Aris Mining Reports Q3 2026 Results

Aris Mining Corporation (ARIS) reported financial and operating results for the third quarter of 2026, which ended on September 30, 2026, on November 4, 2026. The company produced 69,300 ounces of gold in the quarter, bringing year-to-date production to 217,300 ounces, an increase of 16% compared to 186,700 ounces in the same period of 2025.

In the third quarter, Aris Mining sold 68,400 ounces of gold, generating $287 million in revenue at an average realized price of $4,205 per ounce. Adjusted earnings per share for the quarter were $0.35, totaling $73 million. Year-to-date adjusted net earnings reached $293 million, or $1.42 per share, marking a 99% increase. Adjusted EBITDA for the quarter was $144 million, with a year-to-date total of $535 million, an 81% increase. The trailing twelve-month adjusted EBITDA stood at $702 million.

Cash holdings were $419 million as of September 30, following $144 million in capital investments during the quarter. Of that investment, $86 million was allocated to the Marmato mine and $41 million to the Segovia mine.

At the Segovia mine, production totaled 63,400 ounces from 208,000 tonnes grading 9.77 grams per tonne. Owner-mined all-in sustaining costs (AISC) were $1,945 per ounce for the quarter, with a year-to-date average of $1,729 per ounce. The combined AISC for Segovia was $2,039 per ounce year-to-date. The company reported a cost-mining-plus-processing (CMP) sales margin of 37% for the quarter, down from 41% year-to-date.

Marmato produced 5,800 ounces from 55,500 tonnes grading 3.68 grams per tonne. Production was impacted by approximately four weeks of downtime at the flotation plant during the transition to the Cascabel 3 filtered tailings facility. The company is currently constructing and commissioning a 5,000 tonnes per day (tpd) carbon-in-pulp (CIP) plant at Marmato. First gold from the new plant is expected in December 2026, with production reaching approximately 4,000 tpd by mid-2027 and 5,000 tpd by the end of 2027.

For the full year 2026, Aris Mining is targeting the lower end of its production guidance range of 300,000 to 350,000 ounces. The company also provided updates on its development projects. The pre-feasibility study (PFS) for the Toroparu project is now targeted for completion in November 2026, which will include the company’s first Toroparu reserve estimate. A construction decision is scheduled to be assessed in early 2027, explicitly sequenced after the start of gold production at Marmato.

At the Soto Norte project, the environmental impact assessment (ESIA) is complete and the company states it is ready for formal consultation with local communities. No filing date has been provided for the environmental license application. Additionally, an updated National Instrument 43-101 (NI 43-101) technical report for Marmato, featuring new reserves and resources, is expected in the first quarter of 2027.

The production, sales, revenue, and cash figures cited in this report were pre-released on October 7, 2026. The current release provides updated information on costs, cash flow, earnings, and guidance.

Aris Mining Corporation (ARIS) reported third-quarter results on October 7, 2026, confirming production of 69.3 koz, sales of 68.4 koz, a realized price of approximately $4,204/oz, revenue of $287 million, and cash of $419 million. The company also shifted its guidance to the lower end of its range. The release highlighted several unfavorable operational metrics, including a consolidated All-In Sustaining Cost (AISC) of $2,356/oz in Q3, an increase of 10.9% from $2,125/oz in Q2 and 44% from the year-to-date 2025 figure of $1,634/oz.

Financial performance showed continued compression, with the company-wide AISC margin declining from roughly $177 million in Q2 to approximately $126 million in Q3, a drop of about 29%. This occurred as the realized price fell 5.5% sequentially from $4,450/oz to $4,205/oz. Adjusted earnings per share fell to $0.35 in Q3, down from $0.47 in Q2 and $0.60 in Q1, marking a third consecutive quarterly decline despite gold prices remaining above $4,200/oz. Revenue decreased for a third straight quarter, dropping from $364 million in Q1 to $321 million in Q2, and finally to $287 million in Q3.

Free cash flow after growth and expansion capital was negative $50.8 million in Q3 and negative $47.0 million year-to-date, compared to positive $69.2 million for the same period in 2025. This represents a $116 million swing, occurring even as the Segovia realized gold price rose 40% from $3,251/oz to $4,547/oz. The updated guidance language reduced the outlook to the bottom of the range, requiring a 19% step-up in Q4 against a declining three-quarter trend.

Market reaction reflected these developments. The stock had already declined 17% from $24.28 on October 7 to $20.11 on October 30. The release underscored higher costs, negative free cash flow, falling sequential earnings, and guidance at the floor.

Aris Mining Corporation (TSX: ARIS, NYSE: ARIS) is a Canadian gold producer that holds 100% ownership of four assets in Colombia and Guyana. The company produced approximately 257 koz of gold in 2025.

Segovia, an operating underground mine in Antioquia, Colombia, serves as the company’s flagship asset, contributing roughly 89% of group production with 194.4 koz year-to-date in 2026. The site features a high-grade narrow-vein underground operation with 1.50 moz Proven and Probable (P&P) reserves at 10.70 g/t and an Indicated and Inferred (M&I) resource of 3.63 moz at 15.30 g/t. Processing capacity was expanded to 3,000 tpd following the commissioning of a second mill in June 2025. Aris operates a hybrid model at Segovia, combining owner-operated mining with 42 formalised Contract Mining Partners who supply third-party mill feed under long-term contracts, supplemented by purchased high-grade off-title material. The site has a steady-state production target of approximately 300 koz per year.

Marmato, an operating underground mine in Caldas, Colombia, produced 22.9 koz year-to-date. The asset holds 3.18 moz P&P reserves at 3.16 g/t. Marmato currently operates a 1,200 tpd flotation plant, while a new 5,000 tpd CIP plant is commissioning toward a December 2026 first pour. Access to the Bulk Mining Zone has been established via a completed decline and cross-cut. The mine targets a steady-state production of approximately 200 koz per year, with full capacity expected to be reached by the end of 2027 at the earliest.

Soto Norte, a development project in Santander, Colombia, is a 22-year, 3,500 tpd underground gold-copper operation. The project holds 4.57 moz P&P reserves at 7.00 g/t and produces a concentrate product without the use of cyanide or mercury. A Preliminary Feasibility Study (PFS) calculated an NPV5% of $2.7 billion at $2,600/oz, with an initial capital expenditure of $625 million. An environmental licence has not yet been applied for.

Toroparu, a development project in Cuyuni-Mazaruni, Guyana, is a 7.0 Mtpa open pit operation. An Preliminary Economic Assessment (PEA) estimated an NPV5% of $1.8 billion at $3,000/oz, with an initial capital expenditure of $820 million. The project is expected to produce approximately 235 koz per year over 21.3 years. There are no reserves defined yet, and a PFS is due in November 2026.

Aris Mining is chaired and managed by Neil Woodyer, founder of Leagold and former CEO of Endeavour Mining. The board includes David Garofalo, Attie Roux, and three former senior Colombian government officials: a former Mines and Energy Minister, a former Justice Minister, and a former Finance Vice Minister.

The business is effectively a single-mine producer today, driven by Segovia, with a second mine under construction and two large development projects. Concentration is the defining structural feature of the company.