Aris Mining Corporation

Aris Mining reported second-quarter 2026 gold production of 74,000 ounces, adjusted EBITDA of $179 million, and a quarter-end cash balance of $426 million. First-half 2026 gold production was 148,000 ounces; first-half gold sales were up 27% year over year; and management said the company recorded record first-half revenue, adjusted EBITDA, and earnings, though it did not state those exact amounts on the call. Year-to-date owner-mining AISC at Segovia was $1,623 per ounce, and year-to-date sales margin was 43%, above the top end of guidance. For the first half, all-in sustaining margins were $157 million in Q2 and $356 million year to date. Management reaffirmed full-year 2026 production guidance of 300,000 to 350,000 ounces.

Neil Woodyer framed the quarter as one of execution and said the company is “firmly on track” for full-year guidance. He emphasized that the financial strength from the producing assets is funding growth across all four assets, with Segovia’s ramp, Marmato’s construction progress, and advancement at Toroparu and Soto Norte all moving forward. His tone was constructive and confident, and he pointed to a “clear path” to roughly 500,000 ounces of annual gold production in the near term from Segovia and Marmato together.

Cameron Paterson focused on cash generation and funding discipline. He said cash fell from $472 million at the start of Q2 to $426 million at quarter-end, mainly due to annual Colombian tax payments and heavy investment at Marmato and Segovia, but noted that first-half after-tax operating cash flow essentially covered the entire capital program. He also highlighted that the company remained free cash flow positive and ended the quarter with more cash than at the end of 2025.

Analysts asked about the Segovia ramp-up and whether throughput should rise through Q3 and Q4; management said the second half is weighted more heavily as underground development comes online, with the El Silencio ramp breaking through in Q4 and helping de-bottleneck the mine. They were also asked about cash taxes, and management said Q2 is always the heaviest quarter because of annual tax filings, with the timing similar to prior years. On Colombia’s new government, Neil Woodyer said the company has had a good relationship with the current administration and had a constructive meeting with the incoming environment minister and the ANM president, but that the new relationship remains to be seen.