Financial Performance - In 2025, gold production increased by 22% year-over-year, with gold revenue reaching $909 million, up 82% from $499 million in 2024 [3][6] - Adjusted EBITDA was $464 million, a 185% increase from $163 million in 2024, reflecting strong leverage to higher gold prices [3][6] - Adjusted net earnings were $241 million or $1.28 per share, up from $56 million or $0.35 per share in 2024, marking a 265% increase [3][6] - The company generated $127 million in free cash flow, with a cash balance of $392 million at year-end, up from $252 million in 2024 [7][9] Business Line Performance - Segovia produced 228,000 ounces of gold in 2025, a 21% increase from 188,000 ounces in 2024, driven by improved milling rates and higher gold grades [10][14] - Marmato's development is ahead of schedule, with significant progress in the bulk mining zone and construction of the CIP plant [17][20] - Segovia's all-in sustaining cost (AISC) was $1,534 per ounce, up 3% year-over-year, while total AISC was $1,705 per ounce, reflecting a 13% increase [14][15] Market Data - Gold prices increased by 48% in 2025, significantly impacting revenue and margins [3][15] - The company expects production guidance for 2026 to be between 300,000 and 350,000 ounces, representing over 25% growth year-over-year [4][26] Company Strategy and Industry Competition - The company aims to grow production to 500,000 ounces in the near term, with a long-term goal of reaching 1 million ounces annually [26] - The transition to the main board of the New York Stock Exchange is expected to enhance visibility among institutional investors and improve trading liquidity [23][25] Management Commentary - Management expressed confidence in the operational ramp-up and the successful execution of growth projects, including the Segovia and Marmato expansions [3][26] - The company highlighted its strong balance sheet and cash flow position, which supports its growth strategy [25] Other Important Information - The company completed the acquisition of the remaining 49% interest in Soto Norte for $80 million and reached an arbitration settlement with the Colombian government [26] - The construction of the Marmato CIP plant is on track for first gold production in Q4 2026, with a staged ramp-up expected [20][26] Q&A Session Summary Question: Update on Segovia ramp-up and throughput expectations - Management indicated that the ramp-up is going well, with expectations to reach a steady state of 3,000 tons per day by Q4 2026 [29][30] Question: Guidance on Q1 production - The company expects to maintain throughput around 2,600 tons per day in Q1 [31] Question: Growth capital for Marmato and other projects - The estimated total cost for Marmato is approximately $400 million, with a 2026 budget of $220 million [35][43] Question: Optimism about ramp-up of the CIP plant - Management expressed confidence in achieving the ramp-up milestones and believes they are realistic and achievable [45]

