Exhibit 96.6

Table of Contents

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Tables

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SLR Consulting (Canada) Ltd. (SLR) was retained by Aura Minerals Inc. (Aura) to prepare an independent Technical Report Summary (TRS) on the San Andrés Mine (San Andrés or the Mine), located in the Department of Copán, Honduras. The purpose of this TRS is to disclose the Mineral Resource and Mineral Reserve estimates on the San Andrés Mine as of December 31, 2024, and to support a listing on the New York Stock Exchange (NYSE) by Aura. This TRS conforms to the SEC’s Modernized Property Disclosure Requirements for Mining Registrants, as outlined in Subpart 229.1300 of Regulation S-K (Disclosure by Registrants Engaged in Mining Operations, commonly referred to as S-K 1300) and Item 601(b)(96) Technical Report Summary. SLR qualified persons (QPs) visited the property from October 21 to 24, 2024.

Aura is a mid-tier gold and copper producer listed on the Toronto Stock Exchange (TSX) under the symbol ORA, the Brazilian Stock Exchange (B3) as AURA33, and the OTC Markets (OTCQX) under ORAAF. Aura operates in Honduras, Brazil, and Mexico. Its exploration projects are located in Brazil, Guatemala, and Colombia.

The San Andrés Mine, located approximately 210 km southwest of San Pedro Sula, Honduras, is an open-pit, heap leach operation that has been in production since 1983. The Mine is wholly owned by Aura’s subsidiary, Minerales de Occidente, S.A. de C.V. (Minosa). The Mine has all the required infrastructure to support current operations and has actively managed its community engagements efforts.

This is the initial TRS for the San Andres Mine. Aura previously filed NI 43-101 Technical Reports in Canada, available on SEDAR with effective dates including December 31, 2013 (Aura 2014) and most recently March 31, 2025 (Aura 2025). This TRS documents the current Mineral Resource and Mineral Reserve estimates, life of mine (LOM) plan, economic analysis, and technical details. In 2024, the Mine produced 78,372 ounces of gold and 9,644 ounces of silver.

The SLR QPs offer the following conclusions by area.

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SRK Consulting (U.S.), Inc. (SRK) to evaluate long-term stability and potential future expansion.

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The SLR QPs offer the following recommendations by area:

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The infrastructure at the Mine is adequate for current and planned mining activities, however, the following recommendations are made regarding the HLP:

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The economic analysis contained in this TRS is based on the San Andrés Mine Mineral Reserves, economic assumptions, and capital and operating costs provided by the Aura technical team and reviewed by SLR. The analysis evaluates the Mine’s economic viability using a discounted cash flow (DCF) approach, based on the production schedule, operating costs, and revenue assumptions outlined in prior sections.

The results of the analysis demonstrate the profitability of the project and provide key metrics, including Net Present Value (NPV), and Internal Rate of Return (IRR). Sensitivity analyses are also included to evaluate the impact of variations in commodity prices, operating costs, and capital expenditures.

The following key assumptions underpin the economic analysis:

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The weighted average gold price during this period is approximately US$2,531 per ounce. Beyond 2029, a consensus long-term price of US$2,212 per ounce is assumed for strategic planning. Mineral Reserves were estimated using a conservative gold price of US$2,000 per ounce, and economic viability at this conservative scenario has been validated.

The analysis incorporates the following outputs:

The following subsections provide a detailed breakdown of the economic criteria, cash flow projections, and sensitivity analysis.

The revenue projections for the San Andrés Mine are based on the forecasted production schedule and consensus market conditions. Key assumptions include:

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The cost structure for the San Andrés Mine includes capital, operating, and sustaining expenditures, categorized into mining, processing, and general and administrative (G&A) activities. These costs are derived from historical data and adjusted for future production schedules and market conditions.

The economic analysis incorporates the taxation and royalty obligations applicable to the San Andrés Mine, which significantly influence the Mine's financial metrics. Key considerations include:

SLR has reviewed and relied upon Aura’s calculation of taxes and royalties as applied in the cash flow model.

Total taxes and royalties combined total approximately US$113.7 million over the LOM.

SLR prepared a Life-of-Mine (LOM) unlevered after-tax cash flow model to confirm the economic viability of the San Andrés Mine for the period 2025–2029. The analysis applies a discounted cash flow (DCF) method considering LOM production, annual processing tonnages, gold grades, metallurgical recovery, consensus gold prices (CIBC Analysts Consensus

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Commodity Price), operating and sustaining capital costs, closure and reclamation costs, and Honduran taxes and royalties.

A base discount rate of 5% was assumed, aligning with Aura Minerals' corporate guidance. Given the current operating status of the San Andrés Mine, calculations of internal rate of return (IRR) and payback period are not applicable, as there are no substantial initial investments to recover.

To validate Mineral Reserves, the economic analysis demonstrates robust viability using both the consensus forecast gold prices averaging US$2,531/oz (2025–2029) and a conservative gold price of US$2,000/oz.

A summary of the results of the Mine’s Base Case cash flow analysis at Analysts Consensus Commodity prices for the LOM is presented in Table ‎1-1.

Table ‎1-1: After-Tax Cash Flow Summary

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Although Minosa has historically recovered silver as a byproduct of gold production, silver revenue is not considered in the pit optimization or the economic analysis presented in this report. The contribution of silver to total revenue is minimal, and it does not impact the estimation of Mineral Resources, Mineral Reserves, or cash flow projections.

Project risks can be identified in both economic and non-economic terms. Key economic risks were examined by running cash flow sensitivities:

Pre-tax NPV sensitivity over the base case has been calculated for variations.

The sensitivity analysis highlights that the gold price, recovery and head grade are the most influential factors affecting project economics, as even moderate changes significantly impact the NPV.

Variations in operating costs show a less influence but still strong correlation with project value, reinforcing the importance of maintaining cost efficiency and optimizing metallurgical performance. Sustaining Capital costs, while important, have a relatively lower impact on NPV compared to other variables.

This analysis highlights the importance of maintaining operational efficiency, ensuring metallurgical recoveries remain within expected ranges, and monitoring market conditions for potential gold price fluctuations.

The San Andrés Mine is located in the Department of Copán, within the Municipality of La Unión, Honduras. It is situated approximately 210 km southwest of San Pedro Sula, the second-largest city in Honduras, and 340 km west of Tegucigalpa, the capital city. The geographic coordinates of the property are 14.76° North latitude and 88.94° West longitude, based on the WGS84 datum.

The Mine is part of the western Interior Highlands topographical province, characterized by moderate relief and steep slopes. The elevation ranges from 750 metres above sea level (masl) to 1,300 masl, with the mine area predominantly covered by short grasses and open pine and oak forests.

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Average annual precipitation ranges between 1,300 and 1,500 mm (Aquagea 2020). Rainfall occurs during winter from May to November. The highest monthly rainfall recorded was 551 mm in August 1995. The 2-year, 10-year, and 100-year precipitation events were calculated to be 81 mm, 121 mm, and 216 mm respectively. April and May are typically the warmest months. Monthly temperatures range from 15°C in January to 25°C in May. Mean annual relative humidity is 82%. The San Andrés Mine can operate year-round. While occasional delays may occur during the wettest months, particularly due to heavy rainfall, these typically result in no more than a 6% reduction in productivity and do not materially impact overall operations.

The property is located within the Río Lara catchment basin, with key watercourses including Quebrada de San Miguel, Quebrada del Agua Caliente, and the Río Lara itself. These streams flow year-round and contribute to the hydrology of the region.

Access to the site is reliable year-round via paved highways and secondary gravel roads. The primary routes connect the Mine to nearby towns such as Santa Rosa de Copán, a regional hub, and San Pedro Sula, providing logistical support for supplies and personnel.

The Mine’s infrastructure includes power, water, communication systems, and processing facilities, supporting continuous operation. Community engagement programs and environmental management plans are integral to its operations, ensuring sustainable coexistence with the surrounding region.

Minosa holds three mineral concessions officially granted by INHGEOMIN (Instituto Hondureño de Geología y Minas): San Andrés I, San Andrés III, and San Andrés IV.

San Andrés III (864 hectares) and San Andrés IV (994 hectares) are exploration concessions valid for 10 years, granted in 2020 and expiring in 2030, expanding the Property’s exploration potential by a total of 1,858 hectares. Upon Minosa’s notification to INHGEOMIN, exploitation activities can be initiated in these areas under applicable procedures.

Surface rights over the concessions are secured through various mechanisms:

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Minosa’s legal rights include access, surface use, water use, and rights of way, as established in Article 53 of the Honduran Mining Law. These include:

Minosa confirms that there are no legal disputes, judicial claims, or third-party agreements currently in place that could materially affect its land tenure or the operation of the San Andrés Mine. The project area is not inhabited by Indigenous or Afro-descendant peoples protected by international treaties, and no claims have been filed against the concession or related land parcels.

In areas overlapping with the community of Azacualpa, including parts of the urban center, Minosa must acquire land rights via negotiation or lease with private landowners. For forested areas, timber cutting permits must be obtained from the relevant environmental authority (Instituto Nacional de Conservación Forestal – ICF) in addition to the environmental license.

The San Andrés Mine has a long history of gold production, transitioning from small-scale artisanal mining to a modern, mechanized operation over several decades.

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The historical evolution of the San Andrés Mine highlights its strategic importance as a gold producing asset in Honduras and a cornerstone in Aura Minerals’ operational portfolio. Ongoing exploration, concession management, and stakeholder engagement ensure the continued sustainability and legacy of the operation.

The gold deposits at the Mine are hosted within Tertiary-aged felsic volcanic flows, tuffs and agglomerates, thick inter-bedded silica breccias, primarily containing volcanic fragments and tuffaceous sandstones. These volcanic units occur on the south (hanging wall side) of the San Andrés Fault. The fault strikes west-east and dips at 60° to 70° south and it marks the northern boundary of the Water Tank Hill and East Ledge pits. The fault forms the contact between the Permian phyllites (metasediments) to the north and the volcanic units on the south. Mineralisation within the phyllites is limited to the Buffa Zone where quartz carbonate veining is proximal to the San Andrés Fault. South of the Mine area, where there is no alteration, the volcanic and sedimentary rocks have a distinctive hematite brick red color; in the Mine area, they have been bleached to light buff yellow and grey colors due to alteration. The younger volcanic and sedimentary units typically have a shallow to moderate southerly dip and thicken to the south of the Mine area.

