,265				—				—				—				35,265
Issuance of new shares – IPO Nasdaq			8,997,644				218,193				—				—				—				218,193
IPO transaction costs			—				(18,076	)			—				—				—				(18,076	)
Share based compensation			7,500				—				1,341				—				—				1,341
Acquisition of treasury shares / Cancellation of shares			(96,141	)			(1,200	)			—				—				—				(1,200	)
Change in the fair value of cash flow hedge, net of tax			—				—				—				(2,163	)			—				(2,163	)
Gain on foreign exchange translation of subsidiaries			—				—				—				(669	)			—				(669	)
Change in the fair value of equity investments			—				—				—				2,500				—				2,500
Actuarial (loss) on post-employment benefit, net of tax			—				—				—				(529	)			—				(529	)
Loss for the period			—				—				—				—				(59,476	)			(59,476	)
Dividends paid (note 30)			—				—				—				—				(75,708	)			(75,708	)
At September 30, 2025			83,534,506				833,382				56,937				(1,584	)			(566,302	)			322,433

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

6| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

1           NATURE OF OPERATIONS

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 S.A. – 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 November 5, 2026.

2           BASIS OF PREPARATION AND PRESENTATION

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, 2025 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.

7| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

3           ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE

A number of new accounting standards are effective for annual reporting periods beginning on or 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 18 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 and 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.

(a) New and amended standards and interpretations

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.

8| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

4           MATERIAL ACCOUNTING ESTIMATES AND JUDGEMENTS

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.

5           ASSET HELD FOR SALE

On August 24, 2023, the Company entered into an Asset Purchase and Sale Agreement (the “Purchase and Sale Agreement”) with a potential buyer to sell all mineral rights, assets and liabilities related to the São Francisco Mine (part of the Apoena segment). The mine was under care and maintenance, and its property, plant and equipment were fully depreciated. The purchase price was established at $9,000. The Purchase and Sale Agreement included several conditions precedent that were required to be satisfied prior to closing.

In May 2026, the final condition precedent was fulfilled and the transaction was completed. As of September 30, 2026, the Company had received cash proceeds of $3,000 consisting of a $1,000 advance payment received upon execution of the Purchase and Sale Agreement and a $2,000 payment received upon closing of the transaction, with the remaining $6,000 recognized in Other receivables and assets ($1,000 as current and $5,000 as non-current). Upon closing, all assets and liabilities associated with the São Francisco Mine were derecognized, and the Company recognized a gain on disposal of $10,980 in Other income (Note 27).

9| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

6           ACQUISITIONS

On September 30, 2026, Aura Minerals Inc., through its subsidiary Aura Gold Mineração Ltda., entered into a Quota Purchase Agreement with G3 Construção Pesada Ltda. (“G3”) to acquire 100% of the quotas of a newly incorporated company (“NewCo”).

As part of the transaction, G3 will transfer to NewCo the assets, employees, and related financial obligations associated with the provision of mining operations services to Aura’s subsidiaries at the Apoena, Almas, and Borborema mines. The acquisition is intended to internalize these services, and the existing service and equipment rental agreements between G3 and Aura’s subsidiaries will be terminated upon closing.

The transaction has an agreed enterprise value of R$612 million (approximately $118 million), of which up to R$250 million (approximately $48 million) will be paid in cash, with the remainder primarily consisting of the assumption of existing equipment lease financing obligations and other contingent payments. A portion of the purchase consideration is subject to performance conditions during the transition period.

Completion of the transaction is subject to customary closing conditions, including approval from the Brazilian antitrust authority, the Administrative Council for Economic Defense (“CADE”), completion of G3’s corporate reorganization, receipt of required third-party consents and licenses, and the absence of any material adverse events.

As of September 30, 2026, the transaction had not been completed, and no amounts related to the acquisition had been recognized in the consolidated financial statements.

7           CASH AND CASH EQUIVALENTS

		2026				2025
Cash at bank			377,154				174,119
Term deposits			41,091				111,937
Cash and Cash Equivalents			418,245				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.

8           ACCOUNTS RECEIVABLES

		2026				2025
Trade receivables			13,749				19,799
Other receivables			376				274
Accounts receivables			14,125				20,073

10| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

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.

9           VALUE ADDED TAX AND OTHER RECOVERABLE TAXES

		2026				2025
Sales taxes and value added taxes
Apoena, Almas, Borborema and Serra Grande			52,805				49,603
Aranzazu			1,936				2,547
Minosa and Era Dorada			22,440				18,592
Other taxes
Income taxes and social contribution			17,698				7,497
Total Value added tax and other recoverable taxes			94,879				78,239
Current			43,599				37,650
Non-Current			51,280				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.

10       INVENTORIES

		2026				2025
Finished product			3,207				2,688
Work-in-process			147,409				114,468
Parts and supplies			63,959				57,230
Total inventories			214,575				174,386
Current			120,536				115,810
Non-current			94,039				58,576

As of September 30, 2026 and December 31, 2025, the non-current inventory is related to Borborema and Almas’ low-grade stockpile. As of September 30, 2026, inventories were measured at their net realizable value, with the related provision totaling $7,063 ($5,228 as of December 31, 2025). During the period ended September 30, 2026, $2,000 ($2,802 for the period ended September 30, 2025) was recognized in the Unaudited Condensed Consolidated Statements of Income (loss) with the majority of the amount attributable to the Minosa mine.

11| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

11       OTHER RECEIVABLES AND ASSETS

		2026				2025
Prepaid expenses			7,914				4,849
Advances to vendors			35,432				36,893
Deposits			12,084				9,839
Altamira investment (a)			10,276				9,691
Accounts receivable from sale of assets (Note 5)			6,000				—
Other assets			1,560				705
Total other receivables and assets			73,266				61,977
Current			48,339				45,404
Non-current			24,927				16,573

(a) 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 September 30, 2026, is $10,276 ($9,691 as of December 31, 2025).

