Aura Announces Credit Rating Upgrade on Global Scale to 'BB-' From 'B+' and on Brazilian National Scale to 'brAA+' From 'brAA', Both With Outlook Revised to Stable

Executive Summary

• S&P Global Ratings upgraded Aura Minerals’ issuer credit rating from B+ to BB‑, with a stable outlook.
• The Brazilian National Scale rating was raised from brAA to brAA+, and the outlook changed from positive to stable; debenture ratings were also upgraded to brAA+.
• S&P cited record‑high gold prices, rising production volumes, and strong EBITDA/cash flow as drivers, indicating confidence in Aura’s growth strategy and liquidity position.

Key Details

• Issuer Rating: B+ → BB‑ (stable outlook).
• Brazilian National Scale Rating: brAA → brAA+ (outlook changed from positive to stable).
• Debenture Rating (Aura Almas Mineração S.A.): brAA → brAA+.
• Rationale: Expectation of continued production growth over the next two years, driven by project development and capacity expansions at existing operations; gradual improvement in cash costs; low adjusted gross debt to EBITDA supported by high gold prices and higher output.
• Liquidity Outlook: S&P anticipates Aura will maintain a solid liquidity position despite increased capital investments and dividend distributions.
• CEO Comment (Rodrigo Barbosa): Emphasized that the upgrades reflect Aura’s consistent growth strategy, strong operating platform, and ability to balance scale, profitability, and smart capital use while delivering long‑term value for shareholders and communities.
• Production Guidance: Projected 2026 gold equivalent ounces (GEO) of 340k–390k, with a target to exceed 600k GEO in subsequent years, supported by contributions from Borborema and MSG projects.

Notable Quotes

“These rating upgrades on global and national scales reflect our consistent growth strategy and strong operating platform… The stable outlook boosts our confidence in balancing scale, profitability, and smart capital use, while advancing projects responsibly, generating cash flow, and delivering long‑term value for shareholders and communities.” – Rodrigo Barbosa, President & CEO, Aura Minerals.