Financial Data and Key Metrics Changes - Gold production increased by 22% year-over-year, with gold prices rising by 48%, resulting in gold revenue of $909 million, up 82% from $499 million in 2024 [3][6] - Adjusted EBITDA reached $464 million, a 185% increase from $163 million in 2024, demonstrating significant leverage to higher gold prices [6][3] - Adjusted net earnings were $241 million or $1.28 per share, up from $56 million or $0.35 per share in 2024, reflecting a 265% increase [3][6] - The company generated $127 million in free cash flow, transitioning to generating free cash flow while funding growth initiatives [8][9] Business Line Data and Key Metrics Changes - Segovia produced 228,000 ounces of gold, a 21% increase from 188,000 ounces in 2024, driven by a 17% increase in milling rates [10][11] - Marmato exceeded guidance with steady performance, and the development of the bulk mining zone is ahead of schedule [4][16] - Segovia's all-in sustaining cost (AISC) was $1,534 per ounce, up just 3% year-over-year, while total AISC was $1,705 per ounce, up 13% from 2024 [13][14] Market Data and Key Metrics Changes - The company expects production guidance for 2026 to be between 300,000 and 350,000 ounces, representing over 25% growth year-over-year [4][3] - At $4,400 gold, Segovia is projected to generate $650 million in all-in sustaining margin this year [5] Company Strategy and Development Direction - The company aims to grow production to 500,000 ounces in the near term, with plans to advance Toroparu and Soto Norte to create a pathway to one million ounces per year [24] - The uplisting to the main board of the New York Stock Exchange is expected to enhance visibility among institutional investors and improve trading liquidity [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production milestones and highlighted the strong operational performance and financial results [24][44] - The company remains well-positioned to generate robust cash flows to fund growth initiatives organically, supported by a strong balance sheet and liquidity [23][9] Other Important Information - The company completed the Segovia processing plant expansion on time and on budget, and reached an amicable arbitration settlement with the Colombian government [24] - The construction of the CIP plant at Marmato is progressing well, with the first gold pour expected in Q4 2026 [19][18] Q&A Session Summary Question: Update on Segovia ramp-up and throughput expectations - Management indicated that the ramp-up is going well, with expectations to reach a steady-state of 3,000 tons per day by Q4 2026 [27][28] Question: Guidance for Q1 production - The company is running around 2,600 tons per day, consistent with the end of Q4 [29] Question: Growth capital expectations for Marmato and other projects - The total cost for Marmato is projected to be around $400 million, with a current budget of $220 million for 2026 [33][42] Question: Optimism about ramp-up of the CIP plant - Management believes the milestones for ramp-up are realistic and achievable [44]

Financial Data and Key Metrics Changes - Gold production increased by 22% year-over-year, with gold prices rising by 48%, resulting in gold revenue of $909 million, up 82% from $499 million in 2024 [3][6] - Adjusted EBITDA reached $464 million, a 185% increase from $163 million in 2024, demonstrating significant leverage to higher gold prices [6][3] - Adjusted net earnings were $241 million or $1.28 per share, up from $56 million or $0.35 per share in 2024, reflecting a 265% increase [3][6] - The company generated $127 million in free cash flow, with a cash balance of $392 million at year-end, up from $252 million in 2024 [7][9] Business Line Data and Key Metrics Changes - Segovia produced 228,000 ounces of gold in 2025, a 21% increase compared to 188,000 ounces in 2024, driven by a 17% increase in milling rates [10][11] - Marmato performed steadily and exceeded guidance, with construction of the CIP plant and development in the bulk mining zone ahead of schedule [16][19] - Segovia's all-in sustaining cost (AISC) was $1,534 per ounce, up 3% year-over-year, while total AISC was $1,705 per ounce, up 13% from 2024 [13][14] Market Data and Key Metrics Changes - The company expects production guidance for 2026 to be between 300,000 and 350,000 ounces, representing over 25% growth year-over-year [4] - At $4,400 gold, Segovia is projected to generate $650 million in all-in sustaining margin for the year [5] Company Strategy and Development Direction - The company aims to grow production to 500,000 ounces in the near term, with plans to advance Toroparu and Soto Norte to potentially reach 1 million ounces per year [24] - The transition to the main board of the New York Stock Exchange is expected to enhance visibility among institutional investors and improve trading liquidity [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ramp-up of operations, with expectations to achieve a steady-state run rate of 3,000 tons per day by Q4 2026 [27][28] - The company remains optimistic about achieving milestones for the Marmato project, with a total capital budget of $220 million for 2026 [39][40] Other Important Information - The company completed the Segovia processing plant expansion on time and on budget, and acquired the remaining 49% of Soto Norte for $80 million [24] - The company reported a decrease in total leverage to 1x, which is 2x lower compared to Q4 2024, indicating a strong balance sheet to support growth [23] Q&A Session Summary Question: Update on Segovia ramp-up and throughput expectations - Management indicated that the ramp-up is going well, with expectations to reach a steady-state of 3,000 tons per day by Q4 2026, dependent on underground development [27][28] Question: Guidance for Q1 production - The company is running around 2,600 tons per day at the end of Q4 and expects similar throughput in Q1 [28] Question: Contractor mining partner margin expectations - The company expects contractor mining margins to remain steady, with guidance indicating about 35% contractor mining in the mix [30] Question: Remaining capital expenditures for Marmato - The total capital budget for Marmato in 2026 is $220 million, bringing the total project cost to approximately $400 million [39][40] Question: Optimism about ramp-up of the CIP plant - Management expressed confidence that the milestones for the ramp-up are realistic and achievable [40]

