Aura Minerals Inc. (AUGO): Financial results for Q3 2026
Aura Minerals Inc. (AUGO) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 Earnings Release Q3 2026 | 9M 2026 Miami, November 5, 2026 – “Production was the highlight of the quarter: a new record of 96k GEO, taking us to 253k GEO year-to-date, the highest nine-month result in Aura’s history and keeping us firmly on track for our 340k–390k fu
How this was made
The 30-second read
Why it matters
The earnings beat and reaffirmed guidance suggest continued operational momentum, likely supporting the stock price.
Market read
First‑report earnings with strong metrics, relevant for mining sector investors and commodity‑focused traders.
What to watch
Potential cost pressures from higher AISC at other sites and currency volatility.
Record Q3 production of 95,557 GEO and US$236.9 million of Adjusted EBITDA, supported by Borborema, Aranzazu and MSG, while AISC remained elevated and expansion investment continued.
Record production, 56% year-over-year net-revenue growth, 56% Adjusted EBITDA growth and 66% Recurring Free Cash Flow growth outweighed a 40% year-over-year increase in AISC and weaker output at Apoena, Minosa and Almas.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 Total Production (GEO)other | 95,557 GEO | 27% | 29% |
| 9M 2026 Total Production (GEO)other | 253,131 GEO | – | 28% |
| Q3 2026 Total Sales (GEO)other | 93,794 GEO | 20% | 25% |
| 9M 2026 Total Sales (GEO)other | 253,576 GEO | – | 28% |
| Q3 2026 Net Revenueother | $386.0M | 15% | 56% |
| 9M 2026 Net Revenueother | $1.10B | – | 84% |
| Q3 2026 Cost of goods soldother | −$163.3M | 13% | 66% |
| 9M 2026 Cost of goods soldother | −$461.6M | – | 72% |
| Q3 2026 Gross Profitother | $222.6M | 16% | 49% |
| 9M 2026 Gross Profitother | $642.9M | – | 94% |
| Q3 2026 Gross Marginother | 58% | 1 p.p. | -3 p.p. |
| 9M 2026 Gross Marginother | 58% | – | 3 p.p. |
| Q3 2026 Operational Expensesother | −$17.99M | 11% | 33% |
| Q3 2026 General and administrative expensesother | −$17.55M | -22% | 69% |
| Q3 2026 Exploration expensesother | −$3.49M | -2% | 50% |
| Q3 2026 Other Income/Expensesother | $3.05M | -69% | n.a. |
| Q3 2026 Operating incomeother | $204.6M | 17% | 50% |
| 9M 2026 Operating incomeother | $585.3M | – | 99% |
| Q3 2026 Adjusted EBITDAnon-GAAP | $236.9M | 20% | 56% |
| 9M 2026 Adjusted EBITDAnon-GAAP | $677.4M | – | 99% |
| Q3 2026 Adjusted EBITDA Marginnon-GAAP | 61% | 3 p.p. | 0 p.p. |
| 9M 2026 Adjusted EBITDA Marginnon-GAAP | 61% | – | 5 p.p. |
| Q3 2026 Financial Resultother | −$26.45M | -143% | -74% |
| Q3 2026 Profit before income taxesother | $178.2M | -25% | 432% |
| Q3 2026 Total taxesother | −$43.18M | 131% | 55% |
| Q3 2026 Profit for the periodother | $135.0M | -38% | 2300% |
| 9M 2026 Profit for the periodother | $447.8M | – | n.a. |
| Q3 2026 Net Marginother | 35% | -30 p.p. | 33 p.p. |
| Q3 2026 Adjusted Net Incomenon-GAAP | $121.2M | 24% | 77% |
| 9M 2026 Adjusted Net Incomenon-GAAP | $322.5M | – | 144% |
| Q3 2026 Cash Costnon-GAAP | US$1,395/GEO | -8% | 26% |
| 9M 2026 Cash Costnon-GAAP | US$1,460/GEO | – | 29% |
| Q3 2026 All In Sustaining Costnon-GAAP | US$1,953/GEO | -2% | 40% |
| 9M 2026 All In Sustaining Costnon-GAAP | US$1,921/GEO | – | 34% |
| Q3 2026 Operating Cash Flowother | $167.9M | 50% | 81% |
| 9M 2026 Operating Cash Flowother | $397.7M | – | 86% |
| Q3 2026 Recurring Free Cash Flownon-GAAP | $123.5M | 54% | 66% |
| 9M 2026 Recurring Free Cash Flownon-GAAP | $295.0M | – | 82% |
| Q3 2026 Total CAPEXother | $96.59M | 15% | 206% |
| 9M 2026 Total CAPEXother | $225.0M | – | 68% |
| Q3 2026 Net Debt/LTM Adjusted EBITDAnon-GAAP | 0.20x | -0.01x | 0.05x |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| AranzazuHigher grades and sales, together with a 6% QoQ rise in realized copper price to US$6.46/lb. | $89.43M | 20% | 33% |
| ApoenaHigher grades and sales versus Q2, while lower production drove the year-over-year decrease. | $29.00M | 14% | -7% |
| MinosaLower production and sales, reflecting the higher stacking level within the leach pad and lower grades. | $55.57M | -14% | -6% |
| AlmasLower sequential sales and grades from mine sequencing, while higher gold prices supported year-over-year revenue. | $60.36M | -24% | 18% |
| BorboremaRecord production and sales, higher grades and plant feed, and higher gold prices. | $95.26M | 51% | 144% |
| MSGTurnaround progress lifted production and sales by 85% QoQ. | $56.36M | 95% | n.a. |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
2026 outlook
- NoteGold equivalent ounces production: 340k–390k GEO
- NoteCash Cost per equivalent ounce of gold sold, Total w/ MSG: US$1,303–US$1,411
- NoteAISC per equivalent ounce of gold sold, Total w/ MSG: US$1,720–US$1,865
- NoteCAPEX, Sustaining: US$105–US$123 million
- NoteCAPEX, Exploration: US$19–US$25 million
- NoteCAPEX, Expansion: US$262–US$314 million
- NoteCAPEX, Total: US$386–US$462 million
Capital returns
- Dividends and share buybacks paid of US$70.7 million.
