Core Insights - Aura Minerals Inc. reported record production and financial results for Q3 2025, achieving 74,227 gold equivalent ounces (GEO) and an Adjusted EBITDA of US$152 million, driven by strong operational performance and higher gold prices [2][3][4]. Financial Performance - Total production in Q3 2025 was 74,227 GEO, a 16% increase from Q2 2025 and a 9% increase from Q3 2024. For the first nine months of 2025, production reached 198,346 GEO, consistent with the same period in 2024 [3][4][11]. - Net revenue for Q3 2025 was US$247.8 million, a 59% increase year-over-year and a 30% increase quarter-over-quarter. For 9M 2025, net revenue totaled US$600.1 million, up 42% from 9M 2024 [15][17][21]. - Adjusted EBITDA for Q3 2025 was US$152.1 million, marking a 95% increase compared to Q3 2024 and a 43% increase from Q2 2025. The Adjusted EBITDA margin improved to 61% [28][30][29]. Production and Sales - The average realized gold price in Q3 2025 was US$3,385/oz, a 40% increase from Q3 2024. Copper prices also rose, averaging US$4.74/lb, a 13% increase year-over-year [16][17]. - The Borborema mine commenced commercial production in September 2025, contributing 10,219 GEO in Q3 2025. This mine is expected to be a key asset for the company [8][12]. Cost Management - Cash costs for Q3 2025 were US$1,110/GEO, a 3% decrease from Q2 2025, while All-in Sustaining Costs (AISC) were US$1,396/GEO, down 4% from the previous quarter [18][20]. - The company maintained disciplined cost management, with gross profit reaching US$149.6 million in Q3 2025, resulting in a gross margin of 60% [21][22]. Debt and Capital Expenditure - Net debt decreased significantly to US$63.8 million by Q3 2025, a 77% reduction from Q2 2025, supported by strong cash flows and reduced capital expenditures [6][19]. - Total capital expenditures for Q3 2025 were US$31.6 million, a 37% decrease from Q2 2025, primarily due to the completion of the Borborema construction [19][6]. Other Developments - Aura announced an incentive program for the conversion of Brazilian Depositary Receipts (BDRs) into common shares, enhancing stock liquidity [9]. - The company delisted from the Toronto Stock Exchange to consolidate trading in the U.S. equity market, effective September 25, 2025 [7].