Aura Minerals Inc. (TSX: ORA) (B3: AURA33) (OTCQX:
ORAAF) (“
Aura” or the
“
Company”) is pleased to announce the results of
the Feasibility Study for the Borborema Project
(
“Borborema” or the
“Project”)
located in Rio Grande do Norte, Brazil. Borborema will be an
open-pit gold mine with anticipated production of 748,000 ounces
(oz) of gold over an initial 11.3-year mine life, with additional
production upside. The technical report (the “
Technical
Report”) titled “Feasibility Study for the Borborema
Project, Currais Novos Municipality, Rio Grande do Norte, Brazil”,
prepared by Aura will be filed by Aura on SEDAR+ and CVM within 45
days of this press release.
Following the completion of this positive
Feasibility Study, Aura anticipates the commencement of full
construction with an estimated construction budget of US$188
million. Additionally, the Company is reporting that Dundee
Resources Limited, a wholly owned subsidiary of Dundee Corporation
(TSX: DC.A), (“Dundee”) has elected to convert its 20% equity
interest in Borborema Inc. into a net smelter royalty (the
“Royalty”) of 1.50% on the first 1,500,000 oz of gold sold, and
1.00% on the next 500,000 oz of gold. Once the production threshold
of 2,000,000 oz of gold has been reached, the Royalty will be
terminated. Aura is now the sole shareholder of Borborema Inc.,
controlling 100% of its shares.
Highlights of the Feasibility Study and
the Project:
- Robust Project
Economics: Net present value (“NPV”) of US$182 million and
after-tax IRR of 21.9% when using the weighted average consensus
gold prices for the projected period of US$1,712 per ounce. At a
US$1,900 gold price and considering US$100 million debt, the IRR is
51.9% and NPV of US$262 million.
- Competitive Costs:
Life of Mine (“LOM”) all-in-sustaining costs (“AISC”) on average of
$949 oz, including the royalty paid to Dundee (“Dundee Royalties”);
if excluded, the AISC would be $923 oz, making it a solid first
quartile project among the industry AISC curve. In the first 3
years of complete production, average AISC is $875 per ounce,
including the new Dundee Royalties. Excluding such royalties, the
average AISC would be $831 oz for such period.
- CAPEX: Total
investment of approximately US$188 million with payback in 3.2
years.
- Initial Operating Life of
11.3 Years: Weighted average annual gold production is
estimated at 65 koz, with an estimated LOM of 11.3 years, based on
Mineral Reserves estimated in accordance with National Instrument
43-101, – Standards for Disclosure for Minerals Projects (“NI
43-101”). In the first 3 years of production, weighted average
annual production is 83 koz.
- Strong Reserve
Base: The Feasibility Study includes updated Mineral
Resource and Reserve estimates under CIM and NI43-101 guidelines
for the comprising Probable Reserves of 812,000 oz gold.
- Substantial Resource
Profile with Upside for Future Conversion: Borborema’s
Mineral Resources consists of 2,077 koz of Indicated and 393 koz of
Inferred. Initial measures have already been undertaken to start
obtaining the permits to move the road, and upon its successful
relocation, Borborema has potential to convert in Mineral Reserves
1,265 koz of Indicated Mineral Resources (exclusive of the current
Mineral Reserves), depending on future set of modifying factors,
such as gold price, exchange rate and others.
- Exploration Potential
Remains: The ore body of the Borborema deposit remains
open along strike and down dip. Aura believes the project will
benefit from additional drilling both to extend the Mineral
Resource’s footprint and also to add more contained ounces within
the current envelope of mineralization.
Rodrigo Barbosa, President and CEO of Aura,
comments, "Borborema is expected to contribute significantly to our
overall production profile, and we are delighted to announce this
highly accretive Feasibility Study. Our optimism extends beyond the
current findings, as a potential additional of 1.265 million ounces
are expected to be converted to reserves following the completion
of a 5.3 km road relocation besides new resources that should be
added in the future once ore body remains opened along strike and
down dip. Furthermore, Borborema is poised to set new benchmarks
with its important contributions to ESG standards by using treated
greywater from the local community, utilizing renewable energy
sources, and relying on a robust local labor force."
