Aura Minerals (AUGO) Investor Day 2024 summary

Strategic vision and growth outlook

• Maintains a disciplined strategy focused on responsible growth, value creation, and a strong asset portfolio, supported by a robust balance sheet and empowered teams.

• Targets production growth to 450,000–500,000 ounces, with Borborema coming online in 2025 and further upside from Cerro Blanco and Matupá projects.

• Structured for growth with four operating mines, one under construction, and one in development, plus copper in research.

• Actively pursues M&A opportunities, including the Bluestone/Cerro Blanco acquisition, and continues to evaluate additional targets.

• Committed to paying dividends alongside growth, with a policy of distributing at least 20% of EBITDA.

Financial performance and capital management

• Achieved record LTM production of 270k GEO, in line with guidance, and targets over 450k GEO in coming years.

• EBITDA reached $228M LTM, up from $134M in 2023, with strong cash generation and high dividend yields (9.3% in 2024).

• Maintains low leverage (0.6x), flexible funding, and avoids large, long-term bonds, with extended debt maturities and reduced funding costs.

• Cost control is a competitive advantage, with sustaining cash costs below $1,300/oz and AISC at $1,302/oz, outperforming larger peers.

• Invested $395M in exploration, expansion, and M&A since 2021, while distributing $219M in dividends and buybacks.

Project updates and operational excellence

• Almas: Ramp-up completed in 4 months, plant expanded to 1.8Mt/yr, record production in 3Q24, and ongoing underground exploration.

• Borborema: 60% constructed, fully financed, first gold pour expected Q1 2025, with potential to double reserves after road relocation.

• Matupá: In development, with significant resource expansion potential at Pezão and Pé-Quente.

• Aranzazu: Over three years of stable production, new molybdenum by-product project, and ongoing deep exploration.

• Minosa: 40 years in operation, seven consecutive quarters of production growth, and new exploration phases underway.