Sure. Thank you, thank you all for this first quarter of the year.

As always, I'll be talking about a summary of the results and strategic moments during this quarter, and then Kleber will follow with more explained, more detailed information about the financials and cash flows. Before I start, I think it's good to recap that this was a very solid quarter for us, where I can show to you that we move forward under the three avenues that we proposed to deliver value to our shareholders, and this story has been shared with the market since 2020 and reinforced since the Nasdaq listing last year.

We want to build value to our shareholder by three different avenues. Number one, we're going to increase production.

We're going to develop greenfield projects and reach over 600,000 ounces after all the projects are developed. Number two, we still have a significant area unexplored and room to increase life of mine.

We should also see, together with the improvement and increasing in production, a significant increase in resources and reserves along our the next years. Number three, we should tackle also our price per NAV multiple through growth and also improving our daily trading volume to the market.

What I'm going to share with you during the next few slides is a consolidates as a quarter that consolidates solid steps towards these three avenues. If I we jump into the first slide.

In summary, again, we reached a new record high production as we already disclosed to the market, of course, now including MSG acquisition that was last year, including only in December, reaching 82.1 thousand ounces of gold equivalent ounces. Then, that, together with a higher gold prices, send $380 million in terms of revenues.

Now, when we add, comparing to first quarter last year, Borborema that was still beginning to ramp up, then now full year of Borborema, stable productions in our mines plus MSG, you're going to see and higher gold prices, our we see the EBITDA three times higher than the first quarter last year, now reaching the $244 million, another record-high EBITDA for the quarter. Together with our EBITDA, then we can see the all-in sustaining cash costs reaching 1,829.

This is a significant increase compared to last quarters, mostly because of now we are consolidating MSG, and as we disclosed to the market since early stage in the acquisitions, we understand that MSG has a higher all-in sustaining cash costs and will be higher during this year once we are focused on the turnaround, preparing the mine and to put a production levels above 80 or close to 80,000 ounces and call all-in sustaining cash cost close to 2,000. During this first quarter, and actually during the second quarter also, we should see MSG with a high all-in sustaining cash costs when we are focusing on our underground preparation, underground safety standards, underground development, so that we can prepare this mine for a better production throughout the Q3 and then Q4, and actually, and even better than next year.

Now we'll talk mine by mine on the following slides. Higher EBITDA also translated in a strong recurring free cash flow, now reaching the $95 million, which is 109% higher compared to last quarter.

This strong recurring cash flow recurring cash flow, $95 million, stronger even after a payment of a $33 million on hedges due to the Borborema, which is a non-recurring, but should happen this year and should also happen next year, and a temporary work cap working capital consumption of $42 million. Kleber going to walk you through in more details about the decision from EBITDA to all-in sustain to free cash flow.

In terms of net debt, super stable, despite the payment of a $55 million during the quarter regarding the the the last quarter of last year, investment also in production. We saw a company that has been able to grow and pay solid dividends dividends while maintaining a very low net debt to EBITDA ratio.

As we are stable in net debt and EBITDA continue to increase, we're going to we see the leverage of the company actually de-leveraged after all the growth, acquisitions, paying dividends, and strong strong results from our mines. In terms of net income, as now we see, unfortunately, this quarter there was not a significant higher gold price as we were seeing in the in the last quarters along the year 2025.

That translated into lower market-to-market losses in terms of the whole old hedges. That translated into $95 million of net net income.

Kleber also going to walk you through in more detail how we got to the the 95 and also see what would be the adjusted net income without the recur- non-recurring events. As we continue to grow, as we continue to grow EBITDA, we have no leverage, and margins are continue to improve, we see a room to maintain a high level of dividends to our shareholders, another record high dividend now reaching $65 million of dividends, or 0.76 cents per share.

When you add the dividends we paid in Q2 last year, Q3, Q4, and now this Q4, we see that the last 12 months, on the quarterly basis, reaching 4.6% of dividend yield. As we progress in the in the in the production, as we progress during the second semester, you're going to see a higher production compared to the first semester.

Then it's intuitive to think that we can continue to pay to to distribute a significant amount of dividends to our shareholders without jeopardizing the growth plan that we have. As additional events and that reinforce the three pillars that I was mentioned to you early this call, we see that our sorry that our our we have our growth plan continues to be super solid.

Number one, we got the agreement signed by DNIT to move a road that unlocked significant amount of resources and reserves in Borborema, increasing the life of mine to 36 years now. Of course, we don't want to We prefer to have a lower life of mine and higher production, so that's why we've been disclosed to the market that we are now finalizing all the studies to increase significantly the production of Borborema, so that that can actually then stretch a little bit more, can decrease the life of mine with an increased production of Borborema.

We are finalizing all the studies, and should be have have any news to the market between now Q2 or Q3 this year. Very important milestone is that we updated our our resources and reserves on the 20 on the report 20-F.

There was a significant addition of reserves, adding 3.8 million ounces of proven and probable, and also reaching when you add proven and probable also with the measured and indicated, you're going to see that we can get close to 10 million ounces in our inventory for the long days. That's a significant increase compared to what we had before, while we continue to do exploration investments and see also room for further improvement in our resources and reserves as we move along the next years.

Very important project, Era Dorada, early this year, as we shared with the market, we got the license to initiate the construction. That was followed by a full board approval to initiate the construction of Era Dorada.

Then, we are in full force for for for the year. CapEx will be divided between this year and next year, and then we expect production to come now in 2028.

We talked about that we increase production. Now, go back to other slide.

We talked about that we increase production. With With last year, we had the Borborema ramp-up.

Actually, this this quarter, we continue to increase a little bit more in terms of production. We So, that's the growth that this year We come from last year of 284,000 ounces of production.

This year, the guidance is 340 between 340 to 390. We continue to grow that by developing the project and doing acquisitions.

