Aris Mining (ARIS) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 gold production of 57,364 ounces, leading to full-year production of 211,000 ounces, with Segovia and Marmato contributing significantly.

• Q4 2024 net income was $22 million and EBITDA reached $67 million, supported by strong operational performance and higher gold prices.

• Year-end cash balance rose to $253 million, reflecting strong cash flow and refinancing activities.

• Major expansions at Segovia and Marmato are underway, targeting over 500,000 ounces annual production post-ramp-up.

• Marmato Lower Mine expansion to 5,000 tpd aims for over 200,000 ounces annual output from 2026.

Financial highlights

• Q4 2024 revenue was $148 million, up 13% from Q3, driven by higher gold prices and sales volumes.

• Q4 net earnings were $21.7 million, reversing a Q3 net loss, with adjusted Q4 earnings of $24.7 million ($0.14/share).

• Full-year adjusted EBITDA was $163.1 million; adjusted earnings totaled $55.9 million ($0.35/share).

• Q4 Segovia AISC margin reached $58 million, up 32% from Q3.

• Full-year gold revenue was $499.3 million, with an AISC margin of $153.7 million.

Outlook and guidance

• 2025 consolidated gold production guidance is 230,000–275,000 ounces; Segovia expected to deliver 210,000–250,000 ounces.

• Segovia AISC margin projected to exceed $230 million in 2025 at $2,600/oz gold price.

• Marmato Lower Mine ramp-up scheduled for H2 2026, targeting over 200,000 ounces annual output.

• Long-term target is over 500,000 ounces annual production post-expansion.

• Segovia expansion to 3,000 tpd on track for Q2 2025 commissioning.