Aura Minerals (AUGO) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly production of 82,100–82,067 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 MSG acquisition and Borborema reserve increase to 1.5Moz (+82%).

• Significant milestones include MSG acquisition, Borborema road relocation license, Nasdaq listing, and inclusion in 58 ETFs, boosting daily trading volume to $100M.

• Announced Era Dorada project feasibility and started early works, with board approval for full construction expected in H1 2026.

Financial highlights

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

• Q4 Adjusted EBITDA was $207.9M–$208M; FY Adjusted EBITDA reached $547M–$547.8M.

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

• Recurring free cash flow of $94M–$96M in Q4 and $253.7M–$256M for the year, funding all growth investments.

• Ended 2025 with a cash position near $286.1M–$290M and net debt/EBITDA at 0.28x, 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 investment, Almas expansion, Borborema projects, and Era Dorada early works.

• Focus on MSG turnaround, Borborema ramp-up, Almas underground development, and Era Dorada early works.

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