Thank you very much, and welcome everybody, and thank you for attending this call again. I'll be happy to go through the major milestones of the company during the quarter, and as usual, Kleber is going to go through the details of the results.

Then we finally open through Q&A, and where we also have here our COO, Glauber, and if you have any more technical questions, he will also be happy to answer. Overall, the quarter, we had a weaker production than the first quarter.

Nevertheless, all the necessary works, all the necessary milestones on the background of the results that means we will achieve is being achieved in order for us to have a much stronger production on Q3 and then Q4, as we happened in the past with a weaker production in the first semester and a stronger production on the second semester. Actually this year, as we're going to go through on mine by mine, we'll see that this balance between first and second semester can be even bigger than what happened in the past.

Overall, we're producing on the first half of the year 158,000 ounces, and then we, as I mentioned to you, we are strong enough to keep the guidance for the second semester, which means that we will produce a total of 182 or 232,000 ounces between 182 and 232 ounces during the second half, which means on average potentially at 100 below one quarter, 100,000 ounces, and the other quarter above 100,000 ounces. That means that we are very much on track to produce a very significant improvements during the Q3 and Q4.

That is a combination of mine sequences and also the ramp-up of MSG. As our revenues on the quarter reached $236 million, of course, lower gold price and also a lower production means a lower revenues.

When we look on the EBITDA on the other hand, we reached closer to $200 million. I would also highlight that for 12 consecutive quarters, Aura has been increasing the EBITDA.

On the last 12 months, we produced $800 million of EBITDA with the average gold price on the last 12 months is exactly what it is right now and with the total ounces of 313,000 ounces. Imagine if then we achieve the production that we are promising for the third and fourth quarter, that the EBITDA can be significantly also pushed up once we continue to have appreciation of at least stable to higher gold prices while significant higher production in our mine.

In terms of all-in sustaining cash costs, very much in line with what we planned. The first number that we see close to $2,000 per ounce seems high, but I would invite you, the investors and the analysts, to understand that this number has been pushed up because of the turnaround of MSG.

If you take out the turnaround of MSG, we would have been at $1,600 per gold equivalent ounces, understanding that we have a significant higher production coming in for MSG, we have a significant higher production for Apoena, Borborema. We still have a improvements on all-in sustaining cash costs coming during the second semester due to mine sequencing and also expansion that is happening either in Almas and also in Borborema.

In terms of recurring cash flow, we reached $80 million. When you exclude the losses of the gold hedges, which is going to happen this year and also next year, we would have made close to $120 million of recurring cash flows before the gold losses.

Out of this $120 million, we used $54 million for expansion CapEx and then additional $68 million between share buybacks and also dividends, which means that Aura continues to fund its own growth and the dividends and the buybacks with our own cash flows from operations, despite, of course, that with leverage when we have expansions that Kleber can also go through a little bit more detail by the end of the presentation. In terms of record-high net income, $218 million, that's the quarter that gold price has depreciated, unfortunately, but the positive impact that we have a market-to-market up on the net income that was positively by $126 million.

As we are producing significant cash flow from the operations, being able to fund our growth with the cash flows, we also just announced a new $60 million of dividend, which means $0.72 per share that will be paid during the third quarter related to the second quarter. Together with this dividend, as we also approved a share buyback program of $200 million.

From now on, investors should see a split between dividend and share buyback coming in the next quarters, where we will continue to remunerate our shareholders significantly, now through also a share buyback program. In terms of project Era Dorada, mostly on time, on budget.

I have a slide to give more details. Also the average daily traded volume significantly higher, meaning that we have been achieving the objective when we listed in NASDAQ to push our daily trading volume significantly higher, reminding that a year ago we were trading $2 million $1 million per day on the first semester, and now we are close to $100 million per day on average during the last quarter.

In terms of safety, as that we mentioned last quarter, unfortunately we had a one lost-time incident in Borborema in March this year. Lost-time incident that the person is already fastly recovering and it is already fully recovered and working at site.

Although there was a procedure not followed, we revised all the procedures, we revised and make our due diligence in all the operations in order to make sure that we avoid any single lost-time incident. If you look the last 2 years, we had only one lost-time incident, but our objective is to have zero lost-time incident.

That's why we are constantly monitoring our internal program to make sure that we have the highest safety standard in the industry and we make sure that everybody that works with us return home safely. Also on the stability of the structures, again, we do have constantly monitoring external consultants that monitor our geotechnical structures, not only the tailings dam, underground, pits, pads, and all of that is according at satisfactory level.

In terms of quarterly production, on the left side of this slide, you see a quarterly production, and on the line is the last 12-month production. As we can see, since Q2 2025, we've been gradually improving quarterly production the last 12 months.

That's because the ramp-up of Borborema we actually continue to increase our production. Now from now on, after the first quarter and the second quarter of weaker production in MSG, although we are planning a much higher production for next year, we'll see gradual improvement on MSG on Q3 and then Q4, on the top of other mines also that we'll improve.

We will continue to see this last 12-month improving from the 313, of course, then reaching or within our guidance from 340 and 390 by the end of this year. When we look on the right side the production per quarter per mine, we see the first quarter MSG 9,000 ounces, second quarter, as I already mentioned to the market, that second quarter will be weaker than the first one due to infrastructure investments and infrastructure activities that we had to implement in MSG.

