Guilherme Cipis

Guilherme Cipis inquired about key shifts and takeaways from the upcoming reserves report, including geological interpretation and long-term gold price assumptions. He also asked for updates on Almas underground mining, Borborema plant expansion, and increased reserves at Matupá. Furthermore, he questioned Aura Minerals' capital allocation priorities and interest in new acquisitions in Brazil and Latin America, considering the company's growing cash generation.

Answer

Rodrigo Barbosa, President and CEO, Aura Minerals, stated that details of the AIF (including new cut-offs and gold price assumptions) cannot be disclosed before its March publication but confirmed Borborema's sensitivity to lower cut-offs. He mentioned ongoing work on Matupá, Serrinhas, and the Pezão-Pé Quente acquisitions for resource incorporation. Underground development at Almas is progressing, with exploration confirming the mine's potential, aiming for consolidation of information by year-end. He emphasized Aura Minerals' strategy to reach 2 million ounces of production through M&As in the Americas, focusing on gold and copper assets in stable democracies, with a preference for brownfield projects that offer value generation opportunities.

Guilherme Cipis inquired about key shifts and long-term gold price assumptions in the upcoming reserves report, including updates on Almas underground mining, Borborema plant expansion, and Matupá reserves. He also asked about Aura Minerals' capital allocation priorities, room for acquisitions in Brazil and Latin America, and the types of assets the company is targeting.

Answer

Rodrigo Barbosa, President and CEO, stated that details of the reserves report cannot be disclosed before its March publication, but Borborema's sensitivity to lower cutoffs is already reflected in the budget's lower grades. He confirmed ongoing work on Matupá, Serrinhas, Pezão/Pé Quente resources/reserves, and Almas underground development. Regarding M&A, he highlighted the company's increasing EBITDA and cash flows, aiming to reach 1 million ounces of production for better multiples. Aura Minerals will continue acquisitions in the Americas (gold/copper), focusing on countries with strong institutions, well-developed geology, and brownfield opportunities, while aiming to narrow the multiple gap before significant North America expansion.