EXHIBIT 96.2

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Technical Report Summary on the Feasibility Study for the Borborema Gold Project, Currais Novos Municipality, Rio Grande do Norte, Brazil

Report Date: March 28, 2025         Effective Date: January 31, 2023

Reported by:

B. Tomaselli, B.Sc., FAusIMM (Deswik, Belo Horizonte, Brazil)

SRK Consulting (U.S.), Inc. Denver, USA.

F. Ghazanfari, P. Geo. (Aura Minerals, 360 Mining)

H. Delboni, Jr. Ph.D. (MAusIMM – CP Metallurgy)

78 SW 7th STREET, MIAMI FLORIDA 33131 USA

Telephone +1 305 239 9332 e-mail info@auraminerals.com

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Table of Contents

	Technical Report Summary – Borborema Gold Project – March 28, 2025

	Technical Report Summary – Borborema Gold Project – March 28, 2025

	Technical Report Summary – Borborema Gold Project – March 28, 2025

	Technical Report Summary – Borborema Gold Project – March 28, 2025

	Technical Report Summary – Borborema Gold Project – March 28, 2025

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List of Figures

	Technical Report Summary – Borborema Gold Project – March 28, 2025

	Technical Report Summary – Borborema Gold Project – March 28, 2025

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List of Tables

	Technical Report Summary – Borborema Gold Project – March 28, 2025

	Technical Report Summary – Borborema Gold Project – March 28, 2025

	Technical Report Summary – Borborema Gold Project – March 28, 2025

	Technical Report Summary – Borborema Gold Project – March 28, 2025

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Aura Minerals has prepared this Technical Report Summary (TRS) on the Feasibility Study for the Borborema Gold Project, Currais Novos Municipality, Rio Grande do Norte, Brazil. This TRS conforms to United States Securities and Exchange Commission’s (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.

The most recent technical report on the Project was prepared by Aura in accordance with Canadian National Instrument (NI) 43-101 and was entitled “Feasibility Study Technical Report (NI 43-101) for the Borborema Gold Project, Currais Novos Municipality, Rio Grande do Norte, Brazil”, dated October 5, 2023 (the 2023 Technical Report). There has been no material change to the information contained in the 2023 Technical Report, and Aura considers the Technical Report to be current. This Technical Report Summary presents information from the 2023 Technical Report in compliance with United States Securities and Exchange Commission’s (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary. Aura has prepared this TRS to support a listing on the NYSE.

The Borborema Project is owned by Cascar Brasil, a company 100% beneficially owned by Aura Minerals and was acquired by Aura Minerals from Big River Gold Limited in 2022 (“Borborema Project”).

The Borborema Gold Project (Borborema or the Project), located in the southern portion of the state of Rio Grande do Norte in northeastern Brazil, is situated 26 km east from the well-established town of Currais Novos, which has good infrastructure and a population of approximately 45,000 people.

The Project comprises three (3) mining concessions totalling 2,907.2 hectares. Most of the gold (Au) Mineral Resource based on the January 2023 estimate by SRK Consulting (US) Limited (“SRK”) is located in mining concession numbers 805049/1977 and 840152/1980, with a small remaining portion located in mining concession 840149/1980.

The Borborema Project area is situated in the top of the Seridó Group stratigraphy (the Seridó Formation) within a sequence of banded arkosic metapelitic schists, subjected to upper-amphibolite facies regional metamorphism. Mineral assemblages are dominated by plagioclase, potassium feldspar (K-feldspar) and quartz, with subordinate biotite, garnet, sillimanite, cordierite, muscovite and andalusite. This assemblage is indicative of high temperature (650-700°C) and relatively low pressure (3-4 kb) conditions.

Quartzo-feldspathic bands resulting from partial melts both crosscut and parallel the schistosity, dominantly in the more pelitic cordierite schists. Widespread retrograde sericite overprints the prograde mineral assemblage. The schists are intruded by Brasiliano-age pegmatite bodies.

During the Neoproterozoic the region underwent a complex tectonic evolution involving thrusting (D2) and transcurrent shearing (D3), as indicated by the presence of both low-and high-angle structures (the S2 and S3 foliations, respectively).

The main Borborema ore body has overall dimensions of approximately 600 m in the down-dip direction, 3,500 m along the strike, and averages of 50 m in thickness in the central and 30 m in thickness in the southern and northern parts. The Borborema deposit is located within a northeast-southwest trending shear zone and displays a penetrative north-northeast-trending fabric, dipping southeast at around 40 degrees.

The Borborema deposit has been drilled out at nominal drill spacing of approximately 50 m x 50 m. A total of 303 diamond drill holes and 921 reverse circulation (RC) holes totalling 109,090 m were drilled between 1979 and 2022 and were used to generate the Borborema 3-D models.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

In the Borborema deposit area (Sao Francisco historical pit) four distinctive structural and strongly deformed domains were identified:

A shallow dipping, leucosome-rich hanging-wall zone with strong deformation features which is metamorphosed under amphibolite facies. The folding is tight. Crenulations and S-C fabrics in shear zones are abundant.

A mylonitic zone (retrograde zone) cut with faults (D2b) developed along the main Sao Francisco Shear zone (D3). Stratigraphy has been overturned and thrusted and retrograde alteration is strong and dominant. The mineralisation mainly developed in the retrograde zone.

A moderate to strong shearing zone with wavy shear fabric mainly developed within quartz-muscovite-biotite schist and on the footwall side of the Sao Francisco shear zone. Crenulation cleavages are abundant and dips steeper than in the shear zone. This zone is mainly barren and represents the main metamorphic event in lower amphibolite facies.

A quartz-feldspathic footwall schist with meta-sedimentary origin and bedding, which can be labelled as a footwall schist where layering and bedding are clearly preserved. The host rocks metamorphosed under lower amphibolite and upper greenschist facies.

The mineralisation is strongly controlled by regional structure with secondary structures providing the preferred host for gold. In addition to the main mineralised zone, several thinner sub-parallel zones of with gold mineralisation were identified.

Two distinct gold mineralisation types are identified in drill cores: 1) disseminated free gold, and 2) gold in association with sulphide mineralisation 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 within schist foliation.

The continuity of mineralisation observed in select diamond drill core shows a highly discontinuous nature. Sulphide-hosted gold (Au) appears primarily along psammitic schist foliations and around the perimeter of quartz veins and boudins. The visual inspection of sulphide mineralisation in core with correlated analytical results appears to indicate a relatively high concentration of gold in pyrrhotite such that a sub-cm scale zone of sulphide mineralization resulted in grades commonly exceeding 1 g/t Au.

The mineralised sequence has been subjected to a complex, multi-stage deformational history, with folded, sheared, dismembered and boudinage quartz and quartz-carbonate veins and veinlets commonly associated with the gold mineralisation.

The genesis of gold mineralization is poorly understood on a property and regional scale Some geologists who studied the geology of the deposit area in the past associated the gold mineralisation with peak metamorphism adjacent to D2 shear zones (Stewart, 2011), while others believe that the deformational event which accompanied gold mineralisation was an extensional event forming a linear dilatational feature (Baars, 2011). It has been suggested that the base metal sulphide mineralisation event may be independent of the gold event; the lack of direct correlation between gold and silver also suggests deposition in separate events or pulses. Other geologists concluded that a second shallow-dipping structure was associated with mineralisation that was separate from and oblique to the main shear zone. The shallowly dipping ore system lies in a strongly attenuated axial plane-parallel zone within the overturned limb of a large, inclined fold (Holcombe, 2012).

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 age greenstone belt sequence comprised of metamorphosed volcanic-sedimentary rocks units intruded by slightly younger post-tectonic igneous bodies.

Orogenic gold deposits are among the most important sources of gold production in the world. The geology of the Borborema Project area and its gold occurrences are strikingly like many other gold-bearing schist belts throughout the world.

Several companies have completed various exploration programs at the Project and surrounding region including Itaperiba Mármores e Granitos LTDA (1979-1983), Mineração Xapetuba (1984), Mineração Santa Elina (1994-1997), Caraíba Metais LTDA (2007), Crusader (2009-2012), Big River (2021-2022), and Aura Minerals (2022).

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Systematic exploration mainly was carried out by Crusader and later by Big River which included mapping and structural interpretations, geochemical sampling, and drilling. Aura since the acquisition of the project in 2022, carried out regional geophysical modeling and will start more systematic exploration work in the acquired claims from Big River.

Historical drilling on the Borborema Gold Project has been completed in various campaigns since 1979 by several companies including Xapetuba, JICA, Santa Elina, and Caraiba.

Table 1 summarizes these different drilling campaigns. Figure 42 shows the location of these historical drillings.

Table 1: Historical drilling (DDH & RC) statistics in Borborema Project.

The diamond drilling was completed by conventional and wireline techniques using HQ and NQ diameter core except for the JICA drilling which used AX diameter core.

Crusader began drilling on the Project in August 2010 and drilled consistently until the end of 2012. Crusader drilled 1,235 m in 10 diamond drill holes for a metallurgical study. Big River drilled 13 holes to extend the known mineralisation at depth and increase the inferred mineral resources. Table 2 summarizes these drilling programs.

Table 2: Crusader and Big River (DDH &RC) drilling statistics in Borborema Project.

The drilling was completed in various stages and for various purposes. Table 3 shows the detailed statistics of each drilling campaign. Crusader drilled 1,235 m in 10 diamond drill holes for a metallurgical study which is included in the resource building category since the results was used also for Mineral Resource estimation.

Table 3: Crusader drilling detailed statistics in Borborema Project.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

The diamond drilling has been completed by the wire line technique using HQ and NQ diameter core. Each core run was approximately 3 metres and the core recovery in un-weathered rock was excellent. On average the fresh rock recovery in each hole was 97.9% with an overall average recovery of 96.9%.

The RC drilling generally used 5.5” drill-bits and some completed with 4.5” bits. The theoretical sample mass for each metre was calculated using the volume of the metre drilled, depending on the bit size, and multiplying it by the density of the material obtained from test work using drill core. The minimum recovery in the drilling contract was 85%, but in general the RC drill-holes achieved well above this, with minimal to no groundwater or voids in the area to cause major drilling problems.

All of Crusader’s drill hole collars were surveyed using a differential GPS (DGPS) by the Crusader surveying team. The collar positions for all located historical drill holes (e.g., Caraiba drill holes) were also re-surveyed by Crusader. The drill holes were picked up using a DGPS to an accuracy of greater than 5 cm. Crusader has also compiled a surface topography file with a similar accuracy.

Downhole surveys for Crusader and Big River diamond drill-holes at the Borborema Project were completed using a Devico Peewee wellbore electronic single shot survey system. The instrument works the same as a Reflex Easy- Shot unit and is to industry standards.

There is a little information available for sample preparation and QA/QC measures for drilling and sampling prior to the Crusader acquisition of the Project.

Prior to the Crusader acquisition of the Project, diamond core was selectively sampled at intervals from 0.55 m up to 3 mI based on the interpreted geological contacts. Longer samples were taken where lithologies were not considered to be likely hosts for mineralisation. Due to subjective selection of lithological boundaries and the likely open pit mining methods, Crusader sampled uniform 1 metre intervals for both RC and diamond drill core.

The core was cut in half lengthways with a diamond core saw. Half core was sent for assay and the remaining half core was stored at the Project core shed. The vast majority of RC sample splitting was done at the rig by a splitter attached to the cyclone.