Part of that was planned, part was challenging when we faced the first and start producing in MSG. We faced a more challenging situation in terms of infrastructure when we deviated all the equipments, when we had to make a choice between put our equipments to production or to the underground development, we always choose underground development.

That's what will structurally change the mine in order for us to be able to produce close to 80,000 ounces per year production and all-in sustaining cash costs nearing down close to $2,000 per ounce. All the background work in MSG has been done, and I will have here a slide also to mention that give us a strong confidence that we'll not only improve on Q3 and Q4, but by the end of the year, be prepared to in 2027 be able to produce close to 80,000 ounces of gold with the all-in sustaining cash costs nearing down close to $2,000, $2,200 per ounce.

In terms of Borborema, first quarter 17,000 ounces, second quarter 14,000 ounces. This is super planned.

It's a mine sequence. It's great.

As we come to Q3, Q4, we will see a combination of both. Number one, in Q3, we see higher grades coming into the plant, and in Q4, on top of the higher grades, we are debottlenecking the plant.

Once today the bottleneck is the filters, and we are implementing new filters that should be online by Q4, between Q3 and mostly Q4, so that it will also be able to increase production on top of higher production. We should see a higher production of Borborema coming in on the second semester.

Almas, slightly improvement in production. This mine, as I mentioned to you, we built this mine at 1.3 million tonnes.

We already finished the last year running at 2 million tonnes, and now we are upgrading to 3 million tonnes, so that will gradually improve capacity as we should finish the year close to 3 million tonnes per year, and that will also have an impact on the quarter production. Minosa, we had a decrease from 17 to 14,000 ounces.

We are in the area of the stacking pad that is more struggle. We had to pile higher that we did in the last few years.

That means that the process of recovery takes more time. We have more money going to our working capital, and perhaps we lose some recovery.

As we piled all of this already also during the third the second quarter, we should see Minosa with a weaker production on next quarter and then recovering more production on Q4 for the year, where we should be more towards the low end of the guidance for the year in Minosa. Apoena, despite this lower production from 7 to 6,000 ounces, all the background activities, all the opening the pits, all the investments on the pushback, and also the mine development is being very much in line with what forecasts, so that will allow us to have confidence that we will reach higher grades during Q3 and Q4 that will support a significant higher production during the next semester.

In Aranzazu, we also doing the mine sequence now on the first semester, lower grade, and on the second semester, we should reach a higher grade, which we also provide as an ability to produce a stronger second half of the year. Overall, as you can see, as happened last year, and this year, a combination of MSG turnaround plus Borborema, debottlenecking higher grades, and also then Apoena with the higher grades, a combination of these three mines give us confidence that we will not only be within the guidance of the year, but not close to the lower end of the guidance.

Next slide. In terms of all-in sustaining cash costs, as I mentioned to you, close to $2,000 per ounce, when you exclude MSG, then will be close to 1,500, understanding that also during the second semester, where we're going to have higher grades in Borborema, we're going to have higher grades in Apoena, we're going to have a higher production in MSG, and also higher production, not that high, but continue to slightly improve Almas as we are now upgrading the plant, give us a very good confidence that we also will meet the guidance for the year on the all-in sustaining cash costs.

That understanding that when we issue the guidance, the exchange rate in Brazil and also in Mexico was significantly more favorable. For example, in Brazil, close to 5 R$5.50 per dollar.

Now we are running at close to 5 reais per dollar. That's 10% of losses in exchange rate.

That on the top of higher oil prices and higher chemical prices, we believe that the team is working in order to be able to deliver results within the guidance that we gave to the market. As I was mentioning, Era Dorada moving very much in line with the plan.

We are recently approved on the third quarter the full investments. We already spent $15 million.

60% of the close to 60% already of the groundwork has already been done, focusing a lot hiring from local communities that they don't have expertise in mining. We are still training, but yet 53% of the employees coming from Asunción Mita and region, which is where we are located, and 93% from Guatemala.

That shows our commitment with the project to provide opportunities for the local labor. We also approved on the project a significant improvement on the water treatment, actually now taking a lot of the water at potable level.

Now we are in agreement with the local authority in order that this water can be, once in production, can be distributed to the local communities. Once in that area, as happens also in many Central America countries, there's no treatment of water, no sewage treatment, and the water they have access from the rivers are somehow contaminated, which means health problems, which is the major problems that they have when we heard from them what are their concerns during 2020 2025.

Just opened, as transparency, Era Dorada house. This means that we have a place in the city where we give full transparency and a person that can answer any question that any people might arise.

We are there to answer, to show the project impacts and everything that is going to happen in the region, so that the people can have the confidence that this project will not have negative impact, but actually it will go beyond and have positive impact once we are treating this water at potable level, and also has a geothermal project that we are now in final studies in order to have a renewable energy supplying the energy of this project. As we progress in the construction, we should expect a negative news here and there.

We've done a significant amount of work communicating with the local communities. We have majority of approval from cocodes.

Cocodes are the person elected by the local communities recognized by law to represent them, and they are mostly in favor of this project and supporting us to move on, we don't expect any hiccups in implementing this project up to commercial production, although, of course, some negative might happen. Next.