Structurally, the Mine area is transected by a series of sub-parallel, west to northeast-striking faults that are typically steeply dipping to the south and by numerous north and northwest-striking normal faults and extension fractures. The most prominent fault of the first set is the San Andrés Fault. The San Andrés Fault is parallel to, and coeval with, a major set of west to north-northeast trending strike-slip faults that form the Motagua Suture Zone, which is continuous with the Cayman Trough. The Motagua Suture Zone and the Cayman Trough result from the movement between the North American plate and the Caribbean plate. The direction of movement along these strike-slip faults, including the San Andrés Fault, is left lateral.

The normal faults and extension fractures occur within the volcanic and sedimentary units on the south side of the San Andrés Fault. Average strike of these structures is N25°W; dip is 50° to 80° to the southwest and northeast, forming grabens where the strata are locally offset. These faults and fractures are generally filled with banded quartz and blade calcite and have formed focal points the alteration and mineralisation fluids within the Mine area. These extensional structures are distributed over a wide area, from the East Ledge open pit to Quebrada Del Agua Caliente, approximately 1,500 m to the east, and from the San Andrés Fault, for at least 1,200 m south and are coeval with the strike-slip faults.

There are abundant occurrences of hot springs throughout Honduras and hot springs occur within the immediate vicinity of the Mine. These geothermal systems are most likely caused by thin crust and high regional heat flow resulting from the rifting associated with the Suture Zone. The hot springs are neutral to alkaline in pH and range in temperature from 120°C to 225°C. The high-temperature springs are currently depositing silica sinter with cooling. Structurally, the hot springs are associated with the northwest-trending extensional faults and fractures. The San Andrés deposit is classified as an epithermal gold deposit associated with extension structures within tectonic rift settings. These deposits commonly contain gold and silver mineralization,

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which is associated with banded quartz veins. At the Mine, however, silver does not occur in significant economic quantities. Gold occurs in quartz veins predominantly comprised of colloform banded quartz (generally chalcedony with lesser amounts of fine comb quartz, adularia, dark carbonate, and sulphide material). The gold mineralization is deposited as a result of the cooling and interaction of hydrothermal fluids with groundwater and the host rocks. The hydrothermal fluids may have migrated some distance from the source; however, there is no clear evidence at the Mine that the fluids or portions of the fluids have been derived from magmatic intrusions.

The rocks hosting the San Andrés deposit have been oxidized near surface as a result of weathering. The zone of oxidation varies in depth from 10 m to more than 200 m, and in the main area is approximately 100 m. The zone of oxidation is generally thicker in the East Ledge deposit compared to the Twin Hills deposit. In the oxide zone, the pyrite has been altered to an iron oxide such as hematite, goethite, or jarosite. The oxide zone generally overlies a zone of partial oxidation, called the mixed zone, which consists of both oxidized and sulphide material. The mixed zone may not occur continuously, but where it is present, it reaches thicknesses that vary in depth from 0 m to over 100 m, averaging 50 m, below the zone of oxidation. The gold is commonly associated with sulphide minerals such as pyrite. The sulphide, or “fresh”, zone lies below the mixed zone. The gold contained in the oxide zone is amenable to extraction by heap leaching using a weak cyanide solution. The gold recovery is reduced in the mixed zone as a result of the presence of sulphide minerals, and the gold cannot currently be recovered economically from the sulphide zone by heap leaching.

Exploration Since Aura’s acquisition of Minosa on August 25, 2009, exploration activities at the San Andrés Mine have included property-scale geological mapping, road cut channel sampling, geochemical characterization, and geophysical surveys, all conducted by Minosa personnel. In 2010 and 2011, geological mapping and channel sampling were completed in adjacent areas, accompanied by a reverse circulation (RC) drilling program.

District-scale prospecting efforts focused on the San Andrés III and IV concessions, where detailed mapping, systematic sampling, and geochemical characterization were conducted. Initial results from this phase indicated strong potential for deeper mineralization. Exploration efforts in 2022 concentrated on reevaluating regional targets to refine the 2023 program. Geochemical sampling, including soil and rock analyses, was conducted in San Andrés IV during the first half of 2022. Additionally, an aeromagnetic survey covering approximately 4,435 hectares was carried out using drones. The survey identified key structural features interpreted as primary controls on mineralization, aiding in the definition of future exploration targets. No exploration activities outside the San Andrés property have been identified. Key findings are listed:

Since 2022, exploration activities have been focused on the San Andrés Mine. In 2022, RC drilling totaled 3,459 m across 34 holes and diamond drilling 2,507m in 19 drill holes, aimed at increasing confidence and filling structural gaps in the alteration models. In 2023 and ,

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exploration efforts targeted the continuity of historical high-grade sulphide mineralization. A total of 1,988 m was drilled in seven diamond drill holes at Esperanza Alto and Esperanza Bajo, while 10,842 m were drilled across 163 RC drill holes in the main corridor. In 2024, exploration was focused on infill drilling in the main high-grade corridor of Esperanza Alto and Esperanza Bajo, as well as refining the oxide-mixed-sulphide boundary. In 2024, a total of 3,143 m in 19 diamond drill holes and 12,224 m in 158 RC drill holes were drilled

The Mineral Resource estimate was prepared by the Minosa team and supervised and accepted by SLR. Mineral Resources have been classified in accordance with the definitions for Mineral Resources in S-K 1300. Mineral Resources are reported exclusive of Mineral Reserves.

The Mineral Resources are based on all available drill hole data as at September 18, 2024, and are reported below the estimated topography for EOY2024.

The Mineral Resources Sulphide material was excluded, and an Agua Caliente River exclusion zone (50 m) was applied.

The database and block models were supplied to SLR and included geological and block models as a Leapfrog Edge project that contains the main parameters and assumptions used to estimate Mineral Resources. SLR used Leapfrog Edge, Supervisor, and Vulcan software for statistical review, geostatistical analysis, block model visualisation, validation, and reporting.

The Minosa team supplied to SLR the previous resource block model, production block model, and reconciliation report, which SLR used in the validation process. Also, SLR generated an internal production block model for validation propose.

The San Andrés Mine Mineral Resources exclusive of Mineral Reserves are estimated to be 1.46 million tonnes (Mt) of Measured Mineral Resources at 0.34 g/t Au, 24.22 Mt of Indicated Mineral Resources at 0.40 g/t Au, and 8.55 Mt of Inferred Mineral Resources at 0.45 g/t Au, using a long term US$2,200 gold price reported at a cut-off grade of 0.187 g/t Au for oxide material and 0.291 g/t Au for mixed material. have an effective date of December 31, 2024. Table ‎1-2 summarizes the San Andrés Mine Mineral Resource estimate, exclusive of Mineral Reserves, as of December 31, 2024.

Table ‎1-2: Summary of Mineral Resource Estimate – December 31, 2024

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The SLR QP is of the opinion that with consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

The Mineral Reserve estimates for the San Andrés Mine, as of December 31, 2024, were prepared using the Pseudoflow optimization methodology, and were prepared in accordance with S-K 1300.

The estimated Proven and Probable Reserves total 30.66 Mt at an average grade of 0.44 g/t Au, containing 429,187 ounces of gold, comprising:

Mineral Reserves are estimated using cut-off grades that are differentiated by material type. The cut-off grade for oxide material is 0.215 g/t Au and for mixed material is 0.334 g/t Au.

Modifying factors, including geotechnical, environmental, and economic considerations, were applied to support reserve classification.

The key parameters used in estimating Mineral Reserves are listed:

The Pseudoflow methodology integrates a detailed block model with operational and economic constraints to generate practical pit designs and production schedules. This approach ensures that reserve estimates are optimized for both economic viability and operational feasibility.

The Mineral Reserve estimate, effective as at December 31, 2024, is summarized in Table ‎1-3.

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Table ‎1-3: Summary of Mineral Reserve Estimate – December 31, 2024

The SLR 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.

The San Andrés Mine utilizes conventional open-pit mining methods, including drilling, blasting, loading, and hauling. Selective mining is applied where practical to improve ore recovery and reduce dilution. Grade control practices are consistent with good industry standards, ensuring effective ore classification and minimizing material misallocation. The key aspects of the mining methods and operation are outlined below:

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The San Andrés Mine employs heap leaching for the recovery of gold from mined material. The processing facilities include two stages of crushing and screening, drum agglomeration, HLPs, an ADR plant for recovering the gold from solution, and gold-silver doré casting.

The Mine produces approximately 7 Mtpa of ROM material using conventional drilling, blasting, loading and haul truck transportation. The LOM production plan includes 7.6 Mt of material

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placed during 2025, 7.3 Mt in 2026, 2027 and 2028 and 1.6 Mt in 2029 for a total of 30.7 Mt. The material is mined and transported by haul truck to either the WRSFs or to the primary crushers for processing. The ore is direct dumped into the feed hoppers of two primary crushers operating in parallel. The primary crushed ore is conveyed to an intermediate stockpile. The ore is drawn from the stockpile from three draw points beneath the pile with feeders which discharge onto a conveyor that delivers the ore to secondary crushing. Lime and cement are added to the secondary crushed product on the conveyor and the material is conveyed to two drum agglomerators operating in parallel. Pre-cyanidation is practiced, dosing sodium cyanide on conveyor 8 after the agglomeration drums. The agglomerated material is conveyed to the HLP where it is placed using conveyor stackers. The placed material is leached with cyanide solution for a period of 60 days during which time, cyanide-soluble gold is dissolved into solution. After the first leach cycle the leached panel of material is allowed to rest and the entrained solution drains out of the material. After draining, a new lift of material will be stacked over the leached material and the process will be repeated.

The activated carbon in columns method (CIC) is used to recover the gold and silver from solution. Gold and silver are adsorbed onto the carbon until the carbon is loaded to capacity. The loaded carbon is transferred to the adsorption, desorption, regeneration (ADR) plant where the gold and silver are eluted from the carbon with a solution of caustic soda and alcohol under conditions of high temperature and pressure. The eluate is then passed through electrowinning circuits, and the gold and silver are recovered in the stainless steel mesh cathodes and precipitated sludge in the cells. The precious metal sludge is recovered from the cells, dried and retorted for mercury removal and recovery and smelted in a furnace to produce doré metal ingots for sale.

