Aris Mining Reports Q1 2025 Results with Record Adjusted Earnings per Share, Operational Strength, and Progress on Growth Projects
Vancouver, Canada, May 7, 2025 – Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS; NYSE-A: ARMN) announces its financial and operating results for the three months ended March 31, 2025 (Q1 2025), with a strong start to the year marked by record gold prices, solid production performance, and continued investments in growth. Adjusted earnings per share (EPS) of $0.16 is the highest full quarter result since Aris Mining was formed in September 2022. All amounts are expressed in U.S. dollars unless otherwise indicated.
Neil Woodyer, CEO, commented “Aris Mining had a strong start to 2025, driven by solid operational execution, higher gold prices, and continued progress on our growth initiatives. At Segovia, we maintained production and high margins while advancing the plant expansion, which remains on track for commissioning in June. At Marmato, we are making steady progress on the Lower Mine development, with construction spend ramping up and plant capacity now targeting 5,000 tonnes per day. At our Toroparu Project in Guyana, we have launched a new study to update the development plan, and we look forward to demonstrating the potential of this project.”
Q1 2025 Financial Performance
- Gold revenue of $154.1 million, an increase of 47% over Q1 2024 and 4% over Q4 2024.
- Adjusted EBITDA1 of $66.6 million for Q1, and $201.3 million on a trailing 12-month basis, up 134% for the quarter from Q1 2024 and up 20% from Q4 2024.
- Net earnings2 of $2.4 million, compared to a loss of $0.7 million in Q1 2024.
- Adjusted net earnings of $27.2 million or $0.16/share, up from $0.04/share in Q1 2024 and $0.14/share in Q4 2024. Record full quarterly adjusted EPS since Aris Mining was formed in September 2022.
- The Company ended the quarter with a cash balance of $240 million and net debt3 of $250 million, implying a net leverage ratio of 1.2x.
| Q1 2025 | Q4 2024 | Q1 2024 | |
|---|---|---|---|
| Gold production (ounces) Segovia – Owner Mining ($/ounce sold) Segovia – CMP AISC Margin | 54,763 | 57,364 $1,386 39% | 50,767 |
| $1,482 | $1,553 | ||
| 41% | 36% | ||
| EBITDA Adjusted EBITDA Adjusted EBITDA, last 12 months | $39.7M | $66.6M $55.6M $163.1M | $22.4M |
| $66.6M | $28.4M | ||
| $201.3M | $147.8M | ||
| Net earnings (loss)2 Adjusted earnings Adjusted earnings, last 12 months | $2.4M or $0.01/share | $21.7M or $0.13/share $24.7M or $0.14/share $55.9M or $0.34/share | ($0.7M) or ($0.01)/share |
| $27.2M or $0.16/share | $5.4M or $0.04/share | ||
| $77.7M or $0.46/share | $45.0M or $0.34/share |
Q1 2025 Operational Performance
- Gold production totaled 54,763 oz, an increase of 8% from 50,767 oz in Q1 2024 and accounting for 22% of the mid-point of the FY 2025 production guidance range of 230 koz – 275 koz. Production rates are expected to progressively increase in H2 2025 following commissioning of the Segovia plant expansion in June 2025.
- Marmato Upper Mine produced 7,214 oz, a 23% increase over Q4 2024.
- Segovia Operations produced 47,549 oz, supported by gold grades of 9.4 g/t and gold recoveries of 96.1%.
- AISC margin increased to $60.9 million, a 114% increase over Q1 2024.
- Owner Mining AISC increased to $1,482/oz (Q4 2024: $1,386; Q1 2024: $1,553), towards the lower end of the Company’s full-year 2025 guidance range of $1,450 to $1,600.
- Contract Mining Partner (CMP) sourced gold delivered a 41% AISC sales margin, outperforming the top end of the Company’s full-year 2025 guidance range of 35% to 40%.
- Total AISC increased to $1,570/oz (Q4 2024: $1,485; Q1 2024: $1,434), driven primarily by gold prices, which increased costs for purchased material from CMPs, as well as royalties and social contributions.
