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1. Company Snapshot

1.a. Company Description

Aris Mining Corporation together with its subsidiaries, engages in the acquisition, exploration, development, and operation of gold and silver properties primarily in Colombia.The company holds interests in the Segovia operations comprising the El Silencio, Providencia, and Sandra K underground mines located in Colombia.It also owns interest in the Zancudo project located in the Titiribí mining district of Antioquia.


In addition, the company holds interests in the Marmato project in Colombia; Juby project located in Ontario, Canada; and Toroparu project in the western Guyana gold district.The company was formerly known as Gran Colombia Gold Corp.and changed its name to GCM Mining Corp.


in November 2021.The company was formerly known as GCM Mining Corp.and changed its name to Aris Mining Corporation on September 26, 2022.


Aris Mining Corporation is headquartered in Toronto, Canada.

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1.b. Last Insights on ARIS

Aris Mining Corporation faces headwinds from evolving market conditions, with smart capital rotating into high-grade gold assets. Emerging market operations are gaining traction, capturing over 30% of top-performing gold stocks. Recent earnings release may have highlighted operational challenges, potentially impacting investor sentiment. Additionally, the company's lack of new product developments or strategic acquisitions may be hindering growth, while potential legal issues could further exacerbate these challenges.

1.c. Company Highlights

2. Aris Mining Surges to Record Earnings Amid Strong Gold Prices

Aris Mining delivered a blistering fourth‑quarter and full‑year 2025 performance, with gold revenue climbing to $909 million—an 82% jump—while adjusted EBITDA surged 185% to $464 million. Net earnings per share reached $0.632 against analyst estimates of $0.58, and free cash flow hit $127 million, supporting a robust cash balance of $392 million. With a P/E of 54.12 and an EV/EBITDA of 11.14, the stock trades at a premium that reflects its growing production pipeline and solid balance sheet.

Publication Date: Apr -19

📋 Highlights
  • Gold Production & Revenue Surge: 257,000 oz gold produced (22% YoY), $909M revenue (82% YoY)
  • EBITDA & Free Cash Flow Growth: Adjusted EBITDA $464M (185% YoY), free cash flow $127M
  • 2026 Production Guidance: 300,000–350,000 oz target (25% YoY growth), CIP plant completion in Q4 2026
  • Balance Sheet Strength: $392M cash, $86M net debt (1x leverage), $220M 2026 capital budget
  • Expansion Pathway: 500k–1M oz/year target, $820M Toroparu PEA, 5,000 tpd throughput by 2027

Production Highlights

The company produced 257,000 ounces of gold in 2025, surpassing the midpoint of guidance. Segovia’s output rose 21% year‑over‑year, while Marmato maintained steady performance and exceeded expectations. Production guidance for 2026 projects 300,000‑350,000 ounces, marking a 25% year‑on‑year increase and positioning Aris toward the 500,000‑ounce milestone in the near term.

Cost Management and All‑In Sustaining Cost

All‑in sustaining cost per ounce stood at $1,534, a modest 3% rise YoY, driven by modest inflationary pressures and higher operating costs. Despite this, margin expansion was achieved through higher gold prices (up 48%) and production efficiencies across the Segovia mill expansion and Marmato CIP plant, which is on track for its first gold pour in Q4 2026.

Capital Expenditure Outlook

The 2026 budget of $220 million reflects a $35 million increase from the March 2025 estimate, primarily due to expanded pre‑production activities such as the Los Indios crosscut and a 10,000‑tonne underground storage facility. The CIP plant is slated for completion in Q4 2026, while the Toroparu PEA is projected to require $820 million in capital expenditures, with the PFS study expected by Q3 2026.

Cash Position & Leverage

Aris ended 2025 with a net debt of $86 million, translating to a Net Debt/EBITDA ratio of 0.33. The company’s free cash flow yield sits at 2.12%, and the balance sheet strength is underscored by a P/B of 2.95, indicating healthy book value relative to market valuation.

Future Growth Trajectory

3. NewsRoom

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Why Smart Capital Is Rotating Into High-Grade Gold Assets

Feb -05

Source: prnewswire.com

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Max Resource Enters Masters Services Agreement

Jan -13

Source: feeds.newsfilecorp.com

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ARMN's Margins Expand Despite Rising Costs: Will the Momentum Sustain?

