Aris Mining Reports Q1 2026 Results Record Revenue, Cash Flow, and Adjusted Earnings with All Four Assets Advancing
Aris Mining Reports Q1 2026 Results
Record Revenue, Cash Flow, and Adjusted Earnings with All Four Assets Advancing
VANCOUVER, British Columbia--(BUSINESS WIRE)--May 6, 2026--Aris Mining Corporation (Aris
Mining or the Company) (TSX: ARIS; NYSE: ARIS) announces its financial and operating results for
the three months ended March 31, 2026 (Q1 2026). All amounts are in U.S. dollars unless otherwise
indicated.
Q1 2026 Financial Performance
Production of 74.3 thousand ounces (koz) of gold, up 6% from Q4 2025.
Gold revenue of $364 million, up 21% from Q4 2025.
Adjusted EBITDA1 of $212 million, up 26% from Q4 2025. On a trailing 12-month basis,
Adjusted EBITDA1 of $610 million.
Adjusted net earnings of $124 million or $0.60/share, up from $0.46/share in Q4 2025.
Cash balance of $472 million as of March 31, 2026, up $80 million from December 31, 2025.
Net debt reduced to near zero.
Neil Woodyer, Chair and CEO, commented, “Supported by record financial results and strong cash
generation from our operations, we advanced all four of our assets in Q1 2026. At Segovia, the
ongoing ramp-up contributed to a 5% increase in production compared with Q4 2025. At Marmato,
construction of the new 5,000 tonnes per day (tpd) CIP plant remains on schedule for first gold in Q4
2026, and the April 2026 decline breakthrough into the cross-cut marked an important milestone,
providing direct access to the plant.
At Toroparu, the prefeasibility study is progressing well, with updated mineral resource and reserve
estimates advancing to support mine schedule optimizations, and a construction decision is expected in
early 2027. At Soto Norte, the submission of the environmental license application is nearing
completion, alongside active engagement with the Colombian regulators to support a collaborative
approach to the submission and review process.
With our producing assets delivering strong results and our growth projects continuing to advance,
Aris Mining is well positioned to achieve its longer-term objective of approximately 1 million ounces
of annual gold production.2 With the right assets in place, we remain focused on executing and
delivering against our plans.”
Q1 2026 Q4 2025 Q1 2025
Gold production (koz), total 74.3 69.9 54.8
Gold sold (koz), total 74.8 71.7 54.3
Segovia – AISC1, Owner Mining ($/oz
sold) $1,492 $1,662 $1,482
Segovia – CMP3 AISC1 Sales Margin1 40% 46% 41%
EBITDA1 (US$M) $182 $120 $40
Adjusted EBITDA1 (US$M) $212 $168 $67
Adjusted EBITDA1, last 12 months
(US$M) $610 $464 $201
Net earnings4 (US$M) $98 or $0.47/share $51 or $0.25/share $2 or $0.01/share
Adjusted earnings4 (US$M) $124 or $0.60/share $94 or $0.46/share $27 or $0.16/share
Adjusted earnings4, last 12 months
(US$M)
$337 or $1.71/share $241 or $1.28/share $78 or $0.46/share
Q1 2026 Operational Performance
Segovia produced 66.6 koz, a 5% increase over Q4 2025.
o Production reflected the processing of 175.4 thousand tonnes (kt) at 12.41 g/t, compared
to 201.1 kt at 10.10 g/t in Q4 2025.
o AISC margin increased 31% to $199 million from Q4 2025, supported in part by a 23%
increase in average mill feed grade.
o Owner-operated mining contributed 64% of the mill feed, while Contract Mining
Partner (CMP) sourced mill feed contributed 36%, consistent with Q4 2025.
o Owner-operated mining AISC was $1,492/oz, compared to $1,662/oz in Q4 2025,
outperforming the full-year 2026 guidance range of $1,700 to $1,800/oz, primarily
reflecting a 14% increase in owner-mining attributable ounces sold, driven in part by
higher average grades.
o CMP-sourced gold delivered an AISC sales margin of 40%, achieving the top-end of
the full-year 2026 guidance range of 35% to 40%.
o Combined AISC was $1,963/oz, up 4% from $1,891/oz in Q4 2025, reflecting the
factors driving Owner-operated mining and CMP AISC described above.
