ARIS MINING REPORTS Q3 2025 RESULTS Segovia Ramp-Up Driving Profitable Growth: Record Revenue, Cash Flow, and Adjusted Earnings
ARIS MINING REPORTS Q3 2025 RESULTS Segovia Ramp-Up Driving Profitable Growth: Record Revenue, Cash Flow, and Adjusted Earnings
Vancouver, Canada, October 29, 2025 – Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS; NYSE- A: ARMN) announces its financial and operating results for the three and nine months ended September 30, 2025 (Q3 2025 and 9M 2025). All amounts are in U.S. dollars unless otherwise indicated.
Q3 2025 Financial Performance
- Revenue of $253.5 million, up 27% from Q2 2025 and 93% from Q3 2024, driven by higher gold prices and increased sales volumes.
- Adjusted EBITDA1 of $131.1 million, up 33% from Q2 2025 and triple Q3 2024. On a trailing 12-month basis, Adjusted EBITDA1 has reached $352.0 million.
- Adjusted net earnings1 of $71.8 million or $0.36/share, up from $0.27/share in Q2 2025 and $0.08/share in Q3 2024.
- Cash balance increased to $417.9 million as of September 30, 2025, up from $310.2 million at June 30, 2025. This increase primarily reflects:
- $90.8 million of cash flow after sustaining capital and income taxes;
- $60.5 million of proceeds from the exercise of ARIS.WT.A warrants (July 2025 expiry); and
- $13.2 million of proceeds from the sale of the Juby Gold Project; partially offset by
- $48.1 million invested in growth capital.
- Net debt reduced to $64 million, down from $241 million at year-end 2024.
Neil Woodyer, CEO, commented “The production ramp-up at Segovia is progressing well, leading to record financial results and a cash balance of $418 million. This year, we have also delivered two major technical studies – the Soto Norte Prefeasibility Study and the Toroparu Preliminary Economic Assessment. These projects reinforce the strength of our growth pipeline beyond Segovia and Marmato, where construction of the Bulk Mining Zone remains on schedule for first gold in the second half of 2026. With record revenue, cash flow, and earnings in Q3, Aris Mining is financially strong and strategically positioned for continued growth into 2026 and beyond.”
| Q3 2025 | Q2 2025 Q1 2025 | Q3 2024 | |
|---|---|---|---|
| Gold productoi n ounces (oz), total Gold sold (oz), total | 73,236 | 58,652 54,763 61,024 54,281 | 53,608 |
| 73,001 | 53,769 | ||
| Segovia – AISC, Owner Mining ($/oz sold) Segovia – CMP AISC Sales Margin* | $1,452 | $1,520 $1,482 42% 41% | $1,451 |
| 44% | 34% | ||
| EBITDA Adjusted EBITDA1 Adjusted EBITDA1, last 12 months | $96.5M | $31.6M $39.7M $98.7M $66.6M $264.0M $201.3M | $27.8M |
| $131.1M | $43.0M | ||
| $352.0M | $145.7M |
| Q3 2025 | Q2 2025 Q1 2025 | Q3 2024 | |
|---|---|---|---|
| Net earnings (loss)2 Adjusted earnings1 Adjusted earnings1, last 12 months | $42.0M3 or | $(16.9)M3 or $2.4M or $(0.09)/share $0.01/share $47.8M or $27.2M or $0.27/share $0.16/share $112.7M or $77.7M or $0.65/share $0.46/share | $(2.1)M or |
| $0.21/share | $(0.01)/share | ||
| $71.8M or | $13.1M or | ||
| $0.36/share | $0.08/share | ||
| $171.5M or | $41.5M or | ||
| $0.95/share | $0.28/share |
Q3 2025 Operational Performance
- Gold production totaled 73,236 oz, a 25% increase from 58,652 oz in Q2 2025. Production has progressively increased following the June 2025 commissioning of the second mill at Segovia on time and within budget.
- Marmato Narrow Vein Zone produced 7,687 oz, an 8% increase over Q2 2025 and 26% higher than Q3 2024, supported by stable throughput and higher average gold grades.
