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Aura公布2025年第四季度及2025财年的财务和运营业绩
This is a paid press release. Contact the press release distributor directly with any inquiries.
Aura Announces Q4 2025 and FY 2025 Financial and Operational Results
Aura Minerals Inc
Fri, February 27, 2026 at 8:15 AM GMT+9 35 min read
In this article:
AUGO
GC=F
Aura Minerals Inc
ROAD TOWN, British Virgin Islands, Feb. 26, 2026 (GLOBE NEWSWIRE) – **Aura Minerals Inc. (NASDAQ: AUGO) (B3: AURA33) (“Aura” or the “Company”) **announces that it has filed its audited consolidated financial statements and earnings release (together, “Financial and Operational Results”) for the period ended December 30, 2025. The full version of the Financial and Operational Results can be viewed on the Company’s website at www.auraminerals.com, on SEDAR+ at www.sedarplus.ca. or on SEC www.sec.com.
Rodrigo Barbora, Aura’s President, and CEO commented: “We are delighted to report that higher production, higher metal prices and stable costs have once again driven Aura to another set of record results. We closed 2025 with record full-year Adjusted EBITDA of US$547 million at an average realized gold price of $3,446/oz, including a standout Q4 performance of US$207 million at realized gold prices of $4,090/oz. During this transformative year, we achieved multiple major milestones: we completed construction and declared commercial production at Borborema under budget and on schedule, delivered record-high production together with record quarterly, closed the strategic acquisition of MSG in December, successfully listed on Nasdaq — now enjoying strong liquidity with average daily traded volume of almost US$100 million — and were included in 58 different ETFs during the last three months. We also recently announced initial groundwork construction at our Era Dorada project and obtained the license to relocate the road at Borborema, with a potential to double its reserves.
Looking ahead to 2026, we project production to grow to 360,000–390,000 GEO while we still prepare MSG and Apoena for higher output, pursue opportunities to increase capacity at Borborema, advance underground development and expand capacity at Almas, continue exploration and studies to grow Matupá’s Resources & Reserves, and progress our drill campaign in Carajás. Yet, we are just in the beginning. Throughout 2025 and recent months, Aura has taken decisive steps toward our forecast of exceeding 600,000 GEO per year, while we continue to identify and pursue opportunities to go even further.”
Operational & Financial Headlines Q4 2025 and 2025
Except as otherwise noted in this document, references herein to “US$” or and “$” are to thousands of United States dollars
Headlines
OTHER UPDATES Q4 2026:
Acquisition of the MSG Gold Mine in Goiás, Brazil: On December 1st, 2025, Aura completed, through a wholly owned subsidiary, the acquisition of MSG from AngloGold Ashanti. The transaction was completed at an agreed enterprise value of US$76.0 million, with an upfront cash payment of US$72.8 million at closing, subject to customary adjustments after closing under the share purchase agreement. In addition, Aura agreed to pay deferred consideration equivalent to a 3% net smelter return on the currently defined MSG Mineral Resources, inclusive of Mineral Reserves, payable on a quarterly basis. For accounting purposes, only the results for December 2025 are reflected in this document, corresponding to the period from which MSG was consolidated by the Company.
**Feasibility Study for the Era Dorada Project: **On December 8th 2025, Aura announced the results of the Feasibility Study for the Era Dorada Project prepared in accordance with S-K 1300. Era Dorada will be an underground gold mine with anticipated production of 111 koz GEO for the first 4 years of full production with additional potential production upside.
Update to its coming years growth outlook: On December 8, 2025, Aura provided an update incorporating the Era Dorada Feasibility Study and MSG acquisition with GEO production expected to exceed 600,000 in coming years, driven by Borborema full ramp-up, MSG turnaround, Era Dorada and Matupá construction/ramp-up, and expansions at Almas and Borborema.
Exercise of Warrants in Altamira Gold Corp: In November 2025, Aura exercised 24,000,000 warrants at CAD$0.20 each. Post-transaction, Aura holds 54,000,000 shares and 3,000,000 warrants, representing ~18.22% non-diluted and ~19.04% fully diluted ownership. Acquired for investment due to exploration potential.
Era Dorada Project Construction License and Early Works: On January 6, 2026, Aura received the construction license and started early works, a key milestone. Activities include environmental programs, vegetation suppression, road detours and access, mine dewatering, and platform preparation for equipment and facilities.
Borborema: On February 25, 2026, Aura announces that it has signed the agreement of cooperation with DNIT (Departamento Nacional de Infraestrutura Terrestre) to relocate the federal road, which crosses a portion of the Borborema mine, and release an updated Feasibility Study, increasing its reserves in 82% totaling 1.5MOz. With this update, Borborema achieves 21 years LOM based on existing Proven and Probable Mineral Reserves.
Results Teleconference:
Date: February 27, 2026
Time: 10:30 a.m. (Brasília) | 8:30 a.m. (New York and Toronto)
Link to access: Click here
2. Consolidated Financial Results
In terms of production and sales, for all assets except Aranzazu, references herein to “GEO” are equivalent to actual gold ounces.
2.1 Total Production and Sales (GEO)
Notes: (1) Applies the metal sale prices in Aranzazu realized during Q4 2025: Copper price = US$5.06/lb; Gold Price = US$4,214/oz; Silver Price = US$56.86/oz and Molybdenum Price = US$22.12/oz. (2) MSG was acquired in December 2025, at which date the Company obtained control.
