Aura Minerals (Nasdaq: AUGO) doubles revenue, lifts H1 EBITDA to $440M

Rhea-AI Filing Summary

Aura Minerals reported record H1 2026 results, with production of 157,574 gold equivalent ounces (GEO), up 27% year over year, and net revenue of US$718.6 million, a 104% increase. Adjusted EBITDA reached US$440.5 million with a 61% margin, while net income was US$312.8 million versus a loss in H1 2025, reflecting much higher revenue, stronger margins and an unrealized US$101.9 million gain on gold hedges.

Q2 2026 was weaker than Q1 as gold prices and sales volumes eased: net revenue fell 12% sequentially to US$336.0 million and Adjusted EBITDA 19% to US$196.7 million, though both rose sharply year over year. Cash cost increased to US$1,513/GEO and AISC to US$1,985/GEO, driven mainly by the MSG turnaround and mine sequencing, and the company continues to expect 2026 unit costs within guidance. Operating cash flow was US$229.8 million and recurring free cash flow US$175.1 million in H1, keeping Net Debt/LTM Adjusted EBITDA low at 0.21x. Aura advanced growth projects at Era Dorada, Almas, Borborema and MSG, secured board approval for up to US$200 million of share repurchases through June 2027, and reaffirmed 2026 production guidance of 340,000–390,000 GEO, alongside a stated path toward 600,000 GEO annually.

Positive

• H1 2026 profitability surged: net revenue reached US$718.6 million (up 104%), Adjusted EBITDA US$440.5 million (up 135%) and net income US$312.8 million, reversing a prior-year loss.
• Record production and strong margins: H1 2026 output was 157,574 GEO (up 27%) with a 58% gross margin and 61% Adjusted EBITDA margin, indicating robust operating performance across the portfolio.
• Solid balance sheet and cash returns: Net Debt/LTM Adjusted EBITDA was just 0.21x, H1 recurring free cash flow was US$175.1 million, and the board approved up to US$200 million of share repurchases through June 2027.

Negative

• Unit costs rose sharply: Q2 2026 cash cost was US$1,513/GEO (up 32% year over year) and AISC US$1,985/GEO (up 37%), pressured by MSG’s turnaround phase and mine sequencing.
• Hedging consumed significant cash: realized losses on gold collars totaled US$70.6 million in H1 2026, including US$37.2 million in Q2, reducing reported free cash flow despite strong operating results.

Key Figures

H1 2026 Net Revenue: US$718.6 million H1 2026 Net Income: US$312.8 million H1 2026 Adjusted EBITDA: US$440.5 million +5 more

8 metrics

H1 2026 Net Revenue US$718.6 million Net revenue for the six months ended June 30, 2026; up 104% versus H1 2025

H1 2026 Net Income US$312.8 million Profit for the six months ended June 30, 2026; compared with a US$(65.1) million loss in H1 2025

H1 2026 Adjusted EBITDA US$440.5 million Adjusted EBITDA in H1 2026 with a 61% margin versus US$187.7 million and 53% in H1 2025

H1 2026 Production 157,574 GEO Record first-half gold equivalent ounce production; 27% above 124,120 GEO in H1 2025

H1 2026 Cash Cost US$1,499/GEO Consolidated cash cost per gold equivalent ounce in H1 2026 versus US$1,147/GEO in H1 2025

H1 2026 AISC US$1,906/GEO All-in Sustaining Cost per gold equivalent ounce in H1 2026 versus US$1,455/GEO in H1 2025

Net Debt and Leverage US$168.0 million; 0.21x Net Debt/LTM Adjusted EBITDA Net Debt and leverage ratio as of June 30, 2026; down from US$280.6 million and 0.81x a year earlier

Share Repurchase Authorization Up to US$200 million Maximum aggregate amount approved in June 2026 for common share and BDR repurchases through June 18, 2027

Key Terms

gold equivalent ounces, All In Sustaining cost, Adjusted EBITDA, cash flow hedge, +1 more

5 terms

gold equivalent ounces financial

"Total production in Q2 2026 reached 75,437 gold equivalent ounces ("GEO")"

Gold equivalent ounces express the combined output or reserves of a mine by converting other metals (like silver, copper or zinc) into the amount of gold they would be worth at current market prices, so everything is shown as a single “gold” number. For investors this provides a common yardstick to compare production, value and growth across projects that produce multiple metals—like converting several currencies into one familiar money unit.

All In Sustaining cost financial

"All In Sustaining cost (US$/GEO) | 1,985 | 1,829 | 9%"

All-in sustaining cost (AISC) is a per-unit measure of what it really costs a mining company to produce its product over the long run, combining direct operating expenses with ongoing capital spending, maintenance, and other sustaining overheads. For investors, AISC shows the full, steady-state cost to keep operations running—similar to calculating the total cost per mile of driving a car when you include fuel, repairs and routine upkeep—so it helps judge long-term profitability and compare producers on a like-for-like basis.

Adjusted EBITDA financial

"Adjusted EBITDA was US$196.7 million in Q2 2026, with an Adjusted EBITDA Margin of 59%."

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.

cash flow hedge financial

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

A cash flow hedge is an accounting label for a contract or arrangement used to offset expected future swings in a company’s cash payments or receipts — for example from variable-rate interest, foreign currency sales, or forecasted purchases. It matters to investors because it aims to smooth future cash and earnings volatility: gains or losses on the hedge are held out of current profit and reported separately until the underlying transaction affects results, much like buying insurance to steady future bills.

Net Debt/LTM Adjusted EBITDA financial

"Net Debt/LTM Adjusted EBITDA | 0.21x | 0.16x | 0.05x"

Net debt divided by LTM (last twelve months) adjusted EBITDA is a leverage ratio that compares a company’s debt load (debt minus cash) to its recent operating cash-generating power after routine adjustments. Investors use it like a “years to pay off” number—higher values mean more debt relative to earnings, suggesting greater financial risk; lower values indicate a stronger ability to cover debt from ongoing business earnings.

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

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FAQ

How did Aura Minerals (AUGO) perform financially in H1 2026?

Aura Minerals delivered much stronger results in H1 2026, with net revenue of US$718.6 million and net income of US$312.8 million. Adjusted EBITDA rose to US$440.5 million with a 61% margin, compared with US$187.7 million and a 53% margin a year earlier.

What were Aura Minerals’ (AUGO) gold equivalent ounce production levels in Q2 and H1 2026?

In Q2 2026, Aura produced 75,437 gold equivalent ounces (GEO), 18% above Q2 2025 but 8% below Q1 2026. For H1 2026, production reached a record 157,574 GEO, up 27% from 124,120 GEO in H1 2025, driven by Borborema, MSG and Almas.

How strong were Aura Minerals’ (AUGO) cash generation and leverage in H1 2026?

H1 2026 operating cash flow was US$229.8 million and recurring free cash flow US$175.1 million, more than double the prior year. Net Debt stood at US$168.0 million, with Net Debt/LTM Adjusted EBITDA of 0.21x, indicating low leverage and significant financial flexibility.

What 2026 production and cost guidance has Aura Minerals (AUGO) discussed?

Aura reiterates its 2026 production guidance of 340,000–390,000 GEO, after delivering 158,000 GEO in H1 at guidance metal prices. Guidance ranges for cash cost and AISC by mine are provided, and management continues to expect full-year consolidated unit costs within these ranges.

What is Aura Minerals’ (AUGO) 2026 share repurchase program?

In June 2026 the board approved repurchase programs for common shares and BDRs of up to US$200 million. Purchases may occur in the open market or privately from June 18, 2026 through June 18, 2027, with the board able to adjust, suspend or discontinue the programs.

How did hedging impact Aura Minerals’ (AUGO) 2026 results?

Hedging had mixed effects: H1 2026 included realized losses on gold collars of US$70.6 million, reducing cash flows, but also an unrealized gain of US$101.9 million on gold derivatives, which boosted reported net income through mark-to-market adjustments on open hedge positions.

What are the key growth projects Aura Minerals (AUGO) is advancing?

Aura is progressing several projects, including Era Dorada (construction on schedule with earthmoving 60% complete), Almas plant expansion toward 3 Mtpa, capacity enhancements at Borborema, and the MSG underground turnaround, supporting a stated path toward 600,000 GEO annually.

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 August 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 Q2 2026 and H1 2026 Financial and Operational Results, a Record First Half Result
99.2		Consolidated Financial Statements for the three and six-months periods ended June 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: August 5, 2026		/s/ João Kleber Cardoso
		João Kleber Cardoso
		Chief Financial Officer

Exhibit 99.1

Earnings Release   Q2 2026 | H1 2026

Miami, August 5, 2026 – “Aura delivered a record first half, producing 158k GEO in H1 2026. With second-half guidance of 182k to 232k GEO, we remain firmly on track with our full-year target of 340k to 390k GEO. Our LTM Adjusted EBITDA reached US$802 million — the 12th consecutive quarterly increase — supported by an average gold price of US$4,260 per ounce and LTM production of 313k GEO. Beyond the numbers, we are rapidly advancing our next phase of growth: construction at Era Dorada is on schedule with earthmoving 60% complete; the turnaround at MSG is laying the infrastructure and underground development for a significant production step-up in 2027; Almas is advancing its expansion toward 3 Mtpa; we are finalizing engineering studies at Borborema to increase capacity; and we are now incorporating Serrinhas and Pé Quente into the Matupá studies. We are delivering both strong production growth and a clear path toward 600k GEO annually, while rewarding our shareholders with robust returns — generating a approximately 4.3% yield over the last twelve months through dividends and share buybacks.” Commented Rodrigo Barbosa President and CEO of Aura.

Operational & Financial Headlines Q2 2026 and H1 2026

(US$ thousand)	Q2 2026	Q1 2026	QoQ Change %	Q2 2025	YoY Change %	H1 2026	H1 2025	Change%
Total Production (GEO)	75,437	82,137	-8%	64,033	18%	157,574	124,120	27%
Total Sales (GEO)	78,414	81,368	-4%	62,452	26%	159,782	122,943	30%
Net Revenue	335,967	382,606	-12%	190,436	76%	718,573	352,240	104%
Gross Profit	191,477	228,828	-16%	103,939	84%	420,305	182,367	130%
Gross Margin	57%	60%	-3 p.p.	55%	2 p.p.	58%	52%	6 p.p.
Adjusted EBITDA	196,659	243,868	-19%	106,224	85%	440,527	187,703	135%
Adjusted EBITDA Margin	59%	64%	-5 p.p.	56%	3 p.p.	61%	53%	8 p.p.
Net Income	217,687	95,158	129%	8,147	2572%	312,845	(65,102)	n.a.
Net Income Margin	65%	25%	40 p.p.	4%	61 p.p.	44%	-18%	62 p.p.
Adjusted Net Income	97,414	109,464	-11%	36,834	164%	201,332	63,737	216%
Adjusted Net Income Margin	29%	29%	0 p.p.	19%	10 p.p.	28%	18%	10 p.p.
Cash Cost (US$/GEO)	1,513	1,485	2%	1,146	32%	1,499	1,147	31%
All In Sustaining cost (US$/GEO)	1,985	1,829	9%	1,449	37%	1,906	1,455	31%
Operating Cash Flow	111,945	117,871	-5%	79,864	40%	229,816	121,093	90%
Net Debt/LTM Adjusted EBITDA	0.21x	0.16x	0.05x	0.81x	-0.60x	0.21x	0.81x	-0.59x
Total CAPEX	84,319	44,107	91%	50,325	68%	128,426	102,050	26%

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

Headlines

· Record First-Half Production: Q2 2026 total production reached 75,437 GEO, an 8% decrease compared to Q1 2026 and 18% higher than Q2 2025 at current metal prices (at constant prices, -9% QoQ and +16% YoY). In H1 2026, Aura produced 157,574 GEO (158,448 GEO at constant prices), a 27% increase over H1 2025 and the highest first-half production in the Company's history and is on track to deliver its consolidated guidance of 340k – 390k GEO in 2026. Q2 2026 and H1 2026 highlights:

o Aranzazu: 17,882 GEO (+14% QoQ at current prices; -20% YoY, due to mine plan), primarily reflecting metal price dynamics on GEO conversion; at constant prices, production was +8% QoQ, driven by higher grades from mine sequencing. In H1 2026, total production reached 33,576 GEO (- 21% YoY) at current prices. At constant prices, Aranzazu produced 34,450 GEO (-21% YoY), mainly due to lower grades as expected in the mine sequencing.

1

 

o Almas: 16,130 GEO (+25% YoY; +2% QoQ), driven by higher ore processed volumes from the ongoing plant expansion. In H1 2026, production totaled 31,968 GEO (+23% YoY), driven mainly by 20% higher ore moved volumes and 30% higher ore plant feed, reflecting the results of the plant expansion.

o Apoena, 5,704 GEO (-24% QoQ; -31% YoY), due to mine sequencing, in line with the Company's plan to achieve higher grades in the Nosde Pit during the second half of the year. In H1 2026, total production was 13,229 GEO, (-23% YoY), mainly due to lower ore plant feed and lower grades.

o Borborema, 14,251 GEO (-17% QoQ), also driven by lower grades due to mine sequencing, as expected. In H1 2026, the total production was 31,352 GEO, higher than the same period of last year, considering that the commercial production of Borborema started in Q2 2025.

o Minosa, 14,284 GEO (-18% QoQ; -21% YoY), due to the increase in stacking level within the leach pad and lower ore plant feed. In H1 2026, production totaled 31,683 GEO (-11% YoY), mainly due to these impacts in Q2 2026.

o MSG, 7,186 GEO (-16% QoQ), as Aura continues to invest in underground infrastructure and primary development to invert the mining method to bottom-up. In H1 2026, production reached 15,766 GEO.

· Sales Volumes: Q2 2026 sales were 78,414 GEO, a 4% decrease QoQ but a 26% increase YoY at current prices, mainly due to better sales at Almas, Borborema now under commercial production, and the addition of MSG. In H1 2026, Aura sold 159,782 GEO, up 30% YoY.

· Net Revenues: Q2 reached US$335,967, down 12% QoQ and up 76% YoY, driven by gold prices and production fluctuations. In H1 2026, Net Revenue was US$718,573, up 104% compared to the same period of last year.

o Average realized gold prices: Q2 2026: US$4,304/oz (-11% QoQ, +35% YoY). H1 2026: US$4,566/oz (+53% YoY).

o Average realized copper prices: Q2 2026: US$6.09/lb (+5% QoQ, +41% YoY). H1 2026: US$5.95/lb (+39% YoY).

· Adjusted EBITDA: Q2 hit US$196,659, down 19% QoQ and up 85% YoY. Driven by changes in production/sales and gold prices between the periods. In H1 2026, Adjusted EBITDA hit US$ 440,527, up 135% YoY.

· AISC Performance: Q2 2026 AISC was US$1,985/GEO, up 9% QoQ and 37% YoY, largely driven by MSG (US$5,277/GEO, +41%) as Aura focused the quarter on preparing the mine and advancing on primary development as part of the Company’s plan to shift the mining method to bottom-up. Excluding this impact, Aura’s AISC would have been US$1,653/GEO, up 5% QoQ and 14% YoY, reflecting the mine sequencing at Almas and Apoena, and lower production at Minosa. These results were partially offset by a decrease at Borborema. In H1 2026, AISC was US$1,906/GEO (+31% YoY) and US$1,615/GEO ex-MSG and the Company remains on track to deliver its AISC Guidance of US$1,720-US$1,865 in 2026, including MSG.

· Recurring Free Cash Flow: Q2 2026 US$80,230, -15% QoQ, as lower EBITDA, increased CAPEX (+49% QoQ as part of the Company’s plan and Guidance), and higher realized losses on gold hedges (+12%, to US$37.2 million) had a bigger impact than favorable changes in working capital and 21% lower taxes paid. Compared to Q2 2025, RFCF increased by 33% mainly related to the higher sales and gold prices. In H1 2026, US$ 175,083, +107% YoY.

· Net Income: a record US$217.7 million, +129% QoQ with lower current income taxes. Net Income was +2,572% YoY, benefited from an Operating Income of US$175.3 million (+93% YoY). Both periods were materially impacted by non-cash gains related to the MTM of gold collars.

o Excluding non-cash gain, mainly related to the MTM of gold collars, adjusted Net Income was US$97.4 million, -11% QoQ and +164% YoY, for the reasons discussed above.

· Net Debt Position and Financial Leverage: Q2 2026 Net Debt of US$168,026 (0.21x Net Debt/Adjusted EBITDA LTM), an increase QoQ of US$52.8 million due to dividends and shares buybacks of US$67.7 million and expansion capex of US$53.5 million, partially compensated by Recurring Free Cash Flow of US$80.2 million.

