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A 2022 feasibility study estimated an average annual gold production of 54,779 ounces for the first four years. The average production over the initial mine life was expected to be 55,000 ounces of gold per year. These figures are now under review following the decision to re-evaluate the project's scale.

The planned processing method is through a Carbon-In-Leach (CIL) system.

In May 2024, Aura Minerals acquired the Pé Quente and Pezão projects, which are located near the Matupá project. The company is investing in further exploration, including 13,000 metres of drilling, to assess the potential for integrating these new areas and significantly increasing the mineral resources and reserves of a larger, consolidated Matupá project. This led to the postponement of the original construction plans to maximise the potential return on investment. The company has withdrawn its previous long-term production guidance in anticipation of a potential increase in gold reserves from the expanded project.

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.

350 during operations. A mining services contract requires 220 employees to support the ramp-up of production.

The project is an integrated operation that includes a mine and concentrator at Mt Holland and a lithium hydroxide refinery in Kwinana.

The mine and concentrator are designed to produce 380,000 tonnes of spodumene concentrate per year. This concentrate will be processed at the Kwinana refinery to produce approximately 50,000 tonnes of battery-quality lithium hydroxide annually. First ore was mined in December 2022, and the concentrator was commissioned in the second half of 2023. The first production of lithium hydroxide is expected in early 2025.

The project is an integrated operation that includes a mine and concentrator at Mt Holland and a lithium hydroxide refinery in Kwinana. The concentrator processes spodumene ore to produce spodumene concentrate. The processing plant includes primary and secondary crushing, a high-pressure grinding roller (HPGR), dense media separation (DMS), grinding and classification, magnetic separation, and froth flotation. The concentrator is designed to process approximately 2 million tonnes of ore per year.

Mining operations are conducted by contractors. Thiess delivers drill and blast services, mining of overburden and ore, and equipment maintenance. Iron Mine Contracting provides drill, blast, load and haul, and run-of-mine management services. The operation will be serviced by contractor-owned and operated drill and blast, as well as load and haul equipment, including excavators and haul trucks.

A feasibility study is underway to evaluate doubling the production capacity of the mine and concentrator. Covalent is seeking approval to expand the processing capacity from 2 to 4 million tonnes per annum (Mtpa).

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

The Igrejinha Project is an exploration and evaluation stage project in Minas Gerais, Brazil, within the 'Lithium Valley'. It targets lithium, caesium, tin, tantalum, and tungsten, hosted in LCT pegmatites. Perpetual Resources has an option to acquire up to 90% of the project.

The project is located approximately 300 km north of Perth and 96 km south of Geraldton. In June 2024, Perpetual Resources Ltd announced that the Beharra Project would be placed on care and maintenance due to poor market pricing for silica sand. All expenditure on the project will be minimised until market conditions improve. The company will retain the project for future potential development. The proposed development involves a total disturbance of up to 590 hectares. Mining is planned to be sequential, clearing 100 hectares in the first two years, followed by annual clearing of 20-hectare cells with progressive rehabilitation. The mine plan is based on producing 50 Mt of high-grade silica sand over the life of the mine.

The project is designed for a run-of-mine production rate of 2.0 Mtpa to produce approximately 1.5 Mtpa of high-grade silica sand product.

A simple gravity and magnetic separation flow sheet is planned to produce a concentrate.

Recruitment of additional staff for the construction, commissioning, and operation of the pilot plant was underway in late 2025. A Site Operations Manager was appointed to commence in December 2025, with plans to recruit two process engineers.

The ALCORE Project is focused on the production of clean fluorine chemicals from aluminium smelter by-products, specifically 'bath'. It utilises a proprietary process to produce hydrogen fluoride, a precursor for creating aluminium fluoride which is a critical ingredient in aluminium smelting that Australia currently imports. The project aims to convert industrial waste into valuable chemicals.

oleum plant, bath reactors, scrubbers

A continuous pilot plant is under construction and, as of November 2025, is fully funded to operation. Key equipment for the pilot plant, including the oleum plant, bath reactors, and scrubbers, was ordered in April 2025. Infrastructure preparation at the site was underway in October 2025. Delivery and assembly of the equipment is scheduled for the first quarter of 2026, with commissioning planned for the second quarter of 2026. Operations are scheduled to commence in the third quarter of 2026. The project has received a $1 million zero-interest loan from the Tasmanian Government to support the construction and operation of the pilot plant.

The Penrose Bauxite Project targets refractory-grade bauxite in the Penrose state pine forest, NSW. It is currently under reassessment due to improved logistics at Port Kembla, enhancing its potential for seaborne bauxite market supply. The project is being developed in conjunction with the Taralga project. There is no JORC-compliant resource reported for the Penrose project.

The Taralga deposit is located approximately 200 km inland from Port Kembla in New South Wales. It has a JORC-compliant resource of 38 million tonnes of gibbsite-type metallurgical bauxite. A 2012 pre-feasibility study concluded that transport by road and rail was feasible. Delays in the expansion of the Port Kembla outer harbour were previously an obstacle to the project. However, due to recent positive changes in Port Kembla logistics, the project is now considered capable of delivering bauxite into the seaborne market and is being reassessed. ABx Group is actively pursuing monetisation of the asset due to a significant increase in global bauxite prices and is in discussions with various parties regarding offtake, direct investment, or possible sale of the asset. A portion of the option fee paid by GII is anticipated to be used for project studies being conducted jointly by ABx and GII.

The project is located at Reedy Marsh in northern Tasmania and is operated by ABx Group. The proposal is to extract up to 50,000 cubic meters of material per year. The primary products are likely to be cement-grade and fertiliser-grade bauxite. ABx Group has a five-year supply agreement with Adelaide Brighton Cement Limited (ABCL) to provide 90,000 to 120,000 tonnes of cement-grade bauxite from the project for its Birkenhead cement manufacturing operation in South Australia. In November 2023, ABx Group was preparing to excavate an additional 1,000 tonnes of bauxite from a new pit for two customers.

up to 50,000 cubic meters of material per year; 90,000 to 120,000 tonnes of cement-grade bauxite