Aura Minerals (AUGO) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly production of 82,067–82,100 gold equivalent ounces in Q4 2025 (up 11% sequentially and 23% year-over-year), and annual production of 280,000–280,414 ounces (up 5–9%), meeting the upper half of guidance.

• Record Adjusted EBITDA of $207.9–208M in Q4 and $547–547.8M for the year, up 105–162% YoY, driven by higher production, metal prices, and stable costs.

• Strategic focus on greenfield project development, resource/reserve growth, and M&A, with major acquisitions (MSG), Nasdaq listing, and inclusion in 58 ETFs.

• Announced Era Dorada project feasibility, Borborema road relocation unlocking 670,000 additional ounces and increasing reserves by 82% to 1.5Moz.

• Maintained strong dividend payments and low leverage, with over 18 months without lost time incidents.

Financial highlights

• Q4 2025 net revenues reached $321.7–$322M; annual revenues exceeded $920–$922M.

• Q4 gross profit was $202.9M; FY gross profit $534.9M.

• Reported net loss of $19.9–$20M for Q4 and $79.3–$80.8M for FY 2025, mainly due to non-cash derivative/hedge losses; adjusted net income was $73–$73.3M for Q4 and $205.7–$260M for the year.

• Recurring free cash flow was $94–$96M in Q4 and $253.7–$256M for the year.

• Ended the year with net debt of $117.6–$118M (0.28x LTM EBITDA) and $286.1–$290M in cash.

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.

• Updated reserves/resources and mine plans to be published by end of March, reflecting higher gold prices and lower cut-offs.