OTHER UPDATES:

Repurchase Program: In June 2026, Aura's Board approved share repurchase programs for the Company's common shares and Brazilian Depositary Receipts. Aura may repurchase up to an aggregate US$200 million in the open market or through privately negotiated transactions, from June 18, 2026 through June 18, 2027, or until completed, whichever comes first. The Board will review the programs periodically and may adjust their terms and size, or suspend or discontinue them.

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

2025 Sustainability Report: In May 2026, Aura announced its 6th Annual Sustainability Report showcasing the Company’s progress in promoting safety, responsibility, sustainability, and innovation, prepared with reference to Global Reporting Initiative (GRI) standards, the report ensures clear and transparent disclosure of Aura’s financial, environmental, and social performance. The full report can be found on “Sustainability - Aura Minerals” on Aura’s website.

Advancing Construction, Environment, and Community at Era Dorada: the project continues to advance on all fronts toward becoming a new standard for sustainable mining. Following full Board approval in April 2026, construction is progressing on schedule, with earthmoving at 60% completion, Long Lead Items in manufacture, the EPCM company on board, and civil works mobilization underway. Environmentally, the project features a closed water circuit reusing 100% of processed water, approved capex for potable water — a first in Guatemala — and a fully licensed, Aura-owned geothermal energy source. On the social side, the Era Dorada House in Asunción Mita has driven over 1,300 hours of community engagement and official recognition from local communities, while employment has grown to over 366 people (53% local; 93% Guatemalan), positively impacting around 25,000 people nearby. Cumulative investment reached US$15.3 million as of June.

Sale Agreement to São Francisco Mine: In May 2026, Aura completed the previously announced sale of the São Francisco Mine (part of the Apoena Mine complex) for a total purchase price of $9.0 million, following satisfaction of the final closing condition. The mine had been under care and maintenance, with fully depreciated property, plant and equipment. As of June 30, 2026, Aura had received US$ 3 million in cash proceeds — a US$1 million advance payment at signing and a US $2 million payment at closing — with the remaining balance recorded in Other Receivables and Assets.

Results Teleconference:

Date: August 6, 2026

Time: 11 a.m. (Brasília) | 10 a.m. (New York and Toronto)

Link to access: https://mzgroup.zoom.us/webinar/register/WN_5bwlrrIeQf2lyT6a90cDiQ#/registration

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

2. Consolidated Financial Results

2.1 Total Production and Sales (GEO)

(GEO)	Q2 2026	Q1 2026	QoQ Change %	Q2 2025	YoY Change %	H1 2026	H1 2025	Change%
Production
Aranzazu	17,882	15,694	14%	22,281	-20%	33,576	42,737	-21%
Apoena	5,704	7,525	-24%	8,219	-31%	13,229	17,095	-23%
Minosa	14,284	17,399	-18%	18,039	-21%	31,683	35,693	-11%
Almas	16,130	15,838	2%	12,917	25%	31,968	26,018	23%
Borborema	14,251	17,101	-17%	2,577	453%	31,352	2,577	1117%
MSG	7,186	8,580	-16%	0	n.a.	15,766	0	n.a.
Total	75,437	82,137	-8%	64,033	18%	157,574	124,120	27%

(GEO)	Q2 2026	Q1 2026	QoQ Change %	Q2 2025	YoY Change %	H1 2026	H1 2025	Change%
Sales
Aranzazu	17,764	16,218	10%	22,290	-20%	33,982	42,746	-21%
Apoena	5,704	7,525	-24%	8,219	-31%	13,229	17,627	-25%
Minosa	15,296	17,465	-12%	17,836	-14%	32,762	35,362	-7%
Almas	17,920	14,048	28%	12,917	39%	31,968	26,018	23%
Borborema	14,539	16,609	-12%	1,190	1122%	31,148	1,190	2518%
MSG	7,190	9,503	-24%	-	n.a.	16,698	0	n.a.
Total	78,414	81,368	-4%	62,452	26%	159,782	122,943	30%

Apply the metal sale prices in Aranzazu realized during Q2 2026: Copper price = US$6.09/lb; Gold Price = US$4,416/oz; Silver Price = US$71.45/oz and Molybdenum Price = US$29.71/oz.

Total production in Q2 2026 reached 75,437 gold equivalent ounces ("GEO"), an 8% decrease compared to Q1 2026 and 18% higher than Q2 2025 at current metal prices. The quarter benefited from higher production at Aranzazu, driven by favorable metal price dynamics in the copper-to-GEO conversion and at Almas, with 17% QoQ increase in ore plant feed drove production to 16,130 GEO, 2% above Q1 2026. Quarter-over-quarter, these performances were partially offset by lower grades at Apoena (from 0.8 g/t to 0.6 g/t), Borborema (from 1.41 g/t to 1.16 g/t) and MSG (from 1.54 g/t to 0.90 g/t), all in line with each mine's sequencing plans and in line with Aura’s annual Guidance. At constant metal prices, production decreased 9% compared to Q1 2026.

Compared to Q2 2025 production, the growth was mainly attributable to: (i) Declaration of commercial production at Borborema during Q3 2025; (ii) the addition of MSG; and (iii) Almas, up 34% on higher ore plant feed and improved operational performance from its ongoing plant expansion. These gains were partially offset by lower production at Apoena, down 31% on lower grades and recovery rates which are expected to improve during H2 2026; Minosa, down 21% on higher stacking levels within the leach pad and lower ore plant feed; and Aranzazu, down 20% in line with the mine plan. At constant metal prices, production increased 16% above Q2 2025.

In H1 2026, production reached a record 157,574 GEO, the highest first-half production in Aura's history, a 27% increase at current metal prices and also 27% at constant prices (158,448 GEO) compared to the 124,120 GEO produced in H1 2025. This growth was primarily driven by Borborema commercial production, the addition of MSG and Almas' performance, as described above.

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

2.2. Net Revenue

(US$ thousand)	Q2 2026	Q1 2026	QoQ Change %	Q2 2025	YoY Change %	H1 2026	H1 2025	Change%
Aranzazu	74,825	69,178	8%	62,508	20%	144,003	112,770	28%
Apoena	25,376	35,814	-29%	26,711	-5%	61,190	53,064	15%
Minosa	64,286	80,020	-20%	55,776	15%	144,306	103,838	39%
Almas	79,322	68,693	15%	41,751	90%	148,015	78,878	88%
Borborema	63,242	81,988	-23%	3,690	1614%	145,230	3,690	3836%
MSG	28,916	46,913	-38%	n.a.	n.a.	75,829	n.a.	n.a.
Total	335,967	382,606	-12%	190,436	76%	718,573	352,240	104%

In Q2 2026, the Company reported Net Revenue of US$336.0 million, representing a 76% increase compared to Q2 2025, mainly due to an increase in sales and more favorable metals prices, with the average gold price increasing by 35% and the average copper price increasing by 41% over the same period of 2025. When compared to Q1 2026, Aura’s Net Revenue decreased 12%, driven by the sales decrease, also due to lower average realized gold price.

In H1 2026, the Net Revenue was US$718.6 million, a 104% increase compared to the same period of 2025, primarily driven by the strong increase in production of 27% as discussed above and increase of 53% in the average realized gold price, which rose from US$2,986/oz in H1 2025 to US$4,566/oz in H1 2026.

2.3. Cost and Gross Profit

(US$ thousand)	Q2 2026	Q1 2026	QoQ Change %	Q2 2025	YoY Change %	H1 2026	H1 2025	Change%
Net Revenue	335,967	382,606	-12%	190,436	76%	718,573	352,240	104%
Cost of goods sold	(144,490)	(153,778)	-6%	(86,497)	67%	(298,268)	(169,873)	76%
Cost of production	(72,546)	(83,528)	-13%	(44,470)	63%	(156,074)	(89,389)	75%
Cost of production – Contractors	(23,132)	(16,589)	39%	(17,529)	32%	(39,721)	(32,996)	20%
Direct mine and mill costs – Salaries	(22,944)	(20,696)	11%	(9,550)	140%	(43,640)	(18,676)	134%
Depreciation and amortization	(25,868)	(32,965)	-22%	(14,948)	73%	(58,833)	(28,812)	104%
Gross Profit	191,477	228,828	-16%	103,939	84%	420,305	182,367	130%
Gross Margin	57%	60%	-3 p.p.	55%	2 p.p.	58%	52%	6 p.p.

In Q2 2026, Cost of Goods Sold (COGS) totaled US$144.5 million, a 6% decrease compared to Q1 2026 and a 67% increase compared to Q2 2025. Compared to Q1 2026, the decrease was mainly driven by lower production and sales volumes (down 8% and 4%, respectively) and increase in work-in-progress inventory. Compared to Q2 2025, the increase in COGS was mainly driven by the Company's larger asset base following the addition of Borborema and MSG, with all cost lines increasing accordingly.

In the quarter, Gross Profit was US$191.5 million, down 16% from Q1 2026, considering the lower revenue as result of lower production and gold prices, but up 84 % from Q2 2025, due to higher revenues for the reasons discussed. Gross Margin was 57% in the quarter, slightly above YoY but down 3 p.p. QoQ for the same reasons.

In H1 2026, COGS totaled US$298.3 million, a 76% increase compared to US$169.9 million in H1 2025, mainly explained by the commercial production of Borborema and the addition of MSG to the Company's portfolio, which together added US$ 111.8 million in COGS in the period. Net Revenue more than doubled, up 104%, more than offsetting the increase in COGS and driving Gross Profit to US$420.3 million, a 130% increase compared to H1 2025, with Gross Margin expanding 7 p.p. to 58%.

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

2.4. Cash Cost and All in Sustaining Costs

(US$/GEO)	Q2 2026	Q1 2026	QoQ Change %	Q2 2025	YoY Change %	H1 2026	H1 2025	Change%
Cash Cost	1,513	1,485	2%	1,146	32%	1,499	1,147	31%
Aranzazu	1,409	1,558	-10%	1,110	27%	1,480	1,136	30%
Apoena	1,886	1,380	37%	1,168	61%	1,598	1,200	33%
Minosa	1,308	1,188	10%	1,178	11%	1,244	1,164	7%
Almas	1,156	1,204	-4%	1,167	-1%	1,177	1,118	5%
Borborema	991	1,200	-17%	936	6%	1,103	936	18%
MSG	3,852	2,900	33%	n.a.	n.a.	3,310	n.a.	n.a
All-in Sustaining Cost	1,985	1,829	9%	1,449	37%	1,906	1,455	31%
Aranzazu	1,897	2,046	-7%	1,514	25%	1,969	1,529	29%
Apoena	2,668	2,129	25%	1,751	52%	2,362	1,906	24%
Minosa	1,545	1,370	13%	1,292	20%	1,452	1,271	14%
Almas	1,626	1,376	18%	1,364	19%	1,516	1,279	19%
Borborema	1,102	1,256	-12%	1,441	-24%	1,184	1,441	-18%
MSG	5,277	3,735	41%	n.a.	n.a.	4,399	n.a.	n.a

In Q2 2026, Cash Cost was US$1,513/GEO, up 2% compared to Q1 2026, mainly reflecting the impact of MSG’s turn-around phase, whose Cash Cost increased 33% to US$3,852/GEO driven by lower production (more details on section 3.6) as the Company focuses on the primary development. Excluding MSG, Cash Cost was US$1,277/GEO, 2% below the Q1 2026, due to lower unitary costs at Aranzazu, Almas and Borborema — driven by metal price dynamics regarding GEO conversion, higher processed volumes and improved plant performance respectively — offset by an increase at Apoena, where Cash Cost rose 37% due to lower ore mined and grades during the development phase of the Nosde pit. Compared to Q2 2025, Cash Cost increased 32%, also due to MSG. Excluding this impact, Cash Cost had an 11% increase, mainly reflecting lower grades and mine sequencing effects at Apoena and Aranzazu, together with the appreciation of the Mexican Peso (of around 2%) and Brazilian Real during the period.

AISC totaled US$1,985/GEO in Q2 2026, increasing 9% QoQ and 37% YoY. Excluding MSG, AISC was US$1,653/GEO, a 5% increase compared to Q1 2026, mainly driven by higher Sustaining CAPEX at Almas, associated with the pushback of the open pit mine, and mine sequencing at Apoena.

In H1 2026, Cash Cost was US$1,499/GEO (US$1,287/GEO excluding MSG) and AISC was US$1,906/GEO (US$1,615/GEO excluding MSG), reflecting the impacts described above. The Company continues to expect consolidated 2026 Cash Cost and AISC to be within the Company's Guidance range, as results at MSG are expected to improve as the Company advances its turnaround strategy, Apoena's costs should benefit from the higher grades to be accessed later in the year once the Nosde development is completed, as well as the positive impacts of mine sequencing in H2 2026 from other operations.

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

2.5. Operating Expenses

(US$ thousand)	Q2 2026	Q1 2026	QoQ Change %	Q2 2025	YoY Change %	H1 2026	H1 2025	Change%
Gross Profit	191,477	228,828	-16%	103,939	84%	420,305	182,367	130%
Operational Expenses	(16,176)	(23,509)	-31%	(12,937)	25%	(39,685)	(24,703)	65%
General and administrative expenses	(22,477)	(15,742)	43%	(11,284)	99%	(38,219)	(20,920)	83%
Exploration expenses	(3,569)	(2,359)	51%	(1,714)	108%	(5,928)	(3,090)	92%
Other Income/Expenses	9,870	(5,408)	n.a.	61	n.a.	4,462	(693)	n.a.
Operating income	175,301	205,319	-15%	91,002	93%	380,620	157,664	141%

General and Administrative expenses increased 43% compared to Q1 2026, primarily due to a non-recurring provision for judicial contingencies at Apoena of approximately US$4.7 million as well as expenses related to personnel turnover at MSG and professional fees for Era Dorada construction. Versus Q2 2025, G&A increased 99%, reflecting the consolidation of Borborema and MSG (which were not included in the prior-year results) together with these non-recurring legal impacts and higher professional fees related to the Era Dorada Project. In H1 2026, G&A totaled US$38.2 million, an 83% increase from US$20.9 million in H1 2025, mainly driven by the reasons above.

Exploration expenses totaled US$3.6 million in Q2 2026, an increase of 51% compared to Q1 2026 (US$2.4 million) and 108% compared to Q2 2025 (US$1.7 million). The QoQ increase was spread across the operating units, led by Almas totaling US$1.4 million in the quarter, followed by Aranzazu with US$1.1 million and Borborema with US$0.6 million. On a YoY basis and in H1 2026, the increase in both periods was led by the same units and in the same order of impact as the quarter.

The Company recorded net Other Income of US$9.9 million in Q2 2026, an improvement compared to the expense of US$5.4 million in Q1 2026 and compared to the income of US$0.1 million in Q2 2025. The QoQ variation was mainly driven by a US$11.0 million increase in the "Other income/expenses" line, mainly related to the sale of the São Francisco mine. For the H1 2026 period, the Company recorded net Other Income of US$4.5 million, compared to an expense of US$0.7 million in H1 2025, mainly reflecting the effects mentioned above.

The Company thus ended Q2 2026 with Operating Income of US$175.3 million, a decrease of 15% compared to US$205.3 million in Q1 2026, mainly reflecting lower Gross Profit in the quarter (down 16%, from US$228.8 million to US$191.5 million) and higher G&A expenses, partially offset by the positive Other Income. On a YoY basis, Operating Income increased 93% compared to US$91.0 million in Q2 2025, driven by the strong 84% growth in Gross Profit, which more than offset the increase in Operating Expenses.

For the H1 2026 period, Operating Income totaled US$380.6 million, an increase of 141% compared to US$157.7 million in H1 2025, reflecting the significant 130% increase in Gross Profit for the period, partially offset by growth in G&A and exploration expenses.

2.6. Adjusted EBITDA

(US$ thousand)	Q2 2026	Q1 2026	QoQ Change %	Q2 2025	YoY Change %	H1 2026	H1 2025	Change%
Operating Income	175,301	205,319	-15%	91,002	93%	380,620	157,664	141%
Depreciation and Amortization	26,529	33,141	-20%	15,283	74%	59,670	29,346	103%
Other Expenses	(9,870)	5,408	n.a.	(61)	n.a.	(4,462)	693	n.a.
Provision for contingent liabilities	4,699	0	n.a.	0	n.a	4,699	0	n.a.
Adjusted EBITDA	196,659	243,868	-19%	106,224	85%	440,527	187,703	135%
Aranzazu	47,402	41,390	15%	35,684	33%	88,792	60,254	47%
Almas	56,159	49,720	13%	24,709	127%	105,879	47,136	125%
Borborema	47,297	60,939	-22%	2,084	2170%	108,236	2,084	5094%
Minosa	43,249	58,105	-26%	33,533	29%	101,354	60,646	67%
Apoena	13,675	24,274	-44%	16,151	-16%	37,949	29,697	28%
MSG	(1,116)	17,440	n.a	n.a.	n.a	16,324	n.a.	n.a
Corporate, Projects and Other	(10,007)	(8,000)	25%	(7,581)	32%	(18,007)	(12,114)	47%
Adjusted EBITDA Margin	59%	64%	-5 p.p.	56%	3 p.p.	61%	53%	8p.p.

