Financial Data and Key Metrics Changes - Q2 net adjusted earnings reached $48 million or $0.27 per share, marking the highest quarter since the company's formation in September 2022 [4] - Q2 gold revenue totaled $200 million, reflecting a 30% increase over Q1 [4] - Trailing twelve months adjusted EBITDA was $264 million, with a cash position of $310 million at the end of the quarter [5][10] - Free cash flow from operations was $38 million after investing $37 million in expansion projects [10][11] - The company added $70 million to its cash position during Q2, closing with a cash balance of $310 million [11] Business Line Data and Key Metrics Changes - Total gold production in Q2 was 58,700 ounces, a 7% increase from Q1, with Segovia producing 51,500 ounces [16][17] - The all-in sustaining cost margin from Segovia increased by 43% compared to Q1, with an all-in sustaining cost of $15.20 per ounce in Q2 [9][17] - Contract mining partners generated a 42% all-in sustaining cost sales margin in Q2, exceeding the company's guidance range [18] Market Data and Key Metrics Changes - The company's market capitalization increased to $1.5 billion as of August 4, reflecting a significant equity cushion below its debt [14] - The share price increased by 38% during Q2, impacting the fair value of the underlying warrants and resulting in a non-cash loss of $45 million from warrant revaluation [12][13] Company Strategy and Development Direction - The company aims to ramp up production at Segovia to 300,000 ounces in 2026, supported by increased processing capacity and a favorable gold price environment [6][30] - Construction of the Mamato bulk mining zone is on schedule, with the first ore expected to be processed in 2026 [7][23] - The company is focused on advancing key projects, including the Sato Norte prefeasibility study and the Toro Peru preliminary economic assessment, both expected to be completed in Q3 2025 [24][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting 2025 guidance, citing strong operational performance and a supportive gold price environment [4][30] - The company is well-positioned to deliver increased production capacity and solid operating momentum, with plans to double annual production to over 500,000 ounces [30] Other Important Information - The company completed the installation of a second ball mill at Segovia, increasing processing capacity by 50% [6] - A memorandum of understanding was signed with Colombian authorities to formalize artisanal and small-scale miners, promoting responsible mining practices [26][27] Q&A Session Summary Question: Insights on Segovia's production guidance - Management indicated that production is expected to ramp up in the second half of the year, with guidance suggesting a modest increase in Q3 and a larger increase in Q4 [32][34] Question: Factors affecting contract mining partners' margins - Management noted that margins are linked to gold prices, which are difficult to predict, and that guidance is a reasonable estimate for year-end performance [35][36] Question: Capital spending expectations for Armada in the second half - Management stated that the estimate for completion remains around $283 million, with further details to be provided later [37]

Financial Performance - Record adjusted net earnings of $48 million were achieved in Q2 2025[12] - Gold revenue increased by 30% from Q1 2025, reaching $200 million[12,50] - Adjusted EBITDA was $99 million, with $264 million on a trailing 12-month basis[12,50] - Cash on hand totaled $310 million, including +$61 million from exercised warrants after June 30, 2025[12] - Adjusted earnings per share reached $027[12,18] Operational Highlights - Total gold production for Q2 2025 was 58,652 ounces, a 7% increase from Q1 2025[25,49] - Segovia Operations produced 51,527 ounces of gold[25,49] - Total AISC margin increased by 43% from Q1 2025, reaching $87 million[25,49] - CMP-sourced gold delivered a 42% AISC sales margin, outperforming the FY 2025 guidance range of 35% to 40%[25,49] Projects and Future Outlook - The company is targeting gold production of 300,000 ounces in 2026[27]

