Form: 6-K

Report of foreign issuer [Rules 13a-16 and 15d-16]

Documents

Exhibit 99.1

 

Aris Mining Reports Q3 2025 RESULTS

Segovia Ramp-Up Driving Profitable Growth:
Record Revenue, Cash Flow, and Adjusted Earnings

Vancouver, Canada, October 29, 2025 – Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS; NYSE-A: ARMN) announces its financial and operating results for the three and nine months ended September 30, 2025 (Q3 2025 and 9M 2025). All amounts are in U.S. dollars unless otherwise indicated.

Q3 2025 Financial Performance

·Revenue of $253.5 million, up 27% from Q2 2025 and 93% from Q3 2024, driven by higher gold prices and increased sales volumes.
·Adjusted EBITDA1 of $131.1 million, up 33% from Q2 2025 and triple Q3 2024. On a trailing 12-month basis, Adjusted EBITDA1 has reached $352.0 million.
·Adjusted net earnings1 of $71.8 million or $0.36/share, up from $0.27/share in Q2 2025 and $0.08/share in Q3 2024.
·Cash balance increased to $417.9 million as of September 30, 2025, up from $310.2 million at June 30, 2025. This increase primarily reflects:
o$90.8 million of cash flow after sustaining capital and income taxes;
o$60.5 million of proceeds from the exercise of ARIS.WT.A warrants (July 2025 expiry); and
o$13.2 million of proceeds from the sale of the Juby Gold Project; partially offset by
o$48.1 million invested in growth capital.
·Net debt reduced to $64 million, down from $241 million at year-end 2024.

Neil Woodyer, CEO, commented “The production ramp-up at Segovia is progressing well, leading to record financial results and a cash balance of $418 million. This year, we have also delivered two major technical studies – the Soto Norte Prefeasibility Study and the Toroparu Preliminary Economic Assessment. These projects reinforce the strength of our growth pipeline beyond Segovia and Marmato, where construction of the Bulk Mining Zone remains on schedule for first gold in the second half of 2026. With record revenue, cash flow, and earnings in Q3, Aris Mining is financially strong and strategically positioned for continued growth into 2026 and beyond.”

  Q3 2025 Q2 2025 Q1 2025 Q3 2024
Gold production ounces (oz), total 73,236 58,652 54,763 53,608
Gold sold (oz), total 73,001 61,024 54,281 53,769
Segovia – AISC, Owner Mining ($/oz sold) $1,452 $1,520 $1,482 $1,451
Segovia – CMP AISC Sales Margin* 44% 42% 41% 34%
EBITDA $96.5M $31.6M $39.7M $27.8M
Adjusted EBITDA1 $131.1M $98.7M $66.6M $43.0M
Adjusted EBITDA1, last 12 months $352.0M $264.0M $201.3M $145.7M

 

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  Q3 2025 Q2 2025 Q1 2025 Q3 2024
Net earnings (loss)2 $42.0M3 or
$0.21/share
$(16.9)M3 or
$(0.09)/share
$2.4M or
$0.01/share
$(2.1)M or
$(0.01)/share
Adjusted earnings1 $71.8M or
$0.36/share
$47.8M or
$0.27/share
$27.2M or
$0.16/share
$13.1M or
$0.08/share
Adjusted earnings1, last 12 months $171.5M or
$0.95/share
$112.7M or
$0.65/share
$77.7M or
$0.46/share
$41.5M or
$0.28/share

Q3 2025 Operational Performance

·Gold production totaled 73,236 oz, a 25% increase from 58,652 oz in Q2 2025. Production has progressively increased following the June 2025 commissioning of the second mill at Segovia on time and within budget.
·Marmato Narrow Vein Zone produced 7,687 oz, an 8% increase over Q2 2025 and 26% higher than Q3 2024, supported by stable throughput and higher average gold grades.
·Segovia Operations produced 65,549 oz, supported by gold grades of 9.9 g/t, gold recoveries of 96.1%, and a 31% increase in tonnes milled compared to Q2 2025.
oAISC margin increased to $121.5 million, up 39% from Q2 2025. On a trailing 12-month basis, AISC margin has reached $327.9 million.
oOwner-operated Mining AISC was $1,452/oz compared to $1,520/oz in Q2 2025, bringing the 9M 2025 average to $1,482/oz, tracking toward the lower end of the full year 2025 guidance range of $1,450/oz to $1,600/oz.
oContract Mining Partner (CMP) sourced gold delivered an AISC sales margin of 44%, contributing to a 43% margin for 9M 2025, which is above the full-year 2025 guidance range of 35% to 40%.
oTotal AISC of $1,641/oz compared to $1,681/oz in Q2 2025, reflecting per ounce cost improvements primarily due to increased gold sales volumes.

