Aura Announces Q3 2024 Production Results, the Fifth Consecutive LTM Production Increase and on Track to Meet the Company’s 2024 Guidance

ROAD TOWN, British Virgin Islands, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Aura Minerals Inc. (TSX: ORA, B3: AURA33 and OTCQX: ORAAF) (“Aura” or the “Company”) announces Q3 2024 preliminary production results from the Company’s four operating mines: Aranzazu, Apoena (EPP), Minosa (San Andres), and Almas. Total production in Q3 2024 reached 68,246 gold equivalent ounces (“GEO”)¹, 10% above the second quarter of 2024 and 10% above the same period last year at constant metal prices. The highlights of the quarter were the performance of Almas, where production stabilized at 15k GEO after a contractor replacement in Q2 2024, reaching what the Company considers a consistent level for the operation, and Minosa, which recorded another quarterly production growth. This quarter, Aura achieved a new record high LTM production, with 269,953 GEO produced in the period.

For the nine months of 2024, Aura’s total production was 200,758 GEO at current prices, on track to meet the 2024 Production Guidance of 244,000 – 292,000 GEO.

Q3 2024 Highlights

• At Aranzazu, Aura recorded another stable quarter, with production totaling 24,486 GEO, reflecting an 8% increase over Q2 2024 and a 3% decrease compared to Q3 2023, at constant prices, and according to expectations. The improved recovery rates, driven by higher ore grades and due to mine sequencing, contributed to this quarterly increase. Cumulative production for the first nine months of 2024 (9M24) reached 70,492 GEO at constant prices, remaining stable compared to the same period in 2023 (9M23).
• At Minosa (San Andres), production totaled 20,750 GEO, reflecting an 8% increase over the previous quarter and an 18% increase compared to Q3 2023. This quarterly improvement was largely attributed to a higher stacking of ounces and better ore grades during the period. This marks another quarter of production growth, driven by Aura’s ongoing focus on optimizing operational efficiency, and due to a rainy season that was weaker than expected for the period, increasing the productivity at the mine and at the plant. For the first nine months of 2024 (9M24), cumulative production reached 59,078 GEO, a 23% increase compared to the same period in 2023 (9M23).
• At Almas, production reached 14,975 GEO, representing a 42% increase compared to the previous quarter. This increase in output was driven by higher productivity and operational efficiency following the transition to a new contractor in the prior quarter. The new contractor achieved the expected ramp up and stabilized production at an average of 5,000 GEO per month since June 2024. For the first nine months of 2024 (9M24), cumulative production totaled 37,450 GEO. This performance further reinforces the Company’s confidence in achieving its 2024 production guidance.
• At Apoena (EPP), production was 8,035 GEO, down 19% from Q2 2024 and 28% from Q3 2023. Production was below the Company’s expectations due to lower grades processed during the quarter, along with a reduction in ore recovery caused by a temporary delay in obtaining the environmental permit to expand the Nosde pit and access higher-grade ore, which will be recovered in 2025. Additionally, production in Q3 2024 was affected by lower mill throughput compared to Q3 2023, driven lower performance in the mill due to harder rock ore from the mined area — an expected outcome given the characteristics of the production area. In the first 9 months of 2024, production totaled 30,052 GEO, 2% lower than the first 9 months of 2023.

Rodrigo Barbosa, Aura’s President and CEO commented, "We entered the second half of 2024 maintaining our growth trajectory, with total production reaching 201K GEO accumulated in the year, a 20% increase compared to the same period in 2023, keeping us well-positioned to meet the upper half of our annual production guidance. Despite the challenges with Apoena, operations at Aranzazu and Minosa remained strong and consistent, while production at Almas was successfully stabilized, contributing to our fifth consecutive LTM production increase. Construction of Borborema is now above 50% complete, progressing on schedule and within budget. The ramp-up phase is expected to commence in Q1 2025, setting the stage for a strong and promising year ahead when we will continue to grow our LTM production through 2025.”

¹ Gold equivalent ounces, or GEO, is calculated by converting the production of silver, copper and gold into gold using a ratio of the prices of these metals to that of gold. The prices used to determine the gold equivalent ounces are based on the weighted average price of gold, silver and copper realized from sales at the Aranzazu Complex during the relevant period.

Production Results

Preliminary GEO^2,3 production volume for the three months ended September 30, 2024, compared to the previous quarter and the same period in the previous year is presented below:

Production in the last twelve months ("LTM") up to September 30, 2024, was 269,953 GEO, increasing for the fifth consecutive quarter, as a result of production from Almas and consistent improvements in Minosa's production. This was the highest LTM production in the Company's history. The chart below displays the consolidated quarterly GEO production measured at current and constant prices since Q3 2022, as well as the LTM at the end of each reporting period:

Consolidated GEO Production per Quarter and LTM
(000’s GEO, current and constant prices as reported)

² The total may not add due to rounding.
³ Applies the metal sale prices in Aranzazu realized during Q3 2024 to the previous quarters in all operations, being: Copper price = US$4.18/lb; Gold Price = US$2,498/oz; Silver Price = US$29.68/oz.

The table below shows production by each type of metal at Aranzazu. Production increased in Q3 2024 for all types of metals and was in line with the Company’s expectations.

Qualified Person

The scientific and technical information contained within this news release has been reviewed and approved by Farshid Ghazanfari, P.Geo. Mineral resources and Geology Director for Aura Minerals Inc. and serve as the Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Aura 360° Mining

Aura is focused on mining in complete terms – thinking holistically about how its business impacts and benefits every one of our stakeholders: our company, our shareholders, our employees, and the countries and communities we serve. We call this 360° Mining.

Aura is a mid-tier gold and copper production company focused on operating and developing gold and base metal projects in the Americas. The Company has 4 operating mines including the Aranzazu copper-gold-silver mine in Mexico, the Apoena (EPP) and Almas gold mines in Brazil, and the Minosa (San Andres) mine in Honduras. The Company’s development projects include Borborema and Matupá both in Brazil. Aura has unmatched exploration potential owning over 630,000 hectares of mineral rights and is currently advancing multiple near-mine and regional targets along with the Carajas (Serra da Estrela) copper project in the prolific Carajás region of Brazil.

Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements”, as defined in applicable securities laws (collectively, “forward-looking statements”) which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as “plans,” “expects,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved.

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 statements. Specific reference is made to the most recent Annual Information Form on file with certain Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements, which include, without limitation, volatility in the prices of gold, copper and certain other commodities, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, general economic conditions 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 statements.

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

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For more information, please contact: Investor Relations ri@auraminerals.com www.auraminerals.com