Core Insights - The production ramp-up at Segovia is driving record financial results for Aris Mining, with a cash balance of $418 million and significant growth in revenue, cash flow, and adjusted earnings [2][3][6] Financial Performance - Q3 2025 revenue reached $253.5 million, a 27% increase from Q2 2025 and a 93% increase from Q3 2024, attributed to higher gold prices and increased sales volumes [3][6] - Adjusted EBITDA for Q3 2025 was $131.1 million, up 33% from Q2 2025 and triple that of Q3 2024, with a trailing 12-month adjusted EBITDA of $352.0 million [3][6] - Adjusted net earnings were $71.8 million or $0.36 per share, an increase from $0.27 per share in Q2 2025 and $0.08 per share in Q3 2024 [3][6] - Cash balance increased to $417.9 million as of September 30, 2025, up from $310.2 million at June 30, 2025, primarily due to cash flow after sustaining capital and income taxes [3][6] Operational Performance - Total gold production in Q3 2025 was 73,236 ounces, a 25% increase from Q2 2025, with Segovia operations producing 65,549 ounces [7][8] - The average realized gold price was $3,494 per ounce sold, compared to $3,303 in Q2 2025 and $2,457 in Q3 2024 [5][7] - The all-in sustaining cost (AISC) margin increased to $121.5 million, up 39% from Q2 2025, with an AISC of $1,641 per ounce sold [7][8] Project Development Highlights - The Marmato Bulk Mining Zone construction is on schedule for first gold in the second half of 2026, with significant progress in development and construction activities [6][8] - The Soto Norte Prefeasibility Study completed in September 2025 shows robust economics with an after-tax NPV of $2.7 billion and an IRR of 35% [8][19] - The Toroparu Project's Preliminary Economic Assessment completed in October 2025 indicates an after-tax NPV of $1.8 billion and an IRR of 25.2% [8][19] Cash Flow and Capital Expenditures - Operations generated $90.8 million in cash flow after sustaining capital and income taxes in Q3 2025, fully funding growth initiatives [6][8] - Total expansion and growth capital expenditures in Q3 2025 were $48.1 million, with significant investments in the Marmato Bulk Mining Zone and Segovia Operations [6][8]

Core Insights - Aris Mining Corporation announced positive results from the Preliminary Economic Assessment (PEA) of its Toroparu Gold Project in Guyana, confirming it as a large-scale, long-life open pit gold project with a 21.3-year mine life and an after-tax NPV5% of $1.8 billion at a gold price of $3,000/oz [1][2][16]. Project Overview - The Toroparu Gold Project has measured and indicated mineral resources of 126.9 million tonnes at an average grade of 1.30 g/t Au, containing 5.3 million ounces of gold, and inferred resources of 22.9 million tonnes at 1.6 g/t Au, containing 1.2 million ounces of gold [5][23]. - The project is designed as a conventional truck-and-shovel open pit operation with a strip ratio of 4.7 to 1 and a mill capacity of 7.0 million tonnes per annum [5][6]. Economic Metrics - The PEA indicates an average annual gold production of 235,000 ounces, with life-of-mine cash costs of $826/oz and all-in sustaining costs (AISC) of $1,289/oz [5][21]. - The project is expected to generate total payable gold sales of $14.7 billion over its life, with an initial construction capital requirement of $820 million [5][16]. Financial Projections - The after-tax IRR is projected at 25.2%, with a payback period of 3.0 years from the start of operations [16][22]. - At a gold price of $3,600/oz, the NPV5% increases to $2.7 billion, with an IRR of 32.6% [16][22]. Development Strategy - Aris Mining has initiated a Prefeasibility Study (PFS) for Toroparu, targeted for completion in 2026, to advance the project toward construction [2][16]. - The project benefits from a large pre-production stockpile of approximately 6.1 million tonnes, which will support a smooth start-up and consistent throughput [10]. Industry Context - Guyana's mining sector is rapidly advancing, with the Toroparu project positioned as a significant development alongside the Oko West project, highlighting the country's potential as a new frontier for large-scale gold mining [13][14].

