ARIS MINING REPORTS Q2 2025 RESULTS
Aris Mining (NYSE-A: ARMN) reported exceptional Q2 2025 financial results, with record revenue of $200.2 million, up 30% from Q1 2025 and 75% from Q2 2024. The company achieved record adjusted EBITDA of $98.7 million and adjusted net earnings of $47.8 million ($0.27/share). Gold production increased to 58,652 ounces, up 7% from Q1 2025.
The company's cash position strengthened to $310 million as of June 30, 2025, bolstered by strong operational cash flow and warrant exercises generating $114.8 million. Key operational developments include the commissioning of Segovia's second mill in June 2025 and advancement of the Marmato Bulk Mining Zone project, which remains on schedule for H2 2026 production.
The company maintains its growth trajectory toward becoming a leading intermediate gold producer in Latin America, with expansion projects at Segovia targeting 300,000 ounces of annual production next year.
Aris Mining (NYSE-A: ARMN) ha riportato risultati finanziari eccezionali nel secondo trimestre del 2025, con un fatturato record di 200,2 milioni di dollari, in aumento del 30% rispetto al primo trimestre 2025 e del 75% rispetto al secondo trimestre 2024. La società ha raggiunto un EBITDA rettificato record di 98,7 milioni di dollari e un utile netto rettificato di 47,8 milioni di dollari (0,27 dollari per azione). La produzione d'oro è aumentata a 58.652 once, con un incremento del 7% rispetto al primo trimestre 2025.
La posizione di cassa dell'azienda si è rafforzata a 310 milioni di dollari al 30 giugno 2025, supportata da un solido flusso di cassa operativo e dall'esercizio di warrant che ha generato 114,8 milioni di dollari. Tra gli sviluppi operativi chiave vi sono l'avvio del secondo mulino di Segovia a giugno 2025 e il progresso del progetto Marmato Bulk Mining Zone, che rimane in linea con la tabella di marcia per la produzione nella seconda metà del 2026.
L'azienda mantiene la sua traiettoria di crescita verso il ruolo di produttore intermedio di oro leader in America Latina, con i progetti di espansione a Segovia che puntano a una produzione annua di 300.000 once per il prossimo anno.
Aris Mining (NYSE-A: ARMN) reportó resultados financieros excepcionales en el segundo trimestre de 2025, con ingresos récord de 200,2 millones de dólares, un aumento del 30% respecto al primer trimestre de 2025 y del 75% en comparación con el segundo trimestre de 2024. La compañÃa logró un EBITDA ajustado récord de 98,7 millones de dólares y ganancias netas ajustadas de 47,8 millones de dólares (0,27 dólares por acción). La producción de oro aumentó a 58.652 onzas, un 7% más que en el primer trimestre de 2025.
La posición de efectivo de la empresa se fortaleció a 310 millones de dólares al 30 de junio de 2025, impulsada por un sólido flujo de caja operativo y el ejercicio de warrants que generó 114,8 millones de dólares. Los desarrollos operativos clave incluyen la puesta en marcha del segundo molino de Segovia en junio de 2025 y el avance del proyecto Marmato Bulk Mining Zone, que sigue en camino para la producción en la segunda mitad de 2026.
La compañÃa mantiene su trayectoria de crecimiento hacia convertirse en un productor intermedio lÃder de oro en América Latina, con proyectos de expansión en Segovia que apuntan a una producción anual de 300.000 onzas para el próximo año.
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Aris Mining (NYSE-A : ARMN) a annoncé des résultats financiers exceptionnels pour le deuxième trimestre 2025, avec un chiffre d'affaires record de 200,2 millions de dollars, en hausse de 30 % par rapport au premier trimestre 2025 et de 75 % par rapport au deuxième trimestre 2024. La société a atteint un EBITDA ajusté record de 98,7 millions de dollars et un bénéfice net ajusté de 47,8 millions de dollars (0,27 dollar par action). La production d'or a augmenté pour atteindre 58 652 onces, soit une hausse de 7 % par rapport au premier trimestre 2025.
La trésorerie de l'entreprise s'est renforcée pour atteindre 310 millions de dollars au 30 juin 2025, soutenue par un flux de trésorerie opérationnel solide et l'exercice de bons de souscription ayant généré 114,8 millions de dollars. Parmi les développements opérationnels clés figurent la mise en service du deuxième moulin de Segovia en juin 2025 et l'avancement du projet Marmato Bulk Mining Zone, qui reste conforme au calendrier pour une production au second semestre 2026.
