Aura

1 AURA MINERALS Investor Presentation 2020
We think
differently
about mining
Investor Presentation / January 2020

FORWARD-LOOKING Statements
Forward-Looking Information
This presentation contains “forward-looking information” and “forward-looking statements”, as defined in applicable securities laws (collectively, “forwardlooking
statements”) which include, but are not limited to, statements with respect to the activities, events or developments that we expect or anticipate will or may occur in
the future. Known and unknown risks, uncertainties and other factors, many of which are beyond our 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. All forward-looking statements
herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. We undertake 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 we do 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.
Non-IFRS Financial Measures
This presentation includes certain non-IFRS financial measures, including Adjusted EBITDA, EBITDA and cash cost, which are not recognized under IFRS and do
not have a standardized meaning prescribed by IFRS. The data is intended to provide additional information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with IFRS. Further details on non-IFRS financial measures are provided in our Management’s
Discussion and Analysis accompanying our financial statements filed from time to time on SEDAR at www.sedar.com
Technical and Scientific Information
The technical and scientific information included in this presentation has been derived from our latest Annual Information Form filed on www.sedar.com and also the
reports listed at Appendix “A” at the back of this presentation, which are incorporated by reference in our Annual Information Form. The scientific and technical
information contained in this presentation since the date of the above referred reports has been prepared, as the case may be, under the supervision of Farshid
Ghazanfari (P.Geo), as Qualified Person as that term is defined in National Instrument 43-101 – Standards for Disclosure for Minerals Projects. In addition to the
reports described above, certain technical and scientific information included in this presentation is derived from the reports listed at Appendix “B” at the back of this
presentation.

To find, mine and deliver the planet’s most important
and essential minerals that enable the world and
humankind to create, innovate, and prosper
CREATE INNOVATE PROSPER

PROFITABLE GOLD AND COPPER
PRODUCTION with attractive
economics and growth prospective
Strong combination of CASH FLOW
and ORGANIC GROWTH with
EXPLORATION UPSIDE
Respectful asset base in MINING
FRIENDLY JURISDICTIONS
Why Own
Aura
TEAM AND MANAGEMENT CULTURE
— AURA 360: focus on cash flows,
performance, innovation, respect for
communities and environment

WE DO THINGS DIFFERENTLY Our Metrics
Generate value with high
quality assets and develop
advanced stage projects
Focus on free cash
flow + strength
to grow
Build a team to support
an evolving business
committed to excellence
STRONG
BALANCE
SHEET
BUSINESS-
BUILDING
CULTURE
HIGH QUALITY
ASSETS
GROWTH

WE MADE BOLD CHANGES Our Success
WE RESTARTED
mines bringing into
commercial production
(EPP)
WE SOLD
assets
(Serrote)
WE MERGED
with Rio Novo Gold
WE REDEVELOPED
a mine and put it back into
production (Aranzazu)
WE STRENGTHENED
the balance sheet reducing cost
and push debt to production level
WE MADE CHANGES
corporate governance,
corporate culture
Mines In
Production
3 EBITDA
in 2020
$101M
International
Awards
2 Best Mining Gold
Company, Brazil
Canada Dealmaker
of the Year
2018
2017-2020
Projects
To develop
3+

22
WE DIVERSIFIED Our 100%-Owned Asset Base
30k – 36k lbs
Aranzazu
Mine
25k – 30k oz
Sao Francisco
Gold (C&M)
? Oz / YR
San Andrés Mine
‘Minosa’
80k–110k Oz / YR
Ernesto / Pau-A-
Pique Gold Mine
60k–100k Oz / YR
Almas Project
40k-60k Oz
Matupá Gold/
Silver Project
50k – 70k Oz / YR
Potential
Mexico
Honduras
Brazil

High Quality,
Diversified Assets
Strong Balance
Sheet
Business-Building
Culture

~5
YEAR
LOM
2020
$35M
EBITDA
Aranzazu
Copper/Gold Mine
PRODUCTION Mexico
100% owned, located in Zacatecas,
Mexico, close proximity to two
large cities
Restarted and attained commercial
production in Dec/2018 Copper/Gold
concentrate
LOM 5 years; Potential for more than 20
years of operation
H2-2019 Metrics
Production
CU Equivalent
AISC
Production
CU Equivalent
AISC
18,000 $1.80
39,000 $1.99
pounds per pound
pounds per pound
WE UNLOCKED The Value of Our Assets
2020 Outlook