Figure 1: Strong AISC Margin Growth ($ million) – Segovia
$60.9 $58.3
$44.1 Total
$23.9 $23.0
$32.2 CMP AISC Margin
$28.5 $21.0
Owner Mining AISC Margin
$18.1 $17.1 $35.3 $37.0 $23.1 $14.1 $11.4
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Figure 2: Total AISC and Realized Gold Price Trends ($/oz) – Segovia
$2,855 $2,642 $2,457
$2,313 AISC Margin/oz
$2,062 $1,285
Realized Gold Price/oz
$628
Total AISC/oz
$1,571 $1,540 $1,570 $1,485 $1,434
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
| Total Segovia Operating Information | Q1 2025 | Q4 2024 | Q1 2024 |
|---|---|---|---|
| Average realized gold price ($/ounce sold) Tonnes milled (t) Average tonnes milled per day (tpd) Average gold grade processed (g/t) Gold produced (ounces) Gold sold (ounces) AISC margin – $M | $2,855 | $2,642 | $2,062 154,425 1,817 9.42 44,908 45,288 28.5 |
| 167,150 | 167,649 | ||
| 1,966 | 1,949 | ||
| 9.37 | 9.84 | ||
| 47,549 | 51,477 | ||
| 47,390 | 50,409 | ||
| 60.9 | 58.3 |
| Segovia Operating Information by Segment | Q1 2025 | Q4 2024 | Q1 2024 |
|---|---|---|---|
| Owner Mining Gold sold (ounces) Cash costs – ($/ounce sold) AISC – ($/ounce sold) AISC margin ($M) CMPs Gold sold (ounces) Cash costs – ($/ounce sold) AISC – ($/ounce sold) AISC sales margin (%) AISC margin ($M) Total: Owner Mining & CMP AISC Margin ($M) | 22,445 $1,191 $1,553 11.4 22,843 $1,133 $1,316 36% 17.1 28.5 | ||
| 26,963 | 28,149 | ||
| $1,123 | $1,042 | ||
| $1,482 | $1,386 | ||
| 37.0 | 35.3 | ||
| 20,427 | 22,260 | ||
| $1,431 | $1,399 | ||
| $1,687 | $1,610 | ||
| 41% | 39% | ||
| 23.9 | 23.0 | ||
| 60.9 | 58.3 |
- Aris Mining operates its own mines and contracts with community-based mining partners, referred to as Contract Mining Partners (CMPs), to increase
total gold production. Some partners work within Aris Mining’s infrastructure, while others manage their own mining operations on Aris Mining’s titles using their own infrastructure. In addition, Aris Mining purchases high grade mill feed from third-party contractors operating off-title, which further optimizes production and increases operating margins.
Growth and Expansion Updates
- The Company invested $43.0 million in growth and expansion initiatives during the quarter, including:
- $29.7 million toward the Marmato Lower Mine development; and
- $6.4 million at Segovia to support plant expansion, underground development and exploration.
- In Q1 2025, our operations generated $40.0 million in cash flow after sustaining capital and income tax, enabling us to internally-fund the majority of our strategic growth and expansion investments.
- The Segovia expansion to 3,000 tonnes per day (tpd) is nearing completion, with the new ball mill to be installed in May and commissioning expected in June 2025.
- The Marmato Lower Mine construction is progressing well, with processing plant capacity increased from 4,000 tpd to a planned 5,000 tpd:
- decline development underway with 323 metres completed to the end of April 2025;
- earthworks completed for the main substation platform, and continued earthworks for the process plant platform; and
- continued arrival of equipment and materials on site, including tailings filters, cyclones and sump pumps.
- Soto Norte Project: the Company continues to advance the new Pre-Feasibility Study, with completion expected in Q3 2025.
- Toroparu Project: a new Preliminary Economic Assessment (PEA), prepared in accordance with National Instrument 43-101, has been commissioned to evaluate updated development options for the Toroparu project. Since updating the mineral resource estimate for Toroparu in March 2023, Aris Mining has also completed infrastructure optimization studies, strengthening the foundation for the development plan. Completion of the PEA is expected in Q3 2025.
