Aura Minerals Inc. (TSX: ORA) (B3: AURA33) (OTCQX:
ORAAF) (“
Aura” or the
“
Company”) announces that it has filed its audited
consolidated financial statements and management discussion and
analysis (together, “
Financial and Operational
Results”) for the period ended December 31, 2024. The full
version of the Financial and Operational Results can be viewed on
the Company’s website at www.auraminerals.com or on SEDAR+ at
www.sedarplus.ca. All amounts are in thousands of U.S. dollars
unless stated otherwise.
Rodrigo Barbosa, President, and CEO of Aura,
commented: “In 2024, we doubled our EBITDA to US$267 million, with
average gold prices of nearly US$2,400 / Oz—well below current
levels—while keeping costs firmly under control with our all-in
sustaining costs (AISC) at US$1,320/Oz, below the industry average.
Almas operation overcame a challenging first half to deliver an
outstanding full-year performance, producing 54,129 Oz at an AISC
of US$1,139/Oz. This success sets a strong foundation for
Borborema, which remains on track and on budget for its 2025
startup, promising higher average production and costs below our
average AISC.
Additionally, we bolstered our portfolio with
the acquisition of a world-class deposit and achieved significant
exploration progress. In all, 2024 marked another year of
production growth, up 18% at constant metal prices, and advancement
of new projects with US$159 million invested in growth for future
years, all while delivering returns to shareholders through
dividends and ongoing share buybacks, yielding 9.2% in the LTM.
Remarkably, while expanding operations, ramping up new mines, and
building another mine, our safety record remains among the best in
the industry, with only one non-severe lost-time incident (LTI) in
two years”
Q4 2024 and 2024 Financial and
Operational Highlights:(US$ thousand):
|
|
For the threemonths endedDecember 31,2024 |
For the threemonths endedDecember 31,2023 |
For the twelvemonths endedDecember 31,2024 |
For the twelvemonths endedDecember 31,2023 |
|
Total Production1 (GEO) |
66,473 |
|
69,194 |
|
267,232 |
|
235,856 |
|
|
Sales2 (GEO) |
69,341 |
|
68,571 |
|
269,833 |
|
233,923 |
|
|
Net Revenue |
171,517 |
|
124,322 |
|
594,163 |
|
416,894 |
|
|
Adjusted EBITDA |
79,319 |
|
40,893 |
|
266,768 |
|
134,107 |
|
|
AISC per GEO sold |
1,373 |
|
1,311 |
|
1,320 |
|
1,325 |
|
|
Ending Cash balance |
270,189 |
|
237,295 |
|
270,189 |
|
237,295 |
|
|
Net Debt |
188,079 |
|
85,165 |
|
188,079 |
|
85,165 |
|
|
Income/(Loss) for the period |
16,644 |
|
(5,908 |
) |
(30,271 |
) |
31,880 |
|
|
Adjusted Net Income |
24,636 |
|
19,926 |
|
81,547 |
|
58,602 |
|
(1) Considers capitalized
production(2) Does not consider capitalized
production
- Total production
in Q4 2024 reached 66,473 gold equivalent ounces (“GEO”), 1% below
the third quarter of 2024 and consistent with the same period last
year at constant metal prices. Total production for 2024 reached
267,232 GEO at current prices, a 13% increase when compared to 2023
at current prices and 18% increase when compared at constant
prices. At guidance metal prices, production achieved 276,305 GEO,
placing it at the upper end of the consolidated production guidance
(“Guidance”) range of 244,000 to 292,000 GEO for the year.
- Aranzazu:
Production reached 23,379 GEO in Q4 2024, once again stable, both
when compared to Q3 2024 and when compared to Q4 2023, at constant
prices, reflecting continued operational stability and adherence to
mine sequencing in the quarter. For the full year of 2024,
Aranzazu`s production reached 97,558 GEO at current prices. During
2024, the variation in metal prices significantly influenced GEO
conversion, particularly due to an increase of approximately 20% in
gold price compared to the levels used to define the year’s
production guidance. For the guidance projection ending 2024, the
Company considered the following prices: Copper at $3.95/lb, Gold
at $1,988/oz, and Silver at $24.17/oz. When applying these same
price levels to the annual production at Aranzazu, the total
production for the year reached 106,631 GEO, aligning with the
upper range of the Guidance of 94,000 to 108,000 GEO.
