Aris Mining (ARIS) Q4 2025 earnings summary

Executive summary

• Gold production rose 22% year-over-year to 256,503 oz in 2025, exceeding guidance midpoint, with gold prices up 48%, driving an 82% increase in gold revenue to $909 million.

• Adjusted EBITDA reached $464 million, up 185%, and adjusted net earnings were $241 million ($1.28/share), up 265% from 2024.

• Operations generated $322 million in cash flow after sustaining capital and taxes, fully funding $196 million in growth initiatives and resulting in $127 million in net free cash flow.

• Ended 2025 with a cash balance of $392 million and net debt reduced to $86 million, transitioning to positive free cash flow.

• Major expansions at Segovia and Marmato are on track, with both operations exceeding expectations.

Financial highlights

• Gold revenue for 2025 was $909 million, up from $499 million in 2024.

• Adjusted EBITDA was $464 million, compared to $163 million in 2024.

• Adjusted net earnings were $241 million ($1.28/share), up from $56 million ($0.35/share) in 2024.

• Free cash flow generation totaled $127 million, with $322 million in operating cash flow after sustaining capital and taxes.

• FY 2025 gold production totaled 256,503 oz, with Segovia contributing 228,000 oz and Marmato 29,000 oz.

Outlook and guidance

• 2026 consolidated gold production guidance is 300,000–350,000 oz, with Segovia targeting 265,000–300,000 oz and Marmato 35,000–50,000 oz.

• Segovia and Marmato ramp-ups expected to drive annual production to 500,000 oz in the near term.

• Owner Mining cash cost guidance for 2026 is $1,150–$1,250/oz, with AISC of $1,700–$1,800/oz.

• Marmato’s new CIP plant on track for first gold pour in Q4 2026, with staged ramp-up to 5,000 tpd by end of 2027.

• Toroparu PFS expected in H2 2026, construction decision in early 2027; Soto Norte license application to be submitted in Q2 2026.