The sequential decline in production and revenue, coupled with rising costs at MSG, creates near-term headwinds. However, record LTM EBITDA, a strong balance sheet (0.2x leverage), and a large buyback/dividend provide a floor. Traders should watch for H2 2026 production ramp at MSG and Era Dorada to confirm the growth trajectory.
Price Chart
Executive Summary
Aura Minerals reported Q2 2026 results via a 6-K filing. Net revenues fell 12% QoQ to US$336M, and production dropped 8% QoQ to 75k GEO. Adjusted EBITDA was US$197M, with record LTM EBITDA of US$801M. AISC rose 9% QoQ to US$1,985/GEO, driven by the MSG mine's turnaround costs. Record net income of US$218M was boosted by a US$126M non-cash gain on gold derivatives. The company declared a US$60M dividend and approved a US$200M share repurchase program. The prior 20-F (127 days ago) was bullish, highlighting strong 2025 performance and growth execution, which provides context but this filing shows a sequential operational slowdown.
Key Facts
- Q2 2026 net revenues of US$336M, down 12% QoQ.
- Q2 2026 production of 75k GEO, down 8% QoQ; H1 2026 total 158k GEO.
- Adjusted EBITDA of US$197M; record LTM Adjusted EBITDA of US$801M.
- AISC of US$1,985/GEO, up 9% QoQ; ex-MSG AISC was US$1,653/GEO.
- Record net income of US$218M, including a US$126M non-cash gain on gold derivatives.
- Recurring free cash flow of US$80M (US$117M excluding gold hedge losses).
- Net debt of US$168M; Net Debt/LTM EBITDA stable at 0.2x.
- Declared a US$60M dividend (US$0.72/share) and approved a US$200M share repurchase program.
- Era Dorada project on schedule at 60% earthmoving completion.
- Completed sale of the São Francisco Mine for US$9M.
Financial Impact
Net revenues down 12% QoQ to US$336M; AISC up 9% QoQ to US$1,985/GEO; record net income of US$218M driven by non-cash derivative gains.
Risk Factors
- MSG mine turnaround costs may persist longer than expected, pressuring AISC.
- Realized losses on gold hedges (US$37.2M in Q2) could continue to impact cash flow.
- Sequential production declines across multiple mines (Apoena, Minosa, Borborema) suggest operational headwinds.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-005310 |
| Document: f6k_080626.htm | 0001171843-26-005310 |
| Document: 0001171843-26-005310-index-headers.html | 0001171843-26-005310 |
| Document: 0001171843-26-005310-index.html | 0001171843-26-005310 |
| Document: 0001171843-26-005310.txt | 0001171843-26-005310 |
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
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