- Segovia Operations produced 65,549 oz, supported by gold grades of 9.9 g/t, gold recoveries of 96.1%, and a 31% increase in tonnes milled compared to Q2 2025.
- AISC margin increased to $121.5 million, up 39% from Q2 2025. On a trailing 12-month basis, AISC margin has reached $327.9 million.
- Owner-operated Mining AISC was $1,452/oz compared to $1,520/oz in Q2 2025, bringing the 9M 2025 average to $1,482/oz, tracking toward the lower end of the full year 2025 guidance range of $1,450/oz to $1,600/oz.
- Contract Mining Partner (CMP) sourced gold delivered an AISC sales margin of 44%, contributing to a 43% margin for 9M 2025, which is above the full-year 2025 guidance range of 35% to 40%.
- Total AISC of $1,641/oz compared to $1,681/oz in Q2 2025, reflecting per ounce cost improvements primarily due to increased gold sales volumes.
Figure 1: Strong AISC Margin Growth ($ million) – Segovia
$121.5
Total
$38.4 $87.2
CMP AISC Margin
$60.9 $58.3 $29.4
$44.1 Owner Mining AISC Margin
$23.9 $23.0 $32.2 $83.1 $21.0 $57.8 $18.1 $35.3 $37.0 $23.1 $14.1
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Figure 2: Total AISC and Realized Gold Price Trends ($/oz) – Segovia
$3,494 $3,303
AISC Margin/oz
$2,855 $2,642
$2,457 Realized Gold Price/oz
$2,313 $1,853
Total AISC/oz
$742
$1,681 $1,641 $1,571 $1,540 $1,570 $1,485
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
| Total Segovia Operating Information | Q3 2025 | Q2 2025 | Q3 2024 |
|---|---|---|---|
| Average realized gold price ($/oz sold) Tonnes milled (t) Average tonnes milled per day (tpd) Average gold grade processed (g/t) Gold produced (oz) Gold sold (oz) AISC margin ($M) | $3,494 | $3,303 | $2,457 166,868 1,940 9.23 47,493 48,059 44.1 |
| 219,550 | 167,960 | ||
| 2,553 | 1,976 | ||
| 9.87 | 9.85 | ||
| 65,549 | 51,527 | ||
| 65,580 | 53,751 | ||
| 121.5 | 87.2 |
| Segovia Operating Information by Segment | Q3 2025 | Q2 2025 | Q3 2024 |
|---|---|---|---|
| Owner Mining Gold sold (oz) Cash costs – ($/oz sold) AISC – ($/oz sold) AISC margin ($M) CMPs Gold sold (oz) Cash costs – ($/oz sold) AISC – ($/oz sold) AISC sales margin (%) AISC margin ($M) | 22,952 $1,081 $1,451 23.1 25,107 $1,417 $1,622 34% 21.0 | ||
| 40,984 | 32,685 | ||
| $999 | $1,047 | ||
| $1,452 | $1,520 | ||
| 83.1 | 57.8 | ||
| 24,596 | 21,066 | ||
| $1,653 | $1,622 | ||
| $1,955 | $1,931 | ||
| 44% | 42% | ||
| 38.4 | 29.4 |
- Aris Mining operates its own mines and contracts with community-based mining partners, referred to as Contract Mining Partners
(CMPs), to increase total gold production. Some partners work within Aris Mining’s infrastructure, while others manage their own mining operations on Aris Mining’s titles using their own infrastructure. In addition, Aris Mining purchases high grade mill feed from third-party contractors operating off-title, which further optimizes production and increases operating margins.
Corporate and Project Development Highlights
- Strong cash generation funding growth:
- Operations generated $90.8 million in cash flow after sustaining capital and income taxes in Q3 2025, fully funding all growth and expansion initiatives. After expansion capital, Aris Mining generated $42.6 million in net cash flow. See the Quarterly cash-flow summary in the following sections for additional cash flow analysis.
