Rodrigo Barbora, Aura's President, and CEO commented: "We are delighted to report that higher production, higher metal prices and stable costs have once again driven Aura to another set of record results. We closed 2025 with record full-year Adjusted EBITDA of US$547 million at an average realized gold price of $3,446/oz, including a standout Q4 performance of US$207 million at realized gold prices of $4,090/oz. During this transformative year, we achieved multiple major milestones: we completed construction and declared commercial production at Borborema under budget and on schedule, delivered record-high production together with record quarterly, closed the strategic acquisition of MSG in December, successfully listed on Nasdaq, now enjoying strong liquidity with average daily traded volume of almost US$100 million, and were included in 58 different ETFs during the last three months. We also recently announced initial groundwork construction at our Era Dorada project and obtained the license to relocate the road at Borborema, with a potential to double its reserves.
Looking ahead to 2026, we project production to grow to 360,000–390,000 GEO while we still prepare MSG and Apoena for higher output, pursue opportunities to increase capacity at Borborema, advance underground development and expand capacity at Almas, continue exploration and studies to grow Matupá's Resources & Reserves, and progress our drill campaign in Carajás. Yet, we are just in the beginning. Throughout 2025 and recent months, Aura has taken decisive steps toward our forecast of exceeding 600,000 GEO per year, while we continue to identify and pursue opportunities to go even further."
Operational & Financial Headlines Q4 2025 and 2025
(US$ thousand)
Q4 2025
Q3 2025
QoQ Change %
Q4 2024
YoY Change%
2025
2024
Change %
Total Production (GEO)
82,067
74,227
11%
66,473
23%
280,414
267,232
5%
Total Sales (GEO)
80,447
74,907
7%
69,341
16%
278,296
269,833
3%
Net Revenue
321,661
247,832
30%
171,517
88%
921,733
594,163
55%
Gross Profit
202,897
149,609
36%
81,099
150%
534,873
251,270
113%
Gross Margin
63%
60%
3 p.p.
47%
16 p.p.
58%
42%
16 p.p.
Adjusted EBITDA
207,948
152,105
37%
79,319
162%
547,755
266,768
105%
Adjusted EBITDA Margin
65%
61%
3 p.p.
46%
18 p.p.
59%
45%
15 p.p.
Net Income
(19,864)
5,626
n.a.
16,644
n.a.
(79,340)
(30,271)
162%
Net Income Margin
-6%
2%
n.a.
10%
n.a.
-9%
-5%
-4 p.p.
Adjusted Net Income
73,276
68,672
7%
24,636
197%
205,680
81,548
152%
Adjusted Net Income Margin
23%
28%
-5 p.p.
14%
8 p.p.
22%
14%
9 p.p.
Cash Cost (US$/GEO)
1,143
1,110
3%
1,098
4%
1,136
1,041
9%
All In Sustaining cost (US$/GEO)
1,521
1,396
9%
1,373
11%
1,458
1,320
10%
Operating Cash Flow
91,979
93,096
-1%
66,003
42%
305,184
222,237
37%
Net Debt/LTM EBITDA
0.28x
0.15x
0.13x
0.70x
-0.47x
0.28x
0.70x
-0.47x
Total CAPEX
45,779
31,605
45%
66,816
-30%
179,434
180,577
-1%
Except as otherwise noted in this document, references herein to "US$" or and "$" are to thousands of United States dollars
Headlines
Record Quarterly Production: Q4 2025 total production reached 82,067 gold equivalent ounces (GEO), up 11% from Q3 2025 and 23% from Q4 2024 at current metal prices. At constant prices, it was a record high, up 12% QoQ and 30% YoY, driven by:
Almas: Up 5% to 15,872 GEO (higher ore processed and mine performance from plant expansion).
Borborema: Up 54% to 15,777 GEO (ramp-up progress with higher milling throughput, higher-grade material, and improved recovery).
MSG addition: 4,761 GEO in December.
Strong Annual Production: FY 2025 total production was 280,414 GEO, up 5% from 2024 at current prices and 9% at constant prices. At 2025 guidance prices (ex-MSG), production was 285,380 GEO, achieving the upper half of the 266k-300k GEO guidance range, driven by:
Almas: Up 5% to 56,979 GEO (22% higher ore processed from plant expansion, offset by lower grades).
New projects: Borborema 28,573 GEO; MSG 4,761 GEO (December only).
