Aura Minerals lifts growth outlook with Era Dorada Gold feasibility
Staff Writer | December 8, 2025 |
The Era Dorada project marks the expansion of Aura’s operations in Central America. Credit: Aura MineralsAura Minerals (NASDAQ: AUGO) has raised its future production outlook after releasing a new feasibility study for its Era Dorada project in Guatemala and integrating the results into its portfolio.
In the coming years, the Florida-based miner said it envisions several development scenarios that could take its annualized gold-equivalent production to 600,000 oz., which is a third 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 — and we have been delivering on all of this,” Rodrigo Barbosa, president and CEO of Aura Minerals, stated in a press release on Monday.
Amongst the production drivers identified by Aura are the fully ramp up of its Borborema mine in Brazil, which entered commercial production in September, and the integration and operational turnaround of MSG (Mineração Serra Grande), a high-cost mine that it acquired from AngloGold during the summer.
In addition, the planned construction and ramp-up of the Era Dorada and Matupá projects and the potential expansion of production capacity at some projects, such as Almas and Borborema, could also boost its production profile, Aura said, though it did not commit to their timelines.
While the company cautioned that its production projections are preliminary and “remain subject to significant uncertainty,” investors reacted positively. Shares of Aura Minerals surged to a 52-week high of $43.33 on the NASDAQ during morning trading, before paring gains. The company has a market capitalization of $3.5 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, which 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/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 35.6%. At spot prices, those figures would rise to $2.17 billion and 46.6% respectively.
Under the base case, the initial capex is estimated at $382 million, with a payback in approximately 2.82 years. The all-in sustaining cost is pegged at $1,178/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, according to the chief executive, 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.
Gold Royalty adds BHP’s Brazil mine to portfolio in $70M deal
Gold Royalty (NYSE-A: GROY) has agreed to buy an existing royalty on the Pedra Branca mine held by BlackRock World Mining Trust for $70 million cash. The copper-gold mine, located in the Carajás region of Brazil, is currently operated by BHP Group (ASX: BHP).
The acquisition further enhances Gold Royalty’s already-strong gold exposure from both a revenue and asset value perspective, and offers further exposure to copper exposure at a time when long-term fundamentals are strong, the company said in a statement on Monday.
The royalty includes a 25% net smelter return (NSR) royalty on gold and 2% NSR royalty on copper and other products produced from Pedra Branca, covering both the Pedra Branca East and Pedra Branca West deposits.
David Garofalo, chairman and CEO of Gold Royalty, said the acquisition of the Pedra Branca royalty “represents an immediate and material addition” to the company’s cash flows.
For the 12 months ended June 30, the royalty expense recorded to the prior holder was approximately $7.9 million, equivalent to approximately 2,800 gold-equivalent ounces at an average gold price of $2,811 per ounce, Gold Royalty noted.
Upon completion, Gold Royalty’s portfolio would include eight cash-flowing assets and a pipeline of over 250 royalty and streaming interests, Garofalo added.
$70M financing
To fund the acquisition, Gold Royalty separately announced that it would complete a bought deal financing to raise gross proceeds of $70 million — equal to the royalty purchase price.
Led by National Bank Capital Markets, BMO Capital Markets and RBC Capital Markets as joint bookrunners, the company plans to sell 17.5 million common shares at a price of $4.00 per share.
Gold Royalty’s stock closed Monday’s session down 9.5% at $3.85 apiece, for a market capitalization of $758.3 million.
Former Oz mine
Located in Água Azul do Norte, Brazil, the Pedra Branca mine forms part of the Carajás East operation previously held by Oz Minerals, which bought the project in 2018 from its Australian peer Avanco Resources. In 2020, Oz brought the Pedra Branca East deposit into production, and two years later, ramped up the underground mine into full production.
BHP took over the project through its takeover of Oz in 2023, and has since extended its mine life and reported increases in its resources/reserves. Its June 2025 annual report estimated that the project currently holds 2.4 measured tonnes of material at 1.68% copper and 0.47 g/t gold and 12 indicated tonnes at 1.41% copper and 0.40 g/t gold.
In August 2025, BHP announced that CoreX Holding BV, an industrial conglomerate backed by Turkish billionaire Robert Yuksel Yildirim, had agreed to acquire Pedra Branca, along with the other Carajás copper assets, in a deal worth up to $465 million. The deal is currently pending satisfaction of customary closing conditions.
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