- Marmato Bulk Mining Zone construction advancing:
- Development of the main access decline has advanced 580 metres of the planned 1.7 kilometres. Current development rates average 72 metres per month and are expected to increase to approximately 150 metres per month once beyond the fault zone, with completion of the full decline length targeted for August 2026.
- The Los Indios crosscut is advancing toward its connection with the main decline, now approximately 320 metres away. This horizontal development will provide an additional access and ventilation pathway, enable ore and waste haulage between existing workings and new infrastructure. Importantly, completion of the crosscut will enhance operational flexibility and de-risk the project’s ramp-up phase by allowing multiple access points for early development and production sequencing.
- Surface construction activities continue to advance safely, with over 2.06 million workhours completed to date. Bulk earthworks for the process plant platform have reached 95% completion (294,000 m³ moved), and the retaining wall is over 75% complete. Final shaping of the carbon-inpulp (CIP) plant platforms is expected during the first week of November 2025.
- Major equipment, including the primary crusher, SAG mill, ball mill, and filter press, has arrived in Cartagena. Approximately 95% of long-lead items have been ordered. The contract for the main civil, mechanical, and electrical works is in place, with the contractor mobilized and construction activities commenced in October.
- Preparations for the new powerline continue to advance. Land acquisition is complete, and the environmental impact study has been submitted for approval, enabling construction to commence in March 2026 following permit issuance. To ensure continuity of commissioning and early operations, back-up generators are included in the site power plan to mitigate any potential delays in the grid power connection.
- During Q2 and Q3 2025, we invested $20.1 million and $23.9 million, respectively, toward the construction budget.
- At the end of Q3, the estimate to complete the project was $250 million, reflecting approximately $40 million of progress made over the six-month period since the prior estimate of $290 million at the end of Q1, which had incorporated the scope increase from 4,000 to 5,000 tpd.
- Net of the remaining $82 million of stream financing payments to be received from Wheaton Precious Metals, the construction funding requirement is approximately $168 million.
- The project remains on schedule, with first gold in H2 2026, followed by a production ramp-up period to steady-state operations
- Soto Norte Project (51% owned, Colombia):
- Prefeasibility Study (PFS) completed in September 2025, demonstrating robust economics with, on a 100% basis, after-tax NPV5% of $2.7 billion, IRR of 35%, and 2.3-year payback at $2,600/oz gold.
- Strong leverage to higher gold prices, at $3,000/oz the NPV5% increases to $3.3 billion with IRR of 40.0%.
- The PFS highlights industry-leading environmental design features and integration of local community miners – 750 tpd (over 20% of 3,500 tpd capacity) has been dedicated to local contract mining partners.
- Aris Mining is advancing the required studies to apply for an environmental license in H1 2026 for the development of Soto Norte.
- Toroparu Project (100% owned, Guyana):
- Preliminary Economic Assessment (PEA) completed in October 2025, outlining another robust project with after-tax NPV5% of $1.8 billion, IRR of 25.2%, and 3.0-year payback at $3,000/oz gold.
- Aris Mining has initiated a PFS, targeted for completion in 2026, to advance Toroparu toward construction.
- Juby Gold Project Sale:
- Closed in September 2025 for a total consideration of $22 million, streamlining our portfolio to focus on our core operations and projects in South America.
Endnotes
1 All references to adjusted earnings, EBITDA, adjusted EBITDA, growth capital investment, cash flow after sustaining capital and income taxes, cash costs and AISC are non-GAAP financial measures in this document. These measures are intended to provide additional information to investors. They do not have any standardized meanings under IFRS, and therefore may not be comparable to other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Refer to the Non-GAAP Measures section in this document for a reconciliation of these measures to the most directly comparable financial measure disclosed in the Company’s financial statements.
2 Net earnings represents net earnings attributable to owners of the company, as presented in the annual and interim financial statements for the relevant period.