Second, we increase significantly our our resource and reserve. Third, to tackle the price per NAV, we know that we had to address daily trading volume combined with a solid walking the talk and delivering on the project and growth.

We could see that Aura is narrowing a little bit the gap of price per NAV, while still have a lot of room to continue to narrow this gap as we are maintaining a high daily trading volume and continue to grow. There is a very strong correlation between size and price per NAV in the gold sector.

As we come from in the past 200,000 ounces of production, now on guidance 340 to 390, and then we know how to get close to 600, we should see this continue to narrowing the gap of price per NAV. One of the factors has been well accepted by the market and widely amplified when we listed in Nasdaq is that we are now trading $94 million.

That was the the daily trading volume on the last average on last quarter, compared to last year quarter of last year, $31 million. Then if I remind that investors that where we were one year ago, it was $2 million per day.

Now we are, on average, $94 million per day, which is now attracting very large and more sophisticated investors that now pay attention to Aura, and now also invest in our portfolio. Next slide.

In terms of safety, after a long time without any lost-time incident, unfortunately, we had a lost-time incident in Borborema. There was a on a maintenance on the filter.

We are reinforcing all the procedures. There was not followed some of the procedures.

We are reinforcing training all the managers and all the the the maintenance team in order to follow the procedures and reinforcing the standards. This person has already is already back to work.

There's no major injury. However, there was some lost-time incident related to to that accident.

In terms of stability of structures, again, all geotechnical structures are in satisfactory level. On the left side of this slide, we can clearly see on the line on the left side shows the last 12 months of production.

As we are now increasing getting from the standard of 60, 65 between 60 to 70,000 ounces of production that happened during the '24, '25, now with Borborema and then MSG, we are now increasing to levels above 80,000 ounces, and perhaps reach close to 90,000 or even above during the second semester, which is now on the last 12 12 months ramping up our production, coming from 265 that was on Q3 2015, 280, 302. We should see this last 12 months continue to increase, as we're very comfortable in line with the guidance that we set to the market to to finish the year between 340 and 390,000 ounces of productions.

In terms of mine by mine, where we saw, which was expected and due to mine sequencing, due to the budget and guidance that we sent to the market, Aranzazu, we now going to lower grades during this quarter. We should not expect a significant improvement during the second quarter, and then some improvement during the second semester in Aranzazu.

That's the same that happens with Apoena, that Apoena can relate it to other years where we start the year normally slower, and then production pick up during the third and fourth quarter. Minosa, super stable.

It's just a rounding number here from 18 to 17. It's actually 2% of decrease compared to Q4, and then we should continue to see stable production in Minosa, and perhaps some improvement during the the the second semester.

Almas, we continue to have a strong production at 15,000, 16,000 production, and implementing an investment where we are increasing the capacity of Almas up to to reach up to 3 million tonnes per year by the end of the year, while we are doing underground development, so that we can along the next year continue to improve efficiency and also production in the project, while exploration efforts on the near mine and on the regional continue to give us a strong and strong indicators that this mine is not only going to have a very extended life of mine, but be able to expand above the 3 million tonnes per per year. Borborema, we we had a stronger quarter compared to to last quarter, mainly due to a higher throughput, stabilization of the milling process, stabilization of the filter, and there's still some room to improve production for the the the second semester.

MSG, this this increase is mainly due to we are now consolidating three months compared to December last year, that was only one month. We should not expect MSG to improve.

Actually, we expect MSG to decrease production during the second quarter, while we are totally focused building the infra- infrastructure underground in order to prepare this mine to do the proper production for the 2027 year. What we should see on Q3 and Q4, productivity improving, costs going down, and also production going up, but not on on the second quarter.

Next. In terms of all-in sustaining cash costs, we see that reaching 1,829, compared to 1,521.

If we were not by MSG, that is acquisition that we understand that would have a higher all-in sustaining cash cost along the year of 2027 2026. That's because we paid only $76 million on this mine.

We understand that that had to go on the turnaround process. If, on one hand, all-in sustaining cash cost is about as expected, on the other hand, the underground development is being well within that our expectations and significantly higher what this mine was performing in the past.

For example, the advancement on the underground tunnels when last year was close to 35, 36 meters per month, now we are reaching 60, 65. The all all efficiency that we want to implement underground to do preparation for a higher production is moving as fast as expected, sometimes even faster than we we we expect.

That if you take out the the MSG, which should see should pollute our average during the first quarter, the second, along the full year, we then we would have been on all-in sustaining cash cost close to $1,500 per ounce. Next.

Very importantly, that happened also during the quarter is Era Dorada project that now we have a full approval. It is an outstanding project that is getting attention from many stakeholders in the world because of its potential to be one of the highest standard in ESG.

Why I say so, because this is this project is going to put many different variables in the same and learnings from other mines in the same project. Number one, it is we bought Bluestone combined with a geothermal project.

This project, as we develop the geothermal project that is coming in the upcoming years, we'll have a renewable access to energy. Actually, we think about increasing the the the megawatts in order to supply Guatemala with extra energy and with the renewable energy.

Number two, we understand that clean water and treated purified water is an issue in the area. There's not many, if there is any, if any, municipalities that has a purified water.

We will use the water that we have underground that we would have to treat anyway in order to put this water back to the river. We are now improving, and we approved additional investments on water treatment in order to have this water as pure purified and potable to the citizens.

We are now negotiating and offering the municipalities and the communities an possibility to have access to a potable water. Renewable energy and a clean water for the population, together with all the local training and focus on having local people working with us, local suppliers, and if you don't have suppliers, we train them, we form them, so that we can improve the conditions of living for every everyone that is around us.

