ARIS MINING REPORTS Q3 2025 RESULTS

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October 29, 2025 5:30 PM EDT

Segovia Ramp-Up Driving Profitable Growth: Record Revenue, Cash Flow, and Adjusted Earnings 

VANCOUVER, BC, Oct. 29, 2025 /PRNewswire/ - Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS) (NYSE-A: ARMN) announces its financial and operating results for the three and nine months ended September 30, 2025 (Q3 2025 and 9M 2025). All amounts are in U.S. dollars unless otherwise indicated.

Q3 2025 Financial Performance

  • Revenue of $253.5 million, up 27% from Q2 2025 and 93% from Q3 2024, driven by higher gold prices and increased sales volumes.
  • Adjusted EBITDA 1 of $131.1 million, up 33% from Q2 2025 and triple Q3 2024. On a trailing 12-month basis, Adjusted EBITDA1 has reached $352.0 million.
  • Adjusted net earnings1 of $71.8 million or $0.36/share, up from $0.27/share in Q2 2025 and $0.08/share in Q3 2024.
  • Cash balance increased to $417.9 million as of September 30, 2025, up from $310.2 million at June 30, 2025. This increase primarily reflects:
    • $90.8 million of cash flow after sustaining capital and income taxes;
    • $60.5 million of proceeds from the exercise of ARIS.WT.A warrants (July 2025 expiry); and
    • $13.2 million of proceeds from the sale of the Juby Gold Project; partially offset by
    • $48.1 million invested in growth capital.
  • Net debt reduced to $64 million, down from $241 million at year-end 2024.

Neil Woodyer, CEO, commented "The production ramp-up at Segovia is progressing well, leading to record financial results and a cash balance of $418 million. This year, we have also delivered two major technical studies – the Soto Norte Prefeasibility Study and the Toroparu Preliminary Economic Assessment. These projects reinforce the strength of our growth pipeline beyond Segovia and Marmato, where construction of the Bulk Mining Zone remains on schedule for first gold in the second half of 2026. With record revenue, cash flow, and earnings in Q3, Aris Mining is financially strong and strategically positioned for continued growth into 2026 and beyond."

Q3 2025

Q2 2025

Q1 2025

Q3 2024

Gold production ounces (oz), total

73,236

58,652

54,763

53,608

Gold sold (oz), total

73,001

61,024

54,281

53,769

Segovia – AISC, Owner Mining ($/oz sold)

$1,452

$1,520

$1,482

$1,451

Segovia – CMP AISC Sales Margin*

44 %

42 %

41 %

34 %

EBITDA

$96.5M

$31.6M

$39.7M

$27.8M

Adjusted EBITDA1

$131.1M

$98.7M

$66.6M

$43.0M

Adjusted EBITDA1, last 12 months

$352.0M

$264.0M

$201.3M

$145.7M

Net earnings (loss)2 

$42.0M3 or $0.21/share

$(16.9)M3 or $(0.09)/share

$2.4M or $0.01/share

$(2.1)M or $(0.01)/share

Adjusted earnings1

$71.8M or $0.36/share

$47.8M or $0.27/share

$27.2M or $0.16/share

$13.1M or $0.08/share

Adjusted earnings1, last 12 months

$171.5M or $0.95/share

$112.7M or $0.65/share

$77.7M or $0.46/share

$41.5M or $0.28/share

Q3 2025 Operational Performance

  • Gold production totaled 73,236 oz, a 25% increase from 58,652 oz in Q2 2025. Production has progressively increased following the June 2025 commissioning of the second mill at Segovia on time and within budget.
  • Marmato Narrow Vein Zone produced 7,687 oz, an 8% increase over Q2 2025 and 26% higher than Q3 2024, supported by stable throughput and higher average gold grades.
  • Segovia Operations produced 65,549 oz, supported by gold grades of 9.9 g/t, gold recoveries of 96.1%, and a 31% increase in tonnes milled compared to Q2 2025.
    • AISC margin increased to $121.5 million, up 39% from Q2 2025. On a trailing 12-month basis, AISC margin has reached $327.9 million.
    • Owner-operated Mining AISC was $1,452/oz compared to $1,520/oz in Q2 2025, bringing the 9M 2025 average to $1,482/oz, tracking toward the lower end of the full year 2025 guidance range of $1,450/oz to $1,600/oz.
    • Contract Mining Partner (CMP) sourced gold delivered an AISC sales margin of 44%, contributing to a 43% margin for 9M 2025, which is above the full-year 2025 guidance range of 35% to 40%.
    • Total AISC of $1,641/oz compared to $1,681/oz in Q2 2025, reflecting per ounce cost improvements primarily due to increased gold sales volumes.


