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The call communicated a strong quarter with notable increases in production, revenue (+20%), adjusted EBITDA (+25%), EPS (~30%), and a materially strengthened balance sheet (cash up $80M, net debt reduced to $1.6M). Operational milestones were achieved at Marmato (decline breakthrough) and Segovia capacity expansion progressed, and guidance for FY2026 was reaffirmed. Lowlights are mostly timing, execution, and dependence risks: Q1 cash flow was affected by working capital and incentive settlements, some development work extends into 2027–2028, margins benefited from a high-grade pocket and strong gold prices (introducing sensitivity), and several growth projects still face regulatory and ramp-up risks. Overall, the positives (strong financials, cash generation, project progress, and near-term milestones) outweigh the execution and timing risks.
Management reiterated full‑year 2026 guidance of 300,000–350,000 ounces (production weighted to H2), with Segovia targeted at 265,000–300,000 ounces and a 3,000 tpd processing rate expected by late 2026/early 2027 (El Silencio ramp Q4‑26, El Silencio–Sandra K connection Q1‑27, Providencia ramp/connection Q1‑28); Marmato’s new 5,000 tpd CIP plant is on schedule for first gold in Q4‑26 with progressive ramp to steady‑state in 2027; Toroparu PFS is due H2‑26 with a construction decision planned for early‑27; Soto Norte’s environmental license application will be submitted in Q2‑26; cost/ margin guidance included owner‑mining AISC guidance of $1,700–$1,800/oz (Q1 owner AISC was $1,492/oz) and a CMP sales margin guidance of 35%–40% (Q1 achieved 40%), while the company retains a longer‑term objective of ~1 million ounces of annual gold production.
Consolidated gold production of 74,300 ounces in Q1 2026, a 6% increase vs Q4 2025 (Segovia 66,600 oz; Marmato 7,800 oz). Company remains on track to deliver FY2026 guidance of 300,000–350,000 ounces and Segovia-targeted 265,000–300,000 ounces for the year.
Gold revenue of $364 million in Q1, up 20% from Q4. Adjusted EBITDA of $212 million, up 25% quarter-over-quarter. Adjusted net earnings of $124 million, EPS $0.60 vs $0.46 in Q4 (≈30% increase).
Cash balance of $472 million at quarter-end, up $80 million from year-end 2025. Net debt reduced to $1.6 million from $86 million (≈98% reduction). Generated free cash flow ($42 million reported) while investing in growth; operating free cash flow after sustaining capex and taxes of $103 million.
Segovia AISC margin increased to $2,935 per ounce (up 128% vs Q1 2025 and 25% vs Q4 2025) producing AISC margin contribution of $199 million. Owner-operated mining AISC improved to $1,492/oz from $1,662/oz (≈10% reduction) and outperformed FY2026 guidance range of $1,700–$1,800/oz. CMP business achieved AISC sales margin of 40% (top end of 35–40% guidance).
Segovia mill feed grade of 12.41 g/t (above reserve grade 10.7 g/t). Marmato mill feed grade of 3.53 g/t (above reserve grade 3.16 g/t), supporting stronger realized ounces and margins in the quarter.
Marmato CIP plant construction on schedule for first gold in Q4 2026. Key underground milestone: decline broke through into Los Indios crosscut enabling direct access to the new 5,000 tpd CIP plant. Over 70% of the main decline (≈1,200m) complete; long-lead equipment ordered and ready to deliver.
Second ball mill installed increasing capacity to 3,000 tpd; expected to reach ~3,000 tpd toward end of 2026 / early 2027 with key ramp and interconnections (El Silencio ramp expected Q4 2026). Development work to enable steady-state production continuing.
Toroparu pre-feasibility study (PFS) progressing on schedule for H2 2026 to support an early-2027 construction decision. Soto Norte environmental license application nearing completion and on track for submission in Q2 2026.
Good morning, everyone, and welcome to the Aris Mining First Quarter 2026 Results Call. We will begin with an overview from management followed by a question-and-answer period. [Operator Instructions] The conference is being recorded. [Operator Instructions] Please note that the accompanying presentation that management will refer to during today's call can be found in the Events and Presentations section of the Aris Mining's website at aris-mining.com. First quarter 2026 financial reports for Aris Mining have been filed on SEDAR+ and EDGAR and can also be found on their website. I would now like to turn the conference over to Mr. Neil Woodyer, Chief Executive Officer. Please go ahead.
Thank you, operator, and welcome to our Q1 2026 earnings call. Joining me today are Doug, Oliver, Cam, Dustin, Corne and Alejandro. But before we begin, please note the disclaimer on Slide 2. Moving to Slide 3. Aris Mining delivered a solid start to 2026, supported by higher production, a stronger realized gold price, and continued progress across our growth portfolio. Gold production totaled 74,000 ounces, gold revenue of $364 million, up 20% from Q4. Adjusted EBITDA of $212 million, up 25% and adjusted net earnings of $124 million or $0.60 per share, up from $0.46 per share in Q4. Our operations generated cash flow that funded our growth and expansion projects during the quarter, while generating $42 million of free cash flow.
Looking across our portfolio, we continue to advance each of our four assets. At Segovia, the ramp-up of the expanded mill is progressing well. The focus remains on i...