Aura Minerals Inc. (TSX: ORA) (B3: AURA33) (OTCQX:
ORAAF) (“
Aura” or the
“
Company”) announces that it has filed its
unaudited consolidated financial statements and management
discussion and analysis (together, “Financial and Operational
Results”) for the period ended June 30, 2023 (“Q2 2023”), which
also contains the Annual Guidance Update (“2023 New Guidance”) and
maintenance of the 2025 production target (“2025 Production
Target”). The full version of the Financial and Operational Results
can be viewed on the Company’s website at www.auraminerals.com or
on SEDAR at www.sedar.com. All amounts are in U.S. dollars unless
stated otherwise.
Rodrigo Barbosa, President and CEO of Aura,
commented: “During the quarter, we experienced a temporary dip in
production, primarily attributed to lower grades in EPP. However,
we are optimistic for the year, and our guidance for EPP remains
unchanged, as we anticipate reaching higher grades in Q3 and Q4. As
the initial part of the year also posed some challenges for San
Andres, we reevaluated our guidance and now we aim to produce
between 245,000 to 273,000 ounces for the year, representing a
slight 5% reduction around the midpoint of the range. Despite these
challenges, the upcoming quarters are expected to witness a
substantial increase in production, driven by improved grades in
EPP, continued production growth in San Andres, and the
commencement of commercial production in Almas while Aranzazu
should continue to have a stable production. Finally, despite
experiencing lower production, we are pleased to report a robust
operating cash flow during the semester. This strength in cash flow
enabled us to fulfill our commitment to our shareholders by paying
out US$10 million in dividends.
On the cost side, we have proactively
implemented cost-reduction measures in San Andres, which have
partially offset the impact of lower production on cash costs.
Consequently, cost adjustments on guidance were kept minimal, with
only a 3% revision when using the same exchange rate. On a positive
note, the devaluation of the US Dollar against the Mexican Peso and
Brazilian Reais has been balanced by the appreciating prices of
metals, particularly Gold and Copper. This favorable market
movement has more than offset the higher costs incurred in US
Dollar terms per GEO.”
Rodrigo Barbosa continued: “Looking ahead, we
are excited about our continued growth, particularly as we advance
the Borborema Project towards the completion of the Feasibility
Study and commencement of production. With long lead time items now
ordered, including the mill, we anticipate production to commence
in early 2025 while remaining on track to meet our 450,000 GEO
annualized production by 2025. We look forward to providing further
updates on our progress on Almas, Borborema and Matupá. Our focus
continues to be on growing production, expanding exploration
efforts, all while ensuring that dividends are paid and we are
proud to be moving forward on all our strategic goals”.
Q2 2023 Financial and Operational
Highlights:
- Total production
in GEO decreased by 13% in Q2 2023 compared to Q2 2022, mainly due
to mine sequencing at EPP Mines.
- At Aranzazu,
production was 25,192 GEO in line with the Company’s expectations.
Production was 4% lower compared to Q2 2022, due to metal prices.
When calculated based on constant prices, production in GEO
increased by 7% in Q2 2023 compared to Q2 2022.
- At EPP,
production was 6,917 GEO, 45% lower in Q2 2023 than in Q2 2022, due
to mine sequencing in areas with lower grade and higher strip
ratios. With sequencing expected to move to higher-grade areas, the
Company anticipates production to increase in the second semester,
mainly in the last quarter of the year, which also occurred in the
previous year. Aura remains on track to meet its production
guidance of between 56,000 and 64,000 GEO for EPP in 2023.
- At San Andres,
production was 16,413 GEO, production remained steady relative to
Q2 2022, with a decrease of 2%. Production in GEO increased by 16%
when compared to Q1 2023, confirming the Company’s expectation of
gradual improvement quarter after quarter.
- Revenues were
approximately $84,950 thousand in the second quarter of 2023, a
decrease of 9% compared to the same period of 2022.
- Average gold
sale prices had an increase of 4% compared to Q2 2022, increasing
for gold, which reached an average of $1,966/oz (also +4% vs. Q1
2023).