L'entreprise maintient sa trajectoire de croissance pour devenir un producteur intermédiaire d'or de premier plan en Amérique latine, avec des projets d'expansion à Segovia visant une production annuelle de 300 000 onces l'année prochaine.
Aris Mining (NYSE-A: ARMN) meldete herausragende Finanzergebnisse für das zweite Quartal 2025 mit einem rekordverdächtigen Umsatz von 200,2 Millionen US-Dollar, was einem Anstieg von 30 % gegenüber dem ersten Quartal 2025 und 75 % gegenüber dem zweiten Quartal 2024 entspricht. Das Unternehmen erzielte ein rekordverdächtiges bereinigtes EBITDA von 98,7 Millionen US-Dollar und bereinigte Nettogewinne von 47,8 Millionen US-Dollar (0,27 US-Dollar je Aktie). Die Goldproduktion stieg auf 58.652 Unzen, ein Anstieg von 7 % gegenüber dem ersten Quartal 2025.
Die Liquiditätsposition des Unternehmens verbesserte sich zum 30. Juni 2025 auf 310 Millionen US-Dollar, gestützt durch starke operative Cashflows und die Ausübung von Warrants, die 114,8 Millionen US-Dollar einbrachten. Wichtige operative Entwicklungen umfassen die Inbetriebnahme der zweiten Mühle in Segovia im Juni 2025 sowie den Fortschritt des Marmato Bulk Mining Zone-Projekts, das weiterhin im Zeitplan für die Produktion in der zweiten Hälfte des Jahres 2026 liegt.
Das Unternehmen hält an seinem Wachstumskurs fest, um ein führender mittelgroßer Goldproduzent in Lateinamerika zu werden, wobei die Erweiterungsprojekte in Segovia auf eine jährliche Produktion von 300.000 Unzen im nächsten Jahr abzielen.
- Record revenue of $200.2M, up 75% year-over-year
- Record adjusted EBITDA of $98.7M, nearly triple Q2 2024
- Strong cash position of $310M, increased from $240M in Q1 2025
- Record adjusted net earnings of $0.27/share, up from $0.08/share in Q2 2024
- Gold production increased 7% to 58,652 oz quarter-over-quarter
- Successful warrant exercise program generated $114.8M in proceeds
- AISC margin increased 43% to $87.2M from Q1 2025
- Reported net loss of $16.9M due to warrant liability adjustments
- Total AISC increased to $1,681/oz from $1,570/oz in Q1 2025
- Higher gold prices increased costs related to material purchased from Contract Mining Partners
Insights
Aris Mining delivers exceptional Q2 results with record earnings, robust cash generation, and advancing growth projects.
Aris Mining has delivered an exceptional quarter with gold production reaching 58,652 ounces, up 7% quarter-over-quarter and 19% year-over-year. The company's revenue surged to a record $200.2 million, representing a 30% increase from Q1 and an impressive 75% jump from the same period last year, driven by both higher gold prices and increased sales volumes.
The financial metrics are particularly striking: adjusted EBITDA reached $98.7 million (up 48% from Q1 and nearly triple Q2 2024), while adjusted net earnings hit $47.8 million ($0.27/share) � the highest since the company's formation in 2022. On a trailing 12-month basis, Aris has now generated $264 million in adjusted EBITDA and $112.7 million ($0.65/share) in adjusted earnings.
The cash position is equally impressive, with the balance increasing to $310 million by quarter-end, up from $240 million at the end of Q1. This was further bolstered by an additional $60.5 million from warrant exercises after the quarter closed. This substantial cash position provides ample liquidity for the company's growth initiatives.
On the operational side, Segovia (the company's main asset) produced 51,527 ounces with solid gold grades of 9.9 g/t and 96.1% recovery rates. While the AISC at Segovia increased slightly to $1,520/oz for owner-operated mining, this still positions the company at the lower end of its full-year guidance range ($1,450-$1,600/oz).
The AISC margin expanded to $87.2 million, up 43% from Q1, reflecting the company's ability to capitalize on higher gold prices. The Contract Mining Partner segment delivered a healthy 42% AISC margin, exceeding the full-year guidance of 35-40%.
Looking ahead, Aris is well-positioned for continued growth with the commissioning of the second mill at Segovia in June 2025, which should drive production increases in the second half of the year. The company is also advancing construction of the Marmato Bulk Mining Zone (expected to commence production in H2 2026) and progressing technical studies at Soto Norte and Toroparu, establishing a clear pathway to become a significant intermediate gold producer in Latin America.
