EXHIBIT 99.4

Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025 and 2024

Aura Minerals Inc.

Unaudited Condensed Interim Consolidated Statements of Income (loss)

For the three and six months ended June 30, 2025 and 2024

Expressed in thousands of United States dollars, except share and per share amounts

	Note		Three-month period ended June 30, 2025			For the three months ended June 30, 2024			Six-month period ended June 30, 2025			For the six months ended June 30, 2024
Net revenue		19		190,436			134,411			352,240			266,489
Cost of goods sold		20		(86,497	)		(83,103	)		(169,873	)		(168,500	)
Gross Profit				103,939			51,308			182,367			97,989
General and administrative expenses		21		(11,284	)		(7,531	)		(20,920	)		(15,810	)
Exploration expenses		22		(1,714	)		(2,951	)		(3,090	)		(4,893	)
Operating income				90,941			40,826			158,357			77,286
Finance expense		23		(59,630	)		(45,102	)		(181,241	)		(79,197	)
Other income (expenses)				61			1			(693	)		(593	)
Profit before income taxes				31,372			(4,275	)		(23,577	)		(2,504	)
Current income tax expense		14		(29,551	)		(14,612	)		(50,365	)		(24,755	)
Deferred income tax expense		14		6,326			(6,888	)		8,840			(7,733	)
Profit/(loss) for the period				8,147			(25,775	)		(65,102	)		(34,992	)
Weighted average numbers of common shares outstanding
Basic		31		74,328,457			72,342,498			73,771,206			72,290,638
Diluted		31		75,199,163			72,342,498			73,771,206			72,290,638
Income (loss) per share - Basic		31		0.11			(0.36	)		(0.88	)		(0.48	)
Income (loss) per share - Diluted		31		0.11			(0.36	)		(0.88	)		(0.48	)

The accompanying notes form an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

2 | Aura Minerals Inc.

Aura Minerals Inc.

Unaudited Condensed Interim Consolidated Statements of Other Comprehensive Income (loss)

For the three and six months ended June 30, 2025 and 2024

Expressed in thousands of United States dollars

	For the three months ended June 30, 2025			For the three months ended June 30, 2024			For the six months ended June 30, 2025			For the six months ended June 30, 2024
(Loss)/Profit for the period		8,147			(25,775	)		(65,102	)		(34,992	)
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss
Change in the fair value of cash flow hedge, net of tax		5			(865	)		2,591			(1,176	)
Loss on foreign exchange translation of subsidiaries		1,049			(597	)		1,011			(1,126	)
Items that will not be reclassified to profit or loss
Change in the fair value of equity investments		(143	)		(194	)		193			(655	)
Actuarial gain on post-employment benefit, net of tax		294			—			294			—
Other comprehensive income (loss), net of tax		1,205			(1,656	)		4,089			(2,957	)
Total comprehensive income (loss)		9,352			(27,431	)		(61,013	)		(37,949	)

Items above are stated net of tax and the related taxes are disclosed in note 14 (b).

The accompanying notes form an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

3 | Aura Minerals Inc.

Aura Minerals Inc.

Unaudited Condensed Interim Consolidated Statements of Cash Flow

For the six months ended June 30, 2025 and 202

Expressed in thousands of United States dollars

	Note		For the six months ended June 30, 2025			For the six months ended Jun 30, 2024
Cash flows from operating activities
Loss for the period				(65,102	)		(34,992	)
Items adjusting loss of the period		24(a)		237,832			132,015
Changes in working capital		24(b)		(10,763	)		(17,133	)
Income tax paid				(39,444	)		(11,434	)
Other current and non-current assets and liabilities		24(c)		(1,430	)		11,008
Net cash generated by operating activities				121,093			79,464
Cash flows from investing activities
Purchase of property, plant and equipment				(102,050	)		(53,278	)
Acquisition of investment – Bluestone Resources		5		(18,538	)		—
Acquisition of investment – Altamira		10		(439	)		—
Net cash used in investing activities				(121,027	)		(53,278	)
Cash flows from financing activities
Proceeds received from loans and debentures		24(e)		—			34,000
Repayment of loans and debentures		24(e)		(20,602	)		(23,312	)
Derivative settlement- debt swap agreements				2,582			2,868
Derivative fee				—			(13,522	)
Interest paid on loans and debentures		24(e)		(21,172	)		(17,698	)
Payment of liability (NSR agreement)				(1,594	)		(1,210	)
Principal and interest payments of lease liabilities		17(b)		(9,361	)		(8,680	)
Repayment of other liabilities		17(a)		(981	)		(825	)
Payment of dividends		27		(48,144	)		(25,339	)
Proceeds from exercise of stock options				—			100
Acquisition of treasury shares				(1,200	)		(3,458	)
Net cash used in  financing activities				(100,472	)		(57,076	)
(Decrease) in cash and cash equivalents				(100,406	)		(30,890	)
Effect of foreign exchange (loss) on cash equivalents				(1,845	)		(14,442	)
Cash and cash equivalents, beginning of the year				270,189			237,295
Cash and cash equivalents, end of the period				167,938			191,963

The accompanying notes form an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

4 | Aura Minerals Inc.

Aura Minerals Inc.

Unaudited Condensed Interim Consolidated Statements of Financial Position

As of June 30, 2025 and December 31, 2024

Expressed in thousands of United States dollars

	Note		June 30, 2025			December 31, 2024
ASSETS
Current
Cash and cash equivalents		6		167,938			270,189
Accounts receivables		7		4,826			15,835
Value added taxes and other recoverable taxes		8		21,292			19,901
Inventories		9		80,034			57,943
Derivative financial instrument		25		5,395			—
Other receivables and assets		10		21,560			25,467
Total current				301,045			389,335
Non-current
Value added taxes and other recoverable taxes		8		46,329			40,596
Inventories		9		23,025			19,386
Other receivables and assets		10		4,319			4,943
Property, plant and equipment		11		762,566			610,784
Deferred income tax assets		14		28,639			15,218
Total non-current				864,878			690,927
				1
Total assets				1,165,923			1,080,262
LIABILITIES
Current
Trade and other payables		12		111,156			98,067
Derivative financial instruments		25		26,654			19,302
Loans and debentures		13		78,786			82,007
Liability measured at fair value				4,850			3,362
Current income tax liabilities		14		28,507			31,618
Current portion of other liabilities		17		14,939			14,190
Liabilities directly associated with assets classified as held for sale				2,757			2,757
Total current				267,649			251,303
Non-current
Loans and debentures		13		375,107			361,097
Liability measured at fair value				17,689			14,387
Derivative financial instruments		25		222,901			120,188
Deferred income tax liabilities		14		35,925			31,583
Provision for mine closure and restoration		15		64,470			50,573
Other provisions		16		28,467			17,144
Other liabilities		17		13,951			11,032
Total non-current				758,510			606,004
SHAREHOLDERS’ EQUITY		18
Share capital				633,271			599,200
Contributed surplus				55,669			55,596
Accumulated other comprehensive income				(4,812	)		(723	)
Accumulated losses				(544,364	)		(431,118	)
Total equity				139,764			222,955
Total liabilities and equity				1,165,923			1,080,262

Approved on behalf of the Board of Directors: “Stephen Keith”	“Rodrigo Barbosa”
Stephen Keith, Director	Rodrigo Barbosa, President & CEO

The accompanying notes form an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

5 | Aura Minerals Inc.

Aura Minerals Inc.

Unaudited Condensed Interim Consolidated Statements of Changes in Equity

For the six months ended June 30, 2025 and 2024

Expressed in thousands of United States dollars, except share amounts

	Number of Common Shares			Share Capital			Contributed Surplus		Accumulated Other Comprehensive Income			Accumulated losses			Total Equity
At December 31, 2024		72,399,495			599,200			55,596		(723	)		(431,118	)		222,955
Issuance of new shares		2,226,008			35,271			—		—			—			35,271
Shared based compensation		—			—			73		—			—			73
Acquisition of treasury shares / Cancellation of shares		(96,141	)		(1,200	)		—		—			—			(1,200	)
Change in the fair value of cash flow hedge, net of tax		—			—			—		(2,591	)		—			(2,591	)
Gain on foreign exchange translation of subsidiaries		—			—			—		(1,011	)		—			(1,011	)
Change in the fair value of equity investments		—			—			—		(193	)		—			(193	)
Actuarial (loss) on post-employment benefit, net of tax		—			—			—		(294	)		—			(294	)
Loss for the period		—			—			—		—			(65,102	)		(65,102	)
Dividends paid (note 27)		—			—			—		—			(48,144	)		(48,144	)
At June 30, 2025		74,529,362			633,271			55,669		(4,812	)		(544,364	)		139,764
		Number of Common Shares			Share Capital			Contributed Surplus		Accumulated Other Comprehensive Income			Accumulated losses			Total Equity
At December 31, 2023		72,237,003			612,299			55,478		5,179			(358,154	)		314,802
Shared based compensation		196,450			136			16		—			—			152
Acquisition of treasury shares / Cancellation of shares		(34,908	)		(3,458	)		—		—			—			(3,458	)
Change in the fair value of cash flow hedge, net of tax		—			—			—		(1,176	)		—			(1,176	)
Gain on foreign exchange translation of subsidiaries		—			—			—		(1,126	)		—			(1,126	)
Change in fair value of investment and liability measured at fair value		—			—			—		(655	)		—			(655	)
Loss for the period		—			—			—		—			(34,992	)		(34,992	)
Dividends paid (note 27)		—			—			—		—			(25,339	)		(25,339	)
At June 30, 2024		72,398,545			608,977			55,494		2,222			(418,485	)		248,208

The accompanying notes form an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

6 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

1       NATURE OF OPERATIONS

Aura Minerals Inc. (“Aura Minerals”, “Aura”, or the “Company”) is a mid-tier gold and copper production company focused on the operation and development of gold and base metal projects in the Americas.