The eluted or stripped carbon is then regenerated in a high temperature kiln and returned to the carbon adsorption column circuit to adsorb more gold.

The Mine currently has infrastructure to supports its current operations and the LOM plan. Infrastructure includes water supply systems; energy supply via connection to the Honduran national power grid; on-site access roads; camp facility with capacity for 45 persons for contractors or visiting personnel; communications network including optical fiber, radio, and cellular services; and on-site warehousing, maintenance buildings and offices.

The primary commodity produced at the San Andrés Mine is gold, which is freely traded on global markets. Aura does not have specific sales contracts and foresees no material concerns regarding marketability. Gold doré produced at the mine is refined and sold primarily through global precious metal markets, characterized by transparency, liquidity, and benchmarking against the London Bullion Market Association (LBMA) gold price.

The economic analysis presented in this report incorporates gold price forecasts from the CIBC Analysts Consensus Commodity Price, specifically:

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For strategic planning purposes beyond 2029, a long-term consensus price of US$2,212 per ounce is assumed.

Mineral Reserves were initially estimated using a conservative gold price of US$2,000 per ounce, with economic viability confirmed at this lower price.

Key market outlook highlights include:

Analysts forecast sustained strong demand for gold, supported by macroeconomic uncertainty, inflation concerns, geopolitical risks, and consistent central bank purchasing.

Stable-to-positive gold price forecasts are bolstered by limited anticipated growth in global gold production.

The San Andrés Mine is well-positioned to benefit from favorable projected market conditions. Aura Minerals maintains no long-term off-take agreements, allowing the Mine full flexibility to capitalize on advantageous spot market conditions

The Mine has established agreements with contractors and suppliers to support its operational needs. These include:

SLR based its review on a desktop review and a site visit, including interviews with key environmental, social, and mining staff from Minosa.

Baseline Environmental Studies

The environmental impact assessment (EIA) (SRK 1998)  provides a detailed description of the baseline environment. It should however be noted that exploration and mining in the area and at site occurred from the 1930s through 1976, and the property was acquired by Minerales de Copán in 1983.

Acid base accounting (ABA) and metal leaching tests were conducted on ore, including spent ore, and waste rock samples. Results showed that there is limited potential for acid generation from ore samples, and that drainage from spent ore could contain low concentrations of aluminum, arsenic, and calcium.

There are no protected areas in the vicinity of the site. The closest protected areas are Protected Area Erapuca (wildlife refuge), located 8.5 km to the southwest of Minosa site, and National Park Montana de Celaque, located 27 km southeast of the Minosa Site.

Permitting

The Mine obtained the mining concession for San Andres I (355 ha) in 1983 issued by Instituto Hondureño de Geologia y Minas (INHGEOMIN). The Mine's first environmental impact assessment (EIA) was completed in 1998. An initial environmental permit was issued in 2001

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for the total project area (355 ha polygon). In addition, Aura has obtained secondary environmental licences (most of them, Operational Environmental Licences) for various/small polygons within the original permitted polygon.

Aura understands that this initial environmental permit (issued for the 355 ha polygon) is considered to be the overall lifetime environmental licence for the site (Aguilar Castillo Love 2024), and covers both the secondary environmental licences and the Buffa Zone. Aura submitted a request to the environmental authority to confirm if that is the case. SLR understands that Aura is still waiting for the outcome of this administrative process. In the meantime, Aura obtained recently (January 2025) the permit to cut the trees in the Buffa Zone, supporting Aura’s understanding related to the environmental lifetime licence. Furthermore, Aura's legal counsel indicates that in Honduras there is a positive administrative silence for environmental matters (as per the Administrative Procedure Law – Decree 152-87). This means that if the environmental authority does not approve/deny the request for the renewal of an environmental permit within the legal timeframe established as per the regulation, the principle of positive administrative silence applies, and the public administration is obliged to recognize the favourable legal effects of the submitted application.

For exploration, Aura has mining and environmental permits for the areas identified as San Andrés III and San Andrés IV. Furthermore, Aura understands that exploration for San Andres I (covering the 355 ha polygon) is also allowed. Minosa has five wastewater discharges to the environment. The Mine has requested the wastewater discharge registration for one of them, identified as effluent discharge TDP6 (effluent from the HLP area) in March 2022. On September 15, 2022, Minosa and the National Environmental Impact Assessment Evaluation System (SINEIA, integrated by Centro de Estudios y Control de Contaminantes, CESCCO, INHGEOMIN and Minosa) signed the updated Provisional Protocol for Wastewater Discharge for this effluent discharge. Minosa understands based on the discussion with the regulators that this Protocol is the discharge authorization for this effluent discharge.

It appears that Minosa does not have enough capacity in the HLP area to manage the LOM projected material (Section ‎15.1). Therefore, additional permitting planning should be required.

Mitigation measures were specified by the Secretariat of Natural Resources and Environment (now MiAmbiente) to manage environmental impacts when approving the various secondary environmental licences. In addition, Aura has several environmental operating procedures in place.

Social Aspects

The area of influence (AOI) or surrounding communities that may interact with the Mine and its facilities include Azacualpa, San Andrés, San Miguel, Platanares, Ceibita, and El Equin located within or near the mining concession. Labour is sourced locally from the surrounding communities. Educational, medical, recreational, and shopping facilities are available in the Mine area. Management and specialized staff are sourced locally or internationally as required and available. Minosa engagement activities focus on providing these communities benefits through employment, local procurement, and social investment programs. These communities are mainly agricultural communities dedicated to coffee planting. Income is mainly from farming and mine-related activities (i.e., temporary and permanent employment and local procurement).

A municipal cemetery used by the communities was located adjacent to the existing pit. Due to geotechnical stability concerns and the strategic position of the cemetery for the Mine, an agreement with the communities in 2012 allowed for the relocation of this cemetery. Minosa signed agreements with communities to relocate the cemetery in 2015. A few families opposed

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the relocation of their ancestors’ remains, which concluded with a Judicial Resolution ordering Minosa to complete the relocation. Minosa compensated all the affected families and fulfilled all the obligations per the agreements signed, and the relocation of the cemetery was completed in 2021. As part of the compensation process, Aura provided some houses/lots to these affected families in a new area called Nueva Azacualpa located around five kilometres to the southeast of the site.

Minosa has signed collaboration agreements with the direct AOI communities. It executed agreements with Azacualpa (2012), San Andrés (2012), and San Miguel (2021). These collaboration agreements seek to provide financial support to direct AOI communities through social investments in areas related to education, health, housing, and employment.

Managing high expectations from surrounding communities is one of the key social risks for Minosa. Communities have expressed concerns about pollution, noise, changes in land use, biodiversity loss and social conflicts, including blockades (Aura 2023a). SLR understands that to manage these risks, the Project has established dialogue tables with representatives from the central government, municipalities, local government, local companies, and Minosa to discuss topics related to the management of environmental impacts. Minosa also meets biweekly with the representatives of the AOI’s communities to monitor Mine-related effects and commitment implementation (Aura 2022).

Aura achieved the Socially Responsible Company Seal from the Honduran Foundation for Corporate Social Responsibility, awarded to companies that achieve a minimum score of 80% in the analysis of seven environmental and social governance (ESG) topics (i.e., governance, human rights, labour practices, fair operational practices, environment, consumer-related issues, and active community participation).

SLR understands that no Indigenous Peoples are identified within the AOI of Minosa (Aura 2023).

Mine Waste, Water Management and Monitoring

Waste rock material is used for backfilling at Twin Hills pit or is deposited in the Twin Hills North Waste Rock Pile/Cerro Cortes Waste Rock Pile. The waste rock storage facilities (WRSF) do not show significant movements (TerrasarX radar), there are no relevant observations related to topographic monitoring (prisms), and the inclinometers were reported as damaged (Aura 2024a).

The Mine completes environmental site monitoring regularly. As part of the monitoring, water quality, air quality monitoring, noise monitoring, and terrestrial ecology monitoring are completed.

Minosa has undertaken a review of the water management system for the HLP, mostly focused on the capacity of the six ponds. The main findings of a draft report (SRK, 2024) indicated that i). operational practices should be amended to always maintain the design freeboard, ii). the current system has insufficient capacity to store the runoff resulting from the 1 in 100 years, 24-hour duration rainfall storm event, iii). the minimum pond volume recommended to replace Pond 5 is 400,000 m³, iv). approximately 20% to 30% of the HLP surface area cannot be expanded, and therefore, it is recommended that progressive closure of that area be initiated to reduce the volume of excess water to be treated and discharged, and v). installation of raincoats to reduced volume of water is recommended. SLR understands that this report is ongoing, and the final conclusions, and associated action plan are still to be determined.

A hydrologic assessment conducted by an external consultant in 2020 (Aquagea Consultores 2020) proposed the development and implementation of a water management plan for

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integrated management of surface runoff. Based on the review completed, Aura has established an ongoing action plan, and constructed to date 10,500 metres of channels, 30 culverts, and a lining of  3,300 m of channels.

Surface water quality and groundwater quality monitoring is undertaken. It appears there are 18 surface water quality monitoring locations at sedimentation ponds, natural watercourses and points established for monitoring of acid rock drainage. The procedure lists a total of 33 groundwater quality monitoring locations encompassing piezometers and French drain outlets from WRSFs. According to ICMA reports prepared by Aura, exceedances have been identified from time to time through the water quality monitoring program. SLR is not aware of any non-compliance expressed by the environmental authorities regarding water quality.

Closure

Aura has a 2024 Closure Plan compiled by Consultoría e Ingeniería Félix (CIFE) which was submitted to the regulator but has not yet been approved. Progressive closure is incorporated into the mine plan, with two years of active closure after mining and processing cessation and three years of post-closure monitoring planned. The Closure Plan states that it includes direct and indirect costs for physical closure and the treatment, monitoring and maintenance of water, as established by the regulatory authorities and in accordance with the Mine Closure Regulations. The amount was calculated to be $31,371,695. The SLR QP makes no conclusions as to the adequacy of the closure cost estimate.

There are currently requirements under Honduras legislation for closure financial provisions (General Mining Law, Section 30, and Closure Planning Regulation, section 44-45). However, it is SLR's understanding that the closure financial provision has to be established once the closure plan is approved, which has not happened.