Mr. Barbosa continues, “We are grateful for
Dundee’s technical insights in getting us to this stage. Both of
our teams worked hard together and both companies will benefit as
we advance this project to construction and production by early
2025.”
Borborema Project Overview
The Borborema Project, located in the southern
portion of the state of Rio Grande do Norte in north‐eastern
Brazil, is situated 26 km east of the well‐established town of
Currais Novos and 35 km west of the town of Santa Cruz. The town of
Currais Novos has good infrastructure and a population of
approximately 45,000 people. The Project site is strategically
located to benefit from direct access to the BR‐226 federal highway
linking it to the state capital Natal which lies 172 km east and
has a population of approximately 880,000 inhabitants.
Borborema location map, Rio Grande do Norte,
Brazilhttps://www.globenewswire.com/NewsRoom/AttachmentNg/1fdcd07a-5eb1-4725-a3a0-7b789204497e
The project area was owned variously by several
companies, including Xapetuba which recovered approximately 3,000
kilograms of gold using Brazil's second heap leach processing
operation. Aura acquired the project in September 2022.
Open-pit stripping is expected to begin in Q2
2024, and construction expected to be concluded by Q1 2025, with
first gold pour targeted for Q2 2025 and commercial production for
Q3 2025.
Summary of Key Results for the Borborema
Feasibility Study
BORBOREMA GOLD PROJECT1 |
Years 1-3 |
Life of Mine(11.3 years) |
Average Plant Feed Grade (g Au/t) |
1.54 |
1.12 |
Weighted Average Annual Gold Production (koz) |
83 |
65 |
Average Recovery (%) |
92.1 |
92.1 |
Total Payable Gold (koz) |
248 |
748 |
Average Cash Costs (US$/oz) |
862 |
924 |
Average AISC2 (US$/oz) |
875 |
949 |
Strip Ratio3 (waste:ore) |
3.61 |
3.77 |
Notes:
- All values except feed grade and
strip ratio are rounded.
- Considering Royalties
- Excludes 7.2 Mt of pre-production
mining.
Financial Key Performance Indicators
(“KPIs”) expected for the Project
Main assumptions:
- Gold price: US$ 1,712/oz (Weighted
average – 11.3 years)
- Exchange average rate (BRL / USD):
R$5.08:US$1.00
- Discount rate: 5%
|
|
Gold prices (US$/oz) |
Unleveraged |
|
1,500 |
1,712 |
1,900 |
After-tax NPV |
US$ million |
85 |
182 |
262 |
After-tax simple payback (after Start-Up) |
years |
4.6 |
3.2 |
2.9 |
After-tax IRR |
% p.a. |
13.7% |
21.9% |
27.5% |
Results above are shown assuming that the
project is financed with 100% equity, in compliance with NI 43-101.
However, the Company has established a target to leverage the
Project, aiming for at least 50% debt / total Capex.
Sensitivity analyses were conducted in order to
simulate project financial performance according to different
scenarios of gold price, as well as capital structure with debt on
total capital. The table below indicates expected results
considering an upfront debt of US$ 100 million to partially fund
the construction capex.
|
|
Gold prices (US$/oz) |
Leveraged |
|
1,500 |
1,712 |
1,900 |
After-tax simple payback (after Start-Up) |
years |
2.9 |
2.3 |
2.2 |
After-tax IRR |
% p.a. |
22.3% |
40.8% |
51.9% |
Geology, Mineralization and
Drilling
The deposit at the Borborema Project is
considered to be a classic mesothermal/orogenic gold deposit type
in a sheared and deformed Archaean to Proterozoic greenstone belt
sequence comprised of metamorphosed volcanic‐sedimentary rocks
units intruded by slightly younger post‐tectonic igneous
bodies.