In terms of production, is a project that starts on the feasibility study that we mentioned with annual production 111 111,000 ounces, yet with potential to to further access upside, as we've been doing in Almas, as we've been doing in in Borborema. We understand Era Dorada also has room for further upsides as we move forward with the operations, as we move implement the project and go to commercial production.

Another very important factors is that the significant increase in terms of reserves of this project that when we acquired as an underground was close to a million ounces, now we have 1.7 million ounces in terms of reserves, and yet with some potential on the on the regional side to increase our resources and reserves. Next slide.

I talked about ramp-up of Borborema, now reaching record-high production, that is significant increase of production product production profile last year and this year, with also lower all-in sustaining cash costs. Number two, I want to share with you about the increase in resources and reserves, and we saw a major change in our inventory in reserves and resources and resources.

Coming from the last report that we filed on the F-1 for the Nasdaq listing was 3.4 million ounces in terms of reserves, now we are reaching 7.2 million ounces. This is more than double the size of the reserves in one single year.

Meanwhile, we come from resources of 4.6 million ounces down to 3.1, but that's a very good news, because we converted 2.5 million ounces of resources, measured and indicated, into proven and probable. If you add this back if to the 3.1, you would see that we also continue to increase measured and indicated.

This is a major milestone that is helping also to just improve our life of mine, while we are also increasing our production per year. Next slide.

I talked about increasing production, I talked about increasing resource and reserves, and now of important factor also to tackle the price per NAV, which is the daily trading volume. As I mentioned to you, we come from a $2, $3 million, $4 million per per day, and along after the listing, then we started reaching 20, 10, 30, $40 million, and now we are last month, we closed April with $120 million per day in daily trading volume and, on average, close to $95 million on the first quarter.

That is attracting way more quantity and quality of investors to our portfolio. I turn now the presentation to Kleber, and I'll come back for Q&A.

Thanks, Rodrigo. Good morning, everyone.

I'm going to go over a summary of the main financial KPIs for the quarter. What we can see in the summary is an improvement in basically all of them, with revenues, a new record high, closing the quarter with $383 million.

Now, the last 12 months, we have exceeded revenues of $1.1 billion, and going forward, we expect this trend to continue. When we see the adjusted EBITDA, as Rodrigo commented before, we have a reporting for the sixth quarter in a row, a record high again, a substantial increase compared to Q4 '25, but mostly because a higher average gold price in that quarter, $244 million in the quarter, and now exceeding $700 million already in the last 12 months, also a trend that we expect to continue.

When we analyze the net income, we see a substantial improvement compared to the last quarters. That's a combination mainly of two factors.

First is the improvement of the operational results, and second is on this quarter, gold price increased between the beginning and the end of the quarter, but at a slower rate than the increase we had in the last few quarters. As a result of that, we had a lower mark-to-market losses with gold hedge derivatives that is impacting less our P&L this quarter than previous quarters.

Later, I'm going to go over more detail on this as well. With that, we are reporting $95 million in net income, and then $109 million in adjusted net income.

In terms of cash and net debt, mostly stable compared to the year end. We closed the quarter with $115 million in net debt, and we see an important reduction in the financial leverage of the company as a result of stable net debt and increasing accumulated EBITDA, our net leverage coming from 0.28 to 0.16 at the end of this quarter.

Now, we jump to understand the main items between the adjusted EBITDA, adjusted net income for this quarter. Out of the $244 million adjusted EBITDA, we see the three larger gold mines contributed the most.

Borborema had the highest EBITDA, as we were already anticipating, $61 million. Minosa and Almas coming strong as well, 58 and close to $50 million, respectively.

Aranzazu also strong, $41 million. Apoena, which we expect a much stronger second semester than the first semester, but already contributing with $24 million.

MSG, despite we're just starting the turnaround, contributing as well with $17 million in EBITDA for this quarter. Depreciation and amortization, it's been in line with our expectation.

It's been increasing in the last two quarters basically because we added two new operations: Borborema, commercial production in Q4 '25, and now MSG, a full quarter of production in 2026. The net financial expenses, once again, the main items are the non-realized and realized losses with the gold derivatives, the non-realized portion, $24 million, and we paid $33 million with realized losses.

Combined, it was $55 million, compared to over $100 million we had in losses with derivatives in the last quarter. That explains a portion of also the improvement in our net income.

Income tax expenses coming as well as expected, considering strong results from the operations, some small other expenses bringing the net income to $95 million. Then here to the right side, we excluded the typical non-cash items, the unrealized portion of the losses with the gold derivatives, some non-cash impact with the deferred tax income.

Excluding those items, the adjusted net income would have been $109 million by the end of the quarter. Here we bring a detailed analysis of the change in the cash position of the company throughout the quarter.

We see in red in the left side here, we start with close to $290 million in cash. Here on the left side, we have what we call the recurring free cash flow to firm, which is the cash flow generated now by the six mines in production.

That portion of the business generated $95 million. It's pretty much stable compared to the previous quarter.

There are two items that consumed cash proportionally higher in the first quarter than we expect for the rest of the year. First is working capital.

We have some temporary increases in accounts payables and inventory in this quarter that should improve in the next few quarters. Also, income tax payments, where we paid $52 million in the first quarter.

The first quarter is usually the quarter that we pay the most of the taxes, where you have annual tax adjustments, especially in Mexico. That will not repeat in the same proportion during the rest of the year.

Then in the middle of the chart, we see the investment for growth, where we invested $26 million, mostly in expansion CapEx, already including Era Dorada. The CapEx, especially the expansion CapEx, is one that we expect to increase throughout the rest of the year, especially as we advance in construction of Era Dorada and also in the expansions in Almas.

Then here to the right side, we see how we allocated the cash in the financial items. We paid close to $20 million in gross debt, reducing the gross debt of the company, and distributed $55 million in dividends, ending our cash close to $207 million by the end of the quarter.

