Aura Minerals

Second-quarter net revenues were $336 million, adjusted EBITDA was $197 million, and net income was $218 million. Adjusted net income was $97 million after noncash items. Cash equivalents were close to $250 million, net debt was $168 million, and leverage stayed at 0.2x net debt/EBITDA. Management said first-half production was 158,000 ounces, and reiterated full-year production guidance of 340,000 to 390,000 ounces, with second-half production expected at 182,000 to 232,000 ounces. They also said all-in sustaining cash costs should improve in the second half and remain within guidance, despite FX and input-cost pressure.

Rodrigo Barbosa framed the quarter as a transitional period: weaker production today in exchange for stronger output later, especially from MSG, Borborema, and Apoena. He emphasized that the company is executing on three value-creation paths: greenfield project delivery, reserve/resource growth, and M&A. His tone was confident and expansive, repeatedly saying Aura is on track for a stronger Q3/Q4 and a more meaningful step-up again in 2027.

João Cardoso highlighted the quarter’s reported figures and cash generation, noting $336 million of net revenues, $197 million of adjusted EBITDA, and $218 million of net income. He said adjusted net income was $97 million after noncash impacts, cash ended close to $250 million, and net debt was $168 million, with leverage stable at 0.2x. On the cash bridge, he pointed to $37 million used for hedge settlements, $58 million invested in growth, and $68 million returned via dividends and share repurchases. He also said inflation and FX are being offset through sourcing and internal cost programs, but it is still too early to guide 2027 inflation.

Analysts focused on capital allocation, MSG execution, cost inflation, and share-price volatility. Management said M&A appetite remains intact despite gold-price volatility, but Aura wants to avoid overlapping major build projects and will stay selective on timing and asset type. On MSG, they acknowledged Q2 was challenged by mine development and infrastructure work, but said underground development is now running 8% to 9% ahead of last year and that throughput and grades should improve quarter by quarter. On buybacks, management said the new program is intended to be balanced with dividends rather than additive to them, and that repurchases will be paced so they do not hurt trading liquidity.