EX-99.2 3 exh_992.htm EXHIBIT 99.2

Exhibit 99.2

Unaudited Condensed Interim Consolidated Financial Statements

For the three and six-months periods ended June 30, 2026 and 2025

KPMG Auditores Independentes Ltda.

Rua do Passeio, 38 - Setor 2 - 17º andar - Centro

20021-290 - Rio de Janeiro/RJ - Brasil

Caixa Postal 2888 - CEP 20001-970 - Rio de Janeiro/RJ - Brasil

Telefone +55 (21) 2207-9400

kpmg.com.br

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of
Aura Minerals, Inc.:

Results of Review of Interim Financial Information

We have reviewed the condensed interim consolidated statements of financial position of Aura Minerals, Inc. and subsidiaries (the Company) as of June 30, 2026, the related condensed interim consolidated statements of income (loss), other comprehensive income (loss), and cash flows for the three-month and six-month periods ended June 30, 2026 and 2025, the related condensed interim consolidated statements of changes in equity for the six-month periods ended June 30, 2026 and 2025, and the related notes (collectively, the condensed interim consolidated financial statements). Based on our review, we are not aware of any material modifications that should be made to the condensed interim consolidated financial statements for it to be in conformity with IAS 34 – Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB).

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Company as of December 31, 2025, and the related consolidated statements of income (loss), other comprehensive income (loss), changes in equity and cash flows for the year then ended (not presented herein); and in our report dated March 31, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed interim consolidated statements of financial position as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated statements of financial position from which it has been derived.

Basis for Review Results

This condensed interim consolidated financial statements is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our review in accordance with the standards of the PCAOB. A review of condensed interim consolidated financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

KPMG Auditores Independentes Ltda.

Rio de Janeiro, Brazil
August 05, 2026

Aura Minerals Inc.

Unaudited Condensed Consolidated Statements of Income (Loss)

For the three and six months ended June 30, 2026 and 2025

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

	Note	For the three months ended June 30, 2026			For the three months ended June 30, 2025			For the six months ended June 30, 2026			For the six months ended June 30, 2025
Revenue	20		335,967			190,436			718,573			352,240
Cost of goods sold	21		(144,490	)		(86,497	)		(298,268	)		(169,873	)
Gross profit			191,477			103,939			420,305			182,367

General and administrative expenses	22		(22,477	)		(11,284	)		(38,219	)		(20,920	)
Exploration expenses	23		(3,569	)		(1,714	)		(5,928	)		(3,090	)
Other income (expenses), net	26		9,870			61			4,462			(693	)
Operating income			175,301			91,002			380,620			157,664

Finance expense	24		(66,204	)		(61,004	)		(112,840	)		(184,396	)
Finance income	24		127,258			1,374			104,973			3,155
Income (loss) before income taxes			236,355			31,372			372,753			(23,577	)

Current tax	15		(19,794	)		(29,551	)		(67,203	)		(50,365	)
Deferred tax	15		1,126			6,326			7,295			8,840
Income taxes			(18,668	)		(23,225	)		(59,908	)		(41,525	)

Profit (Loss) for the period			217,687			8,147			312,845			(65,102	)

Weighted average number of ordinary shares outstanding
Basic	33		83,813,093			74,328,457			83,691,587			73,771,206
Diluted	33		84,754,721			75,199,163			84,633,215			73,771,206

Profit (Loss) per share– Basic	33		2.60			0.11			3.74			(0.88	)
Profit (Loss) per share– Diluted	33		2.57			0.11			3.70			(0.88	)

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

2 | Aura Minerals Inc.

Aura Minerals Inc.

Unaudited Condensed Consolidated Statements of Other Comprehensive Income (Loss)

For the three and six months ended June 30, 2026 and 2025

Expressed in thousands of United States dollars

	For the three months ended June 30, 2026		For the three months ended June 30, 2025			For the six months ended June 30, 2026			For the six months ended June 30, 2025

Profit (Loss) for the period		217,687		8,147			312,845			(65,102	)
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		761		(5	)		3,309			(2,591	)
Gain on foreign exchange translation of subsidiaries		1,174		(1,049	)		1,030			(1,011	)

Items that will not be reclassified to profit or loss:
Change in the fair value of equity investments		1,799		143			(919	)		(193	)
Actuarial gain on post-employment benefit, net of tax		18		(294	)		62			(294	)
Other comprehensive income, net of tax		3,752		(1,205	)		3,482			(4,089	)
Total comprehensive income (loss)		221,439		6,942			316,327			(69,191	)

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

3 | Aura Minerals Inc.

Aura Minerals Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

For the three and six months ended June 30, 2026 and 2025

Expressed in thousands of United States dollars

	Note	For the three months ended June 30, 2026			For the three months ended June 30, 2025			For the six months ended June 30, 2026			For the six months ended June 30, 2025
Cash flows from operating activities
Profit (Loss) for the period			217,687			8,147			312,845			(65,102	)
Items adjusting profit (loss) of the period	25 (a)		(60,832	)		82,263			57,553			237,832
Changes in working capital	25 (b)		11,455			3,372			(15,898	)		(10,763	)
Income tax and social contribution paid			(40,898	)		(22,571	)		(92,400	)		(39,444	)
Other current and non-current assets and liabilities	25 (c)		(15,467	)		8,653			(32,284	)		(1,430	)
Net cash generated by operating activities			111,945			79,864			229,816			121,093

Cash flows from investing activities
Purchase of property, plant and equipment	11		(84,319	)		(50,325	)		(128,426	)		(102,050	)
Short term investment			(140	)		-			(417	)		-
Acquisition of investment – Bluestone Inc., net of cash acquired			-			-			-			(18,538	)
Acquisition of investment – Altamira			-			(439	)		-			(439	)
Proceeds from the Sale of São Francisco Mine	5		2,000			-			2,000			-
Net cash used in investing activities			(82,459	)		(50,764	)		(126,843	)		(121,027	)

Cash flows from financing activities
Proceeds received from loans and debentures			119,632			-			119,632			-
Repayment of loans and debentures	25 (e)		(81,072	)		(9,147	)		(99,393	)		(20,602	)
Derivative settlement- debt swap agreements			9,243			2,582			6,502			2,582
Interest paid on loans and debentures	25 (e)		(19,414	)		(13,397	)		(26,065	)		(21,172	)
Payment from liability (NSR agreement)			(2,257	)		(853	)		(2,268	)		(1,594	)
Principal payments of lease liabilities	18 (b)		(4,246	)		(4,227	)		(8,287	)		(7,557	)
Interest payments of lease liabilities	18 (b)		(676	)		(895	)		(1,379	)		(1,804	)
Repayment of other liabilities	18 (a)		(299	)		-			(1,280	)		(981	)
Payment of dividends	29		(65,361	)		(29,811	)		(120,507	)		(48,144	)
Acquisition of treasury shares	19		(2,316	)		-			(6,948	)		(1,200	)
Proceeds from exercise of stock options			307			-			657
Net cash used in financing activities			(46,459	)		(55,748	)		(139,336	)		(100,472	)

Decrease in cash and cash equivalents			(16,973	)		(26,648	)		(36,363	)		(100,406	)
Effect of foreign exchange gain on cash equivalents			(2,494	)		(3,480	)		(1,371	)		(1,845	)
Cash and cash equivalents, beginning of the period			267,789			198,066			286,056			270,189
Cash and cash equivalents, end of the period			248,322			167,938			248,322			167,938

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

4 | Aura Minerals Inc.

