Aura Minerals Inc. (TSX: ORA) (B3: AURA33) (OTCQX: ORAAF) announces that it has filed its unaudited consolidated financial statements and management discussion and analysis for the period ended September 30, 2024. The full version of the Financial and Operational Results can be viewed on the Company’s website at www.auraminerals.com or on SEDAR+ at www.sedarplus.ca. All amounts are in thousands of U.S. dollars unless stated otherwise.
Rodrigo Barbosa, President, and CEO of Aura, commented, “We are pleased to report that we entered the first nine months of 2024 on a robust growth trajectory, achieving our fifth consecutive increase in LTM production and reaching a record-high EBITDA of US$187 million. In Q3 2024, with an average gold price of US$2,507 / Oz, we achieved record-high Adjusted EBITDA for a single quarter, at $78.1 million, over 39% higher than Q2 2024. In addition to higher production and higher gold prices, we also managed to have a 3% reduction in our AISC per GEO, keeping us on track to achieve our production and cash cost Guidance for the year. Moreover, the construction of Borborema is now 54% complete and remains on schedule, with ramp-up start anticipated for Q1 2025, setting the stage for a strong year ahead.”
Q3 2024 Financial and Operational Highlights:
(US$ thousand):
For the three months ended September 30, 2024 | For the three months ended September 30, 2023 | For the nine months ended September 30, 2024 | For the nine months ended September 30, 2023 | |||||||||
Total Production¹ (GEO) | 68,246 | 64,875 | 200,758 | 166,662 | ||||||||
Sales² (GEO) | 68,172 | 63,516 | 200,517 | 165,352 | ||||||||
Net Revenue | 156,157 | 110,635 | 422,646 | 292,572 | ||||||||
Adjusted EBITDA | 78,073 | 30,020 | 187,449 | 93,214 | ||||||||
AISC per GEO sold | 1,292 | 1,436 | 1,302 | 1,329 | ||||||||
Ending Cash balance | 195,979 | 178,989 | 195,979 | 178,989 | ||||||||
Net Debt | 144,366 | 112,110 | 144,366 | 112,110 | ||||||||
Income/(Loss) for the period | (11,923 | ) | 7,759 | (46,915 | ) | 37,788 | ||||||
Adjusted Net Income | 43,386 | 7,621 | 54,894 | 37,835 | ||||||||
(1) Considers capitalized production | ||||||||||||
(2) Does not consider capitalized production | ||||||||||||
Guidance:
________________________________________
¹ AISC is a non-GAAP financial measure with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations to the most directly comparable IFRS measures, see Section 18 in the MD&A: Non-GAAP Performance Measures in this MD&A.
The Company is on track to meet its guidance for the current fiscal year, including production, cash cost, All-In Sustaining Cost (AISC), and capital expenditures, as demonstrated by the results of the first nine months.
Gold equivalent thousand ounces |
||||
(‘000 GEO) production – 2024 | ||||
Low – 2024 | High – 2024 | 9M 2024 A | % | |
Minosa (San Andrés) | 60 | 75 | 59 | 79% – 98% |
Apoena (EPP) | 46 | 56 | 30 | 53% – 66% |
Aranzazu | 94 | 108 | 74 | 68% – 79% |
Almas | 45 | 53 | 37 | 71% – 84% |
Total | 244 | 292 | 201 | 69% – 82% |
Cash Cost per equivalent ounce of |
|||||
gold produced – 2024 | |||||
Low – 2024 | High – 2024 | 9M 2024 A | Δ Low | Δ High | |
Minosa (San Andrés) | 1,120 | 1,288 | 1,090 | -3% | -15% |
Apoena (EPP) | 1,182 | 1,300 | 983 | -17% | -24% |
Aranzazu | 826 | 1,009 | 960 | 16% | -5% |
Almas | 932 | 1,025 | 1,065 | 14% | 4% |
Total | 984 | 1,140 | 1,022 | 4% | -10% |
AISC per equivalent ounce of gold |
|||||
produced – 2024 | |||||
Low – 2024 | High – 2024 | 9M 2024 A | Δ Low | Δ High | |
Minosa (San Andrés) | 1,216 | 1,398 | 1,176 | -3% | -16% |
Apoena (EPP) | 1,588 | 1,747 | 1,607 | 1% | -8% |
Aranzazu | 1,089 | 1,331 | 1,269 | 17% | -5% |
Almas | 1,179 | 1,297 | 1,330 | 13% | 3% |
Total | 1,290 | 1,459 | 1,302 | 1% | -11% |
Capex (US$ million) – 2024 |
||||
Low – 2024 | High – 2024 | 9M 2024 A | % | |
Sustaining | 37 | 43 | 28 | 65% – 75% |
Exploration | 7 | 8 | 7 | 90% – 105% |
New projects + Expansion | 144 | 169 | 79 | 47% – 55% |
Total | 188 | 219 | 114 | 52% – 60% |
Key Factors
The Company’s future profitability, operating cash flows, and financial position will be closely related to the prevailing prices of gold and copper. Key factors influencing the price of gold and copper include, but are not limited to, the supply of and demand for gold and copper, the relative strength of currencies (particularly the United States dollar), and macroeconomic factors such as current and future expectations for inflation and interest rates. Management believes that the short-to-medium term economic environment is likely to remain relatively supportive for commodity prices but with continued volatility.
To decrease risks associated with commodity prices and currency volatility, the Company will continue to evaluate and implement available protection programs. For additional information on this, please refer to the AIF.
