Colombian Mining & Exploration
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Aris Mining (TSX: ARIS)

Aris Mining (TSX/NYSE: ARIS) is the largest listed gold producer focused on Colombia, running the Segovia and Marmato underground mines. Aris Mining stock now turns on a Marmato plant start-up in Q4 2026 and an environmental licence for the wholly owned Soto Norte project.

Tickers: TSX: ARIS | NYSE: ARIS · Headquarters: Vancouver, Canada · Data as of: Nov 4, 2026

Aris Mining at a glance

ProjectDepartmentCommodityStageOwnership
SegoviaAntioquiagold, silverproducing100%
MarmatoCaldasgold, silverproducing; expansion (bulk mine and CIP plant) in commissioning100%
Soto NorteSantandergold, silver, copperpre-feasibility; environmental licensing100% (remaining 49% acquired from Mubadala, closed Dec 12, 2025)
Share priceC$24.95 (TSX, Oct 2, 2026); US$17.44 (NYSE close, Oct 16, 2026). Market cap: refresh at publication
Shares outstanding206.4 million at July 29, 2026, plus 4.1M options and 6M shares issuable to Mubadala on Soto Norte’s environmental licence (Q2 2026 MD&A)
CashUS$419M at Sept 30, 2026 (includes final US$42M Wheaton instalment)
DebtTotal US$469.6M; net debt US$44.0M at June 30, 2026. Gold-linked notes US$19.6M principal at 7.5%
2026 guidance300,000–350,000 oz gold; company tracking the lower end (Oct 7, 2026)
ProductionQ3 2026: 69.3 koz (Segovia 63.4, Marmato 5.8). 9M 2026: 217.3 koz
Reserves (P&P, contained gold)9.25 Moz at 5.14 g/t: Soto Norte 4.57 Moz, Marmato 3.18 Moz, Segovia 1.50 Moz (as reported in Q2 2026 MD&A)
Q2 2026 resultsRealized gold price US$4,450/oz; adjusted EBITDA US$178.6M; net earnings US$94.2M ($0.46/share)

About Aris Mining

Aris Mining operates two underground gold mines in Colombia: Segovia in Antioquia and Marmato in Caldas. Together they produced about 257,000 ounces in 2025, and 217,300 ounces in the first nine months of 2026, up 16.4% on the same period of 2025. The shares trade in Toronto and, since February 2026, on the New York Stock Exchange.

The growth plan is to lift Colombian output to about 500,000 ounces a year, roughly 300,000 from Segovia and 200,000 from Marmato. Segovia’s second mill was installed in June 2025. At Marmato, a new 5,000 tonne-per-day carbon-in-pulp (CIP) plant is due to pour first gold in Q4 2026, partly funded by a Wheaton Precious Metals stream (an upfront payment in exchange for a share of future metal).

Beyond the two mines, Aris owns 100% of the Soto Norte gold-copper-silver project in Santander after buying Mubadala’s 49% in December 2025. It also owns Toroparu in Guyana, where a pre-feasibility study (PFS) is underway and a construction decision is targeted for early 2027. Management describes a longer-term ambition of about one million ounces a year, which depends on permits and construction decisions.

Cash was US$419 million at September 30, 2026. At June 30, 2026, total debt was US$469.6 million and net debt US$44.0 million. Q3 2026 financial results were scheduled for release after market close on November 4, 2026.

Aris Mining’s Colombian projects

Segovia

Segovia is a group of high-grade underground gold mines in northeast Antioquia and is Aris’s main source of cash. Ore comes from two streams: company-run (owner) mining and contract mining partners (CMPs), local small-scale miners who sell ore to Aris under formal agreements.

Segovia produced 63.4 koz in Q3 2026 and 194.4 koz in the first nine months. A second mill was installed in June 2025, and owner-mined tonnes rose through 2026. CMP deliveries were held back by limited access to explosives until the issue was resolved in September 2026.

In Q2 2026, combined all-in sustaining cost (AISC, the full cost of keeping production going) was US$1,986 per ounce sold: US$1,767 for owner mining and US$2,415 for CMP ore, whose price is linked to gold. Full-year 2026 owner-mining AISC guidance is US$1,700–1,800/oz.

Resources: Proven and Probable reserves of 1,503 koz gold (contained), per Q2 2026 MD&A summary; full tonnage, grade and effective date to be taken from the latest AIF/NI 43-101 report.

Marmato

Marmato is a historic gold-mining town in Caldas, on the Middle Cauca belt. Aris runs an underground mine there and is building a larger bulk-tonnage ‘Lower Mine’ with a new 5,000 tonne-per-day CIP plant.

Marmato produced 5.8 koz in Q3 2026, down from 9.3 koz in Q2, because of planned downtime to tie in the expansion. The Cascabel 3 filtered tailings facility was commissioned in Q3, and the company says the CIP plant remains on track for first gold in Q4 2026. 2026 guidance for Marmato is 35,000–50,000 oz, against 22.9 koz produced in nine months.

Wheaton Precious Metals funds part of the expansion through a stream; Aris received the third and final US$42 million instalment in Q3 2026. The long-term target is about 200,000 oz a year from Marmato.

Resources: Proven and Probable reserves of 3,178 koz gold (contained), per Q2 2026 MD&A summary; full tonnage, grade and effective date to be taken from the latest AIF/NI 43-101 report.

