Aris Mining (ARIS) Q2 2025 earnings summary

Executive summary

• Achieved record adjusted earnings of $48 million ($0.27/share) and adjusted EBITDA of $98.7 million in Q2 2025, the highest since company formation in 2022, driven by higher gold prices and increased sales volumes.

• Gold revenue reached $200.2 million, up 30% over Q1 and 75% year-over-year, with trailing 12-month adjusted EBITDA at $264 million.

• Ended Q2 with $310 million in cash, bolstered by $150 million from warrant exercises, further strengthening liquidity and simplifying the capital structure.

• Commissioned a second ball mill at Segovia, increasing processing capacity by 50% and supporting production ramp-up.

• Strong balance sheet and operational momentum driven by increased production and successful project execution.

Financial highlights

• Free cash flow from operations was $38 million after $37 million in expansion investments and tax payments.

• Adjusted EBITDA margin and AISC margin both showed strong year-over-year and sequential growth.

• AISC margin increased by 43% over Q1, driven by higher gold prices and cost controls.

• Financing activities and warrant exercises added over $114 million in cash, significantly increasing liquidity.

• Reported net loss in Q2 due to a $45.5 million non-cash loss on financial instruments, primarily from warrant revaluation.

Outlook and guidance

• On track to meet 2025 production guidance, with Segovia targeting 210,000–250,000 oz in 2025 and 300,000 oz in 2026.

• Marmato Bulk Mining Zone construction progressing, with first ore and ramp-up expected in H2 2026.

• Technical studies for Soto Norte (PFS) and Toroparu (PEA) expected to complete in Q3 2025.

• Owner mining AISC for H1 2025 averaged $1,503/oz, trending toward the lower end of 2025 guidance ($1,450–$1,600/oz).

• Long-term goal to double annual production to over 500,000 oz.