All costs are expressed in Q3 2024 US dollars and are based on an exchange rate of HNL$ 25.5 (Honduran Lempira) per US$1.00.

The capital costs required to achieve the San Andrés Mineral Reserve LOM production were estimated by Aura and reviewed by the SLR QP to ensure alignment with the remaining life-of-mine (LOM) plan and operational strategy.

The capital cost estimate for the LOM period (2024-2029) includes sustaining capital required to maintain production and infrastructure (totalling approximately US$7.3 million) and development capital associated with potential future expansion or future resource conversion (approximately US$15.3 million), which is excluded from the financial analysis.

The Mine’s all-in sustaining cost (AISC) is estimated at US$1,272 per ounce of gold, with annual variations based on production levels and sustaining capital requirements.

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Operating Costs were also estimated by Aura based on historical mine performance, current contractor agreements, and projected cost trends. The SLR QP reviewed the estimates for reasonableness and consistency with industry benchmarks.

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SLR Consulting (Canada) Ltd. (SLR) has been retained by Aura Minerals Inc. (Aura) to prepare this independent Technical Report Summary (TRS) for the San Andrés Mine (San Andrés or the Mine), located in the Department of Copán, Honduras. The purpose of this TRS is to disclose the Mineral Resource and Mineral Reserve estimates for the San Andrés Mine as of December 31, 2024, and to a support a listing on the New York Stock Exchange (NYSE) by Aura. This TRS conforms to the SEC’s Modernized Property Disclosure Requirements for Mining Registrants, as outlined in Subpart 229.1300 of Regulation S-K (Disclosure by Registrants Engaged in Mining Operations, commonly referred to as S-K 1300) and Item 601(b)(96) Technical Report Summary.

Aura Minerals Inc. is a publicly listed company on the Toronto Stock Exchange (TSX) and operates as a diversified gold producer in South and Central America.

The San Andrés Mine, located approximately 210 km southwest of San Pedro Sula, Honduras, is an open-pit, heap leach operation that has been in production since 1983. The Mine is 100% owned by Aura’s subsidiary, Minerales de Occidente, S.A. de C.V. (Minosa). The Mine has all the required infrastructure to support current operations and has actively managed its community engagement efforts. In 2024, the Mine produced 78,372 ounces of gold and 9,644 ounces of silver.

This TRS documents the current Mineral Reserve and Mineral Resource estimates for the San Andrés Mine as of December 31, 2024, including economic analyses to support the Mineral Reserve estimates. The economic analysis contained herein is based on Proven and Probable Mineral Reserves and associated modifying factors. This TRS updates the NI 43-101 Technical Report prepared by Aura filed on SEDAR, which had an effective date of December 31, 2013, referred to as the 2014 Technical Report (Aura 2014).

This TRS has been prepared by SLR qualified persons (QPs) using data provided by Aura, historical technical reports, and independent assessments conducted by SLR. The primary data sources include:

Key references are cited throughout this report, and all significant information has been validated during the preparation process.

This is the initial TRS for the San Andres Mine. Aura previously filed NI 43-101 Technical Reports in Canada, available on SEDAR with effective dates including December 31, 2013 (Aura 2014) and most recently March 31, 2025 (Aura 2025).

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SLR QPs visited the Mine from October 21 to 24, 2024. The purpose of the visit was to validate the data, observe mining operations, and assess the current state of the Mine to ensure the accuracy of this TRS.

The findings from this visit have been incorporated into the report to ensure that it reflects the current operational and environmental conditions of the San Andrés Mine.

During the preparation of this TRS, discussions were held with personnel from Aura and Minosa:

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The Mineral Resources and Mineral Reserve estimates, operating costs, sustaining capital expenditures, mine plan, and assessments of environmental and social developments presented herein remain unchanged from the most recent NI 43-101 Technical Report (Aura 2025).

The primary updates incorporated into this TRS, relative to the previous NI 43-101, is the integration of updated economic assumptions, specifically consensus metal price forecasts (CIBC Analysts Consensus Commodity Price).

The documentation reviewed, and other sources of information, are listed at the end of this TRS in Section 24.0 References.

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Units of measurement used in this TRS conform to the metric system. All currency in this TRS is US dollars (US$) unless otherwise noted.

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The Mine is located in the Department of Copán in the interior highlands of western Honduras, approximately 210 km southwest of the city of San Pedro Sula within the Municipality of La Unión (Figure ‎3-1). The property is centered on latitude 14.76° North (UTM 1,632,640 m North) and longitude 88.94° West (UTM 291,085 m East).

The San Andrés Mine is located in the interior highlands of western Honduras, within the Department of Copán and the Municipality of La Unión. The mine site is situated approximately 210 km southwest of San Pedro Sula and 340 km west of Tegucigalpa, the capital of Honduras. The geographic coordinates of the Project are approximately 14.76° North latitude and 88.94° West longitude, placing it in a region of moderate elevation and accessible terrain (WGS84 datum). Figure ‎3-1 shows the location of the Mine.

The Mine is located near several communities, which provide labor, services, and infrastructure support to the operation:

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Figure ‎3-1: Location Map

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Figure ‎3-2: Site Location

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The San Andrés Mine property and associated mineral rights are held by Minosa, a wholly owned subsidiary of Aura. Minosa maintains the necessary mineral exploitation and exploration concessions, as well as surface rights, to support ongoing mining and processing activities.

The San Andrés I (SA I) mining concession covers an area of 355 hectares (3.55 km²) and was originally granted on January 27, 1983, to Compañía Minerales de Copán, S.A. de C.V (Minerales de Copán). The concession was later expanded and formalized in 1997, under the ownership of Greenstone Resources Ltd. (Greenstone), reaching its current area. The San Andrés I concession (SAI) is currently held by Minosa (Minerales de Occidente S.A. de C.V.) and was officially renewed in 2021 for a period of 30 years, extending its validity until 2051. This renewal was granted under the administrative mechanism of Afirmativa Ficta, as permitted by the Honduran Ley de Procedimiento Administrativo. The concession encompasses the area containing the current Mineral Resource and Mineral Reserve estimates.

To maintain the validity of the SAI concession, Minosa is required to pay an annual concession fee (canon territorial), in accordance with applicable Honduran mining regulations.

To support future exploration and potential expansion, Minosa submitted applications for five additional contiguous mining concessions in May 2002:

Minosa holds valid and active exploration rights for SAIII and SAIV, both authorized by INHGEOMIN for a 10-year period, with the ability to initiate exploitation activities upon formal notification to the authority. Applications for SAII, SAV, and SAX remain under review, with Minosa retaining preferential rights to these areas pending official resolution.

The combination of the SAI concession and the adjacent granted and requested areas creates a contiguous land package that secures long-term mineral tenure for current and future operations at the San Andrés Mine.

Minosa confirms that all mining concessions are held in accordance with Honduran law and are supported by appropriate environmental and operational permits, including a lifetime environmental license. The company has also confirmed, through legal counsel, that there are no outstanding legal disputes, encumbrances, or community access agreements that would materially affect the status or use of these concessions (Minosa 2025).

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Figure ‎3-3: Mineral Concessions Map

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Minosa holds approximately 40% of the surface rights within the San Andrés I concession. The remaining land comprises government-owned property and community ejido lands, for which Minosa has secured access rights under the provisions of the Honduran Mining Law. Agreements with local communities, such as San Andrés, San Miguel, Platanares, and Azacualpa, ensure access to areas required for mining activities.

Minosa also privately owns surface rights for key infrastructure located outside the mining concession, including the secondary crusher, agglomerators, leach pad, and carbon-in-column (CIC) – adsorption, desorption and recovery (ADR) plant. Surface rights for the expansion of the leach pads and open-pit operations have been acquired, with additional negotiations in progress as part of the Mine’s long-term development plan.

The San Andrés Mine operates under the Honduran General Mining Law (Decree 238-2012), which stipulates royalty payments and other taxes as follows:

These royalty and tax obligations are integrated into the financial models of the Mine and ensure compliance with national legislation while contributing to regional and national development programs.

The granting of mining concessions, surface rights, and associated royalties is governed by the General Mining Law (Decree 238-2012) and its regulations, under the supervision of the INHGEOMIN. All mining activities also require compliance with the General Law of the Environment (Ley General del Ambiente, Decree 104-93) and municipal permitting processes.

The San Andrés Mine operates in compliance with the Honduran General Mining Law (Decree 238-2012) and associated environmental regulations. The Mine holds all necessary permits for mining, processing, and associated activities, supported by approved Environmental Impact Assessments (EIAs) and Environmental Licenses. The current and future permitting requirements are summarized in Section 17.

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Minosa holds all necessary permits and approvals required to conduct current operations and the proposed work program.

There are no known unmitigated environmental liabilities on the property. All historical disturbances have been addressed through previously approved Environmental Impact Assessments (EIAs) and associated mitigation measures. The Environmental Management Plan (EMP) remains in place and actively monitors compliance with reclamation and control programs.

Minosa has obtained the necessary mining and environmental permits for current operations, including active pits such as Falla A Phase 2, Banana Ridge, and other designated areas. Environmental licenses are up to date or in the process of renewal, where applicable, to ensure compliance with Honduran environmental regulations and the General Mining Law.

Minosa maintains clear and undisputed title to the San Andrés mining concession (San Andrés I, 355 ha) and additional exploration concessions granted in 2021 (San Andrés III and IV). The land tenure framework includes surface rights agreements and access permissions secured through negotiations with local communities and Honduran authorities. Pending applications for the San Andrés II and San Andrés V concessions remain under review, with Minosa retaining first rights to these areas.

SLR is not aware of any significant legal, political, or technical risks that may adversely affect the:

While there are localized risks related to seasonal rainfall and slope stability, these are actively managed through geotechnical monitoring, water diversion systems, and established Trigger Action Response Plans (TARPs).

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The San Andrés Mine, located in the western highlands of Honduras, has distinct geographical and environmental characteristics that influence its operations and accessibility.

The Mine can be accessed by well-maintained highways and secondary roads, ensuring reliable year-round access:

The road network leading to the San Andrés Mine is fully accessible for passenger vehicles, heavy trucks, and mine-related equipment, which facilitates the transportation of materials, supplies, and personnel.

