ARIS MINING REPORTS Q2 2025 RESULTS Higher Gold Sales, Record Adjusted EBITDA & Earnings, and Significant Growth in Cash
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 1
ARIS MINING REPORTS Q2 2025 RESULTS
Higher Gold Sales, Record Adjusted EBITDA & Earnings, and Significant Growth in Cash
Vancouver, Canada, August 7, 202 5 – Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS; NYSE -
A: ARMN) announces its financial and operating results for the three and six months ended June 30, 2025 (Q2 2025
and H1 2025 ). In addition , the Company announces the publication of its 2024 Sustainability Report , which is
available for review on our website. All amounts are in U.S. dollars unless otherwise indicated.
Q2 2025 Financial Performance
• Record revenue of $200.2 million, up 30% from Q1 2025 and 75% from Q2 2024, driven by higher gold prices
and increased sales volumes.
• Cash balance increased to $310 million as of June 30, 2025, up from $240 million at March 31, 2025 as a
result of strong cash flow generation from operations and proceeds from ARIS.WT.A warrant exercises. After
June 30, 2025, the Company received an additional $60.5 million from the exercise of these warrants, which
expired on July 29. In total, 98.7% of the warrants were exercised, generating $114.8 million in proceeds.
• Adjusted EBITDA1 of $98.7 million, up 48% from Q1 2025 and nearly triple Q2 2024. On a trailing 12-month
basis, Adjusted EBITDA1 has reached $264.0 million.
• Growth capital investment of $36.7 million, supporting long-term expansion, primarily at the Marmato Bulk
Mining Zone ($23.6 million) and Segovia ($6.9 million).
• Record adjusted net earnings of $47.8 million or $0.27/share – the highest since Aris Mining’s formation in
September 2022 – up from $0.16/share in Q1 2025 and $0.08/share in Q2 2024.
Neil Woodyer, CEO, commented “ With record adjusted net earnings, over $310 million in cash, and the
commissioning of the second mill at Segovia, we are well‑positioned for stronger production in the second half of
2025 while advancing construction of the Marmato Bulk Mining Zone and technical studies at Soto Norte and
Toroparu, which underpin a compelling growth pipeline . The expiry of the ARIS.WT.A warrants on July 29 has
simplified our capital structure and eliminated a source of non‑cash earnings volatility. We remain firmly on track
to become a leading intermediate gold producer in Latin America with a highly attractive profile for investors.”
Q2 2025 Q1 2025 Q2 2024
Gold production ounces (oz), total 58,652 54,763 49,216
Gold sold (oz), total 61,024 54,281 49,469
Segovia – AISC, Owner Mining ($/oz sold) $1,520 $1,482 $1,616
Segovia – CMP AISC Margin 42% 41% 34%
EBITDA $31.6M $39.7M $30.8M
Adjusted EBITDA $98.7M $66.6M $36.1M
Adjusted EBITDA, last 12 months $264.0M $201.3M $144.6M
Net earnings (loss)2 $(16.9)M3 or $(0.09)/share $2.4M or $0.01/share $5.7 or $0.04/share
Adjusted earnings $47.8M or $0.27/share $27.2M or $0.16/share $12.7 or $0.08/share
Adjusted earnings, last 12 months $112.7M or $0.65/share $77.7M or $0.46/share $42.9M or $0.31/share
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 2
Q2 2025 Operational Performance
• Gold production totaled 58,652 oz, a 7% increase from 54,763 oz in Q1 202 5. Production is expected to
progressively increase in H2 2025 following the June 2025 commissioning of the second mill at Segovia.
• Marmato Narrow Vein Zone produced 7,125 oz, a 29% increase over Q2 2024 and consistent with Q1 2025
production levels.
• Segovia Operations produced 51,527 oz, supported by gold grades of 9.9 g/t and gold recoveries of 96.1%.
o AISC margin increased to $87.2 million, up 43% from Q1 2025. On a trailing 12-month basis, AISC
margin has reached $250.4 million.
o Owner-operated Mining AISC was $1,520/oz (Q1 2025: $1,482/oz), bringing H1 2025 average to
$1,503/oz, tracking toward the lower end of the full year 2025 guidance range of $1,450 to $1,600.
o Contract Mining Partner (CMP) sourced gold delivered an AISC sales margin of 42%, contributing
to a 41% margin for H1 2025. This is above the full-year 2025 guidance range of 35% to 40%.
o Total AISC increased to $1,681/oz (Q1 2025: $1,570), primarily due to higher gold prices, which
increased costs related to material purchased f rom CMPs, together with royalties and social
contributions tied to gold sales.
