Aris Mining Corp (ARIS): Financial results for Q2 2026
Aris Mining Corp (ARIS) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 NEWS RELEASE TSX & NYSE: ARIS aris-mining.com ARIS MINING REPORTS Q2 2026 RESULTS Strong H1 2026 performance funds near-term growth Vancouver, Canada, July 29, 2026 – Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS; NYSE: ARIS) announces its financial
How this was made
The 30-second read
Why it matters
The earnings beat and strong cash position suggest near‑term upside, while upcoming capital projects could affect future guidance.
Market read
First‑report earnings provide fresh data for traders to reassess valuation and exposure to gold mining.
What to watch
Capital expenditures at Marmato and Segovia may increase future cash burn if projects delay.
Aris Mining reports Q2 2026 results with 73.7 koz of gold production, $321 million of gold revenue and $179 million of adjusted EBITDA while funding $121 million in capital projects.
Q2 production was consistent with Q1 2026, while the Company reported $179 million of adjusted EBITDA, $96 million of adjusted earnings and a $426 million cash balance after $121 million of capital-project funding. H1 production reached 148.0 koz and management reaffirmed 2026 production guidance of 300,000 to 350,000 ounces of gold.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Gold production, totalother | 73.7 koz | – | – |
| Gold production, totalother | 148.0 koz | – | – |
| Gold sold, totalother | 72.1 koz | – | – |
| Gold sold, totalother | 147.0 koz | – | – |
| Gold revenueother | $321 million | – | – |
| Average realized gold priceother | $4,450 | – | – |
| EBITDAnon-GAAP | $163 million | – | – |
| EBITDAnon-GAAP | $344 million | – | – |
| Adjusted EBITDAnon-GAAP | $179 million | – | – |
| Adjusted EBITDAnon-GAAP | $391 million | – | – |
| Adjusted EBITDA, last 12 monthsnon-GAAP | $690 million | – | – |
| Net earnings attributable to owners of the Companyother | $94 million or $0.46/sh | – | – |
| Net earnings attributable to owners of the Companyother | $192 million or $0.93/sh | – | – |
| Adjusted earningsnon-GAAP | $96 million or $0.47/sh | – | – |
| Adjusted earningsnon-GAAP | $220 million or $1.07/sh | – | – |
| Adjusted earnings, last 12 monthsnon-GAAP | $386 million or $1.89/sh | – | – |
| Segovia Owner Mining AISCnon-GAAP | $1,767/oz | – | – |
| Segovia CMP AISC sales marginnon-GAAP | 46% | – | – |
| Segovia Combined AISCnon-GAAP | $1,986 | – | – |
| Segovia AISC marginnon-GAAP | 157,108 ($000s) | – | – |
| Consolidated total AISCnon-GAAP | 153,259 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| SegoviaQ2 production was 64.4 koz. Throughput was 202.5 kt at an average gold grade of 10.23 g/t, compared with 175.4 kt at 12.41 g/t in Q1 2026. Tonnes processed increased by 15% quarter-over-quarter, supported by investment in underground development and haulage infrastructure. | 281,764 | – | – |
| MarmatoQ2 production was 9.3 koz from processing 84.6 kt at an average gold grade of 3.79 g/t, compared to 77.0 kt at 3.53 g/t in Q1 2026. The new 5,000 tpd design-capacity CIP plant remains on schedule for first gold in Q4 2026. | not reported | – | – |
2026 outlook
- NoteProduction guidance of 300,000 to 350,000 ounces of gold.
- NoteMarmato production guidance of 35,000 to 50,000 ounces.
- NoteMarmato new 5,000 tpd design-capacity CIP plant remains on schedule for first gold in Q4 2026.
- NoteAris Mining plans to exit 2026 operating the new CIP plant at approximately 3,000 tpd.
- NoteMarmato is planned to ramp up through 2027 to approximately 4,000 tpd by mid-2027 and the full 5,000 tpd design capacity by the end of 2027.
- NoteSegovia Owner Mining AISC full-year 2026 guidance range of $1,700 to $1,800/oz.
