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Group 1 - The article promotes iREIT on Alpha as a source for in-depth research on various income alternatives including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] - It highlights the positive feedback from users, with 438 testimonials, most rated 5 stars, indicating a strong reputation in the market [1] Group 2 - The article includes a disclosure from the analyst stating a beneficial long position in shares of TPL and LB, indicating potential investment interests [2] - It clarifies that the opinions expressed are personal and not influenced by compensation from any company mentioned [2] Group 3 - Seeking Alpha emphasizes that past performance does not guarantee future results, indicating a cautious approach to investment advice [3] - The platform notes that its analysts are third-party authors, which may include both professional and individual investors without formal licensing [3]

Core Viewpoint - Aris Mining Corporation held its Annual General Meeting (AGM) where significant voting results were reported, including the election of directors and the appointment of auditors [1][2][3]. Voting Results - A total of 63,558,598 shares, representing 36.85% of the outstanding shares, were represented at the AGM [2]. - The following directors were elected with their respective votes: - Ian Telfer: 58,151,832 votes (91.49% for) [2] - Neil Woodyer: 63,318,201 votes (99.62% for) [2] - Germán Arce: 62,829,373 votes (98.85% for) [2] - Daniela Cambone: 61,326,536 votes (96.49% for) [2] - Mónica de Greiff: 61,658,111 votes (97.01% for) [2] - David Garofalo: 59,144,721 votes (93.06% for) [2] - Gonzalo Hernández: 52,541,364 votes (82.67% for) [2] - Attie Roux: 61,660,728 votes (97.01% for) [2]. Appointment of Auditors - KPMG LLP was appointed as the auditor for the 2025 fiscal year, with remuneration to be determined by the Board [3]. - KPMG received 62,140,740 votes (97.77% for) during the appointment process [4]. Company Overview - Aris Mining was founded in September 2022, focusing on becoming a leading gold mining company in Latin America [5]. - The company operates two underground gold mines in Colombia, producing 210,955 ounces of gold in 2024, with plans to increase annual production to over 500,000 ounces by ramping up operations in the Segovia and Marmato mines [6]. - Aris Mining is also involved in a joint venture for the Soto Norte project and owns the Toroparu gold/copper project in Guyana, with ongoing studies and assessments [6][7].

Core Insights - Aris Mining Corporation reported strong financial and operational results for Q1 2025, driven by record gold prices and solid production performance, achieving adjusted earnings per share (EPS) of $0.16, the highest since its formation in September 2022 [1][7][8] Financial Performance - Gold production totaled 54,763 ounces, an 8% increase from 50,767 ounces in Q1 2024, contributing to 22% of the FY 2025 production guidance range of 230,000 to 275,000 ounces [8] - Gold revenue reached $154.1 million, a 47% increase over Q1 2024 and a 4% increase over Q4 2024 [7] - Adjusted EBITDA for Q1 was $66.6 million, up 134% from Q1 2024 and 20% from Q4 2024, with trailing 12-month adjusted EBITDA at $201.3 million [7][8] - Net earnings were $2.4 million, compared to a loss of $0.7 million in Q1 2024, while adjusted net earnings were $27.2 million or $0.16 per share, up from $0.04 per share in Q1 2024 [7][8] Operational Performance - At Segovia, gold production was 47,549 ounces with an average gold grade of 9.37 g/t and recoveries of 96.1% [6][8] - The all-in sustaining cost (AISC) margin increased to $60.9 million, a 114% increase over Q1 2024, while owner mining AISC was $1,482 per ounce [8][9] - The average realized gold price was $2,855 per ounce sold, compared to $2,062 in Q1 2024 [6][8] Growth and Expansion Initiatives - The company invested $43 million in growth initiatives during Q1 2025, with significant allocations to the Marmato Lower Mine and Segovia plant expansion [17] - The Segovia plant expansion is on track for commissioning in June 2025, targeting an increase to 3,000 tonnes per day [17] - The Marmato Lower Mine construction is progressing, with a planned increase in processing plant capacity from 4,000 to 5,000 tonnes per day [17] Capital Structure - As of March 31, 2025, Aris Mining had a cash balance of $240 million and net debt of $250 million, resulting in a net leverage ratio of 1.2x [7][13] - The company has received over $19.4 million from warrant exercises year-to-date, strengthening its balance sheet [11][12]