Aura Minerals Inc.

Unaudited Condensed Consolidated Statements of Financial Position

As of June 30, 2026 and December 31, 2025

Expressed in thousands of United States dollars

	Note	June 30, 2026			December 31, 2025
ASSETS
Current
Cash and cash equivalents	6		248,322			286,056
Restricted cash			3,492			3,075
Accounts receivables	7		12,098			20,073
Value added taxes and other recoverable taxes	8		43,081			37,650
Inventories	9		114,015			115,810
Derivative financial instruments	27		21,404			4,418
Other receivables and assets	10		51,787			45,404
Total current			494,199			512,486

Non-current
Value added taxes and other recoverable taxes	8		44,275			40,589
Inventories	9		80,048			58,576
Other receivables and assets	10		23,307			16,573
Property, plant and equipment	11		1,022,591			945,354
Deferred income tax assets	15		40,023			35,418
Total non-current			1,210,244			1,096,510

Total assets			1,704,443			1,608,996

LIABILITIES
Current
Trade and other payables	12		183,166			189,614
Derivative financial instruments	27		143,440			139,354
Loans and debentures	13		64,985			99,548
Liability measured at fair value	14		6,902			1,012
Current income tax liabilities	15		42,790			66,765
Current portion of other liabilities	18		17,850			18,933
Provision for mine closure and restoration	16		5,094			5,661
Liabilities directly associated with assets classified as held for sale	5		-			5,367
Total current			464,227			526,254

Non-current
Loans and debentures	13		376,259			311,620
Liability measured at fair value	14		27,598			25,822
Derivative financial instruments	27		158,078			265,343
Deferred income tax liabilities	15		35,039			37,006
Provision for mine closure and restoration	16		83,447			78,070
Other provisions	17		103,012			92,671
Other liabilities	18		311			6,473
Total non-current			783,744			817,005

SHAREHOLDERS’ EQUITY	19
Share capital			828,647			834,430
Contributed surplus			58,455			57,757
Accumulated other comprehensive income			3,304			(178	)
Accumulated losses			(433,934	)		(626,272	)
Total equity			456,472			265,737

Total liabilities and equity			1,704,443			1,608,996

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

5 | Aura Minerals Inc.

Aura Minerals Inc.

Unaudited Condensed Consolidated Statements of Changes in Equity

For the six months ended June 30, 2026 and 2025

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, 2025		83,554,346			834,430			57,757		(178	)		(626,272	)		265,737
Shared based compensation		364,597			1,165			698		-			-			1,863
Shares repurchased		(82,100	)		(6,948	)		-		-			-			(6,948	)
Change in the fair value of cash flow hedge, net of tax		-			-			-		3,309			-			3,309
Gain on foreign exchange translation of subsidiaries		-			-			-		1,030			-			1,030
Change in the fair value of equity investment		-			-			-		(919	)		-			(919	)
Actuarial gain on post-employment benefit, net of tax		-			-			-		62			-			62
Profit for the period		-			-			-		-			312,845			312,845
Dividends paid (note 29)		-			-			-		-			(120,507	)		(120,507	)
At June 30, 2026		83,836,843			828,647			58,455		3,304			(433,934	)		456,472

	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 29)		-			-			-		-			(48,144	)		(48,144	)
At June 30, 2025		74,529,362			633,271			55,669		(4,812	)		(544,364	)		139,764

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 six months ended June 30, 2026 and December 31, 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 incorporated under the BVI Business Companies Act, 2004 (British Virgin Islands). The Company’s common shares are listed on the Nasdaq Global Select Market under the ticker symbol “AUGO” and its Brazilian Depositary Receipts (“BDRs”), with three BDRs representing one common share, are listed on the B3 – Brasil, Bolsa Balcão under the ticker symbol “AURA33”, now backed by common shares traded on Nasdaq following the approval issued by the Brazilian Securities Commission (CVM) on August 29, 2025, which authorized the migration of the reference exchange of the underlying shares from the Toronto Stock Exchange (“TSX”) to Nasdaq. On September 8, 2025, the Company announced that its voluntary delisting from the TSX had been approved by its board of directors and the TSX, with effectiveness as of the close of trading on September 25, 2025. Following the delisting, the Company continues to maintain trading of its common shares and BDRs on Nasdaq and B3 respectively.

Aura’s ultimate 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, 2026.

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 the International Accounting Standards Board. 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, 2025, ("2025 Annual Financial Statements").

The accounting policies followed in these Unaudited condensed interim consolidated financial statements are consistent with those disclosed in Note 3 of 2025 Annual Financial Statements, except for those new or revised standards adopted as of January 1, 2026 as is the case with the amendments to IAS 21 – Effects of Changes in Foreign Exchange Rates. As disclosed in the 2025 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 service company in Mexico which has a functional currency of Mexican Pesos (“MXN Pesos”), a service company in Colombia which has a functional currency of Colombian Pesos (“COP”) and certain Brazilian subsidiaries in Brazilian Reais (“BRL Reais”). All values in the unaudited condensed interim 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 six months ended June 30, 2026 and December 31, 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, 2026 and earlier application is permitted. However, the Company has not early adopted the following new or amended accounting standards in preparing these Unaudited condensed interim consolidated financial statements.

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 still 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 standards are not expected to have a significant impact on the Company´s Unaudited condensed interim consolidated financial statements.

Subsidiaries without Public Accountability: Disclosures (IFRS 19) - As the Company’s equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19.

(a)

New and amended standards and interpretations

The Company applied for the first time certain standards and amendments that are effective for annual periods beginning on or after January 1, 2026. The Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) – effective for annual reporting periods beginning on or after January 1, 2026. These amendments clarify requirements related to the classification and measurement of financial instruments. The adoption of these amendments did not have a material impact on the Company’s Unaudited condensed interim consolidated financial statements.

8 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

4 MATERIAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of the unaudited condensed interim 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.

The Company has identified material 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 2025 Annual Financial Statements for a summary of the material 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 ASSET HELD FOR SALE

On August 24, 2023, the Company entered into an Asset Purchase and Sale Agreement (the “Purchase and Sale Agreement”) with a potential buyer to sell all mineral rights, assets and liabilities related to the São Francisco Mine (part of the Apoena segment). The mine was under care and maintenance, and its property, plant and equipment were fully depreciated. The purchase price was established at $9,000. The Purchase and Sale Agreement included several conditions precedent that were required to be satisfied prior to closing.

In May 2026, the final condition precedent was fulfilled and the transaction was completed. As of June 30, 2026, the Company had received cash proceeds of $3,000 consisting of a $1,000 advance payment received upon execution of the Purchase and Sale Agreement and a $2,000 payment received upon closing of the transaction, with the remaining $6,000 recognized in Other receivables and assets ($1,000 as current and $5,000 as non-current). Upon closing, all assets and liabilities associated with the São Francisco Mine were derecognized, and the Company recognized a gain on disposal of $10,980 in Other income (Note 26).

9 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

6 CASH AND CASH EQUIVALENTS

	2026		2025
Cash at bank		189,696		174,119
Term deposits		58,626		111,937
Cash and Cash Equivalents		248,322		286,056

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

7 ACCOUNTS RECEIVABLES

	2026		2025
Trade receivables		11,838		19,799
Other receivables		260		274
Accounts receivables		12,098		20,073

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 Unaudited condensed interim consolidated financial statements.