Total production in Q4 2025 reached 82,067 gold equivalent ounces (“GEO”), 11% higher than Q3 2025 and 23% higher when compared to Q4 2024 at current metal prices, mainly due to negative impact from the copper-to-GEO conversion at Aranzazu. At constant prices, Aura’s quarterly production was record high, increasing by 12% compared to Q3 2025 and 29% above Q4 2024. When compared to the last quarter, the result was mainly attributable to stronger operational performance driven by higher ore processed volumes and improved grades at Almas, the production increase of Borborema and the inclusion of MSG in December.
In 2025, production reached 280,414 GEO, representing a 5% increase in current metal prices. At constant 2024 prices — which neutralize the effect of copper price fluctuations in the GEO conversion at Aranzazu — production was of 292,536 an increase of 9% over the 267,232 GEO produced in 2024, also due to Borborema production, Almas improvements and the additional of MSG. At 2025 Production Guidance Prices and excluding MSG, the 2025 production was 285,380 GEO, ending the year achieving the upper half of the Company’s 2025 Production Guidance (266k GEO – 300k GEO).
2.2. Net Revenue
| (US$ thousand) | Q4 2025 | Q3 2025 | QoQ Change % | | Q4 2024 | YoY Change% | | 2025 | 2024 | Change % | | | Aranzazu | 66,541 | 67,094 | -1 | % | 52,664 | 26 | % | 246,405 | 196,787 | 25 | % | | Apoena | 36,102 | 31,223 | 16 | % | 26,024 | 39 | % | 120,389 | 90,273 | 33 | % | | Minosa | 67,476 | 59,204 | 14 | % | 48,899 | 38 | % | 230,518 | 177,692 | 30 | % | | Almas | 65,774 | 51,329 | 28 | % | 43,930 | 50 | % | 195,981 | 129,411 | 51 | % | | Borborema | 65,530 | 38,982 | 68 | % | n.a. | n.a. | | 108,202 | n.a. | n.a. | | | MSG | 20,238 | n.a. | n.a. | | n.a. | n.a. | | 20,238 | n.a. | n.a. | | | Total | 321,661 | 247,832 | 30 | % | 171,517 | 88 | % | 921,733 | 594,163 | 55 | % | | | | | | | | | | | | | |
In Q4 2025, the Company reported Net Revenue of US$321.6 million, representing a 30% increase compared to Q3 2025. When compared to Q4 2024, Aura’s Net Revenue increased 88%, driven by the sales increase and higher metal prices (from US$2,586/oz in Q4 2024 to US$4,090/oz in Q4 2025). Copper sale prices also contributed positively, with the average copper price increasing by 22%, from US$4.15/lb in Q4 2024 to US$5.06/lb in Q4 2025.
With this result, Net Revenues reached US$921.7 million in 2025, an increase of 55% when compared to 2024. The result was mainly driven by higher gold prices and higher production, as discussed. In 2025, average net realized prices reached US$3,446, a 49% increase when compared to 2024; and average copper prices reached US$4.51/lb, an 8% increase when compared to 2024.
2.3. Cash Cost and All in Sustaining Costs
For Q4 2025, the Company’s Cash Cost was US$1,143/GEO, representing a 3% increase compared to Q4 2024, primarily attributable to the consolidation of MSG and impact of GEO conversion from Aranzazu’s production. Excluding this impact of MSG and at constant 2024 metal prices, Aura’s Cash Cost was US$1,036/GEO, reflecting a 6% decrease compared to Q4 2024 and 2% decrease compared to Q3 2025. On a quarter-over-quarter basis, this improvement was mainly driven by operational enhancements at Almas and Borborema, supported by higher grades and higher recovery rates, respectively. On a year-over-year basis, increase in production at Almas and the additional of Borborema, which had a lower-than-average cash cost profile, contributed to the reduction.
In 2025, Cash Cost averaged US$1,136/GEO, representing a 9% increase, primarily driven by lower grades and a higher waste-to-ore ratio at Almas and Apoena, as well as the impact of copper-to-GEO conversion at Aranzazu. At constant 2024 metal prices and excluding MSG, Cash Cost in 2025 averaged US$1,054/GEO, in line with 2024 which was US$1,041/GEO. Cash Cost also adversely affected by lower stacking volumes at Minosa, resulting from higher rainfall in 2025 compared to 2024, which followed an unusually dry rainy season in Minosa during 2024, and Apoena, which is going under an investment phase. These negative impacts were offset by the addition of Borborema with its lower-than-average cash cost profile.
In Q4 2025, consolidated All-in Sustaining Cost (AISC) at current metal prices totaled US$1,521/GEO, representing a 9% increase compared to Q4 2024, while at Q4 2024 metal prices and excluding MSG would have been down 2% mainly due to higher sales volume from Almas and the addition from Borborema; these business units have the lower AISC of Aura’s portfolio of mines in production. On a quarter-over-quarter basis, AISC increased by 8% compared to Q3 2025 at current prices and 2% at constant prices ex-MSG, reflecting as flat sales were offset by temporary 18% increase in capex and 28% higher G&A, which were partially mitigated by higher production from Borborema.
In 2025, AISC reached US$1,458/GEO, an increase of 10% when compared to 2024 at current prices and 2% increase in constant prices and excluding MSG for the same reasons discussed above. At Guidance Prices and excluding MSG, Aura’s AISC was US$1,368/GEO, in line with the bottom end of the Company’s guidance range of US$1,374/GEO to US$1,492/GEO.
