Aris Mining Corporation Aktie

Good day, everyone, and welcome to the Aris Mining Second Quarter 2026 Results Conference Call. We will begin with an overview from management followed by a question-and-answer period. [Operator Instructions] The conference is being recorded. [Operator Instructions] Please note that the accompanying presentation that management will refer to during today's call can be found in the Events and Presentations section of Aris Mining's website at aris-mining.com. Second quarter 2026 financial reports for Aris Mining have been filed on SEDAR+ and EDGAR and can also be found on their website.

I would now like to turn the conference over to Mr. Neil Woodyer, Chair and Chief Executive Officer. Please go ahead.

Thank you, operator, and welcome to our Q2 2026 earnings call. Today, joining me are Doug, Oliver, Cam, Dustin, Corne and Alejandro. But before we begin, please note the disclaimer on Slide 2. Moving to Slide 3. The headline for the quarter is straightforward. We delivered a strong first half year and remain firmly on track for our full year guidance.

The Q2 numbers I'd like to highlight include 74,000 ounces of gold production, $179 million of adjusted EBITDA and a quarter end cash balance of $426 million. More important than any quarterly number is what these results allowed us to do. In the first half year, our operating cash flow after taxes was $200 million, which funded our capital expenditures of $196 million, allowing us to maintain a strong cash position. Our financial strength enables us to advance the execution of our growth strategy across all 4 of our assets.

At Segovia, the expanded mill is performing well. Our focus has shifted underground, where we're adding the haulage capacity and mining flexibility needed to keep plant consistently full. We expect that work to translate into higher production in the second half and a full run rate capacity for next year.

At Marmato, the project focus is moving from major construction towards start-up readiness. The bulk zone is now connected directly to the new plant area and the SAG and ball mills are on site and mechanical installation is underway. First gold remains on schedule for the fourth quarter of this year.

At Toroparu, the pre-feasibility study remains on schedule for completion in the second half of this year, supporting a construction decision targeted for early 2027. At Soto Norte, the environmental studies will be ready for submission. So the story for the past half year is one of execution, strong performance from the producing assets, visible progress on the growth projects and a clear path to our 2026 production guidance of 300,000 to 350,000 ounces.

With that, I'll pass to Cam to review our financial performance.

Thanks, Neil. Turning to Slide 4. Starting with our cash position, we started Q2 with $472 million of cash and ended at $426 million. The cash movement here mainly reflects the timing of our annual Colombian tax payments and the significant capital we put into Marmato and Segovia this quarter as detailed on the slide. But the bigger picture is really the funding story.

Over the first half of the year, our after-tax operating cash flow essentially covered our entire capital program. We stayed free cash flow positive even as we push forward on multiple major growth initiatives at once. And despite ramping up investment meaningfully in Q2, we ended the quarter with a cash balance above where we finished in 2025.

Turning to Slide 5. These charts really tell the story of our operating momentum behind that financial strength. Since we expanded Segovia's processing capacity back in 2025, we've seen a clear step change in production. First half gold sales were up 27% year-over-year. And on a trailing 12-month basis, we're now approaching 300,000 ounces. Combine that higher volume with stronger gold prices and you get record first half revenue, adjusted EBITDA and earnings. What these charts really show is that our operating growth is translating directly into cash generation and profitability.

With that, I'll hand it over to Dustin to walk through the operations.

Thanks, Cam. Turning to Slide 6. Our operations generated consolidated gold production of 74,000 ounces in the second quarter and 148,000 ounces for the first half of 2026. Segovia remains our main production contributor, while Marmato's production impact is beginning to increase as activity in the bulk mine zone builds.

At Segovia, the operating picture remains strong. Year-to-date owner mining AISC at $1,623 an ounce are below our full year guidance range, even as we increase investment in underground development to support increased mining rates. Our contract mining partners, CMPs, are also performing well with our year-to-date sales margin of 43%, above the top end of guidance.

Together, the owner-mined and CMP supplied ounces continue to generate very strong all-in sustaining margins, $157 million in Q2 and $356 million for the first half of the year. The chart on the lower right makes that point clearly. Even with the gold price dipping from the first quarter's record level, Segovia's economics remain very strong and well ahead of last year.

Moving to Slide 7. The important message here is that the production profile is progressing as planned. In the first half of the year, consolidated production totaled 148,000 ounces, close to 50% of the full year guidance midpoint. We entered the year expecting a stronger second half driven by 2 very specific factors. First, at Segovia, the production ramp-up continues to progress. Ongoing underground development is increasing mining and haulage capacity, which is expected to provide additional mill feed and support higher production in the second half.

Second, at Marmato, the existing flotation plant can support the low end of the annual guidance range on its own. The ramp-up of the bulk mining zone has allowed us to fill the existing mill, while commissioning of the new CIP plant in the fourth quarter creates the opportunity to move higher within that range, and, more importantly, sets up a much larger contribution in 2027.