Jan -12

Source:

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Ramaco Resources, Inc. (METC) Signals Confidence With $100 Million Stock Buyback

Jan -12

Source:

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Aris Mining Corporation (ARMN) Successfully Acquires Remaining 49% Stake in the Soto Norte Venture

Jan -11

Source:

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ARIS MINING EXPANDS HIGH-GRADE SEGOVIA RESERVE AND RESOURCE ESTIMATES

Jan -08

Source:

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Assessing Aris Mining (TSX:ARIS) Valuation After A Strong Multi‑Period Share Price Run

Jan -07

Source:

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Aris Mining's Key Projects Progress: Can Momentum Sustain Growth?

Jan -05

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.83%)

6. Segments

Segovia

Expected Growth: 4.83%

Segovia's 4.83% growth is driven by increasing gold prices, improved operational efficiency, and successful exploration efforts. The mine's high-grade ore and low cash costs also contribute to its strong performance. Additionally, Aris Mining's focus on cost control and debt reduction has enabled the company to reinvest in growth initiatives, further boosting Segovia's output.

Marmato

Expected Growth: 4.83%

Marmato's 4.83% growth is driven by increasing gold prices, improved operational efficiency, and strategic investments in exploration and development. The mine's high-grade ore body and proximity to existing infrastructure also contribute to its growth potential. Furthermore, Aris Mining Corporation's focus on cost reduction and productivity enhancements has optimized Marmato's performance, positioning it for continued growth.

7. Detailed Products

Gold

Aris Mining Corporation's gold product is a precious metal extracted from its mining operations, used in jewelry, coins, and other decorative items.

Copper

Aris Mining Corporation's copper product is a base metal extracted from its mining operations, used in electrical wiring, plumbing, and other industrial applications.

Silver

Aris Mining Corporation's silver product is a precious metal extracted from its mining operations, used in jewelry, coins, and other decorative items.

Zinc

Aris Mining Corporation's zinc product is a base metal extracted from its mining operations, used in galvanizing other metals, die-casting, and other industrial applications.

Lead

Aris Mining Corporation's lead product is a base metal extracted from its mining operations, used in batteries, radiation shielding, and other industrial applications.

Mining Services

Aris Mining Corporation's mining services include exploration, extraction, and processing of minerals from its mining operations.

8. Aris Mining Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Aris Mining Corporation faces moderate threat from substitutes due to the availability of alternative mining companies and the ease of switching costs.

Bargaining Power Of Customers

Aris Mining Corporation has a diverse customer base, which reduces the bargaining power of individual customers, giving the company an upper hand in negotiations.

Bargaining Power Of Suppliers

Aris Mining Corporation relies heavily on a few key suppliers for critical mining equipment and materials, giving them significant bargaining power.

Threat Of New Entrants

The mining industry has high barriers to entry, including significant capital requirements and regulatory hurdles, making it difficult for new entrants to join the market.

Intensity Of Rivalry

The mining industry is highly competitive, with many established players competing for market share, leading to intense rivalry among companies.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 38.00%
Debt Cost 11.48%
Equity Weight 62.00%
Equity Cost 11.48%
WACC 11.48%
Leverage 61.30%

11. Quality Control: Aris Mining Corporation passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
GoGold Resources

A-Score: 5.3/10

Value: 2.7

Growth: 8.1

Quality: 7.9

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
SilverCrest Metals

A-Score: 5.0/10

Value: 1.2

Growth: 9.9

Quality: 7.0

Yield: 0.0

Momentum: 7.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Gold Royalty

A-Score: 4.9/10

Value: 5.3

Growth: 7.2

Quality: 4.0

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
McEwen Mining

A-Score: 4.5/10

Value: 5.1

Growth: 6.1

Quality: 2.9

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
Aris Mining

A-Score: 4.1/10

Value: 2.1

Growth: 2.7

Quality: 5.1

Yield: 1.0

Momentum: 10.0

Volatility: 3.7

1-Year Total Return ->

View Full Report
Stock-Card
Endeavour Silver

A-Score: 4.0/10

Value: 6.4

Growth: 3.2

Quality: 3.1

Yield: 0.0

Momentum: 9.5

Volatility: 2.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

24.28$

Current Price

24.28$

Potential

-0.00%

Expected Cash-Flows