Total Segovia Operating Information

Q3 2025

Q2 2025

Q3 2024

Average realized gold price ($/oz sold)

$3,494

$3,303

$2,457

Tonnes milled (t)

219,550

167,960

166,868

Average tonnes milled per day (tpd)

2,553

1,976

1,940

Average gold grade processed (g/t)

9.87

9.85

9.23

Gold produced (oz)

65,549

51,527

47,493

Gold sold (oz)

65,580

53,751

48,059

AISC margin ($M)

121.5

87.2

44.1





Segovia Operating Information by Segment

Q3 2025

Q2 2025

Q3 2024

Owner Mining




Gold sold (oz)

40,984

32,685

22,952

Cash costs – ($/oz sold)

$999

$1,047

$1,081

AISC – ($/oz sold)

$1,452

$1,520

$1,451

AISC margin ($M)

83.1

57.8

23.1





CMPs




Gold sold (oz)

24,596

21,066

25,107

Cash costs – ($/oz sold)

$1,653

$1,622

$1,417

AISC – ($/oz sold)

$1,955

$1,931

$1,622

AISC sales margin (%)

44 %

42 %

34 %

AISC margin ($M)

38.4

29.4

21.0





* Aris Mining operates its own mines and contracts with community-based mining partners, referred to as Contract Mining Partners (CMPs), to increase total gold production. Some partners work within Aris Mining's infrastructure, while others manage their own mining operations on Aris Mining's titles using their own infrastructure. In addition, Aris Mining purchases high grade mill feed from third-party contractors operating off-title, which further optimizes production and increases operating margins.

Corporate and Project Development Highlights

  • Strong cash generation funding growth:
    • Operations generated $90.8 million in cash flow after sustaining capital and income taxes in Q3 2025, fully funding all growth and expansion initiatives. After expansion capital, Aris Mining generated $42.6 million in net cash flow. See the Quarterly cash-flow summary in the following sections for additional cash flow analysis.
  • Marmato Bulk Mining Zone construction advancing:
    • Development of the main access decline has advanced 580 metres of the planned 1.7 kilometres. Current development rates average 72 metres per month and are expected to increase to approximately 150 metres per month once beyond the fault zone, with completion of the full decline length targeted for August 2026.
    • The Los Indios crosscut is advancing toward its connection with the main decline, now approximately 320 metres away. This horizontal development will provide an additional access and ventilation pathway, enable ore and waste haulage between existing workings and new infrastructure. Importantly, completion of the crosscut will enhance operational flexibility and de-risk the project's ramp-up phase by allowing multiple access points for early development and production sequencing.
    • Surface construction activities continue to advance safely, with over 2.06 million workhours completed to date. Bulk earthworks for the process plant platform have reached 95% completion (294,000 m³ moved), and the retaining wall is over 75% complete. Final shaping of the carbon-in-pulp (CIP) plant platforms is expected during the first week of November 2025.
    • Major equipment, including the primary crusher, SAG mill, ball mill, and filter press, has arrived in Cartagena. Approximately 95% of long-lead items have been ordered. The contract for the main civil, mechanical, and electrical works is in place, with the contractor mobilized and construction activities commenced in October.
    • Preparations for the new powerline continue to advance. Land acquisition is complete, and the environmental impact study has been submitted for approval, enabling construction to commence in March 2026 following permit issuance. To ensure continuity of commissioning and early operations, back-up generators are included in the site power plan to mitigate any potential delays in the grid power connection.
    • During Q2 and Q3 2025, we invested $20.1 million and $23.9 million, respectively, toward the construction budget.
    • At the end of Q3, the estimate to complete the project was $250 million, reflecting approximately $40 million of progress made over the six-month period since the prior estimate of $290 million at the end of Q1, which had incorporated the scope increase from 4,000 to 5,000 tpd.
    • Net of the remaining $82 million of stream financing payments to be received from Wheaton Precious Metals, the construction funding requirement is approximately $168 million.
    • The project remains on schedule, with first gold in H2 2026, followed by a production ramp-up period to steady-state operations
  • Soto Norte Project (51% owned, Colombia):
    • Prefeasibility Study (PFS) completed in September 2025, demonstrating robust economics with, on a 100% basis, after-tax NPV5% of $2.7 billion, IRR of 35%, and 2.3-year payback at $2,600/oz gold.
    • Strong leverage to higher gold prices, at $3,000/oz the NPV5% increases to $3.3 billion with IRR of 40.0%.
    • The PFS highlights industry-leading environmental design features and integration of local community miners – 750 tpd (over 20% of 3,500 tpd capacity) has been dedicated to local contract mining partners.
    • Aris Mining is advancing the required studies to apply for an environmental license in H1 2026 for the development of Soto Norte.
  • Toroparu Project (100% owned, Guyana):
    • Preliminary Economic Assessment (PEA) completed in October 2025, outlining another robust project with after-tax NPV5% of $1.8 billion, IRR of 25.2%, and 3.0-year payback at $3,000/oz gold.
    • Aris Mining has initiated a PFS, targeted for completion in 2026, to advance Toroparu toward construction.
  • Juby Gold Project Sale:
    • Closed in September 2025 for a total consideration of $22 million, streamlining our portfolio to focus on our core operations and projects in South America.

