Corporate PresentationOctober 2015

TSX: ORA

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This presentation is subject to change without notice and does not purport to be comprehensive or contain all the information necessary to evaluate the subject matter discussed herein.

Accordingly, this document should not form the basis of, and should not be relied upon in connection with, any investment in Aura Minerals Inc. (the “Company”). This document is

provided for general informational purposes only. The data included in this presentation regarding industry size, trends and prices are based on a variety of sources, third party studies

and surveys, industry and general publications and our knowledge and experience in the industry in which we operate. While we believe such data to be accurate as of the date hereof,

this information may prove to be inaccurate. As a result, you should be aware that industry data included in this presentation, and estimates and beliefs based on that data, may not be

reliable. We have not independently verified the industry data included in this offering memorandum and cannot guarantee their accuracy or completeness.

Forward-Looking Information. Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans or future

financial or operating performance, constitutes "forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”,

"expect", “anticipate”, “contemplate”, “target”, “plan”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward looking statements.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the company, are inherently subject to significant

business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking

statements. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold and copper or certain other commodities (such as silver, diesel fuel and

electricity); changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and political or economic developments in

Canada and other jurisdictions in which the Company does or may carry on business in the future; diminishing quantities or grades of reserves; increased costs, delays, suspensions and

technical challenges associated with the construction of capital projects; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and

liabilities based on projected future cash flows; the impact of inflation; fluctuations in the currency markets; operating or technical difficulties in connection with mining or development

activities; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits; risk of loss due to acts of war, terrorism,

sabotage and civil disturbances; changes in U.S. dollar interest rates and other operating currencies; risks arising from holding derivative instruments; litigation; business opportunities that

may be presented to, or pursued by, the company; our ability to successfully integrate acquisitions or complete divestitures; employee relations; availability and increased costs associated

with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards,

industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold/copper concentrate losses (and the risk of inadequate

insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ

materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of

future performance. All of the forward-looking statements made in this presentation are qualified by these cautionary statements. Specific reference is made to the most recent Annual

Information Form on file with the Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements. The company

disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable

law.

This presentation contains non-GAAP measures. Please see Note 16 in the Company’s management discussion and analysis for the period ended June 30, 2015 for a

discussion on non-GAAP performance measures.

Cautionary Notes

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Scientific or technical information contained herein was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), based on the

technical reports set forth below and other information filed by the Company with the Canadian securities regulators, which include more detailed information with respect to the

Company’s properties, including the dates of such reports and the estimates included therein, details of quality and grade of each mineral reserve or mineral resource, details of the key

assumptions, methods and parameters used in the reserve and resource estimates and other economic projections and a general discussion of the extent to which the resource estimates

and the other estimates and projections included in the reports may be materially affected by any known environmental, permitting, legal, taxation, socio-political, marketing, or other

relevant issues. For more detailed information regarding the Company and its mineral properties, you should refer to the Company’s independent technical reports set forth in Appendix I

and other filings with the Canadian securities regulators, which are available at www.sedar.com. Please see the appendix to this presentation for a NI 43-101 mineral resource and

mineral reserve statement for the Company’s properties.

San Andres

With respect to the Company’s San Andres mine, information contained herein is based on information as set forth in the technical report dated July 2, 2014, with an effective date of

December 31, 2013, and entitled “Mineral Resource and Mineral Reserve Estimates on the San Andres Mine in the Municipality of La Union, in the Department of Copan, Honduras (the

“San Andres Report”).

Sao Francisco

With respect to the Company’s Sao Francisco mine, information contained herein is based on information as set forth in the technical report dated January 31, 2012, with an effective date

of September 30, 2011, and entitled “Resource and Reserve Estimates on the Sao Francisco Mine in the Municipality of Vila Bela da Santissima Trindade, State of Mato Grosso, Brazil”

(the “Sao Francisco Report”).

Aranzazu

With respect to the Company’s Aranzazu mine, information contained herein is based on information as set forth in the technical report with an effective date of September 18, 2015, and

entitled “Preliminary Economic Assessment of the Re-Opening of the Aranzazu Mine, Zacatecas, Mexico” (the “PEA”). The PEA includes inferred mineral resources that are

considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no

certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Serrote

The Company is considering a revised development and operating plan that may require lower capital expenditures and that features an earlier phased execution schedule than that

reported in the technical report dated October 15, 2012, with an effective date of September 4, 2012, and entitled “NI 43-101 Technical Report on the Feasibility Study for the Serrote da

Laje Project, Alagoas State, Brazil” prepared by Micon International Limited under the guidance of SNC-Lavalin Inc. (the “Serrote Report”).

