Good morning, ladies and gentlemen. Welcome to Fourth Quarter 2025 Earnings Call. This conference is being recorded, and the replay will be available at the company's website at auraminerals.com/investidores. The presentation will also be available for download. This call is also available in Portuguese. [Operator Instructions] [Foreign Language] [Operator Instructions] Before proceeding, we would like to clarify that any statements that may be made during this conference call regarding the company's business prospects, operational and financial projections and goals are the beliefs and assumptions of Aura Executive Board and the current information available to the company. These statements may involve risks and uncertainties as they relate to future events and therefore, depend on circumstances that may or may not occur. Investors should be aware of events related to the macroeconomic scenario, the industry and other factors that could cause results to differ materially from those expressed in the respective forward-looking statements. Present at this conference, we have Rodrigo Barbosa, President and CEO; and Kleber Cardoso, CFO. Now I will turn the conference over to Rodrigo Barbosa. You may begin the conference.

Thank you, and good morning, all. I'm super proud to be here sharing a few information, not only the results, but all the strategic advancements that Aura is pursuing. If I remind all the investors here and analysts about our strategy, we are very much executing right on track on our strategy. The strategy is, number one, to increase production through development of greenfield projects. Number two, to increase resource and reserves as we see significant potential in our current deposits to increase the reserves. And number three, continue to grow through M&A and address our daily trading volume or multiple that is still discounted compared to our peers. And doing all these 3 while we continue to pay significant dividends to our shareholders. And I'm glad today that I will be able to walk you through that we've been executed in all of those 3 areas while we pay dividends. So number one, first, going to the results, and I ask to put on the first page. In terms of executing greenfield projects and also improving the results, we see, again, the company going on record high production on a quarterly basis and also on a yearly basis. On a quarterly basis, which we have already disclosed to the market, we produced 82,000 ounces gold equivalent ounces, 11% up compared to Q3 '25 and 23% compared to Q4 last year. On annual production, 280,000 ounces of production, 9% up at constant price. And at guidance prices, excluding MSG acquisition that was not on the budget and was not on the guidance, we were very much in line with the middle and actually slightly above the middle of the guidance with the market. The combination of higher production, cost under control and higher gold prices drove us to hit $208…

Thank you. So I think one major milestone that we also achieved, again, go to the next slide, is the license that we've been discussing with the national authorities that we finally signed an agreement of partnerships to move the road. That is releasing 670,000 ounces of gold on the mine sequencing. Just hypothetically, if you get the gold price as of today, $5,200 and then you imagine our all-in sustaining cash cost of $1,500, which according to our mine sequencing is below this. We see -- and then you multiply by the 670,000 ounces, you'll see that the company with this is we'll be able to generate along the years more than $2 billion, $2.5 billion pretax in this project. That's the size of the magnitude that these additional ounces can generate. And of course, we don't want to go from -- we already have 15, 16 years old, 16 years of life of mine, that will expand to above 20, 25. We don't want to do this. That's why we made the plant flexible. And now we are advancing our engineering studies and water access in order to expand the capacity of the plant perhaps up to 4 million tons that will drive us to a significantly higher production after we finish and conclude the expansion. We are now working on engineering. We are now working on water access. And we believe during the second semester, more towards the fourth quarter, we'll be able to present a detailed and a new feasibility study for this project using now a higher capacity. While we also were doing and we should expect for the 20-F by March. This project is very sensible to cutoff grades. So as gold price is going up, we are changing the price for cutoff, which…

[Operator Instructions] Our first question comes from Henrique Marques with Goldman Sachs.

So quickly on guidance. I mean, there's still a lot to be made during 2026. So I just wanted to make sure here, what is already implied in this guidance because there are technical report updates coming up, which should impact reserves and eventually grades, which might weigh on production. But at the same time, you have some processing capacity expansion expected for this year. So I just wanted to confirm exactly try to better understand what is already implied in this 2026 guidance that you guys just released? And also on a second topic, a lot of things going on. I think that's great, but it would be also great if you guys can just help us map everything that is going on. So just any update on timing for Era Dorada or Matupa to be taken to the Board to eventually increase the processing capacity for Almas. What is the timing for that? And just to confirm, is Almas expansion already Board approved, the processing capacity? And lastly, just any timing for Aura to join the GDX index. Is there any prerequisite missing for that? That's it.