Other key factors influencing profitability and operating cash flows are production levels (impacted by grades, ore quantities, process recoveries, labor, country stability, plant, and equipment availabilities), production and processing costs (impacted by production levels, prices, and usage of key consumables, labor, inflation, and exchange rates), among other factors.
Non-GAAP Measures
In this press release, the Company has included Adjusted EBITDA, cash operating costs per gold equivalent ounce sold, AISC and net debt which are non-GAAP measures. These non-GAAP measures do not have any standardized meaning within IFRS and therefore may not be comparable to similar measures presented by other companies. The Company believes that these measures provide investors with additional information which is useful in evaluating the Company’s performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The below tables provide a reconciliation of the non-GAAP measures presented:
Reconciliation from Income for the Quarter for EBITDA and Adjusted EBITDA (US$ thousand):
For the three months ended September 30, 2024 | For the three months ended September 30, 2023 | For the nine months ended September 30, 2024 | For the nine months ended September 30, 2023 | |||||||||
Profit (loss) from continued and discontinued operation | (11,923 | ) | 7,759 | (46,915 | ) | 37,788 | ||||||
Income tax (expense) recovery | 11,833 | 6,758 | 36,588 | 17,200 | ||||||||
Deferred income tax (expense) recovery | (1,995 | ) | 1,095 | 5,738 | (6,323 | ) | ||||||
Finance costs | 62,691 | 5,477 | 141,888 | 12,505 | ||||||||
Other gains (losses) | 359 | (4,517 | ) | 952 | (5,736 | ) | ||||||
Depreciation | 17,108 | 13,449 | 49,198 | 37,781 | ||||||||
EBITDA | 78,073 | 30,020 | 187,449 | 93,214 | ||||||||
Impairment | – | – | – | – | ||||||||
ARO Change | – | – | – | – | ||||||||
Adjusted EBITDA | 78,073 | 30,020 | 187,449 | 93,214 | ||||||||
Reconciliation from the consolidated financial statements to cash operating costs per gold equivalent ounce sold (US$ thousand):
For the three months ended September 30, 2024 | For the three months ended September 30, 2023 | For the nine months ended September 30, 2024 | For the nine months ended September 30, 2023 | |||||||||
Cost of goods sold | (83,976 | ) | (84,097 | ) | (252,475 | ) | (206,691 | ) | ||||
Depreciation | 16,686 | 13,408 | 47,577 | 37,242 | ||||||||
COGS w/o Depreciation | (67,290 | ) | (70,689 | ) | (204,898 | ) | (169,449 | ) | ||||
Gold Equivalent Ounces sold | 68,172 | 63,516 | 200,517 | 165,352 | ||||||||
Cash costs per gold equivalent ounce sold | 987 | 1,113 | 1,022 | 1,025 | ||||||||
Reconciliation from the consolidated financial statements to all in sustaining costs per gold equivalent ounce sold (US$ thousand):
For the three months ended September 30, 2024 | For the three months ended September 30, 2023 | For the nine months ended September 30, 2024 | For the nine months ended September 30, 2023 | |||||||||
Cost of goods sold | (83,976 | ) | (84,097 | ) | (252,475 | ) | (206,691 | ) | ||||
Depreciation | 16,686 | 13,408 | 47,577 | 37,242 | ||||||||
COGS w/o Depreciation | (67,290 | ) | (70,689 | ) | (204,898 | ) | (169,449 | ) | ||||
Capex w/o Expansion | 13,535 | 13,734 | 34,725 | 34,082 | ||||||||
Site G&A | 2,444 | 2,828 | 7,900 | 6,661 | ||||||||
Lease Payments | 4,810 | 3,985 | 13,490 | 9,636 | ||||||||
Sub-Total | ||||||||||||
Gold Equivalent Ounces sold | 68,172 | 63,516 | 200,517 | 165,352 | ||||||||
All In Sustaining costs per ounce sold | 1,292 | 1,436 | 1,302 | 1,329 | ||||||||
Reconciliation Net Debt (US$ thousand):
For the three months ended September 30, 2024 | For the three months ended September 30, 2023 | |||||
Short Term Loans | 163,115 | 101,047 | ||||
Long-Term Loans | 177,444 | 197,714 | ||||
Plus / (Less): Derivative Financial Instrument for Debentures | (214 | ) | (7,662 | ) | ||
Less: Cash and Cash Equivalents | (195,979 | ) | (178,989 | ) | ||
Less: Restricted cash | – | – | ||||
Less: Short term investments | – | – | ||||
Net Debt | 144,366 | 112,110 | ||||
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 4 operating mines including the Aranzazu copper-gold-silver mine in Mexico, the Apoena (EPP) and Almas gold mines in Brazil, and the Minosa (San Andres) gold mine in Honduras. The Company’s development projects include Borborema 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 Aura Carajas copper project in the prolific Carajás region of Brazil.
Outcrop Silver & Gold Corporation (TSX-V: OCG) (OTCQX: OCGSF) (DE: MRG) is pleased to announc... READ MORE
Emerita Resources Corp. (TSX-V: EMO) (OTCQB: EMOTF) (FSE: LLJA) continues to intersect significant m... READ MORE
NexGold Mining Corp. (TSX-V: NEXG) (OTCQX: NXGCF) is pleased to provide high-grade results from th... READ MORE
Nova Minerals Limited (NASDAQ: NVA) (ASX: NVA) (FRA: QM3) is pleased to announce antimony rock chip... READ MORE
Canada Nickel Company Inc. (TSX-V: CNC) (OTCQX: CNIKF) is pleased to announce assay results for dr... READ MORE