For MSG, very happy to share that we are super in line with what we projected in terms of productivity underground when we acquired this project. Actually, we are above what we expected in terms of resources, reserves.

Just a quick remind. This project we acquired with a 370,000 ounces of gold equivalent ounces in of gold in proven and probable, our reserves.

We already are at 750 in 6 months. We acquired this project with 1 million ounces of measured and indicated.

We already at 1.8 million ounces in measured and indicated. We acquired this project 1.4 million ounces in inferred.

We already at close to 2 million ounces, above 2 million ounces of inferred. This project, on the long term, despite doing exploration, which now we are going to do more exploration in order to significantly also increase resources and reserves.

Most important is this mine development underground speed, because that's what's necessary in order to invert the mine sequence from top-down to bottom-up. We are 80% to 90% on average above what this mine was performing last year.

We are definitely being able to improve underground development, and yet we still have room to continue to improve. That give us a lot of confidence that by the end of the year, we'll be able to completely invert the mine methodology in order to 2027 be able to produce close to 80,000 ounces and push down the all-in sustaining cash costs to close to $2,000 per ounce.

Of course, during this turnaround, we compromise short-term production in order to have a stronger long-term production. Actually, now we already at higher speed in production.

We should see improvements in Q3 and then Q4 another improvement, but most of the improvement in production will be on 2027. Now turn the floor to Kleber so that he can present the results.

Okay. Good morning, everyone.

We start with a summary of the main financial KPIs for the quarter, the last few reporting quarters, and accumulated last 12 months for each reporting period. We're reporting net revenues of $336 million in the second quarter, as anticipated by Rodrigo, as a combination of lower production due to mine sequencing and also a lower average price in Q2 compared to Q1.

However, when we look to the accumulated last 12 months net revenues, we are reporting a record high, close to $1.3 billion now. In terms of adjusted EBITDA, it's a similar story, $197 million.

Then when we look to accumulated last 12 months, over $800 million already, as Rodrigo anticipated. We have been increasing our accumulated last 12 months EBITDA for now 12 quarters in a row since Q3 Q2 2023.

Now 3 years in which we're increasing our accumulated EBITDA, which shows the direction we're going when we look to our annual results. In terms of net income, we're reporting strong net income of $218 million as a combination of the results from the operations and also unrealized gains with the outstanding gold derivatives.

Because there was a reduction between the gold prices at the beginning of the quarter, end of the quarter, we recognized this non-cash gains. Excluding these non-cash impacts, our adjusted net income was slightly below last quarter at $97 million this quarter.

Then in terms of cash equivalents and net debts, we closed our cash close to $250 million. There was an expected increase in net debts to $168 million.

However, that was compensated by the increase in the accumulated net debt over EBITDA, which then translated into our leverage ratio remaining stable between the quarters at 0.2 times. Now moving to understand the main items impacting between adjusted EBITDA and adjusted net income.

When we look the breakdown for the adjusted EBITDA, we had four business units that came with strong results: Borborema, Minosa, and Almas, and Aranzazu, all reporting adjusted EBITDA in the above $43 million, between $43 million and $56 million range. As expected for this quarter, we expected Apoena and MSG to be the weakest quarter in Q2 and then show stronger results from the second half of the year.

Depreciation, amortization at $26 million expenses, pretty much in line with our expectation. This quarter, we're reporting a financial net income of $61 million, which is mainly driven by the no gain related to the gold hedges, which I mentioned in the previous page, partially compensated by the realized losses with the gold hedges.

This was the portion of gold collars that expired in the quarter, and we made the payments in which we paid $37 million. Income tax expenses of $20 million as well as expected.

Other expenses, we had a gain this quarter of close to $7 million, mainly related to the completion of the sale of the São Francisco mine, which was part of the Apoena complex. We had a non-recurring provision for contingency liabilities this quarter, $5 million, bringing the net income to 218, as we saw.

Then excluding the non-cash impacts, bringing our adjusted net income to $97 million this quarter. Now understanding the main items that changed our cash position between the beginning and the end of the quarter, we started the quarter with around $207 million.

Then the six mines in production, they generate $170 million during the quarter, of which a portion of that was used to pay the hedges that were settled in the quarter. We allocated $37 million for that purpose.

Invested $58 million for the growth of the company, mainly the expansion CapEx. We had $53 million, mostly split between Era Dorada, where we announced the board approval in April and invested already $15 million in the first quarter, and also extension of plant capacity and underground developments in Almas, and also investments in geology in Apoena.

Then to the right side, we see the financial-like items, and we highlight the capital returned to the shareholders through dividends and share repurchases of $68 million, bringing the cash at the end of the period close to 250. This way, we end our presentation and open to questions.

Thank you.

Hello, good morning, all, and thank you very much for taking my questions. My first question on capital allocation.

We've seen overall, of course, a very volatile macro environment recently which has weighed on gold prices. I'm wondering whether this changes your M&A appetite in any way.

Would you adopt a more conservative stance on M&A in the near term? Within your broader capital allocation framework, you've just announced a new buyback program of up to $200 million.

How is management thinking about balancing growth CapEx, buybacks, and dividends? What are the main priorities here for management going forward?

That's my first question, and then I'll ask my second one.

