Project report on forex risk management

On April 30, 2015 the Company announced that it entered into an agreement with Serra da Borda Mineração e Metalurgia S. Mato Grosso state, near Pontes e Lacerda in Brazil. During the regulatory approval period, additional feasibility work was completed on the Project including project report on forex risk management drilling and metallurgical test work to better define the mineral resources and refine both the mine design and planning.

MCB Brazil and Knight Piesold Ltd. The EPP Technical Report is subject to the assumptions, qualifications and procedures described in the report, as applicable, and readers are encouraged to read the report in its entirety. A copy of the report may be found on the Company’s profile on SEDAR at www. In addition to information contained in the EPP Technical Report, the Company has updated its Mineral Reserves and Mineral Resources for the Lavrinha open pit mine as follows.

In the aggregate, the Company does not deem the changes in the Mineral Reserves and Mineral Resources as material but is presenting the information to include fulsome disclosure. Mineral Reserve was estimated at a cut-off grade of 0. Contained metal figures may not add due to rounding. Surface Topography as of December 31, 2016.

Mineral Reserve estimates for Lavrinha were reviewed and audited in 2016 by Farshid Ghazanfari, P. Qualified Person as that term is defined in NI 43-101. A bulk density model based on rock type was used for volume to tonnes conversion with resources averaging2. Mineral Resources estimates for Lavrinha were reviewed and audited in 2016 by Farshid Ghazanfari, P. The following description of the EPP Mine is the Executive Summary contained in the EPP Technical Report, which has been updated and conformed to be consistent with other disclosure within this AIF.

The entire EPP Technical Report is incorporated by reference into this AIF and should be consulted for details beyond those incorporated herein. Aura, through its Brazilian subsidiaries, acquired the EPP Project from Yamana Gold Inc. The Project was initially studied by Yamana from 2009 to 2011, and was put into production in early 2013 until being placed on care and maintenance in late 2014. The EPP Project is the third gold mining operation owned by Aura in this specific region of Brazil. The EPP Project consists of three deposits, two that have been planned to be mined as underground operations and the third which is planned as an open pit operation. Three additional areas will be evaluated in 2017 and 2018. Company’s Sao Francisco mine and 12 km south of the town of Pontes e Lacerda.