Aris Mining Q4 2025 Earnings Call - Segovia expansion lifts production and cash flow, Marmato CIP on track for first gold in Q4 2026

Operator: Good morning, everyone, and welcome to the Aris Mining fourth quarter and full year 2025 earnings call. We will begin with an overview from management, followed by a question-and-answer period. To join the question queue, you may press star then one on your telephone keypad. As a reminder, all participants are in listen-only mode and the conference is being recorded. Should you need assistance during the conference, you may reach an operator by pressing star then zero. Please note that the accompanying presentation that management will refer to during today’s call can be found in the Events and Presentation section of Aris Mining’s website at aris-mining.com. Also, Aris Mining’s fourth quarter 2025 financials have been filed on SEDAR+ and EDGAR and can also be found on their website. I would now like to turn the conference over to Mr. Neil Woodyer, Chief Executive Officer. Please go ahead.

Neil Woodyer, Chief Executive Officer, Aris Mining: Thank you, operator, and welcome to our Q4 and full year 2025 earnings call. Joining me today are Doug Bowlby, Oliver Dachsel, Cam Paterson, Dustin VanDoorselaere, Corné Lourens, and Alejandro Jimenez. I’d like briefly to introduce two leaders joining us on our call for the first time. Firstly, Dustin, SVP Operations, joined last year and brings decades of experience across underground and open pit mining, exploration and construction. Secondly, Corné Lourens, SVP Projects, has worked with me for decades, including Denham Capital and Leagold Mining. He now leads our expansion and growth projects in Colombia and Guyana. Dustin and Corné bring complementary expertise as mining engineer and metallurgist and are working closely together across our operations and project portfolio. Before we begin, please note the forward-looking statement disclaimer on slide 2. Looking now at slide 3. 2025 was a pivotal year for Aris Mining.

Gold production increased 22% year-over-year, and gold prices increased 48%, resulting in $909 million gold revenue, up 82%. $464 million adjusted EBITDA, up 185%. $241 million adjusted net earnings, $28 per share, up 265%. Importantly, we transitioned to generating free cash flow while continuing to invest in growth. Operations generated $322 million of cash flow after sustaining capital and taxes, fully funding our growth initiatives and $127 million in net cash flow. Looking ahead to 2026, our operations and growth projects remain on track. Segovia second-mill ramp up progressing well with further production growth expected. Marmato gold mining zone development ahead of schedule with a new CIP plant on track for its first gold pour in Q4 of this year.

For approval, pre-feasibility study targeted for H2 of this year and Soto Norte environmental license application is planned for Q2 of this year. Turning to slide 4. We delivered on 2025 guidance, producing 257,000 ounces of gold above the midpoint of guidance. Segovia production increased 21% year-over-year. Marmato delivered steady performance and exceeded guidance. Segovia owner mining all-in sustaining cost $1,534 per ounce, up just 3% year-over-year. CMP source gold all-in sustaining margin 44% above our 35%-40% guidance range. Turning to slide 5. For 2026, production guidance is 300,000-350,000 ounces. At the midpoint, this represents more than 25% growth year-over-year. Once Segovia, Marmato are fully ramped up, we expect 500,000 ounces of annual production.

At $4,400 gold, Segovia is expected to generate $650 million in all-in sustaining margin this year. Marmato cost guidance will be provided after the CIP plant reaches commercial production. With that, I’ll pass to Cam now to review our financial performance.

Cam Paterson, Chief Financial Officer, Aris Mining: Thank you, Neil. Turning to slide 6. Aris Mining reported record financial performance in 2025, driven by production growth, strong gold prices, and solid cost controls. For the full year 2025, we reported gold revenue of $909 million, up 82% from $499 million in 2024, driven by higher realized gold prices and increased sales volumes. Adjusted EBITDA after normalizing for non-cash and non-recurring items of $464 million compared to $163 million in 2024. The 185% increase demonstrates the substantial leverage to higher gold prices. Adjusted net earnings of $241 million or $1.28 per share, up from $56 million or $0.35 per share in 2024. To put this into perspective, please turn your attention to the graph on the right-hand side.

