Aura Minerals more than doubles reserve base

Aura Minerals (NASDAQ: AUGO) said its reserve base grew to more than double during course of 2025, driven by successful exploration and acquisitions as well as organic growth.

Its proven and probable reserves stood at 7.22 million gold-equivalent ounces (GEOs), compared with 3.44 million previously, according to an update provided by Aura on Wednesday. The total covers six operating mines and two development assets across the Americas.

The Florida-based miner attributes this increase to factors including its aggressive exploration drilling, revised geological interpretations and changes in economic parameters such as commodity prices.

Its Brazilian assets, in particular, were major contributors. The Borborema mine, which reached commercial production in September, saw substantial growth of 170% due to higher gold prices, pit expansion and improved geological models, as outlined in a new feasibility study. Successful drilling also led to the addition of underground reserves at the Almas mine.

Total measured and indicated resources also increased 26% to 3.49 million gold equivalent ounces (GEOs), while inferred resources grew more than 200% to about 3.92 million GEOs.

During 2025, the company spent $21.8 million on exploration, drilling over 106,500 metres while maintaining a low global discovery cost. Also boosting the reserves was the addition of the Mineração Serra Grande mine acquired from AngloGold Ashanti (NYSE: AU) (JSE: ANG) in June.

“The growth significantly strengthens our production foundation for years to come,” Aura Minerals’ CEO Rodrigo Barbosa said in a news release.

Looking ahead, the company expects these assets to support its strategy of achieving 600,000 GEOs of annual production. In 2025, its production was 280,000 GEOs.

Shares of Aura Minerals surged almost 9% on the update, approaching its all-time high of $90.19 apiece on the NASDAQ. The company, which began listing in the US in July, has a market capitalization of $7.33 billion.