- Minosa (San
Andres): Production totaled 19,294 GEO in Q4 2024, reflecting a 7%
decrease over the previous quarter, primarily caused by the
expected rainfall during the period, particularly in November and
December, but still consistently above 19,000 ounces as achieved
during all quarters during the year. When compared to the same
quarter last year, production increased by 8%, due to an increase
of 9% in grades between quarters. For the full year of 2024,
production reached 78,372 GEO, a 19% increase compared to 2023,
exceeding the 2024 Guidance range of 60,000 to 75,000 GEO.
- Almas:
Production reached 16,679 GEO in Q4 2024, representing an increase
of 11% compared to the previous quarter, and 74% when compared to
the same period last year. This growth was primarily driven by an
increase in ore mined and stable grades during the period, both
aligned with the mine production plan, as well as an increase in
ore feed to the plant, consistent with the plant’s expansion plan.
This quarter, once again, reflects continuous improvements in
production and efficiency resulting from the contractor replacement
in Q3 2024. For the full year of 2024, despite the challenges of
replacing the contractor during the second quarter, production
totaled 54,129 GEO, exceeding the upper end of the 2024 guidance
range of 45,000 to 53,000 GEO.
- Apoena (EPP):
Production reached 7,121 GEO in Q4 2024, down 11% from Q3 2024 and
53% from Q4 2023. This drop was due to lower ore grades caused by
delays in getting permits for the Nosde pit expansion, which was
vital for accessing higher-grade
ore . Aura has
already obtained all relevant permits in early 2025. The delay
meant lower grades and that 2024's total production was 37,173 GEO,
a 19% decrease from 2023, below the 46,000 to 56,000 GEO
guidance.
- Sales volumes
increased by 2% in Q4 2024 from Q3 2024 and 1% when compared to the
same period of 2023. In the 2024, sales volume increased by 15%.
The annual increase was primarily driven by higher sales volumes
from Almas and Minosa, partially offset by a decline at Apoena,
which reported reduced production in the second half of the year
due to delays in obtaining the permits previously mentioned, which
directly impacted sales. Aranzazu was adversely affected by the
conversion of its production to gold equivalent ounces (GEO), as a
consequence of fluctuations in gold prices during the year. When
considering guidance prices, Aranzazu´s production remained stable
in the quarter.
- Net Revenues
reached US$171,517 in Q4 2024, representing an increase of 10%
compared to Q3 2024 and 38% compared to the same period in 2023. In
2024, revenues reached US$594,163, a 43% increase in comparison to
2023.
- Average gold
sale prices increased 7% in Q4 2024 compared to Q3 2024, with an
average of US$2,586/oz in the quarter. Compared to the same period
in 2023, average gold sale prices increased 36% in Q4 2024. In
2024, average gold sale prices reached US$2,308, a 23% increase
when compared to 2023.
- Average copper
sale prices decreased 1% when compared to Q3 2024, with an average
of US$4.15/lb in the quarter. Compared to the same period in 2023,
average copper prices increased by 12% in Q4 2024. In 2024, average
copper prices reached US$4.17/lb, an 8% increase when compared to
2023.
- Another
record-high Adjusted EBITDA of US$79,319 during Q4 2024, surpassing
Q3 2024 performance by 2%. It was the second record high quarterly
Adjusted EBITDA reported by Aura in a row. This increase was driven
by an increase in gold prices and supported by a consistent sales
volume in the quarter. When compared to Q4 2023, Adjusted EBITDA
more than doubled. For the full year 2024, the Company achieved
record-high Adjusted EBITDA of US$266,768, marking a 99% increase
compared to the full year 2023, mainly due to higher sales volumes,
strong cost control and favorable increases in gold prices. This
growth was primarily driven by the first full year of production at
Almas, which not only exceeded its initial capacity but also
outperformed the 2024 guidance, further supported by higher gold
prices.
- AISC1 for Q4
2024 was US$1,373/GEO, an increase compared to Q3 2024
(US$1,292/GEO), impacted by increased AISCs in Minosa and Apoena,
and by lower AISCs in Almas. For 2024, AISC averaged US$1,320/GEO,
an US$ 5/GEO decrease from 2023, (US$1,325/GEO), reflecting the
Company´s focus on cost.