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

Adjusted EBITDA was US$196.7 million in Q2 2026, with an Adjusted EBITDA Margin of 59%. Compared with the previous quarter, Adjusted EBITDA was down 19%, as lower average gold prices (US$4,304/oz, -12% QoQ), combined with lower sales volumes and G&A impacts. Compared with the Q2 2025, Adjusted EBITDA was 85% above, due to the sales increase – considering the inclusion of Borborema and MSG - and higher gold prices, which together more than offset the increase in costs and G&A.

In the first half of 2026, Adjusted EBITDA reached US$440.5 million, more than double of H1 2025 result (US$187.7 million), with a margin of 61% (vs. 53% in H1 2025), supported by a 30% increase in sales and a 53% jump in the average realized gold price

2.7. Financial Result

(US$ thousand)	Q2 2026	Q1 2026	QoQ Change %	Q2 2025	YoY Change %	H1 2026	H1 2025	Change%
EBIT	175,301	205,319	-15%	90,941	93%	380,620	158,357	141%
Financial Result	61,054	(68,921)	n.a.	(59,630)	n.a.	(7,867)	(181,241)	-96%
Accretion expense	(1,981)	(2,279)	-13%	(1,134)	75%	(4,260)	(2,800)	52%
Lease interest expense	(667)	(810)	-18%	(161)	314%	(1,477)	(1,756)	-16%
Interest expense on loans and debentures	(6,266)	(6,387)	-2%	(6,098)	3%	(12,653)	(11,853)	7%
Finance cost on post-employment benefit	(595)	(598)	-1%	(747)	-20%	(1,193)	(1,085)	10%
Unrealized gain/(loss) with derivative gold collars	0	(24,105)	n.a.	(24,304)	n.a.	0	(124,514)	n.a.
Realized loss with derivative gold collars	(37,249)	(33,325)	12%	(11,703)	218%	(70,574)	(17,739)	298%
Loss on other derivative transactions	(1,981)	(1,188)	67%	(1,305)	52%	(3,169)	(3,132)	1%
Foreign exchange	(10,908)	(73)	n.a.	(2,462)	343%	(5,435)	(5,638)	-4%
Change in liability measured at fair value	(1,935)	(5,026)	-62%	(4,025)	-52%	(6,961)	(6,384)	9%
Loss on settlement of liability with equity instruments	0	0	n.a.	(8,768)	n.a.	-	(8,768)	n.a.
Other finance costs	(4,622)	(2,496)	85%	(297)	n.a.	(7,118)	(727)	879%
Finance expenses	(66,204)	(76,287)	-13%	(61,004)	9%	(112,840)	(184,396)	-39%
Unrealized gain/loss with gold derivative	126,013	0	n.a.	0	n.a.	101,908	0	n.a.
Foreign exchange	0	5,546	n.a.	0	n.a.	0	0	n.a.
Interest income	1,245	1,820	-32%	1,374	-9%	3,065	3,155	-3%
Finance income	127,258	7,366	1628%	1,374	9162%	104,973	3,155	3227%
Profit/ (loss) before income taxes	236,355	136,398	73%	31,372	653%	372,753	(23,577)	n.a.

The Company’s Financial Result in Q2 2026 was a gain of US$61.0 million, an improvement compared to a loss of US$ (68.9) million recorded in Q1 2026 and a loss of (US$59.6) million in Q2 2025, impacted by:

· Unrealized gain on gold hedges of US$126.0 in Q2 2026, arising from mark-to-market (MTM) adjustments related to outstanding gold hedge positions, reflecting decrease in gold prices between the start and the end of the quarter, which closed the quarter at US$4,008.02 per Oz, coming from US$4,646.60 per Oz at the start of the period. In accordance with IFRS standards, the Company records MTM adjustments at the end of each reporting period for all outstanding derivative positions.

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

· Realized losses with gold hedges of US$37.2 million in Q2 2026 were related to cash settlement of outstanding gold collars during the quarter, driven by the expiration of gold collars within the quarter.

· Other finance costs include pre-payment fees related to liability management of certain loans of the Company.

In H1 2026, the Financial Result was US$(7.9) million, an improvement compared to a loss of US$ (181.2) million recorded in H1 2025, impacted by:

· Unrealized gain on gold hedges of US$101.9 in H1 2026, arising from mark-to-market (MTM) adjustments related to outstanding gold hedge positions, reflecting a decrease in gold prices between the start and the end of the semester, which closed the period at US$4,008.02 per Oz, coming from US$4,386.30 per Oz at the end of 2025.

Realized losses with gold hedges of US$70.6 million in H1 2026 were related to cash settlement of outstanding gold collars during the quarter, driven by the expiration of gold collars within the quarter. All of Aura’s outstanding gold collars (166,578 Ozs) are associated with the future production of Borborema and will expire between July/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.

2.8. Net Income

(US$ thousand)	Q2 2026	Q1 2026	QoQ Change %	Q2 2025	YoY Change %	H1 2026	H1 2025	Change%
Profit/ (loss) before income taxes	236,355	136,398	73%	31,372	653%	372,753	(23,577)	n.a.
Total taxes	(18,668)	(41,240)	-55%	(23,225)	-20%	(59,908)	(41,525)	44%
Current income tax expense	(19,794)	(47,409)	-58%	(29,551)	-33%	(67,203)	(50,365)	33%
Deferred income tax expense	1,126	6,169	-82%	6,326	-82%	7,295	8,840	-17%
Profit/(loss) for the period	217,687	95,158	129%	8,147	2572%	312,845	(65,102)	n.a.
Net Margin	65%	25%	40 p.p.	4%	61 p.p.	44%	-18%	n.a..
Unrealized gain/(loss) with derivative gold collars	126,013	(24,105)	n.a.	(24,304)	n.a.	101,908	(124,514)	n.a.
Foreign Exchange	(10,908)	(73)	n.a.	(2,462)	343%	(5,435)	(5,638)	-4%
Deferred taxes on non-monetary items	5,168	9,872	-48%	6,847	-25%	15,040	10,081	49%
Loss on settlement of liability with equity instruments	n.a.	n.a.	n.a.	(8,768)	n.a.	n.a.	(8,768)	n.a.
Adjusted Net Income	97,414	109,464	-11%	36,834	164%	201,332	63,737	216%

Net Income in Q2 2026 was US$217.7 million, a record high and an increase when compared to a Net Income of US$95.2 in Q1 2026 as well as US$8.1 million in Q2 2025. Compared with Q1 2026, the increase was mainly due to the improvement in the Financial Result, as an unrealized gain of US$126.0 million on gold hedges was recorded in Q2 2026 versus an unrealized loss of US (24.1) million in Q1 2026, more than offsetting the sequential decline in Operating Income. Compared with Q2 2025, this improvement was mainly due to the increase in Operating Income and the unrealized gain on gold hedges in the quarter, resulting from mark-to-market (MTM) adjustments on open hedge positions.

In H1 2026, Net Income reached US$312.8 million, compared to a Net Loss of US$(65.1) million in H1 2025, also mainly due to the improvement in Operating Income and MTM adjustments of gold hedge position, which shifted from an unrealized loss of US$(124.5) million in H1 2025 to an unrealized gain of US$101.9 million in H1 2026.

Adjusted Net Income

As a result of the increase in the Company's Operating Income, Adjusted Net Income in Q2 2026 was US$97.4 million, compared to US$36.8 million in Q2 2025, excluding:

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

· Non-cash gain related to gold hedges: US$126.0 million

· FX losses: US$(10.9) million

· Deferred taxes over non-monetary items: US$5.2 million

In H1 2026, Adjusted Net Income was US$201.3 million, compared to US$63.7 million in H1 2025, excluding:

· Non-cash gain related to gold hedges: US$101.9 million

· FX losses: US$(5.4) million

· Deferred taxes over non-monetary items: US$15.0 million

3. Performance of the Operating Units

3.1 Aranzazu

(US$ thousand)	Q2 2026	Q1 2026	QoQ Change %	Q2 2025	YoY Change %	H1 2026	H1 2025	Change%
Production at Constant Prices (GEO)¹	17,882	16,568	8%	23,475	-24%	34,450	43,645	-21%
Production at Current Prices (GEO)	17,882	15,694	14%	22,281	-20%	33,576	42,737	-21%
Sales (GEO)	17,764	16,218	10%	22,290	-20%	33,982	42,746	-21%
Cash Cost (US$/GEO)	1,409	1,558	-10%	1,110	27%	1,480	1,136	30%
AISC (US$/GEO)	1,897	2,046	-7%	1,514	25%	1,969	1,529	29%
Net Revenue	74,825	69,178	8%	62,508	20%	144,003	112,770	28%
Cost of goods sold	(31,424)	(32,479)	-3%	(31,021)	1%	(63,903)	(61,303)	4%
Gross Profit	43,401	36,699	18%	31,487	38%	80,100	51,467	56%
Expenses	(2,348)	(3,755)	-37%	(2,840)	-17%	(6,103)	(5,895)	4%
General and administrative expenses	(1,249)	(1,587)	-21%	(1,516)	-18%	(2,836)	(3,290)	-14%
Exploration expenses	(1,146)	(935)	23%	(794)	44%	(2,081)	(1,503)	38%
Other income (expenses)	47	(1,233)	n.a.	(530)	n.a.	(1,186)	(1,102)	8%
EBIT	41,053	32,944	25%	29,177	41%	73,997	46,674	58%
Adjusted EBITDA	47,402	41,390	15%	35,684	33%	88,792	60,254	47%
Financial Result	(2,310)	(36)	6317%	(4,292)	-46%	(2,346)	(3,796)	-38%
Financial Income	51	113	-55%	(91)	n.a.	164	(1,102)	8%
Financial expenses	(2,361)	(149)	1485%	(3,762)	-37%	(2,510)	(3,796)	-34%
EBT	38,743	32,908	18%	24,885	56%	71,651	41,776	72%
Total taxes	(12,033)	(9,232)	30%	(12,532)	-4%	(21,265)	(19,915)	7%
Current income tax expense	(12,870)	(10,426)	23%	(13,035)	-1%	(23,296)	(19,466)	20%
Deferred income tax expense	837	1,194	-30%	503	66%	2,031	(449)	n.a.
Profit for the period	26,710	23,676	13%	12,353	116%	50,386	21,861	130%

Apply the metal sale prices in Aranzazu realized during Q2 2026: Copper price = US$6.09/lb; Gold Price = US$4,416/oz; Silver Price = US$71.45/oz and Molybdenum Price = US$29.71/oz.

At Aranzazu, Q2 2026 production reached 17,882 GEO, a 14% increase compared to Q1 2026 at current metal prices, mainly reflecting favorable metal price dynamics in the copper-to-GEO conversion: the average realized copper price rose 5% QoQ to $6.09/lb, while gold declined 9% to $4,416/oz and silver declined 14% to $71.45/oz. At constant metal prices, production increased 8% QoQ, driven by higher ore grades from mine sequencing — copper grade up 10% to 1.27%, gold grade up 7% to 0.72 g/t and silver grade up 9% to 18.5 g/t. Compared to Q2 2025, production decreased 20% at current prices and 24% at constant prices, mainly due to the mine plan and sequencing, with ore mined 4% lower, and grades declined across all metals (copper -20%, gold -20% and silver -17%) compounded by lower recoveries. In terms of sales, Aranzazu sold 17,764 GEO in Q2 2026, a 10% increase compared to Q1 2026 but a 20% decrease compared to Q2 2025, in line with the lower production discussed above. In H1 2026, Aranzazu produced 33,576 GEO at current metal prices (34,450 GEO at constant prices), a 21% decrease compared to both current and constant prices, consistent with the lower grades expected from mine sequencing during the first half of the year. Sales followed a similar trend, totaling 33,982 GEO in H1 2026 versus 42,746 GEO in H1 2025.

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

Aranzazu's Net Revenue in Q2 2026 was US$74.8 million, 8% higher compared to Q1 2026, primarily driven by higher copper prices and a higher volume of copper sold. Compared to Q2 2025, Net Revenue increased 20%, as significantly higher average prices realized across all metals more than offset lower sales volumes, in line with the Company's mine sequencing. In H1 2026, Net Revenue totaled US$144.0 million, 28% higher than the US$112.8 million recorded in H1 2025, following the same dynamic of higher metal prices that more than compensated for the lower sales volumes.

Cost of Goods Sold at Aranzazu remained broadly in line with Q2 2025 and decreased 3% compared to Q1 2026, reflecting continued focus on cost control. Cash Cost was US$1,409/GEO in Q2 2026, 10% lower than the previous quarter, driven by higher sales volumes and lower mine costs and impact on GEO conversion due to the reduction in gold prices in the quarter. Versus Q2 2025, Cash Cost rose 27%, almost entirely due to a 20% decline in production volume in line with the Company’s mine sequencing. AISC followed a similar pattern, reaching US$1,897/GEO in Q2 2026 — 7% lower than Q1 2026 thanks to the positive dilution effect of higher sales. Year-over-year, AISC increased 25%, primarily reflecting lower production volumes, despite stable COGS and reductions in CAPEX (-3%) and G&A (-10%). In H1 2026, Cost of Goods Sold was only 4% above H1 2025. Cash Cost averaged US$1,480/GEO (+30%) and AISC reached US$1,969/GEO (+29%), both mainly driven by lower production volumes in the period.

In the quarter, Aranzazu’s general and administrative expenses decreased 21%, to US$1.2 million, compared to Q1 2026, and another 18% decrease compared to Q2 2025, both periods impacted by lower expenses in third party services. In the quarter, exploration expenses were almost in line with Q2 2026, and 44% above Q2 2025 mainly driven by increased exploration in regional targets. Despite the total expenses at Aranzazu decreased 37% in the quarter compared to Q1 2026 and increased 2% compared to Q2 2025, in H1 2026 total expenses was US$6.1 million, an increase of 27%, mainly due to exploration expenses, that increased 38%.

Aranzazu's Adjusted EBITDA reached US$47.4 million in Q2 2026, 15% higher than Q1 2026, mainly driven by higher net revenue due to increase in production and lower costs. Compared to Q2 2025, EBITDA also increased 33% due to higher revenues resulting from higher copper prices, despite lower production. In H1 2026, Adjusted EBITDA totaled US$88.8 million, a 47% increase compared to H1 2025. Net income totaled US$26.7 million in the quarter (+13% QoQ, +116% YoY) and US$50.4 million in H1 2026 (+130% YoY), for the same reason mentioned above.

3.2 Apoena

(US$ thousand)	Q2 2026	Q1 2026	QoQ Change %	Q2 2025	YoY Change %	H1 2026	H1 2025	Change%
Production (GEO)	5,704	7,525	-24%	8,219	-31%	13,229	17,095	-23%
Sales (GEO)	5,704	7,525	-24%	8,219	-31%	13,229	17,627	-25%
Cash Cost (US$/GEO)	1,886	1,380	37%	1,168	61%	1,598	1,200	33%
AISC (US$/GEO)	2,668	2,129	25%	1,751	52%	2,362	1,906	24%
Net Revenue	25,376	35,814	-29%	26,711	-5%	61,190	53,064	15%
Cost of goods sold	(15,538)	(16,230)	-4%	(14,270)	9%	(31,768)	(29,374)	8%
Gross Profit	9,838	19,584	-50%	12,441	-21%	29,422	23,690	24%
Expenses	5,104	(1,161)	n.a.	(954)	n.a.	3,943	(2,310)	n.a.
General and administrative expenses	(5,459)	(1,003)	444%	(936)	483%	(6,462)	(2,237)	189%
Exploration expenses	(210)	(177)	19%	(62)	239%	(387)	(186)	108%
Other income (expenses)	10,773	19	n.a.	44	n.a.	10,792	113	9450%
EBIT	14,942	18,423	-19%	11,443	30%	33,365	21,267	56%
Adjusted EBITDA	13,675	24,274	-44%	16,151	-16%	37,949	29,697	28%
Financial Result	(2,051)	(2,013)	2%	(1,453)	41%	(4,064)	(8,133)	-50%
Financial Income	32	205	-84%	154	-79%	371	159	133%
Financial expenses	(2,083)	(2,218)	-6%	(1,497)	39%	(4,435)	(8,292)	-47%
EBT	12,891	16,410	-21%	9,990	29%	29,301	13,247	121%
Total taxes	(2,924)	(2,804)	4%	(1,211)	141%	(5,728)	131	n.a.
Current income tax expense	(568)	(703)	-19%	(862)	-34%	(1,271)	(1,525)	-17%
Deferred income tax expense	(2,356)	(2,101)	12%	(349)	575%	(4,457)	1,656	n.a.
Profit for the period	9,967	13,606	-27%	8,779	14%	23,573	13,378	76%

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

At Apoena, Q2 2026 production totaled 5,704 GEO, a 24% decrease compared to Q1 2026, mainly due to a 26% decline in grade, from 0.80 g/t to 0.59 g/t, as expected due to mine sequencing, and also by a 2.1 p.p. decrease in recovery. Ore plant feed remained broadly in line with Q1 2026, while ore mined decreased 49%, reflecting the investment period in Nosde Phase 3 development. Compared to Q2 2025, production decreased 31%, primarily due to the same combination of 20% lower grades and lower recovery, down 1.8 p.p. Ore mined was 26% lower YoY, mainly reflecting the exhaustion of the Ernesto and Lavrinha pits during 2025, while ore plant feed declined 19%, due to the higher toughness of the Nosde ore compared to the previous year's ore.