Two 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.

The analyses carried out by the four laboratories are summarised in Table 4 below.

Table 4: Laboratory analysis techniques used by Crusader.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

The entire sample preparation for Crusader 2010-2011 and 2021-2022 drilling campaigns was carried out in designated laboratories.

Crusader’s QA/QC programme 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.

A series of QC analyses on the QA/QC data was done by third party consultants and Crusader geologists. The Bureau Veritas assay results showed poor accuracy for the standards and contamination of the blanks. Investigation of the Bureau Veritas re-assays showed no improvement of the QC data. The re-assaying of the pulps by Ultratrace was better. Key findings from this exercise are summarised below:

Based on the available data, the Ultratrace data appears to be both accurate and reports acceptable levels of precision.

Comparison of the original Bureau Veritas assays with the Ultratrace assays is poor, with only 28% of data falling with 10% precision limits (after removal of assays <0.1 g/t Au). However, the relative precision is consistent across the grade range at approximately 30% (see the T&H plot) and the relative bias is less than 5%. The bias is in favour of the Bureau Veritas assaying.

This study indicated low confidence in the Bureau Veritas assay data, and therefore 1,166 samples from all batches (1 to 9) were sent to ACME Laboratory in Chile, for umpire checks. Summary findings of the ACME QC data are as follows:

Blanks show no indications of contamination.

It is difficult to comment on laboratory precision as the internal checks have returned codes of insufficient sample for nearly half (13) of the original 28 samples. Of these, 7 samples have check assays within 10% difference.

ACME results compare poorly with both sets of Bureau Veritas assay data (i.e., original and re-assays).

ACME results compare well with ALS assay results.

ACME results compare favourably (with a few exceptions at the data extremes), with the Ultratrace re-assays.

There is no difference (where there are sufficient samples) between pulp and coarse reject samples.

There is a slight negative bias for pulp samples (i.e., original results higher than ACME results, particularly at higher grades). 34% of pulp sample pairs are within 10% precision limits.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

There is a slight negative bias (i.e., original results higher than ACME results, particularly at higher grades). 35% of sample pairs are within 10% precision limits.

Despite the relative lack of confidence in the Bureau Veritas results it was concluded that enough volume of samples had been re-analysed at ALS and ACME with reliable results to enable a JORC-compliant Mineral Resource to be estimated. It was recommended that all Bureau Veritas samples used in the estimate be re-assayed at an Umpire laboratory for inclusion in future resource and reserve estimates. This task was completed by the ALS laboratory.

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 a minimum of one blank sample in each batch 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 sample analysis, averaging five samples per hole, was requested after the original results were received.

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.

As part of the mineral resource validation and estimation, SRK Consulting (U.S.), Inc. (“SRK”), acting as a third-party firm Qualified Person for mineral resources, performed a data verification exercise. This included a site visit, review of drilling data, Au assay and specific gravity (SG) data, review of mineralization in select drill core, review of twin drilling data, review of data acquisition procedures, and interviews with site geologists. It is the Qualified Person’s opinion that the raw drilling data used for estimating Mineral Resources has been adequately reviewed and classified in-line with using recognized international guidelines (CIM, 2019). Items identified as potential project risks, low confidence data, or lack of historical production data is accounted for in the Mineral Resource classification.

Data verification performed by SRK included comparison of the drilling database by sample ID of gold grade found in original laboratory certificate data against corresponding values for gold with matching IDs in the assay database. From the certificate files provided, SRK identified 57,912 sample IDs in the certificates provided containing gold values that SRK could match IDs for in the database, representing 79.71% of the gold values in the assay database. Of those 57,912 matching sample IDs, 211 mismatched values were identified representing an error rate of 0.37% (99.63% match rate). SRK identified a low (0.37%) error rate between original source data found in certificates and the data in the assay database. In summary, it is the Qualified Person’s opinion that the assay database has been verified and is appropriate for use in Mineral Resource estimation.

SRK reviewed the use of reverse circulation (RC) sampling alongside diamond drill core (DDH) data in the deposit to determine reliability of the RC data on grade and potential biases that may incur from RC sampling in a highly variable – moderate to high nugget deposit. In summary, it is SRK’s opinion that minor biases and dilution is likely occurring in RC holes. Additional reviews of collar, downhole surveys, logging, SG, and supporting data resulted in SRK’s opinion that the Borborema drilling database is suitable for use in estimation of mineral resources.

In the initial test work and studies for the Borborema Project resource model, the metallurgical or lithological domains were not evaluated. Samples for metallurgical tests were developed by selecting a grade, i.e., oxide, transition, or fresh, and then targeting head grades within each zone for that grade. Composite samples were then developed by combining cores from identified holes that would achieve the desired head grade. Although this approach identifies material with respect to head content, it does not necessarily develop samples that reflect variations in mineralogical species and spatial distribution. The studies of metallurgical tests to evaluate the behaviour of the ore and the definition of the process route started in 2010 with samples CRMET-001 to CRMET-036, conducted by the company TestWork Desenvolvimento de Processos. These studies supported the development of

	Technical Report Summary – Borborema Gold Project – March 28, 2025

the pre-feasibility study (PFS) in 2012, prepared by CRA/TetraTech, for a 4.0 Mtpy project. These studies were used until 2016 and included hydrometallurgical tests, and tests to define the parameters of comminution, sedimentation, and filtration.

Subsequently, new samples were collected based on the lithological characteristics of the ore, with the aim of revalidating the initial information. This new metallurgical test work, identified by A17445, was performed to validate the mineral processing flowsheet and to expand understanding of the metallurgical variability of the Borborema Project ore body. The program was completed by ALS Ammtec in Perth, Western Australia between July and September 2019. The test work program comprised:

In addition to these tests, ALS Ammtec also prepared samples to be sent to Outotec for thickening and filtration testing. OMC performed a study for the comminution circuit to confirm the comminution behaviour with the option selected to achieve 2.0 Mtpy at a P₈₀ 106 μm grind size.

Test work was completed on master composite and variability samples prepared by ALS from eight boreholes that crossed the ore below the existing pit, and the samples were considered representative of the ore and average grade of these composites that were aligned with the long-term average grade of the mine operation.

Previous work identified a high degree of variability with head-grade content determination. Investigative work carried out at ALS/Ammtec in Perth-WA identified that this was due to a very high concentration of gold in coarse particles. The use of the “metallic screen fire assay” technique provided reasonable consistency in the determination of head contents. The results of tests to evaluate the adsorption kinetics of gold on carbon indicate an adsorption rate compatible with industrial practices. No unusual loading characteristics were observed. The results of the gold loading tests on the carbon in the steady state are also within the norms practiced in projects of similar size in the gold industry.

Ten leaching tests were carried out to evaluate gold recoveries between zones and head-grades in variability samples. Results showed a gold extraction in the range of 90.2% to 97.9% with residues in the range of 0.01 to 0.28 g/t Au. Reagent consumption

	Technical Report Summary – Borborema Gold Project – March 28, 2025

was low in all evaluated tests. The average consumption of cyanide was 0.24 kg/t and 0.46 kg/t for lime, which is in line with the consumption observed in tests with master composite samples. The test for evaluation of the analysis test method was proposed to define a method to evaluate the gold content during the execution of specific tests on the bench. This work was carried out by ALS, in one master composite sample and eight samples for variability with different gold concentrations; for each sample the repeatability was defined. The results of the test work suggested that aqua regia extraction as a test method showed good results when gold contents are below 2.5 g/t Au.

The tailings disposal method proposes to include a thickener after the cyanide neutralization to recycle the water and produce a pulp with density favorable for filtration. The tailings sample tested reached densities around 54 to 55% solids (w/w). The Horizontal Vacuum Belt Filter technology was tested, and the flocculant application increased the filtration rate and, consequently, decreased the final cake moisture. It's possible to achieve higher filtration rates with cake moisture in the desired range.

SRK Consulting (U.S.), Inc. (“SRK”), acting as third-party firm Qualified Person, performed the Mineral Resource estimate in support of the Borborema Feasibility Study (FS) report with an effective date of 31 January 2023. All definitions for Mineral Resources comply with all disclosure standards for mineral resources under §§229.1300 through 229.1305 (subpart 229.1300 of Regulation S-K). All supporting drilling and geological data were provided by Aura and reviewed by the Qualified Person. SRK constructed the block model, performed grade shell modeling of mineralization, interpolation of gold concentrations, scripting of bulk density, assigning Mineral Resource classification based on SEC definitions, and estimated the Mineral Resource statement. The mineral resource block model was finalized in late 2022.

The drill hole database supporting the Mineral Resources contains 1,370 drillholes for 109,578 m across the entire property with 74,038 sample intervals utilized to inform the mineral resource estimate for Borborema. A breakdown of drilling method, number of holes and total meterage is presented in Table 5.

Table 5: Drilling database on the Borborema Property.

Note: AUG = auger, RAB = rotary air blast, DD = diamond drilling, RC = reverse circulation.

There are 29,617 specific gravity (SG) measurements from drilling data in the database used in Mineral Resources. These measurements are collected from core by site-based personnel using the immersion method via the specific gravity apparatus onsite. The SG data demonstrates low variance across all samples. Within the sulphide zone, the Qualified Person notes the generally unaltered nature and the lithologic similarity of the main two rock types hosting mineralization. Bulk density was applied to the resource block model by oxidation zone including allotment for the mineralised sulphide. The applied bulk density values utilized in the Mineral Resource block model by domain are shown in Table 6.

Table 6: Assigned bulk density for the Borborema resource block model.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

SRK reviewed raw sampling, 1 m, 2 m, and 3 m composite lengths to determine material effect or bias on these various composite lengths. A 2 m composite was selected for estimation of the 2022 Mineral Resource model. It is the Qualified Person’s opinion that use of a 2 m composite is considered appropriate based on the raw sampling intervals with the majority collected at 1 m length.

A comparative upper capping analysis was performed to review potential gold outliers and assess the potential estimation impact of gold capping. SRK selected multiple upper-end capping limits and various domains to assess local and global sensitivity and impacts of capping. Ultimately, a 20 g/t Au upper cap value from 2 m composited data was set as the upper capping limit within the broadly defined mineralised domain, defined by a numeric indicator model at a 0.1 g/t Au threshold utilized to distinguish mineralized to non-mineralized volumes across the property. The impact of this upper cap resulted in capping of 54 composites, 3.3% total metal loss which obtained a 26% improvement in coefficient of variation (CV).

The Borborema Mineral Resource block model does not utilize a lithological model to confine the grade estimation but instead utilizes multiple gold grade shells to define Au estimation domains. This approach was used due to the inability to model lithostratigraphic correlations across the deposit. As the gold mineralization is predominantly controlled by a primary structural zone trending north-south and dipping ~35 degrees to the east; it was this orientation that was used to define the grade shell directionality and trend.

The Mineral Resource block model utilized a minimum 0.2 g/t Au grade shell to constrain the estimation and thus, define the overall mineralization envelop with potential for economic material. Within the 0.2 g/t Au grade shell, SRK has utilized two additional nested gold grade shells of 0.5 and 1.0 g/t Au that were also created in Leapfrog® Geo using the indicator numeric modeling tools (Figure 1). Parameters of the indicator grade shells include a 0.4 ISO value (probability), anisotropic trend aligned with the primary mineralization zone at 35° dip and 90° dip direction. The indicator interpolant utilized a spheroidal model with a base range of 300 m.