3 A $45.5 million non-cash loss was recognized in Q2 2025 from fair value adjustments to the Company's warrant liability, valued at $40.8 million as of June 30, 2025. The fair value of the liability is directly correlated to the Company's share price, which increased by 38% during Q2 2025 (year-to-date: 82% increase). In July 2025, the Company received an additional $60.5 million in cash proceeds from exercises of these warrants. With these exercises and the July 29, 2025 expiry of the remaining outstanding warrants, the liability has been fully extinguished, removing a source of non-cash earnings volatility from future results.
Q3 2025 Conference Call Details
Management will host a conference call on Thursday, October 30, 2025, at 9:00 a.m. New York / 6:00 a.m. Vancouver / 2:00 p.m. London / 3:00 p.m. Paris to discuss the results.
Participants may gain expedited access to the conference call by registering at Diamond Pass Registration. Once registered, call-in details will be displayed on screen which can be used to bypass the operator and avoid the call queue. Registration will remain open until the end of the live conference call.
Webcast
- Link: Webcast | Q3 2025 Conference Call
Conference Call
- Toll-free North America: +1-833-821-0197
• International: +1-647-846-2328
Audio Recording
- After the call, an audio recording will be available via telephone until end of day November 5, 2025
- Toll-free in the US and Canada: +1-855-669-9658
- International: +1-412-317-0088; and using the access code: 2585542
A replay of the event will be archived at Events & Presentations - Aris Mining Corporation.
Aris Mining's Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2025 and 2024 and related MD&A are available on SEDAR+, in the Company’s filings with the U.S. Securities and Exchange Commission (the SEC) and in the Financials section of Aris Mining's website here. Hard copies of the financial statements are available free of charge upon written request to [email protected].
About Aris Mining
Founded in September 2022, Aris Mining was established with a vision to build a leading South America-focused gold mining company. Our strategy blends current production and cashflow generation with transformational growth driven by expansions of our operating assets, exploration and development projects. Aris Mining intends to unlock value through scale and diversification. The Company is listed on the TSX (ARIS) and the NYSE-A (ARMN) and is led by an experienced team with a track record of value creation, operational excellence, financial discipline and good corporate governance in the gold mining industry.
Aris Mining operates two underground gold mines in Colombia: the Segovia Operations and the Marmato Complex, which together produced 210,955 ounces of gold in 2024. With expansions underway, Aris Mining is targeting an annual production rate of more than 500,000 ounces of gold, following the commissioning of the second mill at Segovia, completed in June and ramping up during H2 2025, and the construction of the Bulk Mining Zone at the Marmato Complex, expected to start ramping up production in H2 2026. In addition, Aris Mining operates the 51% owned Soto Norte joint venture, where a PFS study is complete on a new, smaller scale development plan which confirms Soto Norte as a high-quality, long-life project with robust economics and industry-leading environmental and social design features. In Guyana, Aris Mining owns the Toroparu gold/copper project, where a new Preliminary Economic Assessment (PEA) is complete and a Prefeasibility Study is underway.
Colombia is rich in high-grade gold deposits and Aris Mining is actively pursuing partnerships with the Country’s dynamic small-scale mining sector. With these partnerships, we enable safe, legal, and environmentally responsible operations that benefit both local communities and the industry.
Additional information on Aris Mining can be found at www.aris-mining.com, www.sedarplus.ca, and on www.sec.gov.
Aris Mining Contact
| O S + | liver Dachsel | Lillian Chow |
|---|---|---|
| enior Vice President, Capital Markets | Director, Investor Relations & Communications | |
| 1.917.847.0063 | [email protected] |
Cautionary Language Non-GAAP Measures
EBITDA, adjusted EBITDA, adjusted earnings, cash cost, growth and expansion expenditures, cash flow after sustaining capital and income tax and AISC are non-GAAP financial measures. These financial measures do not have any standardized meaning prescribed under IFRS or by Generally Accepted Accounting Principles (GAAP) in the United States, and therefore may not be comparable to other issuers. For full details on these measures refer to the “Non-GAAP Financial Measures” sections of the Company’s Management’s Discussion and Analysis for the three and six months ended June 30, 2025 and 2024 and years ended December 31, 2024 and 2023 (MD&As). The MD&As are incorporated by reference into this news release and are available at www.aris-mining.com, on the Company’s profile on SEDAR+ at www.sedarplus.ca and in its filings with the SEC at www.sec.gov.
