Aris Mining Reports Q1 2026 Results
VANCOUVER, British Columbia--( BUSINESS WIRE)--Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS; NYSE: ARIS) announces its financial and operating results for the three months ended March 31, 2026 (Q1 2026). All amounts are in U.S. dollars unless otherwise indicated.
Q1 2026 Financial Performance
Neil Woodyer, Chair and CEO, commented, “Supported by record financial results and strong cash generation from our operations, we advanced all four of our assets in Q1 2026. At Segovia, the ongoing ramp-up contributed to a 5% increase in production compared with Q4 2025. At Marmato, construction of the new 5,000 tonnes per day (tpd) CIP plant remains on schedule for first gold in Q4 2026, and the April 2026 decline breakthrough into the cross-cut marked an important milestone, providing direct access to the plant.
At Toroparu, the prefeasibility study is progressing well, with updated mineral resource and reserve estimates advancing to support mine schedule optimizations, and a construction decision is expected in early 2027. At Soto Norte, the submission of the environmental license application is nearing completion, alongside active engagement with the Colombian regulators to support a collaborative approach to the submission and review process.
With our producing assets delivering strong results and our growth projects continuing to advance, Aris Mining is well positioned to achieve its longer-term objective of approximately 1 million ounces of annual gold production. 2 With the right assets in place, we remain focused on executing and delivering against our plans.”
Q1 2026
Q4 2025
Q1 2025
Gold production (koz), total
74.3
69.9
54.8
Gold sold (koz), total
74.8
71.7
54.3
Segovia – AISC 1, Owner Mining ($/oz sold)
$1,492
$1,662
$1,482
Segovia – CMP 3 AISC 1 Sales Margin 1
40%
46%
41%
EBITDA 1 (US$M)
$182
$120
$40
Adjusted EBITDA 1 (US$M)
$212
$168
$67
Adjusted EBITDA 1, last 12 months (US$M)
$610
$464
$201
Net earnings 4 (US$M)
$98 or $0.47/share
$51 or $0.25/share
$2 or $0.01/share
Adjusted earnings 4 (US$M)
$124 or $0.60/share
$94 or $0.46/share
$27 or $0.16/share
Adjusted earnings 4, last 12 months (US$M)
$337 or $1.71/share
$241 or $1.28/share
$78 or $0.46/share
Q1 2026 Operational Performance
Project Development Highlights
Q1 2026 Conference Call Details
Management will host a conference call on Thursday, May 7, 2026, at 6:00 am PT / 9:00 am ET / 2:00 pm GMT to discuss the results.
Participants may gain expedited access to the conference call by registering at Diamond Pass Registration. Once registered, call-in details will be displayed on screen which can be used to bypass the operator and avoid the call queue. Registration will remain open until the end of the live conference call.
Webcast
Conference Call
Audio Recording
A replay of the event will be archived at Events & Presentations - Aris Mining Corporation.
Aris Mining's Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2026 and related MD&A are available on SEDAR+, in the Company’s filings with the U.S. Securities and Exchange Commission (the SEC) and in the Financials section of Aris Mining's website here. Hard copies of the financial statements are available free of charge upon written request to info@aris-mining.com.
About Aris Mining
Aris Mining is a Canadian gold mining company focused on South America. The Company operates the Segovia and Marmato underground gold mines in Colombia, which together produced approximately 257,000 ounces of gold in 2025. Aris Mining is listed on the TSX and NYSE under the symbol ARIS.
The Company is advancing expansion projects at Segovia and Marmato that are expected to increase annual gold production to approximately 500,000 ounces 7, driven by the ramp-up at Segovia following the installation of the second mill, which was completed in June 2025, and construction of the new Marmato bulk mine and CIP plant, with first gold expected in Q4 2026.
Aris Mining’s portfolio supports a longer-term objective of approximately 1 million ounces of annual gold production 2. Key projects include the high-grade Soto Norte gold project in Colombia, where environmental studies are being finalized for submission in Q2 2026 to initiate the licensing process, and the Toroparu gold project in Guyana, where a Prefeasibility Study is in progress to support a construction decision expected in early 2027.
Additional information on Aris Mining can be found at www.aris-mining.com, www.sedarplus.ca, and on www.sec.gov.