SRK utilized an oxidation boundary surface constructed in 2012 by Crusader (Cascar) to discriminate oxide from sulphide mineralization as the logging data was considered too variable and of lower confidence to construct this surface. The oxidation model is used to code bulk density in the Mineral Resource block model. SRK notes the surface is utilized to provide an approximate indicator of the transition but recognizes the confidence in the boundary is considered poor. Therefore, the simplicity of the oxidation boundary is in question and the Qualified Person has accounted for this uncertainly through Mineral Resource classification.

Figure 1: Longitudinal view of Au grade shells, looking west (SRK, 2022).

The spatial continuity of gold grades across the Borborema deposit was assessed though experimental and modeled semi-variograms calculated using Leapfrog® Geo and Isatis software. SRK calculated multiple experimental semi-variograms investigating the sensitivity of continuity parameters to multiple thresholds on indicator grade shells and differences between drilling methods (DDH and RC).

Summary findings from the variography and grade shell sensitivity analyses includes:

	Technical Report Summary – Borborema Gold Project – March 28, 2025

SRK created a digital 3-D Mineral Resource block model using Leapfrog® Geo software during late 2022. The model extents and block size were influenced by the property extents, geometry of mineralization, previous block model (2012), expected selective mining unit (SMU), and mean data spacing across the deposit which is nominally 50 m. The updated Mineral Resource block model construction parameters are shown in Table 7.

Table 7: Borborema block model parameters (SRK, 2022).

The 2022 Mineral Resource block model gold grade was estimated using Ordinary Kriging (OK) and inverse distance weighted squared (IDW2) methodologies constrained within nested grade shells at 0.2 g/t, 0.5 g/t, and 1.0 g/t Au indicatory grade shells (Figure 1).

The aim of the nested grade shell approach is to constrain higher grade gold mineralization into specific zones of occurrences while limiting the potential over-influence of outlier high grade composites to impact the mean block grades. Due to the lack of modeled structural and geological information, it is SRK’s opinion that the nested shell approach provides a satisfactory representation of gold distribution across the Borborema deposit.

SRK utilized 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 outlier data to the broader mineralised volume which displays general lower grade attributes. A multi-pass method was used for estimation based on domains defined by these grade shells. The pass method was implemented to ensure all blocks within the model contain grade and provide a quantitative means of assessing the relative confidence to aid in classification due to the less

	Technical Report Summary – Borborema Gold Project – March 28, 2025

restrictive nature of each progressive pass search neighbourhood. Summary search neighborhoods by domain and pass are presented in Table 8: Summary neighbourhood search parameters by estimation pass (SRK, 2022).

. No variable orientation was utilized due to the consistent planar nature of the mineralization.

Mineral Resources are classified in accordance with SEC definitions into Measured, Indicated, and Inferred classifications based on identified uncertainly and risks. Blocks are assigned a classification based on criteria listed below. The Borborema gold deposit does not contain Measured Mineral Resources at this time due to uncertainties related to:

The Borborema gold deposit contains Indicated Mineral Resources based on the following criteria:

The Borborema gold deposit contains Inferred Mineral Resources based on the following criteria:

In order to establish reasonable prospects for economic extraction (RPEE) as per SEC 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

	Technical Report Summary – Borborema Gold Project – March 28, 2025

utilizes a 1.0 revenue factor, 37-degree slope on the west and 60-degree slope on the east. A longitudinal section of the Mineral Resource pit shell is shown in Figure 2. Mineral Resources represent mineralized material within the Mineral Resource pit shell exclusive of Mineral Reserves and above an economic cut-off grade of 0.33 g/t Au.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Table 8: Summary neighbourhood search parameters by estimation pass (SRK, 2022).

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Figure 2: Longitudinal section, looking west, of the economic pit shell. Insert image shows cross section, looking north (SRK, 2022).

	Technical Report Summary – Borborema Gold Project – March 28, 2025

The Mineral Resource statement is presented in Table 9 with an effective date of January 31, 2023.

Table 9: Borborema Property – Summary of Gold Mineral Resources as of January 31, 2023, Based on US$1,800 per troy ounce

*Notes:

The QP is of the opinion that relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work. Recommendations for continued mineral resource work programs are summarized in Sections 1 and 23 of this TRS.

The sensitivity of Mineral Resources to changes in the economic CoG is presented below through the grade-tonnage curve in Figure 3. As the economic CoG is at 0.33 g/t Au, any material changes to project economic assumptions may materially affect the Mineral Resource tonnage and average grades.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Figure 3: Grade tonnage curve for Mineral Resources exclusive of Mineral Reserves at Borborema.

Borborema Project Mineral Reserve Estimates, as of 31 July 2023, stated in this report are based on the Mineral Resources reported above by SRK. The key modifying parameters upon which the 31 July 2023 open pit Mineral Reserve Estimates were made are summarized in Table 10.

Table 10: Mineral Reserve Key Modifying Factors. Used on Pit Optimization Run.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

¹ Note: CFEM is the Brazilian government royalty

The Mineral Reserves inside the engineered pit designs were reported using cut-off grades (COG) estimated by rock type, based on a gold price of US$ 1,500/oz, including an allowance for refining costs of US$ 28/oz, and a R$:US$ exchange rate of 5.2:1.

A high voltage transmission line (HVTL) constrains the pit to the north and a highway paved road (BR-226) constrains the pit to the south.

The Mineral Reserves are presented in Table 11. The Mineral Reserves have been estimated in accordance with Canadian National Instrument (NI) 43-101 Standards of Disclosure for Mineral Projects as of August 2011 and Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council on May 2014 (CIM, 2014), which are consistent with the definitions in S-K 1300.

Table 11: Mineral Reserves Borborema Project, Effective Date July 31, 2023.

Notes:

The QP is not aware of any risk factors associated with, or changes to, any aspects of the modifying factors such as mining, metallurgical, infrastructure, permitting, or other relevant factors that could materially affect the Mineral Reserve estimate. QP agrees with this statement.

The mine layout and operation are based on the following criteria:

The life of mine (LOM) will be eleven years and four months. The basis for the scheduling includes:

	Technical Report Summary – Borborema Gold Project – March 28, 2025

The proposed beneficiation plant design is based on metallurgical testing and designed for optimal gold recovery with low capital and operating costs. In its initial conception, a conventional circuit for feeding 4.0 Mtpy was foreseen, consisting of three-stage crushing, ball mill, CIL, and thickening and filtering for dry stacking of the tailings, including desorption by the Anglo American Research Laboratory (AARL) method and electrolysis. The current design is based on a nominal feed of 2 Mtpy of ore, assuming a crushing plant availability of 75% and 90% for milling/CIL and supported downstream operations by an emergency stockpile of crushed ore and reserve equipment in critical areas. The Project includes single-stage primary crushing with a single stage semi-autogenous grinding (SSSAG) mill circuit at the 2.0 Mtpy stage to obtain a P₈₀ 106 μm product for cyanide leaching in the presence of activated carbon in obtaining gold recovery of 92.1%.

The beneficiation plant design incorporates the following unit process operations:

The crushing plant will be able to operate with a projected production of up to 304 tph, with an availability of 75%. Excess ore from the mill feed bin will be stored and retrieved from the emergency stockpile (approximately 12,000 t capacity) via a front loader (FEL) and belt conveyor to transfer the material to the SSSAG mill feed. The mill design was selected to produce a P₈₀ <106 μm product with a nominal feed rate of 254 tph. The SAG mill will be equipped with a variable speed drive and will operate in a single stage (SSSAG) in a closed circuit with a set of five hydrocyclones in operation. After metallurgical tests confirmation of the presence of coarse gold in the feed, a gravimetry and intensive leaching circuit will absorb 30% of the circulating load for the concentration of gold by gravity.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Based on metallurgical test work, a configuration of one leach tank and six tanks containing leached activated carbon (CIL) was adopted to achieve 92.1% gold recovery with consistently low tailings grades. The tanks will be identical in size with cyanide added to the CIL tanks as needed. The residence time will be 30 hours with solids density of 35% w/w. Atmospheric air will be sparged to maintain an adequate level of dissolved oxygen for leaching into the CIL tanks.

A Zadra-type elution circuit under Pressure (ZP), with two columns, one for the acid washing of carbon and the other for the elution of this pregnant carbon, was dimensioned with the capacity to treat six tonnes of loaded carbon based on the metallic content of the feeding and recovery from gold extraction. An AARL-type circuit would be the initial option for offering greater operational flexibility. However, due to the uncertainty of the quality of water, with low concentrations of salts as a result of the use of wastewater from the city of Currais Novos, the option for ZP was chosen. Two electrowinning cells will operate one dedicated to the gravimetry circuit and the other to the CIL circuit.

The Air/SO₂ system was selected as the cyanide destruction method after the tailings slurry undergoes thickening to recover cyanide-containing water and decrease reagent consumption. Subsequently, this neutralized pulp will be thickened again to recover cyanide-free water and thicken the pulp to suitability for filtration. With a higher percentage of solids in the tailings slurry, the efficiency of the filtering system will be facilitated to obtain dry tailings or tailings with low humidity of 20%. After filtering, the material will be deposited by a conveyor to form a heap in the shape of a bean, and from there it will be recovered by a front loader and transported by bucket truck to the disposal shared with the mine waste dump.

The general site plan (Figure 4) shows the planned locations of the main Project facilities, including the gatehouse and administrative areas, primary substation, processing plant, wastewater treatment plant (“WTP”), filtration, mine support area, access roads, pit and piles.

Access to the facility is from the south side of the property from road BR-266. The main access will be through the security gate near the process plant. The site will be fenced off to prevent access by unauthorized persons. The process plant is located west of the pit. The site plan design took into account the site geography and terrain, and optimization of soil movement from cutting and for embankments.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Figure 4: General site plan

The Borborema Project is in a semi-arid region with an average annual rainfall of 695 mm and an annual evaporation rate of around 2,600 mm, resulting in a large yearly water deficit. The Project site is located about 172 km from Natal, 30 km from Currais Novos, and about 1-4 km from the local communities São Luiz, São Rafael, São Sebastião and Maxixe.

The Project area is not located in Conservation Units (Parks, Forest Reserves) or Indigenous Lands. There is a Traditional Quilombola community, called Negros do Riacho, located about 20 km from the site, outside the directly affected area and of direct influence of the Project.

Aura owns the São Francisco Farm and the Pedra Branca site and has enough areas to house all the structures of the 2 Mtpy project. The Jesus Maria farm was also acquired to be a Forestry Reserve area and conduct reforestation.

The water demand for the annual productions is 75.6 m³/h of raw water for the operational process. This demand will be met by wastewater (sewage) from the municipality of Currais Novos, which will be treated at the Sewage Treatment Station in the Project area and by rainwater accumulated in the fines dike and in the Onça and São Francisco dams, located inside São Francisco Farm, owned by Aura.

Results of acid mine drainage (ARD) and metal leaching tests carried out to date do not suggest the generation of acid or alkaline drainage associated with waste rock and tailings materials from the Borborema Project, and metal leaching is not shown to be a significant concern.

