Category: Canada

ANNUAL INFORMATION FORM

For the year ended December 31, 2023

Dated as of April 1, 2024

TABLE OF CONTENTS

• 1 INTRODUCTORY NOTES …………………………………………………………………………………………………………………. 5

• 2 CORPORATE STRUCTURE AND DESCRIPTION OF CAPITAL STRUCTURE ……………………………………. 6

• 3 GENERAL DEVELOPMENT OF THE BUSINESS ……………………………………………………………………………….. 7

• 3.1 THREE YEAR HISTORY ……………………………………………………………………………………………………………. 8

  • 3.1.1 Recent Developments ……………………………………………………………………………………………………………. 8

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    3.1.2 Management Updates ……………………………………………………………………………………………………………. 9

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    3.1.3 Normal Course Issuer Bid and Buyback Program from BDRs …………………………………………………….. 9

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    3.1.4 Gold Road Sale …………………………………………………………………………………………………………………… 10

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    3.1.5 Big River Acquisition ………………………………………………………………………………………………………….. 10

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    3.1.6 Minosa ………………………………………………………………………………………………………………………………. 10

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    3.1.7 Apoena (EPP Project) ………………………………………………………………………………………………………….. 11

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    3.1.8 Aranzazu ……………………………………………………………………………………………………………………………. 11

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    3.1.9 Almas ………………………………………………………………………………………………………………………………… 11

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  4 DESCRIPTION OF THE BUSINESS ………………………………………………………………………………………………….. 12

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    4.1 PRINCIPAL MARKETS AND DISTRIBUTION METHODS ………………………………………………………… 12

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    4.2 EMPLOYEES ……………………………………………………………………………………………………………………………. 12

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    4.3 SPECIAL SKILL AND KNOWLEDGE ……………………………………………………………………………………….. 12

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    4.4 BUSINESS CYCLES …………………………………………………………………………………………………………………. 12

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    4.5 COMPETITIVE CONDITIONS ………………………………………………………………………………………………….. 12

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    4.6 RAW MATERIALS (COMPONENTS) ………………………………………………………………………………………… 12

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    4.7 ENVIRONMENTAL PROTECTION …………………………………………………………………………………………… 13

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    4.8 SOCIAL OR ENVIRONMENTAL POLICIES ……………………………………………………………………………… 13

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    4.9 2023 GOLD AND COPPER SALES ……………………………………………………………………………………………. 14

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    4.10 OPERATIONS IN EMERGING MARKETS ………………………………………………………………………………… 14

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      4.10.1 Control over and Communication with Foreign Subsidiaries …………………………………………………….. 14

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      4.10.2 Board and Management Expertise …………………………………………………………………………………………. 15

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      4.10.3 Internal Control Over Financial Reporting and Funds ………………………………………………………………. 15

4.10.4 Records ……………………………………………………………………………………………………………………………… 15

5

MINERAL PROJECTS ……………………………………………………………………………………………………………………… 15

5.1 ARANZAZU MINE …………………………………………………………………………………………………………………… 15

• 
  5.1.1 Introduction ………………………………………………………………………………………………………………………… 15

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  5.1.2 History, Location and Ownership ………………………………………………………………………………………….. 16

• 
  5.1.3 Geology and Mineralization …………………………………………………………………………………………………. 17

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  5.1.4 Exploration and Data Management ……………………………………………………………………………………….. 18

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  5.1.5 Mineral Resource Estimate …………………………………………………………………………………………………… 18

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  5.1.6 Mineral Reserve Estimate …………………………………………………………………………………………………….. 19

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  5.1.7 Mine Design ……………………………………………………………………………………………………………………….. 20

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  5.1.8 Metallurgy and Processing ……………………………………………………………………………………………………. 20

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  5.1.9 Infrastructure ………………………………………………………………………………………………………………………. 21

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  5.1.10 Environment ………………………………………………………………………………………………………………………. 21

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  5.1.11 Operational Costs (Opex) …………………………………………………………………………………………………….. 22

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  5.1.12 Capital Costs (Capex) ………………………………………………………………………………………………………….. 23

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  5.1.13 Financial Evaluation ……………………………………………………………………………………………………………. 23

