Aura Minerals (AUGO) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly production of 82,067–82,100 GEO in Q4 2025 (up 11% QoQ, 23% YoY) and annual production of 280,414 GEO (up 9% YoY), meeting the upper half of guidance.

• Record Adjusted EBITDA of $207.9M in Q4 and $547.8M for FY 2025, up over 100% YoY, driven by higher production, metal prices, and stable costs.

• Strategic focus on greenfield project development, resource/reserve growth, and M&A, with significant progress on Borborema (commercial production, reserve increase), MSG acquisition, and expansion projects at Almas and Era Dorada.

• Achieved over 18 months without lost time incidents, setting a safety benchmark.

• Completed Nasdaq listing, included in 58 ETFs, and increased daily trading volume to $100M, improving market visibility.

Financial highlights

• Q4 2025 net revenues reached $321.7M–$322M; annual revenues exceeded $921.7M–$922M.

• Adjusted EBITDA hit $208M in Q4 and $547M for the year, both record highs.

• Reported net loss of $19.9M–$20M for Q4 and $79.3M–$80.8M for FY 2025, mainly due to $81.7M–$82M non-cash losses on gold derivatives; adjusted net income for Q4 was $73M–$73.3M, FY $205.7M–$206M.

• Recurring free cash flow of $94.2M–$96M in Q4 and $253.7M–$256M for the year.

• Ended 2025 with net debt of $117.6M–$118M (0.28x LTM EBITDA), down 32% YoY.

Outlook and guidance

• 2026 production guidance: 340,000–390,000 GEO (+20% to +36% YoY), with full-year contributions from Borborema and MSG.

• 2026 AISC guidance: $1,488–$1,865/GEO, up from $1,458/GEO in 2025, mainly due to MSG, metal prices, and mine sequencing.

• CapEx to increase in 2026, driven by MSG turnaround, Almas expansion, Borborema filter press, and Era Dorada early works.

• Ongoing updates to reserves/resources expected by end of March, reflecting higher gold prices and lower cut-offs.

• Long-term target to exceed 600,000 GEO annually, driven by new projects and expansions.