Good morning, ladies and gentlemen. Welcome to second quarter 2026 earnings call. This conference is being recorded and the replay will be available at the company's website at auraminerals.com/investidores. The presentation will also be available for download. This call is also available in Portuguese. To access, you can press the globe icon on the lower right side of your Zoom screen, choose to enter the Portuguese room. After that, select Mute Original Audio. For access our conference in Portuguese, click on the globe icon on the bottom right corner of your Zoom screen select the Portuguese room option. When accessing the new room, be sure to mute the original audio. We would like to inform you that all attendees will only be listening the conference during the presentation, we will start the questions and answers section when further instructions will be provided. Before proceeding, we would like to clarify that any statements that may be made during this conference call regarding the company's business prospects, operational and financial projections, and goals are the beliefs and assumptions of Aura Executive Board and the current information available to the company. These statements may involve risks and uncertainties as they relate to future events, therefore depend on circumstances that may or may not occur. Investors should be aware of events related to the macroeconomic scenario, the industry, and other factors that could cause results to differ materially from those expressed in the respective forward-looking statements. Present at this conference, we have Rodrigo Barbosa, President and CEO, Kleber Cardoso, CFO, and Glauber Luvizotto, COO. Now, I will turn the conference over to Rodrigo Barbosa to begin conference. Thank you very much, welcome everybody. Thank you for attending this call again. I'll be happy to go through the major milestones of the company during the quarter. As usual, Kleber is going to go through the details of the results, we finally open to Q&A where we also have here our COO, Glauber. If you have any more technical questions, he would also be happy to answer. Overall, the quarter we had weaker production than the first quarter. Nevertheless, all the necessary works, all the necessary milestones on the background of the results that means we will achieve is being achieved in order for us to have a much stronger production on Q3 and then Q4, as we have done in the past with a weaker production in the first semester, and a stronger production on the second semester. Actually this year, as we're going to go through mine by mine, we'll see that this balance between first and second semester can be even bigger than what happened in the past. Overall, we produce on the first half of the year, 158,000 ounces. As I mentioned to you, we are strong enough to keep the guidance for the second semester, which means that we will produce a total of 182 or 232,000 ounces between 182 to 232,000 ounces during the second half, which means on average, potentially at 100 below one quarter, 100,000 ounces, in the other quarter above 100,000 ounces. That means that we are very much on track to produce a very significant improvement during the Q3, Q4. That is a combination of mine sequences and also the ramp-up of MSG. Our revenues on the quarter, which is $336 million, of course, lower gold price and also lower production means lower revenues. We look on the EBITDA, on the other hand, we reached close to $200 million. I would also highlight that for 12 consecutive quarters, Aura has been increasing the EBITDA. The last 12 months, we produced $800 million of EBITDA with the current gold price, or the average gold price on the last 12 months is exactly what it is right now. With the total ounces of 313,000 ounces. Imagine if we achieve the production that we are promising for this third and fourth quarter, that the EBITDA can be significantly also pushed up once we continue to have appreciation of at least stable to higher gold prices while significant higher production in our mine. In terms of all-in sustaining cash costs, very much in line with what we planned. The first number that we see, close to 2,000 ounces per ounce seems high, but I would invite you, the investors and the analysts to understand that this number has been pushed up because of the turnaround of MSG. If you take out the turnaround of MSG, we would have been at $1,600 of gold equivalent ounces. Understanding that we have a significant high production coming in from MSG. We have a significant high production for Apoena, Borborema, so we still have improvements on all-in sustaining cash costs coming during the second semester due to mine sequencing and also expansion that is happening either in Almas and also in Borborema. In terms of recurring cash flow, we reached $80 million. You exclude the losses of the gold hedges, which is going to happen this year and also next year, we would've made close to $120 million of recurring cash flows up before the gold losses. Out of this $120 million, we used $54 million for expansion CapEx and then additional $68 million between share buybacks and also dividends. Which means that Aura continues to grow to fund its own growth and the dividends and the buybacks with our own cash flows from operations, despite, of course, that we leverage, when we have expansions, that Kleber can also go through a little bit more detail, by the end of the presentation. In terms of net income or record high net income, $218 million, that's the quarter that gold price has depreciated, unfortunately, but the positive impact that since we have a mark-to-market up on the net income that was positively by $126 million. We just announced, as we are producing significant cash flow from the operations, being able to fund our growth with the cash flows. We also just announced a new $60 million of dividend, which means $0.72 per share, that will be paid during the third quarter related to the second quarter. Together with this dividend that we also approved, a share buyback program of $200 million. From now on, investors should see a split between a dividend and share buyback coming in in the next quarters, where we will continue to remunerate our shareholders significantly now through also a share buyback program. In terms of our projects at Aura, mostly on time, on budget. I have on the slide to give you more details. Also the average daily traded volume is significantly higher, meaning that we have been achieving the objective when we listed in Nasdaq to push our daily trading volume significantly higher. Reminding that a year ago we were trading $2 million, $1 million per day on the first semester, and now we are close to $100 million per day on average, during the last quarter. In terms of safety, as we mentioned on last quarter, unfortunately, we had one lost time incident in Borborema in March this year. A lost time incident that the person is already fastly recovering and is already fully recovered and working at site. Although there was a procedure not followed, we revised all the procedures. We revised and made adjustments in all the operations in order to make sure that we avoid any single lost time incident. If you look the last two years, we had only one lost time