ARIS MINING REPORTS Q2 2025 RESULTS
Executive Summary
- Aris Mining reported record Q2 2025 revenue of $200.2 M, adjusted EBITDA of $98.7 M and adjusted net earnings of $47.8 M ($0.27/share), the highest since its 2022 inception.
- Cash balance rose to $310 M driven by strong operating cash flow and near‑full exercise of ARIS.WT.A warrants, which generated $114.8 M in proceeds.
- Production increased to 58,652 oz gold (up 7% YoY); Segovia’s second ball mill was commissioned in June 2025, and growth capital investment totaled $36.7 M, primarily for the Marmato Bulk Mining Zone ($23.6 M) and Segovia expansion ($6.9 M).
Key Details
- Revenue & Earnings
- Record revenue: $200.2 M (↑30% Q1 2025, ↑75% YoY).
- Adjusted EBITDA: $98.7 M (↑48% Q1 2025; ~3× YoY).
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Adjusted net earnings: $47.8 M or $0.27/share (up from $0.16/share Q1 2025, $0.08/share Q2 2024).
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Cash & Financing
- Cash balance as of June 30 2025: $310 M (↑$70 M vs. March 31 2025).
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Warrant exercise: 98.7% exercised, generating $114.8 M total; additional $60.5 M received after quarter‑end.
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Gold Production & Sales
- Total gold produced: 58,652 oz (↑7% YoY).
- Gold sold: 61,024 oz.
- Segovia production: 51,527 oz; average grade 9.9 g/t, recovery 96.1%.
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Marmato Narrow Vein Zone produced 7,125 oz (↑29% YoY).
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Cost & Margin Metrics
- Owner‑mined AISC: $1,520/oz (average H1 2025 $1,503/oz).
- CMP AISC sales margin: 42%, above guidance range of 35–40%.
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Total AISC increased to $1,681/oz due to higher gold price and royalty/social contributions.
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Growth Capital Expenditure – $36.7 M
- Marmato Bulk Mining Zone: $23.6 M (decline development, substation & CIP plant earthworks).
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Segovia expansion (second ball mill, underground development): $6.9 M.
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Project Updates
- Segovia: Second ball mill commissioned June 2025; target annual production 210‑250 k oz in 2025, 300 k oz in 2026.
- Marmato Bulk Mining Zone: Construction on schedule; first ore expected H2 2026.
- Soto Norte: Pre‑Feasibility Study underway, completion expected Q3 2025.
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Toroparu: Preliminary Economic Assessment underway, also targeted for Q3 2025.
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Operating Cash Flow
- Cash flow after sustaining capital & taxes: $74.6 M (fully funded growth initiatives).
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Net cash flow post‑expansion: $37.9 M.
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Conference Call – August 8 2025, 9:00 a.m. NY / 6:00 a.m. Vancouver.
Notable Quotes
“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… We remain firmly on track to become a leading intermediate gold producer in Latin America.” – Neil Woodyer, CEO