Aris Mining (ARIS) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 results, with adjusted EPS of $0.16, the highest since company formation in 2022, driven by strong operational execution and record gold prices, resulting in robust cash flow and funding for growth initiatives.

• Gold revenue reached $154.1M, up 47% year-over-year, with gold production increasing 8% to 54,763 oz.

• Strong cash flow generation and a robust balance sheet with $240M cash and net debt of $250M at quarter-end.

• Progress on Segovia plant expansion (commissioning in June 2025) and Marmato Lower Mine development; major technical studies at Soto Norte and Toroparu to be completed in Q3 2025.

• All-in sustaining cost margin at Segovia was $61M, more than double Q1 2024.

Financial highlights

• Adjusted EBITDA for Q1 2025 was $66.6M, up 134% year-over-year, and $201M on a trailing 12-month basis.

• Net earnings were $2.4M, with adjusted net earnings of $27.2M ($0.16/share), up from $0.04/share in Q1 2024.

• Income from mining operations increased 140% year-over-year to $60M.

• Ended March 2025 with $240M in cash and net leverage ratio of 1.2x.

• After-tax adjusted sustaining margin of $40M; $43M invested in growth and expansion initiatives.

Outlook and guidance

• FY 2025 gold production guidance is 230,000–275,000 oz, with Q1 output representing 22% of the midpoint.

• Production rates expected to increase in H2 2025 after Segovia plant expansion commissioning in June.

• Segovia’s annual gold production expected to reach 300,000 oz once mill expansion is fully ramped.

• Marmato Lower Mine ramp-up to 5,000 tpd expected to reach full capacity in H2 2027.

• Two major technical studies (Soto Norte PFS, Toroparu PEA) to be completed in Q3 2025.