Higher Gold Sales, Record Adjusted EBITDA & Earnings, and Significant Growth in CashÌý
Q2 2025 Financial Performance
- Record revenue of
, up$200.2 million 30% from Q1 2025 and75% from Q2 2024, driven by higher gold prices and increased sales volumes. - Cash balance increased to
as of June 30, 2025, up from$310 million at March 31, 2025 as a result of strong cash flow generation from operations and proceeds from ARIS.WT.A warrant exercises. After June 30, 2025, the Company received an additional$240 million from the exercise of these warrants, which expired on July 29. In total,$60.5 million 98.7% of the warrants were exercised, generating in proceeds.$114.8 million - Adjusted EBITDA1 of
, up$98.7 million 48% from Q1 2025 and nearly triple Q2 2024. On a trailing 12-month basis, Adjusted EBITDA1 has reached .$264.0 million - Growth capital investment of
, supporting long-term expansion, primarily at the Marmato Bulk Mining Zone ($36.7 million ) and$23.6 million Segovia ( ).$6.9 million - Record adjusted net earnings of
or$47.8 million /share � the highest since Aris Mining's formation in September 2022 � up from$0.27 /share in Q1 2025 and$0.16 /share in Q2 2024.$0.08
Neil Woodyer, CEO, commented "With record adjusted net earnings, over
Q2 2025 | Q1 2025 | Q2 2024 | |
Gold production ounces (oz), total | 58,652 | 54,763 | 49,216 |
Gold sold (oz), total | 61,024 | 54,281 | 49,469 |
42Ìý% | 41Ìý% | 34Ìý% | |
EBITDA | |||
Adjusted EBITDA | |||
Adjusted EBITDA, last 12 months | |||
Net earnings (loss)2Ìý | |||
Adjusted earnings | |||
Adjusted earnings, last 12 months |
Q2 2025 Operational Performance
- Gold production totaled 58,652 oz, a
7% increase from 54,763 oz in Q1 2025. Production is expected to progressively increase in H2 2025 following the June 2025 commissioning of the second mill atSegovia . - Marmato Narrow Vein Zone produced 7,125 oz, a
29% increase over Q2 2024 and consistent with Q1 2025 production levels. - Segovia Operations produced 51,527 oz, supported by gold grades of 9.9 g/t and gold recoveries of
96.1% .- AISC margin increased to
, up$87.2 million 43% from Q1 2025. On a trailing 12-month basis, AISC margin has reached .$250.4 million - Owner-operated MiningÌýAISC was
/oz (Q1 2025:$1,520 /oz), bringing H1 2025 average to$1,482 /oz, tracking toward the lower end of the full year 2025 guidance range of$1,503 to$1,450 .$1,600 - Contract Mining Partner (CMP) sourced gold delivered an AISC sales margin of
42% , contributing to a41% margin for H1 2025. This is above the full-year 2025 guidance range of35% to40% . - TotalÌýAISC increased to
/oz (Q1 2025:$1,681 ), primarily due to higher gold prices, which increased costs related to material purchased from CMPs, together with royalties and social contributions tied to gold sales.$1,570
- AISC margin increased to
Total Segovia Operating Information | Q2 2025 | Q1 2025 | Q2 2024 | ||||
Average realized gold price ($/oz sold) | |||||||
Tonnes milled (t) | 167,960 | 167,150 | 155,912 | ||||
Average tonnes milled per day (tpd) | 1,976 | 1,966 | 1,834 | ||||
Average gold grade processed (g/t) | 9.85 | 9.37 | 9.14 | ||||
Gold produced (oz) | 51,527 | 47,549 | 43,705 | ||||
Gold sold (oz) | 53,751 | 47,390 | 43,366 | ||||
AISC margin ($M) | 87.2 | 60.9 | 32.2 | ||||
Segovia Operating Information by Segment | Q2 2025 | Q1 2025 | Q2 2024 | ||||
Owner Mining | |||||||
Gold sold (oz) | 32,685 | 26,963 | 20,183 | ||||
Cash costs � ($/oz sold) | 1,222 | ||||||
AISC –�($/oz sold) | 1,616 | ||||||
AISC margin ($M) | 57.8 | 37.0 | 14.1 | ||||
CMPs | |||||||
Gold sold (oz | 21,066 | 20,427 | 23,183 | ||||
Cash costs � ($/oz sold) | 1,367 | ||||||
AISC � ($/oz sold) | 1,532 | ||||||
AISC sales margin (%) | 42Ìý% | 41Ìý% | 34Ìý% | ||||
AISC margin ($M) | 29.4 | 23.9 | 18.1 |
* 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. |
Growth and Expansion Updates
- Strong cash generation funding growth:
- Operations generated
in cash flow after sustaining capital and income taxes in Q2 2025, fully funding all growth and expansion initiatives. After expansion capital, Aris Mining generated$74.6 million in net cash flow. See the Quarterly cash-flow summary in the following sections for additional cash flow analysis.$37.9 million
- Operations generated
Segovia expansion progressing well:- Commissioning of the second ball mill in June 2025 marked a major milestone. The expanded plant capacity is expected to steadily increase gold production throughout H2 2025.
