Q3 FY2026
Filed Nov 4, 2026ARIS MINING REPORTS Q3 2026 RESULTS Record YTD performance, generating strong operating cash flow and funding growth as Marmato CIP commissioning advances
Q3 delivered $287 million of gold revenue, $144 million of adjusted EBITDA and $73 million of adjusted net earnings while the company funded $144 million of capital projects. YTD production, adjusted EBITDA and adjusted earnings increased versus YTD 2025, although Q3 production, adjusted EBITDA, net earnings and free cash flow after growth and expansion capital were lower than Q2 2026.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total gold productionother | 69.3 koz | – | – |
| YTD 2026 total gold productionother | 217.3 koz | – | up 16% from YTD 2025 |
| Q3 2026 total gold soldother | 68.4 koz | – | – |
| YTD 2026 total gold soldother | 215.3 koz | – | – |
| Q3 2026 gold revenueother | $287M | – | – |
| Q3 2026 average realized gold priceother | $4,205/oz | – | – |
| Q3 2026 EBITDAnon-GAAP | $131M | – | – |
| YTD 2026 EBITDAnon-GAAP | $475M | – | – |
| Q3 2026 adjusted EBITDAnon-GAAP | $144M | – | – |
| YTD 2026 adjusted EBITDAnon-GAAP | $535M | – | up 81% from YTD 2025 |
| Adjusted EBITDA, last 12 monthsnon-GAAP | $702M | – | – |
| Q3 2026 net earnings attributable to owners of the companyother | $66.69M | – | – |
| Q3 2026 net earnings per shareother | $0.32/sh | – | – |
| YTD 2026 net earnings attributable to owners of the companyother | $259 million or $1.25/sh | – | – |
| Q3 2026 adjusted net earningsnon-GAAP | $72.63M | – | – |
| Q3 2026 adjusted net earnings per share – basicnon-GAAP | 0.35 ($/share) | – | – |
| YTD 2026 adjusted earningsnon-GAAP | $293 million or $1.42/sh | – | up 99% from YTD 2025 |
| Adjusted earnings, last 12 monthsnon-GAAP | $387 million or $1.88/sh | – | – |
| Q3 2026 Segovia combined AISC per ounce soldnon-GAAP | $2,174 | – | – |
| YTD 2026 Segovia combined AISC per ounce soldnon-GAAP | $2,039 | – | – |
| Q3 2026 Segovia owner mining AISCnon-GAAP | $1,945/oz | – | – |
| YTD 2026 Segovia owner mining AISCnon-GAAP | $1,729/oz | – | – |
| Q3 2026 Segovia CMP AISC sales marginnon-GAAP | 37% | – | – |
| YTD 2026 Segovia CMP AISC sales marginnon-GAAP | 41% | – | – |
| Q3 2026 Segovia AISC marginnon-GAAP | $129M | – | – |
| YTD 2026 Segovia AISC marginnon-GAAP | $485M | – | – |
| Q3 2026 adjusted net cash provided by operating activitiesnon-GAAP | 93,980 ($’000) | – | – |
| YTD 2026 adjusted net cash provided by operating activitiesnon-GAAP | 293,742 ($’000) | – | – |
| Q3 2026 cash flow from operations after sustaining capital and income taxesnon-GAAP | 69,827 ($’000) | – | – |
| YTD 2026 cash flow from operations after sustaining capital and income taxesnon-GAAP | 239,927 ($’000) | – | – |
| Q3 2026 free cash flow after growth and expansion capitalnon-GAAP | (50,751) ($’000) | – | – |
| YTD 2026 free cash flow after growth and expansion capitalnon-GAAP | (46,986) ($’000) | – | – |
| Cash balance as of September 30, 2026other | $419M | – | – |
| Q3 2026 additions to mining interest, plant and equipmentother | 143,915 ($’000) | – | – |
| Q3 2026 total sustaining capitalother | 23,337 ($’000) | – | – |
| Q3 2026 total growth capital investmentnon-GAAP | 120,578 ($’000) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| SegoviaQ3 production was 63.4 koz. The operation processed 208.0 thousand tonnes (kt) at an average gold grade of 9.77 g/t, versus 202.5 kt at 10.23 g/t in Q2 2026. Higher throughput supported results, while temporary explosives supply constraints affected tonnes and grades from external mining partners. | 265.2M | – | – |
| MarmatoQ3 production was 5.8 koz. The operation processed 55.5 kt at an average gold grade of 3.68 g/t, versus 84.6 kt at 3.79 g/t in Q2 2026. Approximately four weeks of flotation plant downtime during the Cascabel 2 transition contributed to lower quarterly production. | not reported | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
2026 outlook
- NoteProduction guidance of 300,000 to 350,000 ounces of gold; Aris Mining is targeting the lower end of the guidance range.
- NoteSegovia owner-operated mining AISC full-year guidance range of $1,700 to $1,800/oz.
- NoteSegovia CMP AISC sales margin full-year guidance range of 35% to 40%.
- NoteMarmato CIP plant first gold is expected in December 2026.
- NoteMarmato CIP plant is planned to ramp up to approximately 4,000 tpd by mid-2027 and to reach the full 5,000 tpd design-capacity by the end of 2027.
- NoteToroparu PFS is targeted for completion in November 2026.
- NoteA potential Toroparu construction decision will be assessed in early 2027.
What drove it
- YTD gold production of 217.3 koz was up 16% from YTD 2025.
