1. Corporate Presentation
Information as of May 2014
TSX: ORA

2. TSX: ORA 2
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.
Technical Information. 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 in Appendix I 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.
In this presentation, “A” refers to actual and “E” refers to estimated. This presentation contains non-GAAP measures. Please see Note 16 in the Company’s management
discussion and analysis for the period ended March 31, 2014 for a discussion on non-GAAP performance measures.
Cautionary Notes

3. TSX : ORA 3
Corporate Snapshot
Stock Info As of May
27, 2014
Share Price C$0.13
Shares Outstanding 228,458,106
Market Capitalization C$29.7 Million
Enterprise Value C$71.2 Million
Liquidity As of Mar.
31, 2014
Cash US$10.2 Million
Debt US$45.9 Million
Working Capital US$7.7 Million
Adjusted EBITDA
(FY2013)
US$78.0 Million
Current Ratio 1.1
Major
Shareholders*
Ownership
(Estimated)
Cyprus River Holdings 19.72%
Yamana Gold 19.16%
*As disclosed by the respective entities on the System for Electronic
Disclosures by Insiders (SEDI)
$-
$0.05
$0.10
$0.15
$0.20
$0.25
Recent Share Price Performance
-80%
-60%
-40%
-20%
0%
20%
40%
ORA vs. Gold Metrics
ORA GDXJ Spot Gold

4. TSX: ORA 4
Asset Summary
Serrote (Brazil) 4
Primary commodity: Copper
Avg. Production: 65M lbs. per year
Avg. Cash Costs: $1.40 / lb.
Life of Mine: 13 years (beginning in 2016)
San Andres (Honduras) ²
Primary commodity: Gold
Avg. Production: 80,000 oz. per year
Avg. Cash Costs: $900 / oz.
Life of Mine: 10 years (beginning in 2011)
São Vicente and São Francisco (Brazil) 3
Primary commodity: Gold
Avg. Production: 100,000 oz. per year
Avg. Cash Costs: $1,000 / oz.
Life of Mines: Mining at SV ceased in November
2013. Mining at SF expected to mid-2015.
Aranzazu (Mexico) ¹
Primary commodity: Copper
Avg. Production: 30M lbs. per year
Avg. Cash Costs: $1.15-1.25 / lb.
Life of Mine: 16 years (beginning in 2015)
Producing Mines
Advanced Development
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 year ended December 31,
2013, which are available on SEDAR, for financial and operating results
1. Subsequent to the Aranzazu Report and based on additional engineering studies by the Company, the Company plans to increase capacity to 4,500 tpd concurrently with a roaster installation. Expected productions, cash
costs, and life of mine assume and are based on completion of the Aranzazu Expansion, which includes capacity expansion and roaster. Please refer to the Aranzazu Report for a detailed description of the Aranzazu mine and
the June 2013 Press Release
2. Please refer to the San Andres Report for a detailed description of the San Andres mine
3. Please refer to the Sao Vicente Report and the Sao Francisco Report for a detailed description of the Sao Vicente and Sao Francisco mines, respectively
4. Please refer to the Serrote Report for a detailed description of the Serrote project. Estimates assume completion of the development of the Serrote project described in the Serrote Report

5. TSX : ORA 5
Operation 2013 Q1/2014 2014 Guidance
San Andres
Production (oz) 63,811 17,665 75,000-85,000
Cash Cost ($/oz) $1,131 $764 $800-$950
Sao Francisco
Production (oz) 105,541 20,357 75,000-85,000
Cash Cost ($/oz) $1,144 $1,328 $900-$1,050
Sao Vicente
Production (oz) 37,604 5,220 5,500-7,500
Cash Cost ($/oz) $1,288 $1,098 $525-$675
Total Gold
Production (oz) 206,956 43,242 155,500-177,500
Cash Cost ($/oz) $1,166 $1,070 $850-$1,000
Aranzazu
Production (lbs) 13,623,000 3,715,688 18,000,000-19,500,000
Cash Cost ($/lb) $4.15* $2.78** $2.60-$3.15
2014 Outlook and 2013 Results
* Includes non-cash inventory write-down of $0.74/lb
** Includes non-cash inventory write-down of $0.29/lb

