Good morning, ladies and gentlemen. Welcome to fourth quarter 2025 earnings call.

This conference is being recorded, and the replay will be available at the company's website at auraminerals.com/investidores. The presentation will also be available for download.

This call is also available in Portuguese. To access, you can press the globe icon on the lower right side of your Zoom screen and then choose to enter the Portuguese room.

After that, select "Mute Original Audio". Para acessar nossa conferência em português, clique no ícone do globo ao lado inferior direito da sua tela Zoom e selecione a opção Portuguese Room.

Ao acessar a nova sala, certifique-se de mutar o áudio original. We would like to inform that all attendees will only be listening the conference during the presentation.

Then, we will start the question-and-answer section when further instructions will be provided. Before proceeding, we would like to clarify that any statements that may be made during this conference call regarding the company's business prospects, operational and financial projections, and goals are the beliefs and assumptions of Aura executive board and the current information available to the company.

These statements may involve risks and uncertainties, as they relate to future events and therefore depend on circumstances that may or may not occur. Investors should be aware of events related to the macroeconomic scenario, the industry, and other factors that could cause results to differ materially from those expressed in the respective forward-looking statements.

Present at this conference, we have Rodrigo Barbosa, President and CEO, and Kleber Cardozo, CFO. Now, I will turn the conference over to Rodrigo Barbosa.

You may begin the conference.

Thank you, and good morning all. I'm super proud to be here sharing a few informations, not only the results, but all the strategical advancements that Aura is pursuing.

If I remind all the investors here and analysts about our strategy, we are very much executing right on track on our strategy. The strategy is, number one, to increase production through development of greenfield projects.

Number two, to increase resource and reserves, as we see significant potential in our current deposits to increase the reserves. Number three, continue to grow through M&As and address our daily trading volume, our multiple that is still discounted compared to our peers.

Doing all these three while we continue to pay significant dividends to our shareholders. I'm glad today that I will be able to walk you through that we've been executed in all of those three areas while we pay dividends.

Number one, first going to the results, and I ask to put on the first page. In terms of execute on greenfield projects and also improving the results, we see, again, the company going on record high production on quarterly basis and also on a yearly basis.

On a quarterly basis, which we have already disclosed to the market, we produced 82,000 oz, gold equivalent ounces, 11% up compared to Q3 '25 and 23% compared to Q4 last year. On annual production, 28 280,000 oz of production, 9% up at constant price.

At guidance prices, excluding MSG acquisition that was not on the budget and was not on the guidance, we were very much in line with the middle, and actually, slightly above the middle of the guidance with the market. The combination of higher production, costs under control, and higher gold prices drove us to hit $208 million on the quarter with the gold price of $4,090, while MSG only 1 month and Borborema is still on the final phase achieving nominal capacity.

When we look at to the year, we reached $548 million of EBITDA with the gold price $3,400. If I remind the investors, since '23, we've been doubling the EBITDA, coming from $135 million, $270 million, now $540 million.

If you take in account the last EBITDA of $208 million with the gold and put the new gold price and then put a higher production, we'll see that we'll be able to, during this year perhaps, maintaining this gold price, double again our EBITDA if the current gold prices continue to be as strong as it is today. On the all-in sustaining cash cost, we are glad also to disclose to the market that we have not only reached the guidance, but we are slightly below the low end of the guidance.

We will talk more through this during the presentation. Higher gold price, cost under control, we have a very also strong recurring free cash flow of close to $100 million on last quarter, understanding that we are also investing in inventories, investing in developing the mines, which put some low grade into the inventory, some working capital is allocated as an inventory as low grades of the plant would leave the low grades of the mines that are entering production to the further years, while we now focus on higher grades.

I will talk more about this also during the presentation. Combination of strong cash flows, and although we acquired MSG and paid dividends, we continue to be at the low leverage ratio.

Kleber is going to walk you through that Aura's being able to grow without even leveraging, our cash flows that's coming from the operations being more than enough to fund our acquisitions and our greenfield projects, while we also count with leverage to fund those projects, freeing more cash to be distributed to our shareholders. A good news that's a net loss of $20 million, that means that gold price continues to appreciate.

If you take out this noncash nonrecurring losses, we'll see that during the year, the adjusted net income was $206 million, and Kleber is going to walk you through all the details how to achieve this $200 million. For the year 2026, we continue to have a strong production coming from our operations and some increase on all-in sustaining cash costs, some increase also in CapEx due to positive news.

We are now expanding Almas. Almas we built a 1.3 million ton plant.

With last year, we finished above 2 million tons. We are now upgrading to 3 million tons to the plant that means that we have to develop the mine, that needs to raise the tailings dam.

We are also advancing in Era Dorada. We just announced Era Dorada early works.

We also acquired MSG for $76 million. MSG has structurally a higher sustaining CapEx and a higher CapEx during the year of the turnaround, and structurally will be higher than our average.

However, the price that we paid for MSG more than justify this higher CapEx, sustaining CapEx, and also higher sustaining cash cost, which we will walk you through also during the presentation. Very important additional events.

Again, we closed MSG. We got the license for early works in Era Dorada, which we already started the early works.

We are now finishing all the analysis, all the studies to be able to go and approve in the board the full construction. Yesterday, we also announced a major milestone for Borborema, which we obtained the license to move the road, reaching now 1.5 million oz just with the relocation of the road, freeing additional 670,000 oz of reserves into the project, while we continue to analyze during the next few weeks for the AIF or 20-F to be released by the end of March.

We are updating our resource and reserves based on a higher gold price, which means lower cut-off that will free more reserves into all across our operations. Major milestones that we conquered also is after listing in NASDAQ and after the new issuance in $200 million, Aura came from in one year, $1 or $2 million being traded per day, now reaching $100 million per day, addressing the low trading volume that we had, now being attractive for major investors to invest in the company.

Finally, not least, announcing, again, a very strong dividends of $0.66 per share on the quarterly basis, which gives a yield on the last 12 months at 6.2% for shareholders, while we made acquisitions, while we ramped up Borborema, and while we're doing all this growth projects. In summary, we can see that we are very much delivering on the long-term strategy.

