Core Insights - Aura Minerals Inc. reported record financial results for 2025, driven by higher production, increased metal prices, and stable costs, achieving an Adjusted EBITDA of US$547 million and a record average realized gold price of US$3,446/oz [2][3]. Financial Performance - Q4 2025 total production reached 82,067 gold equivalent ounces (GEO), an 11% increase from Q3 2025 and a 23% increase from Q4 2024 [5][13]. - FY 2025 total production was 280,414 GEO, up 5% from 2024, achieving the upper half of the guidance range [14]. - Q4 2025 net revenue was US$321.7 million, a 30% increase QoQ and an 88% increase YoY, with FY 2025 net revenue reaching US$921.7 million, up 55% YoY [15][16]. - Q4 2025 gross profit was US$202.9 million, a 36% increase QoQ and a 150% increase YoY, with a gross margin of 63% [21][23]. - Adjusted EBITDA for Q4 2025 was US$207.9 million, marking a 37% increase QoQ and a 162% increase YoY, with an Adjusted EBITDA margin of 65% [29][30]. Production and Sales - Q4 2025 sales volumes were 80,447 GEO, up 7% QoQ and 16% YoY, primarily driven by higher production [5][15]. - The average realized gold price in Q4 2025 was US$4,090/oz, a 21% increase QoQ and a 58% increase YoY [5][16]. - The company completed the acquisition of the MSG Gold Mine, contributing 4,761 GEO in December 2025 [6][8]. Cost Management - Q4 2025 cash cost was US$1,143/GEO, a 3% increase QoQ, while the All-in Sustaining Cost (AISC) was US$1,521/GEO, up 9% QoQ [17][19]. - FY 2025 AISC reached US$1,458/GEO, a 10% increase YoY, with guidance prices indicating a lower end of US$1,374 to US$1,492 [20]. Strategic Developments - The company announced the feasibility study results for the Era Dorada Project, projecting production of 111,000 GEO for the first four years [7]. - Aura received a construction license for the Era Dorada project and began early works, marking a significant milestone [10]. - An agreement was signed to relocate a federal road at Borborema, potentially increasing its reserves by 82% to 1.5 million ounces [11].