- The standout
performer in AISC for both the quarter and the year was Almas,
which reported US$713/Oz in Q4 2024 (US$849 excluding non-recurring
accounting items) and $1,139/Oz for the full year. This positioned
Almas as Aura’s lowest AISC operation—a remarkable achievement,
particularly considering it was the mine’s first full year of
production and that it successfully transitioned to a new mining
contractor in the first half of the year due to performance issues.
This milestone aligns with Aura’s growth strategy of bringing new
mines online with AISC below the Company’s average
- Recurring Free
Cash Flow to Firm reached US$67 million in the quarter and US$195
million in 2024, largely driven by the increase in EBITDA in the
period.
- The company's
Net Debt reached US$188,079 by the end of 2024, due to investments
in expansion of US$ 137 million in the year, including Borborema
(US$ 108 million) and dividends and buybacks (US$ 53 million
together). The LTM net debt-to-EBITDA ratio ended 2024 at
0.70x.
________________________1 AISC is a non-GAAP financial measure
with no standardized meaning under IFRS, and therefore may not be
comparable to similar measures presented by other issuers. For
further information and detailed reconciliations to the most
directly comparable IFRS measures, see Section 17: Non-GAAP
Performance Measures in this MD&A.
Dividends and BuybacksIn March,
Aura announced simultaneous buyback programs for Ordinary Shares on
the Toronto Stock Exchange (TSX) and Brazilian Depositary Receipts
(BDRs) on B3. As of December 31, 2024, the Company had repurchased
1,082,497 common shares of its Brazilian Depositary Receipts2 and
183,710 under the Normal Course Issuer Bidder program and canceled
116,948 shares from the total repurchased. To date, US$13,576 were
invested in shares and BDRs buybacks.
________________________2 Each common share is
equivalent to 3 Brazilian Depositary Receipts.
Safety
- The company
maintained a strong safety record with zero lost time incidents
across all operations and projects during Q4 2024. The Company has
achieved 6 months without LTIs in any of its operations and
projects and has incurred in just one LTI in the last 2 years
across all its operations and projects.
- Aura’s inaugural
Safety Day, called by “D Day” was held on October 10 and showcased
the Company’s unwavering commitment to safety. The event began with
an impactful video message from Aura´s COO, highlighting the
importance of safety and the dedication of Aura employees and
business partners. Leadership from all units participated,
reinforcing Aura´s core values with a focus on "people first,"
emphasizing safe work practices and adherence to procedures. The
video also featured messages from the families of employees across
all units, deepening the sense of community and responsibility. The
video was broadcast across all shifts, making it a day of
reflection, celebration, and engagement for the entire workforce.
This initiative reinforces Aura’s dedication to fostering a culture
of continuous improvement and safety in every aspect of Aura´s
operations.
Borborema constructionAs of the
date of this MD&A, the Borborema Project construction is on
track to be completed in the first quarter of 2025. Construction
capex is 100% committed. Significant developments include the
conclusion of the Main Substation, Power Line, Mechanical assembly
of the Crushing Area and the CIL area. The mine pre-stripping is
ongoing according to the plan and moved a total of 5.7Mt. The
project currently employs 2,184 direct and indirect personnel.
Bluestone Acquisition ClosingOn
January 13, 2025, Aura completed the previously announced plan of
arrangement with Bluestone Resources (the “Acquisition”). The
Acquisition includes a high-grade gold deposit with
approximately2.4 million ounces of gold and 10.4 ounces of silver
(41 Mt at average grade 1.8 g/t Au and 7.9 g/t Ag) in Measured
category and approximately 700 thousand ounces of gold and 3.0
million ounces of silver (22.6 Mt at average grade of 1.0 g/t Au
and 4.2 g/t silver) in Indicated category of mineral resources and
an advanced renewable energy project. In the coming months, the
Company will conduct a review of the feasibility study and evaluate
alternatives to optimize scale, risk, and return profile of the
project. Concurrently, Aura will implement Aura 360 concept,
adhering to the highest environmental and social standards, in
preparation to begin construction. Additionally, the geothermal
energy project at Cerro Blanco, which has the potential to generate
up to 50MW, offers a distinctive opportunity to utilize renewable
energy and possibly sell any excess to Guatemala.