- As underground development advances and mill feed from contract mining partners increases,
Segovia remains on track to achieve annual production of 210,000 to 250,000 ounces this year and targeting 300,000 ounces next year. was invested in Q2 2025 to support the plant expansion, underground development, and exploration activities.$6.9 million
- Marmato Bulk Mining Zone construction advancing:
- The Bulk Mining Zone is a large, porphyry-hosted gold-silver system with wide, continuous mineralized zones that support bulk underground mining methods. Extensive drilling has defined a large mineral resource, and the deposit remains open at depth and along strike.
- Decline development to access the Bulk Mining Zone is underway.
- Earthworks for the main substation are completed and earthworks for the carbon-in-pulp (CIP) plant platforms are nearing completion.
- Equipment deliveries continued through the quarter, including major components such as crushers, mills, and tailings filters.
was invested in Q2 2025.$23.6 million - The project remains on schedule, with first ore and production ramp up expected in H2 2026.
- Soto Norte Project:
- A new Pre-Feasibility Study (PFS) is underway, with completion expected in Q3 2025. The PFS incorporates a smaller-scale development plan and includes processing options designed to support local small-scale miners.
- Upon completion of the PFS, Aris Mining intends to finalize and submit the required studies to apply for an environmental license for the development of Soto Norte.
- Toroparu Project:
- A new Preliminary Economic Assessment (PEA) is underway to evaluate updated development options. Following the March 2023 mineral resource update, Aris Mining completed infrastructure optimization studies that strengthen the development plan. The PEA is expected to be completed in Q3 2025.
Endnotes |
1Ìý All references to adjusted earnings, EBITDA, adjusted EBITDA, growth capital investment, cash flow after sustaining capital and income taxes, cash costs and AISC 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. |
2Ìý Net earnings represents net earnings attributable to owners of the company, as presented in the annual and interim financial statements for the relevant period. |
3Ìý A |
Q2 2025 Conference Call Details
Management will host a conference call on Friday, August 8, 2025, at 9:00 a.m.
Participants may gain expedited access to the conference call by registering atÌý. 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:
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 August 15, 2025
- Toll-free in the US and
Canada : +1-855-669-9658 - International: +1-412-317-0088; and using the access code: 8035390
A replay of the event will be archived at .
Aris Mining's Condensed Consolidated Interim Financial Statements for the three and six months ended June 30, 2025 and 2024 and related MD&A are available on SEDAR+, in the Company's filings with the
About Aris Mining
Founded in September 2022, Aris Mining was established with a vision to build a leading
Aris Mining operates two underground gold mines in
Additional information on Aris Mining can be found at , ,Ìýand on .
Cautionary LanguageÌý
Non-GAAP Measures
EBITDA, adjusted EBITDA, adjusted earnings, cash cost, growth and expansion expenditures, cash flow after sustaining capital and income tax and AISC are non-GAAP financial measures. These financial measures do not have any standardized meaning prescribed under IFRS or by Generally Accepted Accounting Principles (GAAP) in
The tables below reconcile the non-GAAP financial measures contained in this news release for the current and comparative periods to the most directly comparable financial measure disclosed in the Company's interim financial statements for the three and six months ended June 30, 2025 and 2024; the three months ended March 31, 2025 and 2024, and Company's annual financial statements for the three months and years ended December 31, 2024 and 2023.
