Rodrigo Barbosa, Aura's President, and CEO commented: "In Q1 2026, Aura delivered another strong step forward across our three core avenues for value creation: we advanced production growth through the recently built Borborema Mine and the ongoing work to improve mine conditions at our recently acquired MSG project. We also delivered a significant increase in our mineral inventory, with Proven & Probable Mineral Reserves growing from 3.4 million GEO to 7.2 million GEO since our Nasdaq IPO. At the same time, we substantially further enhanced liquidity, with average daily traded volume rising from $31 million in Q4 2025 to $94 million in Q1 2026. Additionally, we were granted the key license to begin construction of Era Dorada, followed by full Board approval for the project; at Borborema, we also got approval for the road relocation by DNIT, allowing us to increase Mineral Reserves and start planning for a potential expansion. This progress, combined with a record-high EBITDA of US$244 million, enabled us to announce now another record dividend of ~ US$65 million, or US$ 0.78 per share, for the quarter. Looking ahead, we expect a stronger second half of the year, driven by favorable mine sequencing that reinforces our full-year guidance. We continue to advance the construction of Era Dorada, the expansions at Almas and Borborema, and the update of the Matupá feasibility study."
Operational & Financial Headlines Q1 2026
(US$ thousand)
Q1 2026
Q4 2025
QoQChange %
Q1 2025
YoYChange%
Total Production (GEO)
82,137
82,067
0%
60,087
37%
Total Sales (GEO)
81,368
80,447
1%
60,491
35%
Net Revenue
382,606
321,661
19%
161,804
136%
Gross Profit
228,828
202,897
13%
78,428
192%
Gross Margin
60%
63%
-3 p.p.
48%
12 p.p.
Adjusted EBITDA
243,868
207,948
17%
81,479
199%
Adjusted EBITDA Margin
64%
65%
-1 p.p.
50%
14 p.p.
Net Income
95,158
(19,864
)
n.a.
(73,249
)
n.a.
Net Income Margin
25%
-6%
n.a.
-45%
n.a.
Adjusted Net Income
109,464
73,276
49%
26,903
307%
Adjusted Net Income Margin
29%
23%
6 p.p.
17%
12 p.p.
Cash Cost (US$/GEO)
1,485
1,143
30%
1,149
29%
All In Sustaining cost (US$/GEO)
1,829
1,521
20%
1,461
25%
Operating Cash Flow
117,871
91,979
28%
41,229
185%
Net Debt/LTM EBITDA
0.16x
0.28x
-0.12x
0.88x
-0.72x
Total CAPEX
44,107
45,779
-4
%
51,725
-15
%
Except as otherwise noted in this document, references herein to "US$" or and "$" are to thousands of United States dollars
Headlines
Another Record Production Quarter: Q1 2026 total production reached 82,137 gold equivalent ounces (GEO), above previous quarter and up 37% from Q1 2025 at current metal prices. At constant prices, Aura's quarterly production increased by 1% compared to Q4 2025 and 41% above Q1 2025. Q1 2026 highlights:
Almas: 15,838 GEO (+21% Y/Y)
Borborema: 17,101 GEO (higher milling throughput).
MSG addition: 8,580 GEO in the quarter.
Sales Volumes: Q1 sales were 81,368 GEO, up 1% QoQ and 35% YoY at current prices, mainly from higher overall production, despite negatively impacted GEO conversion at Aranzazu.
Record Net Revenues: Q1 reached US$382,606, up 19% QoQ and up 136% YoY, driven by higher gold prices and production; Borborema/MSG contributed to 34% of the total revenues in Q1 26.
Average gold prices: Q1 2026: US$4,873/oz (+19% QoQ, +70% YoY).
Average copper prices: Q1 2026: US$5.81/lb (+12% QoQ, +27% YoY).
Record Adjusted EBITDA: Q1 hit US$ 243,868 (seventh consecutive quarterly record), up 17% QoQ and 199% YoY. Driven by higher production/sales and metal prices.