Financial Performance - Total revenue for Q1 2025 was $120.5 million, a 17% increase compared to Q1 2024[115] - Net income for Q1 2025 was $16.0 million, a 5% decrease compared to Q1 2024[115] - Adjusted EBITDA for Q1 2025 was $56.5 million, a 6% increase compared to Q1 2024[115] - Produced water handling revenues increased to $92.178 million in Q1 2025, up from $85.933 million in Q1 2024[132] - Total Revenue for the Water Gathering and Processing segment in Q1 2025 was $120.3 million, up from $103.4 million in Q1 2024[159] - Adjusted EBITDA for Q1 2025 was $56.5 million, compared to $53.1 million in Q1 2024[159] Production and Operations - Total produced water handling volumes were 1,191 thousand barrels per day, a 3% increase compared to Q1 2024[122] - Total water solutions volumes sold were 559 thousand barrels per day, a 54% increase compared to Q1 2024[122] - Skim oil volumes recovered increased by 13% to 1,962 barrels per day in Q1 2025 compared to Q1 2024[130] Costs and Expenses - Direct operating costs per barrel increased by 10% to $0.32 compared to Q1 2024[122] - Direct operating costs increased by $10.5 million in Q1 2025 compared to Q1 2024, driven by higher produced water handling and solutions volumes[135] - General and administrative expenses rose by $5.5 million in Q1 2025, primarily due to increased compensation and benefits[147] Acquisitions and Investments - The company completed the Crosstek Acquisition for a total consideration of $2.9 million to expand into broader industrial markets[115] - The company acquired Crosstek Membrane Technology LLC for $2.9 million to enhance its capabilities in industrial water treatment[139] - Net cash used in investing activities for Q1 2025 totaled $22.3 million, an increase from $19.6 million in Q1 2024, primarily due to $2.0 million paid for the Crosstek Acquisition[167] Cash Flow and Financing - For Q1 2025, net cash used in operating activities was $6.8 million, a decrease of $50.6 million compared to $43.8 million provided in Q1 2024[166] - Net cash provided by financing activities for Q1 2025 was $25.0 million, including the issuance of $500.0 million in 2030 Notes[168] - As of March 31, 2025, the average outstanding debt balance increased to $463 million in Q1 2025 from $426 million in Q1 2024[150] - As of March 31, 2025, there were no outstanding borrowings under the Credit Facility, as the company used proceeds from the 2030 Notes to repay it[176] Future Outlook and Commitments - Capital expenditures are expected to be between $85.0 million to $105.0 million for 2025, based on contracted customers' outlooks[170] - The company aims to complete Phase 1 testing of its beneficial reuse technologies by the end of Q2 2025[145] - As of March 31, 2025, the remaining minimum commitment under the water disposal agreement was $19.9 million, undiscounted[163] Market and Risk Factors - The average WTI crude oil spot price was $71.78 in Q1 2025, down from $77.50 in Q1 2024[119] - The company does not currently hedge its exposure to commodity price risk, which is influenced by fluctuations in crude oil prices[175] - The company’s revenue is indirectly exposed to fluctuations in crude oil and natural gas prices, impacting drilling and completion activity levels[173] Shareholder Returns - The company declared a dividend of $0.14 per share for both Q1 and Q2 2025 on its Class A common stock[164][165] Research and Development - Research and development expenses related to the Joint Industry Project (JIP) were $2.2 million in Q1 2025, slightly down from $2.6 million in Q1 2024[148] Company Classification - The company is classified as an "emerging growth company" and may take advantage of certain exemptions from reporting requirements until it no longer qualifies[171]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $56.5 million for Q1 2025, marking a 4% sequential increase and a 6% year-over-year increase, driven by record volumes in produced water handling and water solutions [12] - Adjusted operating margin was $0.44 per barrel, reflecting the durability of operating improvements over the last 24 months [12] - Capital expenditures (CapEx) for the quarter were $21 million, down 44% compared to Q1 2024 [12] Business Line Data and Key Metrics Changes - Produced water volumes and water solution volumes grew by 7% sequentially compared to Q4 2024 [8] - The integration of McNeil Ranch into operations is ongoing, with several inbound opportunities being evaluated for additional revenue streams [9] Market Data and Key Metrics Changes - The company expects produced water volumes for Q2 2025 to be between 1.2 million and 1.25 million barrels per day, with