Aura Minerals Inc.
For the period ended Nov 5, 2026. Filed Nov 5, 2026.
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Nov 5, 2026 · Filed Nov 5, 2026
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Contents
EX-99.1 · 3.6 MSG
3.6 MSG
| (US$ thousand) | Q3 2026 | Q2 2026 | QoQ Change % | 9M 2026 |
|---|---|---|---|---|
| Production (GEO) | 13,321 | 7,186 | 85% | 29,087 |
| Sales (GEO) | 13,331 | 7,191 | 85% | 30,025 |
| Cash Cost (US$/GEO) | 2,286 | 3,852 | -41% | 2,855 |
| AISC (US$/GEO) | 3,647 | 5,277 | -31% | 4,043 |
| Net revenue | 56,358 | 28,916 | 95% | 132,187 |
| Cost of goods sold | (40,908) | (32,751) | 25% | (108,933) |
| Gross Profit | 15,450 | (3,835) | n.a. | 23,254 |
| Expenses | (1,539) | (2,766) | -44% | (6,216) |
| General and administrative expenses | (1,647) | (2,412) | -32% | (5,941) |
| Exploration expenses | (116) | (215) | -46% | (360) |
| Other income (expenses) | 224 | (139) | n.a. | 85 |
| EBIT | 13,911 | (6,601) | n.a. | 17,038 |
| Adjusted EBITDA | 24,402 | (1,116) | n.a. | 40,726 |
| Financial Result | (239) | (4,884) | -95% | (2,694) |
| Financial Income | 1,135 | 52 | 2083% | 1,229 |
| Finance expenses | (1,374) | (4,936) | -72% | (3,923) |
| Profit before income taxes | 13,672 | (11,485) | n.a. | 14,344 |
| Total taxes | (3,724) | 3,402 | n.a. | (3,601) |
| Current income tax expense | (3,735) | 929 | n.a. | (7,283) |
| Deferred income tax expense | 11 | 2,473 | n.a. | 3,682 |
| Profit/(loss) for the period | 9,948 | (8,083) | n.a. | 10,743 |
| Mining & Processing | ||||
| Total mined (t) | 751,243 | 504,766 | 49% | 1,544,146 |
| Waste to ore ratio | 0.78 | 0.70 | 12% | 0.70 |
| Ore plant feed (t) | 381,060 | 297,009 | 28% | 866,502 |
| Grade (g/t) | 1.19 | 0.90 | 32% | 1.17 |
| Recovery (%) | 89.6% | 87.7% | 1.9 p.p. | 89.8% |
In Q3, MSG continued to advance its turnaround, with production up 85% quarter-over-quarter. Primary underground development continued to outpace plan totaling 6,244 meters. In the 9M 2026 performance showed a 30% increase compared to the same period of 2025, building the access needed to support higher underground ore volumes. Improvement work with the current underground fleet has already delivered results this year, and a full fleet renewal will begin in January 2027. The operation began blending lower-grade stockpile material with higher-grade underground ore, including the first stope mined under the bottom-up method, a transition that started this year and will progress gradually throughout 2027. After a first half focused on mine development, the underground contribution to plant feed is expected to increase gradually, in line with the plan to bring MSG to an annual production of around 80koz. Aura will keep advancing MSG turnaround in the coming quarter.
**Production:**Q3 2026 production totaled 13,321 GEO, +85% QoQ, driven by higher feed grade (0.90 g/t to 1.19 g/t, +32%), ore plant feed +28% QoQ (381,060 t) and a 1.9 p.p. recovery improvement to 89.6%. Higher grade and feed reflect the turnaround, with underground infrastructure and the transition to bottom-up mining already in place. Ore mined was +42% QoQ (421,783 t), in line with the 2026 plan, on higher recovery of material from the East Pile and the planned resumption of mining in old underground areas after rehabilitation works. Sales were 13,331 GEO (+85% QoQ), in line with production. In 9M 2026, MSG produced 29,087 GEO and sold 30,025 GEO.
**Net Revenue:**Net Revenue was US$56.4 million in Q3 2026, +95% QoQ, driven by 85% higher sales volumes and a higher average realized price. In 9M 2026, Net Revenue was US$132.2 million.
**Costs:**COGS was +25% QoQ on higher mining activity (ore mined +42%, waste mined +59%). Cash Cost was US$2,286/GEO, -41% QoQ on higher production and sales. AISC was US$3,647/GEO, -30% vs. US$5,277/GEO in Q2 2026: despite higher COGS and CAPEX (+109% QoQ), higher sales volumes more than offset these costs. In 9M 2026, COGS was US$108.9 million, Cash Cost was US$2,855/GEO and AISC was US$4,043/GEO.
**Expenses:**G&A was US$1.6 million, -32% QoQ. Exploration expenses were US$0.1 million, -46% QoQ, on lower studies of regional targets of Q2 2026. In 9M 2026, G&A and exploration totaled US$5.9 million and US$0.4 million, respectively.
**Profitability:**Adjusted EBITDA was US$24.4 million in Q3 2026 vs. US$(1.1) million in Q2 2026, for the reasons above, reflecting the results of the turnaround strategy and the expected H2 2026 operational improvement. In 9M 2026, Adjusted EBITDA was US$40.7 million.
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