Endnotes

1 All references to adjusted earnings, EBITDA, adjusted EBITDA, growth capital investment, cash flow after sustaining capital and income taxes, cash costs and AISC are non-GAAP financial measures in this document. These measures are intended to provide additional information to investors. They do not have any standardized meanings under IFRS, and therefore may not be comparable to other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Refer to the Non-GAAP Measures section in this document for a reconciliation of these measures to the most directly comparable financial measure disclosed in the Company's financial statements.


2 Net earnings represents net earnings attributable to owners of the company, as presented in the annual and interim financial statements for the relevant period.


3 A $45.5 million non-cash loss was recognized in Q2 2025 from fair value adjustments to the Company's warrant liability, valued at $40.8 million as of June 30, 2025. The fair value of the liability is directly correlated to the Company's share price, which increased by 38% during Q2 2025 (year-to-date: 82% increase). In July 2025, the Company received an additional $60.5 million in cash proceeds from exercises of these warrants. With these exercises and the July 29, 2025 expiry of the remaining outstanding warrants, the liability has been fully extinguished, removing a source of non-cash earnings volatility from future results.

Q3 2025 Conference Call Details

Management will host a conference call on Thursday, October 30, 2025, at 9:00 a.m. New York / 6:00 a.m. Vancouver / 2:00 p.m. London / 3:00 p.m. Paris to discuss the results.

Participants may gain expedited access to the conference call by registering at Diamond Pass Registration. Once registered, call-in details will be displayed on screen which can be used to bypass the operator and avoid the call queue. Registration will remain open until the end of the live conference call.

Webcast

Conference Call

  • Toll-free North America: +1-833-821-0197
  • International: +1-647-846-2328

Audio Recording

  • After the call, an audio recording will be available via telephone until end of day November 5, 2025
  • Toll-free in the US and Canada: +1-855-669-9658
  • International: +1-412-317-0088; and using the access code: 2585542

A replay of the event will be archived at Events & Presentations - Aris Mining Corporation.

Aris Mining's Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2025 and 2024 and related MD&A are available on SEDAR+, in the Company's filings with the U.S. Securities and Exchange Commission (the SEC) and in the Financials section of Aris Mining's website here. Hard copies of the financial statements are available free of charge upon written request to [email protected].

About Aris Mining

Founded in September 2022, Aris Mining was established with a vision to build a leading South America-focused gold mining company. Our strategy blends current production and cashflow generation with transformational growth driven by expansions of our operating assets, exploration and development projects. Aris Mining intends to unlock value through scale and diversification. The Company is listed on the TSX (ARIS) and the NYSE-A (ARMN) and is led by an experienced team with a track record of value creation, operational excellence, financial discipline and good corporate governance in the gold mining industry.

