The following is a summary of the Aris Mining Corporation (ARMN) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Aris Mining Corporation reported a strong financial performance in Q3 2024 with a production of 53,600 ounces of gold, which is an increase of 9% over Q2.

• The company achieved an all-in sustaining margin of $44 million at Segovia, a 37% improvement from $32 million in Q2.

• Adjusted EBITDA for the 12-month period ending in September was $147 million, and adjusted net income was $43 million.

• Gold revenue was $131.6 million, up 15% quarter-over-quarter, primarily driven by a higher realized gold price of $2,447 per ounce.

Business Progress:

• Aris Mining has completed Phase 1 of the expansion at Segovia, targeting to increase its capacity to 3,000 tons per day with Phase 2 expected to complete by early next year.

• Construction at Marmato Lower Mine is progressing, with 25% of the project spend reached by the end of September.

• The company refinanced its debt with a new $450 million note issuance at 8%, extending the debt maturity to 2029.

Opportunities:

• The company targets an annual gold production rate of approximately 500,000 ounces by the second half of 2026, supported by expansions at Segovia and Marmato.

Risks:

• Despite strong operational metrics, the company incurred a net loss of $2.2 million in Q3, primarily due to a $12.8 million loss on financial instruments related to the revaluation of a warrant liability and losses on gold loans notes.

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