Aris Mining generated higher adjusted EPS in each Q3 and Q4 last year than for the full year of 2024. That is, the $0.36 in Q3 and the $0.46 in Q4 were both in excess of the $0.35 per share for the full year of 2024. We closed the year with cash balance of $392 million, up from the $252 million at the end of 2024, further enhancing our strong liquidity position. Please turn to slide 7 for a discussion of the key cash flow drivers. As Neil mentioned in his introduction remarks, we transitioned to generating free cash flow in 2025 after our significant investments in growth.

For the full year, we generated $127 million of free cash flow, which reflects $322 million of operating cash flow after sustaining capital and income taxes, which was partially offset by $196 million invested in growth capital, which included $128 million at Marmato for the construction of our CIP processing plant, major equipment procurement and delivery, underground mine and surface infrastructure development, and additional expansion related expenditures. $39 million at Segovia for underground mine development, completion of the mill expansion, new equipment to support the ramp up, and other activities, and $17 million at Soto Norte and $12 million at Toroparu for the technical studies delivered last year and other site-specific expenditures.

In addition to free cash flow generation of $127 million, our cash position was further increased by $150 million of proceeds from the exercise of warrants, which expired in July last year, and $13 million of proceeds from the sale of the Juby Gold project. This was partially offset by $77 million of debt service and repayment and $60 million in cash used for our acquisition of the remaining 49% interest in Soto Norte in Q4 of 2025. With current gold prices significantly exceeding our average realized price in 2025 and meaningful expected gold production growth, as just mentioned by Neil, Aris remains well-positioned to generate robust cash flows to organically fund all growth initiatives. I’d now like to hand the call over to Kevin to discuss our operating results.

Kevin / Dustin VanDoorselaere, Senior Vice President, Operations, Aris Mining: Thank you, Cam. Turning to slide 8. As Neil mentioned at the beginning of the call, Aris reported consolidated gold production of 257,000 ounces in 2025, representing a 22% increase over 2024, driven by the expanded Segovia mill and above guidance performance at Marmato. For the full year 2025, gold production at Segovia totaled 228,000 ounces, an increase of 21% compared to 188,000 ounces in 2024. The improvement reflects a 17% increase in milling rates following the successful commissioning of the second mill in June 2025 on time and within budget. Along with a higher average gold grade of 9.8 grams per ton and stable steady recovery of 96%.

Segovia’s strong operating performance in 2025 in conjunction with materially higher realized gold prices throughout the year delivered strong financial results. Segovia’s AISC margin totaled $421 million, up 158% compared to 2024. Owner mining contributed $281 million or 67%, while our CMP business contributed $140 million, delivering an AISC sales margin of 44% and exceeding the guidance range. As reflected in the chart on the bottom right, rising realized gold prices and continued cost discipline continued to drive AISC margin expansion at Segovia. In Q4, Segovia generated an AISC margin of $2,346 an ounce compared to $1,157 an ounce a year ago. Moving to slide 9.

Segovia produced 62,137 ounces of gold in Q4, approximately 4% lower than Q3 due to unscheduled maintenance in November. We experienced 6.5 days of total downtime due to an issue with the older mill, which reduced throughput in November to 2,244 tons per day. Normal operations resumed in December, and throughput increased to approximately 2,600 tons per day. Segovia’s production ramp up is back on track and continues to progress as planned. Year to date, I’m pleased to report that production at Segovia is above budget, marking a strong start to 2026.

It’s also worth highlighting that the mill feed gold grade has increased over the course of the last year to 10.1 grams per ton in Q4, bringing the full year average grade to 9.82 grams per ton, 4.4% higher than the feed grade of 9.41 grams per ton in 2024, while recoveries remain consistent at 96% throughout the year. Our owner mining AISC averaged $1,534 per ounce for the full year, up 3% from $1,486 per ounce in 2024, demonstrating solid cost control. Segovia’s total AISC, comprised of owner mining and our CMP business, was $1,705 per ounce in 2025, up 13% from $1,507 per ounce in 2024.

