Aura Minerals: Record Production and Valuation Check

Aura Minerals reported record Q4 2025 production of 82,067 gold equivalent ounces and full year output of 280,414 GEO, above its guidance. The share price has reacted strongly, with a 90-day share price return of 46.37%. However, the price-to-sales ratio of 6.3x is considered overvalued compared to the sector and the fair ratio, while the DCF model suggests a fair value of US$149.25, implying the stock is trading 60.8% below its estimated value.