- Sales volumes
were 11% lower than Q1 2023, mainly due to mine sequencing, for the
reasons discussed above.
- Adjusted EBITDA
was approximately $26,596 thousand in Q2 2023, compared to
approximately $ 36,505 thousand in Q1 2023, as a result of lower
production and sales volume.
- AISC during Q2
2023 were $1,385/GEO, representing an increase of $229/GEO when
compared to Q1 2023 ($1,156/GEO) mainly due mine sequencing at EPP,
and higher costs at San Andres. Unfavorable exchange rates also
impacted costs at Aranzazu and EPP. The Company expects AISC to
decrease in H2 2023 as EPP reaches higher production volumes and
operational performance at San Andres continues to improve.
- As of the end of
Q2 2023, the Company’s Net Debt position was $113,532 thousand, an
expected increase compared to $88,854 thousand recorded at the end
of Q1 2023, primarily due to the expansion capex (“capital
expenditure”) of about $22,566 thousand during the quarter. The
capex was mainly related to investments in the final phase of Almas
project construction and ramp-up. Additionally, the Company paid
approximately $ 10,100 thousand of dividends in June.
Growth Projects
- Almas is
currently in its final ramp-up phase and is expected to reach
commercial production by Q3 2023.
- The Company is
producing a NI 43-101 Feasibility Study (the “Borborema Technical
Report”), which is expected to be released by Q3 2023. Aura also
expects to announce a construction decision on Borborema
shortly.
Operational and Financial Overview ($
thousand):
|
For the three months ended June 30, 2023 |
|
For the three months ended June 30, 2022 |
|
For the six months ended June 30, 2023 |
|
For the six months ended June 30, 2022 |
|
Total Production1 (GEO) |
48,522 |
|
55,645 |
|
101,787 |
|
116,686 |
|
Sales2 (GEO) |
47,950 |
|
55,655 |
|
101,836 |
|
121,175 |
|
Net Revenue |
84,950 |
|
93,384 |
|
181,937 |
|
205,660 |
|
Adjusted EBITDA |
26,596 |
|
30,322 |
|
63,194 |
|
80,534 |
|
AISC per GEO sold |
1,385 |
|
1,266 |
|
1,264 |
|
1,118 |
|
Ending Cash balance |
110,074 |
|
217,938 |
|
110,074 |
|
217,938 |
|
Net Debt |
113,532 |
|
(10,318 |
) |
113,532 |
|
(10,318 |
) |
Realized average gold price per ounce sold, gross (US$/oz) |
1,966 |
|
(12,060 |
) |
1,923 |
|
(21,567 |
) |
1 Considers capitalized
production |
|
|
|
|
|
|
2 Does not consider
capitalized production |
|
|
|
|
|
|
3 Considering the average
price in Aranzazu |
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 Guidance Update:
The Company’s updated gold equivalent
production, AISC and cash operating cost per gold equivalent ounce
sold, and CAPEX guidance for 2023 is detailed below.
Production
The table below details the Company’s updated
GEO production guidance for 2023 by business unit, and a comparison
to the previous guidance:
|
Gold equivalent thousand ounces('000 GEO)
production - 2023 |
|
ActualsCurrent Prices |
ActualsConstant Prices |
PreviousCurrent Prices |
Aranzazu |
104-112 |
105-114 |
101-116 |
EPP Mines |
56-64 |
56-64 |
56-64 |
San Andres |
62-69 |
62-69 |
72-82 |
Almas |
23-28 |
23-28 |
25-30 |
Total |
245-273 |
246-274 |
254-292 |
Assumes for constant prices the constant metal prices for
Aranzazu used in the previous guidance, being: Copper price =
$3.60/lb; Gold Price = $1,740/oz; Silver Price = US$21,50/oz. For
current prices, the Company considered: Copper price = $3.90/lb;
Gold Price = $1,925/oz; Silver Price = $23,20/oz.
Factors that contributed to the change in the Company’s guidance
include:
- Aranzazu:
Production remains stable and in line with previous guidance.