Figure 1: Strong AISC Margin Growth ($ million) – Segovia

 

 

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Figure 2: Total AISC and Realized Gold Price Trends ($/oz) – Segovia

 

 

 

Total Segovia Operating Information Q3 2025 Q2 2025 Q3 2024  
Average realized gold price ($/oz sold) $3,494 $3,303 $2,457  
Tonnes milled (t) 219,550 167,960 166,868  
Average tonnes milled per day (tpd) 2,553 1,976 1,940  
Average gold grade processed (g/t) 9.87 9.85 9.23  
Gold produced (oz) 65,549 51,527 47,493  
Gold sold (oz) 65,580 53,751 48,059  
AISC margin ($M) 121.5 87.2 44.1  
Segovia Operating Information by Segment Q3 2025 Q2 2025 Q3 2024  
Owner Mining        
Gold sold (oz) 40,984  32,685 22,952  
Cash costs – ($/oz sold) $999     $1,047 $1,081  
AISC – ($/oz sold) $1,452  $1,520 $1,451  
AISC margin ($M) 83.1 57.8 23.1  
         
CMPs        
Gold sold (oz) 24,596         21,066 25,107  
Cash costs – ($/oz sold) $1,653   $1,622 $1,417  
AISC – ($/oz sold) $1,955      $1,931 $1,622  
AISC sales margin (%) 44% 42% 34%  
AISC margin ($M) 38.4    29.4 21.0  
                   
* Aris Mining operates its own mines and contracts with community-based mining partners, referred to as Contract Mining Partners (CMPs), to increase total gold production. Some partners work within Aris Mining’s infrastructure, while others manage their own mining operations on Aris Mining’s titles using their own infrastructure. In addition, Aris Mining purchases high grade mill feed from third-party contractors operating off-title, which further optimizes production and increases operating margins.

 

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Corporate and Project Development Highlights

·Strong cash generation funding growth:
oOperations generated $90.8 million in cash flow after sustaining capital and income taxes in Q3 2025, fully funding all growth and expansion initiatives. After expansion capital, Aris Mining generated $42.6 million in net cash flow. See the Quarterly cash-flow summary in the following sections for additional cash flow analysis.
·Marmato Bulk Mining Zone construction advancing:
oDevelopment of the main access decline has advanced 580 metres of the planned 1.7 kilometres. Current development rates average 72 metres per month and are expected to increase to approximately 150 metres per month once beyond the fault zone, with completion of the full decline length targeted for August 2026.
oThe Los Indios crosscut is advancing toward its connection with the main decline, now approximately 320 metres away. This horizontal development will provide an additional access and ventilation pathway, enable ore and waste haulage between existing workings and new infrastructure. Importantly, completion of the crosscut will enhance operational flexibility and de-risk the project’s ramp-up phase by allowing multiple access points for early development and production sequencing.
oSurface construction activities continue to advance safely, with over 2.06 million workhours completed to date. Bulk earthworks for the process plant platform have reached 95% completion (294,000 m³ moved), and the retaining wall is over 75% complete. Final shaping of the carbon-in-pulp (CIP) plant platforms is expected during the first week of November 2025.
oMajor equipment, including the primary crusher, SAG mill, ball mill, and filter press, has arrived in Cartagena. Approximately 95% of long-lead items have been ordered. The contract for the main civil, mechanical, and electrical works is in place, with the contractor mobilized and construction activities commenced in October.
oPreparations for the new powerline continue to advance. Land acquisition is complete, and the environmental impact study has been submitted for approval, enabling construction to commence in March 2026 following permit issuance. To ensure continuity of commissioning and early operations, back-up generators are included in the site power plan to mitigate any potential delays in the grid power connection.
oDuring Q2 and Q3 2025, we invested $20.1 million and $23.9 million, respectively, toward the construction budget.
oAt the end of Q3, the estimate to complete the project was $250 million, reflecting approximately $40 million of progress made over the six-month period since the prior estimate of $290 million at the end of Q1, which had incorporated the scope increase from 4,000 to 5,000 tpd.
oNet of the remaining $82 million of stream financing payments to be received from Wheaton Precious Metals, the construction funding requirement is approximately $168 million.
oThe project remains on schedule, with first gold in H2 2026, followed by a production ramp-up period to steady-state operations

 

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·Soto Norte Project (51% owned, Colombia):
oPrefeasibility Study (PFS) (https://aris-mining.com/news/aris-mining-announces-positive-prefeasibility-stud-10966/) completed in September 2025, demonstrating robust economics with, on a 100% basis, after-tax NPV5% of $2.7 billion, IRR of 35%, and 2.3-year payback at $2,600/oz gold.

