ARIS — Aris Mining Corporation

Summary of Aris Mining Q3 2025 Earnings Call

1. Key Financial Results and Metrics

• Gold Production: 73,236 ounces in Q3, a 25% increase from Q2; total production for the first nine months of 2025 reached 187,000 ounces.
• Revenue: $253 million in Q3, up 27% from Q2.
• Adjusted EBITDA: $131 million for Q3, with a trailing 12-month total exceeding $350 million.
• Net Earnings: Adjusted net earnings of $72 million, or $0.36 per share.
• Cash Position: Ended Q3 with $418 million in cash, up from $310 million in Q2, driven by cash flow and warrant exercises.
• All-in Sustaining Costs (AISC): $1,452 per ounce for Q3, trending towards the lower end of guidance ($1,450 to $1,600 per ounce).

2. Strategic Updates and Business Highlights

• Segovia Operations: Continued ramp-up following the commissioning of a second ball mill, with production expected to reach approximately 300,000 ounces in 2026.
• Marmato Bulk Mining Zone: Construction is on track, with first gold pour anticipated in the second half of 2026. Estimated completion cost is $250 million.
• Soto Norte: A pre-feasibility study confirms it as a highly attractive project, with plans to apply for an environmental license in the first half of 2026.
• Toroparu Project: A preliminary economic assessment indicates strong potential, with a focus on advancing to a pre-feasibility study within 10 months.

3. Forward Guidance and Outlook

• Production Guidance: Full-year production guidance remains at 230,000 to 270,000 ounces.
• Growth Strategy: The company aims to increase annual gold production to over 500,000 ounces by advancing projects like Toroparu and Soto Norte.
• Financial Position: Strong cash flow and low debt levels position Aris Mining favorably for future growth initiatives.

4. Bad News, Challenges, or Points of Concern

• Regulatory Risks: The permitting process for Soto Norte is expected to take 18 months, which could delay project timelines.
• Capital Expenditures: Increased spending is anticipated as construction ramps up, which may impact cash flow in the short term.
• Market Conditions: While gold prices are currently favorable, any decline could affect revenue and margins.

5. Notable Q&A Insights

• Segovia Mill Expansion: Current throughput is approximately 2,500 to 2,600 tonnes per day, with expectations to reach 3,000 tonnes per day by early next year.
• Contract Mining Partners: All contracts are secured for increased production, with a focus on internal operations for the majority of the increase.
• Project Sequencing: Toroparu is prioritized for development ahead of Soto Norte due to its timeline and readiness.
• Marmato CapEx: An increase in capital expenditures is expected as construction progresses, particularly with the mobilization of contractors for the mill foundations.

Overall, Aris Mining demonstrated strong performance in Q3 2025, with significant production increases and robust financial results, while also outlining an ambitious growth strategy for the future. However, challenges related to regulatory processes and capital expenditures remain areas of focus.