Aris Mining (ARIS) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 gold production of 73,236 oz, up 25% over Q2, driven by Segovia ramp-up and Marmato's steady output.

• Record Q3 revenue of $253.5M, up 27% sequentially and 93% year-over-year, with adjusted EBITDA of $131.1M and adjusted net earnings of $71.8M ($0.36/share).

• Cash balance rose to $418M, up from $310M at Q2 end, with net debt reduced to $64M.

• Major technical studies for Soto Norte (PFS) and Toroparu (PEA) completed, confirming robust project economics.

• Segovia and Marmato expansions underpin growth, with Marmato Bulk Mining Zone construction on schedule.

Financial highlights

• Q3 gold revenue reached $253.5M, up 27% from Q2 and 93% year-over-year.

• Adjusted EBITDA for Q3 was $131.1M, up 33% from Q2; trailing 12-month EBITDA at $352M.

• Adjusted net earnings were $71.8M ($0.36/share), up from $47.8M in Q2.

• Free cash flow after taxes and growth capex was $43M in Q3.

• Cash position increased by $108M in Q3, ending at $418M.

Outlook and guidance

• Full-year 2025 production guidance reaffirmed at 230,000–270,000 oz, tracking midpoint; Segovia targeting 300,000 oz in 2026.

• Marmato Bulk Mining Zone first gold pour expected in H2 2026, ramping to over 200,000 oz/year.

• Toroparu PFS completion targeted in 2026, with construction to follow.

• Soto Norte environmental license application planned for H1 2026.

• 9M 2025 Owner Mining AISC at $1,482/oz, tracking toward lower end of $1,450–$1,600/oz guidance.