Aura Minerals Inc. is a public company whose common shares are listed on the Toronto Stock Exchange (Symbol: ORA), its Brazilian Depositary Receipts, each representing one common share, are listed on the B3 – Brasil, Bolsa Balcão (Symbol: AURA33). Aura is incorporated under the BVI Business Companies Act, 2004 (British Virgin Islands). Aura’s registered office is located at Craigmuir Chambers, Road Town, Tortola, VG1110, British Virgin Islands. Aura maintains a head office through its wholly owned subsidiary Aura Technical Services Inc., at 3390 Mary St, Suite 116, Coconut Grove, Miami, FL, 33133, United States of America. Subsequent to June 30, 2025, the Company’s common shares commenced trading on the Nasdaq Global Select Market under the ticker symbol “AUGO” on July 17, 2025. See Note 32 – Subsequent Events.

Aura’s controlling party is Northwestern Enterprises Ltd (“Northwestern”), a company beneficially owned by the Chairman of the board of directors of Aura (the “Board”).

These unaudited condensed interim consolidated financial statements (the “financial statements”) were approved by the Board of Directors on August 5, 2025.

2       BASIS OF PREPARATION AND PRESENTATION

The Unaudited condensed interim consolidated financial statements of the Company have been prepared in accordance with IAS 34 – Interim Financial Reporting, as issued by International Accounting Standard Board (IASB). These Unaudited condensed interim consolidated financial statements should be read in conjunction with Aura’s annual consolidated financial statements for the year ended December 31, 2024, ("2024 Annual Financial Statements").

The accounting policies followed in these Unaudited condensed interim consolidated financial statements are consistent with those disclosed in Note 3 of 2024 Annual Financial Statements, except for those new or revised standards adopted as of January 1, 2025 as is the case with the amendments to IAS 21 – Effects of Changes in Foreign Exchange Rates. As disclosed in the 2024 Annual Financial Statements, these amendments have not had a significant impact on the Company’s unaudited condensed interim consolidated financial statements.

The functional currency of Aura and the majority of its subsidiaries is the United States Dollar (“US Dollar”) except for a non material service company in Mexico which has a functional currency of Mexican Pesos (“MXN Pesos”) and certain non material Brazilian subsidiaries in Brazilian Reais (“BRL Reais”). All values in the consolidated financial statements are rounded to the nearest thousand.

7 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

3       ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE

A number of new accounting standards are effective for annual reporting periods beginning after January 1, 2025 and earlier application is permitted.

A – IFRS Presentation and disclosure in financial statements

IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after January 1, 2027. The new standard introduces the following key new requirements:

- Entities are required to classify all income and expenses into five categories in the statement of profit and loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly defined operating profit subtotal. Entities’ net profit will not change.

- Management defined performance measures (“MPMs”) are disclosed in a single note in the financial statements.

- Enhanced guidance is provided on how to group information in the financial statements.

In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.

The Company is in the process of assessing the impact of the new standard, particularly with respect to the structure of the Company´s statement of profit and loss, the statement of cash flows and the additional disclosures required for MPMs. The Company is also assessing the impact on how information is grouped in the financial statements, including for the items currently labelled as ‘other’.

B – Other accounting standards

The following new amended accounting standard is not expected to have a significant impact on the Company´s consolidated financial statements.

- Classification and Measurement of Financial Instruments (Amendment to IFRS 9 and IFRS 7).

4       SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of the consolidated financial statements requires management to make estimates and judgements and to form assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities. Management’s estimates and judgements are continually evaluated and are based on historical experience and other factors that management believes to be reasonable under the circumstances. Actual results may differ from these estimates.

8 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

The Company has identified critical accounting policies under which significant judgements, estimates and assumptions are made and where actual results could differ from these estimates under different assumptions and conditions and could materially affect the Company’s financial results or statements of financial position reported in future periods.

Please refer to Note 4 of the 2024 Annual Financial Statements for a summary of the significant accounting estimates and judgements which are consistent with those in the preparation of the financial statements. Management’s estimates and judgements are evaluated quarterly and are based on historical experience and other factors that management believes to be reasonable under the circumstances. Actual or future results may differ from these estimates.

5       ACQUISITIONS

a) Asset acquisition– Bluestone Resources (“Bluestone”)

In December 2024, the Company acquired, at market value, 5,500,000 shares of Bluestone, representing 3.62% of its total shares, for a total consideration of $1,327. The acquisition was valued based on the quoted market price of Bluestone’s shares on the Canadian stock exchange at the acquisition date and was recorded as an investment under other non-current assets (see Note 10).

On January 13, 2025, Aura completed the acquisition of control of Bluestone, acquiring all remaining 96.38% shares for an additional amount of $40,299 as follows:

- Cash Consideration = $18,342 (equivalent to C$26,255)

- Non-Cash Consideration = $12,503

Aura issued 1,007,186 common shares to Bluestone´s former shareholders (0.0183 common shares of Aura for each Bluestone Share held). The shares were valued based on the quoted market price of Aura’s shares on the Canadian stock exchange at the acquisition date.

- Contingent Value Rights (CVRs) = $9,120 (C$13,111) (note 16)

The fair value of the CVRs was determined based on three fixed annual payments, contingent upon the achievement of commercial production, defined as when either: (i) Aura announces that commercial production at Cerro Blanco has been achieved, or (ii) it has operated for 90 consecutive days with 80% or more of used capacity.

The fair value of the CVRs was determined using a probability-weighted discounted cash flow model. This model incorporated management’s current estimates of the probability of achieving commercial production, the expected timing of it and the contractual payout structure. The expected payments were discounted to present value using a 7.4% discount rate.

- Capitalized Acquisition Costs = $334

These costs, consisting of legal and consulting fees paid in January 2025, were capitalized as part of the investment in accordance with applicable accounting standards.

9 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

Upon the closing of the transaction, Bluestone's assets primarily consisted of mineral properties. Given that Bluestone did not have processes capable of generating outputs, it did not meet the definition of a business under the applicable accounting standards. As a result, the transaction has been treated as an asset acquisition.

The table below summarizes the financial information of the investment as of January 13, 2025 (acquisition date):

		Book value		Fair value allocation		Fair value acquired
Assets acquired	Cash and cash equivalents		138		—		138
	Other assets		687		—		687
	Property, plant and equipment (Note 11)		52,487		22,734		75,221
Liabilities assumed	Trade and other payables		761		—		761
	Other liabilities		2,954		—		2,954
	Loans and debentures		19,900		—		19,900
	Provision for mine closure and restoration		9,668		—		9,668
	Deferred income tax liabilities		1,137		—		1,137
Net assets			18,892		22,734		41,626

b) Mineração Serra Grande S.A. (“MSG”) aquisition

On June 2, 2025, Aura Minerals Inc., through its wholly owned subsidiary, entered into a Share Purchase Agreement with AngloGold Ashanti plc to acquire 100% of the shares of Mineração Serra Grande S.A. (“MSG”), owner of the Serra Grande gold mine in Crixás, Goiás, Brazil.

Under the terms of the agreement, Aura will pay an upfront cash consideration of US$76 million at closing, subject to working capital adjustments. Additional deferred consideration will be paid through a 3% net smelter return (NSR) royalty on MSG’s currently identified Mineral Resource.

The transaction excludes certain non-operational subsidiaries of MSG, which will be spun off prior to closing. The completion of the acquisition is subject to customary closing conditions, including CADE approval, decommissioning of a legacy tailings dam, and no material adverse events.

Closing is expected to occur in the second half of 2025.

10 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

6       CASH AND CASH EQUIVALENTS

	June 30, 2025		December 31, 2024
Cash at bank		41,964		63,056
Term deposits		125,974		207,133
Cash and Cash Equivalents		167,938		270,189

Term deposits represent amounts that have a maturity of three months or less from the date of acquisition and are repayable with 24 hours notice with no loss of interest.

7       ACCOUNTS RECEIVABLES

	June 30, 2025		December 31, 2024
Trade receivables		4,473		2,354
Other receivables (a)		353		13,481
Accounts receivables		4,826		15,835

The Company periodically measures expected credit losses and considers the history and financial conditions of its clients. The Company did not recognize any credit losses in these financial statements.

(a) The amount was mostly related to the sale agreement by the Company of the Serrote Project to Appian Capital Advisory LLP. The sale price was the total amount of $40 million and the aggregate consideration of $40 million was made up of a cash payment of $30 million (collected), as well as the delivery by the purchasers of a subordinated unsecured promissory note in the principal amount of $10 million plus interest, payable from 75% of excess cash from the project after the project has repaid project financing and operating cash requirements. The note becomes payable immediately in the case Appian Capital Advisory LLP, the current owner of Mineração Vale Verde (“MVV”), that developed the Serrote Project, decided to sell its investment in MVV. The full amount was collected in April 2025.

