By Brazil Stock Guide – Aura Minerals closed 2025 with record production, ending the year at the upper end of its guidance after a strong fourth quarter supported by operational improvements in Brazil and recent acquisitions. Preliminary fourth-quarter output reached 82,067 gold equivalent ounces (GEO), the highest quarterly level in the company’s history and an 11% increase from the previous quarter.
Full-year production totaled 280,414 GEO at current prices, representing a 5% increase year over year. At constant prices, which neutralize the impact of commodity price fluctuations, output rose 9% compared with 2024. Using the company’s 2025 guidance prices, annual production amounted to 285,380 GEO, allowing Aura to close the year in the upper half of its projected range of 266,000 to 300,000 GEO.
The fourth-quarter performance was driven primarily by a sharp acceleration at Borborema, Aura’s newest gold mine in Brazil. Production at the site climbed 54% quarter on quarter, reflecting progress along the ramp-up curve, higher processing volumes and improved metallurgical recovery. By the end of the quarter, recovery rates reached 91.7%, up markedly from levels recorded earlier in the year, while average grades increased to 1.42 grams per ton.
Results across the rest of the portfolio were mixed. Production at Aranzazu, in Mexico, declined mainly due to the accounting effect of higher gold and silver prices on gold-equivalent conversion. Minosa, in Honduras, was affected by seasonal rainfall and expansion works. In Brazil, Almas and Apoena delivered operational results close to or above the top of their respective guidance ranges, supported by plant expansion and higher recovery rates.
Aura also consolidated one month of production from Mineração Serra Grande (MSG) following the closing of its acquisition in December, adding 4,761 GEO to fourth-quarter output. Management said the company’s combination of organic growth, exploration and acquisitions positions Aura to pursue annual production of more than 600,000 GEO in the coming years.