AISC Performance: Q1 AISC was US$1,829/GEO, up 20% QoQ at current prices and up 25% YoY, mainly due to the addition of MSG (US$ 3,735/GEO), as well as Aranzazu GEO conversion, Apoena mine sequencing and negative impact of FX, due to the strong appreciation of the Brazilian Real and the Mexican Peso. At constant Q1 2025 metal prices and ex-MSG, AISC was US$1,512/GEO, a 4% increase compared to Q1 2025 and 11% over Q4 2025. The Company expects consolidated 2026 AISC to be within the Company's guidance range (US$ 1,720, US$ 1,865 / Oz) with a reduction expected mainly from the second half of the year as production increases and cost reduction initiatives at MSG begin to deliver results.
Consistent Recurring Free Cash Flow: Q1 2026 US$94,852, in line QoQ and 253% YoY, driven by record Adjusted EBITDA, offset by annual tax payments, realized losses with gold hedges (US$ 33 million) and temporary working capital consumption (mostly accounts payables and work-in-progress inventory).
Net Income: US$ 95.2M, despite non-cash losses related to the MTM of gold collars (US$ 24 million). Excluding the non-cash losses, adjusted Net Income was positive at US$109.5 million, driven by improved results from operations and lower finance expenses QoQ and YoY, as well as lower current income taxes in Borborema and Almas due to income tax benefits in Brazil (Sudene and Sudam benefit).
Stable Net Debt Position and Lower Financial Leverage: Q1 2026 US$115,181 (0.16x Net Debt/EBITDA LTM)
OTHER UPDATES Q1 2026:
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. After the filing of Form 20-F on April 1st, 2026, Borborema has a total LOM of 36 years, considering the highway relocation, pit expansion and higher gold prices.
Updated Mineral Reserves and Mineral Resources: On April 1st, 2026, filed its annual report on Form 20-F. Between 2024 and 2025, Aura updated its MRMR models to reflect new data. Updates were driven by exploration drilling, revised geological interpretations, changes in mining methods, extraction plans, and economic parameters, including commodity prices that impacted cut-off grades and reserve classification, as well as M&A activities, which expanded Aura's resource base, resulting in a significant increase in Proven & Probable Mineral Reserves to 7,223k GEO, representing ~110% growth year over year after depletion—driven by the inclusion of the MSG Project, updates at Borborema, and additional reserves at Era Dorada. Other main updates include:
Metal price assumptions used for estimating Mineral Reserves were updated to reflect a significantly higher pricing environment while maintaining a conservative outlook: gold at US$2,600/oz (up from US$2,000), copper at US$4.40/lb (up from US$4.20), and silver at US$35.00/oz (up from US$25.00).
Inferred increased by more than 200% to 3,917k GEO, primarily driven by inclusion of MSG; Borborema MRMR updates and the incorporation of Almas underground.
Development of Era Dorada Project: On April 13th, 2026, Aura's Board of Directors approved the development of the Era Dorada Project. In addition to the core project approval, Aura has secured budget authorization for an advanced water treatment system, with plans to pursue all necessary government permits and approvals. This will enable the delivery of purified, potable water to the local community, further demonstrating Aura's steadfast dedication to environmental stewardship, sustainable social impact, and responsible mining practices. Total CAPEX for this project is estimated at US$382.0 million with an estimated NPV of US$ 1,344.5 million and unlevered after-tax IRR of 35.6%, considering Feasibility Gold prices of US$ 3,177 per Oz. The project is expected to commence operations in the first half of 2028.
Results Teleconference:
Date: May 7, 2026
Time: 10:00 a.m. (Brasília) | 9:00 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)
Q1 2026
Q4 2025
QoQChange %
Q1 2025
YoYChange%
Production
Aranzazu
15,694
18,878
-17
%
20,456
-23
%
Apoena
7,525
8,961
-16
%
8,876
-15
%
Minosa
17,399
17,818
-2
%
17,654
-1
%
Almas
15,838
15,872
0
%
13,101
21
%
Borborema
17,101
15,777
8
%
n.a.
n.a.