Thank you for the question, Henrique. And yes, as you mentioned, a lot of going on in Aura. And again, another year that we continue to prepare the company to reach over 600,000 ounces of production. So going step by step, what you should expect. And then first question is for the budget of this year, we are not considering old gold price. We're already using new gold price based in new cutoffs that we will update the market. So there's this lag a little bit on what we forecast on the budget and what we will publish now by March. So we are already reducing the average grade of some of the mines based on lower cutoff and higher gold price, which is a good news because we're going to free ounces in terms of reserves for the long term and for overall, it generates NPV for the company, although in some cases, might slightly be -- drive to a lower production. So that's part of the question that you made that I could answer. Then there are a few things that's going on in. So you also asked about Almas. It's already included on the budget. It's already included on the CapEx for us to expand the capacity and also to raise the tailings dam to prepare the tailings dam for this new capacity up to 3 million tons of the plant already preparing this to receive higher grade material as an underground while underground is not totally developed, we'll put average and medium grade that's already on the stockpile because the mine is working faster than the plant, and we have some important stockpile that to use on the higher capacity of the plant. While we don't want to finish that. We go -- we should finish…

It was regarding the index, the GDX -- yes, just if there's a prerequisite missing.

No, I think we are reaching, but we need to reach for 2 consecutive quarters. And each quarter, you need to prove that your daily trading volume was higher on the last 2. So we believe we'll be eligible for GDX, although there are some -- it's not 100% sure because there is some analysis that the team do, but we believe that we'll be eligible to GDX by the second semester between third to fourth quarter of this year.

Our next question comes from Edgard de Souza with Itaú BBA.

So my first question regarding the -- still on the guidance, production expectations came in slightly softer than what we were expecting, in particular at Borborema. I wanted to understand, I don't know if Glauber is connected here, but maybe if not, for sure, you can help me, Rodrigo. How much of this lower production profile in Borborema is a direct consequence of incorporating material that was previously above the cutoff? And at a broader portfolio level, how are you approaching cutoff optimization in the current gold price environment? To what extent are you trading near-term grade and free cash flow for longer life of mine and higher total value extraction, let's put this way. Then my second question, moving to the main positive news from the release is regarding the expansion at Borborema and the road relocation. So I wanted to understand the next steps from here. What is the expected time line for the physical relocation of the road? You mentioned that the capacity could reach around 4 million tons. How much of this incremental processing capacity could be gradually added in a brownfield scenario similar to what you did in Almas? How much of the expansion would require a more significant CapEx, maybe a new ball mill? And how should we think about water availability as a constraint until which levels can you produce with the current water availability that you have? And for which levels this would require a more significant investment for water availability there? Those are my main questions.

Okay. I will start, and then I think Glauber is here with us, he can finish. But on the production for Borborema, mostly of the reduction in production comes from a lower grade that comes from a lower cutoff, right? And then we always -- we don't -- and that's one thing that we do in our and that actually, it's this mine that drove us to be here today with a successful story. We don't take decisions to favor only short term. We think the company as a whole, what builds the best value, although sometimes hurts the short term. And this example of Borborema is a very good example because we know that we have a lower production. But overall, as we should see during the publications of the 20-F, we'll see an increase in resource reserves. So that means we are significantly increased NAV of the company, although that on the yearly -- on this yearly basis means slightly lower grades, which is translated to a lower production. On the CapEx, I'll let Glauber explain, but I'll give an overview of the plant. It takes probably 2 years in terms of construction to relocate the road, which is the same time that we will do a next plant expansion. And the plant expansion will require a CapEx. The plant is not at 4 million tons. The plant was built for 2 million tons, flexible and prepared to receive new investments and then go to 4 million tons. But I'll let Glauber walk you through more and what we are thinking about on this expansion. Is Glauber here otherwise or the mic is off.