Number one, we are increasing production and developing the greenfield projects. Borborema last year, again, on time, on budget, commercial production in September.

Then we also acquired MSG. This third avenue is continue to grow through M&As and address daily trading volume.

On the third avenue, we acquired MSG, and we significantly increased daily trading volume, which is helping us to attract more bigger investors, although yet we are still discounted compared to our peers. The second avenue, to increase resource and reserves, again, with the Borborema, we increased Borborema reserves by 82% of reserves, significant increase in cash flows of this project.

I can also walk you through a little bit the importance of this additional 670,000 oz, which I will do during the presentation. Very much increasing production, increasing resource and reserves, and address the multiple through daily trading volume and also new acquisitions.

In terms of safety, super proud, and again, now all those numbers are putting Aura as a benchmark in the world in the sector. Not only we had a full year without any single lost-time incidents, but now we are achieving over 18 months with no lost-time incidents, which put Aura as a benchmark in the world in terms of safety.

Any well-managed company will give you strong levels of safety and also strong results. In terms of stability of the structures, again, we make reviews every quarter, every month through external consultants, and all our geotechnical structures are in satisfactory levels.

Next slide. When we look on the quarterly basis on the production that we have already disclosed, now we see since Q1 2025, a constant growth on production through a combination of the ramp-up of Borborema, and lastly, still not only December, the acquisition of MSG.

For the further quarters, we should see now continue to grow in terms of production on quarterly basis as MSG now comes a full quarter. Then gradually, we should also improve production from our other operations.

When we looked on the guidance, we see that Aranzazu, the production, when you consider the same metal prices of the budget, we see that we were very much in line with the guidance in terms of production. I will call attention for those that are not used to looking carefully on numbers.

Aranzazu, we sell copper and gold concentrate, and then we convert all the copper into gold equivalent ounces. When to do that, you get just the revenues from copper, and you divide by the gold price.

The higher the gold price, the lower the conversion into the gold equivalent ounces. When you look the number of Aranzazu, and you see the gold equivalent ounces decreasing along the last year, is not because we are decreasing production, but it is mostly because our gold price is appreciated, which is positive for whole company.

That conversion goes to a lower gold equivalent ounces, which is also translates to higher all-in sustaining cash cost, because you divide by the total cost by the gold equivalent ounces and the gold equivalent ounces is lower, so that gives a higher all-in sustaining cash cost. That is because of a good news of gold appreciating.

Apoena, we've been able to develop faster than where we were projecting during the year, we could also produce above the guidance. San Andres very much in line with the guidance.

Almas also very much in line with the guidance. Borborema is where we were a little bit below the guidance.

That's because we had some minor issues with the agitators of the CIL tanks that did not jeopardize the ramp-up. As this was driving to a lower recoveries, we decided just to put for couple of months very low grades instead of a high grades, not to lose the long term, not to lose recoveries on that project.

That drove the production down while we preserved that high-grade gold when we could finished the fix on the CIL tanks, which took us just couple of months, not jeopardizing the ramp-up again, not jeopardizing reaching nominal capacity, and not jeopardizing the recoveries that we reached after we changed those parts on the CIL tanks. Next.

In terms of all-in sustaining cash cost, excluding MSG, I'm proud also to show the market that we also could not only be within the guidance, which is the next slide, but also slightly below the low end of the guidance, fulfilling what we promised to the markets in terms of production and also in terms of cost. If we take out the MSG, our all-in sustaining cash cost for Q4 would have been $1,363.

As we know, as we acquired MSG, we know MSG had over $3,000 of all-in sustaining cash cost, which doesn't scare us. I think that was the positive point on acquiring MSG was to see those high all-in sustaining cash costs and project and believe that during the turnaround of this year, we'll be able to drive that all-in sustaining cash cost to below $2,000 for the years ahead, not this year, but for the years ahead.

Next. Just quickly going to the guidance.

As I mentioned to you, in terms of production, very much in the middle, slightly above the middle of the guidance. On the cash costs per gold equivalent ounces also, we finished the year at $1,070.

The low end of the guidance was $1,078. All-in sustaining, that translates also to a lower all-in sustaining cash cost, finishing $1,368, and the low end of the guidance at $1,374.

Also very much in line with the guidance in terms of CapEx, understanding that was a year that we also built Borborema and decided to move forward with the expansion of Almas, the first phase. Now we are going to the second phase of the expansion of Almas.

Next. For the 2026, an overview here of the guidance, and then Kleber can go in a little bit more details in the next slide.

In terms of production, now we project full year of Borborema, full year also of MSG, although MSG still during this year, on 2026, in MSG, we are not focusing to produce the most at the lowest cost. We are focused on preparing that mine to be able to produce over 80,000 oz per year and below $2,000 for the next years.

This year is a turnaround, although during this year, imagine that we projected producing 50 to 60,000 oz of production. Even if the cost is above $3,000 per year all-in, we have gold price today is $5,200, it's $2,200 of free cash flow margin in a turnaround year for MSG.

That price converted to 50 or 60,000 oz means that the free cash flow and EBITDA will be way above this, is $100, $120, $130 million in this project that we acquired for $76 [million?] in the year that yet we are not focused on production, we are not focused on cost.

We are focused on preparing that mine to higher production along the next years. In terms of and that higher all-in sustaining cash cost, which Kleber is going to explain, of MSG it's translated to higher cash cost in our consolidated levels, higher all-in sustaining cash costs also in our consolidated levels.

Kleber is going to explain that 65% to 80% of this increase is explained by MSG. Then we have other factors that we will go in more details during the presentation.

In terms of CapEx, is the same situation. It's a year that we are investing in MSG.

We are expanding Almas. Almas, we're doing the pushback of the pit to fast access, also the underground development.

We are expanding the capacity of the plant. We are already doing it in this expansion project.

