Aura Minerals is a mid-tier gold and copper mining company operating six mines across the Americas. Gold is the dominant product, representing 73% of revenue, produced at five mines in Honduras and Brazil. The sixth mine, Aranzazu in Mexico, is primarily a copper mine that also produces gold and silver as by-products. Aura mines ore, processes it into doré bars and concentrates, and sells to a small group of commodity traders and refineries — Asahi Refining, Trafigura, Auramet International, and Metalor Technologies collectively account for essentially all revenue. Profitability is driven by gold prices, production volume, and cost control, with an AISC of $1,458/GEO in FY25. Aura uses a decentralized operating model where mine teams run day-to-day operations while the corporate team manages capital allocation and strategy. Aura grows through three levers: greenfield development, reserve extension drilling, and M&A. The company has a track record of building mines on time and on budget, with Almas and Borborema as recent examples. The next greenfield project is Era Dorada in Guatemala, a high-grade underground gold project with 1.75M oz in reserves, targeted for board approval in H1 2026. On M&A, Aura follows a consistent playbook of acquiring underperforming or underdeveloped assets in the Americas and applying its operational expertise — the most recent acquisition being the MSG underground gold complex in Brazil, acquired from AngloGold in December 2025. Management's long-term production target is 1 million oz/year.