- EPP Mines: The
Company maintains its production guidance for EPP for 2023 to
between 56,000 and 64,000 GEO as it transitions to higher-grade
areas, and a significant production increase is forecasted for the
second half of 2023, primarily in Q4, similar to the previous
year's pattern.
- San Andres: The
operation has been showing improvements compared to the first half
of 2022, mainly in terms of stacking, better grades, and
recoveries. Production volumes increased constantly from 12,171 oz
in Q4 2022 to 14,116 oz in Q1 2023 and now 16,413 oz in Q2 2023.
Production is expected to continue to increase during the second
half of 2023, reaching and average of 15,700 to 19,200 oz per
quarter between Q3 and Q4 2023, however, at a lower pace than
previously expected. As a consequence, the production guidance has
been reduced to 62,000 to 69,000 oz in 2023 to reflect the new
expectations for the rest of the year.
- Almas: Completed
on schedule and budget, has processed at the plant, around 46,000
tons of ore in June and 106,000 tons in July during its ramp-up
phase, out of an installed capacity of 114,000 tons per month. This
considerable increase indicates readiness for the start of
commercial production in Q3 2023, as initially planned. Production
guidance remains in line with previous guidance, with reduction of
2,000 GEO expected for this year as a consequence of increased
precision in the mine and plant feed plan for the year.
All in all, production of 245,000 to 273,000 GEO
at current prices in 2023, presents an increase of 3,000 to 31,000
GEO (+1% to +13%) when compared to 2022, mainly due to Almas
reaching full production from Q3 2023, and a decrease when compared
to the previous 2023 Guidance due to San Andres, despite the
constant improvement of performance of this mine.
Long-Term Production Guidance
Update
Aura is maintaining its annualized 2025
production guidance of 450,000 GEO, and it is withdrawing the
full-year 2024 guidance. The Company previously expected the
commencement of operations at the Borborema project to start by the
end of 2024, however, due to longer than expected lead times for
delivery of the ball mill delivery, the start-up operations are now
expected to commence by early 2025. The Company already initiated
the earth moving and the downpayment of the ball mill was already
made.
Management’s annualized production target for
the year ending December 31, 2025, across its business units are
presented below:
Considering 80% of the ounces to be produced by the Borborema
projectNotes: Please refer to the heading “Technical Information”.
Figures for 2025 are based on management’s expectations based on a
variety of factors, including preliminary, high-level studies for
each of the assets. These targets are management’s objectives only
and are subject to certain risks and assumptions. See
“Forward-Looking Information”. Includes ounces capitalized from EPP
projects and Gold Road in 2020 and 2021.
Cash costs
The table below shows the Company’s updated guidance for 2023
cash operating costs per GEO sold by business unit ($/GEO), and a
comparison to the previous guidance:
|
Cash Cost per equivalent ounce of gold sold -
2023 |
|
ActualsCurrent Prices |
ActualsConstant Prices &
FX |
PreviousCurrent Prices |
Aranzazu |
783-842 |
710-769 |
685-788 |
EPP Mines |
849-927 |
808-886 |
786-905 |
San Andres |
1,137-1,222 |
1,137-1,222 |
981-1,129 |
Almas |
865-995 |
822-952 |
830-955 |
Total |
897-973 |
853-929 |
806-927 |
Assumes for constant prices:
- Aranzazu it
applies for constant metal prices used in the previous guidance,
being: Copper price = $3.60/lb; Gold Price = $1,740/oz; Silver
Price = $21,50/oz. For current prices, the Company considered:
Copper price = $3.90/lb; Gold Price = $1,925/oz; Silver Price =
$23,20/oz. For constant foreign exchange prices used in the
previous guidance, being: MXN 20.40=$1USD. For current prices, the
Company considered: MXN 17.00=$1USD.
- In EPP Mines
and Almas it applies for constant foreign exchange prices used in
the previous guidance, being: R$5.20=$1USD. For current prices, the
Company considered: R$4.90=$1USD.