8       VALUE ADDED TAX AND OTHER RECOVERABLE TAXES

	June 30, 2025		December 31, 2024
Sales taxes and value added taxes
Apoena, Almas and Others		36,556		30,136
Aranzazu		2,407		2,796
Minosa		25,421		24,866
Other taxes
Income taxes and social contribution		3,237		2,699
Total Value added tax and other recoverable taxes		67,621		60,497
Current		21,292		19,901
Non-Current		46,329		40,596

11 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

Value added tax receivables are expected to be recovered, taking into consideration the different alternatives available to the Company, including: (1) reimbursement from government “authorities” and/or (2) used as credit for income tax payments; and/or (3) sales in the domestic market.

9       INVENTORIES

	June 30, 2025		December 31, 2024
Finished product		1,631		2,006
Work-in-process		65,911		47,521
Parts and supplies		35,517		27,802
Total inventories		103,059		77,329
Current		80,034		57,943
Non-current		23,025		19,386

As of June 30, 2025 and December 31, 2024, the non-current inventory is related to Almas’ low grade stockpile.

10       OTHER RECEIVABLES AND ASSETS

	June 30, 2025		December 31, 2024
Prepaids expenses		2,864		4,129
Advances to vendors		14,879		15,378
Deposits		4,593		4,257
Employees receivables (a) (Note 28)		—		3,192
Other assets (b)		3,543		3,454
Total other receivables and assets		25,879		30,410
Current		21,560		25,467
Non-current		4,319		4,943

(a) The Company has paid on behalf of certain key management personnel, certain withholding taxes associated with the exercise of stock options in the amount of $3,192 included as current other receivables (see Note 28 for further details). This amount was fully reimbursed by the personnel in June 2025.

(b) On November 7, 2023, the Company entered into a subscription agreement with Altamira Gold Corp. (“Altamira”) pursuant to which it acquired 24,000,000 units of Altamira at a price of $0.090 (C$0.125 - Canadian Dollars) per unit for an aggregate purchase price of $2,167 (C$3,000 - Canadian Dollars). Each unit consists of one common share and one common share purchase warrant of Altamira. Each warrant is exercisable to acquire one share of Altamira at a strike price of $ 0.14 (C$0.20 - Canadian Dollars) per share for a period of two years from November 7, 2023.

12 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

On June 30, 2025, the Company entered into a second subscription agreement with Altamira pursuant to which it acquired, an additional 6,000,000 units at a price of $0.070 (C$0.10 - Canadian Dollars) per unit, for an aggregate purchase price of $439 (C$600 – Canadian Dollars). Each unit consists of one common share and one-half of one common share purchase warrant. Each full warrant is exercisable to acquire one common share of Altamira at a price of $0.11 (C$0.15 - Canadian Dollars) per share for a period of two years from June 30, 2025.

Following this transaction, the Company holds a total of 30,000,000 common shares and 27,000,000 warrants of Altamira, representing approximately 11.3% of the issued and outstanding common shares on a non-diluted basis and 19.5% on a fully diluted basis.

The common shares are recorded at fair value through OCI and the amount as of June 30, 2025 is $2,419 ($2,168 as of December 31, 2024).

11       PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment movements for the six months ended June 30, 2025 and 2024 are as follows:

	Mineral properties			Land and buildings			Furniture, fixtures and equipment			Plant and machinery			Right of use assets			Assets under construction			Total
Net book value at December 31, 2024		312,312			51,948			9,835			63,692			29,609			143,388			610,784
Additions		27,636			5,014			1,040			1,919			6,236			70,933			112,778
Bluestone acquisition		46,990			20,337			96			1,980			—			5,818			75,221
Depreciation		(17,789	)		(6,975	)		(1,184	)		(3,714	)		(6,119	)		—			(35,781	)
Reclassifications		2,403			—			(2,403	)		1,819			—			(1,819	)		—
Disposals		(87	)		(180	)		(104	)		(65	)		—			—			(436	)
Net book value at June 30, 2025		371,465			70,144			7,280			65,631			29,726			218,320			762,566
Consisting of:
Cost		651,785			161,993			25,238			198,608			61,188			218,320			1,317,132
Accumulated Depreciation		(280,320	)		(91,849	)		(17,958	)		(132,977	)		(31,462	)		—			(554,566	)
Net book value at June 30, 2025		371,465			70,144			7,280			65,631			29,726			218,320			762,566

	Mineral properties			Land and buildings			Furniture, fixtures and equipment			Plant and machinery			Right of use assets			Assets under construction		Total
Net book value at December 31, 2023		318,651			53,861			10,719			62,138			37,814			5,550		488,733
Additions		27,860			4,054			528			1,989			1,077			24,631		60,139
Depletion and amortization		(12,023	)		(8,158	)		(1,036	)		(4,968	)		(5,368	)		—		(31,553	)
Disposals		(449	)		(76	)		—			(28	)		(24	)		—		(577	)
Net book value at June 30, 2024		334,039			49,681			10,211			59,131			33,499			30,181		516,742
Consisting of:
Cost		574,289			133,981			26,225			186,378			53,294			30,181		1,004,348
Accumulated depletion and amortization		(240,250	)		(84,300	)		(16,014	)		(127,247	)		(19,795	)		—		(487,606	)
Net book value at June 30, 2024		334,039			49,681			10,211			59,131			33,499			30,181		516,742

13 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

The right of use assets corresponds to the lease liability obligations disclosed in Note 17(b).

For the period ended June 30, 2025, $4,768 of interest related to loans and debentures was capitalized (100% capitalization rate) as part of the construction cost at Borborema project ($5,209 for the period ended June 30, 2024).

12       TRADE AND OTHER PAYABLES

	June 30, 2025		December 31, 2024
Trade accounts payable to suppliers		70,678		69,565
Other taxes payables		18,576		15,820
Accrued liabilities to suppliers		21,902		12,682
Total accounts payable		111,156		98,067

14 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

13       LOANS AND DEBENTURES

The list of loans and debentures held by the Company, as of June 30, 2025 and December 31, 2024 is as follows:

Financial debt	Maturity Date	Interest Rate		June 30, 2025		December 31, 2024
Bank Occidente
Q2 2022 Promissory Note (“5º Promissory Note”)	May 2026		6.25%		2,540		3,882
Q3 2022 Promissory Note (“6º Promissory Note”)	August 2026		6.25%		3,435		4,709
Q2 2023 Promissory Note (“7º Promissory Note”)	June 2025		7.50%		—		1,320
Q1 2024 Promissory Note (“8° Promissory Note”)	February 2026		7.50%		1,747		3,000
Q3 2024 Promissory Note (“9° Promissory Note”)	July 2027		8.00%		3,487		4,178
Bank Atlántida
Q2 2022 Loan Agreement (“7º Loan”)	March 2027		6.50%		4,375		5,625
Bank ABC Brasil S.A.
Q4 2022 Loan Agreement (“5º Loan”)	January 2026		5.38%		6,581		10,968
Bank Santander Mexico
Q3 2024 Loan Agreement (“5° Loan”)	August 2027		* SOFR + 3.8%		28,708		35,333
Bank Santander Brazil
Q3 2023 Loan Agreement (“4° Loan”)	November 2028		9.51%		103,972		104,073
Bank Safra
Q3 2024 Loan Agreement (“2° Loan”)	August 2026		7.10%		20,517		20,513
Bank Brasil
Q1 2024 Loan Agreement (“1º Loan”)	December 2028		6.50%		10,000		10,003
Bank Bradesco
Q1 2022 Loan Agreement (“1º Loan”)	February 2025		* CDI + 2.342%		—		2,453
Q4 2024 Loan Agreement (“2° Loan”)	December 2028		6.50%		43,097		43,000
Other banks
BTG Pactual	November 2027		6.70%		20,112		20,116
Debentures payable
Debentures – 2nd issuance	October 2030		* CDI + 1.60%		187,213		162,515
Gold Royalty Corp
Gold linked loan	December 2029		8.5%		12,209		11,416
Nemesia SARL	(a)		7.00%		5,900		—
Total					453,893		443,104
Current					78,786		82,007
Non-Current					375,107		361,097

* Definition: Secured Overnight Financing Rate Data (“SOFR”) and Certificates of Interbank Deposits (“CDI”).

(a) This loan was recognized in the Company’s financial statements as a result of the acquisition of Bluestone.

On February 7, 2025, Aura, Nemesia S.à.r.l., and Bluestone, signed a term sheet for the purchase and assignment of the debt obligation related to the Cerro Blanco Project held by Bluestone. On March 14, 2025, the parties executed a Debt Purchase and Assignment Agreement, reflecting the terms previously agreed between the parties and subject to certain closing conditions, including approval from Toronto Stock Exchange (“TSX”). On April 15, 2025, the parties closed the transaction, pursuant to which Aura acquired from Nemesia S.à.r.l. all of Nemesia’s rights, title, and interest in the outstanding debt of Bluestone in exchange for 1,218,222 common shares of Aura and an unsecured promissory note in the principal amount of $5.9 million payable from Aura to Nemesia S.à.r.l (the “New Promissory Note”), The New Promissory Note has a fixed interest rate of 7% and becomes due once Cerro Blanco achieves commercial production within the next 20 years. The fair value of the 1,218,222 common shares issued was $22.8 million, based on Aura’s share price at the closing date. The transaction resulted in a loss on settlement of liability with equity instruments of $8.8 million, recognized as a finance expense (Note 23) for the six-month period ended June 30, 2025.