With this, we end the presentation, and open to questions. Thank you.

Hey. Hi, everyone.

Can you hear me?

Loud and clear.

Awesome. Yeah.

Two questions from my side. First, regarding the costs in Almas, I think it did came above expectations, and even the guidance range for the year.

At the same time, this was the only mine you haven't commented on the mine sequencing weighted on the second half of the year. I just wanted to make sure, first, what really drove the higher cost in Q1?

Second, do you see any risks to your cost guidance for Almas? If not, when can we expect some improvement in terms of cost for this mine specifically?

Second one, just if you could give us a bit more color on the maintenance stoppage of the CIL plant in Borborema. Is the situation resolved?

Should we see any impact on the second quarter? That would be great.

Thank you.

Sure. In Almas, while you mentioned, yeah, that Almas had a higher cash cost compared to the guidance, I would also invite you to take a look on all-in sustaining cash cost, that was actually below the guidance.

In the first quarter, what we had is a higher strip ratio and slightly lower grades, but along that will improve during the second semester. We are very much in line with the guidance for Almas.

We should also see improvement in MSG during the second semester. We should also see some improvement in Borborema, Minosa stable, and Aranzazu some improvement also during the second semester.

As we saw in Aura in the past, where the first semester is lower production, and we should see actually a significant improve on the second semester in terms of production, not on the second quarter, but third and fourth quarter. This varies about the mine sequencing, as just a quick reminder for investors, is that when we have a gold mining, it's very different from a major copper or iron ore where there's a disseminated, the grades doesn't vary and strip ratio doesn't vary.

Gold, the nature is not homogeneous. They always vary quarter by quarter.

Sometimes you reach higher grades, or sometimes lower grades. Sometimes you need to push back the pit, increase strip ratio.

Sometimes you just collect what you already pushed back the pit. There is some volatility in terms of the quarter, which if you look back on the last four years, that's what happened to our volatility quarter to quarter.

Actually, when we go to the average of the year, we are very much in line with the guidance that we provide to the market. We are very very much comfortable that we are moving ahead with our guidance.

Actually, on the upper hand of the guidance in terms of production.

Thank you. I just wanted to clarify that.

Borborema, you mentioned about the CIL. Borborema, it's now producing very well.

There's still improvements that we can do mainly on filters. The filters are where we have the bottleneck.

Although we overestimated now the filters are performing very close to slightly below the plant capacity, we already ordered, we already in construction of additional filters, already preparing them for further expansion. The new filters will also unlock some bottlenecks.

Those filters will be installed during Q3 and Q4. We should see also some improvements in Borborema in terms of production during this year, while we are finalizing our expansion plan for Borborema to reach 4 million tonnes on the upcoming years.

Great. Thank you.

Good morning, and thanks for taking my questions. Rodrigo, despite being solid results, I think there are some watch points when we compare the numbers with your production and cost guidance, right?

I just wanted to get a sense of which operations bring some concerns to you when you compare the production and cost evolution versus the guidance for the year. Lastly, if you can give us more details on your expectations for the second half this year in terms, again, of production and costs.

As a second question, particularly on the cost side, a lot has happened since you announced the cost guidance, right? We have the outbreak of the Middle East conflict.

I just wanted to understand what sort of cost pressure you're seeing driven by the conflict, and if you can give more details on the specific impacts on the cost side. Thank you.

Sure. No, thank you for the question, Rafael.

Where it has been more challenging the short-term and not structurally for us is MSG, of course. We were not expecting as low standards compared to what we can put in terms of infrastructure underground mine.

We are now putting more effort improving underground conditions in order to bring that mine into the productivity that we believe that can be achieved. Every time we have any kind of issues in MSG, as I was mentioned to the market in the last quarter, we will always focus on underground development, even if it has to jeopardize the production of the month.

If you have any equipment bottleneck, we'll divert all the equipment into underground development, not focus on production. That's what the main mistakes that the past owner was doing, is focusing too much on production and not doing the underground.

We need to un-bottleneck the underground mine. This is taking more time that we expected, but that's a thing that we can correct, things that we can manage, and that's within the budget that we were projecting to invest $20 to $30 million in order to improve that conditions in the mine.

On the other hand, structurally, the mine is actually better than what we expected. We saw a significant increase in the life of mine and resources and reserves of the mine, coming from 340, 360,000 up to 700,000 ounces, and still a lot of room to continue to improve our resources and reserves in that mine, that we have not yet even started to take a look on the exploration.

We are focused on the mine. Long-term, medium- to long-term projections on this mine is actually way better than we expected.

Short-term, more challenging. This is where we should see at the low range of the guidance, while some other mines also we can go beyond what we were expecting to offset part of this.

Yet, it's not our focus to have a high production this year in MSG. It's our focus is to improve underground mine conditions and finish the year with a very clear view that we can bring that mine above 80,000 ounces of production per year and close to $2,000 of all-in sustaining cash cost.

That hasn't changed, actually, when, as I mentioned, when we're doing underground development, we are moving far more efficient that they were doing in the past. Again, they were moving about 35 meters per month.

Now, we are reaching 60, 65 meters per month. This is being very satisfactory to see that we can, once we put them underground into our efficient, on the stable conditions, so that we can improve efficiency according to our plan.

In terms of the cost of diesel, this is all across the world that is happening. Our impact in all-in sustaining cash cost of the diesel should be between, depend on the mine, 6% to 8%.

Even if you increase 10% or 20%, that will have a 1% or 2% impact on our all-in sustaining cash costs. Of course, then a higher diesel triggers some inflation in many other different metals, but there's no other sector that is way protected to inflation against inflation that's gold and slightly copper.

If inflation picks up, gold is going to increase, somehow the investors are very well protected in this sector through inflation in U.S. dollars.