Factors that contributed to the change in the Company’s guidance
include:
- Aranzazu: The
revision in Cash Cost guidance at Aranzazu is a result of lower
copper prices during the first half of 2023, affecting the cash
cost in $2 million ($21/GEO), and also the appreciation of the
Mexican Peso against the US dollar during the same period,
affecting the cash cost in $6 million ($52/GEO). Both factors
influenced cost dynamics. At constant metal and foreign exchange
prices, the changes in Aranzazu's cash cost are minimal.
- EPP Mines:
Increase in cash costs at EPP is almost entirely attributable to
the appreciation of the Brazilian Reais against the US dollar
during Q1 and Q2 2023, which affected the cash cost and the 2023
projection in about $41/ GEO.
- San Andres:
Cash Cost guidance at San Andres has been revised upward due to
lower production than initially anticipated. As the operation
continues to navigate a period of adjustments and improvements, the
Company aimed at enhancing productivity and operational efficiency.
As such, a strategic narrowing of the guidance compared to the
previous one has been implemented to better reflect the current
state of operations at San Andres.
- Almas: Cash
costs included in the table above are considered for only the
period after Almas enters commercial production. The changes in the
cash cost projections are entirely attributable to the appreciation
of the Brazilian Reais against the US dollar, affecting the cash
cost in about $43/ GEO. Considering constant foreign exchange
rates, Almas' cash cost remains nearly stable.
All In Sustaining Costs
The table below shows the Company’s updated 2023 guidance for
all-in sustaining costs per GEO sold by Business Unit ($/GEO), and
a comparison to the previous guidance:
|
AISC per equivalent ounce of gold sold - 2023 |
|
ActualsCurrent Prices |
ActualsConstant Prices &
FX |
PreviousCurrent Prices |
Aranzazu |
1,025-1,101 |
936-1,012 |
898-1,033 |
EPP Mines |
1,342-1,463 |
1,277-1,398 |
1,271-,1462 |
San Andres |
1,241-1,333 |
1,241-1,333 |
1,081-1,243 |
Almas |
1,112-1,280 |
1,057-1,224 |
954-1,098 |
Total |
1,162-1,261 |
1,105-1,204 |
1,037-1,193 |
Assumes for constant prices
- Aranzazu it
applies for constant metal prices used in the previous guidance,
being: Copper price = $3.60/lb; Gold Price = $1,740/oz; Silver
Price = $21,50/oz. For current prices, the Company considered:
Copper price = $3.90/lb; Gold Price = US$1,925/oz; Silver Price =
$23,20/oz. For constant foreign exchange prices used in the
previous guidance, being: MXN 20.40=$1USD. For current prices, the
Company considered: MXN 17.00=$1USD.
- In EPP Mines
and Almas it applies for constant foreign exchange prices used in
the previous guidance, being: R$5.20=$1USD. For current prices, the
Company considered: R$4.90=$1USD.
Factors that contributed to the change in the Company’s guidance
include:
- Aranzazu: The
increase in the AISC guidance for Aranzazu are for the same reasons
that caused the increase in the cash costs (foreign exchange and
metal price fluctuations). At constant metal and foreign exchange
prices, Aranzazu's AISC remains in line with previous
guidance.
- EPP Mines: The
increase in EPP's AISC for 2023 is mainly due to the Brazilian Real
appreciation against the US dollar in the first half of the year.
At constant foreign exchange rates, there isa slight reduction in
the AISC is seen due to lower expected sustaining capex.
- San Andres: The
change in San Andres AISC guidance is due to lower production than
previously expected, despite the constant and gradual performance
improvement. Compared to 2022 AISC, which was $1,342/GEO, this
year’s AISC is expected to be 8% (considering the low range of the
guidance) to 1% (considering the high range of the guidance) lower
in 2023 than last year, already reflecting cost savings obtained
between 2022 and 2023.
- Almas: AISC
included in the table above are considered for only the period
after Almas enters commercial production. The changes in the AISC
projections are attributable to the appreciation of the Brazilian
Reais against the US dollar and higher sustaining capex mainly due
to foreign exchange rates.