Guidance 2024 Achievement:The
Company achieved its guidance for 2024, including production, cash
cost, All-In Sustaining Cost (AISC), and capital expenditures, as
demonstrated by the results of the year.
|
Gold equivalent thousand ounces('000 GEO) production -
2024 |
|
|
Low - 2024 |
High - 2024 |
2024 A |
% |
2024 A atGuidance Prices |
% |
|
Minosa (San Andrés) |
60 |
75 |
78 |
104% - 130% |
78 |
104% - 130% |
|
Apoena (EPP) |
46 |
56 |
37 |
66% - 81% |
37 |
66% - 81% |
|
Aranzazu |
94 |
108 |
98 |
90% - 104% |
107 |
98% - 114% |
|
Almas |
45 |
53 |
54 |
103% - 121% |
54 |
103% - 121% |
|
Total |
244 |
292 |
267 |
91% - 109% |
276 |
94% - 113% |
|
Cash Cost per equivalent ounceof gold produced -
2024 |
|
|
Low - 2024 |
High - 2024 |
2024 A |
Δ Low |
Δ High |
2024 A at Guidance Prices |
Δ Low |
Δ High |
|
Minosa (San Andrés) |
1,120 |
1,288 |
1,126 |
0% |
-13% |
1,126 |
0% |
-13% |
|
Apoena (EPP) |
1,182 |
1,300 |
1,189 |
1% |
-9% |
1,189 |
1% |
-9% |
|
Aranzazu |
826 |
1,009 |
965 |
17% |
-4% |
886 |
7% |
-12% |
|
Almas |
932 |
1,025 |
950 |
2% |
-7% |
950 |
2% |
-7% |
|
Total |
984 |
1,140 |
1,041 |
6% |
-9% |
1,009 |
3% |
-11% |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
AISC per equivalent ounceof gold produced -
2024 |
|
|
Low - 2024 |
High - 2024 |
2024 A |
Δ Low |
Δ High |
2024 A at Guidance Prices |
Δ Low |
Δ High |
|
Minosa (San Andrés) |
1,216 |
1,398 |
1,205 |
-1% |
-14% |
1,205 |
-1% |
-14% |
|
Apoena (EPP) |
1,588 |
1,747 |
1,833 |
15% |
5% |
1,833 |
15% |
5% |
|
Aranzazu |
1,089 |
1,331 |
1,308 |
20% |
-2% |
1,201 |
10% |
-10% |
|
Almas |
1,179 |
1,297 |
1,139 |
-3% |
-12% |
1,139 |
-3% |
-12% |
|
Total |
1,290 |
1,459 |
1,320 |
2% |
-10% |
1,279 |
-1% |
-12% |
|
Capex (US$ million) - 2024 |
|
|
Low - 2024 |
High - 2024 |
2024 A |
% |
|
Sustaining |
37 |
43 |
36 |
83% - 96% |
|
Exploration |
7 |
8 |
8 |
102% - 119% |
|
New projects + expansion |
144 |
169 |
137 |
81% - 95% |
|
Total |
188 |
219 |
181 |
82% - 96% |
Guidance 2025The Company’s
updated gold equivalent production, AISC and cash operating cost
per gold equivalent ounce sold, and CAPEX guidance for 2025 are
detailed below.
ProductionThe table below
details the Company’s updated GEO production guidance for 2025 by
business unit:
|
|
|
Gold equivalent thousand ounces('000 GEO) production -
2025 |
|
|
|
|
Low - 2025 |
High - 2025 |
|
|
|
Minosa (San Andrés) |
64 |
73 |
|
|
|
Apoena (EPP) |
29 |
32 |
|
|
|
Aranzazu |
88 |
97 |
|
|
|
Almas |
51 |
58 |
|
|
|
Borborema |
33 |
40 |
|
|
|
Total |
266 |
300 |
|
For current guidance, the Company considered:
Copper price = $4.29/lb; Gold Price = $2,634,41/oz; Silver Price =
$31.66/oz
2025 Production Guidance:
- Minosa (San
Andres): Minosa is expected to maintain reliable performance
throughout 2025, similar to 2024. However, the projected production
for 2025 is lower than the previous year, mainly due to expected
grade reduction during the period due to mine sequencing.