The Environmental Impact Study (EIA) and Environmental Impact Report (RIMA) were prepared in 2011 in which the main impacts of the Borborema Project were identified and evaluated and mitigating measures, plans, and environmental programs were proposed. The Project's areas of influence were defined, and field studies were carried out on the terrestrial and aquatic fauna, flora, water resources, historical and archaeological heritage, socioeconomic diagnosis of the region, and traditional populations, among others.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

The presentation of the Project and the environmental impact study was held at a Public Hearing in the city of Currais Novos on December 05th 2013, which was very well received by the local population. After the public hearing and analysis of the study by the responsible authority (IDEMA -Institute for Sustainable and Environmental Development of Rio Grande do Norte), the Preliminary License -LP No. 2011-047788/TEC/LP-0136 was issued in April 2017. On April 15, 2019, Installation License No. 2018-129191/TEC/0083 was issued, which has already expired. Currently, the Borborema Project has Installation License LI nº 2022-188699/TEC/LI-0181 for the implementation of the Project in an area of 490 ha is valid until 2028.

The application for an Operation License with IDEMA will be made around October 2024 and, following IDEMA’s instructions, all changes and expansions carried out in the executive project and implemented during construction will be provided to IDEMA shortly after the License is issued of Operation (LO). An Operation Alteration License (LAO) is required for the changes to be added to the Operation License. It is estimated that the Operating License will be issued in about 90 to 100 days after the application is submitted.

The Borborema project is currently in the ramp-up phase, in accordance with Operating License (LO) No. 2024-219477/TEC/LO-0639, which authorizes the mining and processing of gold ore in an area of 490 hectares. This license is linked to mining rights 805.049/1977, 840.149/1980 and 840.152/1980 of the National Mining Agency (ANM), which cover a total area of 2,902.7 hectares. To expand the deposit, it will be necessary to build a 5.3 km bypass of BR 226, and to this end, the licensing processes with the federal and state governments are already underway.

Operating License (LO) No. 2024-219477/TEC/LO-0639 is valid until February 03, 2031 and covers changes and improvements made during construction in the 490-hectare area. However, according to IDEMA, any expansion or change that exceeds 490 hectares but occupies up to 100 additional hectares must apply for an Expansion License and will be incorporated into the current Operating License. Future expansions or changes that exceed the 100 hectares already expanded will be subject to separate licensing.

The capex study presented has a variation of +10% and -10%. The capex estimate presented in Table 12 includes the cost for project execution, acquisition, construction, and commissioning of all facilities. The estimate was based on basic engineering of the disciplines of mechanics, electrical, civil, instrumentation and pipes. In addition to the quantitative and definitions coming from the consolidated basic project, other definitions of scope were considered together with Aura, such as the values of pile construction, mine and other costs, including indirect.

Table 12: Overall CAPEX Estimation.

Operating costs are shown in Table 13, in which the unit costs per tonnes/year are presented for labor, G&A, laboratory, access maintenance, equipment rental, water and sewage treatment plant, pile and mine.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Table 13: OPEX for the Borborema Project.

The financial model adopts the concept of project free cash flow, in which all the project's cash generation capacity is evaluated by countering this flow with a weighted discount rate (“WACC”) which reflects the average cost of sources of funds (cost of equity and third parties). The amounts in the cash flow were expressed in thousands of United States Dollars (USD x 1,000) and on a real basis (without inflation).

Based on the assumptions adopted, the net present value (“NPV”) of Aura Minerals Gold Project is between a range of USD 90.2 million and USD 182.7 million.

The project's internal rate of return ("IRR") stands at 21.4%, while the annual average EBITDA (from 2025 to 2036) amounts to USD 47.6 Million. The operational payback period is calculated at 3.3 years.

The results are summarized in Table 14.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Table 14: Project Cash Flow.

Source: EY

	Technical Report Summary – Borborema Gold Project – March 28, 2025

After the evaluation, the NPV, at a WACC rate between 5.0% and 11.0% per year, resulted in a range with a minimum value of USD 90.2 Million and a maximum value of USD 182.7 Million, with a Project IRR of 21.4% and a 3.3-years Operational Payback Time. For this scenario, the gold price adopted has an average value of USD 1,712/Oz considering all the operational years and the exchange rate used was BRL 4.93 for USD 1.00 in 2023, BRL 5.00 for USD 1.00 in 2024 and BRL 5.09 for USD 1.00 in 2025 onwards.

This Report and the results herein have been verified and approved by the QPs Mr. Farshid Ghazanfari, M.Sc. (P.Geo.), Dr. Homero Delboni, Jr. Ph.D., (MAusIMM – CP Mettallurgy), Bruno Yoshida Tomaselli, B.Sc. (FAusIMM) and SRK Consulting (U.S.), Inc.

Specific recommendations can be found in chapter 26.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Aura Minerals has prepared this Technical Report Summary (TRS) on the Feasibility Study for the Borborema Gold Project, Currais Novos Municipality, Rio Grande do Norte, Brazil. This TRS conforms to United States Securities and Exchange Commission’s (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.

The Borborema Project is owned by Cascar Brasil, a company 100% beneficially owned by Aura Minerals and was acquired by Aura Minerals from Big River Gold Limited in 2022 (“Borborema Project”). Cascar Brasil holds 03 (three) material mining rights in connection with the Borborema Project, covering an area of 2.907,2 hectares. All Borborema Mining Rights have been lawfully acquired and are duly registered with the ANM under Cascar Brasil´s name, as applicable.

The Borborema Gold Project is located in the southern portion of the state of Rio Grande do Norte, Brazil. The Project comprises three active mining concessions for the last forty years, totaling 2,907 hectares, and was acquired by Aura from its previous owner, Big River Gold, in 2022.

Borborema Project has a long and continued historic exploration program carried out by different companies since 1980. Preliminary resource models were constructed based on the results of the exploration work. Mineração Xapetuba LTDA mined the São Francisco open-pit between 1984 and 1991, and reported that approximately 100,000 ounces of gold were recovered.

Aura reviewed all information received from Big River Gold (Crusader Resources). Aura performed additional metallurgical work and a preliminary mining study. The results of these studies are incorporated into this TRS. Information used in this TRS is listed in the References section.

The most recent technical report on the Project was prepared by Aura in accordance with Canadian National Instrument (NI) 43-101 and was entitled “Feasibility Study Technical Report (NI 43-101) for the Borborema Gold Project, Currais Novos Municipality, Rio Grande do Norte, Brazil”, dated October 5, 2023 (the 2023 Technical Report). There has been no material change to the information contained in the 2023 Technical Report, and Aura considers the Technical Report to be current. This Technical Report Summary presents information from the 2022 Technical Report in compliance with S-K 1300. Aura has prepared this TRS to support a listing on the NYSE.

On March 28, 2025, the Company announced that production ramp-up at Borborema had commenced, making Borborema the second project Aura has brought into operation on time and on budget. With ramp-up now underway, the mine and plant are operational, and Aura expects to achieve commercial production by Q3 2025. Construction capex is 100% committed, with 71% disbursed. Significant developments include the conclusion of the Main Substation, Power Line, Mechanical assembly of the Crushing Area and the CIL area. The mine pre-stripping is ongoing according to the plan and a total of 5.7Mt of waste has been moved to the waste dump. Detailed engineering is complete, construction activities are at 80% complete, civil works have reached 90% completion, and equipment installation is at 60% completion. A road relocation is pending approval by the National Infrastructure Agency. The project currently employs 2,184 direct and indirect personnel. The Operational license is in place, allowing the start of the operations once construction is complete.

The Borborema Project is located in the municipality of Currais Novos, in Rio Grande do Norte State, Brazil. The gold deposit is the main focus of this Feasibility Study and will be the primary source of potential ore.

The following activities and project developments were completed by Aura between 2022 and 2023:

	Technical Report Summary – Borborema Gold Project – March 28, 2025

The following individuals, by virtue of their education, experience, and professional association, are considered Qualified Persons (QPs) as defined in S-K 1300 and are members in good standing of appropriate professional institutions.

The Qualified Persons are responsible for the specific sections as follows:

Table 15: Qualified Person Responsibilities

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Mr. Farshid Ghazanfari, Qualified Person (Aura, Geology and Mineral Resources) has been involved with the Borborema Gold Project since 2018, as well as during the due diligence prior to Aura’s acquisition. Mr. Ghazanfari visited the Borborema Gold Project on a few occasions during the past three years. His most recent site visit was from November 8 to 12, 2022. He inspected various parts of the property geology and drilling sites to check coordinates; inspected the core handling facility; reviewed the sampling procedures; and interviewed key personnel involved in the collection, interpretation, and processing of geological data and preparation of the Mineral Resource estimates. Additionally, the QP checked the logs of seven drill holes and visually verified that assays from the database are consistent with the metal content in the same intervals.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

SRK Consulting (U.S.), Inc. based in Denver-USA, visited Borborema property between November 19 to 21, 2021. The QP inspected the property, historical open pit, core shed, mineralization and lithology via select drill core, sample storage, and met with site geologists for discussions related to planned drilling, geochemical exploration, historical mining and ore control, structure, and general geology.”

Mr. Bruno Yoshida Tomaselli, QP (Mineral Reserves), visited the Borborema property for 2 days between February 13 to 14, 2023. During this period the following were evaluated: road conditions, possible accesses to the site, potential location for the processing plant and for infrastructure, existing infrastructure conditions, pit and stockpile locations.

All measurement units used in this report are metric and the currency is expressed in US dollars (US$) or Brazil Real (R$). Units of measurement are listed in Table 16.

Location coordinates are expressed in the Universal Transverse Mercator (UTM) grid coordinates using the SIRGAS 2000 Datum, Zone 24M, unless otherwise noted.

The following terms and definitions are used in this report.

Aura has based all measurements in the metric system, exceptions to this primarily list both English and Metric standards. Currencies are generally based on the July 32, 2023, US Dollar, with the conversion exchange rate of 5.0 Brazilian Reals per 1 US Dollar for the long-term exchange rate unless otherwise stated. Dollars are United States Dollars, and weights are in metric tonnes of 1,000 kilograms (2,204.62 pounds).

Location coordinates are expressed in the Universal Transverse Mercator (UTM) grid coordinates using the SIRGAS 2000 Datum, Zone 24M, unless otherwise noted.

The abbreviations used in this report are described in Table 16.

Table 16: Units, symbols and abreviations

	Technical Report Summary – Borborema Gold Project – March 28, 2025

	Technical Report Summary – Borborema Gold Project – March 28, 2025

	Technical Report Summary – Borborema Gold Project – March 28, 2025

	Technical Report Summary – Borborema Gold Project – March 28, 2025

	Technical Report Summary – Borborema Gold Project – March 28, 2025

The Borborema Project, located in the southern portion of the state of Rio Grande do Norte in northeastern Brazil, is situated 26 km east from the well-established town of Currais Novos and 35 km west from the town of Santa Cruz. The town of Currais Novos has good infrastructure and a population of approx. 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 (172 km east, population approximately 880,000). The highway is a single-lane paved road in excellent condition and usable all year round fed by a network of well-maintained dirt roads providing access to all major areas within the Project.

Figure 5 shows the location of the Borborema Project area and access routes.

Figure 5: Borborema Project Map Location, Rio Grande do Norte State, Brazil.