At constant prices and foreign exchange, Aura’s
consolidated AISC guidance for the year would have been $68/GEO
lower than the new guidance at current prices and foreign exchange
rates. Although the recent foreign exchange fluctuations have put
pressure on Aura’s 2023 AISC guidance, the expectation for
increases in metal prices of $185/GEO more than compensates it,
which results in an expected rise in the margin per GEO. This
scenario, partially attributable to a weaker USD, provides a net
positive impact for Aura, showcasing Aura's resilience and
adaptability during market variations.
Capex:
The table below shows the Company’s updated breakdown of
estimated capital expenditures by type of investment, and a
comparison to the previous guidance:
|
Capex (US$ million) - 2023 |
|
ActualsCurrent Prices |
ActualsConstant FX |
PreviousCurrent Prices |
New projects + Expansion |
44-45 |
42-43 |
34-40 |
Exploration |
12-14 |
11-14 |
11-13 |
Sustaining |
29-35 |
27-33 |
34-40 |
Total |
85-95 |
80-90 |
80-93 |
Assumes for constant pricesAranzazu: it applies for constant
foreign exchange prices used in the previous guidance, being: MXN
20.40=$1USD . For current prices, the Company considered: MXN
17.00=$1USD. In EPP Mines and Almas: it applies for constant
foreign exchange prices used in the previous guidance, being:
R$5.20=$1USD. For current prices, the Company considered:
R$4.90=$1USD
- New projects and
expansions:
- The increase
reflects mainly the capitalization of pre-stripping and ramp-up of
the Almas Project, capacity increases at San Andres’ through new
conveyor belts, and foreign exchange impacts.
- The Company is
not including the development in its 2023 Expansion Capex of
Borborema, which is under the final phase of its Feasibility Study
and with the start of construction to be announced shortly.
- Exploration:
Aura believes its properties have strong geological potential and
management’s objective is to expand LOM (“Life of Mine”) across its
business units. Therefore, in 2023, Aura plans to invest another
total of $24 million to $28 million which includes:
- $12 million to
$14 million in exploration capex (included in the table above), in
areas where the Company has proven and probable mineral reserves,
around existing mine infrastructure.
- $12 million to
$14 million in exploration expenses (not included in the table
above), not capitalized, in areas where the Company does not yet
have proven and probable mineral reserves, which includes regional
targets for potential new discoveries.
- Main investments
in exploration in 2023 (either Capex or Opex) includes resource
conversion at EPP, mineralization testing and potential deposit
drilling at Aranzazu, regional target advancement at Matupá,
initial exploration at Aura Carajás, and a Feasibility Study at
Borborema.
- Sustaining: The
revision in the sustaining capex guidance is primarily attributed
to improvements for operational efficiencies and strategic resource
allocation at EPP and San Andres, and also due to investments made
for plant improvements, aimed at enhancing performance in
Almas.
Key Factors
The Company’s future profitability, operating
cash flows, and financial position will be closely related to the
prevailing prices of gold and copper. Key factors influencing the
price of gold and copper include, but are not limited to, the
supply of and demand for gold and copper, the relative strength of
currencies (particularly the United States dollar), and
macroeconomic factors such as current and future expectations for
inflation and interest rates. Management believes that the
short-to-medium term economic environment is likely to remain
relatively supportive for commodity prices but with continued
volatility.
To decrease risks associated with commodity
prices and currency volatility, the Company will continue to
evaluate and potentially implement available protection programs.
For further information, please see Company’s Annual Information
Form for year the ended December 31, 2022 (“AIF”), available on
www.sedar.com and the Company’s website.
Other key factors influencing profitability and
operating cash flows are production levels (impacted by grades, ore
quantities, process recoveries, labor, country stability, plant,
and equipment availabilities), production and processing costs
(impacted by production levels, prices, and usage of key
consumables, labor, inflation, and exchange rates), among other
factors.
