“We delivered a strong first half of 2026, with gold production up 31% from the same period in 2025, and we remain on track to deliver our 2026 production guidance of 300,000 to 350,000 ounces.” – Neil Woodyer, Chair and CEO, Aris Mining

Aris Mining Corporation (TSX/NYSE: ARIS), the Canadian gold producer whose core operations are the Segovia and Marmato underground mines in Colombia, reported on July 7 that consolidated gold production reached 148,000 ounces in the first half of 2026, a 31% increase over the same period a year earlier. The company sold 147,000 ounces over the six months, generating revenue of more than $680 million USD.

Second-quarter production totaled 73,700 ounces, up 26% from the second quarter of 2025. Aris sold 72,100 ounces during the quarter at an average realized price of approximately $4,445 USD per ounce, yielding gold revenue of roughly $320 million USD. The company reported a cash balance of more than $425 million USD as of June 30, 2026. The results follow the 36% year-over-year production increase Aris posted for the first quarter.

Meeting Production Goals and Outputs

Aris said it remains on track to meet its 2026 production guidance of 300,000 to 350,000 ounces and expects output to rise in the second half of the year, supported by the continuing ramp-up at Segovia and the near-term completion of a new carbon-in-pulp (CIP) plant at Marmato.

“We delivered a strong first half of 2026, with gold production up 31% from the same period in 2025, and we remain on track to deliver our 2026 production guidance of 300,000 to 350,000 ounces,” said Neil Woodyer, chair and chief executive officer. “We expect gold production to increase in the second half of the year, supported by the ongoing production ramp-up at Segovia and near-term completion of construction of the new Marmato CIP plant.”

Aris Mining reported an increase of 21% in its gold production compared to the same time period in 2025. Photo by Csaba Nagy from Pixabay.

Segovia, the larger of the two operations, produced 64,400 ounces in the second quarter and 131,000 ounces for the half, processing ore at an average grade of 10.23 grams per ton with recoveries of 95.7%. Output has climbed since the company completed installation of a second mill at Segovia in June 2025, expanding processing capacity.

Marmato produced 9,300 ounces in the quarter and 17,100 ounces for the half through its existing small-scale flotation plant, as increased underground mining capacity lifted output. Construction of the new CIP plant is advancing, with mill components being assembled and first gold on track for the fourth quarter of 2026, following the underground connection Aris completed at Marmato in April. Once ramped up, Segovia and Marmato are together expected to produce about 500,000 ounces of gold a year.

Longer-Term Objectives for Gold Production

The two mines produced roughly 257,000 ounces combined in 2025. Aris has said its portfolio supports a longer-term objective of about 1 million ounces of annual production, anchored by the high-grade Soto Norte project in Colombia and the Toroparu project in Guyana, where a prefeasibility study is underway and a construction decision is expected in early 2027. The company reported prefeasibility results for those projects in September 2025.

Aris described the second-quarter figures as preliminary and said full financial and operating results for the period are expected on or around July 29, 2026.

Headline Image: Second mill at the Segovia Operations (CNW Group/Aris Mining Corporation)

Aris Mining (TSX: ARIS; NYSE: ARIS) confirmed the completion of an underground infrastructure connection at its Marmato gold mine in Colombia. The development involved connecting a new surface decline to the existing underground mining workings.

This cross-cut connection serves as a technical step for the ongoing expansion project, which includes the construction of a 5,000 tons-per-day carbon-in-pulp (CIP) plant. The company stated that the infrastructure is currently on schedule to support the initiation of gold production in the fourth quarter of 2026.

Neil Woodyer, Chair and CEO of Aris Mining, stated: “The on-schedule connection of the new surface decline to the existing underground development is a major milestone for Marmato and an important step in delivering our expansion plans.”

The Marmato expansion is part of a broader strategy intended to increase the company’s annual gold production. Aris Mining aims to achieve a combined output of approximately 500,000 ounces per year from its Segovia and Marmato operations. The Segovia mine previously expanded its operational capacity following the installation of a second mill in June 2025.

The company maintains a long-term production objective of approximately 1 million ounces of gold annually. This target incorporates potential production from the Toroparu gold project in Guyana, where a prefeasibility study is currently underway. Aris Mining expects a construction decision regarding the Toroparu project in early 2027.

Regarding its portfolio in Colombia, the company is finalizing environmental studies for the Soto Norte gold project. Aris Mining plans to submit these documents for the licensing process during the second quarter of 2026.

