Aura Minerals (AUGO) Director Bruno Sells 925,000 Shares (~$38M)

What Happened

• Director Sousa Mauad Bruno executed a series of transactions on Sept 22, 2026 that netted roughly $38.0 million in dispositions. Sales and derivative-related dispositions totaled about $37.95M across 925,000 shares (107,472 @ $90.37; 58,528 @ $91.15; 650,000 @ $30.24; 16,000 @ $27.87; and a 93,000-share derivative conversion @ $30.14). At the same time Bruno acquired 31,000 common shares (25,000 @ $90.36 for $2,259,000 and 6,000 @ $92.81 for $556,840) by converting/selling related BDR positions.
• Overall the activity shows conversions of derivative/BDR positions into common shares and substantial sales of those interests; the purchases were funded by the sale of an equivalent number of BDRs per the filing footnotes.

Key Details

• Transaction date: Sept 22, 2026 (Form 4 filed Sept 23, 2026 — timely)
• Major sales (examples): 107,472 shares @ $90.37 ($9.71M); 58,528 @ $91.15 ($5.34M); 650,000 @ $30.24 ($19.66M)
• Purchases: 25,000 shares @ $90.36 ($2.26M); 6,000 @ $92.81 ($556.8K) — funded by sale/conversion of BDRs
• Derivative/BDR notes: Several transactions involve BDRs (Brazilian Depositary Receipts) and derivative conversions; footnotes state 3 BDRs = 1 common share and prices were weighted averages converted from BRL to USD
• Swap/settlement: A cash-settled total return swap position (Kapitalo) was settled at $27.87 (per footnote)
• Shares owned after transaction: Not disclosed in the provided excerpt
• Remarks: The reporting persons disclaim beneficial ownership except to extent of pecuniary interest (standard remark)

Context

• These filings combine conversions of overseas BDR holdings and derivative settlements with immediate sales — effectively converting BDR exposure into common shares and monetizing a large portion. For retail investors: purchases are often more informative than sales, but here purchases were small and funded by BDR sales; the dominant activity is disposition.
• Derivative language: "Conversion of derivative security" denotes exercising/converting a derivative or converting BDRs into common shares; cash-settlement of swaps means some positions were closed for cash rather than delivery of stock. No indication in the filing of late reporting.