incident, but our objective is to have zero lost time incidents. That's why we are constantly monitoring our internal program to make sure that we have the highest safety standards in the industry and that we make sure that everybody that works with us returns home safely. Also on the stability of the structures, again, we do have constantly monitoring external consultants that monitor our geotechnical structures, not only the tailings dams, underground pits, pads, and all of that is according to a satisfactory level. In terms of quarterly production, on the left side of this slide, you see a quarterly production, and on the line is the last 12 months production. As we can see since Q2 2025, we've been gradually improving quarterly production the last 12 months t hat's because the ramp up of Borborema, that we actually continue to increase our production. Now from now on, after the first quarter and the second quarter of weaker production in MSG, although we are planning a much higher production for next year, we will see a gradual improvement on MSG on Q3 and in Q4 and on top of other mines also that will improve. We will continue to see these last 12 months, improving, from the 313, of course, then reaching within our guidance from 340 and 390 by the end of this year. When we look on the right side, the production per quarter, per mine, we see the first quarter, MSG, 9,000 ounces. Second quarter, as I already mentioned to the market, the second quarter will be weaker than the first one due to infrastructure investments and infrastructure activities that we had to implement in MSG. Part of that was planned, part was challenging when we faced the first, and started producing in MSG. We faced a more challenging situation in terms of infrastructure in that when we deviated all the equipment, when we had to make a choice between put our attention, equipment to production or to the turnaround, to the underground development. We always choose underground development because that's what will structurally change the mining order for us to be able to produce close to 80,000 ounces per year, production and only sustaining cash costs, nearing down close to $2,000 per ounce. All the background work in MSG has been done and I will have here a slide also to mention that give us strong confidence that we will not only improve from Q3 and Q4, but by the end of the year, be prepared to, in 2027, be able to produce close to 80,000 ounces of gold. W ith the All-In Sustaining Cash Cost nearing down close to $2,000, $2,200 per ounce. In terms of Borborema, our first quarter, 17,000 ounces, second quarter, 14,000 ounces. That is super planned. It's a mine sequence. It's great. But as we come to Q3 and Q4, we will see a combination of both. Number one, in Q3, we see higher grades coming into the plant, and in Q4, on the top of the higher grades, we also have deep bottleneck. The plant wants to take the bottleneck in the filters, and we are implementing new filters that should be online by Q4, between Q3 and mostly Q4, that we will also be able to increase production on the top of high production. We should see a higher production of Borborema coming in on the second semester. Almas, it's a slight improvement in production. This mine, as I mentioned to you, we built this mine at 1.3 million tons. We already finished the last year running at 2 million tons, and now we are upgrading to 3 million tons. That will gradually improve capacity as we should finish the year at close to 3 million tons per year, and that will also have an impact on the quarter production. In Minosa, we had a decrease from 17,000 to 14,000 ounces. We are in an area of a stacking pad that is most probable. We had to pile higher than we did in the last few years, t hat means that the process of recovery takes more time. We have more money going to our working capital, and perhaps we lose some recovery. As we piled all of this already, also during the second quarter, we should see Minosa with a weaker production on next quarter, and then recovering more production on Q4 for the year. This is where we should be more towards the low end of the guidance for the year in Minosa. Apoena, despite this lower production from 7,000 to 6,000 ounces, all the background activities, all the opening the pits, all the investments on the pushback, and also the mine development is being very much in line with what's forecasted. That will allow us to have confidence that we will reach higher grades during Q3 and Q4 that will support a significant higher production during the next semester. In Aranzazu, we are also doing the mine sequencing now on the first semester at lower grade, and now on the second semester, we should reach a higher grade, which will also provide us an ability to produce a stronger second half of the year. Overall, as you can see, as we happened last year and this year, a combination of MSG turnaround plus Borborema, debottlenecking higher grades, and also then Apoena with the higher grades. A combination of these three mines gives us confidence that we will not only be within the guidance of the year, but not close to the lower end of the guidance. Next slide. In terms of our All-In Sustaining Cash Cost, as I mentioned to you, close to $2,000 per ounce. When you exclude MSG, then we will be close to $1,500. Understanding that also during the second semester, where we are going to have higher grades in Borborema, we are going to have higher grades in Apoena, we are going to have a higher production in MSG a nd also higher production, not that high, but continue to slightly improve Almas as we are now upgrading the plant. It gives us a very good confidence that we also will meet the guidance for the year on the All-In Sustaining Cash Cost, and that understanding that when we issue the guidance, the exchange rates in Brazil and also in Mexico was significantly more favorable. For example, in Brazil, close to BRL 5.50 per dollar. Now we are running at close to BRL 5 per dollar. That is 10% of losses in exchange rate, t hat is on top of higher oil prices and oil chemical prices. We believe that the team is working in order to be able to deliver results within the guidance that we gave to the market. As I was mentioning, Era Dorada, moving very much in line with the plan. We have recently approved on the third quarter, the full investments. We already spent $15 million. Close to 60% already of the groundwork has already been done. Focusing a lot on hiring from local communities that they do not have expertise in mining. We are still training, but yet with 53% of the employees coming from Asunción Mita and region, which is where we are located, and 93% from Guatemala. That shows our commitment with the project to provide opportunities for the local labor. We also approved on the project a significant improvement of the water treatment, actually now taking a lot of the water at the potable level a nd now we are in agreement with the local authority in order that this water, once in production, can be distributed to the local communities. Once in that area, as happens also in many Central American countries, there is no treatment of water, no sewage treatment. And the water they have access from the rivers are somehow