2.4. Gross Profit
In Q4 2025, Cost of Goods Sold (COGS) totaled US$118.8 million, representing a 21% increase compared to Q3 2025 and a 35% increase compared to Q4 2024, primarily driven by the consolidation of MSG. Excluding the impact of MSG, total COGS for the quarter would have been 7% higher than Q3 2025 and 16% higher than the same period in 2024, mainly due to the addition of Borborema into the results. For 2025, total COGS rose 13%, also driven by the results of Borborema and MSG, which represented US$49.8 million of the total. Excluding these impacts, cost versus 2024 would have been lower by around 1%, demonstrating that, under comparable conditions, the Company maintained stable costs, reflecting Aura’s disciplined cost management and operational efficiency.
In Q4 2025, disciplined cost management and significant rise of 88% in Net Revenue compared to Q4 2024, drove Gross Profit to US$203.0 million, achieving a Gross Margin of 62%. This represents an increase of 36% from Q3 2025 and 150% when compared to Q4 2024. For 2025, these same impacts were also noted, driving the Gross Profit to reach US$534.9 million, more than doubling 2024 figure, highlighting the propelled by cost containment strategies and a 55% increase in Net Revenue for the reasons discussed. In 2025 gross margin achieved 58%, 16 p.p. above 2024.
2.5. Operating Expenses
General and Administrative (“G&A”) expenses increased by 81% compared to Q3 2025, primarily reflecting: (i) payment of professional fees related to the MSG acquisition (non-recurring); (ii) the Feasibility Study for the Era Dorada Project (non-recurring); and (iii) higher stock-based compensation (non-cash) and Deferred Share Unit (“DSU”) expenses, driven by the significant appreciation in the Company’s share price during the period; (iv) declaration of commercial production from Borborema (during the pre-commercial production period, a portion of the expenses were capitalized) and (v) addition G&A associated with the MSG Mine in December 2025. Compared to Q4 2024, G&A increased mainly due to the same reasons.
In 2025, the increase in G&A expenses was driven by the same factors, as well as costs related to the Nasdaq IPO.
Exploration expenses totaled US$2.6 million in Q4 2025, a 11% increase compared to Q3 2025 and 46% decrease from Q4 2024, as most expenses related to exploration activities in the quarter were capitalized. Exploration activities in the quarter were concentrated in Aranzazu and Almas. In 2025, exploration expenses were US$8.1 million, with a total of US$3.6 million of Aranzazu and US$1.9 million of Almas, 2% higher than 2024 (excluding Projects). In 2025, Projects were significantly lower compared to 2024, which counted for US$6.4 million of Exploration expenses. In Matupá, efforts were focused on expanding reserves in regions close to X1, Pé Quente and other strategic areas. In Carajás, exploration work successfully confirmed copper mineralization, expanding the mineral potential of the region.
Other expenses primarily comprise provisions recognized to reflect the estimated partial non-recoverability of VAT credits related to Minosa ($8,250) and the expected discount on the sale of VAT (ICMS) credits from Apoena ($1,922) and other non-recurring expenses.
The Company thus ended Q4 2025 with Operating Income of US$165.1 million, compared to an Operating Income of US$67.1 million in Q4 2024, also higher compared to the Operating Income of Q3 2025 of US$136.9 million, which reflects a positive result of higher gross profit. In 2025, the Operating Income was US$458.9 million, 125% increase compared to 2024. This result occurred due to an 113% increase in the Gross Profit and a 43% reduction on exploration expenses, partially offset by 54% higher G&A.
2.6. Adjusted EBITDA
Adjusted EBITDA reached a new all-time high of US$207.9 million in Q4 2025, marking the sixth consecutive quarterly record for Aura. The Company’s increase in production, while maintaining disciplined cost control, enabled it to fully capture the benefit of rising metal prices. As a result, Adjusted EBITDA more than doubled compared to Q4 2024 and grew 37% over Q3 2025.
The year-over-year improvement was primarily driven by higher production, strong cost control and higher gold and copper prices, as discussed previously. This result was also noted on the Adjusted EBITDA margin gain of 18 p.p. compared to Q4 2024, supported by stronger metal prices but also by a 16% increase in sales volume.
In 2025, Adjusted EBITDA reached a record high of US$547.8 million, more than doubling year-over-year, representing a 105% increase compared to 2024. This strong performance was driven by higher production volumes, mainly supported by Borborema and MSG, which together added 33,334 GEO to the annual production, as well as a 5% increase in production at Almas versus 2024. Supported by operating leverage and disciplined cost management, the Adjusted EBITDA margin expanded to 59%, compared to 45% in 2024.
2.7. Financial Result
The Company’s Financial Result in Q4 2025 was a loss of US$(123.2) million, following on from the US$(102.6) million loss in Q3 2025, impacted by:
All of Aura’s outstanding gold collars (189,072 Ozs) are associated with the future production of the Borborema and will expire equally between January/2026 and June/2028. As previously disclosed, an estimated 80% of the production for the first 3 years of the Borborema Project were hedged in 2023 at ceiling prices of US$2,400 per Oz.
2.8. Net Income
Net income in Q4 2025 was US$(19.9) million, compared to Net Income of US$16.6 million in Q4 2024 and a Net income of US$5.6 million in Q3 2025. This result versus Q4 2024 occurred mainly due to higher financial expenses related to the MTM gold derivative losses and higher current income taxes, driven by the strong improvement in the Company’s Operating Income.
In 2025, Net Loss reached US$(79.3) million, also mainly due to mark-to-market (MTM) adjustments on open gold hedging positions, driven by the sharp increase in gold price between the start and the end of the year.