Photo (© Loren Moss) illustrative only (Not marmato mine)

Vancouver-based Aris Mining Corporation (TSX: ARIS; NYSE: ARIS) reported preliminary first-quarter 2026 gold production of 74,300 ounces from its two underground mines in Colombia, representing a 6% increase over the fourth quarter of 2025 and a 36% increase compared to the same period a year earlier.

The company said it sold 74,800 ounces of gold during the quarter at an average realized price exceeding $4,860 USD per ounce, generating gold revenue of more than $360 million USD. That figure marks a 20% increase from Q4 2025 revenue of $301 million USD and more than double the $154 million USD reported in Q1 2025. The company reported a cash balance exceeding $470 million USD as of March 31, 2026, an increase of approximately $80 million USD from the end of the previous quarter.

“We expect Q1 2026 gold revenue to exceed $360 million, a significant increase from $154 million in Q1 2025 and $301 million in Q4 2025, driven by higher gold prices and increased ounces sold.” — Neil Woodyer, Chair and CEO, Aris Mining Corporation

The production gains were concentrated at Aris Mining’s Segovia operation in the department of Antioquia, which produced 66,600 ounces during the quarter, up from 63,100 ounces in Q4 2025 and 47,500 ounces in Q1 2025. The year-over-year increase of 40% at Segovia was driven primarily by a notable improvement in ore grade. The average gold grade processed rose to 12.41 grams per ton from 9.37 grams per ton a year earlier, a 32% increase, while the volume of ore processed increased 5% to 175,000 tons. Recovery rates held at 95.3%, compared to 96.1% in both the prior quarter and Q1 2025.

The higher grades offset a decline in throughput compared to Q4 2025, when the mine processed 201,000 tons at an average grade of 10.10 grams per ton. Aris Mining completed installation of a second mill at Segovia in June 2025, increasing processing capacity by 50% to 3,000 tons per day, and the company has indicated that the ramp-up at the operation is continuing.

At the Marmato mine in the department of Caldas, production totaled 7,800 ounces in Q1 2026, an increase from 6,700 ounces in Q4 2025 and 7,200 ounces in Q1 2025. Marmato processed 77,000 tons of ore at an average grade of 3.53 grams per ton during the quarter, compared to 75,000 tons at 3.12 grams per ton in Q4 2025. Recovery rates at Marmato declined slightly to 89.6% from 90.8% in the prior quarter.

Consolidated Production Summary

Growth Outlook

Neil Woodyer, the company’s chair and CEO, said production growth in 2026 is expected to be weighted toward the second half of the year. The company is building a new bulk mine and carbon-in-pulp (CIP) processing plant at Marmato, with first gold expected in Q4 2026. At steady state, the expanded Marmato operation is expected to produce approximately 200,000 ounces per year.

Together, the Segovia and Marmato expansions are expected to increase Aris Mining’s annual gold production to approximately 500,000 ounces. The two mines produced a combined 257,000 ounces in 2025.

Beyond its operating mines, Aris Mining is advancing the Soto Norte gold project in the department of Santander, Colombia, where environmental studies are being finalized for submission in Q2 2026 to initiate the licensing process. The company also holds the Toroparu gold project in Guyana, where a prefeasibility study is underway and a construction decision is expected in early 2027. These projects form part of Aris Mining’s longer-term objective of reaching approximately 1 million ounces of annual gold production, though that target includes estimates from a preliminary economic assessment for Toroparu that the company has cautioned are based on inferred mineral resources and are speculative in nature.

The company expects to report full Q1 2026 financial and operating results on or about May 6, 2026. The quarterly results contained in the April 7 announcement are preliminary and may differ from final figures.

Aris Mining is listed on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol ARIS. Company filings are available through SEDAR+ and the US Securities and Exchange Commission.

Neil Woodyer, CEO of Aris Mining, commented on the new plan: “The Soto Norte PFS outlines a project that balances scale, profitability, environmental stewardship, and community input. Our plan dedicates 750 tpd—more than 20% of total capacity—for material mined by local community groups, replacing informal mills that pollute waterways with safe, licensed processing. All mine water will be collected, treated, and safely returned, safeguarding the Bucaramanga and regional water supplies and improving water quality in the local community mining areas. The PFS results highlight Soto Norte’s ability to deliver significant long-term value for shareholders and our community and government partners, while adhering to the highest standards of safety, water protection, and environmental management. With the PFS complete, we are completing environmental studies and preparing to apply for an environmental license in early 2026. Soto Norte stands out as one of the most attractive gold projects in the Americas.”