It's not the full investment in Era Dorada, but yet already the first ground work, the first early works. There's a lot of capital that's been committed for good news, which we are expanding production, expanding to go at 600 or even above 600.

Preparing the company goes above to 600,000 oz of gold equivalent on the upcoming years. In terms of production, again, Aranzazu, that decrease, it comes mostly metal prices, although Aranzazu is where we are more stable and getting more lower grades during the next years, while we continue to explore opportunities to decrease the cost of mine and the cost of plant to offset this slightly lower grades in Aranzazu.

Borborema, the range of 65 to 77,000 oz. This is also accounts that we are working, and we should publish our new resources and reserves, the old AIF, now the 20-F, by the end of March.

That means that we are updating our resource and reserves in all the mine plan of the company based on the new cut-off with a higher gold price. That means with the higher gold price, we reduce the cut-off.

We can free and release and convert more resources into the reserves. On the other hand, the average grades goes down.

All in all, it builds value, it's a positive news, because we are now assessing grades that was not economically viable in the past. With this higher gold price, we've been able to access more ounces on total, although it's a lower than former grades that we were projecting in the past.

That it's a positive news that has on the long term, that has minor impact on the short terms. Next slide.

Kleber?

Yes, sure, Rodrigo. Good morning, everyone.

Let's start with understanding the main drivers behind the impact of the increase first in the all-in sustaining cash costs. The expected all-in sustaining cash cost in 2026 is expected to increase between $262 and $407 compared to 2025.

As we can see here on the right side on the top, the main driver for the increase, by far, is MSG that's bringing up our weighted average cash costs, explains 70% to 80% of this increase. Metal price effects that Rodrigo was explaining, the gold equivalent conversion, because gold prices on average in '26 are, if we take market projections, are above the average of '25, accelerated more than copper price, explains another 5% in all-in increase.

The second impact that we have is in Almas. Almas, due to mine sequencing this year, we are doing a pushback in the mine and having higher strip ratio, the costs and in lower grades also due to mine sequencing, the costs they increase this year.

This is not expected to be repeated, for example, in 2027. We also have tailings dam expansion this year in Almas.

In Almas, it's mostly nonrecurring these effects. Then other impacts are marginal.

We have a slightly minor worse cash costs in San Andres, for example, but better cash costs in Apoena, they compensate each other. Then on the bottom, understanding the main increases behind the sustaining CapEx is a similar story.

So 75% to 70% of the increase, we're expecting to see an increase in '26 compared to '25 between $15 and $17 million, of which about 2/3 are MSG. First because it's an underground mine, it has a higher sustaining cash cost, we should not expect going forward to see sustaining CapEx for MSG comparable to the other open-pit Brazilian mines, it's going to be higher.

Also is a turnaround year, as we have been communicating. We're going to be allocating some additional capital, especially in maintenance in MSG.

In Almas is the same reason. Almas explains another 15% to 20% of the increase in the sustaining CapEx for the same reason.

The pushback, a portion of the waste is capitalized as sustaining CapEx and explain also a portion of this increase. Finally, of course, Borborema is going to be operating for a full year.

In '25, we had just 3 years of commercial production for Borborema.

3

months, sorry. Then in '26, we'll have a 12 months, of course, that brings a higher sustaining CapEx.

Finally, when we look at the expansion CapEx, what is in our guidance for '26 mainly is Almas underground development and the plant expansion that we are investing to increase the plant capacity to 3 million tons until the end of the year. Apoena, we have the second year of the NOS pushback that we are planning '25 and '26 to invest in the NOS Phase 3 pit to have higher grades from '27, this is the second year.

In Borborema, we have filter press expansion. The filter press now is the current bottleneck that we have at the plant.

By expanding the filter press, we can go beyond the nominal installed capacity that we have today at the plant. Also is going to help us prepare for potential expansion of the plant in the future.

Also, we're going to be investing in engineering studies for potential expansion now that we were able to get the permits to move the roads. Era Dorada, as well, we're investing the early works.

We have then some other impacts such as Matupá and in some investment in the projects. Back to you, Rodrigo.

Thank you. I think one major milestone that we also achieved, again, no, the next slide, is the license that we've been discussing with the national authorities that we finally signed an agreement, a partnership to move that road.

That is releasing 670,000 oz of gold on the mine sequencing. Just hypothetically, if you get the gold price as of today, $5,200, and then you imagine our all-in sustaining cash cost of $1,500, which according to our mine sequence is below this, we see and then you multiply by these 670,000 oz, you'll see that the company with this will be able to generate along the years more than 2 $2.5 billion pretax in this project.

That's the size of magnitude that these additional ounces can generate. Of course, we don't want to go from we already have 15, 16 years old 16 years life of mine that will expand to above 20, 25.

We don't want to do this. That's why we made the plant flexible, and now we are advancing on engineering studies in water access in order to expand the capacity of the plant perhaps up to 4 million tons, that will drive us to a significantly higher production after we finish and conclude the expansion.

We are now working on engineering. We are now working on water access, and we believe during the second semester, more towards the fourth quarter, we'll be able to present a detailed and a new feasibility study for this project using now a higher capacity, while we also were doing, and we should expect for the 20-F by March.

This project is very sensible to cut-off grades. As gold price is going up, we are changing the price for cut-off, which means that we can now access, as I was mentioning, lower grades that was not economically viable in this project now becomes viable.

We should expect further increase in reserves by the end of March when we publish the new resource and reserves for the entire company, particular here in Borborema. Again, I mentioned that we are deliver on the greenfield projects on time, on budget.

Remind Borborema first Almas, now Borborema. We are delivering on new acquisitions.

We closed MSG in December. Then we also told the market, we've been telling the market for the last many years that we had to address the daily trading volume.

Here it is, the very successful results of our listing in NASDAQ, moving from TSX and then listing in NASDAQ that coming from $1.5, $2 million per day, now reaching on average in February $100 million per day with a combination of NASDAQ plus B3. That will also help us address the multiple.

According to the analysts, we are still traded with a discount compared to our peers. We will not only change the peers coming from the production of 300,000 oz on average last year or this year to above 600,000 oz, and then also with a higher daily trading volume and higher reputation as we are delivering on our projects, we should address this discount compared to our peers and maybe even be with a premium compared to our peers as we continue to grow.

With that, I conclude here the more high-level analysis. Kleber is going to drive and walk you through to the details of the results, and then I come back for questions.

Okay. Thank you.

We start with a summary of the main financial KPIs that we are reporting for the quarter, for the year, and also comparing with the previous quarters. As Rodrigo mentioned and we see the results here, a combination of higher gold prices in the fourth quarter and increase in production in the fourth quarter, as well.

There was a substantial increase on our net revenues, closing the quarter with $322 million and bringing our annual revenues beyond $920 million in 2025. The adjusted EBITDA, it's the sixth quarter in a row that we deliver a record high adjusted EBITDA, $208 million, considering in Q4 average gold prices close to $4,000 per ounce, and bringing our annual EBITDA to $547 million as well in also the last 12 months, also the sixth in a row that we see increasing.

When we move to net income, we are reporting a net loss of $20 million, basically for the same reason that we reported losses in some of the previous quarters due to the sharp increase in gold prices during the quarter, which is good news. It brings noncash losses related to our outstanding gold derivatives.

Excluding those noncash losses, which amounted about $82 million in the quarter, and certain other noncash items, we see that we had also an improvements in the adjusted net income, reaching $73 million in the quarter. Then in terms of cash and net debt, we see we continue in a very comfortable position in terms of balance sheet.

There was some increase in our net debt in the quarter, but that's basically because in Q4, we paid for the acquisition of MSG. Unlike many other cases, many other companies, when make acquisitions that are maybe some reduction in dividends, we didn't reduce the dividends.

In Q4, we kept paying dividends above our minimum dividend policy because our balance sheet allows for it. Then we can see as result, we close the year also with a low, very low net debt over EBITDA in the last 12 months below 0.3x.

Now moving to understand the main items between adjusted EBITDA and net income for the quarter. If we see a breakdown of the adjusted EBITDA of $208 million, Almas and Borborema were the top performers, about $50 million in the quarter each.

We highlight, of course, Borborema, considering was only the first quarter of commercial production, and is almost our highest EBITDA, it shows all the potential that we have in this mine. Minosa and Aranzazu also coming very strong, $48 and $41 million, respectively, Apoena delivering EBITDA of $22 million, and MSG $10 million.

MSG also, I'd like to highlight for a couple of reasons. First is was just 1 month, and 1 month that we didn't see yet any impact of any turnaround in terms of production and in terms of cost.

We already and with gold prices at much lower levels that we have today, and we already generated $10 million in a month for an investment for an acquisition that we paid $73 million. It shows the type of returns that we should expect for this acquisition.

When then moving to financial expenses, I mentioned already, we had $82 million noncash losses related to the outstanding gold hedges. We also had $22 million realized losses related to derivatives that expired during the quarter.

Income tax expenses increased compared to the previous quarters, basically because our results from the operations also increased, it's in the same proportion. On this quarter, we had nonrecurring other expenses that's mostly related to provisions that we did on year-end related to potential partial non-recoverability of certain VAT credits that we have mostly in Honduras and also in Brazil.

Then with that, we see our net income of -$20 million. Then bringing back the noncash items, mostly the unrealized losses with the derivatives, we come to an adjusted net income of $73 million.

Now moving to understand in detail the change in the cash position during the last quarter. We see on the left side of the page, we started the quarter with about $350 million in cash.

Here on this more left side page, we can see what's the cash flow recurring free cash flow, which is the cash flow generated by the now the six mines in production, not including reinvestment to expand our business. We see we generated $94 million, already deducting the realized losses with the gold derivatives.

That cash was almost enough to pay for all the capital allocated to grow the business in the last quarter. We invested $103 million, mainly the MSG acquisition, and also expansion CapEx, the first steps in Almas mainly here for the underground mine development and plant expansion.

Into the right side, more the financial like items, highlighting, as I indicated before as well, $40 million dividend payments. Next page, yeah.

Then when we move to the year, the cash flow by the mines in production generated to over $250 million in cash, which was more than enough to pay for all the investment in growth. In 2025 was 1 year that we invested significantly in growth.

We invested to Borborema construction, the second year of Borborema construction, the acquisition of MSG, acquisition of Era Dorada, acquisition of Altamira shares, investment in exploration to increase our mineral reserves and resources that was funded entirely funded by the cash flow recurring free cash flow from the operations. To the right side, the more financial-like items, we highlight the cash we returned to our shareholders mainly through dividends, $116 million, and the net proceeds we received from the NASDAQ IPO, $200 million, and brings our cash position close to $290 million at the end of the year.

This is the last slide, and then we open to questions. Thank you.

We're going to start the question-and-answer section. For investors and analysts, if you wish to ask a question, please press the raise hand button.

If your question has already been answered, you can leave the queue by clicking on put hand down. Please hold while we poll for questions.

Our first question comes from Enrique Marquez with Goldman Sachs.

Hey, everyone. Thanks so much for taking my question.

Quickly on guidance. There's still a lot to be made during 2026.

I just wanted to make sure here what is already implied in this guidance, because there are technical report updates coming up, which should impact reserves and eventually grades, which might weigh on production. At the same time, you have some processing capacity expansion expected for this year.

I just wanted to confirm exactly, try to better understand what is already implied in this 2026 guidance that you guys just released. Also, on a second topic, a lot of things going on.

I think that's great. It would be also great if you guys can just help us map everything that is going on.

Just any update on timing for Era Dorada or Matupá to be taken to the board to eventually increase the processing capacity for Almas? What is the timing for that?

Just to confirm, is Almas expansion already board approved, the processing capacity? Lastly, just any timing for Aura to join the GDX index?

Is there any prerequisite missing for that? That's it.

Thank you so much.

Thank you for the question, Enrique. Yes, as you mentioned, a lot of going on in Aura.

