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- **Record 2025 Performance**: 22% gold production growth, 82% revenue surge, $464M EBITDA, and $127M free cash flow.
- **2026 Growth Ambitions**: 300,000-350,000 oz production target, Segovia AISC margin of $650M, and Marmato CIP plant first gold pour in Q4.
- **Financial Strength**: $392M cash balance, 1x leverage, and no debt maturities until 2029.
- **Strategic Moves**: NYSE uplisting, 100% asset ownership, and $400M Marmato project completion.

**【CEO Summary Section】**
- **2025 Performance Highlights**: Gold production up 22% YoY to 257,000 oz, revenue surging 82% to $909M, adjusted EBITDA tripling to $464M, and adjusted net earnings jumping 265% to $241M. Free cash flow of $127M generated after funding $196M in growth capex.
- **2026 Growth Outlook**: 300,000-350,000 oz production target (25%+ YoY growth), Segovia mill expected to generate $650M in AISC margin at $4,400/oz gold. Marmato CIP plant on track for Q4 2026 first gold pour.
- **Strategic Milestones**: 100% ownership of key assets (Segovia, Marmato, Toroparu, Soto Norte), NYSE uplisting, and $392M cash balance.

**【CFO Financial Commentary】**
- **2025 Financial Results**: GAAP revenue $909M (+82%), adjusted EBITDA $464M (+185%), adjusted EPS $1.28 (+265%). Cash balance increased to $392M, net debt $86M, and leverage ratio 1x.
- **Cash Flow Drivers**: $322M operating cash flow after sustaining capex, offset by $196M growth capex (Marmato $128M, Segovia $39M). $150M from warrant exercises and $13M asset sale boosted liquidity.

**【Operations Update】**
- **Segovia**: Q4 production 62,137 oz (-4% vs Q3 due to maintenance), AISC margin $421M (+158% YoY). 2026 target: 3,000 tpd throughput by Q4 via underground haulage improvements.
- **Marmato**: CIP plant construction 50% complete, $40M milestone payment received. 2026 plan: 3,000-4,000 tpd processing, full 5,000 tpd capacity by end-2027.

**【Projects & Capital Markets】**
- **Marmato Capex**: Total project estimate $400M ($180M spent through 2025, $220M budgeted for 2026). Includes underground crosscuts, storage facilities, and paste backfill plant.
- **Toroparu/Soto Norte**: PFS/PF studies advancing, with Soto Norte environmental license application planned for Q2 2026.
- **NYSE Uplisting**: Enhanced visibility and liquidity, with ticker symbol change to ARIS.

**【Q&A Highlights】**
- **Segovia Ramp-Up**: Q1 2026 throughput ~2,600 tpd, targeting 3,000 tpd by Q4. Contractor mining margin stable at ~35% mix.
- **Marmato Cost**: Total capex estimate $400M, with $220M budgeted for 2026. No acceleration of 5,000 tpd target expected.
- **Liquidity**: $392M cash balance, no debt maturities until 2029, and 1x leverage ratio.

Aris Mining Corp TO (ARIS) Q4 2025 Earnings Call Transcript

- **Record Q2 Performance**: $48M adjusted earnings, 30% gold revenue growth, $310M cash position.
- **Segovia Expansion**: 50% capacity increase achieved, targeting 300K oz/year by 2026.
- **Marmato Progress**: Bulk mining zone on track for H2 2026 first ore, despite minor delay in decline development.
- **Financial Strength**: $114M from warrant exercises, 1.8x total leverage, $1.5B market cap.
- **Operational Momentum**: 58.7K oz Q2 production, 42% Contract Mining margin, AISC trending lower.

**【CEO Opening Remarks】**
- Q2 2025 delivered record adjusted earnings of $48 million ($0.27/share), highest since Aris Mining's formation in 2022.
- Gold revenue reached $200 million, up 30% from Q1, with trailing 12-month EBITDA of $264 million.
- Cash position strengthened to $310 million, including $150 million from warrant exercises (99% exercised).
- Segovia's second ball mill commissioned on time/budget, targeting 300,000 oz/year by 2026.
- Marmato bulk mining zone on track for first ore in H2 2026, with earthworks nearing completion.
- Soto Norte PFS and Toroparu PEA expected by Q3 2025.