Thank you, Matheus, for the questions. First, in terms of M&A appetite, we continue to have appetite independently from gold price.

Actually, when gold price had a spike too high in a short-term period as it happened when reached 5,500, this is where the gap of the seller and the buyer widen. It's difficult to do transactions when they have those kind of volatility.

Actually now, when gold price came back to 4, 4,200, 4,300, we see a more converging expectations in terms of price from the buyer with the seller. We are always super conservative, and we don't play on gold price.

When we do our analysis, we put the market average projections for gold and also copper. Then so we don't see why we would change our M&A appetite because of this volatility.

It is very important step for us in the terms of value creation. Just a quick remind in term for value creation in Aura, it's very clear three avenues.

Number one, execution of greenfield projects, which we are. We just implemented Borborema.

We are now doing the turnaround of MSG. We are now also implementing Era Dorada.

We're finalizing studies for Matupá. We are very much in line to deliver the first avenue of value creation in projects that have a significantly high returns.

Number two is to continue to increase resources and reserves. As I mentioned, in MSG, in 6 months of work with the numbers and also adjusting some cut-off grades, inverting the mine sequence, we could double the reserves and significantly increase measured, indicated, and also inferred.

Actually, when we issued the report on resources and reserves this year, we could see that we actually doubled most of our resources and also reserves. Then the third avenue, to complete the first question, is the continue to grow through M&As.

The sector tends to pay a better price or as you grow. Companies that get next to 1 million ounces tends to have more fair NAV multiple.

Where we are today, we are significantly discounted where we feel we should be. Part of this is also that we need to deliver the growth.

We know very much how to get, and we are in the execution to get the 600,000 ounces in the coming years. We know that the best valuation starts when you get closer to 1 million ounces, and that will only happen through M&As.

Then you also question about the dividends and also how we're going to invest the capital. If you look behind, Matheus, take a look what happened in '21, '22, '23, '24, '25, and now what's happening that I highlight in '26, we've been able to do both.

This company has such a high payback, right? The payback of our project is 1 or 2 years.

On the equity will be maybe sometimes less than 1 year. Once we sequence those projects, we've been able to, number one, implement the greenfield projects, which we did Almas, we implemented also Borborema.

Then we acquired Borborema, we acquired Era Dorada, we acquired MSG. We paid the one of the highest dividend yield in the sector in the world, and yet we are 0.2 times net debt to EBITDA.

We have not been challenged in order to see to split, "Oh, let's jeopardize growth. Let's to pay dividends," or the opposite.

We've been able to do a combination of both this quarter, this semester, as Kleber was mentioned. We produced close to $120 million of recurring cash flow and ex the losses of the dividend.

Then this cash was enough to support the development of greenfields projects, all the cash flow from ex all the investment expansion and also the dividend. We continue to be unleveraged.

Then we could even finance, and we should finance, at least 50% of greenfield projects. Aura is in a privileged position in order to have such a strong cash flow from operations that we can do this kind of combination and continue to grow and continue to pay strong dividends to our shareholder.

Great, Rodrigo. That's very clear.

Then maybe if I may, a second question on MSG specifically. It was good to see the significant step-up you guys had on both P&P and M&I, right, over the past few months.

The company, of course, continues to move forward with its turnaround at the asset. Production in the second quarter was impacted by significantly lower grades, right?

I'm just wondering if you could give us an update on what are the key bottlenecks you have been addressing, be a bit more specific on the key bottlenecks, and what are the operational priorities at this point, and also how do you see grades and production evolving over the next few quarters. For MSG specifically, I understand that the guidance was reinforced for the whole company, but for MSG specifically, do you see some risks to guidance on both production and cost?

Thank you.

I'll start the answer, then I'll pass to Glauber that he can go more in details. We had a first and second quarter, I would say in terms of production, more challenging that we expected.

That means exactly that we pushed our attention to underground development and the mine preparation infrastructure in order to do the turnaround. We chose to compromise production in order to maintain a very strong outlook for the medium and long term in this mine.

That means that perhaps we might be at the lower end of the guidance. There's always a risk, we cannot a certain, but we are very confident that all the groundwork that's been doing will take us to produce that close to 80,000 ounces and close to $2,000 per ounce.

I'll let Glauber to give a little bit more color in what's been doing in the mine and why we had a decrease in the grades on the second quarter and why we believe that the third and fourth quarter, we continue to improve and put this mine into a very high standards next year.

Of course. As Rodrigo commented, the year is much more for do all the organization housekeeping and prepare the operations for sustainable achieved production around 80,000 ounces and the all-in sustaining cost around $2,200 per ounce.

Straight to the point, the bottleneck is the mining. The challenge is increase the production from the underground mine that we have much higher grade, even considering some contribution from the open pits.

The reason for the lower grade in the second quarter is mainly because once the priority in the underground is prepare, develop the mine, and release reserves for production in a stable way, we use a lot of ore from the old stockpile, lower-grade stockpile on surface to keep the plant running, to keep producing, and for sure optimizing the results once in the mining the focus is mine development. The great news is that we are being able to increase between 80% and 90% the performance in the underground development compared with the performance in last year.

The main reason of that is a combination of all the infrastructure that we did the upgrade during the first semesters, and also the upgrade in the underground fleet. If you remember when we did the acquisition, the reliability of the fleet is one constraint in that mine.