contaminated, which means health problems, which is the major problem that they have when we heard from them what are their concerns during 2000 and 2025. Just open as transparency at Era Dorada House. This means that we have a place in the city where we give full transparency. There are persons that can answer any questions that any people might arise. We are there to answer, to show the project impact and everything that is going to happen in the region, so that the people can have the confidence that this project will not have negative impact. But actually, it will go beyond and have positive impact once we are treating this water at potable level a nd also has a geothermal project that we are now in final studies in order to have a renewable energy supply, the energy of this project. As we progress in the construction, we should expect negative news here and there. We have done a significant amount of work communicating with the local communities. We have majority of approval from COCODEs. COCODEs are the person elected by the local communities, recognized by law to represent them, and they are mostly in favor of this project and supporting us to move on. We don't expect any hiccups in implementing this project up to commercial production, although, of course, some negative might happen. Next, f or MSG, very happy to share that we are super in line with what we projected in terms of our productivity underground when we acquired this project. Actually, we are above what we expected in terms of resources reserved. Just a quick reminder, this project we acquired with 370,000 ounces of gold equivalent ounces of gold in proven and probable. Our reserves, we already are at 753,000 in six months. We acquired this project with 1 million ounces of measured indicated. We are already at 1.8 million ounces in measured indicated. We acquired this project at 1.4 million ounces inferred. We are already at close to 2 million ounces, above 2 million ounces of inferred. This project on the long term, despite doing exploration, which now we are going to do more exploration in order to significantly also increase resource and reserves. Most important is this mine development underground speed, because that's what's necessary in order to invert the mine sequencing from top down to bottom up. We are 80%-90% on average above what this mine was performing last year. We are definitely being able to improve underground development, and yet we still have room to continue to improve. That give us a lot of confidence that by the end of the year, we'll be able to completely invert the mine methodology in order to, 2027, be able to produce close to 80,000 ounces and push down the all-in sustaining cash costs to close to $2,000 per ounce. Of course, during this turnaround, we compromise short-term production in order to have a stronger long-term production. Actually, now we are already at the highest speed in production. We should see improvements in Q3 and then Q4, another improvement, but most of the improvement in production will be on 2027. I'll turn the floor to Kleber so that he can present the results. Okay. Morning, everyone. We start with a summary of the main financial KPIs for the quarter, the last few reporting quarters, and accumulated last 12 months for each reporting period. We're reporting net revenues of $336 million in the 2nd quarter, as anticipated by Rodrigo, as a combination of lower production due to mining sequencing and also a lower average price in Q2 compared to Q1. However, when we look into the accumulated last 12 months net revenues, we are reporting a record high, close to $1.3 billion now. In terms of adjusted EBITDA, it's a similar story, $197 million. When we look into accumulated last 12 months, over $800 million already. As Rodrigo anticipated, we have been increasing our accumulated last 12 months EBITDA for now 12 quarters in a row since Q2 2023. Now three years in which we are increasing our accumulated EBITDA, which shows the direction we are going in terms when we look into our annual results. In terms of net income, we're reporting strong net income of $218 million as a combination of the results from the operations and also unrealized gains with the outstanding gold derivatives b ecause there was a reduction between the gold prices at the beginning of the quarter, end of the quarter, we recognized these non-cash gains. Excluding these non-cash impacts, our adjusted net income was likely below last quarter at $97 million this quarter. In terms of cash equivalents and net debts, we closed our cash close to $260 million. There was an expected increase in net debt to $168 million. However, that was compensated by the increase in the accumulated net debt/EBITDA, which then translated into our leverage ratio remaining stable between the quarters at 0.2 times. Moving to understand the main items impacting between adjusted EBITDA and adjusted net income. When we look at the breakdown for the adjusted EBITDA, we had four business units that came with strong results. Superiore, Minosa and Almas and Aranzuzu all reporting adjusted EBITDA above $43 million, between $43 million-$56 million range. As expected for this quarter, we expected Apoena and MSG to be the weakest quarter in Q2, then show stronger results from the second half of the year. Depreciation and amortization of $26 million expenses were pretty much in line with our expectation. This quarter, we're reporting a financial net income of $61 million, which is mainly driven by the net gain related to the gold hedges, which I mentioned in the previous page, partially compensated by the realized losses with the gold hedges. This was the portion of gold collars that expire in the quarter, we made the payment in which we paid $37 million. Income tax expenses of $20 million as well as expected. Other expenses, we had a gain this quarter of plus $10 million, mainly related to the completion of the sale of the São Francisco mine, which was part of the Apoena complex. We had a non-recurring provision for contingency liabilities this quarter of $5 million, bringing the net income to $218 million, as we saw. Excluding the non-cash impacts, bringing our adjusted net income to $97 million this quarter. Now understanding the main items that changed our cash position between the beginning and the end of the quarter. We started the quarter with around $207 million. These six mines in production, they generated $117 million during the quarter, of which a portion of that was used to pay the hedges that were settled in the quarter. We allocated $37 million for that purpose. Invested $58 million for the growth of the company, mainly the expansion CapEx. We had $53 million mostly split between Era Dorada. We announced the board approval in April and invested already $15 million in the first quarter. Also extension of plants capacity and underground development in Almas and also investments in Apoena. To the right side, we see the financial items. We highlight the type of return to the shareholders through dividends and share repurchases of $68 million, bringing the cash to the end of the period closer to $250 million. This is where we end our presentation. Open to questions. Thank you. We are going to start the questions and answers