- Q3 gold revenue was $287 million, with an average realized gold price of $4,205/oz.
- Segovia owner-mined tonnes increased approximately 23% from Q1 to Q3.
- The successful commissioning of the Cascabel 3 filtered tailings facility and completed flotation plant upgrades are intended to support Marmato's production ramp-up.
- The Marmato primary ball-mill refurbishment, new regrind mill and Knelson concentrator increased existing flotation plant capacity to 1,200 tpd.
- The new Marmato CIP plant has 5,000 tpd design-capacity and commissioning is underway.
Concerns
- Aris Mining is targeting the lower end of its 2026 production guidance of 300,000 to 350,000 ounces of gold.
- Marmato production was affected by approximately four weeks of flotation plant downtime associated with the Cascabel 2 transition.
- Q3 2026 free cash flow after growth and expansion capital was (50,751) ($’000) as growth capital investment was 120,578 ($’000).
- Q3 Segovia CMP AISC sales margin was 37%, compared with 46% in Q2 2026.
- External mining partner production at Segovia was affected by temporary explosives supply constraints.
- Soto Norte and Toroparu potential production remain subject to necessary permits and formal construction decisions.
What to watch
- First gold from the Marmato CIP plant is expected in December 2026.
- Segovia mining rates and gold production during Q4 as CMP operations improve following the resolution of explosives supply constraints.
- Marmato CIP plant ramp-up to approximately 4,000 tpd by mid-2027 and full 5,000 tpd design-capacity by the end of 2027.
- Release of the Toroparu PFS targeted for November 2026 and a potential construction decision in early 2027.
- Formal consultation with local communities on the completed Soto Norte Environmental and Social Impact Assessment.
- An updated NI 43-101 technical report for Marmato expected in the first quarter of 2027.
Balance sheet and cash flow
- Cash balance of $419 million as of September 30, 2026.
- Operating cash flows before taxes were 157,503 ($’000) for Q3 2026 and 541,673 ($’000) for YTD 2026.
- Income taxes paid were (16,900) ($’000) for Q3 2026 and (156,157) ($’000) for YTD 2026.
- Q3 2026 sustaining capital was 23,337 ($’000) and growth and expansion capital was 120,578 ($’000).
- Q3 capital projects totaled $144 million, including $86 million at Marmato and $41 million at Segovia.
Analysis
Aris Mining reported Q3 gold production of 69.3 koz and gold revenue of $287 million, with an average realized gold price of $4,205/oz. Q3 adjusted EBITDA was $144 million and adjusted net earnings were $73 million or $0.35/share. Production and earnings were lower than Q2 2026 on the reported comparisons, when production was 73.7 koz, adjusted EBITDA was $179 million and adjusted earnings were $96 million or $0.47/sh.
The YTD performance was substantially stronger than YTD 2025. Gold production was 217.3 koz, up 16% from 186.7 koz. YTD adjusted EBITDA reached $535 million, up 81% from $296 million, while YTD adjusted earnings reached $293 million or $1.42/sh, up 99% from $147 million or $0.80/sh. The release attributes Segovia's quarterly performance to higher throughput and continued strong gold prices, while noting that lower grade versus Q2 and explosives constraints at contract mining partners affected production.
Capital allocation remains concentrated on the operating expansions. Additions to mining interest, plant and equipment were 143,915 ($’000) in Q3, comprising 23,337 ($’000) of sustaining capital and 120,578 ($’000) of growth capital investment. This resulted in free cash flow after growth and expansion capital of (50,751) ($’000) for Q3, despite 93,980 ($’000) of adjusted net cash provided by operating activities. Cash was $419 million at September 30, 2026.
Marmato is the central near-term execution milestone. Q3 production fell to 5.8 koz as the transition from Cascabel 2 required approximately four weeks of flotation plant downtime, although the company completed flotation upgrades and commissioned Cascabel 3. The new 5,000 tpd design-capacity CIP plant is in commissioning, with first gold expected in December 2026. Aris Mining continues to target the lower end of 2026 production guidance of 300,000 to 350,000 ounces of gold, while its 2027 operating ramp and the Toroparu and Soto Norte permitting and development milestones remain important to the longer-term production plan.
Management, verbatim
Aris Mining delivered another strong quarter, with cash generated from Segovia supporting our significant capital investment program during the most capital-intensive phase of the Marmato expansion, while maintaining a strong balance sheet.
Neil Woodyer, Chair and CEO
At Marmato, construction of the new carbon-in-pulp (CIP) plant is nearing completion and commissioning activities are underway, with the first gold pour expected in December 2026 following start-up of the processing and gold-recovery circuits.
Neil Woodyer, Chair and CEO
Together, the Segovia and Marmato expansions underpin our target of approximately 500,000 ounces² of annual gold production once fully ramped up.
Neil Woodyer, Chair and CEO
Not in the filing
stated, not guessed- Total revenue other than Q3 gold revenue of $287 million was not reported.
- Segment revenue for Marmato was not reported.
- Gross profit and gross margin were not reported.
- Operating income and operating margin were not reported.
- Diluted EPS was not reported.
- Debt balance was not reported.
- Dividend and share repurchase activity were not reported.
- GAAP or IFRS tax rate was not reported.
- Prior-year Q3 total gold production, gold sold, gold revenue, average realized gold price, and net earnings per share were not reported on the corresponding Q3 summary rows.
- Prior guidance was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.