ROAD TOWN, British Virgin Islands, April 10, 2025 (GLOBE NEWSWIRE) -- Aura Minerals Inc. (TSX: ORA, B3: AURA33 and OTCQX: ORAAF) (“Aura” or the “Company”) is pleased to announce Q1 2025 preliminary production results from the Company’s four operating mines: Aranzazu, Apoena, Minosa and Almas. Total production in Q1 2025 reached 60,087 gold equivalent ounces (“GEO”)1, 9% below the fourth quarter of 2024 and a 7% decrease compared to the same period last year at constant metal prices. The Company remains on track to achieving its 2025 Guidance of 266,000 to 300,000 GEO.
During the quarter, Aura commenced operations at its fifth mine, Borborema, among the Company’s largest and lowest cash cost operations. As mine commenced operations at the end of March 2025, no production volumes were recorded in the first quarter. Borborema was completed on schedule, within 19 months, and on budget, with a total CAPEX of US$188 million. Aura expects to produce between 33,000 and 40,000 ounces from this operation in 2025.
Q1 2025 Highlights:
At Aranzazu, production reached 20,456 GEO, representing a 10% decrease compared to Q4 2024 at constant prices. This reduction was primarily due to a 7% decrease in ore milled, as a result of mine sequencing and increased scheduled downtime for maintenance. Additionally, copper recovery was negatively impacted by the processing of hangingwall material containing high clay content. When compared to Q1 2024, production decreased by 5% at constant metal prices, also due to a 5% reduction in the volume of ore milled and higher increased scheduled downtime.
At Minosa, production totaled 17,654 GEO, reflecting an 8% decrease when compared to the previous quarter. This decline was mostly caused by lower ore grades due to mine sequencing as anticipated in the 2025 production guidance. When compared to the same quarter last year, production decreased by 8%, primarily due to two factors: a 5% reduction in ore plant feed and lower ore grades, as assumed on the guidance for this year.
At Almas, production reached 13,101 GEO, representing a 21% decrease when compared to the previous quarter. This performance aligns with the mine's production plan for this quarter, which anticipated a higher movement of waste during Q1, leading to a higher waste-to-ore ratio and lower grades. When compared to Q1 2024, production increased by 10%. This improvement was primarily due better performance at the mine and at the plant, as demonstrated throughout the second semester of 2024.
At Apoena, production reached 8,876 GEO, a 25% increase from Q4 2024, primarily due to a 16% rise in ore grades and 6% improvement in metal recovery. When compared to Q1 2024, production saw a 27% decline, driven by a 27% decrease in grades for the quarter. This drop is attributable to high grades in Q1 2024 due to mine sequencing and according to the plan.
Rodrigo Barbosa, Aura’s President and CEO commented, "We started 2025 positively with the investment in Borborema construction was concluded on time and on budget. Now, the ramp-up should finish by Q3 2025, and then Borborema will become a key asset for Aura, with one of the company’s largest resource bases and lowest cash costs in our portfolio. The first quarter of 2025 went well, aligning with our yearly plan and keeping production on track to hit our goals. We’re excited about our progress, with an output of 33,000 to 40,000 GEO projected for 2025 from Borborema. This strong start sets us up nicely to meet our yearly targets and boosts our confidence in growing and improving our operations.”
1 Gold equivalent ounces, or GEO, is calculated by converting the production of silver, copper and gold into gold using a ratio of the prices of these metals to that of gold. The prices used to determine the gold equivalent ounces are based on the weighted average price of gold, silver and copper realized from sales at the Aranzazu Complex during the relevant period.
Production Results
Preliminary GEO1,2 production volume for the three months ended March 31, 2025, when compared to the previous quarter and the same period of the previous year is presented below:
Q1 2025
Q4 2024
Q1 2024
% change vs. Q4 2024
% change vs. Q1 2024
Ounces produced (GEO1)
Aranzazu
20,456
23,379
25,001
-13%
-18%
Minosa
17,654
19,294
19,186
-8%
-8%
Almas
13,101
16,679
11,895
-21%
10%
Apoena
8,876
7,121
12,105
25%
-27%
Total GEO produced - current prices
60,087
66,473
68,186
-10%
-12%
Total GEO produced - constant prices
60,087
65,735
64,820
-9%
-7%
[1] Includes ounces produced and which were capitalized for projects at pre-commercial production stages.
The table below shows production by each type of metal at Aranzazu.
Q1 2025
Q4 2024
Q1 2024
% change vs. Q4 2024
% change vs. Q1 2024
Gold Production (oz)
6,374
6,987
6,518
-9%
-2%
Silver Production (oz)
130,899
146,187
135,485
-10%
-3%
Copper Production (klbs)
8,461
9,413
9,132
-10%
-7%
Total GEO produced - current prices
20,456
23,379
25,001
-13%
-18%
Total GEO produced - constant prices
20,456
22,641
21,635
-10%
-5%
The chart below displays the consolidated quarterly GEO production measured at current and constant prices since Q1 2023, as well as the last twelve months at the end of each reporting period:
Consolidated GEO Production per Quarter and LTM (000’s GEO, current and constant prices as reported)
Consolidated GEO Production per Quarter and LTM (000’s GEO, current and constant prices as reported)
1 The total may not add due to rounding. 2 Applies the metal sale prices in Aranzazu realized during Q1 2025 to the previous quarters in all operations, being: Copper price = US$4.26/lb; Gold Price = US$2,863/oz; Silver Price = US$32.01/oz.
Qualified Person
The scientific and technical information contained within this news release has been reviewed and approved by Farshid Ghazanfari, P.Geo. Mineral resources and Geology Director for Aura Minerals Inc. and serve as the Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Aura 360° Mining
Aura 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 5 operating mines including the Aranzazu copper-gold-silver mine in Mexico, the Apoena, Almas and Borborema gold mines in Brazil, and the Minosa mine in Honduras. The Company’s development projects include Cerro Blanco in Guatemala 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 Carajas (Serra da Estrela) copper project in the prolific Carajás region of Brazil.
Forward-Looking Information
This 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.
