Brazil Gold Mining Stocks: 2026 List of Producers, Juniors and Pre-IPO Companies

Brazil gold mining stocks give investors exposure to one of the world's fastest-growing gold provinces, but almost none of them trade in Brazil. The largest producers are Kinross Gold, AngloGold Ashanti, Pan American Silver and G Mining Ventures, listed in Toronto and New York, alongside smaller producers such as Serabi Gold, Jaguar Mining and Aura Minerals, junior developers such as Cabral Gold, and private pre-IPO companies such as Pilar Gold.

This guide lists the main listed and private gold mining companies in Brazil, with their tickers, mines, 2025 production and costs taken from company filings. It also covers the ownership changes of 2025–26, how to value these stocks, and how to buy them. Production figures are company-reported. Prices and valuations change daily, so check current market data before investing.

Which gold mining stocks have mines in Brazil?

At least a dozen listed and private companies mine or are developing gold in Brazil, ranging from majors producing 600,000 ounces a year to juniors that have just poured first gold. The table ranks the main producers by 2025 Brazilian output.

GEO = gold equivalent ounces. AISC = all-in sustaining cost. Sources: company 2025 results releases and filings, linked throughout and listed below.

The largest names are diversified multinationals, so Brazil is only part of their story. Pure-play exposure, where Brazil drives most of the value, comes mainly from G Mining Ventures, Serabi, Jaguar, Cabral and private companies such as Pilar Gold.

The major producers: Kinross, AngloGold and Pan American

Kinross's Paracatu is Brazil's largest gold mine and one of the biggest open pits in the world. According to Kinross's 2025 results, Paracatu produced 601,318 gold equivalent ounces in 2025, up 14% on 2024. It was Kinross's highest-producing mine and its eighth consecutive year above 500,000 ounces. It is a very low-grade, very high-tonnage operation: about 52.6 million tonnes were processed at 0.43 g/t. See how it compares with every other major operation in our ranking of the largest gold mines in Brazil.

AngloGold Ashanti has mined in Brazil for more than 190 years. Its AGA Mineração unit, which includes the Cuiabá, Lamego and Córrego do Sítio mines in Minas Gerais, produced 273,000 ounces in 2025, according to its Q4 2025 operating statistics. The company sold its Serra Grande mine in Crixás, Goiás, to Aura Minerals effective 1 December 2025, after it produced 53,000 ounces in the year's first 11 months.

Pan American Silver's Jacobina underground mine in Bahia produced 190,500 ounces in 2025 at an AISC of $1,306 per ounce, according to Pan American's 2025 production release. Jacobina has more than 3 million ounces of proven and probable reserves.

For investors, these stocks offer liquidity, dividends and diversification, but Brazil is a minority of each company's value.

Mid-tier and pure-play producers

G Mining Ventures is the largest Brazil-focused gold stock by production. Its Tocantinzinho (TZ) open-pit mine in Pará reached commercial production in September 2024. In its first full year, 2025, it produced 171,871 ounces at an AISC of $1,155 per ounce and generated $255 million of mine-site free cash flow, according to G Mining's 2025 results. Output was slightly below its 175,000–200,000 ounce guidance. The company is also building Oko West in Guyana and advancing its Gurupi project through exploration and permitting.

Serabi Gold runs high-grade underground mines in the Tapajós region of Pará. It produced a record 44,169 ounces in 2025, up 18%, with an AISC of $1,816 per ounce. It paid its first dividend and ended the year with $42.1 million of net cash, according to its audited 2025 results. In October 2026, Serabi cut its 2026 outlook to roughly 2025 levels, from more than 53,000 ounces, because of permitting delays at Coringa. That mine still runs under a temporary trial-mining licence (GUIA) that caps ore transport at 100,000 tonnes a year and expires on 29 January 2027. Serabi is the listed peer that Pilar Gold uses in its own valuation comparison.

Aura Minerals moved its principal listing to Nasdaq (AUGO) in July 2025. It runs three Brazilian gold mines (Apoena in Mato Grosso, Almas in Tocantins and Borborema in Rio Grande do Norte, which declared commercial production in September 2025) and added Serra Grande in December 2025. Group output was 280,414 GEO in 2025, including operations in Mexico and Honduras.

Jaguar Mining produced 40,254 ounces in 2025, almost all from its Pilar mine in the Iron Quadrangle, according to its 2025 operating results. Its Turmalina mine was suspended for all of 2025 after a December 2024 tailings incident and restarted in March 2026. Jaguar's Pilar mine is unrelated to Pilar Gold's PGDM complex in Goiás.

Who owns Brazil's gold mines now? The 2025–26 shake-up

Two large deals reshaped the list of Brazil gold mining stocks in the past year, and many online lists have not caught up.

1. Equinox Gold has exited Brazil. On 23 January 2026, Equinox completed the sale of its Aurizona, RDM and Bahia Complex mines to a subsidiary of China's CMOC Group for up to $1.015 billion. CMOC says the assets hold 5.0 million ounces of resources and 3.9 million ounces of reserves, and it expects them to produce 6–8 tonnes of gold in 2026, roughly 190,000–260,000 ounces. Equinox shares no longer give Brazil exposure.
2. AngloGold Ashanti sold Serra Grande to Aura Minerals. The Crixás mine in Goiás changed hands on 1 December 2025, adding a fourth Brazilian gold operation to Aura's portfolio.

These sales show that international buyers will pay large sums for producing Brazilian ounces. They also matter for anyone screening "Brazil gold stocks": tickers that were Brazil plays in 2024 may not be in 2026.