15 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

The non-current loans and debentures payments are as follows:

		Amount
2026	**		96,279
2027			85,467
2028			93,023
2029			50,169
2030 onwards			50,169
			375,107

** Includes amounts that become due from July 1, 2026.

Financial Covenants

Mineração Apoena S.A. (“Apoena”) – subsidiary of the Company

- Bank BTG Pactual.: Principal of US$ 37,000 entered in December 2024

The agreement has financial covenants where Net Debt should be lower than 2.75x over the last 12 months EBITDA. The covenant is measured on a quarterly basis at Aura Minerals Inc.

Aranzazu Holdings SA de CV (“Aranzazu”) – subsidiary of the Company

- Bank Santander México S.A.: Principal amount of $15,000, in August 2024 plus $22,000 in December, 2024

The agreement has financial covenants where: Net Debt should be lower than 1.5x over the last 12 months EBITDA; and last 12 months EBITDA over the interest expense should be over or equal 5.0x. The covenant is measured on a quarterly basis at the subsidiary.

Aura Almas Mineração S.A. (“Almas”) – subsidiary of the Company

- Debentures: Principal of R$1,000,000 (US$161,491) entered in October 2024

The agreement also includes a quarterly financial covenant where the net debt to the last 12 months EBITDA ratio not exceed:

- in the case of Aura Minerals, 2.75x through June 30, 2025;

- in the case of Almas, 2.00x from July 1, 2025 through October 2, 2027; and

- in the case of Almas, 1.50x thereafter through maturity;

Aura Almas Mineração S.A. (“Almas”) – subsidiary of the Company

- Swap agreement entered in October 2024.

The agreement also includes a quarterly financial covenant where the net debt to the last 12 months EBITDA ratio not exceed:

- in the case of Aura Minerals, 2.75x through June 30, 2025;

- in the case of Almas, 2.00x from July 1, 2025 through October 2, 2027; and

- in the case of Almas, 1.50x thereafter through maturity;

16 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

Aura Almas Mineração S.A. (“Almas”) – subsidiary of the Company

- Safra Bank: Principal of US$ 20,000 entered in August 2024

The agreement has financial covenants where Net Debt should be lower than 2.75x over the last 12 months EBITDA. The covenant is measured on a quarterly basis at Aura Minerals Inc.

Cascar Brasil Mineração Ltda. (“Cascar”) – subsidiary of the Company (Borborema Project)

- Santander Brasil S.A., principal of $100,750 entered in September 2023

The agreement has one annual financial covenant requiring that, beginning in the year ended December 31, 2025, following an initial grace period, where Cascar’s Net Debt should be lower than 1.5x over Cascar’s last 12 months EBITDA.

For the six months ended June 30, 2025, the Company and its subsidiaries are in compliance with all the financial covenants.

14       INCOME TAXES

a)       Income taxes

As of June 30, 2025 the current income tax liability is $28,507 ($31,618 as of December 31, 2024).

Income tax expenses included in the unaudited condensed interim consolidated statements of income for the three and six-months periods ended June 30, 2025 and 2024 are as follows:

	For the three months ended June 30, 2025			For the three months ended June 30, 2024			For the six months ended June 30, 2025			For the six months ended June 30, 2024
Current income tax		(29,551	)		(14,612	)		(50,365	)		(24,755	)
Deferred income tax		6,326			(6,888	)		8,840			(7,733	)
Total income/deferred taxes expense		(23,225	)		(21,500	)		(41,525	)		(32,488	)

17 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

b)       Deferred income tax assets and liabilities

Deferred tax assets and liabilities on the unaudited condensed interim consolidated statements of financial position consist of:

Net deferred income tax assets (liabilities) are classified as follows:	June 30, 2025			December 31, 2024
Deferred income tax assets		28,639			15,218
Deferred income tax liabilities		(35,925	)		(31,583	)
Total deferred taxes, net		(7,286	)		(16,365	)

The movements in the net deferred income tax asset (liability) account for the six months ended June 30, 2025 and 2024 are as follows:

Balance, December 31, 2023	17,938
Recorded in the statement of income (loss)	(7,733	)
Recorded through other comprehensive income	507
Exchange differences	(3,120	)
Balance, June 30, 2024	7,592
Balance, December 31, 2024	(16,365	)
Recorded in the statement of income (loss)	8,840
Recorded through other comprehensive income	(956	)
Acquisition of Bluestone	(1,137	)
Exchange differences	2,332	)
Balance, June 30, 2025	(7,286	)

The deferred income tax and social contribution are calculated on tax loss carryforwards and the temporary differences between the tax bases of assets and liabilities and their carrying amounts, as follows:

	June 30, 2025			December 31, 2024
Provision for mine closure and restoration		9,366			7,057
Tax losses carried forward		4,581			5,831
Amortization of intangibles		1,926			5,689
Non-deductible provisions		10,486			11,235
Non-deductible exchange changes		3,441			(442	)
Deferred taxes over non-monetary items		(20,540	)		(34,974	)
Depreciation		(16,347	)		(9,198	)
Advance payments		(3,615	)		(3,488	)
Others		3,416			1,925
Total of deferred tax assets and liabilities		(7,286	)		(16,365	)
Fair value of financial instruments		(1,051	)		(832	)
Total of deferred tax on OCI		(1,051	)		(832	)

18 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

c)       Effective tax rate

	For the six months ended June 30, 2025			For the six months ended June 30, 2024
Income (loss) before Income taxes		(23,577	)		(2,504	)
Income taxes at statutory rate applicable to the parent Company (0%)		—			—
Adjustments for calculating the effective rate
Tax calculated at the domestic rates		(43,538	)		(15,040	)
Non-deductible expenses/non-taxable (income)		87			(399	)
Unrecognized deferred tax asset (losses carried forward)		(3,065	)		(7,300	)
Tax exemptions		3,457			895
Withholding taxes on distribution		(1,889	)		—
Deferred taxes over non-monetary items		10,081			(11,472	)
Others		(6,658	)		828
Income tax expense		(41,525	)		(32,488	)
Effective tax rate		176.1	%		1,297.4	%

15        PROVISION FOR MINE CLOSURE AND RESTORATION

The movements for the six months ended June 30, 2025 and 2024 are as follow:

	June 30, 2025			June 30, 2024
Balance, beginning of year		50,573			48,727
Bluestone acquisition		9,668			—
Accretion expense (note 23)		2,800			3,106
Change in estimate		(277	)		—
Foreign exchange		1,706			(490	)
Balance, end of period		64,470			51,343

Provision for mine closure and restoration is related to the closure costs and environmental restoration associated with mining operations. The provisions have been recorded at their net present values, using a discount rate for each entity based on their life of mine and the corresponding country treasury bill rates of 11.73%, 10.02 %, and 7.22% at June 30, 2025 and December 31, 2024 for, Brazil, Mexico, and Honduras, respectively. The provisions have been re-measured at each reporting date, with the accretion expense being recorded as a finance cost.

19 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

16       OTHER PROVISIONS

	Long-term employee benefits			Provision for judicial contingencies		CVRs		Total
At December 31, 2023		11,964			672		—		12,636
Periodic service and finance cost (Note 23)		834			—		—		834
Change in provision for the period		396			63		—		459
Settlement during the period		(296	)		—		—		(296	)
At June 30, 2024		12,898			735		—		13,633
At December 31, 2024		13,860			3,284		—		17,144
Periodic service and finance cost (Note 23)		891			—		—		891
Change in provision for the period		194			2,145		—		2,339
Actuarial changes		294			—		—		294
Addition (Note 5)		—			—		9,120		9,120
Settlement during the period		(1,811	)		—		—		(1,811	)
Foreign exchange		—			—		490		490
At June 30, 2025		13,428			5,429		9,610		28,467

17       OTHER LIABILITIES

	June 30, 2025		December 31, 2024
NSR royalty (note 17 (a))		1,060		971
Lease payment obligation (note 17 (b))		27,830		24,251
Total other liabilities		28,890		25,222
Current		14,939		14,190
Non-current		13,951		11,032

a)       NSR Royalty

The movements for the six months ended June 30, 2025 and 2024 of the NSR Royalty are as follows:

	June 30, 2025			June 30, 2024
Balance, beginning of year		971			826
Royalty payments		(981	)		(825	)
Increase in NSR obligations		1,070			854
Balance, end of the period		1,060			855

20 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

b)       Lease Payment Obligation

The movements for the six months ended June 30, 2025 and 2024 of the lease liability obligation are as follows:

	June 30, 2025			June 30, 2024
Balance, beginning of year		24,251			38,654
Bluestone acquisition		7			—
Change in estimate		6,236			1,123
Accretion expense (Note 23)		1,756			4,021
Lease payments (Principal)		(7,557	)		(8,680	)
Lease payments (Interest)		(1,804	)		—
Foreign exchange		4,941			(5,040	)
Balance, end of period		27,830			30,078
Current		13,876			13,055
Non-current		13,954			17,023

The weighted average discount rate applied to the lease liabilities within the period ended June 30, 2025 is 11.73% (13.15% and 9% for the period ended June 30, 2024), based on their corresponding country treasury bill rates.

Lease liabilities are reflected within the current and long-term liabilities in the consolidated statements of financial position. The finance cost or amortization of the discount on the lease liabilities are charged to the consolidated statements of income using the effective interest method.

