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What were the key takeaways from Aura Minerals's earnings call?

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- **Record Q3 Performance**: $248M revenue, 74K oz production, $152M EBITDA (45% YoY growth)
- **Dividend Strength**: $0.48/share declared (77.4% yield), $40M payout vs $30M Q2
- **Balance Sheet Health**: $350M cash, $64M net debt (0.15x LTM EBITDA)
- **Strategic Momentum**: MSG acquisition closing Q3, Borborema near full capacity, 2026 guidance 204-220K oz
- **Liquidity Expansion**: Daily trading volume $29.7M vs $1.5M pre-IPO, targeting index inclusion


**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue reached $248 million, up 15% YoY, driven by North American market recovery and higher gold prices ($3,825/oz vs $3,287/oz Q2). 
- **Production Milestones**: Achieved 74,000 oz Q3 production (vs 64,000 oz Q2), with Borborema nearing full capacity. MSG acquisition expected to close Q3, adding 80,000 oz/y production.
- **Cost Control**: All-in sustaining cash cost reduced to $1,396/oz (vs $1,450/oz Q2), despite higher gold price impact on oz equivalency.
- **Strategic Initiatives**: 
  - $0.48/share dividend declared (77.4% yield vs 12-month average)
  - NASDAQ listing boosted daily trading volume to $29.7 million (from $1.5 million pre-IPO)
  - 2026 guidance: 204,000-220,000 oz production, <10% YoY CapEx growth

**【CFO Financial Commentary】**
- **Q3 Financials**: 
  - GAAP net income: $6 million (vs $37 million Q2), impacted by $75 million non-cash derivative loss
  - Adjusted EBITDA: $152 million (vs $108 million Q2), driven by 45% YoY production growth
  - Free cash flow: $75 million (vs $50 million Q2), after $28 million dividend payout
- **Balance Sheet**: 
  - Cash: $350 million post-IPO
  - Net debt: $64 million (0.15x LTM EBITDA)
  - 12-month EBITDA: $419 million (vs $320 million 2024)
- **Derivative Update**: Zero-cost collar marking to market reduced Q3 net income by $75 million, but preserved long-term project economics

**【Q&A Highlights】**
1. **Capital Allocation**: 
   - Prioritize MSG turnaround, Borborema expansion, and Era Dorada/Matupa feasibility
   - M&A pipeline active, but disciplined on valuation
2. **Dividend Policy**: 
   - 20%+ EBITDA payout target ($420 million+ annualized)
   - Q3 dividend: $40 million (vs $30 million Q2)
3. **Project Updates**: 
   - MSG expected to close Q3, with 12-18 months to reach 100,000 oz/y
   - Borborema road relocation progressing, potential 20%+ reserve expansion
   - Era Dorada feasibility study to be released Q4
4. **Liquidity Goals**: 
   - Target $30+ million/day trading volume to attract institutional investors
   - Evaluate index inclusion (e.g., ESG, Nasdaq 100)


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