Sales Volumes: Q4 sales were 80,447 GEO, up 7% QoQ and 16% YoY at current prices, mainly from higher production; impacted by GEO conversion at Aranzazu. FY sales were 278,296 GEO, up 3% YoY, boosted by Borborema, MSG, and Almas gains.
Record Net Revenues: Q4 reached $321,661, up 30% QoQ and 88% YoY, driven by higher gold prices and production; Borborema/MSG contributed 27%. FY reached $921,733, up 55% YoY, including $108.2M from Borborema, $20.2M from MSG, and favorable prices.
Average gold prices: Q4 U$4,090/oz (+21% QoQ, +58% YoY); FY $3,446/oz (+49% YoY).
Average copper prices: Q4 U$5.06/lb (+14% QoQ, +22% YoY); FY $4.51/lb (+8% YoY).
Record Adjusted EBITDA: Q4 hit U$207,948 (sixth consecutive quarterly record), up 37% QoQ and 162% YoY; FY U$547,755, more than double 2024. Driven by higher production/sales, metal prices, and controlled costs.
AISC Performance: Q4 AISC $1,521/GEO, up 9% QoQ at current prices, due to MSG ($3,187/GEO) and Aranzazu GEO conversion. Ex-MSG/constant prices: $1,363/GEO (+3% QoQ, -1% YoY), benefiting from Borborema's low costs. FY AISC US$1,458/GEO (+10% YoY); at constant prices ex-MSG: $1,346/GEO (+2% YoY); at guidance prices: US$1,368/GEO (low end of US$1,374-US$1,492 range).
Strong Recurring Free Cash Flow: Q4 U$94.2M, up 26% QoQ and 40% YoY, driven by record Adjusted EBITDA, offset by taxes, gold hedge losses, and temporary increase in working capital. FY U$253.7M, up 30% YoY, fueled by 105% Adjusted EBITDA growth.
Improved Net Debt Position: Ended 2025 at U$117,619 (0.28x LTM EBITDA), up QoQ from MSG acquisition (U$72.8M), but down 32% YoY from strong cash flows and U$200M NASDAQ IPO proceeds. Offset U$111.0M expansion CAPEX, U$115.8M dividends/buybacks (+172% YoY), and acquisitions.
OTHER UPDATES Q4 2026:
Acquisition of the MSG Gold Mine in Goiás, Brazil: On December 1st, 2025, Aura completed, through a wholly owned subsidiary, the acquisition of MSG from AngloGold Ashanti. The transaction was completed at an agreed enterprise value of US$76.0 million, with an upfront cash payment of US$72.8 million at closing, subject to customary adjustments after closing under the share purchase agreement. In addition, Aura agreed to pay deferred consideration equivalent to a 3% net smelter return on the currently defined MSG Mineral Resources, inclusive of Mineral Reserves, payable on a quarterly basis. For accounting purposes, only the results for December 2025 are reflected in this document, corresponding to the period from which MSG was consolidated by the Company.
Feasibility Study for the Era Dorada Project: On December 8th 2025, Aura announced the results of the Feasibility Study for the Era Dorada Project prepared in accordance with S-K 1300. Era Dorada will be an underground gold mine with anticipated production of 111 koz GEO for the first 4 years of full production with additional potential production upside.
Update to its coming years growth outlook: On December 8, 2025, Aura provided an update incorporating the Era Dorada Feasibility Study and MSG acquisition with GEO production expected to exceed 600,000 in coming years, driven by Borborema full ramp-up, MSG turnaround, Era Dorada and Matupá construction/ramp-up, and expansions at Almas and Borborema.
Exercise of Warrants in Altamira Gold Corp: In November 2025, Aura exercised 24,000,000 warrants at CAD$0.20 each. Post-transaction, Aura holds 54,000,000 shares and 3,000,000 warrants, representing ~18.22% non-diluted and ~19.04% fully diluted ownership. Acquired for investment due to exploration potential.
Era Dorada Project Construction License and Early Works: On January 6, 2026, Aura received the construction license and started early works, a key milestone. Activities include environmental programs, vegetation suppression, road detours and access, mine dewatering, and platform preparation for equipment and facilities.
Borborema: On February 25, 2026, Aura announces that it has signed the agreement of cooperation with DNIT (Departamento Nacional de Infraestrutura Terrestre) to relocate the federal road, which crosses a portion of the Borborema mine, and release an updated Feasibility Study, increasing its reserves in 82% totaling 1.5MOz. With this update, Borborema achieves 21 years LOM based on existing Proven and Probable Mineral Reserves.