Aranzazu Geological Potential
• The deposit is a Gold-Copper-Silver skarn type located in
the very prolific Mazapil district, that also hosts the world
class Newmont’s Penasquito Mine
• A very significant exploration upside exists in Aura’s 12,000
hectares of mineral rights
• Airborne Magnetic Survey done in 2019 indicates that Glory
Hole Skarn still open downdip for further 500 to 700m from
currently known inferred resources, and also downplunge
towards Cabrestante, which may represent a very significant
increase of life of mine
• New early stage targets in the district, like El Cobre and
Cerro Conejos Zones, where new skarns and significant
high-grade veins were found.
GEOLOGY AND EXPLORATION TARGETSResources and Reserves
(to be updated end of Jan)
Mlbs CuEq
382
245
240
M&I
Glory Hole
Cabrestante
P&P
45
Inferred
382
245
285

Minosa Gold Mine
PRODUCTION HONDURAS
100% owned located 360 km from
Honduras’ capital of Tegucigalpa in
the western highlands
Mine operating for over 35 years
Open-pit, heap-leach low grade
disseminated gold
Epithermal gold deposit with higher-
grade and recoveries in the next 3 years
~10
YEAR
LOM
2020
$44MM
EBITDA
Gold
Production
AISC
Production AISC
40,000 $918
82,000 $833
ounces Per ounce
ounces per ounce
WE STRENGTHENED Our Production Platform
2020 Outlook
H2-2019 Metrics

Minosa Geological Potential
Resources and Reserves
220 160
100
150
135
Esperanza
500+
85
Wt, BR, ZB
Fault A
ELN 1 & 2
Buffa
1,070
380
70
P&PM&I Inferred
Mineral deposit is a disseminated epithermal gold
type hosted in a silicic lithocap in Tertiary age
felsic volcanic rocks;
Mine district remains underexplored and
significant exploration potential exists for further
shallow oxide mineralization, and also for high
grade sulfide mineralization.
GEOLOGY AND EXPLORATION TARGETS
K Oz

WE EXPANDED Our Production
Ernesto/Pau-a-Pique
Gold Mine
PRODUCTION BRAZIL
located in Mato Grosso, Brazil,
approximately 450 km west of Cuiabá,
the state capital
Complex consists of a processing plant
fed by the open pit and underground
mines. Higher grade open pit mine
Ernesto already under development
Target Bananal to potential to extend
LOM in additional 10 years under drilling
program with initial promising results
4.5?
YEAR
LOM
$31MM
EBITDA
FY-2019 Metrics
2020 Outlook
Gold
Production
AISC
Production AISC
57,000 $1,093
69,000 $988
ounces per ounce
ounces per ounce

EPP Geological Potential
GEOLOGY AND EXPLORATION TARGETSResources and Reserves
K Oz
• EPP consists of several orogenic gold type orebodies mined
by open pit and (Lavrinha, Japonês, Nosde, Ernesto) and
underground (Pau-a-Pique), with significant exploration
upside downdip and along strike
• Aura holds 338,000 hectares of mineral rights in the
Mesoproterozoic Guaporé Gold Belt that has been mined
since 18th century, with gold anomalies along 200 kilometers
length
• An aggressive exploration plan started in 2019 and led
to positive drill hole intersections of Bananal target. It
comprehends 8 kilometres of trending structures with
widespread hydrothermal alteration and high-grade chip
samples results, drilling started in second half of 2019 at
Bananal Sul with very positive results
85
83
77
47
130
120
60
Inferred
35
40
M&I P&P
Pau Pique
Nosde
338
250
113
Japones
Ernesto
18
4
2

WE HAVE short term EBITDA growth perspective to extend LOM
Additional exploration
extends LOM (>20 years)
and increases production
(30% -100%) increasing
EBITDA and LOM
Detail engineering
phase to bring
into production in
2022 increasing
EBITDA
Higher grade mine
increases production
(EBITDA) while near
mine exploration
should extend LOM
ARANZAZU
MINE
ALMAS
PROJECT
EPP
MINE
MATUPÁ
PROJECT
350,000 Oz as M&I.
New targets under drilling
program. Favorable
indication for major
Copper porphyry

25
WE DEVELOPED Near-Term Production Opportunities
Almas Gold Project
(Paiol, Cata Funda, Vira Saia)
Brazil
LOM of > 12 years
Multiple targets to expand LOM
Capex ~ US$50M (to be updated)
2023 ~$37M EBITDA
Payback ~ 4 years