Okay. Sorry. Good morning, everyone. So yes, as Rodrigo comment, so we -- this drop on grade is a positive thing. In fact, it's much more ore becoming economical right now with this new price. And what we are doing right now can bring some impact in the short term, but it is a big benefit in the long term. So in fact, we are preparing the mine for higher capacity or higher production that we are doing the engineering in the plant. In the CapEx, to answer your question. So it's basically built a new parallel plant. So now what we are doing is the bottleneck the filter area is the constraint that we have right now to increase capacity, but we already approved. We already hired all the service and construction, and we will build -- we will implement the new filters in this year. We expect to be done in the beginning of the next semester of this year. In parallel, all the engineer to expand the plant. We don't have the total CapEx right now, but we need to expand the CIL circuit, the mill circuit and the crusher circuit it means that everything. It's prepared to expand because we just need to connect without impact the actual production. but it's something that require CapEx to be done.

And in the meanwhile, we are doing all the water assessment. That's ideas, there's projects also to do to increase the capacity to treat gray water from the city or receive gray water from other cities. So there are a few discussions going on right now, and it takes time, but we don't believe it's going to be the issue.

Our next question comes from Guilherme Nippes with XP.

Can you hear me?

Yes.

Okay. So I have Two questions here on our side as well. My first one is on the reserves report. So could you guys share any key shifts, any takeaways from the reserve report? And also if you have any shifts on geological interpretation and also on long-term assumption for gold prices as well? And if you could guys share also news on the underground mining for Almas, Borborema plant expansion and the increased reserves at Matupa. So any news on the updated reserves report? And my second question is on capital allocation. Of course, you guys have a lot of projects going on, but we still see balance sheet room for -- as gold prices are holding higher as well, we still see room for further acquisitions. So I would like to understand what are the priorities now? And if you guys are also looking for acquiring other assets here in Brazil as well and in Latin America as well.

Okay. Thank you for the question. Unfortunately, we cannot disclose what will be on the AIF yet. That will be published on the -- by the end of March. But as you mentioned, we are working on the new cutoff for the current mines that we have that can affect some of the mines and not affecting other mines depending on the distribution of the grades in that mine. Borborema, as I mentioned, has some sensitivity to this. So it can be affected by a lower cutoff than increase, which is already translated on the budget. So we will see already the grades going down. As you mentioned, we are working on Matupa. We're doing analysis on [ Saguis ], doing analysis also in those Pezão Pé Quente that we acquired and perhaps some of those already be able to incorporate into the X1. So we should expect also the new report, including part of the resource and reserves of the X1 and also Pé Quente. Then underground, we continue to do underground development and also reaching the right level, then we continue to do intensify exploration. That -- although we've been having a very important and interesting interception that confirms the underground mine, that takes more time. So we should expect more towards the end of the year that we can consolidate all the information. But we don't want to waste time. That's why we're already doing all the underground development because we believe that this will become a mine, and we don't want to waste time doing all the studies while we develop the underground. So in terms of M&A, as you mentioned, the company, it's significantly increasing EBITDA and cash flows. Again, if you take it back in the last 2 years, we doubled -- every year,…

Our next question comes from Marcelo Arazi BTG.

A few questions on my side as well. We can see that we are seeing a slightly wide range of production guidance than what we were used to. Can we say that is this related to a more conservative approach and a large number of assets or it can be read as a sign of a more challenging or more hard to predict conditions? And a second one on CapEx. Is this level of sustaining CapEx, the new reality for the company or the full year 2026 print is inflated by the turnaround project in MSG? Can this eventually impact the dividend distribution given your policy of 20% of the EBITDA minus the sustaining CapEx? And just a final one, if I can. On the Guatemala CapEx, the guidance is already accounting for the early-stage investments. But with the eventual project approval, can we expect some CapEx revision for this year?