Results Teleconference:
Date: February 27, 2026Time: 10:30 a.m. (Brasília) | 8:30 a.m. (New York and Toronto)Link to access: Click here
2. Consolidated Financial Results
In terms of production and sales, for all assets except Aranzazu, references herein to "GEO" are equivalent to actual gold ounces.
2.1 Total Production and Sales (GEO)
(GEO)
Q4 2025
Q3 2025
QoQChange %
Q4 2024
YoYChange%
2025
2024
Change %
Production
Aranzazu¹
18,878
21,534
-12
%
23,379
-19
%
83,149
97,559
-15
%
Apoena
8,961
9,248
-3
%
7,121
26
%
35,304
37,173
-5
%
Minosa
17,818
18,138
-2
%
19,294
-8
%
71,649
78,372
-9
%
Almas
15,872
15,088
5
%
16,679
-5
%
56,979
54,129
5
%
Borborema
15,777
10,219
54
%
n.a.
n.a.
28,573
n.a.
n.a.
MSG²
4,761
n.a.
n.a.
n.a.
n.a.
4,761
n.a.
n.a.
Total
82,067
74,227
11
%
66,473
23
%
280,414
267,232
5
%
(GEO)
Q4 2025
Q3 2025
QoQChange %
Q4 2024
YoYChange%
2025
2024
Change %
Sales
Aranzazu¹
18,068
21,514
-16
%
23,379
-23
%
82,328
97,649
-16
%
Apoena
8,961
9,249
-3
%
9,944
-10
%
35,836
39,019
-8
%
Minosa
16,972
17,827
-5
%
19,338
-12
%
70,161
79,072
-11
%
Almas
15,872
15,089
5
%
16,679
-5
%
56,979
54,129
5
%
Borborema
15,777
11,228
41
%
n.a.
n.a.
28,195
n.a.
n.a.
MSG²
4,797
n.a.
n.a.
n.a.
n.a.
4,797
n.a.
n.a.
Total
80,447
74,907
7
%
69,340
16
%
278,296
269,869
3
%
Notes: (1) Applies the metal sale prices in Aranzazu realized during Q4 2025: Copper price = US$5.06/lb; Gold Price = US$4,214/oz; Silver Price = US$56.86/oz and Molybdenum Price = US$22.12/oz. (2) MSG was acquired in December 2025, at which date the Company obtained control.
Total production in Q4 2025 reached 82,067 gold equivalent ounces ("GEO"), 11% higher than Q3 2025 and 23% higher when compared to Q4 2024 at current metal prices, mainly due to negative impact from the copper-to-GEO conversion at Aranzazu. At constant prices, Aura's quarterly production was record high, increasing by 12% compared to Q3 2025 and 29% above Q4 2024. When compared to the last quarter, the result was mainly attributable to stronger operational performance driven by higher ore processed volumes and improved grades at Almas, the production increase of Borborema and the inclusion of MSG in December.
In 2025, production reached 280,414 GEO, representing a 5% increase in current metal prices. At constant 2024 prices, which neutralize the effect of copper price fluctuations in the GEO conversion at Aranzazu, production was of 292,536 an increase of 9% over the 267,232 GEO produced in 2024, also due to Borborema production, Almas improvements and the additional of MSG. At 2025 Production Guidance Prices and excluding MSG, the 2025 production was 285,380 GEO, ending the year achieving the upper half of the Company's 2025 Production Guidance (266k GEO, 300k GEO).
2.2. Net Revenue
(US$ thousand)
Q4 2025
Q3 2025
QoQChange %
Q4 2024
YoYChange%
2025
2024
Change %
Aranzazu
66,541
67,094
-1
%
52,664
26
%
246,405
196,787
25
%
Apoena
36,102
31,223
16
%
26,024
39
%
120,389
90,273
33
%
Minosa
67,476
59,204
14
%
48,899
38
%
230,518
177,692
30
%
Almas
65,774
51,329
28
%
43,930
50
%
195,981
129,411
51
%
Borborema
65,530
38,982
68
%
n.a.
n.a.
108,202
n.a.
n.a.
MSG
20,238
n.a.
n.a.
n.a.
n.a.
20,238
n.a.
n.a.
Total
321,661
247,832
30
%
171,517
88
%
921,733
594,163
55
%
In Q4 2025, the Company reported Net Revenue of US$321.6 million, representing a 30% increase compared to Q3 2025. When compared to Q4 2024, Aura's Net Revenue increased 88%, driven by the sales increase and higher metal prices (from US$2,586/oz in Q4 2024 to US$4,090/oz in Q4 2025). Copper sale prices also contributed positively, with the average copper price increasing by 22%, from US$4.15/lb in Q4 2024 to US$5.06/lb in Q4 2025.
