Aura Minerals (AUGO) Investor Day 2025 summary

Strategic direction and growth plans

• Maintains a consistent strategy focused on greenfield project development, operational improvements, and acquisitions, with no change in direction since 2020.

• Targets gold equivalent production above 600,000 ounces in the next few years, more than doubling recent output, driven by expansions and new projects, all fully funded by internal cash flows and debt capacity.

• Ongoing and future projects include Borborema, Almas, Era Dorada, Matupá, and MSG, with feasibility studies and permitting advancing as planned.

• Exploration investments of $88 million from 2022-2024 have tripled reserves and resources over five years, focusing on both near-mine and greenfield targets.

• Daily trading volume has increased significantly post-Nasdaq listing, supporting higher liquidity and potential for index inclusion.

Financial performance and capital allocation

• EBITDA reached $419 million in Q3 2025 LTM, with a 67% cash conversion rate and strong IRRs for new projects (Borborema 32%, Era Dorada 36%).

• Over $900 million allocated to growth and shareholder returns since 2021, while maintaining low leverage and a healthy balance sheet.

• Dividend yields have ranged from 6% to 13% over the past five years, with $276 million returned to shareholders via dividends and buybacks since 2021.

• Capital allocation prioritizes high IRR, quick payback, and risk mitigation, with flexibility for project expansion post-de-risking.

• All-in sustaining costs remain competitive ($1,000–$1,100/oz), with a strategy of acquiring higher-cost assets for turnaround and maintaining low-cost greenfield growth.

Operational execution and project pipeline

• Six operating mines, two in development, and one exploration project, with all major projects delivered on time and on budget, setting industry benchmarks for speed and safety.

• Almas and Borborema expansions are underway, with capacity increases and underground development to extend mine life and production.

• MSG acquisition turnaround focuses on de-bottlenecking, cost reduction, and resource-to-reserve conversion, targeting significant AISC reduction and stable production above 80k oz/year.

• Era Dorada and Matupá projects advancing, with Era Dorada feasibility study completed, construction readiness, strong community support, IRR at 35.6%, and NPV of $1.34 billion.

• Safety performance is industry-leading, with zero lost-time injuries in 2025 YTD and a strong safety culture across all sites.