8 VALUE ADDED TAX AND OTHER RECOVERABLE TAXES

	2026		2025
Sales taxes and value added taxes
Apoena, Almas, Borborema and Serra Grande		43,151		49,603
Aranzazu		1,816		2,547
Minosa		20,985		18,592
Other taxes
Income taxes and social contribution		21,404		7,497
Total Value added tax and other recoverable taxes		87,356		78,239
Current		43,081		37,650
Non-Current		44,275		40,589

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. The amounts are presented net of provisions for realizable value losses.

During the six-month period ended June 30, 2026, the Company sold $2,897 of ICMS tax credits related to the Apoena Mine.

10 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

9 INVENTORIES

	2026		2025
Finished product		1,242		2,688
Work-in-process		130,282		114,468
Parts and supplies		62,539		57,230
Total inventories		194,063		174,386
Current		114,015		115,810
Non-current		80,048		58,576

As of June 30, 2026 and December 31, 2025, the non-current inventory is related to Borborema and Almas’ low-grade stockpile. As of June 30, 2026, inventories were measured at their net realizable value, with the related provision totaling $7,040 ($5,228 as of December 31, 2025). During the period ended June 30, 2026, $1,812 ($667 for the period ended June 30, 2025) was recognized in the Unaudited Condensed Consolidated Statements of Income (loss) with the majority of the amount attributable to the Minosa mine.

10 OTHER RECEIVABLES AND ASSETS

	2026		2025
Prepaids expenses		6,670		4,849
Advances to vendors		39,439		36,893
Deposits		12,725		9,839
Altamira investment (a)		8,740		9,691
Accounts receivable from sale of assets (Note 5)		6,000		-
Other assets		1,520		705
Total other receivables and assets		75,094		61,977
Current		51,787		45,404
Non-current		23,307		16,573

(a)

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.

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.

11 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

On November 6, 2025, the Company exercised 24,000,000 common share purchase warrants of Altamira Gold Corp. at an exercise price of $ 0.14 (C$0.20 - Canadian Dollars) per warrant, with each warrant exercisable for one common share. Following this transaction, Aura owns 54,000,000 common shares and 3,000,000 warrants.

The common shares and warrant are recorded at fair value through OCI and the amount as of June 30, 2026, is $8,740 ($9,691 as of December 31, 2025).

11 PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment movements for the periods ended June 30, 2026 and 2025 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, 2025		534,776			115,548			8,283			238,276			27,481			20,990			945,354

Additions		70,789			1,173			592			2,676			1,045			59,298			135,573
Depletion and amortization		(29,741	)		(4,416	)		(718	)		(15,087	)		(7,182	)		-			(57,144	)
Transfers		8,611			-			-			2,379			-			(10,990	)		-
Disposals		(26	)		(306	)		(491	)		(1,279	)		1,727			(817	)		(1,192	)
Net book value at June 30, 2026		584,409			111,999			7,666			226,965			23,071			68,481			1,022,591
Consisting of:
Cost		910,606			214,314			28,536			395,629			67,825			68,481			1,685,391
Accumulated Depreciation		(326,197	)		(102,315	)		(20,870	)		(168,664	)		(44,754	)		-			(662,800	)
Net book value at June 30, 2026		584,409			111,999			7,666			226,965			23,071			68,481			1,022,591

	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	)
Transfers		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

12 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

The asset retirement obligation is included within mineral properties, with the related liability recognized in current and non-current liabilities, as disclosed in Note 16.

For the period ended June 30, 2026, no interest related to loans and debentures was capitalized, as capitalization ceased following the Borborema project reaching commercial production in September 2025.

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

12 TRADE AND OTHER PAYABLES

	2026		2025
Trade accounts payable to suppliers		105,491		111,350
Other taxes payables		27,544		30,971
Accrued liabilities to suppliers		49,695		43,903
Contract liability		436		3,390
Total trade and other payables		183,166		189,614

13 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 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, 2026 and December 31, 2025, is as follows:

Financial debt	Maturity Date	Interest Rate	06/30/2026	12/31/2025
Bank Occidente
Q2 2022 Promissory Note (“5º Promissory Note”)	May 2026	6.25%	-	1,153
Q3 2022 Promissory Note (“6º Promissory Note”)	August 2026	6.25%	714	2,088
Q1 2024 Promissory Note (“8° Promissory Note”)	February 2026	7.50%	-	446
Q3 2024 Promissory Note (“9° Promissory Note”)	July 2027	8.00%	1,947	2,730
Bank Atlántida
Q2 2022 Loan Agreement (“7º Loan”)	March 2027	6.50%	1,873	3,125
Bank ABC Brasil S.A.
Q4 2022 Loan Agreement (“5º Loan”)	January 2026	5.38%	-	2,194
Bank Santander Mexico
Q3 2024 Loan Agreement (“5° Loan”)	July 2027	* SOFR + 3.8%	15,458	22,083
Bank Santander Brasil
Q3 2023 Loan Agreement (“4° Loan”)	November 2028	9.51%	-	78,047
Bank Santander LUX
Q2 2026 Loan Agreement ("1º Loan")	May 2031	**SOFR + 2.07%	80,439	-
Bank Safra
Q3 2024 Loan Agreement (“2° Loan”)	August 2026	7.10%	10,277	20,529
Bank Brasil
Q1 2024 Loan Agreement (“1º Loan”)	December 2028	6.50%	9,991	10,000
Bank Bradesco
Q4 2024 Loan Agreement (“2° Loan”)	December 2028	6.50% (a)	43,026	43,033
Q2 2026 Loan Agreement (“3° Loan”)	June 2031	**CDI + 1.31%	39,685	-
Other banks
BTG Pactual	November 2027	6.70%	20,127	20,116
Debentures payable
Debentures – 2^nd issuance	October 2030	**CDI + 1.60%	197,775	186,433
Gold Royalty Corp
Gold linked loan	December 2029	8.5%	14,032	13,291
Nemesia SARL
Nemesia SÀRL	-	7%	5,900	5,900
Total			441,244	411,168
Current			64,985	99,548
Non-Current			376,259	311,620

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

** Hedged through swap to U.S. Dollars plus a fixed rate.

(a) Prepayment of Santander Brasil debt

In May 2026, the Company’s subsidiary, Cascar, fully prepaid its outstanding debt with Santander Brasil in the total amount of $75,562. The early settlement resulted in a prepayment fee of $4,100, which was recognized within Finance expense (Note 24).

14 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

(b) New Debt Agreements

Borborema Mine

Santander LUX Bank: Principal amount of $80,000, in May 2026, with interest rate of SOFR +2.07% per year, with a due date May 2031. On the same date, Cascar entered into a swap agreement with Banco Santander (Brasil) S.A. to hedge the loan, to exchange rate variation of Brazilian Reais with U.S. Dollars, plus a fixed rate of 6.30% per annum.

Serra Grande Mine

Bradesco S.A.: Principal amount of $40,000, in June 2026, with interest rate of CDI + 1.31% per year with a due date of June 2031. On the same date, Serra Grande entered into a swap agreement with Bradesco S.A. to fully hedge the loan, to exchange rate variation of Brazilian Reais with U.S. Dollars, plus a fixed rate of 6.65% per annum.