With this result, Net Revenues reached US$921.7 million in 2025, an increase of 55% when compared to 2024. The result was mainly driven by higher gold prices and higher production, as discussed. In 2025, average net realized prices reached US$3,446, a 49% increase when compared to 2024; and average copper prices reached US$4.51/lb, an 8% increase when compared to 2024.
2.3. Cash Cost and All in Sustaining Costs
(US$/GEO)
Q4 2025
Q3 2025
QoQChange %
Q4 2024
YoYChange%
2025
2024
Change %
Cash Cost
1,143
1,110
2
%
1,098
3
%
1,136
1,041
9
%
Aranzazu
1,228
1,133
8
%
980
25
%
1,156
965
20
%
Apoena
1,450
1,082
34
%
1,793
-19
%
1,232
1,189
4
%
Minosa
1,087
1,192
-9
%
1,234
-8
%
1,152
1,126
2
%
Almas
837
986
-15
%
692
21
%
1,004
950
6
%
Borborema
931
1,127
-17
%
n.a
n.a.
1,009
n.a
n.a.
MSG
2,148
n.a
n.a.
n.a
n.a.
2,148
n.a
n.a.
All-in Sustaining Cost
1,521
1,396
9
%
1,373
11
%
1,458
1,320
10
%
Aranzazu
1,732
1,513
15
%
1,431
21
%
1,569
1,308
20
%
Apoena
2,427
1,791
36
%
2,494
-3
%
2,007
1,833
9
%
Minosa
1,267
1,378
-8
%
1,295
-2
%
1,297
1,205
8
%
Almas
962
1,128
-15
%
713
35
%
1,150
1,139
1
%
Borborema
1,111
1,237
-10
%
n.a
n.a.
1,175
n.a
n.a.
MSG
3,132
n.a
n.a.
n.a
n.a.
3,132
n.a
n.a.
For Q4 2025, the Company's Cash Cost was US$1,143/GEO, representing a 3% increase compared to Q4 2024, primarily attributable to the consolidation of MSG and impact of GEO conversion from Aranzazu's production. Excluding this impact of MSG and at constant 2024 metal prices, Aura's Cash Cost was US$1,036/GEO, reflecting a 6% decrease compared to Q4 2024 and 2% decrease compared to Q3 2025. On a quarter-over-quarter basis, this improvement was mainly driven by operational enhancements at Almas and Borborema, supported by higher grades and higher recovery rates, respectively. On a year-over-year basis, increase in production at Almas and the additional of Borborema, which had a lower-than-average cash cost profile, contributed to the reduction.
In 2025, Cash Cost averaged US$1,136/GEO, representing a 9% increase, primarily driven by lower grades and a higher waste-to-ore ratio at Almas and Apoena, as well as the impact of copper-to-GEO conversion at Aranzazu. At constant 2024 metal prices and excluding MSG, Cash Cost in 2025 averaged US$1,054/GEO, in line with 2024 which was US$1,041/GEO. Cash Cost also adversely affected by lower stacking volumes at Minosa, resulting from higher rainfall in 2025 compared to 2024, which followed an unusually dry rainy season in Minosa during 2024, and Apoena, which is going under an investment phase. These negative impacts were offset by the addition of Borborema with its lower-than-average cash cost profile.
In Q4 2025, consolidated All-in Sustaining Cost (AISC) at current metal prices totaled US$1,521/GEO, representing a 9% increase compared to Q4 2024, while at Q4 2024 metal prices and excluding MSG would have been down 2% mainly due to higher sales volume from Almas and the addition from Borborema; these business units have the lower AISC of Aura's portfolio of mines in production. On a quarter-over-quarter basis, AISC increased by 8% compared to Q3 2025 at current prices and 2% at constant prices ex-MSG, reflecting as flat sales were offset by temporary 18% increase in capex and 28% higher G&A, which were partially mitigated by higher production from Borborema.
In 2025, AISC reached US$1,458/GEO, an increase of 10% when compared to 2024 at current prices and 2% increase in constant prices and excluding MSG for the same reasons discussed above. At Guidance Prices and excluding MSG, Aura's AISC was US$1,368/GEO, in line with the bottom end of the Company's guidance range of US$1,374/GEO to US$1,492/GEO.