**【CFO Financial Commentary】**
- ASIC margin increased 43% Q/Q to $87 million, driven by higher production and gold prices.
- Free cash flow from operations: $38 million (after $37M in expansion capex and $42M taxes).
- Warrant exercises generated $114M in cash (Q2: $53M, post-Q2: $61M), extinguishing noncash earnings volatility.
- Q2 net loss included $51M noncash warrant revaluation loss, now resolved with warrant expiration.

**【Capital Structure Update】**
- Liquidity: $310M as of June 30, up from $240M in Q4 2024.
- Total leverage: 1.8x (down 1.2 turns since Q4 2024); net leverage: 0.7x (down 0.8 turns).
- Market cap: $1.5B (vs $820M at last debt refinancing), providing strong equity cushion.
- No debt maturities until 2029; stable B1/B+/B credit ratings.

**【Operational Performance】**
- Q2 gold production: 58,700 oz (+7% Q/Q), H1 2025: 130,000 oz (+13% vs H1 2024).
- Segovia: 51,500 oz at 96.1% recovery, All-in sustaining margin $87M (43% Q/Q increase).
- Contract Mining Partners: 42% All-in sustaining cost margin (above 35-40% guidance range).
- Owner mining AISC: $1,520/oz (trending toward lower end of $1,450-1,600/oz guidance).

**【Project Updates】**
- Segovia: 3,000 tpd capacity expansion complete, targeting 210-250K oz in 2025 and 300K oz in 2026.
- Marmato: Bulk mining zone earthworks nearing completion, first ore expected H2 2026.
- Soto Norte PFS and Toroparu PEA expected Q3 2025.

**【Q&A Highlights】**
- Segovia production: Q3 increase modest, larger ramp-up in Q4, targeting mid-range of 210-250K oz guidance.
- Contract Mining Partners margins: Driven by gold price fluctuations; guidance reflects cautious outlook.
- Marmato capex: Total estimate $283M, H2 spending TBD (to be updated post-call).

Aris Mining Corporation (ARMN) Q2 2025 Earnings Call Transcript

- **Record Q1 Performance**: $154M gold revenue (+47% YoY), highest EPS ($0.16) since 2022 formation.
- **Strong Cash Position**: $240M cash, 1.2x net leverage ratio enabling $290M Marmato expansion.
- **Segovia Expansion On Track**: 3,000 tpd mill to commission June, targeting 300K oz/year by end-2025.
- **Warrant Inflows**: $19M received, potential $96M from expiring warrants to strengthen balance sheet.
- **Growth Pipeline**: 500K oz/year production target by 2025, with Marmato, Soto Norte, and Toroparu projects advancing.

**【CEO Opening Remarks】**
- Q1 2025 marks Aris Mining's best quarterly performance since formation in 2022, with adjusted net earnings of $27M ($0.16/share) and gold revenue up 47% YoY to $154M.
- Cash balance of $240M and net debt of $250M (1.2x leverage ratio) provide financial flexibility for growth initiatives.
- 12-month EBITDA of $201M reflects strong operational execution and record gold prices.

**【CFO Financial Highlights】**
- Q1 gold production: 55,000 oz (8% YoY increase), 22% of full-year guidance (230-275K oz).
- Segovia: 47,500 oz produced at $1,482/oz AISC, with all-in sustaining cost margin up 105% YoY to $61M.
- Contract mining partners generate 41% margin, exceeding guidance range (35-40%).
- Warrant exercises to date: $19M received, potential $96M from remaining expiring in July 2025.

**【COO Growth Projects】**
- **Segovia Expansion**: 3,000 tpd mill on track for June commissioning, targeting 300K oz/year by end-2025.
- **Marmato Lower Mine**: 5,000 tpd capacity expansion with $290M remaining capital, 82% funded by Wheaton streaming.
- **Soto Norte & Toroparu**: PFS and PEA studies expected Q3 2025 to evaluate underground and heap leach options.