San Pedro Sula is served by Ramón Villeda Morales International Airport (SAP), providing daily flights to major destinations in the United States and Latin America. For Tegucigalpa, international flights are now routed through Palmerola International Airport (XPL) in Comayagua, approximately 80 km northwest of the city, while Toncontín Airport (TGU) primarily serves domestic flights. These airports ensure reliable access for personnel and supplies.

San Pedro Sula is also 40 km from Puerto Cortés, the main seaport in Honduras, located on the Caribbean Sea. Puerto Cortés facilitates the import and export of goods and materials required for the mine’s operations.

This infrastructure supports the transport of equipment, supplies, and personnel to and from the mine. The connectivity to both major urban centers and regional hubs, combined with proximity to international transport routes, ensures smooth logistical operations for the San Andrés Mine.

The Mine lies within the Interior Highlands of Honduras with a temperate climate. The nearest weather station is 18 km east of the Mine and data has been collected since 1953. The weather station has a similar elevation to the Mine.

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Average annual precipitation ranges between 1,300 and 1,500 mm (Aquagea 2020), and there are distinct wet and dry seasons that influence mining operations and planning.

· Figure 4-1 presents the seasonal rainfall trends at San Andres Mine, The average rainfall (solid line) accumulated over the course of a sliding 31-day period centered on the day in question, with 25^th to 75^th and 10^th to 90^th percentile bands. The thin dotted line is the corresponding average snowfall.

Figure ‎4-1: Seasonal Rainfall and Temperature Trends at San Andrés Mine

Source: Weatherpark.com 2025

The Mine enjoys moderate temperatures throughout the year.

Figure 4-2 presents the daily average high (red line) and low (blue line) temperatures, with 25^th to 75^th and 10^th to 90^th percentile bands. The thin dotted lines are the corresponding average perceived temperatures.

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Figure ‎4-2: Summary of Climatic Data for the San Andrés Mine (Monthly Averages)

Source: Weatherpark.com 2025

Annual evaporation varies between 825 mm and 1,296 mm, indicating a balance between rainfall and water loss through evaporation.

Wind blows predominantly from the north and is constant, with little variation. Average annual wind speed is 9.6 km/h. While not extreme, these conditions help mitigate heat buildup and ensure adequate ventilation around mining and processing areas. Honduras lies within a hurricane belt; however, the Mine location is generally unaffected (SRK 1998).

The heavy rainfall during the wet season occasionally limits accessibility and may delay certain mining activities. Historically, the Mine has observed a reduction of 6% in available production hours during the wettest months due to weather-related challenges.

The San Andrés Mine can operate year-round with minimal weather related disruptions.

The San Andrés Mine benefits from a network of local and regional resources that support its operations.

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The San Andrés Mine, operational since 1983, has the necessary infrastructure to support its mining activities. Key components include:

Power Supply:

Water Supply:

Facilities:

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The San Andrés Mine is located within the western Interior Highlands topographical province of Honduras, a region characterized by its mountainous terrain, moderate relief, and relatively steep slopes. The area is predominantly covered with short grasses and open forests of pine and oak, providing a mix of natural habitats and rugged landscapes.

The elevation across the mine site ranges from approximately 750 masl to 1,300 masl, with steep slopes and moderate overall topographic relief. These conditions influence both the hydrology and accessibility of the area, requiring careful engineering and environmental planning for mining operations.

The Mine lies within the Río Lara catchment basin, a regional watershed system. The Mine’s operational footprint represents only a small portion of this basin, and all streams and watercourses within the Mine's vicinity are perennial, flowing year-round. The principal drainages include:

These streams form an interconnected drainage network, ultimately discharging into the Río Higuito. This system emphasizes the importance of water management practices to ensure minimal environmental impact and compliance with regulatory standards.

The region’s vegetation, dominated by grasses and open woodlands, supports diverse ecological functions while providing areas for grazing and forestry. The natural cover also helps stabilize slopes and mitigates soil erosion in steeply sloped regions.

This physiographic setting plays an important role in shaping the mine's environmental management strategies and operational designs. The integration of hydrological studies and topographical planning ensures that the mine operates sustainably within this unique and rugged landscape.

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The San Andrés Mine has a rich history that reflects its role as a significant gold producer in Honduras. The mine has evolved from small-scale underground operations to a modern open-pit, heap leach operation.

The following historical ownership summary is based on prior technical reports prepared for the San Andrés Mine (Aura 2014). While the core content remains unchanged, certain details have been updated to reflect newly available information and to ensure consistency with the current report.

The San Andrés area is reported to be the site of the first Spanish gold discovery in Honduras, with initial production commencing in the early 1500s. For centuries, efforts to exploit small gold deposits hosted in quartz veins were undertaken, resulting in the development of adits, drifts, shafts, declines, and prospect pits, many of which remain visible today. Local populations extensively mined the streams in the area for placer gold (Malouf 1985).

Exploration during the 1930s and 1940s was carried out in the property area by various companies, including Gold Mines of America and the New York and Honduras-based Rosario Mining Company (Rosario). These efforts included the development of over 3,140 m of underground drifts and cross-cuts within zones of epithermal quartz veins and quartz stockwork. During this time, Gold Mines of America operated a small amalgamation plant between 1936 and 1937.

In 1945, the property was acquired by the San Andrés Mining Company, which was subsequently purchased by the New Idria Company (Malouf 1985). New Idria installed a cyanide circuit with a capacity of 200 short tons per day in 1948, transporting all equipment by air to an airstrip located at Platanares. Over the years, approximately 300,000 short tons of surface ore and 100,000 short tons of underground ore, averaging 5.8 g/t gold, were mined and milled by New Idria. In 1949, the San Andrés operation pioneered the use of carbon-in-pulp (CIP) technology to recover gold and silver using granular carbon. However, logistical challenges, high underground mining costs, and insufficient air travel support caused the operation to cease by 1954.

In 1969, exploration in western Honduras, including the San Andrés property, was restricted by the Honduran Government and the United Nations for study purposes, effectively halting activities in the area. This restriction covered 10,800 km² and was lifted in 1974, reopening the region to exploration (Malouf 1985).

An exploration permit was granted in 1974 to Minerales, SA de CV (MINSA), a subsidiary of Noranda. MINSA entered a joint venture with Rosario to conduct soil sampling, mapping, and trenching to identify a large, disseminated, open-pit gold deposit. These activities indicated a resource potential of approximately 20 million short tons grading 2.83 g/t gold (Malouf 1985). However, changes in Honduran tax laws in 1976 forced MINSA to abandon the concession. In 1983, Compañía Minerales de Copán, SA de CV (Minerales de Copán) acquired the property following a tax law revision. Minerales de Copán installed a small-scale heap leach operation with a capacity of 60 short tons per day, employing 170 local residents in a rudimentary operation involving shovels and wheelbarrows.

In 1993, Fischer-Watt Gold Company Inc. (Fischer-Watt) took an interest in the property as part of a Honduran grassroots exploration program, acquiring an option from Minerales de Copán.

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After conducting additional mapping and sampling programs with promising results, Fischer-Watt transferred the option to Greenstone in 1994. Greenstone exercised the option in 1996, acquiring over 99% ownership of Minerales de Copán. Feasibility studies initiated in 1996 culminated in a 1997 plan to mine the Water Tank Hill deposit, expand the existing open-pit mine, and construct new heap leach facilities. Additional infrastructure included a conveyor system, waste rock disposal areas, spoils piles, haul roads, and a landfill. This project required relocating the village of San Andrés. Proposed production was set at 2.1 million tonnes per annum (Mtpa) of ore, with a mine life of seven years. Infrastructure was designed to process more than 3.5 Mtpa of ore and waste.

Mining operations were suspended in May 1997 to focus on construction. Key developments included improvements to access roads, the construction of leach pads and spoils piles, and the relocation of the village. The Secretary of State in the department of the Environment (Secretaría de Estado en el Despacho del Ambiente, SEDA) approved these activities. Mining resumed in early 1999, with the first gold shipment on March 30, 1999. At its peak, the mine employed 344 individuals, including 10 expatriates, with the majority of the workforce sourced from nearby communities.

Greenstone ceased mining and crushing operations in December 1999 due to cash flow issues. By March 2000, management had largely departed, leaving a skeleton crew to maintain site permits and leaching operations. The project’s rights and obligations were transferred to Banco Atlántida, a Honduran bank, which facilitated a bridge loan in June 2000, enabling the formation of Minosa to assume operations.

Minosa resumed mining in August 2000, with management services provided by RNC Gold Inc. (RNC). At the time, San Andres (Belize) Limited owned 75% of Minosa, with the remaining 25% held by Banco Atlantida. On September 7, 2005, RNC purchased 100% of the San Andrés Mine by acquiring all remaining shares of Minosa. The transaction valued the Mine at US$22.5 million, with San Andrés (Belize) Limited selling its 75% stake for US$ 12.0 million plus a net smelter royalty (NSR). The NSR terms were 1% on the first US$20.0 million of annual revenue, reducing to 0.5% thereafter, with a cumulative cap of US$1.5 million, which has since been fulfilled.

On February 28, 2006, Yamana Gold Inc. (Yamana) acquired RNC, obtaining a 100% beneficial interest in Minosa. The transaction was funded through an $18.9 million senior secured loan to RNC, but Yamana’s acquisition of RNC was completed via a share transaction. Finally, Aura acquired 100% of Minosa on August 25, 2009, consolidating its ownership of the San Andrés Mine.

Gold production at the San Andrés Mine began in 1983 as a small-scale heap leap operation. Early years saw low processing volumes, with annual ore leaching rates below 150,000 tonnes and gold recoveries averaging between 1,000 and 5,000 ounces per year.

A significant increase in production occurred in 1999, when large-scale mining operations were introduced. Annual ore processing exceeded 1.3 million tonnes, and gold recoveries reached approximately 42,455 ounces. This expansion marked a transition from small-scale to commercial mining.

From 2000 to 2009, production continued to scale up, with annual ore processing volumes fluctuating between 2.3 million and 4.5 million tonnes, depending on mining conditions and

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operational constraints. Gold recoveries during this period ranged from 50,000 to over 100,000 ounces per year.