Capital Structure Update
During Q1 2025 and through early May, Aris Mining continued to see strong participation in the exercise of its in-themoney TSX-listed ARIS.WT.A warrants, which expire on July 29, 2025. Year-to-date, the Company has received over $19.4M in proceeds from these warrant exercises, further strengthening the balance sheet and supporting growth initiatives at Segovia and Marmato.
As of May 6, 2025, Aris Mining has approximately 178.1 million common shares issued and outstanding, with 48.0 million ARIS.WT.A warrants remaining outstanding, which if fully exercised would result in the issuance of 24.0 million new Aris Mining shares and additional proceeds to the Company of C$132 million (or $96 million).
Following the expiry of the ARIS.WT.A warrants on July 29, 2025, the Company will have no remaining convertible securities outstanding, other than stock options issued under its stock option plan.
Since issuing its new $450 million senior unsecured bonds in October 2024, Aris Mining has steadily reduced both its total and net leverage ratios. As of March 31,2025, total leverage was 2.4x3 and net leverage was 1.2x3.
Figure 3: Total and Net Leverage Ratios4
3.0x 2.4x
1.5x
Total Leverage
1.2x
Net Leverage
Q4 2024 Q1 2025
Endnotes
1 All references to adjusted earnings, EBITDA, adjusted EBITDA, adjusted (net) earnings, growth and expansion expenditures, cash flow after sustaining
capital and income tax, cash costs and AISC are non-GAAP financial measures in this document. These measures do not have any standardized meaning
prescribed under GAAP, and therefore may not be comparable to other issuers. Refer to the Non-GAAP Measures section in this document for a
reconciliation of these measures to the most directly comparable financial measure disclosed in the Company’s financial statements.
2 Net earnings represents net earnings attributable to owners of the company, as presented in the annual and interim financial statements for the
relevant period.
3 Net debt is calculated as outstanding principal for the Senior Notes and the Gold-linked Notes, less cash.
4 Total and Net Leverage ratios are calculated by dividing total debt and net debt, respectively, by Adjusted EBITDA on a trailing 12-month basis.
Q1 2025 Conference Call Details
Management will host a conference call on Thursday, May 8, 2025, at 9:00 a.m. ET / 6:00 a.m. PT / 2:00 p.m. BST / 3:00 p.m. CEST to discuss the results.
Participants may gain expedited access to the conference call by registering at Diamond Pass Registration (dpregister.com). Once registered, call in details will be displayed on screen which can be used to bypass the operator and avoid the call queue. Registration will remain open until the end of the live conference call.
Webcast
- Link: Webcast | Q1 2025 Conference Call
Conference Call
- Toll-free North America: +1-833-821-0197
- International: +1-647-846-2328
Audio Recording
- After the call, an audio recording will be available via telephone until the end of day on May 15, 2025.
- Toll-free in the US and Canada: +1-855-669-9658
- International: +1-412-317-0088; and using the access code: 3305587
A replay of the event will be archived at Events & Presentations - Aris Mining Corporation.
Aris Mining's Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2025 and 2024 and related MD&A are available on SEDAR+, in the Company’s filings with the U.S. Securities and Exchange Commission (the SEC) and in the Financials section of Aris Mining's website here. Hard copies of the financial statements are available free of charge upon written request to [email protected].
About Aris Mining
Founded in September 2022, Aris Mining was established with a vision to build a leading Latin America-focused gold mining company. Our strategy blends current production and cashflow generation with transformational growth driven by expansions of our operating assets, exploration and development projects. Aris Mining is listed on the TSX (ARIS) and the NYSE-A (ARMN) and is led by an experienced team with a track record of value creation, operational excellence, financial discipline and good corporate governance in the gold mining industry.
