Aura Minerals Inc.

Q3 operational & financial beat / growth momentum - Production reached 96,000 gold equivalent ounces in Q3, +27% vs. last quarter (management expects another improvement in Q4). - 9M production: 253,000 ounces. Guidance reiterated: 340,000–390,000 ounces for the year. - Financials: Revenue $386m (+15% quarter-over-quarter), Adjusted EBITDA $237m. - Last 12 months EBITDA: $886m, already above full-year 2025 performance; management expects further Q4 contribution.

Costs outlook: improving trend but MSG is still the key driver - All-in sustaining cash cost (AISCs): $1,953/oz (slight improvement vs Q2 mainly due to MSG improvement and higher grades at Aranzazu). - For Q4: management expects AISCs to come down and a “comfortable zone” to meet full-year AISC guidance (possibly closer to the top end, but still within range). - A key sensitivity: budget assumed FX ~5.5 BRL/USD, but performance through 9M was closer to ~5; management says FX is back to ~5.5, which they estimate can be worth ~$80/oz impact on AISCs. - Without MSG, they cite AISCs around ~$1,673/oz (described as first quartile in the industry), but MSG turnaround remains ongoing.

MSG turnaround: progress in Q3; still not “done” - MSG generated ~$24m EBITDA in the quarter, but remains in turnaround phase. - What changed (investor question answered): improvements focused on mining development performance, better mining flexibility, and method changes (top-down to more bottom-up) requiring additional development time. - Remaining work: management estimates ~4–5 more months for full mine preparation / reserve release to reach intended operating capacity. - Cost/production expectations: management expects MSG to improve further; next-year target discussed as ~80,000 oz/year for MSG with AISCs trending toward ~<$2,000/oz (framed as a key trajectory into 2027).