MSG
8,580
4,761
80
%
n.a.
n.a.
Total
82,137
82,067
0
%
60,087
37
%
(GEO)
Q1 2026
Q4 2025
QoQChange %
Q1 2025
YoYChange%
Sales
Aranzazu
16,218
18,068
-10
%
20,456
-21
%
Apoena
7,525
8,961
-16
%
9,408
-20
%
Minosa
17,456
16,972
3
%
17,526
0
%
Almas
14,048
15,872
-11
%
13,101
7
%
Borborema
16,609
15,777
5
%
n.a.
n.a.
MSG
9,508
4,797
98
%
n.a.
n.a.
Total
81,368
80,447
1
%
60,491
35
%
Notes: (1) Applies the metal sale prices in Aranzazu realized during Q1 2026: Copper price = US$5.80/lb; Gold Price = US$4,850/oz; Silver Price = US$83.12/oz and Molybdenum Price = US$25.65/oz (2) Q4 2025 consider only December for MSG.
Total production in Q1 2026 reached 82,137 gold equivalent ounces ("GEO"), slightly above Q4 2025 levels and 37% higher when compared to Q1 2025 at current metal prices, mainly due to the start of production at Borborema and addition of MSG and increased production from Almas, despite negative impact from lower grades at Aranzazu, negative impact from the copper-to-GEO conversion at Aranzazu and lower production at Apoena. At constant prices, Aura's quarterly production was slightly higher than Q4 2025 and 41% above Q1 2025. The Company remains on track to meet its Production Guidance for 2026, of 340k to 390k GEO.
2.2. Net Revenue
(US$ thousand)
Q1 2026
Q4 2025
QoQChange %
Q1 2025
YoYChange%
Aranzazu
69,178
66,541
4
%
50,262
38
%
Apoena
35,814
36,102
-1
%
26,353
36
%
Minosa
80,020
67,476
19
%
48,062
66
%
Almas
68,693
65,774
4
%
37,127
85
%
Borborema
81,988
65,530
25
%
n.a.
n.a.
MSG
46,913
20,238
132
%
n.a.
n.a.
Total
382,606
321,661
19
%
161,804
136
%
In Q1 2026, the Company reported Net Revenue of US$382.6 million, representing a 19% increase compared to Q4 2025. When compared to Q1 2025, Aura's Net Revenue increased 136%, driven by the sales increase, due to the startup of Borborema and MSG acquisition, also due to higher metal prices (from US$2,862/oz in Q1 2025 to US$4,873/oz in Q1 2026). Copper sale prices also contributed positively, with the average copper price increasing by 27%, from US$4.58/lb in Q1 2025 to US$5.81/lb in Q1 2026.
2.3. Cost and Gross Profit
(US$ thousand)
Q1 2026
Q4 2025
QoQChange %
Q1 2025
YoYChange%
Net Revenue
382,606
321,661
19
%
161,804
136
%
Cost of goods sold
(153,778
)
(118,764
)
29
%
(83,376
)
84
%
Cost of production
(83,528
)
(50,599
)
65
%
(44,919
)
86
%
Cost of production, Contractors
(16,589
)
(28,565
)
-42
%
(15,467
)
7
%
Direct mine and mill costs - Salaries
(20,696
)
(12,747
)
62
%
(9,126
)
127
%
Depreciation and amortization
(32,965
)
(26,853
)
23
%
(13,864
)
138
%
Gross Profit
228,828
202,897
13
%
78,428
192
%
Gross Margin
60
%
63
%
-3 p.p.
48
%
12 p.p.
