Aris Mining Lifts Nine-Month Gold Output 16% as Marmato Nears CIP First Gold

Aris Mining reported nine-month gold production of 217,300 ounces, up 16% from the corresponding period of 2025, as the company advances expansion work at its Colombian Segovia and Marmato operations. Third-quarter production was 69,300 ounces, leaving the company reliant on a substantial fourth quarter to reach the lower end of its 2026 guidance range of 300,000 to 350,000 ounces.3

The update strengthens the production backdrop for Aris’s two-mine growth plan, but it does not yet turn Marmato’s expansion into operating output. The immediate execution test is the planned first gold from the project’s new carbon-in-pulp, or CIP, plant in the fourth quarter. Construction is continuing, while mining has begun in Marmato’s Bulk Mining Zone and ore stockpiles are being built ahead of commissioning.4

Aris needs roughly 82,700 ounces in the final quarter to reach 300,000 ounces for the year, based on its reported nine-month total. Management said current operating performance and its fourth-quarter outlook support achieving that lower threshold. That is a guidance assessment rather than a reported outcome, particularly as the quarter includes the key task of bringing the new Marmato plant into service.

Marmato did complete an important enabling milestone: the new Cascabel 3 filtered tailings facility has been commissioned. The facility is a component of the expansion and its start-up allowed the planned transition away from Cascabel 2. That transition required about four weeks of downtime at the flotation plant. Aris used the period for upgrades and extensive maintenance, but the shutdown contributed to lower production during the third quarter.3

The company also said it refurbished the primary ball mill and installed a new regrind mill and Knelson concentrator at Marmato’s existing flotation plant. Those actions concern the existing processing circuit, whereas the CIP plant is the next expansion milestone that remains to be delivered. The distinction matters: commissioned tailings infrastructure, plant upgrades and stockpiled ore reduce parts of the project’s readiness risk, but none by themselves demonstrate sustained production from the new CIP circuit.

At Segovia, Aris reported that owner-mined tonnes increased about 23% between the first and third quarters. Production from external mining partners had been affected earlier in the year by temporary restrictions on access to explosives, which reduced tonnes and grades. The company said the issue was resolved in September under Colombia’s new administration, positioning partner output to increase toward its planned ramp-up level.4

Commercially, third-quarter sales were 68,400 ounces at an average realized gold price of about $4,204 an ounce, generating approximately $287 million of revenue. Year-to-date gold revenue exceeded $972 million, according to the company. Sales volumes were slightly below quarterly production, a normal difference that reinforces that production, sales and revenue should not be treated as interchangeable measures.3

Aris expects the Segovia and Marmato expansions together to support annual production of about 500,000 ounces once fully ramped up. That longer-term figure is a company expectation, not current capacity converted into achieved output. For now, the more consequential near-term markers are fourth-quarter production sufficient to attain the bottom of guidance, successful CIP first gold at Marmato, and evidence that the new circuit can move from commissioning to dependable operating contribution in 2027.4