Aura Announces Q3 2025 and 9M 2025 Financial and Operational Results
Executive Summary
- Aura Minerals reported record Q3 2025 production of 74,227 gold‑equivalent ounces (GEO) and an all‑time high Adjusted EBITDA of US$152 million, driving a trailing twelve‑month Adjusted EBITDA of US$419 million.
- Net revenue surged 30% YoY to US$247.8 million, while Recurring Free Cash Flow jumped 91% QoQ to US$115 million, supported by strong gold prices and the start‑up of commercial production at Borborema.
- The company reduced net debt to US$63.8 million (net‑debt/LTM EBITDA = 0.15x) after a US$200 million Nasdaq IPO and lower CAPEX, positioning it well to meet 2025 guidance.
Key Details
- Production & Sales
- Q3 2025 total production: 74,227 GEO (+16% QoQ, +9% YoY).
- Borborema contributed 10,219 GEO in its first full commercial quarter.
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9‑month (9M) 2025 production: 198,346 GEO, on track with guidance.
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Financial Performance
- Net revenue Q3 2025: US$247.8 million (+30% QoQ, +59% YoY).
- Adjusted EBITDA Q3 2025: US$152.1 million (+43% QoQ, +95% YoY).
- Gross profit Q3 2025: US$149.6 million (margin 60%).
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Net income Q3 2025: US$5.6 million (vs. a loss of US$(11.9) million in Q3 2024).
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Cost Metrics
- Cash cost Q3 2025: US$1,110 per GEO (down 3% QoQ).
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All‑in Sustaining Cost (AISC) Q3 2025: US$1,396 per GEO (up 4% QoQ).
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Cash Flow & Debt
- Recurring Free Cash Flow Q3 2025: US$74.6 million (+24% QoQ).
- Net debt reduced to US$63.8 million (‑77% QoQ), net‑debt/LTM EBITDA = 0.15x.
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Cash balance at quarter end: US$351.4 million, bolstered by Nasdaq IPO proceeds of US$200.1 million.
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Capital Expenditure
- Total CAPEX Q3 2025: US$31.6 million (‑37% QoQ).
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Expansion projects focused on Apoena and Almas; maintenance spending on Aranzazu, Apoena, Almas, Minosa, Borborema.
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Other Notable Updates
- Completed commercial production at Borborema (10,219 GEO produced, 11,228 GEO sold).
- Executed underwriters’ option purchase: 897,134 shares for US$21.8 million (price US$24.25/share).
- Initiated BDR‑to‑share conversion incentive program (Oct 6 – Nov 6 2025).
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Delisted from Toronto Stock Exchange on Sep 25 2025; trading consolidated on Nasdaq.
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Guidance
- 2025 production target: 266,000–300,000 GEO. Q3 2025 results represent ~75% of the lower end and ~66% of the upper end of full‑year guidance at current prices.
Notable Quotes
“In Q3 2025, Aura achieved a record production of 74,227 GEO at constant prices and an all‑time high Adjusted EBITDA of US$152 million… We remain focused on delivering consistent shareholder value through our quarterly dividend, advancing the MSG acquisition, and achieving our 2025 production and cost guidance.” – Rodrigo Barbosa, President & CEO.