Aris Mining Corporation

Aris Mining reported Q2 2026 gold production of 74,000 ounces and first-half production of 148,000 ounces. Adjusted EBITDA was $179 million in the quarter, and quarter-end cash was $426 million versus $472 million at the start of Q2. In the first half, operating cash flow after taxes was $200 million and capital expenditures were $196 million, leaving the company free cash flow positive. On the operating side, year-to-date owner mining AISC at Segovia was $1,623 per ounce, year-to-date sales margin was 43%, and all-in sustaining margins were $157 million in Q2 and $356 million for the first half. Management reiterated 2026 production guidance of 300,000 to 350,000 ounces, expects Segovia production to rise in the second half, and continues to target first gold at Marmato in the fourth quarter.

Neil Woodyer framed the quarter as a solid half-year execution story: producing assets are performing, growth projects are advancing, and the company remains on track for its full-year plan. He highlighted that Segovia’s expanded mill is performing well, Marmato is moving toward start-up readiness, Toroparu’s pre-feasibility study remains on schedule for the second half, and Soto Norte environmental studies will be ready for submission. His tone was confident and steady, emphasizing a clear path to 2026 guidance and, longer term, about 500,000 ounces of annual gold production from Segovia and Marmato near term.

Cameron Paterson said cash moved from $472 million to $426 million mainly because of annual Colombian tax timing and heavy investment in Marmato and Segovia. He emphasized that first-half after-tax operating cash flow essentially covered the entire capital program, allowing the company to remain free cash flow positive despite ramping growth spending. He also noted first-half gold sales were up 27% year over year and that the company is approaching 300,000 ounces on a trailing 12-month basis, supported by stronger gold prices and record first-half revenue, adjusted EBITDA and earnings.

Analyst questions focused on the Segovia ramp-up, the new haulage ramp, cash taxes, and political change in Colombia. Management said Segovia’s guidance is weighted to the second half as additional development comes online, with the El Silencio ramp to surface expected to break through in Q4 and help debottleneck the shaft, which is currently restricted to about 750 tonnes a day. On taxes, management said Q2 is normally the heaviest quarter because annual returns are filed then, and cash taxes should still be highest in Q2 even though they rise with net income. On Colombia, Neil Woodyer said the company has had a good relationship with the current government and has already met with the incoming environment minister and ANM leadership, expressing hope that support continues.