These two drivers support our confidence in the 2026 guidance range and position the company for another meaningful step-up in production next year. Turning to Slide 8. Here, we outline our plan to unlock Segovia's full potential. The expanded processing plant is no longer the constraint. The task is now to increase the rate at which we can develop, mine and move ore underground.

To achieve this, we have increased capital investments at Segovia to $48 million in H1, which includes both sustaining and nonsustaining capital. We are developing new ramps at El Silencio and Providencia and building a main haulage circuit that connects El Silencio, Providencia and Sandra K. This will improve the movement of people, equipment and ore across the complex. At the same time, we are renewing and expanding the mobile fleet, including new bolters, jumbos, trucks and loaders.

These are practical investments aimed at shortening cycle times and giving the mine more flexibility. Together, these investments are expected to increase mill feed, improve haulage efficiency and reduce traffic through town. They are important enablers of higher production in the second half of 2026 and beyond.

With that, I'd like to pass it over to Corne for an update on Marmato.

Moving to Slide 9. At Marmato, the project is increasingly shifting from construction progress to operational readiness. Completing the Los Indios cross-cut in April was a major milestone. It created direct underground access between the bulk mining zone and the new plant, improving ventilation and haulage and allowing us to prepare stopes and build the initial ore stockpile for commissioning.

Mining capacity in the bulk mining zone has increased and is already contributing to production growth through the existing flotation plant. New mining equipment will begin arriving in the third quarter, and the main decline is now more than 85% complete. Put simply, the mine is getting ready to feed the new plant. The remaining capital requirements and funding sources are set out on the slide.

So far this year, we invested approximately $120 million in growth capital expenditures at Marmato. We now estimate the remaining $118 million will be required through year-end to complete commissioning and achieve first gold. Additional expenditures are related to project improvements across various areas of the mine infrastructure. Some of the additional expenditures are also being incurred to ensure operational readiness, including building a mill feed stockpile and the timely delivery of critical path equipment.

We expect a total investment of approximately $238 million this year compared with the $220 million budget we established at the start of the year. In terms of project funding, we expect to receive the final $42 million of Wheaton installment in Q3. Of the $180 million of estimated cost to complete required for commissioning and achieving first gold, our net funding requirement is approximately $76 million.

That portion is going to get funded from cash on hand and operating cash flow. In summary, the mine is ready. The mill construction and commissioning remain on schedule, and we continue to expect first gold in the fourth quarter, followed by a staged ramp-up into 2027.

Moving to Slide 10. The photos give a good sense of the pace and scale of activity on site. We now have almost 1,600 construction personnel working across day and night shifts, with more than 4 million work hours invested in the project. I am particularly proud that the construction team has gone 457 days without a lost time injury.

Since our last update, the SAG and ball mills have arrived and mechanical installation has begun. The crusher area is moving into mechanical installation. The leach tanks and CIP circuit are progressing well. The tailings thickener is mechanically assembled and the main substation installation is advancing according to schedule. There is still work ahead, but the project is visibly coming together. An up-to-date construction video is available on our website. The link is available at the bottom of this slide.

Moving to Slide 11. Beyond the producing assets, Soto Norte and Toroparu are moving toward their major -- next major milestones. At Toroparu, the pre-feasibility study remains on track for completion, engineering and optimization work is progressing, while preconstruction activities is already visible on site through the Puruni bridge, camp expansion, road improvements and other infrastructure. Our Guyana team has grown to 100 people, and we continue to target a construction decision in early 2027.

With that, I'd like to pass it over to Neil for his closing remarks.

Turning to Slide 12. Let me close by bringing the pieces together. We entered 2026 with a clear plan, deliver from our producing operations, complete the build of Marmato and continue advancing our 2 new mine growth projects. At the halfway point, that plan remains on track. We continue to expect to achieve our full year's production guidance.

At Segovia, we're starting to fill the processing capacity, which we have already installed. At Marmato, the new CIP plant remains on schedule for first gold followed by a staged ramp-up through 2027. Together, Segovia and Marmato provide a clear path forward to approximately 500,000 ounces of annual gold production in the near term.

Beyond that, Toroparu and Soto Norte provide the next leg of growth. So as I look forward, we have a strong operating base, a strong balance sheet and a clear sequence of achievable milestones in front of us. And I'd like to thank you for joining us today.

And, operator, could you please open the line for questions.

The first question comes from Carey MacRury with Canaccord.

On a strong quarter. Maybe first for Dustin. Just wondering if you can give us some more color on the Segovia ramp-up. I know tonnage was up this quarter. I know you're working on the Silencio, the new ramp there. Is that what's needed to take throughput up? Or should we expect throughput to rise through Q3 and Q4?

Carey, good to hear from you. No, exactly as we discussed, I mean, our guidance is more heavily weighted to the second half as these ramps and all our additional development comes online, opens up additional ore faces and our El Silencio ramp to surface breaks through in Q4. So as you can see, our weighting goes more towards Q3 and probably later Q3 and into Q4, where we'll start to see production continually ramp up towards the end of the year into 2027.

