Aura Minerals Inc. (AUGO) SEC Filings & Earnings Calls

Minosa production declined 26% YoY due to leach pad stacking issues; recovery expected in Q4.

“Minosa production 13,344 GEO (-26% YoY) due to decrease in ore plant feed from increased stacking level.”

Almas production down 12% QoQ due to lower grades; mine sequencing moving to higher-grade areas in Q4.

“Almas production 14,264 GEO (-12% QoQ) due to lower grades; plant feed increased 31% YoY.”

Antitrust clearance required from CADE; transaction subject to customary conditions.

“Closing of the transaction is subject to customary conditions precedent, including antitrust clearance from Brazil's Administrative Council for Economic Defense (CADE).” · word for word

Integration risk of absorbing workforce and transitioning operations.

“Aura will also absorb the existing workforce dedicated to fleet operation and maintenance at the three operations, ensuring continuity and avoiding disruption to operations after the acquisition is completed.” · word for word

Increased leverage from new debt; interest rate exposure at SOFR+2.70%.

“The Loan will bear interest at a rate of SOFR + 2.70% per year” · word for word

Gold hedge losses reduced free cash flow by US$37.2M in Q2.

“realized losses on gold hedges (US$ 37 . 2 million)”

AISC increased at MSG mine to US$5,277/GEO, up 41% QoQ, reflecting cost pressure.

“largely driven by MSG (US $ 5 , 277 /GEO, + 41 % )” · word for word

Operational risks from mine sequencing and grade variability.

“Lower grades at Apoena and Borborema; MSG turnaround strategy.”

Grade variability and mine sequencing risks at several operations.

“Lower grades at Apoena, Borborema, MSG; QoQ production decline at Minosa.”

No material risks; buyback program subject to market conditions.

“Standard caveats about market conditions and program adjustments.”

Grade Decline

“In 2025, average grades reached 0.76 g/t Au, a 15% decrease when compared to 2024” · word for word

Reserve Depletion

“Proven and Probable Mineral Reserves included the replacement of 100% of depleted ounces with a net 29,000oz deficit, representing a 9% decrease in ounces.” · word for word

Cost Inflation

“Average cash operating cost per ounce of gold produced (US$)‎ ‎1,232‎ ‎1,189” · word for word

Waste-to-Ore Ratio Increase

“Waste to ore ratio ‎13.43‎ ‎6.62” · word for word

Increased CAPEX raises execution and funding risk for Era Dorada project.

“Total CAPEX Guidance for 2026 was US$236 million at the low end and US$278 million at the high end to a new range of US$386 million and US$453 million.” · word for word

Execution risk for Era Dorada project; regulatory and community approval risks in Guatemala.

“Aura has secured budget authorization for an advanced water treatment system, with plans to pursue all necessary government permits and approvals.” · word for word

Lower production at Aranzazu, Apoena, and Borborema due to mine sequencing; MSG undergoing infrastructure upgrades.

“At Aranzazu, production reached 15,694 GEO, representing a 17% decrease compared to the previous quarter.” · word for word

Commodity price assumptions updated to higher levels, but still conservative; any decline in gold/copper/silver prices could impact reserve estimates.

“Metal price assumptions used for estimating Mineral Reserves were updated to reflect a significantly higher pricing environment while maintaining a conservative outlook: gold at US$2,600/oz, copper at US$4.40/lb, and silver at US$35.00/oz.” · word for word

Customer Concentration

“Our largest clients, Asahi Refining Inc., Trafigura México, S.A. de C.V., Auramet International, Inc. and Metalor Technologies SA. represented 53.4%, 26.9%, 12.7% and 6.5%, respectively, of our revenue in 2025.” · word for word

Material Weakness in Internal Controls

“The material weaknesses identified relate to: (i) ineffective design, implementation and operation of general information technology controls ('GITCs') in certain of our subsidiaries... and (ii) ineffective design and implementation of process-level controls over the estimate of asset retirement obligation and depletion.” · word for word

Geopolitical Risk in Latin America

“We are subject to risks relating to our significant presence in Latin America, which has experienced, and may continue to experience, adverse economic or political conditions that may materially adversely impact our business, financial condition and results of operations.” · word for word

Controlling Shareholder Influence

“Northwestern beneficially owns approximately 47.74% of our common shares. This concentration of ownership and voting power may limit your ability to influence corporate matters.” · word for word

Gold price dependency; any decline could impact cash flow and leverage.

“Upgrade reflects record-high gold prices; sensitivity to gold price fluctuations.”

Non-cash MTM losses on gold hedges impacted net income; AISC increase due to MSG integration; gold price volatility.

“Net Loss of US $20.0 M, non-cash losses related to the MTM of gold collars (US $81.7 million).”

Gold price volatility risk.

“Dividend based on Q4 2025 results supported by higher gold prices; future dividends depend on gold prices.”

Execution risk in road relocation and mine development.

“Agreement signed but subject to regulatory and operational execution.”

Mine closure and restoration liability of $83.7M.

“provision for mine closure and environmental restoration in the total amount of US$83,731 thousand.” · word for word

Business combination acquisition of Mineração Serra Grande S.A. involves significant judgment in fair value estimates.

“Business Combination – Acquisition of Mineração Serra Grande S.A. involves significant judgment and estimates.” · word for word

Operational risk: Borborema ramp-up still below guidance for full year, though improving.

“Borborema delivered results below the guidance range, mainly due to lower recoveries achieved during the pre-commercial production phase” · word for word

Commodity price risk: gold and silver price fluctuations impact GEO conversion and revenue.

“Higher gold prices negatively impact the conversion to GEO; constant price adjustments show different trends” · word for word

Project execution and permitting risks in Guatemala

“Project located in Guatemala with community engagement and regulatory requirements”

Production outlook is preliminary and subject to significant uncertainty; board approvals, permitting, financing required.

“Any references to potential future production levels are preliminary and not intended to constitute projections... subject to significant uncertainty.” · word for word

Project subject to board approvals, permitting, financing, and other conditions.

“Official construction decisions and definitive start-up dates for Era Dorada and Matupá have not yet been announced.”

Gold price volatility and operational risks in mining jurisdictions.

“Forward-looking statements caution about commodity price volatility, geological uncertainties, and regulatory changes.”