Following Aura Minerals’ acquisition in 2009, further investments were made in processing facilities, heap leach pad expansions, and mining fleet capacity, resulting in increased ore tonnage and operational efficiency. Between 2010 and 2024, the mine consistently processed between 4.0 and 8.5 million tonnes of ore annually, with gold recoveries varying based on grade fluctuations and heap leach performance.

In recent years (2020–2024), total ore tonnage reached its highest levels, exceeding 7 million tonnes annually in 2023 and 2024. However, gold grades have gradually declined from an average of 0.538 g/t Au in 2020 to 0.435 g/t Au in 2024, reflecting the natural depletion of higher-grade zones. Despite this, improved operational efficiencies and heap leach performance have maintained annual gold recoveries between 60,000 and 88,000 ounces per year.

The historical production trends in Table ‎5-1 illustrate the Mine’s evolution from a small-scale operation to a well-established open-pit mine, with steady production levels maintained through ongoing operational improvements and strategic mine planning in the last years.

Table ‎5-1: Production History – 1983 to 2024

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Silver has historically been recovered as a byproduct of gold production at San Andrés, with reported recoveries included in operational records through 2024, as shown in Table 5-1. However, due to its low economic contribution relative to gold, silver is not a primary focus of the operation and is not modeled in the geological block model. Consequently, silver grades and recoveries are not considered in the Mineral Resource or Mineral Reserve estimates presented in this report. While silver continues to be recovered in trace amounts during gold processing, it is not included in pit optimization or Mineral Reserve estimate disclosures, as its contribution to overall project economics is not considered material.

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Five lithospheric plates form boundaries in the region. Most of Central America between Guatemala and Costa Rica lies on the Caribbean Plate. The San Andrés Mine is located on the northern edge of the Caribbean Plate at the boundary with the North American Plate. A chain of active volcanoes situated along the Pacific coast from Guatemala to Costa Rica marks the subduction zone which lies between the Cocos and Caribbean plates along the Middle American Trench. Figure ‎6-1 shows the regional structural setting of the Caribbean plate.

Figure ‎6-1: Regional Structural Setting of the Caribbean Plate

Source: from Giunta et al. 2003:

The boundary between the Caribbean and North American plates in Central America is marked by the Motagua Suture Zone. The suture zone is approximately 80 km wide and extends through Honduras and Guatemala. Three major faults are recognized within the zone: the Polochic Fault, the Motagua Fault, and the Jocotan Fault. These faults are predominantly strike-

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slip with left-lateral movement and are seismically active. The Motagua Suture Zone is terminated to the west by the Middle America Trench, marking the boundary with the Pacific plate.

The strike-slip faults forming the Motagua Suture Zone extend offshore to the east and form the Cayman Trough. The Cayman Trough formed as a result of strike-slip faulting on the Swan Islands Fault and the Oriente Fault. The Swan Islands Fault and the Oriente Fault are transform faults that form respectively, the southern boundary and the northern boundary of the Cayman Trough. The Cayman Trough is approximately 100 km wide and extends from the coast of Honduras to Hispaniola on the east, cutting through the Oriente Province in southeast Cuba (Gordon 1997). The trough terminates at the Puerto Rico Trench. The Cayman Trough and the Motagua Suture Zone extend over a distance of about 2,500 km from the Puerto Rico Trench to the Middle America Trench on the west. The Cayman Trough contains a slow-spreading center, referred to as the Mid Cayman Rise (Ten Brink et al. 2002). This feature is oriented north-south and connects the transform faults forming the boundaries of the Cayman Trough. It is a major extensional fracture formed at the same time as the strike-slip faults. Both of these structural elements result from the relative movements of the North American and Caribbean plates. Rock samples collected from the rise are largely basaltic in composition. The Mid Cayman Rise is a zone of high heat flow, which is typical of spreading centers. Further evidence of the formation of north-south extensional fractures is also demonstrated from mapping in the vicinity of the Oriente Fault in Southeast Cuba (Rojas-Agramonte et al. 2003) and is exemplified by karst-filled extensional veins and normal faults.

Honduras can be divided geologically into three zones. The northern third of the country, the Cordillera Del Norte, generally consists of Permian metamorphic rocks ranging in age from 280 to 225 Ma. The central third of the country, the Cordillera Central, consists primarily of Cretaceous sedimentary rocks ranging in age from 136 to 65 Ma. The southern third of the country, the Cordillera del Sur, is dominated by Tertiary volcanic rocks that range in age from 65 to 2 Ma. A generalized geological map is shown in Figure ‎6-2 and a stratigraphic section is shown in Figure ‎6-3.

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Figure ‎6-2: District Geology

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Figure ‎6-3: Stratigraphic Column

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North-trending grabens associated with the “Honduras Depression” cut across Honduras from San Pedro Sula to the Golfo de Fonseca. The faults bounding these grabens, as well as a host of other faults throughout Honduras, average a northerly strike. However, they are stepped along northeast and northwest-trending faults that are dominantly normal-slip, but also have strike-slip components (Eppler et al. 1986). Eppler et al. (1986) also suggested that this extension was causing crustal thinning in the region. Pflaker (1976) suggested that the northwest portion of the Caribbean Plate was fragmenting along these north-trending grabens as a result of the eastward movement of the Caribbean Plate. He suggested that the greatest movement on the graben faults was associated with the eruption of the Padre Miguel tuffs in the Miocene and Pliocene and that minor adjustments along these faults may be occurring today. He suggested that the east-west extension implied a north-trending horizontal principal stress. There are abundant occurrences of hot springs throughout Honduras and hot springs occur within the immediate vicinity of the San Andrés Mine. A hot spring was encountered during mining of the Water Tank Hill pit. Eppler et al. (1986) carried out an extensive study of these hot springs to assess the potential for geothermal resource sites. In their opinion, the absence of young silicic volcanism suggests that cooling plutons are not the heat source for the hot spring activity. Rather, the geothermal systems are caused by thin crust and high regional heat flow. In their inspection of several sites, Eppler et al. noted the association of the springs with the north-trending extensional faults and fractures. Eppler et al. indicated that the geothermal fluids were neutral to alkaline in pH and were best classified as Na-HCO₃-SO₄-Cl waters. They also observed that the systems with the highest temperature generally deposited silica sinter. Temperatures of the fluids varied from 120°C to 225°C.

The San Andrés Mine is situated along the southern margin of the Motagua Suture Zone. The deposits occur on the south, or hanging wall side, of the San Andrés Fault. The oldest rocks recognized at San Andrés are Permian metasediments which are grey green to locally black in colour and appear to be a thick sequence of metamorphosed shales, sandstones, and arkosic sands (red bed). The metasediments (phyllites) are exposed on the north, or footwall side of the San Andrés Fault, located immediately to the north and northwest of the Water Tank Hill pit and mine area. Drilling in the Buffa Zone in the phyllites demonstrate that they are carbonaceous, with 1% to 2% sulphide in the form of pyrite, and contain narrow veins of massive white (milky) quartz. High gold grades have been intercepted in holes MO-15-47, MO-20-29 and MO-20-28 located in Buffa.

The phyllites are overlain by porphyritic andesites of the Tertiary Matagalpa Formation. This unit underlies much of the San Andrés Mine, the Cerro Cortez Hill area, and extends eastward to the Quebrada del Agua Caliente. The explosive phase of the andesites consists of agglomerates, flows, and tuff breccias. Locally, the andesite appears to have intruded into the overlying sandstone and conglomerate rock units. The andesite-conglomerate contact is often very irregular in form and typically exhibits shearing. There are zones of mixed rock along the contact where angular fragments of andesite porphyry are found in a matrix of conglomerates and sandstones. In places, the andesite is grayish green in colour and consists of moderately abundant plagioclase and hornblende phenocrysts in a felsic to glassy matrix. Overlying the andesites is a thick red bed sequence of quartz conglomerates, medium to fine sands and silts. These rocks are believed to be the Tertiary Subinal Formation. South of the mine area, where unaltered, these rocks have the distinctive hematite brick red colour, but in the mine area they have been bleached to light buff yellow and grey colours. These units typically have a shallow to moderate southerly dip and they

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thicken to the south of the mine area. The principal mineralized lithology is the Brecha/ Conglomerate and secondary the Andesite.

The Subinal Formation sediments are overlain by poorly to moderately welded rhyodacite and rhyolite tuffs. Fine sands and silts with a tuffaceous matrix and quartz fragments of volcanic origin are also part of these tuff units and appear to be the basal portion in contact with the conglomerates and sands of the Subinal Formation which represents a change in the geologic environment. These units occur as intercalated, thin, discontinuous beds. The rhyodacite and rhyolite tuffs consist of crystal-rich, poorly to locally moderately welded tuffs with abundant biotite in a felsic groundmass. Quartz pyroclasts are not always present, but may be locally abundant. This unit is considered to be the Tertiary-aged Padre Miguel Group. The rhyolite tuffs crop out on the hill immediately to the east of the past-producing Water Tank Hill pit and form thick ridge cappings in the southern and eastern portion of the district. A thin remnant of biotite crystal-rich rhyolite tuff was mapped on Water Tank Hill before it was mined. The youngest sequences present in the area are Quaternary and recent alluvial deposits which fill canyon bottoms and stream valleys and occur locally as slope cover.

Figure ‎6-4 illustrates the property lithology.