Okay. And what's the haulage capacity of that new ramp that's coming on?

The ramp itself, it's not really a capacity issue. It just it allows additional feed through Silencio. It takes the bottleneck of the shaft, the main shaft at Silencio, which is restricted to about 750 tonnes a day. So that ramp really will just open up some new areas that can actually come through the ramp. It won't run at capacity. I have to run the [indiscernible], but it takes some of that feed off the shaft and allows some closer to shaft material to come off the shaft and closer ramp material to come off the ramp. So it starts to just debottleneck and decongest Silencio mine.

Okay. Great. And then maybe for Cam, just on cash taxes. I think you mentioned while you did have a big payment in Q2, and normally it is in Q2. Just wondering what we should expect for the rest of the year. Is that mostly because taxes are done for this year? Or should we expect some in Q3, Q4?

Yes, thanks. Yes, Q2 is the timing, and that's when we file our annual returns. So there's that catch-up. So Q2 is always the heaviest. I think if you look back at last year, you'll see a relative proportion. I think it made up almost 50% of our cash taxes paid was in the second quarter. So we'll see cash taxes increasing because of our increased net income, but the proportion will be similar to what you saw in prior years with the heaviest amount being in the second quarter.

Okay. That's great. And then maybe one for you, Neil. Obviously, we had an election in Colombia. I know it's early days, new President hasn't been inaugurated yet, but any comments on the change in government there?

Okay. The change in government gets complete next Saturday. I think we've had a good relationship with the current government. I think they appreciated what we have been doing with our contract mining partners at Segovia. We did the first formalization at Mato with them. They have taken our revamp of Soto Norte to review. We've had a good relationship with them. I think the incoming government remains to be seen what a relationship we've got. But suffice it to say that we spent yesterday at Segovia and Marmato with the incoming Minister of Environment with his #2 and also with the President of ANM. We had a good review of what's happening, a great deal of total support from them. Hopefully, the situation continues in the future.

Since there are no further questions, I would like to turn the conference back over to Mr. Woodyer for any closing remarks. Please go ahead.

Thank you, operator. We appreciate it very much, and thank you, everybody, for joining us. As I say, we've had a good half year, and we look forward to a good year, and thank you for joining us today.

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

Good morning, everyone, and welcome to the Aris Mining First Quarter 2026 Results Call. We will begin with an overview from management followed by a question-and-answer period. [Operator Instructions] The conference is being recorded. [Operator Instructions] Please note that the accompanying presentation that management will refer to during today's call can be found in the Events and Presentations section of the Aris Mining's website at aris-mining.com. First quarter 2026 financial reports for Aris Mining have been filed on SEDAR+ and EDGAR and can also be found on their website.

I would now like to turn the conference over to Mr. Neil Woodyer, Chief Executive Officer. Please go ahead.

Thank you, operator, and welcome to our Q1 2026 earnings call. Joining me today are Doug, Oliver, Cam, Dustin, Corne and Alejandro.

But before we begin, please note the disclaimer on Slide 2. Moving to Slide 3. Aris Mining delivered a solid start to 2026, supported by higher production, a stronger realized gold price, and continued progress across our growth portfolio. Gold production totaled 74,000 ounces, gold revenue of $364 million, up 20% from Q4. Adjusted EBITDA of $212 million, up 25% and adjusted net earnings of $124 million or $0.60 per share, up from $0.46 per share in Q4.

Our operations generated cash flow that funded our growth and expansion projects during the quarter, while generating $42 million of free cash flow. Looking across our portfolio, we continue to advance each of our four assets.

At Segovia, the ramp-up of the expanded mill is progressing well. The focus remains on increasing owner mining rates and developing our CMP business to support the new 3,000 tonne per day processing facility. At Marmato, construction of the new 5,000 tonne per day, CIP plant remains on schedule for first gold production in Q4 of this year.

In April, we connected the decline to the crosscut, making an important milestone and providing direct underground access between the mining -- the bulk mining zone and the new CIP plant infrastructure. Toroparu, the pre-feasibility study is progressing well and remains on schedule for completion in the second half of 2026, so we can make a construction decision in early '27.

Updated mineral resource and reserve estimates are advancing to support the mine schedule optimizations. Select preconstruction activities continued during the quarter, including construction of the bridge of the Puruni River crossing, key personnel ramp-up, camp expansion and ongoing road works.

At Soto Norte, the environmental license application is nearing completion, and it's on track for submission in the second quarter. And we continue to actively engage with the Colombian regulators to support a collaborative approach to the submission and review process. With our producing assets delivering strong results and our growth projects continuing to advance, Aris Mining is well positioned to achieve its longer-term objective of approximately 1 million ounces of annual gold production from assets we currently own. And with that, I'd like to hand over to Cam to review our financial performance.