Endnotes
1. All references to adjusted earnings, EBITDA, adjusted EBITDA, growth capital investment, cash flow after sustaining capital and income taxes, cash costs ($ per oz) and AISC ($ per oz) are non-GAAP financial measures in this document. These measures are intended to provide additional information to investors. They do not have any standardized meanings under IFRS, and therefore may not be comparable to other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Refer to the Non-GAAP Measures section in this document for a reconciliation of these measures to the most directly comparable financial measure disclosed in the Company’s financial statements.
2. Includes potential production estimates from Toroparu, which is based on a preliminary economic assessment effective October 21, 2025, which contemplates a 7.0 Mtpa operation over a 21.3-year mine life with average annual gold production of approximately 235 koz at a base case gold price of US$3,000/oz. The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There can be no assurance that the projected production will be achieved. In the case of Soto Norte and Toroparu, such production also remains subject to obtaining all necessary permits and to formal construction decisions by the Company.
3. Aris Mining operates its own mines and contracts with community-based mining partners, referred to as Contract Mining Partners or CMPs, to increase total gold production. Some partners work within Aris Mining’s infrastructure, while others manage their own mining operations on Aris Mining’s titles using their own infrastructure. In addition, Aris Mining purchases high grade mill feed from third-party contractors operating off-title, which further optimizes production and increases operating margins.
4. Net earnings represents net earnings attributable to owners of the company, as presented in the annual and interim financial statements for the relevant period.
5. See technical report dated October 28, 2025 and entitled “NI 43-101 Technical Report Preliminary Economic Assessment for the Toroparu Project Cuyuni-Mazaruni Region, Guyana”. Note that this PEA is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
6. See technical report dated September 3, 2025 and entitled “NI 43-101 Technical Report Prefeasibility Study for the Soto Norte Project, Santander, Colombia.”
7. Reflects expected steady-state annual gold production run-rates of approximately 300 koz at Segovia and 200 koz at Marmato following completion and ramp-up of the respective expansion projects. For more information, please refer to the Company’s news releases dated June 30, 2025 regarding the Segovia expansion and March 12, 2025 regarding the Marmato expansion.
Non-GAAP Measures
Cash costs & all-in sustaining cost per ounce
For the three months ended,
Segovia
Mar 31, 2026
Dec 31, 2025
Mar 31, 2025
Total gold sold (ounces)
67,709
64,456
47,390
Cost of sales 1
116,108
103,043
67,091
Less: materials and supplies inventory provision 1
—
(1,174)
—
Less: royalties 1
(11,139)
(8,598)
(4,519)
Add: by-product revenue 1
(7,449)
(5,828)
(3,073)
Total cash costs
97,520
87,443
59,499
Add: royalties 1
11,139
8,598
4,519
Add: social contributions 1
12,358
9,168
4,061
Add: sustaining capital expenditures and lease payments
11,917
16,654
6,336
Total AISC
132,934
121,863
74,415
AISC per ounce sold
$1,963
$1,891
$1,570
Marmato
Total gold sold (ounces)
7,134
7,261
6,891
Cost of sales 1
23,096
21,322
15,384
Less: materials and supplies inventory provision 1
—
(254)
—
Less: royalties 1
(3,332)
(2,223)
(1,840)
Add: by-product revenue 1
(306)
(1,493)
(313)
Total cash costs
19,458
17,352
13,231
Add: royalties 1
3,332
2,223
1,840
Add: social contributions 1
940
158
273
Add: sustaining capital expenditures
1,481
2,192
733
Total AISC
25,211
21,925
16,077