 

oStrong leverage to higher gold prices, at $3,000/oz the NPV5% increases to $3.3 billion with IRR of 40.0%.
oThe PFS highlights industry-leading environmental design features and integration of local community miners – 750 tpd (over 20% of 3,500 tpd capacity) has been dedicated to local contract mining partners.
oAris Mining is advancing the required studies to apply for an environmental license in H1 2026 for the development of Soto Norte.
·Toroparu Project (100% owned, Guyana):
oPreliminary Economic Assessment (PEA) (https://aris-mining.com/news/aris-mining-announces-positive-pea-results-for-the-11614/) completed in October 2025, outlining another robust project with after-tax NPV5% of $1.8 billion, IRR of 25.2%, and 3.0-year payback at $3,000/oz gold.
oAris Mining has initiated a PFS, targeted for completion in 2026, to advance Toroparu toward construction.
·Juby Gold Project Sale:
oClosed in September 2025 for a total consideration of $22 million, streamlining our portfolio to focus on our core operations and projects in South America.

 

Endnotes

 

1 All references to adjusted earnings, EBITDA, adjusted EBITDA, growth capital investment, cash flow after sustaining capital and income taxes, cash costs and AISC are non-GAAP financial measures in this document. These measures are intended to provide additional information to investors. They do not have any standardized meanings under IFRS, and therefore may not be comparable to other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Refer to the Non-GAAP Measures section in this document for a reconciliation of these measures to the most directly comparable financial measure disclosed in the Company’s financial statements.

 

2   Net earnings represents net earnings attributable to owners of the company, as presented in the annual and interim financial statements for the relevant period.

 

3  A $45.5 million non-cash loss was recognized in Q2 2025 from fair value adjustments to the Company's warrant liability, valued at $40.8 million as of June 30, 2025. The fair value of the liability is directly correlated to the Company's share price, which increased by 38% during Q2 2025 (year-to-date: 82% increase). In July 2025, the Company received an additional $60.5 million in cash proceeds from exercises of these warrants. With these exercises and the July 29, 2025 expiry of the remaining outstanding warrants, the liability has been fully extinguished, removing a source of non-cash earnings volatility from future results.

 

 

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Q3 2025 Conference Call Details

Management will host a conference call on Thursday, October 30, 2025, at 9:00 a.m. New York / 6:00 a.m. Vancouver / 2:00 p.m. London / 3:00 p.m. Paris to discuss the results.

Participants may gain expedited access to the conference call by registering at Diamond Pass Registration (https://dpregister.com/DiamondPassRegistration/register?confirmationNumber=10202969&linkSecurityString=ffea2c7c50) . Once registered, call-in details will be displayed on screen which can be used to bypass the operator and avoid the call queue. Registration will remain open until the end of the live conference call.

Webcast

·Link: Webcast | Q3 2025 Conference Call (https://event.choruscall.com/mediaframe/webcast.html?webcastid=AEpmA2Ft)

Conference Call

·         Toll-free North America: +1-833-821-0197

·         International: +1-647-846-2328

Audio Recording

·         After the call, an audio recording will be available via telephone until end of day November 5, 2025

·         Toll-free in the US and Canada: +1-855-669-9658

·         International: +1-412-317-0088; and using the access code: 2585542

A replay of the event will be archived at Events & Presentations - Aris Mining Corporation (https://aris-mining.com/investors/events-presentations/).

Aris Mining's Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2025 and 2024 and related MD&A are available on SEDAR+, in the Company’s filings with the U.S. Securities and Exchange Commission (the SEC) and in the Financials section of Aris Mining's website here. Hard copies of the financial statements are available free of charge upon written request to info@aris-mining.com.

About Aris Mining

Founded in September 2022, Aris Mining was established with a vision to build a leading South America-focused gold mining company. Our strategy blends current production and cashflow generation with transformational growth driven by expansions of our operating assets, exploration and development projects. Aris Mining intends to unlock value through scale and diversification. The Company is listed on the TSX (ARIS) and the NYSE-A (ARMN) and is led by an experienced team with a track record of value creation, operational excellence, financial discipline and good corporate governance in the gold mining industry.