Adjusted Net Income
As result of increase in the Company’s Operating Income, Adjusted Net Income in Q4 2025 reached US$73.3 million in the period. The Q4 2025 Adjusted Net Income excludes:
As result of increase in the Company’s Operating Income, Adjusted Net Income in 2025 was US$205.7 million in the period, compared to US$81.6 million in 2024, an increase of 152%, excluding:
3. Performance of the Operating Units
3.1 Aranzazu
Applies the metal sale prices in Aranzazu realized during Q4 2025 for Q3 2025 and Q4 2024: Copper price = US$5.06/lb; Gold Price = US$4,214/oz; Silver Price = US$56.86/oz and Molybdenum Price = US$22.12/oz.
At Aranzazu, production reached 18,878 GEO, representing a 12% decrease compared to the previous quarter and 19% over the Q4 2024, resulting mainly from metal prices since higher gold prices negatively impact the conversion to GEO. At constant prices, Aranzazu production was 7% lower when compared to Q3 2025 as well as compared to Q4 2024, due to slightly lower grades of copper, silver and gold, due to mine sequencing and according to the Company’s plan. In 2025, total production decreased by 15% compared to the previous year at current prices, in line with the negative impact of the metals price conversion. At constant 2024 metal prices, Aranzazu produced 100,031 GEO, 3% above the previous year, mainly due to higher grades and commercial molybdenum production. At 2025 Guidance Prices, Aranzazu ended 2025 with a production of 92,569 GEO, in line with the Guidance range.
Aranzazu’s Net Revenue in Q4 2025 was US$66.5 million, 1% lower compared to Q3 2025 and up 26% compared to Q4 2024, primarily driven by higher metal prices. Average sales prices rose quarter-over-quarter, with copper increasing 14%, gold 21%, silver 42%. For 2025, Aranzazu’s Net Revenue reached US$246.4 million, a 25% increase over 2024, also attributed to elevated metal prices.
Cash Cost was US$1,228/GEO for the quarter, 8% higher than Q3 2025 and 25% higher than Q4 2024, mainly due to GEO conversion and also lower grades and recovery. In 2025, Cash Cost increased by 20%, with a total of US$1,156/GEO, primarily impacted by the effect of metal prices in the conversion to GEO, what was partially offset by higher grades and recovery rates.
Aranzazu’s AISC was US$1,732 in the quarter, up 15% from Q3 2025 and up 21% from Q4 2024, primarily due to variations in metal prices. At constant Q4 2024 metal prices, AISC was US$1,478/GEO, and increase of 3% over Q4 2024, mainly because of slightly lower grades of copper, silver and gold.
Aranzazu’s Adjusted EBITDA was US$41.0 million in Q4 2025, reflecting a 3% increase from Q3 2025 and a 65% compared to Q4 2024, driven by robust Net Revenue growth from higher metal prices compared to 2024. For 2025, Adjusted EBITDA totaled US$140.9 million, up 55% from 2024, propelled by the increase in Net Revenue, primarily from elevated metal prices, which more than offset the sales volume decline.
3.2 Apoena
At Apoena, production was 8,961 GEO, 3% lower than Q3 2025, driven by due to lower ore feed to the plant and lower recovery, but in line with the Company’s plan. Compared with Q4 2024, production increased 26%, primarily because of higher recovery rates, with 4% increase, and higher grades, from 0.70 g/ton to 0.79 g/ton. In 2025, production was of 35,304 GEO, a decrease of 5% when compared to 2024, attributable mainly to lower grades and lower ore mined as expected. Considering the full year of 2025, Apoena exceeded the Company’s expectations by delivering higher grades and improved productivity, achieving a recovery rate of 94%, which drove the mine to finish 2025 above the upper end of the Guidance range, which was 32,000 GEO.
Apoena’s Net Revenue totaled US$36.1 million for Q4 2025, 16% higher than Q3 2025 and 39% above the Q4 2024, driven primarily by higher gold prices.
The Cash Cost was US$1,450/GEO for the quarter, down 19% from Q4 2024, primarily driven by improved recovery rates and higher grades. Compared to Q3 2025, the Cash Cost was up 34%, mainly due to a higher waste-to-ore ratio which increased to 12.50 tonnes, combined with 29% lower ore mined volumes. For 2025, Cash Cost increased 4% to US$1,232/GEO, below Company’s annual Guidance, primarily due to lower grades, consistent with expected mine sequencing. In Q4 2025, Apoena’s AISC was US$2,427/GEO, 3% lower than Q4 2024, due to the lower G&A and decreased lease expenses. Compared to Q3 2025, AISC increased 36% due to higher maintenance costs, impacted by plant maintenance in December, representing an increase in COGS. For 2025, AISC ended with US$ 2,007/GEO, 9% higher than 2024, due to 181% higher CAPEX due to higher exploration near mine, tailing dams investments and machinery equipment. When compared to Apoena’s AISC Guidance, this result was 18% below the lower range which was US$2,425/GEO to US$2,619/GEO.
In Q4 2025 compared to Q4 2024, Adjusted EBITDA increased significantly, mainly driven by higher production levels, improved cost performance and stronger gold prices. On a quarter-over-quarter basis, despite slightly lower production and sales volumes and higher costs, the positive impact of higher gold prices more than offset these pressures, supporting an increase in Adjusted EBITDA in the quarter. In Q4 2025 versus Q4 2024, EBITDA rose by 255%, explained by the increase in production, gold prices and lower cash costs. On a full-year basis, EBITDA more than doubled in 2025 compared to 2024, primarily driven by higher gold prices, which more than offset the impact of lower production and sales volumes and higher cost levels during the period.