2.4. Gross Profit
(US$ thousand)
Q4 2025
Q3 2025
QoQChange %
Q4 2024
YoYChange%
2025
2024
Change %
Net Revenue
321,661
247,832
30
%
171,517
88
%
921,733
594,163
55
%
Cost of goods sold
(118,764)
(98,223)
21
%
(90,418)
31
%
(386,860)
(342,893)
13
%
Cost of production
(50,599)
(44,745)
13
%
(57,615)
-12
%
(184,733)
(162,511)
14
%
Cost of production, Contractors
(28,565)
(26,437)
8
%
(8,499)
236
%
(87,998)
(78,360)
12
%
Change in inventory (cash)
(12,747)
(11,983)
6
%
(10,034)
27
%
(43,406)
(40,172)
8
%
Depreciation and amortization
(26,853)
(15,058)
78
%
(14,270)
88
%
(70,723)
(61,851)
14
%
Gross Profit
202,897
149,609
36
%
81,099
150
%
534,873
251,270
113
%
Gross Margin
63%
60%
3 p.p.
47%
16 p.p.
58%
42%
16 p.p.
In Q4 2025, Cost of Goods Sold (COGS) totaled US$118.8 million, representing a 21% increase compared to Q3 2025 and a 35% increase compared to Q4 2024, primarily driven by the consolidation of MSG. Excluding the impact of MSG, total COGS for the quarter would have been 7% higher than Q3 2025 and 16% higher than the same period in 2024, mainly due to the addition of Borborema into the results. For 2025, total COGS rose 13%, also driven by the results of Borborema and MSG, which represented US$49.8 million of the total. Excluding these impacts, cost versus 2024 would have been lower by around 1%, demonstrating that, under comparable conditions, the Company maintained stable costs, reflecting Aura's disciplined cost management and operational efficiency.
In Q4 2025, disciplined cost management and significant rise of 88% in Net Revenue compared to Q4 2024, drove Gross Profit to US$203.0 million, achieving a Gross Margin of 62%. This represents an increase of 36% from Q3 2025 and 150% when compared to Q4 2024. For 2025, these same impacts were also noted, driving the Gross Profit to reach US$534.9 million, more than doubling 2024 figure, highlighting the propelled by cost containment strategies and a 55% increase in Net Revenue for the reasons discussed. In 2025 gross margin achieved 58%, 16 p.p. above 2024.
2.5. Operating Expenses
(US$ thousand)
Q4 2025
Q3 2025
QoQChange %
Q4 2024
YoYChange%
2025
2024
Change %
Gross Profit
202,897
149,609
36
%
81,099
150
%
534,873
251,270
113
%
Operational Expenses
(37,777)
(12,704)
197
%
(13,984)
170
%
(76,006)
(45,171)
66
%
General and administrative expenses
(18,761)
(10,371)
81
%
(10,539)
78
%
(50,052)
(33,273)
50
%
Exploration expenses
(2,595)
(2,333)
13
%
(4,775)
-46
%
(8,018)
(13,961)
-44
%
ARO Change in estimate for properties in C&M
(489)
n.a.
n.a.
1,330
-105
%
(489)
1,330
-105
%
Other Expenses
(15,932)
(822)
1838
%
(315)
4958
%
(17,447)
(1,267)
1277
%
Operating income
165,120
136,905
21
%
67,115
147
%
458,867
205,366
125
%
General and Administrative ("G&A") expenses increased by 81% compared to Q3 2025, primarily reflecting: (i) payment of professional fees related to the MSG acquisition (non-recurring); (ii) the Feasibility Study for the Era Dorada Project (non-recurring); and (iii) higher stock-based compensation (non-cash) and Deferred Share Unit ("DSU") expenses, driven by the significant appreciation in the Company's share price during the period; (iv) declaration of commercial production from Borborema (during the pre-commercial production period, a portion of the expenses were capitalized) and (v) addition G&A associated with the MSG Mine in December 2025. Compared to Q4 2024, G&A increased mainly due to the same reasons.
In 2025, the increase in G&A expenses was driven by the same factors, as well as costs related to the Nasdaq IPO.
Exploration expenses totaled US$2.6 million in Q4 2025, a 11% increase compared to Q3 2025 and 46% decrease from Q4 2024, as most expenses related to exploration activities in the quarter were capitalized. Exploration activities in the quarter were concentrated in Aranzazu and Almas. In 2025, exploration expenses were US$8.1 million, with a total of US$3.6 million of Aranzazu and US$1.9 million of Almas, 2% higher than 2024 (excluding Projects). In 2025, Projects were significantly lower compared to 2024, which counted for US$6.4 million of Exploration expenses. In Matupá, efforts were focused on expanding reserves in regions close to X1, Pé Quente and other strategic areas. In Carajás, exploration work successfully confirmed copper mineralization, expanding the mineral potential of the region.
