# ARIS earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/ARIS) · [Earnings tab](https://www.lopjlb.com/stock/ARIS?tab=earnings) Updated: 2026-09-07T01:41:12 Quarters analyzed: 8 ## Cross-quarter narrative Across the series of earnings CallCards Aris Mining moved from a strong but isolated Q3‑2024 performance – highlighted by a 9% production rise, Segovia Phase 1 mill delivery and a $40 million milestone – into a period of limited disclosure (Q4‑2024, Q2‑2025, Q3‑2025). The Q1‑2025 call re‑energized the story with record gold prices, an 8% production lift and all major projects (Segovia expansion, Marmato construction, Soto Norte PFS, Toroparu PEA) listed as on‑track, yet flagged timing risks for Segovia commissioning, Marmato scale‑up and study outcomes. Q4‑2025 showed 22% production growth, reaffirmed 2026 guidance and introduced operational downtime and capex‑overrun concerns. By 2026 Q1‑Q2 the company reported robust cash flow, delivered several key milestones (Segovia Phase 2 mill, Marmato underground cross‑cut, CIP plant commissioning) and pushed first gold pour to Q4‑2026, while lingering risks centered on Segovia’s 3,000 tpd ramp‑up, grade sustainability and regulatory approvals. Overall the narrative shifts from early project initiation and financing to accelerated execution, improving cash generation, and a narrowing of earlier uncertainties, though execution‑timing and regulatory risks persist. ## Latest CallCard · Q2 Aris Mining delivered strong H1 2026 with 148koz production, $200M operating cash flow funding capex, on track for 300-350koz full-year guidance; Marmato first gold Q4, Segovia underground ramp-up accelerating H2. **Guidance:** maintained — Management reiterated 2026 production guidance of 300,000-350,000 ounces, with H2 weighted production driven by Segovia ramp-up and Marmato first gold in Q4. **Tone:** mgmt 0.7 · Q&A pressure 0.3 · divergence 0.4 Management emphasized strong H1 execution, on-track guidance, visible progress across all four assets, and clear path to 500koz annual production. ### Demand visibility Limited discussion on gold demand visibility; focus on production execution and cost performance. Management highlighted record H1 revenue and EBITDA driven by higher volumes and stronger gold prices, but did not elaborate on demand outlook. ### Margins / costs Segovia owner mining AISC $1,623/oz YTD below guidance; CMP sales margin 43% above guidance top end; strong all-in sustaining margins. Year-to-date owner mining AISC at $1,623/oz below full-year guidance range despite increased underground development investment. Contract mining partner sales margin of 43% exceeds guidance top end. Consolidated all-in sustaining margins of $157M in Q2 and $356M H1 demonstrate robust economics even with gold price moderation from Q1 peak. ### Capital allocation H1 operating cash flow of $200M fully funded $196M capex; $426M cash balance; Marmato remaining $118M funded via Wheaton installment and cash flow. First half after-tax operating cash flow of $200M covered entire capital program of $196M, maintaining free cash flow positivity. Q2 cash decreased to $426M from $472M due to Colombian tax payments and Marmato/Segovia capex. Marmato expects final $42M Wheaton installment in Q3; net funding requirement of ~$76M to be met from cash on hand and operating cash flow. Total Marmato 2026 investment estimated at $238M vs $220M initial budget. ### Milestones - **Segovia mill expansion** [delivered]: Expanded processing plant completed 2025, now performing well; constraint shifted to underground haulage capacity. - **Segovia underground development (ramps, haulage circuit)** [on_track]: Developing new ramps at El Silencio and Providencia, building main haulage circuit connecting El Silencio, Providencia, Sandra K; expected to increase mill feed and support higher H2 2026 production. - **Marmato Los Indios cross-cut** [delivered]: Completed April 2026, created direct underground access between bulk mining zone and new plant, improving ventilation and haulage. - **Marmato bulk mining zone ramp-up** [on_track]: Mining capacity increased, already contributing to production growth through existing flotation plant; new mining equipment arriving Q3. - **Marmato new CIP plant commissioning** [on_track]: SAG and ball mills arrived, mechanical installation begun; crusher area moving to mechanical installation; leach tanks and CIP circuit progressing. - **Marmato first gold** [on_track]: Targeting Q4 2026 first gold, followed by staged ramp-up into 2027. - **Toroparu pre-feasibility study** [on_track]: On schedule for completion in H2 202 ## Quarter one-liners - **2026 Q2:** Aris Mining delivered strong H1 2026 with 148koz production, $200M operating cash flow funding capex, on track for 300-350koz full-year guidance; Marmato first gold Q4, Segovia underground ramp-up accelerating H2. - **2026 Q1:** Aris Mining posted a solid Q1 2026 with higher production, stronger gold prices and cash generation, while growth projects at Segovia, Marmato, Toroparu and Soto Norte remain on schedule but some ramp‑up milestones extend into 2027‑28. - **2025 Q4:** Aris Mining posted 22% production growth, strong cash flow and reaffirmed 2026 guidance, with Segovia ramp‑up and Marmato CIP plant on track, while noting minor Q4 downtime and ongoing capex needs. - **2025 Q3:** — - **2025 Q2:** — - **2025 Q1:** Aris Mining posted its best Q1 ever with record gold prices, solid cash flow and production up 8%, while its Segovia expansion and Marmato development stay on track but face timing uncertainties. - **2024 Q4:** — - **2024 Q3:** Aris Mining reported strong Q3 with 53.6k oz gold (+9% QoQ), Segovia at 2,000 tpd capacity, expansion to 3,000 tpd on track (Phase 1 done, Phase 2 Q1 2025), Marmato Lower Mine 25% spend milestone hit ($40M stream received), refinanced $300M to $450M 5-yr 8% notes, pro forma cash $266M, targeting ~50 ## Theme arcs - **Production growth** (improving): From 53.6k oz in Q3‑2024 to 148k oz H1‑2026 with 22% YoY increase in Q4‑2025. - **Cash generation & balance sheet** (improving): Refinanced notes in 2024, $266M pro‑forma cash, $200M operating cash in H1‑2026 and low 1x leverage. - **Segovia expansion execution** (improving): Phase 1 delivered 2024, Phase 2 on‑track and delivered by Q2‑2026. - **Marmato development** (improving): Construction on‑track, underground cross‑cut delivered, CIP plant commissioning on‑track, first gold pour expected Q4‑2026. - **Margin performance** (stable): AISC expanded in 2024, modest rise in 2025‑2026 but margins remained strong. - **Guidance confidence** (stable): Vague guidance in 2024‑2025, then maintained guidance with reaffirmation in Q4‑2025 and 2026 calls. ## Guidance path 2024 Q3:maintained → 2024 Q4:vague → 2025 Q1:maintained → 2025 Q2:vague → 2025 Q3:vague → 2025 Q4:maintained → 2026 Q1:maintained → 2026 Q2:maintained --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/ARIS`