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Highlights

  • ORA reported Q1FY25 revenue of USD 161.8 million and net income of USD 26.9 million.
  • ORA drilled 100,000+ meters in 2024 at USD 22/oz, adding resources at Aranzazu and Apoena.
  • ORA expects FY25 output of 266,000–300,000 oz GEO, with Borborema reaching commercial production by Q3FY25.

Aura Minerals Inc (TSX: ORA) is a mid-tier gold and copper producer operating the San Andres mine in Honduras, Ernesto/Paua-Pique in Brazil, Aranzazu in Mexico, and Gold Road in the U.S., focused on gold and base metal projects across the Americas.

In the first quarter of the financial year 2025 (Q1FY25), the company’s net revenue increased by 22.5% year-over-year (YoY) to USD 161.8 million, driven by higher realized gold and copper prices despite lower sales volumes. Gross profit surged 68.0% YoY to USD 78.4 million, supported by favorable metal prices and improved margins across several operating sites. Adjusted EBITDA rose 53.1% YoY to USD 81.5 million, compared to USD 53.2 million in Q1FY24. Adjusted net income increased 136.2% YoY to USD 26.9 million, driven by higher operating earnings and lower non-cash expenses.

Business Update

In 2024, ORA drilled over 100,000 meters and invested USD 21.8 million in exploration, maintaining low discovery costs of USD 22/oz. Despite a 3% YoY decline in Proven and Probable reserves to 3.4 million GEO due to depletion, resource replacement from Apoena and new finds at Aranzazu and Apoena drove a 1% increase in Measured and Indicated resources to 6.4 million GEO and a 4% rise in inferred resources to 1.08 million GEO.

In April 2025, ORA published updated technical reports confirming a 10-year mine life at both Aranzazu and Almas, with Almas projected to produce an average of 61.2 koz of gold per year. Minosa reported a 4.2-year mine life with 101 koz/year pre-recovery output, highlighting the continued stability of ORA’s operating portfolio.

Company Outlook

In FY25, ORA expects production of 266,000–300,000 oz GEO, supported by the Borborema ramp-up and Almas operating at full capacity. Cash costs are projected at USD 1,078–1,191 per GEO, rising due to lower grades and one-off impacts, with Borborema set to reach commercial production by Q3FY25, with elevated startup costs partially offset by favourable gold prices above USD 2,800/oz.

Top 10 Shareholders

The top 10 shareholders collectively own approximately 69.69% of the company’s total shares, with the largest stakes held by Northwestern Enterprises Ltd. at around 53.45% and Mauad (Bruno) at about 7.77%.

Stock Information

The stock has declined approximately 5.20% over the past month and gained around 92.88% over the past six months. As of 22 July 2025, it closed at CAD 34.41, trading above the average 52-week low of CAD 11.68 and 52-week high of CAD 39.45.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels Is 22 July 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.