18       EQUITY

The Company has authorized an unlimited number of common shares, being subscribed 74,529,362 as of June 30, 2025 (72,399,495 as of December 31, 2024).

As of June 30, 2025, the Company had 1,500,992 options issued and outstanding (1,052,589 as of December 31, 2024). The share-based payment expense is measured at fair value and recognized over the vesting period from the date of grant, and for the six months period ended June 30, 2025 and 2024, share-based payment expense recognized in general and administrative expenses was $73 and $52 respectively. During the period ended June 30, 2025 the Company granted 448,398 new stock options.

21 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

Repurchase of shares

On March 14 2024, the Company announced a new normal course issuer bid (“New NCIB”) for its TSX listed shares and a buyback program for its Brazilian Depositary Receipts (“BDRs”) listed in the Brazilian Stock Exchange (“B3”). The limit for purchases under the NCIB and the BDR Buyback Program was a combined aggregate limit, representing, altogether, 2,261,426 Common Shares.

On March 24, 2025, Aura announced the renewal of its Normal Course Issuer Bid (NCIB) and concurrent Buyback Program for Brazilian Depositary Receipts (BDRs). The renewed NCIB allows the Company to repurchase up to 2.69 million common shares while the BDR program permits the repurchase of up to 8.08 million BDRs—each equivalent to one-third of a common share—on the B3.

For the period ended June 30, 2025 the Company has repurchased 162,826 common shares of its Brazilian Depositary Receipts and 20,424 common shares under the NCIB, for $849 and $351, respectively, for a total of $1,200 recorded directly in share capital. During this period, the Company has canceled (96,141) shares from the total repurchased.

19       REVENUE

	For the three months ended June 30, 2025		For the three months ended June 30, 2024			For the six months ended June 30, 2025			For the six months ended June 30, 2024
Gold		127,928		85,171			239,470			173,087
Copper & Gold concentrate		60,875		50,716			113,632			95,866
Provisional prices		686		(1,476	)		(1,809	)		(2,464	)
Other		947		—			947			—
Revenue		190,436		134,411			352,240			266,489

Revenues for the Minosa, Apoena and Almas mines relate to the sale of refined gold and for the Aranzazu mine relates to the sale of copper concentrate. The Company’s revenues are concentrated in 5 clients (see Note 26(d)).

For the three and six-months period ended June 30, 2025, Brazil, Mexico and Honduras represented 38.1%, 32.5% and 29.4% and 34.5%, 22.2% and 43.4% respectively of the Company´s revenue (32.1%, 36.7% and 31.2% and 35.0%, 35.1 % and 29.9% for the period ended June 30, 2024).

For the period ended June 30, 2025, the Company´s main clients Asahi Refining USA Inc, Trafigura México, S.A. de C.V. and Auramet International, represented 45.5%, 31.8% and 22.7% respectively of the Company´s revenue (22.1%, 31.1 % and 46.8 % for the period ended June 30, 2024).

22 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

20       COST OF GOODS SOLD BY NATURE

	For the three months ended June 30, 2025			For the three months ended June 30, 2024			For the six months ended June 30, 2025			For the six months ended June 30, 2024
Direct mine and mill costs		(44,470	)		(36,203	)		(89,389	)		(75,062	)
Direct mine and mill costs - Contractors		(17,529	)		(22,356	)		(32,996	)		(42,380	)
Direct mine and mill costs - Salaries		(9,550	)		(9,762	)		(18,676	)		(20,167	)
Depletion and amortization		(14,948	)		(14,782	)		(28,812	)		(30,891	)
Total		(86,497	)		(83,103	)		(169,873	)		(168,500	)

21       GENERAL AND ADMINISTRATIVE EXPENSES

	For the three months ended June 30, 2025			For the three months ended June 30, 2024			For the six months ended June 30, 2025			For the six months ended June 30, 2024
Salaries, wages, benefits and bonus		(5,047	)		(3,582	)		(8,827	)		(7,002	)
Professional and consulting fees		(2,111	)		(1,278	)		(4,159	)		(2,878	)
Legal fees		(214	)		(150	)		(458	)		(379	)
Insurance		(194	)		(240	)		(390	)		(626	)
Directors' fees		(584	)		(145	)		(1,255	)		(299	)
Travel expenses		(213	)		(218	)		(574	)		(437	)
Share-based payment expense (Note 18)		—			—			(73	)		(52	)
Depreciation and amortization		(335	)		(564	)		(534	)		(1,199	)
Care and maintenance		(563	)		(375	)		(1,063	)		(796	)
Other		(2,023	)		(979	)		(3,587	)		(2,142	)
Total		(11,284	)		(7,531	)		(20,920	)		(15,810	)

22       EXPLORATION EXPENSES

	For the three months ended June 30, 2025			For the three months ended June 30, 2024			For the six months ended June 30, 2025			For the six months ended June 30, 2024
Minosa		(264	)		—			(500	)		(1	)
Almas		(423	)		—			(660	)		—
Apoena		(62	)		(122	)		(186	)		(170	)
Aranzazu		(794	)		(1,656	)		(1,503	)		(2,766	)
Borborema project		—			—			(70	)		—
All other segments		(171	)		(1,173	)		(171	)		(1,956	)
Total		(1,714	)		(2,951	)		(3,090	)		(4,893	)

23 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

23       FINANCE EXPENSE

	For the three months ended June 30, 2025			For the three months ended June 30, 2024			For the six months ended June 30, 2025			For the six months ended June 30, 2024
Accretion expense (Note 15)		(1,134	)		(1,573	)		(2,800	)		(3,106	)
Lease interest expense (Note 17 (b))		(161	)		(2,012	)		(1,756	)		(4,021	)
Interest expense on loans and debentures (Note 24 (a))		(6,098	)		(4,121	)		(11,853	)		(8,338	)
Finance cost on post-employment benefit		(747	)		(467	)		(1,085	)		(834	)
Unrealized loss with derivative gold collars (Note 25 (a) (ii))		(24,304	)		(11,558	)		(124,514	)		(33,226	)
Realized loss with derivative gold collars		(11,703	)		—			(17,739	)		—
Loss on other derivative transactions		(1,305	)		—			(3,132	)		—
Change in liability measured at fair value		(4,025	)		(954	)		(6,384	)		(3,587	)
Foreign exchange		(2,462	)		(11,184	)		(5,638	)		(13,274	)
Derivative fee		—			(13,522	)		—			(13,522	)
Loss on settlement of liability with equity instruments (Note 13)		(8,768	)		—			(8,768	)		—
Other finance costs		(297	)		(140	)		(727	)		(571	)
Finance expenses		(61,004	)		(45,531	)		(184,396	)		(80,479	)
Interest income		1,374			429			3,155			1,282
Finance income		1,374			429			3,155			1,282
Total finance result		(59,630	)		(45,102	)		(181,241	)		(79,197	)

24       CASH FLOW INFORMATION

a)       Items adjusting (loss) of the period

	June 30, 2025		June 30, 2024
Deferred and current income tax expense		41,525		32,488
Depreciation and amortization		29,346		31,553
Accretion expense (Note 23)		2,800		3,106
Lease Interest expense (Note 23)		1,755		4,021
Interest expense on loans and debentures (Note 23)		11,853		8,338
Finance cost on post-employment benefit (Note 23)		1,085		834
Unrealized loss on derivatives gold collars (Note 23)		124,514		33,226
Loss on other derivatives (Note 23)		3,132		—
Foreign exchange loss (Note 23)		5,638		13,274
Change in fair value in liability measured at fair value		6,384		3,587
Share-based payment expense (Note 18)		73		52
Change in estimate for mine closure and restoration		—		(382	)
Loss on disposal of assets		436		577
Loss on settlement of liability with equity instruments		8,768		—
Other non-cash items		523		1,341
Total		237,832		132,015

24 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

b)       Changes in working capital

	June 30, 2025			June 30, 2024
Increase in accounts receivables and value added taxes and other recoverable taxes		(2,126	)		(4,516	)
Increase in inventory		(15,582	)		(11,024	)
(Decrease) in trade and other payables		6,945			(1,593	)
Total		(10,763	)		(17,133	)

c)       Other current and non-current assets and liabilities

	June 30, 2025			June 30, 2024
Changes in other current and non-current assets and liabilities consists of:
(Increase) Decrease in other receivables and assets (non-current)		4,099			897
(Increase) in other receivables and assets (current)		(79	)		9,553
(Decrease) in other liabilities (current and non-current)		(5,450	)		558
Total		(1,430	)		11,008

d)       Non-cash transactions on investing activities consist of:

	June 30, 2025		June 30, 2024
Non-cash addition to property, plant and equipment		10,728		577
Total		10,728		577