In H1 2026, Apoena produced 13,229 GEO, a 23% decrease compared to the 17,095 GEO produced in H1 2025, mainly due to lower ore plant feed and lower grades over the semester. In the quarter and in the semester, Apoena sold the same amount as produced (5,704 GEO in Q2 2026 and 13,229 GEO in H1 2026), consistent with the Company's plan to achieve higher grades in the Nosde Pit during the second half of 2026.

Apoena’s Net Revenue totaled US$25.4 million for Q2 2026, 29% lower than Q1 2026, due to a decrease of 24% in sales and lower gold price, and 5% lower than Q2 2025, driven primarily by lower production. In H1 2026, Net Revenue totaled US$61.2 million, 15% increase compared to the same period of 2025, largely explained by the same reasons previously described.

In Q2 2026, cost of goods sold (COGS) totaled US$15.6 million, an increase 9%, driven largely by increase in ore mined and by the appreciation of the Brazilian Real against the US dollar. Compared with Q1 2026, this result represented a 4% decrease, primarily driven by a 49% decrease in ore mined compared to Q1 2026. However, the focus on Nosde Phase pit expansion impacted directly the total material mined, which increased 22% QoQ, and the strip ratio (from 12.2x in Q1 2026 to 30.3x in Q2 2026). These factors, together with a lower recovery rate (90.5% in Q2 2026, vs. 92.4% in Q1 2026) and lower grades, which impacted directly the production, drove Cash Cost to US$1,886/GEO in the quarter, a 37% increase compared to Q1 2026. In Q2 2026, Apoena's AISC was US$2,668/GEO, 25% higher than Q1 2026, primarily reflecting the higher G&A described below. Considering these impacts, in H1 2026 AISC was US$2,362/GEO, 24% above the same period of 2025. These results are in line with the Company`s plan and Guidance, and cash costs and AISC are expected to decrease in H2 2026 as Apoena will reach higher grade ore material from the Nosde pit.

Apoena's general and administrative expenses in the quarter totaled US$5.5 million, 444% higher than Q1 2026 and 483% higher than Q2 2025, primarily explained by a non-recurring provision for judicial contingencies in Q2 2026. In the quarter, exploration expenses increased 19%, due to increased regional mapping activity in the Jiboinha, Guaporé-Sararé and Serra Dourada targets. Year-over-year, this expense increased 239%, for the same reason. In Q2 2026, the increase in G&A and in exploration expenses were offset by the sale of São Francisco, impacting the line “Other Income/Expenses. This effect also positively impacted H1 2026 compared to H1 2025.

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

Apoena's Adjusted EBITDA in Q2 2026 reached US$13.7 million, a decrease of approximately 44% compared to Q1 2026 and 16% compared to Q2 2025, reflecting lower production and sales volumes as well as higher costs, as described above. During the quarter, Apoena recognized a non-recurring provision of US$4.7 million. As this was a one-time item, it was excluded from the calculation of Adjusted EBITDA. In H1 2026, Adjusted EBITDA reached US$37.9 million, a 28% increase compared to the same period of 2025, despite lower production and sales volumes and higher costs, the increase in gold prices more than offset these impacts, supporting an increase in Adjusted EBITDA.

3.3 Minosa

(US$ thousand)	Q2 2026	Q1 2026	QoQ Change %	Q2 2025	YoY Change %	H1 2026	H1 2025	Change%
Production (GEO)	14,284	17,399	-18%	18,039	-21%	31,683	35,693	-11%
Sales (GEO)	15,296	17,456	-12%	17,836	-14%	32,762	35,362	-7%
Cash Cost (US$/GEO)	1,308	1,188	10%	1,178	11%	1,244	1,164	7%
AISC (US$/GEO)	1,545	1,370	13%	1,292	20%	1,452	1,271	14%
Net Revenue	64,286	80,020	-20%	55,776	15%	144,306	103,838	39%
Cost of goods sold	(21,346)	(22,680)	-6%	(22,056)	-3%	(44,026)	(43,532)	1%
Gross Profit	42,940	57,340	-25%	33,720	27%	100,280	60,306	66%
Expenses	(1,479)	(1,245)	19%	(1,177)	3%	(2,724)	(2,792)	-2%
General and administrative expenses	(1,004)	(1,101)	-9%	(1,166)	-14%	(2,105)	(2,301)	-9%
Exploration expenses	(19)	(65)	-71%	(264)	-93%	(84)	(500)	-83%
Other income (expenses)	(456)	(79)	477%	253	n.a.	(535)	9	n.a.
EBIT	41,461	56,095	-26%	32,290	28%	97,556	57,505	70%
Adjusted EBITDA	43,249	58,105	-26%	33,533	29%	101,354	60,646	67%
Financial Result	(1,252)	(1,246)	0%	(1,189)	5%	(2,498)	(2,754)	-9%
Financial Income	89	65	37%	71	25%	154	182	-15%
Financial expenses	(1,341)	(1,311)	2%	(1,442)	-7%	(2,652)	(2,936)	-10%
Profit before income taxes	40,209	54,849	-27%	31,101	29%	95,058	54,760	74%
Total taxes	(9,865)	(14,770)	-33%	(7,425)	33%	(24,635)	(13,643)	81%
Current income tax expense	(10,707)	(14,489)	-26%	(7,774)	38%	(25,196)	(14,385)	75%
Deferred income tax expense	842	(281)	n.a.	349	141%	561	742	-24%
Profit for the period	30,344	40,079	-24%	23,676	28%	70,423	41,117	71%

At Minosa, Q2 2026 production totaled 14,284 GEO, an 18% decrease compared to Q1 2026, mainly driven by lower gold extraction (-8.1 p.p.) associated with the increase in stacking level within the leach pad. This effect was compounded by 10% lower ore plant feed, together with 5% lower grades. Compared to Q2 2025, production decreased 21%, primarily due to the same decline in extraction (-20.2 p.p.) for the same reasons described above. In terms of sales, Minosa sold 15,296 GEO, 12% lower than Q1 2026 and 14% lower than Q2 2025. In H1 2026, Minosa produced 31,683 GEO, an 11% decrease compared to the 35,693 GEO produced in H1 2025, consistent with the same leach pad level increased throughout the semester. Sales followed a similar trend, totaling 32,762 GEO in H1 2026 versus 35,362 GEO in H1 2025, an 7% decrease, directly reflecting the lower production volumes in the period.

Minosa's Net Revenue totaled US$64.3 million for Q2 2026, 20% lower than Q1 2026, mainly reflecting the lower production and sales volumes and gold prices decrease in the quarter. Compared to Q2 2025, Net Revenue increased 15%, driven by higher gold prices. In H1 2026, Minosa's Net Revenue reached US$144.3 million, a 39% increase compared to the US$103.8 million recorded in H1 2025, also due to the higher gold price.

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

In Q2 2026, Cost of Goods Sold totaled US$21.3 million, down 6% quarter-over-quarter and 3% year-over-year, driven by lower total ore mined (-22% QoQ and -9% YoY). Minosa’s Cash Cost reached US$1,308/oz, 10% higher than Q1 2026 and 11% higher than the US$1,178/oz recorded in Q2 2025. The increase was mainly attributable to lower production volume. AISC followed the same trend, rising to US$1,545/oz (+13% QoQ and -+20% YoY), primarily reflecting the impact above and higher Sustaining Capex, due to investment on the construction of the new leach pad.

G&A expenses were US$1.1 million in Q2 2026, 9% lower than Q1 2026 and 14% lower than Q2 2025, mainly due to lower expenses in third party services. In H1 2026, G&A also decreased 9% for the same reason previously mentioned.

Adjusted EBITDA was US$43.2 million in Q2 2026, 26% lower than Q1 2026 (US$58.1 million), mainly explained by the combination of lower production and sales volume as well as lower realized gold price for Minosa. Compared to Q2 2025, Adjusted EBITDA increased 29%, from US$33.5 million to US$43.2 million, in line with the gold price increase. In H1 2026, Adjusted EBITDA totaled US$101.4 million, 67% higher than the US$60.6 million recorded in H1 2025.

3.4 Almas

(US$ thousand)	Q2 2026	Q1 2026	QoQ Change %	Q2 2025	YoY Change %	H1 2026	H1 2025	Change%
Production (GEO)	16,130	15,838	2%	12,917	25%	31,968	26,018	23%
Sales (GEO)	17,920	14,048	28%	12,917	39%	31,968	26,018	23%
Cash Cost (US$/GEO)	1,156	1,204	-4%	1,167	-1%	1,177	1,118	5%
AISC (US$/GEO)	1,626	1,376	18%	1,364	19%	1,516	1,279	19%
Net Revenue	79,322	68,693	15%	41,751	90%	148,015	78,878	88%
Cost of goods sold	(25,105)	(21,670)	16%	(18,036)	39%	(46,775)	(34,550)	35%
Gross Profit	54,217	47,023	15%	23,715	129%	101,240	44,328	128%
Expenses	(4,037)	(2,048)	97%	(1,918)	110%	(6,085)	(2,964)	105%
General and administrative expenses	(1,041)	(1,137)	-8%	(1,475)	-29%	(2,178)	(2,278)	-4%
Exploration expenses	(1,407)	(921)	53%	(423)	233%	(2,328)	(660)	253%
Other income (expenses)	(1,589)	10	n.a.	(20)	n.a.	(1,579)	(26)	5973%
EBIT	50,180	44,975	12%	21,817	130%	95,155	41,390	130%
Adjusted EBITDA	56,159	49,720	13%	24,709	127%	105,879	47,136	125%
Financial Result	(7,168)	(1,709)	319%	(4,448)	61%	(8,877)	(8,188)	8%
Financial Income	246	317	-22%	1,015	-76%	563	2,283	-75%
Financial expenses	(7,414)	(2,026)	266%	(5,463)	36%	(9,440)	(10,471)	-10%
Profit before income taxes	43,012	43,266	-1%	17,349	148%	86,278	33,176	160%
Total taxes	11,067	(2,986)	n.a.	(1,226)	n.a.	8,081	(5,983)	n.a.
Current income tax expense	12,493	(7,590)	n.a.	(7,101)	n.a.	4,903	(13,099)	n.a.
Deferred income tax expense	(1,426)	4,604	n.a.	5,875	n.a.	3,178	7,116	-55%
Profit for the period	54,079	40,280	34%	16,123	231%	94,359	27,193	247%

At Almas, Q2 2026 production reached 16,130 GEO, a 2% increase compared to Q1 2026 and a 25% increase compared to Q2 2025, driven by higher ore processed volumes from the ongoing expansion project of the plant's operational capacity. Ore plant feed increased by 17% QoQ and 34% YoY, while total mined volumes increased by 31% QoQ and 16% YoY, also a reflection of the expansion. These gains were achieved despite a lower average grade resulting from the mine sequencing. In terms of sales, Almas sold 17,920 GEO in Q2 2026, higher than production as the last shipment of the previous quarter was in transit and was considered as Q2 2026 sale volume. In H1 2026, Almas produced 31,968 GEO, a 23% increase compared to the 26,018 GEO produced in H1 2025, driven mainly by 20% higher ore volumes and 30% higher ore plant feed, reflecting the results of the plant expansion. Sales in H1 2026 totaled 31,968 GEO, in line with production for the semester.

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

Net Revenue was US$79.3 million in Q2 2026, up 15% from Q1 2026 and 90% higher than Q2 2025, both periods impacted by higher production and sales, and compared to Q2 2025 there was also positive impact of higher gold prices. In H1 2026, Net Revenue totaled US$148.0 million, an 88% increase over H1 2025, for the same reasons previously mentioned.

Cost of Goods Sold totaled US$25.1 million in Q2 2026, up 16% from Q1 2026 and 39% from Q2 2025, primarily reflecting higher total ore mined (+31% QoQ and +16% YoY) as result of increase in total production capacity. In H1 2026, COGS reached US$46.8 million, 35% higher than the same period of 2025 for the same reason. Cash Cost was US$1,156/GEO in Q2 2026, 4% lower than Q1 2026 (US$1,204/GEO) and 1% lower than Q2 2025 (US$1,167/GEO), as higher production volumes more than offset the impact of lower grades. For the first half of 2026, Cash Cost averaged US$1,177/GEO, 5% above H1 2025. Almas’ All-in Sustaining Cost stood at US$1,626/GEO in Q2 2026, up 18% from the previous quarter, mainly due to higher Sustaining CAPEX mainly as result of the Paiol’s pit pushback mine development (which rose from US$1.6 million in Q1 2026 to US$7.6 million in Q2 2026) as planned by the Company. The same CAPEX increases versus Q2 2025 (+520%) also drove a 19% rise in AISC year-over-year. In H1 2026, AISC was US$1,516/GEO.

General and administrative expenses were US$1.0 million in Q2 2026, 8% lower than Q1 2026 and 29% below Q2 2025), mainly due to lower expenses in third party services in both periods. Exploration expenses were US$1.4 million in Q2 2026, up 53% from Q1 2026 and 233% above Q2 2025, mainly driven by the focus on Almas underground project. In H1 2026 exploration expenses totaled US$2.3 million, 253% higher than H1 2025.

Adjusted EBITDA totaled US$56.2 million in Q2 2026, 13% higher than Q1 2026 (US$49.7 million) and 127% above Q2 2025 (US$24.7 million) for the reasons discussed above. In H1 2026, Adjusted EBITDA was US$105.9 million, 125% higher than H1 2025 (US$47.1 million).

3.5 Borborema

(US$ thousand)	Q2 2026	Q1 2026	QoQ Change %	Q2 2025	YoY Change %	H1 2026
Production (GEO)	14,251	17,101	-17%	2,577	453%	31,352
Sales (GEO)	14,539	16,609	-12%	1,190	1122%	31,148
Cash Cost (US$/GEO)	991	1,200	-17%	936	6%	1,103
AISC (US$/GEO)	1,102	1,256	-12%	1,441	-24%	1,184
Net revenue	63,242	81,988	-23%	3,690	1614%	145,230
Cost of goods sold	(18,326)	(25,445)	-28%	(1,114)	1545%	(43,771)
Gross Profit	44,916	56,543	-21%	2,576	1644%	101,459
Expenses	(1,315)	(1,228)	7%	(378)	248%	(2,543)
General and administrative expenses	(1,061)	(1,015)	5%	(378)	181%	(2,076)
Exploration expenses	(583)	(211)	176%	n.a.	0%	(794)
Other income (expenses)	329	(2)	n.a.	11	2891%	327
EBIT	43,601	55,315	-21%	2,198	1884%	98,916
Adjusted EBITDA	47,297	60,939	-22%	2,084	2170%	108,236
Financial Result	(9,117)	(9,521)	-4%	(4,982)	83%	(18,638)
Financial Income	172	220	-22%	21	719%	392
Finance expenses	(9,289)	(9,741)	-5%	(5,003)	86%	(19,030)
EBT	34,484	45,794	-25%	(2,773)	n.a.	80,278 C
Total taxes	(5,297)	(5,259)	1%	(309)	1614%	(10,556)
Current income tax expense	(5,799)	(6,613)	-12%	n.a.	0%	(12,412)
Deferred income tax expense	502	1,354	-63%	(309)	n.a.	1,856
Profit/(loss) for the period	29,187	40,535	-28%	(3,082)	n.a.	69,722

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

At Borborema, Q2 2026 production totaled 14,251 GEO, a 17% decrease compared to Q1 2026, driven by lower grades, which declined 18%, from 1.41 g/t to 1.16 g/t, due to mine sequencing and as expected. This effect occurred despite higher ore mined, up 27% QoQ, and higher ore plant feed, up 5% QoQ. Compared on YoY, production increased significantly (+453%) as well as sales, since Borborema was in a pre-commercial production stage in Q2 2025. In terms of sales, Borborema sold 14,539 GEO in Q2 2026, a 12% decrease compared to Q1 2026. In H1 2026, Borborema produced 31,352 GEO.

