Aura Minerals (AUGO) Q4 2024 earnings summary

Executive summary

• 2024 gold equivalent production reached 267,232–267,000 ounces, up 18% at constant prices and at the upper end of guidance, with record EBITDA doubling to $267 million, driven by strong gold prices, cost control, and Almas and Minosa exceeding guidance.

• Almas mine ramped up to full production, leading EBITDA contribution, while Borborema project construction was completed on time and on budget, with ramp-up expected in March 2025.

• Dividends and buybacks returned $53–$56 million to shareholders in 2024, with a yield of 7.5–9.2%, and quarterly dividends of $0.25/share initiated.

• Completed acquisition of Bluestone Resources, adding a high-grade gold deposit and renewable energy project, and advanced exploration and M&A for resource growth.

• Maintained strong safety standards with only one non-severe lost time incident in two years.

Financial highlights

• 2024 revenues reached $594–$594.2 million, with Q4 revenues at $171.5–$172 million, both record highs.

• Adjusted EBITDA for 2024 was $266.8–$267 million, with Q4 EBITDA at $79–$79.3 million, both record levels.

• Net income for Q4 was $17 million; full-year net income was a loss of $30 million, but adjusted net income was $82 million after excluding non-cash items.

• Cash position at year-end was $207 million, with net debt at $188–$188.1 million and net debt/EBITDA stable at 0.7x.

• Recurring free cash flow to firm was $195 million in 2024, supporting $159–$160 million in growth investments.

Outlook and guidance

• 2025 production guidance is 266,000–300,000 GEO, with Borborema ramp-up and stable output from Aranzazu and Almas.

• 2025 AISC expected to rise, especially at Apoena and Minosa, due to higher costs and lower grades; excluding Apoena, costs would be in line or lower than 2024.

• CapEx expected to decrease as Borborema construction winds down; 2025 capex guidance is $149–$167 million.

• Dividend policy remains at 20% of EBITDA minus recurring CapEx, with potential for extraordinary dividends if excess cash persists.