ARIS — Aris Mining Corporation

ARIS Mining Q4 2025 Earnings Call Summary

1. Key Financial Results and Metrics

• Gold Production: 257,000 ounces, a 22% increase year-over-year.
• Gold Revenue: $909 million, up 82% from $499 million in 2024.
• Adjusted EBITDA: $464 million, a 185% increase from $163 million in 2024.
• Adjusted Net Earnings: $241 million ($1.28 per share), up 265% from $56 million ($0.35 per share) in 2024.
• Cash Flow: Generated $322 million in operating cash flow after sustaining capital and taxes, resulting in $127 million of free cash flow.
• Cash Position: Ended the year with $392 million in cash, up from $252 million in 2024; net debt reduced to $86 million.

2. Strategic Updates and Business Highlights

• Operational Growth: Successful ramp-up of the Segovia second mill, contributing to increased production.
• Marmato Project: Development ahead of schedule, with a new CIP plant expected to pour its first gold in Q4 2026.
• Acquisition: Completed the acquisition of the remaining 49% interest in Soto Norte for $80 million.
• Uplisting: Transitioned to the main board of the New York Stock Exchange, enhancing visibility and liquidity.
• Cash Flow Generation: Transitioned to free cash flow generation while investing in growth initiatives.

3. Forward Guidance and Outlook

• 2026 Production Guidance: Expected to produce between 300,000 to 350,000 ounces of gold, representing over 25% growth year-over-year.
• Long-term Goals: Targeting annual production of 500,000 ounces post ramp-up of Segovia and Marmato, with aspirations to reach 1 million ounces annually through the development of Toroparu and Soto Norte.

4. Bad News, Challenges, or Points of Concern

• Operational Downtime: Segovia experienced unscheduled maintenance in November, leading to a 4% decrease in Q4 production compared to Q3.
• Cost Increases: All-in sustaining costs (AISC) increased due to higher cash costs and sustaining capital investments, with Segovia's AISC at $1,534 per ounce, up 3% year-over-year.
• Market Sensitivity: The company's margins are sensitive to fluctuations in gold prices and operational efficiencies.

5. Notable Q&A Insights

• Ramp-Up Progress: Management confirmed a strong start to Q1 2026, with throughput expected to stabilize at around 2,600 tonnes per day.
• Contractor Mining Margins: Current margins are tracking above guidance, with expectations to maintain this in the near term.
• Marmato Capital Expenditure: The 2026 budget for Marmato is set at $220 million, contributing to a total estimated project cost of $400 million.
• Optimism on Milestones: Management expressed confidence in achieving production ramp-up milestones for Marmato, with potential for acceleration if conditions allow.

Overall, ARIS Mining demonstrated strong financial performance in 2025, with significant production growth and strategic advancements, while also facing operational challenges and cost pressures that could impact future performance.