Aura Minerals (AUGO) Q3 2026 earnings summary

Executive summary

• Q3 production reached a record 95,557 GEO, up 27% QoQ and 29% YoY; 9M output was a record 253,131 GEO, up 28% YoY, with 2026 guidance of 340k–390k GEO on track.

• Q3 revenue was a record $386.0M and Adjusted EBITDA was $236.9M; recurring free cash flow reached $123.5M.

• Growth projects advanced, with Era Dorada on time and on budget; the medium-term production target is more than 600k GEO annually.

Financial highlights

• Q3 revenue was $386.0M, up 15% QoQ and 56% YoY; 9M revenue was $1,104.6M, up 84% YoY.

• Q3 Adjusted EBITDA was $236.9M, up 20% QoQ and 56% YoY, with a 61% margin; 9M Adjusted EBITDA was $677.4M, up 99%.

• Q3 net income was $135.0M; adjusted net income was $121.2M, up 24% QoQ and 77% YoY. 9M net income was $447.8M versus a $59.5M loss in 9M 2025.

• Q3 recurring free cash flow was $123.5M, up 54% QoQ and 66% YoY; 9M recurring free cash flow was $295.0M, up 82%.

• Q3 realized gold-hedge losses were $33.6M; gold prices supported revenue and Adjusted EBITDA growth.

Outlook and guidance

• 2026 production guidance remains 340k–390k GEO; 9M output of 253,131 GEO represented 74% of the low end of guidance.

• Q4 production is expected to benefit from higher grades at Almas and Apoena; Q4 costs are expected to trend lower as production rises and MSG’s turnaround progresses.

• Era Dorada construction remains on schedule and on budget; physical progress reached 13.1%, with $52M invested to date.

• Almas and Borborema expansions are progressing; the medium-term production target is more than 600k GEO annually.

• Fleet insourcing is expected to reduce AISC by $150–$200/oz from 2027, subject to closing conditions including CADE clearance.