Aris Water Solutions(US:ARIS) Prnewswireยท2024-08-13 21:01Core Insights - Aris Mining Corporation reported its financial and operational results for Q2 2024 and H1 2024, indicating a total gold production of 99,983 ounces and reaffirming its guidance for 2024 production between 220,000 to 240,000 ounces [1][2][3] Financial Performance - In Q2 2024, gold production was 49,216 ounces, a slight decrease from 50,768 ounces in Q1 2024 [2] - EBITDA for H1 2024 was $53.2 million, with adjusted EBITDA reaching $64.5 million [2] - Net earnings for Q2 2024 were $5.7 million or $0.04 per share, compared to a loss of $0.7 million or $(0.01) per share in Q1 2024 [2] - Adjusted earnings for H1 2024 were $18.1 million or $0.12 per share [2] Operational Highlights - The Segovia Operations processed lower-grade material averaging 9.3 g/t Au in H1 2024, with a seven-day unplanned maintenance shutdown in April [3] - The Segovia plant is operating at its design capacity of 2,000 tonnes per day and is on track for an expansion to 3,000 tpd by early 2025 [3][14] - The Segovia Operations generated an AISC margin of $60.6 million for H1 2024 [4] Cost Guidance - The company updated its cash cost per ounce guidance to a range of $1,125 to $1,225 and AISC guidance to $1,400 to $1,500 due to rising gold prices [4][13] Project Developments - Construction of the Marmato Lower Mine is progressing on schedule, with an estimated completion cost of $246 million, of which $122 million will be funded by stream financing [5][15] - The company is targeting an annual production rate of approximately 500,000 ounces of gold by the second half of 2026 following the completion of expansion projects [5][23] Future Growth Initiatives - Aris Mining acquired an additional 31% interest in the Soto Norte Project, increasing its ownership to 51% [17] - Feasibility studies for the Soto Norte Project are underway, with results expected in early 2025 [17] - The Toroparu project is also advancing, with environmental license renewal documentation submitted [18]