Aris Mining’s shares rose 5.9% after earnings, as investors appeared to focus on $144 million of Q3 adjusted EBITDA and progress toward Marmato’s expansion. The offset: Q3 production was 69,000 ounces, and the company now targets the lower end of its 300,000–350,000-ounce full-year guidance range.
- Q3 revenue was $287 million, adjusted EBITDA was $144 million, and adjusted net earnings were $73 million, or $0.35 per share.
- Year-to-date production reached 217,000 ounces; reaching the lower end of guidance requires approximately 83,000 ounces in Q4.
- Segovia’s year-to-date production was up 18% year over year, with owner-mine production up 32%; contract mining was down 3% amid explosive supply constraints, which management says have been resolved.
- Marmato’s planned four-week flotation plant shutdown weighed on Q3 production. The plant is back online at approximately 1,200 tonnes per day, and first gold from the new CIP plant is expected in December.
- Capital investment was $144 million in Q3, including $86 million at Marmato and $41 million at Segovia. Cash ended the quarter at $419 million, up from $392 million at the end of 2025.
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