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  5.1.14 Conclusions and Recommendations ………………………………………………………………………………………. 25

• 
  5.1.15 2023 Company Update ………………………………………………………………………………………………………… 26

• 
  5.2 SAN ANDRES MINE ………………………………………………………………………………………………………………… 34

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    5.2.1 Introduction ………………………………………………………………………………………………………………………… 34

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    5.2.2 Project Description and Location …………………………………………………………………………………………… 34

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    5.2.3 Accessibility, Climate, Local Resources, Infrastructure and Physiography …………………………………. 34

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    5.2.4 History ………………………………………………………………………………………………………………………………. 35

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    5.2.5 Geology and Mineralization …………………………………………………………………………………………………. 36

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    5.2.6 Exploration, Drilling, Sampling, Analysis, and Data Verification ……………………………………………… 37

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    5.2.7 Metallurgical Testing …………………………………………………………………………………………………………… 39

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    5.2.8 Mineral Resources and Mineral Reserves ……………………………………………………………………………….. 40

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    5.2.9 Mining and Processing …………………………………………………………………………………………………………. 42

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    5.2.10 Environmental Considerations ………………………………………………………………………………………………. 43

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    5.2.11 Economic Considerations …………………………………………………………………………………………………….. 44

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    5.2.12 Conclusions and Recommendations ………………………………………………………………………………………. 44

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    5.2.13 2023 Company Update ………………………………………………………………………………………………………… 45

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  5.3 APOENA MINES (EPP) …………………………………………………………………………………………………………….. 49

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    5.3.1 Introduction ………………………………………………………………………………………………………………………… 49

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    5.3.2 Reliance on Other Experts ……………………………………………………………………………………………………. 50

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    5.3.3 Property Description and Location ………………………………………………………………………………………… 50

  • 
    5.3.4 Accessibility, Climate, Local Resources, Infrastructure, Physiography, and Socio-Economic Context

    
    51

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    5.3.5 History ………………………………………………………………………………………………………………………………. 52

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  5.3.6 Geology and Mineralization …………………………………………………………………………………………………. 53

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  5.3.7 Drilling, Sampling and Assaying …………………………………………………………………………………………… 55

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  5.3.8 Data Verification and QAQC Measures …………………………………………………………………………………. 57

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  5.3.9 Nosde and Lavrinha Mineral Resource Estimate ……………………………………………………………………… 57

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  5.3.10 Mineral Processing and Metallurgical Testing ………………………………………………………………………… 60

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  5.3.11 Recovery Methods ………………………………………………………………………………………………………………. 62

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  5.3.12 Mineral Reserve Estimate …………………………………………………………………………………………………….. 63

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  5.3.13 Mining Method …………………………………………………………………………………………………………………… 65

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  5.3.14 Environmental Studies, Permitting, and Social or Community Impacts ………………………………………. 66

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  5.3.15 Economic Analysis ……………………………………………………………………………………………………………… 68

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  5.3.16 2023 Company Update ………………………………………………………………………………………………………… 68

• 
  5.4 ALMAS MINE ………………………………………………………………………………………………………………………….. 83

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    5.4.1 Introduction ………………………………………………………………………………………………………………………… 83

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    5.4.2 Property Description and Ownership ……………………………………………………………………………………… 83

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    5.4.3 Geology & Exploration ………………………………………………………………………………………………………… 84

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    5.4.4 Drilling, Sampling, and Assaying ………………………………………………………………………………………….. 84

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    5.4.5 Data Verification ………………………………………………………………………………………………………………… 85

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    5.4.6 Mineral Processing and Metallurgical Testing ………………………………………………………………………… 85

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    5.4.7 Mineral Resources ………………………………………………………………………………………………………………. 85

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    5.4.8 Mining Methods ………………………………………………………………………………………………………………….. 88

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    5.4.9 Recovery Methods ………………………………………………………………………………………………………………. 89

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    5.4.10 Project Infrastructure …………………………………………………………………………………………………………… 90

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    5.4.11 Market Studies and Contracts ……………………………………………………………………………………………….. 91

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    5.4.12 Environmental Studies, Permitting and Social or Community Impact ………………………………………… 91