Aris Mining operates two underground gold mines in Colombia: the Segovia Operations and the Marmato Complex, which together produced 210,955 ounces of gold in 2024. With expansions underway, Aris Mining is targeting an annual production rate of more than 500,000 ounces of gold, following the commissioning of the second mill at Segovia, completed in June and ramping up during H2 2025, and the construction of the Bulk Mining Zone at the Marmato Complex, expected to start ramping up production in H2 2026. In addition, Aris Mining operates the 51% owned Soto Norte joint venture, where a PFS study is complete on a new, smaller scale development plan which confirms Soto Norte as a high-quality, long-life project with robust economics and industry-leading environmental and social design features. In Guyana, Aris Mining owns the Toroparu gold/copper project, where a new Preliminary Economic Assessment (PEA) is complete and a Prefeasibility Study is underway.

Colombia is rich in high-grade gold deposits and Aris Mining is actively pursuing partnerships with the Country's dynamic small-scale mining sector. With these partnerships, we enable safe, legal, and environmentally responsible operations that benefit both local communities and the industry.

Additional information on Aris Mining can be found at www.aris-mining.com, www.sedarplus.ca, and on www.sec.gov.

Cautionary Language

Non-GAAP Measures

EBITDA, adjusted EBITDA, adjusted earnings, cash cost, growth and expansion expenditures, cash flow after sustaining capital and income tax and AISC are non-GAAP financial measures. These financial measures do not have any standardized meaning prescribed under IFRS or by Generally Accepted Accounting Principles (GAAP) in the United States, and therefore may not be comparable to other issuers. For full details on these measures refer to the "Non-GAAP Financial Measures" sections of the Company's Management's Discussion and Analysis for the three and six months ended June 30, 2025 and 2024 and years ended December 31, 2024 and 2023 (MD&As). The MD&As are incorporated by reference into this news release and are available at www.aris-mining.com, on the Company's profile on SEDAR+ at www.sedarplus.ca and in its filings with the SEC at www.sec.gov.

The tables below reconcile the non-GAAP financial measures contained in this news release for the current and comparative periods to the most directly comparable financial measure disclosed in the Company's interim financial statements for the three and six months ended June 30, 2025 and 2024; the three months ended March 31, 2025 and 2024, and Company's annual financial statements for the three months and years ended December 31, 2024 and 2023.

Quarterly cash-flow summary1





($000's)

Q3 2025

Q2 2025

Q1 2025


Gold revenue2

253,456

200,231

154,142







Total cash cost

(98,946)

(83,166)

(72,730)


Royalties2

(10,087)

(7,583)

(6,359)


Social contributions2

(8,224)

(5,562)

(4,334)


Sustaining capital

(12,210)

(12,710)

(7,069)


All in sustaining cost (AISC)

(129,467)

(109,021)

(90,492)







AISC margin

123,989

91,210

63,650







Taxes paid2

(13,228)

(42,244)

(5,121)


General and administration expense2

(5,130)

(5,187)

(4,106)


Decrease (increase) in VAT receivable

(16,023)

30,813

(11,761)


Other changes in working capital

(289)

(1,718)

(11,685)


Impact of foreign exchange losses on cash balances2

1,450

925

768


After-tax adjusted sustaining margin

90,769

73,799

31,745







Expansion and growth capital expenditure





Segovia Operations

(9,618)

(6,930)

(6,368)


Marmato Bulk Mining Zone

(31,369)

(23,628)

(29,661)


Toroparu Project

(3,270)

(2,741)

(2,411)


Soto Norte Project & other

(3,879)

(3,446)

(4,570)


Total expansion and growth capital

(48,136)

(36,745)

(43,010)







Financing and other costs





Proceeds from warrant and option exercises 2

59,805

57,670

5,197


Proceeds from disposition of Juby Project

13,065

-

-


Principal repayment of Gold Notes 2

(4,064)

(4,063)

(3,941)


Capitalized interest paid2

(6,159)

(5,802)

(5,031)


Interest (paid)2

-

(18,000)

-


Finance income2

2,437

3,474

2,336


Total financing and other costs

65,084

33,279

(1,439)


Net change in cash2

107,717

70,333

(12,704)


Opening cash balance at beginning of period2

310,164

239,831

252,535


Closing cash balance at end of period2

417,881

310,164

239,831









1.

