Aura Minerals Provides Operational and Financial Update Amid Covid-19

ROAD TOWN, British Virgin Islands, May 29, 2020 (GLOBE NEWSWIRE) -- Aura Minerals Inc. (TSX: ORA) (“Aura” or the “Company”) today provided an update regarding its operations and financial performance  in light of the ongoing global COVID-19 pandemic (the “Pandemic”).

Operations at San Andres and Aranzazu

At the Company’s San Andres mine, and as previously announced, mining operations were interrupted pursuant to orders of the Honduran government in response to the Pandemic and Aura has reduced its workforce to the minimum in order to maintain tailings and continue to satisfy environmental requirements in connection with operations and other critical activities at the mine. On May 26, 2020, as part of the Honduran government’s efforts to reopen the economy , Minerales de Occidente, S.A. de C.V., the Company’s subsidiary which owns the surface and mineral rights of the San Andres mine, as well as its main contractor, were granted permission from local authorities to resume operations. The Company expects it will be able to gradually and safely resume activities at San Andres over the next few weeks.

At Aranzazu, and also as previously announced, the Mexican government issued a decree requiring the suspension of all non-essential activities in the private and public sectors on March 31, 2020. Accordingly, the Company suspended all non-essential operations at Aranzazu while maintaining only critical activities, as allowed by the decree. On May 12, 2020, mining was deemed an essential activity by the Mexican authorities, and the Company has obtained formal authorization to fully restart operations at Aranzazu on May 27, 2020. The Company expects it will be able to gradually and safely resume activities at Aranzazu over the next few weeks.

The gradual ramp-up of activities at San Andres and at Aranzazu will involve the implementation of a series of best practice biosafety protocols and ongoing monitoring of the situation at both sites. A more complete, non-exhaustive description of all actions being taken by the Company at all of its operations as a result of the Pandemic can be found in the Company’s management’s discussion and analysis for the quarter ending on March 31, 2020.

Rodrigo Barbosa, CEO of Aura, comments: “We remain committed to prioritizing the health and safety of all through this challenging time, and to supporting our employees and communities where we operate.”

Financial Performance

Between March and April of 2020, the Company recorded a consolidated net revenue of US$38.5 million, which represents an increase of 37% compared to US$28 million recorded in the same period of 2019. In particular, the Company attributes this increase to improved operational performances at Aranzazu and San Andres (both of which having now resumed operations following interruptions resulting from the Pandemic as described above) over this two-month period (especially March) as compared to the same period of 2019, as well as higher gold prices.