Aris Mining Reports Q4 and Full Year 2025 Results 2025 production above guidance mid-point, 2026 production expected to rise to 300,000–350,000 ounces
Aris Mining Reports Q4 and Full Year 2025 Results
2025 production above guidance mid-point, 2026 production expected to rise to 300,000–350,000 ounces
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 11, 2026--Aris Mining Corporation (Aris
Mining or the Company) (TSX: ARIS; NYSE: ARIS) announces its financial and operating results for the three
and twelve months ended December 31, 2025 (Q4 2025 and FY2025). All amounts are in U.S. dollars unless
otherwise indicated.
2025 Financial Performance
2025 production of 256,503 ounces (oz) of gold, exceeding the guidance midpoint (230,000-275,000 oz),
and a 22% increase from 210,955 oz in 2024.
2025 gold revenue of $909 million, up 82% from 2024.
Adjusted EBITDA1 of $464 million, up 185% from 2024.
Adjusted net earnings of $241 million or $1.28/share, up 265% from $0.35/share in 2024.
Cash balance increased to $392 million as of December 31, 2025, up from $253 million at December
31, 2024. This increase primarily reflects:
+$322 million of cash flow from operations after sustaining capital and income taxes;
+$115 million of proceeds from the exercise of ARIS.WT.A warrants (July 2025 expiry); and
+$13 million of proceeds from the sale of the Juby Gold Project; partially offset by
-$77 million of debt repayment and servicing;
-$60 million cash used for the Q4 2025 acquisition of the remaining 49% interest in Soto Norte; and
-$196 million invested in growth capital.
Net debt reduced to $86 million, down from $241 million at year-end 2024.
Neil Woodyer, Chair and CEO, commented “During 2025, our operations generated $322 million of cash flow
after sustaining capital and income taxes, fully funding our growth and expansion initiatives. After these
investments, we generated $127 million in net cash flow, demonstrating the strong underlying cash generation of
the business.
At Segovia, the ramp-up of the second mill is progressing well and contributed to record financial results during
the year. At Marmato, development in the Bulk Mining Zone is ahead of schedule, materially reducing execution
risk as we advance construction of the new carbon-in-pulp (CIP) processing facility, which remains on schedule
for first gold in Q4 2026.
We also advanced our longer-term growth, completing the Soto Norte Prefeasibility Study (PFS) and the
Toroparu Preliminary Economic Assessment (PEA) in September and October 2025, respectively. We remain on
track to submit the environmental license application for Soto Norte in Q2 2026, while advancing Toroparu
toward completion of its Prefeasibility Study in the second half of 2026 and a potential construction decision in
early 2027.
With record revenue, operating cash flow and earnings since Aris Mining’s formation in September 2022, we
enter 2026 in a strong financial position and well placed to continue executing our growth strategy.”
Q4 2025 Q3 2025 FY2025 FY2024
Gold production (oz), total 69,852 73,236 256,503 210,955
Gold sold (oz), total 71,717 73,001 260,023 210,616
Segovia – AISC, Owner Mining ($/oz sold) $1,662 $1,452 $1,534 $1,486
Segovia – CMP AISC Sales Margin2 46% 44% 44% 36%
EBITDA $120.4M $96.5M $288.1M $147.5M
Adjusted EBITDA $168.0M $131.1M $464.4M $163.1M
Net earnings (loss)3 $50.9M or
$0.25/share
$42.0M or
$0.21/share
$78.3M or
$0.42/share
$24.6M or
$0.16/share
Adjusted earnings $94.1M or
$0.46/share
$71.8M or
$0.36/share
$240.9M or
$1.28/share
$55.9M or
$0.35/share
2025 Operational Performance
Marmato produced 28,741 oz, a 23% increase over 2024 and above the 2025 guidance range (20,000-
25,000 oz), supported by stable throughput and higher average gold grades. The 2025 results reflect the
operating capacity of the existing flotation plant. Throughput is expected to increase materially upon
commissioning of the new CIP plant later this year.