Net Revenue was US$63.2 million in Q2 2026, down 23% from Q1 2026, driven by lower sales volumes and lower metal prices. In H1 2026, Net Revenue was US$ 145.2 million.

In Q2 2026, cost of goods sold (COGS) decreased 28% compared to Q1 2026, reflecting 12% lower sales volumes in the quarter. In H1 2026, COGS was US$43.8 million. The Cash Cost was US$0,991/GEO in Q2 2026, a 17% decrease compared to Q1 2026 (US$1,200/GEO), due to a lower waste-to-ore ratio (from 2.69x to 2.10x), and higher recovery rates (from 88.4% to 90.3%), reflecting the re-stabilization of the CIL circuit — which had been impacted in Q1 2026 as previously disclosed. In H1 2026, Cash Cost was US$1,103/GEO. Borborema's AISC was US$1,102/GEO in Q2 2026, 12% lower than Q1 2026 (US$1,256/GEO), mainly due to the decrease in the Cash Cost and lower CAPEX. In H1 2026, AISC was US$1,184/GEO.

General and administrative expenses increased 5% in the quarter compared to Q1 2026 mainly due to higher expenses in services. Exploration expenses increased 176% compared to Q1 2026 because of an increase in studies of regional targets.

Adjusted EBITDA was US$47.3 million in Q2 2026, a 22% decrease compared to Q1 2026, reflecting 23% lower Net Revenue, impacted by lower production and sales in the quarter, as well as lower gold prices, partially offset by the lower Cash Cost.

3.6 MSG

(US$ thousand)	Q2 2026	Q1 2026	QoQ Change %	H1 2026
Production (GEO)	7,186	8,580	-16%	15,766
Sales (GEO)	7,190	9,503	-24%	16,693
Cash Cost (US$/GEO)	3,852	2,900	33%	3,310
AISC (US$/GEO)	5,277	3,735	41%	4,399
Net revenue	28,916	46,913	-38%	75,829
Cost of goods sold	(32,751)	(35,274)	-7%	(68,025)
Gross Profit	(3,835)	11,639	n.a.	7,804
Expenses	(2,766)	(1,911)	45%	(4,677)
General and administrative expenses	(2,412)	(1,882)	28%	(4,294)
Exploration expenses	(215)	(29)	641%	(244)
Other income (expenses)	(139)	-	n.a.	(139)
EBIT	(6,601)	9,728	n.a.	3,127
Adjusted EBITDA	(1,116)	17,440	n.a.	16,324
Financial Result	(4,884)	2,429	n.a.	(2,455)
Financial Income	52	42	24%	94
Finance expenses	(4,936)	2,387	n.a.	(2,549)
Profit before income taxes	(11,485)	12,157	n.a.	672
Total taxes	3,402	(3,279)	n.a.	123
Current income tax expense	929	(4,477)	n.a.	(3,548)
Deferred income tax expense	2,473	1,198	106%	3,671
Profit/(loss) for the period	(8,083)	8,878	n.a.	795

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

In Q2, MSG continued the Q1 2026 strategy aiming to establish the structural foundations for the assets’ turnaround. Aura advanced underground development, with approximately 1,845 meters completed during the period, ending the semester with 3,645 meters, and accelerated the surface exploration program. This effort complements the previously disclosed resource and reserve update and supports the ramp-up toward the second half of 2026, when the expected production turnaround for 2027 begins to materialize. The technical agenda progressed in line with our safety priorities: the quarter was completed with zero lost-time injuries (LTI), reflecting the strong adoption of the Aura 360° culture across leadership and operational teams, and reinforcing our commitment to safe, disciplined mining and long-term value creation.

Q2 2026 production totaled 7,186 GEO, a 16% decrease compared to Q1 2026, driven by a decline in grade, from 1.54 g/t to 0.90 g/t, as surface and stockpile material — with lower grade than underground ore — represented a larger share of the plant feed in the quarter as the Company focuses on the primary development of the mine. This also impacts in a 4.6 p.p. decrease in recovery, to 87.7%. In terms of sales, MSG sold 7,190 GEO in Q2 2026, a 24% decrease compared to Q1 2026, also a consequence of the higher processed mass at lower grade. In H1 2026, MSG produced 15,766 GEO and sold 16,698 GEO.

Net Revenue was US$28.9 million in Q2 2026, down 38% from Q1 2026, impacted by a combination of lower sales volume and lower gold prices. MSG was more heavily impacted than the Company's other assets since production and sales in May and June — when prices gradually declined — accounted for a larger share of the quarter's sales. In H1 2026, Net Revenue was US$ 75.8 million.

In Q2 2026, cost of goods sold (COGS) decreased 7% compared to Q1 2026, reflecting lower sales volumes in the quarter. In H1 2026, COGS was US$68.0 million. The Cash Cost was US$3,852/GEO in Q2 2026, a 33% increase compared to US$2,900/GEO in Q1 2026, mainly due to lower sales, as COGS increased 3% QoQ. MSG All-in Sustaining Cost (AISC) was US$5,277/GEO in Q2 2026, up 41% from US$3,735/GEO in Q1 2026. This reflects the Company's decision to focus on developing underground infrastructure upgrades as well as on the primary development of the mine, that are expected to improve operational performance in H2 2026. In H1 2026, AISC was US$4,399/GEO.

General and administrative expenses increased 28% quarter-over-quarter, negatively impacted by a non-recurring charge associated with personnel turnover at MSG. Exploration expenses increased 641% compared to Q1 2026 because of an increase in studies of regional targets.

The focus on primary development aligned with lower grades, which impacted directly in the sales and contingencies linked to the turnover drove the Adjusted EBITDA to US$(1.1) million in Q2 2026, a decrease compared to US$17.4 million in Q1 2026. In H1 2026, Adjusted EBITDA was US$16.3 million.

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

4. Cash Flow

(US$ thousand)	Q2 2026	Q1 2026	QoQ Change %	Q2 2025	YoY Change %	H1 2026	H1 2025	Change%
Adjusted EBITDA	196,659	243,868	-19%	106,224	85%	440,527	187,703	135%
(+) Exploration Expenses	3,569	2,359	51%	1,714	108%	5,928	3,090	92%
(-) Sustaining Capex and Exploration Capex in mines in production	(30,111)	(20,259)	49%	(15,151)	99%	(50,370)	(28,342)	78%
(+/-) ∆ Working Capital, Changes in Other Assets and Liabilities and Others	(7,494)	(42,247)	-82%	7,024	n.a.	(49,741)	(12,020)	314%
(-) Income Taxes Paid	(40,898)	(51,502)	-21%	(22,570)	81%	(92,400)	(39,444)	134%
(-) Lease Payments	(4,246)	(4,041)	5%	(5,122)	-17%	(8,287)	(9,361)	-11%
(-) Realized Losses on Gold Hedges	(37,249)	(33,325)	12%	(11,703)	218%	(70,574)	(17,759)	297%
Recurring Free Cash Flow	80,230	94,852	-15%	60,420	33%	175,083	83,867	107%

Recurring Free Cash Flow for the quarter was US$80.2 million, 15% lower than Q1 2026 and 33% higher than Q2 2025. The increase compared to Q2 2025 was mainly related to higher sales and gold prices, partially offset by higher CAPEX and realized losses on gold hedges. In H1 2026, Free Cash Flow was US$175.1 million, 107% higher than H1 2025.

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

Changes to the Cash Position Q1 2026 vs. Q2 2026 – Managerial View (US$ Million)

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

Changes to the Cash Position Q4 2025 vs. Q2 2026 – Managerial View (US$ Million)

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

5. Investment

The Company’s consolidated Capex for Q2 2026 totaled US$84.3 million. The main investment headlines for the quarter include:

· Expansion of Capex: US$53.5 million, mainly on Apoena, Era Dorada and Almas, where US$17.8 million was invested at Apoena, US$8.9 million at Era Dorada and US$8.1 million at Almas. Another US$ 4.8 million was invested at MSG and US$ 7.9 million at Borborema. The remaining US$4.0 million was at Aranzazu and Minosa. US$2.1 million was invested in Projects.

· Sustaining Capex: US$25.3 million, of which US$7.3 million was invested by Aranzazu, US$6.9 million at Almas, US$5.5 million at MSG and another US$5.6 million at Minosa, Apoena and Borborema.

· Exploration Capex: US$5.5 million, allocated to exploration activities. MSG led investment with US$2.2 million, followed by Apoena with US$1.5 million. Aranzazu, Minosa and Almas totaled US$1.1 million. Other exploration projects totaled US$0.7 million.

The Company’s consolidated Capex for H1 2026 totaled US$128.4 million. The main investment headlines for the quarter include:

· Expansion of Capex: US$76.6 million, mainly on Apoena, Era Dorada and Almas, where US$27.2 million was invested at Apoena, US$15.3 million at Era Dorada and US$11.2 million at Almas. Another US$ 4.8 million was invested at MSG and US$10.1 at Borborema. The remaining US$5.3 million was at Aranzazu and Minosa. US$2.7 million was invested in Projects.

· Sustaining Capex: US$43.1 million, of which US$13.5 million was allocated at Aranzazu, US$11.2 million at MSG, US$7.8 million at Almas and another US$10.5 million at Minosa, Apoena and Borborema.

· Exploration Capex: US$8.8 million, allocated to exploration activities. Apoena led investment with US$2.8 million, followed by MSG with US$2.3 million. Aranzazu, Minosa and Almas totaled US$2.3 million. Other exploration projects totaled US$1.5 million.

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

6. Gross and Net Debt

Total gross debt (short and long-term portion) was US$441.2 million at the end of Q2 2026, an increase when compared to US$409.0 million at the end of Q1 2026 as result of a new debt issued at MSG during the period

The Company’s cash position remains comfortable, closing out the quarter at US$ 248.3 million.

The Company's Net Debt reached US$168.0 million by Q2 2026, an increase compared to US$115.2 million at the end of Q1 2026. The main source of cash was the cash flows generated from operating activities in an amount of US$111.9 million (net of income taxes paid of US$40.9 million and payment of realized losses with gold derivatives of US$37.2 million), while main uses of cash included CAPEX of US$84.3 million and dividends and share buybacks paid of US$ 67.7 million.

Net Debt Breakdown

(US$ thousand)	Q2 2026	Q1 2026	QoQ Change %	Q2 2025	YoY Change %
Loans and debentures (current)	64,985	97,090	-33%	78,786	-18%
Loans and debentures (non-current)	376,259	311,958	21%	375,107	0%
Gross debt	441,244	409,048	8%	453,893	-3%
Cash and cash equivalents	248,322	267,789	-7%	167,938	48%
Restricted Cash	3,492	3,352	4%	n.a.	n.a.
Derivative financial instrument (Almas Swap)	21,404	22,726	-6%	5,395	297%
Net Debt	168,026	115,181	46%	280,560	-40%
Net Debt/LTM EBITDA	0.21x	0.16x	0.05x	0.81x	-0.59x

7. Guidance vs. Actual¹

The Company is on track to achieve the 2026 Guidance, including Production, Cash Cost, All-in Sustaining Cost (AISC) and CAPEX, as shown in the results below:

Gold equivalent ounces production ('000 GEO) – 2026
	Low	High	H1 2026	H1 2026 at Guidance metal prices	%
Aranzazu	68	76	34	31	46%-41%
Apoena	37	44	13	13	35% - 30%
Minosa	63	70	32	32	51% - 46%
Almas	57	63	32	32	56% - 51%
Borborema	65	77	31	31	48% - 40%
MSG	50	60	16	16	32% - 27%
Total	340	390	158	155	46%-40%

_________________________________

¹ 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 Q2 2026 | H1 2026 EARNINGS RESULTS

 

Cash Cost per equivalent ounce of gold produced – 2026
	Low	High	H1 2026	H1 2026 at Guidance metal prices	%
Aranzazu	1,323	1,429	1,480	1,289	97% - 90%
Apoena	1,128	1,209	1,598	1,598	142% - 132%
Minosa	1,208	1,305	1,244	1,244	103% - 95%
Almas	1,059	1,135	1,177	1,177	111% - 104%
Borborema	1,009	1,089	1,103	1,103	109% - 101%
Total ex-MSG	1,151	1,238	1,287	1,243	108% - 100%
MSG	2,189	2,364	3,310	3,310	151% - 140%
Total w/ MSG	1,303	1,411	1,499	1,453	111% - 103%

AISC per equivalent ounce of gold produced – 2026
	Low	High	H1 2026	H1 2026 at Guidance metal prices	%
Aranzazu	1,726	1,865	1,969	1,714	99% - 92%
Apoena	1,905	2,041	2,362	2,362	124% - 116%
Minosa	1,372	1,481	1,452	1,452	106% - 98%
Almas	1,415	1,516	1,516	1,516	107% - 100%
Borborema	1,177	1,271	1,184	1,184	101% - 93%
Total ex-MSG	1,488	1,602	1,615	1,560	105% - 97%
MSG	3,072	3,318	4,399	4,399	143% - 133%
Total w/ MSG	1,720	1,865	1,906	1,847	107% - 99%

CAPEX – 2026
	Low	High	H1 2026	%
Sustaining	105	123	43	41% - 35%
Exploration	19	25	9	46% - 35%
Expansion	262	314	77	29% - 24%
Total	386	462	128	33% - 28%

8. Shareholder Information

As of June 30, 2026, the Company had the following outstanding: 83,836,843 Common Shares, 1,089,400 stock options, and 82,785 deferred share units.

9. Attachments

9.1 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.

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

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

(US$ thousand)

(US$ thousand)	Q2 2026	Q2 2025	H1 2026	H1 2025
Profit / (Loss) for the period	217,687	8,147	312,845	(65,102)
Current income tax expense	19,794	29,551	67,203	50,365
Deferred income tax expense	(1,126)	(6,326)	(7,295)	(8,840)
Finance expense	66,204	61,004	112,840	184,396
Finance income	(127,258)	(1,374)	(104,973)	(3,155)
Other income (expense)	(9,870)	(61)	(4,462)	693
Depletion and amortization	26,529	15,283	59,670	29,346
Provision for contingent liabilities	4,699	-	4,699	-
Adjusted EBITDA	196,659	106,224	440,527	187,703

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

(US$ thousand)

(US$ thousand)	Q2 2026	Q2 2025	H1 2026	H1 2025
Cost of goods sold	(144,490)	(86,497)	(298,268)	(169,873)
Depletion and amortization	25,868	14,948	58,833	28,812
Subtotal	(118,622)	(71,549)	(239,435)	(141,061)
Gold Equivalent Ounces sold	78,414	62,452	159,782	122,943
Cash costs per gold equivalent ounce sold¹	1,513	1,146	1,499	1,147

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

(US$ thousand)

(US$ thousand)	Q2 2026	Q2 2025	H1 2026	H1 2025
Cost of goods sold	(144,490)	(86,497)	(298,268)	(169,873)
Depletion and amortization	25,868	14,948	58,833	28,812
Subtotal	(118,622)	(71,549)	(239,435)	(141,061)
Adjusted capex	30,111	13,993	50,370	26,044
General and Administrative Expenses for the mines in production2	10,618	3,746	16,906	7,317
Legal contingencies at Apoena	(4,699)	n.a	(4,699)	n.a
Lease Payments	894	1,226	2,342	4,449
Subtotal	(155,546)	(90,515)	(304,354)	(178,870)
Gold Equivalent Ounces sold (in thousands)	78,414	62,452	159,782	122,943
All In Sustaining costs per ounce sold equivalent ounce sold3	1,985	1,449	1,906	1,455

______________________________

² Not including Amortization & depletion

³ Considered all mines in production.

