Aura Announces Q4 2025 and FY 2025 Financial and Operational Results
Executive Summary
- Aura Minerals reported record full‑year Adjusted EBITDA of US$547 million (up 105% YoY) and a record Q4 Adjusted EBITDA of US$207.9 million (up 162% YoY).
- Total 2025 production reached 280,414 GEO (up 5% YoY, 9% at constant prices); Q4 production hit 82,067 GEO (record high).
- Completed the acquisition of MSG Gold Mine in December 2025 and announced a construction license for Era Dorada; provided updated 2026 production guidance of 340‑390 kGEO.
Key Details
- Financial Highlights – FY 2025
- Net revenue: US$921.7 million (+55% YoY)
- Gross profit: US$534.9 million (+113% YoY)
- Adjusted EBITDA margin: 59% (up from 45% in 2024)
- Recurring free cash flow: US$253.7 million (+30% YoY)
-
Net debt at quarter‑end: US$117.6 million (0.28× LTM Adjusted EBITDA), down 32% YoY
-
Quarterly Highlights – Q4 2025
- Production: 82,067 GEO (+11% QoQ, +23% YoY)
- Net revenue: US$321.7 million (+30% QoQ, +88% YoY)
- Adjusted EBITDA: US$207.9 million (+37% QoQ, +162% YoY)
- Cash cost: US$1,143/GEO (up 3% YoY)
-
All‑in sustaining cost (AISC): US$1,521/GEO (up 9% YoY)
-
Operating Unit Performance
- Almas: Production 15,872 GEO (+5% QoQ); cash cost $837/GEO; AISC $962/GEO.
- Borborema: Production 15,777 GEO (+54% QoQ); cash cost $931/GEO; AISC $1,111/GEO.
- MSG (Dec 2025 only): Production 4,761 GEO; cash cost $2,148/GEO; AISC $3,132/GEO.
- Apoena: Production 8,961 GEO (‑3% QoQ); cash cost $1,450/GEO; AISC $2,427/GEO.
-
Minosa: Production 17,818 GEO (‑2% QoQ); cash cost $1,087/GEO; AISC $1,267/GEO.
-
Acquisitions & Projects
- Completed MSG acquisition for US$76 million (US$72.8 million cash at closing) with deferred NSR of 3% of net smelter return.
- Issued feasibility study for Era Dorada – underground gold mine targeting 111 koz GEO in first four years.
-
Received construction license and began early works on Era Dorada (Jan 6 2026).
-
Capital Expenditure
- Q4 2025 CAPEX: US$45.8 million (expansion $22.2 M, maintenance $19.4 M, exploration $4.2 M).
-
FY 2025 total CAPEX: US$179.4 million (expansion $111.0 M, sustaining $52.9 M, exploration $15.5 M).
-
Guidance Updates
- Updated 2026 production guidance to 340‑390 kGEO (up ~85 k GEO vs. 2025).
- 2026 cash cost guidance range: US$1,151–1,238/GEO ex‑MSG; total w/ MSG US$1,303–1,411/GEO.
-
2026 AISC guidance range: US$1,488–1,602/GEO ex‑MSG; total w/ MSG US$1,720–1,865/GEO.
-
Shareholder Information
- Shares outstanding (Dec 31 2025): 83,534,506 common shares, 1,493,492 stock options, 189,795 DSUs.
Notable Quotes
“We are delighted to report that higher production, higher metal prices and stable costs have once again driven Aura to another set of record results.” – Rodrigo Barbora, President & CEO