Aura Minerals lifts gold growth outlook by one-third after Era Dorada study

The company now sees potential to reach 600,000 gold-equivalent ounces per year, driven by new projects, acquisitions and expansion plans across Latin America.

Aura Minerals (Nasdaq: AUGO) has raised its long-term production outlook by 33%, saying it now sees a path to 600,000 gold-equivalent ounces (GEOs) per year after incorporating a new feasibility study for its Era Dorada project in Guatemala into its growth pipeline.

Previously, the Florida-based miner had guided to 450,000 GEOs per year on an annualized basis. The updated target reflects several development scenarios that, if executed as planned, would significantly increase group output.

“Since 2020 our strategy has been very clear: grow production with greenfield projects and expansions, extend mine life with exploration to increase resources and reserves, and improve our valuation through smart M&A and higher trading liquidity,” said president and CEO Rodrigo Barbosa. “We have been delivering on all of this.”

Growth drivers: Borborema, Serra Grande and new projects

Aura highlighted several key drivers behind its higher production ambitions:

• Borborema mine (Brazil) – Full ramp-up of the open-pit gold mine, which entered commercial production in September.
• Mineração Serra Grande – Integration and improvement of the high-cost mine in Brazil acquired from AngloGold Ashanti in mid-2025, with a focus on efficiency and cost reduction.
• Era Dorada (Guatemala) and Matupá (Brazil) – Planned construction and ramp-up of these growth projects over the coming years.
• Capacity expansions at Almas and Borborema – Potential debottlenecking and plant expansions that could add incremental ounces.

The company cautioned that its updated production outlook remains preliminary and subject to significant uncertainty, as it depends on permitting, execution, capital allocation decisions and market conditions.

Even so, investors reacted positively. Aura’s shares were up 0.8% at US$41.56 in New York by mid-session on Monday and have more than tripled in value so far this year, giving the company a market capitalization of about US$3.47 billion.

Era Dorada: 1.75 million GEOs and NPV of up to US$2.17 billion

The improved growth profile is underpinned by a new feasibility study for Era Dorada, a project Aura picked up through its acquisition of Bluestone Resources in January.

Formerly known as Cerro Blanco, Era Dorada is located in the Department of Jutiapa in southeastern Guatemala, about 230 km from the Minosa mine in Honduras, and is expected to contribute 64,000–73,000 GEOs this year as it ramps.

According to the feasibility study, the proposed underground mine is expected to:

• Produce a total of 1.75 million gold-equivalent ounces over a mine life of nearly 17 years.
• Deliver approximately 111,000 GEOs per year in the first four years of operation.

Using a weighted average consensus gold price of US$3,177/oz over the life of mine, Era Dorada is estimated to generate:

• An after-tax net present value (NPV) of US$1.34 billion, and
• An internal rate of return (IRR) of 36%.

At spot prices, the project economics improve further:

• After-tax NPV rises to US$2.17 billion.
• IRR increases to 47%.

Under the base case, initial capex is pegged at about US$382 million, with a payback period of roughly 2.8 years. The all-in sustaining cost (AISC) is estimated at US$1,178/oz, which Aura says is competitive and would place Era Dorada within the first cost quartile of the gold industry.

“This feasibility study is another clear example of our disciplined growth strategy in action – and more projects are in the pipeline,” Barbosa said, adding that the next steps involve working “closely with local authorities and government agencies to advance Era Dorada consistent with applicable environmental and social standards.”

Strategic shift in Guatemala: underground-only, permits in place

Under Bluestone’s ownership, the project had run into regulatory headwinds in Guatemala over plans to convert it into an open-pit mine.

Aura has opted to keep Era Dorada as a fully underground operation, and says it now has all licences in place for that configuration. This approach is expected to reduce permitting and social risk, while still delivering robust economics and a long mine life.

Combining organic growth, acquisitions, disciplined capital allocation and operational improvements, Aura is positioning itself as a leading mid-tier precious metals producer in Latin America, with a portfolio that spans Brazil, Mexico, Honduras and now Guatemala.