Condensed Consolidated Interim Financial Statements [Condensed Consolidated Interim Statements of Financial Position](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Financial%20Position) The company's financial position at June 30, 2025, shows an increase in total assets and equity compared to December 31, 2024, while total liabilities also increased Key Financial Position Metrics | Metric | June 30, 2025 (USD thousand) | December 31, 2024 (USD thousand) | | :-------------------------- | :-------------------------------- | :----------------------------------- | | Total assets | 2,193,998 | 1,994,504 | | Total liabilities | 974,002 | 911,397 | | Total equity | 1,219,996 | 1,083,107 | - Current assets increased from **$350,783 thousand** at December 31, 2024, to **$405,390 thousand** at June 30, 2025, primarily driven by an increase in cash and cash equivalents[3](index=3&type=chunk) - Current liabilities increased significantly from **$134,518 thousand** at December 31, 2024, to **$188,897 thousand** at June 30, 2025, largely due to an increase in warrant liabilities[3](index=3&type=chunk) [Condensed Consolidated Interim Statements of Income (Loss)](index=3&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Income%20%28Loss%29) The company reported a net loss for both the three and six months ended June 30, 2025, a reversal from net income in the prior year periods, despite significant revenue growth, primarily driven by substantial losses on financial instruments and increased income tax expense Key Income Statement Metrics | Metric (USD thousand) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | 203,456 | 117,185 | 360,984 | 224,805 | | Income from mining operations | 91,991 | 29,838 | 151,976 | 55,151 | | Income from operations | 77,578 | 21,642 | 129,124 | 40,142 | | Net income (loss) | (16,941) | 5,713 | (13,731) | 4,970 | | Basic EPS | (0.09) | 0.04 | (0.08) | 0.03 | - Revenue increased by **73.6%** for the three months ended June 30, 2025, and by **60.6%** for the six months ended June 30, 2025, compared to the same periods in 2024[4](index=4&type=chunk) - Loss on financial instruments significantly impacted profitability, with a loss of **$50,737 thousand** for the three months and **$67,365 thousand** for the six months ended June 30, 2025, compared to smaller losses in 2024[4](index=4&type=chunk) [Condensed Consolidated Interim Statements of Comprehensive Income (Loss)](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) The company reported comprehensive income for the three and six months ended June 30, 2025, a significant improvement from comprehensive losses in the prior year, primarily due to positive foreign currency translation adjustments Key Comprehensive Income Metrics | Metric (USD thousand) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | (16,941) | 5,713 | (13,731) | 4,970 | | Other comprehensive income (loss) | 24,586 | (45,364) | 58,823 | (48,796) | | Comprehensive income (loss) | 7,645 | (39,651) | 45,092 | (43,826) | - Foreign currency translation adjustment was a significant positive contributor to other comprehensive income in 2025, with gains of **$24,768 thousand** and **$58,495 thousand** for the three and six months, respectively, contrasting with losses in 2024[5](index=5&type=chunk) [Condensed Consolidated Interim Statements of Changes in Equity](index=5&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Changes%20in%20Equity) Total equity increased for the six months ended June 30, 2025, driven by increases in share capital from option and warrant exercises, and positive comprehensive income, despite a growing deficit Key Equity Changes | Metric (USD thousand) | At December 31, 2024 | At June 30, 2025 | | :------------------------ | :------------------- | :--------------- | | Share capital | 935,917 | 1,028,443 | | Contributed surplus | 209,469 | 204,204 | | Accumulated OCI | (160,450) | (101,627) | | Deficit | (190,856) | (205,385) | | Total equity | 1,083,107 | 1,219,996 | - Share capital increased by **$92,526 thousand** for the six months ended June 30, 2025, primarily due to the exercise of options (**$10,953 thousand**) and warrants (**$82,554 thousand**)[7](index=7&type=chunk) - Comprehensive income of **$45,092 thousand** contributed positively to equity for the six months ended June 30, 2025, offsetting the net loss[7](index=7&type=chunk) [Condensed Consolidated Interim Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Cash%20Flows) The company generated significantly more cash from operating activities in 2025 compared to 2024, while cash used in investing activities increased, and financing activities provided substantial cash, leading to a net increase in cash and cash equivalents Key Cash Flow Activities | Cash Flow Activity (USD thousand) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | 81,719 | 12,390 | 128,480 | 11,036 | | Net cash used in investing activities | (47,320) | (47,260) | (107,884) | (85,432) | | Net cash provided by financing activities | 35,009 | 11,268 | 35,340 | 3,993 | | Increase (decrease) in cash and cash equivalents | 70,333 | (25,840) | 57,629 | (72,965) | | Cash and cash equivalents, end of period | 310,164 | 121,657 | 310,164 | 121,657 | - Operating cash flows before taxes increased substantially to **$175,845 thousand** for the six months ended June 30, 2025, from **$19,533 thousand** in the prior year, largely due to positive changes in non-cash operating working capital items[9](index=9&type=chunk) - Proceeds from the exercise of stock options and warrants significantly boosted financing cash flows, totaling **$62,867 thousand** for the six months ended June 30, 2025, compared to **$24,498 thousand** in 2024[9](index=9&type=chunk) Notes to the Condensed Consolidated Interim Financial Statements [1. Nature of Operations](index=7&type=section&id=1.%20Nature%20of%20Operations) Aris Mining Corporation is a Canadian company listed on the TSX and NYSE American, primarily engaged in the acquisition, exploration, development, and operation of gold properties in Colombia, Guyana, and Canada, and increased its interest in the Soto Norte Project to 51% on June 28, 2024 - Aris Mining's common shares are listed on the Toronto Stock Exchange (TSX) under 'ARIS' and on the NYSE American LLC (NYSE American) under 'ARMN'[11](index=11&type=chunk) - The company's primary business involves gold properties in Colombia (Segovia Operations, Marmato Mine, Soto Norte Project), Guyana (Toroparu Project), and Canada (Juby Project)[12](index=12&type=chunk) - On June 28, 2024, Aris Mining increased its ownership interest in the Soto Norte Project from **20% to 51%**, gaining control[12](index=

