Aura Minerals released an updated PEA and mineral resource estimate (MRE) for its 100%-owned Matupá Au project in Brazil. The PEA highlights attractive economics for the project outlining an NPV5% of $86M, IRR of 28.4% and payback period of 2.1 years. The PEA demonstrates a quick payback period with low capex, high IRR and a relatively straightforward mining operation. We view the decision to advance this project further and initiate construction relatively quickly (in H1/22E) as a commitment to the company’s strategy of investing in higher impact (lower capex) projects that should grow its production profile. Aura recently decided to stop investing in its Gold Road mine in Arizona to focus on its larger operations and projects (read more).