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

D. Reconciliation from the consolidated financial statements to realized average gold price per ounce sold, net⁴:

(US$ thousand)

(US$ thousand)	Q2 2026	Q2 2025	H1 2026	H1 2025
Gold Revenue, net of Sales Taxes	261,057	127,928	574,463	239,470
Ounces of gold sold	60,650	40,162	125,800	80,197
Realized average gold price per ounce sold, net	4,304	3,185	4,566	2,986

E. Net Debt:

(US$ thousand)

(US$ thousand)	H1 2026	H1 2025
Loans and debentures (current)	64,985	78,786
Loans and debentures (non-current)	376,259	375,107
Derivative Financial Instrument (Swap – Aura Almas (Itaú Bank)	(21,404)	(5,395)
Restricted Cash	(3,492)	-
Cash and Cash Equivalents	(248,322)	(167,938)
Net Debt	168,026	280,560

(1) Derivative Financial Instrument: only includes the swap related to the Aura Almas Debenture.

_____________________________

⁴ 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 17: Non-GAAP Performance Measures in this MD&A.

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

F. Adjusted EBITDA Margin⁵ (Adjusted EBITDA/Revenues):

(US$ thousand)

(US$ thousand)	Q2 2026	Q2 2025	H1 2026	H1 2025
Net Revenue	335,967	190,436	718,573	352,240
Adjusted EBITDA	196,659	106,224	440,527	187,703
Adjusted EBITDA Margin (Adjusted EBITDA/Revenues)	59%	56%	61%	53%

G. Adjusted Net Income

(US$ thousand)

(US$ thousand)	Q2 2026	Q2 2025	H1 2026	H1 2025
Profit/(Loss) for the period	217,687	8,147	312,845	(65,102)
Foreign exchange gain (loss)	(10,908)	(2,462)	(5,435)	(5,638)
Loss on derivative transactions	126,013	(24,304)	101,908	(124,514)
Loss on settlement of liability with equity instruments	-	(8,768)	-	(8,768)
Deferred taxes over non-monetary items	5,168	6,847	15,040	10,081
Adjusted Net Income	97,414	36,834	201,332	63,737

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.

_______________________________

⁵ 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 17: Non-GAAP Performance Measures in this MD&A.

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

For more information, please contact:

Investor Relations

ri@auraminerals.com

www.auraminerals.com

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.

AURA Q2 2026 | H1 2026 EARNINGS RESULTS

 

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 Q2 2026 | H1 2026 EARNINGS RESULTS

Exhibit 99.2

Unaudited Condensed Interim Consolidated Financial Statements

For the three and six-months periods ended June 30, 2026 and 2025

KPMG Auditores Independentes Ltda.

Rua do Passeio, 38 - Setor 2 - 17º andar - Centro

20021-290 - Rio de Janeiro/RJ - Brasil

Caixa Postal 2888 - CEP 20001-970 - Rio de Janeiro/RJ - Brasil

Telefone +55 (21) 2207-9400

kpmg.com.br

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of
Aura Minerals, Inc.:

Results of Review of Interim Financial Information

We have reviewed the condensed interim consolidated statements of financial position of Aura Minerals, Inc. and subsidiaries (the Company) as of June 30, 2026, the related condensed interim consolidated statements of income (loss), other comprehensive income (loss), and cash flows for the three-month and six-month periods ended June 30, 2026 and 2025, the related condensed interim consolidated statements of changes in equity for the six-month periods ended June 30, 2026 and 2025, and the related notes (collectively, the condensed interim consolidated financial statements). Based on our review, we are not aware of any material modifications that should be made to the condensed interim consolidated financial statements for it to be in conformity with IAS 34 – Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB).

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Company as of December 31, 2025, and the related consolidated statements of income (loss), other comprehensive income (loss), changes in equity and cash flows for the year then ended (not presented herein); and in our report dated March 31, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed interim consolidated statements of financial position as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated statements of financial position from which it has been derived.

Basis for Review Results

This condensed interim consolidated financial statements is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our review in accordance with the standards of the PCAOB. A review of condensed interim consolidated financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

KPMG Auditores Independentes Ltda.

Rio de Janeiro, Brazil
August 05, 2026

Aura Minerals Inc.

Unaudited Condensed Consolidated Statements of Income (Loss)

For the three and six months ended June 30, 2026 and 2025

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

		Note		For the three months ended June 30, 2026				For the three months ended June 30, 2025				For the six months ended June 30, 2026				For the six months ended June 30, 2025
Revenue		20			335,967				190,436				718,573				352,240
Cost of goods sold		21			(144,490	)			(86,497	)			(298,268	)			(169,873	)
Gross profit					191,477				103,939				420,305				182,367
General and administrative expenses		22			(22,477	)			(11,284	)			(38,219	)			(20,920	)
Exploration expenses		23			(3,569	)			(1,714	)			(5,928	)			(3,090	)
Other income (expenses), net		26			9,870				61				4,462				(693	)
Operating income					175,301				91,002				380,620				157,664
Finance expense		24			(66,204	)			(61,004	)			(112,840	)			(184,396	)
Finance income		24			127,258				1,374				104,973				3,155
Income (loss) before income taxes					236,355				31,372				372,753				(23,577	)
Current tax		15			(19,794	)			(29,551	)			(67,203	)			(50,365	)
Deferred tax		15			1,126				6,326				7,295				8,840
Income taxes					(18,668	)			(23,225	)			(59,908	)			(41,525	)
Profit (Loss) for the period					217,687				8,147				312,845				(65,102	)
Weighted average number of ordinary shares outstanding
Basic		33			83,813,093				74,328,457				83,691,587				73,771,206
Diluted		33			84,754,721				75,199,163				84,633,215				73,771,206
Profit (Loss) per share– Basic		33			2.60				0.11				3.74				(0.88	)
Profit (Loss) per share– Diluted		33			2.57				0.11				3.70				(0.88	)

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 six months ended June 30, 2026 and 2025

Expressed in thousands of United States dollars

		For the three months ended June 30, 2026				For the three months ended June 30, 2025				For the six months ended June 30, 2026				For the six months ended June 30, 2025
Profit (Loss) for the period			217,687				8,147				312,845				(65,102	)
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			761				(5	)			3,309				(2,591	)
Gain on foreign exchange translation of subsidiaries			1,174				(1,049	)			1,030				(1,011	)
Items that will not be reclassified to profit or loss:
Change in the fair value of equity investments			1,799				143				(919	)			(193	)
Actuarial gain on post-employment benefit, net of tax			18				(294	)			62				(294	)
Other comprehensive income, net of tax			3,752				(1,205	)			3,482				(4,089	)
Total comprehensive income (loss)			221,439				6,942				316,327				(69,191	)

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 six months ended June 30, 2026 and 2025

Expressed in thousands of United States dollars

		Note		For the three months ended June 30, 2026				For the three months ended June 30, 2025				For the six months ended June 30, 2026				For the six months ended June 30, 2025
Cash flows from operating activities
Profit (Loss) for the period					217,687				8,147				312,845				(65,102	)
Items adjusting profit (loss) of the period		25 (a)			(60,832	)			82,263				57,553				237,832
Changes in working capital		25 (b)			11,455				3,372				(15,898	)			(10,763	)
Income tax and social contribution paid					(40,898	)			(22,571	)			(92,400	)			(39,444	)
Other current and non-current assets and liabilities		25 (c)			(15,467	)			8,653				(32,284	)			(1,430	)
Net cash generated by operating activities					111,945				79,864				229,816				121,093
Cash flows from investing activities
Purchase of property, plant and equipment		11			(84,319	)			(50,325	)			(128,426	)			(102,050	)
Short term investment					(140	)			-				(417	)			-
Acquisition of investment – Bluestone Inc., net of cash acquired					-				-				-				(18,538	)
Acquisition of investment – Altamira					-				(439	)			-				(439	)
Proceeds from the Sale of São Francisco Mine		5			2,000				-				2,000				-
Net cash used in investing activities					(82,459	)			(50,764	)			(126,843	)			(121,027	)
Cash flows from financing activities
Proceeds received from loans and debentures					119,632				-				119,632				-
Repayment of loans and debentures		25 (e)			(81,072	)			(9,147	)			(99,393	)			(20,602	)
Derivative settlement- debt swap agreements					9,243				2,582				6,502				2,582
Interest paid on loans and debentures		25 (e)			(19,414	)			(13,397	)			(26,065	)			(21,172	)
Payment from liability (NSR agreement)					(2,257	)			(853	)			(2,268	)			(1,594	)
Principal payments of lease liabilities		18 (b)			(4,246	)			(4,227	)			(8,287	)			(7,557	)
Interest payments of lease liabilities		18 (b)			(676	)			(895	)			(1,379	)			(1,804	)
Repayment of other liabilities		18 (a)			(299	)			-				(1,280	)			(981	)
Payment of dividends		29			(65,361	)			(29,811	)			(120,507	)			(48,144	)
Acquisition of treasury shares		19			(2,316	)			-				(6,948	)			(1,200	)
Proceeds from exercise of stock options					307				-				657
Net cash used in financing activities					(46,459	)			(55,748	)			(139,336	)			(100,472	)
Decrease in cash and cash equivalents					(16,973	)			(26,648	)			(36,363	)			(100,406	)
Effect of foreign exchange gain on cash equivalents					(2,494	)			(3,480	)			(1,371	)			(1,845	)
Cash and cash equivalents, beginning of the period					267,789				198,066				286,056				270,189
Cash and cash equivalents, end of the period					248,322				167,938				248,322				167,938

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 June 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars

		Note		June 30, 2026				December 31, 2025
ASSETS
Current
Cash and cash equivalents		6			248,322				286,056
Restricted cash					3,492				3,075
Accounts receivables		7			12,098				20,073
Value added taxes and other recoverable taxes		8			43,081				37,650
Inventories		9			114,015				115,810
Derivative financial instruments		27			21,404				4,418
Other receivables and assets		10			51,787				45,404
Total current					494,199				512,486
Non-current
Value added taxes and other recoverable taxes		8			44,275				40,589
Inventories		9			80,048				58,576
Other receivables and assets		10			23,307				16,573
Property, plant and equipment		11			1,022,591				945,354
Deferred income tax assets		15			40,023				35,418
Total non-current					1,210,244				1,096,510
Total assets					1,704,443				1,608,996
LIABILITIES
Current
Trade and other payables		12			183,166				189,614
Derivative financial instruments		27			143,440				139,354
Loans and debentures		13			64,985				99,548
Liability measured at fair value		14			6,902				1,012
Current income tax liabilities		15			42,790				66,765
Current portion of other liabilities		18			17,850				18,933
Provision for mine closure and restoration		16			5,094				5,661
Liabilities directly associated with assets classified as held for sale		5			-				5,367
Total current					464,227				526,254
Non-current
Loans and debentures		13			376,259				311,620
Liability measured at fair value		14			27,598				25,822
Derivative financial instruments		27			158,078				265,343
Deferred income tax liabilities		15			35,039				37,006
Provision for mine closure and restoration		16			83,447				78,070
Other provisions		17			103,012				92,671
Other liabilities		18			311				6,473
Total non-current					783,744				817,005
SHAREHOLDERS’ EQUITY		19
Share capital					828,647				834,430
Contributed surplus					58,455				57,757
Accumulated other comprehensive income					3,304				(178	)
Accumulated losses					(433,934	)			(626,272	)
Total equity					456,472				265,737
Total liabilities and equity					1,704,443				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 six months ended June 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
Shared based compensation			364,597				1,165				698				-				-				1,863
Shares repurchased			(82,100	)			(6,948	)			-				-				-				(6,948	)
Change in the fair value of cash flow hedge, net of tax			-				-				-				3,309				-				3,309
Gain on foreign exchange translation of subsidiaries			-				-				-				1,030				-				1,030
Change in the fair value of equity investment			-				-				-				(919	)			-				(919	)
Actuarial gain on post-employment benefit, net of tax			-				-				-				62				-				62
Profit for the period			-				-				-				-				312,845				312,845
Dividends paid (note 29)			-				-				-				-				(120,507	)			(120,507	)
At June 30, 2026			83,836,843				828,647				58,455				3,304				(433,934	)			456,472

		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				35,271				-				-				-				35,271
Shared based compensation			-				-				73				-				-				73
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			-				-				-				(2,591	)			-				(2,591	)
Gain on foreign exchange translation of subsidiaries			-				-				-				(1,011	)			-				(1,011	)
Change in the fair value of equity investments			-				-				-				(193	)			-				(193	)
Actuarial (loss) on post-employment benefit, net of tax			-				-				-				(294	)			-				(294	)
Loss for the period			-				-				-				-				(65,102	)			(65,102	)
Dividends paid (note 29)			-				-				-				-				(48,144	)			(48,144	)
At June 30, 2025			74,529,362				633,271				55,669				(4,812	)			(544,364	)			139,764

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 six months ended June 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 – 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 August 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, 2026 as is the case with the amendments to IAS 21 – Effects of Changes in Foreign Exchange Rates. As disclosed in the 2025 Annual Financial Statements, these amendments have not had a significant impact on the Company’s unaudited condensed interim consolidated financial statements.

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

7 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 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 after January 1, 2026 and earlier application is permitted. However, the Company has not early adopted the following new or amended accounting standards in preparing these Unaudited condensed interim consolidated financial statements.

A – IFRS Presentation and disclosure in financial statements

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

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

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

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

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

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

B – Other accounting standards

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

- Subsidiaries without Public Accountability: Disclosures (IFRS 19) - As the Company’s equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19.

(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 six months ended June 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 June 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 26).

9 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

6           CASH AND CASH EQUIVALENTS

		2026				2025
Cash at bank			189,696				174,119
Term deposits			58,626				111,937
Cash and Cash Equivalents			248,322				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.

7           ACCOUNTS RECEIVABLES

		2026				2025
Trade receivables			11,838				19,799
Other receivables			260				274
Accounts receivables			12,098				20,073

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

8           VALUE ADDED TAX AND OTHER RECOVERABLE TAXES

		2026				2025
Sales taxes and value added taxes
Apoena, Almas, Borborema and Serra Grande			43,151				49,603
Aranzazu			1,816				2,547
Minosa			20,985				18,592
Other taxes
Income taxes and social contribution			21,404				7,497
Total Value added tax and other recoverable taxes			87,356				78,239
Current			43,081				37,650
Non-Current			44,275				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.

During the six-month period ended June 30, 2026, the Company sold $2,897 of ICMS tax credits related to the Apoena Mine.

10 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

9           INVENTORIES

		2026				2025
Finished product			1,242				2,688
Work-in-process			130,282				114,468
Parts and supplies			62,539				57,230
Total inventories			194,063				174,386
Current			114,015				115,810
Non-current			80,048				58,576

As of June 30, 2026 and December 31, 2025, the non-current inventory is related to Borborema and Almas’ low-grade stockpile. As of June 30, 2026, inventories were measured at their net realizable value, with the related provision totaling $7,040 ($5,228 as of December 31, 2025). During the period ended June 30, 2026, $1,812 ($667 for the period ended June 30, 2025) was recognized in the Unaudited Condensed Consolidated Statements of Income (loss) with the majority of the amount attributable to the Minosa mine.

10       OTHER RECEIVABLES AND ASSETS

		2026				2025
Prepaids expenses			6,670				4,849
Advances to vendors			39,439				36,893
Deposits			12,725				9,839
Altamira investment (a)			8,740				9,691
Accounts receivable from sale of assets (Note 5)			6,000				-
Other assets			1,520				705
Total other receivables and assets			75,094				61,977
Current			51,787				45,404
Non-current			23,307				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.

11 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

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 June 30, 2026, is $8,740 ($9,691 as of December 31, 2025).

11       PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment movements for the periods ended June 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			70,789				1,173				592				2,676				1,045				59,298				135,573
Depletion and amortization			(29,741	)			(4,416	)			(718	)			(15,087	)			(7,182	)			-				(57,144	)
Transfers			8,611				-				-				2,379				-				(10,990	)			-
Disposals			(26	)			(306	)			(491	)			(1,279	)			1,727				(817	)			(1,192	)
Net book value at June 30, 2026			584,409				111,999				7,666				226,965				23,071				68,481				1,022,591
Consisting of:
Cost			910,606				214,314				28,536				395,629				67,825				68,481				1,685,391
Accumulated Depreciation			(326,197	)			(102,315	)			(20,870	)			(168,664	)			(44,754	)			-				(662,800	)
Net book value at June 30, 2026			584,409				111,999				7,666				226,965				23,071				68,481				1,022,591

		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			27,636				5,014				1,040				1,919				6,236				70,933				112,778
Bluestone acquisition			46,990				20,337				96				1,980				-				5,818				75,221
Depreciation			(17,789	)			(6,975	)			(1,184	)			(3,714	)			(6,119	)			-				(35,781	)
Transfers			2,403				-				(2,403	)			1,819				-				(1,819	)			-
Disposals			(87	)			(180	)			(104	)			(65	)			-				-				(436	)
Net book value at June 30, 2025			371,465				70,144				7,280				65,631				29,726				218,320				762,566
Consisting of:
Cost			651,785				161,993				25,238				198,608				61,188				218,320				1,317,132
Accumulated Depreciation			(280,320	)			(91,849	)			(17,958	)			(132,977	)			(31,462	)			-				(554,566	)
Net book value at June 30, 2025			371,465				70,144				7,280				65,631				29,726				218,320				762,566

12 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

The asset retirement obligation is included within mineral properties, with the related liability recognized in current and non-current liabilities, as disclosed in Note 16.