Thanks, Rodrigo. No, just as a follow-up on the first question.

I'm understanding that you're flagging more challenges on the MSG side, but is there any other operation that you'd like highlight as a watch point, or anything that we should look at, particularly in the second half? Thank you.

No, you should see upsides coming from Almas. We continue to do exploration.

We are increasing capacity. That mine, we are, as I mentioned, now we already expanded to 3 million tonnes per year, and we are just waiting for more confirmation and more exploration information in order to we go even further, and perhaps go to 4 million tonnes per year, which will combine several open pits and also underground development.

That's a very important upside that should be tackled by the market in the upcoming quarters, together with Borborema, that we are also now as we signed the contract to reallocate the road, now we are finalizing all the engineering for improving capacity up to 4 million tonnes. Also, we have several alternatives for more access to water, which is important in order for us to increase capacity.

On the following couple of months, we should have a decision on that, wrapping up with the new engineering, so that we can approve in the board between Q2, Q3 expansion for Borborema. Expansion coming up in Almas, expansion coming up in Borborema, while we continue to develop Era Dorada now going into full construction.

Perfect. Thank you.

Hi, everyone. Good morning.

Thank you for taking my questions. Two follow-ups from our side.

First one on MSG. Rodrigo, you commented some of the improvements that we expect throughout the year, but just wanted to better understand the timeline regarding the turnaround on the project.

Now that you are much more familiar with the operations, what could we expect in terms of run rate production by year-end? You mentioned that we should expect some decrease by second Q, but just wanted to understand what could be the run rate by the year-end, and what are the most important milestones that we should be aware on such turnaround?

Finally, still on MSG, just to clarify, but do you see any upside considering the potential normalized volumes for the operations by the end of this turnaround? My second question on Borborema, another follow-up, but you mentioned this expansion, right, to 4 million tonnes of plant feed after the expansion.

Just to get a better idea on timeline, when could we see such investments being deployed? If you could give us any idea on CapEx and production improvement considering marginal grades for the expansion would also be very helpful.

Thank you.

Okay. No, for MSG, the idea is to finish the year with a very clear view that we will be able, for the next year, to be close to 80,000 ounces of production per year and close to $2,000 of all-in sustaining cash cost.

That's our main objective. Key drivers for you to take a look on that is how far, how fast we are advancing on the underground development.

That's why I reinforce that in the past they were doing 30, 35 meters per month. Now, we are close to 60, 65 meters.

We should continue to advance the underground development so that we can invert the methodology, right? Now, the mine is operating from up to down, and then we need to do underground development in access so we can start doing bottom up.

This is what will change structurally our efficiency, recover dilution, and also productivity at the mine. We need time to do that, right?

We cannot do all those underground development in couple of months. It takes several months, and we believe that we'll be able to conclude that preparation by the end of this year.

We should not see strong numbers, very strong numbers on Q1 Q2, as I mentioned, slightly and gradual increase progress on Q3 and Q4, not because of structurally the inversion of the methodology, but now we are gaining efficiency, reducing costs all across the board with contracts, redefining some scope with suppliers, and so on. That's all happening at the same time, and we are very comfortable that we will achieve this goal by the end of the year.

In terms of Borborema, we have not yet approved in the board and disclosed the CapEx. Unfortunately, I cannot yet give you a guidance on this, but we will do so as we approve the information the board.

Investment reallocating the road, preparing a water access, and everything should take close to two years, but we will get more precise information as we approve in the board. As you well mentioned, we should not expect, for example, to keep exactly the same grade.

Doubling the capacity does not necessarily mean that we'll double the production, because then we can supply the additional capacity with a lower grade. Of course, when you have a restricted capacity, you focus on higher grade.

When you increase capacity, then you can have both high grade and medium grade. That will translate into a higher production, will translate in lower cash costs as well, but not necessarily will double the gold production.

Got it. Perfect.

Thank you very much.

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

Thank you very much. Hello, everyone.

Nice to hear from you. Appreciate the update today.

First question I'd like to ask about staging. There's a number of projects happening at the current moment.

There's the Borborema expansion, you're looking at going underground at Almas, there's Matupa waiting right after Era Dorada. Are you confident that you have a large enough team in place that you guys can handle all this?

Then, in answering that question, how do you think about the staging of all these projects and making sure that you have the best people in the right place at the right time?

Thank you for the question, Lawson. That's our main discussions that we have internally.

It's about people. We have a lot to perform in order to increase capacity.

Very few companies in the world can come from close to 300, 285,000 ounces of production last year, and the upcoming years reach over 600,000 ounces without new M&As, which we are also planning to do. That, of course, drags a lot of management attention.

We have a very strong team to build new mines. It's the same team that built Almas, is the same team that built Borborema, is the same team that's now in Era Dorada.

Of course, this team is increasing. That's why we are not overlapping the construction of Era Dorada and Matupa, right?

We don't want to build both. We could start building Matupa right now.

It's fully licensed, and we have the feasibility study, although we are updating, because we're going to incorporate a new deposits. We want to create a lag in order not to overlap the same functions of the team.

Then during the construction, you have the permit, early works, then you have the plant, and the ramp-up, right? We don't want to overlap exactly the same.

We want to lag. Perhaps start construction of Matupa during next year, where we will be already on the final phase of Era Dorada.

In Era Dorada, we already be on the very good speed. The team also combined with the local team in Borborema and Almas, is not taking full attention from the construction team in Borborema and full attention of the construction team in Almas, where there's some shared activities.

We're going to bring engineers and construction team also into the sites, not only using the Era Dorada team. It is things that we need to pay close attention.

That's mostly why we are not overlapping a construction of Matupa and Era Dorada. It's something that we cannot disregard, and that's our concern that we have, and that's where myself, Kleber, the technical team is spending a lot of time.