The Project comprises three (3) mining concessions totalling 2,907.2 hectares. Most of the gold (Au) Mineral Resource based on the January 2023 estimate by SRK Consulting (US) Limited (“SRK”) is located in mining concession numbers 805049/1977 and 840152/1980, with a small remaining portion located in mining concession 840149/1980 (Figure 6). The last two mining concessions are currently in suspense and mining is inactive. The suspension requested awaits response from the National Mining Agency (“ANM”). It is intended that these two concessions be reactivated once mining activities commence.

Mining concession No. 805.049/1977 has a valid and active operating license (“LO”) issued by IDEMA, the state environmental authority, related to prior mining and beneficiation activities on the property.

In addition, Borborema Inc., currently holds two exploration licenses in the Seridó Belt (located in the states of Rio Grande do Norte and Paraiba) and Mara Rosa (located in the state of Goias). Borborema’s holding are summarized in Table 17.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Figure 6: Borborema Project comprising three mining concessions, Aura property and Licensed area.

Table 17: Borborema Inc. land holding status.

Following submission of a study by Ausenco do Brazil Engenharia LTDA (“Ausenco”) of the Project’s processing plant design in 2018, the following two licences were granted:

In March 2023, upon request of Aura the Installation License was updated by IDEMA for a total area of 490 hectares located in UTM coordinates (SIRGAS 2000 Datum): 9,314,875.56 m N; 800,289.00 m E and linked to No. 805.049/1977, 840.149/1980 and 840.152/1980 Mining Concessions.

The vegetal suppression license, which allows the suppression of vegetation on the Project area, was issued in February 2023 by IDEMA, and covers all the project installation areas including mine, waste dump, operational area, utilities, and dry storage facility.

The Borborema project is currently in the ramp-up phase, in accordance with Operating License (LO) No. 2024-219477/TEC/LO-0639, which authorizes the mining and processing of gold ore in an area of 490 hectares. This license is linked to mining rights 805.049/1977, 840.149/1980 and 840.152/1980 of the National Mining Agency (ANM), which cover a total area of 2,902.7

	Technical Report Summary – Borborema Gold Project – March 28, 2025

hectares. To expand the deposit, it will be necessary to build a 5.3 km bypass of BR 226, and to this end, the licensing processes with the federal and state governments are already underway.

Operating License (LO) No. 2024-219477/TEC/LO-0639 is valid until February 03, 2031 and covers changes and improvements made during construction in the 490-hectare area. However, according to IDEMA, any expansion or change that exceeds 490 hectares but occupies up to 100 additional hectares must apply for an Expansion License and will be incorporated into the current Operating License. Future expansions or changes that exceed the 100 hectares already expanded will be subject to separate licensing.

Additional licenses are required for the full operation of Borborema Project such as the Sewage Treatment Plant Operating License, Power Distribution Line Operating License and others that are listed in the table below:

Table 18: Borborema Project Licenses and Permits Held by Aura

Note:LP, LI and LO - Preliminary License, Installation License and Operating License

**It was used during the construction and will continue to supply the start of operation with diesel supplementation coming from Natal (capital of RN)

From this list, only the Operating License for the wastewater pipeline has not yet been issued because the construction team is still undergoing leak testing. After these tests are completed, it is estimated the License will be issued in 10 days.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Borborema Inc, now owns the São Francisco farm which has an area of 752.06 hectares and covers the entire Project area. With the program of acquisition of properties adjacent to the São Francisco farm, three (3) new properties were acquired totaling 151.70 hectares, comprising the Pedra Branca site - westward continuation of the São Francisco Farm, the Santo André site and the Mulungu site.

Figure 7 shows the São Francisco Farm area, the new Aura properties and other properties surrounding the venture.

Figure 7: Small farms around the São Francisco farm.

CFEM is a “royalty” payment, like a tax, created by the Federal Constitution as compensation for states and municipalities for the economic use of mineral resources in their territory. It applies to any individual or entity qualified to extract mineral substances for economic purposes.

CFEM is calculated on the revenue of the value of sales when the mineral product is sold. Net sales are the sales value of the mineral product, less taxes (ICMS, PIS, COFINS, IOF and ISS), and insurance expenses incurred at the time of sale.

The rates applied on net sales or on the sum of direct and indirect expenses vary according to the mineral substance. For gold mining the applicable CFEM rate is 1.5% (one integer and five tenths per cent).

CFEM will be distributed according to the following percentages and criteria:

	Technical Report Summary – Borborema Gold Project – March 28, 2025

In addition, effective August 30, 2023, Dundee Resources Limited converted its 20% equity interest in Borborema Inc. into a net smelter royalty, making Aura the sole shareholder of Borborema Inc.

Calculation and Payment of Royalty to Dundee Resources Limited is as below:

(a)       The Payor hereby grants and agrees to pay to the Royalty Holder a royalty in respect of each applicable calendar quarter, as follows:

(i)       1.5% of the Net Smelter Returns for each such calendar quarter in respect of the first 1,500,000 ounces of gold produced and sold from the Property following the date of this Agreement (the “Initial Production Threshold”); and

(ii)       1% of the Net Smelter Returns for each such calendar quarter in respect of which an additional 500,000 ounces of gold are produced and sold from the Property after the initial 1,500,000 ounces of gold has been produced and sold from the Property.

Once 2,000,000 ounces of gold are produced and sold from the Property to which the above noted royalty payments have been made to the Royalty Holder, the Royalty shall be extinguished and be of no further force or effect.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Access to the Project from both Currais Novos and Natal is via the BR-226 federal highway which crosses the Property. The highway is asphalt, marked, single-lane road that is maintained in excellent condition and is useable throughout the year. A network of cleared dirt roads provides access to all the main areas within the Project.

The Project has a semi-arid climate, with little or no water surplus is characterized by hot summers extending from October to March and warm and generally dry winters. The average annual rainfall is 695 mm, with a rainy season predominantly from January to April, but generally irregular. The average annual temperature is 27.5°C, with a minimum average of 18°C and maximum average of 33°C. The variation between the warmest months (October to March) and the coldest month (July) is approximately 8°C. The prevailing wind direction is from the south-east at an average speed of 1.4 m/s.

The Project is located on the Western Borborema Plateau. Relief is predominantly undulating with ridges and hills aligned toward the north-east. The altitude in the immediate mine area varies from approximately 470 m to 490 m above sea level. The environment has predominantly low erosion, with steep-sided smaller drainage systems and flat-bottomed large drainage systems. The thin soil (generally less than 40 cm) is poorly drained with a sandy upper horizon and a clay-rich lower horizon with corresponding low permeability. The soil is classified as a natric planosol (Bezerra Junior and da Silva, 2007).

The state of Rio Grande do Norte has a wide variety of landforms carved in the Cretaceous sedimentary rocks of the Potiguar Basin and the older crystalline basement rocks. Based on the classification of Brazil’s Morphoclimatic Domains (Ab Saber, 1969), the Potiguar landform is inserted in two domains and a transition range. Mares de Morros Domain, which corresponds to the Coastal Northeastern Trays. Domains of the Intermontane and Interplanaltic Depressions of the Caatingas in the state territory were formed by four sets of morphological features; the flattening surfaces of the Country Depression plateaus are supported by sedimentary rocks, isolated saws, and Borborema Plateau (Figure 5-1). Interspersing these domains is an important morphoclimatic transition range, from the humid coast to the semi-arid hinterland, called Agreste Potiguar (Dantas & Ferreira, 2010).

Based on analysis of remote sensing data, field profiles, and previous regional-geomorphological studies (IBGE, 1995; ROSS, 1985, 1997), the state of Rio Grande do Norte was divided into seven geomorphological domains (Figure 8).

The state of Rio Grande do Norte has a total of 17 relief patterns, which are inserted in the various morphoclimatic domains referred to and represented in the State of Rio Grande do Norte Relief Pattern Map and served as a base for the state geodiversity map (Figure 9). Individual relief information was obtained based on an analysis of SRTM images (Shuttle Radar Topography Mission), with a resolution of 90 m, and GeoCover images, where the relief units are interpreted according to texture analysis and image roughness.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Figure 8: Geomorphological domains of Rio Grande do Norte state.

Figure 9: Relief patterns of Rio Grande do Norte state.

Degraded, flattened surfaces (R3a2) have formed a set of flat and gently undulating landforms resulting from generalized weathering processes on various types of lithologies. These vast flattened surfaces are dotted with inselbergs (R3b), which appear in the landscape as isolated hills, rising in many cases hundreds of metres above the regional surface floor.

At the northwest boundary of the state are a set of isolated mountain massifs (R4c) with elevations above 300 metres from the adjacent flattened surface. In the eastern region of the state, that borders with the state of Paraíba, there is a set of hills and low mountains (R4b) with gaps below 300 metres which together with the plateau morphology (R2b3) (Figure 10), located more to the north, form part of the northern rim of the Borborema Plateau representing remnant landforms (Figure 10 and Figure 11) of that plateau.

In contact with the plateau landform is the imposing escarpment of the Serra de Santana, which represents a transition landform between different surfaces raised to different elevation levels, with an unevenness of approximately 400 metres, and deposition

	Technical Report Summary – Borborema Gold Project – March 28, 2025

of colluvial ramps and deposits with talus at the base of the escarpment (R4d). Serra de Santana consists of a plateau (R2c) (Figure 12) representing a fragment of a past summit surface capped by Neogene sandstones of the Serra do Martins Formation, with elevations reaching 750 metres in altitude.

At the northeast Rio Grande do Norte state are a set of dissected hills (R4a2) (Figure 13) with convex-concave slopes and sharp tops varying in height from 30 to 80 metres located on the threshold of the plateau domain. On the regional floor there are some boulder fields, indicating a predominance of physical weathering.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Figure 10: Domain of ridges and low hills, Gargalheiras dam (Acari/RN).

Figure 11: Residual landform of Acari pluton detached from flattened surface (Border of BR-227: Currais Novos/RN).

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Figure 12: North edge of Borborema Plateau (representing remaining residual landforms (municipality of Currais Novos/RN).

Figure 13: Erosive escarpment of Serra de Santana; flat top of the Plateau (Currais Novos Municipality/ RN is observed).

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Figure 14: Domain of dissected hills with boulders field indicating predominance of physical weathering (Municipality of Cerro Corá / RN).

The Planalto da Borborema (Borborema Plateau) (IBGE, 1995), is in the eastern portion of northeast of Brazil, occupying an extensive area that covers part of the states of Alagoas, Pernambuco, Paraíba, and Rio Grande. It is a relief of degradation in a Precambrian crystalline massif, general direction north-northeast–south-southwest, with vast plateau surfaces (R2b3) raised in elevations that vary between 450 and 1,000 m of altitude, clearly visible in relation to the surrounding areas (MORAES NETO and ALKMIN, 2001).

Situated in the state of Rio Grande do Norte, the Borborema Plateau along its northern edge, where relief ranges from 300 to 700 m, consists of an area quite dissected by erosive processes. This plateau morphology comprises a diverse set of relief patterns composed of hills and mountains of lower elevations (R4b), small crests and sparse plateau surfaces (R2b3) with plateaus (R2c) covered by Cenozoic covers, delimited by erosive short ridges (R4e) and mountain slopes (R4d), with some mountainous segments (R4c), representing residual reliefs remaining from the eroded highland. At the extreme north of the plateau area, interspersing the mountain domain, lies a set of hills dissected (R4a2) by the lowest relief of the area (Figure 15).