Aris Mining operates two underground gold mines in Colombia: the Segovia Operations and the Marmato Complex, which together produced 210,955 ounces of gold in 2024. With expansions underway, Aris Mining is targeting an annual production rate of more than 500,000 ounces of gold, following the commissioning of the second mill at Segovia, completed in June and ramping up during H2 2025, and the construction of the Bulk Mining Zone at the Marmato Complex, expected to start ramping up production in H2 2026. In addition, Aris Mining operates the 51% owned Soto Norte joint venture, where a PFS study is complete on a new, smaller scale development plan which confirms Soto Norte as a high-quality, long-life project with robust economics and industry-leading environmental and social design features. In Guyana, Aris Mining owns the Toroparu gold/copper project, where a new Preliminary Economic Assessment (PEA) is complete and a Prefeasibility Study is underway.

Colombia is rich in high-grade gold deposits and Aris Mining is actively pursuing partnerships with the Country’s dynamic small-scale mining sector. With these partnerships, we enable safe, legal, and environmentally responsible operations that benefit both local communities and the industry.

 

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Additional information on Aris Mining can be found at www.aris-mining.com, www.sedarplus.ca, and on www.sec.gov.

Aris Mining Contact

Oliver Dachsel

Senior Vice President, Capital Markets

+1.917.847.0063

Lillian Chow

Director, Investor Relations & Communications

info@aris-mining.com

 

Cautionary Language

Non-GAAP Measures

EBITDA, adjusted EBITDA, adjusted earnings, cash cost, growth and expansion expenditures, cash flow after sustaining capital and income tax and AISC are non-GAAP financial measures. These financial measures do not have any standardized meaning prescribed under IFRS or by Generally Accepted Accounting Principles (GAAP) in the United States, and therefore may not be comparable to other issuers. For full details on these measures refer to the “Non-GAAP Financial Measures” sections of the Company’s Management’s Discussion and Analysis for the three and six months ended June 30, 2025 and 2024 and years ended December 31, 2024 and 2023 (MD&As). The MD&As are incorporated by reference into this news release and are available at www.aris-mining.com, on the Company’s profile on SEDAR+ at www.sedarplus.ca and in its filings with the SEC at www.sec.gov.

The tables below reconcile the non-GAAP financial measures contained in this news release for the current and comparative periods to the most directly comparable financial measure disclosed in the Company's interim financial statements for the three and six months ended June 30, 2025 and 2024; the three months ended March 31, 2025 and 2024, and Company’s annual financial statements for the three months and years ended December 31, 2024 and 2023.

 

 

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Quarterly cash-flow summary1

       
($000's)   Q3 2025    Q2 2025    Q1 2025 
Gold revenue2   253,456    200,231    154,142 
                
Total cash cost   (98,946)   (83,166)   (72,730)
Royalties2   (10,087)   (7,583)   (6,359)
Social contributions2   (8,224)   (5,562)   (4,334)
Sustaining capital   (12,210)   (12,710)   (7,069)
All in sustaining cost (AISC)   (129,467)   (109,021)   (90,492)
                
AISC margin   123,989    91,210    63,650 
                
Taxes paid2   (13,228)   (42,244)   (5,121)
General and administration expense2   (5,130)   (5,187)   (4,106)
Decrease (increase) in VAT receivable   (16,023)   30,813    (11,761)
Other changes in working capital   (289)   (1,718)   (11,685)
Impact of foreign exchange losses on cash balances2   1,450    925    768 
After-tax adjusted sustaining margin   90,769    73,799    31,745 
                
Expansion and growth capital expenditure               
Segovia Operations   (9,618)   (6,930)   (6,368)
Marmato Bulk Mining Zone   (31,369)   (23,628)   (29,661)
Toroparu Project   (3,270)   (2,741)   (2,411)
Soto Norte Project & other   (3,879)   (3,446)   (4,570)
Total expansion and growth capital   (48,136)   (36,745)   (43,010)
                
Financing and other costs               
Proceeds from warrant and option exercises 2   59,805    57,670    5,197 
Proceeds from disposition of Juby Project   13,065    —      —   
Principal repayment of Gold Notes 2   (4,064)   (4,063)   (3,941)
Capitalized interest paid2   (6,159)   (5,802)   (5,031)
Interest (paid)2   —      (18,000)   —   
Finance income2   2,437    3,474    2,336 
Total financing and other costs   65,084    33,279    (1,439)
Net change in cash2   107,717    70,333    (12,704)
Opening cash balance at beginning of period2   310,164    239,831    252,535 
Closing cash balance at end of period2   417,881    310,164    239,831 
                
1.This Quarterly Cash Flow Summary is comprised of certain non-GAAP financial measures. Refer to the Non-GAAP Financial Measures section of this news release for further information.
2.As presented in the Financial Statements and notes for the respective periods.