Segovia produced 227,762 oz, a 21% increase over 2024 and achieving the 2025 guidance range
(210,000-250,000). The 2025 performance reflects gold grades of 9.82 g/t, gold recoveries of 96.1%, and a
17% increase in tonnes milled compared to 2024, driven by the installation of a second ball mill in June
2025.
AISC margin increased to $420.8 million, up 158% from 2024.
Owner-operated Mining AISC was $1,534/oz compared to $1,486/oz in 2024, within the full-year
2025 guidance range of $1,450 to $1,600/oz.
Contract Mining Partner (CMP) sourced gold delivered an AISC sales margin of 44%,
exceeding the full-year 2025 guidance range of 35% to 40%.
Total AISC of $1,705/oz compared to $1,507/oz in 2024. The 2025 results reflect disciplined cost
control in owner-mining at $1,534/oz (up 3.2% over 2024). AISC for CMPs was $1,973/oz (up 29%
over 2024), primarily reflecting the gold-price-linked purchase formula during a period when
realized gold prices increased 48%.
Total Segovia Operating Information Q4 2025 Q3 2025 FY2025 FY2024
Average realized gold price ($/oz sold) $4,237 $3,494 $3,526 $2,378
Tonnes milled (t) 201,060 219,550 755,720 644,854
Average gold grade processed (g/t) 10.10 9.87 9.82 9.41
Gold produced (oz) 63,137 65,549 227,762 187,583
Gold sold (oz) 64,456 65,580 231,177 187,122
AISC – ($/oz sold), Owner Mining & CMPs $1,891 $1,641 $1,705 $1,507
AISC margin ($M) $151.3 $121.5 $420.8 $163.0
Segovia by Segment Q4 2025 Q3 2025 FY2025 FY2024
Owner Mining
Gold sold (oz) 40,260 40,984 140,892 93,729
AISC – ($/oz sold) $1,662 $1,452 $1,534 $1,486
AISC margin ($M) $102.7 $83.1 $280.7 $83.9
CMPs2
Gold sold (oz) 24,196 24,596 90,285 93,393
AISC – ($/oz sold) $2,270 $1,955 $1,973 $1,527
AISC sales margin (%) 46% 44% 44% 36%
AISC margin ($M) $48.6 $38.4 $140.2 $79.1
Corporate and Project Development Highlights
Strong cash generation funding growth:
Operations generated $322.1 million in cash flow after sustaining capital and income taxes in 2025,
fully funding all growth and expansion initiatives. After expansion capital, Aris Mining generated
$126.5 million in net cash flow. See the cash-flow summary in the following sections for additional
cash flow analysis.
2026 Production and Cost Guidance4:
Aris Mining expects consolidated gold production in 2026 to range between 300,000 and 350,000
oz, with production weighted toward the second half of the year. The increase reflects higher
expected production at Segovia and the start of production from the new Marmato CIP plant.
At Segovia, gold production is expected to increase to between 265,000 and 300,000 ounces, up
from the 227,762 ounces produced in 2025 and supported by higher mill feed from both owner-
operated mining and CMP sourced material.
At Marmato, gold production is expected to increase to between 35,000 and 50,000 ounces, up from
the 28,741 ounces in 2025. Production will be back-end weighted driven by the commissioning of
the CIP plant, with first gold from the new plant expected in Q4 2026.
Operation Segovia Marmato Consolidated
Gold production (koz) 265 - 300 35 - 50 300 - 350
Cash cost (US$/oz) – Owner mining $1,150 to $1,250 To be provided following
CIP plant commercial
production
AISC (US$/oz) – Owner mining $1,700 to $1,800
AISC sales margin – CMPs2 35% - 40%
Marmato construction advancing:
Development of the new underground decline to the Bulk Mining Zone is currently 60% complete
(over 1,000 metres advanced) and is scheduled for completion in Q3 2026, ahead of CIP plant
commissioning in Q4 2026. The new decline will significantly improve access and haulage
efficiency, enabling higher mining rates and lower costs as processing capacity expands.