6. TSX : ORA 6
• Strong Copper and Gold Resource Platform to Support Organic
Growth
• Executing 2 Transformational Projects:
• Aranzazu capacity expansion from 2,600 tpd to 4,500 tpd
(addresses scale, efficiency and profitability)
• Serrote Copper Project (Significantly De-Risked)
• Significant Operational Improvement at Existing Mines
• Value Maximization of Brazilian Gold Mines
• World Class Management
• Positive Cash Flow Generation
• Highly Undervalued Relative to Peers
Investment Highlights

7. TSX: ORA 7
Management Team Overview
Jim Bannantine, P. Eng.
President and CEO
Joined Aura in October 2011
• Partner Atlantic Capital Group – Private Equity
• President and COO Broadwing Corp.
• CEO Enron South America, a division with a $3.5
billion pipeline and 4,500 employees
• US Army Contracting Officer for the Corp. of
Engineers in Honduras
• MBA Wharton Business School
Agne Ahlenius
General Manager, Aranzazu Mine
Joined Aura in August 2012
• 25 years in international mining operations and
development projects
• Served as the COO of Orvana Minerals Crop, General
Manager, Kinbauri España S.L. for El Valle operation
in Asturias, Spain
Neil Hepworth
SVP Brazil
Joined Aura in December 2010
• 30+ years of mining experience
• VP of Operations for both European Goldfields
Ltd and Crew Gold Corporation
• Held progressively responsible technical and
operational roles and is recognized for his
geotechnical expertise in open pit and
underground mine operations throughout Africa
and Europe
Rory Taylor, CA
CFO
Joined Aura in March 2012
• 15+ years of mining experience
• VP Finance, Mining Operations at Endeavour Mining
Corporation
• VP Finance at Crew Gold Corporation for 6 years
• Extensive project experience in West Africa,
Greenland and the Philippines
Monty Reed
General Manager, San Andres Mine
Joined Aura in August 2011
• 35 years of mining experience
• Senior project and operations roles throughout the
Americas, notably in regions with complex community
relations issues and tropical climates
• Has worked with Silver Standard Resources Inc, Buffalo
Gold Ltd, IAMGold Corp, and Placer Dome Inc on
development and operation of open pit mines
Senior management team focused on development and execution: highly experienced individuals with varied
mining, technical, operational and finance skills

8. Transforming from a gold-copper company to a low cost copper-gold producer
TSX: ORA 8
2013A 2014E 2015E 2016E 2017E
Corporate
Move to Toronto
Corporate Financing
(Q3)Decrease G&A
by ~40%
Aranzazu 13.623 M lbs
Ramping up to 18-
19.5 M lbs Expansion:
~25M lbs1
Expansion:
>30M lbs. per
year on avg.1
Roaster
InstallationNI 43-101 Update
(H2)
San Andres 63,811 oz
~75-85Koz.
Production Increase and Cost Decrease
May 24, 2014 – Announced Increase in
Mineral Reserves & Mineral Resources
Brazilian
Mines
143,145 oz
~80.5-92.5Koz. & Disposition of Assets: mining at SV ceased in November 2013.
Mining at SF expected to mid-2015
Serrote
Acquired 70% of
Land Required Equity Partnership
(Q3)
Project Financing
& Construction
(H1)
66M lbs. per year on avg.2
~20M Bridge Loan
Note: all amounts shown above are expected average annual production, where applicable
1 Aranzazu production estimate assumes completion of the Aranzazu Expansion and is based on the Aranzazu Report and the June 2013 Press Release
2 Represents 100% of ownership of Serrote project. Serrote production estimate assumes completion of the mine development and is based on the Serrote Report.

9. TSX: ORA 9
Aranzazu Overview and Outlook
 Achieved full production from mine and mill throughput in 2012 and 2013
 Moving into higher production of primary sulphide ore from underground production
 Operational improvement underway with production capacity expansion and the ordering of the
roaster
 New block model and life of mine plan being prepared
 NI 43-101 update planned for the second half of 2014
Location Zacatecas, Mexico
Ownership 100% (Acquired in 2008 – Commercial production February 2011)
Project Type Open Pit-Under Ground, flotation
M&I Resources1 588 M lbs. Cu; 390Koz. Au
Capacity 2,600 tpd expanding to 4,500 tpd
2013 Results 13,615,949 lbs.
Q1/2014 Results 3,715,688 lbs.
2014 Guidance 18M lbs. – 19.5M lbs.
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 year ended December 31, 2013, which are available on SEDAR, for financial and operating results
1. Please see the Aranzazu Report and the appendix for the mineral resources statement. The Aranzazu Report is preliminary in nature. It 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 Aranzazu Report will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability

10. Aranzazu: Expansion and Upgrade of Flagship Copper Asset
TSX: ORA 10
 Transformation of Aranzazu is ongoing, certain items are on
hold pending completion of the financing
 PEA published in August 2012 outlined key improvements
 Installation of roaster to reduce arsenic content in
concentrate
 Increase capacity from 2,600 tpd to 4,000 tpd
 Expansion capacity now fixed at 4,500 tpd by basic
engineering (80% complete)
 Roaster delivery is currently on hold pending completion of
financing
 $113mm in required capital expenditures:
 36% allocated to mine development, 30% has been
spent and tracking budgeted metrics
 34% allocated to plant expansion of which 49% has
been contracted at fixed price
 Full benefit of these improvements will approximately double
production to 30M lbs
Production (pending financing)
Cash Costs (pending financing)
7.7
11.0
13.6
18.8
25.0
30.0
35.3
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
2011A 2012A 2013A 2014E 2015E 2016E 2017E
Millionlbs.
$2.82
$3.63
$4.15
$2.88
$2.08
$1.27 $1.18
$-
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
2011A 2012A 2013A 2014E 2015E 2016E 2017E
CashCosts($/lb.)

11. Aranzazu Capital Projects
PLANT EXPANSION, $39 million
 Additional mill, paste-fill plant and
tailings thickener expected to increase
copper production to 35 million pounds
per year by 2017
 Expected to decrease cash cost per
payable pound of copper produced by
$0.75-$1.00
ROASTER, $33 million
 Lower treatment, refining and penalties
charges anticipated to decrease arsenic
related charges and penalties by up to
$1.00 per payable lb. of copper
produced
 Environmentally conscious and
permitted
MINE DEVELOPMENT, $41 million
 Intended to enable access to higher
grade ore bodies, phasing out the open
pit in 2014
 Expected to decrease cash cost per
payable pound of copper produced by
$0.75-$1.00
 Resources open on strike and at depth
TSX: ORA 11
Planned Capital Expenditures (Plant Expansion and Roaster pending financing)
Aranzazu’s Path to Lower Cash Costs
Please see the June 2013 Press Release and the Aranzazu Report
On‐site average cash cost per pound of payable copper produced, net of gold and silver credits was $4.15 for the full year inclusive of net realizable value write‐downs of $0.74
$3.41
($0.75-$1.00)
($0.75-$1.00)
($0.75-$1.00)
$1.15-$1.25
2013 Cash Costs $/lbs Mine Development/Improved
Recovery and Grades
Plant Expansion Roaster Pro Forma Cash Costs $/lbs

12. TSX: ORA 12
San Andres Overview
 Increase in Mineral Reserves and Mineral Resources announced May 2014
 Generating increased sustainable cash flow
 Crusher upgrade and debottlenecking
 Workforce restructuring
 Supply contract renegotiation
 Ongoing negotiations with local communities to enable enhanced mine development
 New block model and life of mine plan being prepared
Location Honduras
Ownership 100% (Acquired in August 2009)
Project Type Open Pit, Heap Leach
P&P Reserves1 1,129 Koz.
M&I Resources1 1,660 Koz. (includes mineral reserves)
Throughput 18,600 tpd
Life of Mine 10 years
2013 Results 63,811 oz.
2014 Guidance 75,000-85,000 oz.
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 year ended December 31, 2013, which are available on SEDAR,
for financial and operating results
1. Please see the Company Press Release dated May 27, 2014 and the appendix for a complete Mineral Reserve and Mineral
Resource Statement

13. TSX: ORA 13
San Andres Key Operating Initiatives
 Future Initiatives:
 Power cost reduction through the use of a
combination of grid connection and solar to
obtain flexibility and lower power costs
 Projected Life of Mine cash cost of $900 per oz
$0
$200
$400
$600
$800
$1,000
$1,200
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
2011A 2012A 2013A 2014E 2015E 2016E 2017E
CashCosts($/oz)
Production(Koz.)