Additionally, in 2024, the operation benefited from
lower-than-expected rainfall, which favored mining and plant feed
activities.
- Apoena (EPP): In
2025, Apoena will be focusing on opening a new phase in the Nosde
pit to expand production, following the delays in obtaining the
Nosde pit permit in 2024. This strategic step will initially
negatively affect production levels, with a more robust recovery
anticipated by 2027.
- Aranzazu:
Aranzazu's production in 2025 is expected to be once again stable,
compared to 2024, assuming constant metal prices. However, given
the guidance average gold price of $2,636.41/oz, an increase of 33%
over the guidance price of 2024, and copper price of $4.3/lb, the
total volume in GEO will be impacted by an unfavorable metal-to-GEO
conversion factor.
- Almas: In 2025,
Almas' production is expected to reach its installed capacity
following process optimization and throughput enhancements
implemented in 2024, which increased the plant's ore feed capacity
from 1.6 to 1.8 million tonnes per month
- Borborema: With
ramp-up scheduled to commence in Q1 2025, Borborema is expected to
reach between 40% and 48% of its designed nominal capacity in 2025,
equivalent to an annualized rate of 83k oz. Aura anticipates
achieving commercial production at Borborema in the second half of
2025.
All in all, the 2025 production guidance expects
production of 266-300 kGEO, represents an increase of up to 33k GEO
when compared to 2024 at current prices and up to 37k GEO at
constant metal prices.
Cash CostsThe table below shows
the Company’s cash operating costs per GEO sold guidance for 2025
by Business Unit:
|
|
|
Cash Cost per equivalent ounceof gold produced -
2025 |
|
|
|
|
Low - 2025 |
High - 2025 |
|
|
|
Minosa (San Andrés) |
1,108 |
1,219 |
|
|
|
Apoena (EPP) |
1,258 |
1,384 |
|
|
|
Aranzazu |
1,029 |
1,132 |
|
|
|
Almas |
1,013 |
1,114 |
|
|
|
Borborema |
1,084 |
1,232 |
|
|
|
Total |
1,078 |
1,191 |
|
|
|
Total ex-Apoena |
1,055 |
1,167 |
|
|
|
|
|
|
|
2025 Cash Cost Guidance:
- Apoena (EPP):
Cash costs are projected to increase in 2025 vs. 2024. Apoena is
expected to have two years of lower production and higher cash cost
profile as Aura pushes back its Nosde deposit, before reaching
higher production again from 2027. As result, in the table above,
Aura also shows the average Cash Cost with and without including
the impact of Apoena cash costs in 2025.
- Minosa (San
Andres): Cash costs are expected to rise compared to 2024, driven
by lower ore grades planned in mine sequencing and reduced mine
movement. The decrease in mine movement is due to the unusually low
rainfall in 2024, which has raised the comparative base.
- Aranzazu: At
constant metal prices, cash costs are expected to increase mainly
due to the impact of a full year under the renewed main mine
agreement, which underwent a price adjustment in the latter half of
2024, as well as the increase in gold prices unfavorably impact
metal-to-GEO conversion factor.
- Almas: An
increase in cash cost is expected in 2025, primarily due to mine
sequencing that forecasts lower ore grades and a higher strip ratio
over the year. Nonetheless, this increase will be partially
mitigated by the capacity expansion completed in 2024.
- Borborema: cash
costs included in the table above apply only to the period after
Borborema enters commercial production. Cash costs for the first
year are expected to be higher than the cash cost indicated in the
Borboremas Feasibility Study published in 2023 for the following
reasons: (a) inflation between the date of the Feasibility Study
(effective as of July 2023) and first year of production; (b)
changes in the mine sequencing; (c) only few months of commercial
production in 2025 (vs. 12 months considered for first year in the
Feasibility Study), when the mine is expected to be stabilizing its
performance On the other hand, current gold prices (above
$2,800/oz) are significantly higher than the assumption used in the
study ($1,745/oz); as result, the company expects the profitability
to be above those reported the Feasibility Study in case gold
prices remain at similar levels.
