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 compared to $163 million in 2024.
• Adjusted Net Earnings: $241 million or $1.28 per share, up 265% from $56 million or $0.35 per share in 2024.
• Free Cash Flow: $127 million, with $322 million in operating cash flow after sustaining capital and taxes.
• Cash Position: Ended 2025 with $392 million in cash, up from $252 million in 2024.
• Debt: Net debt reduced to $86 million, with total leverage at 1x.

2. Strategic Updates and Business Highlights

• Operational Growth: Successful ramp-up of Segovia's second mill, contributing to production growth.
• Marmato Project: Development ahead of schedule, with a new CIP plant expected to pour first gold in Q4 2026.
• Acquisitions: Completed acquisition of the remaining 49% interest in Soto Norte for $80 million.
• Uplisting: Transitioned from NYSE American to the main board of the New York Stock Exchange, enhancing visibility and liquidity.
• Environmental and Regulatory: Reached an amicable arbitration settlement with the Colombian government.

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 500,000 ounces of annual production once Segovia and Marmato are fully ramped up, with aspirations to reach 1 million ounces annually.
• Capital Expenditures: 2026 budget for Marmato is $220 million, contributing to a total project cost of approximately $400 million.

4. Bad News, Challenges, or Points of Concern

• Operational Downtime: Segovia experienced unscheduled maintenance in Q4, leading to a 4% decrease in production compared to Q3.
• Cost Increases: All-in sustaining costs (AISC) rose due to higher cash costs and sustaining capital investments, with Segovia's AISC at $1,534 per ounce, up 3% year-over-year.
• Market Volatility: Future contractor mining margins are variable and dependent on gold prices and supplier mix, introducing potential uncertainty.

5. Notable Q&A Insights

• Ramp-Up Progress: Management confirmed strong Q1 performance at Segovia, with expectations to reach a steady-state run rate of 3,000 tonnes per day by Q4 2026.
• Growth Capital for Marmato: The remaining capital required for Marmato development is $220 million for 2026, with total project costs expected to reach $400 million.
• Optimism on Milestones: Management expressed confidence in achieving ramp-up milestones for the CIP plant, with potential for acceleration based on development progress.

Overall, ARIS Mining demonstrated strong financial performance in 2025, with significant growth in production and revenue, while also advancing strategic projects and maintaining a solid balance sheet. However, challenges such as operational downtime and rising costs remain areas to monitor moving forward.