Aris Mining's Q1 2025: Unpacking Contradictions in Toroparu Development and Marmato Mining Rates

Earnings DecryptMonday, May 19, 2025 5:02 am ET
2min read
Toroparu PEA development options and Marmato underground mining rates are the key contradictions discussed in Corporation's latest 2025Q1 earnings call.



Strong Financial Performance and Gold Production Increase:
- reported adjusted net earnings of $27 million, or $0.16 per share, the highest quarterly EPS since its formation, with gold revenue totaling $154 million, up 47% over the same quarter last year.
- The growth was driven by solid operational execution and record gold prices, generating strong cash flow to fund key growth initiatives.

Segovia Plant Expansion and Cost Efficiency:
- Segovia's processing plant expansion is on track to increase capacity from 2,000 tonnes per day to 3,000 tonnes per day, with commissioning expected in June 2025.
- The expansion is anticipated to support increased production rates in the second half of the year, with Segovia generating an all-in sustaining cost margin of $61 million, more than doubling the previous year's margin.

Marmato Lower Mine Construction Progress:
- The construction of the Lower Mine at Marmato is gaining momentum, with the design capacity increased to 5,000 tonnes per day.
- The project is expected to produce over 200,000 ounces of gold per year upon completion, with a fully funded capital balance of $208 million.

Technical Studies at Soto Norte and Toroparu:
- Aris Mining is advancing a pre-feasibility study for Soto Norte and a preliminary economic assessment for Toroparu, with both studies expected to be completed in Q3 2025.
- The studies aim to assess updated development options and optimize infrastructure, providing strategic flexibility for unlocking value from these projects.