section for investors and analysts. If you wish to ask a question, please press the bottom reaction, then click on raise hand. If your question has already been answered, you can leave the queue by clicking on put hand down. Our first question comes from Mr. Matheus Moreira from Bradesco BBI. Please, you may proceed. Hello. Good morning all, and thank you very much for taking my questions. My first question on capital allocation. We've seen overall, of course, a very volatile macro environment recently, which has weighed on gold prices. I'm wondering whether this changes your M&A appetite in any way. Would you adopt a more conservative stance on M&A in the near term? Within your broader capital allocation framework, you've just announced a new buyback program of up to $200 million. How is management thinking about balancing growth, CapEx, buybacks and dividends? What are the main priorities here for management going forward? That's my first question, then the second one. Thank you, Matheus for the questions. First, in terms of M&A appetite, we continue to have appetite independently from gold price. Actually, when gold price had a spike too high in the short-term period, as it happened when we hit 5,500, this is where the gap of the seller and the buyer widen. It's difficult to do transaction when they have those kind of volatility. Actually now, when gold price came back to 4,200, 4,300, we seek a more converging expectations in terms of price from the buyer with the seller. We are always super conservative, and we don't play on gold price. When we do our analysis, we put the market's average projections for gold and also copper. We don't see why we would change our M&A appetite because of this volatility, and it's very important step for us in terms of value creation. Just a quick reminder for value creation in Aura, it's a very clear three avenues. Number one, execution on greenfield projects, which we are. We just implemented Borborema. We are now doing the turnaround of MSG. We are now also implementing at Era Dorada. We are finalizing studies for Matupá. We are very much in line to deliver the first avenue of value creation in projects that have significantly high returns. Number two is to continue to increase resources and reserves. As I mentioned in MSG, in six months of work with the numbers and also adjusting some cutoff grades and working the mine sequencing, we could increase significantly, double the reserves, a significant increase Measured and Indicated and also inferred. Actually, when we issue the report on resources and reserves this year, we could see that we actually doubled most of our resources and also our reserves. The third avenue to complete the first question is to continue to grow through M&As. The sector tends to pay a better price or as you grow, companies that get next to 1 million ounces tends to have a more fair NAV multiple. Where we are today, we are significantly discounted where we feel we should be. Part of this is also that we need to deliver the growth. We know very much how to get, and we are in the execution to get the 600,000 ounces in the coming years. We know that the best valuation starts when you get closer to 1 million ounces, and that will only happen through M&As. You also question about the dividends and also how you're going to invest the capital. If you look behind our materials, take a look at what will happen in 2021, 2022, 2023, 2024, 2025, and what's happening at a highlight in 2026. We've been able to do both. This company has such a high payback, right? The payback of a project is one or two years. On the equity will be maybe sometimes less than one year. Once we sequence those projects, we've been able to, number one, implement the greenfield projects, which we did Almas. We implemented also Borborema. We acquired Borborema, we acquired Era Dorada, we acquired MSG. We paid one of the highest dividend yields in the sector in the world, and yet we are 0.2 times net debt EBITDA. We have not been challenged in order to see, to split our, let's jeopardize growth, let's pay dividends or the opposite. We've been able to do a combination of both. This quarter, this semester, as Kleber was mentioned, we produced across $120 million of recurring cash flow, ex the losses of the dividend. This cash was enough to support the development of the greenfield projects, all the cash flow from all the investment expansion, and also the dividend. We continue to be unleveraged. We could even finance, and we should finance at least 50% of greenfield projects. Aura is in a privileged position in order to have such a strong cash flow from operations that we can do this kind of combination and continue to grow and continue to pay strong dividends to our shareholder. Great, Rodrigo. Maybe if I may, a second question on MSG specifically. It was good to see the significant step up you guys had on both P&P and M&I right over the past few months. The company, of course, continues to move forward with its turnaround of the asset. Production in the second quarter was impacted by significantly lower grades, right? I'm just wondering if you could give us an update on what are the key bottlenecks you have been addressing. Be a bit more specific on the key bottlenecks and what are the operational priorities at this point. How do you see grades and production evolving over the next few quarters? For MSG specifically, I understand that the guidance was reinforced for the whole company. For MSG specifically, do you see some risks to guidance on both production and cost? Thank you. I will start the answer, then I'll pass to Glauber that he can go more in detail. We had a first and second quarter, I would say, in terms of production, more challenging than we expected. That means exactly that we pushed all our attention to underground development and the mine preparation infrastructure in order to do the turnaround. We chose to compromise production in order to maintain a very strong outlook for the medium and long term in this mine. That means that perhaps we might be at the lower end of the guidance. Of course, there's always a risk. We cannot assert it. We are very confident all the groundwork that's been doing will take us to produce that close to 80,000 ounces and close to $2,000 per ounce. I would like Glauber to give a little bit more color in what is being done in the mine and why we had a decrease in the grades on the second quarter, and why we believe that the third and fourth quarter will continue to improve and put this mine into a very high standard next year. Yeah, of course. As Rodrigo commented, the year is much more for do all the organization, housekeeping, and prepare the operations for sustainable achieve the production around 80,000 ounces and the all-in sustaining costs around $2,200 per ounce. Straight to the point, the bottleneck is the mine. The challenge is increase the production from the underground mine that we have much higher grade, even considering some contribution from the open pits. The reason for the lower grade in the second quarter is mainly because we pushed down. Once the priority in the underground is prepared, developing the mine and release reserves for production in a stable way. We use a lot of ore from