Marcelo, for the questions. And I think for this higher all-in sustaining cash cost and higher CapEx, this is neither more challenging, neither more conservative. Actually, it's a good news. It's a good news that the company is being able to buy MSG for $76 million in only 1 month without -- as Kleber mentioned, we have $10 million of EBITDA. MSG structurally has a lower all-in sustaining cash cost. MSG structurally has higher all-in sustaining cash cost and higher also sustaining CapEx. But that's how we generate returns. We put this asset into our consolidated basis, affect negatively, but doesn't mean that it's a challenge. Actually, we see this more as an opportunity because during this year, we'll be able to do the proper work, and we are very confident that for the upcoming years, we will see that we'll be able to reach above 80,000 ounces and below $2,000 of all-in sustaining cash costs. Nevertheless, in a single [indiscernible], we generate $10 million without any new -- any turnaround. So -- and the other increase that we have comes from positive news also again, Almas, we've seen a very strong opportunity to increase capacity. So that increased also our CapEx. Another factor that increased the CapEx is Era Dorada because we felt that we got the license that the former company could not get for several years. So we already started early works. And then going to the final questions that you made, we are -- it is not on the CapEx, the full construction of Era Dorada. So as we go to the Board and as we approve the full construction of Era Dorada, this is when we then we will add a new CapEx for the project as we published already last year, the updated feasibility study, the CapEx of this project is close to $380 million. Of course, it doesn't happen in the full year. Actually, most of the CapEx goes towards the end of the investments. So -- but if we approve the Board, then we will incorporate on our guidance this year. So again, the higher CapEx that you see in this year is way more as an opportunity rather than a challenge.

And just a quick follow-up. Could this impact the dividend distribution given your policy?

No, we've been able to do everything. So our policy is 20% of the EBITDA minus recurring CapEx. Actually, we've been able to pay 50%, 60% above the policy. And we see no reason that we affect this for the upcoming years, except that there's some major acquisition that we believe that is super high return and super high value added, then perhaps we go to the policy, but we should expect the policy are above the policy for the upcoming quarters.

Our next question comes from Lawson Winder with Bank of America.

Could I actually start by asking maybe a bit of an expanded question on the index inclusion. So there are U.S. indices for which Aura would technically qualify like some of the Russells and are even much more widely followed than the gold indices. I mean, is there any discussion of potential inclusion or potential inclusion in the Russells on the horizon?

We are monitoring, and we have a plan this year to be included in all the indices that we can fulfill. So we already were included in about 30 different indexes. But as you mentioned, I think we have way more opportunity to reach those major indexes that can not only help with the pricing on the multiple, but we also increased significantly our daily trading volume. So definitely is in our agenda.

Okay. Fantastic. On Borborema, could you just confirm that the recoveries in Q1 '26 to date are now hitting design capacities? And if not, what's left? And sort of in what quarter should we think about that hitting the design recovery rates?

Glauber, do you want to answer this, but we are at the design end...

Yes, we are at the design. So it's not an issue. In fact, to run the plant in the capacity that was designed, it hasn't been an issue for us. So the difference in production is mainly related to the grades that we are feeding into this strategy to expand the pit with these new reserves and new cutoffs.

So just continue the answer Lawson, that was a good question. The mill is running super well. Actually, we see room in the mill to run even above capacity. CIL tanks is the same. That's why Glauber mentioned that where we have now, although we are already at a nominal capacity, the filters are the bottleneck. Once we do the investment, the filters, then we can go beyond nominal capacity because everything else is running super well.

Okay. If I could ask about Matupa from both the point of view of CapEx and annual production. So one, you guys have been investing a fair bit in exploration into Matupa. Does that have any implications for what your anticipated annual production rates will be? Like, I mean, at least, for example, at the Investor Day, you highlighted 55,000 ounces a year from that asset. And then conversely, I mean, if that's the case, what are we looking at in terms of a magnitude of potential increase in upfront CapEx for Matupa?

Matupa, I think we continue to have this view of 55,000 ounces. We are not changing the nominal capacity of the plant. What we are doing now is invest in exploration to expand the resource and reserves. This project has a resource of 400,000 ounces, slight below in terms of reserves. But with [indiscernible] and with also, we see a significant room to expand the resource and reserves, which then we feel that's the right time to start the construction. And as we did with Almas, we prefer to build this project, prepare the plant to be flexible and expand because we know that we will even continue to expand resource and reserves beyond what we have today, beyond what we will publish in the AIF so that we can then increase the plant. And understanding that if you change too much the design of the plant as of today, even though we might see an opportunity, it's a whole different new environmental license process. So we prefer to respect what is in the license of environmental. And then during the years, talk to the agency and see opportunities to do amendments and then increase gradually the plant.

