Aris Mining's Q2 2025 Results: A Gold Rush of Growth and Discipline

Aris Mining (TSX: ARIS, NYSE-A: ARMN) has delivered a Q2 2025 performance that screams “buy this stock.” With record revenue of $200.2 million, tripled adjusted EBITDA to $98.7 million, and a cash hoard now exceeding $310 million, this company is not just surviving in the gold sector—it's dominating. Let's break down why Aris Mining is a textbook example of strategic growth, disciplined capital allocation, and scalable operational execution, and why investors should act now.

The Numbers Don't Lie: A Gold Mine of Momentum

Aris Mining's Q2 results are nothing short of explosive. Revenue surged 75% year-over-year, driven by higher gold prices and a 7% sequential increase in gold production to 58,652 ounces. But the real star is adjusted EBITDA, which nearly tripled from Q2 2024 to $98.7 million. On a trailing 12-month basis, the company has generated $264 million in adjusted EBITDA—a figure that screams “intermediate producer” potential.

The cash flow story is equally compelling. Aris generated $74.6 million in free cash flow after sustaining capital and taxes in Q2 alone. This isn't just a one-quarter miracle—it's a sign of a company that can fund its future growth without relying on debt. With $310 million in cash and $114.8 million in warrant proceeds already secured, Aris is sitting on a war chest that could fund years of expansion.

Operational Execution: The Engine Behind the Growth

Aris Mining's operational prowess is the backbone of its success. The Segovia mine, now operating with a second ball mill commissioned in June 2025, is a case study in scalability. Gold production there hit 51,527 ounces in Q2, with grades of 9.9 g/t and recoveries of 96.1%. The AISC margin at Segovia jumped 43% quarter-over-quarter to $87.2 million, proving that higher throughput doesn't come at the expense of efficiency.

Meanwhile, the Marmato Narrow Vein Zone added 7,125 ounces in Q2, a 29% year-over-year jump. But the real long-term play is the Marmato Bulk Mining Zone, where infrastructure like the main substation and CIP plant platforms are nearing completion. This project, set to start production in H2 2026, will add a new revenue stream and further diversify Aris's production base.

Capital Allocation: A Masterclass in Discipline

Aris Mining isn't just a gold producer—it's a capital allocation machine. In Q2, the company spent $30.5 million on growth projects: $6.9 million for Segovia's expansion and $23.6 million for Marmato's bulk mining zone. Yet, even after these investments, Aris retained $37.9 million in net cash flow. That's the definition of disciplined growth.

The company's balance sheet is a fortress. With no significant debt and a cash balance that's grown by 30% in six months, Aris has the flexibility to accelerate projects or even pursue strategic acquisitions. The recent warrant expiry in July 2025 further simplified its capital structure, eliminating a source of non-cash earnings volatility and stabilizing its financial profile.

The Road to 300,000 Ounces: A Clear Growth Pipeline

Aris Mining isn't resting on its laurels. The company is on track to produce 210,000–250,000 ounces in 2025 and has its sights set on 300,000 ounces by 2026. The Soto Norte and Toroparu projects, currently undergoing updated studies, could unlock additional value. A smaller-scale Soto Norte development is designed to support local miners, aligning with ESG trends, while the Toroparu PEA could reveal new low-cost production opportunities.

Investment Thesis: Buy the Dip, Ride the Gold Wave

Aris Mining checks every box for a high-conviction gold stock. It has:
- Strong cash generation ($264M trailing EBITDA, $310M cash reserves).
- Scalable operations (Segovia expansion, Marmato growth, and a clear path to 300K oz).
- Disciplined capital allocation (funding growth without debt, retaining cash flow).
- A leadership team executing on a clear vision to become a top-tier Latin American gold producer.

With gold prices trading near $2,400/oz and the sector in a bull market, Aris Mining is positioned to outperform. At current valuations, the stock offers a compelling entry point for investors seeking exposure to a company that's building a gold empire—one ounce, one project, and one dollar of EBITDA at a time.

Bottom Line: Don't miss this golden opportunity. Aris Mining is a buy for the long term. Ride the wave of disciplined growth and scalable production—before the market catches up.