	Amount
2027 **	99,668
2028	133,210
2029	103,653
2030	39,727
2031 onwards	-
	376,259

** Includes amounts that become due from July 1, 2027.

Financial Covenants

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

- Bank BTG Pactual.: Principal of US$ 20,000 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.

15 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

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

- Debentures: Principal of R$1 billion (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 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 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

- 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 LUX Bank, principal of $80,000 entered in May 2026

The agreement has one annual financial covenant requiring that the ratio of Net Debt to last 12 months EBITDA, calculated on a consolidated basis for Aura Minerals Inc., be lower than or equal to 2.75x, measured annually based on the prior year-end consolidated financial statements.

For the period ended June 30, 2026 and the year ended December 31, 2025, the Company and its subsidiaries are in compliance with all the financial covenants.

14 LIABILITY MEASURED AT FAIR VALUE

On December 19, 2023, the Company, through its subsidiary Borborema, entered into a Net Smelter Return Royalty Agreement for proceeds of $21,000. The liability is measured at fair value through profit or loss, with changes attributable to the Company’s own credit risk recognized in other comprehensive income. Further details regarding the terms of the agreement are disclosed in the Company’s annual consolidated financial statements as of December 31, 2025.

Following the declaration of commercial production at the Borborema Project in September 2025, the pre-production payment obligation ceased and royalty payments based on 2% of net smelter returns commenced in the first quarter of 2026.

16 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

For the six-month periods ended June 30, 2026 and 2025, the changes in the fair value of the liability resulted in losses of $6,961 and $6,384, respectively, recognized in finance costs (Note 24).

As of June 30, 2026, the carrying amount of the liability was $34,500, compared with $26,834 as of December 31, 2025.

15 INCOME TAXES

a) Income taxes

As of June 30, 2026 the current income tax liabilities is $42,790 ($66,765 as of December 31, 2025).

Income tax expenses included in the unaudited condensed consolidated statements of income for the periods ended June 30, 2026 and 2025, are as follows:

	For the three months ended June 30, 2026			For the three months ended June 30, 2025			For the six months ended June 30, 2026			For the six months ended June 30, 2025
Current income tax		(19,794	)		(29,551	)		(67,203	)		(50,365	)
Deferred income tax		1,126			6,326			7,295			8,840
Total income tax expenses		(18,668	)		(23,225	)		(59,908	)		(41,525	)

b) Deferred income tax assets and liabilities

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

Net deferred income tax assets (liabilities) are classified as follows:	2026			2025
Deferred income tax assets		40,023			35,418
Deferred income tax liabilities		(35,039	)		(37,006	)
Total deferred taxes, net		4,984			(1,588	)

17 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

The movement in the net deferred income tax asset (liability) was as follows:

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	)

Balance, December 31, 2025	(1,588	)
Recorded in the statement of income (loss)	7,295
Recorded through other comprehensive income	1,706
Exchange differences	(2,429	)
Balance, June 30, 2026	4,984

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:

	2026			2025
Provision for mine closure and restoration		15,044			15,597
Tax losses carried forward		299			1,034
Fair value on acquisitions		1,210			1,391
Provisions		37,983			32,110
Exchange changes		1,613			7,170
Non-monetary items		(11,731	)		(26,771	)
Depreciation		(25,287	)		(24,113	)
Advance payments		(7,169	)		(8,612	)
Fair value of financial instruments		(1,952	)		1,255
Others		(5,026	)		(649	)
Total of deferred tax assets and liabilities		4,984			(1,588	)

18 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

c) Effective tax rate

	For the six months ended June 30, 2026			For the six months ended June 30, 2025
Income (loss) before Income taxes		372,753			(23,577	)
Income taxes at statutory rate applicable to the parent Company (0%)		-			-

Adjustments for calculating the effective rate
Tax calculated at the domestic rates		(117,957	)		(43,538	)
Non-deductible expenses		8,800			87
Unrecognized deferred tax asset (losses carried forward)		(5,756	)		(3,065	)
Tax exemptions (a) (b)		57,995			3,457
Withholding taxes on distribution		(6,333	)		(1,889	)
Translation adjustments		(13,422	)		(7,339	)
Deferred taxes over non-monetary items		15,040			10,081
Others		1,725			681
Income tax expense		(59,908	)		(41,525	)
Effective tax rate		(16.1	%)		176.1	%

(a) As of June 30, 2026, the Company recognized a total of $57,995 in tax exemptions, of which $57,910 relates to the profit from operations incentive, specifically in Almas, Borborema and Apoena for which the incentive was approved by the applicable government agencies in the second quarter of 2026, and USD 85 to the Workers Food Program (PAT), in accordance with applicable legislation.

b) In June 2026, Almas recognized a total of $20,957 in tax exemptions related to the Exploitation Profit benefit for fiscal year 2025.

16 PROVISION FOR MINE CLOSURE AND RESTORATION

The movements for the six months ended June 30, 2026 and 2025 are as follow:

	June 30, 2026			June 30, 2025
Balance, beginning of period		83,731			50,573
Acquisition of Bluestone		-			9,668
Accretion expense (note 24)		4,260			2,800
Payments		(445	)		-
Change in estimate		(76	)		(277	)
Foreign exchange		1,071			1,706
Balance, end of the period		88,541			64,470
Current		5,094			-
Non-current		83,447			64,470

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 discount rates based on the life of mine of each operation and real risk-free rates derived from inflation-indexed government bonds in the respective jurisdictions, with average rates of 11.21%, 8.96%, 6.42% and 6.78% as of June 30, 2026 and December 31, 2025 for Brazil, Mexico, Honduras and Guatemala respectively. The provisions are remeasured at each reporting date, with the accretion expense recognized as a finance expense.

19 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

17 OTHER PROVISIONS

	Long-term employee benefits			Provision for judicial contingencies		Deferred consideration (NSR)			CVRs			Total
At December 31, 2024		13,860			3,284		-			-			17,144
Periodic service and finance cost (Note 24)		891			-		-			-			891
Change in provision for the period		194			2,145		-			-			2,339
Addition		-			-		-			9,120			9,120
Actuarial changes		294			-					-			294
Settlement during the period		(1,811	)		-		-			-			(1,811	)
Foreign exchange		-			-		-			490			490
At June 30, 2025		13,428			5,429		-			9,610			28,467

At December 31, 2025		15,560			41,486		23,643			11,982			92,671
Periodic service and finance cost (Note 24)		1,193			-		-			-			1,193
Change in provision for the period		-			7,229		(1,680	)		4,476			10,025
Actuarial changes		62			-		-			-			62
Settlement during the period		(452	)		-		-			-			(452	)
Foreign exchange		-			-		-			(487	)		(487	)
At June 30, 2026		16,363			48,715		21,963			15,971			103,012

Long-term employee benefits liability exists as a result of a legal requirement in Honduras pursuant to which the Company is obligated to pay a severance payment based on the years of service provided by an employee without regard to the cause of termination.