 

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Segovia AISC Margin

($000s except per ounce, and ounce amounts)  Q3 2025  Q2 2025  Q1 2025  Q4 2024  Q3 2024  Q2 2024
Gold produced (ounces)   65,549    51,527    47,549    51,477    47,493    43,705 
Gold sold (ounces)   65,580    53,751    47,390    50,409    48,059    43,366 
Financial Information                              
Gold revenue ($'000s)   229,116    177,551    135,310    133,159    118,075    100,302 
Average realized gold price ($/ounce sold)   3,494    3,303    2,855    2,642    2,457    2,313 
                               
Owner Mining costs   26,012    23,228    19,291    18,845    15,780    17,187 
CMP material purchases   37,268    29,157    26,656    29,461    31,373    28,867 
Processing costs   9,357    7,412    7,430    6,879    6,985    6,536 
Administration and security costs   12,011    10,422    10,124    11,656    7,796    8,120 
Change in finished goods and stockpile inventory   1,069    961    (929)   (4,070)   1,130    (1,306)
By-product and concentrate revenue   (4,116)   (2,798)   (3,073)   (2,308)   (2,665)   (2,862)
Total cash costs   81,601    68,382    59,499    60,463    60,399    56,342 
Cash cost per ounce sold  $1,244   $1,272   $1,256   $1,199   $1,257   $1,299 
                            
Royalties   7,532    5,539    4,519    4,342    3,506    3,078 
Social contributions   7,787    5,177    4,061    4,063    4,294    2,120 
Sustaining capital   10,334    10,861    5,856    5,426    5,423    6,224 
Sustaining lease payments   352    423    480    567    389    364 
All-in sustaining costs   107,606    90,382    74,415    74,861    74,011    68,128 
All-in sustaining cost per ounce sold (Combined)  $1,641   $1,681   $1,570   $1,485   $1,540   $1,571 
                              
AISC Margin   121,510    87,169    60,895    58,298    44,064    32,174 

 

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Cash costs per ounce

Reconciliation of total cash costs by business unit at Segovia and Marmato to the cash costs as disclosed above.

   Three months ended Sept 30, 2025  Three months ended June 30, 2025
($000s except per ounce amounts)  Segovia  Marmato  Total  Segovia  Marmato  Total
Total gold sold (ounces)   65,580    7,421    73,001    53,751    7,273    61,024 
Cost of sales1   93,249    20,443    113,692    76,719    17,255    93,974 
Less: royalties1   (7,532)   (2,555)   (10,087)   (5,539)   (2,044)   (7,583)
Add: by-product revenue1   (4,116)   (543)   (4,659)   (2,798)   (427)   (3,225)
Total cash costs   81,601    17,345    98,946    68,382    14,784    83,166 
Total cash costs ($ per oz gold sold)   1,244              1,272           
Total cash costs including royalties   89,133              73,921           
Total cash costs including royalties ($ per oz gold sold)   1,359              1,375           
                               
    Three months ended March 31, 2025   Three months ended Sept 30, 2024
($000s except per ounce amounts)   Segovia          Marmato    Total    Segovia    Marmato    Total 
Total gold sold (ounces)   47,390    6,891    54,281    48,059    5,710    53,769 
Cost of sales1   67,091    15,384    82,475    66,570    16,673    83,243 
Less: royalties1   (4,519)   (1,840)   (6,359)   (3,506)   (1,343)   (4,849)
Add: by-product revenue1   (3,073)   (313)   (3,386)   (2,665)   (613)   (3,278)
Total cash costs   59,499    13,231    72,730    60,399    14,717    75,116 
Total cash costs ($ per oz gold sold)   1,256              1,257           
Total cash costs including royalties   64,018              63,905           
Total cash costs including royalties ($ per oz gold sold)   1,351              1,330           
1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.
                               

