Aura Minerals Outperform Rating, US$35 Price Target Maintained by National Bank of Canada

10:47 AM EDT, 08/25/2025 (MT Newswires) -- Aura Minerals (AUGO) keeps its Outperform rating and US$35 price target with a speculative risk qualifier at National Bank of Canada, according to a note published over the weekend.

The bank based the price target on 4.75x NTM EBITDA multiple, which reflects the continued period of growth relative to intermediate gold producer peers.

National Bank said it joined Aura for site visits to the company's Almas and Apoena mines in Brazil, followed up by sessions with senior leadership. It added the tour offered a direct look at operating practices in Aura's decentralized management model, and provided updates on optimization and growth across Aura's portfolio.

"Aura delivered impressive growth in recent years and investors are recognizing the Intermediate valuation potential highlighted in our initiating coverage report," the bank said.

It added with the Borborema mine entering commercial production in Q3 2025 and integration of the newly-acquired MSG, the bank expects production to rise further to near 331 kGEO in 2026 and onwards to near 400 kGEO by 2028. Growth levers that are not yet in the bank's estimates include the Era Dorada project (PEA-stage, near 95k GEO/yr potential) and Matupa (FS-stage, near 60 kGEO/yr potential), and the potential to expand at Almas, Borborema and MSG.

National Bank noted Aura's management prioritizes strong quarterly dividends, and the bank estimates near US$1.26/sh NTM for a near 4.7% annualized yield. In the short term, National anticipates Q3 to be impacted by realized losses on gold hedges (-US$25 mln at spot) and expect this to be "manageable" given the expanded production base with Borborema ramping up and MSG being integrated.

Aura traded down 0.75% at last look Monday on the TSX.

Price: 38.59, Change: -0.29, Percent Change: -0.75

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