the old stockpile, lower grade stockpile on surface to keep the plant running and to keep producing and, for sure optimizing the results. Once in the mining, the focus is mining development. The great news is that we are being able to increase between 89%, the performance in the underground development compared with the performance last year. The main reason of that is a combination of all the infrastructure that we did the upgrade during the first semesters and also the upgrade in the underground fleet. If you remember when we did the acquisition, the reliability of the fleet is one constraint in that mine. We are using this lower production underground to make some upgrade in equipment as well and back to the operation in better levels. We are getting much more higher availability. It's much more reliable, the equipment, higher productivity. We are growing this path to increase production. We will see quarter-over-quarter the production grow in MSG in the Q2, in Q3, in Q4 and in Q1 in 2027. We will be able to gradually increase grades and throughputs in the plant as well. Great. That's very helpful. Thank you, Rodrigo. Now over to Glauber. Our next question comes from Mr. Lawson Winder from Bank of America. Please, mister, you may proceed. Thanks very much, Natasha. Hello, Rodrigo and team. Thank you for taking my question. I just wanted to say solid capital return again. It's really great to see you guys leading the pack on that. What I wanted to ask about, though, is more on costs, which is obviously critical in your ability to maintain that strong free cash flow and support those investments. Year to date, at what rate would you say your cost inflation is running, and how does that compare to budget? Then as we move into the budgeting season for 2027, what makes sense to you as a good inflation rate to assume for 2027 versus 2026? Thank you, Lawson. I'll let Kleber, he can go in more detail. The team is, as you know, we have a very strong team locally, fighting back inflation and trying to renegotiate with changing specifications, as they've been able to do since 2022. We continue to do that. Most of the impact that we have today that you saw, it comes from exchange rate, that's some from inflation. I'll let then Kleber to give a little bit more color on this and then perhaps give a little bit of view on 2027, although yet we don't have guidance for 2027. As Rodrigo commented, of course, we do feel the impacts, for example, of oil prices, although that's limited. If you take diesel, it depends on our operations. It's usually between 5%-10% of our total cost. There is some impact, it is limited. There is some indirect costs. Of course, that comes from inflation of increased diesel price. We have been working in different initiatives to compensate and fight back this impact. That's why Rodrigo mentioned this, when we look into diesel and impact of effects, of course, we feel the impact, but we're confident that we're going to be in the guidance because of the initiatives that we're working internally. For 2027, I think it's still too early to give any perspective. We're just starting the budget process. We see on a structural basis some big upsides and opportunities when you look into what expects the all-in for the company as a whole, not maybe MSG. As MSG bringing the all-in sustain cash costs from where it is now close to $2,000. As you might imagine, there will be a big positive impact for the all-in of the company as a whole. In addition, the expansion of Almas, for example, all that should play positively. If you go then raw material for more raw material and impact of inflation is a little bit early in our process to comment on that. Okay. Nevertheless, helpful. If I could follow up on the discussion on M&A, to put maybe a slightly finer point on it. I mean, when you look at your portfolio, you have a number of brownfield and greenfield projects already in the portfolio. Thus, would it be fair to conclude that the preference might be for operating assets as opposed to greenfield projects. How do you think about that? Then playing into that as well, there's obviously just the time of your team, Rodrigo. Do you guys have the capacity to take on another project if you were to acquire something along that line? Thanks. That's a good question. We are very focused on being able to deliver in what we acquire. If we look back at the last acquisition was MSG, something that was running on the top of implementing Era Dorada. That's why we don't want to build two projects at the same time, exactly because of the team is the same, right? We want to make sure that the team can deliver on the construction of Era Dorada. On the other hand, the turnaround team is different, so that's why we felt comfortable to put in MSG. Now we are doing both, o ne team doing the construction t hen working a lot on the turnaround. Then looking ahead, I think we continue to look both alternatives, for example, we would not probably buy anything that we have to start construction next year. A greenfield project would be something that we could take one or two years redesigning or upgrading or downsizing what we do in order to be able to build and not in parallel on Era Dorada. Then see what will be the sequence together with Matupá. On the other hand, something that is operational and the turnaround of MSG, most of the tension is the first year. We would consider an acquisitions as long as we then, along by the end of the year or next year, we can move the turnaround into some operational asset for next year, so that we don't overlap, right? Also, we continue to look alternatives in Americas. We're not a Africa player or the east side. Gold and copper, right? That's where we play. As I have been widely also mentioning, we've been growing a lot on gold. We like to also add more copper, but copper alternatives has been more scarce, and returns on gold has been higher t hat's why we've been choosing gold in the last years, not because we have a preference, just because the returns has been significantly higher. Okay. Very helpful. Thank you so much, Rodrigo. Our next question comes from Mr. Henrique Marques from Goldman Sachs. Please, sir, you may proceed. Hey, guys. Thank you for taking my question. I just wanted to follow up a bit more in detail on the share buyback program you guys announced. That is on top of the dividend that you're already paying above policy. Company has done an excellent work to keep the high level of trading volume, and it caught our attention that you opted to announce the buyback program instead of just increase further dividend payments. I just wanted to understand, the stock did suffer an important sell-off in recent months. Is there any key metric here that you saw that made you announce the buyback program? Is there any threshold of valuation or even what is the perfect balance between dividend and share buyback going forward? On top of that, just changing gears here, sale of the San Francisco mine, good way to monetize that mine that was under care and maintenance program. I know you guys have also Tolda Fria, which is also under care and maintenance. Can we expect something similar to this mine or is this an asset that you're also seeking to sell? Does the