Again, another year that we continue to prepare the company to reach over 600,000 oz of production. Going step-by-step what you should expect.

Then first question is for the budget of this year, we are not considering old gold price. We are already using new gold price based in new cut-offs that we will update the market.

There's this lag a little bit on the what we forecast on the budget and what we will publish now on by March. We're already reducing the average grades of some of the mines based on a lower cut-off and higher gold price, which is a good news because we're going to free ounces in terms of reserves for the long term.

For overall, it generates NPV for the company, although, in some cases, might slightly be drive to a lower production. That's part of the questions that you made that I could answer.

Then the few things that's going on in Aura. You also asked about Almas.

It's already included on the budget. It's already included on CapEx for us to expand the capacity and also do to raise the tailings dam, to prepare the tailings dam for this new capacity up to 3 million tons of the plant, already preparing this to receive higher-grade material at an underground, while underground is not totally developed, we will put average and medium grade that's already on the stockpile, because the mine is working faster than the plant, and we have some important stockpile that to use on the higher capacity of the plant.

While we don't want to finish that, we should finish the year or early next year at 3 million tons per year at the plant. We have projects to go up to 4 million tons, but that will depend on some more positive geological information that we are investing in the project.

We should expect these 3 million tons already hired, approved, and should be implemented by early should be already in full production by early next year or by the end of this year. While we have projects and we have ideas and we have discussions to go up to 4 million tons, but that will depend on more exploration results that we are conducting as we speak right now.

On this also on this for this year, Borborema, we are, as Kleber mentioned, we're increasing capacity of the filters that will give us a possibility to go beyond the nominal capacity that we should reach along the second semester, while again, we are also preparing this, doing engineering that's already approved in the board, and doing now studies for water assessments to double the capacity. We would like to be able to approve this in the board by the end of this year for the new capacity for Borborema.

On MSG is the year of turnaround. We are although we are generating positive cash flows, we are not focusing on production, and we are not focusing on short-term gains.

We are focused on building the right plan and the right structure so that we can finish the year with a very good view that for the next years, we'll be able to produce above 80,000 oz with below $2,000 of all-in sustaining cash costs. That means that we are preparing the mine, we are doing underground development and advancing.

Again, if I remind investors, one of the reasons that MSG lost productivity and lost production, and the plant become idle is that they lost productivity doing underground development, and they start doing top-bottom. That increased dilution, that reduced the speed, so that creates a lot of complexity.

Now we need to do all the proper underground development in order to do from bottom to up. That means 1 year of a lot of underground development and preparing this so that we can do the right methodology underground, and then fulfill the capacity of the plant that will drive us to produce extra extra ounces and significantly reduce dilution, significant reduce also the all-in sustaining cash cost.

The final question you made was

It was regarding the index, the GDX index,

yeah,

just if there's any prerequisite missing. The index, yes.

No, I think we are reaching, but we need to reach for two consecutive quarters, and each quarter, you need to prove that your daily trading volume was higher on the last two. We believe we'll be eligible for GDX, although there's some it's not 100% sure because there's some analysis that the team do, but we believe that we'll be eligible to GDX by the second semester, between third to fourth quarter of this year.

Great. Thank you so much.

Our next question comes from Edgard de Souza with Itaú BBA.

Hi, Rodrigo. Hi, Kleber and Natasha.

Thank you for the question. My first question regarding the still on the guidance.

Production expectations came in slightly softer than what we were expecting, in particular at Borborema. I wanted to understand, I don't know if Kleber is connected here, but maybe if not, for sure you can help me, Rodrigo.

How much of this lower production profile in Borborema is a direct consequence of incorporating material that was previously above the cut-off? At a broader portfolio level, how are you approaching cut-off optimization in the current gold price environment?

To what extent are you trading near-term grades and free cash flow for longer life of mine and higher total value extraction, let's put this way? Then my second question, moving to the main positive news from the release, is regarding the expansion at Borborema and the road relocation.

I wanted to understand the next steps from here. What is the expected timeline for the physical relocation of the road?

You mentioned that the capacity could reach around 4 million tons. How much of this incremental processing capacity could be gradually added in a brownfield scenario similar to what you did in Almas?

How much of the expansion would require a more significant CapEx, maybe a new ball mill? How should we think about water availability as a constraint?

Until which levels can you produce with the current water availability that you have? For which levels this would require more significant investments for water availability there?

Those are my questions. Thank you, guys.

Okay. I will start, and then I think Kleber is here with us, he can finish.

On the production for Borborema, mostly of the reduction in production comes from lower grade that comes from a lower cut-off, right? Then we don't, and that's one thing that we do in Aura, and that actually it's this mind that drove us to be here today with a successful story.

We don't take decisions to favor only short term. We think the company as a whole, what builds the best value, although sometimes hurts the short term.

Borborema is a very good example, because we know that we have a lower production, but overall, as we should see during the publications of the 20-F, we'll see an increase in resource and reserves. That means we are significantly increase NPV of the company, although that on this yearly basis means slightly lower grades, which is translated to a lower production.

On the CapEx, I'll let Kleber explain, but I'll give a overview of the plant. It takes probably 2 years in terms of construction to relocate the road, which is the same time that we will do an plant expansion.

The plant expansion will require a CapEx. The plant is not at 4 million tons.

The plant was built for 2 million tons, flexible and prepared to receive new investments, and then go to 4 million tons. I'll let Kleber walk you through more and what we are thinking about on this expansion.

Is Kleber here? Otherwise, or the mic is off?

Okay. Sorry.

Yeah. Good morning, everyone.

As Rodrigo commented, this drop on grade is a positive things. In fact, it's because much more ore became economical right now with this new price.

What we are doing right now can bring some impact in the short term, but it's a big benefit in the long term. In fact, we are preparing the mining for higher capacity or higher production that we are doing the engineering the plant.

In the CapEx, answer your question, it's basically build a new parallel plant. Now what we are doing is the bottleneck, the filter area, is the constraint that we have right now to increase capacity.

