Aris Mining (ARIS) Q4 2025 earnings summary

Executive summary

• Achieved record gold production of 257,000 ounces in 2025, up 22% year-over-year, exceeding guidance midpoint, with gold revenue rising 82% to $909 million and adjusted EBITDA up 185% to $464 million.

• Adjusted net earnings rose 265% to $241 million ($1.28/share), and year-end cash balance reached $392 million, up from $252 million in 2024.

• Transitioned to generating free cash flow, funding growth initiatives and strengthening liquidity, with $127 million in net cash flow after investments.

• Completed Segovia mill expansion on time and on budget; advanced Marmato and other growth projects.

• Acquired remaining 49% of Soto Norte and settled arbitration with Colombian government.

Financial highlights

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

• Gold revenue reached $909.1 million, up 82% from 2024; adjusted EBITDA was $464.4 million, up from $163 million in 2024.

• Adjusted net earnings were $240.9 million ($1.28/share), with quarterly adjusted net earnings peaking at $94.1 million in Q4.

• Operating cash flow after taxes and sustaining capital was $322 million, up 322% from 2024.

• Free cash flow after all growth investments was $127 million for 2025.

Outlook and guidance

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

• Segovia expected to generate $650 million in AISC margin at $4,400 gold.

• Marmato CIP plant commissioning is on schedule for Q4 2026, with ramp-up to 5,000 tpd by end of 2027.

• Pre-feasibility study for Toroparu due Q3/H2 2026; Soto Norte environmental license application planned for Q2 2026.

• Owner mining AISC guidance for Segovia is $1,700–$1,800/oz; CMP AISC sales margin expected at 35–44%.