In first quarter of 2026, Cost of Goods Sold (COGS) totaled US$153.8 million, up 29% to previous quarter and 84% above Q1 2025. When compared to the previous quarter, the increase is mainly related to the operation of MSG under Aura ownership for the entire quarter (vs. 1 month in the previous quarter) and impact of FX, due to the appreciation of the Brazilian Real and Mexican Peso in the period. Comparing with the Q1 2025, the cost increase is mainly due to the addition of MSG, commercial production from Borborema and increased production volumes at Almas, besides also negative FX impact (~5% appreciation of BRL).
In Q1 2026, the increase in Net Revenue, which more than doubled year-over-year, more than offset the increase in COGS during the quarter, driving Gross Profit to US$ 228.8 million, achieving a Gross Margin of 60%. This represents an increase in Gross Profit of 13% from Q4 2025 and 192% when compared to Q1 2025.
2.4. Cash Cost and All in Sustaining Costs
(US$/GEO)
Q1 2026
Q4 2025
QoQChange %
Q1 2025
YoYChange%
Cash Cost
1,485
1,143
30
%
1,149
29
%
Aranzazu
1,558
1,228
27
%
1,164
34
%
Apoena
1,380
1,450
-5
%
1,228
12
%
Minosa
1,188
1,087
9
%
1,149
3
%
Almas
1,204
837
44
%
1,069
13
%
Borborema
1,200
931
29
%
n.a.
n.a.
MSG
2,900
2,148
35
%
n.a.
n.a.
All-in Sustaining Cost
1,829
1,521
20
%
1,461
25
%
Aranzazu
2,046
1,732
18
%
1,545
32
%
Apoena
2,129
2,427
-12
%
2,041
4
%
Minosa
1,370
1,267
8
%
1,249
10
%
Almas
1,376
962
43
%
1,195
15
%
Borborema
1,256
1,111
13
%
n.a.
n.a.
MSG
3,735
3,132
19
%
n.a.
n.a.
On a quarter-over-quarter basis, Cash Cost in Q1 2026 was US$1,485/GEO, up 30% compared to Q4 2025, mainly reflecting the consolidation of MSG. Excluding MSG, Cash Cost was US$1,298, an 14% increase driven by lower production at Aranzazu and Apoena due to mine sequencing, as well as higher costs at Almas related to mine development and the appreciation of the Brazilian Real and Mexican Peso during the period (+2.5% and +4%, respectively).
On a year-over-year basis, Cash Cost increased by 29% compared to Q1 2025. Excluding MSG and at constant Q1 2025 metal prices, Cash Cost was US$1,298, representing a 13% increase compared to Q1 2025. This reflects the benefit from the addition of Borborema, which has a lower average cash cost, partially offset by the appreciation of the Brazilian Real and Mexican Peso during the period (approximately 5% and 4%, respectively).
AISC totaled US$1,829/GEO in Q1 2026, increasing 20% quarter-over-quarter and 25% year-over-year at current prices. Excluding MSG and at constant Q1 2025 metal prices, AISC was US$1,512, representing only a 4% increase, driven by the same factors impacting cash costs during the period, despite the negative FX impact.
The Company expects both consolidated 2026 Cash Costs and AISC to be within the Company's Guidance range with a reduction mainly from the second half of the year as production increases and initiatives to reduce costs at MSG start showing results.
2.5. Operating Expenses
(US$ thousand)
Q1 2026
Q4 2025
QoQChange %
Q1 2025
YoYChange%
Gross Profit
228,828
202,897
13
%
78,428
192
%
Operational Expenses
(23,509
)
(37,777
)
-38
%
(11,766
)
100
%
General and administrative expenses
(15,742
)
(18,761
)
-16
%
(9,636
)
63
%
Exploration expenses
(2,359
)
(2,595
)
-9
%
(1,376
)
71
%
ARO Change in estimate for properties in C&M
-
(489
)
n.a.
n.a.
n.a.
Other Expenses
(5,408
)
(15,932
)
-66
%
(754
)
617
%
Operating income
205,319
165,120
24
%
66,662
208
%
General and Administrative ("G&A") expenses decreased by 16% compared to Q4 2025, primarily reflecting M&A costs (~ US$ 2.4 million) incurred in the previous quarter (closing of MSG acquisition) which was not repeated in Q1 2026.