We are using this lower production underground to make some upgrade in the equipment as well, and back to the operation in better levels. We are getting much more higher availability.

It's much more reliable the equipment, higher productivity. We are growing this path to increase production.

We will see quarter-over-quarter the production growing in MSG in the Q2 in the Q3, in Q4, in the Q1 2027. We will be able to gradually increase grades and throughputs in the plant as well.

Great. That's very helpful.

Thank you, Rodrigo, Glauber, and Kleber.

Thanks very much, Natasha. Hello, Rodrigo and team.

Thank you for taking my question. I just wanted to say solid capital return.

Again, it's really great to see you guys leading the pack on that. What I wanted to ask about, though, is more on cost, which is obviously critical in your ability to maintain that strong free cash flow and support those investments.

Year-to-date, at what rate would you say your cost inflation is running, and how does that compare to budget? Then as we move into the budgeting season for 2027, what makes sense to you as a good inflation rate to assume for 2027 versus 2026?

Thank you, Lawson. I'll let Kleber, he can goes in more detail.

The team is, as we have a very strong team locally fighting back inflation and trying to renegotiate with changes specifications. They've been able to do since 2022, and we continue to do that.

Most of the impact that we have today that we saw, it comes from exchange rate, that some from inflation. I'll let then Kleber to give a little bit more color on this, and then perhaps give a little bit of view on 2027, although yet we don't have guidance for '27.

Yes.

As Rodrigo commented, of course, we do feel the impacts, for example, of oil prices, although that's limited. If you take diesel, depending on our operations, is usually between 5% and 10% of our total costs.

There is some impact, is limited. There is some indirect costs, of course, that comes from inflation of increased good diesel price.

We have been working in different initiatives to compensate and fight back these impacts. That's why Rodrigo mentioned this when we look to diesel and the impact of FX, of course, we feel the impacts, but we're confident that we're going to be in the guidance because of the initiatives that we're working internally.

For 2027, I think it's still too early to give you any perspective. We're just starting the budget process.

We see, on a structural basis, some big upsides and opportunities when you look to what expects the all-in for the company as a whole, mainly MSG, as MSG bringing the all-in sustaining cash costs from where it is now close to 2,000. As you might imagine, there will be a big positive impact for the all-in of the company as a whole in addition to expansion of Almas, for example.

All that should play positively. If you go then raw material for more raw material and impact of inflation is a little bit early in our process to comment on that.

Okay. Nevertheless, helpful.

Then if I could follow up on the discussion on M&A to put maybe a slightly finer point on it. When you look at your portfolio, you have a number of brownfield and greenfield projects already in the portfolio.

Would it be fair to conclude that the preference might be for operating assets as opposed to greenfield projects? How do you think about that?

Then playing into that as well, there's obviously just the time of your team, Rodrigo. Do you guys have the capacity to take on another project if you were to acquire something along that line?

Thanks.

That's a good question. We are very focused on being able to deliver in what we acquire.

If we look back at the last acquisition was MSG, something that was running on the top of implementing Era Dorada. That's why we don't want to build two projects at the same time because exactly because of the team is the same, right?

We want to make sure that the team can deliver on the construction of Era Dorada. On the other hand, the turnaround team is different, so that's why we felt comfortable to put in MSG.

Now we are doing both, one team doing the construction and then working a lot on the turnaround. Then looking ahead, I think we continue to look both alternatives, but for example, we would not probably buy anything that we have to start construction next year.

A greenfield project would be something that we could take 1 or 2 years redesigning or upgrading or downsizing what we do in order to be able to go to build not in parallel at Era Dorada, and then see what would be the sequence together with Matupá. On the other hand, something that is operational, the turnaround of MSG, most of the attention is the first year.

We would consider an acquisitions as long as by the end of the year or next year we can move the turnaround into some operational asset for next year, so that we don't overlap, right? Also we continue to look alternatives in Americas.

We're not Africa player or the west or the east side. Gold and copper, right?

That's where we play. As I have been widely also mentioning, we've been growing a lot on gold.

We like to also add more copper, but copper opportunities has been more scarce, and returns on gold has been higher. That's why we've been choosing gold in the last years, not because we have a preference, just because the returns has been significantly higher.

Okay. Very helpful.

Thank you so much, Rodrigo.

Hey, guys. Thank you for taking my question.

I just wanted to follow up a bit more in detail on the share buyback program you guys announced. That is on top of a dividend that you're already paying above policy.

Company has done an excellent work to keep the high level of trading volume, and it caught our attention that you've opted to announce the buyback program instead of just increase further dividend payments. I just wanted to understand the stock did suffer an important sell-off in recent months.

Is there any key metric here that you saw that made you announce the buyback program? Is there any threshold of valuation or even what is the perfect balance between dividend and share buyback going forward?

On top of that, just changing bit gears here, the sale of the São Francisco mine, good way to monetize a mine that was under care and maintenance program. I know you guys have also Tolda Fria, which is also under care and maintenance.

Can we expect something similar to this mine? Or is this an asset that you're also seeking to sell?

Does the recent change in the Colombian government changes anything in how do you see this asset? Anything you guys can share with us would be great.

Thank you.

Thank you. As you mentioned, we just announced a share buyback.