The tables below reconcile the non-GAAP financial measures contained in this news release for the current and comparative periods to the most directly comparable financial measure disclosed in the Company's interim financial statements for the three and six months ended June 30, 2025 and 2024; the three months ended March 31, 2025 and 2024, and Company’s annual financial statements for the three months and years ended December 31, 2024 and 2023.
Quarterly cash-flow summary1
| ($000's) | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|
| Gold revenue2 253,456 200,231 154,142 Total cash cost (98,946) (83,166) (72,730) Royaltei s2 (10,087) (7,583) (6,359) Social contributoi ns2 (8,224) (5,562) (4,334) Sustaining capital (12,210) (12,710) (7,069) All in sustaining cost (AISC) (129,467) (109,021) (90,492) AISC margin 123,989 91,210 63,650 Taxes paid2 (13,228) (42,244) (5,121) General and administratoi n expense2 (5,130) (5,187) (4,106) Decrease (increase) in VAT receivable (16,023) 30,813 (11,761) Other changes in working capital (289) (1,718) (11,685) Impact of foreign exchange losses on cash balances2 1,450 925 768 Afet r-tax adjusted sustaining margin 90,769 73,799 31,745 Expansion and growth capital expenditure Segovia Operatoi ns (9,618) (6,930) (6,368) Marmato Bulk Mining Zone (31,369) (23,628) (29,661) Toroparu Project (3,270) (2,741) (2,411) Soto Norte Project & other (3,879) (3,446) (4,570) Total expansion and growth capital (48,136) (36,745) (43,010) Financing and other costs Proceeds from warrant and optoi n exercises 2 59,805 57,670 5,197 Proceeds from dispositoi n of Juby Project 13,065 - - Principal repayment of Gold Notes 2 (4,064) (4,063) (3,941) Capitalized interest paid2 (6,159) (5,802) (5,031) Interest (paid)2 - (18,000) - Finance income2 2,437 3,474 2,336 Total financing and other costs 65,084 33,279 (1,439) Net change in cash2 107,717 70,333 (12,704) Opening cash balance at beginning of period2 310,164 239,831 252,535 Closing cash balance at end of period2 417,881 310,164 239,831 | 253,456 | 200,231 (83,166) (7,583) (5,562) (12,710) | 154,142 |
| (98,946) | (72,730) | ||
| (10,087) | (6,359) | ||
| (8,224) | (4,334) | ||
| (12,210) | (7,069) | ||
| (129,467) | (109,021) | (90,492) | |
| 123,989 | 91,210 (42,244) (5,187) 30,813 (1,718) 925 | 63,650 | |
| (13,228) | (5,121) | ||
| (5,130) | (4,106) | ||
| (16,023) | (11,761) | ||
| (289) | (11,685) | ||
| 1,450 | 768 | ||
| 90,769 | 73,799 (6,930) (23,628) (2,741) (3,446) | 31,745 | |
| (9,618) | (6,368) | ||
| (31,369) | (29,661) | ||
| (3,270) | (2,411) | ||
| (3,879) | (4,570) | ||
| (48,136) | (36,745) | (43,010) | |
| 57,670 - (4,063) (5,802) (18,000) 3,474 | |||
| 59,805 | 5,197 | ||
| 13,065 | - | ||
| (4,064) | (3,941) | ||
| (6,159) | (5,031) | ||
| - | - | ||
| 2,437 | 2,336 | ||
| 65,084 | 33,279 | (1,439) | |
| 107,717 | 70,333 239,831 | (12,704) | |
| 310,164 | 252,535 | ||
| 417,881 | 310,164 | 239,831 |
1. This Quarterly Cash Flow Summary is comprised of certain non-GAAP financial measures. Refer to the Non-GAAP Financial Measures section of this news release for further information.