Core Viewpoint - Aris Mining Corporation is set to release its Q3 2025 financial results on October 29, 2025, followed by a conference call on October 30, 2025, to discuss these results [1][2]. Company Overview - Aris Mining was founded in September 2022 with a focus on becoming a leading gold mining company in Latin America, emphasizing production, cash flow generation, and transformational growth through asset expansions and exploration [4]. - The company operates two underground gold mines in Colombia, the Segovia Operations and the Marmato Complex, which produced a total of 210,955 ounces of gold in 2024 [5]. - Aris Mining aims to increase its annual production rate to over 500,000 ounces of gold, supported by the commissioning of a second mill at Segovia and the construction of the Bulk Mining Zone at Marmato [5]. Growth Strategy - The company is pursuing partnerships with Colombia's small-scale mining sector to promote safe and environmentally responsible operations that benefit local communities [6]. - Aris Mining is also focused on acquisitions and other growth opportunities to enhance value through scale and diversification [7]. Project Developments - The Soto Norte joint venture, in which Aris Mining holds a 51% stake, has completed a Preliminary Feasibility Study (PFS) confirming its potential as a high-quality, long-life project with strong economics [5]. - In Guyana, the company is advancing the Toroparu gold/copper project, with a new Preliminary Economic Assessment (PEA) currently underway [5].

Core Points - Western Midstream Partners, LP has completed the acquisition of Aris Water Solutions, Inc, enhancing its position as a leading midstream flow-assurance provider in the Delaware Basin [2][3] - The merger allows Western Midstream to better address the challenges faced by producer customers in Texas and New Mexico regarding produced-water management [2] Acquisition Details - Each share of Aris Class A common stock and corresponding units was converted into either 0.625 common units of WES, $25.00 in cash, or a combination of 0.450 common units and $7.00 in cash [2][3] - Approximately 28% of the total merger consideration will be in cash, totaling $415.0 million, while about 72% will be in common units, amounting to approximately 26.6 million units [3] Company Overview - Western Midstream operates midstream assets across Texas, New Mexico, Colorado, Utah, and Wyoming, focusing on natural gas and produced water management [4] - The company’s cash flows are largely protected from commodity price volatility through fee-based contracts, providing stability in operations [4]

Core Points - Western Midstream Partners, LP (WES) and Aris Water Solutions, Inc. (Aris) announced preliminary results of elections made by Aris securityholders regarding the merger consideration in connection with WES's acquisition of Aris [1] Company Summary - The merger consideration is part of the pending acquisition transaction between WES and Aris, as outlined in the Agreement and Plan of Merger dated August 6, 2025 [1]

Core Viewpoint - Western Midstream Partners, LP (WES) is acquiring Aris Water Solutions, Inc. (Aris), with preliminary results indicating significant interest from Aris securityholders in the merger consideration options available [1][2]. Merger Consideration Details - Aris securityholders can choose from three forms of merger consideration: (i) 0.625 WES Common Units, (ii) a combination of $7.00 in cash and 0.450 WES Common Units, or (iii) $25.00 in cash, with the total cash consideration capped at $415.0 million [2][3]. - Approximately 26.6 million WES Common Units will be issued, and $415.0 million in cash will be distributed to Aris securityholders as part of the merger consideration [3][4]. Election Results - As of the election deadline, holders of 9,589,105 shares of Aris Class A Common Stock and 4,289,350 Aris OpCo Stapled Units opted for the Common Unit Election Consideration [6]. - Holders of 1,901,249 shares of Aris Class A Common Stock and 9,304,608 Aris OpCo Stapled Units selected the Mixed Election Consideration [6]. - A total of 21,247,291 shares of Aris Class A Common Stock and 12,873,151 Aris OpCo Stapled Units were elected for the Cash Election Consideration [6]. Additional Information - The final certified results of the election process will be available shortly before the transaction closes, and the final allocation of the merger consideration will be calculated according to the Merger Agreement [4][5]. - No fractional WES Common Units will be issued; instead, cash will be provided for any fractional amounts [4].