water solutions volumes expected to be around 1 million barrels per day [13] - Adjusted operating margin for Q2 is projected to be between $0.41 and $0.43 per barrel, slightly down from Q1 due to well maintenance expenses and lower skim oil price realizations [14] Company Strategy and Development Direction - The company is focused on managing capital investments to align with customer activity levels and has a strong position due to long-term contracts in the Northern Delaware Basin [6][7] - Strategic efforts include beneficial reuse of water, industrial water treatment, and mineral extraction, with plans for a new iodine facility expected to be operational by early 2026 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate volatility and uncertainty, citing strong customer relationships and a robust balance sheet [16] - There is ongoing dialogue with customers regarding the potential impact of commodity prices on their operations, but no immediate changes to the outlook have been observed [11] Other Important Information - The company successfully refinanced its senior notes, upsizing the offering to $500 million, and ended the quarter with net debt of $480 million and a liquidity of $372 million [15] - A quarterly dividend of $0.14 per share was declared, to be paid on June 18 to shareholders of record on June 5 [15] Q&A Session Summary Question: Expectations for water cuts and volumes if producers move to maintenance mode - Management indicated that they can flex capital expenditures down by 25% to 30% if customer volumes decrease, and water cuts will remain the same, impacting only volume [20][21][22] Question: Update on M&A activity - Management noted that while there is some discomfort in the market due to volatility, the bid-ask spread remains wide, and they are well-positioned to take advantage of opportunities [23][24][25] Question: Volume growth cadence and one-time impacts - Management confirmed that Q1 volumes were strong due to better-than-expected well performance and increased interruptible volumes, but future growth will depend on customer activity [28][29][30] Question: Capital allocation in a downside environment - The company remains committed to maintaining balance sheet strength and plans to continue dividend growth while having the flexibility to reduce capital expenditures if necessary [32][34] Question: Commercialization of McNeil Ranch - Management reported that McNeil Ranch is exceeding expectations with multiple inbound opportunities for monetization, including solar and battery projects [37][38][39] Question: Competitive landscape and impact of new pipelines - Management believes that their long-term contracts and large acreage dedication provide a competitive advantage, despite new pipeline announcements from competitors [50][51][52] Question: Update on beneficial reuse and industrial water treatment - Management confirmed ongoing progress in reducing costs for desalination and expanding applications for treated water, including potential data center uses [52][53][54] Question: Cost recovery for desalination - Management indicated that operational costs could potentially be below $1 per barrel, depending on the scale of operations [83] Question: Future M&A preferences - The company remains focused on core acquisitions but is also exploring smaller bolt-on opportunities, emphasizing discipline in evaluating potential targets [76][77][78]

Financial Data and Key Metrics Changes - The company recorded adjusted EBITDA of $56.5 million for Q1 2025, up 4% sequentially and 6% year-over-year, driven by record volumes in produced water handling and water solutions [12] - Adjusted operating margin was $0.44 per barrel, reflecting the durability of operating improvements over the last 24 months [12] - Capital expenditures (CapEx) were $21 million, down 44% compared to Q1 2024 [12] Business Line Data and Key Metrics Changes - Produced water volumes and water solution volumes grew 7% sequentially compared to Q4 2024 [7] - The first quarter represented the first full quarter integrating the McNeil Ranch into operations, with ongoing evaluations for additional revenue streams [7][9] Market Data and Key Metrics Changes - The company expects produced water volumes for Q2 2025 to be between 1.2 million and 1.25 million barrels per day, and water solutions volumes to be around 1 million barrels per day [13] - The current WTI price strip represents a $6 million to $8 million headwind to the business [13] Company Strategy and Development Direction - The company is focused on managing capital investments to align with customer activity levels and has a strong