Aris Mining's Q2 Gold Output Climbs: Segovia Sets Stage for Solid 2H

Aris Mining Corporation ARMN reported a solid 20% year-over-year increase in gold production to 58,652 ounces for the second quarter of 2025. Production also rose 7% from the prior quarter. This growth, powered by the Segovia Operations in Colombia, positions ARMN favorably to achieve its full-year production target. 

Segovia, a cornerstone of Aris Mining's portfolio, saw an 18% year-over-year rise in production to 51,527 ounces in the second quarter. Also, the Colombia-based Marmato Upper Mine produced 7,125 ounces, marking a 29% increase from a year ago. 

Production rates are expected to crank up in the second half of 2025, following the completion of the installation and commissioning of the Segovia plant expansion, which would lead to an increase in Segovia's processing capacity by 50% to 3,000 tons per day. ARMN expects stronger production in the second half, driven by the ramp-up of the expanded Segovia mill. 

Segovia is expected to produce 210,000-250,000 ounces this year and 300,000 ounces in 2026. As ARMN progresses with its expansion initiatives, it is well-placed to achieve its ambitious production targets and strengthen its standing in the Latin American gold mining industry.

Among its peers with exposure in Colombia, B2Gold Corp. BTG recorded a consolidated gold production of 229,454 ounces for the second quarter, up around 12% year over year. The figure was higher than B2Gold’s expectation, driven by better-than-expected production from Fekola, Masbate and Otjikoto mines. B2Gold remains on track to meet total gold production expectations of 970,000-1,075,000 ounces for 2025. 

AngloGold Ashanti plc AU saw a 21% year-over-year surge in gold production to 804,000 ounces in the second quarter. The upside was driven by continued strong performance from AngloGold Ashanti’s managed operations, which saw a 25% surge in production. AngloGold Ashanti continues to expect consolidated gold production between 2.900 million ounces and 3.225 million ounces for 2025.

ARMN’s Price Performance, Valuation & Estimates

Shares of Aris Mining have shot up 113.1% year to date compared with the Zacks Mining – Gold industry’s rise of 72.5%, thanks to a surge in gold prices.

From a valuation standpoint, ARMN is currently trading at a forward 12-month earnings multiple of 4.16, a roughly 69.1% discount to the industry average of 13.45X. It carries a Value Score of A.

The Zacks Consensus Estimate for ARMN’s 2025 and 2026 earnings implies a year-over-year rise of 264.7% and 73.8%, respectively. The EPS estimates for 2025 and 2026 have been trending higher over the past 60 days.

ARMN currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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