Thanks everyone. We'll continue the session here. Today we welcome Kleber, CFO of Aura Minerals. Without further ado, I'll turn the mic over to you, Kleber, and then afterwards we'll see if there's any question coming from the audience.
Okay. Thank you. Good morning, everyone. Thanks for having me here. Kleber Cardoso, CFO with Aura Minerals. Now a little bit more than seven years with the company. I'm going to present about Aura. We are a growing gold and copper producer focused on the Americas, especially Latin America, and listed on Nasdaq and the Brazilian Stock Exchange. As an introduction about Aura, we're a growing company. We have, through acquiring new assets and building new projects, doubled the size of our company in the last five-six years in terms of gold-equivalent production. What we have in-house, and now we have six mines in production, two projects under development, and expansion potential in all our assets. We expect to double again in the next couple of years. We are a growth story in the middle of the growth curve, I would say.
We have been generating strong cash flows in the last few years. We are up there in the second quartile of the all-in sustaining cash cost curve. I'm going to show in more detail our projects. They generate a high internal rate of return. With these cash flows, we have been able both to finance this growth, but also pay substantial dividends. We approved in the end of 2020 a dividend policy in which we pay at least 20% of our EBITDA minus recurring CapEx. Since then, I think we have, with one or two exceptions, paid above our dividend policy since 2021, and we have very substantial dividend yields. Our dividend yield has been ranging from a minimum 6% in a given year to a maximum 13.5% in one year. Besides being a growth story, we also are a dividend story.
We have been able to both grow the company and pay dividends without putting pressure on our balance sheet. We remain pretty much unleveraged. Our net debt over EBITDA is 0.3x only, which allows us to keep growing, paying dividends as we have more projects going forward. We have a very strong internal culture, which we call Aura 360, in which we put people first. In terms of safety of our employees is our top priority. We finalized 2024-2025 with zero lost time incidents across all projects and operations, although we're building mines, operating different mines in different jurisdictions. We have a strong focus on community environment. There are also some interesting cases I'm going to go over here.
In terms of the company, we have an incentive system in which from the C-Level until the people who are running the mines, they're incentivized to focus on working on reducing all-in sustaining cash costs and maximizing the returns of the project. We are kind of aligned between the shareholders and management of the company. At a glance where we are, as I said, we are focused on Latin America. We have now six assets in production, four gold mines in Brazil. Apoena has been in production for a while. In the last four years, we built two mines in Brazil. One is called Almas. We built in 2022, 2023. The other one, our newest mine, is Borborema. We built in 2024, reached commercial production in September 2025.
The two projects we're proud to say we built on time, on budget, which then gives us the confidence that as we continue growing, and we're going to continue growing by building new projects, we have a team that has experience and a good track record in delivering these projects. In December last year, we acquired also a new mine, Mineração Serra Grande, we call MSG. It was part of the AngloGold Ashanti portfolio. We closed in December. It's a mine that we bring into our portfolio. It's going to be a turnaround case. It comes with a high all-in sustaining cash cost compared to our average, about $3,000 per ounce. In the next few years, we have a plan to push that down, internal resources with experience in that kind of mine to bring it down closer to our numbers.
Other than Brazil, we have open pits mining in Honduras called Minosa. In Mexico is the only asset in production that we have. That copper is our main project. It's Aranzazu. It's a copper-gold-silver concentrate mine. Together, they generate in 2025, 280,000 ounces of gold equivalents. Now in 2026, we already have a guidance to produce between 340 and 390. The growth that I mentioned that we're going to double again, the first step is already happening now in 2026. We are going to increase our production between 20% minimum and maximum 40% compared to 2025. Basically because Borborema, the project we built, came in production in Q4 in acquisition of MSG. Going forward, the next one is going to be Era Dorada Project in Guatemala. We announced last night that we have our Board approval to go ahead and build this project.
Should come in production by the first semester of 2028. We have another also project in Brazil ready to build, called Matupá, that should come next. When all of these projects are in production, plus some additional expanding capacity opportunities, we should more than double the 2025 production. Looking a little bit about the past, our track records. As I mentioned, we more than doubled our production in this chart since 2018. Our all-in sustaining cash costs, we are in the solid second quartile in our industry. We do see some increase from 2024-2025. That's mainly because of this new mine that we're adding the end of the year in conversion between copper to gold. On comparative basis, we have been flat 2023, 2024, 2025. Pretty much competitive.
In combination of growing production, more favorable metal price, and cash and costs is under controls, we see not only our revenues increasing, but our EBITDA increase 25 x in these periods. Very strong EBITDA margins, close to 6% last year. With strong conversion of EBITDA to cash flows, about 67% of this EBITDA has been generating cash flows, which is what is allowing us to grow our production, to make acquisitions, to pay dividends without stressing our balance sheets. One thing that's important to mention about our investments is when you look deeply to our operations, our mines, they're not the largest ones. The six mines now we have in production, all of them produce less than 100,000 ounces per year. They are, in general, very profitable. They yield usually very high internal rate of return.
When making a decision to make acquisition of assets or building a new project, we don't focus on the size, we focus on the expected financial returns, internal rate of return, payback, and then NPV. Our Board looks for at least usually a 20% internal rate of return unleveraged based on consensus gold price, which is a very high hurdle rate. As you're going to see, we have been able to deliver some of the projects with much higher internal rate of return, which allows us then to reinvest, recycle quickly the capital, pay dividends, grow the company without putting our balance sheets under pressure. Going forward, the strategy in the next four or five years is to do kind of the same that we have been doing in the past, is keeping growing the company by investing in these high-returning projects.