2. As presented in the Financial Statements and notes for the respective periods.
Segovia AISC Margin
| ($000s except per ounce, and ounce amounts) | Q3 2025 | Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 |
|---|---|---|
| Gold produced (ounces) Gold sold (ounces) | 65,549 | 51,527 47,549 51,477 47,493 43,705 53,751 47,390 50,409 48,059 43,366 |
| 65,580 | ||
| Financial Informatoi n Gold revenue ($'000s) Average realized gold price ($/ounce sold) Owner Mining costs CMP material purchases Processing costs Administratoi n and security costs Change in finished goods and stockpile inventory By-product and concentrate revenue Total cash costs Cash cost per ounce sold Royaltei s Social contributoi ns Sustaining capital Sustaining lease payments All-in sustaining costs All-in sustaining cost per ounce sold (Combined) AISC Margin | 177,551 135,310 133,159 118,075 100,302 3,303 2,855 2,642 2,457 2,313 23,228 19,291 18,845 15,780 17,187 29,157 26,656 29,461 31,373 28,867 7,412 7,430 6,879 6,985 6,536 10,422 10,124 11,656 7,796 8,120 961 (929) (4,070) 1,130 (1,306) (2,798) (3,073) (2,308) (2,665) (2,862) | |
| 229,116 | ||
| 3,494 | ||
| 26,012 | ||
| 37,268 | ||
| 9,357 | ||
| 12,011 | ||
| 1,069 | ||
| (4,116) | ||
| 81,601 | 68,382 59,499 60,463 60,399 56,342 $1,272 $1,256 $1,199 $1,257 $1,299 5,539 4,519 4,342 3,506 3,078 5,177 4,061 4,063 4,294 2,120 10,861 5,856 5,426 5,423 6,224 423 480 567 389 364 | |
| $1,244 | ||
| 7,532 | ||
| 7,787 | ||
| 10,334 | ||
| 352 | ||
| 107,606 | 90,382 74,415 74,861 74,011 68,128 $1,681 $1,570 $1,485 $1,540 $1,571 | |
| $1,641 | ||
| 121,510 | 87,169 60,895 58,298 44,064 32,174 |
Cash costs per ounce
Reconciliation of total cash costs by business unit at Segovia and Marmato to the cash costs as disclosed above.
Three months ended Sept 30, 2025 Three months ended June 30, 2025
| ($000s except per ounce amounts) | Segovia | Marmato |
| Total gold sold (ounces) | 65,580 | 7,421 |
| Cost of sales1 | 93,249 | 20,443 |
| Less: royalties1 | (7,532) | (2,555) |
| Add: by-product revenue1 | (4,116) | (543) |
| Total | Total | |
|---|---|---|
| 73,001 | 53,751 7,273 76,719 17,255 (5,539) (2,044) (2,798) (427) | 61,024 |
| 113,692 | 93,974 | |
| (10,087) | (7,583) | |
| (4,659) | (3,225) | |
| 98,946 | 68,382 14,784 | 83,166 |
Total cash costs 81,601 17,345
| Total cash costs ($ per oz gold sold) | 1,244 | 1,272 |
| Total cash costs including royalties | 89,133 | 73,921 |
| Total cash costs including royalties ($ per oz gold sold) | 1,359 | 1,375 |
Three months ended March 31, 2025 Three months ended Sept 30, 2024
| ($000s except per ounce amounts) Segovia Marmato | Segovia Marmato | ||
| Total | Total | ||
| Total gold sold (ounces) 47,390 6,891 Cost of sales1 67,091 15,384 Less: royalties1 (4,519) (1,840) Add: by-product revenue1 (3,073) (313) | 54,281 | 48,059 5,710 66,570 16,673 (3,506) (1,343) (2,665) (613) | 53,769 |
| 82,475 | 83,243 | ||
| (6,359) | (4,849) | ||
| (3,386) | (3,278) | ||
| Total cash costs 59,499 13,231 | 72,730 | 60,399 14,717 | 75,116 |
| Total cash costs ($ per oz gold sold) 1,256 | 1,257 | ||
| Total cash costs including royalties 64,018 | 63,905 | ||
| Total cash costs including royalties ($ per oz gold sold) 1,351 | 1,330 |
1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.
