Corporate PresentationInformation as of May 2014

TSX: ORA

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

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)

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ORA vs. Gold Metrics

ORA GDXJ Spot Gold

TSX: ORA 4

Asset Summary

Serrote (Brazil) 4

Primary commodity: CopperAvg. Production: 65M lbs. per yearAvg. Cash Costs: $1.40 / lb.Life of Mine: 13 years (beginning in 2016)

San Andres (Honduras) ²Primary commodity: GoldAvg. Production: 80,000 oz. per yearAvg. Cash Costs: $900 / oz. Life of Mine: 10 years (beginning in 2011)

São Vicente and São Francisco (Brazil) 3

Primary commodity: GoldAvg. Production: 100,000 oz. per yearAvg. Cash Costs: $1,000 / oz.Life of Mines: Mining at SV ceased in November 2013. Mining at SF expected to mid-2015.

Aranzazu (Mexico) ¹Primary commodity: CopperAvg. Production: 30M lbs. per yearAvg. Cash Costs: $1.15-1.25 / lb.Life of Mine: 16 years (beginning in 2015)

Producing MinesAdvanced 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 results1. 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 Release2. Please refer to the San Andres Report for a detailed description of the San Andres mine3. Please refer to the Sao Vicente Report and the Sao Francisco Report for a detailed description of the Sao Vicente and Sao Francisco mines, respectively4. 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

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-$950Sao Francisco Production (oz) 105,541 20,357 75,000-85,000 Cash Cost ($/oz) $1,144 $1,328 $900-$1,050Sao Vicente Production (oz) 37,604 5,220 5,500-7,500 Cash Cost ($/oz) $1,288 $1,098 $525-$675Total Gold Production (oz) 206,956 43,242 155,500-177,500 Cash Cost ($/oz) $1,166 $1,070 $850-$1,000Aranzazu

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

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

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 AhleniusGeneral 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 HepworthSVP 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, CACFO

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 ReedGeneral 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

Transforming from a gold-copper company to a low cost copper-gold producer

TSX: ORA 8

2013A 2014E 2015E 2016E 2017E

CorporateMove 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 inMineral 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

SerroteAcquired 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 applicable1 Aranzazu production estimate assumes completion of the Aranzazu Expansion and is based on the Aranzazu Report and the June 2013 Press Release2 Represents 100% of ownership of Serrote project. Serrote production estimate assumes completion of the mine development and is based on the Serrote Report.

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 results1. 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

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)2011A 2012A 2013A 2014E 2015E 2016E 2017E

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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/ImprovedRecovery and Grades

Plant Expansion Roaster Pro Forma Cash Costs $/lbs

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 results1. Please see the Company Press Release dated May 27, 2014 and the appendix for a complete Mineral Reserve and Mineral Resource Statement

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

2011A 2012A 2013A 2014E 2015E 2016E 2017E0.0

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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

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)

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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

TSX : ORA 16

Peer Comparison – Enterprise Value/EBITDA

Source: estimates derived from publicly available information

Aura Teranga Timmins Lakeshore Luna0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

TSX : ORA 17

Peer Comparison – Enterprise Value/Production oz

Source: estimates derived from publicly available information

Aura Teranga Timmins Luna Lakeshore Banro$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

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

Appendix

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

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 3,768Indicated 9,432 1.63 338,523 0.56 171 21.45 6,504Measured and Indicated 17,770 1.50 588,738 0.68 390 17.98 10,272Inferred 5,808 1.40 178,902 0.58 94 17.64 3,295

TSX: ORA 22

Reserve & Resource Statement – CopperSerrote Mineral Reserves (for Sulphide material as of April 10, 2012)

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

Proven2, 450,805

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 0.51 718,7710.11

220.5

Indicated 55,894 0.48 596,7790.08

150.1

Total Measured and Indicated Resources 119,213 0.50 1,315,5500.10

370.6

Inferred 5,024 0.35 38,6330.06

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 materialAlthough 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.

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.

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 ResourcesMineral 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.

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 ResourcesMineral 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.

Contact Information

155 University Ave, Suite 1240Toronto, ONM5H 3B7Canada

Ph: +1.416.649.1033Fax: +1.416.649.1044Email: info@auraminerals.com

Aura Minerals Inc.