Aris Mining operates two underground gold mines in Colombia: the Segovia Operations and the Marmato Upper Mine, which together produced 210,955 ounces of gold in 2024. With expansions underway, Aris Mining is targeting an annual production rate of more than 500,000 ounces of gold following the ramp-up of the Segovia mill expansion, expected during the second half of 2025, and the new Marmato Mine, which is expected to start ramping up in H2 2026. In addition, Aris Mining operates the 51% owned Soto Norte joint venture, where studies are underway on a new, smaller scale development plan, with results expected by mid-2025. In Guyana, Aris Mining owns the Toroparu gold/copper project, where a new Preliminary Economic Assessment (PEA) has been commissioned.
Colombia is rich in high-grade gold deposits and Aris Mining is actively pursuing partnerships with the Country’s dynamic small-scale mining sector. With these partnerships, we enable safe, legal, and environmentally responsible operations that benefit both local communities and the industry.
Aris Mining intends to pursue acquisitions and other growth opportunities to unlock value through scale and diversification.
Additional information on Aris Mining can be found at www.aris-mining.com, www.sedarplus.ca, and on www.sec.gov.
Aris Mining Contact
| O S + | liver Dachsel | Lillian Chow |
|---|---|---|
| enior Vice President, Capital Markets | Director, Investor Relations & Communications | |
| 1.917.847.0063 | [email protected] |
Cautionary Language
Non-GAAP Measures
EBITDA, adjusted EBITDA, adjusted (net) earnings, cash cost, total leverage, net leverage and AISC are non-GAAP financial measures and non-GAAP ratios. These financial measures do not have any standardized meaning prescribed under IFRS or by Generally Accepted Accounting Principles (GAAP) in the United States, and therefore may not be comparable to other issuers. For full details on these measures and ratios refer to the “Non-GAAP Financial Measures” sections of the Company’s Management’s Discussion and Analysis for the three months ended March 31, 2025 and 2024 and years ended December 31, 2024 and 2023 (MD&As). The MD&As are incorporated by reference into this news release and are available at www.arismining.com, on the Company’s profile on SEDAR+ at www.sedarplus.ca and in its filings with the SEC at www.sec.gov.
We have presented total leverage and net leverage as non-GAAP ratios in this press release. Total leverage is calculated as the outstanding principal of the Company’s debt instruments divided by trailing twelve-month adjusted EBITDA, and net leverage is calculated as net debt divided by trailing twelve-month adjusted EBITDA. We believe these ratios provide useful information to analysts, investors, and other stakeholders in assessing the Company’s leverage and evaluating our balance sheet.
The tables below reconcile the non-GAAP financial measures contained in this news release for the current and comparative periods to the most directly comparable financial measure disclosed in the Company's interim financial statements for the three months ended March 31, 2025 and 2024, and Company’s annual financial statements for the three months and years ended December 31, 2024 and 2023.
Quarterly cash-flow summary
| ($000's) | Three months ended, | |
|---|---|---|
| Q1 2025 | Q4 2024 | |
