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Total production is projected to be approximately 1.75 million gold equivalent ounces over the life of the mine. Average annual production is anticipated to be around 111,000 gold equivalent ounces for the first four years.

In January 2025, Aura Minerals Inc. completed the acquisition of Bluestone Resources Inc., the previous 100% owner of the project, which was formerly known as the Cerro Blanco Project. Aura Minerals received the construction licence for the project and commenced early works in January 2026. These early works include environmental programs, road construction, mine dewatering, and preparation of platforms for equipment and facilities. The company has formally decided to proceed exclusively with underground operations. The exploitation license covers an area of 15.25 square kilometres.

1,674 (2024, including contractors)

The Serra Grande Mine is located approximately 5 kilometres from the city of Crixás. The operation consists of three mechanised underground mines and one open pit. The ore is treated at a dedicated metallurgical plant with an annual capacity of 1.5 million tonnes.

80,000 ounces of gold in 2024 and 86,000 ounces in 2023 (under previous ownership); 4,761 gold equivalent ounces in December 2025 (under Aura Minerals).

dedicated metallurgical plant

dedicated metallurgical plant

Aura Minerals plans to implement a detailed plan to recover production, increase efficiency, and invest in expanding resources and reserves. As part of its 2026 capital expenditure plan, Aura has allocated a portion of its US$123 million maintenance budget to Serra Grande.

The project employs 2,184 personnel, both directly and indirectly, with 68% of the workforce hired from the local community.

The mine achieved commercial production in September 2025. For the fourth quarter of 2025, production totalled 15,777 gold equivalent ounces. The 2025 production guidance was between 33,000 and 40,000 ounces of gold. An updated Feasibility Study from February 2026 estimates a weighted average annual gold production of 65,000 ounces over the life of the mine.

The ore is processed at a Carbon-in-Leach (CIL) plant with a capacity of 2.0 million tonnes per annum. The process involves a three-stage crushing circuit, followed by ball milling and cyanide leaching. Gold is recovered from the solution using a ZADRA elution circuit and electrowinning, ultimately producing gold doré. The mill was operating at over 80% of its designed capacity of 4,500 tonnes per day as of September 2025, with gold recoveries consistently above 90%.

Mining is conducted using conventional open-pit methods, employing hydraulic excavators and a fleet of haul trucks. The mining activities are primarily undertaken by a contractor.

In February 2026, Aura Minerals announced an updated Feasibility Study for the Borborema Mine following an agreement with the Brazilian government to relocate a federal road that crosses a portion of the deposit. This agreement allowed for a significant increase in the mine's probable mineral reserves by 82% to approximately 1.5 million ounces of gold (40.7 million tonnes at 1.13 g/t Au). This update extended the mine life to 20.5 years. The company is now advancing engineering and water-access solutions to potentially increase the plant's capacity.

739 employees in 2024.

In 2024, the mine produced 97,558 gold equivalent ounces. For the full year 2024, the mine produced 77,600 tonnes of concentrate from 1,229,000 tonnes of milled feed with average grades of 1.5% copper, 0.83 g/t gold, and 22 g/t silver. In 2025, total production was 83,149 gold equivalent ounces, which included 26,700 ounces of gold, 542,046 ounces of silver, 36,583,000 pounds of copper, and 249,000 pounds of molybdenum.

The processing plant has a capacity of 3,350 tonnes per day. The process is conventional, involving crushing, grinding, flotation, and filtration to produce a copper concentrate with a final grade of 23% Cu. In 2024, a molybdenum recovery circuit was added to the plant to extract molybdenum as a by-product from the concentrate.

The mining method is a combination of longitudinal and transverse long-hole open stoping. The underground mine is accessed by two main ramps. Blasted ore is handled by remotely-operated load-haul-dump (LHD) units and transferred to haul trucks.

Exploration in 2024 confirmed the extension of skarn mineralisation in the new Esperanza and BW-Connection zones. Proven and Probable Mineral Reserves increased by 1,342,000 tonnes (13%) compared to 2023. As of December 31, 2024, Measured Mineral Resources are estimated at 11.83 million tonnes at a grade of 1.28% Cu, 0.90 g/t Au, and 19 g/t Ag. Indicated Mineral Resources are estimated at 8.28 million tonnes at a grade of 1.03% Cu, 0.57 g/t Au, and 18 g/t Ag.