18 OTHER LIABILITIES

	June 30, 2026		December 31, 2025
NSR royalty (note 18 (a))		1,395		1,286
Lease payment obligation (note 18 (b))		16,766		24,120
Total other liabilities		18,161		25,406
Current		17,850		18,933
Non-current		311		6,473

a) NSR Royalty

The movements for the six months ended June 30, 2026 and 2025 of the NSR Royalty are as follows:

	June 30, 2026			June 30, 2025
Balance, beginning of year		1,286			971
Royalty payments		(1,280	)		(981	)
Increase in NSR obligations		1,389			1,070
Balance, end of period		1,395			1,060

20 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 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, 2026 and 2025 of the lease liability obligation are as follows:

	June 30, 2026			June 30, 2025
Balance, beginning of year		24,120			24,251
Acquisition of Bluestone		-			7
Change in estimate		1,093			6,236
Accretion expense (Note 24)		1,477			1,756
Lease payments (Principal)		(8,287	)		(7,557	)
Lease payments (Interest)		(1,379	)		(1,804	)
Foreign exchange		(258	)		4,941
Balance, end of period		16,766			27,830
Current		16,455			13,876
Non-current		311			13,954

The weighted average discount rate applied to the new lease liabilities within the period ended June 30, 2026 was 13.37% (11.73% in June 30, 2025), based on their corresponding incremental borrowing rate.

Lease liabilities are reflected within the current and non-current liabilities in the unaudited condensed interim consolidated statements of financial position. The finance cost representing the unwinding of the discount on the lease liabilities are charged to the unaudited condensed interim consolidated statements of income using the effective interest method.

19 EQUITY

a) Authorized

The Company has authorized an unlimited number of common shares with no par value, being subscribed 83,836,843 as of June 30, 2026 (83,554,346 as of December 31, 2025).

b) Share based compensation

As of June 30, 2026, the Company had 1,089,400 options issued and outstanding (1,455,492 as of December 31, 2025). The share-based payment expense is measured at fair value and recognized over the vesting period from the date of grant. During the period ended June 30, 2026 the Company did not grant new stock options. In addition, the Company had 142,160 Restricted Share Units (“RSUs”) outstanding as of June 30, 2026, which were granted on September 29, 2025 under its Omnibus Incentive Plan. These RSUs vest in three equal annual installments through September 29, 2028 and are accounted for as equity-settled share-based compensation, with the related expense recognized over the vesting period.

21 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

On March 11, 2026, March 25, 2026, and April 13, 2026, the Board of Directors authorized the repurchase of shares to settle employee tax withholding obligations related to the exercise of vested of stock-based awards, and during the period the Company repurchased shares totaling $4,682, which has been recorded as a reduction in equity.

For the periods ended June 30, 2026 and 2025, total share-based payment expense recognized in general and administrative expenses was $1,206 and $73, respectively.

c) Repurchase of shares

On June 17, 2026, the Company's Board of Directors approved new repurchase programs (the "Repurchase Programs"), pursuant to which the Company is authorized to repurchase its common shares and Brazilian Depositary Receipts ("BDRs"). Under the Repurchase Programs, the Company may repurchase up to an aggregate amount of $200,000 of its outstanding common shares and BDRs through open market purchases at prevailing prices or through privately negotiated transactions.

For the period ended June 30, 2026, the Company has repurchased 35,449 common shares, for the total amount of $2,266 recorded directly in share capital.

20 REVENUE

	For the three months ended June 30, 2026		For the three months ended June 30, 2025		For the six months ended June 30, 2026		For the six months ended June 30, 2025
Gold		261,057		127,928		574,463		239,470
Copper & Gold concentrate		68,037		60,875		138,021		113,632
Provisional prices		5,842		686		4,097		(1,809	)
Molybdenum		1,031		947		1,992		947
Revenue		335,967		190,436		718,573		352,240

Revenues for the Minosa, Apoena, Borborema, Serra Grande and Almas relate to the sale of refined gold and for the Aranzazu mine relates to the sale of copper and gold concentrate. The Company’s revenues are concentrated in 4 clients (see Note 28(d)).

For the three and six-months period ended June 30, 2026, Brazil, Mexico and Honduras represented 58.6%, 22.3% and 19.1% and 59.9%, 20.0% and 20.1% respectively of the Company´s revenue (38.1%, 32.5% and 29.4% and 34.5%, 22.2% and 43.4% for the period ended June 30, 2025).

For the period ended June 30, 2026 and 2025, the Company´s main clients were Asahi Refining Inc, Trafigura México, S.A. de C.V. and Auramet International, Inc, which represented 52.0%, 19.8% and 24.2%, of the Company´s revenue, respectively (45.5%, 31.8% and 22.7% in 2025).

22 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

21 COST OF GOODS SOLD

	For the three months ended June 30, 2026			For the three months ended June 30, 2025			For the six months ended June 30, 2026			For the six months ended June 30, 2025
Direct mine and mill costs (a)		(72,546	)		(44,470	)		(156,074	)		(89,389	)
Direct mine and mill costs – Contractors		(23,132	)		(17,529	)		(39,721	)		(32,996	)
Direct mine and mill costs – Salaries		(22,944	)		(9,550	)		(43,640	)		(18,676	)
Depletion and amortization		(25,868	)		(14,948	)		(58,833	)		(28,812	)
Total		(144,490	)		(86,497	)		(298,268	)		(169,873	)

(a) Refers primarily to consumables and materials used in the processing plant, including reagents, fuel and other operating supplies directly attributable to mineral processing activities.

22 GENERAL AND ADMINISTRATIVE EXPENSES

	For the three months ended June 30, 2026			For the three months ended June 30, 2025			For the six months ended June 30, 2026			For the six months ended June 30, 2025
Salaries, wages, benefits and bonus		(5,038	)		(5,047	)		(12,256	)		(8,827	)
Professional and consulting fees		(5,783	)		(2,111	)		(7,715	)		(4,159	)
Legal, filing, listing and transfer agent fees		(343	)		(214	)		(578	)		(458	)
Insurance		(115	)		(194	)		(897	)		(390	)
Directors' fees		39			(584	)		(2,495	)		(1,255	)
Travel expenses		(459	)		(213	)		(828	)		(574	)
Share-based payment expense		(544	)		-			(1,206	)		(73	)
Depreciation and amortization		(661	)		(335	)		(837	)		(534	)
Care and maintenance		(166	)		(563	)		(346	)		(1,063	)
Other (a)		(9,407	)		(2,023	)		(11,061	)		(3,587	)
Total		(22,477	)		(11,284	)		(38,219	)		(20,920	)

(a) For the six months period ended June 30, 2026, the Other consisted of a provision for judicial contingencies of $7,229 ($2,145 for the six months period ended June 30, 2025).