We already approved, we already hired all the service and construction, and we will implement the new filters in this year. We expect to be done in the beginning of the next semester of this year.

In parallel, all the engineer to expand the plant, we don't have the total CapEx right now, but we need to expand the CIL circuit, the mill circuit, and the crusher circuit. It means that everything.

It's prepared to expand, because we just need to connect without impact the actual production, but it's something that require CapEx to be done.

Thanks, Glauber.

In the meanwhile, we are doing all the water assessment. That's ideas, there's projects also to do to increase the capacity to treat gray water from the city or receive gray water from other cities.

There's few discussions going on right now, and it takes time, but we don't believe it's going to be the issue.

Great. Thank you.

Our next question comes from Guilherme Cipis with XP.

Hi, guys. Good morning.

Can you hear me?

Yes.

Okay. I have two questions here on our side, as well.

My first one is on the reserves report. Could you guys share any key shifts, any takeaways from the reserve report, and also if you have any shifts on geological interpretation, and also on long-term assumption for gold prices, as well?

If you could guys share also news on the underground mining for Almas, Borborema plant expansion, and the increased reserves at Matupá. Any news on the updated reserves report?

My second question is on capital allocation. Of course, you guys have a lot of projects going on, but as gold prices are holding higher, as well, we still see room for further acquisitions.

We'd like to understand what are the priorities now, and if you guys are also looking for acquiring other assets here in Brazil, as well, and in Latin America, as well. Thank you.

Okay. Thank you for the question.

Unfortunately, we cannot disclose what will be on the AIF yet, that will be published by the end of March. As you mentioned, we are working on the new cut-off for the current mines that we have, that can affect some of the mines, and cannot affecting other mines, depending on the distribution of the grades in that mine.

Borborema, as I mentioned, has some sensitivity to this, it can be affected by a lower cut-off, an increase, which is already translated on the budget. You'll see already the grades going down.

As you mentioned, we are working on Matupá, we are doing analysis on Serrinhas, doing analysis also in those that the Peixoto and Cantagalo that we acquired, and perhaps some of those already be able to incorporate into the X1. We should expect also in the new report including part of the resource and reserves of the X1 and also Peixoto or Cantagalo.

Then underground, we continue to do underground development and also reaching the right level, then we continue to do intensify exploration. That although we've been having a very important and interesting interception that confirms the underground mine, that takes more time, we should expect more towards the end of the year that we can consolidate all the information.

We don't want to waste time, that's why we're already doing all the underground development, because we believe that this will become a mine, and we don't want to waste time doing all the studies while we develop the underground. In terms of M&A, as you mentioned, the company is significantly increasing EBITDA and cash flows.

Again, if you take back the last 2 years, every year, we doubled the EBITDA, '23 $136 [million], then '24 $270 [million], '25 now $540 [million], with the last quarter of $210 million with the gold price $4,000 and MSG only 1 month, you can already imply that we are significantly already on the running rate above the last year. That, of course, if you look what has happened to Aura in the last 4 years, we're the highest dividend yield in the world of our gold price.

We acquired Borborema, we built Almas, we built Borborema, we acquired MSG, and yet we have a low leverage. That was with the gold price of $2,500 and $3,000.

Now we are with the gold price at $5,200 with higher production. We should expect for the upcoming years more than we've done in the last years in terms of we'll be able to generate higher cash, pay more dividends.

Now we have more cash also to do more acquisitions. We want to continue to do acquisitions.

We know very much how to get to beyond 600,000 oz that we published last year. That by itself is going to generate a lot of value to us, but we know that the right multiple starts when you get closer to 1 million oz.

We want to continue to pursue growth through M&As. We are America players.

We don't feel we have the knowledge and expertise for the other continents, but in the Americas. We like gold, and we also like copper.

We should expect from our acquisitions either in gold and also in copper, mostly in countries that we feel that has democracies, strong institutional entities, so that give us the minimum security to invest. We also like projects that has well-developed in terms of geology, maybe needs further exploration, but just to convert resources into reserves, and then implement our projects that already, as we saw, brownfield that we believe that's not perhaps the core from other companies that they might sell.

If you see an angle to buy them and reduce and generate value, that's what we'll see. Basically, what you should see for Aura for the upcoming years is what we've done in the last years with now higher production and higher gold price, higher cash flow, more intensified.

That's very clear. Thank you.

Our next question comes from Marcelo Arazi with BTG.

Hi, guys. Good morning.

A few questions on my side as well. We can see that we are seeing a slightly wide range of production guidance than what we were used to.

Can we say that this is related to a more conservative approach and a large number of assets, or it can be read as a sign of a more challenging or more hard-to-predict conditions? A second one on CapEx.

Is this level of sustaining CapEx the new reality for the company, or the full year 2026 print is inflated by the turnaround project in MSG? Can this eventually impact the dividend distribution, given your policy of 20% of the EBITDA minus the sustaining CapEx?

Just a final one, if I can. On the Guatemala CapEx, the guidance is already accounting for the early stage investments.

With the eventual project approval, can we expect some CapEx revision for this year? Thank you, guys.

Hey, Marcelo, for the questions. I think for this higher all-in sustaining cash cost and higher CapEx, this is neither more challenging, neither more conservative.

Actually, it's a good news that the company's been able to buy MSG for $76 million in only 1 month, as Kleber mentioned, we have $10 million EBITDA. MSG structurally has a higher all-in sustaining cash cost and higher also sustaining CapEx, but that's how we generate returns.

We put this asset into our consolidated basis. It affect negatively, but doesn't mean that it's a challenge.

Actually, we see this more as an opportunity, because during this year, we'll be able to do the proper work. We are very confident that for the upcoming years, we'll see that we'll be able to reach above 80,000 oz and below $2,000 of all-in sustaining cash cost.

Nevertheless, in a single month to generate $10 million without any turnaround. The other increase that we have, it comes from positive news also.