A complex of mines including active open pits (Ernesto, Lavrinha and Nosde) and past producing mines (Japones open pit and Pau-a-Pique underground mine).

The preliminary gold equivalent ounce (GEO) production for the full year of 2025 was 35,304. For the fourth quarter of 2025, preliminary production was 8,961 GEO. In 2024, the total production was 37,173 GEO. Production for the fourth quarter of 2024 was 7,121 GEO.

Drilling campaigns in 2022 and 2023 focused on the Lavrinha and Nosde mines, successfully converting and extending mineral resources. Delays in receiving permits for the Nosde pit expansion.

At the start of production, 57% of the direct labour was hired from local communities. The project was expected to create over 3,000 direct and indirect jobs from 2023.

The Almas Project's three main gold deposits (Paiol, Cata Funda, and Vira Saia) are situated along a 15-kilometre corridor of the Almas Greenstone Belt. Paiol is currently being mined.

In 2025, the mine produced 56,979 gold equivalent ounces. In 2024, it produced 54,129 gold equivalent ounces from 1,637,574 tonnes of mill feed at an average grade of 1.13 g/t gold.

The ore is processed through a carbon-in-leach (CIL) circuit. The plant's annual production target is two million tonnes.

Aura Minerals is investing in increasing the mill's capacity from 1.3 million tonnes per year to 1.5 million tonnes. The company plans to advance underground development and expand capacity at Almas in 2026. Greater mine development at Almas is contributing to an increase in maintenance investments for 2026.

23 personnel

The Woods Point Gold Project is located in Victoria, Australia, approximately 120 to 150 kilometres east-northeast of Melbourne in the Woods Point-Walhalla goldfield. The project's central asset is the Morning Star Gold Mine, which is an underground operation. White Rock Minerals Limited acquired the project through a merger with AuStar Gold Limited on 23 August 2021, holding a 95% indirect interest.

Produced over 883,000 ounces of gold at an average grade of 26.5 g/t Au between 1862 and 1963. Under AuStar Gold's operation for the quarter ending 30 June 2020, 542 ounces of gold were produced from 2,312 dry tonnes processed, with an average grade of 12.18 g/t.

80,000 tonnes per annum gravity gold processing plant

underground Morning Star mine, a shaft with winder hoisting infrastructure, an adjacent 80,000 tonnes per annum gravity gold processing plant, a crusher, pre-crush feeder, and conveyor

West Tundra Flats is a high-grade polymetallic volcanogenic massive sulphide (VMS) deposit, part of the larger Red Mountain Project, located in the Bonnifield Mining District in central Alaska, United States. The project was acquired from White Rock Minerals Limited by Silver47 Exploration Corp. around November 2024.

Historical metallurgical test work indicated amenability to traditional flotation; ongoing metallurgical studies.

Drilling program commenced in northern summer 2025 to expand the existing resource, with a core drilling rig operational on site. This program included seven holes at West Tundra Flats, which intersected massive, semi-massive, and disseminated sulphides. The deposit remains open to expansion.

24-man field camp during exploration activities in 2019

The Red Mountain Project is a silver-rich zinc volcanogenic massive sulphide (VMS) project located in central Alaska, USA. The project is situated in the Bonnifield Mining District, approximately 100 kilometres south of Fairbanks. The commodities at the project include zinc, silver, lead, gold, and copper. The project is at an advanced exploration stage.

global Inferred Mineral Resource for the Red Mountain project was 21.3 million tonnes at 8.5% zinc equivalent, containing 822,000 tonnes of zinc, 334,000 tonnes of lead, 60.9 million ounces of silver, and 442,000 ounces of gold

preliminary metallurgical test work has shown good recoveries of over 90% for zinc, over 75% for lead, over 80% for gold, over 70% for silver, and over 70% for copper

diamond drilling, SkyTEM airborne electromagnetics survey

The project contains several epithermal gold and silver deposits with volcanogenic epithermal Au-Ag-Cu-Pb-Zn mineralisation. It has a resource of 1.2 million ounces of gold-equivalent, including 352,000 ounces of gold and 23.2 million ounces of silver.