| Gold revenue $154,142 $148,381 Total cash cost1 (72,730) (73,688) Royalteis (6,359) (5,748) Social contributoins (4,334) (4,228) Sustaining capital (6,589) (6,357) Lease payments on sustaining capital (480) (567) All in sustaining cost (AISC)1 (90,492) (90,588) AISC margin 63,650 57,793 Taxes paid2 (5,121) (25,152) General and administratoin expense2 (4,106) (8,084) Decrease (increase) in VAT receivable (11,761) 18,906 Other changes in working capital (3,415) 8,650 Impact of foreign exchange losses on cash balances2 768 (2,699) Afetr-tax adjusted sustaining margin3 40,015 49,414 Expansion and growth capital expenditure1 Marmato Lower Mine (29,661) (18,998) Segovia Operatoins (6,368) (21,041) Marmato Upper Mine — (5,369) Toroparu Project (2,411) (1,719) PSN (4,566) (3,604) Change in accrued capital expenditures and other additoins (5,938) 9,204 Total expansion and growth capital (48,944) (41,527) Financing and other costs4 Proceeds from warrant and optoin exercises2 5,197 1,427 Principal repayment of Gold Notes2 (3,941) (3,695) Repayment of 2026 Senior Notes 2 — (305,157) Net proceeds from 2029 Senior Notes2 — 441,294 Precious metal stream deposit received2 — 40,016 Capitalized interest paid2 (5,031) (3,959) Interest (paid) received - net2 — (5,582) Total fniancing and other costs (3,775) 164,344 Net change in cash2 (12,704) 172,231 Opening cash balance at beginning of period2 252,535 80,304 Closing cash balance at end of period2 239,831 252,535 | $154,142 | $148,381 (73,688) (5,748) (4,228) (6,357) (567) |
| (72,730) | ||
| (6,359) | ||
| (4,334) | ||
| (6,589) | ||
| (480) | ||
| (90,492) | (90,588) | |
| 63,650 | 57,793 (25,152) (8,084) 18,906 8,650 (2,699) | |
| (5,121) | ||
| (4,106) | ||
| (11,761) | ||
| (3,415) | ||
| 768 | ||
| 40,015 | 49,414 (18,998) (21,041) (5,369) (1,719) (3,604) 9,204 | |
| (29,661) | ||
| (6,368) | ||
| — | ||
| (2,411) | ||
| (4,566) | ||
| (5,938) | ||
| (48,944) | (41,527) | |
| 1,427 (3,695) (305,157) 441,294 40,016 (3,959) (5,582) | ||
| 5,197 | ||
| (3,941) | ||
| — | ||
| — | ||
| — | ||
| (5,031) | ||
| — | ||
| (3,775) | 164,344 | |
| (12,704) | 172,231 80,304 | |
| 252,535 | ||
| 239,831 | 252,535 |
1. Refer to the Non-GAAP Financial Measures section for full details on cash costs ($ per oz sold), AISC ($ per oz sold), and additions to mining interests split by nature and site which are on an accrual basis.
2. As presented in the Financial Statements and notes for the respective periods.
3. After-tax adjusted sustaining margin is defined as operating cash flow adjusted for the receipt of the WPMI milestone payment, sustaining capital expenditures and sustaining lease payments.
4. Financing and other costs are defined as financing activities as presented in the Financial Statements adjusted for capitalized interest paid and receipt of the WPMI milestone payment.
Cash costs per ounce
Reconciliation of total cash costs by business unit at Segovia and Marmato to the cash costs as disclosed above.
Three months ended Mar 31, 2025 Three months ended Dec 31, 2024
| ($000s except per ounce amounts) Segovia Marmato | Segovia Marmato | ||
| Total | Total | ||
| Total gold sold (ounces) 47,390 6,891 Cost of sales1 67,091 15,384 Less: materials and supplies inventory provision — — Less: royalties1 (4,519) (1,840) Add: by-product revenue1 (3,073) (313) | 54,281 | 50,409 5,925 68,078 15,111 (965) (225) (4,342) (1,406) (2,308) (255) | 56,334 |
| 82,475 | 83,189 | ||
| — | |||
| (1,190) | |||
| (6,359) | (5,748) | ||
| (3,386) | (2,563) | ||
| Total cash costs 59,499 13,231 | 72,730 | 60,463 13,225 | 73,688 |
| Total cash costs ($ per oz gold sold) $1,256 | $1,199 | ||
| Total cash costs including royalties 64,018 | 64,805 | ||
| Total cash costs including royalties ($ per oz gold $1,351 sold) | $1,286 |
Three months ended Mar 31, 2024
| ($000s except per ounce amounts) Segovia Marmato | |
| Total | |
| Total gold sold (ounces) 45,288 5,756 Cost of sales1 57,949 13,384 Less: materials and supplies inventory provision — — Less: royalties1 (3,008) (1,084) Add: by-product revenue1 (2,318) (112) | 51,044 |
| 71,333 | |
| — | |
| (4,092) | |
| (2,430) | |
| Total cash costs 52,623 12,188 | 64,811 |
Total cash costs ($ per oz gold sold) $1,162 Total cash costs including royalties 55,631 Total cash costs including royalties ($ per oz gold $1,228 sold)
1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.
