Aris Mining Touts Record Gold Production in Q4 2024
Aris Mining (TSX: ARIS) has unveiled its financial and operating results for the fourth quarter and full year ended December 31, 2024. The firm noted a quarterly record-breaking production of 57,364 gold ounces, up from 53,608 ounces in Q3 2024.
Segovia, a key contributor to Aris Mining’s results, reported an AISC of US$1,485 per ounce sold in Q4 2024, down from US$1,540 in Q3—a development that improved the AISC margin to US$58 million for the quarter, an increase of 32% over Q3’s US$44 million.
However, the year’s overall AISC of US$1,507 per ounce was marginally above the company’s initial guidance range of US$1,400–US$1,500 per ounce.
The increase in production, however, helped drive a notable uptick in revenue, which amounted to US$510.6 million for the full year, compared to US$447.7 million the year before.
On a quarterly basis, net income came in at US$21.7 million in Q4 2024, a sharp swing from the net loss of US$2.1 million the previous quarter. On an annual basis net income came in at US$23.3 million, a jump from last year’s US$11.4 million.
EBITDA for Q4 2024 came in at US$66.6 million, compared to US$27.8 million in Q3 2024. Adjusted EBITDA for the quarter stood at US$55.6 million, versus US$43.0 million in Q3.
For the full year, adjusted EBITDA was US$163.1 million, up from US$104.7 million a year earlier. However, the company’s capital expenditures rose to US$27.0 million in 2024 from under US$24.0 million in the previous year.
Aris Mining completed assessments to expand its in-construction Marmato Lower Mine to a 5,000 tpd operation—an upgrade from the originally planned 4,000 tpd. The revised construction cost is now estimated at US$290 million, with an objective to initiate Marmato’s production ramp-up in the second half of 2026, potentially raising annual gold production beyond 200,000 ounces from this asset alone.
Meanwhile, at Segovia, the firm said the expanded processing facility is on track for commissioning in the second quarter of 2025, with a ramp-up to 3,000 tpd capacity forecast by year-end. Aris Mining projects Segovia to deliver between 210,000 and 250,000 ounces in 2025, climbing toward 300,000 ounces annually from 2026 onward.
The firm ended the year with cash and cash equivalents totaled US$253 million, up from US$194.6 million at the close of 2023.
Looking ahead, Aris Mining is guiding consolidated 2025 gold production in the range of 230,000 to 275,000 ounces, with an AISC of US$1,450 to US$1,600 per ounce for the owned mining segment.
Aris Mining last traded at $5.84 on the TSX.
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