Aura Minerals Inc. (TSX: ORA) (B3: AURA33) (OTCQX: ORAAF)
(“Aura” or the “Company”) is pleased to announce that its
Board of Directors (the “Board”) has approved the construction of
the Borborema project (the “
Project”). In
addition, the Board has authorized Aura’s indirect wholly owned
subsidiary Cascar do Brasil Ltda. (“
Cascar”) to
enter in a credit facility for approximately US$100 million
(“
Term Loan”) with Banco Santander, S.A. (Brazil)
to partially fund the construction of the Project.
Rodrigo Barbosa, President and CEO of Aura,
comments: "Our strategic vision is clear: to expedite the
development of our projects as fast as we can. Acquiring Borborema
in the latter half of last year was a pivotal move. Following nine
months of meticulous research and planning, we are not only
initiating construction but also securing sufficient funding to
ensure the project reaches completion. We remain committed to
meeting our growth targets for our shareholders. The successful,
on-schedule and on-budget ramp-up of the Almas Project serves as a
proven model, and we anticipate replicating this success with
Borborema. Furthermore, we are already nearing completion of
licensing for the upcoming Matupá Project, which is slated to
commence construction next year."
Mr. Barbosa continues, “We would also like to
emphasize the exceptionally high after-tax IRR of the Project,
standing at 40.8% on a leveraged, after-tax basis using consensus
gold price projections. This figure rises to 51.9% when calculated
with a gold price of $1,900 per ounce. It is worth noting that
these figures do not account for the substantial potential for
increasing mineral reserves once we proceed with the road
relocation. In addition, our commitment to ESG best practices is
fully integrated into the Borborema project. We are confident that
once operational, Borborema will serve as a benchmark in ESG
excellence. The project plans to utilize grey water from the
adjacent city and incorporate renewable energy sources, all in
alignment with our holistic 360-degree culture”.
The Term Loan will have, among other
conditions:
- a five-year
term to maturity, with principal payments commencing after a grace
period of 24 months;
- a guarantee
from Aura Minerals Inc;
-
a requirement that the Project’s Net Debt to EBITDA ratio be no
greater than 1.5x, to be measured after the end of the grace
period.
The Company is targeting the completion of
construction and the start of production by early 2025.
Scientific and Technical
Information
Readers are reminded that mineral resources that
are not mineral reserves do not have demonstrated economic
viability. For more information regarding the results of the
feasibility study on the Project, see the news release dated August
30, 2023 and entitled “Aura Minerals Completes Feasibility Study
for the Borborema Project and Increases Ownership Stake in
Borborema Inc. to 100%”, which is available on Aura’s profile on
SEDAR+ at www.sedarplus.ca.
The scientific and technical information
contained within this news release has been reviewed and approved
by Tiãozito V. Cardoso, FAusIMM, Technical Services Director for
the Company. Mr. Cardoso is a Qualified Person as defined in
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
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.
This news release contains “forward-looking
information” and “forward-looking statements”, as defined in
applicable securities laws (collectively, “forward-looking
statements”) which may include, but is not limited to, statements
with respect to the activities, events or developments that the
Company expects or anticipates will or may occur in the future,
including IRR for the Project, the integration of ESG best
practices in the operation of the Project, the terms and conditions
of the Term Loan and the timing of completion of construction and
commencement of production at the Project and . Often, but not
always, forward-looking statements can be identified by the use of
words and phrases such as “plans,” “expects,” “is expected,”
“budget,” “scheduled,” “estimates,” “forecasts,” “intends,”
“anticipates,” or “believes” or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results “may,” “could,” “would,” “might” or
“will” be taken, occur or be achieved.
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. Forward-looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by the Company, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies. 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, which include, without limitation, the ability of the
Company to achieve its short-term and 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.
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.
For more information, please contact:
Investor Relations
ir@auraminerals.com
www.auraminerals.com
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