23 EXPLORATION EXPENSES

	For the three months ended June 30, 2026			For the three months ended June 30, 2025			For the six months ended June 30, 2026			For the six months ended June 30, 2025
Minosa		(19	)		(264	)		(84	)		(500	)
Borborema		(583	)		-			(794	)		(70	)
Almas		(1,407	)		(423	)		(2,328	)		(660	)
Apoena		(210	)		(62	)		(387	)		(186	)
Aranzazu		(1,146	)		(794	)		(2,081	)		(1,503	)
Serra Grande		(215	)		-			(244	)		-
All other segments		11			(171	)		(10	)		(171	)
Total		(3,569	)		(1,714	)		(5,928	)		(3,090	)

23 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

24 FINANCE INCOME (EXPENSE)

	For the three months ended June 30, 2026			For the three months ended June 30, 2025			For the six months ended June 30, 2026			For the six months ended June 30, 2025
Accretion expense (Note 16)		(1,981	)		(1,134	)		(4,260	)		(2,800	)
Lease interest expense (Note 18 (b))		(667	)		(161	)		(1,477	)		(1,756	)
Interest expense on loans and debentures		(6,266	)		(6,098	)		(12,653	)		(11,853	)
Finance cost on post-employment benefit		(595	)		(747	)		(1,193	)		(1,085	)
Unrealized loss with derivative gold collars		-			(24,304	)		-			(124,514	)
Realized loss with derivative gold collars		(37,249	)		(11,703	)		(70,574	)		(17,739	)
Loss on other derivative transactions		(1,981	)		(1,305	)		(3,169	)		(3,132	)
Foreign exchange		(10,908	)		(2,462	)		(5,435	)		(5,638	)
Change in liability measured at fair value (Note 14)		(1,935	)		(4,025	)		(6,961	)		(6,384	)
Loss on settlement of liability with equity instruments (Note 14)		-			(8,768	)		-			(8,768	)
Other finance costs (a)		(4,622	)		(297	)		(7,118	)		(727	)
Finance expenses		(66,204	)		(61,004	)		(112,840	)		(184,396	)

Unrealized gain with derivative gold collars		126,013			-			101,908			-
Interest income		1,245			1,374			3,065			3,155
Finance income		127,258			1,374			104,973			3,155

Total finance result		61,054			(59,630	)		(7,867	)		(181,241	)

(a) Other finance costs for the six months period ended June 30, 2026 includes a prepayment fee of $4,100 related to the early settlement of the Santander Brasil debt by the Company's subsidiary, Cascar (Note 13).

24 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

25 CASH FLOW INFORMATION

a) Items adjusting profit (loss) of the period

	For the three months ended June 30, 2026			For the three months ended June 30, 2025			For the six months ended June 30, 2026			For the six months ended June 30, 2025
Deferred and current income tax expense		18,668			23,225			59,908			41,525
Depreciation and amortization		26,529			15,283			59,670			29,346
Accretion expense (Note 24)		1,981			1,134			4,260			2,800
Lease Interest expense (Note 24)		667			161			1,477			1,756
Interest expense on loans and debentures (Note 24)		6,266			6,098			12,653			11,853
Finance cost on post-employment benefit (Note 24)		595			747			1,193			1,085
Unrealized loss on derivatives gold collars (Note 24)		(126,013	)		24,304			(101,908	)		124,514
Loss on other derivatives (Note 24)		1,981			1,305			3,169			3,132
Foreign exchange (gain) loss (Note 24)		10,908			2,462			5,435			5,638
Change in fair value in liability measured at fair value (Note 14)		1,935			4,025			6,961			6,384
Share-based payment expense (Note 22)		544			-			1,206			73
Loss on disposal of assets (Note 11)		(863	)		341			(716	)		436
Loss on settlement of liability with equity instruments		-			8,768			-			8,768
Gain on disposal of the São Francisco Mine		(8,980	)		-			(8,980	)		-
Change in fair value of CVRs (Note 17)		1,243			-			4,476			-
Provision for judicial contingencies (Note 17)		5,205			(72	)		7,229			547
Other non-cash items		(1,498	)		(5,518	)		1,520			(25	)
Total		(60,832	)		82,263			57,553			237,832

25 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

b) Changes in working capital

	For the three months ended June 30, 2026			For the three months ended June 30, 2025			For the six months ended June 30, 2026			For the six months ended June 30, 2025

Decrease (Increase) in accounts receivables and value added taxes and other recoverable taxes		(6,022	)		5,822			(6,777	)		(2,126	)
Increase in inventory		2,372			(11,128	)		(10,414	)		(15,582	)
Increase (Decrease) in trade and other payables		15,105			8,678			1,293			6,945
Total		11,455			3,372			(15,898	)		(10,763	)

c) Other current and non-current assets and liabilities

	For the three months ended June 30, 2026			For the three months ended June 30, 2025			For the six months ended June 30, 2026			For the six months ended June 30, 2025

Changes in other current and non-current assets and liabilities consists of:
Decrease (Increase) other receivables and assets and inventories (non-current)		(853	)		6,751			(7,383	)		4,099
Increase in other receivables and assets (current)		(409	)		(114	)		(2,653	)		(79	)
Increase (Decrease) in other liabilities (current and non-current)		(14,205	)		2,016			(22,248	)		(5,450	)
Total		(15,467	)		8,653			(32,284	)		(1,430	)

d) Non-cash investing and financing activities consist of:

	For the three months ended June 30, 2026		For the three months ended June 30, 2025		For the six months ended June 30, 2026		For the six months ended June 30, 2025
Non-cash addition to property, plant and equipment		3,455		8,429		7,147		10,728
Total		3,455		8,429		7,147		10,728

26 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

e) Debt reconciliation

	Loans and debentures			Derivatives
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 (a)		(21,172	)		-
Derivative settlement (Gold Hedges)		-			(17,739	)
Derivative settlement (Other derivatives)		-			2,582
Other Changes:
Interest expenses on loans		10,395			-
Interest expenses on debentures		12,383			-
Derivative interest		-			(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

	Loans and debentures			Derivatives
Balance as of December 31, 2025		411,168			400,279

Changes from Financing cash flows:
Loan and debentures repayments		(99,393	)		-
Loan Proceeds		119,632			-
Interest paid on loans (a)		(26,065	)		-
Derivative settlement (Gold Hedges)		-			(70,574	)
Derivative settlement (Other derivatives)		-			6,502
Other Changes:
Interest expenses on loans		7,417			-
Interest expenses on debentures		15,005			-
Derivative interest		-			(9,770	)
Foreign exchange adjustments		11,784			(11,447	)
Swap fair value adjustment		-			(5,015	)
Gold Hedges fair value adjustment		-			(31,334	)
Other derivatives fair value adjustment		1,696			1,473
Balance as of June 30, 2026		441,244			280,114

(a) Interest payment on debts and debentures are being presented under financing activities in the Unaudited Condensed Interim Consolidated Statements of Cash Flow.

27 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

26 OTHER (EXPENSES) INCOME, NET

For the six month period ended June 30, 2026, Other income, net primarily consisted of a gain of $10,980 arising from the disposal of the São Francisco Mine (Note 5), partially offset by a loss of $4,476 related to the change in the fair value of the contingent value rights (“CVR”). For the six-month period ended June 30, 2025, Other (expenses), net, consisted of income of $4,462 (expenses of ($693) for the six month period ended June 30, 2025).