Thanks, Neil. Turning to Slide 4. The key message from the financial results this quarter is the continued strengthening of our business. We're seeing the benefit of higher production volumes, strong realized gold prices and disciplined cost management flowing through the income statement and into the balance sheet. The charts on this slide show the following progression over the past 5 quarters. Gold ounces sold, revenue, adjusted EBITDA and adjusted earnings per share have all moved meaningfully higher. And importantly, the improvement has been consistent across our financial metrics.

Please turn to Slide 5 for a discussion of the key cash flow drivers. We ended the first quarter with a cash balance of $472 million, up $80 million from the $392 million at the end of 2025, reflecting $103 million of operating free cash flow after sustaining capital and taxes paid, which despite an additional $44 million from increased cash mine operating earnings was $22 million lower than it was in Q4 due to working capital movements and share-based incentive settlements. The $61 million invested in growth and expansion capital comprised mainly of the $47 million spent at Marmato, as well as a $40 million installment received under Marmato's precious metal stream following the achievement of the 50% construction capital expenditures milestone.

In Q1 2026, just as in full year 2025, we generated free cash flow while investing significantly in organic growth, which contributed to the steady growth of our cash balance over the year. The only exception being the temporary decline of our cash balance in Q4 of last year, which reflected the $60 million cash consideration paid for our acquisition of the remaining 49% interest in Soto Norte. It's also notable that our net debt was reduced to $1.6 million, down from the $86 million at year-end due to our increasing cash balance.

I'd like to now hand the call over to Dustin to discuss our operational results.

Thank you, Cam. Turning to Slide 6. Aris Mine reported consolidated gold production of 74,300 ounces in the first quarter, a 6% increase over Q4 '25, to which Segovia contributed 66,600 ounces and Marmato 7,800 ounces. Worth highlighting are the strong gold grades delivered at both of our operations. At Segovia, our mill feed in Q1 had an average gold grade of 12.41 grams per tonne, significantly above reserve grade of 10.7. At Marmato, the first quarter mill feed grade was 3.53, also above reserve grade of 3.16 grams per tonne. At Segovia, our AISC margin increased to $2,935 per ounce, up 128% from Q1 '25 and up 25% from Q4 '25, reflecting higher realized gold prices and increased gold sales volumes. That translated to an AISC margin of $199 million, up 31% from Q4 '25.

Owner-operated mining comprised 64% of the mill feed with an AISC of $1,492 per ounce, down from $1,662 per ounce last quarter and outperforming the full year 2026 guidance range of $1,700 to $1,800 per ounce. This improvement was primarily driven by higher gold ounces sold on stronger average gold grades.

Our CMP business generated an AISC sales margin of 40%, achieving the top end of the full year 2026 guidance range of 35% to 40%. Turning to the chart on the bottom right, we highlight the continued expansion in margins at Segovia, driven by the rising realized gold prices and disciplined cost controls. In Q1 '26, the AISC margin continued to widen compared to previous quarters. Looking ahead, with our production profile being weighted towards the second half of the year and a supportive gold price environment, we're well positioned to keep generating strong cash flow to fund our growth.

Moving to Slide 7. As discussed previously, we installed a second ball mill at Segovia in June of last year, which increased our processing capacity by 50% up to 3,000 tonnes per day. In order to run our expanded processing plant consistently at 3,000 tonnes a day, we need to increase both our owner mining rates and our CMP mill feed. To facilitate the former, we're enhancing haulage capacity by way of building an interconnected underground haulage circuit, which will connect three of our four principal underground mines at Segovia being El Silencio, Providencia and Sandra K. And we're driving new ramps to surface in both our El Silencio and Providencia mines.

In addition to increasing the mill feed, these development projects have a few other positive attributes, such as enhanced productivity by enabling more efficient transport of workers, ore and waste, shortened cycle times, eliminating long routes and multiple shafts, and we also eliminate a lot of our haulage through the main town of Marmato. We expect to deliver the El Silencio ramp in Q4 '26, the connection between El Silencio and Sandra K in Q1 '27 and the Providencia ramp and connection to El Silencio in Q1 '28, enabling steady-state production from next year onwards.

With that, I'd like to pass it over to Corne for an update on the construction progress at Marmato.

Thank you, Dustin. Moving to Slide 8. At Marmato, construction of the CIP plant and development in the bulk mining zone continues to advance with significant progress, both underground and on surface. Last month, we achieved an important milestone as the new underground decline broke through into the Los Indios crosscut. This connection enabled direct access from the bulk mining zone into the new 5,000 tonnes per day CIP plant. It also establishes an additional access and ventilation pathway, facilitating ore and waste haulage between existing and new infrastructure and supporting the initial ramp-up of mine production.

Construction of underground workshops, main pump station and fuel offices will begin in Q2 2026. Development of the main decline to the bulk mining zone is over 1,200 meters advanced, which equates to a completion rate of more than 70%.