This Quarterly Cash Flow Summary is comprised of certain non-GAAP financial measures. Refer to the Non-GAAP Financial Measures section of this news release for further information.

2.

As presented in the Financial Statements and notes for the respective periods.

Segovia AISC Margin  

($000s except per ounce, and ounce amounts)

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Q2 2024

Gold produced (ounces)

65,549

51,527

47,549

51,477

47,493

43,705

Gold sold (ounces)

65,580

53,751

47,390

50,409

48,059

43,366

Financial Information







Gold revenue ($'000s)

229,116

177,551

135,310

133,159

118,075

100,302

Average realized gold price ($/ounce sold)

3,494

3,303

2,855

2,642

2,457

2,313







1711177

Owner Mining costs

26,012

23,228

19,291

18,845

15,780

17,187

CMP material purchases

37,268

29,157

26,656

29,461

31,373

28,867

Processing costs

9,357

7,412

7,430

6,879

6,985

6,536

Administration and security costs

12,011

10,422

10,124

11,656

7,796

8,120

Change in finished goods and stockpile inventory

1,069

961

(929)

(4,070)

1,130

(1,306)

By-product and concentrate revenue

(4,116)

(2,798)

(3,073)

(2,308)

(2,665)

(2,862)

Total cash costs

81,601

68,382

59,499

60,463

60,399

56,342

Cash cost per ounce sold

$1,244

$1,272

$1,256

$1,199

$1,257

$1,299




,43

3,506


3,078

Royalties

7,532

5,539

4,519

4,342

3,506

3,078

Social contributions

7,787

5,177

4,061

4,063

4,294

2,120

Sustaining capital

10,334

10,861

5,856

5,426

5,423

6,224

Sustaining lease payments

352

423

480

567

389

364

All-in sustaining costs

107,606

90,382

74,415

74,861

74,011

68,128

All-in sustaining cost per ounce sold (Combined)

$1,641

$1,681

$1,570

$1,485

$1,540

$1,571







32,174

AISC Margin

121,510

87,169

60,895

58,298

44,064

32,174

Cash costs per ounce

Reconciliation of total cash costs by business unit at Segovia and Marmato to the cash costs as disclosed above.


Three months ended Sept 30, 2025

Three months ended June 30, 2025

($000s except per ounce amounts)

Segovia

Marmato

Total

Segovia

Marmato

Total

Total gold sold (ounces)

65,580

7,421

73,001

53,751

7,273

61,024

Cost of sales1

93,249

20,443

113,692

76,719

17,255

93,974

Less: royalties1

(7,532)

(2,555)

(10,087)

(5,539)

(2,044)

(7,583)

Add: by-product revenue1

(4,116)

(543)

(4,659)

(2,798)

(427)

(3,225)

Total cash costs

81,601

17,345

98,946

68,382

14,784

83,166

Total cash costs ($ per oz gold sold)

1,244



1,272



Total cash costs including royalties

89,133



73,921



Total cash costs including royalties ($ per oz gold sold)

1,359



1,375





Three months ended March 31, 2025

Three months ended Sept 30, 2024

($000s except per ounce amounts)

Segovia

      Marmato

Total

Segovia

Marmato

Total

Total gold sold (ounces)

47,390

6,891

54,281

48,059

5,710

53,769

Cost of sales1

67,091

15,384

82,475

66,570

16,673

83,243

Less: royalties1

(4,519)

(1,840)

(6,359)

(3,506)

(1,343)

(4,849)

Add: by-product revenue1

(3,073)

(313)

(3,386)

(2,665)

(613)

(3,278)

Total cash costs

59,499

13,231

72,730

60,399

14,717

75,116

Total cash costs ($ per oz gold sold)

1,256



1,257



Total cash costs including royalties

64,018



63,905



Total cash costs including royalties ($ per oz gold sold)

1,351



1,330



1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.