This increase is primarily driven by higher cash costs, reflecting a 48% rise in gold prices, which elevated CMP purchases, royalties, and social contributions. Sustaining capital per ounce also increased, reflecting higher development and infrastructure investments to support the ramp up of the expanded mill capacity.

These increases were partially offset by owner mining cash cost improvements from higher gold ounces sold, spreading our fixed cost over more ounces. Operationally, this year’s focus is on connecting three of Segovia’s four underground mines via one main underground haulage circuit, while also developing ramps to surface. These measures are expected to increase productivity through increased haulage and hoisting capacity, which in turn enables Segovia to consistently run at 3,000 tons per day. With that, I’d like to pass it over to Corné for an update on Marmato.

Corné Lourens, Senior Vice President, Projects, Aris Mining: Thank you, Dustin. Moving to slide 10. At Marmato, construction of the CIP plant and development in the bulk mining zone are advancing well. Development in the bulk mining zone is ahead of schedule, materially reducing execution risk. Development of the main decline to the bulk mining zone is over 1,000 meters advanced, which equates to a completion rate of 60% and is on schedule for completion in Q3 2026. The new decline will significantly improve access and haulage efficiencies, enabling higher mining rates and lower costs as processing capacity expands. I’m also pleased to report that the decline has advanced beyond the connection point to the underground crosscut, with completion of the crosscut expected in April 2026.

As illustrated in the project design on the bottom left side of this slide, the Los Indios crosscut will be connecting the upper part of the bulk mining zone with the main decline, which will establish an additional access and ventilation pathway, facilitate ore and waste haulage between existing and new infrastructure, and support the initial production ramp-up. We’re also building a 10,000-ton ore feed storage facility at the intersection of main decline and crosscut, which enhances operational flexibility as it provides two days of ore feed at our run rate of 5,000 tons per day. On surface, the main civil, mechanical, and electrical works are advancing, with foundations for the mills, tailings thickener, and leach and CIP tanks completed.

Major equipment for first gold, including the primary crusher, SAG and ball mills, and filter presses, are ready to be moved from storage in Cartagena and Medellín to Marmato site starting May. Subsequent to December 31, 2025, the company received the $40 million installment deposit under its precious metals stream financing following achievement of the 50% completion milestone. The proceeds will be recognized in the first quarter of 2026. The remaining $42 million installment deposit is payable upon achievement of the 75% completion milestone. During most of 2026, owner mining rates are expected to average approximately 900 tons per day, reflecting the throughput capacity of the existing flotation plant, sourced primarily from ore development steps in the upper parts of the bulk mining zone.

Construction activities are progressing as planned, and we remain on schedule for the first gold in Q4 2026, followed by a staged production ramp-up to steady state operations. Aris Mining plans to exit 2026 operating the 5,000 tons per day design capacity CIP plant at approximately 3,000 tons per day. Production is expected to increase through 2027, with throughput increasing approximately 4,000 tons per day by mid-2027 and reaching the full 5,000 tons per day design capacity by the end of 2027 when the paste backfill plant is fully commissioned. Turning to slide 11. You can see the recent images of the project, which illustrate many of the activities I just mentioned. The progress reflects the tremendous effort and dedication of our teams and contractors working on-site.

I would like to thank everyone involved for their continued commitment to safety in advancing the project. On surface alone, more than 2.8 million work hours have been completed to date. That’s a significant milestone and a testament to the scale of work currently underway. We also invite you to watch the latest construction update video, which is available on our website and provides a closer look at the progress being made on the project. With that, I’d like to pass it over to Oliver for an update on our capital market activities.

Oliver Dachsel, Head of Capital Markets / Investor Relations, Aris Mining: Thank you, Corné. Now moving to slide 12. Last month marked a significant milestone for Aris Mining as we uplisted our common shares from the NYSE American to the main board of the New York Stock Exchange. At the same time, we changed our U.S. ticker symbol to ARIS, aligning it with our ticker symbol in Canada. We believe this move to the NYSE is an important step in the company’s evolution, enhancing our visibility among U.S. and global institutional investors. It also better reflects the growing scale and quality of our portfolio, while underscoring our ambition to scale Aris Mining into a leading gold mining company in South America. We expect that the transition to the main board will also help us further enhance the trading liquidities of our shares.

