Aura Minerals (AUGO) Registration filing summary

Company overview and business model

• Operates as a mid-tier gold and copper producer with mines in Brazil, Mexico, and Honduras, and development projects in Brazil and Guatemala.

• Focuses on operational efficiency, disciplined capital allocation, and sustainable growth, with a decentralized management structure.

• Portfolio includes four operating mines, one ramp-up mine, and several development and exploration projects, with a strong track record of on-time, on-budget project delivery.

• Revenue is diversified by geography and product, with gold accounting for 67% and copper/gold concentrate for 33% of total revenue in 2024.

• Maintains a strong ESG focus, with recognized safety and social responsibility initiatives and a commitment to renewable energy use.

Financial performance and metrics

• For the year ended December 31, 2024: revenue $594.2M, gross profit $251.3M, operating income $205.4M, adjusted EBITDA $266.8M (44.9% margin), and adjusted net income $69.2M.

• Net cash from operating activities was $222.2M, with adjusted free cash flow of $178.2M and cash conversion of 66.8%.

• Cash costs per gold equivalent ounce sold (GEO) were $1,042, and all-in sustaining costs (AISC) were $1,320 per GEO in 2024.

• Dividend yield plus buybacks reached 7.9% in 2024, with $218M returned to shareholders since 2021.

• As of March 31, 2025: total assets $1.14B, total liabilities $999.1M, and shareholders' equity $139.9M.

Use of proceeds and capital allocation

• Proceeds from the IPO will fund the upfront cash payment for the acquisition of Mineração Serra Grande (MSG), incremental capex at MSG, and provide liquidity for growth initiatives.

• Additional uses include advancing development projects (Era Dorada, Matupá), expanding production capacity, exploration, and potential acquisitions.

• Capital allocation is focused on high-IRR projects, with a disciplined approach to de-risking and reinvesting cash flows from existing operations.