The Borborema deposit is hosted within a
sequence of banded arkosic metapelitic schists, subjected to
upper‐amphibolite facies regional metamorphism.
The mineralization types are strongly controlled
by regional structure with secondary structures providing the
preferred host for gold mineralization. In addition to the main
mineralized zone, several thinner sub-parallel zones with gold
mineralization are identified. Two distinct gold mineralization
types are identified in drill cores: 1) disseminated free gold, and
2) gold in association with sulphide mineralization represented by
pyrrhotite, chalcopyrite, pyrite, sphalerite, and galena.
Additionally, the sulphide mineralization was observed in the outer
contact between chert boudins and schist along with or associated
with schist foliation.
The main Borborema ore body has overall
dimensions of approximately 600 meters in the down-dip direction,
3,500 meters along the strike, and averages of 50 meters in
thickness in the central and 30 meters in thickness in the southern
and northern portions. The Borborema deposit is located within a
NE-SW trending shear zone and displays a penetrative NNE‐trending
fabric, dipping southeast at around 40 degrees. The ore body is
open down dip beyond current Inferred Mineral Resources.
The Borborema deposit has been drilled out at
nominal drill spacing of approximately 50m x 50m. A total of 303
diamond drill holes and 921 reverse circulation (“RC”) holes
totaling 109,090m were drilled between 1979 and 2022. The property
drilling database contains 74,038 sample intervals within the
drilling database used in support of mineral resources.
Historical drilling at Borborema has been
completed in various campaigns since 1979 by several companies
including Itaperiba, Xapetuba, JICA, Santa Elina, and Caraíba.
Crusader began drilling at the Project in August 2010 and drilled
consistently until the end of 2012. Big River drilled 13 holes to
extend known mineralization at depth and increase inferred mineral
resources. Aura Minerals has not conducted any drilling on the
Borborema property.
Data Verification
SRK Consulting (U.S.), Inc. (“SRK”) performed
data verification and validation procedures on the drilling
database prior to modeling and estimation. SRK reviewed the
geological, drilling, and Au analytical data which was used to
support Mineral Resources. Additionally, QP of Resources conducted
a site visit to the Project reviewing pit geology, drill core,
sample storage and security, as well conducting interviews with
site personnel. It is the QP’s opinion that the raw drilling data
used for estimating Mineral Resources have been adequately reviewed
and any identified potential risks are accounted for in resource
classified, in-line with CIM guidelines.
Mineral Resource and Mineral Reserve
Estimates
The updated resource block model gold grade was
modelled by SRK using Ordinary Kriging (OK) methodology constrained
within nested grade shells at 0.2 g/t, 0.5 g/t, and 1.0 g/t
indicatory grade shells.
SRK used a nested, soft-boundary grade shell
technique with shells at 0.2, 0.5, and 1.0 g/t Au to limit the
influence of variable Au grades in the broader mineralized volume
which displays general lower grade attributes. Raw drilling data
was composted to 2 m lengths with upper capping applied at 20 g/t
Au. Kriging neighborhoods and variography were determined for each
nested grade shell. The Feasibility Study block model showed
acceptable validation against composited and raw data with
acceptable smoothing and is considered suitable for use in
reporting of Mineral Resources.
Longitudinal View of Au Grade Shells, Viewing
West (Source:
SRK)https://www.globenewswire.com/NewsRoom/AttachmentNg/2ca4c653-3470-4103-b520-aadfc844dd53
SRK utilized an oxidation boundary surface
constructed in 2012 by Crusader (Cascar) to discriminate oxide from
sulfide mineralization as the logging data was considered too
variable and of lower confidence to construct this surface. The
oxidation model is utilized to code bulk density as well.
Mineral Resources are classified in accordance
with NI 43-101 and CIM definitions into Indicated and Inferred
categories based on identified uncertainly and risks.