Cash costs per ounce – Business Units (Segovia)
($000s except per ounce amounts)
| Total | Total | |
|---|---|---|
| 47,390 | 28,149 22,260 34,518 33,560 (717) (248) (2,754) (1,588) (1,727) (581) | 50,409 |
| 67,091 | 68,078 | |
| — | (965) | |
| (4,519) | (4,342) | |
| (3,073) | (2,308) | |
| 59,499 | 29,320 31,143 | 60,463 |
Owner CMPs
| Total gold sold (ounces) | 26,963 | 20,427 |
| Cost of sales1 | 34,799 | 32,292 |
| Less: materials and supplies inventory provision | — | — |
| Less: royalties1 | (2,783) | (1,736) |
| Add: by-product revenue1 | (1,748) | (1,325) |
| Total cash costs | 30,268 | 29,231 |
| Total cash costs ($ per oz gold sold) | $1,123 | $1,431 $1,256 $1,042 $1,399 $1,199 |
Three months ended Mar 31, 2024 ($000s except per ounce amounts) Total Owner CMPs
| Total gold sold (ounces) | 22,445 | 22,843 | 45,288 |
| Cost of sales1 | 30,085 | 27,864 | 57,949 |
| Less: royalties1 | (1,677) | (1,331) | (3,008) |
| Add: by-product revenue1 | (1,663) | (655) | (2,318) |
| Total cash costs | 26,745 | 25,878 | 52,623 |
| $1,192 | $1,133 | $1,162 |
Total cash costs ($ per oz gold sold)
1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.
All-in sustaining costs (AISC)
Reconciliation of total AISC by business unit at Segovia and Marmato to the AISC as disclosed above.
Three months ended Mar 31, 2025 Three months ended Dec 31, 2024
| ($000s except per ounce amounts) | Segovia | Marmato |
| Total gold sold (ounces) | 47,390 | 6,891 |
| Total cash costs | 59,499 | 13,231 |
| Add: royalties1 | 4,519 | 1,840 |
| Add: social programs1 | 4,061 | 273 |
| Add: sustaining capital expenditures | 5,856 | 733 |
| Add: lease payments on sustaining capital | 480 | — |
| Total AISC | 74,415 | 16,077 |
| Total AISC ($ per oz gold sold) | $1,570 | $1,485 |
| Total | Total | |
|---|---|---|
| 54,281 | 50,409 5,925 60,463 13,225 4,342 1,406 4,063 165 5,426 931 567 — | 56,334 |
| 72,730 | 73,688 | |
| 6,359 | 5,748 | |
| 4,334 | 4,228 | |
| 6,589 | 6,357 | |
| 480 | 567 | |
| 90,492 | 74,861 15,727 | 90,588 |
Three months ended Mar 31, 2024
| ($000s except per ounce amounts) Segovia Marmato | |
| Total | |
| Total gold sold (ounces) 45,288 5,756 Total cash costs 52,623 12,188 Add: royalties1 3,008 1,084 Add: social programs1 2,289 1,166 Add: sustaining capital expenditures 6,496 824 Add: lease payments on sustaining capital 506 — | 51,044 |
| 64,811 | |
| 4,092 | |
| 3,455 | |
| 7,320 | |
| 506 | |
| Total AISC 64,922 15,262 | 80,184 |
Total AISC ($ per oz gold sold) $1,434
1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.
