Aura’s Q3 Output Reaches Record 95,557 Gold-Equivalent Ounces

Aura Minerals delivered preliminary third-quarter production of 95,557 gold-equivalent ounces, its highest quarterly total, as stronger output at Borborema, Aranzazu and Mineração Serra Grande offset weaker contributions from Apoena and Minosa. Production at current prices rose 27% from the second quarter and 29% from the prior-year quarter across the company’s six operating mines. 12

The result is significant because the quarter supplied a tangible recovery after a weaker Q2 and moved Aura’s nine-month production to a company record. Output for the first nine months reached 253,131 GEO at current prices, while production calculated at constant prices was 255,268 GEO, up 26% from the comparable 2025 period. The distinction matters: gold-equivalent reporting is affected by the metal-price assumptions used to convert non-gold production, so the company’s 27% quarter-on-quarter figure at current prices is not identical to its 26% increase on a constant-price basis. 1

Borborema was a major source of the increase. The mine produced a record 22,842 GEO, up 60% from Q2, supported by higher grades and throughput. Aura said it expects throughput to continue improving as it debottlenecks the filter. Aranzazu generated 24,920 GEO, a 39% sequential increase associated with higher grades. Together, those two mines produced just under half of consolidated Q3 output. 2

MSG delivered the sharpest proportional recovery, with production rising 85% quarter on quarter to 13,321 GEO. Aura attributed the improvement to the advancing turnaround, faster underground development and the start of blending lower-grade stockpiles with higher-grade underground ore using its bottom-up mining method. Average grade at MSG rose to 1.19 grams per tonne and recovery reached 89.6%, according to the reported mine-level figures. 12

The gains were not uniform. Almas produced 14,264 GEO and Minosa 13,344 GEO, while Apoena contributed 6,865 GEO. Management said Apoena’s lower third-quarter result occurred as development continued at the Nosde pit toward higher-grade areas. At Minosa, production was affected by an earlier increase in leach-pad stacking height, although stacking volumes had returned to normal during Q3. Aura expects that normalization to support an improved fourth quarter. 12

Sales did not fully match production in the quarter. Aura sold 93,742 GEO, 20% more than in Q2 but below the 95,557 GEO produced. On a year-over-year basis, sales rose 25% including MSG; excluding MSG, the comparable increase was 7%, which Aura mainly linked to higher sales from Borborema and Aranzazu. For the nine-month period, sales totaled 253,414 GEO, marginally above the company’s 253,131 GEO production at current prices. 1

Chief executive Rodrigo Barbosa said the Q3 step-up and an expected further increase in Q4 keep Aura on track for its full-year guidance. That is an outlook rather than a completed result, and its delivery will rely on several mine-specific actions proceeding as planned: access to higher-grade areas at Apoena, stronger Minosa production, continued Borborema debottlenecking and higher ore feed at Almas as its plant-capacity expansion advances. 1

Aura also reported 335,198 GEO of production over the trailing 12 months at current prices, another company record and 27% above the comparable 12-month period ending in Q3 2025. The Q3 outcome establishes a stronger operating base, but the durability of that growth will be tested by whether the planned fourth-quarter improvements convert operational progress into sustained production and sales. 1