In order to establish reasonable prospects for
eventual economic extraction (RPEEE) as per NI 43-101 definitions
of Mineral Resources, SRK applied an economic cut-off grade (CoG)
to blocks constrained within an economic pit shell on the Borborema
property. This shell utilizes a 1.0 revenue factor, 37-degree slope
on the west and 60-degree slope on the east, 2 million tonnes per
annum (Mtpa) mining rate, and 5% discount rate. A long section of
the resource pit shell is shown in figure below.
Long Section, Looking West of the Economic Pit
Shell. Inset Image Shows Cross Section, Looking North (Source;
SRK)https://www.globenewswire.com/NewsRoom/AttachmentNg/54010e34-4377-4b7e-915e-1c1c59acce2b
The Feasibility Study includes Mineral Resource
and Reserve estimates for the Borborema deposit under CIM
guidelines. Only Indicated Mineral Resources was considered for
purpose of the Feasibility Study. A summary of the Borborema
Mineral Resources estimates which are used in the Feasibility Study
and expected to be included in the Feasibility Study are shown in
table below.
Borborema Mineral Resource Estimate* as of
January 31, 2023
CLASS |
Au Cut off Grade |
OXIDATION |
MASS(Mt) |
AVERAGE GRADE(Au g/t) |
TOTAL METAL(Au koz) |
INDICATED |
0.33 g/t |
OXIDE |
2.4 |
0.79 |
62 |
SULFIDE |
61.3 |
1.02 |
2,015 |
TOTAL |
63.7 |
1.01 |
2,077 |
INFERRED |
0.33 g/t |
OXIDE |
0.1 |
0.83 |
3 |
SULFIDE |
10.8 |
1.13 |
390 |
TOTAL |
10.9 |
1.13 |
393 |
* Notes:
- Mineral Resources are reported
inclusive of Mineral Reserves. Mineral Resources are not Mineral
Reserves and do not have demonstrated economic viability.
- Mineral Resources have been
categorized classified as Indicated or Inferred subject to the
opinion of a Qualified Person based on the quality of informing
data for the estimate, consistency of geological/grade
distribution, data quality, and have been validated using visual
and statistical analyses.
- Tonnage and contained metal have
been rounded to reflect the accuracy of the estimate, and numbers
may not be added due to rounding.
- 100% metal recovery assumption is
applied for the Mineral Resources statement.
- The economic CoG for Mineral
Resources is based on the long-term outlook sale price of
US$1,800/troy ounce of gold, 5% mine dilution, 92.1% recovery,
average mining costs of US$2.00/t, processing costs of US$14.82/t,
G&A of US$1.38, and sustaining capital costs of US$0.62/t.
- An overall 61° (east side) and 37°
(west side) pit slope angle, 0% mining dilution, and 100% mining
recovery.
- Mineral Resources were reported
above the economic 0.33 g/t Au CoG and are constrained by an
optimized pit shell.
- The Qualified Person for Mineral
Resources is Erik Ronald, P. Geo. (PGO #3050), Principal Consultant
with SRK Consulting (U.S.), Inc. based in Denver, USA.
Mineral Reserves amenable to open pit mining
methods were estimated through an open pit optimization exercise
using the Indicated Mineral Resources in the block model provided
by SRK. Mineral Reserves were reported within detailed engineered
pit designs and life-of-mine (LOM) plans based on this pit shell. A
high voltage transmission line (HVTL) constraints the pit to the
north and a highway paved road (BR-226) constraints the pit to the
south.
A summary of the Borborema Mineral Reserves
estimates which is expected to be included in the Feasibility Study
are shown in table below.