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    5.4.13 Capital and Operating Costs …………………………………………………………………………………………………. 92

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    5.4.14 Economic Analysis ……………………………………………………………………………………………………………… 93

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    5.4.15 Conclusions ………………………………………………………………………………………………………………………… 97

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    5.4.16 Recommendations ……………………………………………………………………………………………………………….. 97

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    5.4.17 2023 Company Update ………………………………………………………………………………………………………… 97

• 
  5.5 MATUPÁ PROJECT ………………………………………………………………………………………………………………… 101

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    5.5.1 Property Description and Ownership ……………………………………………………………………………………. 101

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    5.5.2 Geology and Exploration ……………………………………………………………………………………………………. 101

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    5.5.3 Drilling, Sampling and Assaying …………………………………………………………………………………………. 102

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    5.5.4 Data Verification ………………………………………………………………………………………………………………. 104

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    5.5.5 Mineral Processing and Metallurgical Testing ………………………………………………………………………. 104

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    5.5.6 Mineral Resources …………………………………………………………………………………………………………….. 106

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    5.5.7 Mineral Reserve ………………………………………………………………………………………………………………… 110

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    5.5.8 Mining Method …………………………………………………………………………………………………………………. 111

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    5.5.9 Operational Production Mining …………………………………………………………………………………………… 112

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  5.5.10 Recovery Methods …………………………………………………………………………………………………………….. 113

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  5.5.11 Project Infrastructure …………………………………………………………………………………………………………. 114

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  5.5.12 Environmental Studies, Permitting and Social or Community Impact ………………………………………. 114

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  5.5.13 Capital and Operating Costs ……………………………………………………………………………………………….. 115

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  5.5.14 Economic Analysis ……………………………………………………………………………………………………………. 116

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  5.5.15 Conclusion ……………………………………………………………………………………………………………………….. 118

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  5.5.16 Recommendations ……………………………………………………………………………………………………………… 119

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  5.5.17 2023 Company Update ………………………………………………………………………………………………………. 119

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  5.6 BORBOREMA PROJECT ………………………………………………………………………………………………………… 119

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    5.6.1 Property Description and Location ………………………………………………………………………………………. 119

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    5.6.2 Geology and Exploration ……………………………………………………………………………………………………. 119

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    5.6.3 Drilling, Sampling & Assaying ……………………………………………………………………………………………. 121

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    5.6.4 Data Verification ………………………………………………………………………………………………………………. 124

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    5.6.5 Mineral Processing and Metallurgical Testing ………………………………………………………………………. 124

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    5.6.6 Mineral Resources …………………………………………………………………………………………………………….. 125

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    5.6.7 Mineral Reserve ………………………………………………………………………………………………………………… 131

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    5.6.8 Mining Method …………………………………………………………………………………………………………………. 132

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    5.6.9 Recovery Methods …………………………………………………………………………………………………………….. 132

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    5.6.10 Project Infrastructure …………………………………………………………………………………………………………. 133

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    5.6.11 Environmental Studies, Permitting, Social and Community Impacts ………………………………………… 134

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    5.6.12 Capital and Operating Costs ……………………………………………………………………………………………….. 134

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    5.6.13 Economic Analyses ……………………………………………………………………………………………………………. 135

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    5.6.14 Conclusion ……………………………………………………………………………………………………………………….. 138

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    5.6.15 Recommendations ……………………………………………………………………………………………………………… 138

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    5.6.16 2023 Company Update ………………………………………………………………………………………………………. 138

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  5.7 AGGREGATED MINERAL RESOURCE AND RESERVES ……………………………………………………….. 138

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  6 ADDITIONAL PROPERTIES ………………………………………………………………………………………………………….. 142

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  6.1 TOLDA FRIA PROJECT ………………………………………………………………………………………………………….. 142

  
  6.2 SERRA DE ESTRELA PROJECT ……………………………………………………………………………………………… 143

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  7 DIVIDENDS ………………………………………………………………………………………………………………………………….. 143

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  8 MARKET FOR SECURITIES ………………………………………………………………………………………………………….. 144

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  9 PRIOR SALES ……………………………………………………………………………………………………………………………….. 145

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  10 DIRECTORS AND OFFICERS ………………………………………………………………………………………………………… 145