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Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

12       PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment movements for the periods ended September 30, 2026 and 2025 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			76,781				2,616				855				5,706				1,645				139,595				227,198
Depletion and amortization			(38,385	)			(6,332	)			(978	)			(25,449	)			(10,311	)			—				(81,455	)
Reclassifications and adjustments			8,611				—				—				2,379				—				(10,990	)			—
Disposals			(26	)			(306	)			(511	)			(824	)											(1,667	)
Net book value at September 30, 2026			581,757				111,526				7,649				220,088				18,815				149,595				1,089,430
Consisting of:
Cost			916,598				215,757				28,779				399,114				66,698				149,595				1,776,541
Accumulated depletion and amortization			(334,841	)			(104,231	)			(21,130	)			(179,026	)			(47,883	)			—				(687,111	)
Net book value at September 30, 2026			581,757				111,526				7,649				220,088				18,815				149,595				1,089,430

		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			48,117				8,814				1,501				3,088				7,817				80,140				149,477
Bluestone acquisition			46,990				20,337				96				1,980				—				5,818				75,221
Depreciation and amortization			(24,215	)			(9,518	)			(1,459	)			(6,456	)			(9,224	)			—				(50,872	)
Reclassifications			2,488				901				(2,403	)			1,911				—				(2,897	)			—
Disposals			(727	)			(180	)			(232	)			(125	)			—				—				(1,264	)
Net book value at September 30, 2025			384,965				72,302				7,338				64,090				28,202				226,449				783,346
Consisting of:
Cost			671,711				166,694				25,571				199,809				62,769				226,449				1,353,003
Accumulated Depreciation			(286,746	)			(94,392	)			(18,233	)			(135,719	)			(34,567	)			—				(569,657	)
Net book value at September 30, 2025			384,965				72,302				7,338				64,090				28,202				226,449				783,346

The asset retirement obligation is included within mineral properties, with the related liability recognized in current and non-current liabilities, as disclosed in Note 17.

For the period ended September 30, 2026, no interest related to loans and debentures was capitalized as part of the construction cost at Borborema project. ($9,832 for the period ended September 30, 2025).

13| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

13       TRADE AND OTHER PAYABLES

		2026				2025
Trade accounts payable to suppliers			114,096				111,350
Other taxes payables			32,951				30,971
Accrued liabilities to suppliers			56,451				43,903
Contract liability			436				3,390
Total trade and other payables			203,934				189,614

14| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

14       LOANS AND DEBENTURES

The list of loans and debentures held by the Company, as of September 30, 2026 and December 31, 2025, is as follows:

Financial debt	Maturity Date	Interest Rate	09/30/2026	12/31/2025
Bank Occidente
Q2 2022 Promissory Note (“5º Promissory Note”)	May 2026	6.25%	-	1,153
Q3 2022 Promissory Note (“6º Promissory Note”)	August 2026	6.25%	-	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%	1,547	2,730
Bank Atlántida
Q2 2022 Loan Agreement (“7º Loan”)	March 2027	6.50%	1,250	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%	12,146	22,083
Bank Santander Brasil
Q3 2023 Loan Agreement (“4° Loan”)	November 2028	9.51% (a)	-	78,047
Bank Santander LUX
**Q2 2026 Loan Agreement ("1º Loan")	May 2031	*SOFR + 2.07%	81,674	-
Bank Safra
Q3 2024 Loan Agreement (“2° Loan”)	August 2026	7.10%	-	20,529
Bank Brasil
Q1 2024 Loan Agreement (“1º Loan”)	December 2028	6.50%	10,226	10,000
Bank Bradesco
Q4 2024 Loan Agreement (“2° Loan”)	December 2028	6.50%	42,999	43,033
**Q2 2026 Loan Agreement (“3° Loan”)	June 2031	* CDI + 1.31%	39,644	-
Other banks
BTG Pactual	November 2027	6.70%	20,112	20,116
Debentures payable
**Debentures – 2nd issuance	October 2030	*CDI + 1.60%	205,437	186,433
Gold Royalty Corp
Gold linked loan	December 2029	8.5%	13,299	13,291
Nemesia SARL
Nemesia SÀRL	-	7%	5,900	5,900
Syndicated Loan
Q3 2026 Loan Agreement ("1º Loan")	September 2031	*SOFR + 2.70%	197,254	-
Total			631,488	411,168
Current			65,970	99,548
Non-Current			565,518	311,620

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

** Hedged through swap to U.S. Dollars plus a fixed rate.

15| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

(a) Prepayment of Santander Brasil debt

In May 2026, the Company’s subsidiary, Cascar, fully prepaid its outstanding debt with Santander Brasil in the total amount of $75,562. The early settlement resulted in a prepayment fee of $4,100, which was recognized within Finance expense (Note 25).

(b) New Debt Agreements

Borborema Mine

· Santander LUX Bank: Principal amount of $80,000, in May 2026, with interest rate of SOFR +2.07% per year, with a due date May 2031. On the same date, Cascar entered into a swap agreement with Banco Santander (Brasil) S.A. to hedge the loan, to a fixed rate of 6.30% per annum.

Serra Grande Mine

· Bradesco S.A.: Principal amount of $40,000, in June 2026, with interest rate of CDI + 1.31% per year with a due date of June 2031. On the same date, Serra Grande entered into a swap agreement with Bradesco S.A. to fully hedge the loan, to exchange variable rate in U.S. Dollars (SOFR) to Fixed U.S. Dollars, plus a fixed rate of 6.65% per annum.

Aura Minerals Inc

· Syndicated loan (Citibank, N.A., as Administrative Agent; lenders: Citibank, N.A., Itaú Europe S.A., Banco Santander (Brasil) S.A. and JPMorgan Chase Bank N.A.): Principal amount of $200,000, in September 2026, with interest rate of SOFR + 2.70% per year with a due date of September 2031.

(c) The long-term cash flows of loans and debentures payments are as follows:

				Amount
	2027	**			117,858
	2028				189,755
	2029				160,750
	2030				97,155
					565,518

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

16| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

Financial Covenants

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 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;

Cascar Brasil Mineração Ltda. (“Cascar”) – subsidiary of the Company (Borborema Project)

- Santander LUX Bank, principal of $80,000 entered in May 2026

The agreement has one annual financial covenant requiring that the ratio of Net Debt to last 12 months EBITDA, calculated on a consolidated basis for Aura Minerals Inc., be lower than or equal to 2.75x, measured annually based on the prior year-end consolidated financial statements.

17| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

Aura Minerals Inc (“Aura”)

- Syndicated loan (Citibank, N.A., as Administrative Agent; lenders: Citibank, N.A., Itaú Europe S.A., Banco Santander (Brasil) S.A. and JPMorgan Chase Bank N.A.), principal of $200,000 entered in September 2026

The agreement has a financial covenant where Net Debt should not exceed 2.75x over the last 12 months EBITDA. The covenant is measured on a quarterly basis at Aura Minerals Inc., on a consolidated basis.

For the period ended September 30, 2026 and the year ended December 31, 2025, the Company and its subsidiaries are in compliance with all the financial covenants.

15       LIABILITY MEASURED AT FAIR VALUE

On December 19, 2023, the Company, through its subsidiary Borborema, entered into a Net Smelter Return Royalty Agreement for proceeds of $21,000. The liability is measured at fair value through profit or loss, with changes attributable to the Company’s own credit risk recognized in other comprehensive income. Further details regarding the terms of the agreement are disclosed in the Company’s annual consolidated financial statements as of December 31, 2025.

Following the declaration of commercial production at the Borborema Project in September 2025, the pre-production payment obligation ceased and royalty payments based on 2% of net smelter returns commenced in the first quarter of 2026.

For the nine-month periods ended September 30, 2026 and 2025, the changes in the fair value of the liability resulted in losses of $8,912 and $7,420, respectively, recognized in finance costs (Note 25).

As of September 30, 2026, the carrying amount of the liability was $37,122, compared with $26,834 as of December 31, 2025.

18| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

16       INCOME TAXES

a)                   Income taxes

As of September 30, 2026 the current income tax liabilities is $54,270($66,765 as of December 31, 2025).

Income tax expenses included in the unaudited condensed consolidated statements of income for the periods ended September 30, 2026 and 2025, are as follows:

		For the three months ended September 30, 2026				For the three months ended September 30, 2025				For the nine months ended September 30, 2026				For the nine months ended September 30, 2025
Current income tax			(48,570	)			(38,402	)			(115,773	)			(88,767	)
Deferred income tax			5,386				10,510				12,681				19,350
Total income tax expenses			(43,184	)			(27,892	)			(103,092	)			(69,417	)

b)                   Deferred income tax assets and liabilities

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

Net deferred income tax assets (liabilities) are classified as follows:		2026				2025
Deferred income tax assets			45,395				35,418
Deferred income tax liabilities			(35,494	)			(37,006	)
Total deferred taxes, net			9,901				(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)			19,350
Recorded through other comprehensive income			(1,114	)
Acquisition of Bluestone			(1,137	)
Exchange differences			3,281
Balance, September 30, 2025			4,015
Balance, December 31, 2025			(1,588	)
Recorded in the statement of income (loss)			12,681
Recorded through other comprehensive income			2,922
Exchange differences			(4,114	)
Balance, September 30, 2026			9,901

19| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

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			15,340				15,597
Tax losses carried forward			299				1,034
Fair value on acquisitions			1,119				1,391
Provisions			38,768				32,110
Exchange changes			4,328				7,170
Non-monetary items			(14,671	)			(26,771	)
Depreciation			(24,370	)			(24,113	)
Advance payments			(5,482	)			(8,612	)
Fair value of financial instruments			25				1,255
Others			(5,455	)			(649	)
Total of deferred tax assets and liabilities			9,901				(1,588	)

c)                   Effective tax rate

		For the nine months ended September 30, 2026				For the nine months ended September 30, 2025
Income (loss) before Income taxes			550,941				9,941
Income taxes at statutory rate applicable to the parent Company (0%)							—
Adjustments for calculating the effective rate
Tax calculated at the domestic rates			(187,665	)			(85,520	)
Non-deductible expenses			15,334				4,901
Unrecognized deferred tax asset (losses carried forward)			(6,287	)			6,863
Tax exemptions (a) (b)			78,293				5,670
Withholding taxes on distribution			(6,667	)			(4,223	)
Translation adjustments			(10,559	)			(21,314	)
Deferred taxes over non-monetary items			12,100				22,323
Others			2,359				1,883
Income tax expense			(103,092	)			(69,417	)
Effective tax rate			(18.7	%)			(698.3	%)

(a) As of September 30, 2026, the Company recognized a total of in tax exemptions, of which $57,233 relates to the profit from operations incentive, specifically in Almas, Borborema and Apoena for which the incentive was approved by the applicable government agencies, and $ 103 to the Workers Food Program (PAT), in accordance with applicable legislation.

b) In June 2026, Almas recognized a total of $20,957 in tax exemptions related to the Exploitation Profit benefit for fiscal year 2025.

20| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

17       PROVISION FOR MINE CLOSURE AND RESTORATION

The movements for the nine months ended September 30, 2026 and 2025 are as follows:

		September 30, 2026				September 30, 2025
Balance, beginning of period			83,731				50,573
Acquisition of Bluestone			—				9,668
Accretion expense (note 25)			6,371				5,780
Disbursements			(701	)			(1,290	)
Change in estimate			(76	)			818
Foreign exchange			301				1,832
Balance, end of the period			89,626				67,381
Current			7,241				2,551
Non-current			82,385				64,830

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 of September 30, 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.

18       OTHER PROVISIONS

		Long-term employee benefits				Provision for judicial contingencies				Deferred consideration				CVRs				Total
At December 31, 2024			13,860				3,284				—				—				17,144
Periodic service and finance cost (Note 25)			1,620				—				—				—				1,620
Change in provision for the period			—				2,743				—				9,120				11,863
Actuarial changes			529				—				—				—				529
Settlement during the period			(2,238	)			—				—				—				(2,238	)
Foreign exchange			—				—				—				297				297
At September 30, 2025			13,771				6,027				—				9,417				29,215
At December 31, 2025			15,560				41,486				23,643				11,982				92,671
Periodic service and finance cost (Note 25)			1,784				—				—				—				1,784
Change in provision for the period (a)			—				8,692				(816	)			4,646				12,522
Actuarial changes			(110	)			—				—				—				(110	)
Settlement during the period			(548	)			—				(1,846	)			—				(2,394	)
Foreign exchange			—				—				—				(462	)			(462	)
At September 30, 2026			16,686				50,178				20,981				16,166				104,011

21| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

(a) The increase in the provision for judicial contingencies during the nine-month period ended September 30, 2026, was primarily attributable to the recognition of an additional provision related to a civil matter at the Apoena Mine.

