Will Segovia and Marmato's Growth Prospects Drive Aris Mining's Momentum?

Aris Mining Corporation ARMN continues to strengthen its position in the gold mining sector, supported by improving operational performance and expansion-driven growth prospects. In the third quarter of 2025, the company’s total gold production reached 73,236 ounces, representing a 36.6% increase on a year-over-year basis. The results were driven by Segovia mine’s improved performance following the commissioning of its second mill. This expansion enhanced Segovia’s processing capacity and boosted output, making it the primary driver of ARMN’s performance. The Segovia mine processed gold of 219,550 tonnes in the third quarter, up 31.6% year over year.

While Segovia operations are currently supporting the company’s near-term performance, the Marmato operation remains its long-term growth catalyst. While the Marmato upper mine continues steady production, development of the Bulk mining zone is progressing, with first gold exploration expected in the second half of 2026. Once operational, the project is well-positioned to increase output and diversify Aris Mining’s production base. It is worth noting that the Marmato mine processed gold of 75,220 tonnes in the third quarter compared with 70,256 tonnes in the year-ago quarter.

Overall, the continued advancement of the Segovia and Marmato operations positions ARMN for the possibility of a significant transformation in the future. With this steady pace, Aris Mining is well-positioned for growth in the quarters ahead.

Snapshot of Aris Mining’s Peers

Among its major peers, B2Gold Corp. BTG is gaining from its ongoing strategy of maximizing profitable mine production, moving forward with its remaining development and exploration projects. A pickup in mine performance is expected to aid B2Gold’s gold production in the coming years. Production at Fekola is likely to increase in 2025, which also bodes well for B2Gold.

Barrick Mining Corporation B continues to prioritize high-return investments, especially in Nevada, supported by successful exploration and ongoing project executions. Barrick Mining’s merger with Randgold strengthened its industry position, providing top-tier assets and notable synergies with Newmont in the Nevada joint venture. However, operational issues across certain mines are expected to lead to lower gold production in 2025, impacting Barrick Mining’s performance.

ARMN’s Price Performance, Valuation and Estimates

Shares of Aris Mining have surged 278% in the past year compared with the industry’s growth of 117.4%.

From a valuation standpoint, Aris Mining is trading at a forward price-to-earnings ratio of 6.64X compared with the industry’s average of 13.44X. ARMN carries a Value Score of C.

The Zacks Consensus Estimate for Aris Mining’s earnings has remained steady over the past 30 days.

The company currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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

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