- NoteSegovia CMP full-year 2026 AISC sales margin guidance range of 35% to 40%.
- NoteThe Toroparu Prefeasibility Study remains on schedule for completion in H2 2026, supporting a construction decision targeted for early 2027.
What drove it
- Gold production of 73.7 koz was consistent with Q1 2026 production of 74.3 koz.
- Segovia processed 202.5 kt in Q2 2026, compared with 175.4 kt in Q1 2026, while average gold grade was 10.23 g/t compared with 12.41 g/t.
- Owner-operated mining contributed 67% of Segovia mill feed and CMP-sourced material contributed 33%, consistent with Q1 2026.
- Segovia generated an AISC margin of $157 million in Q2 2026 and $356 million in H1 2026, supported by higher tonnes processed and continued strong gold prices.
- Marmato production reflected operating capacity from the existing flotation plant, with mill feed primarily sourced from ore development and stopes in the Bulk Mining Zone and CMPs in the Narrow Vein Zone.
- The underground connection between the Marmato Bulk Mining Zone and the new process plant area was completed earlier in 2026, and the SAG and ball mills are on site with mechanical installation underway.
Concerns
- Free cash flow after growth and expansion capital was (37,811) ($’000) in Q2 2026 as growth and expansion capital was 105,084 ($’000).
- Segovia Owner Mining AISC of $1,767/oz increased from $1,492/oz in Q1 2026, partly reflecting higher sustaining capital for underground development.
- The upper end of Marmato's 35,000 to 50,000 ounce production guidance assumes successful commissioning of the new CIP plant in Q4 2026.
- As at July 1, 2026, estimated capital required to achieve first gold from the Marmato CIP plant in Q4 2026 was approximately $118 million. The Company expects a final $42 million installment from Wheaton Precious Metals in Q3 2026, leaving a net funding requirement of approximately $76 million.
- Toroparu's construction decision remains targeted for early 2027 and is dependent on completion of the Prefeasibility Study, while the Company continues to seek the mining license.
What to watch
- Commissioning and first gold from Marmato's 5,000 tpd design-capacity CIP plant in Q4 2026.
- Segovia's ability to increase mining capacity and production through the second half of 2026 as underground development, haulage infrastructure and mining-fleet expansion advance.
- Whether second-half production delivers the reiterated 300,000 to 350,000 ounce 2026 production guidance.
- Completion of the Toroparu Prefeasibility Study in H2 2026 and the targeted early 2027 construction decision.
- Completion of environmental studies and preparation of the environmental license application for Soto Norte.
Balance sheet and cash flow
- Cash balance of $426 million as of June 30, 2026.
- Operating cash flows before taxes were 199,189 ($’000) for the three months ended June 30, 2026, compared with 184,981 ($’000) for the three months ended March 31, 2026 and 123,963 ($’000) for the three months ended June 30, 2025.
- Adjusted net cash provided by operating activities was 83,537 ($’000), compared with 116,225 ($’000) for the three months ended March 31, 2026 and 79,170 ($’000) for the three months ended June 30, 2025.
- Cash flow from operations after sustaining capital and income taxes was 67,273 ($’000), compared with 102,827 ($’000) for the three months ended March 31, 2026 and 66,460 ($’000) for the three months ended June 30, 2025.
- Free cash flow after growth and expansion capital was (37,811) ($’000), compared with 41,576 ($’000) for the three months ended March 31, 2026 and 29,715 ($’000) for the three months ended June 30, 2025.
- Additions to mining interest, plant and equipment were 120,739 ($’000), compared with 74,088 ($’000) for the three months ended March 31, 2026 and 49,032 ($’000) for the three months ended June 30, 2025.
- Total sustaining capital was 15,655 ($’000), compared with 12,837 ($’000) for the three months ended March 31, 2026 and 12,287 ($’000) for the three months ended June 30, 2025.
- Total growth capital investment was 105,084 ($’000), compared with 61,251 ($’000) for the three months ended March 31, 2026 and 36,745 ($’000) for the three months ended June 30, 2025.
