ARMN's Segovia Operations Drive Gold Production Surge in Q3 2025

Aris Mining Corporation (ARMN) reported impressive results for the third quarter of 2025, with gold production rising 36.6% year-over-year to 73,236 ounces, alongside a quarter-over-quarter jump of 25%. These gains position the company squarely on track to hit its full-year production guidance of 230,000-275,000 ounces. The primary engine behind this acceleration lies in the Segovia mining complex in Colombia, which has emerged as the portfolio’s backbone following a major operational milestone.

Segovia’s Mill Expansion Fuels Production Growth

The Segovia Operations anchored ARMN’s performance, with production climbing 38% year-over-year to 65,549 ounces in Q3—accounting for roughly 90% of the company’s total output. The breakthrough came courtesy of the commissioning of Segovia’s second mill, which significantly boosted processing capacity and throughput efficiency. In the third quarter alone, the mine processed 219,550 tonnes of ore, marking a 31.6% increase compared to the same period last year.

This capacity expansion proved transformative for operations. The added milling capability allowed Segovia to move material through the system faster, translating raw ore volume gains into finished production. The mine’s ability to process nearly 220,000 tonnes quarterly demonstrates the operational leverage now embedded in the asset.

Beyond Segovia, the Marmato Upper Mine (also Colombia-based) generated 7,687 ounces in Q3, representing a 26% year-over-year gain. While a smaller contributor, Marmato’s gains show production momentum extends across ARMN’s portfolio.

Strategic Moves: Soto Norte Acquisition Strengthens Long-Term Position

In December 2025, ARMN completed a transformational acquisition, buying out the remaining 49% stake in the Soto Norte joint venture from MDC Industry Holding Company LLC. The move made Aris Mining the sole owner of Soto Norte—a significant undeveloped gold asset in Colombia.

A pre-feasibility study completed in September 2025 underscores the project’s value. The analysis reconfirmed Soto Norte as one of the most attractive unexploited gold properties in the Americas, positioning it as a potential engine for future production growth once development advances. This acquisition signals management’s confidence in the region and its commitment to controlling its destiny within Colombia’s prolific mining sector.

How ARMN Stacks Up Against Peers

Among comparable operators with Colombia exposure, B2Gold Corp. (BTG) posted consolidated gold production of 254,369 ounces in Q3 2025. The company achieved a significant milestone in early October when its Goose mine in Nunavut, Canada reached commercial production—a feat completed within just three months of mill start-up. B2Gold is guiding for 250,000 ounces from Goose in 2026 and 330,000 ounces in 2027, illustrating the asset’s scale.

Agnico Eagle Mines Limited (AEM), a larger peer, saw Q3 gold production edge up just 0.4% year-over-year to 866,936 ounces. The company maintains guidance for stable production in the 3.3-3.5 million ounce annual range through 2027. Agnico Eagle’s Kittila mine in Finland remains Europe’s largest primary gold producer and hosts the company’s most substantial mineral reserves.

By contrast, ARMN’s 36.6% year-over-year growth stands out—significantly outpacing AEM’s more modest trajectory and demonstrating the impact of Segovia’s expansion on the company’s growth profile.

Valuation and Growth Outlook

ARMN shares have gained 17.5% over the past month, outpacing the broader industry advance of 8.1%, signaling investor recognition of the production ramp and strategic positioning. From a valuation lens, the stock trades at a forward price-to-earnings ratio of 5.50X, well below the industry average of 14.93X—suggesting the market may undervalue ARMN’s growth trajectory.

The Zacks Consensus Estimate for 2025 earnings has risen 2.2% over the past 60 days, reflecting analyst confidence in the company’s execution. ARMN currently holds a Zacks Rank of #1 (Strong Buy), indicating strong conviction among research professionals.

The Investment Case Forward

With Segovia operating at expanded capacity and the Soto Norte acquisition providing optionality for future growth, Aris Mining stands well-positioned to exceed production targets and cement its standing within Latin America’s gold mining landscape. The combination of near-term production momentum from Segovia and medium-term potential from newly acquired assets creates a compelling growth narrative—one that the current valuation multiples may not fully reflect.