By Brazil Stock Guide – Aura Minerals (TSX: ORA; B3: AURA33) reported adjusted net income of US$73.3 million in 4Q25, closing a year marked by record operating results. The company delivered US$207.9 million in adjusted EBITDA in the quarter — its sixth consecutive quarterly high — supported by stronger gold prices and expanding production.
Net revenue reached US$321.7 million, up 30% quarter-on-quarter and 88% year-on-year. Realized gold prices averaged US$4,090 per ounce, while production rose to 82,067 gold equivalent ounces (GEO), reflecting the ramp-up of the Borborema mine and the initial contribution from the newly acquired MSG operation in Goiás.
Despite solid operating momentum, Aura posted a GAAP net loss of US$19.9 million in the quarter due to mark-to-market losses on gold hedge positions amid rising bullion prices. Excluding these non-cash effects, full-year 2025 adjusted net income totaled US$205.7 million, with annual adjusted EBITDA reaching a record US$547.8 million.
Expansion Phase
Management described 2025 as transformational. Borborema reached commercial production, MSG expanded the company’s Brazilian footprint, and the Nasdaq listing increased liquidity and international investor visibility. The MSG acquisition closed at an enterprise value of approximately US$76 million, including deferred royalty components.
Cost Structure and Leverage
All-in sustaining cost (AISC) stood at US$1,521 per GEO in 4Q25, reflecting integration effects and portfolio adjustments. Free cash flow reached US$94.2 million during the quarter, while net debt ended the year at US$117.6 million, equivalent to 0.28x last-twelve-month adjusted EBITDA — maintaining a conservative leverage profile.
2026 Guidance
For 2026, Aura guided for 360,000 to 390,000 GEO in production, with further optimization at Borborema and MSG and ongoing development at Almas and Apoena. Over the medium term, management reiterated its ambition to exceed 600,000 GEO annually, strengthening its position among mid-tier gold producers.