Non-GAAP Measures
In this press release, the Company uses non-GAAP
measures such as Adjusted EBITDA, cash operating costs per gold
equivalent ounce sold, AISC and Net Debt. These non-GAAP measures
do not have any standardized meaning within International Financial
Reporting Standards (“IFRS”) and therefore may not be comparable to
similar measures presented by other companies. The Company believes
that these measures provide investors with additional information
which is useful in evaluating the Company’s performance and should
not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. The below tables
provide a reconciliation of the non-GAAP measures presented:
Reconciliation from income for the quarter for EBITDA
and Adjusted EBITDA ($
thousand):
|
For the three months ended June 30, 2023 |
|
For the three months ended June 30, 2022 |
|
For the six months ended June 30, 2023 |
|
For the six months ended June 30, 2022 |
|
Profit (loss) from continued and discontinued operation |
11,369 |
|
3,675 |
|
30,029 |
|
43,864 |
|
Income tax (expense)
recovery |
4,833 |
|
7,259 |
|
10,442 |
|
20,985 |
|
Deferred income tax (expense)
recovery |
(2,579 |
) |
972 |
|
(7,418 |
) |
(3,084 |
) |
Finance costs |
4,549 |
|
9,266 |
|
8,453 |
|
(286 |
) |
Other gains (losses) |
(3,167 |
) |
232 |
|
(2,644 |
) |
1,075 |
|
Depreciation |
11,591 |
|
8,918 |
|
24,332 |
|
17,980 |
|
EBITDA |
26,596 |
|
30,322 |
|
63,194 |
|
80,534 |
|
Impairment |
- |
|
- |
|
- |
|
- |
|
ARO Change |
- |
|
- |
|
- |
|
- |
|
Adjusted EBITDA |
26,596 |
|
30,322 |
|
63,194 |
|
80,534 |
|
Reconciliation from the consolidated financial
statements to cash operating costs per gold equivalent ounce
sold ($ thousand):
|
For the three months ended June 30, 2023 |
|
For the three months ended June 30, 2022 |
|
For the six months ended June 30, 2023 |
|
For the six months ended June 30, 2022 |
|
Cost of goods sold |
(59,706 |
) |
(64,378 |
) |
(122,594 |
) |
(126,974 |
) |
Depreciation |
11,320 |
|
8,861 |
|
23,654 |
|
17,870 |
|
COGS w/o
Depreciation |
(48,386 |
) |
(55,517 |
) |
(98,940 |
) |
(109,104 |
) |
Gold
Equivalent Ounces sold |
47,950 |
|
55,655 |
|
101,836 |
|
121,175 |
|
Cash costs per gold
equivalent ounce sold |
1,009 |
|
998 |
|
972 |
|
900 |
|
Reconciliation from the consolidated financial
statements to all in sustaining costs per gold equivalent ounce
sold ($ thousand):
|
For the three months ended June 30, 2023 |
|
For the three months ended June 30, 2022 |
|
For the six months ended June 30, 2023 |
|
For the six months ended June 30, 2022 |
|
Cost of goods sold |
(59,706 |
) |
(64,378 |
) |
(122,594 |
) |
(126,974 |
) |
Depreciation |
(11,320 |
) |
8,861 |
|
23,654 |
|
17,870 |
|
COGS w/o
Depreciation |
(48,386 |
) |
(55,517 |
) |
(98,940 |
) |
(109,104 |
) |
Capex w/o Expansion |
11,668 |
|
12,060 |
|
20,349 |
|
21,567 |
|
Site G&A |
1,754 |
|
2,646 |
|
3,770 |
|
4,338 |
|
Lease Payments |
4,587 |
|
226 |
|
5,650 |
|
450 |
|
Gold
Equivalent Ounces sold |
47,950 |
|
55,655 |
|
101,836 |
|
121,175 |
|
All In Sustaining
costs per ounce sold |
1,385 |
|
1,266 |
|
1,264 |
|
1,118 |
|
Reconciliation Net Debt ($
thousand):
|
For the three months ended June 30, 2023 |
|
For the three months ended June 30, 2022 |
|
For the six months ended June 30, 2023 |
|
For the six months ended June 30, 2022 |
|
Short Term Loans |
113,434 |
|
60,284 |
|
113,434 |
|
60,284 |
|
Long-Term Loans |
126,758 |
|
155,761 |
|
126,758 |
|
155,761 |
|
Plus / (Less): Derivative
Financial Instrument |
(16,586 |
) |
(7,825 |
) |
(16,586 |
) |
(7,825 |
) |
Less: Cash and Cash
Equivalents |
(110,074 |
) |
(217,938 |
) |
(110,074 |
) |
(217,938 |
) |
Less: Restricted cash |
- |
|
(600 |
) |
- |
|
(600 |
) |
Less:
Short term investments |
- |
|
- |
|
- |
|
- |
|
Net Debt |
113,532 |
|
(10,318 |
) |
113,532 |
|
(10,318 |
) |
Qualified Person
Tiãozito V. Cardoso, FAusIMM, Technical Services
Director for the Company has reviewed and approved the scientific
and technical information contained within this news release and
serves as the Qualified Person as defined in National Instrument
43-101 – Standards of Disclosure for Mineral Projects.