recent change in the Colombian government changes anything in how you see this asset? Anything you guys can share with us would be great. Thank you. Thank you. As you mentioned, we just announced a share buyback. Again, we also made a significant progress on the daily trading volume. We don't think when we analyze at this level, the share buyback would significantly impact the daily trading volume. We do not want to negatively impact the daily trading volume. We would perform share buyback as long as it's not jeopardizing the daily trading volume, the liquidity that most of our investors appreciate. Looking ahead, we should see a combination of share buyback and dividends. We don't have exact number how it's gonna play. Of course, we have our internal strategy, but it will be a balance. It will be a split, right? Between share buybacks and dividends. We've been able to pay above the guidance, above the policy in dividends. From now on, we should see it splitted. Don't expect dividends to be that high and then plus share buybacks. It will be a split. The total number will be a split of share buybacks and dividends. Thank you, Rodrigo. Very clear. If you guys can just touch bases on the San Francisco mine question. Okay. Yeah. No, I think San Francisco, we announced it took a while to approve and finally transfer. Tolda Fria is in Colombia. We just had a recent important change in government in Colombia, that project had been difficult to progress with the licensing. We expect now that potentially can change. We are now monitoring and trying to understand what will be the change in Colombia in order for us to reassess. If we should push more investment and then foresee any licensing or continue to do care and maintenance or perhaps sale. That's one thing that we will only understand after the Q3 and Q4, when we see what would be the impact of the change in government through the licensing project to mining. Super clear. Thank you. Our next question comes from Mr. Lucas Laghi from XP Investimentos. Please, Mr., you may now proceed. Hi. Good morning, everyone. Thank you for the space. I have two quick follow-ups. I guess, it's MSG and cost inflation have been like the most discussed topics with investors most recently. Just touching base on those two topics. On MSG, I mean, you mentioned in the release that one of the reasons why the asset performs relatively weaker compared to other assets was regarding the evolution of production and sales throughout the quarter. Lower sales in April and increasing production and sales throughout the quarter. Just to, I mean, ask one of the most concerns that we hear from investors is still related to the pace and to the turnaround process. I mean, could you provide us an idea of how production actually evolved throughout the quarter? Maybe a run rate of production in June compared to April, and how you're seeing the run rate output in July and August, I mean, compared to what you saw by the end of the quarter. just to maybe provide a more comfortable idea of this evolution that you guys already were able to achieve over these past months. On the cost inflation topic, I mean, it's a discussion we have been hearing all over in all over sectors that we cover, and it's particularly considering the conflict between U.S. and Iran. I mean, Rodrigo, you mentioned like effects, chemicals, brands. any specific cost mitigating initiative that you guys have been implementing? I mean, I don't know if any changes in hedging policy, for example. Just trying to better understand if such impacts have been high enough to drive any particular initiative or hedging policy that you guys are doing. Just to better understand, I mean, this production evolution throughout the quarter on MSG and any potential cost-mitigating initiatives on such cost inflation topic, particularly regarding the conflict. Thank you, guys. Yeah. I'll give a quick view on MSG and then Glauber can comment in more details, and then Kleber can talk a little bit on this hedging or cost of inflation. It's not significant, the inflation, right? That's impacting us. yeah, there's some, and we are fighting back. MSG, yet I have not found a formula to do a turnaround and increase production at the same time. we need to improve maintenance. We need to improve infrastructure. We need to do all the underground development in order to improve production. That means that when you're doing maintenance, when you're doing a turnaround, you jeopardize the production of the short term. That's point, right? There's no single company, there's no single mine that will be able to do both. Increase short term and also do the turnaround. Like Glauber can give a little bit more details in what's happening that gives us confidence that Q3, Q4, and much more significant next year will be higher production. Which is in line what he answered, maybe perhaps he can expand a little bit more. What we expect and we should see, we will increase production in both lines. We will be able to increase the throughput in the plants, considering that we will have more ore from the underground and also with higher grades. What we expect is a slowly increased in from Q3 to not slowly, but it is increased quarter-over-quarter or month-over-month. But it should be 50% more in throughput than 23% more in grade that will make be able to change significantly the profile of production. Once we achieve those numbers, the costs should, as a consequence, should reduce as well as a consequence of the higher production. We still working in the future, in the next years. With these new reserves, the concept of the mining design, we are changing a little bit to make sure that we can recover much more ore, including in the previous areas that was already mined. We are on track, w e are pretty confident to get the target that we put internally to achieve the 8,000 ounces and the costs that we, that Rodrigo always comment. We can see it happen. To, as Rodrigo comment, took a little bit more time as we considering. We decide to do that and to organize everything, to prepare the mine, to prepare the infrastructure in the mine, to make sure that this growth will be sustainable, and we will not be surprised in the future. In terms of cost initiatives, we don't have a silver bullet, one single cost initiative. We have a program. For example, we have a big internal project regarding strategic sourcing, that reviews material agreements, finds synergies among the business units, and opportunities. We have also internal challenge program to reduce costs across different lines that when you sometimes look individually, are not material, but combined, yes, and with people internally in your organization with internal targets to achieve that. This is not the first time we do. We did this last year, produced good results. You might remember last year, we were able to deliver our sustained cash costs below of our guidance. Those initiatives is small by small, but when we put together again, they make the difference. This year, we see are going to help as well. Unlike last year, we are not going to be that low. We are not going to beat or lower our guidance, for sure this year for the other impacts. Our initiatives that, as we mentioned, are going to help