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Figure ‎6-4: Property Geology – Lithology (Topography December 2024)

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Figure ‎6-5: Property Geology – Lithology Section 290900 East

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The San Andrés Mine area is dominated by a series of sub parallel and widely spaced east to northeast-striking faults that are typically steeply dipping to the south and by numerous north to northwest-striking faults that also dip moderately to steeply to the east and to the west. The most prominent fault on the property is the San Andrés Fault which strikes east to east-northeast and dips steeply south. The San Andrés Fault forms a distinct boundary between the phyllites to the north (footwall side of the fault) and the host rocks for the San Andrés Mine to the south (hanging wall side), which include the andesite, conglomerates, and rhyolite tuff units. The San Andrés Fault is parallel to, and coeval with, the major set of east to north-northeast trending strike-slip faults that form the Motagua Suture Zone and the direction of movement along the San Andrés Fault is also left lateral. Drilling has shown that the fault strikes east-northeast and dips at 60° to 70°south at the mine. Within the volcanic and sedimentary units on the south side of the San Andrés Fault, numerous and more closely spaced extensional faults and fractures have been mapped. The average strike of these faults is N25°W and the dip is 50° to 80° to the southwest and northeast, forming graben-like blocks where the strata are locally offset. These faults and fractures are generally filled with banded quartz and blade calcite. These extensional structures are distributed over a wide area, from the East Ledge open pit to Quebrada del Agua Caliente, approximately 1,500 m to the east, and from the San Andrés Fault, for at least 1,200 m south. At Platanares, the active geothermal springs and seeps are also associated with a northwest trending fault and fracture system. These extensional faults and fractures are interpreted as being coeval with the regional extensional structures resulting from the current rifting process. These extensional structures most likely exhibit low levels of seismicity. Micro-seismic monitoring systems could be used to identify zones containing major extension fracture systems for exploration purposes. Carvalho (2006) completed a structural analysis of the San Andrés Mine area, focusing particularly on the East Ledge pit area. He divided the East Ledge pit into three main domains: North, East, and Central West based on similar structural features. The northern portion of the East Ledge pit is dominated by two main sets of structures: east-west strike-slip faults, probably related to the San Andrés Fault, and north-striking faults and extensional structures. He noted that strong hydrothermal alteration and mineralization are always associated with the extensional faults. De Carvalho considered the Central West Domain to be the central part of a graben-like structure. This type of structure is considered to be the principal control on the mineralization in the mined-out Water Tank Hill pit. These graben-type structures are thought to have formed in conjunction with the displacement on the San Andrés Fault. The East Domain is in the east-southeast portion of the pit and is different from the other domains being characterized by a major concentration of northwest striking fractures. Alteration is dominated by strong silicification and quartz veining. This area is considered by de Carvalho to be a potential main pathway for the mineralizing fluids. A prominent north-striking structure in the southwest wall of the East Ledge pit is reported to display a steep lineation of the slickenside on the footwall of one of the faults, indicating vertical movement. The fault was filled with banded chalcedony and bladed calcite and varied in width from one metre to 0.2 m. The strike of the fault was north-northeast and it dipped at 55° east.

Rock alteration associated with the deposit includes an outer halo of bleaching and propylitization with mixed argillization and silicification central to the gold mineralization. The 2024 geological model focused on the alteration of mineralization control: silicification to silicification + argillic to argillic + silicification to argillic, as illustrated in Figure ‎6-6.

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Minor to locally moderate amounts of sulphides, such as pyrite and possibly marcasite, were also introduced into the host rocks, but are now nearly all oxidized and occur as hematite, goethite, and jarosite. Oxidation in the mineralized zones extends to at least 100 m vertically in the East Ledge pit. Propylitization is seen in the andesite flows and intrusive as a grayish green colouration with various amounts of very fine disseminated pyrite, chlorite, and calcite. The andesite shows weak to moderate argillic alteration throughout, with the plagioclase and groundmass altered to soft light-coloured clays, but with phenocrysts still visible. Within the sediments, the silty and fine-grained matrix has been strongly clay altered near the underlying andesite intrusive contact and along faults and vein structures. Weak to moderate argillic alteration is present over broad areas within the sedimentary rocks and is associated with hematite, goethite, and jarosite development. Silicification varies from weak through intense to total replacement in both sediments and andesite. Although silicification is generally associated with veins and faults, local areas of flooding are noted. The silica flooded areas are locally blanket-like zones associated with controlling feeder structures. The silicic alteration is strongest in the tuffs.

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Figure ‎6-6: Property Geology – Alteration (Topography December 2024)

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Figure ‎6-7: Property Geology – Alteration Section 290900 East

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At the Mine, gold and silver mineralization is associated with a high level epithermal, quartz-carbonate-adularia system consisting of veins, stockworks, and disseminations. In the andesite, overlying conglomerate and rhyodacite, the quartz veins are typically composed of banded chalcedony and fine-grained white quartz, which has replaced calcite. The bladed calcite texture seen in veining is ubiquitous and the quartz replacement is almost always complete. Metallurgical studies show that the gold is primarily contained in electrum as fine-grained particles. The particle size of the electrum grains varied from 1 µm x 1 µm up to 10 µm x 133 µm. One native gold grain was noted.

Sulphur mineralization in the Mine is not considered as Mineral Resources or Mineral Reserves as there are no current or planned recovery methods for sulphur mineralization.

SLR assessed the ratio between the silver assays that were available with the gold assays in the 2024 Reserve and Resource pit at a 0.187 g/t Au cut-off. The ratio was 4 to 1, However, because of the much lower price for silver and the lower metal recoveries, the value of the silver recovered is less than 1 to 2% of the value of the gold produced. Therefore, samples are not generally analyzed for silver and silver grades are not included in the block model.

The property mineralization is shown in Figure ‎6-8.

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Figure ‎6-8: Property Geology – Mineralization (topography December 2024)

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Figure ‎6-9: Property Geology – Mineralization Section 290900 East

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The San Andrés deposit as an epithermal gold deposit associated with extensional structures within tectonic rift settings. These deposits commonly contain gold and silver mineralization, which is associated with banded quartz veins. At San Andrés, silver is not economically important. Gold occurs in quartz veins that are predominantly comprised of colloform banded quartz, generally chalcedony, with lesser amounts of fine comb quartz, adularia, dark carbonate, and sulphide material. The gold mineralization is deposited as a result of cooling and the interaction of hydrothermal fluids with groundwater and the host rocks. The hydrothermal fluids may have migrated some distance from the source; however, there is no clear evidence at San Andrés that the fluids, or portions of the fluids, have been derived from magmatic intrusions. Many of these low sulphidation epithermal deposits occur in felsic volcanic sequences where geothermal fluids are circulating. Near surface, many deposits are capped by eruption breccias which are formed by the rapid expansion of depressurized geothermal fluids. These breccias are characterized by intensely silicified matrix and angular fragments of the host rock. Wall rock alteration forms as halos to veins and includes sericite grading to peripheral smectite and marginal chlorite alteration.

Corbett (2002) suggests that structure and the competency of the host rocks may be important ore controls for the vein systems. The extension fractures form in the stronger, more competent rocks. Higher grade ore shoots generally develop in areas with a greater frequency of extensional structures, or at dilational jogs or flexures in the veins. The mineralization at San Andrés appears to be in an upper level epithermal system as indicated by the hydrothermal alteration patterns, the disseminated style of mineralization, the presence of both gold and silver associated with quartz veining, the presence of active hydrothermal fluid flow at the property, and the actively forming extensional fracture system, which creates the permeability.

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Since Aura’s acquisition of Minosa on August 25, 2009, exploration activities at the San Andrés Mine have included property-scale geological mapping, road cut channel sampling, geochemical characterization, and geophysical surveys, all conducted by Minosa personnel.

In 2010 and 2011, geological mapping and channel sampling were completed in adjacent areas, accompanied by a reverse circulation (RC) drilling program. District-scale prospecting efforts focused on the San Andrés III and IV concessions, where detailed mapping, systematic sampling, and geochemical characterization were conducted. Initial results from this phase indicated strong potential for deeper mineralization.

From 2013 to 2020, the exploration programs predominantly consisted of diamond and reverse circulation (RC) drilling.

Exploration efforts in 2022 concentrated on reevaluating regional targets to refine the 2023 program. Geochemical sampling, including soil and rock analyses, was conducted in San Andrés IV during the first half of 2022. Additionally, an aeromagnetic survey covering approximately 4,435 hectares was carried out using drones. The survey identified key structural features interpreted as primary controls on mineralization, aiding in the definition of future exploration targets.

No exploration activities outside the San Andrés property have been identified.

Figure ‎7-1 illustrates the district-wide San Andrés concessions. Figure ‎7-2 and Figure ‎7-3 show the geochemical sampling locations.

Brief summaries of the results are as follows:

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Figure ‎7-1: San Andrés Concessions

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Figure ‎7-2: Geochemical Sampling Locations on San Andrés Concessions I, II, III, IV, and V

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Figure ‎7-3: Geochemical Sampling Locations for Gold on San Andrés Concessions V, VII, and X

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Since 1992, Minosa and its predecessors have drilled a total of 2,494 holes, comprising 464 diamond (DDH) with 60,884 m and 2,030 reverse circulation (RC) with 184,151 m, totalling 244,223 m as summarized in Table ‎7-1 and illustrated in Figure ‎7-4. The coordinate system is NAD27 / UTM zone 16N.

Table ‎7-1: Drill Programs Completed at San Andrés Mine

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Figure ‎7-4: Drill Hole Locations

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Over 80% of the drilling was by RC and the balance was diamond drill holes. Most of the diamond drill holes and RC holes were drilled at steeply inclined 60° to 70° orientations toward the southwest or northeast.

RC holes were drilled using 4 ¾ in. tricone bits, and all diamond drill holes were collared using HQ ad deep reduce to NQ size tools. The common drill holes lengths varia from 100 m to 200 m Some deeper core holes go to 200 m to 520 m.

Aura’s drilling campaigns are briefly summarized in the following:

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The average core recovery was 89%, as the rock is highly fractured as a result of regional tectonic setting. Sample recovery varies according to the level of oxidation level from 86% in oxide, 90% transitional, and 94% in sulphur. The gold content is not related to the core recovery, as illustrated in Figure ‎7-5. In the SLR QP’s opinion the core sample recovery is acceptable for the purposes of Mineral Resource estimation. Based on the reconciliation results discussed in Section 14 Mineral Resources, the diamond drill hole sampling results may understate the grade compared to the RC and blast hole sampling results. Further study is needed to investigate the sampling bias among hole types used in the resource model.

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Figure ‎7-5: Core Recovery vs Gold Grade

Hydrogeological data for the San Andrés Mine has been collected through dedicated hydrogeological drilling, piezometer installations, and pump tests conducted across the property. These data sources have been used to assess groundwater conditions, permeability, and dewatering requirements, supporting mine planning and geotechnical stability evaluations.

Hydrogeological Drill Holes

A series of hydrogeological boreholes have been drilled historically to evaluate groundwater levels, permeability, and water-bearing structures within the mine area.