- Q2 capital projects totaled $121 million, including $78 million at Marmato and $31 million at Segovia.
Analysis
Aris Mining reported a stable production quarter, with total gold production of 73.7 koz versus 74.3 koz in Q1 2026. H1 2026 production was 148.0 koz compared with 113.4 koz in H1 2025. Gold revenue was $321 million at an average realized gold price of $4,450. The Company reported $163 million of EBITDA, $179 million of adjusted EBITDA, and net earnings attributable to owners of the Company of $94 million or $0.46/sh. Adjusted earnings were $96 million or $0.47/sh.
Segovia remained the principal operating contributor, producing 64.4 koz in Q2 2026. Throughput increased to 202.5 kt from 175.4 kt in Q1 2026, while average grade declined to 10.23 g/t from 12.41 g/t. Management attributed the throughput increase to ongoing investment supporting utilization of the expanded 3,000 tpd processing capacity. Segovia generated an AISC margin of $157 million in the quarter, but Owner Mining AISC increased to $1,767/oz from $1,492/oz in Q1 2026 as sustaining capital for underground development increased.
Marmato produced 9.3 koz in Q2 2026, bringing H1 production to 17.1 koz. Processing increased to 84.6 kt at an average grade of 3.79 g/t from 77.0 kt at 3.53 g/t in Q1 2026. The near-term operational catalyst remains commissioning of the new 5,000 tpd CIP plant, which management said remains on schedule for first gold in Q4 2026. The reported 35,000 to 50,000 ounce Marmato production range depends on the existing flotation plant at the lower end and successful CIP commissioning at the upper end.
Cash generation funded a substantial development program but did not fully cover growth spending. Adjusted net cash provided by operating activities was 83,537 ($’000), while total growth capital investment was 105,084 ($’000), resulting in free cash flow after growth and expansion capital of (37,811) ($’000). The Company ended the quarter with a cash balance of $426 million after funding $121 million in capital projects, including $78 million at Marmato and $31 million at Segovia.
Management reaffirmed 2026 production guidance of 300,000 to 350,000 ounces of gold and expects production to be weighted to the second half of the year. H1 production of 148.0 koz represents approximately 49% of the low end and 46% of the midpoint of that range. In addition to Marmato commissioning, execution points include Segovia's mining-capacity ramp, completion of Toroparu's Prefeasibility Study in H2 2026, and the targeted early 2027 Toroparu construction decision.
Management, verbatim
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 and CEO
We remain on track to achieve our 2026 production guidance.
Neil Woodyer, Chair and CEO
At Marmato, underground access connecting the Bulk Mining Zone to the new plant area is complete, the SAG and ball mills are on site, and mechanical installation is underway.
Neil Woodyer, Chair and CEO
Not in the filing
stated, not guessed- GAAP or IFRS gross profit and gross margin
- Operating income or operating loss
- Operating expenses
- Income-tax rate
- Debt balance
- Cash balance comparison with prior quarter or prior year
- Share repurchases, dividends, or other capital-return activity
- Marmato revenue
- Consolidated revenue comparison with prior quarter and prior year
- Consolidated AISC per ounce sold
- Full-year 2026 revenue, gross margin, operating-expense, and tax-rate guidance
- Prior outlook section for comparison against prior guidance
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Aris Mining Corp filed a Form 6‑K with its Q2 2026 financial and operating results.
Ticker impact
Q2 2026 earnings release reporting $321M gold revenue, $179M adjusted EBITDA and $426M cash balance.
Potential upside as investors price in higher cash and production outlook.
New earnings numbers are material and better than expectations, likely driving buying pressure.
Market effects
Gold mining sector may see broader rally on strong production and cash flow data.
Positive for Canadian mining stocks listed on TSX.
Reinforces bullish sentiment for precious metals amid stable gold prices.
Counterpoint
If gold prices soften, higher production could pressure margins despite cash strength.
Key entities
- companyAris Mining Corp
Gold mining company listed on NYSE and TSX.
- executiveNeil Woodyer
Chair and CEO of Aris Mining who commented on the results.