Soto Norte

Soto Norte is a high-grade underground gold-copper-silver project in the municipalities of California, Suratá and Matanza in Santander. The September 2025 PFS envisages a 3,500 tonne-per-day operation over an initial 22-year life, with 750 tonnes per day reserved for ore from local miners. It would produce concentrates, so no cyanide or mercury would be used on site.

Aris bought Mubadala’s 49% in December 2025 for about US$80 million (US$60 million cash plus about 1.7 million shares), ending Mubadala’s precious metals stream. A further 6 million Aris shares are issuable to Mubadala once the environmental licence is granted.

On July 29, 2026, the ANM (Colombia’s national mining agency) approved the modified work plan (PTO) for concession 0095-68. On September 30, 2026, Aris said its environmental and social impact assessment (ESIA) was prepared and that community meetings would follow in October before the licence application is filed. The government revoked an extension of the Resolution 0221 temporary reserve, so it reverts to a March 4, 2027 expiry, and revoked an August 2026 partial páramo delimitation. Aris says the project lies outside the Santurbán páramo and its buffer zone.

Resources: Proven and Probable reserves 20.3 Mt at 7.00 g/t Au for 4.6 Moz gold, 20.9 Moz silver and 89.2 Mlb copper (NI 43-101 PFS, effective Aug 18, 2025; US$2,200/oz gold, 2.0 g/t cut-off).

Latest Aris Mining news

  • Oct 21, 2026: Aris set its Q3 2026 financial results for release after market close on November 4, 2026, with a conference call the same day at 5:00 pm ET. (Aris Mining sets Nov. 4 date for Q3 2026 earnings (Stock Titan))
  • Oct 7, 2026: Q3 2026 production was 69.3 koz (Segovia 63.4, Marmato 5.8), and nine-month output rose 16.4% to 217.3 koz. Aris said it remains on track for the lower end of 300,000–350,000 oz guidance, with Marmato’s CIP plant on track for first gold in Q4. Cash was US$419 million. (Aris Mining Reports Q3 2026 Production)
  • Sep 30, 2026: Aris said the Soto Norte ESIA is prepared, the ANM approved the modified PTO on July 29, and new government resolutions revoked an extension of the temporary reserve and a partial páramo delimitation. Community meetings precede the licence filing; a construction decision follows the licence. (Aris Mining Announces Major Developments at Soto Norte)
  • Sep 29, 2026: Founder, chair and CEO Neil Woodyer was named to the Canadian Mining Hall of Fame. The release restated that the Toroparu PFS is underway, with a construction decision expected in early 2027. (Aris Mining news release (SEC Form 6-K, Exhibit 99.1))
  • Jul 29, 2026: Q2 2026 MD&A reported cash of US$425.6 million, total debt of US$469.6 million, adjusted EBITDA of US$178.6 million and a realized gold price of US$4,450/oz. 206.4 million shares were outstanding. (Aris Mining Q2 2026 MD&A (SEC Form 6-K))
  • Jan 22, 2026: Neil Woodyer became Chair and CEO after Ian Telfer retired from the board. Doug Bowlby was promoted to President and the COO role was eliminated. (Aris Mining announces board and management updates (Barchart))

Upcoming catalysts

  • Q3 2026 financial results, including AISC, debt and realized prices (released after market close Nov 4, 2026)
  • First gold from Marmato’s 5,000 tpd CIP plant (company guidance: Q4 2026)
  • Full-year 2026 production against the 300,000 oz low end of guidance (typically reported in January)
  • Soto Norte environmental licence application, following October 2026 community meetings; construction decision after the licence
  • Expiry of the Resolution 0221 temporary reserve over the Soto Norte area (March 4, 2027)
  • Toroparu (Guyana) PFS and construction decision (company target: early 2027)

Management

  • Neil Woodyer, Founder, Chair and Chief Executive Officer. Chair since Jan 22, 2026; Canadian Mining Hall of Fame inductee (ceremony Jan 14, 2027)
  • Doug Bowlby, President. Promoted Jan 22, 2026
  • Dustin VanDoorselaere, Senior Vice President, Operations
  • Cornelius (Corné) Lourens, Senior Vice President, Projects
  • Pamela De Mark, P.Geo., Senior Vice President, Geology and Exploration. Qualified Person for technical disclosure
  • David Garofalo, Lead Independent Director

Key risks for Aris Mining stock

  • Execution: 2026 guidance depends on a strong Q4 and an on-time Marmato CIP start-up; even 300,000 oz needed about 82.7 koz in Q4 versus 69.3 koz in Q3 (our calculation).
  • Reliance on contract mining partners at Segovia, whose output was hit by explosives supply in 2026 and whose ore costs rise with the gold price.
  • Soto Norte licensing: ANLA’s environmental licence is a yes-or-no event in an area with organized opposition linked to water supply and the Santurbán páramo.
  • Security and illegal mining in northeast Antioquia and Caldas can disrupt operations and raise costs.
  • Gold price: margins and the CMP cost structure are sensitive to gold, which fell sharply in late October 2026.
  • Capital intensity: Marmato, Soto Norte and Toroparu together require large spending against roughly US$470 million of debt.

Sources

Related: Colombian stocks · Companies & Projects tracker · Colombian mining companies

Educational information only, not investment advice. Figures are from the sources listed and dated; check the company’s latest filings before relying on them. See our Disclosure & Editorial Policy.