 

 

 

 

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Cash costs per ounce – Business Units (Segovia)

   Three months ended Sept 30, 2025  Three months ended June 30, 2025
($000s except per ounce amounts)  Owner  CMPs  Total  Owner  CMPs  Total
Total gold sold (ounces)   40,984    24,596    65,580    32,685    21,066    53,751 
Cost of sales1   48,502    44,747    93,249    39,532    37,187    76,719 
Less: royalties1   (5,000)   (2,532)   (7,532)   (3,605)   (1,934)   (5,539)
Add: by-product revenue1   (2,566)   (1,550)   (4,116)   (1,714)   (1,084)   (2,798)
Total cash costs   40,936    40,665    81,601    34,213    34,169    68,382 
Total cash costs ($ per oz gold sold)   999    1,653    1,244    1,047    1,622    1,272 
                               
    Three months ended March 31, 2025    Three months ended Sept 30, 2024
($000s except per ounce amounts)   Owner    CMPs    Total    Owner    CMPs    Total 
Total gold sold (ounces)   26,963    20,427    47,390    22,952    25,107    48,059 
Cost of sales1   34,799    32,292    67,091    28,819    37,751    66,570 
Less: royalties1   (2,783)   (1,736)   (4,519)   (1,999)   (1,507)   (3,506)
Add: by-product revenue1   (1,748)   (1,325)   (3,073)   (2,000)   (665)   (2,665)
Total cash costs   30,268    29,231    59,499    24,820    35,579    60,399 
Total cash costs ($ per oz gold sold)   1,123    1,431    1,256    1,081    1,417    1,257 

1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.

 

 

 

 

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All-in sustaining costs (AISC)

Reconciliation of total AISC by business unit at Segovia and Marmato to the AISC as disclosed above.

   Three months ended Sept 30, 2025  Three months ended June 30, 2025
($000s except per ounce amounts)  Segovia  Marmato  Total  Segovia  Marmato  Total
Total gold sold (ounces)   65,580    7,421    73,001    53,751    7,273    61,024 
Total cash costs   81,601    17,345    98,946    68,382    14,784    83,166 
Add: royalties1   7,532    2,555    10,087    5,539    2,044    7,583 
Add: social programs1   7,787    437    8,224    5,177    385    5,562 
Add: sustaining capital expenditures   10,334    1,524    11,858    10,861    1,426    12,287 
Add: lease payments on sustaining capital   352    —      352    423    —      423 
Total AISC   107,606    21,861    129,467    90,382    18,639    109,021 
Total AISC ($ per oz gold sold)   1,641              1,681           
                               
    Three months ended Mar 31, 2025  Three months ended Sept 30, 2024
($000s except per ounce amounts)   Segovia    Marmato    Total    Segovia    Marmato    Total 
Total gold sold (ounces)   47,390    6,891    54,281    48,059    5,710    53,769 
Total cash costs   59,499    13,231    72,730    60,399    14,717    75,116 
Add: royalties1   4,519    1,840    6,359    3,506    1,343    4,849 
Add: social programs1   4,061    273    4,334    4,294    185    4,479 
Add: sustaining capital expenditures   5,856    733    6,589    5,423    938    6,361 
Add: lease payments on sustaining capital   480    —      480    389    —      389 
Total AISC   74,415    16,077    90,492    74,011    17,183    91,194 
Total AISC ($ per oz gold sold)   1,570              1,540           
                               
                               

1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.

 

 

 

 

 

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All-in sustaining costs (AISC) – Segovia by Business Unit

   Three months ended Sept 30, 2025  Three months ended Jun 30, 2025
($000s except per ounce amounts)  Owner  CMPs  Total  Owner  CMPs  Total
Total gold sold (ounces)   40,984    24,596    65,580    32,685    21,066    53,751 
Total cash costs   40,936    40,665    81,601    34,213    34,169    68,382 
Add: royalties1   5,000    2,532    7,532    3,605    1,934    5,539 
Add: social programs1   5,155    2,632    7,787    3,366    1,811    5,177 
Add: sustaining capital expenditures   8,078    2,256    10,334    8,088    2,773    10,861 
Add: lease payments on sustaining capital   352    —      352    423    —      423 
Total AISC   59,521    48,085    107,606    49,695    40,687    90,382 
Total AISC ($ per oz gold sold)   1,452    1,955    1,641    1,520    1,931    1,681 
                               
