ARIS — Aris Mining Corporation

Summary of Aris Mining Q1 2026 Earnings Call

1. Key Financial Results and Metrics

• Gold Production: 74,000 ounces, a 6% increase from Q4 2025.
• Gold Revenue: $364 million, up 20% from Q4 2025.
• Adjusted EBITDA: $212 million, a 25% increase.
• Adjusted Net Earnings: $124 million ($0.60 per share), up from $0.46 per share in Q4 2025.
• Free Cash Flow: $42 million generated during the quarter.
• Cash Balance: Increased to $472 million, up $80 million from the end of 2025.
• Net Debt: Reduced to $1.6 million from $86 million at year-end 2025.

2. Strategic Updates and Business Highlights

• Segovia: Ramp-up of the expanded mill is progressing, focusing on increasing owner mining rates and developing the CMP business for a new 3,000 tonne per day processing facility.
• Marmato: Construction of a new 5,000 tonne per day CIP plant is on schedule for first gold production in Q4 2026. Significant underground development milestones achieved.
• Toroparu: Pre-feasibility study on track for completion in the second half of 2026, with ongoing updates to mineral resource estimates.
• Soto Norte: Environmental license application nearing completion, expected to be submitted in Q2 2026.

3. Forward Guidance and Outlook

• 2026 Production Target: Aiming for 300,000 to 350,000 ounces of gold.
• Segovia Production: Targeting 265,000 to 300,000 ounces for the year.
• Marmato: First gold expected in Q4 2026, with a ramp-up to steady-state operations in 2027.
• Long-term Goal: Positioned to achieve approximately 1 million ounces of annual gold production from current assets.

4. Bad News, Challenges, or Points of Concern

• Cash Flow Variability: Q1 cash flow was $22 million lower than Q4 2025 due to working capital movements and share-based incentive settlements.
• Ramp-up Timeline: Some development projects extend into 2028, which may delay full production capacity at Segovia.
• Grade Guidance: While Q1 saw high grades (12.41 g/t), management indicated that future grades are expected to revert to guidance of 9 to 10 g/t, which could impact future production metrics.

5. Notable Q&A Insights

• Production Ramp-up: Management expects to reach the 3,000 tonne per day production target by late Q3 or Q4 2026, primarily driven by developments at the Silencio and Sandra K mines.
• Cash Management: There are no immediate plans for share buybacks; focus remains on funding ongoing expansions and projects. Future dividends may be considered once cash generation stabilizes post-expansion.
• Grade Reconciliation: The high grade in Q1 was attributed to a favorable mining of a high-grade pocket, not indicative of a long-term trend.

Overall, Aris Mining reported strong financial performance in Q1 2026, with solid production and revenue growth, while continuing to advance strategic projects. However, challenges related to cash flow variability and production ramp-up timelines were acknowledged.