Aris Mining Reports $179 Million USD Adjusted EBITDA in Q2 2026 as Marmato Expansion Nears First Gold

Segovia margins fund record capex as Marmato plant nears first gold

Aris Mining Corporation (TSX: ARIS) (NYSE: ARIS) reported adjusted EBITDA of $179 million USD for the second quarter of 2026, as the Canadian gold producer’s two operating mines in Colombia generated the cash to fund $121 million USD in capital projects during the quarter while leaving the company with a cash balance of $426 million USD as of June 30.

“Aris Mining delivered another strong quarter with our operations generating the cash required to fund more than $120 million of capital investments during the second quarter while maintaining a strong balance sheet.” — Neil Woodyer, Chair & CEO, Aris Mining

The company produced 73,700 ounces of gold in the quarter, consistent with the 74,300 ounces produced in the first quarter, and booked gold revenue of $321 million USD at an average realized price of $4,450 USD per ounce. Adjusted net earnings came in at $96 million USD, or $0.47 USD per share. On a trailing 12-month basis, adjusted EBITDA now stands at $690 million USD, up from $610 million USD one quarter earlier.

First-half production of 148,000 ounces represents a 31% increase over the 113,400 ounces produced in the first half of 2025, as Finance Colombia reported earlier this month, and the company says it remains on track to meet its full-year guidance of 300,000 to 350,000 ounces, with output weighted toward the second half of the year.

“Aris Mining delivered another strong quarter with our operations generating the cash required to fund more than $120 million of capital investments during the second quarter while maintaining a strong balance sheet,” said Neil Woodyer, chair and CEO of Aris Mining.

Segovia Ramps Up Mining Capacity

The Segovia operations in Antioquia produced 64.4 thousand ounces during the quarter, bringing first-half output to 131.0 thousand ounces. The mill processed 202,500 tons at an average gold grade of 10.23 grams per ton, a 15% increase in throughput from the 175,400 tons at 12.41 grams per ton processed in the first quarter, as the operation works toward consistent utilization of the expanded 3,000 tons-per-day processing capacity installed in June 2025.

This graph shows the increasing realized gold price of Aris Mining’s Segovia operations versus its current cost per ounce. Photo provided by Aris Mining.

Total investment at Segovia rose to $31 million USD in the quarter from $17 million USD in the first quarter, funding new ramps and a main underground haulage circuit connecting the El Silencio, Providencia, and Sandra K mines, along with an expanded mining fleet acquired through purchase and leasing arrangements.

Owner-operated mining, which contributed 67% of mill feed, recorded an all-in sustaining cost of $1,767 USD per ounce sold, keeping the first-half figure of $1,623 USD per ounce below the company’s full-year guidance range of $1,700 to $1,800 USD. Material sourced from contract mining partners, which contributed the remaining 33% of mill feed, delivered an all-in sustaining cost sales margin of 46%, above the top end of the full-year guidance range of 35% to 40%. Segovia generated an all-in sustaining cost margin of $157 million USD in the quarter and $356 million USD in the first half.

Marmato on Schedule for First Gold in Q4 2026

The Marmato mine in Caldas produced 9.3 thousand ounces in the quarter, bringing first-half production to 17,100 ounces, with the mill processing 84,600 tons at an average grade of 3.79 grams per ton. Throughput is expected to increase materially once the new 5,000 tons-per-day carbon-in-pulp (CIP) plant is commissioned, with first gold expected in the fourth quarter of 2026.

The SAG and ball mills are on site and mechanical installation is underway, and the underground connection completed earlier this year established direct access between the Bulk Mining Zone and the new process plant area.

As of July 1, 2026, the estimated capital required to achieve first gold from the Marmato CIP plant is approximately $118 million USD. After a final $42 million USD installment expected from Wheaton Precious Metals (TSX: WPM) (NYSE: WPM) in the third quarter, the net funding requirement of approximately $76 million USD will come from the company’s cash balance and operating cash flow.

Aris Mining plans to exit 2026 operating the new plant at approximately 3,000 tons per day, ramping up to approximately 4,000 tons per day by mid-2027 and reaching the full 5,000 tons-per-day design capacity by the end of 2027, following commissioning of the paste backfill plant.

Soto Norte and Toroparu Advance the Growth Pipeline

At the Soto Norte project in Santander, environmental studies and preparation of the environmental license application are nearing completion. The project’s design incorporates a metallurgical process free of cyanide and mercury, and allocates approximately 750 tons per day of processing capacity — over 20% of the project’s planned 3,500 tons-per-day total — to local miners through the company’s contract mining partner program. A prefeasibility study completed in September 2025 outlined average annual gold production of 263,000 ounces in years two through 10, with an after-tax net present value of $2.7 billion USD at a 5% discount rate and a 35% internal rate of return at an assumed gold price of $2,600 USD per ounce.

The adjusted EBITDA by quarter of Aris Mining remains on track with the last two quarters, and larger than Q2 and Q3 of the operations in 2025. Photo provided by Aris Mining.

At the Toroparu project in Guyana, a prefeasibility study remains on schedule for completion in the second half of 2026, supporting a construction decision targeted for early 2027. Pre-construction activities are underway, including construction of the Puruni River bridge, camp expansion, and road improvements, and the project team has grown to 100 employees in the country. A preliminary economic assessment completed in October 2025 outlined average annual gold production of 235,000 ounces, an after-tax net present value of $1.8 billion USD at a 5% discount rate, and a 25% internal rate of return at an assumed gold price of $3,000 USD per ounce. The company continues engagement with the Government of Guyana and the Guyana Geology and Mines Commission to obtain the project’s mining license.

Aris Mining’s Segovia and Marmato operations together produced approximately 257,000 ounces of gold in 2025. The company’s expansion projects at the two mines are expected to lift annual production to approximately 500,000 ounces, and its broader portfolio, including Soto Norte and Toroparu, supports a longer-term objective of approximately 1 million ounces of annual gold production.

Headline image description: Second mill at the Segovia Operations. Photo from CNW Group/Aris Mining Corporation.