Consolidated
Total gold sold (ounces)
74,843
71,717
54,281
Cost of sales 1
139,204
124,365
82,475
Less: materials and supplies inventory provision 1
—
(1,428)
—
Less: royalties 1
(14,471)
(10,821)
(6,359)
Add: by-product revenue 1
(7,755)
(7,321)
(3,386)
Total cash costs
116,978
104,795
72,730
Add: royalties 1
14,471
10,821
6,359
Add: social contributions 1
13,298
9,326
4,334
Add: sustaining capital expenditures and lease payments
13,398
18,846
7,069
Total AISC
158,145
143,788
90,492
1. As presented in the financial statements and notes thereto for the respective periods
All-in sustaining cost per ounce – business units (Segovia)
For the three months ended,
Segovia - Owner Mining
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Total gold sold (ounces)
45,789
40,260
40,984
32,685
26,963
Cost of sales 1
54,858
52,773
48,502
39,532
34,799
Less: inventory provision
—
(895)
—
—
—
Less: royalties 1
(7,805)
(5,689)
(5,000)
(3,605)
(2,783)
Add: by-product revenue 1
(5,037)
(3,610)
(2,566)
(1,714)
(1,748)
Total cash costs
42,015
42,578
40,936
34,213
30,268
Add: royalties 1
7,805
5,689
5,000
3,605
2,783
Add: social contributions 1
8,660
6,058
5,155
3,366
2,501
Add: sustaining capital and lease payments
9,835
12,601
8,430
8,511
4,397
Total AISC
68,315
66,926
59,521
49,695
39,949
AISC ($/oz sold)
$1,492
$1,662
$1,452
$1,520
$1,482
Segovia - CMPs
Total gold sold (ounces)
21,920
24,196
24,596
21,066
20,427
Cost of sales 1
61,250
50,271
44,747
37,187
32,292
Less: inventory provision
—
(279)
—
—
—
Less: royalties 1
(3,334)
(2,909)
(2,532)
(1,934)
(1,736)
Add: by-product revenue 1
(2,412)
(2,218)
(1,550)
(1,084)
(1,325)
Total cash costs
55,505
44,865
40,665
34,169
29,231
Add: royalties 1
3,334
2,909
2,532
1,934
1,736
Add: social contributions 1
3,698
3,110
2,632
1,811
1,560
Add: sustaining capital and lease payments
2,082
4,053
2,256
2,773
1,939
Total AISC
64,619
54,937
48,085
40,687
34,466
AISC ($/oz sold)
$2,948
$2,270
$1,955
$1,931
$1,687
Segovia - Combined
Total gold produced (ounces)
66,567
63,137
65,549
51,527
47,549
Total gold sold (ounces)
67,709
64,456
65,580
53,751
47,390
Gold revenue
331,611
273,127
229,116
177,551
135,310
Avg realized gold price ($/oz sold)
$4,898
$4,237
$3,494
$3,303
$2,855
Cost of sales 1
116,108
103,043
93,249
76,719
67,091
Less: inventory provision
—
(1,174)
—
—
—
Less: royalties 1
(11,139)
(8,598)
(7,532)
(5,539)
(4,519)
Add: by-product revenue 1
(7,449)
(5,828)
(4,116)
(2,798)
(3,073)
Combined cash costs
97,520
87,443
81,601
68,382
59,499
Add: royalties 1
11,139
8,598
7,532
5,539
4,519
Add: social contributions 1
12,358
9,168
7,787
5,177
4,061
Add: sustaining capital and lease payments
11,917
16,654
10,686
11,284
6,336
Combined AISC
132,934
121,863
107,606
90,382
74,415
AISC ($/oz sold)
$1,963
$1,891
$1,641
$1,681
$1,570
AISC Margin
198,677
151,264
121,510
87,169
60,895
1. As presented in the financial statements and notes thereto for the respective periods
Operating free cash flow and free cash flow after growth and expansion capital
($’000)
Mar 31, 2026
Dec 31, 2025
Mar 31, 2025
Operating cash flows before taxes 1
184,981
160,462
51,882
Adjusting Items:
Precious metal stream deposit settled (received) 1
(40,016)
10,000
—
Finance income 1
(3,383)
(4,353)
(2,336)
Impact of FX on cash and cash equivalents 1
814
(545)
768
Adjusted operating cash flows before taxes
142,396
165,564
50,314
Less: Income taxes paid 1
(26,171)
(21,686)
(5,121)
Adjusted net cash provided by operating activities
116,225
143,878
45,193
Less: Sustaining capital
(12,837)
(18,389)
(6,589)
Less: Sustaining lease payments
(561)
(457)
(480)
Cash flow from operations after sustaining capital and income taxes
102,827
125,032
38,124
Less: Growth and expansion capital
(61,251)
(67,735)
(43,010)
Free cash flow after growth and expansion capital
41,576
57,297
(4,886)
