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(Kitco News) – Aura Minerals (TSX: ORA) (OTCQX: ORAAF) announced on Monday that the company produced 64,875 gold equivalent ounces (GEO) in Q3 2023, up 12% compared to Q3 2022 and up 34% compared to Q2 2023.
In a press release, the company explained that the increase in quarterly gold production compared to Q2 2023 was due to the commencement of commercial production in Almas mine, higher production at the Aranzazu, San Andres and EPP.
The company’s revenues were $110,635,000 in Q3 2023, which represented an increase of 30% compared to Q2 2023 and 36% compared to the same period in 2022, primarily due to higher sales volumes.
Adjusted EBITDA was $30,020,000 in Q3 2023, an improvement of 13% compared to $26,596,000 in Q2 2023, as a result of higher production and sales volumes. Compared to Q3 2022, adjusted EBITDA was 80% higher, also mainly due to higher production and sales volumes.
Aura also reported profit from continued and discontinued operations of $7,759,000 in Q3 2023, which is a significant increase compared to profit of $70,000 in Q3 2022.
Importantly, the company said it revised its 2023 production guidance to 231,000 – 253,000 GEO at current prices, which is a decrease of 14,000 to 20,000 GEO (a reduction of about 7%) when compared to the previous guidance, primarily due to lower than expected production from EPP and Almas.
Commenting on the Q3 results, the company said, “Financially, we saw significant growth with increases in volume, revenues, and EBITDA, and we anticipate continued enhancements in volume and margins in Q4. Despite lower-than-expected productivity at EPP due to above-average rainfall, which delayed high-grade output from Ernesto, our strategic progress was substantial.”
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’s operating mines include the Aranzazu copper-gold-silver mine in Mexico, the EPP and Almas gold mines in Brazil, and the San Andres gold mine in Honduras.
The company’s development projects include Borborema and Matupá both in Brazil. Aura’s strategy is to reach an annualized production rate of 450,000 GEO by 2025.
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