**【Q&A Key Takeaways】**
- Segovia production split: 60% Aris Mining, 40% contract miners, ramping steadily to 3,000 tpd by end-2025.
- Marmato underground mining rates to scale up from H2 2026, targeting 5,000 tpd by H2 2027.
- Cash taxes in Q2 expected similar to prior quarters, calculated at 35% of Segovia profits.
- Capital allocation priority: complete Marmato Lower Mine, then evaluate Soto Norte and Toroparu study results.

Aris Mining Corporation (ARMN) Q1 2025 Earnings Call Transcript

- **Record Q4 Production**: 57,364 oz with $22M net income, driving 2025 guidance of 230-275K oz.
- **Segovia Margin Surge**: AISC margin up 32% QoQ to $58M, targeting >$230M in 2025.
- **Marmato Expansion**: $365M investment to boost production to 200K oz/year, 12% ahead of schedule.
- **Strong Cash Position**: $253M cash with $82M Wheaton stream remaining, supporting 500K oz+ target.
- **Capital Allocation**: 2025 spend ~$260M, with H2 2026 ramp-up for expanded capacity.


**【CEO Opening Remarks】**
- Q4 2024 production reached 57,364 ounces, highest of the year, with net income of $22M and EBITDA of $67M.
- Segovia AISC margin improved to $58M (32% QoQ increase), targeting 210-250K oz in 2025 and 300K+ oz from 2026.
- Marmato expansion aims to boost annual production to 200K oz via 25% CIP capacity increase.
- Year-end cash balance of $253M supports growth projects, with $82M remaining from Wheaton stream.

**【COO Operational Update】**
- Segovia Q4 throughput increased 8% YoY, with AISC reduced to $1,485/oz (4% QoQ decline).
- Marmato Lower Mine construction 12% ahead of schedule, with CIP expansion to 5,000 tpd and CMP upgrades.
- Total capital for Marmato expansion: $365M ($208M net to Aris), targeting H2 2026 ramp-up.

**【CFO Financial Highlights】**
- Q4 revenue $148M (13% QoQ growth), net income $21.7M vs. $2.1M loss in Q3.
- Adjusted EBITDA $55.6M (29% QoQ), full-year $163.1M.
- Segovia AISC margin $163M in 2024, guided for >$230M in 2025 at $2,600/oz.

**【Project Updates】**
- Segovia processing plant expansion ($15M total) on track for 300K tpd by end-2025.
- Marmato Lower Mine: $75M spent as of Feb 2025, $365M total with $82M Wheaton funding.
- 2025 production guidance: 230-275K oz (vs. 211K in 2024), targeting 500K+ oz by full ramp-up.

**【Q&A Key Points】**
- Expansion planning began over 1 year ago, accelerated due to Upper Mine underperformance.
- 2025 capital spend: ~$260M, with potential additional $50M depending on execution.
- Marmato expansion NPV >$1B at $2,600/oz, with 200K oz annual production by 2026.


Actual		0.04	0.08	0.08	0.14	0.16	0.27	0.36	0.46
Forecast		0.091	0.1367	0.125	0.1681	0.162	0.2755	0.362	0.4225
Surprise	0.00%	-56.04%	-41.48%	-36.00%	-16.72%	-1.23%	-2.00%	-0.55%	+8.88%

Actual	--	105.20M	114.17M	134.72M	151.89M	154.14M	200.23M	253.46M	308.56M
Forecast	--	111.82M	120.56M	137.33M	154.71M	159.17M	195.57M	257.47M	301.04M
Surprise	0.00%	-5.92%	-5.30%	-1.90%	-1.82%	-3.16%	+2.39%	-1.56%	+2.50%

ARIS

ARIS fundamentals

ARIS Q4 2025 Earnings

Earnings Call

You can ask Aime

ARIS

ARIS fundamentals

ARIS Q4 2025 Earnings

Earnings Call

ARIS Earnings Call Summary for Q4/20259:00 AM on Mar 12, 2026

ARIS Earnings Call Summary for Q3/20259:00 AM on Oct 30, 2025

ARIS Earnings Call Summary for Q2/20259:00 AM on Aug 8, 2025

ARIS Earnings Call Summary for Q1/20259:00 AM on May 8, 2025

ARIS Earnings Call Summary for Q4/20249:00 AM on Mar 13, 2025

You can ask Aime