Aura Minerals (AUGO) Investor Day 2025 summary

Strategic direction and growth plans

• Aims to more than double gold production to over 600,000 ounces/GEO in the next few years, leveraging internal projects, recent acquisitions, and expansion projects, with all growth fully funded by internal cash flows and debt capacity, without relying on new M&A.

• Maintains a consistent strategy focused on greenfield project development, expanding resources and reserves, operational improvements, and disciplined capital allocation, with no change in strategic direction since 2020.

• Ongoing and future projects include El Dorado/Era Dorada, Matupá, Borborema, and MSG, with feasibility studies, permitting, and expansions 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 previous years at $136M in 2023 and $267M in 2024, and a 67% cash conversion rate; further upside expected from higher gold prices and new production.

• Dividend policy pays 20% of EBITDA minus recurring CapEx, with yields ranging from 6% to 13% over the past five years, and $276 million returned to shareholders via dividends and buybacks since 2021.

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

• Capital allocation prioritizes high-return (minimum 20% IRR), fast-payback projects, minimizing upfront capex and risk, and expanding with project-generated cash flows.

• Maintains competitive all-in sustaining and cash costs, positioned in the second quartile of the industry, with a strategy of acquiring higher-cost assets for turnaround and maintaining low-cost greenfield growth.

Operational excellence and project delivery/execution

• Six operating mines, two in development, and one exploration project, with all major projects delivered on time and on budget, including Almas and Borborema expansions.

• MSG acquisition is undergoing operational turnaround, targeting significant AISC reduction and stable production above 80k oz/year.

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

• Decentralized decision-making empowers local teams, enabling agile responses and continuous operational improvements.

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