position due to long-term contracts in the Northern Delaware Basin [5][6] - There is an emphasis on beneficial reuse efforts and desalination of produced water for various applications, including reservoir replenishment and industrial use [9][10] - The company is exploring opportunities in industrial water treatment and mineral extraction, with plans for an iodine facility expected to be operational by early 2026 [10][12] Management's Comments on Operating Environment and Future Outlook - Management noted that while there is significant uncertainty around commodity prices and tariffs, the company is off to a strong start in 2025 and expects this strength to continue into Q2 [10][11] - The management team expressed confidence in their ability to manage through volatility and maintain free cash flow, even if customer activity levels decrease [17] Other Important Information - The company successfully refinanced senior notes, upsizing the offering to $500 million, and ended the quarter with net debt of $480 million and a liquidity of $372 million [14] - A dividend of $0.14 per share was declared for Q2 2025, to be paid on June 18 [14] Q&A Session Summary Question: Expectations for water cuts and volumes if producers move to maintenance mode - Management indicated that they can flex capital expenditures down by 25% to 30% if volumes decrease, and water cuts will remain the same, impacting volume rather than the cut itself [20][21][22] Question: Update on M&A activity and seller motivations - Management noted that while there is some discomfort in the market due to volatility, the bid-ask spread remains close, and they are well-positioned to take advantage of opportunities [23][24][26] Question: Volume growth cadence and one-time impacts in Q1 - Management confirmed that Q1 volumes were strong due to better-than-expected well performance and increased interruptible volumes, but future growth will depend on customer activity [30][31][32] Question: Capital allocation in a downside environment - The company remains committed to maintaining balance sheet strength and plans to continue dividend growth while having the ability to flex down capital expenditures if necessary [33][34][35] Question: Update on McNeil Ranch commercialization - Management reported that McNeil Ranch is exceeding expectations with multiple inbound opportunities for surface royalty activities and has already secured permits for disposal capacity [38][39][40] Question: Competitive landscape and impact of new pipelines - Management stated that new pipeline projects do not impact their competitive position due to long-term contracts and a large dedicated customer base [49][50][58] Question: Q2 guidance assumptions regarding interruptible volumes - Management indicated that Q2 guidance is primarily based on contracted volumes, with interruptible volumes viewed as a bonus [60][61] Question: Cost recovery for desalination and potential for iodine production - Management confirmed that operational costs for desalination could be below $1 per barrel, and they are evaluating the economics of iodine production based on the size of the facility [84][86]

Company Performance - Aris Water Solutions reported quarterly earnings of $0.25 per share, exceeding the Zacks Consensus Estimate of $0.23 per share, and showing an increase from $0.23 per share a year ago, representing an earnings surprise of 8.70% [1] - The company posted revenues of $120.49 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 3.37%, and up from $103.41 million year-over-year [2] - Over the last four quarters, Aris Water Solutions has surpassed consensus revenue estimates four times, but has only beaten EPS estimates once [2] Stock Performance - Aris Water Solutions shares have increased approximately 6.6% since the beginning of the year, contrasting with the S&P 500's decline of 3.9% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating it is expected to perform in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.25 on revenues of $123.65 million, and for the current fiscal year, it is $1.07 on revenues of $498.66 million [7] - The outlook for the Waste Removal Services industry, in which Aris Water Solutions operates, is currently in the bottom 23% of over 250 Zacks industries, which may impact stock performance [8]

Aris Water Solutions, Inc. – Earnings Presentation First Quarter 2025 Cautionary Statements Forward-Looking Statements This presentation and the oral statements made in connection with this presentation contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to, statements, information, opinions or beliefs regarding ...