25 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

e)       Loans, debentures and derivatives reconciliation

	Loans and debentures			Derivatives
Balance as of December 31, 2023		333,589			32,005
Changes from Financing cash flows:
Loan and debentures repayments		(23,312	)		—
Loan proceeds		34,000			—
Interest paid on loans *		(12,647	)		—
Interest paid on debentures *		(5,051	)		—
Derivative settlement		—			2,868
Other Changes:
Interest expenses on loans		11,244			—
Interest expenses on debentures		4,429			—
Derivative result		—			(1,244	)
Foreign exchange adjustments		(7,835	)		6,893
Derivative settlement (withholding taxes)		—			506
Swap fair value adjustment		—			1,683
Gold Hedges fair value adjustment		—			33,226
Balance as of June 30, 2024		334,417			75,937
Balance as of December 31, 2024		443,104			139,490
Acquisition of Bluestone		5,900
Changes from Financing cash flows:
Loan and debentures repayments		(20,602	)		—
Interest paid on loans *		(21,172	)		—
Derivative settlement (Gold Hedges)		—			(17,739	)
Derivative settlement  - debt swap agreements		—			2,582
Other Changes:
Interest expenses on loans		10,395			—
Interest expenses on debentures		12,383			—
Derivative result		—			(6,157	)
Foreign exchange adjustments		22,685			(22,723	)
Derivative settlement (witholding taxes)		—			1,104
Swap fair value adjustment		—			3,417
Gold Hedges fair value adjustment		—			142,253
Other derivatives fair value adjustment		1,200			1,933
Balance as of June 30, 2025		453,893			244,160

* Interest payment on loans and debentures are being presented under financing activities in the Condensed Interim Consolidated Statements of Cash Flows

26 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

25       FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT

a)       Financial Instruments

The Company has the following derivative financial instruments in the following line items in the consolidated statements of financial position:

		Asset/(Liability) at			Asset/(Liability) at
Derivatives Contracts	Current/Non-Current	June 30, 2025			December 31, 2024
Swap - Aura Almas (Itaú Bank)	Non-current		5,395			(15,164	)
Swap  - Apoena Mines (Bradesco and ABC Bank)	Current		(4,587	)		(3,872	)
Gold Derivatives	Current / Non-current		(244,968	)		(120,454	)
Total			(244,160	)		(139,490	)

Classification of financial instruments

			June 30, 2025						December 31, 2024
	Note		Measured at amortized cost		Fair value through profit & loss		Fair value through OCI		Measured at amortized cost		Fair value through profit & loss		Fair value through OCI
Assets
Current
Cash and cash equivalents		6		167,938		—		—		270,189		—		—
Accounts receivable		7		4,473		—		—		2,354		13,480		—
Derivative Financial Instrument		25		—		—		5,395		—		—		—
Non-current										—		—		—
Other receivables and assets		10		—		—		2,419		—		—		3,454
				172,411		—		7,814		272,543		13,480		3,454
Liabilities
Current
Trade and other payables		12		111,155		—		—		98,067		—		—
Derivative Financial Instrument		25		—		26,654		—		—		19,302
Current portion of loan and debentures		13		72,187		6,599		—		78,115		3,892		—
Liability measured at fair value		14		—		4,850		—		—		3,362		—
Other liabilities		18		14,939		—		—		14,190		—		—
Non-current
Derivative Financial Instrument		25		—		222,901		—		—		105,024		15,164
Non-Current portion of loan and debentures		13		194,483		180,624		—		202,474		158,623		—
Liability measured at fair value				—		17,689		—		—		14,387		—
Other provisions		16		—		9,610		—		—		—		—
Other liabilities		17		13,951		—		—		11,032		—		—
				406,715		468,927		—		403,878		304,590		15,164

27 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

i) Swap agreements:

As of June 30, 2025 and December 31, 2024, the Company has the following swap agreements:

				Asset/(Liability) at			Asset/(Liability) at
Derivatives Contracts	Commodity/ index	Current/ Non-Current		June 30, 2025			December 31, 2024
Swap - Aura Almas (Itaú Bank) (a)	CDI		Current		5,395			(15,164	)
Swap  - Apoena Mines (Bradesco and ABC Bank)	CDI		Current		(4,587	)		(3,872	)
Total					808			(19,036	)

(a) The swap agreements from the Company´s subsidiary, Almas, was designated as a hedge accounting.

ii) Derivative Options

ii) a - Derivative Collars – Almas and Apoena

As of June 30, 2025, the Company had 8,632 outstanding zero cost put/call collars for the Almas Project. The zero-cost put/calls collars have floor prices of $1,558 and ceiling prices of $2,300 per ounce of gold. The expiration dates are in July 2025.

For Apoena Mines, as of June 30, 2025 Mineração Apoena S.A. had zero cost put/call collars for 3,750 ounces of gold with floor price of $1,400 and ceiling price of $2,100 per ounce of gold. The expiration dates are between July 2025 and December 2025.

ii) b – Derivative Collars Borborema Project

As of June 30, 2025, the Company had 225,996 ounces outstanding for the Borborema Project. The put/calls collars have floor prices of $1,745 and ceiling prices at $2,400 per ounce of gold expiring between July 2025 and June 2028.

The fair value effect of both the Derivative Zero Cost Collars and the Derivative Collars Borborema Project for the three and six-months ended June 30, 2025 is ($24,304) and ($124,514), respectively (($13,731) and ($33,226) for the three and six-months ended June 30, 2024 respectively), recorded as a finance expenses loss in the financial statements.

28 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

As of the date of these Unaudited Condensed Interim Financial Statements, the Company and its subsidiaries have no agreements in place with financial institutions which would require the Company to post cash or any other type of collateral to cover fair value exposure against the Company.

b)       Fair value of financial instruments

The Company measures certain of its financials assets and liabilities at fair value on a recurring basis and these are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. There are three levels of the fair value hierarchy that prioritize the inputs to valuation techniques used to measure fair value:

1) Level 1, which are inputs that are unadjusted quoted prices in active markets for identical assets or liabilities;

2) Level 2, which are inputs other than Level 1 quotes prices that are observable, either directly or indirectly, for the asset or liability; and,

3) Level 3, which are inputs for the asset or liability that are not based on observable market data.

Additionally, the Company classifies derivative assets and liabilities in Level 2 of the fair value hierarchy as they are valued using pricing models which require a variety of inputs such as expected gold price.

The fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis at June 30, 2025 and December 31, 2024 are summarized in the following table:

			June 30, 2025				December 31, 2024
	Level		Fair value through profit & loss		Fair value through OCI		Fair value through profit & loss		Fair value through OCI
Assets
Accounts receivable		2		—		—		13,480		—
Other receivables and assets		1		—		2,419		—		3,482
Derivative Financial Instrument		2		—		5,395		—		—
				—		7,814		13,480		3,482
Liabilities
Debentures		2		229,500		—		162,515		—
Liability measured at fair value		3		22,539		—		17,749		—
Derivative Financial Instrument		2		249,555		—		124,326		15,164
Other provisions		3		9,610		—		—		—
				511,204		—		304,590		15,164

29 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

Valuation inputs and relationships to fair value

The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements:

Description	Fair value at		Unobservable inputs	Inputs		Relationship of unobservable inputs to fair value
	June 30, 2025	December 31, 2024		2025	2024
Liability measured at fair value (NSR agreement))	22,539	17,749	Expected production of gold ounces	747,704	747,704	If expected production of gold ounces were 10% higher or lower, the fair value would increase/decrease by $1,604
Contingent Value Rights (CVRs)	9,610	-	Commercial Production	(a)	-	(a)

(a) The Company assessed the probability of achieving commercial production, which is defined on Note 5, over various time horizons, primarily within a 0 to 20-year range, while also recognizing a residual probability of timelines extending beyond 20 years. If expected commercial production probability varies by 10% on the lower and higher ends of these time horizons, the fair value would increase or decrease by $1,592.

Valuation process

The finance department of the Company includes a team that performs the valuations of non-property items required for financial reporting purposes, including level 3 fair values.

The main level 3 inputs used by the Company are derived and evaluated as follows:

• Discount rates for financial assets and financial liabilities are determined using a capital asset pricing model to calculate a pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the asset.

• Risk adjustments specific to the counterparties (including assumptions about credit default rates) are derived from credit risk gradings determined by internal credit risk management group.

• Probability of commercial production achievement and expected timing of payment.

There was no significant changes on the key inputs into the Monte Carlo simulation model for the liability measured at fair value (NSR agreement) used for the period ended June 30, 2025.

30 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

26       FINANCIAL RISK MANAGEMENT

a) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages its liquidity risk through a planning and budgeting process, which is reviewed and updated, to help determine the funding requirements to support the Company’s current operations and expansion and development plans and by managing its capital structure as described in Note 27 below.

Aura’s objective is to ensure that there are sufficient committed financial resources to meet its short-term business requirements for a minimum of twelve months. In the normal course of business, Aura enters into contracts that give rise to commitments for future payments as disclosed in the following table:

As of June 30, 2025	Within 1 year		2 to 3 years		4 to 5 years		Over 5 years		Total
Trade and other payables		111,155		—		—		—		111,155
Loans and debentures		90,580		248,039		159,208		26,160		523,987
Provision for mine closure and restoration		3,434		4,189		11,367		56,109		75,099
Lease liabilities		12,454		11,478		105		42		24,079
Liability measured at fair value		4,850		3,381		6,482		25,963		40,676
		222,473		267,087		177,162		108,274		774,996
As of December 31, 2024		Within 1 year		2 to 3 years		4 to 5 years		Over 5 years		Total
Trade and other payables		98,067		—		—		—		98,067
Loans and debentures		84,518		196,356		146,976		46,140		473,990
Provision for mine closure and restoration		9,674		5,431		8,132		35,049		58,286
Lease liabilities		12,305		14,937		—		—		27,242
Liability measured at fair value		3,915		4,332		4,882		22,860		35,989
		208,479		221,056		159,990		104,049		693,574

As of June 30, 2025, Aura has cash and cash equivalents of $167,938 ($270,181 as of December 31, 2024) and net working capital of $33,396 ($200,462 as of December 31, 2024) (current assets, excluding restricted cash less current liabilities).