I think you read my mind, because you mentioned M&A as another demand on the time of management. Could you just describe the current pipeline of M&A opportunities, particularly vis-a-vis the last year and year before?

Would you describe the opportunity as increasing or decreasing? Any commentary on sort of on valuation, where sellers are thinking of valuation, and then where buyers are, and whether there's a gap there, or whether you think there's room for negotiation?

Good question. It was increasing the opportunities, but not for the right reasons.

Just because in the past, just couple of months ago, where when gold price reached $2,500, $2,400, increased the number of opportunities, but the expectation of the seller was completely out of what we would also paying. Now, we see some it's accommodating the expectation of the seller and expectation of the buyer.

There's still some gap, but there's more room to work. We are confident that now we can engage in a more attraction can get more traction in in M&A activities along the year.

Of course, it's unpredictable, M&A. It's a combination of what we want and what is available.

The fact is there are opportunities. We're looking few alternatives.

There's nothing that is advanced. There's nothing that is close to to happen.

We are, of course, prospecting and engaging in few different conversations. M&A is like an investor, what the investor does, right?

They select 10 10 companies, start analyzing, deep diving in six, start negotiation five to get only one, right? That's and takes time.

Thank you. That's all my questions.

Today's update has been very helpful. Thank you for that.

Thank you, Lawson.

Hello, everyone. Good morning.

Can you hear me well?

Yes.

Okay. I think I just have a couple of follow-ups from the questions that you already answered.

My first one, just a follow-up on the question that you've just answered on M&As. As you already flagged, I think we have Matupa already under the radar.

The company still have a very comfortable cash flow and actually balance sheet position at this point. My first question here is, when it comes to M&A, you mentioned that you know what you want.

Can you share just a little bit on what are the main perspectives that you search when you are thinking about the M&As? If you have any specific region that you see more availability, if you want to grow more in Brazil?

Just to understand a little bit of the profile that you are looking to the next M&As. I would do my second question after.

Sure.

No, I think it's clear that we are Americas player, North America, Central America, and South America player. We are not focusing and looking alternatives in Africa, Asia, or Australia.

We are a gold and copper, we look in both sides. We liked combination of gold and copper.

We used to be 30% copper, 70% gold. Gold price has improved.

We are investing in gold mostly in the last three years, so that copper is being reduced. We would like, preferably, to increase copper in our portfolio.

Yet, the alternatives that we've been seeing in gold is way more attractive. That's why we are now more on gold.

We don't look for state-of-the-art projects. Those projects, state-of-the-art and flagship assets, they tend to be overpriced and overvalued.

Normally, companies overpay for state-of-the-art projects that has full feasibility, big production, higher grade, and no concern in any kind of jurisdiction and so on. I think if you look what we've done in the past is a very good example in what we would look in the future.

Take Borborema. We don't like also to take a full exploration risk.

We are not a exploration developer. We don't feel we have the skills to find new mines out of the blue.

We like to enter in projects that already has good progress in terms of exploration, significantly de-risked also in exploration. Borborema has already resources and reserves, had problem with water access.

We had an angle to solve the water access, and then we could implement the project. Era Dorada that could be defined as state of the art in terms of grades and capacity, but had a strong local and community opposition, because the project was open pit.

We converted back to underground, we could unlock the opposition from the community. Actually, now they support the project.

That's why we are moving forward with them. Those are greenfield projects, close to construction, not a lot of exploration risk, but had some issues that we had to put our people to work and unlock the value.

Another example, MSG, a mine that's already operating, but not core for major players, that is underperforms in terms of productivity, that we understand that we can buy for a good value, implement all that we know how to do, the turnaround, improve efficiency gains, and then put that mine into a higher production. There's always going to be a very strong eyes and where are we adding value to that project, not just buying for full price to increase capacity by size on objective.

Very clear on that one. The second question is still on MSG.

I think that's the main subject here today. When we check your guidance on costs, of course, they are higher than the average of your projects, but this kind of implies that your second-half costs are going to be almost half.

How confident do you feel that this is going to be delivered? What is your main struggle to actually reach that guidance?

Do you feel that Like we discussed a lot of moving parts, right, with the underground development, with the FX, also with the diesel? Do you feel there is room for this to get even further than the top of your guidance here?

No, I don't know where you got the number that we need to now perform as a half during the second semester, because that should be also have a higher production, on a weighted average. Maybe not sure which calculation you made, but there will be improvement on the second semester.

Structurally, No,

sorry. Just to mention that is just thinking on cash cost per ton as an average, but that's fair.

Yeah.

Structurally, we will see improvement in Q3 and Q4. Structurally, is a mine that will not have the average of our Aura.

Structurally, is a mine, actually, that will push our all-in sustaining cash costs above the average that we have, and that's not a problem, because we paid only $76 million to this, and the internal rate of return of this project will be significantly high to our shareholders, particularly now It was already high, and now you add the new resource and reserves. It's a project that we feel very comfortable.

It's coming more challenging on the short term, as we expected. In the other hand, is way above expectations on the long term.

We are not focusing too much on production, and not focusing too much on cash costs during the first, second quarter, and we'll see improvement on the second semester. Our main objective, which is all the KPIs and the variable remuneration on this project is way more towards preparing this mine to get close to 80,000 ounces of production and close to $2,000 of all-in sustaining cash cost so that we can plan that for next year.

Very clear.

My last question

Sorry.

No, go ahead.

Yeah. No, my last question, and I think we didn't discuss this a lot here in this call, but just kind of understand your view on gold prices.

I think overall market remains very bullish on the overall story. We agree with that.

Just wanted to hear your thoughts on how do you see all this impact from the recent war developments, and how is your perspective for this year? If we see the variables

First, I'd like to also disclose that I don't feel that I am an expert in gold price, right? I think investors are way more informed than on that.