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.

19       OTHER LIABILITIES

		September 30, 2026				December 31, 2025
NSR royalty (note 19 (a))			882				1,286
Lease payment obligation (note 19 (b))			14,284				24,120
Total other liabilities			15,166				25,406
Current			14,695				18,933
Non-current			471				6,473

a)         NSR Royalty

The movements for the nine months ended September 30, 2026 and 2025 of the NSR Royalty are as follows:

		September 30, 2026				September 30, 2025
Balance, beginning of year			1,286				971
Royalty payments			(2,636	)			(2,025	)
Increase in NSR obligations			2,232				1,695
Balance, end of period			882				641

22| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

b)         Lease Payment Obligation

The movements for the nine months ended September 30, 2026 and 2025 of the lease liability obligation are as follows:

		September 30, 2026				September 30, 2025
Balance, beginning of year			24,120				24,251
Acquisition of Bluestone			—				7
Change in estimate			3,255				7,817
Accretion expense (Note 25)			2,582				2,580
Lease payments (Principal)			(12,985	)			(11,331	)
Lease payments (Interest)			(2,402	)			(2,581	)
Foreign exchange			(286	)			5,398
Balance, end of period			14,284				26,141
Current			13,813				15,347
Non-current			471				10,794

The weighted average discount rate applied to the new lease liabilities within the period ended September 30, 2026 was 13.37% (11.73% in September 30, 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.

20       EQUITY

a)     Authorized

The Company has authorized an unlimited number of common shares with no par value, being subscribed 83,854,843 as of September 30, 2026 (83,554,346 as of December 31, 2025).

b)     Share based compensation

As of September 30, 2026, the Company had 1,262,887 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. In addition, the Company had 142,160 Restricted Share Units (“RSUs”) outstanding as of September 30, 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.

On March 11, 2026, March 25, 2026, and April 13, 2026, 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 $4,682, which has been recorded as a reduction in equity.

23| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

During the period ended September 30, 2026 the Company granted 180,987 new stock options.

For the periods ended September 30, 2026 and 2025, total share-based payment expense recognized in general and administrative expenses was $2,014 and $1,342, respectively.

c)     Repurchase of shares

On June 17, 2026, the Company's Board of Directors approved new repurchase programs (the "Repurchase Programs"), pursuant to which the Company is authorized to repurchase its common shares and Brazilian Depositary Receipts ("BDRs"). Under the Repurchase Programs, the Company may repurchase up to an aggregate amount of $200,000 of its outstanding common shares and BDRs through open market purchases at prevailing prices or through privately negotiated transactions.

For the period ended September 30, 2026, the Company has repurchased 159,332 common shares, for the total amount of $12,732 recorded directly in share capital.

21       REVENUE

		For the three months ended September 30, 2026				For the three months ended September 30, 2025				For the nine months ended September 30, 2026				For the nine months ended September 30, 2025
Gold			296,432				180,738				870,895				420,208
Copper & Gold concentrate			94,462				63,330				232,483				176,962
Provisional prices			(6,498	)			1,809				(2,401	)			—
Molybdenum			1,581				1,955				3,573				2,902
Revenue			385,977				247,832				1,104,550				600,072

Revenues for the Minosa, Apoena, Borborema, Serra Grande and Almas mine relate to the sale of refined gold and for the Aranzazu mine relates to the sale of copper, molybdenum and gold concentrate. The Company’s revenues are concentrated in 4 clients (see Note 29(d)).

For the three and nine-months period ended September 30, 2026, Brazil, Mexico and Honduras represented 62.4%, 23.2% and 14.4% and 60.8%, 21.1% and 18.1% respectively of the Company´s revenue (49.0%, 27.1% and 23.9% and 42.9%, 30.0% and 27.1% for the period ended September 30, 2025).

24| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

For the period ended September 30, 2026 and 2025, the Company´s three main clients were Asahi Refining Inc, Trafigura México, S.A. de C.V. and Auramet International, Inc, which represented 51.31%, 20.85% and 24.46%, of the Company´s revenue, respectively (53.7%, 29.5% and 15.8% in 2025).

22       COST OF GOODS SOLD

		For the three months ended September 30, 2026				For the three months ended September 30, 2025				For the nine months ended September 30, 2026				For the nine months ended September 30, 2025
Direct mine and mill costs (a)			(85,452	)			(44,745	)			(241,526	)			(134,134	)
Direct mine and mill costs – Contractors			(23,058	)			(26,437	)			(62,779	)			(59,433	)
Direct mine and mill costs – Salaries			(22,352	)			(11,983	)			(65,992	)			(30,659	)
Depletion and amortization			(32,484	)			(15,058	)			(91,317	)			(43,870	)
Total			(163,346	)			(98,223	)			(461,614	)			(268,096	)

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

23       GENERAL AND ADMINISTRATIVE EXPENSES

		For the three months ended September 30, 2026				For the three months ended September 30, 2025				For the nine months ended September 30, 2026				For the nine months ended September 30, 2025
Salaries, wages, benefits and bonus			(5,143	)			(4,592	)			(17,399	)			(13,419	)
Professional and consulting fees			(3,437	)			(1,164	)			(11,152	)			(5,323	)
Legal, filing, listing and transfer agent fees			(218	)			(236	)			(796	)			(694	)
Insurance			(94	)			(675	)			(991	)			(1,065	)
Directors' fees			(1,600	)			(580	)			(4,095	)			(1,835	)
Travel expenses			(327	)			(284	)			(1,155	)			(858	)
Share-based payment expense			(808	)			(1,269	)			(2,014	)			(1,341	)
Depreciation and amortization			(487	)			(142	)			(1,324	)			(676	)
Care and maintenance			(164	)			347				(510	)			(716	)
Other (a)			(5,277	)			(1,776	)			(16,338	)			(5,364	)
Total			(17,555	)			(10,371	)			(55,774	)			(31,291	)

(a) For the nine months period ended September 30, 2026, the Other included of a provision for judicial contingencies of $8,692 ($2,743 for the nine months period ended September 30, 2025).

25| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

24       EXPLORATION EXPENSES

		For the three months ended September 30, 2026				For the three months ended September 30, 2025				For the nine months ended September 30, 2026				For the nine months ended September 30, 2025
Minosa			(19	)			(760	)			(103	)			(1,260	)
Borborema			(476	)			(317	)			(1,270	)			(387	)
Almas			(635	)			(488	)			(2,963	)			(1,148	)
Apoena			(693	)			(82	)			(1,080	)			(268	)
Aranzazu			(1,553	)			(675	)			(3,634	)			(2,178	)
Serra Grande			(116	)			—				(360	)			—
All other segments			—				(11	)			(10	)			(182	)
Total			(3,492	)			(2,333	)			(9,420	)			(5,423	)

25       FINANCE INCOME (EXPENSE)

		For the three months ended September 30, 2026				For the three months ended September 30, 2025				For the nine months ended September 30, 2026				For the nine months ended September 30, 2025
Accretion expense (Note 17)			(2,111	)			(2,980	)			(6,371	)			(5,780	)
Lease interest expense (Note 19 (b))			(1,105	)			(824	)			(2,582	)			(2,580	)
Interest expense on loans and debentures			(7,923	)			(5,786	)			(20,576	)			(17,639	)
Finance cost on post-employment benefit			(591	)			(535	)			(1,784	)			(1,620	)
Unrealized loss with derivative gold collars			—				(75,252	)			—				(199,766	)
Realized loss with derivative gold collars			(33,602	)			(17,130	)			(104,176	)			(34,869	)
Loss on other derivative transactions			—				(685	)			—				(3,817	)
Foreign exchange			—				(36	)			(1,428	)			(5,674	)
Change in liability measured at fair value (Note 15)			(1,951	)			(1,036	)			(8,912	)			(7,420	)
Loss on settlement of liability with equity instruments			—				—				—				(8,768	)
Other finance costs (a)			(1,369	)			(585	)			(8,487	)			(1,312	)
Finance expenses			(48,652	)			(104,849	)			(154,316	)			(289,245	)
Gain on other derivative transactions			3,998				—				829				—
Foreign exchange			4,007				—				—				—
Unrealized gain with derivative gold collars			12,729				—				114,637				—
Interest income			1,469				2,284				4,534				5,439
Finance income			22,203				2,284				120,000				5,439
Total finance result			(26,449	)			(102,565	)			(34,316	)			(283,806	)

(a) Other finance costs for the nine months period ended September 30, 2026 includes a prepayment fee of $4,100 related to the early settlement, during the second quarter of 2026, of the Santander Brasil debt by the Company's subsidiary, Cascar (Note 14).

26| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

26       CASH FLOW INFORMATION

a)     Items adjusting profit (loss) of the period

		For the three months ended September 30, 2026				For the three months ended September 30, 2025				For the nine months ended September 30, 2026				For the nine months ended September 30, 2025
Deferred and current income tax expense			43,184				27,892				103,092				69,417
Depreciation and amortization			32,971				15,200				92,641				44,546
Accretion expense (Note 25)			2,111				2,980				6,371				5,780
Lease Interest expense (Note 25)			1,105				824				2,582				2,580
Interest expense on loans and debentures (Note 25)			7,923				5,786				20,576				17,639
Finance cost on post-employment benefit (Note 25)			591				535				1,784				1,620
Unrealized loss (gain) on derivatives gold collars (Note 25)			(12,729	)			75,252				(114,637	)			199,766
Loss (gain) on other derivatives (Note 25)			(3,998	)			685				(829	)			3,817
Foreign exchange (gain) loss (Note 25)			(4,007	)			36				1,428				5,674
Change in fair value in liability measured at fair value			1,951				1,036				8,912				7,420
Share-based payment expense (Note 23)			808				1,269				2,014				1,342
Loss on settlement of liability with equity instruments			—				—				—				8,768
Gain on disposal of the São Francisco Mine			—				—				(8,980	)			—
Change in fair value of CVRs (Note 18)			170				—				4,646				—
Provision for judicial contingencies (Note 18)			1,463				598				8,692				2,743
Other non-cash items			4,151				1,449				4,955				262
Total			75,694				133,542				133,247				371,374

b)     Changes in working capital

		For the three months ended September 30, 2026				For the three months ended September 30, 2025				For the nine months ended September 30, 2026				For the nine months ended September 30, 2025
(Increase) in accounts receivables and value added taxes and other recoverable taxes			(22,121	)			(14,728	)			(28,898	)			(16,854	)
Decrease (Increase) in inventory			(9,239	)			3,254				(19,653	)			(12,328	)
Increase in trade and other payables			16,323				13,648				17,615				20,593
Total			(15,037	)			2,174				(30,936	)			(8,589	)

27| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

c)     Other current and non-current assets and liabilities

		For the three months ended September 30, 2026				For the three months ended September 30, 2025				For the nine months ended September 30, 2026				For the nine months ended September 30, 2025
Changes in other current and non-current assets and liabilities consists of:
Decrease (Increase) other receivables and assets and inventories (non-current)			3,449				(7,389	)			(3,934	)			(3,290	)
Increase in other receivables and assets (current)			914				(4	)			(1,739	)			(83	)
(Decrease) in other liabilities (current and non-current)			(14,465	)			(23,098	)			(36,712	)			(28,548	)
Total			(10,102	)			(30,491	)			(42,385	)			(31,921	)

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

		For the three months ended September 30, 2026				For the three months ended September 30, 2025				For the nine months ended September 30, 2026				For the nine months ended September 30, 2025
Non-cash addition to property, plant and equipment			(4,963	)			5,094				2,184				15,822
Total			(4,963	)			5,094				2,184				15,822

28| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

e)     Debt reconciliation

		Loans and debentures				Derivatives
Balance as of December 31, 2024			443,104				139,490
Acquisition of Bluestone			5,900				—
Changes from Financing cash flows:
Loan and debentures repayments			(54,330	)			—
Interest paid on loans (a)			(29,480	)			—
Derivative settlement (Gold Hedges)			—				(34,869	)
Derivative settlement (Other derivatives)			—				1,164
Other Changes:
Interest expenses on loans			15,099				—
Interest expenses on debentures			20,577				—
Derivative interest			—				(10,850	)
Foreign exchange adjustments			27,955				(27,084	)
Derivative settlement (witholding taxes)			—				1,104
Swap fair value adjustment			—				3,276
Gold Hedges fair value adjustment			—				234,635
Other derivatives fair value adjustment			951				2,866
Balance as of September 30, 2025			429,776				309,732
			Loans and debentures				Derivatives
Balance as of December 31, 2025			411,168				400,279
Changes from Financing cash flows:
Loan and debentures repayments			(114,457	)			—
Loan Proceeds			316,650				—
Interest paid on loans (a)			(29,806	)			—
Derivative settlement (Gold Hedges)			—				(104,176	)
Derivative settlement (Other derivatives)			—				7,303
Other Changes:
Interest expenses on loans			12,089				—
Interest expenses on debentures			22,747				—
Derivative interest			—				(14,260	)
Foreign exchange adjustments			11,663				(11,393	)
Swap fair value adjustment			—				(8,595	)
Gold Hedges fair value adjustment			—				(10,461	)
Other derivatives fair value adjustment			1,434				(2,263	)
Balance as of September 30, 2026			631,488				256,434

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

29| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

27       OTHER INCOME (EXPENSES), NET

For the nine month period ended September 30, 2026, Other income, net primarily consisted of a gain of $10,980 arising from the disposal of the São Francisco Mine (Note 5), partially offset by a loss of $4,646 related to the change in the fair value of the contingent value rights (“CVR”). For the nine-month period ended September 30, 2026, Other (expenses), net, consisted of income of $7,515 (expenses of ($1,515) for the nine month period ended September 30, 2025).

28       FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT

a)         Financial Instruments

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

		Asset/(Liability) at	Asset/(Liability) at
Derivatives Contracts	Current/Non-Current	September 30, 2026	December 31, 2025
Swap - Aura Almas (Itaú Bank)	Non-Current	29,367	4,418
Swap - Apoena Mines (ABC Bank)	Current	-	(2,753)
Swap - Borborema Mine (Santander Bank) (a)	Current	1,521	-
Swap – Serra Grande (Bradesco Bank) (a)	Current	(16)	-
Gold Derivatives	Current / Non-current	(287,306)	(401,944)
Total		(256,434)	(400,279)

(a) During the nine-month period ended September 30, 2026, the Company entered into new swap agreements. These derivative financial instruments are measured at fair value through profit or loss, with changes in fair value recognized in the Consolidated Statements of Income (Loss).

30| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

Classification of financial instruments

			September 30, 2026				December 31, 2025
	Note		Measured at amortized cost	Fair value through profit & loss	Fair value through OCI		Measured at amortized cost	Fair value through profit & loss	Fair value through OCI
Assets
Current
Cash and cash equivalents	7		418,245	-	-		286,056	-	-
Restricted Cash			3,609	-	-		3,075	-	-
Accounts receivable	8		6,386	7,363	-		17,478	2,321	-
Derivative Financial Instrument	28		-	1,521	29,367		-	-	4,418
Non-current
Other receivables and assets	11		-	-	10,276		-	-	9,691
			428,240	8,884	39,643		306,609	2,321	14,109
Liabilities
Current
Trade and other payables	13		203,934	-	-		189,614	-	-
Derivative Financial Instrument	28		-	162,983	-		-	139,354	-
Loans and debentures	14		51,320	14,650	-		92,497	7,051	-
Liability measured at fair value	15		-	6,238	-		-	1,012	-
Other liabilities	19		14,695	-	-		18,933		-
Non-current
Derivative Financial Instrument	28		-	124,339	-		-	265,343	-
Loans and debentures	14		374,731	190,787	-		132,238	179,382	-
Liability measured at fair value	15		-	30,884	-		-	25,822	-
Deferred consideration	18		-	20,981	-		-	23,643	-
Other provisions (CVR)	18		-	16,166	-		-	11,982	-
Other liabilities	19		471	-	-		6,473	-	-
			645,151	567,028	-		439,755	653,589	-

i) Swap agreements:

As of September 30, 2026 and December 31, 2025, the Company has the following swap agreements:

			Asset/(Liability) at	Asset/(Liability) at
Derivatives Contracts	Commodity/ index	Current/Non-Current	September 30, 2026	December 31, 2025
Swap - Aura Almas (Itaú Bank) (a)	CDI	Non-Current	29,367	4,418
Swap  - Apoena Mines (ABC Bank)	CDI	Current	-	(2,753)
Swap - Borborema Mine (Santander)	SOFR	Current	1,521	-
Swap – Serra Grande (Bradesco Bank)	CDI	Current	(16)	-
Total			30,872	1,665

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

31| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

ii) Derivative Options

The Company have 148,496 ounces outstanding for the Borborema Project with floor prices of $1,745 and ceiling prices at $2,400 per ounce of gold expiring from October 2026 until June 2028.

The fair value effect of the Derivative Collars for the period ended September 30, 2026 is $114,637 ($199,766) in September 30, 2025, recorded as a finance income and finance expense, respectively, 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.

b)     Fair value of financial instruments

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:

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

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

3) 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 September 30, 2026 and December 31, 2025 are summarized in the following table:

32| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

		September 30, 2026			December 31, 2025
	Level	Fair value through profit & loss	Fair value through OCI		Fair value through profit & loss	Fair value through OCI
Assets
Accounts receivable	2	7,363	-		2,321	-
Other receivables and assets	1	-	10,276		-	9,691
Derivative Financial Instrument	2	1,521	29,367		-	4,418
		8,884	39,643		2,321	14,109
Liabilities
Debentures	2	205,437	-		186,433	-
Liability measured at fair value	3	37,122	-		26,834	-
Derivative Financial Instrument	2	287,322	-		404,697	-
Deferred consideration	3	20,981	-		23,643	-
Other provisions (CVR)	3	16,166	-		11,982	-
		567,028	-		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			Unobservable inputs	Inputs			Relationship of unobservable inputs to fair value
	2026	2025			2026	2025
Liability measured at fair value (NSR agreement)	37,122	26,834		Expected production of gold ounces	1,956,852	719,512		If expected production of gold ounces were 10% higher or lower, the fair value would increase/decrease by $3,450.
Contingent Value Rights (CVRs)	16,166	11,982		Commercial Production	(a)	(a)		(a)
Deferred consideration	20,981	23,643		Expected production of gold ounces	298,792	315,481		If expected production of gold ounces were 10% higher or lower, the fair value would increase/decrease by $192.