We have some examples of two projects that we just built and delivered. For example, Almas that we built in 2022, 2023, had a 64% expected internal rate of return based on less than $2,000 gold price. The return is now, you might imagine, are substantially above that. Borborema, the project we just delivered, had over 80% internal rate of return, considering $2,600 gold price. In Matupá, one of the projects that we have in our pipeline has to build in the next few years a 36% internal rate of return expected, considering $1,900 gold price. Again, all these projects are small but very high return projects. The second, the leverage to keep increasing the value of the company is to keep increasing the investments in reserves and resource. That has been one of the bottlenecks in the past.
We do have a substantial pipeline of mineral rights. We have almost 600,000 hectares of mineral rights, which we don't know very well. We know, geologically speaking, roughly 10%. Over the last three-four years, we have been investing to get to know more the potential of these properties. It's been working. We doubled the reserves in the last six years. We increased it by 70% in the last three-four years. It's working now. We have a consolidated life of mine for the company of 12 years. We're in the middle of the story, such as with the growth in production, we still have a lot to invest in reserves and resource, increasing the value of the company. We have been working also to increase the marketable multiples. Last year, we worked and were very successful increasing the daily trading volume of the company.
That, in the past, was an issue. Now we're trading over $100 million a day, so it's no longer an issue. As we increase the size of the company, we see that larger companies, they trade at a multiple in terms of valuation compared to medium and smaller companies. We expect that benefit to come as well in the future. Our growth plan that we put last year, we are already executing. In 2025, we announced this plan to exceed 600,000 ounces in production. The first two steps are already implemented and being in ramp-up or stabilization phases, the Borborema and MSG. Era Dorada, the next project that I mentioned, is going to add another 110,000 ounces. Matupá, another 55,000 ounces. Expansion in existing projects such as Borborema, Almas. We're going to be producing over 600,000 ounces in the next few years, more than doubling, again, our production.
Which the first step is already being given now in 2026, the new project, Era Dorada, that we announced last night. We acquired this project in January 2025. We spent 1,000 hours in round tables with the communities. There was an issue with social license. We have been able to turn around those issues. We got all the permits, and the last one was obtained a few months ago. Now we have the permits to build the project. It's a very high-grade project. It's an underground project with 6 grams per ton. It's going to, for 17 years life of mine, producing 110,000 ounces per year. You can see again in terms of returns, internal rate of return expected 35%, considering $3,200 gold prices, with opportunities to be much higher than that. Also it's going to be a very strong case in terms of ESG.
In terms of talking to the community, one of the concerns we learned in the community was with the water because the NGOs kept telling them that any mining company pollutes the water, this kind of stuff. We are approving in our CapEx a solution to treat 100% of the water that's going to come from the mine and make it potable and drinkable. We're going to have drinkable water at the end of the process. It's going to be the first municipality in Guatemala with that kind of clean water. Also we have a geothermal project, so 100% of the energy is going to be clean as well. It's going to be a strong case in terms of ESG, and it's coming online in early 2028. Just in summary with what I mentioned here.
We have been investing to grow the company. We put a significant amount of CapEx in making acquisitions and building new projects and investing in geology to increase the reserves and resource. The production we saw has been increasing. The reserves and resources also increasing year after year. The dividends, we have been paying dividends consistently in the last few years, since 2021. Our net debt over EBITDA has remained low and never exceeded 1x, and now is very low, close to zero, which allows us to keep implementing our strategy to keep growing with these high-returning projects that we have in our portfolio. Okay. We're not going to go into the appendix. Thank you.
Thanks, Kleber. Any questions coming from the audience? If not, I'll get us started. Kleber, as you mentioned, some of your assets are not the largest, but they're profitable. I guess my question is there an opportunity with some of these assets to grow in size? Because I know you've talked about the portfolio, you grow through development. In terms of your current operations, are there opportunities to kind of tweak it to make them slightly larger, slightly more in terms of lower cost due to greater economies of scale?
Yes, and it's happening. Pretty much our mindset when we have, for example, a new project is, like I said, to build it as fast as possible, minimize the CapEx, get quickly the payback, and then working to expand and achieve the upsides. One example was the Almas project that we built in 2022-2023. Our goal was to minimize the CapEx. We built it with $75 million. I haven't seen any project with such a low CapEx to put in production a mine with 1.3 million tons capacity at the plant. At the time, we had 17 years with life of mine based on reserves, with potential to expand. The idea was to build fast. We built in 16 months, 16, very quickly. Once we put in production, we started generating cash flow and reinvesting to expand.
Since then, we expanded from 1.3 million tons installed capacity to 2.2 million tons, and now, in 2026, we announced to expand to 3 million tons. We're more than doubling in Almas. Looking now for the upsides, with Borborema is the same. Borborema, we started smaller with potential. Now we're generating cash flows. In 2026, we announced that we are doing studies to expand production capacity. I think in most of our assets, we have this mindset. Let's start small, because upfront CapEx is risky now. Let's risk, let's get the payback quickly, and then reinvest, expand, and look for the upsides.
Great. Maybe one other question. As we've seen from your map, the center of gravity is certainly Brazil. You are now also in Guatemala and Honduras. Looking into the future, is Brazil going to continue to be your center of gravity?
Not necessarily. We are Americas player with much focus, as we've shown, in Latin America, which we understand as a region has its challenge. We wouldn't go outside Latin America because we don't know other regions. The entire management that we have is from the region. We see there are good opportunities, not only Brazil, in the entire Latin America. Most of the projects are in Brazil because Brazil is such a large country now with many opportunities. The next growth could be in any place in Latin America or North America.
Great. That's all the time we have. Thanks once again, Kleber.
Okay. Thank you.