Marmato produced 7.8 koz, a 16% increase over Q4 2025.
o Production reflected the processing of 77.0 kt at 3.53 g/t, compared to 74.6 kt at 3.12 g/t
in Q4 2025.
o This increased production reflects the operating capacity of the existing flotation plant
together with mill feed sourced primarily from ore development and stopes in the Bulk
Mining Zone.
o Throughput is expected to increase materially upon commissioning of the new Carbon-
in-Pulp (CIP) plant later this year in the fourth quarter.
o Aris Mining plans to exit 2026 operating the 5,000 tpd design capacity CIP plant at
approximately 3,000 tpd. Production is expected to increase through 2027, with
throughput increasing to approximately 4,000 tpd by mid-2027 and reaching the full
5,000 tpd by the end of 2027 when the paste backfill plant is fully commissioned.
Project Development Highlights
Strong operating cash flow fully funded growth and generated $42 million in net cash
flow
o In Q1 2026, operations generated $103 million in cash flow after sustaining capital and
income taxes, fully funding the Company’s growth and expansion initiatives. After
expansion capital, Aris Mining generated net cash flow of $42 million. Refer to the
cash-flow summary in the following sections and MD&A for additional analysis.
Marmato construction advancing on schedule
o The new underground decline has now broken through into the cross-cut, marking an
important milestone that provides direct access from the Bulk Mining Zone to the new
5,000 tpd CIP plant. This connection establishes an additional access and ventilation
pathway, facilitates ore and waste haulage between existing and new infrastructure, and
supports the initial ramp-up of mine production.
o The main civil, mechanical, and electrical works are advancing, with foundations for
the mills, tailings thickener, and leach and CIP tanks completed.
o Construction of underground workshops, main pump station and field offices will begin
in Q2 2026.
o First gold from the new CIP plant remains on schedule for Q4 2026.
Toroparu Project (100% owned, Guyana)
o Aris Mining initiated a Prefeasibility Study (PFS) last year, targeted for completion in
H2 2026, to support a construction decision in early 2027.
o Work on updated mineral resource and reserve estimates is progressing well with mine
scheduling and optimizations currently underway.
o Alongside the PFS, Aris Mining is also conducting geotechnical drilling, metallurgical
test work, mining operation trade-off studies and detailed engineering to enable
construction readiness by early 2027.
o Select pre-construction activities are continuing, including construction of the bridge at
the Puruni River crossing, key personnel ramp up, camp expansion and ongoing road
works.
o Preliminary Economic Assessment (PEA) completed in October 2025, outlining an
attractive project with average annual gold production of 235 koz and an after-tax
NPV5% of $1.8 billion, IRR of 25%, and 3.0-year payback at an assumed gold price of
$3,000/oz.5
Soto Norte Project (100% owned, Colombia)
o The studies required for submission of the environmental license application in support
of the development of Soto Norte are nearing completion, supporting a targeted Q2
2026 submission.
o Aris Mining continues active engagement with the Colombian regulators to support a
collaborative approach to the environmental license submission and review process.
o PFS completed in September 2025, demonstrating robust economics with average
annual gold production (years 2 to 10) of 263 koz and an after-tax NPV5% of $2.7
billion, IRR of 35%, and 2.3-year payback at an assumed gold price of $2,600/oz.6
Strong leverage to higher gold prices, at $3,000/oz the NPV5% increases to $3.3 billion
with an IRR of 40%.
o The PFS incorporates industry-leading environmental and social design features,
including a metallurgical process free of cyanide and mercury and the integration of
local community miners – 750 tpd (over 20% of Soto Norte’s 3,500 tpd processing
capacity) has been dedicated to local contract mining partners.
Q1 2026 Conference Call Details
Management will host a conference call on Thursday, May 7, 2026, at 6:00 am PT / 9:00 am ET / 2:00
pm GMT to discuss the results.
Participants may gain expedited access to the conference call by registering at Diamond Pass
Registration. 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 2026 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 end of day May 14, 2026
Toll-free in the US and Canada: +1-855-669-9658
International: +1-412-317-0088; and using the access code: 7133252
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, 2026 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
About Aris Mining
Aris Mining is a Canadian gold mining company focused on South America. The Company operates
the Segovia and Marmato underground gold mines in Colombia, which together produced
approximately 257,000 ounces of gold in 2025. Aris Mining is listed on the TSX and NYSE under the
symbol ARIS.
The Company is advancing expansion projects at Segovia and Marmato that are expected to increase
annual gold production to approximately 500,000 ounces 7, driven by the ramp-up at Segovia
following the installation of the second mill, which was completed in June 2025, and construction of
the new Marmato bulk mine and CIP plant, with first gold expected in Q4 2026.
Aris Mining’s portfolio supports a longer-term objective of approximately 1 million ounces of annual
gold production2. Key projects include the high-grade Soto Norte gold project in Colombia, where
environmental studies are being finalized for submission in Q2 2026 to initiate the licensing process,
and the Toroparu gold project in Guyana, where a Prefeasibility Study is in progress to support a
construction decision expected in early 2027.