The new decline has advanced beyond the connection point to the underground crosscut, with
completion of the crosscut expected in April 2026. This horizontal development, connecting the
upper part of the Bulk Mining Zone with the main decline, will establish an additional access and
ventilation pathway, facilitate ore and waste haulage between existing and new infrastructure, and
support the initial ramp up of mine production.
The main civil, mechanical, and electrical works are advancing, with foundations for the mills,
tailings thickener, and leach and CIP tanks completed.
Construction of underground workshops and ore storage, main pump station and field offices will
begin in Q2 2026.
Subsequent to December 31, 2025, the Company received the $40 million instalment deposit under
its precious metals stream financing following achievement of the 50% completion milestone. The
proceeds will be recognized in the first quarter of 2026. The remaining $42 million instalment
deposit is payable upon achievement of the 75% completion milestone.
During most of 2026, owner mining rates are expected to average approximately 900 tonnes per day
(tpd), reflecting the throughput capacity of the existing flotation plant, sourced primarily from ore
development and stopes in the Bulk Mining Zone.
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 design capacity by the end of
2027 when the paste backfill plant is fully commissioned.
Toroparu Project (100% owned, Guyana):
Aris Mining initiated a PFS last year, targeted for completion in 2026, to advance Toroparu toward a
construction decision in early 2027.
The Company commenced select pre-construction activities, which includes building a bridge at the
Puruni river crossing and ongoing road construction.
Preliminary Economic Assessment (PEA) completed in October 2025, outlining an attractive project
with 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):
Aris Mining is finalizing the required studies to apply for an environmental license in Q2 2026 for
the development of Soto Norte.
Prefeasibility Study (PFS) completed in September 2025, demonstrating robust economics with 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 IRR of
40%.
The PFS incorporates industry-leading environmental and social design features, including 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.
Q4 2025 Conference Call Details
Management will host a conference call on Thursday, March 12, 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 | Q4 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 March 19, 2026
Toll-free in the US and Canada: +1-855-669-9658
International: +1-412-317-0088; and using the access code: 3500393
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 twelve months ended
December 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 info@aris-
mining.com.
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.
Expansion projects underway at Segovia and Marmato are expected to increase production to approximately
500,000 ounces of gold per year, 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 existing portfolio supports a longer-term objective of approximately 1 million ounces of annual
gold production7. 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 and a construction decision is
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. 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.
3. Net earnings represents net earnings attributable to owners of the company, as presented in the annual and interim financial
statements for the relevant period.
4. 2026 cash cost and All in sustaining cost (AISC) forecasts are based on a gold price of US$4,400/oz and USD to Colombian peso
exchange rate of 3,800.
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. Includes potential production estimates from Toroparu, which is based on a preliminary economic assessment and 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. There can be
no assurance that the projected production will be achieved. Such production also remains subject to obtaining all necessary permits for
both Soto Norte and Toroparu.