All-in sustaining costs (AISC) – Segovia by Business Unit
| ($000s except per ounce amounts) Owner CMPs | Total | Owner CMPs | Total |
| Total gold sold (ounces) 26,963 20,427 Total cash costs 30,268 29,231 Add: royalties1 2,783 1,736 Add: social programs1 2,501 1,560 Add: sustaining capital expenditures 3,917 1,939 Add: lease payments on sustaining capital 480 — | 47,390 | 28,149 22,260 29,320 31,143 2,754 1,588 2,558 1,505 3,819 1,607 567 — | 50,409 |
| 59,499 | 60,463 | ||
| 4,519 | 4,342 | ||
| 4,061 | 4,063 | ||
| 5,856 | 5,426 | ||
| 480 | 567 | ||
| Total AISC 39,949 34,466 | 74,415 | 39,018 35,843 | 74,861 |
| Total AISC ($ per oz gold sold) $1,482 $1,687 | $1,570 | $1,386 $1,610 | $1,485 |
Three months ended Sep 30, 2024 Three months ended June 30, 2024
| ($000s except per ounce amounts) Owner CMPs | Total | Owner CMPs | Total |
| Total gold sold (ounces) 22,952 25,107 Total cash costs 24,820 35,579 Add: royalties1 1,999 1,507 Add: social programs1 2,449 1,845 Add: sustaining capital expenditures 3,640 1,783 Add: lease payments on sustaining capital 389 — | 48,059 | 20,183 23,183 24,660 31,682 1,720 1,358 1,185 935 4,677 1,547 364 — | 43,366 |
| 60,399 | 56,342 | ||
| 3,506 | 3,078 | ||
| 4,294 | 2,120 | ||
| 5,423 | 6,224 | ||
| 389 | 364 | ||
| Total AISC 33,297 40,714 | 74,011 | 32,606 35,522 | 68,128 |
| Total AISC ($ per oz gold sold) $1,451 $1,622 | $1,540 | $1,616 $1,532 | $1,571 |
Three months ended Mar 31, 2024
| ($000s except per ounce amounts) Owner CMPs | Total |
| Total gold sold (ounces) 22,445 22,843 Total cash costs 26,745 25,878 Add: royalties1 1,677 1,331 Add: social programs1 1,276 1,013 Add: sustaining capital expenditures 4,659 1,837 Add: lease payments on sustaining capital 506 — | 45,288 |
| 52,623 | |
| 3,008 | |
| 2,289 | |
| 6,496 | |
| 506 | |
| Total AISC 34,863 30,059 | 64,922 |
| Total AISC ($ per oz gold sold) $1,553 $1,316 | $1,434 |
1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.
Additions to mineral interests, plant and equipment
| ($’000) | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | |
|---|---|---|---|---|
| Sustaining capital Segovia Operations Marmato Upper Mine | 6,496 824 | |||
| 5,856 | 5,426 | |||
| 733 | 931 | |||
| Total Non-sustaining capital Marmato Lower Mine Segovia Operations Soto Norte Project (PSN) Marmato Upper Mine Toroparu Project Juby Project | 6,589 | 6,357 | 7,320 14,865 11,023 — 2,278 1,939 3 | |
| 29,661 | 18,998 | |||
| 6,368 | 21,041 | |||
| 4,566 | 3,604 | |||
| — | 5,369 | |||
| 2,411 | 1,719 | |||
| 4 | 34 | |||
| Total Corporate Assets | 43,010 | 50,765 | 30,108 — | |
| — | — | |||
| Additions to mining interest, plant and equipment1 | 49,599 | 57,122 | 37,428 |
Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA
Three months ended,
| ($000s) | Mar 31, 2025 | Dec 31, 2024 Sept 30, 2024 June 30, 2024 Mar 31, 2024 |
| Earnings (loss) before tax1 Add back: Depreciation and depletion1 Finance income1 Interest and accretion1 | 21,220 | 37,513 13,603 17,904 10,310 9,530 9,019 8,082 7,519 (1,606) (1,351) (1,691) (2,246) 21,165 6,493 6,496 6,803 |
| 10,734 | ||
| (2,336) | ||
| 10,037 | ||
| EBITDA Add back: Share-based compensation1 (Income) loss from equity accounting in investee1 (Gain) loss on financial instruments1 Other (income) expense1 Foreign exchange (gain) loss1 | 39,655 | 66,602 27,764 30,791 22,386 (483) 2,533 1,373 1,842 14 17 2,301 551 (6,561) 12,842 6,144 3,742 1,116 (428) 2,681 — (5,113) 311 (7,211) (108) |
| 3,784 | ||
| 14 | ||
| 16,628 | ||
| 535 | ||
| 5,997 | ||
| Adjusted EBITDA | 66,613 | 55,575 43,039 36,079 28,413 |
1. As presented in the Annual and Interim Financial Statements and notes for the respective periods.