Core Viewpoint - Centerra Gold Inc. has completed a technical study for its Goldfield project in Nevada, confirming strong economic metrics including an after-tax NPV5% of $245 million and an IRR of 30% based on a long-term gold price of $2,500 per ounce [2][4][6]. Project Economics - The Goldfield project is expected to yield an after-tax NPV5% of $245 million and an IRR of 30%, utilizing a long-term gold price assumption of $2,500 per ounce [4][6]. - The initial capital investment required for the project is approximately $252 million, which includes about $40 million in pre-production stripping and other costs [4][12]. - Average annual gold production is projected to be around 100,000 ounces during peak production years, with an all-in sustaining cost (AISC) of approximately $1,392 per ounce [3][6]. Production Timeline - First production from the Goldfield project is anticipated by the end of 2028, contributing to Centerra's near-term gold production profile [3][6]. - The project has an estimated mine life of approximately seven years, with production expected to ramp up significantly during the initial years [4][6]. Gold Hedging Strategy - Centerra has implemented a gold hedging strategy covering 50% of production in 2029 and 2030, with a price floor of $3,200 per ounce and average price caps of $4,435 and $4,705 for those years, respectively [10][11]. - This strategy aims to lock in strong margins and safeguard project economics while allowing for exposure to rising gold prices for the life of the mine [10][11]. Technical Optimizations - Recent technical work has optimized the project’s processing strategy, improving average recoveries from mid-60% to approximately 76% [5][4]. - The project will utilize a three-stage semi-portable crushing circuit for high-grade material and run-of-mine processing for lower-grade material, enhancing overall project returns [5][4]. Community and Economic Impact - The Goldfield project is expected to create approximately 300 to 400 jobs during construction and 250 to 300 jobs during operations, contributing over $300 million on labor, supplies, and services over its life [25][24]. - The project is projected to generate approximately $100 million in direct taxes, supporting local community initiatives and sustainable development [25][24]. Mineral Resource Estimates - As of June 30, 2025, the Goldfield project has a total measured and indicated gold mineral resource of 794,000 ounces, with proven and probable reserves totaling 706,000 ounces [18][19]. - The mineral reserves consist of 334,000 ounces proven and 372,000 ounces probable, with a total of 33,348 kt at an average grade of 0.66 g/t [19][18].

Core Insights - Aura Minerals Inc. reported record-high Adjusted EBITDA of US$106 million in Q2 2025, driven by increased production and higher gold prices [2][3] - The company achieved significant milestones, including the publication of the Preliminary Economic Assessment for the Era Dorada project and the signing of a purchase agreement for the MSG mine [2][5] - Aura approved a quarterly dividend payment, yielding a 7.4% return to shareholders over the last twelve months [2] Financial Performance - Total production in Q2 2025 reached 64,033 gold equivalent ounces (GEO), a 7% increase from Q1 2025 and consistent with Q2 2024 [3][14] - Net revenue for Q2 2025 was US$190.4 million, an 18% increase from Q1 2025 and a 42% increase year-over-year [3][19] - Gross profit for Q2 2025 was US$103.9 million, with a gross margin of 55%, compared to 48% in Q1 2025 [3][22] Cost Metrics - Cash cost per GEO in Q2 2025 was US$1,146, slightly up from US$1,149 in Q1 2025, and a 6% increase from Q2 2024 [20][21] - All-in sustaining cost (AISC) for Q2 2025 was US$1,449 per GEO, a 1% decrease from Q1 2025 and a 9% increase year-over-year [20][21] Operational Highlights - The Borborema project commenced operations, producing 2,577 GEO in Q2 2025, and is expected to declare commercial production by the end of Q3 2025 [6][14] - The MSG acquisition is expected to close by Q3 2025, enhancing Aura's operational footprint in Brazil [9] Market Dynamics - Average realized gold prices increased to US$3,185 per ounce in Q2 2025, a 44% increase compared to Q2 2024 [19] - Average copper prices also saw a 5% increase, reaching US$4.46 per pound in Q2 2025 [19] Strategic Initiatives - Aura exercised options to acquire 100% ownership of the Pé Quente and Carajás projects, reinforcing its resource base [11] - The company invested in Altamira Gold Corp. through a private placement, acquiring additional shares to enhance its exploration potential [12]