3.3 Minosa
| (US$ thousand) | Q4 2025 | Q3 2025 | QoQ Change % | | Q4 2024 | YoY Change% | | 2025 | 2024 | Change % | | | Production (GEO) | 17,818 | 18,138 | -2 | % | 19,294 | -8 | % | 71,649 | 78,372 | -9 | % | | Sales (GEO) | 16,972 | 17,827 | -5 | % | 19,338 | -12 | % | 70,161 | 79,036 | -11 | % | | Cash Cost (US$/GEO) | 1,087 | 1,192 | -9 | % | 1,234 | -12 | % | 1,152 | 1,126 | 2 | % | | AISC (US$/GEO) | 1,267 | 1,378 | -8 | % | 1,295 | 2 | % | 1,298 | 1,205 | 8 | % | | | | | | | | | | | | | | | Net Revenue | 67,476 | 59,204 | 14 | % | 48,899 | 38 | % | 230,518 | 177,692 | 30 | % | | Cost of goods sold | (19,831) | (22,486) | -12 | % | (25,850) | -23 | % | (85,849) | (94,872) | -10 | % | | Gross Profit | 47,645 | 36,718 | 30 | % | 23,049 | 107 | % | 144,669 | 82,820 | 75 | % | | Expenses | (8,998**)** | (2,031**)** | 343 | % | (1,450**)** | 243 | % | (14,102**)** | (5,490**)** | 91 | % | | General and administrative expenses | (730) | (1,271) | -43 | % | (933) | -22 | % | (4,302) | (4,383) | -2 | % | | Exploration expenses | (85) | (760) | -89 | % | (517) | -84 | % | (1,345) | (1,107) | 21 | % | | Other income (expenses) | (8,183) | (281) | 2812 | % | (1,170) | 599 | % | (8,455) | (1,899) | 345 | % | | EBIT | 38,375 | 34,687 | 11 | % | 21,599 | 88 | % | 130,567 | 77,330 | 73 | % | | Adjusted EBITDA | 47,900 | 35,478 | 35 | % | 23,576 | 103 | % | 144,024 | 83,203 | 73 | % | | Financial Result | (988**)** | (1,428**)** | -31 | % | (3,047**)** | -47 | % | (5,161**)** | (9,029**)** | -28 | % | | Financial expenses, net | (1,260) | (1,147) | 10 | % | (1,877) | -33 | % | (5,161) | (7,130) | -28 | % | | Profit before income taxes | 37,387 | 33,259 | 12 | % | 18,552 | 102 | % | 125,406 | 68,301 | 84 | % | | Total taxes | (8,219**)** | (8,350**)** | -2 | % | (5,059**)** | 62 | % | (30,212**)** | (19,938**)** | 52 | % | | Current income tax expense | (11,463) | (8,725) | 31 | % | (4,314) | 166 | % | (34,573) | (19,174) | 80 | % | | Deferred income tax expense | 3,244 | 375 | 765 | % | (745) | n.a. | | 4,361 | (764) | n.a. | | | Profit for the period | 29,168 | 24,909 | 17 | % | 13,493 | 116 | % | 95,194 | 48,363 | 97 | % | | | | | | | | | | | | | |
In Q4 2025, Minosa production totaled 17,818 GEO, 2% lower than Q3 2025 and 8% Q4 2024, mainly due to the impact of the rainy season and expansion works to increase the stacking area. In 2025, production achieved 71,649 GEO, a decrease of 9% mainly due to lower ore feed to the plant, reflecting mine sequencing and weather-related constraints, but consistent with Aura’s expectations. This performance allowed Minosa to close 2025 at the upper end of the Guidance range.
Net Revenue totaled US$67.5 million in Q4 2025, up 14% from Q3 2025, while in Q4 2024 it grew 38%, due to the increase in the price of gold over the period. In 2025, Net Revenue reached US$230.5 million, 30% higher than 2024.
The Cash Cost was US$1,087/GEO for the quarter, down 12% from Q4 2024 and also down 9% from Q3 2025, primarily driven by lower extraction in both periods. For 2025, Cash Cost increased 2% to US$1,152/GEO, in line with the Company’s annual Guidance, primarily due to lower extraction, that negatively impacted production and sales.
The All-in Sustaining Cost (AISC) for Q4 2025 was US$1,267/GEO, down 2% from Q4 2024 with a COGS reduction of 23% driven by lower production and reduced costs. These savings were more than offset by the increase in CAPEX, which rose from US$ 0.999 million to US$ 2.253 million due to investments in leach pad phases expansion and infrastructure, in the context of a 12% reduction in sales volumes. Compared to Q3 2025, AISC decreased 8%, primarily due to lower COGS of 11% due to lower unitary mine costs and higher grades. For 2025, AISC was US$1,297/GEO, an 8% increase over 2024, reflecting the combined impact of lower sales of 11%, due to lower ore plant feed, and increase in Capex, due to improvements in pilling infrastructure.
In Q4 2025, Minosa’s Adjusted EBITDA reached US$47.9 million, up 35% from Q3 2025 and 103% from Q4 2024, driven by higher gold prices, despite reduced production from lower stacking volumes due to increased rainfall and higher CAPEX year-over-year. For 2025, Adjusted EBITDA was US$144.0 million, a 73% increase from 2024, supported by elevated gold prices and higher grades, partially offset by higher CAPEX.
