Aura Minerals reserve surge to 7.22Moz GEOs: project and pit notes for engineers
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Aura Minerals has more than doubled its proven and probable reserves to 7.22 million gold-equivalent ounces (GEOs) from 3.44 million, spanning six operating mines and two development projects across the Americas. Key drivers include a 170% reserve increase at the Borborema mine in Brazil following pit expansion, updated geological models and higher gold price assumptions in a new feasibility study, plus added underground reserves at Almas and the June acquisition of the Mineração Serra Grande mine from AngloGold Ashanti. Aura drilled over 106,500 metres in 2025 on US$21.8 million of exploration spend and is targeting 600,000 GEOs/year versus 280,000 GEOs produced in 2025.
Technical Brief
- Exploration intensity reached over 106,500 m drilled in 2025 for US$21.8 million spend.
- Measured and indicated resources rose 26% to 3.49 million GEOs across the portfolio.
- Inferred resources expanded by more than 200% to approximately 3.92 million GEOs.
- Aura now operates six producing mines plus two development assets distributed across the Americas.
- Market capitalisation reached US$7.33 billion, with NASDAQ shares nearing the US$90.19 all‑time high.
- Rapid reserve and resource growth at a relatively modest exploration budget suggests low discovery cost per GEO.
Our Take
In our database of 1208 Mining stories, relatively few gold-focused companies outside the majors report exploration budgets above US$20 million in a single year, so Aura’s US$21.8 million 2025 spend and resulting >200% inferred resource growth position it at the aggressive end of the Latin American mid-tier explorer-producer spectrum.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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