Fourth quarter consolidated income statement
Three months ended December 31,
2025 2024
Revenue $ 308,565 $ 151,076
Cost of sales (124,365) (83,189)
Depreciation and depletion (16,809) (9,530)
Social contributions (9,326) (4,228)
Income from mining operations 158,065 54,129
General and administrative costs (6,878) (8,084)
Loss from investments in associates 14 (14)
Share-based compensation (20,663) 483
Other expenses (6,447) (1,116)
Income from operations 124,091 45,398
Gain (loss) on financial instruments (3,058) 6,561
Loss on settlement of deferred revenue (4,990) —
Finance income 4,353 1,606
Finance costs (10,431) (21,165)
Foreign exchange gain (loss) (12,446) 5,113
Income before income tax 97,519 37,513
Income tax (expense) recovery
Current (46,742) (16,987)
Deferred 311 23
Net income $ 51,088 $ 20,549
Net income attributable to:
Owners of the Company $ 50,863 $ 21,687
Non-controlling interest 225 (1,138)
$ 51,088 $ 20,549
Earnings per share attributable to owners of the Company – basic $ 0.25 $ 0.13
Weighted average number of outstanding common shares – basic 203,245,172 170,900,890
Earnings per share attributable to owners of the Company – diluted $ 0.25 $ 0.02
Weighted average number of outstanding common shares – diluted 206,592,928 173,046,985
Fourth quarter consolidated statement of cash flows
Three months ended December 31,
2025 2024
Operating Activities
Net income $ 51,088 $ 20,548
Adjusted for the following items:
Depreciation and depletion 17,507 8,693
Loss from investments in associates (14) 13
Share-based compensation 20,663 (483)
Finance costs 10,431 21,165
Loss on financial instruments 3,058 (6,561)
Amortization of deferred revenue and cumulative catch-up (2,210) (1,042)
Unrealized foreign exchange loss (gain) 9,396 (6,829)
Income tax expense 46,431 16,964
Loss on settlement of deferred revenue 4,990 —
Other 862 2,749
Payment of Deferred Share Units and Performance Share Units — 1
Settlement of Soto Norte Project PMPA (10,000) —
Precious metal stream deposit received — 40,016
Changes in non-cash operating working capital items 8,260 29,002
Operating cash flows before taxes 160,462 124,236
Income taxes paid (21,686) (25,152)
Net cash provided by operating activities 138,776 99,084
Investing Activities
Additions to mining interests, plant and equipment (85,045) (47,882)
Contributions to investment in associates — (1)
Purchase of Denarius marketable securities (1,429) —
Capitalized interest paid (net) (7,964) (3,959)
Net cash used in investing activities (94,438) (51,842)
Financing Activities
Acquisition of 49% interest in Soto Norte Project (50,000) —
Repayment of Gold Notes (4,064) (3,695)
Repayment of Senior Notes 2026 — (305,157)
Net proceeds from Senior Notes 2029 — 441,294
Payment of lease obligations (1,198) (594)
Interest paid (18,000) (5,582)
Proceeds from exercise of stock options and warrants, net of issuance costs 3,462 1,427
Net cash provided by financing activities (69,800) 127,693
Impact of foreign exchange rate changes on cash and equivalents (545) (2,704)
Increase in cash and cash equivalents (26,007) 172,231
Cash and cash equivalents, beginning of period 417,881 80,304
Cash and cash equivalents, end of period $ 391,874 $ 252,535
Cash costs & all-in sustaining cost per ounce
For the three months ended, Years ended,
Segovia Dec 31, 2025 Sep 30, 2025Jun 30, 2025
Mar 31,
2025 Dec 31, 2025Dec 31, 2024
Total gold sold (ounces) 64,456 65,580 53,751 47,390 231,177 187,122
Cost of sales1 103,043 93,249 76,719 67,091 340,102 254,879
Less: materials and supplies inventory provision1 (1,174) — — — (1,174) (965)
Less: royalties1 (8,598) (7,532) (5,539) (4,519) (26,188) (13,934)
Add: by-product revenue1 (5,828) (4,116) (2,798) (3,073) (15,815) (10,153)