- Dividends and shares buybacks of US$71 million were almost entirely financed by Recurring Free Cash Flow of US$123.5 million.
What drove it
- Record Q3 production was led by Borborema at 22,842 GEO, Aranzazu at 24,920 GEO and MSG at 13,321 GEO.
- Average realized gold price was US$4,202/oz, -2% QoQ and +24% YoY; average realized copper price was US$6.46/lb, +6% QoQ and +45% YoY.
- Borborema grade increased from 1.16 g/t to 1.65 g/t, while ore plant feed increased 14% QoQ.
- MSG production increased 85% QoQ as grade rose from 0.90 g/t to 1.19 g/t, ore plant feed increased 28% QoQ and recovery improved 1.9 p.p. to 89.6%.
- Era Dorada reached 13.1% overall physical progress, with construction at 7.6% and engineering at 46.6%, and remained on time and on budget.
Concerns
- Q3 2026 AISC was US$1,953/GEO, up 40% YoY, while 9M 2026 AISC of US$1,921/GEO exceeded guidance.
- Apoena Q3 2026 AISC was US$3,554/GEO, up 33% QoQ and 98% YoY, due to higher sustaining development CAPEX at Nosde.
- MSG Q3 2026 AISC was US$3,647/GEO despite a 31% QoQ reduction; 9M 2026 AISC was US$4,043/GEO.
- Minosa production declined 7% QoQ and 26% YoY, while Apoena production declined 26% YoY and Almas production declined 12% QoQ.
- Realized losses with gold hedges were US$33.6 million in Q3 2026 and US$104.2 million in 9M 2026.
What to watch
- Q4 production and cost trajectory, as the Company expects costs to trend lower in Q4 2026 driven by higher expected production.
- Execution of the MSG turnaround, including the gradual transition to bottom-up mining and fleet renewal beginning in January 2027.
- Almas moving into higher-grade zones and Apoena sourcing ore from the main higher-grade areas of Phase 3 at the Nosde Pit in Q4.
- Borborema’s output and cost performance as the strip ratio increased from 2.1x to 4.6x.
- Era Dorada construction progress and expansion CAPEX deployment.
- Closing and January 2027 transition of mining fleet insourcing, which is expected to reduce AISC by US$150 to US$200 per ounce of gold sold across Apoena, Almas and Borborema beginning in 2027.
Balance sheet and cash flow
- Gross debt was US$631.5 million at the end of Q3 2026, compared with US$441.2 million at the end of Q2 2026.
- Cash and cash equivalents were US$418,245 thousand, compared with US$248,322 thousand at the end of Q2 2026 and US$351,414 thousand at the end of Q3 2025.
- Net Debt was US$178,762 thousand, compared with US$168,026 thousand at the end of Q2 2026 and US$63,772 thousand at the end of Q3 2025.
- On September 18, 2026, Aura contracted a US$200 million syndicated loan facility bearing interest at SOFR + 2.70% per year, with a two-year grace period and a five-year maturity.
- Q3 2026 operating cash flow was US$167,905 thousand and Recurring Free Cash Flow was US$123,541 thousand.
- Q3 2026 total CAPEX was US$96.6 million, comprising US$55.2 million of expansion CAPEX, US$35.8 million of sustaining CAPEX and US$5.7 million of exploration CAPEX.