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  11 RISK FACTORS …………………………………………………………………………………………………………………………….. 148

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  12 TRANSFER AGENTS AND REGISTRARS ……………………………………………………………………………………… 159

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  13 INTERESTS OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS ………………………… 160

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  14 LEGAL PROCEEDINGS AND REGULATORY ACTIONS ……………………………………………………………….. 160

  
  MATERIAL CONTRACTS ……………………………………………………………………………………………………………… 160

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  16 INTERESTS OF EXPERTS ……………………………………………………………………………………………………………… 160

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  17 ADDITIONAL INFORMATION ………………………………………………………………………………………………………. 161

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  18 AUDIT COMMITTEE DISCLOSURE ………………………………………………………………………………………………. 161

1

INTRODUCTORY NOTES

1.1

Date of Information

In this Annual Information Form (“AIF”), Aura Minerals Inc., together with its subsidiaries, as the context requires, is referred to as “Aura

Minerals”, “Aura” or the “Company”. All information contained herein is as at December 31, 2023, unless otherwise stated.

1.2

Financial Information

Reference is made in this AIF to the consolidated audited financial statements of the Company for the year ended December 31, 2023, a copy of which may be obtained online atwww.sedarplus.com. All financial information in this AIF is prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”).

1.3

Cautionary Note Regarding Forward-Looking Information

This AIF, and the documents incorporated by reference, contain certain “forward–looking information” and “forward–looking statements”, as defined in applicable securities laws (collectively, “forward–looking statements”). All statements other than statements of historical fact are forward-looking statements. Forward-looking statements relate to future events or future performance and reflect the Company’s current estimates,

predictions, expectations or beliefs regarding future events and include, without limitation, statements with respect to: expected production from, and the further potential of the Company’s properties; the ability of the Company to achieve its longer-term outlook and the anticipated timing

and results thereof; the ability to lower costs and increase production; the economic viability of a project; strategic plans, including the Company’s plans with respect to its properties; amounts of mineral reserves and mineral resources; the amount of future production over any period; capital expenditure and mine production costs; the outcome of mine permitting and other required permitting; the outcome of legal proceedings which involve the Company; information with respect to the future price of copper, gold, silver and other minerals; estimated mineral reserves and mineral resources; the Company’s exploration and development program; estimated future expenses; exploration and development capital requirements; the amount of waste tons mined; the amount of mining and haulage costs; operating costs; strip ratios and mining rates; expected grades and ounces of metals and minerals; expected processing recoveries; expected time frames; prices of metals and minerals; mine life; gold hedge programs; the ability of the Company to successfully maintain operations at its producing assets, or to restart these operations efficiently or economically, or at all; and the ability of the Company to continue as a going concern. Often, but not always, forward-looking statements may be identified by the use of words such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or

be achieved, or the negative of any of these terms and similar expressions.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements in this AIF are based upon, without limitation, the following estimates and assumptions: the presence of and continuity of metals at the Company’s projects at modeled grades; the capacities of various machinery and equipment; the availability of personnel, machinery and equipment at estimated prices; exchange rates; metals and minerals sales prices; appropriate discount rates; tax rates and royalty rates applicable to the mining operations; cash costs; anticipated mining losses and dilution; metals recovery rates, reasonable contingency requirements; our expected ability to develop adequate infrastructure at a reasonable cost; our expected ability to develop our projects including financing such projects; and receipt of regulatory approvals on acceptable terms.

Known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s ability to predict or control could cause actual results to differ materially from those contained in the forward-looking statements. Specific reference is made to the section entitled “Risk Factors” in this AIF for a discussion of some of the factors underlying forward-looking statements, which include, without limitation, risks related to exploration, development and operations, market fluctuations and commercial quantities of minerals, funding needs, liquidity and going concerns, foreign operations, government regulations, consents and approvals, stakeholders, increases in production costs, construction and development of new mines, infrastructure, concentration of customers, environmental and safety regulations and risks, competition, retention of key personnel, uncertainty in the estimation of mineral resources and reserves, replacement of depleted mineral reserves, production estimates, currency risk, write-downs and impairments, mineral titles, market price of Shares and Brazilian Depositary Receipts (“BDRs”), insurance and uninsured risks, public company obligations, tax matters, information technology, labour and employment matters, nature and climatic conditions, risks inherent in acquisitions, reputational risk, risks associated with transportation and storage of ingots or concentrate, risks associated with joint ventures, illegal activity, litigation, enforcement of judgments, interests of the controlling shareholder, dividend policy and global financial conditions. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking statements.