27 FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT

a) Financial Instruments

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

		Asset/(Liability) at			Asset/(Liability) at
Derivatives Contracts	Current/Non-Current	June 30, 2026			December 31, 2025
Swap - Aura Almas (Itaú Bank)	Current		21,404			4,418
Swap - Apoena Mines (ABC Bank)	Current		-			(2,753	)
Swap - Borborema Mine (Santander Bank)	Current		(663	)		-
Swap – Serra Grande (Bradesco Bank)	Current		(821	)		-
Gold Derivatives	Current / Non-current		(300,034	)		(401,944	)
Total			(280,114	)		(400,279	)

28 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

Classification of financial instruments

		June 30, 2026						December 31, 2025
	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		248,322		-		-		286,056		-		-
Accounts receivable	7		6,114		5,984		-		17,478		2,321		-
Derivative Financial Instrument	27		-		-		21,404		-		-		4,418
Non-current
Other receivables and assets	10		-		-		8,740		-		-		9,691
			254,436		5,984		30,144		303,534		2,321		14,109

Liabilities
Current
Trade and other payables	12		183,166		-		-		189,614		-		-
Derivative Financial Instrument	27		-		143,440		-		-		139,354		-
Loans and debentures	13		58,015		6,970		-		92,497		7,051		-
Liability measured at fair value	14		-		6,902		-		-		1,012		-
Other liabilities	18		17,850		-		-		18,933				-
Non-current
Derivative Financial Instrument	27		-		158,078		-		-		265,343		-
Loans and debentures	13		185,453		190,806		-		132,238		179,382		-
Liability measured at fair value	14		-		27,598		-		-		25,822		-
Deferred consideration (NSR)	17		-		21,963		-		-		23,643		-
Other provisions (CVR)	17		-		15,971		-		-		11,982		-
Other liabilities	18		311		-		-		6,473		-		-
			444,795		571,728		-		439,755		653,589		-

Swap agreements:

As of June 30, 2026 and December 31, 2025, the Company has the following swap agreements:

Asset/(Liability) at

Derivatives Contracts

Commodity/ index

Current/Non-Current

June 30,

2026

December 31,

2025

Swap - Aura Almas (Itaú Bank) (a)

CDI

Current

21,404

4,418

Swap - Apoena Mines (ABC Bank)

CDI

Current

(2,753

)

Swap - Borborema Mine (Santander)

CDI

Current

(663

)

Swap – Serra Grande (Bradesco Bank)

CDI

Current

(821

)

Total

19,920

1,665

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

29 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

ii) Derivative Options

As of June 30, 2026, the Company had 166,578 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 2026 and June 2028.

The fair value effect of the Derivative Collars for the period ended June 30, 2026 is $101,908 ($124,514) in June 30, 2025), recorded as a finance income and finance expense, respectively, in the financial statements.

As of the date of these Unaudited Condensed Interim Consolidated Financial Statements, the Company has 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:

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

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

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, 2026 and December 31, 2025 are summarized in the following table:

30 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

		June 30, 2026				December 31, 2025
	Level	Fair value through profit & loss		Fair value through OCI		Fair value through profit & loss		Fair value through OCI
Assets
Accounts receivable	2		5,984		-		2,321		-
Other receivables and assets	1		-		8,740		-		9,691
Derivative Financial Instrument	2		-		21,404		-		4,418
			5,984		30,144		2,321		14,109

Liabilities
Debentures	2		197,775		-		186,433		-
Liability measured at fair value	3		34,500		-		26,834		-
Derivative Financial Instrument	2		301,518				404,697		-
Deferred consideration (NSR)	3		21,963		-		23,643		-
Other provisions (CVR)	3		15,971				11,982		-
			571,727		-		653,589		-

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
Description	2026	2025		2026	2025
Liability measured at fair value (NSR agreement)	34,500	26,834	Expected production of gold ounces	1,956,852	719,512	If expected production of gold ounces were 10% higher or lower, the fair value would increase/decrease by $3,450.
Contingent Value Rights (CVRs)	15,971	11,982	Commercial Production	(a)	(a)	(a)
Contingent consideration (NSR)	21,963	23,643	Expected production of gold ounces	298,792	315,481	If expected production of gold ounces were 10% higher or lower, the fair value would increase/decrease by $192.

(a)

The Company assessed the probability of achieving commercial production, 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 $1,921.

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.

31 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

Valuation process - Liability measured at fair value

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.

The key inputs into the Monte Carlo simulation model were as follows at June 30, 2026 and December 31, 2025:

Input	2026	2025
WACC	11.50%	11.50%
Credit-risk	2.70%	2.70%
Expected volatility	16.40%	15.20%

Valuation process - Contingent Value Rights (CVRs)

The fair value of the Contingent Value Rights is determined using a scenario-based valuation model that incorporates management’s assessment of the probability and timing of achieving commercial production at the Era Dorada Project.

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

- The probability-weighted timing of commercial production is based on scenarios provided by management, covering multiple time horizons up to 20 years, with a residual probability assigned to production commencing beyond this period.

- Discount rates applied to the expected cash flows are determined based on a risk-free rate derived from U.S. Treasury bonds with maturities consistent with the expected payment dates, adjusted by a credit spread that reflects the Company’s credit risk, consistent with market data for comparable issuers.

Valuation process - Deferred consideration (NSR)

The fair value of the deferred consideration related to the Net Smelter Return (NSR) agreement is determined using a discounted cash flow model that estimates future royalty payments based on expected production profiles and commodity price assumptions.

32 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

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

- Expected production volumes are based on life-of-mine production forecasts prepared by management and technical studies, reflecting current mine plans and operational assumptions.

- Discount rates applied to the expected royalty cash flows are determined using a capital asset pricing model to estimate a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the asset, including country, operational and project-specific risks.

- Commodity price assumptions are based on consensus forecasts obtained from market participants, which are publicly available.

Fair value of loans and other financial liability

The Company considers that for the loans, that are recorded at their contractual value and other financial liabilities measured at amortized cost, their book values are close to their fair values and therefore information on their fair values is not being presented.

28 FINANCIAL RISK MANAGEMENT

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 29 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:

2026	Within 1 year		2 to 3 years		4 to 5 years		Over 5 years		Total
Trade and other payables		183,166		-		-		-		183,166
Loans and debentures		97,954		260,720		175,753		-		534,427
Provision for mine closure and restoration		5,094		13,246		26,680		48,739		93,759
Lease liabilities		16,526		258		97		-		16,881
Liability measured at fair value		7,934		19,262		22,537		5,858		55,591
		310,674		293,486		225,067		54,597		883,824

As of June 30, 2026, Aura has cash and cash equivalents of $ 248,322 ($286,056: 2025) and current assets, excluding restricted cash less current liabilities of $26,480 ($16,843: 2025).

33 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

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, Colombian peso, Guatemalan Quetzals and Barbadian Dollars.

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 and long term loans and other provisions denominated in foreign currency.

At June 30, 2026 and December 31, 2025, the Company had cash and cash equivalents of $ 248,322 and $286,056, respectively, of which, $ 194,109 ($257,374 in 2025) were in United States dollars, $191 ($192 in 2025) in Canadian dollars, $50,990 ($19,946 in 2025) in Brazilian reais, $2,633 ($8,305 in 2025) in Honduran lempiras, $120 ($126 in 2025) in Mexican pesos, $14 ($18 in 2025) in Colombian Pesos, $262 ($90 in 2025) in Guatemalan Quetzals and $4 ($6 in 2025) 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 $ 2,711.

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, 2026, 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.

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.

At June 30, 2026, the Company believes that its trade credit risk is low due to the following reasons:

34 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

For the sales of refined gold from Almas, Apoena, Borborema, Serra Grande and Minosa, the Company collects payments in advance or at the time 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 are generally collected within 15 days from the issuance of the invoice.

Market risk

Commodity derivatives transactions – Gold collars

As mentioned in Note 27, 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, 2026 closing prices.

Liability measured at fair value

As mentioned in Note 14, 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 cashflows.

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 cashflows.

To simulate the reasonable 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%	69,630
Liability measured at fair value	Gold price increase/decrease	D 10%	3,450
Loans and debentures (Gold linked loan)	Gold price increase/decrease	D 10%	615
Contingent consideration (NSR)	Gold price increase/decrease	D 10%	2,196

35 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

29 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 of 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, issue new shares to reduce debt.