Cash costs per ounce – Business Units (Segovia)



Three months ended Sept 30, 2025

Three months ended June 30, 2025

($000s except per ounce amounts)


Owner

CMPs

Total

Owner

CMPs

Total

Total gold sold (ounces)


40,984

24,596

65,580

32,685

21,066

53,751

Cost of sales1


48,502

44,747

93,249

39,532

37,187

76,719

Less: royalties1


(5,000)

(2,532)

(7,532)

(3,605)

(1,934)

(5,539)

Add: by-product revenue1


(2,566)

(1,550)

(4,116)

(1,714)

(1,084)

(2,798)

Total cash costs


40,936

40,665

81,601

34,213

34,169

68,382

Total cash costs ($ per oz gold sold)


999

1,653

1,244

1,047

1,622

1,272











Three months ended March 31, 2025

Three months ended Sept 30, 2024

($000s except per ounce amounts)


Owner

CMPs

Total

Owner

CMPs

Total

Total gold sold (ounces)


26,963

20,427

47,390

22,952

25,107

48,059

Cost of sales1


34,799

32,292

67,091

28,819

37,751

66,570

Less: royalties1


(2,783)

(1,736)

(4,519)

(1,999)

(1,507)

(3,506)

Add: by-product revenue1


(1,748)

(1,325)

(3,073)

(2,000)

(665)

(2,665)

Total cash costs


30,268

29,231

59,499

24,820

35,579

60,399

Total cash costs ($ per oz gold sold)


1,123

1,431

1,256

1,081

1,417

1,257

    1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.

All-in sustaining costs (AISC)

Reconciliation of total AISC by business unit at Segovia and Marmato to the AISC as disclosed above.


Three months ended Sept 30, 2025

Three months ended June 30, 2025

($000s except per ounce amounts)

Segovia

Marmato

Total

Segovia

Marmato

Total

Total gold sold (ounces)

65,580

7,421

73,001

53,751

7,273

61,024

Total cash costs

81,601

17,345

98,946

68,382

14,784

83,166

Add: royalties1

7,532

2,555

10,087

5,539

2,044

7,583

Add: social programs1

7,787

437

8,224

5,177

385

5,562

Add: sustaining capital expenditures

10,334

1,524

11,858

10,861

1,426

12,287

Add: lease payments on sustaining capital

352

-

352

423

-

423

Total AISC

107,606

21,861

129,467

90,382

18,639

109,021

Total AISC ($ per oz gold sold)

1,641



1,681











Three months ended Mar 31, 2025

Three months ended Sept 30, 2024

($000s except per ounce amounts)

Segovia

Marmato

Total

Segovia

Marmato

Total

Total gold sold (ounces)

47,390

6,891

54,281

48,059

5,710

53,769

Total cash costs

59,499

13,231

72,730

60,399

14,717

75,116

Add: royalties1

4,519

1,840

6,359

3,506

1,343

4,849

Add: social programs1

4,061

273

4,334

4,294

185

4,479

Add: sustaining capital expenditures

5,856

733

6,589

5,423

938

6,361

Add: lease payments on sustaining capital

480

-

480

389

-

389

Total AISC

74,415

16,077

90,492

74,011

17,183

91,194

Total AISC ($ per oz gold sold)

1,570



1,540






















 1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.

All-in sustaining costs (AISC) – Segovia by Business Unit


Three months ended Sept 30, 2025

Three months ended Jun 30, 2025

($000s except per ounce amounts)

Owner

CMPs

Total

Owner

CMPs

Total

Total gold sold (ounces)

40,984

24,596

65,580

32,685

21,066

53,751

Total cash costs

40,936

40,665

81,601

34,213

34,169

68,382

Add: royalties1

5,000

2,532

7,532

3,605

1,934

5,539

Add: social programs1

5,155

2,632

7,787

3,366

1,811

5,177

Add: sustaining capital expenditures

8,078

2,256

10,334

8,088

2,773

10,861

Add: lease payments on sustaining capital

352

-

352

423

-

423

Total AISC

59,521

48,085

107,606

49,695

40,687

90,382

Total AISC ($ per oz gold sold)

1,452

1,955

1,641

1,520

1,931

1,681









Three months ended Mar 31, 2025

Three months ended Dec 31, 2024

($000s except per ounce amounts)

Owner

CMPs

Owner

Owner

CMPs

Total

Total gold sold (ounces)