All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.

Currency Presentation and Exchange Rate Information

This AIF contains references to both United States dollars and Canadian dollars. Unless otherwise stated, references herein to “$” are to the United

States dollar. References to “C$” are to the Canadian dollar. For U.S. dollars to Canadian dollars, the average exchange rate for 2023 and the exchange rate as at December 31, 2023 was 1 U.S. dollar per 0.77 and 0.74 Canadian dollars, respectively.

1.5

Qualified Persons

Farshid Ghazanfari, P.Geo., Geology and Mineral Resources Manager for the Company, has reviewed and approved the scientific and technical information contained within this AIF and its disclosure as the Qualified Person for Aura as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43–101″).

1.6

Gold Equivalent Ounces

Gold equivalent ounces (“GEO”) is calculated by converting the production of silver and copper into gold using a ratio of the prices of these metals to that of gold. The prices used to determine the GEO are based on the weighted average price of silver and copper realized from sales at the Aranzazu Complex during the relevant period.

1.7

Non-GAAP Measures

The Company has included certain non-GAAP financial measures, which the Company believes, that together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The non-GAAP financial measures included in this AIF include:

These measures are non-GAAP financial measures that should be read in conjunction with the Company’s management discussion and analysis for the three and twelve months ended December 31, 2023 (the “2023 MD&A”) and the Company’s audited annual financial statements for the years ended December 31, 2023 and December 31, 2022 (the “2023 Financial Statements”). For a discussion of the use of these non-GAAP measures and reconciliations thereof to the most directly comparable GAAP measures, see “Section 17: Non-GAAP Performance Measures” in the 2023 MD&A, which is available under the Company’s profile on SEDAR+ atwww.sedarplus.com.

2

CORPORATE STRUCTURE AND DESCRIPTION OF CAPITAL STRUCTURE

The Company’s registered office is located at Craigmuir Chambers, Road Town, Tortola, VG1110, British Virgin Islands. The Company maintains a head office through its wholly owned subsidiary Aura Technical Services Inc., at 255 Giralda Avenue, Suite 06W102, Coral Gables, Florida, 33134.

2.1

Corporate History

The Company was originally incorporated under the Business Corporations Act (Ontario) (the “OBCA”) by Letters Patent dated July 12, 1946, under the name Baldwin Consolidated Mines Limited. By Articles of Amendment dated July 11, 1989, the Company changed its name to “Canadian Baldwin Holdings Limited” and consolidated its common shares on a 5:1 basis. By Articles of Amendment dated July 27, 2005, the

Company changed its name to “Canadian Baldwin Resources Limited” and further consolidated its common shares on a 1.75:1 basis. By Articles of Amendment dated March 22, 2006, the Company changed its name to “Aura Gold Inc.” and by Articles of Continuance dated April 20, 2006, the Company was continued from the OBCA to the Canada Business Corporations Act (the “CBCA”). By Articles of Amendment dated July 20, 2007, the Company changed its name to “Aura Minerals Inc.” By Articles of Amendment dated July 23, 2009, the Company consolidated all of its issued and outstanding common shares on the basis of one new common share for five previously issued and outstanding common shares. By Articles of Amendment dated December 30, 2016, the Company consolidated all of its issued and outstanding common shares on the basis of one new common share for ten previously issued and outstanding common shares. On December 30, 2016, the Company was continued from the CBCA to the BVI Business Companies Act (British Virgin Islands). On December 30, 2018, the Company approved the consolidation of all of its issued and outstanding shares on the basis of one new share for ten previously issued and outstanding shares.

2.2

Share Split

On August 11, 2020, the Company announced that holders as at the close of business on August 20, 2020 (the “Share Record Date”) would receive an additional 14 shares for each one share held as of the Share Record Date (the “Share Split”). In connection with the Share Split, each BDR of

the Company was also divided into 15 issued BDRs.