The latest boreholes targeted key fault zones and fractured rock units to improve understanding of groundwater flow dynamics. There was a total of six hydrogeological drill holes completed in the most recent study, with a range of depths from 11.35 m to 32.40 m. The bedrock depth ranged from 7 m to 20 m depending on lithology. The depths are listed by borehole in Table ‎7-2.

Table ‎7-2: Recent Hydrogeological Boreholes

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Piezometer Installations

To monitor real-time groundwater levels, six piezometers were installed at various elevations within the mine area. These installations provide monitoring of the water table and hydrostatic pressures, supporting dewatering efforts and geotechnical stability assessments. The installation elevations range from 890 masl to 1,020 masl, as listed in Table ‎7-3.

Table ‎7-3: Installation Depth of Piezometers

Pumping and Permeability Tests

Step-drawdown and constant-rate pump tests were conducted on selected boreholes to assess hydraulic conductivity and recharge potential.

Results suggest that water inflow is predominantly fracture-controlled, with measured permeability values ranging from 1.0 × 10⁻⁶ to 1.0 × 10⁻⁵ m/s.

Seasonal fluctuations affect groundwater recharge, with higher water levels observed during the rainy season.

Table ‎7-4 provides a summary of recent hydrogeological data sources.

Table ‎7-4: Summary of Recent Hydrogeological Data

Further hydrogeological investigations are planned to refine the long-term dewatering strategy. These include the installation of additional monitoring wells and test holes in 2025 to improve the understanding of groundwater flow conditions and support pit slope stability assessments.

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Geotechnical investigations for the San Andrés Mine have been conducted through dedicated borehole drilling, laboratory testing, structural mapping, and numerical modeling to assess rock mass quality, slope stability, and ground control parameters.

A total of six geotechnical boreholes were drilled to characterize rock mass strength, discontinuity conditions, and in situ stress regimes. The boreholes targeted key geotechnical domains, fault zones, and lithological contacts. These boreholes are summarized above in Table ‎7-2.

The geotechnical characterization classified the rock mass into five geotechnical units (GU) based on lithology, alteration, and rock quality. These GUs are summarized in Table ‎7-5.

Table ‎7-5: Summary of Geotechnical Units.

Key observations on the GU are listed:

Comprehensive uniaxial compressive strength (UCS), multiaxial compression (TXT), and direct shear tests were performed to assess intact rock strength, as summarized in Table ‎7-6.

Table ‎7-6: Summary of Geotechnical Laboratory Testing and Strength Parameters

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Chlumsky, Armbrust and Meyer, LLC (CAM) documented the RC drilling procedures in a technical report prepared for RNC, covering drilling programs conducted before October 2005 (CAM 2005). The sampling method protocols for 2005 through 2008 that are described below have been compiled from information provided in Aura (2012). The QP is unaware of specific details regarding sampling methods and protocols used prior to 2005.

The Mineral Resource estimation relied primarily on data from RC drilling, with a smaller contribution from core drilling. Sampling and logging were conducted along the entire length of each drill hole. Although surface channel sampling was extensively carried out at the Twin Hills deposit, these data were not considered in the Mineral Resource model. Similarly, blast hole assay data from production drilling and geological mapping of the East Ledge pit were excluded from the estimation process.

The drill hole database used in the estimation included 740 holes, with a total of 66,195 samples. To maintain consistency in the resource estimation, samples collected from surface exposures for mapping purposes, as well as data from holes drilled during pit excavation, were omitted.

Sampling methods for RC drilling were previously reported by CAM (2005) and reviewed in subsequent reports by Scott Wilson RPA (2007). Drilling campaigns were designed to sample the oxide and mixed zones extensively, with holes typically ranging from 150 m to 200 m in depth, often terminating within the sulphide zone. Samples were collected continuously along the entire length of each drill hole, from the collar to the end, at consistent intervals of 1.5 m (5 ft). The sampling protocols employed by Yamana for both RC and core drilling closely followed the procedures previously established by CAM. These procedures are outlined below:

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Sample recovery was estimated to range between 80% and 85% based on the ratio of the measured sample weight to the calculated theoretical weight. A review conducted by Scott Wilson RPA of 20 RC drill holes identified eight instances where no sample cuttings were recovered. Despite this, recovery across the drilled intervals, including approximately 3,000 m with no sample collection, was estimated to exceed 99%.

The drill core was extracted directly into the core box by the driller. The core barrel length was 10 ft (3.1 m); however, incomplete recovery often occurred due to blockages or other operational limitations. The end of each core run was identified using wooden blocks, with the depth (metreage) clearly marked on each block to ensure precise documentation. The core was not oriented during the drilling process.

Core boxes were covered immediately upon filling, and each box was labeled with the drill hole number and the corresponding depth intervals to ensure traceability. Sample intervals were defined by a geologist based on observable changes in lithology or structural features. These intervals ranged from 0.5 m to 3.0 m in length, depending on geological variability. Sample intervals were clearly marked on the core before splitting to maintain consistency and minimize errors.

The core was split lengthwise using a diamond saw. One half of the split core was placed in a plastic sample bag, and each bag was labeled with the drill hole number, sample number, and depth interval. The remaining half of the core was stored in the core box and retained on site in a secure, covered facility for future reference and verification purposes.

Quality assurance and quality control measures included the systematic insertion of duplicate samples, blanks, and certified reference materials at regular intervals to monitor analytical accuracy and precision.

During double-shift operations, sampling is carried out with the driller and two assistants to enhance productivity and maintain sample integrity. Drilling should penetrate approximately one foot (0.3 m) into firm ground before sample trays are set to avoid soil contamination. After drilling six metres, the team removes the sample trays and buckets from the fines collector, ensuring no sub-drilling material is included, and prepares the detritus and fines for sampling and quartering.

For single shifts or if samples are wet due to rain, trays are not used; instead, samples are collected directly using a shovel and without a Jones splitter. Approximately 6 kg to 9 kg of material is bagged, and equipment is cleaned between samples to avoid contamination. Once bagged, samples are sealed and labeled near the corresponding drill hole.

When transferring equipment between sites, each sampling site resets its numbering (e.g., BR04701-001, SC03734-001), and geological staff label samples with a unique identifier

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including area, level, and sequence number (e.g., SC03825-001, where SC is the area, 038 the level number, 25 yard number at that level, and 001 is the sample number in sequential order, independent for each blast).

The geology personnel document each hole's rock type and alteration, placing standards, blanks, and duplicates for quality assurance (QA) and quality control (QC). Standards are inserted every 100 samples, blanks every 50, and duplicates every 25. After tagging and identifying standards and blanks, samples are placed in wheelbarrows (6-10 samples at a time) and moved to a loading area for vehicle transport.

Samples are organized in the vehicle by number (up to 100 per load) and the sampling list (shipment form) is completed on site. The list includes collection date, bank source, consecutive ID, analysis type, total samples, and delivery/receipt details. Samples are delivered to the mine laboratory, unloaded in sequential order, and verified by laboratory staff against the shipment form. Survey coordinates are recorded for each sample and shared with the Technical Services department for database entry.

Figure ‎8-1 shows a schematic flow chart of sample collection and surveying protocol.

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Figure ‎8-1: Schematic Flow Chart for Sample Collection and Surveying

Source: Aura 2023.

The core tube was emptied directly into the core box by the driller. Although the core tube had a length of 10 ft (3.1 m), it was frequently not completely filled due to obstructions. The end of each core run was identified using wooden markers labeled with the corresponding meterage. Core orientation was not conducted. Once a core box was filled, it was promptly covered and marked with the hole number and depth information. Minosa personnel then transported the core boxes to the logging facility at the sample storage site, white core logging was performed under proper lighting conditions.

Sample intervals were defined by a geologist based on lithological or structural variations, ranging from 0.5 m to 3.0 m in length. These intervals were distinctly marked on the core before splitting. The core was subsequently cut in half using a diamond saw, with one half placed in a labeled plastic bag containing the hole number, sample number, and depth details. The

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remaining half was retained in the core box and stored on-site in a covered facility for future reference.

All sampling activities were carried out by company personnel. To ensure quality control, duplicate samples, blanks, and certified reference materials were systematically inserted at predefined intervals as part of the QA/QC program. The collected core samples were initially transported by Minosa employees to the company’s offices in Santa Rosa de Copán before being dispatched via an independent courier service to CAS for sample preparation and assay.

Details of the analytical methods conducted prior to the 2010 drilling season are summarized here, with full information available in the Aura (2012).

During Fischer-Watt’s 1992 drilling program, American Assay Laboratories (AAL) in Sparks, Nevada, USA, was used for sample analysis. Greenstone initially used Chemex Labs in Mississauga, Ontario, Canada, but switched to Barringer Assay Lab in Reno, Nevada, USA, in January 1998, starting with RC hole SA-232 and core hole SC-5. All three are independent laboratories. AAL is ISO-17025 accredited. The SLR QP has no information available regarding the accreditation status of Chemex Labs and Barringer Assay during this time period.

In April 1997, a new protocol was implemented to reduce air freight costs. Samples were first sent to independent McClelland Labs in Tegucigalpa, Honduras, for partial preparation. At McClelland, 5 kg samples were dried, crushed to -10 mesh, and subsampled to 800 g to 1,000 g. The subsample was forwarded to AAL for final preparation and analysis.

All samples were analyzed for gold, with most also analyzed for silver, using fire assay (FA) methods with atomic absorption spectroscopy (AAS) for gold determination. Analyses employed a 29.162 g (1 assay-ton) sample. For most programs (excluding Fischer-Watt), results were reported in g/t Au. Original assay certificates were archived on site. Sample preparation and analysis procedures adhered to industry standards and were summarized by CAM (2005) as follows:

Gold analysis followed standard FA techniques. Samples were fused with a natural flux, inquarted with 4 mg of gold-free silver, and cupelled. Silver beads were digested in nitric acid for 1.5 hours, followed by hydrochloric acid to dissolve gold into solution. Samples were diluted to 10 mL, homogenized, and analyzed by AAS.

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Silver analysis involved digesting prepared samples in a hot nitric-hydrochloric acid mixture, reducing to dryness, and transferring to a volumetric flask with a 25% hydrochloric acid matrix. Solutions were analyzed by AAS.

For the East Ledge drilling programs (2001–2002), Minosa analyzed samples at the San Andrés mine laboratory using procedures consistent with blast hole drill samples. These adhered to industry standards and included: