Aura Minerals Q2 Gold Output Falls 8% Sequentially, H1 Hits Record

Aura Minerals reported second-quarter 2026 preliminary production of 75,437 gold equivalent ounces, down 8% from the prior quarter but up 18% from a year earlier. The company said sales in the quarter totaled 77,764 GEO, a 25% year-over-year increase, led by higher volumes at the Almas mine, the Borborema operation now under commercial production, and the acquisition of Mineração Serra Grande.

First-half 2026 production reached 157,574 GEO, up 27% from the same period in 2025 and the highest first-half output in the company's history. Over the last twelve months, Aura produced 313,868 GEO, a 21% increase versus the corresponding prior period.

CEO Rodrigo Barbosa said in a statement that the quarter was in line with expectations and the company remains on track for full-year guidance. He highlighted growth projects that could push annual output above 600,000 GEO in the coming years. At MSG, the company is investing in underground infrastructure and transitioning the mining method from top-down to bottom-up. Era Dorada in Guatemala is now in full construction after board approval. Almas delivered higher production from an ongoing plant expansion. The Apoena open-pit mine development is progressing on schedule, setting up higher grades in the second half. Borborema is advancing technical studies for an expansion, supported by a road relocation agreement with Brazil's DNIT. Exploration continues at Matupá and Serra da Estrela.

Aura operates six mines: Aranzazu in Mexico (copper, gold, silver), Apoena, Almas, Borborema and MSG in Brazil, and Minosa in Honduras. It also owns the Era Dorada project in Guatemala, the Tolda Fria project in Colombia, and the Matupá and Carajás copper projects in Brazil.

At current prices, Q2 production at constant prices fell 9% from Q1 but rose 16% year-over-year. The constant-price measure strips out the effect of metal price changes, using the current quarter's realized prices for all periods. The company applies composite prices of $4,416/oz gold, $6.09/lb copper, $71.45/oz silver and $29.71/lb molybdenum for the GEO conversion.

The stock carries an AlphaScala Score of 35 out of 100, a Mixed rating within the basic materials sector.

Barbosa said the company is "firmly on track with our full-year guidance." Aura reports final Q2 results later this year, with further detail on cost and margin performance expected then.