Almas is due to produce an average of 51,000 ounces a year during its first four years, with an overall estimated mine life of 17 years, following a total investment of about US$73 million.

"Not only does this decision show the value Aura is getting from its 2018 strategic merger with Rio Novo Gold, but also emphasises the continued effort of the Aura team to deliver on its promises. The results of this team effort are that Aura has been able to optimise the project, allowing us to build a safe, sustainable future while enhancing growth and returns," said Aura Minerals' CEO Rodrigo Barbosa.

Almas is estimated to yield an after-tax net present value of $183 million at a $1,558/oz gold  price.

Shares in Aura Minerals are trading at C$14.59, valuing the company at C$1 billion.