Okay. Fantastic. And if I could ask one more question just on Apoena. I mean, that mine continues to impress. You guys are planning to mine much higher grades than we had modeled at that asset in 2026. Are these higher grades now sustainable into 2027?

I think, yes, we should reach higher grades by the second semester, and then we'll last towards a couple of years. So it will be maintained. I think we believe that we can put this mine into 50,000, 60,000 ounces of production on the running rate after the second semester of this year, if not go beyond depending on some of other exploration that we are doing at the mine. It's a difficult mine, but full of potential.

Our next question comes from Matheus Moreira with Bradesco.

My first question is on Almas. I would like to better understand the rationale behind the production guidance for the mine. I mean, considering the ongoing plant expansion and the fact that the mine is already operating at an annualized run rate above the published guidance, the numbers appear somewhat conservative to us. Are there maybe any operational bottlenecks or specific factors that you have already identified that could justify this more cautious approach? So that's my first question. And my second question on M&As. I would like to hear to explore a little bit more on this topic. Within Aura's capital allocation framework and considering that the company is now operating at a different level of cash generation than in the past, what type of assets in terms of size makes sense for the company today? And if possible, could you comment on geographic preferences? You've already touched on this a little bit earlier. But in the past, you mentioned the potential expansion into North America. Does that still make sense strategically?

Thank you. So in Almas, we are operating at 2 million tons, but we will go through expansion and reach 3 million tons by the end of the year. So this is a process that is going to happen during the year. So today, we are still yet below what we expect to be until the end of the year. So that is also reflected on the production. Almas also first year started with a higher grade. So there is lower grades coming in now during this year. We will add higher grades again when we have the underground coming in. So we should expect Almas for the next year after the underground then continue to increase production together with the higher capacity. And if we have positive results on exploration, then we can even expand further to 4 million tonnes, and then we'll see another step up. So Almas, I think you should see that some conservative scenario during this year, but gradually continue to grow while we continue to expand capacity and then access higher grades when the underground mine come online. In terms of projects, I think we won the way to reach to 1 million ounces. I think that's where companies start to become relevant and then also start to get a fair multiple. We know very much how to get to 600,000 ounces. So to go beyond this, we will need a few acquisitions. Of course, as you mentioned, that we are growing and we have a larger balance sheet, and we have a larger also higher production, so that a meaningful -- more meaningful acquisitions should be coming online. But again, the higher the production, the higher the acquisition is the higher also the CapEx. So we will balance the internal rate of returns where is the right size, 80,000, 100,000, 150,000. We saw sometimes even above 150,000, but that will really depend on the return we see and with the angle for Aura to generate value, right? It's Americas, as I mentioned, and you asked about North America. I think it's intuitive to think that down the road, Aura will expand into North America. But yet, we feel that our multiple is too discounted. We believe that in North America, there's always -- probably always be a higher multiple compared to the players in Latin America in general. However, it cannot be that high gap. So we need to narrow this gap. We have a homework to do first to narrow this gap first to then be able to do accretive acquisition and not a dilutive acquisition to our shareholders. But if something shows up that we believe that it is accretive to our shareholders, we will do. We look and we are ready, and that's part of our strategy.

Our next question comes from Tathiane Candini with JPMorgan.

I think most of them were already replied. I would just like to explore maybe a little bit two more. The first one, and again, you already explored a little bit of this, but this is regarding the cost of MSG. So I know that like more long term for 2027 is to reach lower cost. I would just like to understand a little bit of the pipeline for this? Like what are the plans for reach those guidance? And if there is like any type of hurdle that you imagine that you can reach? And the second one is regarding the CapEx of Era Dorada, which again, you already explored a little bit, but I'd just like to understand how is the pipeline for getting this approved for what I understood this year. But this is like a 22-month plan. Do you have like deadlines if it's not approved by any type of months, this could like have a little bit of an impact on 2028 production? Just trying to have a little bit more clarity on the months going forward.