Other expenses primarily comprise provisions recognized to reflect the estimated partial non-recoverability of VAT credits related to Minosa ($8,250) and the expected discount on the sale of VAT (ICMS) credits from Apoena ($1,922) and other non-recurring expenses.
The Company thus ended Q4 2025 with Operating Income of US$165.1 million, compared to an Operating Income of US$67.1 million in Q4 2024, also higher compared to the Operating Income of Q3 2025 of US$136.9 million, which reflects a positive result of higher gross profit. In 2025, the Operating Income was US$458.9 million, 125% increase compared to 2024. This result occurred due to an 113% increase in the Gross Profit and a 43% reduction on exploration expenses, partially offset by 54% higher G&A.
2.6. Adjusted EBITDA
(US$ thousand)
Q4 2025
Q3 2025
QoQChange %
Q4 2024
YoYChange%
2025
2024
Change %
Operating Income
165,120
136,905
21
%
67,115
147
%
458,867
205,366
125
%
Depreciation and Amortization
26,407
15,200
74
%
13,534
95
%
70,952
62,732
13
%
Change in ARO estimate
489
n.a.
n.a.
(1,330)
n.a.
489
(1,330)
n.a.
Other Expenses
15,932
822
n.a.
315
17,447
1,267
n.a.
Adjusted EBITDA
207,948
152,105
37
%
79,319
162
%
547,755
266,768
105
%
Aranzazu
40,986
40,252
2
%
24,910
65
%
140,886
90,773
55
%
Almas
50,673
34,872
45
%
30,520
66
%
132,334
74,513
78
%
Borborema
49,168
25,144
96
%
n.a.
n.a
76,524
n.a.
n.a
Minosa
47,900
36,035
33
%
23,576
103
%
144,024
83,203
73
%
Apoena
21,705
20,869
4
%
6,429
238
%
72,137
39,122
84
%
MSG
9,574
-
n.a
-
n.a
9,574
-
n.a
Corporate, Projects and Other
(12,058)
(5,067)
138
%
(6,116)
97
%
(27,723)
(20,843)
33
%
Adjusted EBITDA Margin
65%
61%
4 p.p.
46%
18 p.p.
59%
45%
15 p.p.
Adjusted EBITDA reached a new all-time high of US$207.9 million in Q4 2025, marking the sixth consecutive quarterly record for Aura. The Company's increase in production, while maintaining disciplined cost control, enabled it to fully capture the benefit of rising metal prices. As a result, Adjusted EBITDA more than doubled compared to Q4 2024 and grew 37% over Q3 2025.
The year-over-year improvement was primarily driven by higher production, strong cost control and higher gold and copper prices, as discussed previously. This result was also noted on the Adjusted EBITDA margin gain of 18 p.p. compared to Q4 2024, supported by stronger metal prices but also by a 16% increase in sales volume.
In 2025, Adjusted EBITDA reached a record high of US$547.8 million, more than doubling year-over-year, representing a 105% increase compared to 2024. This strong performance was driven by higher production volumes, mainly supported by Borborema and MSG, which together added 33,334 GEO to the annual production, as well as a 5% increase in production at Almas versus 2024. Supported by operating leverage and disciplined cost management, the Adjusted EBITDA margin expanded to 59%, compared to 45% in 2024.
2.7. Financial Result
(US$ thousand)
Q4 2025
Q3 2025
QoQChange %
Q4 2024
YoYChange%
2025
2024
Change %
EBIT
165,120
136,905
21
%
67,115
147
%
458,867
205,366
125
%
Financial Result
(123,188)
(102,565)
20
%
(9,791)
1159
%
(406,994)
(151,679)
168
%
Accretion expense
690
(2,980)
n.a.
(1,419)
n.a.
(5,090)
(5,972)
-15
%
Lease interest expense
(1,651)
(824)
100
%
(2,365)
-30
%
(4,231)
(9,144)
-54
%
Interest expense on loans and debentures
(8,274)
(5,786)
43
%
(6,447)
28
%
(25,913)
(22,063)
17
%
Finance cost on post-employment benefit
(867)
(535)
62
%
204
n.a.
(2,487)
(1,045)
138
%
Unrealized loss with derivative gold collars
(81,723)
(75,252)
9
%