Technical Information: NI 43-101 Technical Reports

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Canadian mid-tier gold and copper production company focused on the operation and development of

gold and base metal projects in the Americas. The Company’s assets include:

• San Andres: producing gold mine in Honduras

• Continued operational improvements

• Increased gold production and decreased cash costs

• Sao Francisco: producing gold mine in Brazil

• Push-back in mine is expected to extend the mine life into the later part of 2015 and final

processing into 2016

• Aranzazu: copper-gold-silver mine in Mexico (operations temporarily suspended)

• Updated NI 43-101 compliant PEA announced August 2015

• Serrote: copper project in Brazil

• Significantly De-Risked

• Ernesto/Pau-a-Pique : gold mine in Brazil (operations temporarily suspended)

• Agreement announced April 30, 2015 to acquire the Project upon completion of certain

conditions

Aura Minerals – Investment Highlights

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• Continue to reduce debt to almost nil by the end of the of 2016

• Further our operational improvements at San Andres, Aura’s principal cash flow generator

• Proceed with the NI 43-101 studies for the Ernesto Pau-a-Pique Project, which will replace gold production

from Sao Francisco

• Update the NI 43-101 studies for Aranzazu (PEA to pre-feasibility) and Serrote as the basis for a financing to

restart or re-market Aranzazu and procure a partner in combination with project financing for Serrote

Aura Minerals – Strategy Going Forward

TSX : ORA 6Results and 2015 GuidanceOperation 2014 Q1/2015 Q2/2015 2015 Guidance

San Andres

Production (oz) 88,813 23,361 19,914 85,000 – 95,000

Cash Cost ($/oz) 744 751 849 800 – 850

Sao Francisco

Production (oz) 84,959 14,588 13,702 55,000 – 60,000

Cash Cost ($/oz) 1,134 1,347 1,019 950 – 1,100

Total Gold

Production (oz) 181,165 37,949 33,616 140,000 – 155,000

Cash Cost ($/oz) 958 980 958 900 – 1,000

Aranzazu

Production (lbs) 14,593,460 1,205,983 - -

Cash Cost ($/lb) 2.87 3.91 - -

TSX: ORA 7San Andres

• The San Andres mine is located in the highlands

of western Honduras, within the Municipality of La

Union, Department of Copán

• The property covers 399 hectares of land with

well-developed infrastructure, including power,

water supply, warehouses, maintenance facilities,

assay laboratory and on-site camp facilities

• San Andres can be reached from both the city of

San Pedro Sula located 150 km northeast and the

country’s capital, Tegucigalpa located 300 km

southeast

Location Honduras

Ownership 100%

Project Type Open Pit, Heap Leach

P&P Reserves1 68,102 kt

M&I Resources1 36,739 kt

Throughput 18,600 tpd

Life of Mine 10 years @ ~ 85,000 oz p.a.

Note: Average production, cash costs, and life of mine are projections only. Please refer to the Company’s management discussion and analysis and audited consolidated financial statements for the period ended June 30, 2015, which are available on SEDAR, for financial and operating results1. Please see the appendix for a complete Mineral Reserve and Mineral Resource Statement.

TSX: ORA 8San Andres

Updated NI 43-101 Released in July 2014

• Increase in Mineral Reserves and Mineral

Resources announced in May 2014 with a 44%

increase in total Proven and Probable Mineral

Reserves and a 1.7% increase in Measured and

Indicated Mineral Resources

• Planned tonnage increase going forward to

approximately 7 Mt of processed material per

year

• Current and anticipated reduction in operating

costs

Low-Cost Producer

• Projected LOM cash costs of US$900/oz

• Recoveries for 2014 and 2015 materially above

those expected in July 2014 43-101

• Cost reduction through the use of a combination of

2015 grid connection and solar power

Note: Average production, cash costs, and life of mine are projections only. Please refer to the Company’s management discussion and analysis and audited consolidated financial statements for the period ended June 30, 2015, which are available on SEDAR, for financial and operating results1. Please see the appendix for a complete Mineral Reserve and Mineral Resource Statement.