3.4 Almas
During Q4 2025, Almas produced 15,872 GEO, 5% higher than Q3 2025 (15,088 GEO), driven by higher ore processed volumes and improved mine performance, reflecting the results of the plant expansion. Production was 5% lower when compared to Q4 2024, due to lower grades (decrease from 1.2g/ton to 1.02g/ton) in line with the mine sequencing. Also, as a result of the expansion project, Almas closed 2025 with production of 56,979, 5% higher than the prior year, despite lower grades due to mine sequencing. With this performance, Almas ended the year near the upper end of its Guidance.
Net Revenue was US$65.8 million in Q4 2025, up 28% from Q3 2025, driven by increased sales volumes, supported by higher ore processing from the plant expansion, and elevated metal prices. Compared to Q4 2024, Net Revenue rose 50%, primarily due to a significant rise in gold prices. For 2025, Net Revenue was US$196.0 million, a 51% increase from 2024, fueled by higher sales volumes from enhanced operational capacity and larger equipment, alongside higher metal prices.
The Cash Cost was US$837/GEO in Q4 2025, 21% higher than Q4 2024 and 15% lower than Q3 2025. Compared to Q3 2025, Cash Cost fell 15%, attributed to a production plan with a lower waste-to-ore (from 4.44 to 4.22) ratio and higher grades (up 5% from 1.01 to 1.06), while compared to Q4 2024, waste to ore ratio grew 29% with 13% lower grades. For 2025, Cash Cost increased 6% due to higher COGS.
Almas’ All-in Sustaining Cost was US$ 783/GEO in Q4 2025, down 31% from Q3 2025, supported by improved operational performance, and 10% higher than Q4 2024 due to higher Capex. Q4 2024 results were affected by positive non-recurring accounting adjustments amounting to US$136/oz. Discounting these effects, the AISC for the quarter would be US$849/oz, representing a decrease of 13% in comparison between the quarters. In 2025, Almas AISC was US$1,150/oz in line with 2024.
Adjusted EBITDA totaled US$50.7 million in Q4 2025, 66% higher than Q4 2024 result, driven by 21% increase in ore processing from the plant expansion, improved operational performance and elevated gold prices. Compared to Q3 2025, Adjusted EBITDA rose 47%, primarily due to higher gold prices and 15% lower Cash Cost and 2% lower AISC. For 2025, Adjusted EBITDA was US$132.3 million, an 78% increase from 2024, supported by higher sales volumes from expanded operational capacity.
3.5 Borborema
Note: Borborema’s Q2 2025 results did not presented significant sales due to the beginning of gold production on its ramp-up phase, while Q3 2025 counts with a full quarter of relevant sales. Due to this, the results of Q3 2025 and Q2 2025 are not comparable.
Borborema’s production totaled 15,704 GEO, 54% above the previous quarter, reflecting progress along the ramp-up curve, achieving higher milling throughput, prioritizing higher-grade material, and increasing overall recovery. During the year, Borborema delivered results below the guidance range, mainly due to lower recoveries achieved during the pre-commercial production phase. This led to the decision to feed the plant with lower-grade material until full stabilization of performance. Performance improved significantly over the course of the year, and at the end of Q4 2025, recovery reached 91.7%, a significant improvement compared to the start of the ramp-up (76.5%), along with a 35% increase in grade compared to 2Q25, closing the year with an average grade of 1.42 g/t, due to mine sequencing. In 2025, the production totaled 28,500 GEO, reflecting ramp-up curve advancement, reaching higher ore throughput with a total ore plant feed of 885.8 tonnes, prioritizing higher-grade material, ending the year with an average grade of 1.19g/tonne with average recovery rate of 86%.
Net Revenue was US$65.5 million in Q4 2025, up 68% from Q3 2025, driven by increased sales volumes, supported by higher metal prices. For 2025, Net Revenue was US$108.2 million, fueled by higher sales volumes from enhanced operational capacity, alongside higher metal prices. The Net Revenue of the year was US$108.2 million, mainly because of productivity gains along the ramp-up phase, driven by fleet replacement and continued production.
The Cash Cost was US$931/GEO in Q4 2025, reflecting progress along the ramp-up curve. Borborema’s All-in Sustaining Cost (AISC) was US$1,111/GEO in Q4 2025, due to higher sales. By the end of 2025, Borborema’s Cash Cost was US$ 1,009/GEO, explained by control costs balanced with the total volume sold. The AISC of 2025 was US$ 1,175/GEO, mainly due to high CAPEX during the ramp-up phase.
Adjusted EBITDA was US$49.2 million in Q4 2025, driven by strong Net Revenue from 54% increase in production and favorable gold prices. In 2025, Adjusted EBITDA was US$ 76.5 million.
3.6 MSG
Considering the conclusion of the acquisition of MSG on December 2, 2025, Aura is consolidating MSG’s results only for the month of December, which a production of 4,761 GEO in the month. This production resulted in a Net Revenue of US$20.5 million in Q4 2025.
The Cash Cost was US$2,148/GEO in Q4 2025. MSG All-in Sustaining Cost (AISC) was US$3,132/GEO in Q4 2025. December marked the month of the change of control at MSG, and Aura is actively implementing a plan to improve production and costs throughout 2026.