Quarterly cash-flow summary1
( | Q2 2025 | Q1 2025 |
Gold revenue2 | ||
Total cash cost | (83,166) | (72,730) |
Ìý Royalties2 | (7,583) | (6,359) |
Ìý Social contributions2 | (5,562) | (4,334) |
Ìý Sustaining capital | (12,710) | (7,069) |
All in sustaining cost (AISC) | (109,021) | (90,492) |
AISC margin | 91,210 | 63,650 |
Taxes paid2 | (42,244) | (5,121) |
General and administration expense2 | (5,187) | (4,106) |
Decrease (increase) in VAT receivable | 30,813 | (11,761) |
Other changes in working capital | (877) | (11,685) |
Impact of foreign exchange losses on cash balances2 | 925 | 768 |
After-tax adjusted sustaining margin | 74,640 | 31,745 |
Expansion and growth capital expenditure | ||
Segovia Operations | (6,930) | (6,368) |
Marmato Bulk Mining Zone | (23,628) | (29,661) |
Toroparu Project | (2,741) | (2,411) |
Soto Norte Project & other | (3,446) | (4,570) |
Total expansion and growth capital | (36,745) | (43,010) |
Financing and other costs | ||
Proceeds from warrant and option exercises 2 | 57,670 | 5,197 |
Principal repayment of Gold Notes 2 | (4,063) | (3,941) |
Capitalized interest paid2 | (5,802) | (5,031) |
Interest (paid)2 | (18,000) | � |
Finance income2 | 2,633 | 2,336 |
Total financing and other costs | 32,438 | (1,439) |
Net change in cash2 | 70,333 | (12,704) |
Opening cash balance at beginning of period2 | 239,831 | 252,535 |
Closing cash balance at end of period2 |
1. | This Quarterly Cash Flow Summary is comprised of certain non-GAAP financial measures. Refer to the Non-GAAP Financial Measures section of this news release for further information. |
2. | As presented in the Financial Statements and notes for the respective periods. |
Segovia AISC Margin Ìý
( | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | ||
Gold produced (ounces) | 51,527 | 47,549 | 51,477 | 47,493 | 43,705 | ||
Gold sold (ounces) | 53,751 | 47,390 | 50,409 | 48,059 | 43,366 | ||
Financial Information | |||||||
Gold revenue ($'000s) | 177,551 | 135,310 | 133,159 | 118,075 | 100,302 | ||
Average realized gold price ($/ounce sold) | |||||||
Owner Mining costs | 23,228 | 19,291 | 18,845 | 15,780 | 17,187 | ||
CMP material purchases | 29,157 | 26,656 | 29,461 | 31,373 | 28,667 | ||
Processing costs | 7,412 | 7,430 | 6,879 | 6,985 | 6,536 | ||
Administration and security costs | 10,422 | 10,124 | 11,656 | 7,796 | 8,120 | ||
Change in finished goods and stockpile inventory | 961 | (929) | (4,070) | 1,130 | (1,306) | ||
By-product and concentrate revenue | (2,798) | (3,073) | (2,308) | (2,665) | (2,862) | ||
Total cash costs | 68,382 | 59,499 | 60,463 | 60,399 | 56,342 | ||
Cash cost per ounce sold | |||||||
,43 | 3,506 | ||||||
Royalties | 5,539 | 4,519 | 4,342 | 3,506 | 3,078 | ||
Social contributions | 5,177 | 4,061 | 4,063 | 4,294 | 2,120 | ||
Sustaining capital | 10,861 | 5,856 | 5,426 | 5,423 | 6,224 | ||
Sustaining lease payments | 423 | 480 | 567 | 389 | 364 | ||
All-in sustaining costs | 90,382 | 74,415 | 74,861 | 74,011 | 68,128 | ||
All-in sustaining cost per ounce sold (Combined)ÌýÌý | |||||||
AISC Margin | 87,169 | 60,895 | 58,298 | 44,064 | 32,174 |
Cash costs per ounce
Reconciliation of total cash costs by business unit at
Three months ended June 30, 2025 | Three months ended March 31, 2025 | |||||||
( | Marmato | Total | Marmato | Total | ||||
Total gold sold (ounces) | 53,751 | 7,273 | 61,024 | 47,390 | 6,891 | 54,281 | ||
Cost of sales1 | 76,719 | 17,255 | 93,974 | 67,091 | 15,384 | 82,475 | ||