Tonnes

(kt)

Grade

(g/t)

Contained

(koz)

Reserves

Proven 14,714 0.50 237

Probable 53,388 0.52 892

Total Proven & Probable 68,102 0.52 1,129

Additional Resources

M&I 36,739 0.45 531

Inferred 4,348 0.49 69

Additional Resources 41,087 0.45 600

Reserves and Resources

Limited Capex Requirements

• Since acquiring San Andres in 2009, Aura has

installed and upgraded a primary crushing

system to enable better efficiency, provide

stable throughput and ensure product quality

• Ongoing negotiations with local communities to

enable enhanced mine development

• Workforce restructuring

• 100% owned open pit and underground copper-gold mine in the state of Zacatecas, Mexico• Temporary suspension of operations announced on January 15, 2015

PEA HIGHLIGHTS• Updated resource model at US$45/tonne (“t”) Net Smelter Return (“NSR”) cut-off providing a tighter

wireframe and allowing a more efficient focus on mining mineralization from the Underground:

Notes: 1. Mineral Resources stated as at March 2015. 2. Mineral Resources stated according to CIM guidelines. 3. Mineral Resources stated at a cut off of $45/t NSR. 4. The figures only consider material classified as sulphide mineralization. 5. The figures may not add due to rounding of the numbers to reflect that they are estimates. 6. Inferred Mineral Resources are too sepculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves.

Aranzazu TSX: ORA 9

• Conceptual mine production considering 3,090 tonnes per day (“tpd”) underground mine using a combination of longitudinal and transverse long hole mining methods for the majority of the deposit, with cut & fill in the upper levels of the deposit

• NSR cut-off of US$55/t for potentially mineable resources estimated at 6,072,000 tonnes of Measured and Indicated resources at average grades of 1.64% Copper (“Cu”), 1.16 g/t Gold (“Au”) and 20.0 g/t Silver (“Ag”), plus 4,759,000 tonnes of Inferred resources at average grades of 1.66% Cu, 1.21 g/t Au and 20.7 g/t Ag

• Preliminary mine re-design considering 30m stope heights which allows a reduction of development costs by approximately 40% compared to the old mine design

• An annual process plant throughput rate of 1,050,000 tonnes producing an annual average of 63,460 tonnes of Copper Concentrate at 23% Cu grade, 11.6 g/t Au and 236 g/t Ag. This is equivalent to 10.3 years life-of-mine (“LOM”)

• Future process plant recoveries (supported by historical results and metallurgical testing) of:- Copper at 84.0% - Gold at 59.4% - Silver at 70.3% - Arsenic at 37.9%

Aranzazu PEA - Highlights TSX: ORA 10

• Average NSR value of the mineralization mined over the LOM is US$108.7/t

• LOM Operational Costs are US$47.8/t. LOM All-in Costs (including development) average US$ 57.7/t

• NSR calculation considers metal values as well as penalties associated with Arsenic content in the concentrate

• Initial Capital Expenditure is US$26.2M during Year 1 and Year 2, including US$10.7M outstanding debts with Suppliers and Contractors

• Total LOM CAPEX of US$119.1M

• The project’s net present value (“NPV”) and internal rate of return (“IRR”) are US$103.1M and 81%, respectively, based on the following metal prices: US$3.00/Lb Cu, US$1,275.00/Oz Au and US$20.00/Oz Ag

• Payback period after the start-up of the operation is three years

• Average yearly EBITDA of US$47.6M with an average yearly undiscounted free cash flow of US$19.2M

Aranzazu PEA - Highlights TSX: ORA 11

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• Open pit, heap leach, gravity circuit

• Mining expected to continue into late-2015 and processing to mid-2016

• Key initiatives:

• Optimized mine plan to end of mine life

• Overall cost reduction program implemented

• Processing of tailings

• Additional goodbye cuts being investigated

• 2015 production guidance of 55,000 – 60,000 ounces at a cash cost per oz of $900 - $1,000*

The Company is investigating multiple options to maximize the closure value of the assets of the São Francisco mine, including the disposal of the plant and equipment.

