Marmato
Scaling a Historic Gold Operation for the Future
At Aris Mining, our Marmato operation in Caldas, Colombia is a long-established underground gold mine that we are transforming into a larger, more modern mining complex. By expanding from the historic Narrow Vein Mine Zone into the Bulk Mining Zone and adding a new 5,000 tpd CIP plant, Marmato is positioned to significantly increase production, improve recoveries, and support long-term growth.
Operational Focus
- Mining in the Bulk Mining Zone already underway.
- Execution focused on completion and ramp-up of our new CIP plant. First gold pour expected in Q4 2026.
- Progressive, staged growth: 3,000 tpd by end of 2026, 4,000 tpd by mid-2027, and 5,000 tpd by end of 2027.
Marmato Operations at a Glance
Mineral Reserves and Resources
3.2 Moz P&P gold reserves at 3.2 g/t
6.0 Moz M&I gold resources at 3.0 g/t
2025 Gold Production
29 koz
2026 Guidance
35 - 50 koz
2026 Catalysts
First gold pour from the new carbon-in-pulp (CIP) plant expected in Q4, targeting 35 – 50 koz in 2026.
Expected to reach design capacity of 5,000 tpd by the end of 2027.
Site Facts
- Location: Caldas, Colombia (~80 km from Medellín).
- Type: Underground Mine.
- Processing capacity: 6,000 tpd (comprised of 5,000 tpd CIP plant [in construction] and 1,000 tpd flotation plant).
YoY Performance & Financial Highlights
Total Gold Sold
In ounces
| Year | Ounces Sold |
|---|---|
| 2024 | 23,494 |
| 2025 | 28,846 |
As of Dec. 31, 2025 • Q4 and Full Year 2025 Press Release
Expanding into Our New CIP Plant
Mining in the Bulk Mining Zone is already underway and being processed through an existing flotation plant, while construction of our new CIP plant remains on schedule, with first gold expected in Q4 of 2026 and ramp-up continuing through 2027.
Construction Development
- Active mining in the wider porphyry areas is already underway, materially de-risking the project, via existing access.
- New decline is 45% complete, completion targeted for Q3 2026;
- 770 metres completed of full length of 1.7 km.
- The Los Indios crosscut is advancing toward its connection with the main decline, expected to be completed in Q2 2026.
Surface Construction Activities
- Bulk earthworks for the process plant platform, retaining wall, and final shaping of the CIP plant platform now complete.
- Over 2.5 million work hours completed to date.
Construction Equipment
- ~98% of long-lead items have been ordered.
- Major equipment, including the primary crusher, SAG mill, ball mill, and filter press, has arrived in Cartagena.
Estimated Cost to Complete
- $250 million at the end of Q3 2025 of which:
- $82 million to be funded by remaining Wheaton stream installments;
- Only $168 million to be funded by Aris Mining.
Contract Mining Partners
Our Partnership-driven Model
We integrate local small-scale miners into a formal, safe, and environmentally responsible framework through our Contract Mining Partners (CMPs). This allows us to support thousands of jobs while securing reliable mill feed. Our CMP model allows us to formalize artisanal mining, streamline permitting, and expand technical support.
Learn More About Our Contract Mining Partners