The PFS, based on a gold price of $2,600 per ounce, presents a project with a 22-year initial mine life and a processing capacity of 3,500 tpd. The study excludes any economic contribution from the 750 tpd dedicated to local community miners.

Financial Metrics: The after-tax net present value (NPV) at a 5% discount rate is estimated at $2.7 billion, with an internal rate of return (IRR) of 35.4%. The payback period from the start of operations is projected to be 2.3 years.

Costs: Initial capital is estimated at $625 million, including pre-production costs, VAT, and contingency. The projected life-of-mine cash costs are $345 per ounce of gold, with all-in-sustaining costs (AISC) of $534 per ounce.

Production: The study estimates average annual gold production of 263,000 ounces (koz) during the first ten years, with a total of 4.3 million ounces (Moz) of gold produced in concentrates over the mine’s life. It also includes significant by-product credits from silver and copper.

Resources and Reserves: The project’s proven and probable mineral reserves are 20.3 million tons at a grade of 7.00 g/t gold, containing 4.6 Moz gold. Measured and indicated mineral resources stand at 39.0 million tonnes at 5.55 g/t gold, containing 7.0 Moz gold.

The project’s design focuses on environmental and social sustainability, particularly in the municipalities of California, Suratá, and Matanza in Santander, a department of Colombia. Key features include:

• Community Processing: A portion of the plant’s capacity will be reserved to process material from local miners, providing a regulated alternative that avoids the use of mercury.
• Water Management: The plan is designed to protect local watercourses by managing clean and contact water separately. A recycling system allows for 96.5% water reuse, and the facility will not use cyanide or mercury.
• Local Employment: Peak construction is expected to create approximately 2,300 jobs, with long-term operations sustaining about 675 direct employees.
• Infrastructure: A rope conveyor will transport ore to the plant, reducing truck traffic and environmental footprint.

A complete Technical Report compliant with National Instrument 43-101 has been filed on SEDAR+ and with the US Securities and Exchange Commission (SEC) on EDGAR.

Above photo: Commissioning of the second ball mill at Segovia. Photo credit: Aris Mining/X.

The second mill is integrated with the existing plant infrastructure, utilizing shared circuits for crushing, flotation, leaching, and tailings filtration. The project was completed on schedule and within budget, with commissioning activities finalized in June 2025.

According to Neil Woodyer, CEO of Aris Mining, the expanded capacity at Segovia is anticipated to contribute to increased gold production in the second half of 2025. The company’s full-year 2025 gold production is projected to be between 210,000 and 250,000 ounces, an increase from 187,583 ounces produced in 2024. Aris Mining targets an annual production of 300,000 ounces from Segovia in 2026, contingent on underground development and an increase in mill feed from contract mining partners.

Aris Mining, established in September 2022, operates two underground gold mines in Colombia: the Segovia operations and the Marmato Complex. In 2024, these operations collectively produced 210,955 ounces of gold. With current expansion efforts, including the Segovia mill expansion and the construction of the Bulk Mining Zone at the Marmato Complex, Aris Mining is targeting an annual production rate exceeding 500,000 ounces of gold. Production at the Marmato Complex’s Bulk Mining Zone is expected to begin ramping up in the second half of 2026.

Additionally, Aris Mining operates the 51% owned Soto Norte joint venture, where studies are underway for a new, smaller-scale development plan, with results anticipated in Q3 2025. In Guyana, Aris Mining owns the Toroparu gold/copper project, for which a new Preliminary Economic Assessment (PEA) has been commissioned, with results also expected in Q3 2025.

Aris Mining states its intention to pursue partnerships within Colombia’s small-scale mining sector to facilitate what it describes as safe, legal, and environmentally responsible operations. The company also indicates a strategy to pursue acquisitions and other growth opportunities.

Second mill at the Segovia Operations. Photo and video credit: CNW Group/Aris Mining Corporation.

The company reported an 8% increase in total gold production compared to the 50,767 ounces produced in Q1 2024. Aris Mining stated that this production reflects operational momentum as it enters 2025. The commissioning of the expanded Segovia processing facility remains on track for the second quarter of 2025, with the company anticipating additional production growth in subsequent quarters.