31 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

b) Currency risk

Aura’s operations are located in Honduras, Brazil and Mexico, therefore, foreign exchange risk exposures arise from transactions denominated in foreign currencies. Although Aura’s sales are denominated in United States dollars, certain operating expenses of Aura are denominated in foreign currencies, primarily the Honduran lempira, Brazilian real, Mexican peso, Canadian dollar and Colombian peso.

Financial instruments that impact Aura’s net losses or other comprehensive losses due to currency fluctuations include cash and cash equivalents, accounts receivable, other long-term assets, accounts payable and accrued liabilities, short term loans and other provisions denominated in foreign currency.

At June 30, 2025 and December 31, 2024 , the Company had cash and cash equivalents of $167,938, and $270,189, respectively, of which, $135,588 ($229,525 in 2024) were in United States dollars, $198 ($265 in 2024) in Canadian dollars, $31,468 ($28,997 in 2024) in Brazilian real, $506 ($11,229 in 2024) in Honduran lempiras, $82 ($158 in 2024) in Mexican pesos, $28 ($14 in 2024) in Colombian Pesos, $62 ($0 in 2024) in Guatemalan Quetzals and $6 ($0 in 2024) in Barbadian Dollars. An increase or decrease of 5% in the United States dollar exchange rate to the currencies listed above could have increased or decreased the Company’s income for the year by $1,614.

c) Interest rate risk

The Company’s policy is to minimize interest rate cash flow risk exposures on long-term financing. Longer-term borrowings are therefore usually at fixed rates. As of June 30, 2025, the Company is exposed to changes in market interest rates through a bank borrowing at SOFR interest rate at its subsidiary Aranzazu. All other borrowings are at fixed interest rates or are linked to a swap instrument, minimizing the risk of interest rate exposure. The Company concluded that its exposure to interest rates is immaterial.

d) Credit risk

Credit risk is the risk that a counterparty fails to discharge an obligation to the Company. The Company is exposed to credit risk from financial assets including cash and cash equivalents held at banks, trade and other receivables. The credit risk is managed based on the Company’s credit risk management policies and procedures.

The credit risk in respect of cash balances held with banks and deposits with banks are managed via diversification of bank deposits.

32 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

At June 30, 2025, the Company believes that its trade credit risk is low due to the following reasons:

- For the sales of refined gold from Almas, Apoena e Minosa, the Company collects payments in advance of delivering its products to its clients.

- For the sale of copper and gold concentrate from Aranzazu, the Company sells its products to wholly-owned subsidiary of Trafigura Group Pte. Ltd, an investment grade company. The accounts receivable is generally collected within 15 days from the issuance of the invoice.

e) Market risk

Commodity derivatives transactions – Gold collars

As mentioned in Note 25, the Company uses gold collars in order to mitigate the risk of decline in gold prices for a portion of its projected future production associated with the construction of new projects.

To calculate an expected increase / decrease in the fair value balances of potential increases or decrease in gold prices, the Company used a variation of plus or minus 10% change in gold prices in relation to the June 30, 2025 closing prices.

Liability measured at fair value

The Company entered a Net Smelter Return Royalty Agreement that contains more than one embedded derivative, that is being accounted at fair value through profit or loss, and it is exposed to gold prices that can affect its future cash flows.

Gold linked Loan

Borborema Inc entered into a Gold-Linked Loan with embedded derivatives measured at fair value through profit and loss that has quarterly payments of gold ounces that are exposed to gold prices that can affect its future cash flows.

The reasonably possible scenario of the potential effects on the statement of income (loss) from outstanding transactions, the Company used a variation in the closing and future gold price of 10%. To simulate the potential scenario to reflect the potential effects on the statement of income (loss) from outstanding transactions, the Company used a variation in the closing and future gold price of 10%. The sensitivity analysis of these derivative financial instruments is presented as follows:

Instrument	Instrument´s main risk events	Reasonable scenario	$ Impact
Derivative financial instruments (Gold collars)	Gold price increase/decrease	D 10%	75,000
Liability measured at fair value	Gold price increase/decrease	D 10%	2,254
Loans and debentures (Gold linked loan)	Gold price increase/decrease	D 10%	482

33 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

27       CAPITAL MANAGEMENT

Aura’s objectives in managing capital are to ensure sufficient liquidity is maintained in order to properly develop and operate its current projects and pursue strategic growth initiatives, to ensure that externally imposed capital requirements related to any debt obligations are complied with, and to provide returns for shareholders and benefits to other stakeholders. In assessing the capital structure of the Company, management includes in its assessment the components of shareholders’ equity and long-term debt. The Company manages its capital structure considering changes in economic conditions, the risk characteristics of the underlying assets, and the Company’s liquidity requirements. To maintain or adjust the capital structure, the Company may be required to issue common shares or debt, repay existing debt, acquire or dispose of assets, or adjust amounts of certain investments.

In order to facilitate management of capital, the Company prepares annual budgets which are updated periodically if changes in the Company’s business are considered to be significant. The Board of Directors of the Company reviews and approves all operating and capital budgets as well as the entering into any material debt obligations, and any material transactions out of the ordinary course of business, including dispositions, acquisitions and other investments or divestitures. In order to maintain or adjust the capital structure, the company may adjust the amount of dividends paid to shareholders, return capital to shareholders, and issue new shares to reduce debt.

On February 26, 2025 and May 5, 2025 Aura’s Board of Directors has declared and approved the payment of dividends for a total of $18.3 million and $29.8 million, respectively. These correspond to $0.25 per share and $0.08 per Brazilian Depositary Receipt (“BDR”) and $0.40 per share and $0.13 per BDR, respectively. The dividends were paid on March 28, 2025 and May 30, 2025 respectively.

28       RELATED PARTY TRANSACTIONS

Key Management Compensation

Total compensation paid to key management personnel (including based salaries, bonuses and other benefits), remuneration of directors and other members of key executive management personnel for the period ended June 30, 2025 and 2024 were $2,718 and $2,981, respectively.

Director’s fees

Management had issued 189,795 deferred stock units (DSUs) to certain directors and former directors of the Company in 2016. The DSUs are recognized at the fair value of the Company shares based on the provisions of the agreements and will be settled in cash. The balance of the DSUs as of June 30, 2025 is $2,197 ($1,216 as of December 31, 2024) and is included as part of Trade and other payables.

34 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

Iraja Royalty Payments

As part of the Apoena Mines transaction with Yamana Gold Inc. (“Yamana”), Mineracao Apoena S.A. (“Apoena”) entered into a royalty agreement (the “EPP Royalty Agreement”), dated June 21, 2016, with Serra da Borda Mineracao e Metalurgia S.A. (“SBMM”), Yamana’s wholly-controlled subsidiary. Commencing on and from June 21, 2016, Apoena would pay to SBMM a royalty (the “Royalty”) that is equal to 2.0% of Net Smelter Returns on all gold mined or benefited from Apoena (the “Subject Metals”) sold or deemed to have been sold by or for Apoena.

Effective as at such time as Apoena has paid the Royalty on up to 1,000,000 troy ounces of the Subject Metals, the Royalty shall without the requirement for any further act or formality, reduce to 1.0% of Net Smelter Returns on all Subject Metals sold or deemed to have been sold by or for Apoena.

On October 27, 2017, SBMM entered into an agreement (the “Royalty Swap Agreement”) with Iraja Mineracao Ltda., a company controlled by the same controlling group, a third-party company, for the swap of the EPP Royalty with the RDM Royalty (as defined in the Royalty Swap Agreement) with no change to the terms of the royalty calculation. Aura has incurred expenses of the related royalties of $1,548 in the period ended June 30, 2025 ($909: 2024).

Royalty Agreement for Aura Almas

The Company, through its wholly owned subsidiaries Almas, maintains a royalty agreement with Irajá Mineração Ltda.., a company controlled by the same controlling group of Aura, whereby the subsidiary pays 1.2% of the Net Smelter Returns on all gold mined or sold. Aura has incurred expenses of the related royalties of $6,200 in the period ended June 30, 2025.

Royalty Agreement for Matupá

The Company, through its wholly owned subsidiary Matupá, maintains a royalty agreement with Irajá Mineração Ltda., a company controlled by the same controlling group of Aura, whereby the subsidiary will pay 1.2% of the Net Smelter Returns on all gold mined or sold, from the moment that is declared commercial production. The subsidiary is currently in care and maintenance.

Dividends payable to Northwestern

Northwestern, a company controlled by the Chairman of the Board, is the majority shareholder of Aura with approximately 53.5% ownership as of June 30, 2025 (54.8% as of December 31, 2024).

35 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

In the six-month ended June 30, 2025, the Company paid to Northwestern the total amount of $25.7 million of dividends.

Employee withholding taxes payable to the Company

In March 2021, certain key executives exercised stock options and received Company shares, triggering a withholding tax obligation that the Company paid on their behalf, as required by local regulations. The Board authorized reimbursement over a period of up to 18 months (extended to September 2025), with interest at or above the Applicable Federal Rate (AFR). The balance was secured by Company shares valued at 150% of the amount due, with provisions for additional collateral or immediate repayment in the event of employment termination. As of December 31, 2024, the outstanding balance was $3,129, which was fully reimbursed by the executive in June 2025.