1. As presented in the financial statements and notes thereto for the respective periods.
Additions to mineral interests, plant and equipment
($’000)
Mar 31, 2026
Dec 31, 2025
Mar 31, 2025
Sustaining capital
Segovia
11,356
16,197
5,856
Marmato
1,481
2,192
733
Total Sustaining Capital
12,837
18,389
6,589
Non-sustaining capital
Marmato
47,031
43,562
29,661
Segovia
5,454
16,161
6,368
Soto Norte Project and other
3,445
4,885
4,570
Toroparu Project
5,321
3,127
2,411
Total (Growth Capital Investment)
61,251
67,735
43,010
Additions to mining interest, plant and equipment 1
74,088
86,124
49,599
1. As presented in the financial statements and notes thereto for the respective periods.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA
($000s)
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Earnings (loss) before tax 1
161,672
97,519
76,094
12,258
Add back:
Depreciation and depletion 1
16,246
16,809
13,459
11,929
Finance income 1
(3,383)
(4,353)
(2,437)
(3,474)
Interest and accretion 1
7,408
10,431
9,390
10,833
EBITDA
181,943
120,406
96,506
31,546
Add back:
Share-based compensation 1
7,602
20,663
9,497
8,136
(Income) loss from equity accounting in investee 1
—
(14)
—
—
(Gain) loss on financial instruments 1
1,762
3,058
6,385
50,737
Loss on disposal of mining interest and PPE 1
—
—
3,200
—
Loss on settlement of deferred revenue 1
—
4,990
—
—
Other (income) expense 1
9,177
6,447
1,961
1,090
Foreign exchange (gain) loss 1
11,590
12,446
13,520
7,224
Adjusted EBITDA
212,074
167,996
131,069
98,733
1. As presented in the financial statements and notes thereto for the respective periods
($000s)
Mar 31, 2025
Dec 31, 2024
Sep 30, 2024
Jun 30, 2024
Earnings (loss) before tax 1
21,220
37,513
13,603
17,904
Add back:
Depreciation and depletion 1
10,734
9,530
9,019
8,082
Finance income 1
(2,336)
(1,606)
(1,351)
(1,691)
Interest and accretion 1
10,037
21,165
6,493
6,496
EBITDA
39,655
66,602
27,764
30,791
Add back:
Share-based compensation 1
3,784
(483)
2,533
1,373
(Income) loss from equity accounting in investee 1
14
14
17
2,301
(Gain) loss on financial instruments 1
16,628
(6,561)
12,842
6,144
Other (income) expense 1
535
1,116
(428)
2,681
Foreign exchange (gain) loss 1
5,997
(5,113)
311
(7,211)
Adjusted EBITDA
66,613
55,575
43,039
36,079
1. As presented in the financial statements and notes thereto for the respective periods.
Adjusted net earnings and adjusted net earnings per share
($000s except shares amount)
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Basic weighted average shares outstanding 1
205,967,201
203,245,172
199,171,052
179,836,208
Net earnings (loss) 1
97,614
50,863
42,011
(16,897)
Add back:
Share-based compensation 1
7,602
20,663
9,497
8,136
(Income) loss from equity accounting in investee 1
—
(14)
—
—
(Gain) loss on financial instruments 1
1,762
3,058
6,385
50,737
Loss on disposal of mining interest and PPE 1
—
—
3,200
—
Loss on settlement of deferred revenue 1
—
4,990
—
—
Other (income) expense 1
9,177
6,447
1,961
1,090
Foreign exchange (gain) loss 1
11,590
12,446
13,520
7,224
Income tax effect on adjustments
(4,057)
(4,356)
(4,732)
(2,528)
Adjusted net earnings
123,689
94,097
71,842
47,762
Adjusted net earnings per share – basic ($/share)
0.60
0.46
0.36
0.27
1. As presented in the financial statements and notes thereto for the respective periods.
($000s except shares amount)
Mar 31, 2025
Dec 31, 2024
Sep 30, 2024
Jun 30, 2024
Basic weighted average shares outstanding 1
171,622,649
170,900,890
169,873,924
151,474,859
Net earnings (loss) 1
2,368
21,687
(2,074)
5,713
Add back:
Share-based compensation 1
3,784
(483)
2,533
1,373
(Income) loss from equity accounting in investee 1
14
14
17
2,301
(Gain) loss on financial instruments 1
16,628
(6,561)
12,842
6,144
Other (income) expense 1
535
1,116
(428)
2,681
Loss on extinguishment of Senior Notes 1
—
11,463
—
—
Foreign exchange (gain) loss 1
5,997
(5,113)
311
(7,211)
Income tax effect on adjustments
(2,099)
2,536
(109)
1,738
Adjusted net earnings
27,227
24,659
13,092
12,739
Adjusted net earnings per share – basic ($/share)