26,963

20,427

47,390

28,149

22,260

50,409

Total cash costs

30,268

29,231

59,499

29,320

31,143

60,463

Add: royalties1

2,783

1,736

4,519

2,754

1,588

4,342

Add: social programs1

2,501

1,560

4,061

2,558

1,505

4,063

Add: sustaining capital expenditures

3,917

1,939

5,856

3,819

1,607

5,426

Add: lease payments on sustaining capital

480

-

480

567

-

567

Total AISC

39,949

34,466

74,415

39,018

35,843

74,861

Total AISC ($ per oz gold sold)

1,482

1,687

1,570

1,386

1,610

1,485









Three months ended September 30, 2024

Three months ended June 30, 2024

($000s except per ounce amounts)

Owner

CMPs

Owner

Owner

CMPs

Total

Total gold sold (ounces)

22,952

25,107

48,059

20,183

23,183

43,366

Total cash costs

24,820

35,579

60,399

24,660

31,682

56,342

Add: royalties1

1,999

1,507

3,506

1,720

1,358

3,078

Add: social programs1

2,449

1,845

4,294

1,185

935

2,120

Add: sustaining capital expenditures

3,640

1,783

5,423

4,677

1,547

6,224

Add: lease payments on sustaining capital

389

-

389

364

-

364

Total AISC

33,297

40,714

74,011

32,606

35,522

68,128

Total AISC ($ per oz gold sold)

1,451

1,622

1,540

1,616

1,532

1,571

1  As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.

Additions to mineral interests, plant and equipment

($'000)

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Sep 30, 2024

Sustaining capital





Segovia Operations

10,334

10,861

5,856

5,423

Marmato Narrow Vein Zone

1,524

1,426

733

938

Total Sustaining Capital

11,858

12,287

6,589

6,361

Non-sustaining capital





Marmato Bulk Mining Zone

31,369

23,628

29,661

18,135

Segovia Operations

9,618

6,930

6,368

16,962

Soto Norte Project and Other

3,879

3,446

4,570

5,034

Marmato Narrow Vein Zone

-

-

-

2,965

Toroparu Project

3,270

2,741

2,411

1,970

Total (Growth Capital Investment)

48,136

36,745

43,010

45,066

Additions to mining interest, plant and equipment1

59,994

49,032

49,599

51,427

 1 As presented in the Annual and Interim Financial Statements and notes for the respective periods.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA




($000s)


Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

Earnings (loss) before tax1


76,094

12,258

21,220

37,513

Add back:






   Depreciation and depletion1


13,459

11,929

10,734

9,530

   Finance income1


(2,437)

(3,474)

(2,336)

(1,606)

   Interest and accretion1


9,390

10,833

10,037

21,165

EBITDA


96,506

31,546

39,655

66,602

Add back:






   Share-based compensation1


9,497

8,136

3,784

(483)

   (Income) loss from equity accounting in investee1


-

-

14

14

   (Gain) loss on financial instruments1


6,385

50,737

16,628

(6,561)

    Loss on disposal of mining interest and PPE1


3,200

-

-

-

Other (income) expense1


1,961

1,090

535

1,116

   Foreign exchange (gain) loss1


13,520

7,224

5,997

(5,113)

Adjusted EBITDA


131,069

98,733

66,613

55,575

1 As presented in the Annual and Interim Financial Statements and notes for the respective periods.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA




($000s)


Sep 30, 2024

Jun 30, 2024

Mar 31, 2024

Dec 31, 2023

Earnings (loss) before tax1


13,603

17,904

10,310

7,963

Add back:






   Depreciation and depletion1


9,019

8,082

7,519

7,535

   Finance income1


(1,351)

(1,691)

(2,246)

(2,580)

   Interest and accretion1


6,493

6,496

6,803

6,772

EBITDA


27,764

30,791

22,386

19,690

Add back:






   Share-based compensation1


2,533

1,373

1,842

2,977

   Revaluation of investments (Denarius/Aris)


-

-

-

536

   (Income) loss from equity accounting in investee1


17

2,301

551

(3,667)

   (Gain) loss on financial instruments1


12,842

6,144

3,742

13,429

Other (income) expense1


(428)

2,681

-

(1,442)