Again, we also made a significant progress on daily trading volume. We don't think when we analyzed at this level, the share buyback would significantly impact the daily trading volume.

We do not want to negatively impact the daily trading volume, we would perform share buyback as long as is not jeopardizing the daily trading volume, the liquidity that most of our investors appreciate. Looking ahead, we should see a combination of share buyback and dividends.

We don't have exact number how we're going to play. Of course, we have our internal strategy, but will be a balance, will be a split, right, between share buybacks and dividend.

We've been able to pay above the policy in dividends. From now on, we should see it's split.

Don't expect dividends to be that high and then plus share buybacks. Will be a split.

The total number will be a split of share buybacks and dividends.

Thank you, Rodrigo. Very clear.

If you guys can just touch base on the São Francisco mine question.

Okay. Yeah.

I think São Francisco, we announced took a while to approve and finally transfer. Tolda Fria is in Colombia.

We just had a recent important change in government in Colombia. That project had been difficult to progress with the licensing.

We expect now that potentially can change. We are now monitoring and trying to understand what would be the change in Colombia in order for us to reassess if we should push more investments and then foresee any licensing or continue to do care and maintenance or perhaps sell.

That's one thing that we will only understand after the Q3 and Q4 when we see what would be the impact of the change in government through the licensing project to mining.

Super clear. Thank you.

Hi, good morning, everyone. Thank you for the space.

I have two quick follow-ups, guys. It's MSG and cost inflation have been the most discussed topics with investors most recently, just touching based on those two topics.

On MSG, you mentioned in the release that one of the reasons why the asset performed relatively weaker compared to other assets was regarding the evolution of production and sales throughout the quarter, lower sales in April and increasing production and sales throughout the quarter. As one of the most concerns that we hear from investors is still related to the pace and to the turnaround process.

Could you provide us an idea of how production actually evolved throughout the quarter? Maybe a run rate of production in June compared to April and how you're seeing the run rate output in July and August, compared to what you saw by the end of the quarter.

Just to maybe provide more comfortable idea of this evolution that you all guys already were able to achieve over these past months. On the cost inflation topic, it's a discussion we have been hearing in all over sectors that we cover and is particularly considering the conflict between U.S.

and Iran. Rodrigo, you mentioned FX, chemicals, Brent, but any specific cost mitigating initiatives that you guys have been implementing?

I don't know if any changes in hedging policy, for example. Just trying to better understand if such impacts have been high enough to drive any particular initiatives or hedging policies that you guys are doing.

Just to better understand this production evolution throughout the quarter on MSG and any potential cost-mitigating initiatives on such cost inflation topic, particularly regarding the conflict. Thank you, guys.

I'll give a quick view on MSG and then Glauber can comment in more details, and then Kleber can talk a little bit on this hedging or cost of inflation. It's not significant inflation, right, that's impacting us, but yet there's some, and we are fighting back.

MSG, yet I have not found a formula to do a turnaround and increase production at the same time. We need to improve maintenance, we need to improve infrastructure, we need to do all the underground development in order to improve production.

That means that when you're doing maintenance, when you're doing turnaround, you jeopardize the production of the short term. That point, right?

There's no single company, no single mine that will be able to do both, increase short term and also do the turnaround. Glauber can give a little bit more details in what's happening that gives us confidence that Q3, Q4, and much more significant next year will be higher production, which is in line what he answered, but maybe perhaps you can expand a little bit more.

Yeah.

What do we expect, and we should see is we are we will increase production in both lines. We will be able to increase the throughput in the plant, considering that we we we will have more ore from the underground and also with higher grade.

What do we expect, this is slowly increased in from Q3 to not slowly, but increased quarter-over-quarter or month-over-month. It should be 50% more in throughput and 20% 23% more in in grade that make be able to to to change significantly the the profile of production.

Once we we we we achieve those numbers, we the costs should, as a consequence, should should should reduce as well as a consequence of the higher production. We still working in the in the in the in the future in the next year.

With this new reserves, the concept of the mine design, we we are changing a little bit to to make sure that we can recover much more ore, including in the in the previous areas that that was already mined. We we are on track.

We are pretty confident to to to get the target that we that we put internally to to to achieve the 8,000 ounces and the costs that we that we always comment. We we can see it happen.

To, as Rodrigo commented, took a little bit more time as we considering, but we we we decide to do that, to organize everything, to prepare the mine, to prepare the infrastructure in the mine to make sure that the this this growth will be sustainable and we will not be surprised in the future.

In terms of cost initiatives, we don't have a silver bullet, no one one one single cost initiative. We have a program.

For example, we have a big internal projects regarding strategic sourcing that reviews material agreements, find synergies among the business units and opportunities. We have also internal challenge program to reduce costs across different lines that when you're sometimes looking individually are not material, but combining yes, and with people internally in the organization with internal targets to achieve that.

This is not the first time we do. We did this last year, produced good results.

If you might remember last year we were able to deliver all-in sustaining cash flow below the low of our guidance. Those initiatives is small by small, but when we put together again, they make the difference.

This year, we're going to help as well. Unlike last year, we're not going to be that low that we're not going to beat our guidance for sure this year for the other impacts.