Again, Almas, we've seen a very strong opportunity to increase capacity, so that increase also our CapEx. Another factor that increase the CapEx is Era Dorada, because we felt then we got the license that the former company could not get for several years, we already started early works.

Then going to the final questions that you made, it is not on the CapEx the full construction of Era Dorada. As we go to the board, and as we approve the full construction of Era Dorada, then we will add a new CapEx for the project.

As we published already last year the updated feasibility study, the CapEx of this project is close to $380 million. Of course, it doesn't happen in a full year.

Actually, most of the CapEx goes towards the end of the investments. If we approve in the board, then we will incorporate on our guidance this year.

Again, the higher CapEx that you see in this year is way more as an opportunity rather than a challenge.

Thank you, Rodrigo. Just a quick follow-up.

Could this impact the dividend distribution, given your policy? No,

we've been able to do everything. Our policy is 20% of the EBITDA minus recurring CapEx.

Actually, we've been able to pay 50%, 60% above the policy, and we see no reason that we affect this for the upcoming years, except if there's some major acquisitions that we believe that is a super high returns, super high value add, and then perhaps we go to the policy. We should expect the policy or above the policy for the upcoming quarters.

Thank you.

Our next question comes from Lawson Winder with Bank of America.

Okay. Thank you very much, operator.

Hello, Rodrigo and team. Good morning, and thank you for the update.

Could I actually start by asking maybe a bit of an expanded question on the index inclusion? There are U.S.

indices for which Aura would technically qualify, like some of the Russells, and are even much more widely followed than the gold indices. Is there any discussion of potential inclusion in the Russells on the horizon?

We are monitoring, and we have a plan this year to be included in all the indices that we can fulfill. We already were included in about 30 different indexes.

As you mentioned, I think we have way more opportunity to reach those major index funds that can not only helps with the pricing on the multiple, but we also increase significantly our daily trading volume. Definitely is in our agenda.

Okay. Fantastic.

On Borborema, could you just confirm that the recoveries in Q1 '26 to date are now hitting design capacities? If not, what's left, and sort of in what quarter should we think about that hitting the design recovery rates?

Kleber, you want to answer this? We are at the design already, but

Yeah. We are at the design, it's not an issue.

In fact, to run the plant in the capacity that was designed, it isn't being an issue for us. The difference in production is mainly related to the grades that we are feeding due to this strategy to expand the pit with this new reserves and new cut-offs.

Just doing a continued the answer, Lawson, that was a good question. The mill is running super well.

Actually, we see room the mill to run even above capacities. CIL tanks the same.

That's why Kleber mentioned that what we have now, although we are already at a nominal capacity, the filters are the bottleneck. Once we do this investment in the filters, then we can go beyond nominal capacity, because everything else is running super well.

Okay. If I could ask about Matupá from both the point of view of CapEx and annual production.

One, you guys have been investing a fair bit in exploration into Matupá. Does that have any implications for what your anticipated annual production rates will be?

At least, for example, at the Investor Day, you highlighted 55,000 oz a year from that asset. Then conversely, if that's the case, what are we looking at in terms of a magnitude of potential increase in upfront CapEx for Matupá?

Matupá, I think we continue to have this view of 55,000 oz. We are not changing the nominal capacity of the plant.

What we are doing now is invest in exploration to expand the resource and reserves. This project has a resource of 400,000 oz, slightly below in terms of reserves.

With Serrinhas and with also Peixoto, we see a significantly room to expand our resource and reserves, which then we'll feel that's the right time to start the construction. As we did with Almas, we prefer to build this project, prepare the plant to be flexible and expand, because we know that we will even continue to expand resource and reserves beyond what we have today, beyond what we will publish in the AIF, so that we can then increase the plant.

Understanding that if you change too much the design of the plant as of today, even though we might see an opportunity, it's a whole different new environmental license process. We prefer to respect what is in the license environmental, and then during the years, talk to the agency and see opportunities to do amendments, and then increase gradually the plant.

Okay. Fantastic.

If I could ask one more question just on Apoena. That mine continues to impress.

You guys are planning to mine much higher grades than we had modeled at that asset in 2026. Are these higher grades now sustainable into 2027?

I think yes. We should reach higher grades by the second semester, and then we'll last towards couple of years.

It will be maintained. I think we believe that we can put this mine into 50, 60,000 oz of production on the running rate after the second semester of this year, if not go beyond, depending on some of other exploration that we are doing at the mine.

It's a difficult mine,

but

full of potential.

Yeah. You guys have done a great job operating it.

Done. Thank you very much for taking the questions.

Thank you.

Our next question comes from Matheus Moreira with Bradesco.

Hi, Rodrigo, Kleber, Natasha. Thank you for taking my questions.

My first question is on Almas. I would like to better understand the rationale behind the production guidance for the mine.

Considering the ongoing plant expansion and the fact that the mine is already operating at an annualized run rate above the published guidance, the numbers appear somewhat conservative to us. Are there maybe any operational bottlenecks or specific factors that you have already identified that could justify this more cautious approach?

That's my first question. My second question on M&As.

I would like to explore a little bit more this topic. Within Aura's capital allocation framework, and considering that the company is now operating at a different level of cash generation than in the past, what type of assets in terms of size makes sense for the company today?

If possible, could you comment on geographic preferences? You've already touched on this a little bit earlier.

In the past, you mentioned that potential expansion into North America, does that still make sense strategically? Thank you.

Thank you. In Almas, we are already at 2 million tons, but we will go through expansion and reach 3 million tons by the end of the year.

This is a process that is going to happen during the year. Today, we are still yet below what we expect to be until the end of the year.

That is also reflected on the production. Almas also, first year, started with a higher grade, there is a lower grades coming in now during this year.

We will add higher grades again when we have the underground coming in. We should expect Almas for the next year after underground then continue to increase production together with higher capacity.

If we have positive results on exploration, then we can even expand further to 4 million tons, and then we'll see another step up on the exploration. Almas, I think you should see that some conservative scenario during this year, but gradually continue to grow while we continue to expand capacity and then access higher grades when the underground mine come online.