Less: royalties1 | (5,539) | (2,044) | (7,583) | (4,519) | (1,840) | (6,359) | ||
Add: by-product revenue1 | (2,798) | (427) | (3,225) | (3,073) | (313) | (3,386) | ||
Total cash costs | 68,382 | 14,784 | 83,166 | 59,499 | 13,231 | 72,730 | ||
Total cash costs ($ per oz gold sold) | ||||||||
Total cash costs including royalties | 73,921 | 64,018 | ||||||
Total cash costs including royalties ($ per oz gold sold) | ||||||||
Three months ended June 30, 2024 | ||||||||
( | Marmato | Total | ||||||
Total gold sold (ounces) | 43,366 | 6,103 | 49,469 | |||||
Cost of sales1 | 62,282 | 14,712 | 76,994 | |||||
Less: royalties1 | (3,078) | (1,126) | (4,204) | |||||
Add: by-product revenue1 | (2,862) | (153) | (3,015) | |||||
Total cash costs | 56,342 | 13,433 | 69,775 | |||||
Total cash costs ($ per oz gold sold) | ||||||||
Total cash costs including royalties | 59,420 | |||||||
Total cash costs including royalties ($ per oz gold sold) | ||||||||
1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods. |
Cash costs per ounce � Business Units (
Three months ended June 30, 2025 | Three months ended March 31, 2025 | ||||||
( | Owner | CMPs | Total | Owner | CMPs | Total | |
Total gold sold (ounces) | 32,685 | 21,066 | 53,751 | 26,963 | 20,427 | 47,390 | |
Cost of sales1 | 39,532 | 37,187 | 76,719 | 34,799 | 32,292 | 67,091 | |
Less: royalties1 | (3,605) | (1,934) | (5,539) | (2,783) | (1,736) | (4,519) | |
Add: by-product revenue1 | (1,714) | (1,084) | (2,798) | (1,748) | (1,325) | (3,073) | |
Total cash costs | 34,213 | 34,169 | 68,382 | 30,268 | 29,231 | 59,499 | |
Total cash costs ($ per oz gold sold) | |||||||
Three months ended June 30, 2024 | |||||||
( | Owner | CMPs | Total | ||||
Total gold sold (ounces) | 20,183 | 23,183 | 43,366 | ||||
Cost of sales1 | 28,531 | 33,751 | 62,282 | ||||
Less: royalties1 | (1,720) | (1,358) | (3,078) | ||||
Add: by-product revenue1 | (2,151) | (711) | (2,862) | ||||
Total cash costs | 24,660 | 31,682 | 56,342 | ||||
Total cash costs ($ per oz gold sold) | |||||||
1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods. |
All-in sustaining costs (AISC)
Reconciliation of total AISC by business unit at
Three months ended June 30, 2025 | Three months ended Mar 31, 2025 | ||||||||||
( | Marmato | Total | Marmato | Total | |||||||
Total gold sold (ounces) | 53,751 | 7,273 | 61,024 | 47,390 | 6,891 | 54,281 | |||||
Total cash costs | 68,382 | 14,784 | 83,166 | 59,499 | 13,231 | 72,730 | |||||
Add: royalties1 | 5,539 | 2,044 | 7,583 | 4,519 | 1,840 | 6,359 | |||||
Add: social programs1 | 5,177 | 385 | 5,562 | 4,061 | 273 | 4,334 | |||||
Add: sustaining capital expenditures | 10,861 | 1,426 | 12,287 | 5,856 | 733 | 6,589 | |||||
Add: lease payments on sustaining capital | 423 | � | 423 | 480 | � | 480 | |||||
Total AISC | 90,382 | 18,639 | 109,021 | 74,415 | 16,077 | 90,492 | |||||
Total AISC ($ per oz gold sold) | |||||||||||
Three months ended June 30, 2024 | |||||||||||
( | Marmato | Total | |||||||||
Total gold sold (ounces) | 43,366 | 6,103 | 49,469 | ||||||||
Total cash costs | 56,342 | 13,433 | 69,775 | ||||||||
Add: royalties1 | 3,078 | 1,126 | 4,204 | ||||||||
Add: social programs1 | 2,120 | 151 | 2,271 | ||||||||
Add: sustaining capital expenditures | 6,224 | 782 | 7,006 | ||||||||
Add: lease payments on sustaining capital | 364 | � | 364 | ||||||||
Total AISC | 68,128 | 15,492 | 83,620 | ||||||||
Total AISC ($ per oz gold sold) | |||||||||||
1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods. |
