Original News Release
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
Company Website: https://aris-mining.com/
VANCOUVER, British Columbia -- (Business Wire)
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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260311981066/en/
Figure 1: Strong AISC Margin Growth ($ million) – Segovia
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 [email protected].
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, 2025
Jun 30, 2025
Mar 31, 2025
Dec 31, 2025
Dec 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
Cost of sales1
103,043
93,249
76,719
67,091
68,078
340,102
254,879
Less: inventory provision
(1,174)
—
—
—
(965)
(1,174)
(965)
Less: royalties1
(8,598)
(7,532)
(5,539)
(4,519)
(4,342)
(26,188)
(13,934)
Add: by-product revenue1
(5,828)
(4,116)
(2,798)
(3,073)
(2,308)
(15,815)
(10,153)
Total cash costs
87,443
81,601
68,382
59,499
60,463
296,925
229,827
Add: royalties1
8,598
7,532
5,539
4,519
4,342
26,188
13,934
Add: social programs1
9,168
7,787
5,177
4,061
4,063
26,193
12,766
Add: sustaining capital
16,654
10,686
11,284
6,336
5,993
44,960
25,395
Total AISC
121,863
107,606
90,382
74,415
74,861
394,266
281,922
AISC per ounce sold
$1,891
$1,641
$1,681
$1,570
$1,485
$1,705
$1,507
AISC Margin
151,264
121,510
87,169
60,895
58,298
420,838
163,003
1.
As presented in the Financial Statements and notes thereto for the respective periods
Operating free cash flow and free cash flow after growth and expansion capital
Three months ended,
Year ended,
($’000)
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Dec 31, 2025
Dec 31, 2024
Operating cash flows before taxes
160,462
118,946
123,963
51,882
455,253
179,591
Adjusting Items:
Precious metal stream deposit settled (received)
10,000
—
—
—
10,000
(40,016)
Finance income
(4,353)
(2,437)
(3,474)
(2,336)
(12,600)
(6,894)
Impact of FX on cash and cash equivalents
(545)
1,450
925
768
2,598
(5,845)
Adjusted operating cash flows before taxes
165,564
117,959
121,414
50,314
455,251
126,836
Less: Income taxes paid
(21,686)
(13,228)
(42,244)
(5,121)
(82,279)
(38,354)
Adjusted net cash provided by operating activities
143,878
104,731
79,170
45,193
372,972
88,482
Less: Sustaining capital
(18,389)
(11,858)
(12,287)
(6,589)
(49,123)
(27,044)
Less: Sustaining lease payments
(457)
(352)
(423)
(480)
(1,712)
(1,826)
Cash flow from operations after sustaining capital and income taxes
125,032
92,521
66,460
38,124
322,137
59,612
Less: Growth and expansion capital
(67,735)
(48,136)
(36,745)
(43,010)
(195,626)
(168,387)
Free cash flow after growth and expansion capital
57,297
44,385
29,715
(4,886)
126,511
(108,775)
Additions to mineral interests, plant and equipment
($’000)
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Sustaining capital
Segovia
16,197
10,334
10,861
5,856
Marmato
2,192
1,524
1,426
733
Total Sustaining Capital
18,389
11,858
12,287
6,589
Non-sustaining capital
Marmato
43,562
31,369
23,628
29,661
Segovia
16,161
9,618
6,930
6,368
Soto Norte Project and other
4,885
3,879
3,446
4,570
Toroparu Project
3,127
3,270
2,741
2,411
Total (Growth Capital Investment)
67,735
48,136
36,745
43,010
Additions to mining interest, plant and equipment1
86,124
59,994
49,032
49,599
1.
As presented in the Annual and Interim Financial Statements and notes for the respective periods.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA
($000s)
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Earnings (loss) before tax1
97,519
76,094
12,258
21,220
Add back:
Depreciation and depletion1
16,809
13,459
11,929
10,734
Finance income1
(4,353)
(2,437)
(3,474)
(2,336)
Interest and accretion1
10,431
9,390
10,833
10,037
EBITDA
120,406
96,506
31,546
39,655
Add back:
Share-based compensation1
20,663
9,497
8,136
3,784
(Income) loss from equity accounting in investee1
(14)
—
—
14
(Gain) loss on financial instruments1
3,058
6,385
50,737
16,628
Loss on disposal of mining interest and PPE1
—
3,200
—
—
Loss on settlement of deferred revenue1
4,990
—
—
—
Other (income) expense1
6,447
1,961
1,090
535
Foreign exchange (gain) loss1
12,446
13,520
7,224
5,997
Adjusted EBITDA
167,996
131,069
98,733
66,613
1.
As presented in the Annual and Interim Financial Statements and notes for the respective periods.
