Aris Mining (US:ARMN)2024-11-13 16:51Q3 2024 Highlights - Gold production reached 53,608 ounces in Q3, a 9% increase compared to Q2 2024 [12] - Segovia generated an AISC margin of $44.1 million in Q3, a 37% increase from Q2, driven by higher gold production, increased gold prices, and lower AISC per ounce [12] - Adjusted EBITDA for the past 12 months (to September 30, 2024) was $147.2 million, with an Adjusted Net Income of $42.8 million ($0.29 per share) [12] - The Segovia plant is operating at its 2,000 tpd design capacity, with expansion to 3,000 tpd targeted for early 2025 [12] - A new 5-year $450 million 8.000% Notes deal refinanced the existing $300 million 6.875% Notes [12] Operational Review - Gold production YTD 2024 reached 153,591 ounces [14] - Segovia processed 7% more material in Q3 2024 than in Q2 2024 [14] - Segovia's AISC margin reached $44.1 million, a 37% increase compared to Q2, due to higher gold prices, increased production, and effective cost control [16, 17] Expansion Projects - The Segovia expansion project aims to increase processing capacity from 2,000 to 3,000 tonnes per day, with an estimated total cost of $15 million, of which $8 million has been spent as of September 30, 2024 [19, 20] - The Marmato Lower Mine is expected to produce an estimated annual average of 162,000 oz Au over a 20-year mine life [24] Financial Results - Gold revenue was $131.6 million, up 15% QoQ, driven by a higher realized gold price of $2,447 /oz (+6%) and higher gold sales [26] - Adjusted EBITDA was $43.0 million, up by 19% QoQ [26] - Pro forma cash position of $266 million, following refinancing of Senior Notes, receipt of stream funding installment, and receipt of VAT after quarter end [32]