Key Highlights 

  • Record production supported strong revenue growth and higher EBITDA in FY2025. 
  • Annual Adjusted EBITDA rose to around USD 547 million, more than doubling from earlier levels. 
  • Strategic focus remains on production expansion, reserve growth, and acquisitions. 
  • All-in sustaining costs remained below guidance, excluding the impact of the MSG acquisition. 
  • Strong free cash flow and dividend payouts highlight disciplined capital allocation. 

Record Production Supports Strong Financial Performance 

Aura Minerals reported record operational and financial performance for the fourth quarter and full year of 2025, reflecting higher gold prices and increasing production across its mining portfolio. 

Quarterly production reached approximately 82,000 gold equivalent ounces (GEOs), representing an 11 percent increase from the previous quarter and a 23 percent increase year over year. 

For the full year, production reached around 280,000 GEOs, reflecting 9 percent growth compared with 2024. 

Higher output combined with stronger commodity prices significantly boosted financial performance. The company generated Adjusted EBITDA of about USD 208 million in Q4, bringing full-year EBITDA to roughly USD 547 million. 

Revenue also increased materially, with annual sales exceeding USD 920 million in 2025. 

Cash Flow Generation and Balance Sheet Strength 

Aura Minerals generated recurring free cash flow of nearly USD 94 million during the fourth quarter, reflecting the strong earnings contribution from its producing assets. 

Despite continued investment in expansion projects and the acquisition of the MSG mine, the company maintained a net-debt-to-EBITDA ratio below 0.3x, indicating a conservative balance sheet structure. 

Operating cash flows continued to fund most growth investments, demonstrating the company’s ability to finance acquisitions and development projects internally while maintaining liquidity. 

Shareholder returns also remained a priority. The company declared a quarterly dividend of USD 0.66 per share, resulting in a trailing dividend yield of approximately 6.2 percent over the last twelve months. 

Operational Contributions Across Key Mines 

Several operating mines contributed significantly to fourth-quarter profitability. 

The Borborema mine, which entered commercial production during 2025, generated approximately USD 50 million in EBITDA during the quarter, making it one of the strongest contributors despite its early production phase. 

Other key assets, including Almas, Minosa, and Aranzazu, delivered stable operational performance, benefiting from improved throughput and favourable commodity prices. 

The newly acquired MSG underground mine generated around USD 10 million in EBITDA during its first month of consolidation, demonstrating early cash-flow potential even before operational restructuring begins. 

Management noted that MSG currently operates with all-in sustaining costs above USD 3,000 per ounce, but expects these costs to decline significantly as underground development improves productivity and reduces dilution. 

Cost Management and Operational Efficiency 

Aura Minerals reported all-in sustaining costs (AISC) of roughly USD 1,368 per gold equivalent ounce for 2025, slightly below the lower end of the company’s guidance when excluding the MSG acquisition. 

Operational efficiencies across several mines helped offset inflationary pressures affecting energy, labour, and materials within the global mining sector. 

However, consolidated costs are expected to increase moderately in 2026 due to structural factors including: 

  • Integration and operational turnaround at the MSG underground mine 
  • Mining sequencing adjustments at Almas, including higher stripping ratios 
  • Infrastructure investments such as tailings dam expansion 

Management indicated that approximately 70-80 percent of the projected cost increase in 2026 will be driven by MSG integration. 

While near-term costs may rise, these investments are largely associated with expansion projects designed to increase long-term production capacity. 

Strategic Reserve Growth and Project Expansion 

Reserve expansion remains a central element of Aura’s long-term growth strategy. 

One of the most significant developments during the quarter was the approval to relocate a road near the Borborema project, unlocking approximately 670,000 additional ounces of gold reserves. 

At current gold prices, management estimates that these additional reserves could generate more than USD 2.5 billion in pre-tax value over the life of the project. 

The company is also evaluating further expansion of Borborema’s processing capacity. Engineering studies are underway to potentially increase plant throughput to around 4 million tonnes per year. 

Meanwhile, Almas is undergoing a plant expansion that will increase processing capacity to about 3 million tonnes annually, supported by underground mine development and infrastructure upgrades. 

These initiatives are intended to support Aura’s long-term production goal of exceeding 600,000 gold equivalent ounces annually. 

Acquisition Strategy and Project Pipeline 

Aura Minerals continues to pursue growth through selective acquisitions alongside organic development. 

The MSG acquisition, completed for approximately USD 76 million, represents a key strategic addition to the company’s asset base. 

Although the asset currently operates with higher costs, management expects operational restructuring and underground development to enhance productivity and reduce costs over the coming years. 

Beyond MSG, the company is also advancing early-stage development work at the Era Dorada project, which could become another growth driver in the future. 

Liquidity Improvements and Market Positioning 

Aura Minerals also reported a significant improvement in market liquidity following its Nasdaq listing and capital raise of approximately USD 200 million. 

Average daily trading volumes increased dramatically from around USD 1–2 million previously to nearly USD 100 million per day, improving access for institutional investors. 

Despite strong operational momentum, the company’s valuation multiple remains below that of several global mining peers, suggesting potential scope for re-rating as production expands and liquidity improves. 

Outlook for 2026 

Looking ahead, Aura Minerals expects continued production growth supported by: 

  • A full year of production from Borborema 
  • Integration of MSG across the entire year 
  • Operational improvements across its core mines 

At the same time, the company anticipates higher capital expenditures and operating costs in 2026 as it advances major expansion projects and completes the turnaround of newly acquired assets. 

It emphasised that these investments are designed to position the company for the next stage of growth, particularly as it prepares operations to potentially exceed 600,000 gold equivalent ounces of annual production in the coming years. 

FAQs 

  1. What were Aura Minerals’ key financial results in Q4 2025? 

Aura Minerals reported Adjusted EBITDA of about USD 208 million in Q4 2025, supported by higher gold prices and stronger production. Full-year EBITDA reached approximately USD 547 million, marking a significant increase compared with previous years. 

  1. How much gold did Aura Minerals produce in 2025? 

The company produced around 82,000 gold equivalent ounces in Q4 2025 and approximately 280,000 ounces for the full year, representing about 9 percent annual production growth. 

  1. Why did Aura Minerals report a net loss in the fourth quarter? 

The reported net loss of roughly USD 20 million was mainly driven by non-cash accounting losses linked to gold derivative contracts due to rising gold prices. Excluding these adjustments, adjusted net income was about USD 73 million. 

  1. What is the strategic importance of the MSG acquisition? 

Aura acquired the MSG underground mine for about USD 76 million. Although the asset currently has higher operating costs, the company expects operational restructuring to increase production to more than 80,000 ounces annually and reduce costs over time. 

  1. Why are operating costs expected to increase in 2026? 

Costs are expected to rise primarily due to MSG integration, mining sequencing changes at Almas, and expansion investments across several projects. MSG alone accounts for around 70–80 percent of the projected cost increase. 

  1. What growth projects is Aura Minerals developing? 

Key growth initiatives include Borborema expansion, Almas plant capacity expansion, and early development work at the Era Dorada project, which collectively aim to support long-term production growth. 

  1. What is Aura Minerals’ long-term production target? 

Management aims to expand production through acquisitions and project development, with a long-term objective of exceeding 600,000 gold equivalent ounces annually.