São Francisco Overview and Outlook

*Note: Please refer to the Company’s management discussion and analysis and audited consolidated financial statements for the period ended June 30, 2015, which are available on SEDAR, for financial and operating results

TSX: ORA 13Serrote Project Provides Valuable Long-Term Option• A wholly-owned development-stage copper-gold project which is the Company’s core development asset

• Feasibility study completed with significant reserve position: ~1.0 B lbs. contained Cu (proven and probable)*

• Meaningfully increases copper exposure

• Initial target production of 32M lbs. per year

• Average LOM production of 66M lbs. per year

• The Company plans to update Serrote’s 43-101 and is considering a revised development and operating plan that would require lower capital expenditures and an earlier phased execution schedule

• Project is substantially de-risked and developed under Equator Principles

• Permitted for construction

• Main engineering package awarded and major processing equipment bids received

• Access to roads, railway, ports, towns, power and water

• Community and government support with Resettlement plan initiated

• Off-take alternatives

• Advanced funding negotiations underway

* Please see the Serrote Report and the appendix for the mineral reserve and resource statement. Reflects 100% ownership at Serrote. Serrote production estimates based on the Serrote Report

Operating Metrics*

Licensing Installation License Granted

Plant Capacity 7Mtpa Copper Concentrator (flotation)

LOM Production 831M lbs. Cu; 171Koz. Au Total / Avg. ~66M lbs. per year *

LOM 13 years

LOM Avg. Grade 0.52% Cu and 0.10 g/t Au (0.60% to 0.74% during first 4 years)

LOM Strip Ratio 2.7:1

After Tax NPV8% and IRR 191 million; 19.4%

Capex $420 million (net of recoverable taxes)

LOM Cash Costs $1.40 per lb.

Effective Tax Rate 15.25% (Net of State and Federal tax incentives)

TSX: ORA 14Corporate Social Responsibility – Moving Forward Together

• Aura’s corporate responsibility framework includes four core principles:• Protect the environment and the health and safety of people• Value honesty and integrity• Promote open communication and transparency• Strive to continuously improve corporate responsibility practices

• Aura’s policy is to comply with municipal, state, and federal environmental legislation and work with regulatory authorities to identify and mitigate health, safety, and environmental issues

• Aura works closely with local authorities, employees, and community members to identify corrective actions and preventative measures that best promote responsible health and safety practices

• Aura is committed to sustainable development, safety, the preservation of the environment and the improvement of communities where the Company operates

• Please see Aura’s Corporate Responsibility Report filed on its website and SEDAR for additional information

TSX: ORA 15Capital and Debt Structure

Share Structure as at August 11, 2015Trading Symbol/Exchange: TSX: ORAIssued and Outstanding: 285,534,651Options Outstanding: 19,283,770Treasury Share Units: 1,292,1451

Warrants Outstanding: 4,500,0002

Fully Diluted: 310,610,566

Major ShareholdersDirectors, Management 3,016,090 (approx. 1.06%)Cartiera International N.V. 57,009,346 (approx. 19.97%)Cyprus River Holdings Ltd 45,595,900 (approx. 15.97%)Sercor Ltd 45,625,874 (approx. 15.98%)

Group Debt Outstanding (see Notes below)Auramet Trading LLC USD$8,281,0002

Banco Itau BBA S.A. USD$8,937,0003

Notes:1. 541,261 RSUs were issued to the Company’s CEO (277,338 RSUs) and CFO (120,000) on May 12, 2015 in lieu of a portion of their

salaries2. Stated as at June 30, 2015. On December 2, 2014, the Company obtained a $15,500,000 loan (the “Gold Loan”) from a subsidiary of

Auramet International LLC (“Auramet”). The Gold Loan is payable in 50 weekly installments of 305 ounces of gold commencing on February 13, 2015. In partial consideration of the Gold Loan, the Company issued 4,500,000 warrants to Auramet at an exercise price of CDN$0.11 exercisable until December 2, 2016

3. Stated as at June 30, 2015. Obtained by the Company’s wholly-owned subsidiary, Mineracao Vale Verde Ltda. (“MVV”). No fixed terms of repayment

Appendix

TSX: ORA 17Mineral Reserve & Resource Statement

SAN ANDRES (as of December 31, 2013)

Mineral Reserve Category Tonnes (000)

Gold Grade(g/t)

Contained Gold Ounces (000)

Proven 14,714 0.50 237Probable 53,388 0.52 892

Proven and Probable 68,102 0.52 1,1291) The mineral reserve estimates are based on an optimized pit, which has been made operational, using $1,300/oz gold.

2) The cut-off grade used was 0.28 g/t for oxide material and 0.37 g/t for mixed material.

3) Contained metal figures may not add due to rounding.

4) Surface topography as of December 31, 2013.