29       SEGMENT INFORMATION

The reportable operating segments have been identified as the Minosa Mine, Apoena Mine, the Aranzazu Mine, Almas Mine, and Borborema Project. The Company manages its business, including the allocation of resources and assessment of performance, on a project-by-project basis, except where the Company’s projects are substantially connected and share resources and administrative functions. The segments presented reflect the way in which the Company’s management reviews its business performance. Operating segments are reported in a manner consistent with the internal reporting provided to executive management who act as the chief operating decision makers. Executive management is responsible for allocating resources and assessing the performance of the operating segments.

During the period ended March 31, 2025, the Borborema Project was included as a reportable operating segment, as it became a distinct area of focus subject to regular review by Chief Operating Decision Maker (CODM). Additionally, the Projects and Corporate segments, which were previously reported separately, no longer meet the criteria for reportable segments. Accordingly, comparative information has been recast to reflect this change and are now presented as part of non-reportable segments.

36 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

For the periods ended June 30, 2025 and 2024, segment information is as follows:

	Reportable segments
For the period ended June 30, 2025	Minosa Mine		Apoena Mine		Aranzazu Mine		Almas Mine		Borborema Project		Total reportable segments		All other segments		Total
Revenue	103,838		53,064		112,770		78,878		3,690		352,240		—		352,240
Cost of goods sold, except depletion and amortization	(41,150	)	(21,155	)	(48,564	)	(29,078	)	(1,114	)	(141,061	)	—		(141,061	)
Depletion and amortization	(2,382	)	(8,219	)	(12,739	)	(5,472	)	—		(28,812	)	—		(28,812	)
Gross profit	60,306		23,690		51,467		44,328		2,576		182,367		—		182,367
General and administrative expenses	(2,301	)	(2,237	)	(3,290	)	(2,278	)	(294	)	(10,400	)	(10,520	)	(20,920	)
Exploration expenses	(500	)	(186	)	(1,503	)	(660	)	(70	)	(2,919	)	(171	)	(3,090	)
Operating income/(loss)	57,505		21,267		46,674		41,390		2,212		169,048		(10,691	)	158,357
Finance income/(expense)	(1,952	)	(5,947	)	(2,595	)	(1,014	)	(7,374	)	(18,882	)	(150,506	)	(169,388	)
Interest in loans and debentures	(802	)	(2,186	)	(1,201	)	(7,174	)	(490	)	(11,853	)	—		(11,853	)
Other (expense) income	9		113		(1,102	)	(26	)	15		(991	)	298		(693	)
Income/(Loss) before income taxes	54,760		13,247		41,776		33,176		(5,637	)	137,322		(160,899	)	(23,577	)
Current tax	(14,385	)	(1,525	)	(19,466	)	(13,099	)	—		(48,475	)	(1,890	)	(50,365	)
Deferred tax	742		1,656		(449	)	7,116		(851	)	8,214		626		8,840
Income taxes	(13,643	)	131		(19,915	)	(5,983	)	(851	)	(40,261	)	(1,264	)	(41,525	)
(Loss) / Profit for the year	41,117		13,378		21,861		27,193		(6,488	)	97,061		(162,163	)	(65,102	)
Property, plant and equipment	63,427		67,411		129,409		150,177		243,841		654,265		108,301		762,566
Total assets	95,591		203,919		371,786		347,036		136,179		1,154,511		11,412		1,165,923
Total liabilities	78,012		140,642		105,819		253,469		158,749		736,691		289,468		1,026,159
Purchase of property, plant and equipment	3,171		14,137		14,416		9,787		54,728		96,239		5,027		101,266

(1) Non Reportable segments are composed by Matupá, Tolda Fria, Carajás and Cerro Blanco Projects and Corporate.

37 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

	Reportable segments
For the period ended June 30, 2024	Minosa Mine		Apoena Mine		Aranzazu Mine		Almas Mine		Borborema Project		Total reportable segments		All other segments		Total
Revenue	79,609		44,999		93,402		48,479		—		266,489		—		266,489
Cost of goods sold, except depletion and amortization	(44,421	)	(19,862	)	(46,890	)	(26,436	)	—		(137,609	)	—		(137,609	)
Depletion and amortization	(2,792	)	(11,887	)	(11,240	)	(4,972	)	—		(30,891	)	—		(30,891	)
Gross profit	32,396		13,250		35,272		17,071		—		97,989		—		97,989
General and administrative expenses	(2,391	)	(1,427	)	(2,244	)	(1,997	)	(331	)	(8,390	)	(6,624	)	(15,014	)
Care-and-maintenance expenses	—		(578	)	—		—		—		(578	)	(218	)	(796	)
Exploration expenses	(1	)	(170	)	(2,766	)	—		(56	)	(2,993	)	(1,900	)	(4,893	)
Operating income/(loss)	30,004		11,075		30,262		15,074		(387	)	86,028		(8,742	)	77,286
Finance income/(expense)	(2,789	)	(3,452	)	351		(1,162	)	(17,844	)	(24,896	)	(45,963	)	(70,859	)
Interest in loans and debentures	(1,047	)	(2,988	)	(1,099	)	(3,325	)	121		(8,338	)	—		(8,338	)
Other (expense) income	(590	)	90		(927	)	(19	)	(1	)	(1,447	)	854		(593	)
Income/ (Loss) before income taxes	25,578		4,725		28,587		10,568		(18,111	)	51,347		(53,851	)	(2,504	)
Current tax	(8,508	)	(1,882	)	(12,291	)	(2,074	)	—		(24,755	)	—		(24,755	)
Deferred tax	(235	)	(1,625	)	1,061		(6,243	)	—		(7,042	)	(691	)	(7,733	)
Income taxes	(8,743	)	(3,507	)	(11,230	)	(8,317	)	—		(31,797	)	(691	)	(32,488	)
(Loss) / Profit for the year	16,835		1,218		17,357		2,251		(18,111	)	19,550		(54,542	)	(34,992	)
Property, plant and equipment	55,543		73,842		123,463		145,464		93,700		492,012		24,730		516,742
Total assets	70,437		179,757		299,020		162,648		179,680		891,542		(9,560	)	881,982
Total liabilities	83,603		150,019		60,369		113,254		140,406		547,651		86,125		633,776
Purchase of property, plant and equipment	2,069		2,720		13,047		5,506		29,936		53,278		—		53,278

(1) Non Reportable segments are composed by Matupá, Tolda Fria, Carajás and Cerro Blanco Projects and Corporate.

30       COMMITMENTS AND CONTINGENCIES

a)       Operating leases commitments

The Company has the following commitments for future minimum payments under operating leases:

	2025
Within 1 year		12,454
2 years		5,739
3 years		5,039
4 years		805
Over 5 years		42
Total		24,079

38 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

b)       Contingencies

Certain conditions may exist as of the date of these financial statements which may result in a loss to the Company in the future when certain events occur or fail to occur. The Company assesses at each reporting date its loss contingencies related to ongoing legal proceedings by evaluating the likelihood of such proceedings, as well as the amounts claimed or expected to be claimed. Included in other provisions as of June 30, 2025, is a provision of $5,429 ($3,284 as of December 31, 2024) for loss contingencies related to ongoing legal claims.

31       INCOME/(LOSS) PER SHARE

Basic income per share is calculated by dividing the income attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the year.

Diluted income per share is calculated using the “treasury stock method” in assessing the dilution impact of convertible instruments until maturity. The treasury stock method assumes that all convertible instruments until maturity have been converted in determining fully diluted profit per share if they are in-the-money, except where such conversion would be anti-dilutive. In the event of a share consolidation or share division, the calculation of basic and diluted loss per share is adjusted retrospectively for all periods presented.

The following table summarizes activity for the three and six months period ended June 30, 2025 and 2024:

	For the three months ended June 30, 2025		For the three months ended June 30, 2024			For the six months ended June 30, 2025			For the six months ended June 30, 2024
Profit/(loss) for the period		8,147		(25,775	)		(65,102	)		(34,992	)
Weighted average number of shares outstanding - basic		74,328,457		72,342,498			73,771,206			72,290,638
Weighted average number of shares outstanding - diluted		75,199,163		72,342,498			73,771,206			72,790,638
Total profit/(loss) per share - basic		0.11		(0.36	)		(0.88	)		(0.48	)
Total profit/(loss) per share - diluted		0.11		(0.36	)		(0.88	)		(0.48	)

39 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2025

Expressed in thousands of United States dollars, except where otherwise noted.

32       SUBSEQUENT EVENTS

U.S. Initial Public Offering

On July 17, 2025, the Company closed its U.S. Initial Public Offering (“IPO”) of 8,100,510 common shares at a public offering price of US$24.25 per share. The registration statement on Form F-1 relating to the offering was declared effective by the U.S. Securities and Exchange Commission on July 15, 2025. The Company’s common shares began trading on the Nasdaq Global Select Market under the ticker symbol “AUGO” on July 16, 2025.

In connection with the offering, the Company granted the underwriters a 30-day option to purchase up to an additional 1,215,077 common shares at the public offering price, less underwriting discounts and commissions. The Company has been notified that the underwriters intend to exercise this option.

40 | Aura Minerals Inc.