Capital Structure

The Company is authorized to issue an unlimited number of common shares (the “Shares”). All references to securities of the Company included in this AIF are set out on a post-Share Split basis. As at the date of this AIF, the Company had 72,237,003 Shares outstanding.

Holders of Shares are entitled to receive notice of any meetings of shareholders of the Company, to attend and to cast one vote per Share at all such meetings. Holders of Shares are also entitled to receive on a pro-rata basis such dividends, if any, as and when declared by the Board at its discretion from funds legally available therefore and upon the liquidation, dissolution or winding up of the Company are entitled to receive on a pro-rata basis the net assets of the Company after payment of debts and other liabilities. The Shares do not carry any pre-emptive or conversion rights.

2.4

Subsidiaries

The following are the Company’s principal subsidiaries (collectively, the “Subsidiaries”), together with the governing law of each company. Each

Subsidiary is 100% beneficially owned, controlled, or directed, directly or indirectly, by the Company. Although the Company only holds 49% of the voting rights in Mineração Apoena S.A., the Company has determined that it has the full beneficial ownership over the entity as the Company is exposed to variable returns from its involvement with the entity and has the ability to affect those returns through its power to coordinate the activities of the entity. Certain subsidiaries are omitted pursuant to NI 51-102.

3

GENERAL DEVELOPMENT OF THE BUSINESS

Aura is a mid-tier gold and copper production company focused on the operation and development of gold and copper projects in the Americas. Aura‘s Shares are listed on the Toronto Stock Exchange (“TSX”) under the symbol “ORA“, while its BDRs, each representing one Share of the Company, are listed on the B3 S.A. – Brasil, Bolsa Balcão, a stock exchange located in São Paulo, Brazil, under the symbol “AURA33.“ The Company‘s Shares also trade on the OTCQX Best Market under the symbol “ORAAF.” The Company’s focus is to grow its business responsibly, sustainably and profitably while also adhering to the highest environmental and safety standards.

The Company has the following mineral properties:

Producing assets:

• 
  · The Minosa Mine (“San Andres”, “Minosa”, “San Andres Mine”, the “San Andres Project”) – is an open-pit heap leach gold mine located in the highlands of western Honduras. The mine is situated in the municipality of La Union, Department of Copan, approximately 150 km southwest of the city of San Pedro Sula.

• 
  · The Apoena (“EPP”, “Apoena”) – is a mining complex located in the southwest of Mato Grosso state, near Pontes e Lacerda in Brazil, which consists of the following gold deposits: Lavrinha open-pit mine (“Lavrinha”), the Ernesto open–pit mine (“Ernesto”), the Japonês open-pit mine, the Nosde open-pit mine, and several other near mine open-pit prospects including Bananal North, Bananal South, Japonês West, and Pombinhas, among others.

• 
  · The Aranzazu Mine (“Aranzazu”, “Aranzazu Mine” or “Aranzazu Complex”) – is an underground copper mine that produces gold and silver as a by-product. It is located within the Municipality of Concepcion del Oro in the State of Zacatecas, Mexico, near the northern border with the State of Coahuila. The property is situated in a rugged mountainous area and can be accessed from either the city of Zacatecas, located 250 km to the southwest, or from the city of Saltillo, located 112 km to the northeast in the State of Coahuila.

• 
  · The Almas Mine (“Almas”) – is a gold mine located in the state of Tocantins, Brazil. It comprises three deposits: Paiol, Vira Saia, and Cata Funda – along with several exploration targets such as Nova Prata/Espinheiro, Jacobina, and Morro do Carneiro, spread across a total area of 101,000 hectares of mineral rights.

