Aura Minerals lifts gold growth outlook by a third

Aura Minerals (Nasdaq: AUGO) has raised its future production outlook by a third after releasing a new feasibility study for its Era Dorada project in Guatemala and integrating the results into its portfolio.

The Florida-based miner said Monday it envisions several development scenarios that could take its annualized gold-equivalent production to 600,000 oz., which is a 33% higher than its previous projection of 450,000 oz.

“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,” President and CEO Rodrigo Barbosa said in a release. “We have been delivering on all of this.”

Aura’s production drivers are to fully ramp up its Borborema mine in Brazil, which entered commercial production in September, and integrate and improve Mineração Serra Grande, a high-cost mine that it acquired from AngloGold Ashanti (NYSE: AU) in mid-2025. More growth may come from the planned construction and ramp-up of the Era Dorada and Matupá projects and potential capacity expansion at Almas and Borborema, it said. 

While the company cautioned that its production projections are preliminary and “remain subject to significant uncertainty,” investors reacted positively. Shares of Aura Minerals gained 0.8% to $41.56 apiece in New York by mid-Monday and have more than tripled in value this year. The company has a market capitalization of $3.47 billion.

Era Dorada feasibility

Supporting Aura’s improved growth outlook was a new feasibility study for the Era Dorada project, which came with its acquisition of Bluestone Resources in January. Previously known as Cerro Blanco, the Era Dorada project is located in the Department of Jutiapa, about 230 km from the Minosa mine in Honduras, and is expected to deliver 64,000-73,000 oz. of gold-equivalent production this year.

According to the report, the proposed mine would produce a total of 1.75 million oz. in gold equivalent over a near 17-year life, including 111,000 oz. during the first four years. Using a weighted average consensus gold price ($3,177 per oz.) over that period, Era Dorada would have an after-tax net present value of $1.34 billion and an internal rate of return of 36%. At spot prices, those figures would rise to $2.17 billion and 47% respectively.

Under the base case, the initial capex is estimated at $382million, with a payback in approximately 2.8 years. The all-in sustaining cost is pegged at $1,178 per oz., which Aura said is competitive and would fall within the first industry quartile.

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

Under ownership of Bluestone, the project had previously faced issues with the Guatemalan government for its proposed transition to open pit mining. Aura plans to keep the project as an underground operation, with all licences in place.