Aris Mining has set its full-year 2025 production guidance between 230,000 and 275,000 ounces of gold. This guidance includes an expected production range of 210,000 to 250,000 ounces from Segovia and 20,000 to 25,000 ounces from the Marmato Upper Mine. The company noted that the Q1 2025 production figures provided in the release are approximate and may differ from the final results to be included in its 2025 interim financial statements and Management’s Discussion and Analysis (MD&A), which are expected to be released in early May 2025 and filed on SEDAR+ in Canada and with the US Securities and Exchange Commission (SEC) via EDGAR.

Neil Woodyer, CEO of Aris Mining, commented on the company’s performance, stating, “Q1 production came in slightly ahead of our budget target, reflecting a solid operational start to the year. With the expanded Segovia processing facility set to be commissioned this quarter, we are well on track to deliver on our full-year production guidance of 230,000 to 275,000 oz.”

Segovia Operations – Q1 2025 Operating Information:

Marmato Upper Mine – Q1 2025 Operating Information:

Founded in September 2022, Aris Mining is a gold mining company focused on Latin America. The company’s strategy involves current gold production and cash flow generation, coupled with growth through expansions of its operating assets and exploration and development projects. Aris Mining operates two underground gold mines in Colombia: the Segovia Operations and the Marmato Upper Mine, which together produced 210,955 ounces of gold in 2024.

The company is currently undertaking expansions at its Segovia mill, which is expected to ramp up production in the second half of 2025, and the new Marmato Lower Mine, which is anticipated to ramp up production in the second half of 2026. These expansions aim to increase Aris Mining’s annual production rate to over 500,000 ounces of gold.

Additionally, Aris Mining holds a 51% interest in the Soto Norte joint venture in Colombia. Studies are underway for a smaller-scale development plan, with results expected in mid-2025. In Guyana, the company owns the Toroparu gold/copper project, diversifying its asset portfolio.

Aris Mining also stated its intent to pursue partnerships within Colombia’s small-scale mining sector and to consider acquisitions and other growth opportunities.

Photo credit: Aris Mining.

According to Aris Mining CEO Neil Woodyer, the note offering was well received by investors, allowing the company to increase the issuance size to $450 million, with a final rate of 8.00%, below the anticipated range of 8.25% to 8.50%. “This financing strategy not only covers our existing $300 million notes but also extends our debt maturity to October 31, 2029, aligning with ongoing expansions at both Segovia and Marmato,” Woodyer said.

The new financing is part of Aris Mining’s broader debt management strategy as it seeks to improve its capital structure amid favorable market conditions for emerging markets and the gold sector. Aris Mining seeks to continue its growth trajectory with major investments at its Segovia and Marmato mining projects,both in Colombia, aimed at bolstering production capacity.

Aris Mining’s CEO, Neil Woodyer, emphasized the importance of the company’s ESG initiatives, particularly its Contract Mining Partners (CMP) program. This program currently contributes over 40% of the company’s gold production and is central to its operations in Colombia. The CMP program aims to address the challenges posed by informal and illegal mining, which has been a longstanding issue in the country. To date, Aris Mining has facilitated the formalization of over 3,000 miners and plans to formalize an additional 500 to 1,000 miners in 2024. The company views this as a step towards promoting responsible mining practices that align with government policies and contribute to local economic development.

Key Highlights from the 2023 Sustainability Report:

• Management Oversight: A Management Sustainability Committee was established, reporting directly to the CEO and the Board’s Sustainability Committee. This structure aims to ensure transparency in decision-making related to the company’s sustainability efforts.
• ESG Standards: Aris Mining’s adherence to the SASB Standards and the Towards Sustainable Mining (TSM) protocols reflects its commitment to maintaining high ESG performance standards.
• United Nations Initiatives: In 2023, the company became a member of the United Nations Global Compact and endorsed the United Nations Women’s Empowerment Principles, leading to increased female representation within its workforce.
• Materiality Analysis: The company updated its materiality analysis in 2023 to include both the Marmato Mine and the Segovia Operations.
• Environmental Rehabilitation: Aris Mining established an $11 million trust fund dedicated to environmental rehabilitation at Marmato, including the construction of a water treatment plant to manage industrial wastewater.
• Social and Environmental Investments: The company invested $10.2 million in projects focused on education, socioeconomic development, infrastructure, environmental conservation, and gender equity, aligning with the United Nations’ Sustainable Development Goals.
• Safety Improvements: Following the implementation of the Vision Zer000 safety program in 2022, the company reported a 75% reduction in Lost Time Injuries.
• Educational Support: Aris Mining awarded 875 Colibri scholarships at a bilingual school in Segovia, La Salada. The school recently celebrated its first graduating class of over 50 students.

