Aris Mining's Q3 Gold Output Climbs: Segovia Sets Stage for Solid Q4

Aris Mining Corporation ARMN reported a solid 36.6% year-over-year increase in gold production to 73,236 ounces for the third quarter of 2025. Production also rose 25% from the prior quarter. This growth, powered by the Segovia Operations in Colombia, positions ARMN favorably to achieve its full-year production target of 230,000-275,000 ounces.

Segovia, a cornerstone of Aris Mining's portfolio, saw a 38% year-over-year rise in production to 65,549 ounces in the third quarter. Also, the Colombia-based Marmato Upper Mine produced 7,687 ounces, marking a 26% increase from a year ago.

The solid growth in gold production is primarily driven by the Segovia mine, following the commissioning of its second mill. The added capacity significantly increased Segovia’s processing strength, making it the main contributor to ARMN’s performance. During the third quarter, the mine processed 219,550 tonnes of gold ore, reflecting an increase of 31.6% on a year-over-year basis.

It's worth noting that in December 2025, ARMN completed the acquisition of the remaining 49% stake in the Soto Norte joint venture from MDC Industry Holding Company LLC in Colombia. With the acquisition, Aris Mining became the sole owner of the Soto Norte project, where a new pre-feasibility study (completed in September 2025) reconfirmed the project as one of the most attractive undeveloped gold assets in the Americas.

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.

Production Performance of ARMN’s Peers

Among its peers with exposure in Colombia, B2Gold Corp. BTG recorded a consolidated gold production of 254,369 ounces for the third quarter. B2Gold’s Goose mine in Nunavut, Canada, achieved commercial production in early October 2025. This milestone was reached within three months after the mill started operating. B2Gold anticipates 250,000 ounces of gold production in 2026 and 330,000 ounces in 2027 for the Goose mine.

Agnico Eagle Mines Limited AEM saw a 0.4% year-over-year increase in gold production to 866,936 ounces in the third quarter. Agnico Eagle expects production to remain stable at roughly 3.3-3.5 million ounces annually from 2025 to 2027. Agnico Eagle’s Kittila mine in Finland is the largest primary gold producer in Europe and also hosts the company's largest mineral reserves.

ARMN’s Price Performance, Valuation and Estimates

Shares of Aris Mining have gained 17.5% in the past month compared with the industry’s growth of 8.1%.

From a valuation standpoint, Aris Mining is trading at a forward price-to-earnings ratio of 5.50X compared with the industry’s average of 14.93X. ARMN carries a Value Score of C.

The Zacks Consensus Estimate for Aris Mining’s 2025 earnings has increased 2.2% over the past 60 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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