Total cash costs 87,443 81,601 68,382 59,499 296,925 229,827
Add: royalties1 8,598 7,532 5,539 4,519 26,188 13,934
Add: social programs1 9,168 7,787 5,177 4,061 26,193 12,766
Add: sustaining capital expenditures 16,654 10,686 11,284 6,336 44,960 25,395
Total AISC 121,863 107,606 90,382 74,415 394,266 281,922
AISC per ounce sold $1,891 $1,641 $1,681 $1,570 $1,705 $1,507
Marmato
Total gold sold (ounces) 7,261 7,421 7,273 6,891 28,846 23,494
Cost of sales1 21,322 20,443 17,255 15,384 74,404 59,880
Less: materials and supplies inventory provision (254) — — — (254) (225)
Less: royalties1 (2,223) (2,555) (2,044) (1,840) (8,662) (4,959)
Add: by-product revenue1 (1,493) (543) (427) (313) (2,776) (1,133)
Total cash costs 17,352 17,345 14,784 13,231 62,712 53,563
Add: royalties1 2,223 2,555 2,044 1,840 8,662 4,959
Add: social programs1 158 437 385 273 1,253 1,667
Add: sustaining capital expenditures 2,192 1,524 1,426 733 5,875 3,475
Total AISC 21,925 21,861 18,639 16,077 78,502 63,664
Consolidated
Total gold sold (ounces) 71,717 73,001 61,024 54,281 260,023 210,616
Cost of sales1 124,365 113,692 93,974 82,475 414,506 314,759
Less: materials and supplies inventory provision (1,428) — — — (1,428) (1,190)
Less: royalties1 (10,821) (10,087) (7,583) (6,359) (34,850) (18,893)
Add: by-product revenue1 (7,321) (4,659) (3,225) (3,386) (18,591) (11,286)
Total cash costs 104,795 98,946 83,166 72,730 359,637 283,390
Add: royalties1 10,821 10,087 7,583 6,359 34,850 18,893
Add: social programs1 9,326 8,224 5,562 4,334 27,446 14,433
Add: sustaining capital expenditures 18,846 12,210 12,710 7,069 50,835 28,870
Total AISC 143,788 129,467 109,021 90,492 472,768 345,586
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, Years ended,
Segovia - Owner Mining
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Mar 31,
2025
Dec 31,
2024
Dec 31,
2025
Dec 31,
2024
Total gold sold (ounces) 40,260 40,984 32,685 26,963 28,149 140,892 93,729
Cost of sales1 52,773 48,502 39,532 34,799 34,518 175,606 121,450
Less: inventory provision (895) — — — (717) (895) (717)
Less: royalties1 (5,689) (5,000) (3,605) (2,783) (2,754) (17,077) (8,151)
Add: by-product revenue1 (3,610) (2,566) (1,714) (1,748) (1,727) (9,639) (7,540)
Total cash costs 42,578 40,936 34,213 30,268 29,320 147,995 105,042
Add: royalties1 5,689 5,000 3,605 2,783 2,754 17,077 8,151
Add: social programs1 6,058 5,155 3,366 2,501 2,558 17,080 7,468
Add: sustaining Capital 12,601 8,430 8,511 4,397 4,386 33,939 18,620
Total AISC 66,926 59,521 49,695 39,949 39,018 216,091 139,281
AISC per ounce sold $1,662 $1,452 $1,520 $1,482 $1,386 $1,534 $1,486
Segovia - CMPs
Total gold sold (ounces) 24,196 24,596 21,066 20,427 22,260 90,285 93,393
Cost of sales1 50,271 44,747 37,187 32,292 33,560 164,496 133,429
Less: inventory provision (279) — — — (248) (279) (248)
Less: royalties1 (2,909) (2,532) (1,934) (1,736) (1,588) (9,111) (5,783)
Add: by-product revenue1 (2,218) (1,550) (1,084) (1,325) (581) (6,176) (2,613)
Total cash costs 44,865 40,665 34,169 29,231 31,143 148,930 124,785
Add: royalties1 2,909 2,532 1,934 1,736 1,588 9,111 5,783
Add: social programs1 3,110 2,632 1,811 1,560 1,505 9,113 5,298
Add: sustaining capital 4,053 2,256 2,773 1,939 1,607 11,021 6,775
Total AISC 54,937 48,085 40,687 34,466 35,843 178,175 142,641
AISC per ounce sold $2,270 $1,955 $1,931 $1,687 $1,610 $1,973 $1,527
Segovia - Combined
Total gold produced (ounces) 63,137 65,549 51,527 47,549 51,477 227,762 187,583
Total gold sold (ounces) 64,456 65,580 53,751 47,390 50,409 231,177 187,122
Gold revenue 273,127 229,116 177,551 135,310 133,159 815,104 444,925
Avg realized gold price ($/oz sold) $4,327 $3,494 $3,303 $2,855 $2,642 $3,526 $2,378