An Established Gold Producer in South America Well-positioned portfolio with peer-leading organic growth Q4 and FY 2025 Earnings Results March 12, 2026 TSX & NYSE: ARIS TSX & NYSE: ARIS Disclaimer This presentation 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 impact of the Company's expansion projec ...

Core Insights - Aris Mining Corporation (ARMN) has experienced rising operating costs, with an all-in-sustaining cost (AISC) per ounce of $1,641 in Q3 2025, marking a 6.6% increase year-over-year [1][9] - The increase in costs is attributed to higher volumes of purchased mill feed, increased royalty and social contribution expenses, and greater throughput following the commissioning of a second mill at Segovia [2] Cost and Profitability Analysis - Despite rising costs, Aris Mining's margins and profitability remained strong, with AISC margin increasing by 36% sequentially and 42% year-over-year due to higher gold revenues and sales volumes [3][9] - The company is expected to maintain strong margins supported by rising gold prices, increased production, and effective cost control measures [3] Peer Comparison - Among peers, Agnico Eagle Mines Limited (AEM) reported an AISC of $1,339 per ounce in 2025, an 8% year-over-year increase, with forecasts indicating continued inflationary pressures [4] - Barrick Mining Corporation faced a 3% increase in AISC to $1,581 per ounce in Q3, driven by higher total cash costs [5] Market Performance and Valuation - Aris Mining's shares have increased by 68.7% over the past three months, outperforming the industry growth of 36.7% [8] - The company is trading at a forward price-to-earnings ratio of 6.7X, significantly lower than the industry average of 13.7X, indicating potential undervaluation [10] Earnings Estimates - The Zacks Consensus Estimate for Aris Mining's 2025 earnings has seen an upward revision over the past 60 days, reflecting positive market sentiment [12]

Key Takeaways ARMN stock has jumped 56.8% in three months, outperforming industry, S&P 500 and peers.Aris Mining boosted Q3 gold output 36.6% YoY, driven by higher processing at the Segovia mine.ARMN's AISC rose 6.6% YoY to $1,641 per ounce, reflecting higher sustaining capital spending.Shares of Aris Mining Corporation (ARMN) have been showing some decent gains of late, rising 56.8% in the past three months. The gold producer has outperformed the industry’s and the S&P 500 composite’s growth of 33.4% and 3 ...

Core Insights - The article introduces "The Undercovered Dozen," which highlights twelve actionable investment ideas on tickers that receive less coverage, ranging from large caps to small caps [1] Group 1: Inclusion Criteria - Tickers must have a market cap greater than $100 million [1] - Tickers must have received more than 800 symbol page views in the last 90 days on Seeking Alpha [1] - Tickers must have fewer than two articles published in the past 30 days [1] Group 2: Purpose and Follow-up - The initiative aims to provide investors with a weekly review of undercovered investment ideas from analysts [1]

Company Overview - Aris Mining (ARMN) is a Vancouver-based gold mining company operating two mines in Colombia [1] - The company produced 257,000 ounces of gold in 2025 and is projected to increase production to 325,000 ounces [1] Investment Philosophy - Mountain Valley Value Investments focuses on identifying undervalued companies with strong growth potential across various sectors [1] - The investment strategy emphasizes long-term value and disciplined research to uncover opportunities that can deliver strong returns [1]