We don't take decisions in Aura expecting gold price to go up and down. We take decisions based on what is the higher production I can achieve at the lowest cost, that's it.

Gold price is just an input. Nevertheless, I need to learn, I need to participate and analyze, and I talk to many people, participate in other boards.

I need to follow. The idea is that on the big picture, what has been pushing gold prices up is been two major variables.

Number one is the access of capital, the access of liquidity in the world. You'll see United States at $39 trillion now on debt, and plus $2, $3 trillion per year in terms of deficit.

Now changing treasuries, paying treasuries that cost 1%, 2% to treasury that cost close to 4%. That increases significantly the financial expense over access of that over access of deficit.

The world is starting to think where this can go, right? Maybe they might have to print, maybe they'll have to lower interest and live with inflation.

That has not changed. Actually, that is the wars are even getting this worse, because countries that is the same situation with Europe.

Actually, Europe is way worse than United States. Comparatively to every other country in the world, the United States is not that bad, but yet is not easy to tackle that deficit.

The whole war now, United States is reducing the amount they spend on army in Europe, in other countries, they will now talking about increasing the budget for defense, while they should be decreasing the deficit. That's only pushing deficit to a higher levels.

That's only pushing the need to print money higher. That's one thing that the world is happening now.

It's all situations only deteriorate in terms of public accounts and deficits. The most interesting, Tatiane, is that we don't hear any single conversation about governments about tackling the deficit, right?

There's all many other subjects to talk, but reducing costs has not been politically talked in any country so far. That is will push, can continue to push gold ahead.

Another, the second point that pushes gold ahead, that has not changed, and actually is also improving in terms of pressure is the result of the war of Ukraine and Russia, where the world confiscated all the US dollars from Russia has just hit the alarm that countries that don't feel aligned with the United States, they should not have super high exposure to US dollar, which means treasury. What we've been seeing now in the world is China continue to import and produce higher gold, and continue to central banks also on high, very high purchase last quarter, another record high purchase from central banks, particular in China, which they disclose, we do not know what they do not disclose.

That's just getting worse and worse. The factors that push gold higher are there and getting even more present.

On the short term, there is this volatility that happens. If, my humble opinion, is that we will continue to see gold prices going up.

Actually, I would also invite that was just reading other day that who's buying the treasury now, right? We see now Fed buying treasury in internal market in the United States.

The world is not anymore giving that much of support for the US debt. That is structurally significant change in the world, while perhaps US will not be that important in the upcoming years, in the upcoming decades as the major place.

We continue to be important, but perhaps losing some importance, and gold plays a major role on this rebalancing of currencies.

Thank you very much, Rodrigo. Very clear.

Hi, everyone. Hi, Rodrigo, Kleber, Natasha.

Thank you for the questions. I want to start, and I'm sorry to insist in this point, Rodrigo, on the cost front.

I think that you were super clear about the gradual improvement in production throughout the year. This makes us comfortable that you are going to achieve your production guidance for the year, but on the cost front, we are a little bit disappointed in first Q.

We understand that there are some mine sequencing, there is the infrastructure works at MSG, and so on and so forth, but we have something that is important that is the FX impact, right? I want to understand from you, first, which was the average FX that you considered during the guidance?

Do you have any sensitivity about the impact of a stronger BRL and also a stronger Mexican peso on your cost guidance? Because this, despite you being very comfortable about the operational performance, maybe could put your performance in the year more closer to the upper end of the guidance, right?

Or do you think that there is room to be even better in terms of operational and more than offset the impact of the FX here? Then, my second question is related to the hedges, right?

We have been discussing this a lot, how are you going to think about hedging policy going forward? The fact is, for Almas and for Borborema, you started building the hedges once you approved the projects, right?

Now, you approved Era Dorada, and I wanted to understand, what are you going to do in terms of hedges for Era Dorada, if you are doing something or not, and when you want to build that? Also, to connect this with my first question, do you consider any structure in terms of hedges for the FX, zero-cost collar, and so on and so forth?

We know that some companies, not gold companies, but other companies that we cover, they are using a lot of structures of zero-cost collars for FX for costs, and so on and so forth. How do you think about that also?

Thank you. Good.

I will start the first question, and then I'll ask Kleber to finish. Talk more specific of the FX, and then we go back to the hedges, right?

In terms of our cash cost and all-in sustaining cash costs, as we highlighted, and I will reinforce that it varies quarter by quarter, mine by mine, according to the mine sequencing, mainly due to grades, strip ratio, and where if you're pushing back the pit or not, right? We will see a progress in terms of production during the second semester, that gives us very comfortably that we can reach a production at the middle of, if not above the middle of the guidance, right?

Close to that. That will reflect also in cash costs.

We'll see higher production and lower cash costs, also very comfortably that we'll be in the guidance. Kleber, if you want to talk a little bit more on FX impact in Brazil, Mexico, I think that'll be good.

Yeah.

Edgard, yeah, the FX was around the 5.30 that we use in the guidance. Yes, there is some challenge, but so far, as we see and we do our rolling forecasts, that we would still be comfortable in delivering the cash costs and all-in sustaining cash costs of the Brazilian operations.

We have also cost reduction initiatives in all the business units. Considering the levels where the Mexican peso and the Brazilian real are now, we're comfortable with that guidance, without the need to review the guidance, considering the current depreciation of those two currencies.

I can comment on the hedging, as well?

You can comment.

Yeah. On the hedges, and you compared with what we did for Borborema and Almas, it's important just to, first, understand the context when we did the hedges, and second, where we are now.

Historically, we did the hedges to protect the company, because was major investments we did at those times. If gold prices had some reduction, sharp reduction, that could put the company at the risk at the time.

