Aris Mining Key Projects Advance: Can the Momentum Propel Growth?

Aris Mining Corporation ARMN is making notable strides in its key development projects that would underpin its future production upside. ARMN is advancing its expansion projects, including the Segovia mill expansion and the development of the Marmato Lower Mine, which are expected to drive its production. 

Production rates are expected to crank up in the second half of 2025, following the commissioning of the Segovia plant expansion to 3,000 tons per day, with ARMN targeting an annual production rate of roughly 500,000 ounces of gold. At the Marmato Lower Mine, construction is progressing, targeting a processing capacity of 5,000 tons per day, with the ramp-up scheduled to start in the back half of 2026. 

Aris Mining also holds a 51% stake in the Soto Norte project in Colombia and fully owns the Toroparu project in Guyana, further diversifying its asset portfolio. A pre-feasibility study is underway at Soto Norte with an expected completion in the third quarter of 2025. At Toroparu, the company has launched a new study to update the development plan. 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 is also moving forward with its remaining development and exploration projects, and evaluating additional exploration, development and production prospects. B2Gold’s Goose Project is on track to pour first gold in the second quarter of 2025, reach commercial production in the third quarter and contribute 120,000-150,000 ounces of gold in 2025. B2Gold expects gold production from the project to be around 310,000 ounces per year for the first six years of operation. A feasibility study on the 100% owned Gramalote Project in Colombia is also targeted for completion in mid-2025. 

AngloGold Ashanti plc AU is executing a clear strategy of organic and inorganic growth. In November 2024, AngloGold Ashanti acquired Egyptian gold producer Centamin, adding the large-scale, long-life, world-class Tier 1 asset (Sukari) to its portfolio. Obuasi remains a significant pillar of AngloGold Ashanti’s long-term strategy. At Siguiri, efforts are underway to improve mining volumes through ongoing improvements to fleet availability and utilization.

ARMN’s Price Performance, Valuation & Estimates

Shares of Aris Mining have shot up 89.1% year to date against the Zacks Mining – Gold industry’s rise of 56.6%, thanks to a surge in gold prices.

From a valuation standpoint, ARMN is currently trading at a forward 12-month earnings multiple of 4.44, a roughly 67.2% discount to the industry average of 13.52X. 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 226.5% and 80.6%, respectively. The EPS estimates for 2025 and 2026 have been trending higher over the past 60 days.

ARMN stock currently carries a Zacks Rank #3 (Hold). 

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

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