us deliver the guidance despite this impact of inflation and maybe the impact of effects in Brazil and Mexico. I would say it is more a program and pretty much aligned with our culture to be like gaining in all levels and cost cautions in all level and all business units. Great. Thank you, Kleber. Glauber, just a quick follow-up, you mentioned 50% on plant feed increase and 23% on grade increases. I couldn't get the number exactly. Which time frame were you referring? I mean, Q3 compared to Q2 or half over half? I mean. No, it is just roughly numbers, compared with the performance that we have in the first semester and what we have in the second semester, we should increase around 50%-60% in throughput. We can see also some increase in grades that once we have much more ore from the underground, instead it uses the low-grade stock pile as it did in Q2, the grades should increase significantly. See, the rate should be something between 25% and 35%, roughly numbers. Perfect. Thank you very much, guys. Thank you for the details. Have a great day. Our next question comes from Mr. Marcelo Arazi from BTG Pactual. Please, you may now proceed. Hi, guys. Two questions on my side as well. I think the first one, back on the M&A discussion. We saw over the past few years, Aura purchasing like single asset names rather than companies with more than one asset under their operations. Given the new size of the company and the ambition to reach closer to 1 million ounces over the long term, is purchasing an entire company with more than one asset something under discussion? Is this something that you guys consider? I can let you guys respond and I'll make the second one. I think it's something that's not non-considered, right? We always look alternatives. Yet, the alternatives that we found and also could be going to engage and do a transaction was mostly this single asset. That doesn't mean that we did not consider in the past or does not consider today companies that has more than one assets. Thanks, Rodrigo. That's very clear. I think the second one is on a different topic. Aura has been experiencing much higher volatility in share prices than normal. I think of course, gold prices haven't been helping on that front, but just wanted to hear from you some thoughts on that and what may be the reason behind this, and if there's anything within your range to eventually reduce that. I don't know if I have a specific answer for this. Of course, we see what happens. What we have, and if you look, Aura has one of the strongest, if not the strongest growth, in the market, right? We are coming from, let's say, this year, the last 12 months is 313,000 ounces. This year, we are delivering between 304 and 390. We have, not including MSG is going to be in full production next year, not including Era Dorada that's being built and 2028 also in production, not including a higher production for Borborema, not including Matupá, not including new acquisitions. When you have that high growth company that's been actually delivering, doubling the EBITDA in the past three years. Normally we expect more volatility because that means that we have such a much higher upside compared to any other of our peers that the impact of the gold price on our future is way more important than what the other company that doesn't have this growth has today b ecause if the company doesn't have this growth, most of the cash flows already on the NAV. A lot of our NAV is on growth, in doubling, right? We could take the 313, and we understand that we can go above 600 with doubling production in the upcoming years. That means that normally company that has this high growth has a higher volatility. That's very clear. Just perhaps a quick follow-up. Is that something that bothers you, like as the CEO of the company, and something that perhaps some shareholders might be concerned about it? Do you feel that? No, I think it's natural. As long as we continue to deliver results and continue to deliver growth, you're going to continue to see volatility, and then most of the volatility is going to happen on the upside. If you see that today we are significantly discounted compared to our peers. We are not only chasing the peers, but we also widened this gap of price per NAV. Volatility might continue, but most of that will happen on the upper side once the market should start to price in growth and should start to understand that this company is delivering on the promise, and then perhaps price per NAV can flatten the gap. That's very clear. Thank you, Rodrigo. Take your time. Our next question comes from Mr. Rafael Araujo from Itaú BBA. Please, you may now proceed. [Non-English content] It seems that Rafael is having some technical problems. Rafael? We are going to the next question right now. It comes from Oh, Rafael is here. [Non-English content] Okay. Our next question comes from Mr. Ricardo Monegaglia from Safra. Please, Ricardo, you may now proceed. [Non-English content] Okay, we can go to the written questions, okay? Our next question comes from Mr. Graham Tanaka from Tanaka Capital Management. First question, please give us your outlook for gold prices and if you will adjust your hedging strategies. Two, can you give us your estimated ROI on internal expansion and mine investments versus ROI through M&A, and how much has the difference changed over the last two years? Three, how much have your ROI realized come in versus your expectations on each of your acquisitions? There was a lot of questions. I will let Kleber answer the ROI. The first one was which one? Please give us your outlook for gold prices, if you will adjust your hedging strategies. Okay, the gold price. Yeah. Gold prices, Tanaka, first, thank you for attending and thank you for trusting us and as a long-term investor. Gold prices, it's interesting, right? It got depressed at $4,100. It seems that all the movements and all the situations that push world gold price is just boiling, right? What is happening today, it's boiling gold price. Perhaps we can see, as we saw yesterday, we can continue to see a significant appreciate in gold price, although we do not know where it's going to go. I know that the fundamentals is just getting stronger and stronger. What are these fundamentals? Number one is the U.S. deficit. The U.S. deficit continue to be high. It could be fixable, yet we don't see any kind of discussion how to address the deficit. Actually, this government tried to address this situation when he started, but then was pushed back and then we don't see how to address deficit, and the deficit just increasing on the top also of some higher inflation. Actually, when you see the war, Iran, this higher oil price, it just get the situation worse. Also more spending in military. That's happened in the U.S., it's going to happen also in Europe. In the meanwhile, China continued to buy record high gold in the market. I think the situation for gold is just The environment for gold appreciation is just improving. Yet it's uncertain when this is gonna be, will start to fly again. Yes, at $4,250, 100 price is not bad at all, but we continue to be super constructive that this gold price can go to $5,000, $6,000, if not more, per ounce in the medium term, once the market