Then historically, we did a zero-cost collar. Selling the calls was a way to finance the insurance, which was the put options, no, to hedge until we got the payback, and make sure that the money we invested in the project, we got the payback.

What's the difference now, no? First is, in terms of company, we are much more diversified.

If you remember, when we started building Almas, we had only three other mines. Now, we have six.

We are less exposed at risk one with one single project. Second, also our margins now are much stronger, much higher, and with the EBITDA margins and the cash conversion than at the time.

We have much more buffer, and financial risk is much less. Regardless that, we are analyzing.

We still are discussing with the board. Potentially, we have now an opportunity not to do zero-cost collar like we did in the past.

We might buy put options, because gold price went so much in the last few years. That might be much cheaper today to buy put options, we might put an insurance in place without giving up on the upside.

Still, because we have that less pressure, and because there has been so much volatility in the gold prices in the last couple of weeks, any option becomes more expensive. We are analyzing.

We keep quoting and seeing the cost of these structures, and discussing with the board the scenarios and the right time to implement this kind of hedging.

Yeah. For exchange rate, there's nothing you can do against or in favor in the long term.

You can hedge short term, that has a cost. Structurally, you don't change, you don't protect your business of a hedging short term.

If you have a important milestone that you need to achieve and if you have a CapEx to do that you already calculated on internal rate of return, and half of the CapEx in dollars, half of the CapEx is in reais, then we might think. Structurally, there's nothing you can do.

You're just going to pay every quarter to do a hedge that won't change your business overall. What we can do is get more if the exchange rate pushes our cost up, more focus, more attention, and try to bring back the costs down by new efficiencies gains or cost reduction.

AI, it's coming deep, right? It will give many companies alternatives to find places to reduce costs.

Okay. Thank you, Rodrigo.

Really liked the pictures from Era Dorada. Very interesting to see advancing there.

See, thank you. Oh yeah, it's coming.

Hi, guys. Good morning.

Two questions on my side, as well. I think the first one is a simpler one.

The company has been delivering several triggers and milestones, especially since the IPO last year. Looking forward, what else can we expect to be announced until the end of this year?

What are the next milestones for the investment case? If I may have a second one, just a follow-up on the M&A discussion.

We have been seeing other bigger gold projects being developed in Latin America. I think especially in Guyana, with productions in the north of 200, 250 ounces.

Can we expect Aura to be looking at this kind of project? Rodrigo mentioned that it has to be something that Aura can add value to.

Despite being bigger assets, I think they are still sitting on more challenging jurisdictions that you guys can operate quite well. Just wanted to hear your thoughts on that, as well.

Thank you.

Thank you. Thank you, Marcelo.

All right. In terms of triggers, I think we have expansion of Borborema, we have exploration and further expansion perhaps in Almas, but that more towards the end of the year.

We are also updating feasibility study for Matupa towards also the end of the year. Of course, the improvement, the progress we make with the turnaround in MSG.

Those are important factors for us to monitor along the next quarters. In terms of M&A, well, we monitor those transactions.

Some of them we participate, some we don't. Some we like, some we don't like.

It's not that we do not like bigger mines, 200, 300,000 ounces, but we need to find where is Aura going to build value into that operation, right? That will always depend on the entry price.

We are very very concerned and very focused on internal rate of return. If you overpay, and then your internal rate of return is going to be reduced, and normally, you overpay for very big assets, then you leverage or you put a lot of capital in a lower-return project that can jeopardize everything.

Our story has been super successful so far. We believe we can continue to do projects between 100 and 150, where shows ability to have a higher internal rate of return up to a million ounces.

After that, then we would have to rethink our strategy. For sure, then we would have to go into a bigger project that has lower return.

I think there's still room for us to continue to grow in a high-return projects up to a million ounces. After that, we'll have to reshuffle and rethink the strategy, and go to a lower-return projects.

That's very clear. Thank you.

No, just to recap, we are moving forward very solid steps towards our story that we shared with the market at first in 2020, and recently with the Nasdaq listing in 20 mid-2025. We are increased production, we developed Borborema last year.

Borborema continued to improve production this quarter. We mentioned that we would continue to grow through acquisitions.

We acquired MSG. MSG now is in the turnaround process, very much on our focus is to buy greenfield project that ready to build or mines that is in operations that we have an angle to add value, do the turnaround.

We did that also with MSG. We mentioned to the market that we would start construction of a new greenfield project during this year, either was Era Dorada or Matupa.

We just approved the construction of Era Dorada. We also mentioned to the market that we would increase resources and reserves.

We just published a 20-F with a significant increase in reserves to over 7 million ounces and now resources above 3 million ounces, so that's also extended the life of mine of our mines while we also increase the production. We also mentioned to the market that we would have to increase our daily trading volume.

Now, we are delivering, on average, last quarter $95 million. We are doing very solid steps towards our strategy to reach above 600,000 ounces, which is already defined.

We know how, very well, how to get there. We would like to continue to grow through M&A, as I just mentioned that we aim to achieve 1 million ounces, but that would require new M&As that we should do perhaps in the upcoming years.

It was a also solid quarter in terms of results. As the market and analysts are question, all-in sustaining cash costs above the other quarters, most of these come from MSG, which was expected, and secondly also from mine sequencing, which was also expected.

We should see second semester coming in strong, which will improve production, also reduce the all-in sustaining cash costs, while doing all of that, continued a very solid step with dividends, continue to be one of the highest dividend yield in the sector, despite that our shares has significantly appreciated. Our dividend yield, of course, reduced compared to what we were one year ago, not because of the lower dividends, just because now the market start to pick up.

Yet, there's still a lot of room to increase the multiple. We'll be tackling this multiple by increased liquidity, more conversation with investors, telling more the story, and walking the talk and increasing our size.

I thank you all for participation, and then we will be following up with the market as we have any kind of news.