Our initiatives that, as we mentioned, are going to help us deliver the guidance despite this impact of inflation and maybe the impact of FX in Brazil and Mexico. I would say it's more a program and pretty much aligned with our culture to be in all levels and in cost cautions in all level and all business units.

Great. Thank you, Kleber.

Glauber, just a quick follow-up. Did you mention 50% on plant feed increase and 23% on grade increases?

I couldn't get the number exactly. Which timeframe were you referring?

3Q compared to second Q or half-over-half?

No, this is just a roughly numbers compared with the performance that we have in the first semester and what we have in the second semester. We should increase around 50 to 6% in throughput, and we can see also some increase in grades that once we have much more ore from the underground, instead to use the low-grade stockpile as we did in Q2, the grades should increase significantly.

Let's see the average should be something between 10%, 5% and 25%, but roughly numbers. Perfect.

Perfect. Thank you very much, guys.

Thanks for the details. Have a great day.

Hi, guys. Two questions on my side as well.

I think the first one, back on the M&A discussion, we saw over the past few years Aura purchasing single asset names rather than companies with more than one asset under their operations. Given the new size of the company and the ambition to reach closer to 1 million ounces over the long term, is purchasing an entire company with more than one asset something under discussion?

Is this something that you guys consider? I can let you guys respond, and then I'll make the second one.

I think is something that's not considered, right? We always look alternatives.

Yet the alternatives that we found and also could be we engage and do a transaction was mostly in this single asset, but that doesn't mean that we did not consider in the past or does not consider today companies that has more than one assets.

Thanks, Rodrigo. That's very clear.

I think the second one, on a different topic, Aura has been experiencing much higher volatility in share prices than normal. I think, of course, gold prices haven't been helping on that front, but just wanted to hear from you some thoughts on that, what may be the reason behind this, and if there's anything within your range to eventually reduce that.

I don't know if I have a specific answer for this. Of course, we see what happened.

What why we what we have, and if you look, Aura has one of the strongest, if not the strongest, growth in the market, right? We are coming from, let's say, this year we the last 12 months is 313,000 ounces.

This year we are delivering 300 between 340 and 390. We have, and not including that MSG is going to be full production next year, not including that Era Dorada is being built and '28 also in production, not including a higher production for Borborema, not including Matupá, not including new acquisitions.

When you have that high-growth company that's been actually delivering doubling the EBITDA in the last 3 years, normally, we expect more volatility, because that means that we have such a much higher upside compared to any other of our peers that the impact of the gold price on our future is way more important than what the other company that doesn't have this growth has today, because the company doesn't have this growth, most of the cash flows are already on NAV. A lot of our NAV is on growth and doubling, right?

If you take that 313 and we understand that we can go above 600, we're doubling production in the coming years. That means that normally company that has this high growth has a higher volatility.

That's very clear. Just perhaps a quick follow-up.

Is that something that bothers you as the CEO of the company, and something that perhaps some shareholders might be concerned about it? Do you feel that?

No, I think it's natural. Then as long as we continue to deliver results, and you continue to deliver growth, you're going to continue to see volatility, and then most of the volatility is going to happen on the upside.

If you see that today we are significantly discounted compared to our peers, but we'll not only change the peers, but we also widen this gap of price per NAV. Volatility might continue, but most of that will happen on the upper side once the market should start to pricing growth and should start to understand that this company is delivering on the project that promised.

Then perhaps price per NAV can shorten the gap.

That's very clear. Thank you, Rodrigo.

Thank you. Thank you, team.

Se ele está perguntando, acho que está em mudo. Ou talvez tenha desconectado aí.

Rafael? Pulamos então, né?

acho que não estamos escutando seu áudio. Qualquer coisa, escreve aqui, Rafael, a gente lê e responde.

Vamos pular para a próxima?

Também estamos com dificuldade no áudio. Ele acabou desconectando.

There was a lot of questions, I'll let the Kleber answer the ROI. The first ones was which one?

Okay. The gold price.

Yeah. The gold prices, Tanaka, first, thank you for attending and thank you for trusting us and a long-term investor.

Gold prices, it's interesting, right, because it got depressed at 4,000, 4,100. It seems that but all the movements and all the situations that push up gold price is just boiling, right?

What is happening today, it's boiling gold price. Perhaps we can see, as we saw yesterday, we can continue to see a significant appreciating gold price.

Although we do not know when it's going to go, but I know that the fundamentals is just getting stronger and stronger. What are these fundamentals?

Number one is the U.S. deficit.

The U.S. deficit continue to be high, and then it could be fixable, but yet we don't see any kind of discussion how to address the deficit.

Actually, this government tried to address this situation when he started, but then was pushed back, and we don't see how to address deficit, and the deficit just increasing on the top also of some higher inflation. Actually when you see the war Iran, there's higher oil price, it just get the situation worse, and also more spending in military that happened in the U.S., is going to happen also in Europe.

In the meanwhile, China continue to record high buy record high gold in the market. I think a situation for gold is just the environment for gold appreciation is just improving.

Yet it's uncertain when this will start to fly again. Yet at 4,250, standard price is not bad at all, but we continue to see to be super constructive that this gold price can go to 5, 6, if not more, thousand dollars per ounce in the medium term once the market start to understand that this situation of the dollar is not sustainable.