   Foreign exchange (gain) loss1


311

(7,211)

(108)

6,685

Adjusted EBITDA


43,039

36,079

28,413

38,208

1 As presented in the Annual and Interim Financial Statements and notes for the respective periods.

Adjusted net earnings and adjusted net earnings per share






($000s except shares amount)

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

Basic weighted average shares outstanding

199,171,052

179,836,208

171,622,649

170,900,890

Net earnings (loss)1

42,011

(16,897)

2,368

21,687

Add back:





   Share-based compensation1

9,497

8,136

3,784

(483)

   (Income) loss from equity accounting in investee1

-

-

14

14

   (Gain) loss on financial instruments1

6,385

50,737

16,628

(6,561)

   Loss on disposal of mining interest and PPE1

3,200

-

-

-

Other (income) expense1

1,961

1,090

535

1,116

Loss on extinguishment of Senior Notes

-

-

-

11,463

   Foreign exchange (gain) loss1

13,520

7,224

5,997

(5,113)

Income tax effect on adjustments

(4,732)

(2,528)

(2,099)

2,536

Adjusted net (loss) / earnings

71,842

47,762

27,227

24,659

Per share – basic ($/share)

0.36

0.27

0.16

0.14










1 As presented in the Annual and Interim Financial Statements and notes for the respective periods.

Adjusted net earnings and adjusted net earnings per share

($000s except shares amount)

Sep 30, 2024

Jun 30, 2024

Mar 31, 2024

Dec 31, 2023

Basic weighted average shares outstanding

169,873,924

151,474,859

138,381,653

137,313,095

Net earnings (loss)1

(2,074)

5,713

(744)

(5,944)

Add back:





   Share-based compensation1

2,533

1,373

1,842

2,977

   Revaluation of investments (Denarius/Aris)

-

-

-

536

   (Income) loss from equity accounting in investee1

17

2,301

551

(3,667)

   (Gain) loss on financial instruments1

12,842

6,144

3,742

13,429

Other (income) expense1

(428)

2,681

-

(1,442)

Loss on extinguishment of Senior Notes

-

-

-

-

   Foreign exchange (gain) loss1

311

(7,211)

(108)

6,685

Income tax effect on adjustments

(109)

1,738

78

(2,221)

Adjusted net (loss) / earnings

13,092

12,739

5,361

10,353

Per share – basic ($/share)

0.08

0.08

0.04

0.08

1 As presented in the Annual and Interim Financial Statements and notes for the respective periods.

Qualified Person and Technical Information

Pamela De Mark, P.Geo., Senior Vice President Geology and Exploration of Aris Mining, is a Qualified Person as defined by National Instrument 43-101 (NI 43-101), and has reviewed and approved the technical information contained in this news release.

Forward-Looking Information

This news release contains "forward-looking information" or forward-looking statements" within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, including, without limitation, statements relating to the Company's ability to deliver on its 2025 objectives, the expected benefit from the Segovia expansion, the completion timeline and expected benefit from the Marmato Bulk Mining Zone construction, the expected completion date of the new pre-feasibility study for the Soto Norte Project, the completion date of the new preliminary economic assessment for the Toroparu Project and statements included in the "About Aris Mining" section of this news release relating to the Segovia Operations, Marmato Complex, Soto Norte Project and Toroparu Project are forward-looking. Generally, the forward-looking information and forward looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "will continue" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". The material factors or assumptions used to develop forward looking information or statements are disclosed throughout this news release.

Forward looking information and forward looking statements, while based on management's best estimates and assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Aris Mining to be materially different from those expressed or implied by such forward-looking information or forward looking statements, including but not limited to those factors discussed in the section entitled "Risk Factors" in Aris Mining's annual information form dated March 12, 2025 which is available on SEDAR+ at www.sedarplus.ca and included as part of the Company's Annual report on Form 40-F, filed with the SEC at www.sec.gov.

Although Aris Mining has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. The Company has and continues to disclose in its Management's Discussion and Analysis and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking information and forward-looking statements and to the validity of the information, in the period the changes occur. The forward-looking statements and forward-looking information are made as of the date hereof and Aris Mining disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/aris-mining-reports-q3-2025-results-302598970.html

SOURCE Aris Mining Corporation


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