0.16
0.14
0.08
0.08
1. As presented in the financial statements and notes thereto for the respective periods.
Cash Cost and All-in Sustaining Cost
Cash costs per ounce, and all-in sustaining cost per ounce (as calculated in the tables above) are performance measures that reflect all the expenditures that are required to produce and sell an ounce of gold from operations. Management believes that these two measures are useful to market participants in assessing operating performance and the Company's ability to generate cash flow from current operations. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures used by other issuers.
Operating Cash Flow and Free Cash Flow after Growth and Expansion Capital
Cash flow from operations after sustaining capital and income taxes is calculated as adjusted net cash provided by operating activities, less sustaining capital and income taxes paid. Free cash flow after growth and expansion capital is calculated by further deducting growth and expansion capital. Management believes these measures are useful to market participants in assessing the Company’s ability to generate cash flow from operations after funding its capital requirements. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures used by other issuers.
Growth and Expansion Capital
Growth and expansion capital represents additions to depletable and non-depletable mineral interests, right of use assets, exploration projects, and plant and equipment that are not sustaining in nature. Management believes this measure is useful to market participants in assessing the level of capital invested to expand operations, develop projects and support future growth separately from capital required to sustain current operations. This measure does not have a standardized meaning under IFRS and may not be comparable to similar measures used by other issuers.
EBITDA and Adjusted EBITDA
EBITDA is calculated as earnings before tax, adjusted to add back depreciation and depletion, finance income, and interest and accretion. Adjusted EBITDA is calculated by further excluding items that management does not consider to be reflective of the underlying operating performance. Management believes these measures are useful to market participants in assessing the Company’s operating performance and ability to generate cash flow from operations. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures used by other issuers.
Adjusted Net Earnings and Adjusted Net Earnings Per Share
Adjusted net earnings is calculated as net earnings attributable to owners of the Company, adjusted for items that management does not consider to be reflective of the underlying operating performance of the Company Adjusted net earnings per share is calculated by dividing adjusted net earnings by the basic weighted average number of shares outstanding for the applicable period. Management believes these measures are useful to market participants in assessing the Company’s underlying financial performance and results on a per share basis. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures used by other issuers.
Qualified Person and Technical Information
Pamela De Mark, P.Geo., Senior Vice President Geology and Exploration of Aris Mining, is a Qualified Person as defined by National Instrument 43-101 (NI 43-101), and has reviewed and approved the technical information contained in this news release.
Forward-Looking Information
This news release contains "forward-looking information" or forward-looking statements" within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, including, without limitation, statements relating to the Company’s ability to deliver on its 2026 objectives, updates and timing for completion and first gold pour at the Bulk Mining Zone, timing for completion and ramp-up of the Marmato CIP plant, the expected benefit from the Segovia expansion, the Company’s longer-term growth outlook, the timeline for environmental studies for the Soto Norte Project, the timeline for a Prefeasibility Study and construction decision for the Toroparu Project, the objective of reaching 1 million ounces of gold production, are forward-looking. Generally, the forward-looking information and forward looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "will continue" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved”. The material factors or assumptions used to develop forward looking information or statements are disclosed throughout this news release.
Forward looking information and forward looking statements, while based on management's best estimates and assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Aris Mining to be materially different from those expressed or implied by such forward-looking information or forward looking statements, including but not limited to those factors discussed in the section entitled "Risk Factors" in Aris Mining's annual information form dated March 11, 2026 which is available on SEDAR+ at www.sedarplus.ca and included as part of the Company’s Annual report on Form 40-F, filed with the SEC at www.sec.gov.
Although Aris Mining has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. The Company has and continues to disclose in its Management's Discussion and Analysis and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking information and forward-looking statements and to the validity of the information, in the period the changes occur. The forward-looking statements and forward-looking information are made as of the date hereof and Aris Mining disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information.