    Three months ended Mar 31, 2025   Three months ended Dec 31, 2024
($000s except per ounce amounts)   Owner    CMPs    Owner    Owner    CMPs    Total 
Total gold sold (ounces)   26,963    20,427    47,390    28,149    22,260    50,409 
Total cash costs   30,268    29,231    59,499    29,320    31,143    60,463 
Add: royalties1   2,783    1,736    4,519    2,754    1,588    4,342 
Add: social programs1   2,501    1,560    4,061    2,558    1,505    4,063 
Add: sustaining capital expenditures   3,917    1,939    5,856    3,819    1,607    5,426 
Add: lease payments on sustaining capital   480    —      480    567    —      567 
Total AISC   39,949    34,466    74,415    39,018    35,843    74,861 
Total AISC ($ per oz gold sold)   1,482    1,687    1,570    1,386    1,610    1,485 
                               

 

   Three months ended September 30, 2024  Three months ended June 30, 2024
($000s except per ounce amounts)  Owner  CMPs  Owner  Owner  CMPs  Total
Total gold sold (ounces)   22,952    25,107    48,059    20,183    23,183    43,366 
Total cash costs   24,820    35,579    60,399    24,660    31,682    56,342 
Add: royalties1   1,999    1,507    3,506    1,720    1,358    3,078 
Add: social programs1   2,449    1,845    4,294    1,185    935    2,120 
Add: sustaining capital expenditures   3,640    1,783    5,423    4,677    1,547    6,224 
Add: lease payments on sustaining capital   389    —      389    364    —      364 
Total AISC   33,297    40,714    74,011    32,606    35,522    68,128 
Total AISC ($ per oz gold sold)   1,451    1,622    1,540    1,616    1,532    1,571 

 

 

1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.

 

 

 

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Additions to mineral interests, plant and equipment

($’000)  Sep 30, 2025    Jun 30, 2025    Mar 31, 2025    Sep 30, 2024  
Sustaining capital                    
Segovia Operations   10,334    10,861    5,856    5,423 
Marmato Narrow Vein Zone   1,524    1,426    733    938 
Total Sustaining Capital   11,858    12,287    6,589    6,361 
Non-sustaining capital                    
Marmato Bulk Mining Zone   31,369    23,628    29,661    18,135 
Segovia Operations   9,618    6,930    6,368    16,962 
Soto Norte Project and Other   3,879    3,446    4,570    5,034 
Marmato Narrow Vein Zone   —      —      —      2,965 
Toroparu Project   3,270    2,741    2,411    1,970 
Total (Growth Capital Investment)   48,136    36,745    43,010    45,066 
Additions to mining interest, plant and equipment1   59,994    49,032    49,599    51,427 


1 As presented in the Annual and Interim Financial Statements and notes for the respective periods.

 

Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA

    
($000s)   Sep 30, 2025    Jun 30, 2025    Mar 31, 2025    Dec 31, 2024 
Earnings (loss) before tax1   76,094    12,258    21,220    37,513 
Add back:                    
   Depreciation and depletion1   13,459    11,929    10,734    9,530 
   Finance income1   (2,437)   (3,474)   (2,336)   (1,606)
   Interest and accretion1   9,390    10,833    10,037    21,165 
EBITDA   96,506    31,546    39,655    66,602 
Add back:                    
   Share-based compensation1   9,497    8,136    3,784    (483)
   (Income) loss from equity accounting in investee1   —      —      14    14 
   (Gain) loss on financial instruments1   6,385    50,737    16,628    (6,561)
    Loss on disposal of mining interest and PPE1   3,200    —      —      —   
Other (income) expense1   1,961    1,090    535    1,116 
   Foreign exchange (gain) loss1   13,520    7,224    5,997    (5,113)
Adjusted EBITDA   131,069    98,733    66,613    55,575 

1 As presented in the Annual and Interim Financial Statements and notes for the respective periods.

 

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Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA

    
($000s)   Sep 30, 2024    Jun 30, 2024    Mar 31, 2024    Dec 31, 2023 
Earnings (loss) before tax1   13,603    17,904    10,310    7,963 
Add back:                    
   Depreciation and depletion1   9,019    8,082    7,519    7,535 
   Finance income1   (1,351)   (1,691)   (2,246)   (2,580)
   Interest and accretion1   6,493    6,496    6,803    6,772 
EBITDA   27,764    30,791    22,386    19,690 
Add back:                    
   Share-based compensation1   2,533    1,373    1,842    2,977 
   Revaluation of investments (Denarius/Aris)   —      —      —      536 
   (Income) loss from equity accounting in investee1   17    2,301    551    (3,667)
   (Gain) loss on financial instruments1   12,842    6,144    3,742    13,429 
Other (income) expense1   (428)   2,681    —      (1,442)
   Foreign exchange (gain) loss1   311    (7,211)   (108)   6,685 
Adjusted EBITDA   43,039    36,079    28,413    38,208 