Borborema Mineral Reserves Estimates* (P&P)
as of July 31, 2023*
BORBOREMA PROJECT PROVEN AND PROBABLE (P&P) MINERAL
RESERVES |
ReservesClassification |
Tonnage (kt) |
Au (g/t) |
Au (koz) |
Proven |
- |
- |
- |
Probable |
22,455 |
1.12 |
812 |
Proven + Probable |
22,455 |
1.12 |
812 |
Notes:
- CIM (2014) definitions were
followed for Mineral Reserves.
- Mineral Reserves have an effective
date of July 31, 2023. The Qualified Person for the estimate is
Bruno Yoshida Tomaselli, B.Sc., FAusIMM, an employee of Deswik
Brazil.
- Mineral Reserves are confined
within an optimized pit shell that uses the following parameters:
gold price including refining costs: US$ 1,472/oz; mining costs:
US$ 2.40/t weathered material, US$ 2.80/t waste fresh rock, US$
3.20/t ore fresh rock; processing costs: US$ 14.82/t processed;
general and administrative costs: US$ 2.6 M/a; sustaining costs:
US$ 0.62/t processed; process recovery of 92.1% (On the assumption
basis of 90% sulfide and 10% oxide materials); mining dilution of
5%; ore recovery of 95%; pit inter-ramp angles that range from 35 –
64°.
- Tonnages and grades have been
rounded in accordance with reporting guidelines. Totals may not sum
due to rounding.
Mine Plan
At Borborema, the ore is near surface and
continues at depth. The initial 11 years and 4 months are planned
for open pit mining, with operations based on the use of hydraulic
excavators and a haul truck fleet engaged in conventional open pit
mining techniques. The open pit mining activities were assumed to
be primarily undertaken by a contractor-operated fleet.
The stripping ratio is 3.8:1 waste to ore, and
7.2 Mt of pre-stripping is proposed. The mine production schedule
delivers 22.5 Mt of ore grading 1.12 g/t gold to the mill over the
LOM. Waste tonnage totaling 84.5 Mt will be placed in the waste
rock dumps.
Mining costs, including the mining contractor
charges, stockpile re-handling and grade control, are estimated to
average US$2.78/t mined over the LOM.
Production Schedule
Two low-grade stockpiles are envisaged for the
Project to improve grades for the initial years and control the
rate of oxide ore on the plant feed. Low grade ore will be
stockpiled during the operation and reclaimed at the end of the LOM
or when required. The oxide stockpile is also planned to control
the maximum rate of oxide material that can be fed to the
plant.
The LOM plan shows recoveries of 92.1% with a
weighted average production of 83 koz of gold per year for the
first three years (2025-2027) with a weighted average AISC of
US$875/oz. LOM weighted average production of 65 koz of gold per
year with LOM weighted average AISC of US$949/oz.
Processing
The Project includes a process plant capable of
treating 2 Mtpa of ore through single-stage primary crushing,
grinding semi-autogenous grinding mill in a closed circuit with
hydrocyclones, gravimetry and intensive leaching, carbon-in-leach
tanks, elution, thickening unit, detox and final thickening unit
for tailings filtering.
Processing costs are estimated to average
US$12.31/t of ore processed over the LOM. The three largest cost
components are power, grinding media, and cyanide. Other
significant costs are workforce, carbon, and maintenance
materials.
Labor
The process considers the average G&A costs
of US$5.01/t over the LOM. This workforce mainly includes
management, health, safety and environmental, administration, human
resources, IT, law enforcement, procurement, royalties, insurance,
etc.
Taxes and Royalties
The financial model incorporates assumptions
about the income tax reduction benefit made available under a
government regulation. The income tax rate is calculated at 17.58%.
The Project will pay royalties of 1.5% of gross revenue to the
Federal, State and Local Governments (CFEM).
The Project will also pay royalties equivalent
to 1.50% on the sale of any product containing economically
recoverable minerals obtained from ore mined and removed from the
mine to Dundee Resources Limited. The 1.50% net smelter return
applies to the first 1,500,000 ounces of gold sold, then is reduced
to 1.00% on the next 500,000 ounces of gold. Once the production
threshold of 2,000,000 ounces of gold from the Borborema gold
project has been reached, the Royalty will terminate in accordance
with its terms.