As shown in the photo on this slide, members of the Aris Mining management team had the honor of celebrating this milestone by ringing the closing bell at the NYSE on February nineteenth. Before I hand over the call back to Neil for some closing remarks, I’d like to briefly touch on our capitalization.

Our strong operational and financial performance has increased our adjusted EBITDA to $464 million in 2025. As a result, total leverage has decreased further to 1x, which is 2x lower compared to Q4 2024. As Cam mentioned, we ended 2025 with a cash balance of $392 million, bringing our net debt to $86 million. With strong liquidity, low and decreasing financial leverage, no meaningful debt maturities until October 2029, and stable credit ratings at B+/B+. Our balance sheet is in excellent shape to support our growth strategy. With that, over to you, Neil.

Neil Woodyer, Chief Executive Officer, Aris Mining: Turning to slide 13. 2025 was a pivotal year for Aris Mining. We delivered full-year guidance and completed the Segovia processing plant expansion on time and on budget. We continued advancing the Marmato expansion. We published major technical studies for Soto Norte and Toroparu. We acquired the remaining 49% of Soto Norte for $80 million. We reached an amicable arbitration settlement with the Colombian government. The first time the Colombian government has achieved an arbitration settlement. With 100% ownership of Segovia, Marmato, Toroparu, and Soto Norte, we have a strong platform across Colombia and Guyana. We’re on track to grow production to 500,000 ounces in the near term. Advancing Toroparu and Soto Norte create a pathway to 1 million ounces per year. Fewer than 15 mining companies globally produce more than 1 million ounces annually.

With our asset base, balance sheet, and cash flow, Aris has a clear path to join that group. Thank you for joining us today. Operator, could you please open for questions?

Operator: Certainly. To join the question queue, you may press Star then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press Star then 2. We will pause for a moment as callers join the queue. The first question comes from Carey MacRury with Canaccord Genuity. Please go ahead.

Carey MacRury, Analyst, Canaccord Genuity: Good morning, guys, and congrats on a great 2025. Maybe just starting with Segovia. You know, we’re almost through the first quarter here. If you could just give a bit of color on how the ramp-up is going, how we should be thinking about throughput and through them.

Kevin / Dustin VanDoorselaere, Senior Vice President, Operations, Aris Mining: Hey, Carey. The ramp-up’s going very well. I mean, we’re having a strong Q1, as I said in discussion. Moving forward, I think as you know, our mill has been proven and running 3,000 tons a day in 2025 on different occasions. Our bottleneck is mine production, which is really dependent on underground development. As I mentioned, we’re working on the haulage drifts underground, pushing them to connect the three main mines, Silencio, Providencia, and San Roque. Then also working on surface ramps in both Silencio and Providencia, which will take the limit off the shaft haulage. We’re expecting by Q4, we should be steady into that 3,000 tons a day run rate, and it’s just a steady-state push until then, as this new development comes online.

Carey MacRury, Analyst, Canaccord Genuity: Any guidance on what we should expect for Q1? Is it like 2,500 or?

Kevin / Dustin VanDoorselaere, Senior Vice President, Operations, Aris Mining: We were running around 2,600 at the end of Q4, and we’re pretty much the same going through Q1.

Carey MacRury, Analyst, Canaccord Genuity: Okay. Just on the contractor mining partner margin, obviously tracking above guidance. Should we expect that to continue in the short term or are there reasons that might come down?

Kevin / Dustin VanDoorselaere, Senior Vice President, Operations, Aris Mining: Look, our guidance this year, we’re gonna run about 35% contractor mining as a total of our mix. Again, it’s very variable on gold price and on the mix from the different types of suppliers, internal, external, and third parties. Right now everything’s looking to be on track and run pretty steady with the way it ran last year.