About Aura 360° Mining
Aura is focused on mining in complete terms –
thinking holistically about how its business impacts and benefits
every one of our stakeholders: our company, our shareholders, our
employees, and the countries and communities we serve. We call this
360° Mining.
Aura is a mid-tier gold and copper production
company focused on the development and operation of gold and base
metal projects in the Americas. The Company’s four producing assets
include the San Andres gold mine in Honduras, the EPP and the Almas
gold mines in Brazil and the Aranzazu copper-gold-silver mine in
Mexico. In addition, the Company has the Tolda Fria gold project in
Colombia and four projects in Brazil, of which three gold projects:
Borborema and Matupá, which are in development; and São Francisco,
which is on care and maintenance. The Company also owns the Serra
da Estrela copper project in Brazil, Carajás region, under
exploration stage.
For further information, please visit Aura’s website at
www.auraminerals.com or contact:
Rodrigo Barbosa
President
&
CEO 305-239-9332
Forward-Looking Information
This press release contains “forward-looking
information” and “forward-looking statements”, as defined in
applicable securities laws (collectively, “forward-looking
statements”) which may include, but is not limited to, statements
with respect to the activities, events or developments that the
Company expects or anticipates will or may occur in the future,
including the Company’s exploration activities for 2023 and
potential results thereof; expected production from, and the
further potential of the Company’s properties production levels
(including production levels expressed in GEO); cash costs and AISC
across its operations; the timing and effect of the Company’s Almas
project entering production; the impact of new IFRS accounting
standards; the ability of the Company to achieve its longer-term
outlook and results thereof; amounts of mineral reserves and
mineral resources; and expected capital expenditure and mine
production costs. Often, but not always, forward-looking statements
can be identified by the use of words and phrases such as “plans,”
“expects,” “is expected,” “budget,” “scheduled,” “estimates,”
“forecasts,” “intends,” “anticipates,” or “believes” or variations
(including negative variations) of such words and phrases, or state
that certain actions, events or results “may,” “could,” “would,”
“might” or “will” be taken, occur or be achieved.
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 if such
risks, uncertainties or factors materialize. Specific reference is
made to the most recent AIF on file with certain Canadian
provincial securities regulatory authorities for a discussion of
some of the factors underlying forward-looking statements, which
include, without limitation, volatility in the prices of gold,
copper and certain other commodities, changes in debt and equity
markets, the uncertainties involved in interpreting geological
data, increases in costs, environmental compliance and changes in
environmental legislation and regulation, interest rate and
exchange rate fluctuations, general economic conditions and other
risks involved in the mineral exploration and development industry.
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.
Financial Outlook and Future-Oriented Financial
Information
To the extent any forward-looking statements in
this press release constitute “financial outlooks” within the
meaning of applicable Canadian securities legislation, such
information is being provided as certain estimated financial
metrics and the reader is cautioned that this information may not
be appropriate for any other purpose and the reader should not
place undue reliance on such financial outlooks. Such information
was approved by the Company’s Board of Directors on May 4, 2023.
Financial outlooks, as with forward-looking statements generally,
are, without limitation, based on the assumptions and subject to
various risks as set out herein. The Company’s actual financial
position and results of operations may differ materially from
management’s current expectations and, as a result, may differ
materially from values provided in this press release.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/97cd97a8-ddf6-445d-9333-4182c6a83422
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