14. TSX: ORA 14
São Francisco Overview
 Open pit, heap leach, gravity circuit
 Mining expected to continue to mid-2015
 Key initiatives:
 Optimized mine plan to end of mine life
 Overall cost reduction program
implemented
 Processing of tailings
 2013 production results of 105,541 ounces
 2014 production guidance of 75,000 – 85,000oz
São Vicente Overview
 Open-pit, heap leach, gravity circuit
 Ceased mining in November 2013, minimal
production planned in 2014
 Heap neutralization and shutdown activities
scheduled
 Potential exchange of plant for cash or
interest in strategic partner
 2013 production results of 37,604 ounces
 2014 production guidance of 5,500 – 7,500
ounces

15. TSX: ORA 15
Serrote 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 ssignificant reserve position: ~1.0 BB 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
 Project is substantially de-risked and developed under Equator Principles
Copper Production Expansion
*
* 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)
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
2011A 2012A 2013A 2014E 2015E 2016E 2017E
Millionlbs.
Aranzazu Serrote
 Permitted for construction
 Access to roads, railway, ports, towns, power and water
 Community and government support
 Resettlement plan initiated
 Off-take alternatives
 Advanced funding negotiations underway
 Main engineering package awarded
 Major processing equipment bids received

16. TSX : ORA 16
Peer Comparison – Enterprise Value/EBITDA
Source: estimates derived from publicly available information
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
Aura Teranga Timmins Lakeshore Luna

17. TSX : ORA 17
Peer Comparison – Enterprise Value/Production oz
Source: estimates derived from publicly available information
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
Aura Teranga Timmins Luna Lakeshore Banro

18. TSX: ORA 18
Corporate Social Responsibility
 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

19. Appendix

20. TSX: ORA 20
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 reserve or 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 below and other filings with the
Canadian securities regulators, which are available at www.sedar.com. Unless otherwise indicated, information in this presentation:
• with respect to the Company’s Aranzazu mine assumes the successful financing and completion of the planned $113 million mine development, roaster installation and expansion
of production capacity and includes information as set forth in the technical report dated August 31, 2012, with an effective date of July 12, 2012, and entitled “Preliminary
Economic Assessment of the Expansion of the Aranzazu Mine, Zacatecas, Mexico” prepared for Aura Minerals by AMC Mining Consultants (Canada) Ltd. (the “Aranzazu Report”)
and the Company’s press release dated June 6, 2013 (the “June 2013 Press Release” together with the Aranzazu Report, the “Aranzazu Expansion”)
The Aranzazu Report 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 Aranzazu Report will be realized. Mineral resources that are not mineral
reserves do not have demonstrated economic viability.
• with respect to the Company’s San Andres mine is based on information as set forth in the Company’s press release dated May 27, 2014 and the technical report dated March 28,
2012, with an effective date of December 31, 2011, and entitled “Resources and Reserves on the San Andres Mine in the Municipality of La Union, in the Department of Copan,
Honduras” prepared for Aura Minerals by Bruce Butcher, P.Eng., Vice President, Technical Services of Aura Minerals, J. Britt Reid, P.Eng., former Executive Vice President and
Chief Operating Officer and, Chris Keech, P.Geo., former Manager, Geostatistics of Aura Minerals (currently Principal Geologist of CGK Consulting Services Inc.) (the “San Andres
Report”)
• with respect to the Company’s Sao Francisco mine 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” prepared for
Aura Minerals by Bruce Butcher, P.Eng., Vice President, Technical Services of Aura Minerals, J. Britt Reid, P.Eng., former Executive Vice President and Chief Operating Officer,
and, Chris Keech, P.Geo., former Manager, Geostatistics of Aura Minerals (currently Principal Geologist of CGK Consulting Services Inc.) (the “Sao Francisco Report”)
• with respect to the Company’s Sao Vicente mine 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 Vicente Mine in the Municipality of Nova Lacerda, State of Mato Grosso, Brazil” prepared for Aura Minerals by Bruce
Butcher, P.Eng., Vice President, Technical Services of Aura Minerals, J. Britt Reid, P.Eng., former Executive Vice President and Chief Operating Officer, and, Chris Keech, P.Geo.,
former Manager, Geostatistics of Aura Minerals (currently Principal Geologist of CGK Consulting Services Inc.) (the “Sao Vicente Report”)
• with respect to the Company’s Serrote project assumes the successful financing and completion of the planned $420 million mine development and the placing of this project into
production by the second half of 2015 on a 100% ownership basis and includes information as set forth 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”)
The Qualified Person for the Company is Bruce Butcher, P. Eng., Vice President, Technical Services, who has reviewed and approved this presentation.
NI 43-101 Technical Reports

