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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's recent momentum is driven by a surge in gold output, particularly at its Segovia mine, following the addition of a new mill that boosted processing capacity. The company's growth pipeline is progressing, with advancements at long-horizon assets like Marmato, Soto Norte, and Toroparu. A solid cash position underpins its expansion efforts. Additionally, the company's updated Segovia mineral reserve and resource estimates showcase a strengthened growth profile. Rising gold prices and higher sales volumes have also contributed to its growth.

1.c. Company Highlights

2. Aris Mining's Q3 2025 Results: Strong Production and Revenue Growth

Aris Mining reported a strong third quarter in 2025, with gold production reaching 73,236 ounces, a 25% increase over Q2, and total production for the first 9 months of 2025 standing at 187,000 ounces. The company achieved record revenue of $253 million, up 27% over Q2, driven by the increased gold production. Adjusted EBITDA was $131 million, and the cash balance stood at $418 million. Earnings per share (EPS) came in at $0.501, slightly above estimates of $0.5. The company's financial performance was robust, with a significant increase in revenue and adjusted EBITDA.

Publication Date: Nov -24

📋 Highlights
  • Gold Production Growth:: Q3 gold production rose 25% to 73,236 ounces; 9M 2025 reached 187,000 ounces, aligning with annual guidance midpoint.
  • Record Financial Performance:: Revenue hit $253M (+27% QoQ), adjusted EBITDA at $131M, with $418M cash balance and net debt reduced to $64M.
  • Segovia Operational Efficiency:: Generated 65,500 ounces at 9.9 g/t grade and 96.1% recovery, driven by second mill commissioning in June.
  • High-Potential Projects:: Soto Norte PFS shows $2.7B NPV and 35.4% IRR; Toroparu PEA outlines $1.8B NPV, 25.2% IRR, and 21-year mine life.
  • Strategic Expansion Plans:: Targeting >500K oz/yr production by 2030, with Toroparu and Soto Norte contributing 370K oz/yr and $443M annual EBITDA.

Operational Highlights

The Segovia operation was a key contributor to the company's gold production in Q3, producing 65,500 ounces of gold. The Marmato Bulk Mining Zone construction continues to advance, with first gold pour expected in the second half of 2026. The company also published two major technical studies during the quarter: a pre-feasibility study for Soto Norte and a preliminary economic assessment for Toroparu. These studies highlighted the potential for significant growth and diversification for Aris Mining.

Project Updates and Future Growth

The pre-feasibility study for Soto Norte outlined a 22-year life of mine with annual gold production of 263,000 ounces over years 2 to 10, and all-in sustaining costs of $534 per ounce. The project delivers an after-tax net present value of $2.7 billion and an internal rate of return of 35.4% at a base case gold price of $2,600 per ounce. The preliminary economic assessment for Toroparu confirmed it as a large-scale, long-life open pit project with robust economics, supporting an attractive investment return. The company plans to sequence the development of Toroparu and Soto Norte, with Toroparu likely being advanced first.

Valuation and Outlook

Aris Mining's strong operational and financial performance in Q3 has positioned the company for exceptional growth in the near term. Analysts estimate next year's revenue growth at 73.0%. The company's current valuation metrics, including a P/E Ratio of 411.62 and an EV/EBITDA of 9.41, suggest that the market is pricing in significant growth expectations. With plans to increase annual gold production to more than 500,000 ounces and potentially unlock an additional 370,000 ounces through Toroparu and Soto Norte, the company is well-positioned for future growth.

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 ->

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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 ->

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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 ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

28.8$

Current Price

28.8$

Potential

-0.00%

Expected Cash-Flows