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Aris Mining Corporation is a Canadian gold miner focused on South America. Its operating mines are Segovia and Marmato in Colombia, with Segovia supplying most of its revenue. The company processes ore into unrefined gold-and-silver bars, called doré, and sells them to specialist refiners. Gold accounts for nearly all revenue, so earnings depend heavily on gold prices and the volume sold, rather than on any particular purchaser.
Aris Mining mines with its own teams and buys ore from contract mining partners. These partners supply a substantial part of Segovia’s production, making continued ore deliveries important to the business. Their payments reflect the ore’s gold content and grade and the spot gold price. Segovia is ramping up after a plant expansion, while a larger mine and processing plant remain under construction at Marmato. Wheaton Precious Metals International (WPMI) helps fund Marmato’s expansion through milestone-based advance payments; in return, Aris Mining must deliver agreed shares of the mine’s gold and silver, with WPMI paying only a fraction of spot prices on delivery.
Soto Norte in Colombia and Toroparu in Guyana are not producing. Both need further permits before development can proceed. A temporary reserve designation in the Soto Norte region bars new environmental permits and mining concessions while it remains in force; this restriction does not affect the licensed Segovia and Marmato operations. Toroparu’s mining-license application remains under review.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Aris Mining’s results also depend on Segovia’s local contract mining partners, which supplied approximately 40% of its gold sold in 2025, and on delivering the Marmato expansion.
Wheaton funds Aris Mining’s Marmato project upfront in return for specified shares of its gold and silver, which Wheaton resells; its agreement for future Toroparu output remains conditional. Watch Marmato’s construction milestones: the remaining US$42 million is payable at 75% completion.
Fortuna Mining and Aris Mining both rely on a few precious-metal mines, including Latin American operations, so gold prices and individual mine performance matter heavily to their metal-sales revenue. Fortuna’s Lindero gold mine in Argentina offers a comparison for Latin American gold production, while its revenue also depends on Séguéla and Caylloma.
Equinox Gold and Aris Mining both sell partly refined gold bars into a worldwide market and are adding mining and processing capacity, tying revenue to gold prices and expansion delivery rather than one buyer. Equinox’s Valentine Phase 2 studies and engineering offer a comparison for Aris’s expansion plans; its buyers include bullion banks, traders and refiners.
Alamos Gold and Aris Mining both earn mainly from gold mining, so gold prices and the cost of expanding output shape their mining margins. Alamos’s construction-stage Lynn Lake project offers a development comparison for Aris’s Marmato expansion, not an existing source of production.
IAMGOLD and Aris Mining both produce gold for sale and develop new mines, making gold prices and successful development shared drivers of operating performance. IAMGOLD’s Côté Gold and Westwood in Canada and Essakane in Burkina Faso provide operating comparisons, rather than a direct read on Aris’s Colombian mines.
Mako Mining and Aris Mining combine producing gold mines with projects in Guyana, sharing exposure to gold prices and regional development conditions. Watch Mako’s Eagle Mountain project, still at the preliminary economic assessment stage, alongside Aris’s Toroparu prefeasibility work.
AngloGold Ashanti and Aris Mining share gold-price exposure and the need for Colombian mining approvals; AngloGold sells refined gold to bullion banks, while Aris mainly sells partly refined bars to refiners. Watch approval news around AngloGold’s Quebradona gold-copper project for context on the environment facing Aris’s Soto Norte permitting.
Kinross and Aris Mining both produce partly refined gold bars for worldwide bullion markets and have substantial mining exposure in the Americas. Kinross sells refined gold to banks and refiners; its Americas mine results offer a regional comparison, with 76% of its 2025 gold-equivalent production coming from that region.
Gold Fields and Aris Mining both generate cash by producing and selling gold and have South American mining exposure. Gold Fields’s realised gold prices and sales show the same revenue drivers that matter to Aris, while its Peru and Chile operations provide the regional comparison.
SSR Mining and Aris Mining both sell partly refined gold bars and depend on output and costs at a limited set of mines. Watch SSR’s Marigold, CC&V and Seabee gold operations, which sell mainly to banks, rather than treating its Puna silver-and-base-metal concentrate revenue as a gold comparison.
Agnico Eagle and Aris Mining both earn gold-mining margins that depend on gold prices and per-ounce costs. Agnico traditionally sells production at spot gold prices rather than fixing future sales prices, making its gold costs a useful comparison for the cost pressure at Aris’s Segovia.
