Aura announces amendment to its dividend policy and declares dividend of US$0.14 per share based on expected H1 2022 results
June 13 2022 - 6:53PM
Aura Minerals Inc. (TSX: ORA, B3: AURA33)
(“
Aura” or the “
Company”)
announced today that the board of directors of the Company (the
“
Board”) has approved an amendment to its dividend
policy (“
Dividend Policy”), with the intention of
declaring and paying dividends semi-annually.
Under the Dividend Policy, the Company will
determine a semi-annual cash dividend in an aggregate amount equal
to 20% of its estimated Adjusted EBITDA1 for the relevant six
months less sustaining capital expenditures and exploration capital
expenditures for the same period.
Dividends are expected to be declared and paid
twice a year starting in 2022, based on the results and capital
expenditures expected for the applicable six-month period, with a
record date on the last month of each such period. As such, any
dividend payable under the Dividend Policy will be declared in June
and December of each year. The declaration of dividends under the
Dividend Policy is subject to the discretion of the Company’s board
of directors, having regard to the best interests of the Company
and the limitations imposed by the solvency tests contained in the
Company’s memorandum of association and articles of association and
other requirements of applicable corporate law. Nothing in the
Dividend Policy shall restrict the discretion of the Company’s
board of directors from authorizing sustaining capital expenditures
or exploration capital expenditures that the board of directors
deems to be in the best interests of the Company. These
expenditures may limit future amounts of dividends payable under
the Dividend Policy.
In addition to the amendment to the Dividend
Policy, the Board has declared and approved the payment of a
dividend (the “Dividend”) of US$0.14 per common
share (approximately US$10 million in total). The Dividend is in
respect of and is based on Aura’s expected financial results for
the six months ending June 30, 2022.
The Dividend will be paid on June 28, 2022 to
shareholders of record as of the close of business on June 23, 2022
(“Record Date”). Shareholders of record as of the
Record Date whose address on the books of TSX Trust Company, the
Company’s registrar and transfer agent, is in Canada will receive
the Canadian dollar equivalent of the Dividend, based on the market
exchange rate available to TSX Trust Company on the day before the
payment date, net of fees. All other shareholders of record as of
the Record Date will receive the Dividend in US dollars.
Holders of the Company’s Brazilian Depositary
Receipts as of Record Date are expected to receive payment by July
7, 2022 and will receive the Brazilian Reais equivalent of the
Dividend, based on a market exchange rate to be disclosed in a
future press release, in advance of its payment date.
The Dividend is not subject to withholding taxes
at the time of payment by the Company.
Rodrigo Barbosa, President & CEO, comments:
“I am very proud to announce changes in our dividend policy.
Dividends will now be paid twice per year, starting with this first
payment in June. Thanks to our high returns project, fast paybacks,
on top of strong cash flow from our existing operations, Aura has a
unique combination of growth and dividends while maintaining a low
leverage. We are on track to produce over 400,000 / Oz by 2024 (50%
growth compared with 2021) and, in the meantime, return value to
our shareholders through dividends.”
Forward-Looking Information
This press release contains “forward-looking
information” and “forward-looking statements”, as defined in
applicable securities laws (collectively, “forward-looking
statements”) which include, but are not limited to,
statements with respect to the activities, events or developments
that the Company expects or anticipates will or may occur in the
future, including the expected timing of the Dividend; expected
production levels in Q2 2022 and metal prices received in respect
thereof; the Company’s sustaining capital expenditures and
exploration capital expenditures for Q2 2022; the further potential
of the Company’s properties; and the ability of the Company to
achieve its longer-term outlook and the anticipated timing and
results thereof.
Known and unknown risks, uncertainties and other
factors, many of which are beyond the Company’s ability to predict
or control, could cause actual results to differ materially from
those contained in the forward-looking statements. Specific
reference is made to the most recent Annual Information Form on
file with certain Canadian provincial securities regulatory
authorities for a discussion of some of the factors underlying
forward-looking statements.
All forward-looking statements herein are
qualified by this cautionary statement. Accordingly, readers should
not place undue reliance on forward-looking statements. The Company
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements whether as a result of new information
or future events or otherwise, except as may be required by law. If
the Company does update one or more forward-looking statements, no
inference should be drawn that it will make additional updates with
respect to those or other forward-looking statements.
About Aura 360° Mining
Aura is focused on mining in complete terms –
thinking holistically about how its business impacts and benefits
every one of our stakeholders: our company, our shareholders, our
employees, and the countries and communities we serve. We call this
360° Mining.
Aura is a mid-tier gold and copper production
company focused on the development and operation of gold and base
metal projects in the Americas. The Company’s producing assets
include the San Andres gold mine in Honduras, the Ernesto/Pau-a
-Pique gold mine in Brazil and the Aranzazu copper-gold-silver mine
in Mexico. In addition, the Company has two additional gold
projects in Brazil, Almas and Matupá, one gold project in Colombia,
Tolda Fria and the Gold Road mine in Arizona, United States,
currently in care & maintenance.
For further information, please visit Aura’s website at
www.auraminerals.com or contact:
Rodrigo BarbosaPresident & CEO305-239-9332
1 Adjusted EBITDA is a non-GAAP financial measure, is not a
standardized financial measure under IFRS, and may not be
comparable to similar measures disclosed by other issuers. See the
disclosure under the heading “Non-GAAP Performance Measures” in the
Company’s management’s discussion and analysis for the three months
ended March 31, 2022 (the “Q1 2022 MD&A"),
which is available under the Company’s profile on SEDAR at
www.sedar.com. The reconciliation of Adjusted EBITDA to income in
section 17.A of the Q1 MD&A is incorporated by reference
herein.
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