Aris Mining (TSX: ARIS) reported a sharp decline in net income for Q1 2025, dropping 89% to just $2.4 million from $21.7 million in Q4 2024, despite posting record gold revenues of $154.1 million—up 47% year-over-year and 4% quarter-over-quarter.
Net income plummeted quarter-over-quarter due to a $16.6 million loss on financial instruments and a $6.0 million foreign exchange loss. Adjusted net earnings reached $27.2 million or $0.16 per share, a 14% sequential increase and four times higher than the $0.04 per share in Q1 2024—marking the company’s highest quarterly adjusted EPS since its inception in 2022.
Adjusted EBITDA also surged to $66.6 million, a 134% increase from Q1 2024 and up 20% from the previous quarter.
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Aris generated $40.0 million in after-tax sustaining margin, down from $49.4 million in Q4 2024. This was insufficient to fully fund its $48.9 million in expansion investments, including $29.7 million for the Marmato Lower Mine and $6.4 million for Segovia.
The net change in cash for the quarter was a negative $12.7 million, bringing the company’s cash balance down to $239.8 million.
Gold production rose 8% year-over-year to 54,763 ounces, although it declined 5% from Q4 2024. Segovia contributed 47,549 ounces with a high grade of 9.4 g/t and 96.1% recovery. Marmato Upper Mine output increased 23% sequentially to 7,214 ounces.
The company has delivered 22% of its midpoint annual production guidance (230,000–275,000 ounces) and expects stronger output in H2 2025 following the Segovia plant expansion.
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Total cash costs were $1,256 per ounce, up from $1,199 per ounce last quarter. AISC climbed to $1,570 per ounce—up 6% QoQ and 9.5% YoY—due to royalty increases and costlier purchased feed from contract mining partners.
Breaking it down, owner mining AISC rose to $1,482 per ounce from $1,386 per ounce in Q4 but improved significantly YoY from $1,553 per ounce. CMP AISC surged to $1,687 per ounce.
Despite this, the Segovia CMP program delivered 41% AISC margin, outperforming the top end of guidance (35–40%).
Segovia’s plant expansion to 3,000 tpd is on track for June commissioning, with a new ball mill installation slated for May. At Marmato, construction ramped up with underground development reaching 323 meters and major equipment arriving on-site. Planned plant capacity has increased from 4,000 to 5,000 tpd.
Aris Mining last traded at $8.02 on the TSX.
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