Aris Mining’s 2023 Sustainability Report is available for review on the company’s website under the Sustainability section.

For more information, visit Sustainability Reports – Aris Mining Corporation.

The Vancouver-based firm also highlighted its plans to expand some of its mining projects and partnerships within the country for the latter half of 2023 in an effort to increase its gold production.

Overall in the first half of the year, Aris Mining reported net earnings of around $2.9 million USD, adjusted earnings of $26 million USD, and an average sales price of $1,888 per ounce of gold.

The company’s Segovia operations, which accounted for the vast majority of its gold production with 94,395 ounces of gold in the first two quarters, saw a large portion of its output come from its partner-operating mining model, yielding over 41,663 ounces from this strategy in the six-month period.

Since its merger with GCM Mining in September 2022, the company has been focused on expanding its mining operations across the Andean country, including the use of more of this contractual “partner-operated” model in Segovia of working with “small-scale” “artisanal” miners in the area. 

“Our ‘for-profit’ partnerships with community-based groups introduce two distinct operating cost structures at the Segovia operations,” said Neil Woodyer, Aris Mining CEO, in the statement. “During H1 2023, the all-in sustaining costs from our owner-operated mining operations were $1,007 per ounce of gold. In contrast, the AISC from partner-operated mining operations was $1,236 per ounce of gold. It’s notable that our partner-operated cost structure primarily hinges on a percentage of the spot gold price.

“Anticipating an upswing in partner-operated mining activities for the latter half of 2023,” he continued, “we have developed projections based on an average gold price of $1,900 per ounce. As a result, we are revising our overall 2023 outlook for the Segovia Operations AISC to a range of between $1,125 and $1,175 per ounce of gold.”

The company is also planning to start construction on the Marmato Lower Mine by late 2023. The expansion is expected to allow the current Marmato Upper Mine to continue producing 20,000 to 30,000 ounces of gold per year.  The Upper Mine produced 10,511 ounces in the first half of 2023.

Meanwhile, much of the focus of the company’s expansion plans hinges on its Soto Norte project, which Woodyer said has its mine location  confirmed recently, moving the project closer towards completion. 

“Notably, this project has recently received confirmation of its location outside the Páramo de Santurbán, a protected area of the Andes mountains,” he said. “This affirmation comes after a favorable delimitation process completed in June 2023, involving local communities and government authorities in the four municipalities associated with the project.”

Overall, Aris Mining is expecting a consolidated gold production of 220,000 and 240,000 ounces from all of its mining operations by the end of 2023.

Photo: GCM / Aris Mining

Aris Mining currently operates the Segovia Operations and the Marmato Upper Mine in Colombia. These are its primary mines, and they operate underground looking for gold in the facilities. This year, they have reported a steady amount of gold production and sales in their Colombian mines as they continue to plan their expansion in the upcoming year.

The company recorded around 210,163 ounces of gold successfully mined in the Segovia Operations, while its Marmato Upper Mine is recorded to have produced around 25,216 ounces of gold. The quarterly production of the Segovia Operations remains within a steady frame, while the Marmato Upper Mine appeared to have dipped over 2,000 ounces in its last two quarters in comparison to the first two.

The company also touted its other successful ventures within the report, which includes the successful acquisition of the Soto Norte venture in Colombia, as well as its merger with GCM Mining.

The Soto Norte venture is being seen as a potential moneymaker for the company, due to its high-mineral reserves and low operating costs, and capital overhead. Aris Mining CEO Neil Woodyer (above photo) even said at the time of acquisition that they believe they can produce over 450,000 ounces of gold from the new site, Mining Digital reported.

The company is currently waiting for environmental licensing on the site, hoping to start a new gold, silver, and copper mine in the area soon.

Woodyer says that they are planning to expand the Marmato location with its continued construction of the Marmato Lower Mine, and that they are planning on spending $19 million on expanding the lifetime of the mines as well as increasing mineral reserves.

The outlook on Aris Mining appears to be positive coming into 2023, as Fitch Rating continues to give the company a B+ credit rating. In its last credit check in July, Fitch affirmed that the future business outlook of the company appears to be “stable” and positive.

Photo: Twitter @ArisMining