1 As presented in the Annual and Interim Financial Statements and notes for the respective periods.

Adjusted net earnings and adjusted net earnings per share

       
($000s except shares amount)  Sep 30, 2025  Jun 30, 2025  Mar 31, 2025  Dec 31, 2024
Basic weighted average shares outstanding   199,171,052    179,836,208    171,622,649    170,900,890 
Net earnings (loss)1   42,011    (16,897)   2,368    21,687 
Add back:                    
   Share-based compensation1   9,497    8,136    3,784    (483)
   (Income) loss from equity accounting in investee1   —      —      14    14 
   (Gain) loss on financial instruments1   6,385    50,737    16,628    (6,561)
   Loss on disposal of mining interest and PPE1   3,200    —      —      —   
Other (income) expense1   1,961    1,090    535    1,116 
Loss on extinguishment of Senior Notes   —      —      —      11,463 
   Foreign exchange (gain) loss1   13,520    7,224    5,997    (5,113)
Income tax effect on adjustments   (4,732)   (2,528)   (2,099)   2,536 
Adjusted net (loss) / earnings   71,842    47,762    27,227    24,659 
Per share – basic ($/share)   0.36    0.27    0.16    0.14 

1 As presented in the Annual and Interim Financial Statements and notes for the respective periods.

 

 

 

 

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Adjusted net earnings and adjusted net earnings per share

($000s except shares amount)  Sep 30, 2024    Jun 30, 2024    Mar 31, 2024    Dec 31, 2023  
Basic weighted average shares outstanding   169,873,924    151,474,859    138,381,653    137,313,095 
Net earnings (loss)1   (2,074)   5,713    (744)   (5,944)
Add back:                    
   Share-based compensation1   2,533    1,373    1,842    2,977 
   Revaluation of investments (Denarius/Aris)   —      —      —      536 
   (Income) loss from equity accounting in investee1   17    2,301    551    (3,667)
   (Gain) loss on financial instruments1   12,842    6,144    3,742    13,429 
Other (income) expense1   (428)   2,681    —      (1,442)
Loss on extinguishment of Senior Notes   —      —      —      —   
   Foreign exchange (gain) loss1   311    (7,211)   (108)   6,685 
Income tax effect on adjustments   (109)   1,738    78    (2,221)
Adjusted net (loss) / earnings   13,092    12,739    5,361    10,353 
Per share – basic ($/share)   0.08    0.08    0.04    0.08 

1 As presented in the Annual and Interim Financial Statements and notes for the respective periods.

Qualified Person and Technical Information

Pamela De Mark, P.Geo., Senior Vice President Geology and Exploration of Aris Mining, is a Qualified Person as defined by National Instrument 43-101 (NI 43-101), and has reviewed and approved the technical information contained in this news release.

Forward-Looking Information

This news release contains "forward-looking information" or forward-looking statements" within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, including, without limitation, statements relating to the Company’s ability to deliver on its 2025 objectives, the expected benefit from the Segovia expansion, the completion timeline and expected benefit from the Marmato Bulk Mining Zone construction, the expected completion date of the new pre-feasibility study for the Soto Norte Project, the completion date of the new preliminary economic assessment for the Toroparu Project and statements included in the “About Aris Mining” section of this news release relating to the Segovia Operations, Marmato Complex, Soto Norte Project and Toroparu Project are forward-looking. Generally, the forward-looking information and forward looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "will continue" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved”. The material factors or assumptions used to develop forward looking information or statements are disclosed throughout this news release.

Forward looking information and forward looking statements, while based on management's best estimates and assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Aris Mining to be materially different from those expressed or implied by such forward-looking information or forward looking statements, including but not limited to those factors discussed in the section entitled "Risk Factors" in Aris Mining's annual information form dated March 12, 2025 which is available on SEDAR+ at www.sedarplus.ca and included as part of the Company’s Annual report on Form 40-F, filed with the SEC at www.sec.gov.

 

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Although Aris Mining has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. The Company has and continues to disclose in its Management's Discussion and Analysis and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking information and forward-looking statements and to the validity of the information, in the period the changes occur. The forward-looking statements and forward-looking information are made as of the date hereof and Aris Mining disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information.

 

  

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