Core Insights - Aris Mining Corporation reported strong financial and operational results for Q2 2025, highlighting record adjusted EBITDA and net earnings, alongside significant cash growth [1][5][6]. Financial Performance - Total gold production reached 58,652 ounces, a 7% increase from Q1 2025 and a 19% increase from Q2 2024 [6]. - Gold sold totaled 61,024 ounces, up 12% from Q1 2025 and 23% from Q2 2024 [5][6]. - Record revenue of $200.2 million, representing a 30% increase from Q1 2025 and a 75% increase from Q2 2024 [5]. - Adjusted EBITDA was $98.7 million, up 48% from Q1 2025 and nearly triple compared to Q2 2024 [5][6]. - Adjusted net earnings were $47.8 million or $0.27 per share, the highest since the company's formation, up from $0.16 per share in Q1 2025 and $0.08 per share in Q2 2024 [5][6]. Operational Performance - Average realized gold price increased to $3,303 per ounce sold, compared to $2,855 in Q1 2025 and $2,313 in Q2 2024 [4][5]. - Segovia operations produced 51,527 ounces with an average gold grade of 9.85 g/t [4][6]. - The all-in sustaining cost (AISC) increased to $1,681 per ounce, primarily due to higher gold prices affecting costs related to materials and royalties [6]. Growth and Expansion - The commissioning of the second mill at Segovia in June 2025 is expected to enhance production in H2 2025, targeting annual production of 210,000 to 250,000 ounces this year and 300,000 ounces next year [12][19]. - Significant investments were made in growth capital, totaling $36.7 million, with $23.6 million allocated to the Marmato Bulk Mining Zone [5][12]. - The Marmato Bulk Mining Zone construction is progressing well, with first ore and production ramp-up expected in H2 2026 [12][19]. Cash Flow and Capital Structure - Cash balance increased to $310 million as of June 30, 2025, up from $240 million at the end of Q1 2025, driven by strong cash flow generation [5][12]. - The expiry of ARIS.WT.A warrants simplified the capital structure and eliminated a source of non-cash earnings volatility [5][12].

Core Viewpoint - Aris Mining Corporation (ARMN) is expected to report its second-quarter 2025 results on August 7, following a trend of missing earnings estimates in the previous four quarters, with an average negative surprise of 30.7% [1][10]. Group 1: Earnings Performance - ARMN has missed the Zacks Consensus Estimate for earnings in each of the last four quarters, with a negative earnings surprise of 11.1% in the most recent quarter [1][10]. - The consensus estimate for ARMN's second-quarter earnings is currently pegged at 32 cents, with an Earnings ESP of 0.00% [11]. Group 2: Production and Sales - The company is anticipated to benefit from increased gold production in the second quarter, primarily driven by the Segovia Operations in Colombia [4][7]. - Consolidated gold production for the second quarter rose by 7% year over year to 58,652 ounces, while total gold sales increased by 12% compared to the prior-year quarter [5]. - For the first half of 2025, consolidated production climbed 13% year over year, reaching 113,415 ounces, with Segovia Operations seeing a production increase of 12% to 99,076 ounces [5][8]. Group 3: Gold Prices Impact - Higher gold prices, which closed the second quarter above $3,300 per ounce, are expected to have positively influenced ARMN's performance [7][9]. - Gold prices reached a record high of $3,500 per ounce on April 22, driven by safe-haven demand amid global trade tensions and geopolitical issues [9].

Group 1 - Aris Mining Corporation (ARMN) closed at $7.19, with a 5.7% gain over the past four weeks, and has a mean price target of $9.36, indicating a 30.2% upside potential [1] - The average price targets range from a low of $8.72 to a high of $10.08, with a standard deviation of $0.58, suggesting a 21.3% increase at the lowest estimate and a 40.2% increase at the highest [2] - Analysts show strong agreement in revising earnings estimates higher, with the Zacks Consensus Estimate for the current year increasing by 11.8% over the past month [11][12] Group 2 - ARMN holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates [13] - The consensus price target, while not entirely reliable, indicates a positive direction for ARMN's stock price movement [14] - Analysts' optimistic outlook on ARMN's earnings prospects correlates with potential near-term stock price movements [11]