starts to understand that this situation of the dollar is not sustainable. Actually, when we see now what is happening with the JPY. This is decades of monetary testing of a very low interest rates that's going downhill, right? The U.S. needs to support the JPY in order not to dump Treasury, w hich would put the heels to the market and will be difficult. They somehow U.S. already managing interest rates just to keep it low. When the market understand that this case will happen in the medium term and the short term, gold price will have a significant appreciation. I would invite all investors, keep the eye on what is happening between U.S. and JPY, while China continue to have a very strong purchaser in gold. Some very important variables that can push the gold price way beyond what it is today. Kleber, perhaps you can give a call on what's happening with our IRR, internal rate of return or return on investment on the project, which is outstanding. I have never seen those kind of returns in my life, and we have no reason not to believe that we continue to be like this. Yeah. You might need, some of you who follow the company might remember, when we say our strategy is looking at least 30% internal rates of return on leverage and considering more conservative gold prices, this is a strategy minimum. In reality, if you take the investments that have been made and the results of the feasibility studies, for example, Almas, was above 50% of the expected IRR, internal rate of return. Then Borborema was also close to 40% at the time of feasibility study. The same, over 30% with Era Dorada. We have the minimum necessary, but what we have invested when we make an investment decision, the expectation is already way above the minimum. I would say has been significantly higher. Now, if you take not only for gold prices, gold prices have helped. If you take Almas and Borborema, for example, the time we decided to make the investment and the expected returns we had at the time, the gold prices helped. Also, the change in the projects and how we have unlocked value has unlocked a lot of upsides. Again, in terms of examples, if you take Almas, we build on time and budget, so the initial investment was according to expectations. Since then we have increased the life of mine, and we have increased the plant capacity from 1.3 million tons and going to 3 million tons now, which means that the returns, not including gold prices, the returns only are for the way we change and unlock the value have been much higher. The same with Borborema. Borborema, we invested also, we delivered on budget. The initial CapEx output flow was expected. When we look to then expect the inflows going forward, when we announced to the market, we have 11 years life of mine and less than 800,000 ounces of reserves. Now we have 35 years life of mine, and already working also to expand the capacity. The returns have been so far, way above what we planned, even if you don't consider more favorable gold prices. If you put on that stuff, more favorable gold prices has been helping as well a lot. Rodrigo, fair enough. No, I think you answered very well. I made a mistake here raising the hand. Okay. I think one of the points was on internal versus M&A. We have had these high returns on both. Of course, if you think about brownfield, usually the returns expect to be higher in the case of Almas, in the case of Borborema, because the structure is there. That's why our two are some of the important projects we have now expanding production capacity, the mines, because all the structure is there, then it's the marginal, the additional CapEx for the returns. We have been seeing and enjoying these very high returns on both assets that we acquired and internal expansions as well. Our next question comes from Mr. Rafael Araujo from Itaú BBA. Please, Raphael, you may turn on your microphone. Hi, guys. Can you hear me? Yes. All right. I have a question here related to El Niño. There has been some discussion around potential climate-related impacts across Latin America, right? Can you comment on whether El Niño poses any relevant risks or operational challenge for Aura? Thank you. El Niño can change the rainfall in Central America. That's where it probably can impact us. In Era Dorada, most of the groundwork is advancing well, and we're already over 60% completed. A lot is building the plant and doing underground development that can be impacted, but we don't see any major impact that can jeopardize our construction. On the other hand, we need to monitor the amount of water that can go in Honduras. We have an open pit operation with important production Q3 and Q4. If we have a significant excess of water, that can have an impact on the productivity. When you put this on the overall Aura, it won't make much of a difference. It can impact on those, but on average on the company, we don't see other major impacts. All right. Thank you very much. I think we're finishing the time here. With that, I will conclude here. The quick wrap-up as always. Again, thank for participating in this call. Good to see important and different questions, which we are always happy to address. It was a very important quarter, and I would invite again, investors, take a look at what can happen in the company in Q3 and Q4, as we should continue to improve production in most of the mines in Q3 and Q4, and we're very comfortable, confident that the guidance will be met. As we see today, either in production and also in sustaining cash costs. More importantly, see that we looked on the EBITDA, the last 12 months, $800 million or 313,000 ounces of production. We are now projecting between 340 and 390. The gold price of the last 12 months is exactly what it is today. Until Q3 and Q4, we should see a continued significant improvement on the EBITDA levels to finish the year again with a significant step compared to last year. Also, as important as a very good result that we are foreseeing in Q3 and Q4 is all the groundwork, all the background work that has been doing in the company in order to have a significantly better again, 2027. Number one, MSG turnaround going on time, on budget. We understand what we are doing, and we see the projections of Q3, Q4 improving the production. As important, we want to be prepared for 2027, have a very stronger production compared to what we are today in MSG. We have the bottleneck in Borborema, that by the Q4 we will be able to operate at a higher capacity. Higher capacity also in Almas, that we're going to finish the 3 million tons. Plus, while we continue to build Era Dorada, the production will be only in 2028, but we will see improvement in 2027, a better improvement in 2028. We have Matupá implement, and we have other alternatives to continue to expand our production. We've been doubling the EBITDA in the last three years, I have no reason to doubt that we cannot continue a high-speed growth in terms of production, high-speed growth in terms of revenues. With the cash cost controlled, this will have a very leveraged impact on the EBITDA. I thank you all again, see you in next quarter. Thank you, Rodrigo, for your final remarks. Aura's conference is now closed. We thank you for your participation and wish you a very nice day.