Aura Minerals Q3 2026 GEO Output Hits Record 95,557 oz
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Aura Minerals Inc. (NASDAQ: AUGO and B3: AURA33) announced on Oct. 9, 2026 that preliminary third-quarter production reached a record 95,557 gold equivalent ounces (GEO), up 27% from Q2 2026 and 29% above Q3 2025. Sales totaled 93,742 GEO, a 20% quarterly increase and 25% higher year over year including the Mineração Serra Grande (MSG) mine. The company reported the results in a press release through GlobeNewswire.
Context — why Aura's record quarter matters now
Aura operates six mines across the Americas: Aranzazu in Mexico, Minosa in Honduras, and Almas, Apoena, Borborema and MSG in Brazil. The company said the quarter marked a clear step up from Q2 2026, with further gains expected in Q4 2026.
The comparison the report itself supplies is the prior quarter. Q2 2026 production was 75,437 GEO at current prices, so the Q3 jump of roughly 20,120 GEO is the largest single-quarter volume increase the company disclosed. On a constant-price basis — which strips out metal-price swings — Q3 production rose 26% from Q2 2026 and 25% from Q3 2025.
The nine-month picture reinforces the trend. Aura produced 253,131 GEO at current prices and 255,268 GEO at constant prices in 9M 2026, a 26% constant-price increase over 9M 2025 and the highest nine-month total in company history. Trailing twelve-month production reached 335,198 GEO at current prices, up 27% versus the twelve months through Q3 2025.
What changed to trigger the record: the MSG turnaround, Borborema's ramp, and Aranzazu's mine sequencing into higher-grade ore. The report frames all three as planned events rather than surprises, which is why the company said it remains on track to meet full-year guidance.
Data — the numbers behind the quarter
The mine-level breakdown shows where the volume came from. Aranzazu produced 24,920 GEO, up 39% quarterly and 16% yearly. Borborema produced 22,842 GEO, a quarterly record and 60% above Q2 2026, equal to roughly 24% of Aura's total output. MSG produced 13,321 GEO, an 85% quarterly increase.
Almas produced 14,264 GEO, down 12% quarterly on lower grades tied to mine sequencing. Minosa produced 13,344 GEO, down 7% quarterly and 26% yearly. Apoena produced 6,865 GEO, up 20% quarterly but 26% below Q3 2025.
| Mine | Q3 2026 GEO | vs Q2 2026 | vs Q3 2025 |
|---|---|---|---|
| Aranzazu | 24,920 | +39% | +16% |
| Borborema | 22,842 | +60% | +124% |
| Almas | 14,264 | -12% | -5% |
| MSG | 13,321 | +85% | n.a. |
| Minosa | 13,344 | -7% | -26% |
| Apoena | 6,865 | +20% | -26% |
Aranzazu's realized copper price averaged $6.46/lb in Q3 2026, up 6% from $6.09/lb in Q2 2026, while realized gold slipped 3% to $4,285/oz from $4,416/oz. At constant prices, Aranzazu's output rose 35% quarterly but only 6% yearly, showing how much of the headline gain came from metal prices rather than ore.
Analysis — what the production mix signals for gold and copper exposure
The composition of Aura's output matters for anyone tracking the company as a gold and base-metals proxy. Aranzazu is the copper, gold and silver mine, and its Q3 copper production of 10,172 klbs rose 35% quarterly and 5% yearly. That lifts Aura's copper use at a moment when the report shows realized copper prices rising while realized gold prices fell.
Borborema's 22,842 GEO on grades of 1.65 g/t, up 42% from 1.16 g/t, shows the mine is delivering on the higher-grade areas of its plan. MSG's grade improvement from 0.90 g/t to 1.19 g/t, plus a 28% increase in plant feed and recovery up 1.9 percentage points to 89.6%, is the clearest evidence the turnaround is working operationally rather than just in guidance language.
The counter-argument sits in the laggards. Minosa's decline traces to a leach-pad stacking-height issue the company flagged in the prior quarter, and Apoena's yearly drop reflects lower plant feed and recovery. If either persists into Q4, the company's stated expectation of a further quarterly increase could face pressure, though the report says Minosa's stacking volumes returned to normal during Q3.
Positioning-wise, the report gives no ownership data. What it does show is that sales lagged production at Aranzazu by 1,670 GEO because the quarter's last shipment was still in transit to the refinery, a timing item rather than a demand signal.
Outlook — what to watch into Q4 2026
The company's own catalysts for the next quarter are operational. Apoena's Phase 3 development at the Nosde pit reached the main higher-grade areas late in Q3, and the company said those areas will be the primary ore source in Q4. At Almas, mine sequencing moves into higher-grade areas in Q4 while the plant expansion continues.
Borborema is expected to keep lifting throughput as the filter is debottlenecked. MSG's underground contribution is slated to rise gradually toward full capacity, and Minosa's normal stacking levels set it up for improved Q4 output. The company said it remains on track to meet full-year guidance without restating the guidance figure.
Era Dorada, the Guatemala gold project, sits at 13.1% overall physical progress, with the company describing construction as on time and on budget. Earthworks on the operational plateau are complete, civil works for the mill and CIP tanks are advancing, and the underground contractor is 60% mobilized.
Frequently Asked Questions
What does gold equivalent ounce mean in Aura's results?
Aura converts silver, copper and molybdenum output into gold-equivalent ounces using the ratio of those metal prices to gold. For Q3 2026 the company used realized Aranzazu prices of $6.46/lb copper, $4,285/oz gold, $63.25/oz silver and $33.05/lb molybdenum. This lets a multi-metal producer report one headline number, but it means the GEO total moves with metal prices as well as with actual tonnes mined.
Why did Borborema's production jump 60% in Q3 2026?
The company attributed the record 22,842 GEO quarter to higher grades, up 42% to 1.65 g/t from 1.16 g/t, as mining moved into higher-grade areas under the mine plan. Improved filtering performance lifted ore plant feed 14% from the prior quarter. Borborema reached commercial production in the second half of 2025, so year-over-year comparisons reflect a mine still ramping toward steady state.
Is Aura's Q3 2026 production figure final?
The company described the numbers as preliminary. Aura said the information is based on current estimates, assumptions and expectations that remain subject to review, verification and possible revision, and that final Q3 2026 production results may differ. The scientific and technical content was reviewed by Farshid Ghazanfari, P.Geo., whom the company identified as a qualified person under NI 43-101 and SK-1300.
Bottom Line
Aura's record quarter rests on the MSG turnaround and Borborema grades, leaving Q4 execution on those two mines as the test of its full-year guidance.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
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