The strong operational and financial performance supports continued capital returns via dividends and buybacks. Monitor Q3 for MSG turnaround progress and Apoena's grade improvement in H2; the $200M buyback provides downside support. The low leverage (0.21x) gives flexibility for growth capex at Era Dorada and Matupá.
Price Chart
Executive Summary
Aura Minerals reported record Q2 2026 and H1 2026 results, with revenue up 76% YoY to $336M and net income surging to $217.7M from $8.1M a year ago. H1 production hit a record 157,574 GEO (+27% YoY), and Adjusted EBITDA reached $440.5M (+135% YoY). The company maintained full-year guidance of 340k-390k GEO and announced a $200M share repurchase program, while net leverage remained very low at 0.21x. QoQ revenue and EBITDA declined 12% and 19% respectively due to lower gold prices and mine sequencing, but the overall trajectory is strongly positive.
Key Facts
- Q2 2026 revenue $335.97M vs $190.44M YoY (+76%); H1 revenue $718.57M vs $352.24M YoY (+104%)
- Q2 2026 net income $217.69M vs $8.15M YoY; H1 net income $312.85M vs ($65.10M) loss YoY
- Adjusted EBITDA Q2 $196.66M (+85% YoY); H1 $440.53M (+135% YoY)
- Record H1 production 157,574 GEO (+27% YoY); on track for 340k-390k GEO full-year guidance
- Net debt/LTM EBITDA at 0.21x; cash $248.3M; gross debt $441.2M
- Board approved up to $200M share repurchase program in June 2026
- Q2 dividends of $65.4M paid; H1 total dividends $120.5M
- MSG mine in turnaround phase with negative Q2 EBITDA of ($1.1M); AISC at MSG $5,277/GEO
Financial Impact
Revenue grew 76% YoY in Q2 and 104% in H1, driven by 27% production growth and 53% higher average gold price ($4,566/oz in H1 vs $2,986/oz in H1 2025). Gross margin expanded to 58% from 52%. Adjusted EBITDA margin improved to 61% from 53%.
Risk Factors
- Gold price volatility — Q2 average realized price fell 11% QoQ to $4,304/oz; further declines would pressure margins
- MSG turnaround execution — Q2 AISC of $5,277/GEO is far above guidance; delays in production ramp-up could weigh on consolidated costs
- Hedging losses — realized gold hedge losses of $70.6M in H1 2026 (up 298% YoY) reduce cash flow; 166,578 oz hedged at $2,400 ceiling through 2028
- Cost inflation — Brazilian Real and Mexican Peso appreciation, plus higher sustaining capex, are pressuring cash costs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-005260 |
| Exhibit: exh_991.htm | 0001171843-26-005260 |
| Document: f6k_080526.htm | 0001171843-26-005260 |
| Document: 0001171843-26-005260-index-headers.html | 0001171843-26-005260 |
| Document: 0001171843-26-005260-index.html | 0001171843-26-005260 |
| Document: 0001171843-26-005260.txt | 0001171843-26-005260 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 18d ago | 6-K | $91.26 $91.80 | ▲ +0.59% | ▲ +0.65% | $81.23 (−10.99%) |
Oct 6, 2026 21d ago | SC 13G/A | $82.02 $82.49 | ▲ +0.57% | ▲ +1.00% | $81.23 (−0.96%) |
Oct 2, 2026 25d ago | 6-K | $81.95 $85.17 | ▲ +3.93% | ▲ +3.25% | $81.23 (−0.88%) |
Oct 2, 2026 25d ago | Press Release | $81.95 $85.17 | ▲ +3.93% | ▲ +3.25% | $81.23 (−0.88%) |
Sep 18, 2026 5w ago | 6-K | $88.25 $89.15 | ▲ +1.02% | ▼ −0.53% | $81.23 (−7.95%) |
Sep 16, 2026 5w ago | 144 | $88.71 $88.25 | ▼ −0.52% | ▼ −0.40% | $81.23 (−8.43%) |
Aug 28, 2026 8w ago | 6-K | $83.58 $79.05 | ▼ −5.43% | ▼ −4.74% | $81.23 (−2.81%) |
Aug 27, 2026 8w ago | Insider Cluster | $89.12 $84.53 | ▲ +5.15% | ▲ +4.92% | $81.23 (+8.85%) |
Aug 27, 2026 8w ago | Insider Cluster | $89.12 $84.53 | ▲ +5.15% | ▲ +4.92% | $81.23 (+8.85%) |
Aug 26, 2026 8w ago | Insider Cluster | $89.12 $84.53 | ▲ +5.15% | ▲ +4.92% | $81.23 (+8.85%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers