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, and quarter-end cash was $426 million, down from $472 million at the start of Q2. In the first half, after-tax operating cash flow was $200 million and capital expenditures were $196 million. Management said first-half gold sales were up 27% year over year, and the company is still targeting full-year 2026 production of 300,000 to 350,000 ounces. For Segovia, year-to-date owner-mining AISC was $1,623 per ounce and year-to-date sales margin was 43%; first-half all-in sustaining margins were $356 million, including $157 million in Q2. Marmato project spending was about $120 million year to date, with about $118 million more expected through year-end, and management said first gold remains expected in Q4.

Neil Woodyer framed the quarter as evidence that the company is executing across both operating mines and growth projects, emphasizing that the first half was “strong” and that Aris remains firmly on track for guidance. He highlighted Segovia’s ramp, Marmato’s transition from construction to start-up readiness, and the longer-dated growth pipeline at Toroparu and Soto Norte. His tone was confident and incremental rather than promotional, with repeated references to a clear sequence of achievable milestones and a strong balance sheet.

Cameron Paterson focused on liquidity and cash generation, noting the company began Q2 with $472 million of cash and ended with $426 million. He attributed the decline mainly to the timing of annual Colombian tax payments and heavy capital spending at Marmato and Segovia, while stressing that first-half after-tax operating cash flow of $200 million essentially covered the $196 million capital program. He also said first-half gold sales were up 27% year over year and that the company achieved record first-half revenue, adjusted EBITDA and earnings, supported by higher gold prices and higher volume.

Analysts focused on the Segovia ramp-up, asking whether the new ramp is what is needed to lift throughput and when production should increase. Management said the guidance is weighted to the second half, with ramp and development work opening additional ore faces and the El Silencio ramp breaking through in Q4, which should continue supporting a ramp into 2027. Questions also covered cash taxes, and management said Q2 is always the heaviest period because annual tax returns are filed then, with the seasonal pattern expected to remain similar. On Colombia’s new government, Neil Woodyer said the company has had a good relationship with the current administration and had already met with incoming officials, who showed support for the company’s work.