In terms of M&A projects, I think we want to build a way to reach to 1 million oz. I think that's where the company starts to become relevant and then also start to get a fair multiple.

We know very much how to get to 600,000 oz. To go beyond this, we will need a few acquisitions.

Of course, as you mentioned, that we are growing and we have a larger balance sheet, and we have a larger also higher production, so that more meaningful acquisitions should be coming online. Again, there's the higher the production, the higher the acquisition is, the higher also the CapEx.

We will balance the internal rate of returns where's the right size, 80,000, 100,000, 150, which saw sometimes even above 150. That will really depends on the return we see and what the angle for Aura to generate value, right?

It's Americas, as I mentioned. You asked about North America.

I think it's intuitive to think that down the road, Aura will expand into North America, but yet we feel that our multiple is too discounted. We believe that in North America, there's always be a higher multiple compared to the players in Latin America in general.

However, it cannot be that high gap. We need to narrow this gap.

We have a homework to do first, to narrow this gap first, to then be able to do accretive acquisition and not a dilutive acquisition to our shareholders. If something shows up that we believe that is accretive to our shareholders, we will do.

We'll look, and we are ready, and that's part of our strategy.

Perfect, Rodrigo. That's very helpful.

Thank you.

Our next question comes from Tathiane Candini with JPMorgan.

Good morning, everyone. Thanks for taking my questions.

I think most of them were already replied. I would just like to explore maybe a little bit too more.

The first one, and again, you already explored a little bit of this, but this is regarding the cost of MSG. I know that the more long-term for 2027 is to reach lower costs.

I would just like to understand a little bit of the pipeline for this. What are the plans to reach those guidance, and if there is any type of hurdle that you imagine that you can reach.

The second one is regarding the CapEx of Era Dorada, which, again, you already explored a little bit. I just like to understand how is the pipeline for getting this approved?

From what I understood, it's this year, but this is a 22-month plan. Do you have deadlines if it's not approved by any type of months?

This could have a little bit of an impact on 2028 production? Just trying to have a little bit more clarity on the months going forward.

Thanks for having my questions. Okay.

For Era Dorada, we are now finalizing our internal analysis. We conduct during the last year over 1,000 hours of dialogue with community leaders and community representatives.

We brought some of the leaders also to visit our operations. There was a very intense work on socializing this project.

We moved back to an underground, which drove attention from also national authorities. That they understood that was a positive move.

That's why that the result of this was the license to initiate the ground work. I think we feel now even more and more confident to go to full construction.

We should expect this decision between first and second quarter this year, that's how we are thinking. It's a moving part, right?

It's a 20, as you mentioned, 22 months of construction. Depending on the dates that we started, it will affect the final production for sure.

The first question you mentioned was, I forgot, is It's

regarding the MSG cost,

just

to try to understand what is the plan to reach the guidance for a lower cost by 2027.

The plan is already under execution. We know very much how to improve efficiency.

We know very much how to decrease the cost. We are now detailing and executing this plan as we speak.

As I mentioned, we need to do significant underground development, because the mine today is connected to the plant. Any problem at the mine means that the plant is going to receive the ore.

That's why we've been seeing the last few years a decrease on the plant production. It's becoming idle.

It has 20%, 30%, 35%, even 40% of idle capacity at the plant, because the mine cannot fulfill. In order to accelerate the production of the mine, we need 1 year of underground development to proper prepare the stopes, proper do bottom-up approach.

The veins are 1, 1.2 m. They've been mining at 1.80, 2 m.

Now we want to mine at narrow, at 1.5, prepare the mine for 1.5, which means lower dilution, higher average grade. All of those strategies already been implemented, but we need time.

We need towards the end of the year to really see that the mine will be prepared to produce at its full capacity. The hurdle rate, as we mentioned, we believe that we can prepare this for the medium, long term to be able to produce above 80,000 oz per year at all-in sustaining cash cost of $2,000 or below.

Super clear. Thanks.

Please hold while we poll for questions. The Q&A section is over.

We would like to hand the floor back to Rodrigo Barbosa for the company's final remarks.

Again, thank you for the opportunity. Super proud, again, to be diligently executing on our strategy, diligently executing on implementing greenfield projects.

We built Almas on time, on budget; Borborema on point, on time, on budget; and a few others now. Era Dorada now prepared to go and hopefully during the second quarter, approved to implement.

Also, diligent execution on increasing resource and reserves. We just added 670,000 oz of reserves, one project that's already derisked, already invested the CapEx, already generating cash flows, that will give not only an opportunity to increase the NPV, but we also be able to increase production, while we continue to invest in exploration on, as we mentioned, on Matupá, underground Almas, and also Borborema has also potential to significant increase.

Diligently executing also increasing resource and reserves of the company. Third, also diligently executing on acquisitions.

We just acquired MSG, now closed in December. Then we also addressed the daily trading volume, now trading $100 million per day, while we've been able to pay dividends.

The higher CapEx and the sustaining CapEx as we see today, as I mentioned, is not a challenge, is an opportunity. We increased this because the company is growing.

We increased this because we see opportunities to further expand the plants. We increased this because we see an opportunity to buy one asset that has a significant potential to expand capacity in terms of MSG in terms of production and then reduce the cost.

Overall, in terms of results, again, super proud. If you take the EBITDA from '23, you double to '24, then we doubled again to '25.

If you take the EBITDA of last quarter with the gold price of $4,000, now you use $5,200 plus higher production Borborema plus higher production in MSG on the full quarter, you'll see that we're already on the running rate going towards maybe perhaps even to double or even more during this year. Very much on tracking what we promised to the market, delivering results, delivering resource and reserves, delivering a strategic agenda, and also strong dividends.

I thank you all, and hopefully down the road, we have a new calls with the new quarter. Then, again, between first or second quarter this year, take a look on Era Dorada and see if you feel ready to go to the board and approve.

Thank you. Aura's conference is now closed.

We thank you for your participation and wish you a nice day.