Moving to Slide 9. On surface, bulk earthworks for the process plant platform have been completed, along with key foundations for the mills, tailings thickener, and the leach and CIP tanks. Civil, mechanical, and electrical works are continuing to advance well. In terms of equipment, all long lead items required for first gold have been ordered. Major equipment, including the primary crusher, SAG and ball mill, and filter presses are ready to be moved from storage in Cartagena and Medellin to our Marmato construction site, with deliveries beginning this month.

In Q1, we entered into a leasing agreement with Sandvik, ordering an underground mining and development fleet. Equipment deliveries are scheduled to commence in Q3. Construction activities are progressing as planned, and we remain on schedule for first gold in Q4 2026. We expect a progressive stage production ramp-up to steady-state operations during 2027.

Turning to Slide 10. As you'll see in the photos of this slide, work is continuing around the clock, underscoring both the pace and scale of development underway. Approximately 850 people work on site during the day, and 250 people are on night shift, focused on work streams we deem safe at night. Last month, the project team achieved 365 days lost time, injury free. And I would like to thank everyone involved for their continued commitment to safe, safely advancing the project. A new video showing the progress of the project is also available on our website. The link is available at the bottom of this slide.

With that, I'd like to pass it over to Neil for his closing remarks.

Turning to Slide 11. Building on our strong first quarter performance, we remain firmly committed on track to deliver our full year '26 guidance of 300,000 to 350,000 ounces. Looking ahead, our focus remains on advancing all four core assets. Ramping up Segovia throughout the year, targeting gold production of 265,000 to 300,000 ounces for the year. Achieving the first pour for Marmato CIP plant in Q4, followed by a progressive ramp-up during 2027.

Publishing the PFS for Toroparu in the second half of the year, as well as conducting additional work for enabling construction readiness and a construction decision for early 2027. Submitting the environmental license application for Soto Norte in Q2. With our producing assets delivering strong results, our financial position, and our growth projects continuing to advance, Aris Mining is well positioned to achieve its longer-term objectives of approximately 1 million ounces of annual gold production from the assets we currently own.

Thank you for joining us today. Operator, and please open the line for questions.

[Operator Instructions] Our first question is from Carey MacRury with Canaccord Genuity.

Congrats on the strong results. Maybe first on Segovia, just wondering if you can give us some more color on the development. Just given that some of these ramps won't be done until you're showing 2028. Expect -- when should we expect you to hit the 3,000 tonnes a day? And is that going to happen sort of continuously over the next four or five quarters, or is there a step function? Just some more color on how we should think about the ramp-up of underground mine tonnes.

Hi, Carey. I'll take that one. So yeah, obviously, some of the development extends into 2028, being mainly in Providencia. But our biggest production area, as you know, from your visit, is Silencio and all of that development is coming to completion at the end of this year. So our expectation is to hit the 3,000 tonne a day mark towards the end of this year, early 2027 and maintain it. Providencia coming online through the ramp and the access just makes it that much easier for our logistics. But really, it's the Silencio and Sandra K connections that really open up our 3,000 tonne a day production.

Okay. Great. And should we see a pickup in Q2? Or is it more of a H2 pickup?

No, it's more towards the second half. It will be probably late Q3, Q4 where we really start to see it. Again, all that development just having to get completed and open these additional areas and debottleneck our Silencio mine.

Okay. And then just on the grade at Segovia, obviously, it was high grade this quarter, 12.4 grams per tonne. Was that just positive grade reconciliation? Should we expect that to continue into Q2? Or just some guidance on grade available?

No. Our grade guidance still remains within the 9 to 10 grams per tonne. We got lucky in our -- one of our newer veins. We kind of hit a high-grade pocket, and we really wanted to push and get that out given some of the logistical challenges. And we basically focused on that through Q1 to mine that area out and get it up into our mill.

Okay. Great. Maybe just one last one. I mean your cash balance continues to increase. You're generating free cash flow. On my numbers, it looks like that's set to continue at these prices. Are you guys thinking about share buybacks or anything like that at this point in time? Or just how you're thinking about the balance sheet?

No, I think when you look at our cash balance, you look at the fact that Segovia is generating a lot of cash. I understand the point you're raising. But on the other hand, we are doing the expansion of the two mines at the moment, and we have two more projects in the pipeline that certainly one we would hope to start constructing next year. So we have a long-term cash requirement as we expand the business. Ultimately, when we're generating cash without expansion, of course, we'll turn to a dividend.

There appear to be no further questions. I'd like to turn the conference back over to Mr. Wood for closing remarks.

Thank you, operator. And thank you, everybody, for taking the time to come and listen to the presentation. We're very happy with the results. And believe me, we continue -- we will continue to perform in the future as we have in the past. And thank you very much, everybody.