Projects in Development:

• 
  · Borborema Project (“Borborema“) – is a greenfield open pit gold project, located in the municipality of Currais Novos, Rio Grande do Norte state, in the northeast of Brazil. Aura completed a Feasibility Study in August 2023 which indicated anticipated production of 748,000 ounces of gold over an 11.3-year mine life, with possibilities for even greater output. Borborema also showcases a strong mineral reserve base, with probable mineral reserves of 812,000 oz gold, and an extensive mineral resource profile with strong growth potential that consists of 2,077 koz of indicated mineral resources and 393 koz of inferred mineral resources. Initial measures have already been undertaken to start obtaining the permits to move the road, and upon its successful relocation, there exists the potential to convert 1,265 koz of indicated mineral resources into mineral reserves (exclusive of the current mineral reserves), depending on the future set of modifying factors, such as gold price, exchange rate and others. Aura now holds 100% of the shares of Borborema Inc., which indirectly owns Borborema and envisions the project to be economically strong and also a testament to its strategic growth in Brazil’s mining landscape.

• 
  · Matupá Project (“Matupa”) – is a gold project located in the northern part of the state of Mato Grosso, Brazil and consists of three deposits: X1, Serrinhas (gold), and Guarantã Ridge (base metal). The main focus for exploration was the X1 deposit, a 350-meter-long target which resulted in an established mineral resource and a NI 43-101 compliant technical report. The Matupá Project’s claims consist of multiple exploration targets, including a copper porphyry target, within a total mineral rights area of 62,500 hectares.

Other Projects and Mines:

• 
  · Aura Carajás (“Serra da Estrela Project”) – is a permitted exploration target of 9,805 hectares, located in the State of Para, Brazil, Carajás area. The area includes iron oxide copper gold (“IOCG“) mineralization targets along a 6 km strike with copper surface anomalies of up to 500ppm Cu and has nine historical exploration holes totaling 2,552 meters with positive intercepts showing mineralization. Aura acquired exploration rights and options to test for continuity and economic grades in the target area.

• 
  · São Francisco Gold Mine (“São Francisco“) – is part of Apoena and is an open-pit heap leach gold mine located in the southwest of the state of Mato Grosso, Brazil, approximately 560 km west of Cuiaba, the state capital. Currently, the mine is under care and maintenance.

• 
  · Tolda Fria Gold Project (“Tolda Fria“) – is a gold project located in Caldas State, Colombia. The project has a total of 6,624 hectares in mineral rights and the Company is generating potential targets through early-stage exploration. The project is under care and maintenance.

3.1

Three Year History

3.1.1

Recent Developments

On June 13, 2022, the Board approved a distribution and payment of dividends of $ 0.14 per Share, as an anticipation of the expected dividends to be paid in the second quarter of 2022. The total dividends distribution of $10.2 million was paid out on June 28, 2022.

On July 27, 2022, the Company announced the sale of all the issued and outstanding shares of its indirect wholly-owned subsidiary, Z79 Resources Inc., for a nominal consideration of $1.00 to PPG Arizona Holdings Acquisition. Z79 Resources, Inc. owns the Gold Road mine located in Arizona through its subsidiary, Gold Road Mining Corp. On November 3, 2021, the board of directors of Gold Road Mining Corp. decided to gradually wind down its operating activities at the mine. As a result, Gold Road produced only 767 residual ounces before being transitioned to care and maintenance during the fourth quarter of 2021.

On October 20, 2022, the Shares began trading on the OTCQX Best Market under the symbol “ORAAF.”

On November 8, 2022, the Company filed a technical report on SEDAR+ in accordance with NI 43-101 for the Matupá Gold Project located in the Matupá Municipality of Mato Grosso, Brazil. The Matupá Gold Project is situated in the Alta Floresta Province, a prolific region known for its mineral resources. Aura had also conducted advanced exploration at the Serrinhas Area of the Matupá project, as reported in the April 13, 2022 press release. The press release highlighted significant drill intersections, including 80.58 metres at 3.89 g/t Au from 11 to 91.58 meters and 49.55 metres at 1.26 g/t Au from 138.15 to 187.70 metres, confirming historical higher-grade intersections of MP2 Target.

On December 6, 2022, the Company announced that its board of directors (the “Board“) had approved the declaration and payment of a dividend in the amount of $0.14 per Share, amounting to approximately $10.1 million in total. This dividend was based on the expected results of Aura for the six-month period ending on December 31, 2022. On June 9, 2023, Aura announced the approval of a dividend of $0.14 per Share, totaling approximately $10 million. This dividend was based on Aura‘s anticipated financial performance for the six months ending on June 30, 2023, in 8