Engineering, Procurement and
Construction Management
Basic engineering and detailed engineering for
earthmoving are completed, and engineering design for the mine is
completed. Plant detailed engineering is set to begin. Aura
commenced early works construction for Borborema in Q2 2023 and
vegetation suppression 48% complete, plant site is almost cleared
and leveled, and the longest lead-time equipment (mill) has been
ordered. Of the US$188 million construction budget,
US$1.1 million has been spent as of Q2 2023 and US$11.4
million is planned for the second half of 2023.
Feasibility Study
Preparation
Aura retained Promon Engenharia Ltda.
(“Promon”), SRK Consulting (U.S.), Inc. Denver, USA. (“SRK”), and
MCB Serviços e Mineração Ltda. (“Deswik Brazil") to jointly prepare
with the Aura Technical Services group a Feasibility Study on the
Borborema Project. The Technical Report provides the open-pit
Feasibility Study. The Feasibility Study also provides an update on
the ownership status of the project, Mineral Resources (reported
inclusive of Mineral Reserves), Mineral Reserves and project
economics.
The Qualified Persons (“QPs”) are Homero Delboni
Jr., Ph.D., MAusIMM – CP Metallurgy, (Independent Consultant), Erik
Ronald, P.Geo., Principal Consultant with SRK (U.S,), Inc. (“SRK”),
Farshid Ghazanfari, P.Geo., Geology and Mineral Resources Director
for Aura Minerals Inc, and Bruno Yoshida Tomaselli, FAusIMM,
Consulting Manager with Deswik Brazil. The Mineral Resources were
prepared by Erik Ronald. The Mineral Reserves, mine plan and mining
sections of the study were prepared by or under the supervision of
Bruno Yoshida Tomaselli. The metallurgical testwork, process design
and process plant information were prepared by or under the
supervision of Homero Delboni, Jr. The study is being summarized
into a technical report that will be filed within 45 days on SEDAR
at www.sedar.com, in accordance with National Instrument
43-101.
Qualified Persons
The technical content of this press release has
been reviewed and approved by the QPs who were involved with
preparation of the Borborema study: Homero Delboni Jr., Erik
Ronald, Farshid Ghazanfari and Bruno Yoshida Tomaselli.
The QPs are not aware of any known political,
legal, environmental or other risks that could materially affect
the project development.
Quality Assurance and Quality
Control
Analytical work was carried out by two Certified
Brazilian laboratories were contracted by Crusader for sample
analyses: Bureau Veritas Laboratory (BV) and ALS Laboratory. In
addition, check sampling was undertaken at Acme Analytical
Laboratories Ltd (Acme) in Santiago, Chile and by Bureau Veritas’
Ultratrace Laboratory in Perth, Western Australia. Big River used
SGS GEOSOL Laboratórios Ltda (Rodovia MG010, Km 24,5, bairro
Angicos, CEP: 33206-240. Vespasiano/MG.) for 2021-2022 drilling
campaign.
Crusader QA/QC program comprised submitting
sample blanks, standard reference samples, sample duplicates, and
inter‐laboratory check samples. The rate of sample submissions for
blanks and reference materials was 1 in 20 samples, duplicates 1 in
25 samples (only for RC holes) and interlaboratory check assays 1
in 10 samples.
The Big River QA/QC program included submittal
of both blind and non-blind control samples into the sample stream
being analyzed by the SGS laboratory. Big River maintained Internal
quality control by inserting minimum of one blank sample in each
batch and mainly after each mineralized zone, two standards (one
high grade and one low grade in each analytical batch of 40 samples
(5%) and a minimum of two core duplicates in each analytical batch
of 40 samples (5%); (Duplicate samples analysis were requested to
the lab after received the original results – average of 5
samples per hole).