(a) 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 $1,883.

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.

33| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

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 September 30, 2026 and December 31, 2025:

Input		2026				2025
WACC			11.60	%			11.50	%
Credit-risk			2.70	%			2.70	%
Expected volatility			21.00	%			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

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

34| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

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.

29       FINANCIAL RISK MANAGEMENT

a) Liquidity risk

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 30 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			203,934				—				—				—				203,934
Loans and debentures			101,359				367,405				298,645				—				767,409
Provision for mine closure and restoration			7,241				14,110				27,551				111,050				159,952
Lease liabilities			13,318				1,232				174				—				14,724
Liability measured at fair value			7,187				19,539				21,943				14,808				63,477
			333,039				402,286				348,313				125,858				1,209,496

As of September 30, 2026, Aura has cash and cash equivalents of $418,245 ($286,056: 2025) and current assets, excluding restricted cash less current liabilities of $154,390 ($16,843): 2025).

35| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

b) Currency risk

Aura’s operations are located in Honduras, Brazil, Mexico and Guatemala, 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 September 30, 2026 and December 31, 2025, the Company had cash and cash equivalents of $418,245 and $286,056, respectively, of which, $397,246 ($257,374 in 2025) were in United States dollars, $191 ($192 in 2025) in Canadian dollars, $18,968 ($19,946 in 2025) in Brazilian reais, $227 ($8,305 in 2025) in Honduran lempiras, $280 ($126 in 2025) in Mexican pesos, $13 ($18 in 2025) in Colombian Pesos, $1,316 ($90 in 2025) in Guatemalan Quetzals and $4 ($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 $1,050.

c) Interest rate risk

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 September 30, 2026, the Company is exposed to changes in market interest rates through a bank borrowing at SOFR interest rate at its subsidiary Aranzazu and at Aura Minerals Inc. All other borrowings are at fixed interest rates or are linked to a swap instrument, minimizing the risk of interest rate exposure.

d) Credit risk

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.

36| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

At September 30, 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, Serra Grande 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.

e) Market risk

Commodity derivatives transactions – Gold collars

As mentioned in Note 28, 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 September 30, 2026 closing prices.

Liability measured at fair value

As mentioned in Note 15, 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	D 10%	88,921
Liability measured at fair value	Gold price increase/decrease	D 10%	3,712
Loans and debentures (Gold linked loan)	Gold price increase/decrease	D 10%	549
Deferred consideration	Gold price increase/decrease	D 10%	2,099

37| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

30       CAPITAL MANAGEMENT

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 nine month period ended September 30, 2026, Aura’s Board of Directors declared and approved the payment of quarterly dividends on February 26, May 6, 2026 and August 5, 2026, totaling $55.1 million, $65.4 million and $60.4 million, respectively. These dividends corresponded to $0.66, $0.78 and $0.72 per common share, and $0.22, $0.26 and $0.24 per Brazilian Depositary Receipt, respectively. The dividends were paid on March 26, May 26 and August 26,2026, respectively, to holders of the Company’s common shares, and on or around April 7 and June 5, 2026, respectively, to holders of the Company’s BDRs.

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 $18.3 million, $29.8 million, $27.6 million, and $40.1 million, respectively. These dividends corresponded to $0.25, $0.40, $0.33, and $0.48 per common share, and $0.08, $0.13, $0.11, and $0.16 per Brazilian Depositary Receipt, respectively. The dividends were paid on March 28, May 30, September 5, and December 2, 2025, respectively.

38| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

31       RELATED PARTY TRANSACTIONS

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 September 30, 2026 and 2025, were $5.6 million and $3.0 million, 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 September 30, 2026, is $6,513 ($2,564 on 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 $2,299 in the period ended September 30, 2026 ($2,376 in the period ended September 30, 2025).

Royalty Agreement for Aura Almas

The Company, through its wholly owned subsidiary 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 $4,134 in the period ended September 30, 2026 ($6,880 in the period ended September 30, 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.

39| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

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 September 30, 2026 (47.7% as of December 31, 2025).

In the nine month ended September 30, 2026, the Company paid to Northwestern the total amount of $86.3 million of dividends ($38.8 million in the period ended September 30, 2025).

32       SEGMENT INFORMATION

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 September 30, 2026 and 2025, segment information is as follows:

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Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