For the period ended June 30, 2026, no interest related to loans and debentures was capitalized, as capitalization ceased following the Borborema project reaching commercial production in September 2025.

For the period ended June 30, 2025, $4,768 of interest related to loans and debentures was capitalized (at a 100% capitalization rate) as part of the construction cost of the Borborema project.

12       TRADE AND OTHER PAYABLES

		2026				2025
Trade accounts payable to suppliers			105,491				111,350
Other taxes payables			27,544				30,971
Accrued liabilities to suppliers			49,695				43,903
Contract liability			436				3,390
Total trade and other payables			183,166				189,614

13 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

13       LOANS AND DEBENTURES

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

Financial debt	Maturity Date	Interest Rate	06/30/2026	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%	714	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%	1,947	2,730
Bank Atlántida
Q2 2022 Loan Agreement (“7º Loan”)	March 2027	6.50%	1,873	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%	15,458	22,083
Bank Santander Brasil
Q3 2023 Loan Agreement (“4° Loan”)	November 2028	9.51%	-	78,047
Bank Santander LUX
Q2 2026 Loan Agreement ("1º Loan")	May 2031	**SOFR + 2.07%	80,439	-
Bank Safra
Q3 2024 Loan Agreement (“2° Loan”)	August 2026	7.10%	10,277	20,529
Bank Brasil
Q1 2024 Loan Agreement (“1º Loan”)	December 2028	6.50%	9,991	10,000
Bank Bradesco
Q4 2024 Loan Agreement (“2° Loan”)	December 2028	6.50% (a)	43,026	43,033
Q2 2026 Loan Agreement (“3° Loan”)	June 2031	**CDI + 1.31%	39,685	-
Other banks
BTG Pactual	November 2027	6.70%	20,127	20,116
Debentures payable
Debentures – 2nd issuance	October 2030	**CDI + 1.60%	197,775	186,433
Gold Royalty Corp
Gold linked loan	December 2029	8.5%	14,032	13,291
Nemesia SARL
Nemesia SÀRL	-	7%	5,900	5,900
Total			441,244	411,168
Current			64,985	99,548
Non-Current			376,259	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.

(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 24).

14 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

(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 exchange rate variation of Brazilian Reais with U.S. Dollars, plus 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 rate variation of Brazilian Reais with U.S. Dollars, plus a fixed rate of 6.65% per annum.

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

	Amount
2027 **	99,668
2028	133,210
2029	103,653
2030	39,727
2031 onwards	-
	376,259

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

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.

15 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

Aura Almas Mineração S.A. (“Almas”) – subsidiary of the Company

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

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

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

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

Aura Almas Mineração S.A. (“Almas”) – subsidiary of the Company

- Swap agreement entered in October 2024.

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

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

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

Aura Almas Mineração S.A. (“Almas”) – subsidiary of the Company

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

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

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

- Santander 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.

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

14       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.

16 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

For the six-month periods ended June 30, 2026 and 2025, the changes in the fair value of the liability resulted in losses of $6,961 and $6,384, respectively, recognized in finance costs (Note 24).

As of June 30, 2026, the carrying amount of the liability was $34,500, compared with $26,834 as of December 31, 2025.

15       INCOME TAXES

a)                   Income taxes

As of June 30, 2026 the current income tax liabilities is $42,790 ($66,765 as of December 31, 2025).

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

		For the three months ended June 30, 2026				For the three months ended June 30, 2025				For the six months ended June 30, 2026				For the six months ended June 30, 2025
Current income tax			(19,794	)			(29,551	)			(67,203	)			(50,365	)
Deferred income tax			1,126				6,326				7,295				8,840
Total income tax expenses			(18,668	)			(23,225	)			(59,908	)			(41,525	)

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			40,023				35,418
Deferred income tax liabilities			(35,039	)			(37,006	)
Total deferred taxes, net			4,984				(1,588	)

17 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

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)			8,840
Recorded through other comprehensive income			(956	)
Acquisition of Bluestone			(1,137	)
Exchange differences			2,332
Balance, June 30, 2025			(7,286	)
Balance, December 31, 2025			(1,588	)
Recorded in the statement of income (loss)			7,295
Recorded through other comprehensive income			1,706
Exchange differences			(2,429	)
Balance, June 30, 2026			4,984

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			15,044				15,597
Tax losses carried forward			299				1,034
Fair value on acquisitions			1,210				1,391
Provisions			37,983				32,110
Exchange changes			1,613				7,170
Non-monetary items			(11,731	)			(26,771	)
Depreciation			(25,287	)			(24,113	)
Advance payments			(7,169	)			(8,612	)
Fair value of financial instruments			(1,952	)			1,255
Others			(5,026	)			(649	)
Total of deferred tax assets and liabilities			4,984				(1,588	)

18 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

c)                   Effective tax rate

		For the six months ended June 30, 2026				For the six months ended June 30, 2025
Income (loss) before Income taxes			372,753				(23,577	)
Income taxes at statutory rate applicable to the parent Company (0%)			-				-
Adjustments for calculating the effective rate
Tax calculated at the domestic rates			(117,957	)			(43,538	)
Non-deductible expenses			8,800				87
Unrecognized deferred tax asset (losses carried forward)			(5,756	)			(3,065	)
Tax exemptions (a) (b)			57,995				3,457
Withholding taxes on distribution			(6,333	)			(1,889	)
Translation adjustments			(13,422	)			(7,339	)
Deferred taxes over non-monetary items			15,040				10,081
Others			1,725				681
Income tax expense			(59,908	)			(41,525	)
Effective tax rate			(16.1	%)			176.1	%

(a) As of June 30, 2026, the Company recognized a total of $57,995 in tax exemptions, of which $57,910 relates to the profit from operations incentive, specifically in Almas, Borborema and Apoena for which the incentive was approved by the applicable government agencies in the second quarter of 2026, and USD 85 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.

16       PROVISION FOR MINE CLOSURE AND RESTORATION

The movements for the six months ended June 30, 2026 and 2025 are as follow:

		June 30, 2026				June 30, 2025
Balance, beginning of period			83,731				50,573
Acquisition of Bluestone			-				9,668
Accretion expense (note 24)			4,260				2,800
Payments			(445	)			-
Change in estimate			(76	)			(277	)
Foreign exchange			1,071				1,706
Balance, end of the period			88,541				64,470
Current			5,094				-
Non-current			83,447				64,470

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 June 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.

19 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

17       OTHER PROVISIONS

		Long-term employee benefits				Provision for judicial contingencies				Deferred consideration (NSR)				CVRs				Total
At December 31, 2024			13,860				3,284				-				-				17,144
Periodic service and finance cost (Note 24)			891				-				-				-				891
Change in provision for the period			194				2,145				-				-				2,339
Addition			-				-				-				9,120				9,120
Actuarial changes			294				-								-				294
Settlement during the period			(1,811	)			-				-				-				(1,811	)
Foreign exchange			-				-				-				490				490
At June 30, 2025			13,428				5,429				-				9,610				28,467
At December 31, 2025			15,560				41,486				23,643				11,982				92,671
Periodic service and finance cost (Note 24)			1,193				-				-				-				1,193
Change in provision for the period			-				7,229				(1,680	)			4,476				10,025
Actuarial changes			62				-				-				-				62
Settlement during the period			(452	)			-				-				-				(452	)
Foreign exchange			-				-				-				(487	)			(487	)
At June 30, 2026			16,363				48,715				21,963				15,971				103,012

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.

18       OTHER LIABILITIES

		June 30, 2026				December 31, 2025
NSR royalty (note 18 (a))			1,395				1,286
Lease payment obligation (note 18 (b))			16,766				24,120
Total other liabilities			18,161				25,406
Current			17,850				18,933
Non-current			311				6,473

a)         NSR Royalty

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

		June 30, 2026				June 30, 2025
Balance, beginning of year			1,286				971
Royalty payments			(1,280	)			(981	)
Increase in NSR obligations			1,389				1,070
Balance, end of period			1,395				1,060

20 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 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 six months ended June 30, 2026 and 2025 of the lease liability obligation are as follows:

		June 30, 2026				June 30, 2025
Balance, beginning of year			24,120				24,251
Acquisition of Bluestone			-				7
Change in estimate			1,093				6,236
Accretion expense (Note 24)			1,477				1,756
Lease payments (Principal)			(8,287	)			(7,557	)
Lease payments (Interest)			(1,379	)			(1,804	)
Foreign exchange			(258	)			4,941
Balance, end of period			16,766				27,830
Current			16,455				13,876
Non-current			311				13,954

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

19       EQUITY

a)     Authorized

The Company has authorized an unlimited number of common shares with no par value, being subscribed 83,836,843 as of June 30, 2026 (83,554,346 as of December 31, 2025).

b)     Share based compensation

As of June 30, 2026, the Company had 1,089,400 options issued and outstanding (1,455,492 as of December 31, 2025). The share-based payment expense is measured at fair value and recognized over the vesting period from the date of grant. During the period ended June 30, 2026 the Company did not grant new stock options. In addition, the Company had 142,160 Restricted Share Units (“RSUs”) outstanding as of June 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.

21 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

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.

For the periods ended June 30, 2026 and 2025, total share-based payment expense recognized in general and administrative expenses was $1,206 and $73, 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 June 30, 2026, the Company has repurchased 35,449 common shares, for the total amount of $2,266 recorded directly in share capital.

20       REVENUE

		For the three months ended June 30, 2026				For the three months ended June 30, 2025				For the six months ended June 30, 2026				For the six months ended June 30, 2025
Gold			261,057				127,928				574,463				239,470
Copper & Gold concentrate			68,037				60,875				138,021				113,632
Provisional prices			5,842				686				4,097				(1,809	)
Molybdenum			1,031				947				1,992				947
Revenue			335,967				190,436				718,573				352,240

Revenues for the Minosa, Apoena, Borborema, Serra Grande and Almas relate to the sale of refined gold and for the Aranzazu mine relates to the sale of copper and gold concentrate. The Company’s revenues are concentrated in 4 clients (see Note 28(d)).

For the three and six-months period ended June 30, 2026, Brazil, Mexico and Honduras represented 58.6%, 22.3% and 19.1% and 59.9%, 20.0% and 20.1% respectively of the Company´s revenue (38.1%, 32.5% and 29.4% and 34.5%, 22.2% and 43.4% for the period ended June 30, 2025).

For the period ended June 30, 2026 and 2025, the Company´s main clients were Asahi Refining Inc, Trafigura México, S.A. de C.V. and Auramet International, Inc, which represented 52.0%, 19.8% and 24.2%, of the Company´s revenue, respectively (45.5%, 31.8% and 22.7% in 2025).

22 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

21       COST OF GOODS SOLD

		For the three months ended June 30, 2026				For the three months ended June 30, 2025				For the six months ended June 30, 2026				For the six months ended June 30, 2025
Direct mine and mill costs (a)			(72,546	)			(44,470	)			(156,074	)			(89,389	)
Direct mine and mill costs – Contractors			(23,132	)			(17,529	)			(39,721	)			(32,996	)
Direct mine and mill costs – Salaries			(22,944	)			(9,550	)			(43,640	)			(18,676	)
Depletion and amortization			(25,868	)			(14,948	)			(58,833	)			(28,812	)
Total			(144,490	)			(86,497	)			(298,268	)			(169,873	)

(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.

22       GENERAL AND ADMINISTRATIVE EXPENSES

		For the three months ended June 30, 2026				For the three months ended June 30, 2025				For the six months ended June 30, 2026				For the six months ended June 30, 2025
Salaries, wages, benefits and bonus			(5,038	)			(5,047	)			(12,256	)			(8,827	)
Professional and consulting fees			(5,783	)			(2,111	)			(7,715	)			(4,159	)
Legal, filing, listing and transfer agent fees			(343	)			(214	)			(578	)			(458	)
Insurance			(115	)			(194	)			(897	)			(390	)
Directors' fees			39				(584	)			(2,495	)			(1,255	)
Travel expenses			(459	)			(213	)			(828	)			(574	)
Share-based payment expense			(544	)			-				(1,206	)			(73	)
Depreciation and amortization			(661	)			(335	)			(837	)			(534	)
Care and maintenance			(166	)			(563	)			(346	)			(1,063	)
Other (a)			(9,407	)			(2,023	)			(11,061	)			(3,587	)
Total			(22,477	)			(11,284	)			(38,219	)			(20,920	)

(a) For the six months period ended June 30, 2026, the Other consisted of a provision for judicial contingencies of $7,229 ($2,145 for the six months period ended June 30, 2025).

23       EXPLORATION EXPENSES

		For the three months ended June 30, 2026				For the three months ended June 30, 2025				For the six months ended June 30, 2026				For the six months ended June 30, 2025
Minosa			(19	)			(264	)			(84	)			(500	)
Borborema			(583	)			-				(794	)			(70	)
Almas			(1,407	)			(423	)			(2,328	)			(660	)
Apoena			(210	)			(62	)			(387	)			(186	)
Aranzazu			(1,146	)			(794	)			(2,081	)			(1,503	)
Serra Grande			(215	)			-				(244	)			-
All other segments			11				(171	)			(10	)			(171	)
Total			(3,569	)			(1,714	)			(5,928	)			(3,090	)

23 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

24       FINANCE INCOME (EXPENSE)

		For the three months ended June 30, 2026				For the three months ended June 30, 2025				For the six months ended June 30, 2026				For the six months ended June 30, 2025
Accretion expense (Note 16)			(1,981	)			(1,134	)			(4,260	)			(2,800	)
Lease interest expense (Note 18 (b))			(667	)			(161	)			(1,477	)			(1,756	)
Interest expense on loans and debentures			(6,266	)			(6,098	)			(12,653	)			(11,853	)
Finance cost on post-employment benefit			(595	)			(747	)			(1,193	)			(1,085	)
Unrealized loss with derivative gold collars			-				(24,304	)			-				(124,514	)
Realized loss with derivative gold collars			(37,249	)			(11,703	)			(70,574	)			(17,739	)
Loss on other derivative transactions			(1,981	)			(1,305	)			(3,169	)			(3,132	)
Foreign exchange			(10,908	)			(2,462	)			(5,435	)			(5,638	)
Change in liability measured at fair value (Note 14)			(1,935	)			(4,025	)			(6,961	)			(6,384	)
Loss on settlement of liability with equity instruments (Note 14)			-				(8,768	)			-				(8,768	)
Other finance costs (a)			(4,622	)			(297	)			(7,118	)			(727	)
Finance expenses			(66,204	)			(61,004	)			(112,840	)			(184,396	)
Unrealized gain with derivative gold collars			126,013				-				101,908				-
Interest income			1,245				1,374				3,065				3,155
Finance income			127,258				1,374				104,973				3,155
Total finance result			61,054				(59,630	)			(7,867	)			(181,241	)

(a) Other finance costs for the six months period ended June 30, 2026 includes a prepayment fee of $4,100 related to the early settlement of the Santander Brasil debt by the Company's subsidiary, Cascar (Note 13).