Junior developers and explorers in Brazil

Juniors offer the most leverage to success in Brazil, and the most risk. The main listed names are:

Cabral Gold is the most-searched junior. It approved construction of a Phase 1 heap-leach mine at Cuiú Cuiú in October 2025, funded by a $45 million gold loan. The pre-feasibility study estimated capital costs of $37.7 million and an AISC of $1,210 per ounce over a 6.2-year life. Cabral received its operating licence in August 2026, poured first gold on 10 September 2026, and in August closed a C$45 million private placement at C$1.30 per unit with strategic investor Alpayana. The ramp-up to design capacity is the next test.

Exploration-stage companies have no production, so their share prices move on drill results, resource estimates and financing.

Pre-IPO: Brazil gold companies you can't buy on an exchange yet

Some Brazilian gold companies are still private and raise money through private placements before listing. Investors in these rounds take on illiquidity in exchange for an entry price set before the market values the company.

Pilar Gold is one example. The private Canadian company owns the fully equipped PGDM complex in Pilar de Goiás. The complex includes the Pilar, Maria Lázara and Caiamar underground mines, the Três Buracos open-pit project and a central processing plant, and hosts a 4 million ounce gold resource. The company is raising C$5 million at C$0.30 per share, an entry valuation of about C$148 million, to restart production. It targets 40,000 ounces a year near term, 80,000 ounces medium term and a listing in H1 2027. See our guide to the Pilar Gold IPO and listing plans for the details.

Goiás already has one recent comparison: Hochschild's Mara Rosa open pit began production in May 2024 and produced 63,770 GEO in its first partial year. A difficult 2025 cut that to 40,062 GEO, at an AISC of $3,697 per ounce, according to Hochschild's annual results. That range shows both the potential of the state and the execution risk in any start-up or restart.

How to value Brazil gold mining stocks

Analysts compare gold miners on what the market pays per ounce, how much each ounce earns, and the risk of getting it out of the ground. The main metrics are:

• EV per resource ounce. Enterprise value (market cap plus net debt) divided by total resource ounces. It is useful for juniors and developers.
• EV per annual ounce produced. It is useful for comparing producers of different sizes.
• AISC margin. Realised gold price minus AISC. For example, G Mining realised $4,032 per ounce in Q4 2025 against an AISC of $1,245, a margin of about $2,790 per ounce. Serabi's 2025 average was $3,481 realised against $1,816 AISC, about $1,665 per ounce.
• Price to net asset value (P/NAV). The share price relative to the discounted cash flow value of the company's mines. Producers usually trade at higher multiples than developers.
• Jurisdiction and permitting. Mines in Pará face a new state production tax (G Mining estimated it at $27 per ounce in 2025) and environmental licensing timelines. Serabi's Coringa operating licence still depends on federal FUNAI and INCRA approvals.

Worked example using company figures: Pilar Gold states an implied enterprise value of about C$77 million and a 4 million ounce resource. That works out to roughly C$19 per resource ounce. Investors should compare this with listed peers using current market data, and note that resources are not reserves. A low EV per ounce can reflect real risks, such as needing to restart operations or confirm the mine plan, rather than a mispricing. See Pilar Gold's current offer terms for the company's own comparison.

How to buy Brazil gold mining stocks

Most Brazil gold stocks are bought through an ordinary brokerage account on North American or London exchanges. For the general process, see our step-by-step guide on how to buy gold stocks.

1. Choose the exchange. TSX and TSX Venture (GMIN, JAG, CBR, ALTA), NYSE and Nasdaq (KGC, AU, PAAS, AUGO), or London (SRB on AIM, HOC on the LSE). US investors can often buy Canadian juniors through OTC tickers such as GMINF and CBGZF.
2. Check B3 options if you are in Brazil. Few pure-play gold miners list on Brazil's B3. Aura's depositary receipts (AURA33) are one of the main local options.
3. Consider funds. Gold miner ETFs hold several of these companies, but Brazil will be a small share of most funds.
4. For private companies, use the placement route. Pre-IPO shares are only available to eligible investors through private placements. Request the Pilar Gold investor pack for one example, and read our guide to gold mining in Brazil for wider sector context.

Risks of investing in Brazil gold stocks

• Operational risk. In 2025 alone, Hochschild's Mara Rosa needed a turnaround and a plant shutdown, and Jaguar's Turmalina mine was suspended all year.
• Licensing and regulation. Environmental licences are issued at state level, often need federal sign-offs, and can take years; permitting delays cut Serabi's 2026 production outlook. Royalties and the new Pará production tax raise costs as gold prices rise.
• Currency. Costs are largely in Brazilian reais and revenue is in US dollars, so a stronger real squeezes margins.
• Gold price. Miners amplify gold price moves in both directions.
• Liquidity and dilution. Juniors trade thinly and usually issue shares to fund growth. Private pre-IPO shares can't be sold until a listing.

Past production and cost figures do not predict future share performance.

The bottom line

Brazil's gold sector spans a 600,000-ounce-a-year Kinross mine, recently built mid-tier producers such as G Mining's Tocantinzinho, high-grade juniors such as Serabi and Cabral, and private companies preparing to list. The 2025–26 deals moved Equinox's mines to CMOC and Serra Grande to Aura, so check any Brazil stock list against current ownership. Investors looking for an earlier entry than the listed market can review private rounds such as the Pilar Gold pre-IPO investment, with the higher risk and illiquidity that come with it.