All-in sustaining costs (AISC) �
Three months ended Jun 30, 2025 | Three months ended Mar 31, 2025 | |||||
( | Owner | CMPs | Total | Owner | CMPs | Total |
Total gold sold (ounces) | 32,685 | 21,066 | 53,751 | 26,963 | 20,427 | 47,390 |
Total cash costs | 34,213 | 34,169 | 68,382 | 30,268 | 29,231 | 59,499 |
Add: royalties1 | 3,605 | 1,934 | 5,539 | 2,783 | 1,736 | 4,519 |
Add: social programs1 | 3,366 | 1,811 | 5,177 | 2,501 | 1,560 | 4,061 |
Add: sustaining capital expenditures | 8,088 | 2,773 | 10,861 | 3,917 | 1,939 | 5,856 |
Add: lease payments on sustaining capital | 423 | � | 423 | 480 | � | 480 |
Total AISC | 49,695 | 40,687 | 90,382 | 39,949 | 34,466 | 74,415 |
Total AISC ($ per oz gold sold) | ||||||
Three months ended Dec 31, 2024 | Three months ended Sep 30, 2024 | |||||
( | Owner | CMPs | Owner | Owner | CMPs | Total |
Total gold sold (ounces) | 28,149 | 22,260 | 50,409 | 22,952 | 25,107 | 48,059 |
Total cash costs | 29,320 | 31,143 | 60,463 | 24,820 | 35,579 | 60,399 |
Add: royalties1 | 2,754 | 1,588 | 4,342 | 1,999 | 1,507 | 3,506 |
Add: social programs1 | 2,558 | 1,505 | 4,063 | 2,449 | 1,845 | 4,294 |
Add: sustaining capital expenditures | 3,819 | 1,607 | 5,426 | 3,640 | 1,783 | 5,423 |
Add: lease payments on sustaining capital | 567 | � | 567 | 389 | � | 389 |
Total AISC | 39,018 | 35,843 | 74,861 | 33,297 | 40,714 | 74,011 |
Total AISC ($ per oz gold sold) | ||||||
Three months ended Jun 30, 2024 | ||||||
( | Owner | CMPs | Total | |||
Total gold sold (ounces) | 20,183 | 23,183 | 43,366 | |||
Total cash costs | 24,660 | 31,682 | 56,342 | |||
Add: royalties1 | 1,720 | 1,358 | 3,078 | |||
Add: social programs1 | 1,185 | 935 | 2,120 | |||
Add: sustaining capital expenditures | 4,677 | 1,547 | 6,224 | |||
Add: lease payments on sustaining capital | 364 | � | 364 | |||
Total AISC | 32,606 | 35,522 | 68,128 | |||
Total AISC ($ per oz gold sold) | ||||||
Ìý 1 ÌýAs presented in the Annual and Interim Financial Statements and notes thereto for the respective periods. |
Additions to mineral interests, plant and equipment
($'000) | Jun 30, 2025 | Mar 31, 2025 | Jun 30, 2024 | |
Sustaining capital | ||||
Segovia Operations | 10,861 | 5,856 | 6,224 | |
Marmato Narrow Vein Zone | 1,426 | 733 | 782 | |
Total Sustaining Capital | 12,287 | 6,589 | 7,006 | |
Non-sustaining capital | ||||
Marmato Bulk Mining Zone | 23,628 | 29,661 | 19,143 | |
Segovia Operations | 6,930 | 6,368 | 16,284 | |
Soto Norte Project and Other | 3,446 | 4,570 | 3,896 | |
Marmato Narrow Vein Zone | � | � | 1,046 | |
Toroparu Project | 2,741 | 2,411 | 2,079 | |
Total (Growth Capital Investment) | 36,745 | 43,010 | 42,448 | |
Additions to mining interest, plant and equipment1 | 49,032 | 49,599 | 49,454 | |
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
( | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sept 30, 2024 | |
Earnings (loss) before tax1 | 12,258 | 21,220 | 37,513 | 13,603 | |
Add back: | |||||
ÌýÌý Depreciation and depletion1 | 11,929 | 10,734 | 9,530 | 9,019 | |
ÌýÌý Finance income1 | (2,633) | (2,336) | (1,606) | (1,351) | |
ÌýÌý Interest and accretion1 | 9,992 | 10,037 | 21,165 | 6,493 | |
EBITDA | 31,546 | 39,655 | 66,602 | 27,764 | |
Add back: | |||||
ÌýÌý Share-based compensation1 | 8,136 | 3,784 | (483) | 2,533 | |
ÌýÌý (Income) loss from equity accounting in investee1 | â€� | 14 | 14 | 17 | |
ÌýÌý (Gain) loss on financial instruments1 | 50,737 | 16,628 | (6,561) | 12,842 | |
Other (income) expense1 | 1,090 | 535 | 1,116 | (428) | |
