Aris Mining Corporation (ARIS:CA) Q4 2025 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call presents mixed signals. While the company shows strong financial performance with increased gold production and revenue, concerns about rising costs, execution risks, and dependency on high gold prices temper optimism. The Q&A section highlights realistic yet cautious management outlooks without strong assurances. The neutral sentiment reflects balanced positive financial results against potential risks and uncertainties.
Key Financial Performance
Gold production 257,000 ounces in 2025, representing a 22% increase over 2024. The increase was driven by the expanded Segovia mill and above guidance performance at Marmato.
Gold revenue $909 million in 2025, up 82% from $499 million in 2024. This was driven by higher realized gold prices and increased sales volumes.
Adjusted EBITDA $464 million in 2025, up 185% from $163 million in 2024. The increase demonstrates substantial leverage to higher gold prices.
Adjusted net earnings $241 million or $1.28 per share in 2025, up 265% from $56 million or $0.35 per share in 2024.
Free cash flow $127 million in 2025, reflecting $322 million of operating cash flow after sustaining capital and income taxes, partially offset by $196 million invested in growth capital.
Cash balance $392 million at the end of 2025, up from $252 million at the end of 2024, enhancing liquidity.
Segovia gold production 228,000 ounces in 2025, an increase of 21% compared to 188,000 ounces in 2024. This was due to a 17% increase in milling rates and higher average gold grade.
Segovia AISC margin $421 million in 2025, up 158% compared to 2024. This was driven by strong operating performance and higher realized gold prices.
Owner mining AISC $1,534 per ounce in 2025, up 3% from $1,486 per ounce in 2024, demonstrating solid cost control.
Total AISC (Segovia) $1,705 per ounce in 2025, up 13% from $1,507 per ounce in 2024. The increase was driven by higher cash costs due to a 48% rise in gold prices, which elevated CMP purchases, royalties, and social contributions.
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Operating Highlights
Gold production: Increased 22% year-over-year to 257,000 ounces in 2025, with further growth expected in 2026.
Revenue: Gold revenue increased 82% to $909 million in 2025, driven by higher gold prices and production.
Marmato CIP Plant: Construction is on track for first gold pour in Q4 2026, with staged ramp-up to full capacity by 2027.
Segovia Mill Expansion: Second mill ramp-up completed on time and within budget, contributing to a 21% production increase.
NYSE Uplisting: Aris Mining uplisted to the New York Stock Exchange, enhancing visibility and trading liquidity.
Soto Norte Acquisition: Acquired remaining 49% interest in Soto Norte for $80 million, consolidating ownership.
Free Cash Flow: Generated $127 million in 2025, transitioning to positive free cash flow while funding growth initiatives.
Cost Control: Maintained solid cost control with a 3% increase in owner mining AISC to $1,534 per ounce.
Cash Position: Ended 2025 with $392 million in cash, up from $252 million in 2024.
Production Growth Strategy: Targeting 500,000 ounces annual production in the near term and 1 million ounces long-term.
Colombian Arbitration Settlement: Reached a settlement with the Colombian government, marking a significant milestone for operations in the region.
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Risk or Challenges
Unscheduled maintenance at Segovia: In Q4 2025, Segovia experienced 6.5 days of downtime due to an issue with the older mill, which reduced throughput and impacted production temporarily.
Increased All-In Sustaining Costs (AISC): Segovia's total AISC rose by 13% in 2025 compared to 2024, driven by higher cash costs, elevated CMP purchases, royalties, and social contributions. Sustaining capital per ounce also increased due to higher development and infrastructure investments.
Execution risk at Marmato: While development in the bulk mining zone is ahead of schedule, the project still faces execution risks related to the completion of the main decline and other infrastructure developments.
Dependence on gold prices: The company's financial performance is heavily reliant on high gold prices, which could pose a risk if prices decline.
Regulatory and environmental hurdles: The Soto Norte environmental license application is planned for Q2 2026, and any delays or rejections could impact project timelines and financial outcomes.
Debt obligations: Although the company has low leverage, it still has $86 million in net debt and no meaningful maturities until 2029, which could pose a risk if financial conditions change.
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Guidance & Outlook
2026 Production Guidance: Production guidance is set at 300,000 to 350,000 ounces of gold, representing more than 25% growth year-over-year. Once Segovia and Marmato are fully ramped up, annual production is expected to reach 500,000 ounces.
Segovia Operations: Segovia is expected to generate $650 million in all-in sustaining margin in 2026 at $4,400 gold prices. Operational focus includes connecting three underground mines via one main underground haulage circuit and developing ramps to surface to increase productivity.
Marmato Expansion: Construction of the CIP plant and development in the bulk mining zone are advancing well. First gold pour is scheduled for Q4 2026, with a staged production ramp-up to steady-state operations. By the end of 2027, the plant is expected to reach its full 5,000 tonnes per day design capacity.
Toroparu and Soto Norte Projects: Toroparu pre-feasibility study is targeted for H2 2026. Soto Norte environmental license application is planned for Q2 2026.
