Aura Minerals announced that S&P Global Ratings elevated the company’s issuer credit rating from B+ to BB-, and upgraded the Brazilian national scale rating from brAA to brAA+. The rating action, disclosed by the company on March 03, 2026, also included a raise for the debentures issued by Aura Almas Mineração S.A. to brAA+. S&P set a stable outlook for both the global and national-scale ratings, indicating the agency expects the company’s credit profile to remain steady in the near term.
The upgrade stems from a combination of stronger commodity markets and operational progress. S&P cited record-high gold prices and rising production volumes as key supports for Aura’s ability to sustain robust EBITDA and generate healthy cash flow. The agency expects these factors, together with disciplined capital deployment, will keep adjusted gross debt to EBITDA at relatively low levels despite ongoing investments and dividend payouts.
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Rating rationale and outlook
S&P’s decision rests on forecasts of continued output growth over the next two years, driven by both ongoing project development and capacity expansions at existing operations. The agency also anticipates a gradual reduction in cash costs, which would further strengthen margins. Included in S&P’s assessment is an expectation that Aura will maintain a solid liquidity position, enabling the company to fund expansion programs while meeting financial commitments.
The stable outlook reflects S&P’s view that the recent production gains and favorable pricing environment provide a buffer against short-term volatility. Should production falter materially, or if cash conversion weakens while debt rises, the outlook could be reassessed. Conversely, sustained operational gains and conservative balance sheet management might prompt further positive rating action.
Management perspective and production guidance
Rodrigo Barbosa, President and CEO of Aura, framed the upgrade as validation of a multi-year growth strategy that balances scale with profitability. Management highlighted recent contributions from the Borborema and MSG operations and reiterated a 2026 production range of 340,000–390,000 GEO. The company also affirmed a longer-term ambition to exceed 600,000 GEO, reflecting confidence in both near-term expansions and future project pipelines.
In this context, GEO refers to gold equivalent ounces, a standard industry metric used to combine different metals into a common production figure. Aura’s guidance and longer-term goals are central to S&P’s assessment because higher volumes at favorable prices underpin the agency’s expectations for improved cash flow and a low adjusted gross debt to EBITDA ratio.
Debentures and investor implications
S&P also upgraded the rating on Aura Almas’s debentures to brAA+, aligning the debt instrument’s assessment with the company’s improved national-scale profile. For holders of those instruments and prospective creditors, the upgrade signals reduced perceived default risk and may influence borrowing costs and market access. From an investor standpoint, a higher rating typically translates into lower credit spreads and greater appeal to fixed-income buyers seeking better-rated corporate exposure.
Assets, projects and the 360° Mining approach
Aura operates multiple assets across the Americas, including gold mines in Honduras and Brazil and a polymetallic mine in Mexico. The company’s portfolio includes operating sites such as Minosa, Almas, Apoena, Borborema and MSG, plus Aranzazu in Mexico. Development and exploration projects—Era Dorada in Guatemala, Tolda Fria in Colombia, Matupá in Brazil, and the Carajás copper project—form the pipeline that management expects will drive future growth.
The company describes its strategy as 360° Mining, an approach that emphasizes the broader impacts of mining activities on stakeholders, communities and employees while pursuing steady operational expansion. S&P’s upgrade took into account not only near-term production and price dynamics but also Aura’s demonstrated ability to advance projects and sustain dividends while managing the balance sheet.
What this means for the market
Credit upgrades typically enhance a company’s financing flexibility and lower its cost of capital. For Aura, the move to BB- and brAA+ may improve access to both local and international lenders and support ongoing project finance discussions. However, the ratings remain below investment grade, so the company still faces scrutiny tied to commodity cycles and execution risk.
Stakeholders should watch the company’s ability to hit the 2026 guidance and to sustain improvements in cash costs and liquidity as the main determinants of future credit direction.