All In Sustaining costsThe
table below shows the Company’s all-in sustaining costs per GEO
sold guidance for 2025 by Business Unit:
|
|
|
AISC per equivalent ounceof gold produced -
2025 |
|
|
|
|
Low - 2025 |
High - 2025 |
|
|
|
Minosa (San Andrés) |
1,263 |
1,364 |
|
|
|
Apoena (EPP) |
2,425 |
2,619 |
|
|
|
Aranzazu |
1,348 |
1,455 |
|
|
|
Almas |
1,113 |
1,202 |
|
|
|
Borborema |
1,113 |
1,304 |
|
|
|
Total |
1,374 |
1,492 |
|
|
|
Total ex-Apoena |
1,241 |
1,353 |
|
|
|
|
|
|
|
2025 All-In Sustaining Cost Guidance:
- Apoena (EPP):
AISC are projected to increase in 2025 vs. 2024. Apoena is expected
to have two years of lower production and higher AISC profile as
Aura pushes back its Nosde deposit, before reaching higher
production again from 2027. As result, in the table above, Aura
also shows the average Cash Cost with and without including the
impact of Apoena cash costs in 2025.
- Minosa (San
Andres): The increase in expected AISC compared to 2024 is mainly
driven by lower production for the reasons discussed above., and
the introduction of a new structures designed to improve recovery
rates.
- Aranzazu: AISC
are expected to be higher when compared to 2024 mainly driven by
the expected increase in cash costs discussed above and the
increase in gold prices unfavorably impact metal-to-GEO conversion
factor. This increase is partially offset by a reduction in
sustaining capex expected for the year.
- Almas: AISC is
expected to be in line with the previous year, with the effects of
a higher cash cost being offset by a lower sustaining capex in the
year.
- Borborema: AISC
included in the table above apply only to the period after
Borborema enters in commercial production. Borboremas’ AISC for the
first year are expected to be higher than the AISC indicated in its
Feasibility Study for the same reasons affecting its first-year
cash costs as discussed above.
Capex:The table below shows the
breakdown of estimated capital expenditures by type of
investment:
|
|
|
Capex (US$ million) - 2025 |
|
|
|
|
Low - 2025 |
High - 2025 |
|
|
|
Sustaining |
40 |
47 |
|
|
|
Exploration |
10 |
13 |
|
|
|
New projects + Expansion |
99 |
106 |
|
|
|
Total |
149 |
167 |
|
|
|
|
|
|
|
- Sustaining:
Sustaining capex are expected to increase compared to 2024. Key
initiatives include improvements to the tailings dams at Apoena,
mine development activities, enhancements in both the mine and
plant at Minosa, and the sustaining capital expenditures for
Borborema.
- Exploration:
Increase driven mainly by exploration in Matupa’s Reserves. Other
exploration initiatives are included in exploration expenses.
- Expansion: There
is a projected reduction in capital expenditures compared to last
year, primarily because most of the Capex for the Borborema Project
was incurred in 2024. However, this decrease is partially offset by
expansion Capex aimed at developing the higher-grade Nosde phase
III deposit in Apoena, with completion expected by end of
2026.
2024 and Q4 2024 Earnings
CallThe Company will hold an earnings conference call on
Thursday, February 27, 2025, at 8:00 AM (Eastern Time). To register
and participate, please click the link below.
Date: February 27,
2025Time: 8:00 AM (New York and Toronto) | 10:00
AM (Brasília)Access Link: Click here.
Key FactorsThe Company’s future
profitability, operating cash flows, and financial position will be
closely related to the prevailing prices of gold and copper. Key
factors influencing the price of gold and copper include, but are
not limited to, the supply of and demand for gold and copper, the
relative strength of currencies (particularly the United States
dollar), and macroeconomic factors such as current and future
expectations for inflation and interest rates. Management believes
that the short-to-medium term economic environment is likely to
remain relatively supportive for commodity prices but with
continued volatility.
To decrease risks associated with commodity
prices and currency volatility, the Company will continue to
evaluate and implement available protection programs. For
additional information on this, please refer to the AIF.