4. Cash Flow
In Q4 2025, Recurring Free Cash Flow reached US$94.2 million, 26% from Q3 2025 and 50% from Q4 2024. Compared to Q3 2025, the increase was primarily driven by:
In 2025, Recurring Free Cash Flow reached US$253.7 million, 30% from 202. Compared to Q3 2025, the increase was primarily driven by:
The chart below shows the change in cash position for the three and twelve months ending December 31, 2025, from a management perspective:
**Changes to the Cash Position Q4 2024 vs. Q4 2025 – Managerial View (US$ Million) **
Changes to the Cash Position Q4 2024 vs. Q4 2025 – Managerial View (US$ Million)
**Changes to the Cash Position Q3 2025 vs. Q4 2025 – Managerial View (US$ Million) **
Changes to the Cash Position Q3 2025 vs. Q4 2025 – Managerial View (US$ Million)
Notes:
5. Investment
The Company’s consolidated Capex for Q4 2025 totaled US$45.8 million. The main investment headlines for the quarter include:
The Company’s consolidated Capex for 2025 totaled US$179,434 million. The highlights for the year include:
6. Gross and Net Debt
Total gross debt (short and long-term portion) was US$411,168 at the end of Q4 2025, a decrease when compared to U$429,776 at the end of Q3 2025. This decrease was mainly driven by interest and principal payments in the quarter.
The Company’s cash position remains comfortable, closing out the year at US$286,056, due to the Nasdaq IPO and strong Recurring Cash Flows.
The Company’s Net Debt reached US$117,619 by Q4 2025 an increase compared to Q3 2025 due to the payment for the MSG acquisition, payment of dividends and temporary increase in working capital. There was a decrease of 32% when compared to the same period of 2024, due to due to strong cashflow from operations and the net proceeds from Nasdaq IPO of US$200.1 million, which together more than offset the total CAPEX in 2025 (US$ 179.4 million), acquisition of MSG, Bluestone and Altamira shares (US$ 74,543) and robust payment of dividends (US$ 115,814) in the year. The net debt-to-last 12 months Adjusted EBITDA ratio was 0.28x at the end of Q4 2025.
Net Debt Breakdown
The table below shows the debt amortization timeline:
Debt Amortization Timeline (US$ thousand)
Debt Amortization Timeline (US$ thousand)
**Derivative Options **
i. Derivative Collars – Apoena and Almas
As of December 31, 2025, the Company did not have any outstanding zero-cost put/call collar contracts related to gold production. As of December 31, 2024, the Company had outstanding zero-cost put/call collar arrangements covering gold production at the Almas Project and Apoena Mines. All such contracts expired during 2025.
ii. Derivative Collars - Borborema
As of December 31, 2025, Borborema had 198,561 ounces outstanding. The put/calls collars have floor prices of $1,745 and ceiling prices at $2,400 per ounce of gold expiring between October 2025 and June 2028.
The fair value effect of both the Derivative Collars for the year ended December 31, 2025 is ($281,489) ($80,241) in December 31, 2024), recorded as a finance expenses loss in the financial statements.
7. Guidance vs. Actual
The Company achieved the 2025 Guidance, including Production, Cash Cost, All-in Sustaining Cost (AISC) and CAPEX, as shown in the results below:
The Company’s consolidated Capex for 2025 totaled US$180 million, above the high range, above the Guidance 2025 range, mainly due to:
2026 Guidance:
The Company’s gold equivalent production, AISC and cash operating cost per gold equivalent ounce sold, and CAPEX guidance for 2026 are detailed below.
Production
The table below details the Company’s updated GEO production Guidance for 2026 by business unit. For such Guidance, the Company considered the following metal prices:
2026 Production Guidance:
All in all, the 2026 production Guidance expects a total of 340-390 kGEO, representing an average increase of up to 85k (midpoint) when compared to 2025 at current prices and up to 89k GEO at constant metal prices.
Cash Costs
The table below shows the Company’s cash operating costs per GEO sold guidance for 2026 by Business Unit:
2026 Cash Cost Guidance:
All In Sustaining costs
The table below shows the Company’s all-in sustaining costs per GEO sold guidance for 2026 by Business Unit:
2026 All-In Sustaining Cost Guidance:
Capex:
The table below shows the breakdown of estimated capital expenditures by type of investment:
**Key Factors **
The Company’s future profitability, operating cash flows, and financial position will be closely related to the prevailing prices of gold and copper. Key factors influencing the price of gold and copper include, but are not limited to, the supply of and demand for gold and copper, the relative strength of currencies (particularly the United States dollar), and macroeconomic factors such as current and future expectations for inflation and interest rates. Management believes that the short-to-medium-term economic environment is likely to remain relatively supportive of commodity prices but with continued volatility.
To decrease risks associated with commodity prices and currency volatility, the Company will continue to evaluate and implement available protection programs. For additional information on this, please refer to the 20-F.
Other key factors influencing profitability and operating cash flows are production levels (impacted by grades, ore quantities, process recoveries, labor, country stability, plant, and equipment availabilities), production and processing costs (impacted by production levels, prices, and usage of key consumables, labor, inflation, and exchange rates), among other factors.
8. Shareholder Information
As of December 31, 2025, the Company had the following outstanding: 83,534,506 Common Shares, 1,493,492 stock options, and 189,795 deferred share units.