25
WE EXPLORED Growth Opportunities For Critical Mass
Matupá Project
M&I 332K Au/Oz
Brazil
Sao Francisco Mine
M&I XX Au/Oz
Prolific mining area with indication of a copper porphyry
100% Aura-owned, no royalties
Existing Infrastructure: power, water, roads, workforce
Geological potential with multiple deposits within 30 km radius
of central deposit
Mine has produced over 1M Oz until 2016. Put into C&M
with no near mine exploration along with the last x years
Drill program for geological assessment
M&I de xxxx Oz

High Quality,
Diversified Assets
Strong Balance
Sheet
Business-Building
Culture

30M
As at December 31 2019
WE HAVE a Strong Balance Sheet
Balance Sheet
Cash and cash
equivalent
Cash & Total Liquidity
Net Debt/EBITDA20 US$ 0.1x 2020 ($10M /$101M)
Total Cash US$30 million
Capital Structure Shares Outstanding (Basic) 4 million
Shares Outstanding (Fully Diluted) 4.X million
Recent Share Price(TSX) ~C$25.00
Market Capitalization ~C$115 million

WE INCREASED Our Bottom Line
In US$Millions
71% Increase in Revenue 417% Increase in EBITDA Significant Reduction in Leverage
*As of end of December 31, 2019
Revenue EBITDA Net Debt
$157M
$220M
$12M
$50M
$10M $10M
2019 H1 2019 H22018

OUR MODEL WORKS 2020 OUTLOOK
26
22
2021
175
2020 2022 2023 2024
245
31
193
243
216
30 29 29
245
301
341
366
396
375
20232020 2021 2022 2024
21
396
101
153
180 185
166
19
2020
185
20242021 2022 2023
AU 173k oz
CU 26k lb
>$300MM
Revenue
>$100MM
EBITDA
Gold (kOz) Copper (klb)

As at September 30, 2019
2020-2024
CAPEX
$178M
Production
$35MM
Development
$110MM
Exploration
$33MM
CASH FLOWS Drive Capital Program

High Quality,
Diversified Assets
Strong Balance
Sheet
Business-Building
Culture

WE CREATED A Business-Building Culture
MANAGEMENT BOARD OF DIRECTORS
Rodrigo Barbosa
President & Chief Executive Officer
Paulo Carlos De Brito
Sergio Castanho
Vice President, People And Management Processes
Richmond Fenn
Kleber Cardoso
Vice President of Finance
Stephen Keith
Cesar Beraun
General Manager, Honduras Operations,
Phillip Reade
Glauber Luvizotto
General Manager, Mexico Operations
Rodrigo Barbosa
Jorge Camargo
General Manager, Brazil Operations

Aura has a unique culture that allowed us to attract top talent
• Lean mindset
• Top Executives share an office
at WeWork
• No perks, no assistants, no
fancy offices
• Quick decision-making process
• Higher Variable Compensation
• Younger executives with top
business education
• Driven to turnaround and grow
• Management consulting tools
(9-box, PMOs, etc)
• Entrepreneur Chairman
who “did it before”
• Top directors from the
financial and mining
industries
• “Trust” in the management
and full support
• First level MBAs in the
executive team
Attracting a profile of
younger engineers and
MBAs (Including Ivy
leagues) both to the
operations and to the
corporate team
UNIQUE COMBINATION OF
CULTURAL ELEMENTS IN
THE EXECUTIVE TEAM…
…AS WELL AS IN THE
BOARD OF DIRECTORS
ENABLED AURA TO ATTRACT
TOP TALENT BOTH AT THE
FIRST AND 2ND LEVELS OF
THE ORGANIZATION

WE ARE 360° Mining
We are engaged,
thoughtful and respectful
of the communities
where we do business
whether in
corporate offices
or in our mining
operations.

FOCUSING
WE BUILT a strong company ready to grow
UNLOCKING VALUE
DEVELOPING
Of our employees and respectful relationships
with the communities in which we operate
Growth opportunities to gain critical mass
IMPROVING MANAGMENT
EXPLORING
Of our assets undergoing care and
maintenance procedures
Constantly, to bring excellence in performance
and to deliver shareholder value
On growing cash flow, optimization of our
operating mines
Our advanced stage project to production
RESPECTING THE HIGHEST
STANDARDS FOR SAFETY

Investor Presentation / January 2020
Contact

Aura

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