Other key factors influencing profitability and
operating cash flows are production levels (impacted by grades, ore
quantities, process recoveries, labor, country stability, plant,
and equipment availabilities), production and processing costs
(impacted by production levels, prices, and usage of key
consumables, labor, inflation, and exchange rates), among other
factors.
Non-GAAP MeasuresIn this press
release, the Company has included Adjusted EBITDA, cash operating
costs per gold equivalent ounce sold, AISC and net debt which are
non-GAAP measures. These non-GAAP measures do not have any
standardized meaning within IFRS and therefore may not be
comparable to similar measures presented by other companies. The
Company believes that these measures provide investors with
additional information which is useful in evaluating the Company’s
performance and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS. The below tables provide a reconciliation of the non-GAAP
measures presented:
|
Reconciliation from Income for the Quarter for EBITDA and
Adjusted EBITDA (US$
thousand): |
|
|
|
|
For the threemonths endedDecember 31,2024 |
For the threemonths endedDecember 31,2023 |
For the twelvemonths endedDecember 31,2024 |
For the twelvemonths endedDecember 31,2023 |
|
Profit (loss) from continued and discontinued operation |
16,644 |
|
(5,908 |
) |
(30,271 |
) |
31,880 |
|
|
Income tax (expense) recovery |
16,383 |
|
1,598 |
|
52,971 |
|
18,798 |
|
|
Deferred income tax (expense) recovery |
23,982 |
|
(6,049 |
) |
29,720 |
|
(12,372 |
) |
|
Finance costs |
9,791 |
|
36,874 |
|
151,679 |
|
49,379 |
|
|
Other gains (losses) |
315 |
|
5,077 |
|
1,267 |
|
(659 |
) |
|
Depreciation |
13,534 |
|
9,301 |
|
62,732 |
|
47,082 |
|
|
EBITDA |
80,649 |
|
40,893 |
|
268,098 |
|
134,107 |
|
|
Impairment |
- |
|
- |
|
- |
|
- |
|
|
ARO Change |
(1,330 |
) |
- |
|
(1,330 |
) |
- |
|
|
Adjusted EBITDA |
79,319 |
|
40,893 |
|
266,768 |
|
134,107 |
|
| |
|
|
|
|
|
|
|
Reconciliation from the consolidated financial statements
to cash operating costs per gold equivalent ounce sold
(US$ thousand): |
| |
|
|
|
|
|
|
For the threemonths endedDecember 31,2024 |
For the threemonths endedDecember 31,2023 |
For the twelvemonths endedDecember 31,2024 |
For the twelvemonths endedDecember 31,2023 |
|
Cost of goods sold |
(90,418 |
) |
(84,186 |
) |
(342,893 |
) |
(290,877 |
) |
|
Depreciation |
14,270 |
|
9,844 |
|
61,847 |
|
46,816 |
|
|
COGS w/o Depreciation |
(76,148 |
) |
(74,342 |
) |
(281,046 |
) |
(244,061 |
) |
|
Gold Equivalent Ounces sold |
69,341 |
|
68,571 |
|
269,833 |
|
233,923 |
|
|
Cash costs per gold equivalent ounce sold |
1,098 |
|
1,084 |
|
1,042 |
|
1,043 |
|
| |
|
|
|
|
|
|
|
Reconciliation from the consolidated financial statements
to all in sustaining costs per gold equivalent ounce sold
(US$ thousand): |
| |
|
|
|
|
|
|
For the threemonths endedDecember 31,2024 |
For the threemonths endedDecember 31,2023 |
For the twelvemonths endedDecember 31,2024 |
For the twelvemonths endedDecember 31,2023 |
|
Cost of goods sold |
(90,418 |
) |
(84,186 |
) |
(342,893 |
) |
(290,877 |
) |
|
Depreciation |
14,270 |
|
9,844 |
|
61,847 |
|
46,816 |
|
|
COGS w/o Depreciation |
(76,148 |
) |
(74,342 |
) |
(281,046 |
) |
(244,061 |
) |
|
Capex w/o Expansion |
9,212 |
|
10,378 |
|
43,937 |
|
44,481 |
|
|
Site G&A |
6,124 |
|
1,687 |
|
14,024 |
|
8,217 |
|
|
Lease Payments |
3,712 |
|
3,473 |
|
17,202 |
|
13,109 |
|
|
Sub-Total |
|
|
|
|
|
Gold Equivalent Ounces sold |
69,341 |
|
68,571 |
|
269,833 |
|
233,923 |
|
|
All In Sustaining costs per ounce sold |
1,373 |
|
1,311 |
|
1,320 |
|
1,325 |
|
|
Reconciliation Net Debt (US$
thousand): |
|
|
For the threemonths endedDecember 31,2024 |
For the threemonths endedDecember 31,2023 |
|
Short Term Loans |
82,007 |
|
82,865 |
|
|
Long-Term Loans |
361,097 |
|
250,724 |
|
|
Plus / (Less): Derivative Financial Instrument for Debentures |
15,164 |
|
(11,129 |
) |
|
Less: Cash and Cash Equivalents |
(270,189 |
) |
(237,295 |
) |
|
Less: Restricted cash |
- |
|
- |
|
|
Less: Short term investments |
- |
|
- |
|
|
Net Debt |
188,079 |
|
85,165 |
|
| |
|
|
About Aura 360° MiningAura is
focused on mining in complete terms – thinking holistically about
how its business impacts and benefits every one of our
stakeholders: our company, our shareholders, our employees, and the
countries and communities we serve. We call this 360° Mining.