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Figure 15: Location of the Colinas Dissecadas and Morros Baixos Unit (R4a2) in the state of Rio Grande do Norte; (b) dissected hills in the municipality of Lages.

In the highlands, pedogenesis (formation of thick and well-drained soils, in general, with low to moderate susceptibility to erosion) processes predominates. Sporadic erosion occurrences are restricted to accelerated laminar or linear erosion processes (ravines and gullies).

The eastern slope of Borborema Plateau is drained by the Potengi, Salgado and Japi rivers towards the Zona da Mata, northeastern Brazil. This is a slightly wetter area located on the windward slope of the Borborema Plateau, in an of agreste (a geographical subregion of transition between the forest zone and the hinterland of the northeast characterized by the semi-arid climate and the vegetation of the Caatinga) with intensive subsistence agriculture.

Due to this orographic barrier, the easterly trade winds climb the eastern slope of Borborema Plateau, causing more rainfall, especially in winter. The western slope – or interior slope – is drained by the Piranhas-Açu River to the Sertaneja Depression in localities like Caico. This region is regionally known such as Seridó, an area of progressive desertification process due to the complete loss of the meager ground cover and irreversible exposure of the outcropping rock.

The semi-arid region located on the eastern slope of the Borborema Plateau, where the trade winds flow over the area without humidity, results in caatinga (semi-arid tropical vegetation, meaning white vegetation) (DANTAS et al., 2008). In the Borborema Plateau, Luvisols soils predominate, Chromic, Eutrophic Litholic Neosols and Argisols Eutrophic red yellows.

In this region of the Borborema Plateau are the cities of Currais Novos, Campo Redondo, Cerro Corá and Jaçanã. The regional economy is predominantly agriculture, arable farming and animal husbandry, and the mining of the scheelite in the municipality of Currais Novos, an important economic activity that in the area since 1940. The production of scheelite concentrate comes from mines and garimpos (artisanal mining) that occur mainly in metamorphic rocks within the Seridó Group.

The Borborema Project area is part of the Piranhas-Açu River basin, which covers a territory of 42,900 km² distributed between the states of Paraíba and Rio Grande do Norte, with an approximate population of 1,552,000.

The basin has a semi-arid climate with average rainfall ranging from 400 to 800 mm annually, concentrated between February and May. Rain occurs in a few months of the year combined with the region’s geomorphology, characterized by shallow soils formed on a crystalline substrate with low storage capacity, is responsible for the intermittent character of the region’s rivers. In addition, the rainfall pattern tends to present strong interannual variability, causing alternation between years of regular rainfall and years

	Technical Report Summary – Borborema Gold Project – March 28, 2025

of severe water scarcity, leading to the occurrence of water droughts. However, evapotranspiration rates are quite high and can reach over 2,000 mm / year, which causes a significant water deficit and is a key factor to be considered in the operation of reservoirs in the region.

The Piranhas-Açu River rises from the Serra de Piancó in the state of Paraíba and flows near the city of Macau in Rio Grande do Norte. Like most of the north-eastern semi-arid rivers, except for the São Francisco and Parnaíba rivers, the Piranhas-Açu River is an intermittent river under natural conditions. The continuity of its flow is ensured by two regularisation reservoirs built by DNOCS: Firstly, Coremas - Mãe d’Água in Paraíba, with a capacity of 1,360 billion m³ and a regularised flow of 9.5 m³/s and dam; and secondly, Armando Ribeiro Gonçalves (ARG), in Rio Grande do Norte, with 2.400 billion m³ and regularised flow of 17.8m³/s (Q 90%).

Throughout the water system formed by the river channel and its reservoirs called the Sistema Curema-Açu, various uses have been developed such as diffuse irrigation, irrigation in public perimeters, human water supply, animal desensitization, leisure, energy production, and aquaculture.

The Cristalina geological formation comprises the bedrock for most of the basin, formed by impermeable rocks with low water storage capacity and often of low water quality. The sedimentary formations, with higher porosity and, therefore, greater water storage capacity, are present only in two locations of the basin: a smaller area in the Peixe river sub-basin near Souza-PB; and a second location where the bedrock is the Jandaíra Formation, covering the Lower Açu region.

Another important source of groundwater is alluvial aquifers, which in most cases provide good quality water for human, animal, and irrigation supplies.

The Piranhas-Açu Basin covers, in full or in part, 147 municipalities, 102 in Paraíba and 45 in Rio Grande do Norte. These municipalities have a population of approximately 1,280,000, 67% in Paraíba. The average rate of urbanisation in the Basin is around 66% with most municipalities (75%) having less than 10,000 inhabitants. The largest city in the Basin is Patos (population 88,000). Other important cities are Sousa, Cajazeiras, and Pombal in Paraíba, and Caicó, Assu, and Currais Novos in Rio Grande do Norte.

In the Piranhas-Açu River Basin, including the reservoirs Curemas-Mãe d’água and Armando Ribeiro Gonçalves, are 46 reservoirs (dams) considered strategic because of a combined storage capacity of over 10 million m³. This water capacity is required to enable the reservoir to cope with periods of drought, permitting adequate water supply between rainy periods.

The Seridó Oriental region is bordered by the Piranhas - Açu River Basin, which occupies a surface area of 17,498.5 km², corresponding to about 32.8% of the land mass the state of Rio Grande do Norte, and covers 33 municipalities comprising the entire central mesoregion and part of the Agreste region. The Basin’s head waters are at Serra do Bongá, Paraíba, enter the Rio Grande do Norte through the municipality of Jardim de Piranhas, and flow into the Atlantic Ocean near the city of Macau (GRUBEN and LOPES, 2001). In the Seridó Oriental, part of the Piranhas-Açu Basin, is the Seridó River sub-basin which covers the entire area studied. The Seridó River sub-basin’s main tributaries include: Acauã River, Carnauba, São José, Barra Nova, Cobras River and Sabugi.

According to Guerra and Cunha (2003), a drainage system is characterized by the formation of slopes, tops, valley bottoms, canals, and bodies of groundwater, amongst others. These characteristics interconnect to form a surface that drains water, sediment, and materials into the river channel. Thus, the Piranhas-Açu basin can be characterized in two different ways – drainage in the Planalto and Depression areas. In the Borborema Plateau, the Basin has a radial drainage that flows from a topographically high point, meaning that most of the rivers of the Seridó Oriental have their headwaters at the edge of the plateau. In the depression area, rivers have a dendritic drainage pattern, noticeable in maps, with a tree-root appearance.

These rivers are very rectilinear, denoting a structure markedly controlled by the contours of the Plateau (Figure 16).

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Figure 16: Seridó Oriental hydrography (Fonte: BEZERRA JR. 2008).

Due to the crystalline formation of the Seridó soil, the Basin has low subsurface water potential and has a fragile system, emphasizing the importance of avoiding the removal of vegetation cover on river slopes, as the soil can erode and silt the Basin water. Other natural factors contributing to the low water potential, besides the soil, is the semi-arid climate with its high hour/day insolation rate. Thus, the water deficit is estimated at 2,022 l/s for 2010, but 90% of this deficit comes from the Seridó River sub-basin (Gruben and Lopes, op. cit).

These elements explain how the basin is mostly formed by temporary rivers. The natural characteristics of the Seridó Basin means that the natural water supply is unable to meet the needs of the entire population. For this reason, the seridoense hydrography is marked by reservoirs, such as those in Cruzeta (located in the municipality of Cruzeta) that store 35,000,000 m³ of water. The São José Creek Dam, Cruzeta, supplies rural and urban communities in the region for irrigated agriculture and small crops located downstream, close to the river.

These reservoirs include:

Water bodies in the study area include several small dams identified in the Project area of influence, most of these are located near rural communities, and two are in the direct Project area of influence near the old pit area. These are the Onça Dam and São Francisco Dam. The main uses of water are artisanal fishing and animal desedentation.

In the Project region, the Hyperxerophilous Caatinga predominates - drier vegetation, with abundance of cactaceans, and smaller and scattered plants; and the Seridó Subdesertic Caatinga - the driest vegetation in the state, with bushes and low trees, thinning and more severe xerophytism.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

The main ecosystem of the city is the Caatinga do Seridó, which is in transition between the countryside and Caatinga Arbórea, with medium and low trees, and an abundance of cacti and bare patches. The Subcaducifolia Forest is still present in the region, in the Serra de Santana region.

In these types of vegetation (Caatinga), the most common species are: pereiro, faveleiro, facheiro, macambira, mandacaru, xique-xique and black jurema.

The National Plan to Combat Desertification (PNCD) in Brazil defines desertification as land degradation in arid, semi-arid and sub-humid zones, resulting from diverse factors like climate variations and human activities. Currais Novos’ susceptibility to desertification has been categorised by the PNCD of Brazil as serious.

The Project is located approximately 26 km east of the regional centre of Currais Novos, a town with a population of approximately 45,000. The regional town of Campo Redondo lies a similar distance east of the Project along highway BR-226 and is much smaller than Currais Novos. Several small communities and villages are found closer to the Project site but often comprise only a few houses and families. The more significant of these communities include Maxixe, São Luiz, São Sebastião, Santa Rita, Santo André and Pedra Branca.

None of these communities, however, lie close enough to the Project to be impacted to any significant extent and instead should benefit from the future employment possibilities and improvements in infrastructure.

The Quilombola community of Negros do Riacho lies approximately 10 km east of the Project. Quilombolas are small communities originally settled by escaped slaves during the 19th Century. Today these communities are recognised as traditional communities and as such protected by Brazilian law.

Twin high-tension power lines (230 kV) cross the Project area in its northern section. Low-tension power lines also reach the Project area and provide power to all existing buildings and offices. Several buildings on the property date back to the previous project owners. Many are now run-down and beyond use. However, three main buildings close to the entrance to the Project remain in excellent condition. These buildings are currently being used by the Company for offices, mess facilities, sampling areas and storage. All buildings are complete with earthed power supplies, running water and bathroom facilities. Another large building has since been constructed by the Company for storing the drill core and samples from the extensive drilling programs (104,500 m) that have been completed.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

The history of the Borborema Project prior to 1979 is unclear. The earliest reference to mining appears in the government records from the 1940s when prospectors (“garimpeiros”) discovered gold (Au) in the area; an estimated 150,000 ounces of gold are reported to have been recovered over the subsequent 50 years.

In 1979, the company Itaperiba Mármores e Granitos LTDA (“Itaperiba”) acquired the principal tenement of the Project (number 805049/1977), and completed mapping, sampling, trenching and drilling programs.

In 1984, Mineração Xapetuba LTDA acquired the Project from Itaperiba and through further sampling, trenching, mapping and drilling finalized the exploration of the principal tenement and two other neighbouring tenements comprising the Project (840149/1980 and 840152/1980). After approval by the National Mining Agency (ANM) of the positive exploration reports, Xapetuba commenced open-pit mining to extract the precious metal via heap leaching, the first time this process had been attempted in Brazil. It is reported that approximately 100,000 ounces of gold were recovered up to 1991, when Xapetuba requested a suspension of the mining licence from the ANM quoting poor recoveries and low gold prices as the reasons.

In 1991, the company METASA (Metais Seridó LTDA.) acquired the three tenements comprising the Project from Xapetuba. From 1991 until 1994, METASA re-processed the existing heap-leach piles using a simple gravity circuit. It is not stated in the DNPM (now ANM) records how much gold was recovered during this period.