Barrick and Aris Mining both derive substantial earnings from gold mining, but Barrick’s material copper business makes its overall results a less direct gold comparison. Focus on Barrick’s gold-mine results rather than its Lumwana copper operation when comparing with Aris’s predominantly gold revenue.
Newmont and Aris Mining both earn gold-mine margins shaped by gold prices, the ore they mine and mining input costs. Newmont’s energy, labour and equipment cost commentary offers context for Aris’s cost pressure, but Newmont says ore grades and cost structures vary across its mines.
Pan American Silver and Aris Mining both operate Latin American precious-metal mines whose gold sales benefit from higher gold prices. Pan American also produces substantial silver, so its gold sales are the closer comparison for Aris than its silver business.
Coeur and Aris Mining both produce gold sold through refiners and worldwide bullion markets, but Coeur also has substantial silver exposure. Coeur sells refined bullion to banks, trading houses and refiners; distinguish its gold sales from silver when using its results to gauge Aris’s market backdrop.
Centerra’s gold and gold-copper mines share Aris Mining’s gold-price exposure, but its separate molybdenum business makes total revenue a mixed comparison. Focus on Öksüt and Mount Milligan: Langeloth instead buys molybdenum concentrates, upgrades them and sells to metallurgical and chemical markets.
Triple Flag and Aris Mining both benefit from higher precious-metal prices and mine output, but Triple Flag pays upfront for metal shares or receives mine-linked payments rather than operating mines itself. Its metal-purchase agreements and revenue-based royalties generally avoid direct mine operating and capital costs, so revenue is a closer comparison than mining margins.
Agnico Eagle Mines Ltd. earningsAEM
Agnico Eagle’s report will show how gold prices and per-ounce costs shape its mine margins, offering context for cost pressure at Aris Mining’s Segovia operation.
Read Agnico Eagle’s gold-mine margins alongside its per-ounce costs and the gold-price backdrop. If costs eat into the benefit of gold prices, that is a warning that mining inputs can squeeze Aris Mining’s Segovia margins too. If Agnico contains costs, it offers a more reassuring comparison, not proof that Segovia has done the same: ore grades and mine cost structures differ. Treat the result as context on cost pressure, not a substitute for Aris’s own figures.
Fed Interest Rate Decision
Aris Mining earns most of its revenue by selling gold doré to refiners, so the Fed’s decision on its benchmark interest rate matters through borrowing costs and the gold price that shapes its realized sales revenue.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates can make new borrowing costlier for Aris Mining; if they also weigh on gold prices, the company may receive less revenue for each ounce sold.
If it comes in below expectations
Lower rates can make new borrowing cheaper for Aris Mining; if they also support gold prices, the company may receive more revenue for each ounce sold.
Aris Mining Corporation earningsThis company
Aris Mining’s report will show whether it can sell more gold while controlling mine costs, turning the benefit of gold prices into stronger mining margins.
Read gold ounces sold, realized price per ounce, and all-in sustaining cost (AISC) per ounce together; AISC is a measure of the cost of sustaining mine production. At Segovia, rising sales with costs in check would show output adding to the benefit of gold prices. Weaker sales or higher costs would point to operating pressure that stronger gold prices may be hiding, with purchased partner ore an important part of the picture. Operating cash flow helps show whether mine profits are turning into cash.
AngloGold Ashanti plc earningsAU
If AngloGold Ashanti reports on approvals for Quebradona, its update will offer context on Colombia’s permitting environment, but it will not determine the path for Aris Mining’s Soto Norte project.
Watch whether AngloGold Ashanti reports progress or obstacles in securing approvals for Quebradona. Progress would show that a Colombian mining project can move through approvals; delays would underline how permitting can hold development back. Quebradona and Soto Norte are separate projects, and Soto Norte faces its own legal and environmental constraints, so one project’s outcome does not decide the other’s. The takeaway is a clue about the permitting environment, not an answer on Soto Norte’s approval.
Wheaton Precious Metals Corp. earningsWPM
If Wheaton Precious Metals reports on Marmato construction milestones, its update will show whether this outside funding arrangement is advancing and help frame how Aris Mining is financing the expansion.
Look for updates on Marmato construction milestones and whether the funding tied to them is advancing. Progress would indicate that Aris Mining may receive outside funding as the expansion reaches agreed stages, reducing reliance on other sources of capital. Delays or uncertainty would leave more of the project’s financing needs in question. Wheaton’s disclosure is one progress signal; Aris’s own construction and funding details are still needed to judge the full picture.