Carey MacRury, Analyst, Canaccord Genuity: Okay. Maybe one last one, what should we be thinking about for growth capital from Marmato and some of the other projects? I know you’re talking about moving forward with some work at Toroparu. Just any guidance on capital would be helpful.

Neil Woodyer, Chief Executive Officer, Aris Mining: Carey, if I understand correctly, estimated cost to complete for Marmato?

Carey MacRury, Analyst, Canaccord Genuity: Correct.

Neil Woodyer, Chief Executive Officer, Aris Mining: Just to give you a background, the total spend up to end of 2025 is approximately $180 million since construction started. Our current 2026 budget is about $220 million. That implies a total cost, project cost of roughly $400 million. The increase of $35 million from the March 2025 estimate of $365 million includes and it reflects an expanded pre-production.

Corné Lourens, Senior Vice President, Projects, Aris Mining: Mainly underground, where we include the Los Indios crosscut that connects up to the main decline. That enables us to access more faces and ore for the 5,000 tons per day rate. It includes a 10,000-ton underground storage facility that enables us to better absorb surges for the processing facility at the 5,000 tons per day. $12 million input into a tailings storage facility to ensure that we have sufficient CapEx for the increased throughput rate. Overall, we remain on schedule for the CIP plant to be completed in Q4 2026.

Carey MacRury, Analyst, Canaccord Genuity: Any other growth capital at the other projects?

Corné Lourens, Senior Vice President, Projects, Aris Mining: For Toroparu?

Carey MacRury, Analyst, Canaccord Genuity: Soto Norte, both.

Soto Norte.

Our Soto Norte. That remains as per the Soto Norte PFS. It’s similar CapEx. There’s no change there. Toroparu, with the Toroparu PEA, we’re looking at add on $20 million in the PEA. We’re advancing well with the current PFS study to be completed in Q3 2026. It’s tracking well in terms of CapEx.

Okay, great. I’ll pass it on. Thanks, guys.

Corné Lourens, Senior Vice President, Projects, Aris Mining: Sorry.

Operator: Once again, if you have a question, please press star then one. The next question comes from Don DeMarco with National Bank Financial. Please go ahead.

Don DeMarco, Analyst, National Bank Financial: Thank you, operator. Good morning to Neil and team. I’d just like to follow up on the last question. I didn’t quite catch how much CapEx is remaining to finish the Marmato development through the end of the year. I’m wondering if you could just repeat that. Just how much CapEx is left to spend. I know the budget was $290 million as at March first last year. You know, netting out what’s been spent so far. Just wondering how much is left. Thank you.

Doug Bowlby, Chief Operating Officer / Financial Officer, Aris Mining: Sure. Doug, we’ll be speaking. Yeah, the budget amount for this year is $220 million, as Corné was mentioning. When we add that to the $180 that was already spent, that got us to the grand total of $400 million for Marmato. $220 million is the total capital budget for 2026.

Don DeMarco, Analyst, National Bank Financial: Excellent. Okay, thank you. You know, we see that it’s laid out the trajectory of the increasing throughput in the CIP plant. You got 3,000 tons per day by the end of this year, 5,000 tons per day by the end of next year. You know, with the development in the bulk mining zone ahead of schedule, is there any, are you feeling optimistic about this ramp up of the plant? Is there any chance to maybe accelerate reaching some of those milestones sooner?

Corné Lourens, Senior Vice President, Projects, Aris Mining: We’d be very happy to achieve the milestones. We believe they’re realistic, and we believe they’re achievable.

Don DeMarco, Analyst, National Bank Financial: Very achievable. Okay, thanks for that, guys. Good luck with the quarter. That’s all for me.

Operator: Again, if you have a question, press star then one. I would now like to turn the conference back over to Mr. Woodyer for any closing remarks.

Neil Woodyer, Chief Executive Officer, Aris Mining: Well, thank you, operator, and thank you everybody for attending and your questions. If you have any additional questions, then please take them offline to Oliver, and we’ll get back to you as soon as we can. Again, thank you very much for your time today. Cheers.

Operator: This brings to a close today’s conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.