ARIS Mining Reports Q1 2025 Results with Record Adjusted Earnings PER Share, Operational Strength, and Progress ON Growth Projects
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 1
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 fo rmed 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 $250 million, implying
a net leverage ratio of 1.2x.
Q1 2025 Q4 2024 Q1 2024
Gold production (ounces) 54,763 57,364 50,767
Segovia – Owner Mining ($/ounce sold) $1,482 $1,386 $1,553
Segovia – CMP AISC Margin 41% 39% 36%
EBITDA $39.7M $66.6M $22.4M
Adjusted EBITDA $66.6M $55.6M $28.4M
Adjusted EBITDA, last 12 months $201.3M $163.1M $147.8M
Net earnings (loss)2 $2.4M or $0.01/share $21.7M or $0.13/share ($0.7M) or ($0.01)/share
Adjusted earnings $27.2M or $0.16/share $24.7M or $0.14/share $5.4M or $0.04/share
Adjusted earnings, last 12 months $77.7M or $0.46/share $55.9M or $0.34/share $45.0M or $0.34/share
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 2
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%.
o AISC margin increased to $60.9 million, a 114% increase over Q1 2024.
o 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.
o 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%.
o 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
Figure 2: Total AISC and Realized Gold Price Trends ($/oz) – Segovia
$11.4 $14.1 $23.1
$35.3 $37.0$17.1 $18.1
$21.0
$23.0 $23.9
$28.5 $32.2
$44.1
$58.3 $60.9
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
CMP AISC Margin
Owner Mining AISC Margin
Total
$2,062
$2,313
$2,457
$2,642
$2,855
$1,434
$1,571 $1,540 $1,485 $1,570
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
AISC Margin/oz
Realized Gold Price/oz
Total AISC/oz
$1,285
$628
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Total Segovia Operating Information Q1 2025 Q4 2024 Q1 2024
Average realized gold price ($/ounce sold) $2,855 $2,642 $2,062
Tonnes milled (t) 167,150 167,649 154,425
Average tonnes milled per day (tpd) 1,966 1,949 1,817
Average gold grade processed (g/t) 9.37 9.84 9.42
Gold produced (ounces) 47,549 51,477 44,908
Gold sold (ounces) 47,390 50,409 45,288
AISC margin – $M 60.9 58.3 28.5
Segovia Operating Information by Segment Q1 2025 Q4 2024 Q1 2024
Owner Mining
Gold sold (ounces) 26,963 28,149 22,445
Cash costs – ($/ounce sold) $1,123 $1,042 $1,191
AISC – ($/ounce sold) $1,482 $1,386 $1,553
AISC margin ($M) 37.0 35.3 11.4
CMPs
Gold sold (ounces) 20,427 22,260 22,843
Cash costs – ($/ounce sold) $1,431 $1,399 $1,133
AISC – ($/ounce sold) $1,687 $1,610 $1,316
AISC sales margin (%) 41% 39% 36%
AISC margin ($M) 23.9 23.0 17.1
Total: Owner Mining & CMP AISC Margin ($M) 60.9 58.3 28.5
* 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:
o $29.7 million toward the Marmato Lower Mine development; and
o $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:
o decline development underway with 323 metres completed to the end of April 2025;
o earthworks completed for the main substation platform, and continued earthworks for the process
plant platform; and
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o 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 th e 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-the-
money 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 Ratios 4
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.
3.0x
2.4x
1.5x 1.2x
Q4 2024 Q1 2025
Total Leverage
Net Leverage
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 5
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 202 5 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.
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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
Oliver Dachsel
Senior Vice President, Capital Markets
+1.917.847.0063
Lillian Chow
Director, Investor Relations & Communications
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” section s 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&A s are incorporated by reference into this news release and are available at www.aris-
mining.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.
News Release
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Quarterly cash -flow summary
Three months ended,
($000's) Q1 2025 Q4 2024
Gold revenue $154,142 $148,381
Total cash cost1 (72,730) (73,688)
Royalties (6,359) (5,748)
Social contributions (4,334) (4,228)
Sustaining capital (6,589) (6,357)
Lease payments on sustaining capital (480) (567)
All in sustaining cost (AISC)1 (90,492) (90,588)
AISC margin 63,650 57,793
Taxes paid2 (5,121) (25,152)
General and administration expense2 (4,106) (8,084)
Decrease (increase) in VAT receivable (11,761) 18,906
Other changes in working capital (3,415) 8,650
Impact of foreign exchange losses on cash balances2 768 (2,699)
After-tax adjusted sustaining margin3 40,015 49,414
Expansion and growth capital expenditure1
Marmato Lower Mine (29,661) (18,998)
Segovia Operations (6,368) (21,041)
Marmato Upper Mine — (5,369)
Toroparu Project (2,411) (1,719)
PSN (4,566) (3,604)
Change in accrued capital expenditures and other additions (5,938) 9,204
Total expansion and growth capital (48,944) (41,527)
Financing and other costs4
Proceeds from warrant and option exercises2 5,197 1,427
Principal repayment of Gold Notes2 (3,941) (3,695)
Repayment of 2026 Senior Notes 2 — (305,157)
Net proceeds from 2029 Senior Notes2 — 441,294
Precious metal stream deposit received2 — 40,016
Capitalized interest paid2 (5,031) (3,959)
Interest (paid) received - net2 — (5,582)
Total financing and other costs (3,775) 164,344
Net change in cash2 (12,704) 172,231
Opening cash balance at beginning of period2 252,535 80,304
Closing cash balance at end of period2 239,831 252,535
1. Refer to the Non-GAAP Financial Measures section for full details on cash costs ($ 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.
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Cash cost s 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
($000s except per ounce amounts) Segovia Marmato Total Segovia Marmato Total
Total gold sold (ounces) 47,390 6,891 54,281 50,409 5,925 56,334
Cost of sales1 67,091 15,384 82,475 68,078 15,111 83,189
Less: materials and supplies inventory provision — — — (965) (225) (1,190)
Less: royalties1 (4,519) (1,840) (6,359) (4,342) (1,406) (5,748)
Add: by-product revenue1 (3,073) (313) (3,386) (2,308) (255) (2,563)
Total cash costs 59,499 13,231 72,730 60,463 13,225 73,688
Total cash costs ($ 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
sold) $1,351 $1,286
Three months ended Mar 31, 2024
($000s except per ounce amounts) Segovia Marmato Total
Total gold sold (ounces) 45,288 5,756 51,044
Cost of sales1 57,949 13,384 71,333
Less: materials and supplies inventory provision — — —
Less: royalties1 (3,008) (1,084) (4,092)
Add: by-product revenue1 (2,318) (112) (2,430)
Total cash costs 52,623 12,188 64,811
Total cash costs ($ per oz gold sold) $1,162
Total cash costs including royalties 55,631
Total cash costs including royalties ($ per oz gold
sold)
$1,228
1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.