Located in Victoria, Australia, the Rose of Denmark mine is part of the Woods Point Gold Project. White Rock Minerals acquired 100% ownership in August 2021. Historically, it produced approximately 37,000 ounces of gold. Production ceased in 1926, resumed in 2012, and was placed on care and maintenance in March 2023.

Historically, the Rose of Denmark mine produced approximately 37,000 ounces of gold at an average grade of 12.5 g/t.

Historically, the mine was a significant producer, with past production figures cited as over 880,000 ounces of gold at a high grade of more than 26 grams per tonne.

80,000 tonne-per-annum processing plant capacity; historical production over 880,000 ounces of gold at a high grade of more than 26 grams per tonne

gravity gold processing plant

shaft, winder, and an 80,000 tonne-per-annum gravity gold processing plant

expected to create an average of approximately 550 jobs in the region during operations

The project is designed to restore an abandoned mine site while producing gold and the only mined source of antimony in the United States.

The project is expected to produce approximately 450,000 ounces of gold annually over its first four years of production. It holds gold reserves of about 4.8 million ounces. The project is also expected to supply up to 35 percent of U.S. antimony demand during its first six years of operations.

The plan of operations includes open pits, ore transportation equipment, ore processing facilities, development rock storage facilities, a tailings storage facility, and a water treatment facility. Hatch Ltd. has been selected as the Engineering, Procurement, and Construction Management contractor for the process plant and site infrastructure.

ore transportation equipment, ore processing facilities, development rock storage facilities, tailings storage facility, water treatment facility

In January 2025, Perpetua Resources received the Final Record of Decision for the project. The last federal permit required, the Clean Water Act Section 404 permit, was issued by the U.S. Army Corps of Engineers in May 2025. Early works construction began in October 2025 after the company posted $139 million in construction phase financial assurance. A final investment decision is expected in the spring of 2026.

Over 90% of employees and contractors are from Papua New Guinea.

For the year ended December 31, 2025, the Kainantu Gold Mine produced 174,134 ounces of gold equivalent, which comprised 164,484 ounces of gold, 5,942,203 pounds of copper, and 159,309 ounces of silver. The production guidance for 2026 is between 190,000 and 225,000 ounces of gold equivalent.

The mine utilises a new 1.2 million tonnes-per-annum Stage 3 Expansion Process Plant which achieved its first production in October 2025. This plant produces a gold-copper-silver concentrate. For the year ended December 31, 2025, the mine processed 557,156 tonnes of ore with metallurgical recoveries of 94.7% for gold and 94.5% for copper.

The mining fleet is fully mechanised and includes twin- and single-boom jumbos, 1300-1700 class LHDs, and 20-45 tonne trucks. The operation also uses surface trucks with 60-tonne payloads.

The mine is undergoing significant expansion. The Stage 2A expansion was completed in May 2023, increasing throughput capacity. The Stage 3 expansion, featuring a new 1.2 million tonnes per annum process plant, was completed and commissioned in late 2025. A Stage 4 expansion is planned for commissioning in the second half of 2027, which is expected to increase throughput to 1.8 million tonnes per annum. The Stage 4 expansion is projected to result in annual production of over 400,000 ounces of gold equivalent.

The Gold Bar mine is located in the southern Roberts Mountains on the Battle Mountain-Eureka-Cortez gold trend in Eureka County, central Nevada. It is an open-pit, heap leach operation. Commercial production was achieved in May 2019. The objective is to transform the Gold Bar mine into a long-life operation.

In 2025, the Gold Bar mine produced 33,227 ounces of gold. Production guidance for 2026 is between 39,000 and 43,000 gold ounces.

Ore is mined from open pits and processed via crushing and/or run-of-mine heap leaching. A carbon adsorption-desorption recovery (ADR) plant is used to produce a final gold-silver doré product.

The operation is now referred to as the Gold Bar Mine Complex, which includes the main Gold Bar mine and nearby deposits that are being advanced towards production, such as Lookout Mountain, Windfall, and Trinity Ridge. McEwen Mining is actively exploring and consolidating the land package around the Gold Bar Mine Complex, acquiring Timberline Resources Corporation in August 2024 and announcing an agreement to acquire Golden Lake Exploration Inc. in January 2026.