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

Good morning, everyone, and welcome to the Aris Mining Fourth Quarter and Full Year 2025 Earnings Call. We will begin with an overview from management. [Operator Instructions] The conference is being recorded. [Operator Instructions] Please note that the accompanying presentation that management will refer to during today's call can be found in the Events and Presentations section of Aris Mining's website at aris-mining.com. Also, Aris Mining's fourth quarter 2025 financials have been filed on SEDAR+ and EDGAR and can also be found on their website.

I would now like to turn the conference over to Mr. Neil Woodyer, Chief Executive Officer. Please go ahead.

Thank you, operator, and welcome to our Q4 and full year 2025 earnings call. Joining me today are Doug Bowlby, Oliver Dachsel, Cam Paterson, Dustin VanDoorselaere, Corne Lourens and Alejandro Jimenez.

I'd like briefly to introduce two leaders joining us on our call for the first time. Firstly, Dustin, SVP, Operations, joined last year and brings decades of experience across underground and open pit mining, exploration and construction. Secondly, Corne Lourens, SVP, Projects, has worked with me for decades, including Endeavour Mining and Avnel Gold. He now leads our expansion and growth projects in Colombia and Guyana. Dustin and Corne bring complementary expertise as mining engineer and metallurgists and are working closely together across our operations and project portfolio. Before we begin, please note the forward-looking statement disclaimer on Slide 2.

Looking now at Slide 3. 2025 was a pivotal year for Aris Mining. Gold production increased 22% year-over-year and gold prices increased 48%, resulting in $909 million gold revenue, up 82%. $464 million adjusted EBITDA, up 185%; $241 million adjusted net earnings, $1.28 per share, up 265% Importantly, we transitioned to generating free cash flow while continuing to invest in growth. Operations generated $322 million of cash flow after sustaining capital and taxes, fully funding our growth initiatives and $127 million in net cash flow. Looking ahead to 2026, our operations and growth projects remain on track. Segovia second mill ramp-up progressing well with further production growth expected. Marmato Gold mining zone development ahead of schedule with the new CIP plant on track for its first gold pour in Q4 of this year.

Toroparu pre-feasibility study targeted for H2 of this year and Soto Norte environment license application is planned for Q2 of this year. Turning to Slide 4. We delivered on 2025 guidance, producing 257,000 ounces of gold, above the midpoint of guidance. Segovia production increased 21% year-over-year. Marmato delivered steady performance and exceeded guidance. Segovia owned mining all-in sustaining cost $1,534 per ounce, up just 3% year-over-year. CMP source gold all-in sustaining margin, 44%, above our 35% to 40% guidance range. Turning to Slide 5. For 2026, production guidance is 300,000 to 350,000 ounces. At the midpoint, this represents more than 25% growth year-over-year. Once Segovia and Marmato are fully ramped up, we expect 500,000 ounces of annual production.

At 4,400 gold, Segovia is expected to generate $650 million in all-in sustaining margin this year. Marmato cost guidance will be provided after the CIP plant reaches commercial production. With that, I'll pass to Cam now to review our financial performance.

Thank you, Neil. Turning to Slide 6. Aris Mining reported record financial performance in 2025, driven by production growth, strong gold prices and solid cost controls. For the full year 2025, we reported gold revenue of $909 million, up 82% from $499 million in 2024, driven by higher realized gold prices and increased sales volumes. Adjusted EBITDA after normalizing for noncash and nonrecurring items of $464 million compared to $163 million in 2024. The 185% increase demonstrates the substantial leverage to higher gold prices, adjusted net earnings of $241 million or $1.28 per share, up from the $56 million or $0.35 per share in 2024. To put this into perspective, please turn your attention to the graph on the right-hand side.

Aris Mining generated higher adjusted EPS in each Q3 and Q4 last year than for the full year of 2024. That is the $0.36 in Q3 and the $0.46 in Q4 were both in excess of the $0.35 per share for the full year of 2024. We closed the year with cash balance of $392 million, up from the $252 million at the end of 2024, further enhancing our strong liquidity position. Please turn to Slide 7 for a discussion of the key cash flow drivers. As Neil mentioned in his initial remarks, we transitioned to generating free cash flow in 2025 after our significant investments in growth.

For the full year, we generated $127 million of free cash flow, which reflects $322 million of operating cash flow after sustaining capital and income taxes, which was partially offset by $196 million invested in growth capital, which included $128 million at Marmato for the construction of our CIP processing plant, major equipment procurement and delivery, underground mine and surface infrastructure development and additional expansion-related expenditures, $39 million at Segovia for underground mine development, completion of the mill expansion, new equipment to support the ramp-up and other activities and $17 million at Soto Norte and $12 million at Toroparu for the technical studies delivered last year and other site-specific expenditures.

In addition to free cash flow generation of $127 million, our cash position was further increased by $150 million of proceeds from the exercise of warrants, which expired in July last year, and $13 million of proceeds from the sale of the Juby Gold Project. This was partially offset by $77 million of debt service and repayment and $60 million in cash used for our acquisition of the remaining 49% interest in Soto Norte in Q4 of 2025. With current gold prices significantly exceeding our average realized price in 2025 and meaningful expected gold production growth, as just mentioned by Neil, Aris remains well positioned to generate robust cash flows to organically fund all growth initiatives. I'd now like to hand the call over to Dustin to discuss our operating results.