Figure 1: Strong AISC Margin Growth ($ million) – Segovia
Figure 2: Total AISC and Realized Gold Price Trends ($/oz) – Segovia
$14.1 $23.1
$35.3 $37.0
$57.8
$18.1
$21.0
$23.0 $23.9
$29.4
$32.2
$44.1
$58.3 $60.9
$87.2
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
CMP AISC Margin
Owner Mining AISC Margin
Total
$2,313
$2,457
$2,642
$2,855
$3,303
$1,571 $1,540 $1,485 $1,570 $1,681
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
AISC Margin/oz
Realized Gold Price/oz
Total AISC/oz
$1,622
$742
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TSX: ARIS | NYSE-A: ARMN | aris-mining.com 3
Total Segovia Operating Information Q2 2025 Q1 2025 Q2 2024
Average realized gold price ($/oz sold) $3,303 $2,855 $2,313
Tonnes milled (t) 167,960 167,150 155,912
Average tonnes milled per day (tpd) 1,976 1,966 1,834
Average gold grade processed (g/t) 9.85 9.37 9.14
Gold produced (oz) 51,527 47,549 43,705
Gold sold (oz) 53,751 47,390 43,366
AISC margin ($M) 87.2 60.9 32.2
Segovia Operating Information by Segment Q2 2025 Q1 2025 Q2 2024
Owner Mining
Gold sold (oz) 32,685 26,963 20,183
Cash costs – ($/oz sold) $1,047 $1,123 1,222
AISC – ($/oz sold) $1,520 $1,482 1,616
AISC margin ($M) 57.8 37.0 14.1
CMPs
Gold sold (oz 21,066 20,427 23,183
Cash costs – ($/oz sold) $1,622 $1,431 1,367
AISC – ($/oz sold) $1,931 $1,687 1,532
AISC sales margin (%) 42% 41% 34%
AISC margin ($M) 29.4 23.9 18.1
* 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
• Strong cash generation funding growth:
o Operations generated $74.6 million in cash flow after sustaining capital and income taxes in Q2 2025,
fully funding all growth and expansion initiatives. After expansion capital, Aris Mining generated
$37.9 million in net cash flow . See the Quarterly cash-flow summary in the following sections for
additional cash flow analysis.
• Segovia expansion progressing well:
o Commissioning of the second ball mill in June 2025 marked a major milestone. The expanded plant
capacity is expected to steadily increase gold production throughout H2 2025.
o As underground development advances and mill feed from contract mining partners increases,
Segovia remains on track to achieve annual production of 210,000 to 250,000 ounces this year and
targeting 300,000 ounces next year.
o $6.9 million was invested in Q2 2025 to support the plant expansion, underground development,
and exploration activities.
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• Marmato Bulk Mining Zone construction advancing:
o The Bulk Mining Zone is a large, porphyry -hosted gold-silver system with wide , continuous
mineralized zones that support bulk underground mining methods. Extensive drilling has defined a
large mineral resource, and the deposit remains open at depth and along strike.
o Decline development to access the Bulk Mining Zone is underway.
o Earthworks for the main substation are completed and earthworks for the carbon-in-pulp (CIP) plant
platforms are nearing completion.
o Equipment deliveries continued through the quarter, including major components such as crushers,
mills, and tailings filters.
o $23.6 million was invested in Q2 2025.
o The project remains on schedule, with first ore and production ramp up expected in H2 2026.
• Soto Norte Project:
o A new Pre-Feasibility Study (PFS) is underway, with completion expected in Q3 2025 . The PFS
incorporates a smaller-scale development plan and includes processing options designed to support
local small-scale miners.
o Upon completion of the PFS, Aris Mining intends to finalize and submit the required studies to apply
for an environmental license for the development of Soto Norte.
• Toroparu Project:
o A new Preliminary Economic Assessment (PEA) is underway to evaluate updated development
options. Following the March 2023 mineral resource update, Aris Mining completed infrastructure
optimization studies that strengthen the development plan. The PEA is expected to be completed in
Q3 2025.
Endnotes
1 All references to adjusted earnings, EBITDA, adjusted EBITDA, growth capital investment, cash flow after sustaining capital and income taxes,
cash costs and AISC 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 measure s 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 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 A $45.5 million non -cash loss was recognized in Q2 2025 from fair value adjustments to the Company's warrant liability, valued at $40.8
million as of June 30, 2025. The fair value of the liability is directly correlated to the Company's share price, which increased by 38% during Q2
2025 (year-to-date: 82% increase). In July 2025, the Company received an additional $60.5 million in cash proceeds from exercises of these
warrants. With these exercises and the July 29, 2025 expiry of the remaining outstanding warrants, the liability has been fully extinguished,
removing a source of non-cash earnings volatility from future results.