Mineral Resource CategoryMeasured 16,238 0.48 252Indicated 88,603 0.49 1,407

Measured & Indicated 104,841 0.49 1,660Inferred 4,348 0.49 69

1) The Mineral Resource estimate is based on an optimized shell using $1,600/oz gold.

2) The cut-off grade used was 0.23 g/t for oxide material and 0.30 g/t for mixed material.

3) Contained metal figures may not add due to rounding.

4) Surface topography as of December 31, 2013, and a 200m river offset restriction have been imposed.

5) Mineral Resources are inclusive of Mineral Reserves.

6) The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.

7) The Mineral Resources in this news release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves,

Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

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1.

SERROTE (for Sulphide material as of April 10, 2012)

Classification1 Material t (x 1,000) Cu (%) Au (g/t) Magnetite (%) NSR $/t

Proven2, 4 50,805 0.54 0.10 7.09 25.26

Probable2, 3, 4 34,667 0.50 0.09 7.82 22.77

Total Mineral Reserves 85,471 0.52 0.10 7.38 24.25

1. The Measured and Indicated mineral resource was converted to mineral reserves based on $3.00/lb copper and $1,250/oz gold prices, 84% recovery for copper and 65% gold recovery within the ultimate pit design above an economic NSR cut-off of $7.45/t. The resources are factored by planned mining dilution and ore losses to define the reserves.2. Above a NSR cut-off of $7.45 / tonne and inside the designed ultimate pit.3. Includes 1,745k tonnes of additional low grade material as dilution.4. Numbers may not add due to rounding.

Although the Company believes the oxide and magnetite asset has potential economic value, it is not included in the reserve calculations.

Measured 63,319 0.51 718,771 0.11 220.5

Indicated 55,894 0.48 596,779 0.08 150.1

Total Measured and Indicated Resources

119,213 0.50 1,315,550 0.10 370.6

Inferred 5,024 0.35 38,633 0.06 9.2

1. Based on 0.12% CU Cut-off.2. Numbers may not add due to rounding.3. Oxide material and the magnetite from the sulphide material

Although the Company believes the oxide and magnetite asset has potential economic value, it is not included in the resource calculations.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

For additional information on the Mineral Reserves and Resources, please consult the Serrote Report.

Mineral Reserve & Resource Statement

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SAO FRANCISCO (as of December 31, 2013)

Mineral Reserve Category Tonnes (000) Au (g/t) Contained Ounces (000)Proven 2,662 0.71 60.8Probable 1,107 0.72 25.6Total Proven and Probable Mineral Reserves 3,772 0.71 86.4* The mineral reserve estimate is based on a cut-off grade of 0.41 g/t Au.

Mineral Resource CategoryMeasured 3,536 0.75 85.3Indicated 1,747 0.79 44.7Total Measured and Indicated Mineral Resources 5,284 0.77 130.0

Inferred Resources - - -

The mineral resource estimate is based on a cut-off grade of 0.34 g/t Au. Mineral resources are inclusive of mineral reserves. Numbers may not add due to rounding.For additional information on Mineral Reserves and Resources, please consult the Annual Information Form Published March 2014.

Mineral Reserve & Resource Statement

Notes: 1. Mineral Resources stated as at March 2015. 2. Mineral Resources stated according to CIM guidelines. 3. Mineral Resources stated at a cut off of $45/t NSR. 4. The figures only consider material classified as sulphide mineralization. 5. The figures may not add due to rounding of the numbers to reflect that they are estimates. 6. Inferred Mineral Resources are too sepculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves.

ARANZAZU – SULPHIDE MATERIAL (AS OF MARCH 2015)

Mineral Resource

Category

Cut-off NSR

($/t)Tonnes (thou.) Cu (%)

Cu

(thou. Lbs)

Au

(g/t)

Au

(thou. Oz)

Ag

(g/t)

Ag

(thou. Oz)

Measured 45 3,800 1.74 145,769 1.07 130 18.1 2,212

Indicated 45 8,221 1.61 315,361 1.12 295 21.24 5,613

Measured and

Indicated45 12,021 1.65 461,130 1.10 425 20.25 7,825

Inferred 45 5,654 1.77 216,890 1.28 233 23.11 4,201

TSX: ORA 20

Aura Minerals Inc.155 University Avenue – Suite 1240

Toronto, Ontario CanadaPh: +1.416.649.1033Fax: +1.416.649.1044

Web: www.auraminerals.comEmail: info@auraminerals.com