Aura Minerals (AUGO) Registration filing summary

Company overview and business model

• Operates as a mid-tier gold and copper producer with mines in Brazil, Mexico, and Honduras, and development projects in Brazil and Guatemala.

• Focuses on operational efficiency, disciplined capital allocation, and sustainable growth, with a decentralized management structure.

• Portfolio includes four operating mines, one ramp-up mine, and several development/exploration projects, with a strong track record of on-time, on-budget mine development.

• Recent acquisitions include Borborema (2022), Bluestone (Era Dorada, 2025), and a pending acquisition of Mineração Serra Grande (MSG) from AngloGold Ashanti.

• Diversifies risk by operating in multiple democratic jurisdictions and maintains a strong ESG focus through the Aura 360 initiative.

Financial performance and metrics

• For the year ended December 31, 2024: revenue $594.2M, gross profit $251.3M, operating income $205.4M, adjusted EBITDA $266.8M (44.9% margin), and adjusted net income $69.2M.

• Net cash from operating activities was $222.2M, with adjusted free cash flow of $178.2M and cash conversion of 66.8%.

• Cash costs per gold equivalent ounce (GEO) sold were $1,042, and all-in sustaining costs (AISC) were $1,320 per GEO.

• Dividend yield plus buybacks reached 7.9% in 2024, with $218M returned to shareholders since 2021.

• As of March 31, 2025: cash and equivalents $198.1M, net debt $271.9M, and total assets $1.14B.

Use of proceeds and capital allocation

• Net proceeds of ~$192.2M (up to $221.8M if underwriters' option exercised) will fund the upfront cash payment for the MSG Acquisition, potential capex at MSG, and provide liquidity for strategic growth initiatives and exploration.

• Additional funds will support advancement of Era Dorada, Matupá, Carajás, and general corporate purposes.

• Capital allocation strategy prioritizes high-IRR projects, disciplined expansion, and shareholder returns.