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 5
Q2 202 5 Conference Call Details
Management will host a conference call on Friday, August 8, 2025, at 9:00 a.m. New York / 6:00 a.m. Vancouver /
2:00 p.m. London / 3:00 p.m. Paris 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 | Q2 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 end of day August 15, 2025
• Toll-free in the US and Canada: +1-855-669-9658
• International: +1-412-317-0088; and using the access code: 8035390
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 and six months ended June 30,
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 intends to unlock
value through scale and diversification. The Company 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 Complex,
which together produced 210,955 ounces of gold in 2024. With expansions underway, Aris Mining is targeting an
annual production rate of more than 5 00,000 ounces of gold, following the commissioning of the second mill at
Segovia, completed in June and ramping up during H2 2025, and the construction of the Bulk Mining Zone at the
Marmato Complex, expected to start ramping up production 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 in Q3 2025. In Guyana, Aris Mining owns the Toroparu gold/copper project, where a new Preliminar y
Economic Assessment (PEA) is underway and its results are also expected in Q3 2025.
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.
News Release
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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 earnings, cash cost , growth and expansion expenditures, cash flow after sustaining capital
and income tax and AISC are non-GAAP financial measures. 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 refer to the “Non -GAAP Financial Measures” sections of the
Company’s Management’s Discussion and Analysis for the three and six months ended June 30, 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.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.
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
and six months ended June 30, 2025 and 2024; the three months ended March 31, 2025 and 202 4, and Company’s annual
financial statements for the three months and years ended December 31, 2024 and 2023.
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Quarterly cash -flow summary 1
($000's) Q2 2025 Q1 2025
Gold revenue2 $200,231 $154,142
Total cash cost (83,166) (72,730)
Royalties2 (7,583) (6,359)
Social contributions2 (5,562) (4,334)
Sustaining capital (12,710) (7,069)
All in sustaining cost (AISC) (109,021) (90,492)
AISC margin 91,210 63,650
Taxes paid2 (42,244) (5,121)
General and administration expense2 (5,187) (4,106)
Decrease (increase) in VAT receivable 30,813 (11,761)
Other changes in working capital (877) (11,685)
Impact of foreign exchange losses on cash balances2 925 768
After-tax adjusted sustaining margin 74,640 31,745
Expansion and growth capital expenditure
Segovia Operations (6,930) (6,368)
Marmato Bulk Mining Zone (23,628) (29,661)
Toroparu Project (2,741) (2,411)
Soto Norte Project & other (3,446) (4,570)
Total expansion and growth capital (36,745) (43,010)
Financing and other costs
Proceeds from warrant and option exercises 2 57,670 5,197
Principal repayment of Gold Notes 2 (4,063) (3,941)
Capitalized interest paid2 (5,802) (5,031)
Interest (paid)2 (18,000) —
Finance income2 2,633 2,336
Total financing and other costs 32,438 (1,439)
Net change in cash2 70,333 (12,704)
Opening cash balance at beginning of period2 239,831 252,535
Closing cash balance at end of period2 $310,164 $239,831
1. This Quarterly Cash Flow Summary is comprised of certain non-GAAP financial measures. Refer to the Non-GAAP Financial Measures section of this news release
for further information.
2. As presented in the Financial Statements and notes for the respective periods.
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Segovia AISC Margin
($000s except per ounce, and ounce amounts) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
Gold produced (ounces) 51,527 47,549 51,477 47,493 43,705
Gold sold (ounces) 53,751 47,390 50,409 48,059 43,366
Financial Information
Gold revenue ($'000s) 177,551 135,310 133,159 118,075 100,302
Average realized gold price ($/ounce sold) $3,303 $2,855 $2,642 $2,457 $2,313
Owner Mining costs 23,228 19,291 18,845 15,780 17,187
CMP material purchases 29,157 26,656 29,461 31,373 28,667
Processing costs 7,412 7,430 6,879 6,985 6,536
Administration and security costs 10,422 10,124 11,656 7,796 8,120
Change in finished goods and stockpile inventory 961 (929) (4,070) 1,130 (1,306)
By-product and concentrate revenue (2,798) (3,073) (2,308) (2,665) (2,862)
Total cash costs 68,382 59,499 60,463 60,399 56,342
Cash cost per ounce sold $1,272 $1,256 $1,199 $1,257 $1,299
,43 3,506 Royalties 5,539 4,519 4,342 3,506 3,078
Social contributions 5,177 4,061 4,063 4,294 2,120
Sustaining capital 10,861 5,856 5,426 5,423 6,224
Sustaining lease payments 423 480 567 389 364
All-in sustaining costs 90,382 74,415 74,861 74,011 68,128
All-in sustaining cost per ounce sold (Combined) $1,681 $1,570 $1,485 $1,540 $1,571
AISC Margin 87,169 60,895 58,298 44,064 32,174