Gold Production Growth: Aris Mining plans to grow production to 500,000 ounces in the near term and advance Toroparu and Soto Norte projects to create a pathway to 1 million ounces per year.
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Shareholder Return Plan
The selected topic was not discussed during the call.
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Key Q&A
Q:How is the ramp-up at Segovia progressing, and what is the expected throughput for Q1?
A:The ramp-up at Segovia is progressing well, with a strong Q1. The mill has proven to run at 3,000 tonnes per day in 2025, but the bottleneck is mine production, dependent on underground development. By Q4, the company expects to reach a steady 3,000 tonnes per day run rate. For Q1, throughput is around 2,600 tonnes per day, similar to the end of Q4.
Q:Should we expect contractor mining partner margins to continue tracking above guidance?
A:The guidance for this year is about 35% contractor mining as part of the mix. Margins are variable based on gold price and supplier mix, but everything is on track to run steady as it did last year.
Q:What is the estimated cost to complete the Marmato project, and what are the key components of the budget?
A:The total spend up to the end of 2025 is approximately $180 million. The 2026 budget is about $220 million, bringing the total project cost to roughly $400 million. The increase includes expanded preproduction underground work, a 10,000-tonne underground storage facility, and a $12 million tailings storage facility. The CIP plant is scheduled for completion in Q4 2026.
Q:What is the growth capital guidance for other projects like Toroparu?
A:For Toroparu, the PEA estimates $820 million in CapEx, and the PFS study is on track for completion in Q3 2026. For Soto Norte, the CapEx remains similar to the PFS.
Q:How much CapEx remains to finish the Marmato development through the end of the year?
A:The total capital budget for 2026 is $220 million, which, when added to the $180 million already spent, totals $400 million for the Marmato project.
Q:Is there any chance to accelerate the ramp-up milestones for the CIP plant?
A:The company is optimistic about achieving the milestones, which they believe are realistic and achievable.
Q:Review of Unclear Management Responses
A:Management avoided providing a direct answer or additional clarity on whether the ramp-up milestones for the CIP plant could be accelerated, stating only that they are optimistic and believe the milestones are realistic and achievable.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
AISC margin
Aris Mining
CIP plant
CMP
Gold
NYSE
Slide
construction
crosscut
decline
development
equipment
expansion
gold price
gold production
grade gram
gram tonne
haulage
milestone
mill feed
mining zone
ounce increase
owner mining
proceeds
production gold
production ounce
production ramp
rate
sale
throughput tonne
tonne day
website
ARIS Transcript
Aris Mining Corporation (ARIS:CA) Q1 2026 Earnings Call Transcript
Positive5-7
The earnings call highlights strong financial performance with increased revenue, EBITDA, and cash flow. The strategic plan outlines significant production growth and expansion projects, aiming for 1 million ounces annually. Despite some regulatory and operational risks, the positive financial metrics, reduced net debt, and robust production guidance suggest a favorable stock outlook. The Q&A section confirms management's clarity and focus on long-term growth, reinforcing a positive sentiment. Given the absence of market cap data, a conservative positive prediction is appropriate, expecting a 2% to 8% stock price increase.
Aris Mining Corporation (ARIS:CA) Q4 2025 Earnings Call Transcript
Unknown3-12
The earnings call presents mixed signals. While the company shows strong financial performance with increased gold production and revenue, concerns about rising costs, execution risks, and dependency on high gold prices temper optimism. The Q&A section highlights realistic yet cautious management outlooks without strong assurances. The neutral sentiment reflects balanced positive financial results against potential risks and uncertainties.
Aris Water Solutions, Inc. (ARIS) Q1 2025 Earnings Call Transcript
Positive5-7
The earnings call reveals strong financial performance with a 6% YoY increase in EBITDA, record volumes, and a solid dividend payout. The company's strategic acquisitions and partnerships, such as McNeill Ranch, show promising growth and innovation. While economic factors pose some headwinds, management's proactive approach to capital allocation and risk mitigation is reassuring. The Q&A section indicates confidence in handling potential challenges, with no major concerns from analysts. Overall, the company's robust outlook and operational improvements suggest a positive stock price movement in the near term.
Earnings call transcript: Ares Mining Q4 2024 sees revenue growth, stock surges
Positive3-13
The earnings call highlights strong financial performance with significant revenue and income growth, alongside increased EBITDA. Despite competitive pressures and regulatory risks, optimistic guidance and expansion plans suggest positive future prospects. The Q&A section, while lacking clarity on some specifics, does not reveal major concerns. The company's robust cash balance and refinancing activities further strengthen its financial position. Overall, the positive financial results and strategic expansion plans outweigh the noted risks, indicating a likely positive stock price movement.
ARIS Slides
ARIS Report
Frequently Asked Questions
Where does this earnings call transcript come from?
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
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Why do some answers appear as “Unclear” or “Inaudible”?
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They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