Okay. So for Era Dorada, we are now analyzing our internal analysis. We did -- we conducted during the last year, over 1,000 hours of dialogue with community leaders and community representatives. We brought some of the leaders also to visit our operations. So there was a very intense work on socializing this project. We moved back to underground, which drove attention from also national authorities that they understood that was a positive move. That's why that the result of this was the license to initiate the groundwork. I think we feel now even more and more confident to go to full production. It's our full construction. And we should expect this decision between first and second quarter this year. That's how we are thinking. And then it's a moving part, right? Tathiane, as you mentioned, 22 months of construction. And depending on the date that we started, it will affect the final production for sure. And the first question you mentioned was -- I forgot.

Regarding the MSG cost, just to try to understand like what is the plan to reach the guidance for lower cost by 2027?

The plan is already under execution. We know very much how to improve efficiency. We know very much how to decrease the cost. We are now detailing in executing this plan as we speak. As I mentioned, we need to do a significant underground development because the mine today is connected to the plant. So any problem at the mine means that the plant is going to receive the ore. That's why we've been seeing in the last few years, a decrease on the plant production. So it's becoming idle. It has 20%, 30%, 35%, even 40% of idle capacity at the plant because the mine cannot fulfill. So in order to accelerate the production of the mine, we need 1 year of underground development to proper prepare the stopes, proper dual bottom-up approach. We have prepared the mine also to receive the veins are 1, 1.2 meters .They'll be mining at 1.80 at 2 meters. Now we want to mine at an narrow at 1.5, prepare the mine for 1.5, which means lower dilution, higher average grade. So all of those -- all of those strategies already being implemented, but we need time. We need up towards the end of the year to really see that the mine will be prepared to produce at its full capacity. On the hurdle rate, as we mentioned, we believe that we can prepare this for the medium to long term to be able to produce above 80,000 ounces per year at all-in sustaining cash cost of $2,000 or below.

The Q&A section is over. We would like to hand the floor back to Rodrigo Barbosa for the company's final remarks.

So again, thank you for the opportunity. I'm super proud, again, to be diligently executing on our strategy, diligently executing on implementing greenfield projects with the Almas on time, on budget, Borborema on time, on budget and a few others now and Era Dorada now prepared to go and hopefully, during the first quarter, second quarter, approved to implement. Also diligent execution on increasing resource and reserves. We just added 670,000 ounces of reserves, one project that's already derisked, already invested the CapEx, already generated cash flows that will give not only an opportunity to increase the NAV, but we'll also be able to increase production, while we continue to invest in exploration, as we mentioned, on Matupa, underground Almas and also Borborema has also potential to significantly increase. So diligently executing also increasing resource and reserves of the company. And third, also diligently executing on acquisitions. We just acquired MSG now closed in December, then -- we also addressed the daily trading volume now trading $100 million per day, while we've been able to pay dividends. And the higher CapEx and the sustaining CapEx we see today, as I mentioned, is not a challenge, it's an opportunity. We increased this because the company is growing. We increased this because we see opportunity to further expand the plant. We increased this because we see an opportunity to buy one asset that has a significant potential to expand capacity in terms of MSG in terms of production and then reduce the cost. Overall, in terms of results, again, super proud. If you take the EBITDA from '23, you doubled to '24, then we doubled again to $25. And if you take the EBITDA of last quarter with the gold price at $4,000, now you use $5,200 plus higher production Borborema plus higher production in MSG on the full quarter, you'll see that we are already on the running rate also lining going towards maybe perhaps even to double or even more during this year. So very much on track and what we promised to the market, delivering results, delivering on resource reserves, delivering on strategic agenda and also strong dividend. So thank you all. And hopefully, down the road, we have a new calls with the new quarter. And then again, between first or second quarter this year, take a look on Era Dorada and see if we feel ready to go to the Board and approve.

Thank you. Our conference is now closed. We thank you for your participation and wish you a nice day.