Analysis
Aura reported a record operating quarter. Q3 production of 95,557 GEO increased 27% from Q2 2026 and 29% from Q3 2025, while sales increased 20% sequentially and 25% year over year. Borborema delivered a record 22,842 GEO as grade rose to 1.65 g/t and plant feed increased 14% QoQ. Aranzazu produced 24,920 GEO on higher grades and MSG produced 13,321 GEO as its turnaround lifted grade, throughput and recovery. These gains more than offset lower output at Almas and Minosa.
Revenue reached US$385,977 thousand, up 15% QoQ and 56% YoY, supported by higher sales and stronger metal prices. Gross profit increased 16% sequentially and 49% YoY to US$222,631 thousand. Gross margin improved to 58% from 57% in Q2 but remained below the 60% reported in Q3 2025 because COGS increased 66% year over year, faster than net revenue. Adjusted EBITDA rose 20% QoQ and 56% YoY to US$236,871 thousand, with a 61% margin. Borborema, Aranzazu and MSG were the principal earnings contributors, while Apoena Adjusted EBITDA declined 29% YoY and Minosa Adjusted EBITDA declined 20% QoQ.
Profit for the period was US$135,004 thousand, down 38% from Q2 despite higher operating income. The principal sequential factor was the reduction in unrealized gain on gold derivatives to US$12,729 thousand from US$126,013 thousand in Q2 2026. Adjusted Net Income, which excludes specified derivative, foreign-exchange and deferred-tax items, rose 24% QoQ and 77% YoY to US$121,208 thousand. Recurring Free Cash Flow increased to US$123,541 thousand as higher Adjusted EBITDA and lower income-tax and hedge payments more than offset higher CAPEX and working-capital use.
Cost performance remains the primary operational issue. Q3 cash cost improved 8% sequentially to US$1,395/GEO and AISC declined 2% to US$1,953/GEO, but both remained materially above Q3 2025. The 9M 2026 AISC of US$1,921/GEO exceeded guidance. Apoena and MSG had the highest quarterly AISC at US$3,554/GEO and US$3,647/GEO, respectively. The company expects lower costs in Q4 from higher expected production, while higher-grade mine areas at Almas and Apoena and continued MSG turnaround execution are central to that outcome.
Capital allocation balanced growth spending with shareholder distributions. Q3 total CAPEX was US$96.6 million, including US$55.2 million of expansion CAPEX, and Era Dorada reached 13.1% physical progress while remaining on time and on budget. Gross debt rose to US$631.5 million after the US$200 million syndicated loan facility, while cash rose to US$418.2 million. Net debt was US$178.8 million and Net Debt/LTM Adjusted EBITDA was 0.20x. Aura paid US$70.7 million in dividends and share buybacks during the quarter. The company retained 2026 production guidance of 340k–390k GEO and provided cost and CAPEX guidance ranges, with 9M production of 253,131 GEO.
Management, verbatim
Production was the highlight of the quarter: a new record of 96k GEO, taking us to 253k GEO year-to-date, the highest nine-month result in Aura’s history and keeping us firmly on track for our 340k–390k full-year guidance.
Rodrigo Barbosa, President and CEO of Aura
Led by a record quarter at Borborema and the continued turnaround at MSG, this operational strength translated into solid financials, with nine-month Adjusted EBITDA of $677 million — nearly double last year and already ahead of all of 2025 — and Recurring Free Cash Flow of $124 million in the quarter, funding dividends, buybacks and expansion capex with leverage stable at 0.20x.
Rodrigo Barbosa, President and CEO of Aura
Not in the filing
stated, not guessed- GAAP or IFRS earnings per share and adjusted earnings per share were not reported.
- A separate dividend amount, dividend per share, repurchase amount, share count repurchased and remaining repurchase authorization were not reported.
- Revenue guidance, gross-margin guidance, operating-expense guidance and tax-rate guidance were not reported.
- A prior earnings-release outlook was not provided, so comparisons against prior guidance are unavailable.
- Q3 2026 cash-flow-statement free cash flow under a standardized IFRS measure was not reported; the release reported Recurring Free Cash Flow as a non-GAAP measure.
- Borborema and MSG 9M 2025 segment metrics were not reported in their operating-unit tables because the operations did not have comparable disclosed periods.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Aura Minerals (AUGO) filed a Form 6‑K reporting its Q3 2026 results, a primary disclosure of earnings and guidance.
Ticker impact
Aura Minerals released its Q3 2026 earnings with record production, double-year adjusted EBITDA and reaffirmed full-year guidance.
likely upside as market prices in the robust results and guidance reaffirmation
Quarterly numbers exceed prior year and the company stays on track for its 340k‑390k GEO guidance, supporting bullish sentiment.
Market effects
Highlights strength in the gold and copper mining sector, may lift peer miners.
Positive for Latin American mining exposure and related commodity indices.
Reinforces demand for precious metals amid broader market risk sentiment.
Counterpoint
If production targets miss later quarters, the current rally could reverse.
Key entities
- CompanyAura Minerals Inc.
Gold and copper miner reporting Q3 2026 results.