($000s)
Dec 31, 2024
Sep 30, 2024
Jun 30, 2024
Mar 31, 2024
Earnings (loss) before tax1
37,513
13,603
17,904
10,310
Add back:
Depreciation and depletion1
9,530
9,019
8,082
7,519
Finance income1
(1,606)
(1,351)
(1,691)
(2,246)
Interest and accretion1
21,165
6,493
6,496
6,803
EBITDA
66,602
27,764
30,791
22,386
Add back:
Share-based compensation1
(483)
2,533
1,373
1,842
(Income) loss from equity accounting in investee1
14
17
2,301
551
(Gain) loss on financial instruments1
(6,561)
12,842
6,144
3,742
Other (income) expense1
1,116
(428)
2,681
—
Foreign exchange (gain) loss1
(5,113)
311
(7,211)
(108)
Adjusted EBITDA
55,575
43,039
36,079
28,413
1.
As presented in the Annual and Interim Financial Statements and notes for the respective periods.
Adjusted net earnings and adjusted net earnings per share
($000s except shares amount)
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Basic weighted average shares outstanding
203,245,172
199,171,052
179,836,208
171,622,649
Net earnings (loss)1
50,863
42,011
(16,897)
2,368
Add back:
Share-based compensation1
20,663
9,497
8,136
3,784
(Income) loss from equity accounting in investee1
(14)
—
—
14
(Gain) loss on financial instruments1
3,058
6,385
50,737
16,628
Loss on disposal of mining interest and PPE1
—
3,200
—
—
Loss on settlement of deferred revenue1
4,990
—
—
—
Other (income) expense1
6,447
1,961
1,090
535
Foreign exchange (gain) loss1
12,446
13,520
7,224
5,997
Income tax effect on adjustments
(4,356)
(4,732)
(2,528)
(2,099)
Adjusted net earnings
94,097
71,842
47,762
27,227
Adjusted net earnings per share – basic ($/share)
0.46
0.36
0.27
0.16
1.
As presented in the Annual and Interim Financial Statements and notes for the respective periods.
($000s except shares amount)
Dec 31, 2024
Sep 30, 2024
Jun 30, 2024
Mar 31, 2024
Basic weighted average shares outstanding
170,900,890
169,873,924
151,474,859
138,381,653
Net earnings (loss)
21,687
(2,074)
5,713
(744)
Add back:
Share-based compensation1
(483)
2,533
1,373
1,842
(Income) loss from equity accounting in investee1
14
17
2,301
551
(Gain) loss on financial instruments1
(6,561)
12,842
6,144
3,742
Other (income) expense1
1,116
(428)
2,681
—
Loss on extinguishment of Senior Notes
11,463
—
—
—
Foreign exchange (gain) loss1
(5,113)
311
(7,211)
(108)
Income tax effect on adjustments
2,536
(109)
1,738
78
Adjusted net earnings
24,659
13,092
12,739
5,361
Adjusted net earnings per share – basic ($/share)
0.14
0.08
0.08
0.04
1.
As presented in the Annual and Interim Financial Statements and notes for the respective periods.
Qualified Person and Technical Information
Pamela De Mark, P.Geo., Senior Vice President Geology and Exploration of Aris Mining, is a Qualified Person as defined by National Instrument 43-101 (NI 43-101), and has reviewed and approved the technical information contained in this news release.
Forward-Looking Information
This news release contains "forward-looking information" or forward-looking statements" within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, including, without limitation, statements relating to the Company’s ability to deliver on its 2026 objectives, 2026 production and cost guidance, Segovia guidance, updates and timing for completion and first gold pour at the Bulk Mining Zone, the expected benefit from the Segovia expansion, the Company’s longer-term growth outlook, the timeline for environmental studies for the Soto Norte Project, the timeline for a Prefeasibility Study and construction decision for the Toroparu Project, the objective of reaching 1 million ounces of production, are forward-looking. Generally, the forward-looking information and forward looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "will continue" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved”. The material factors or assumptions used to develop forward looking information or statements are disclosed throughout this news release.
Forward looking information and forward looking statements, while based on management's best estimates and assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Aris Mining to be materially different from those expressed or implied by such forward-looking information or forward looking statements, including but not limited to those factors discussed in the section entitled "Risk Factors" in Aris Mining's annual information form dated March 11, 2026 which is available on SEDAR+ at www.sedarplus.ca and included as part of the Company’s Annual report on Form 40-F, filed with the SEC at www.sec.gov.
Although Aris Mining has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. The Company has and continues to disclose in its Management's Discussion and Analysis and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking information and forward-looking statements and to the validity of the information, in the period the changes occur. The forward-looking statements and forward-looking information are made as of the date hereof and Aris Mining disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information.
This news release contains information that may constitute future-orientated financial information or financial outlook information (collectively, “FOFI”) about the Company’s prospective financial performance, financial position or cash flows, all of which are subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. The Company’s actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. The Company has included FOFI in order to provide readers with a more complete perspective on the Company’s future operations and management’s current expectations relating to the Company’s future performance. Readers are cautioned that such information may not be appropriate for other purposes. FOFI contained herein was made as of the date of this Annual Information Form. Unless required by applicable laws, the Company does not undertake any obligation to publicly update or revise any FOFI statements, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260311981066/en/
Contacts:
Aris Mining
Oliver Dachsel
Senior Vice President, Capital Markets
+1.917.847.0063
Lillian Chow
Director, Investor Relations & Communications
[email protected]
Source: Aris Mining Corporation
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