Thank you, Cam. Turning to Slide 8. As Neil mentioned at the beginning of the call, Aris reported consolidated gold production of 257,000 ounces in 2025, representing a 22% increase over 2024, driven by the expanded Segovia mill and above guidance performance at Marmato. For the full year 2025, gold production at Segovia totaled 228,000 ounces, an increase of 21% compared to 188,000 ounces in 2024. The improvement reflects a 17% increase in milling rates following the successful commissioning of the second mill in June 2025, on time and within budget, along with a higher average gold grade of 9.8 grams per tonne and stable steady recovery of 96%. Segovia's strong operating performance in 2025 in conjunction with materially higher realized gold prices throughout the year delivered strong financial results.

Segovia's AISC margin totaled $421 million, up 158% compared to 2024. Owner mining contributed $281 million or 67%, while our CMP business contributed $140 million, delivering an AISC sales margin of 44% and exceeding the guidance range. As reflected in the chart on the bottom right, rising realized gold prices and continued cost discipline continued to drive AISC margin expansion at Segovia. In Q4, Segovia generated an AISC margin of $2,346 an ounce compared to $1,157 an ounce a year ago. Moving to Slide 9. Segovia produced 63,137 ounces of gold in Q4, approximately 4% lower than Q3 due to unscheduled maintenance in November. We experienced 6.5 days of total downtime due to an issue with the older mill, which reduced throughput in November to 2,244 tonnes per day. Normal operations resumed in December and throughput increased to approximately 2,600 tonnes per day. Segovia's production ramp-up is back on track and continues to progress as planned.

Year-to-date, I'm pleased to report that production at Segovia is above budget, marking a strong start to 2026. It's also worth highlighting that the mill feed gold grade has increased over the course of the last year to 10.1 grams per tonne in Q4, bringing the full year average grade to 9.82 grams per tonne, 4.4% higher than the feed grade of 9.41 grams per tonne in 2024, while recoveries remained consistent at 96% throughout the year. Our owner mining AISC averaged $1,534 an ounce for the full year, up 3% from $1,486 per ounce in 2024, demonstrating solid cost control. Segovia's total AISC comprised of owner mining and our CMP business was $1,705 per ounce in 2025, up 13% from $1,507 an ounce in 2024.

This increase was primarily driven by higher cash costs, reflecting a 48% rise in gold prices, which elevated CMP purchases, royalties and social contributions. Sustaining capital per ounce also increased, reflecting higher development and infrastructure investments to support the ramp-up of the expanded mill capacity. These increases were partially offset by owner mining cash cost improvements from higher gold ounces sold, spreading our fixed costs over more ounces. Operationally, this year's focus is on connecting 3 of Segovia's 4 underground mines via one main underground haulage circuit while also developing ramps to surface. These measures are expected to increase productivity through increased haulage and hoisting capacity, which in turn enables Segovia to consistently run at 3,000 tonnes per day.

With that, I'd like to pass it over to Corne for an update on Marmato.

Thank you, Dustin. Moving to Slide 10. At Marmato, construction of the CIP plant and development in the bulk mining zone are advancing well. Development in the bulk mining zone is ahead of schedule, materially reducing execution risk. Development of the main decline to the bulk mining zone is over 1,000 meters advanced, which equates to a completion rate of 60% and is on schedule for completion in Q3 2026. The new decline will significantly improve access and haulage efficiencies, enabling higher mining rates and lower cost as processing capacity expands. I'm also pleased to report that the decline has advanced beyond the connection point to the underground crosscut with completion of the crosscut expected in April 2026.

As illustrated in the project design on the bottom left side of this slide, the Los Indios crosscut will be connecting the upper part of the bulk mining zone with the main decline, which will establish an additional access and ventilation pathway, facilitate ore and waste haulage between existing and new infrastructure and support the initial production ramp-up. We're also building a 10,000-tonne mill feed storage facility at the intersection of main decline and crosscut, which enhances operational flexibility as it provides 2 days of mill feed at our run rate of 5,000 tonnes per day. On surface, the main civil, mechanical and electrical works are advancing with foundations for the mills, tailings thickener and leach and CIP tanks completed.

Major equipment for first gold, including the primary crusher, SAG and ball mills and filter presses are ready to be moved from storage in Cartagena and [indiscernible] to Marmato site starting May. Subsequent to December 31, 2025, the company received the $40 million installment deposit under its precious metals stream financing following achievement of the 50% completion milestone. The proceeds will be recognized in the first quarter of 2026. The remaining $42 million installment deposit is payable upon achievement of the 75% completion milestone. During most of 2026, owner mining rates are expected to average approximately 900 tonnes per day, reflecting the throughput capacity of the existing flotation plant sourced primarily from ore development and stopes in the upper parts of the bulk mining zone.