9. Attachments
9.1 Financial Statements
9.2 Balance Sheet
9.3 Cash Flow Statement
9.4 Non-GAAP Performance Measures
Set out below are reconciliations for certain non-GAAP financial measures (including non-GAAP ratios) utilized by the Company in this Earnings Release: Adjusted EBITDA; Adjusted net Income, cash operating costs per gold equivalent ounce sold; AISCs; Net Debt; and Adjusted EBITDA Margin, which are non-GAAP financial measures. These non-GAAP measures do not have any standardized meaning within IFRS and therefore may not be comparable to similar measures presented by other companies. The Company believes that these measures provide investors with additional information which is useful in evaluating the Company’s performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
A. Reconciliation from income for the quarter to Adjusted EBITDA:
(US$ thousand)
**B. Reconciliation from the consolidated financial statements to cash operating costs per gold equivalent ounce sold: **
C. Reconciliation from the consolidated financial statements to all in sustaining costs per gold equivalent ounce sold:
D. Reconciliation from the consolidated financial statements to realized average gold price per ounce sold, net2:
**E. Net Debt: **
(1) Derivative Financial Instrument: only includes the swap related to the Aura Almas Debenture.
F. Adjusted EBITDA Margin3 (Adjusted EBITDA/Revenues):
G. Adjusted Net Income
Qualifield Person
The scientific and technical information contained in this press release has been reviewed and approved by Farshid Ghazanfari, P.Geo., Geology and Mineral Resources Manager, an employee of Aura and a “qualified person” within the meaning of NI 43-101 and SK-1300.
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 company focused on the development and operation of gold and base metal projects in the Americas. The Company’s five operating assets include the Minosa gold mine in Honduras; the Almas, Apoena, Borborema and MSG gold mines in Brazil; and the Aranzazu copper, gold, and silver mine in Mexico. Additionally, the Company owns Era Dorada, a gold project in Guatemala; Tolda Fria, a gold project in Colombia; and three projects in Brazil: Matupá, which is under development; São Francisco, which is in care and maintenance; and the Carajás copper project in the Carajás region, in the exploration phase.
CAUTIONARY NOTES AND ADDITIONAL INFORMATION
This Press Release, and the documents incorporated by reference herein, contain certain “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of applicable United States securities laws (together, “forward-looking information”). Forward-looking information relates to future events or future performance of the Company and reflect the Company’s current estimates, predictions, expectations or beliefs regarding future events and include, without limitation, statements with respect to: expected production from, and the further potential of the Company’s properties; the ability of the Company to achieve its long-term outlook and the anticipated timing and results thereof (including the guidance set forth herein); the ability to lower costs and increase production; the economic viability of a project; strategic plans, including the Company’s plans with respect to its properties; the amount of mineral reserves and mineral resources; probable mineral reserves; indicated mineral reserves; inferred mineral reserves; the potential conversion of indicated mineral resources into mineral reserves; the amount of future production over any period; capital expenditures and mine production costs; the outcome of mine permitting; other required permitting; information with respect to the future price of minerals; expected cash costs and AISCs; the Company’s ability expand exploration on its properties; the Company’s ability to obtain assay results; the Company’s exploration and development programs; estimated future expenses; exploration and development capital requirements; the amount of mining costs; cash operating costs; operating costs; expected grades and ounces of metals and minerals; expected processing recoveries; expected time frames; prices of metals and minerals; LOM of certain projects; expectations of gold hedging programs; the implementation of cultural initiatives; expected increases to fleet capacities; non-cash losses translating into cash losses; the ability to continue to finance planned growth; access to additional debt; and the repayment of outstanding balances on revolving credit facilities. Often, but not always, forward-looking information may be identified by the use of words such as “expects”, “anticipates”, “plans”, “projects”, “forecasts”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions.
Forward-looking information is 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. Forward-looking information in this Press Release is based upon, without limitation, the following estimates and assumptions: the ability of the Company to successfully achieve business objectives; the presence of and continuity of metals at the Company’s projects at modeled grades; gold and copper price volatility; the capacities of various machinery and equipment; the availability of personnel, machinery and equipment at estimated prices; exchange rates; metals and minerals sales prices; cash costs and AISCs; the Company’s ability to expand operations; the Company’s ability to obtain assay results; appropriate discount rates; tax rates and royalty rates applicable to the mining operations; cash operating costs and other financial metrics; anticipated mining losses and dilution; metals recovery rates; reasonable contingency requirements; the Company’s expected ability to develop adequate infrastructure and that the cost of doing so will be reasonable; the Company’s expected ability to develop its projects including financing such projects; and receipt of regulatory approvals on acceptable terms.
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 information. Specific reference is made to the Company’s most recent AIF for a discussion of some of the factors underlying forward-looking information, which include, without limitation: gold and copper or certain other commodity price volatility; changes in debt and equity markets; the uncertainties involved in obtaining and interpreting geological data; increases in costs; environmental compliance and changes in environmental legislation and regulation; interest rate and exchange rate fluctuations; general economic conditions; political stability; and other risks involved in the mineral exploration and development industry. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking information.
All forward-looking information herein is qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information whether because of new information or future events or otherwise, except as may be required by law. If the Company does update any forward-looking information, no inference should be drawn that it will make additional updates with respect to such or other forward-looking information.
1 Considered all mines in production.
2 Realized average gold price per ounce sold, net is a non-GAAP financial measure with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers.
3 Adjusted EBITDA Margin is a non-GAAP financial measure with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/cccd8d49-c784-4e84-a7b6-d876d231286b
https://www.globenewswire.com/NewsRoom/AttachmentNg/0107b983-92ef-47e9-887e-ab7917658a0e
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CONTACT: For more information, please contact: Investor Relations ri@auraminerals.com www.auraminerals.com
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