21. TSX: ORA 21
Reserve & Resource Statement – Copper
Aranzazu Mineral Resources (as of September 1, 2011)
* Based on 0.8% copper cut-off grade. Numbers may not add due to rounding.
For additional information on the mineral resource estimate, please consult the Aranzazu Report.
Category
Tonnes
(‘000)
Copper
(%)
Copper
(‘000 lbs)
Gold
(g/t)
Gold
(‘000 oz.)
Silver
(g/t)
Silver
(‘000 oz)
Measured 8,338 1.36 250,215 0.82 219 14.06 3,768
Indicated 9,432 1.63 338,523 0.56 171 21.45 6,504
Measured and Indicated 17,770 1.50 588,738 0.68 390 17.98 10,272
Inferred 5,808 1.40 178,902 0.58 94 17.64 3,295

22. TSX: ORA 22
Reserve & Resource Statement – Copper
Serrote Mineral Reserves (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 Reserves 85,471 0.52 0.10 7.38 24.25
Serrote Mineral Reserves (for Sulphide material as of September 14, 2010)
Classification Tonnes (000) Cu
(%)
Cu
(‘000 lbs)
Au
(g/t) Au
(‘000 oz)
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. 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.
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.

23. TSX: ORA 23
Reserve & Resource Statement – Gold
* Mineral Resources are inclusive of Mineral Reserves.
A cut-off grade of 0.23 g/t Au for oxide material and a cut off grade of 0.30 g/t Au for mixed material.
Numbers may not add due to rounding.
For additional information on the Mineral Reserves and Resources, please consult the Company Press Release dated May 27, 2014.
Reserve Category Tonnes (000) Au (g/t) Contained Ounces (000)
Proven 13,714 0.50 237
Probable 53,388 0.52 892
Total Proven and Probable Reserves 68,102 0.52 1,129
San Andres Mineral Reserves and Resources (as at December 31, 2013)
Resource Category Tonnes (000) Au (g/t) Contained Ounces (000)
Measured 16,238 0.48 252
Indicated 88,603 0.49 1,407
Total Measured and Indicated
Resources
104,841 0.49 1,660
Inferred Resources 4,348 0.49 69
* Mineral Reserves at cut-off of 0.28 g/t Au for oxides and 0.37 g/t Au for mixed ore.
Numbers may not add due to rounding.

24. TSX: ORA 24
Reserve & Resource Statement – Gold
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.
Reserve Category Tonnes (000) Au (g/t) Contained Ounces (000)
Proven 2,662 0.71 60.8
Probable 1,107 0.72 25.6
Total Proven and Probable Mineral
Reserves
3,772 0.71 86.4
Sao Francisco Mineral Reserves and Resources
Mineral Reserve and Resource Estimates as at December 31, 2013*
Resource Category Tonnes (000) Au (g/t) Contained Ounces (000)
Measured
3,536 0.75 85.3
Indicated 1,747 0.79 44.7
Total Measured and Indicated
Mineral Resources
5,284 0.77 130.0
Inferred Resources - - -
* The mineral reserve estimate is based on a cut-off grade of 0.41 g/t Au.

25. TSX: ORA 25
Reserve & Resource Statement – Gold
* The mineral resource estimate is based on a cut-off grade of 0.26 g/t Au.
For additional information on Mineral Reserves and Resources, please consult the Annual Information Report published March 2014 .
Reserve Category Tonnes (000) Au (g/t) Contained Ounces (000)
Proven - - -
Probable - - -
Total Proven and Probable Mineral
Reserves
- - -
Sao Vicente Mineral Reserves and Resources
Mineral Reserve and Resource Estimates as at December 31, 2013*
Resource Category Tonnes (000) Au (g/t) Contained Ounces (000)
Measured
2,287 1.03 75.8
Indicated 2,390 0.66 50.8
Total Measured and Indicated
Mineral Resources
4,677 0.84 126.6
Inferred Resources 464 0.48 7.2
* The mineral reserve estimate is based on current mining and processing costs and using $1,300/oz gold price.

26. Contact Information
155 University Ave, Suite 1240
Toronto, ON
M5H 3B7
Canada
Ph: +1.416.649.1033
Fax: +1.416.649.1044
Email: info@auraminerals.com
Aura Minerals Inc.