Aura Minerals Inc.

Notable vs. Peers

• Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.8/10.
• Financials score of 4.1/10 is weaker than the peer average of 6.4/10.

Lifecycle Milestones

1. Permit granted

   May 1979 · CORRECTS a Task #373-era placeholder ('not confirmed against a primary source this pass'). A real, dated primary source exists: Aura's own NI 43-101 Technical Report (SLR Consulting, March 28, 2025), Table 4-1 'Mineral Concessions Summary', lists a Date Granted for each of the 43 mineral concession titles comprising the current Aranzazu property. The earliest explicitly dated grant in that table is 5/22/1979, shared by two concessions -- Reyna del Cobre (Title 164620) and San Antonio (Title 218879) -- both granted during ASARCO's operation of the district (1962-1982), 29 years before Aura's June 2008 acquisition. A handful of the 43 listed concessions have blank Date Granted fields in the table (apparent PDF table-formatting artifacts rather than a confirmed absence of a date), so an even earlier still-active title cannot be fully excluded, but 1979-05-22 is the earliest confirmed date in the primary source and is internally consistent with the surrounding ownership chronology (ASARCO operated the district 1962-1982). Recorded with a real, specific, sourced grant date -- not a placeholder. · Source
2. Construction decision (FID)

   Reached — date not disclosed · Aura's 2011 acquisition of the already-operating Aranzazu mine functioned as its own decision to take on the asset, in place of a from-scratch construction FID; a specific board-decision date was not confirmed against a primary source this pass.
3. Construction start

   Reached — date not disclosed · CORRECTS a Task #373-era placeholder ('row exists to satisfy the PRODUCTION-stage evidence requirement'). The placeholder's 'brownfield, not built by Aura' framing was true but stopped short of the real question (RND/Task #429 precedent): does the underlying asset have an identifiable, disclosed construction history under ANY owner? It does. Aura's own NI 43-101 Technical Report (SLR Consulting, March 28, 2025) devotes Section 6 to the mine's prior-ownership and development history: the Concepcion del Oro district's mines (formerly the El Cobre project) were consolidated in 1889 when Mazapil Copper Company Ltd. (England) acquired the older scattered workings and began systematic underground development -- 'Operations began in 1891 with production from the mines continuing until 1962' (Table 6-1; Section 6.2.2). The property has at least 13 documented historical underground levels developed via open stope/shrinkage mining methods. Ownership passed through ASARCO (1962-1982, until Mexican mining nationalization), Comision de Fomento Minero (1982-1989), Macocozac/Armando Guadiana Tijerina (1989-1998), then Frisco/Zacoro option holders (2002-2006), before Aura's June 2008 acquisition. Recorded reached-but-undated because the source documents only the year (1889/1891), not a specific day -- but this is the mine's real earliest documented construction milestone under any owner, not a guess and not Aura's own history repackaged. · Source
4. First pour / production

   Reached — date not disclosed · Aranzazu has been in continuous underground production since Aura Minerals' 2011 acquisition. A precise first-production-under-Aura date was not confirmed against a primary source this pass -- left null rather than guessed.
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists across six currently-operating mines (Aranzazu in Mexico, Apoena and MSG/Mineração Serra Grande and Almas and Borborema in Brazil, Minosa in Honduras) assembled via acquisitions and organic development at different times over many years (MSG itself acquired from AngloGold Ashanti). Q2 2026 preliminary results (released 2026-07-10, finalized 2026-08-05) reported total production of 75,437 gold-equivalent oz across the six mines, an 18% increase over Q2 2025. Matupá (Brazil) remains under development and is not yet part of this claim. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.