The control sample assay results of the internal
QA/QC program were monitored, including the CRMs, Blanks, and
coarse duplicates. Additionally, systematic checks of the digital
database were conducted against the original signed Certificates of
Analysis from the laboratory.
Mr. Ghazanfari has reviewed the sampling and
QA/QC procedures and results thereof as verification of the
sampling data disclosed above and approved the information
contained in this news release.
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 operating and developing gold and base metal
projects in the Americas. The Company has 4 operating mines
including the Aranzazu copper-gold-silver mine in Mexico, the EPP
and Almas gold mines in Brazil, and the San Andres gold mine in
Honduras. The Company’s development projects include Borborema and
Matupá both in Brazil. Aura has unmatched exploration potential
owning over 650,000 hectares of mineral rights and is currently
advancing multiple near-mine and regional targets along with the
Serra da Estrela copper project in the prolific Carajás region of
Brazil.
For further information, please visit Aura’s
website at www.auraminerals.com.
Caution Regarding Mineral Resource and
Mineral Reserve Estimates
The figures for mineral resources and reserves
contained herein are estimates only and no assurance can be given
that the anticipated tonnages and grades will be achieved, that the
indicated level of recovery will be realized or that the mineral
resources and reserves could be mined or processed profitably.
Actual reserves, if any, may not conform to geological,
metallurgical or other expectations, and the volume and grade of
ore recovered may be below the estimated levels. There are numerous
uncertainties inherent in estimating mineral resources and
reserves, including many factors beyond the Company’s control. Such
estimation is a subjective process, and the accuracy of any reserve
or resource estimate is a function of the quantity and quality of
available data and of the assumptions made and judgments used in
engineering and geological interpretation. Short-term operating
factors relating to the mineral resources and reserves, such as the
need for orderly development of the ore bodies or the processing of
new or different ore grades, may cause the mining operation to be
unprofitable in any particular accounting period. In addition,
there can be no assurance that metal recoveries in small scale
laboratory tests will be duplicated in larger scale tests under
on-site conditions or during production. Lower market prices,
increased production costs, the presence of deleterious elements,
reduced recovery rates and other factors may result in revision of
its resource and reserve estimates from time to time or may render
the Company’s resources and reserves uneconomic to exploit.
Resource and reserve data is not indicative of future results of
operations. If the Company’s actual mineral resources and reserves
are less than current estimates or if the Company fails to develop
its resource base through the realization of identified mineralized
potential, its results of operations or financial condition may be
materially and adversely affected.
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.
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 include, without limitation, mineral resources
and mineral reserve estimates and the economic analysis resulting
from the Feasibility Study (including NPV, IRR and payback
periods); expected production from, and the further potential of
the Company’s properties; the ability of the Company to achieve its
longer-term outlook; the amount of future production over any
period and LOM, capital expenditure, AISC and mine production
costs, the Company’s target leverage ratio for the Project; and the
completion of the conversion of Dundee’s equity interest in the
Project into a net smelter returns royalty.
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 if such risks,
uncertainties or factors materialize. The Company has made numerous
assumptions with respect to forward-looking information contain
herein, including among other things, assumptions from the
Feasibility Study, which may include assumptions on gold prices and
exchange rates, which could also cause actual results to differ
materially from those contained in the forward-looking statements
if such assumptions prove wrong. Specific reference is made to the
Company’s most recent AIF on file with certain Canadian provincial
securities regulatory authorities and the Technical Reports for a
discussion of some of the risk factors underlying forward-looking
statements, which include, without limitation the ability of the
Company to achieve its longer-term outlook and the anticipated
timing and results thereof, the ability to lower costs and increase
production, the ability of the Company to successfully achieve
business objectives, 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.
Rodrigo Barbosa
President & CEO
305-239-9332
Aura Minerals (TSX:ORA)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Aura Minerals (TSX:ORA)
Gráfica de Acción Histórica
De May 2023 a May 2024