24 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

25       CASH FLOW INFORMATION

a)     Items adjusting profit (loss) of the period

		For the three months ended June 30, 2026				For the three months ended June 30, 2025				For the six months ended June 30, 2026				For the six months ended June 30, 2025
Deferred and current income tax expense			18,668				23,225				59,908				41,525
Depreciation and amortization			26,529				15,283				59,670				29,346
Accretion expense (Note 24)			1,981				1,134				4,260				2,800
Lease Interest expense (Note 24)			667				161				1,477				1,756
Interest expense on loans and debentures (Note 24)			6,266				6,098				12,653				11,853
Finance cost on post-employment benefit (Note 24)			595				747				1,193				1,085
Unrealized loss on derivatives gold collars (Note 24)			(126,013	)			24,304				(101,908	)			124,514
Loss on other derivatives (Note 24)			1,981				1,305				3,169				3,132
Foreign exchange (gain) loss (Note 24)			10,908				2,462				5,435				5,638
Change in fair value in liability measured at fair value (Note 14)			1,935				4,025				6,961				6,384
Share-based payment expense (Note 22)			544				-				1,206				73
Loss on disposal of assets (Note 11)			(863	)			341				(716	)			436
Loss on settlement of liability with equity instruments			-				8,768				-				8,768
Gain on disposal of the São Francisco Mine			(8,980	)			-				(8,980	)			-
Change in fair value of CVRs (Note 17)			1,243				-				4,476				-
Provision for judicial contingencies (Note 17)			5,205				(72	)			7,229				547
Other non-cash items			(1,498	)			(5,518	)			1,520				(25	)
Total			(60,832	)			82,263				57,553				237,832

25 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

b)     Changes in working capital

		For the three months ended June 30, 2026				For the three months ended June 30, 2025				For the six months ended June 30, 2026				For the six months ended June 30, 2025
Decrease (Increase) in accounts receivables and value added taxes and other recoverable taxes			(6,022	)			5,822				(6,777	)			(2,126	)
Increase in inventory			2,372				(11,128	)			(10,414	)			(15,582	)
Increase (Decrease) in trade and other payables			15,105				8,678				1,293				6,945
Total			11,455				3,372				(15,898	)			(10,763	)

c)     Other current and non-current assets and liabilities

		For the three months ended June 30, 2026				For the three months ended June 30, 2025				For the six months ended June 30, 2026				For the six months ended June 30, 2025
Changes in other current and non-current assets and liabilities consists of:
Decrease (Increase) other receivables and assets and inventories (non-current)			(853	)			6,751				(7,383	)			4,099
Increase in other receivables and assets (current)			(409	)			(114	)			(2,653	)			(79	)
Increase (Decrease) in other liabilities (current and non-current)			(14,205	)			2,016				(22,248	)			(5,450	)
Total			(15,467	)			8,653				(32,284	)			(1,430	)

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

		For the three months ended June 30, 2026				For the three months ended June 30, 2025				For the six months ended June 30, 2026				For the six months ended June 30, 2025
Non-cash addition to property, plant and equipment			3,455				8,429				7,147				10,728
Total			3,455				8,429				7,147				10,728

26 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 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			(20,602	)			-
Interest paid on loans (a)			(21,172	)			-
Derivative settlement (Gold Hedges)			-				(17,739	)
Derivative settlement (Other derivatives)			-				2,582
Other Changes:
Interest expenses on loans			10,395				-
Interest expenses on debentures			12,383				-
Derivative interest			-				(6,157	)
Foreign exchange adjustments			22,685				(22,723	)
Derivative settlement (witholding taxes)			-				1,104
Swap fair value adjustment			-				3,417
Gold Hedges fair value adjustment			-				142,253
Other derivatives fair value adjustment			1,200				1,933
Balance as of June 30, 2025			453,893				244,160

		Loans and debentures				Derivatives
Balance as of December 31, 2025			411,168				400,279
Changes from Financing cash flows:
Loan and debentures repayments			(99,393	)			-
Loan Proceeds			119,632				-
Interest paid on loans (a)			(26,065	)			-
Derivative settlement (Gold Hedges)			-				(70,574	)
Derivative settlement (Other derivatives)			-				6,502
Other Changes:
Interest expenses on loans			7,417				-
Interest expenses on debentures			15,005				-
Derivative interest			-				(9,770	)
Foreign exchange adjustments			11,784				(11,447	)
Swap fair value adjustment			-				(5,015	)
Gold Hedges fair value adjustment			-				(31,334	)
Other derivatives fair value adjustment			1,696				1,473
Balance as of June 30, 2026			441,244				280,114

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

27 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

26       OTHER (EXPENSES) INCOME, NET

For the six month period ended June 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 $4,476 related to the change in the fair value of the contingent value rights (“CVR”). For the six-month period ended June 30, 2025, Other (expenses), net, consisted of income of $4,462 (expenses of ($693) for the six month period ended June 30, 2025).

27       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		June 30, 2026				December 31, 2025
Swap - Aura Almas (Itaú Bank)		Current			21,404				4,418
Swap - Apoena Mines (ABC Bank)		Current			-				(2,753	)
Swap - Borborema Mine (Santander Bank)		Current			(663	)			-
Swap – Serra Grande (Bradesco Bank)		Current			(821	)			-
Gold Derivatives		Current / Non-current			(300,034	)			(401,944	)
Total					(280,114	)			(400,279	)

28 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

Classification of financial instruments

				June 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		6			248,322				-				-				286,056				-				-
Accounts receivable		7			6,114				5,984				-				17,478				2,321				-
Derivative Financial Instrument		27			-				-				21,404				-				-				4,418
Non-current
Other receivables and assets		10			-				-				8,740				-				-				9,691
					254,436				5,984				30,144				303,534				2,321				14,109
Liabilities
Current
Trade and other payables		12			183,166				-				-				189,614				-				-
Derivative Financial Instrument		27			-				143,440				-				-				139,354				-
Loans and debentures		13			58,015				6,970				-				92,497				7,051				-
Liability measured at fair value		14			-				6,902				-				-				1,012				-
Other liabilities		18			17,850				-				-				18,933								-
Non-current
Derivative Financial Instrument		27			-				158,078				-				-				265,343				-
Loans and debentures		13			185,453				190,806				-				132,238				179,382				-
Liability measured at fair value		14			-				27,598				-				-				25,822				-
Deferred consideration (NSR)		17			-				21,963				-				-				23,643				-
Other provisions (CVR)		17			-				15,971				-				-				11,982				-
Other liabilities		18			311				-				-				6,473				-				-
					444,795				571,728				-				439,755				653,589				-

i) Swap agreements:

As of June 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

June 30, 2026

December 31, 2025

Swap - Aura Almas (Itaú Bank) (a)

CDI

Current

21,404

4,418

Swap  - Apoena Mines (ABC Bank)

CDI

Current

-

(2,753

)

Swap - Borborema Mine (Santander)

CDI

Current

(663

)

-

Swap – Serra Grande (Bradesco Bank)

CDI

Current

(821

)

-

Total

19,920

1,665

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

29 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

ii) Derivative Options

As of June 30, 2026, the Company had 166,578 ounces outstanding for the Borborema Project. The put/calls collars have floor prices of $1,745 and ceiling prices at $2,400 per ounce of gold expiring between July 2026 and June 2028.

The fair value effect of the Derivative Collars for the period ended June 30, 2026 is $101,908 ($124,514) in June 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 June 30, 2026 and December 31, 2025 are summarized in the following table:

30 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

				June 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			5,984				-				2,321				-
Other receivables and assets		1			-				8,740				-				9,691
Derivative Financial Instrument		2			-				21,404				-				4,418
					5,984				30,144				2,321				14,109
Liabilities
Debentures		2			197,775				-				186,433				-
Liability measured at fair value		3			34,500				-				26,834				-
Derivative Financial Instrument		2			301,518								404,697				-
Deferred consideration (NSR)		3			21,963				-				23,643				-
Other provisions (CVR)		3			15,971								11,982				-
					571,727				-				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)	34,500	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)	15,971	11,982		Commercial Production	(a)	(a)		(a)
Contingent consideration (NSR)	21,963	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 $1,921.

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.

31 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 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 June 30, 2026 and December 31, 2025:

Input	2026	2025
WACC	11.50%	11.50%
Credit-risk	2.70%	2.70%
Expected volatility	16.40%	15.20%

Valuation process - Contingent Value Rights (CVRs)

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

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

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

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

Valuation process - Deferred consideration (NSR)

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

32 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 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.

28       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 29 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			183,166				-				-				-				183,166
Loans and debentures			97,954				260,720				175,753				-				534,427
Provision for mine closure and restoration			5,094				13,246				26,680				48,739				93,759
Lease liabilities			16,526				258				97				-				16,881
Liability measured at fair value			7,934				19,262				22,537				5,858				55,591
			310,674				293,486				225,067				54,597				883,824

As of June 30, 2026, Aura has cash and cash equivalents of $ 248,322 ($286,056: 2025) and current assets, excluding restricted cash less current liabilities of $26,480 ($16,843: 2025).

33 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 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 and Mexico, therefore, foreign exchange risk exposures arise from transactions denominated in foreign currencies. Although Aura’s sales are denominated in United States dollars, certain operating expenses of Aura are denominated in foreign currencies, primarily the Honduran lempira, Brazilian real, Mexican peso, Canadian dollar, Colombian peso, Guatemalan Quetzals and Barbadian Dollars.

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

At June 30, 2026 and December 31, 2025, the Company had cash and cash equivalents of $ 248,322 and $286,056, respectively, of which, $ 194,109 ($257,374 in 2025) were in United States dollars, $191 ($192 in 2025) in Canadian dollars, $50,990 ($19,946 in 2025) in Brazilian reais, $2,633 ($8,305 in 2025) in Honduran lempiras, $120 ($126 in 2025) in Mexican pesos, $14 ($18 in 2025) in Colombian Pesos, $262 ($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 $ 2,711.

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

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.

At June 30, 2026, the Company believes that its trade credit risk is low due to the following reasons:

34 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

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 27, 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 June 30, 2026 closing prices.

Liability measured at fair value

As mentioned in Note 14, 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%	69,630
Liability measured at fair value	Gold price increase/decrease	D 10%	3,450
Loans and debentures (Gold linked loan)	Gold price increase/decrease	D 10%	615
Contingent consideration (NSR)	Gold price increase/decrease	D 10%	2,196

35 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

29       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 six month period ended June 30, 2026, Aura’s Board of Directors declared and approved the payment of quarterly dividends on February 26 and May 6, 2026, totaling US$55.1 million and US$65.4 million, respectively. These dividends corresponded to $0.66 and $0.78 per common share, and $0.22 and $0.26 per Brazilian Depositary Receipt, respectively. The dividends were paid on March 26 and May 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.

36 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

30       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 June 30, 2026 and 2025, were $3.7 million and $2.7 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 June 30, 2026, is $5,008 ($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 $1,542 in the period ended June 30, 2026 ($1,548 in the period ended June 30, 2025).

37 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

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 $3,040 in the period ended June 30, 2026 ($6,200 in the period ended June 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.

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

In the six month ended June 30, 2026, the Company paid to Northwestern the total amount of $57.5 million of dividends ($25.7 million in the period ended June 30, 2025).

31       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.

38 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

For the periods ended June 30, 2026 and 2025, segment information is as follows:

		Reportable segments
For the period ended June 30, 2026		Minosa Mine				Apoena Mine				Aranzazu Mine				Almas Mine				Borborema				Serra Grande Mine				Total reportable segments				Non-Reportable Segments (1)				Total
Revenue			144,306				61,190				144,003				148,015				145,230				75,829				718,573				-				718,573
Cost of goods sold, except depletion and amortization			(40,763	)			(21,142	)			(50,294	)			(37,630	)			(34,346	)			(55,260	)			(239,435	)			-				(239,435	)
Depletion and amortization			(3,263	)			(10,626	)			(13,609	)			(9,145	)			(9,425	)			(12,765	)			(58,833	)			-				(58,833	)
Gross profit			100,280				29,422				80,100				101,240				101,459				7,804				420,305				-				420,305
General and administrative expenses			(2,105	)			(6,462	)			(2,836	)			(2,178	)			(2,076	)			(4,294	)			(19,951	)			(18,268	)			(38,219	)
Exploration expenses			(84	)			(387	)			(2,081	)			(2,328	)			(794	)			(244	)			(5,918	)			(10	)			(5,928	)
Other (expense) income			(535	)			10,792				(1,186	)			(1,579	)			327				(139	)			7,680				(3,218	)			4,462
Operating income/(loss)			97,556				33,365				73,997				95,155				98,916				3,127				402,116				(21,496	)			380,620
Finance expense			(2,324	)			(2,019	)			(1,769	)			(3,746	)			(15,602	)			(2,503	)			(27,963	)			(72,224	)			(100,187	)
Finance income			154				371				164				563				392				94				1,738				103,235				104,973
Interest expense on loans and debentures			(328	)			(2,416	)			(741	)			(5,694	)			(3,428	)			(46	)			(12,653	)			-				(12,653	)
Income/(Loss) before income taxes			95,058				29,301				71,651				86,278				80,278				672				363,238				9,515				372,753
Current tax			(25,196	)			(1,271	)			(23,296	)			4,903				(12,412	)			(3,548	)			(60,820	)			(6,383	)			(67,203	)
Deferred tax			561				(4,457	)			2,031				3,178				1,856				3,671				6,840				455				7,295
Income taxes			(24,635	)			(5,728	)			(21,265	)			8,081				(10,556	)			123				(53,980	)			(5,928	)			(59,908	)
(Loss) / Profit for the period			70,423				23,573				50,386				94,359				69,722				795				309,258				3,587				312,845
Property, plant and equipment			77,837				106,588				134,110				169,421				244,426				147,627				880,009				142,582				1,022,591
Total assets			102,888				216,725				460,674				406,231				218,560				232,566				1,637,644				66,799				1,704,443
Total liabilities			81,745				127,020				103,525				261,616				163,513				130,452				867,871				380,100				1,247,971
Purchase of property, plant and equipment			9,197				34,929				15,072				20,420				11,080				18,240				108,938				19,488				128,426

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

39 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

		Reportable segments
For the period ended June 30, 2025		Minosa Mine				Apoena Mine				Aranzazu Mine				Almas Mine				Borborema				Total reportable segments				Non-Reportable Segments (1)				Total
Revenue			103,838				53,064				112,770				78,878				3,690				352,240				-				352,240
Cost of goods sold, except depletion and amortization			(41,150	)			(21,155	)			(48,564	)			(29,078	)			(1,114	)			(141,061	)			-				(141,061	)
Depletion and amortization			(2,382	)			(8,219	)			(12,739	)			(5,472	)			-				(28,812	)			-				(28,812	)
Gross profit			60,306				23,690				51,467				44,328				2,576				182,367				-				182,367
																							-
General and administrative expenses			(2,301	)			(2,237	)			(3,290	)			(2,278	)			(294	)			(10,400	)			(10,520	)			(20,920	)
Exploration expenses			(500	)			(186	)			(1,503	)			(660	)			(70	)			(2,919	)			(171	)			(3,090	)
Other (expense) income			9				113				(1,102	)			(26	)			15				(991	)			298				(693	)
Operating income/(loss)			57,514				21,380				45,572				41,364				2,227				168,057				(10,393	)			157,664
Finance income			182				159				-				2,283				105				2,729				426				3,155
Finance expense			(2,134	)			(6,106	)			(2,595	)			(3,297	)			(7,479	)			(21,611	)			(150,932	)			(172,543	)
Interest expense on loans and debentures			(802	)			(2,186	)			(1,201	)			(7,174	)			(490	)			(11,853	)			-				(11,853	)
Income/(Loss) before income taxes			54,760				13,247				41,776				33,176				(5,637	)			137,322				(160,899	)			(23,577	)
																							-
Current tax			(14,385	)			(1,525	)			(19,466	)			(13,099	)			-				(48,475	)			(1,890	)			(50,365	)
Deferred tax			742				1,656				(449	)			7,116				(851	)			8,214				626				8,840
Income taxes			(13,643	)			131				(19,915	)			(5,983	)			(851	)			(40,261	)			(1,264	)			(41,525	)
(Loss) / Profit for the period			41,117				13,378				21,861				27,193				(6,488	)			97,061				(162,163	)			(65,102	)
Property, plant and equipment			63,427				67,411				129,409				150,177				243,841				654,265				108,301				762,566
Total assets			95,591				203,919				371,786				347,036				136,179				1,154,511				11,412				1,165,923
Total liabilities			78,012				140,642				105,819				253,469				158,749				736,691				289,468				1,026,159
Purchase of property, plant and equipment			3,171				14,137				14,416				9,787				54,728				96,239				5,027				101,266

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

40 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

32       COMMITMENTS AND CONTINGENCIES

a)                   Leases commitments

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

		2026
Within 1 year			16,734
2 years			576
3 years			452
4 years			257
Over 5 years			33
Total			18,052

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.

33       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 year.

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 income (loss) per share is adjusted retrospectively for all periods presented.

		For the three months ended June 30, 2026				For the three months ended June 30, 2025				For the six months ended June 30, 2026				For the six months ended June 30, 2025
Profit (Loss) for the period			217,687				8,147				312,845				(65,102	)
Weighted average number of ordinary shares outstanding - basic			83,813,093				74,328,457				83,691,587				73,771,206
Weighted average number of ordinary shares outstanding - diluted			84,754,721				75,199,163				84,633,215				73,771,206
Profit (loss) per share - basic			2.60				0.11				3.74				(0.88	)
Profit (loss) per share - diluted			2.57				0.11				3.70				(0.88	)

41 | Aura Minerals Inc.

Filing Exhibits & Attachments

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• EX-99.1 EXHIBIT 99.1 483.6 KB
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