ÌýÌý Foreign exchange (gain) loss1 | 7,224 | 5,997 | (5,113) | 311 | |
Adjusted EBITDA | 98,733 | 66,613 | 55,575 | 43,039 | |
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
( | June 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sept 30, 2023 | |
Earnings (loss) before tax1 | 17,904 | 10,310 | 7,963 | 26,156 | |
Add back: | |||||
ÌýÌý Depreciation and depletion1 | 8,082 | 7,519 | 7,535 | 10,938 | |
ÌýÌý Finance income1 | (1,691) | (2,246) | (2,580) | (3,672) | |
ÌýÌý Interest and accretion1 | 6,496 | 6,803 | 6,772 | 6,757 | |
EBITDA | 30,791 | 22,386 | 19,690 | 40,179 | |
Add back: | |||||
ÌýÌý Share-based compensation1 | 1,373 | 1,842 | 2,977 | 528 | |
ÌýÌý Revaluation of investments (Denarius/Aris) | â€� | â€� | 536 | â€� | |
ÌýÌý (Income) loss from equity accounting in investee1 | 2,301 | 551 | (3,667) | (1,063) | |
ÌýÌý (Gain) loss on financial instruments1 | 6,144 | 3,742 | 13,429 | (374) | |
Other (income) expense1 | 2,681 | � | (1,442) | 21 | |
ÌýÌý Foreign exchange (gain) loss1 | (7,211) | (108) | 6,685 | 2,285 | |
Adjusted EBITDA | 36,079 | 28,413 | 38,208 | 41,576 | |
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
( | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sept 30, 2024 | ||||
Basic weighted average shares outstanding | 179,836,208 | 171,622,649 | 170,900,890 | 169,873,924 | ||||
Net earnings (loss)1 | (16,897) | 2,368 | 21,687 | (2,074) | ||||
Add back: | ||||||||
ÌýÌý Share-based compensation1 | 8,136 | 3,784 | (483) | 2,533 | ||||
ÌýÌý (Income) loss from equity accounting in investee1 | â€� | 14 | 14 | 17 | ||||
ÌýÌý (Gain) loss on financial instruments1 | 50,737 | 16,628 | (6,561) | 12,842 | ||||
Other (income) expense1 | 1,090 | 535 | 1,116 | (428) | ||||
Loss on extinguishment of Senior Notes | � | � | 11,463 | � | ||||
ÌýÌý Foreign exchange (gain) loss1 | 7,224 | 5,997 | (5,113) | 311 | ||||
Income tax effect on adjustments | (2,528) | (2,099) | 2,536 | (109) | ||||
Adjusted net (loss) / earnings | 47,762 | 27,227 | 24,659 | 13,092 | ||||
Per share � basic ($/share) | 0.27 | 0.16 | 0.14 | 0.08 | ||||
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
( | June 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sept 30, 2023 |
Basic weighted average shares outstanding | 151,474,859 | 138,381,653 | 137,313,095 | 137,192,545 |
Net earnings (loss)1 | 5,713 | (744) | (5,944) | 13,833 |
Add back: | ||||
ÌýÌý Share-based compensation1 | 1,373 | 1,842 | 2,977 | 528 |
ÌýÌý Revaluation of investments (Denarius/Aris) | â€� | â€� | 536 | â€� |
ÌýÌý (Income) loss from equity accounting in investee1 | 2,301 | 551 | (3,667) | (1,063) |
ÌýÌý (Gain) loss on financial instruments1 | 6,144 | 3,742 | 13,429 | (374) |
Other (income) expense1 | 2,681 | � | (1,442) | 21 |
Loss on extinguishment of Senior Notes | � | � | � | � |
ÌýÌý Foreign exchange (gain) loss1 | (7,211) | (108) | 6,685 | 2,285 |
Income tax effect on adjustments | 1,738 | 78 | (2,221) | (796) |
Adjusted net (loss) / earnings | 12,739 | 5,361 | 10,353 | 14,434 |
Per share � basic ($/share) | 0.08 | 0.04 | 0.08 | 0.11 |
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 2025 objectives, the expected benefit from the
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 12, 2025 which is available on SEDAR+ at and included as part of the Company's Annual report on Form 40-F, filed with the SEC at .
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.
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SOURCE Aris Mining Corporation