Core Viewpoint - Aris Mining Corporation (ARMN) has shown a significant price increase of 8.4% over the past four weeks, with a mean price target of $22.1 indicating a potential upside of 28.9% from the current trading price of $17.14 [1] Price Targets and Analyst Estimates - The mean estimate consists of four short-term price targets with a standard deviation of $3.86, suggesting variability among analysts; the lowest estimate is $16.56 (3.4% decline), while the highest is $25.50 (48.8% increase) [2] - A low standard deviation indicates strong agreement among analysts regarding the stock's price movement, which can serve as a starting point for further research [9] Earnings Estimates and Analyst Optimism - Analysts have shown growing optimism regarding ARMN's earnings prospects, as evidenced by a positive trend in earnings estimate revisions, which correlates with near-term stock price movements [11] - Over the last 30 days, one earnings estimate has increased, leading to a 14.6% rise in the Zacks Consensus Estimate for the current year [12] Zacks Rank and Investment Potential - ARMN holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates, indicating strong potential for upside in the near term [13] - While the consensus price target may not be a reliable indicator of the extent of potential gains, it does provide a useful guide for price direction [14]

Core Viewpoint - Aris Mining Corporation (ARMN) and Allied Gold Corporation (AAUC) are emerging gold producers in the Zacks Mining - Gold industry, both expanding production through operating mines and development projects across the Americas and Africa [2][3]. Aris Mining (ARMN) - Aris Mining produced 69,852 ounces of gold in Q4 2025, totaling 256,503 ounces for the year, a 22% increase year over year, exceeding the guidance range of 230,000-275,000 ounces [4][11]. - The Segovia mine is the primary driver of production growth, with an expected output of 265,000-300,000 ounces in 2026, up from 227,762 ounces in 2025 [5]. - The acquisition of the remaining 49% stake in the Soto Norte project positions Aris Mining as the sole owner, reaffirming it as a top undeveloped gold asset in the Americas [6]. - The Marmato operation is also a long-term growth engine, with expected production of 35,000-50,000 ounces in 2026, up from 28,741 ounces in 2025 [7]. - Aris Mining has a strong cash balance of $390 million at the end of Q4 2025, supporting ongoing investment in expansion projects [8]. - However, ARMN faces rising cost pressures, with all-in-sustaining costs (AISC) increasing 6.6% year over year to approximately $1,641 per ounce [9][11]. Allied Gold (AAUC) - Allied Gold produced 262,077 ounces of gold in the first nine months of 2025, slightly above the previous year's output, and anticipates production exceeding 375,000 ounces for the full year [12]. - The company is enhancing performance through drilling high-grade zones and improving mine models, with new equipment introduced at Sadiola to increase fleet availability [13]. - The Kurmuk mine in Ethiopia is a significant development project, targeting an average production of about 290,000 ounces per year, with plans to grow total resources to 5 million ounces over five years [14]. - AAUC is experiencing cost inflation, with total cost of sales increasing 20.7% year over year to $2,087 per gold ounce sold [15]. - The company has recorded weaker cash flow generation due to high capital expenditures, impacting profitability as margins are constrained by rising costs [16]. Financial Performance and Valuation - The Zacks Consensus Estimate for ARMN's 2025 earnings per share (EPS) indicates a growth of 311.8%, with estimates trending 3.7% upward over the past 60 days [17]. - For AAUC, the 2025 EPS estimate implies a year-over-year growth of 928.6%, with estimates increasing by 17.1% over the same period [18]. - In the past six months, ARMN's shares surged 194.5%, while AAUC stock gained 148.3% [20]. - ARMN is trading at a forward price-to-earnings ratio of 6.17X, below its median of 6.91X, while AAUC's forward earnings multiple is at 5.46X, higher than its median of 4.71X [22]. Conclusion - Aris Mining is well-positioned for long-term growth with a strong pipeline of projects and a solid cash position, while Allied Gold faces near-term challenges due to elevated costs and weaker cash flow [24][26].