Actually when we see now what is happening with the yen, right, this is a decades of monetary testing of a very low interest rates that's going downhill, right? The U.S.

needs to support the yen in order not to dump Treasury, which would have put a yield to the market, and it would be difficult. Somehow U.S.

already managing interest rates to keep it low, and then once the market understand that this will happen in the medium term and in the short term, then gold price will have a significant appreciation. I would invite all investors keep an eye in what is happening between U.S.

and yen while China continue to have a very strong purchase in gold. Very important variables that can push the gold price way beyond what it is today.

Kleber, perhaps you can give a color what's happening with our IRR, internal rate of return or return on investment on the project, which is outstanding. I have never seen those kind of returns in my life, and we have no reason not to believe that we continue to be like this.

Yeah. Some of you who follow the company might remember when we say our strategy is looking at least 20% internal rate of return unleveraged and considering more conservative gold prices.

This is our strategy minimum. In reality, if you take the investments that have been made and the results of the feasibility studies, for example, Almas was above 50% expected IRR, internal rate of return, Borborema was also close to 40% at the time of feasibility study, the same over 30% with Era Dorada.

We have the minimum necessary, but when we make an investment decision, the expectation is already way above the minimum. I would say has been significantly higher, not only for gold prices.

Gold prices have helped. If you take Almas and Borborema, for example, the time we decided to make the investments and expected returns we had at the time, the gold prices helped, but also the change in the projects and how we have unlocked value has unlocked a lot of upsides.

Again, in terms of examples, if you take Almas, we built on time on budget, the initial investment was according to expectations. Since then, we have increased life of mine, we have increased plant capacity from 1.3 million tonnes and going to 3 million tonnes now, which means that the returns, not including gold prices, the returns only for the way we change and unlocked value have been much higher.

The same with Borborema. Borborema, we invested also we delivered on budget, the initial CapEx outflow was expected.

When we look to the inflows going forward, when we announced to the market, we have 11 years life of mine, less than 800,000 ounces of reserves. Now we have 35 years life of mine and already working also to expand the capacity.

The returns have been so far way above what we planned, even if you don't consider more favorable gold prices. If you put on that more favorable gold prices has been helping as well a lot.

Rodrigo?

No, I think you answered very well. I made a mistake here in the end.

Okay. Yeah.

I think one of the points was on internal versus M&A. We have had this high returns on both.

Of course, if you think about brownfield, usually the returns expected should be higher in the case of Almas, in the case of Borborema, because the structure is there. That's why are some of the important projects we have, no, expanding production capacity the mines, because all the structure is there.

Then is the marginal additional CapEx for the returns. We have been seeing and enjoying this very high returns on both assets that we acquired and internal expansions as well.

Hi, guys. Can you hear me?

Yes.

All right. I have a question here related to El Niño.

There has been some discussion around potential climate-related impacts across Latin America, right? Could you comment on whether El Niño pose any relevant risks or operational challenges for Aura?

Thank you.

El Niño can change the rainfall in Central America. That's where probably can impact us.

Era Dorada, most of the ground work is advancing well, and we're already over 60% completed. Then a lot is building the plant and doing underground development that can be impacted, but we don't see any major impact that can jeopardize our construction.

In other hand, then we need to monitor the amount of water that can go in Honduras. We have an open-pit operation with important production Q3 and Q4.

If we have a significant excess of water, that can have an impact on productivity. When you put this on the overall Aura, it won't make a much of difference.

It can impact on Honduras, but when on average of the company, we don't see other major impacts.

All right. Thank you very much.

I think we finishing the time here. With that, I will conclude here.

A quick wrap-up, as always. Again, thank again for participating in this call.

Good to see important and difficult questions, which we are always happy to address. It was a very important quarter.

I would invite again investors take a look what can happen in the company in Q3 and Q4, as we should continue to improve production in most of the mines in Q3, Q4. We're very confident that the guidance will be met as we see today, either in production and also all-in sustaining cash costs.

More importantly, see that we looked on the EBITDA the last 12 months, $800 million and 313,000 ounces of production. We are now projecting between 340 and 390, and the gold price of the last 12 months is exactly what it is today.

On Q3, Q4, we should see a continued significant improvement on the EBITDA levels to finish the year again with a significant step compared to last year. Also, as important as a very good results that we are foreseeing in Q3, Q4, is all the ground work, all the background work that is being doing in the company in order to have a significantly better again 2027.

Number one, MSG turnaround going on time, on budget. We understand what we are doing, and we see the projections of Q3, Q4 improvements in production.

As important, we want to be prepared for 2027 to have a very stronger production compared to what we are today in MSG. Then we are debottlenecking Borborema, that by the Q4 we would be able to operate at the higher capacity.

Higher capacity also in Almas, and we're going to finish the 3 million tonnes. Plus, and then while we continue to build Era Dorada until then the production will be only in '28, but we will see improvement in '27, another improvement in '28.

Then we have Matupá to implement, and we have other alternatives to continue to expand our production. Aura, we've been doubling the EBITDA in the last 3 years, and now have no reason to doubt that the company cannot continue a high-speed growth in terms of production, high-speed growth in terms of revenues with the cash cost controlled.

Then this will have a very leveraged impact on the EBITDA. I thank you all again, and then see you in next quarter.