In 1994, the company Mineração Santa Elina Indústria e Comercio S.A. acquired the mineral rights from METASA and reviewed all existing data. However, after undertaking a diamond-drilling programme it returned the mineral rights to METASA in 1997.

In 1998, MGP (Mineração e Agropecuária LTDA.) acquired the project, installed a simple gravity circuit, and began treating the existing heap-leach piles, processing at a rate of approximately 15 t/hr. Whilst under MGP ownership; Caraíba Metais LTDA (“Caraíba”) negotiated an option to buy the project in 2007. Caraíba completed a significant diamond drilling programme and resource estimate update but decided not to exercise their purchase option.

In 2009, Crusader Resources Limited (“Crusader”) negotiated a similar purchase option with MGP. After careful evaluation of the Project data and some significant fieldwork, in August 2010 Crusader exercised their option and acquired the Project together with the São Francisco farm upon which most of the Project is located.

In October 2011, Conestoga, Rovers and Associates (“CRA”) in Belo Horizonte was retained by Crusader to prepare a bankable feasibility study (“BFS”) for the Borborema Project. During this time CRA’s mining division was acquired by Tetra Tech Inc. who assumed the role of principal consultant for the study. Tetra Tech produced a Feasibility Study in 2013, the Tetra Tech Brazil’s Feasibility Study of 2013 that was based on a process plant throughput of 4.2 Mtpy. However, the Feasibility Study (“FS”) showed unsatisfactory financial returns and Crusader subsequently continued to optimise the Borborema development at a 2 Mtpy, completing several technical studies based on this scenario.

Further studies were commissioned in 2018 (TTP and Ausenco), based on a revised process plant throughput of 2 Mtpy. These studies were extrapolated from the completed BFS and presented a low level of engineering definition and cost accuracy (30% - 40%) with the expressed intent of attaining an order of magnitude capital estimate, revised economics, and environmental approval.

In mid-2019, Crusader Resources was delisted from the ASX and following corporate restructure, downsizing, and divestment of non-core assets, and relisted as Big River Gold Limited (ASX: BRV) (“Big River”). With a renewed focus on its core asset, the Borborema Gold Project, the company commissioned Perth, Australia, based Wave International to produce an “enhanced” Definition Phase Study.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

In November 2019, Big River published a definitive feasibility study (“DFS”) for the Borborema Project showing that the Project may be economically developed to mine 20Mt of gold ore reserves recovering an average of 72,564 oz of gold per year for 10 years. The average grade is estimated to be 1.2 g/t Au.

The operation was estimated to produce 2 Mtpy of ore with a cash cost of US$23.36 per tonne, the Internal Rate of Return on the of 41.8% and US$642 per ounce production cost. The Project NPV was at 8% discount rate equal to US$203M. The total capital cost estimated to be US$99.3M.

In July 2020, CPC Project Design (CPC) was commissioned by Big River to develop the design and estimate the cost differences brought about by recent post DFS design changes. The updated capital costs were estimated to be approximately US$101M.

In late 2021 and early 2022, Big River drilled 13 additional holes in the Project to prove down dip extension of the mineralized ore body. Big River announced the results of drilling in July 2022 and indicated that all holes intercepted elevated grades in projected zones of mineralization at 100 m down dip to the known mineralisation and along 1.2 km of strike.

In April 2022, Aura announced the acquisition of Big River Gold. The Transaction was closed in September 2022. Aura now owns 100% of the new Company after acquiring the remaining 20% from Dundee Resources Limited.

There is no past production in the Borborema project.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

The Project, located in the Borborema Province, sits within the domain of the Seridó Fold Belt in north-eastern Brazil (Figure 17).

The regional basement is comprised of Archaean and Paleoproterozoic gneisses and migmatites unconformably overlain by a sequence of supra-crustal rocks of Neoproterozoic age belonging to the Seridó Group. The basal unit of this group is the Jucurutu Formation, comprised of gneisses, amphibolites, marbles, and calc-silicate rocks. The middle unit is the Equador Formation of quartzites and meta-conglomerates, whilst the upper unit, the Seridó Formation, consists of mica- schists and phyllites. During the Brasiliano Orogeny, the basement and sequence of super crustal rocks were intruded by granitic, granodioritic, and locally gabbroic and tonalitic stocks, sills and dykes.

During the Neoproterozoic the region underwent a complex tectonic evolution involving thrusting (D2) and transcurrent shearing (D3), as indicated by the presence of both low-and high-angle structures (the S2 and S3 foliations, respectively). During this deformation period the metamorphic conditions varied from greenschist facies in the western portion of the belt to upper amphibolite facies in the east, with some local contact metamorphism (localised granulite facies) and anatexis (partial melting) (Crusader Resources PFS 2011). A series of quartz vein-hosted or vein-related gold (Au) deposits occur within the Seridó Belt, concentrated along the eastern margin of the Seridó Group, in addition to several tungsten skarn-style deposits that are often associated with varying degrees of bismuth, copper, and gold mineralisation. The Borborema Project deposit is the largest known gold occurrence in the region.

Figure 17: Regional geological setting (after Brito Neves et al., 2000).

Notes for Figure 17: Major domains and terranes: CE ¼ Ceará Domain (Or: 1.8 Ga Orós fold belt); DZT: Domínio da Zona transversal; MCD: Médio Coreaú Domain; PEAL: Pernambuco-Alagoas Domain; RGND : Rio Grande do Norte domain (SFB: Seridó fold belt);

	Technical Report Summary – Borborema Gold Project – March 28, 2025

SJC: São José do Campestre Archean nucleus); RPD: Riacho do Pontal domain; SD: Sergipano domain (C: Caninde complex; E: Estancia subdomain; M: Macurure subdomain; MPR: Maranco- Poco Redondo sub domain; VB: Vaza Barris sub domain); SFC: São Francisco Craton; SLC: São Luiz Craton. Zona Transversal subdivisions are: AMT: Alto Moxoto terrane; APT: Alto Pajeú terrane; CV: Cariris Velhos orogenic belt; PABT: Piancó-Alto Brígida terrane; RCT: Rio Capibaribe terrane; SJCT: SJC: São José do Caiano terrane; ZTTTN: Zona Tectônica Teixeira-Terra Nova. Faults and shear zones: PAsz: Patos shear zone; PEsz: Pernambuco shear zone; SMAsz: São Miguel do Aleixo shear zone. Cities and towns: Fo: Fortaleza; JP: João Pessoa; Na: Natal; Re: Recife; Sa: Salvador

The Borborema Project area is situated in the top of the Seridó Group stratigraphy (the Seridó Formation) within a sequence of banded arkosic metapelitic schists, subjected to upper-amphibolite facies regional metamorphism (Baars, et. al., 2011). Mineral assemblages are dominated by plagioclase, K-feldspar and quartz, with subordinate biotite, garnet, sillimanite, cordierite, muscovite and andalusite.

This assemblage is indicative of high temperature (650-700°C) and relatively low pressure (3-4 kb) conditions. The sequence comprises alternating pelitic (cordierite-sillimanite) and more psammitic (garnet-sillimanite) units (Stewart, 2011). Quartzo-feldspathic bands resulting from partial melts both crosscut and parallel the schistosity, dominantly in the more pelitic cordierite schists. Widespread retrograde sericite overprints the prograde mineral assemblage. The schists are intruded by Brasiliano-age pegmatite bodies.

The sequence of rocks at the map scale has been subdivided into several packages broadly correlating to protolith characteristics and metamorphic mineral assemblages (Stewart, 2011). Each of the following rock packages exhibits variable interlayering, generally observed on the metre-scale. The lithological units occurring in the greatest abundance in any given area of the property have been used to map out the sequences. Figure 7-2 shows the geology map of the Project as produced by PGN Geoscience (Stewart, June: 2011).

	Technical Report Summary – Borborema Gold Project – March 28, 2025

In the quartz-feldspathic-biotite +/- sillimanite-garnet schist, biotite schist is the most abundant mapped lithological unit within the Project area and contains a varying proportion of biotite. Accessory minerals include sillimanite and garnet. This unit is generally fine to medium-grained and contains a well-preserved, early gneissic fabric (S1), sub parallel to the lithological layering. Lithological layering within this unit comprises differentiated millimetre to centimetre-scale, biotite-rich and granular quartz-feldspar-rich bands that often resembles rhythmic layering within a laminated sedimentary rock. Based on its outcrop character and lithology, this unit could be described as psammopelitic, which suggests it may have a sandy siltstone protolith (Figure 18 and Figure 19).

Figure 18: Borborema deposit geology map (after Stewart, 2011).

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Figure 19: (a) Well-developed gneissic fabric in Quartzofeldspathic-rich biotite schist. Note the PGB partial melt that is oblique to S1. (b) Folded biotite schist with a strong muscovite overprint (Stewart, 2011).

In the quartz-feldspathic-biotite +/- cordierite-sillimanite-garnet schist, cordierite schist is the second most abundant lithology mapped in the Project area (Figure 18).

This map unit generally comprises metre-scale packages of interbedded cordierite-rich quartz-feldspathic-biotite schist and more psammitic quartzo-feldspathic-biotite schist. Cordierite-rich horizons are generally very coarse grained and defined by 20-100 mm diameter cordierite porphyroblasts, constituting up to ~50% of the rock mass within some horizons. Cordierite is variably altered to fine-grained muscovite and commonly weathered to an iron-rich clay mineral. The proportion of sillimanite within this unit increases towards D2 high-strain zones.

Two types of cordierite have been observed:

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Figure 20: (a) Porphyroblast-rich horizon (S0) within cordierite schist package. Cordierite is strongly altered at this locality. (b) Massive cordierite-schist (Stewart 2011).

Figure 21: Photograph and sketch of altered cordierite porphyroblast with internal S1 fabric. S1 shows clockwise rotation and cordierite strain shadow is indicative of dextral shear and suggests syn-shear mineral growth during the development of D2 shears. S3 crenulations overprint the asymmetric S1 fabric (Stewart, 2011).

	Technical Report Summary – Borborema Gold Project – March 28, 2025

In the quartz-feldspathic-biotite +/- staurolite-garnet schist, this metamorphic mineral has possibly been misidentified in the field and likely constitutes D2 cordierite-potassium feldspar-biotite partial melt, which occurs within D2 high strain zones (Figure 22). Interpreted staurolite schist horizons are in the northwest of the mapped area (Figure 18), within the Project property, and identified at the southwest end of the main open-cut pit within the Borborema Shear Zone. The occurrence of this unit, which can be correlated with high-grade D2 shearing, corresponds to a tectonostratigraphic horizon that can be used as a marker and may control the distribution of mineralisation.

Figure 22: Cordierite-rich partial-melt infilling asymmetric boudinage dilatational site within mylonitic biotite schist (typical of zone mapped as Staurolite Schist). Boudinage geometry is antithetic (sinistral) with respect to D2 dextral shearing. Note the strong muscovite alteration (Stewart, 2011).

In the quartz-feldspathic-biotite +/- cordierite-andalusite-garnet schist the andalusite schists comprise a very small proportion of the mapped rocks in the Project area. These andalusite schists usually occur as thin centimetre- to metre-scale psammopelitic horizons within biotite schists and are mostly found within areas associated with high grade D2 shear zones (Figure 23. The andalusite porphyroblasts are generally 2-8 mm in diameter and are mostly replaced by mats of milky white, fine-grained sillimanite (fibrolite).

