July 12, 2021

Post in News by Gabriel Catalani

ROAD TOWN, British Virgin Islands, July 12, 2021 – Aura Minerals Inc. (TSX: ORA) (B3: AURA33) (“Aura” or the “Company”) is pleased to announce preliminary production results for the second quarter of 2021.

Total production across Aura’s operations for the second quarter of 2021 was 63,020 gold equivalent ounces (“GEO”)[1], compared to total production of 37,306 GEO for the second quarter of 2020. In the first and second quarters of 2021, total production across Aura’s operations was 129,802 GEO, which was in line with the Company’s expectations. Aura expects to mine higher grades areas during the second semester of 2021 in accordance with its mine plan and expects to meet its previously disclosed production guidance.

In the twelve months ended June 30, 2021, Company’s production reached 256,673 GEO, a record in the Company’s history.

Rodrigo Barbosa, the Company’s President and CEO, noted, “Our quarter demonstrates the consistency of our growth plan and, as per our mine plan, the second semester should be stronger taking us to another record high yearly production”.

Production Volume


Preliminary GEO production volume for the three months ended June 30, 2021, when compared to the previous quarter and the same period of 2020 were recorded by each operating mine as follows:


For the three months ended June 30, 2021 For the three months ended March 31, 2021 For the three months ended June 30, 2020 % change vs. Q1 2021 % change vs. Q2 2020
Ounces produced (GEO)
   San Andres 23,124 21,082 8,835 10% 162%
   EPP Mines[2] 14,119 16,359 13,725 -14% 3%
   Aranzazu 22,590 25,013 14,746 -10% 53%
   Gold Road 3,186 4,328 N/A -26%
Total GEO produced –
current prices
63,020 66,782 37,306 -6% 69%


The lower production in Q2 2021 compared to Q1 2021 is mainly related to mine sequencing in EPP and Aranzazu, the projected 2021 production from those sites are in line with Company’s previously disclosed guidance.

Despite a production reduction between the last two quarters, the Company keeps consistently the trend towards increasing its annual production. The chart below shows the quarterly consolidated GEO production measured in current prices since first quarter of 2019, as well as the last twelve months production (LTM) at the end of each reporting period:


Consolidated GEO Production per Quarter and LTM

(000 GEO, current prices as reported)

A summary of the performance by each operating mine is explained below:


  • San Andres: During the second quarter of 2021, San Andres operated in the Esperanza area, which resulted in higher grades, lower waste to ore ratios and higher recovery rates due to metallurgical features of minerals in this area. Production of 23,124 GEO for the second quarter of 2021 was in line with expectations and represented a 162% increase compared to the second quarter of 2020, which had reduced production as a result of COVID-19 interruptions.
  • EPP Mines: Production for the second quarter of 2021 was lower compared to first quarter of 2021 primarily due to lower grades. The lower grade ore was partially offset by higher productivity at the plant –18% increase in productivity compared to the first quarter of 2021 – as a result of better performance and softer minerals from the mines. The Company expects higher grades from Ernesto mine for the second half of the year.
  • Gold Road: Production during the second quarter of 2021 was lower compared to the first quarter of 2021 as the Company transitioned from employing mine contractors to in-house operators, which will lead to significant cost reductions at the mine on future quarters. In addition, the reduced production during the second quarter of 2021 as compared to the first quarter of 2021 can partially be attributed to an electrical issue on the main transformer at the mine and lower than expected grades in some areas. The transformer was repaired by the end of second quarter of 2021 and no further impact related to such issue is expected.
  • Aranzazu: Production at the plant during the second quarter of 2021 reached 292,700 tons as a result of plant achieving its targeted 30% increase in throughput capacity. Notwithstanding the higher throughput capacity, the production during the second quarter of 2021 was lower compared to first quarter of 2021 due to mining in lower grade zones during the second quarter. Higher grades are expected for the third and fourth quarters of 2021 which, combined with capacity expansion, should lead to higher production.


The table below shows production by each type of metal at Aranzazu.


For the three months ended June 30, 2021 For the three months ended March 31, 2021 For the three months ended June 30, 2020 % change vs. Q1 2021 % change vs. Q2 2020
Gold Production (oz) 5,120 6,425 5,066 -20% 1%
Silver Production (oz) 84,263 105,167 91,646 -20% -8%
Copper Production (klbs) 6,786 7,946 6,164 -15% 10%
Total GEO produced –
current prices[4]
22,590 25,013 14,746 -10% 53%
Total GEO produced –
constant prices[5]
22,590 26,967 21,147 -16% 7%


Qualified Person

Farshid Ghazanfari, P.Geo., Geology and Mineral Resources Manager for Aura Minerals Inc. has reviewed and confirmed the scientific and technical information contained within this news release and serves as the Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements”, as defined in applicable securities laws (collectively, “forward-looking statements”) which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, the Company’s expectations regarding meeting its previously disclosed production guidance, increased production across operations, increased productivity at the San Andres mine, reduced operational costs at EPP Mines, and increased production at Aranzazu. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as “plans,” “expects,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved.

Known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s ability to predict, or control could cause actual results to differ materially from those contained in the forward-looking statements. Specific reference is made to the most recent Annual Information Form on file with certain Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements, which include, without limitation, copper and gold or certain other commodity price volatility, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the mineral exploration and development industry. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking statements.

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


About Aura 360° Mining

Aura is focused on mining in complete terms – thinking holistically about how its business impacts and benefits every one of our stakeholders: our company, our shareholders, our employees, and the countries and communities we serve. We call this 360° Mining.

Aura is a mid-tier gold and copper production company focused on the development and operation of gold and base metal projects in the Americas. The Company’s producing assets include the San Andres gold mine in Honduras, the Ernesto/Pau-a -Pique gold mine in Brazil, the Aranzazu copper-gold-silver mine in Mexico and the Gold Road gold mine in the United States. In addition, the Company has two additional gold projects in Brazil, Almas and Matupá, and one gold project in Colombia, Tolda Fria.

For further information, please visit Aura’s website at www.auraminerals.com or contact:

Rodrigo Barbosa
President & CEO


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

[2] Includes ounces produced and which were capitalized for projects at pre-commercial production stages.

[3] GEO calculated for Aranzazu using the realized weighted average prices of copper, silver and gold from each of Q2 2021, Q1 2021 and Q2 2020.

[4] GEO calculated for Aranzazu using the realized weighted average prices of copper, silver and gold from each of Q2 2021, Q1 2021 and Q2 2020.

[5] Constant prices calculation considers realized average metal prices for gold, silver and copper at Aranzazu complex on Q1’2021 and applies those for all periods compared on the table.