Core Insights - Aris Mining Corporation has completed the sale of its Juby Gold Project in Ontario, Canada, to McFarlane Lake Mining Limited for a total consideration of US$22 million, which includes US$13.2 million in cash and 82,023,746 common shares of McFarlane [1][2] Company Strategy - The sale aligns with Aris Mining's strategy to focus on high-growth gold operations and development projects in Colombia and Guyana [2] - The company aims to unlock value through scale and diversification, blending current production with transformational growth [3] Production and Operations - Aris Mining operates two underground gold mines in Colombia, the Segovia Operations and the Marmato Complex, which produced 210,955 ounces of gold in 2024 [4] - The company targets an annual production rate of over 500,000 ounces of gold, with expansions underway at both Segovia and Marmato [4] - Aris Mining also operates a 51% owned joint venture, Soto Norte, which has a completed PFS study confirming its robust economics [4] Future Projects - In Guyana, Aris Mining owns the Toroparu gold/copper project, where a new Preliminary Economic Assessment (PEA) is currently underway [4] - The company is actively pursuing partnerships with Colombia's small-scale mining sector to enable safe and environmentally responsible operations [5]

Group 1: Fund Performance - Artisan Global Discovery Fund's Investor Class APFDX returned 10.84%, Advisor Class APDDX posted 10.83%, and Institutional Class APHDX returned 10.93% in Q2 2025, compared to an 11.84% return for the MSCI All Country World Small Mid Index [1] - Global markets experienced volatility in Q2 2025, with a shift from double-digit declines to gains following President Trump's tariff announcements and subsequent suspension [1] Group 2: Company Focus - Aris Water Solutions, Inc. - Aris Water Solutions, Inc. (NYSE:ARIS) is highlighted as a stock of interest, with a one-month return of 1.89% and a 52-week gain of 58.96%, closing at $23.78 per share with a market capitalization of $1.407 billion on September 05, 2025 [2] - Aris Water Solutions, Inc. was among the top detractors for the fund, impacted by lower oil prices and macroeconomic uncertainty, despite better-than-expected quarterly results and guidance [3] - The company provides full-cycle water handling and recycling solutions in the Permian Basin, focusing on the Delaware Basin, where the water-to-oil ratio is notably high [3]

Core Points - Western Midstream Partners, LP (WES) is acquiring Aris Water Solutions, Inc. (Aris) [1] - The deadline for Aris securityholders to elect their preferred form of merger consideration is set for 5:00 p.m. New York time on October 7, 2025 [1]

Core Viewpoint - Western Midstream Partners, LP (WES) is set to acquire Aris Water Solutions, Inc. (Aris), with the election deadline for Aris securityholders to choose their merger consideration established for October 7, 2025, and the transaction expected to close on October 15, 2025, pending stockholder approval and customary closing conditions [2][5]. Group 1: Transaction Details - The merger consideration options for Aris securityholders include: (i) 0.625 WES common units, (ii) a combination of $7.00 in cash and 0.450 WES common units, or (iii) $25.00 in cash, with the total cash consideration capped at $415.0 million [5][6]. - Aris securityholders who do not submit a completed election form by the deadline will automatically be deemed to have chosen the common unit election consideration [6]. - The expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act on September 26, 2025, is a significant milestone for the transaction [9]. Group 2: Company Profiles - Western Midstream Partners, LP is a master limited partnership focused on developing, acquiring, owning, and operating midstream assets across several states, including Texas and New Mexico, with a business model that minimizes exposure to commodity price volatility through fee-based contracts [10]. - Aris Water Solutions, Inc. specializes in environmental infrastructure and solutions, providing full-cycle water handling and recycling services aimed at enhancing sustainability for energy companies, particularly in the Permian Basin [12].