Barbosa Rodrigo Cardoso 4

What Happened
Rodrigo Barbosa Cardoso, President and CEO of Aura Minerals (AUGO), sold a total of 115,000 common shares in two open-market transactions: 60,000 shares on 2026-05-11 at a weighted average price of $81.43 (proceeds $4,885,800) and 55,000 shares on 2026-05-12 at a weighted average price of $82.63 (proceeds $4,544,650), totaling $9,430,450. On 2026-05-11 he also entered into a prepaid variable forward contract (derivative) that may require delivery of up to 128,000 shares at final settlement on May 11, 2027; he received an up-front cash payment based on a percentage of the then-current stock price.

Key Details

• Transaction types: S (sale) — two open-market disposals; J (other acquisition/disposition) — prepaid variable forward contract.
• Sale dates and reported averages:
  • 2026-05-11: 60,000 shares, weighted avg $81.43; prices in range $79.73–$84.54 (footnote F1).
  • 2026-05-12: 55,000 shares, weighted avg $82.63; prices in range $79.52–$84.96 (footnote F2).
• Total proceeds from reported sales: $9,430,450.
• Derivative (footnote F3): prepaid variable forward entered 2026-05-11; up-front cash now, settlement May 11, 2027; delivery of up to 128,000 shares depends on future share price relative to agreed floor/cap.
• Shares owned after transaction: not stated in the Form 4 filing.
• Filing timeliness: Reported on 2026-05-13 for transactions on 2026-05-11 and 2026-05-12 — appears timely (Form 4 deadline is two business days).

Context

• These transactions are primarily sales and a structured derivative financing (prepaid forward). Sales by executives can be routine (liquidity, diversification, tax planning) and do not by themselves indicate company outlook. The prepaid variable forward is not an immediate sale of specific shares but does create an obligation to deliver shares (up to the contract cap) at settlement next year.