Cash costs per ounce – Business Units (Segovia)
Three months ended Sept 30, 2025 Three months ended June 30, 2025 ($000s except per ounce amounts) Owner CMPs
| Total | Total | |
|---|---|---|
| 65,580 | 32,685 21,066 39,532 37,187 (3,605) (1,934) (1,714) (1,084) | 53,751 |
| 93,249 | 76,719 | |
| (7,532) | (5,539) | |
| (4,116) | (2,798) | |
| 81,601 | 34,213 34,169 | 68,382 |
Total gold sold (ounces)
40,984 24,596
| Cost of sales1 | 48,502 | 44,747 |
| Less: royalties1 | (5,000) | (2,532) |
| Add: by-product revenue1 | (2,566) | (1,550) |
| Total cash costs | 40,936 | 40,665 |
| Total cash costs ($ per oz gold sold) | 999 | 1,653 1,244 1,047 1,622 1,272 |
Three months ended March 31, 2025 Three months ended Sept 30, 2024
| ($000s except per ounce amounts) | Owner | CMPs |
| Total gold sold (ounces) | 26,963 | 20,427 |
| Cost of sales1 | 34,799 | 32,292 |
| Less: royalties1 | (2,783) | (1,736) |
| Add: by-product revenue1 | (1,748) | (1,325) |
| Total cash costs | 30,268 | 29,231 |
| 1,123 | 1,256 1,081 1,417 1,257 |
| Total | Total | |
|---|---|---|
| 47,390 | 22,952 25,107 28,819 37,751 (1,999) (1,507) (2,000) (665) | 48,059 |
| 67,091 | 66,570 | |
| (4,519) | (3,506) | |
| (3,073) | (2,665) | |
| 24,820 35,579 | 60,399 |
Total cash costs ($ per oz gold sold) 1,431
1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.
All-in sustaining costs (AISC)
Reconciliation of total AISC by business unit at Segovia and Marmato to the AISC as disclosed above.
Three months ended Sept 30, 2025 Three months ended June 30, 2025 ($000s except per ounce amounts) Segovia Marmato
| Total | Total | |
|---|---|---|
| 73,001 | 53,751 7,273 68,382 14,784 5,539 2,044 5,177 385 10,861 1,426 423 - | 61,024 |
| 98,946 | 83,166 | |
| 10,087 | 7,583 | |
| 8,224 | 5,562 | |
| 11,858 | 12,287 | |
| 352 | 423 | |
| 129,467 | 90,382 18,639 | 109,021 |
Total gold sold (ounces)
65,580 7,421
| Total cash costs | 81,601 | 17,345 |
| Add: royalties1 | 7,532 | 2,555 |
| Add: social programs1 | 7,787 | 437 |
| Add: sustaining capital expenditures | 10,334 | 1,524 |
| Add: lease payments on sustaining capital | 352 | - |
| Total AISC | 107,606 | 21,861 |
| Total AISC ($ per oz gold sold) | 1,641 | 1,681 |
Three months ended Mar 31, 2025 Three months ended Sept 30, 2024
| ($000s except per ounce amounts) Segovia Marmato Total | Segovia Marmato | |
| Total | ||
| Total gold sold (ounces) 47,390 6,891 54,281 Total cash costs 59,499 13,231 72,730 Add: royalties1 4,519 1,840 6,359 Add: social programs1 4,061 273 4,334 Add: sustaining capital expenditures 5,856 733 6,589 Add: lease payments on sustaining capital 480 - 480 | 48,059 5,710 60,399 14,717 3,506 1,343 4,294 185 5,423 938 389 - | 53,769 |
| 75,116 | ||
| 4,849 | ||
| 4,479 | ||
| 6,361 | ||
| 389 | ||
| Total AISC 74,415 16,077 90,492 | 74,011 17,183 | 91,194 |
| Total AISC ($ per oz gold sold) 1,570 | 1,540 |
1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.