Reactivation. Active mining and crushing ceased in mid-2018. Production since has been from residual leaching. The mine is now being redeveloped under the "Fenix Project". An extension for the Environmental Impact Assessment was granted in December 2025, allowing for the commencement of Phase 1 mill construction.

Phase 1 is projected to produce approximately 20,000 gold equivalent ounces annually once commercial production is achieved. The first gold pour is anticipated in mid-2027. In 2025, production from residual activities was 1,152 gold equivalent ounces. From 2012 until mining ceased in 2018, the mine produced 279,000 ounces of gold and 134,000 ounces of silver.

The redevelopment includes constructing a new mill to reprocess material from the historical heap leach pad in Phase 1. A ball mill has been purchased and is on-site. Phase 2 will transition to processing in-situ silver deposits.

The mine is undergoing a two-phased redevelopment known as the Fenix Project. Phase 1 involves the construction of a mill to reprocess the heap leach material, with construction scheduled to start in mid-2026. The remaining capital expenditure for this phase is an estimated US$25 million. Phase 2 will focus on the in-situ silver deposits, including the El Gallo Silver, Palmarito, and El Gallo deep deposits. The company plans to update the resource estimates for El Gallo in 2026.

The October 2025 Feasibility Study projects an average annual production of 148,200 tonnes of copper cathode over the life of the mine. For the first five years, production is expected to average 204,800 tonnes per year.

The project will use heap leaching and a solvent extraction and electrowinning (SX/EW) facility to produce high-purity copper cathodes on site.

The project received its Environmental Impact Assessment (EIA) approval for construction and operation in December 2024. In September 2025, the project was admitted to Argentina's Large Investment Incentive Regime (RIGI), providing 30 years of fiscal and legal stability. Construction is targeted to begin in 2027, with first copper production anticipated in 2029 or 2030. The initial capital expenditure is estimated at $3.17 billion. McEwen Copper is planning an Initial Public Offering (IPO) towards the end of 2026 to raise approximately $300 million as part of a larger $4 billion financing package for the project. The operation will be powered by 100% renewable energy. There is potential to extend the mine life by more than 30 years by processing primary sulfide ores with Nuton's technology or a conventional concentrator.

The Fenix Project is a redevelopment of McEwen Mining's El Gallo Complex in Sinaloa, Mexico. It involves two phases: Phase 1 reprocesses historical heap leach material, targeting 20,000 gold equivalent ounces annually, with construction starting mid-2026 and first gold pour by mid-2027. Phase 2 will process material from the El Gallo Silver open-pit deposit, projected to produce 4.2 million ounces of silver equivalent annually. The project utilizes existing infrastructure and an in-pit tailings storage method.

Phase 1 is expected to produce approximately 20,000 gold equivalent ounces annually; Phase 2 is projected to produce an average of 4.2 million ounces of silver equivalent annually.

mill, reprocessing of heap leach material, in-pit tailings storage

previously used gold processing plant and associated equipment, including a ball mill

Phase 2 will transition to processing material from the open-pit mining of the El Gallo Silver deposit. Work on Phase 2 has commenced, and it could extend the mine's life beyond the initial 10 years.

1,788 (including contractors)

The San José mine is a high-grade underground gold and silver mine located in the Santa Cruz province of Argentina. It is a joint venture owned by McEwen Mining Inc. (49%) and Hochschild Mining plc (51%), with Hochschild acting as the operator. The mine has been in commercial production since 2007.

For 2025, the total production (100% basis) is forecast to be 77,000 ounces of gold and 3.6 million ounces of silver. McEwen Mining's attributable production for 2025 was 58,120 gold equivalent ounces. The forecast for McEwen's attributable production in 2025 is between 59,000 and 64,000 gold equivalent ounces.

The processing method involves grinding and flotation, with a crushing and processing capacity of 2,000 tonnes per day. Mineralised material is processed at a mill site, producing both doré and concentrate which is then shipped.

The Imiter-bis project, formerly known as the 233263 Permit, is an exploration property situated on Morocco's sub-Atlas range, five kilometres south of the Imiter Silver Mine.

diamond drills