When compared to Q1 2025, G&A increased 63%, resulting from: (i) declaration of commercial production from Borborema (US$ 1 million increase; during the pre-commercial production period, a portion of the expenses were capitalized); (ii) addition of G&A associated expenses with the MSG Mine (US$ 2.5 million) ; increase in stock-based compensation and DSU liabilities (impacting Directors' fees) as result of the significant increase in the Company's share price (combined increase of US$ 2.4 million). Excluding these impacts, G&A would be mostly in line with Q1 2025.
Exploration expenses totaled US$2.4 million in Q1 2026, a 9% decrease compared to Q4 2025 and 71% increase from Q1 2025, mainly due to Aranzazu and Almas, that combined represented 77% of the total expense in the quarter. This result is in line with the Company's plan.
Other Expenses are mainly related to a non-cash loss from revaluing the Contingent Value Rights (CVRs) issued in the January 2025 as part of the Bluestone Resources (owner of Era Dorada project) acquisition, which pay holders up to approximately C$ 31.0 million in 3 years once Era Dorada reaches commercial production. After the Board of Directors of Aura approved Era Dorada's construction, management raised the estimated likelihood of reaching production and shortened the expected payment timeline, increasing the CVR liability's value. This is a non-cash charge reflecting the project's de-risking, a milestone expected to create shareholder value well beyond the liability increase. No cash is owed until commercial production is achieved.
The Company thus ended Q1 2026 with Operating Income of US$205.3 million, compared to an Operating Income of US$66.7 million in Q1 2025, also higher compared to the Operating Income of Q4 2025 of US$165.1 million, improvements due to higher gross profit due to the reasons discussed above.
2.6. Adjusted EBITDA
(US$ thousand)
Q1 2026
Q4 2025
QoQChange %
Q1 2025
YoYChange%
Operating Income
205,319
165,120
24
%
66,662
208
%
Depreciation and Amortization
33,141
26,407
26
%
14,063
136
%
Change in ARO estimate
n.a.
489
-100
%
n.a.
0
%
Other Expenses
5,408
15,932
-100
%
754
617
%
Adjusted EBITDA
243,868
207,948
17
%
81,479
199
%
Aranzazu
41,390
40,986
1
%
24,387
70
%
Almas
49,720
50,673
-2
%
22,080
125
%
Borborema
60,939
49,168
24
%
128
n.a
Minosa
58,105
47,900
21
%
26,556
119
%
Apoena
24,274
21,705
12
%
13,516
81
%
MSG
17,440
9,574
n.a
n.a.
n.a
Corporate, Projects and Other
(8,000
)
(12,058
)
-34
%
(4,661
)
72
%
Adjusted EBITDA Margin
64
%
65
%
-1 p.p.
50
%
14 p.p.
Adjusted EBITDA reached a new all-time high of US$243.9 million in Q1 2026 with an Adjusted EBITDA Margin of 64%, marking the seventh consecutive quarterly record for Aura. This result was 199% above the Q1 2025, due to the sales increase, considering the inclusion of Borborema and MSG - and higher metals prices, which together more than offset the cost increase. Compared with the previous quarter, Adjusted EBITDA was up 17%, capturing the benefit of increased metal prices.
2.7. Financial Result
(US$ thousand)
Q1 2026
Q4 2025
QoQChange %
Q1 2025
YoYChange%
EBIT
205,319
165,120
24
%
66,662
208
%
Financial Result
(68,921
)
(123,188
)
-44
%
(121,611
)
-43
%
Accretion expense
(2,279
)
690
n.a.
(1,666
)
37
%
Lease interest expense
(810
)
(1,651
)
-51
%
(1,595
)
-49
%
Interest expense on loans and debentures
(6,387
)
(8,274
)
-23
%
(5,755
)
11
%
Finance cost on post-employment benefit