Additional information on Aris Mining can be found at www.aris-mining.com, www.sedarplus.ca, and
on www.sec.gov.
Endnotes
1. All references to adjusted earnings, EBITDA, adjusted EBITDA, growth capital investment, cash
flow after sustaining capital and income taxes, cash costs ($ per oz) and AISC ($ per oz) are non-
GAAP financial measures in this document. These measures are intended to provide additional
information to investors. They do not have any standardized meanings under IFRS, and therefore may
not be comparable to other issuers and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS. 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. Includes potential production estimates from Toroparu, which is based on a preliminary economic
assessment effective October 21, 2025, which contemplates a 7.0 Mtpa operation over a 21.3-year
mine life with average annual gold production of approximately 235 koz at a base case gold price of
US$3,000/oz. The preliminary economic assessment is preliminary in nature and includes inferred
mineral resources that are considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral reserves, and there is no certainty
that the preliminary economic assessment will be realized. Mineral resources that are not mineral
reserves do not have demonstrated economic viability. There can be no assurance that the projected
production will be achieved. In the case of Soto Norte and Toroparu, such production also remains
subject to obtaining all necessary permits and to formal construction decisions by the Company.
3. Aris Mining operates its own mines and contracts with community-based mining partners, referred
to as Contract Mining Partners or 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.
4. Net earnings represents net earnings attributable to owners of the company, as presented in the
annual and interim financial statements for the relevant period.
5. See technical report dated October 28, 2025 and entitled “NI 43-101 Technical Report Preliminary
Economic Assessment for the Toroparu Project Cuyuni-Mazaruni Region, Guyana”. Note that this
PEA is preliminary in nature. It includes inferred mineral resources that are considered too speculative
geologically to have the economic considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the preliminary economic assessment
will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic
viability.
6. See technical report dated September 3, 2025 and entitled “NI 43-101 Technical Report
Prefeasibility Study for the Soto Norte Project, Santander, Colombia.”
7. Reflects expected steady-state annual gold production run-rates of approximately 300 koz at Segovia
and 200 koz at Marmato following completion and ramp-up of the respective expansion projects. For
more information, please refer to the Company’s news releases dated June 30, 2025 regarding the
Segovia expansion and March 12, 2025 regarding the Marmato expansion.
Non-GAAP Measures
Cash costs & all-in sustaining cost per ounce
For the three months ended,
Segovia Mar 31, 2026 Dec 31, 2025 Mar 31, 2025
Total gold sold (ounces) 67,709 64,456 47,390
Cost of sales1 116,108 103,043 67,091
Less: materials and supplies inventory provision 1 — (1,174) —
Less: royalties1 (11,139) (8,598) (4,519)
Add: by-product revenue1 (7,449) (5,828) (3,073)
Total cash costs 97,520 87,443 59,499
Add: royalties1 11,139 8,598 4,519
Add: social contributions1 12,358 9,168 4,061
Add: sustaining capital expenditures and lease payments 11,917 16,654 6,336
Total AISC 132,934 121,863 74,415
AISC per ounce sold $1,963 $1,891 $1,570
Marmato
Total gold sold (ounces) 7,134 7,261 6,891
Cost of sales1 23,096 21,322 15,384
Less: materials and supplies inventory provision 1 — (254) —
Less: royalties1 (3,332) (2,223) (1,840)
Add: by-product revenue1 (306) (1,493) (313)
Total cash costs 19,458 17,352 13,231
Add: royalties1 3,332 2,223 1,840
Add: social contributions1 940 158 273
Add: sustaining capital expenditures 1,481 2,192 733
Total AISC 25,211 21,925 16,077
Consolidated
Total gold sold (ounces) 74,843 71,717 54,281
Cost of sales1 139,204 124,365 82,475
Less: materials and supplies inventory provision 1 — (1,428) —
Less: royalties1 (14,471) (10,821) (6,359)
Add: by-product revenue1 (7,755) (7,321) (3,386)
Total cash costs 116,978 104,795 72,730
Add: royalties1 14,471 10,821 6,359
Add: social contributions1 13,298 9,326 4,334
Add: sustaining capital expenditures and lease payments 13,398 18,846 7,069
Total AISC 158,145 143,788 90,492
1. As presented in the financial statements and notes thereto for the respective periods
All-in sustaining cost per ounce – business units (Segovia)
For the three months ended,
Segovia - Owner Mining Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025
Total gold sold (ounces) 45,789 40,260 40,984 32,685 26,963
Cost of sales1 54,858 52,773 48,502 39,532 34,799
Less: inventory provision — (895) — — —
Less: royalties1 (7,805) (5,689) (5,000) (3,605) (2,783)
Add: by-product revenue1 (5,037) (3,610) (2,566) (1,714) (1,748)
Total cash costs 42,015 42,578 40,936 34,213 30,268
Add: royalties1 7,805 5,689 5,000 3,605 2,783
Add: social contributions1 8,660 6,058 5,155 3,366 2,501
Add: sustaining capital and
lease payments 9,835 12,601 8,430 8,511 4,397
Total AISC 68,315 66,926 59,521 49,695 39,949
AISC ($/oz sold) $1,492 $1,662 $1,452 $1,520 $1,482
Segovia - CMPs
Total gold sold (ounces) 21,920 24,196 24,596 21,066 20,427
Cost of sales1 61,250 50,271 44,747 37,187 32,292
Less: inventory provision — (279) — — —
Less: royalties1 (3,334) (2,909) (2,532) (1,934) (1,736)
Add: by-product revenue1 (2,412) (2,218) (1,550) (1,084) (1,325)
Total cash costs 55,505 44,865 40,665 34,169 29,231
Add: royalties1 3,334 2,909 2,532 1,934 1,736
Add: social contributions1 3,698 3,110 2,632 1,811 1,560
Add: sustaining capital and
lease payments 2,082 4,053 2,256 2,773 1,939
Total AISC 64,619 54,937 48,085 40,687 34,466
AISC ($/oz sold) $2,948 $2,270 $1,955 $1,931 $1,687
Segovia - Combined
Total gold produced (ounces) 66,567 63,137 65,549 51,527 47,549
Total gold sold (ounces) 67,709 64,456 65,580 53,751 47,390
Gold revenue 331,611 273,127 229,116 177,551 135,310
Avg realized gold price ($/oz
sold) $4,898 $4,237 $3,494 $3,303 $2,855
Cost of sales1 116,108 103,043 93,249 76,719 67,091
Less: inventory provision — (1,174) — — —
Less: royalties1 (11,139) (8,598) (7,532) (5,539) (4,519)
Add: by-product revenue1 (7,449) (5,828) (4,116) (2,798) (3,073)
Combined cash costs 97,520 87,443 81,601 68,382 59,499
Add: royalties1 11,139 8,598 7,532 5,539 4,519
Add: social contributions1 12,358 9,168 7,787 5,177 4,061
Add: sustaining capital and
lease payments 11,917 16,654 10,686 11,284 6,336
Combined AISC 132,934 121,863 107,606 90,382 74,415
AISC ($/oz sold) $1,963 $1,891 $1,641 $1,681 $1,570
AISC Margin 198,677 151,264 121,510 87,169 60,895
1. As presented in the financial statements and notes thereto for the respective periods
Operating free cash flow and free cash flow after growth and expansion capital
($’000) Mar 31, 2026 Dec 31, 2025 Mar 31, 2025
Operating cash flows before taxes 1 184,981 160,462 51,882
Adjusting Items:
Precious metal stream deposit settled (received) 1 (40,016) 10,000 —
Finance income1 (3,383) (4,353) (2,336)
Impact of FX on cash and cash equivalents 1 814 (545) 768
Adjusted operating cash flows before taxes 142,396 165,564 50,314
Less: Income taxes paid1 (26,171) (21,686) (5,121)
Adjusted net cash provided by operating activities 116,225 143,878 45,193
Less: Sustaining capital (12,837) (18,389) (6,589)
Less: Sustaining lease payments (561) (457) (480)
Cash flow from operations after sustaining capital and
income taxes 102,827 125,032 38,124
Less: Growth and expansion capital (61,251) (67,735) (43,010)
Free cash flow after growth and expansion capital 41,576 57,297 (4,886)
1. As presented in the financial statements and notes thereto for the respective periods.
Additions to mineral interests, plant and equipment
($’000) Mar 31, 2026 Dec 31, 2025 Mar 31, 2025
Sustaining capital
Segovia 11,356 16,197 5,856
Marmato 1,481 2,192 733
Total Sustaining Capital 12,837 18,389 6,589
Non-sustaining capital
Marmato 47,031 43,562 29,661
Segovia 5,454 16,161 6,368
Soto Norte Project and other 3,445 4,885 4,570
Toroparu Project 5,321 3,127 2,411
Total (Growth Capital Investment) 61,251 67,735 43,010
Additions to mining interest, plant and equipment 1 74,088 86,124 49,599
1. As presented in the financial statements and notes thereto for the respective periods.