Thin (<500 mm width) horizons of what appear to be felsic igneous rocks have been observed in two places within the Project area. Closer inspection reveals the presence of rare garnets and abundant millimetre-scale, randomly oriented, dark greenish-grey staurolite porphyroblasts that overgrow a quartzo-feldspathic S1 gneissic fabric, most likely associated with M2 peak metamorphism.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Figure 23: (a) Coarse andalusite porphyroblasts in folded andalusite schist horizon. (b) Well-differentiated quartzofeldspathic-biotite S1 fabric within andalusite schist and biotite schist (Stewart 2011).

Small lenses, lozenges and boudins of plagioclase-quartz-biotite+/-garnet (possibly after amphibole) are common throughout the mapped area and have mineralogy consistent with a dioritic protolith. The millimetre-to centimetre-scale clots of biotite may be pseudo-morphing hornblende. PGB lozenges are most hosted within more psammitic rocks with a higher quartzo-feldspathic component than adjacent schists. PGB lozenges are associated with increased proportions of garnet with higher concentrations at their margins. Garnets occurrence shows some correlation with the location of folded and boudinaged D1 quartzo-feldspathic leucosomes, suggesting its relationship between their respective productions.

Mylonite has been interpreted by other workers (e.g., Araujo et al., 2002) as a widespread lithological association within the mapped area. Mylonite is interpreted in the mapped area where there is an association between intense foliation developments, shear-sense indicators such as rotated porphyroblasts, and development of quartz ribbon textures indicative of intense recrystallization. The abundance of true mylonite is less than previously suggested as much of the apparently “mylonitic” rock is lacking kinematic or shear sense indicators that would suggest shear zone development. Rather it is interpreted here that much of the previously interpreted mylonite is indicative of a more psammopelitic biotite schist, which is well-banded at the millimetre- to centimetre-scale, indicative of the S1 gneissic fabric (Figure 24).

Mylonites occur frequently and are generally associated with northeast–southwest oriented S2 foliations offset by D3 faults and reoriented into a more north-northeast–south-southwest trend within the Sao Francisco Shear Zone. However, mylonites do occur and are associated with high grade D2 shearing, the kinematics of which is described below. Also, some D3 faults exhibit narrow, centimetre-scale zones of mylonite development. This deformation is related to attenuation of the F3 long limb during folding.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Figure 24: (a) Quartz ribbons in mylonitic biotite schist folded by F3 with axial planar S3 biotite. (b) D2 mylonite in cordierite schist with dextral syn-shear cordierite porphyroclast and layer of boudinaged cordierite (Stewart, 2011).

Pegmatite dykes are common across the Project area and appear to be focused into two northwest trending belts that cross the mapped area (Figure 26). Pegmatites are generally 1-5 m wide with strike lengths of several hundred metres or more. Pegmatites primarily comprise quartz-potassium feldspar-plagioclase-muscovite, however, some also contain a tourmaline component that appears to have grown parallel to S3 (Figure 25). Tourmaline growth is axial planar to gentle-to-open F3 folds and commonly parallel to a centimetre-spaced muscovite-filled fracture cleavage. Axial planar muscovite alteration is particularly strong where pegmatite dykes crosscut biotite schist; the dykes are commonly accompanied by focused muscovite alteration within the schists along the dyke contacts. These pieces of evidence put pegmatite emplacement within a late-D3 position and indicate that M3 retrogression passed from the biotite field to the muscovite field at some stage during this deformation.

The mapped area comprises outcrop-scale, thinly alternating pelitic and psammitic layering that cluster into broadly psammitic packages (biotite schists) and pelitic packages (cordierite schists). This suggests that the protolith comprised of thinly alternating silt-rich and sand-rich layers is indicative of a relatively low-energy depositional environment or a distal sediment source. There may have been subtle stratigraphic relationships. If this was present in the sequence, high-grade metamorphism has obscured this within the Project area.

However, there may be a fundamental protolith contrast that has led to the partitioning of partial melt and vein-rich zones, features that are concentrated within and adjacent to D2 shear zones. This tectonostratigraphy may be crucial in future exploration and provides marker zones that can be used to assess the effect of D3 deformation and movement on the Sao Francisco Shear Zone and adjacent structures.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Figure 25: (a) Pegmatite dykes cross-cutting biotite- and cordierite-schist. Note the S3 axial planar cleavage. (b) Tourmaline parallel to S3. (c) Gneissic fabric within quartz-staurolite schist. Staurolite porphyroblasts are dark-coloured sub-mm flecks. (Stewart, 2011).

The Project consists of a garnet-biotite-schist package coarsely sub-dividable into alternating sequences of psammopelitic garnet-sillimanite schist and more pelitic cordierite-sillimanite schist. Localised horizons of andalusite-and staurolite-bearing schists occur proximal to high-grade shear zones approximately parallel to the stratigraphic layering and contain abundant partial melt products and early vein networks (Stewart, 2011).

The event and deformation framework are complex and is interpreted as follows:

D0 - Deposition of fine-grained, siltstone-dominated, sedimentary package with minor medium-grained (sandy siltstone) intercalations (turbiditic);

D1a - Thickening of the stratigraphic pile coincident with possible magmatism and high temperature, low-pressure metamorphism leading to the emplacement of a pervasive layer-parallel gneissic fabric;

D1b - Development of quartzofeldspathic dominated partial melt products oblique to the gneissic foliation and concentrated/confined to tectonostratigraphic horizons within the sedimentary package. These are generally found in more pelitic rocks such as the cordierite schists. Late M1 cordierite porphyroblasts overgrow the S1 foliation.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

D2a - The partitioning of high strain along rheological contrasts between partial melt-rich and partial melt poor/psammitic tectonostratigraphy, leading to mylonite development within the brittle-ductile transition zone. Progressive flattening and partitioned southerly-directed extensional shearing led to isoclinal folding of D1a partial melt products and boudinage of F2 fold limbs synchronous with top-to-south (clockwise in present orientation) rotation of cordierite porphyroclasts.

D2b - Increased fluid pressures during peak amphibolite facies metamorphism (M2) late in D2 promoted localized brittle deformation and rapid pressure drops. Low pressure sites occurred within north-northeast trending, east-southeast dipping brittle zones that cross-cut S1 and S2 as fault-vein networks. Within these zones auriferous quartz was deposited in two primary orientations: 1) parallel to the east-southeast trending fault zones; and 2) in a Riedel, west-northwest dipping position. The laterally propagating Riedel quartz veins situated themselves preferentially in more psammitic lithologies, particularly within the footwall of D2 mylonite zones.

D3 - Regional folding tilts the sequence and S1-2 fabrics shallowly to the southeast. This causes the cordierite porphyroclasts that were rotated during D2 to take on a dextral sense of movement, which is only an apparent sense within the Sao Francisco Shear Zone and is not representative of the D3 kinematics. East-southeast dipping, D2 quartz-veined faults are unrotated as they are in the extensional field with respect to the D3 stress orientation. The veined faults locally accommodate shallow reverse faulting or steep thrusting (~30-65° east-southeast) accompanied by project-wide northwest verging F3 asymmetric folds and development of a steeply east-southeast dipping axial planar biotite crenulation cleavage. Adjacent to some D3 faults, the stratigraphy becomes overturned and the F3 folds become southeast verging. The short-limb of these asymmetric fold structures represents the sites least- affected by D3 strain (generally within the footwall to D3 shear zones) and preserve crenulated, but un-sheared Riedel D2 Au-bearing quartz veins. Pegmatite dykes are emplaced within northwest–southeast oriented corridors synchronous with shortening and exhibit a variably developed S3 foliation. Biotite retrograde metamorphic reactions accompany D3.

D4 - The fracture orientation initiated during pegmatite emplacement develops into a prominent fault trend accompanied by ~east–west to ~southwest–northeast conjugate faults. A pervasive west-northwest– east-southeast oriented extensional dissolution and/or fracture cleavage develops. The orientation of S4 forms “domains” bound by major north-northeast-trending D3 faults indicating that these structures were still active. Muscovite alteration accommodates this deformation and is focused along fault zones.

The deformation history at Borborema as interpreted by Stewart is summarised in Figure 26.

	Technical Report Summary – Borborema Gold Project – March 28, 2025

Figure 26: Interpreted deformation history at Borborema (Stewart: 2011).

Figures 28 and 29 show the southwest face of the Sao Francisco Pit and the four distinctive structural and strongly deformed domains. These domains are as follows:

A shallow dipping, leucosome-rich hanging-wall zone with strong deformation features which is metamorphosed under amphibolite facies. The folding is tight and crenulations and S-C fabrics in shear zones are abundant. (Zone a Figure 27, Figure 28)

A mylonitic zone (retrograde zone) cut with faults (D2b) developed along the main Sao Francisco Shear Zone (D3)., This mylonite zone is stratigraphy overturned and thrusted, retrograde alteration is strong and dominant. The eastern margin of the retrograde shear zone is the strongly silicified and chloritic (shown in greenish color). Stewart (2011) reported folded layering within this zone that has the same overturned limb vergence as in the hanging wall. Both Stewart (2011) and Holcombe (2012) interpret the host for this high strain zone as being within the deformed hanging all. the retrograde shear seems to be a structure truncating the main ore shoots (Holcombe, 2012). (Zone b Figure 27, Figure 28)

A moderate to strong shearing zone with wavy shear fabric mainly developed within quartz-muscovite-biotite schist and developed on the footwall side of Sao Francisco Shear Zone. Crenulation cleavages are abundant, and dips are steeper than the

	Technical Report Summary – Borborema Gold Project – March 28, 2025

shear zone. This zone is mainly barren and represents the main metamorphic event in lower amphibolite facies. (Zone c Figure 27, Figure 28)

A quartz-feldspathic footwall schist with meta-sedimentary origin and bedding. It can be labelled as footwall schist where layering and bedding clearly preserved. The ribbon-like (pressure solution) structures with accumulation of biotite and quartz-feldspar shows turbiditic origin of the host rocks. This zone is still strongly attenuated by D1-2 event. The host rocks were metamorphosed under lower amphibolite and upper greenschist facies. (Zone d Figure 27, Figure 28)

Figure 27: Photograph of the SW end of the Sao Francisco Pit. Major structures are evident and structural domains are separated into the following zones: (a) Shallowly SE-dipping D1 leucosome-rich hanging wall with strongly developed S1 fabric and increasing D3 fabric intensity towards the NW. F3 vergence to NW and steeply to SE approaching the shear zone; (b) D2 mylonite zone cut by SE-dipping primary D2b faults that are reworked by D3 Sao Francisco Shear Zone. Stratigraphy is locally overturned stratigraphy within the short limb of a major F3 fold. F3 vergence to SE; (c) ~NW-dipping hinge zone in the footwall of D2-3 shear zone containing abundant late-D2 Au-bearing quartz veins. Few D1

	Technical Report Summary – Borborema Gold Project – March 28, 2025

leucosomes are present. The S1-2 fabric is strongly developed. F3 W-folds and local vergence changes from SE- to NW-verging; (d) bedding and foliation dip SE. F3 vergence to NW (Stewart, 2011).