			Reportable segments
For the period ended September 30, 2026			Minosa Mine				Apoena Mine				Aranzazu Mine				Almas Mine				Borborema				Serra Grande Mine				Total reportable segments				Non-Reportable Segments (1)				Total
Revenue			199,876				90,188				233,429				208,377				240,493				132,187				1,104,550				—				1,104,550
Cost of goods sold, except depletion and amortization			(60,838	)			(33,466	)			(76,592	)			(55,300	)			(58,369	)			(85,732	)			(370,297	)			—				(370,297	)
Depletion and amortization			(4,237	)			(14,862	)			(20,317	)			(13,230	)			(15,470	)			(23,201	)			(91,317	)			—				(91,317	)
Gross profit			134,801				41,860				136,520				139,847				166,654				23,254				642,936				—				642,936
General and administrative expenses			(3,081	)			(10,040	)			(4,262	)			(3,105	)			(3,200	)			(5,941	)			(29,629	)			(26,145	)			(55,774	)
Exploration expenses			(103	)			(1,080	)			(3,634	)			(2,963	)			(1,270	)			(360	)			(9,410	)			(10	)			(9,420	)
Other (expense) income			(699	)			11,694				(1,668	)			1,131				325				85				10,868				(3,353	)			7,515
Operating income/(loss)			130,918				42,434				126,956				134,910				162,509				17,038				614,765				(29,508	)			585,257
Finance expense			(3,521	)			(4,742	)			(737	)			(691	)			(15,371	)			(2,381	)			(27,443	)			(106,297	)			(133,740	)
Finance income			154				524				258				838				702				1,229				3,705				116,295				120,000
Interest expense on loans and debentures			(417	)			(3,644	)			(1,015	)			(9,031	)			(4,626	)			(1,542	)			(20,275	)			(301	)			(20,576	)
Income/(Loss) before income taxes			127,134				34,572				125,462				126,026				143,214				14,344				570,752				(19,811	)			550,941
Current tax			(33,648	)			(5,281	)			(37,151	)			(2,854	)			(22,837	)			(7,283	)			(109,054	)			(6,719	)			(115,773	)
Deferred tax			957				(2,571	)			2,986				6,746				446				3,682				12,246				435				12,681
Income taxes			(32,691	)			(7,852	)			(34,165	)			3,892				(22,391	)			(3,601	)			(96,808	)			(6,284	)			(103,092	)
(Loss) / Profit for the period			94,443				26,720				91,297				129,918				120,823				10,743				473,944				(26,095	)			447,849
Property, plant and equipment			82,148				112,508				134,348				180,090				249,576				152,124				910,794				178,636				1,089,430
Total assets			123,592				223,394				503,029				437,978				282,873				246,740				1,817,606				166,806				1,984,412
Total liabilities			81,714				130,545				104,976				255,440				176,723				135,676				885,074				573,359				1,458,433
Purchase of property, plant and equipment			14,318				42,604				22,066				35,331				20,809				34,900				170,028				54,986				225,014

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

41| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

			Reportable segments
For the period ended September 30, 2025			Minosa Mine				Apoena Mine				Aranzazu Mine				Almas Mine				Borborema				Total reportable segments				Non-Reportable Segments (1)				Total
Revenue			163,042				84,287				179,864				130,207				42,672				600,072				—				600,072
Cost of goods sold, except depletion and  amortization			(62,402	)			(31,160	)			(72,947	)			(43,951	)			(13,766	)			(224,226	)			—				(224,226	)
Depletion and amortization			(3,616	)			(13,521	)			(17,987	)			(8,746	)			—				(43,870	)			—				(43,870	)
Gross profit			97,024				39,606				88,930				77,510				28,906				331,976				—				331,976
																							—
General and administrative expenses			(3,572	)			(2,529	)			(5,074	)			(3,385	)			(1,163	)			(15,723	)			(15,568	)			(31,291	)
Exploration expenses			(1,260	)			(268	)			(2,178	)			(1,148	)			(387	)			(5,241	)			(182	)			(5,423	)
Other (expense) income			(272	)			97				(1,370	)			(31	)			(5	)			(1,581	)			66				(1,515	)
Operating income/(loss)			91,920				36,906				80,308				72,946				27,351				309,431				(15,684	)			293,747
Finance income			(3,051	)			(10,390	)			(4,202	)			(3,320	)			(7,724	)			(28,687	)			(242,919	)			(271,606	)
Finance expense			268				393				10				3,439				122				4,232				1,207				5,439
Interest expense on loans and debentures			(1,118	)			(3,522	)			(1,777	)			(10,728	)			(494	)			(17,639	)			—				(17,639	)
Income/(Loss) before income taxes			88,019				23,387				74,339				62,337				19,255				267,337				(257,396	)			9,941
Current tax			(23,110	)			(2,418	)			(29,714	)			(22,713	)			(6,585	)			(84,540	)			(4,227	)			(88,767	)
Deferred tax			1,117				1,832				1,711				8,252				5,212				18,124				1,226				19,350
Income taxes			(21,993	)			(586	)			(28,003	)			(14,461	)			(1,373	)			(66,416	)			(3,001	)			(69,417	)
(Loss) / Profit for the period			66,026				22,801				46,336				47,876				17,882				200,921				(260,397	)			(59,476	)
Property, plant and equipment			64,545				71,583				129,875				151,143				248,973				666,119				117,227				783,346
Total assets			102,315				213,549				399,316				380,712				141,326				1,237,218				191,644				1,428,862
Total liabilities			83,396				140,849				108,882				266,034				139,526				738,687				367,742				1,106,429
Purchase of property, plant and equipment			5,813				22,429				21,130				14,531				55,971				119,874				13,784				133,658

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

42| Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

33       COMMITMENTS AND CONTINGENCIES

a)                   Leases commitments

The Company has the following commitments for future minimum payments under leases:

		2026
Within 1 year			13,318
2 years			808
3 years			458
4 years			163
Over 5 years			17
Total			14,764

b)                   Contingencies

Certain conditions may exist on the date of these financial statements that could result in a loss to the Company in the future upon the occurrence or non-occurrence of specific events. At each reporting date, the Company evaluates its loss contingencies related to ongoing legal proceedings by assessing the likelihood of an unfavorable outcome and the amounts claimed or expected to be claimed.

34       PROFIT (LOSS) PER SHARE

Basic profit per share is calculated by dividing the income attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the period.

Diluted income per share is calculated using the “treasury stock method” in assessing the dilution impact of convertible instruments until maturity. The treasury stock method assumes that all convertible instruments until maturity have been converted in determining fully diluted profit per share if they are in-the-money, except where such conversion would be anti-dilutive. In the event of a share consolidation or share division, the calculation of basic and diluted profit (loss) per share is adjusted retrospectively for all periods presented.

		For the three months ended September 30, 2026				For the three months ended September 30, 2025				For the nine months ended September 30, 2026				For the nine months ended September 30, 2025
Profit (Loss) for the period			135,004				5,626				447,849				(59,476	)
Weighted average number of ordinary shares outstanding - basic			83,828,312				81,672,304				83,738,051				76,466,833
Weighted average number of ordinary shares outstanding - diluted			84,745,425				82,723,337				84,655,332				76,466,833
Profit (loss) per share - basic			1.61				0.07				5.35				(0.78	)
Profit (loss) per share - diluted			1.59				0.07				5.29				(0.78	)

43| Aura Minerals Inc.

Filing Exhibits & Attachments

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• EX-99.1 EXHIBIT 99.1 548.1 KB
• EX-99.2 EXHIBIT 99.2 918.5 KB