Aura is a mid-tier gold and copper production
company focused on operating and developing gold and base metal
projects in the Americas. The Company has 4 operating mines
including the Aranzazu copper-gold-silver mine in Mexico, the
Apoena (EPP) and Almas gold mines in Brazil, and the Minosa (San
Andres) gold mine in Honduras. The Company’s development projects
include Borborema and Matupá both in Brazil. Aura has unmatched
exploration potential owning over 630,000 hectares of mineral
rights and is currently advancing multiple near-mine and regional
targets along with the Aura Carajas copper project in the prolific
Carajás region of Brazil.
Forward-Looking InformationThis
press release contains “forward-looking information” and
“forward-looking statements”, as defined in applicable securities
laws (collectively, “forward-looking statements”) which may
include, but is not limited to, statements with respect to the
activities, events or developments that the Company expects or
anticipates will or may occur in the future. Often, but not always,
forward-looking statements can be identified by the use of words
and phrases such as “plans,” “expects,” “is expected,” “budget,”
“scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or
“believes” or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
“may,” “could,” “would,” “might” or “will” be taken, occur or be
achieved.
Known and unknown risks, uncertainties and other
factors, many of which are beyond the Company’s ability to predict
or control, could cause actual results to differ materially from
those contained in the forward-looking statements. Specific
reference is made to the most recent Annual Information Form on
file with certain Canadian provincial securities regulatory
authorities for a discussion of some of the factors underlying
forward-looking statements, which include, without limitation,
volatility in the prices of gold, copper and certain other
commodities, changes in debt and equity markets, the uncertainties
involved in interpreting geological data, increases in costs,
environmental compliance and changes in environmental legislation
and regulation, interest rate and exchange rate fluctuations,
general economic conditions and other risks involved in the mineral
exploration and development industry. Readers are cautioned that
the foregoing list of factors is not exhaustive of the factors that
may affect the forward-looking statements.
All forward-looking statements herein are
qualified by this cautionary statement. Accordingly, readers should
not place undue reliance on forward-looking statements. The Company
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements whether as a result of new information
or future events or otherwise, except as may be required by law. If
the Company does update one or more forward-looking statements, no
inference should be drawn that it will make additional updates with
respect to those or other forward-looking statements.
Financial Outlook and Future-Oriented
Financial InformationTo the extent any forward-looking
statements in this press release constitute “financial outlooks”
within the meaning of applicable Canadian securities legislation,
such information is being provided as certain estimated financial
metrics and the reader is cautioned that this information may not
be appropriate for any other purpose and the reader should not
place undue reliance on such financial outlooks. Such information
was approved by the company’s Board of Directors on February 26,
2025. Financial outlooks, as with forward-looking statements
generally, are, without limitation, based on the assumptions and
subject to various risks as set out herein. The Company’s actual
financial position and results of operations may differ materially
from management’s current expectations and, as a result, may differ
materially from values provided in this press release.
For more information, please contact:
Investor Relations
ri@auraminerals.com
www.auraminerals.com
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