Financial Performance - The company reported a net income of $16.0 million for Q1 2025, representing a 16% increase from Q4 2024[8]. - Adjusted EBITDA for Q1 2025 was $56.5 million, up 4% sequentially and 6% year-over-year[5]. - Total revenue for Q1 2025 was $120.491 million, a 16.5% increase from $103.406 million in Q1 2024[24]. - Net income attributable to Aris Water Solutions, Inc. for Q1 2025 was $8.611 million, compared to $7.623 million in Q1 2024, reflecting a 13.0% increase[24]. - Operating income remained stable at $27.835 million in Q1 2025, slightly down from $27.858 million in Q1 2024[24]. - Adjusted Net Income for Q1 2025 was $21,415 thousand, up from $20,125 thousand in Q1 2024, showing an increase of 6.4%[43]. - Net Income for Q1 2025 was $16,000 thousand, slightly down from $16,830 thousand in Q1 2024, representing a decrease of 4.9%[43]. - The company reported a diluted net income per share of $0.25 for Q1 2025, compared to $0.23 in Q1 2024[24]. Volume and Operations - Aris Water Solutions achieved record volumes in both Produced Water Handling and Water Solutions, with Produced Water Handling volumes growing 7% sequentially and 3% year-over-year[5]. - The total volumes handled in Q1 2025 reached 1,750 thousand barrels of water per day, a 7% increase from Q4 2024 and a 15% increase year-over-year[7]. - Produced Water Handling Volumes increased to 1,191 thousand barrels per day in Q1 2025, up from 1,159 in Q4 2024, and 1,112 in Q1 2024, reflecting a growth of 2.8% quarter-over-quarter and 7.1% year-over-year[39]. - The company sold 475 thousand barrels of Recycled Produced Water in Q1 2025, up from 337 thousand barrels in Q1 2024, indicating a significant increase of 41.0%[39]. - Recycled water volumes grew 3% sequentially and 41% year-over-year, reaching 475 thousand barrels sold per day[7]. - Total Volumes for Q1 2025 were 157,492 thousand barrels, an increase from 138,603 thousand barrels in Q1 2024, representing a growth of 13.5%[42]. Financial Position - Total assets increased to $1.446 billion as of March 31, 2025, up from $1.408 billion at the end of 2024[26]. - Long-term debt rose to $490.113 million as of March 31, 2025, compared to $441.662 million at the end of 2024[26]. - Total stockholders' equity attributable to Aris Water Solutions, Inc. increased to $408.119 million as of March 31, 2025, from $385.841 million at the end of 2024[26]. - As of March 31, 2025, Aris had a leverage ratio of 2.2X, below its target range of 2.5X – 3.5X[10]. - The Leverage Ratio as of March 31, 2025, was 2.23, calculated using Net Debt of $479,948 thousand and Trailing Twelve Months Adjusted EBITDA of $215,316 thousand[47]. Cash Flow and Expenses - Cash flow from operating activities showed a net cash used of $6.835 million in Q1 2025, a significant decrease from $43.809 million provided in Q1 2024[27]. - Cash at the end of Q1 2025 was $24.574 million, down from $28.673 million at the beginning of the period[27]. - Capital Expenditures for Q1 2025 were $21,162 thousand, a decrease from $37,716 thousand in Q1 2024, reflecting a reduction of 43.8%[49]. - For Q2 2025, the company anticipates Adjusted EBITDA to be impacted by approximately $2 million in well maintenance expenses that were deferred from Q1[12]. Dividends and Outlook - The Board of Directors declared a dividend of $0.14 per share for Q2 2025, to be paid on June 18, 2025[11]. - The company maintains its full-year 2025 outlook for volume, Adjusted EBITDA, and capital expenditures, while remaining vigilant about potential impacts from lower oil prices[13].