Company Performance - Avino Silver (ASM) has returned approximately 288.2% since the beginning of the calendar year, significantly outperforming the average gain of 12.5% in the Basic Materials sector [4] - The Zacks Consensus Estimate for ASM's full-year earnings has increased by 126.7% over the past 90 days, indicating improved analyst sentiment and a more positive earnings outlook [3] - Avino Silver currently holds a Zacks Rank of 1 (Strong Buy), reflecting its strong performance and favorable market conditions [3] Industry Comparison - Avino Silver is part of the Mining - Silver industry, which consists of 10 individual stocks and is currently ranked 8 in the Zacks Industry Rank, with an average gain of 35.9% this year [5] - In comparison, Aris Mining Corporation (ARMN), which belongs to the Mining - Gold industry, has achieved a year-to-date return of 105.4% and has a Zacks Rank of 1 (Strong Buy) [4][5] - The Mining - Gold industry, which includes 39 stocks, is currently ranked 52 and has moved up by 57.2% year to date [6]

Core Insights - Aris Mining Corporation (ARMN) reported a strong first-quarter performance driven by increased gold sales volumes, leading to significant revenue and earnings growth [1][2] Group 1: Sales and Revenue Performance - ARMN's gold sales increased by approximately 6% year-over-year to 54,281 ounces in the first quarter, reflecting operational efficiency and improved output from Colombian assets [2][8] - The rise in sales volumes resulted in a 47% year-over-year increase in gold revenues, reaching a record $157.5 million, and a 137% surge in earnings from mine operations [2][8] Group 2: Comparative Performance - In contrast, B2Gold Corp. (BTG) experienced a 17% decline in gold sales to 183,998 ounces in the same quarter, while AngloGold Ashanti plc (AU) reported an 18% increase in gold sales volumes [3][4] Group 3: Stock Performance and Valuation - ARMN's stock has surged by 105.4% year-to-date, outperforming the Zacks Mining – Gold industry's increase of 55.4% [5][8] - The company is currently trading at a forward 12-month earnings multiple of 4.08, which is about 67% lower than the industry average of 12.4X, indicating a potential undervaluation [9][8] Group 4: Earnings Estimates - The Zacks Consensus Estimate projects ARMN's earnings to rise by 264.7% in 2025 and 73.8% in 2026, with EPS estimates trending higher over the past 60 days [10]

Core Insights - Aris Mining Corporation (ARMN) has commissioned a second processing mill at its Segovia Operations in Colombia, increasing processing capacity by 50% to 3,000 tons per day, positioning the company to meet its 2025 production target of 230,000-275,000 ounces [1][7] Production Performance - Segovia Operations experienced a 12% year-over-year increase in production, reaching 99,076 ounces in the first half of 2025, contributing to a total gold production of 113,415 ounces for ARMN, which is a 13% increase year-over-year [2][7] - The production for 2025 is expected to be weighted towards the second half, reflecting the ramp-up of the expanded Segovia mill [3] Industry Comparison - B2Gold Corp. (BTG) reported a consolidated gold production of 192,752 ounces for the first quarter of 2025, down approximately 10% year-over-year, while AngloGold Ashanti plc (AU) saw a 22% year-over-year increase in gold production to 720,000 ounces [4][5] Stock Performance and Valuation - ARMN's shares have surged 110.3% year-to-date, outperforming the Zacks Mining – Gold industry's rise of 57.3% [6][7] - The forward 12-month earnings multiple for ARMN is 4.2, which is about a 66.7% discount to the industry average of 12.63X, indicating strong valuation potential [10] Earnings Estimates - The Zacks Consensus Estimate for ARMN's earnings in 2025 and 2026 suggests a year-over-year increase of 264.7% and 73.8%, respectively, with EPS estimates trending higher over the past 60 days [9]

Core Viewpoint - Aris Mining Corporation is set to release its Q2 2025 financial results on August 7, 2025, followed by a conference call on August 8, 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]. Production and Growth Plans - Aris Mining aims to increase its annual gold production to over 500,000 ounces, supported by the Segovia mill expansion completed in June 2025 and the upcoming construction of the Bulk Mining Zone at the Marmato Complex, expected to ramp up production in H2 2026 [5]. - The company is also involved in the Soto Norte joint venture, where a new development plan is being studied, with results anticipated in Q3 2025 [5]. - In Guyana, Aris Mining owns the Toroparu gold/copper project, with a new Preliminary Economic Assessment (PEA) commissioned and results expected in Q3 2025 [5]. Strategic Partnerships - Aris Mining is actively pursuing partnerships with Colombia's small-scale mining sector to promote safe, legal, and environmentally responsible operations that benefit local communities and the industry [6]. Growth Strategy - The company intends to explore acquisitions and other growth opportunities to enhance value through scale and diversification [7].