During the six month period ended June 30, 2026, Aura’s Board of Directors declared and approved the payment of quarterly dividends on February 26 and May 6, 2026, totaling US$55.1 million and US$65.4 million, respectively. These dividends corresponded to $0.66 and $0.78 per common share, and $0.22 and $0.26 per Brazilian Depositary Receipt, respectively. The dividends were paid on March 26 and May 26, 2026, respectively, to holders of the Company’s common shares, and on or around April 7 and June 5, 2026, respectively, to holders of the Company’s BDRs.

During the year ended December 31, 2025, Aura’s Board of Directors declared and approved the payment of quarterly dividends on February 26, May 5, August 5, and November 4, 2025, totaling $18.3 million, $29.8 million, $27.6 million, and $40.1 million, respectively. These dividends corresponded to $0.25, $0.40, $0.33, and $0.48 per common share, and $0.08, $0.13, $0.11, and $0.16 per Brazilian Depositary Receipt, respectively. The dividends were paid on March 28, May 30, September 5, and December 2, 2025, respectively.

36 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

30 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, 2026 and 2025, were $3.7 million and $2.7 million, respectively.

Director’s fees

Management had issued 82,785 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, 2026, is $5,008 ($2,564 on December 31, 2025) and is included as part of Trade and other payables.

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 $1,542 in the period ended June 30, 2026 ($1,548 in the period ended June 30, 2025).

37 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

Royalty Agreement for Aura Almas

The Company, through its wholly owned subsidiary Almas, maintains a royalty agreement with Irajá Mineração Ltda.., a company controlled by the same controlling group from 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 $3,040 in the period ended June 30, 2026 ($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 from 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 47.7% ownership as of June 30, 2026 (47.7% as of December 31, 2025).

In the six month ended June 30, 2026, the Company paid to Northwestern the total amount of $57.5 million of dividends ($25.7 million in the period ended June 30, 2025).

31 SEGMENT INFORMATION

The reportable operating segments have been identified as the Minosa Mine, Apoena Mine, the Aranzazu Mine, Almas Mine, Borborema Mine and Serra Grande Mine. 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.

38 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

For the periods ended June 30, 2026 and 2025, segment information is as follows:

	Reportable segments
For the period ended June 30, 2026	Minosa Mine			Apoena Mine			Aranzazu Mine			Almas Mine			Borborema			Serra Grande Mine			Total reportable segments			Non-Reportable Segments (1)			Total
Revenue		144,306			61,190			144,003			148,015			145,230			75,829			718,573			-			718,573
Cost of goods sold, except depletion and amortization		(40,763	)		(21,142	)		(50,294	)		(37,630	)		(34,346	)		(55,260	)		(239,435	)		-			(239,435	)
Depletion and amortization		(3,263	)		(10,626	)		(13,609	)		(9,145	)		(9,425	)		(12,765	)		(58,833	)		-			(58,833	)
Gross profit		100,280			29,422			80,100			101,240			101,459			7,804			420,305			-			420,305

General and administrative expenses		(2,105	)		(6,462	)		(2,836	)		(2,178	)		(2,076	)		(4,294	)		(19,951	)		(18,268	)		(38,219	)
Exploration expenses		(84	)		(387	)		(2,081	)		(2,328	)		(794	)		(244	)		(5,918	)		(10	)		(5,928	)
Other (expense) income		(535	)		10,792			(1,186	)		(1,579	)		327			(139	)		7,680			(3,218	)		4,462
Operating income/(loss)		97,556			33,365			73,997			95,155			98,916			3,127			402,116			(21,496	)		380,620

Finance expense		(2,324	)		(2,019	)		(1,769	)		(3,746	)		(15,602	)		(2,503	)		(27,963	)		(72,224	)		(100,187	)
Finance income		154			371			164			563			392			94			1,738			103,235			104,973
Interest expense on loans and debentures		(328	)		(2,416	)		(741	)		(5,694	)		(3,428	)		(46	)		(12,653	)		-			(12,653	)
Income/(Loss) before income taxes		95,058			29,301			71,651			86,278			80,278			672			363,238			9,515			372,753

Current tax		(25,196	)		(1,271	)		(23,296	)		4,903			(12,412	)		(3,548	)		(60,820	)		(6,383	)		(67,203	)
Deferred tax		561			(4,457	)		2,031			3,178			1,856			3,671			6,840			455			7,295
Income taxes		(24,635	)		(5,728	)		(21,265	)		8,081			(10,556	)		123			(53,980	)		(5,928	)		(59,908	)

(Loss) / Profit for the period		70,423			23,573			50,386			94,359			69,722			795			309,258			3,587			312,845

Property, plant and equipment		77,837			106,588			134,110			169,421			244,426			147,627			880,009			142,582			1,022,591
Total assets		102,888			216,725			460,674			406,231			218,560			232,566			1,637,644			66,799			1,704,443
Total liabilities		81,745			127,020			103,525			261,616			163,513			130,452			867,871			380,100			1,247,971
Purchase of property, plant and equipment		9,197			34,929			15,072			20,420			11,080			18,240			108,938			19,488			128,426

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

39 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

	Reportable segments
For the period ended June 30, 2025	Minosa Mine			Apoena Mine			Aranzazu Mine			Almas Mine			Borborema			Total reportable segments			Non-Reportable Segments (1)			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	)
Other (expense) income		9			113			(1,102	)		(26	)		15			(991	)		298			(693	)
Operating income/(loss)		57,514			21,380			45,572			41,364			2,227			168,057			(10,393	)		157,664

Finance income		182			159			-			2,283			105			2,729			426			3,155
Finance expense		(2,134	)		(6,106	)		(2,595	)		(3,297	)		(7,479	)		(21,611	)		(150,932	)		(172,543	)
Interest expense on loans and debentures		(802	)		(2,186	)		(1,201	)		(7,174	)		(490	)		(11,853	)		-			(11,853	)
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 period		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, Era Dorada Projects and Corporate.

40 | Aura Minerals Inc.

Aura Minerals Inc.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the six months ended June 30, 2026 and December 31, 2025

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

32 COMMITMENTS AND CONTINGENCIES

a) Leases commitments

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

	2026
Within 1 year		16,734
2 years		576
3 years		452
4 years		257
Over 5 years		33
Total		18,052

b) Contingencies

Certain conditions may exist on the date of these financial statements that could result in a loss to the Company in the future upon the occurrence or non-occurrence of specific events. At each reporting date, the Company evaluates its loss contingencies related to ongoing legal proceedings by assessing the likelihood of an unfavorable outcome and the amounts claimed or expected to be claimed.

33 PROFIT (LOSS) PER SHARE

Basic profit 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 income (loss) per share is adjusted retrospectively for all periods presented.

	For the three months ended June 30, 2026		For the three months ended June 30, 2025		For the six months ended June 30, 2026		For the six months ended June 30, 2025
Profit (Loss) for the period		217,687		8,147		312,845		(65,102	)

Weighted average number of ordinary shares outstanding - basic		83,813,093		74,328,457		83,691,587		73,771,206
Weighted average number of ordinary shares outstanding - diluted		84,754,721		75,199,163		84,633,215		73,771,206

Profit (loss) per share - basic		2.60		0.11		3.74		(0.88	)
Profit (loss) per share - diluted		2.57		0.11		3.70		(0.88	)

41 | Aura Minerals Inc.