Construction activities are progressing as planned, and we remain on schedule for the first gold in Q4 2026, followed by a staged production ramp-up to steady-state operations. Aris Mining plans to exit 2026 operating the 5,000 tonnes per day design capacity CIP plant at approximately 3,000 tonnes per day. Production is expected to increase through 2027 with throughput increasing approximately 4,000 tonnes per day by mid-2027 and reaching the full 5,000 tonnes per day design capacity by the end of 2027 when the paste backfill plant is fully commissioned. Turning to Slide 11. You can see the recent images of the project, which illustrate many of the activities I just mentioned. The progress reflects the tremendous effort and dedication of our teams and contractors working on site.

I would like to thank everyone involved for the continued commitment to safety in advancing the project. On surface alone, more than 2.8 million work hours have been completed to date. That's a significant milestone and a testament to the scale of work currently underway. We also invite you to watch the latest construction update video, which is available on our website and provides a closer look at the progress being made on the project.

With that, I'd like to pass it over to Oliver for an update on our capital market activities.

Thank you, Corne. Now moving to Slide 12. Last month marked a significant milestone for Aris Mining as we uplisted our common shares from the NYSE American to the main board of the New York Stock Exchange. At the same time, we changed our U.S. ticker symbol to ARIS, aligning it with our ticker symbol in Canada. We believe this move to the NYSE is an important step in the company's evolution, enhancing our visibility among U.S. and global institutional investors. It also better reflects the growing scale and quality of our portfolio while underscoring our ambition to scale Aris Mining into a leading gold mining company in South America. We expect that the transition to the main board will also help us further enhance the trading liquidities of our shares.

As shown in the photo on this slide, members of the Aris Mining management team had the honor of celebrating this milestone by ringing the closing bell at the NYSE on February 19. Before I hand over the call back to Neil for some closing remarks, I'd like to briefly touch on our capitalization. Our strong operational and financial performance has increased our adjusted EBITDA to USD 464 million in 2025. As a result, total leverage has decreased further to 1x, which is 2 turns lower compared to Q4 2024. As Cam mentioned, we ended 2025 with a cash balance of $392 million, bringing our net debt to $86 million. With strong liquidity, low and decreasing financial leverage, no meaningful debt maturities until October 2029 and stable credit ratings at B1 / B+ / B+. Our balance sheet is in excellent shape to support our growth strategy.

With that, over to you, Neil.

Turning to Slide 13. 2025 was a pivotal year for Aris Mining. We delivered full year guidance and completed the Segovia processing plant expansion on time and on budget. We continued advancing the Marmato expansion. We published major technical studies for Soto Norte and Toroparu. We acquired the remaining 49% of Soto Norte for $80 million. We reached an amicable arbitration settlement with the Colombian government, the first time the Colombian government has achieved an arbitration settlement. With 100% ownership of Segovia, Marmato, Toroparu and Soto Norte, we have a strong platform across Colombia and Guyana. We're on track to grow production to 500,000 ounces in the near term. Advancing Toroparu and Soto Norte create a pathway to 1 million ounces per year. Fewer than 15 mining companies globally produce more than 1 million ounces annually. With our asset base, balance sheet and cash flow, Aris has a clear path to join that group.

Thank you for joining us today. And operator, could you please open for questions?

[Operator Instructions] The first question comes from Carey MacRury with Canaccord Genuity.

Congrats on a great 2025. Maybe just starting with Segovia. We're almost through the first quarter here. Can you just give a bit of color on how the ramp-up is going, how we should be thinking about throughput in Q1?

Carey, the ramp-up is going very well. I mean we're having a strong Q1, as I said in discussion. Moving forward, I think, as you know, our mill has been proven and run at 3,000 tonnes a day in 2025 on different occasions. Our bottleneck is mine production, which is really dependent on underground development. So as I mentioned, we're working on the haulage drifts underground, pushing them to connect the 3 main mines, Silencio, Providencia, and Sandra K and then also working on service ramps in both Silencio and Providencia, which will take the limit of the shaft haulage. So we're expecting by Q4, we should be steady into that 3,000 tonne a day run rate, and it's just a steady-state push until then as this new development comes online.

So any guidance on what we should expect for Q1? Is it like $2,500 or...

We were running around 2,600 at the end of Q4, and we're pretty much the same going through Q1.

Okay. And then just on the contractor mining partner margin, obviously tracking above guidance. Is -- should we expect that to continue in the short term? Or are there reasons that might come down?

Look, our guidance this year, we're going to run about 35% contractor mining as a total of our mix. And again, it's very variable on gold price and on the mix from the different types of suppliers, internal, external and third parties. But right now, everything is looking to be on track and run pretty steady with the way it ran last year.

Okay. And then maybe one last one. What should we be thinking about for growth capital for Marmato and some of the other projects? I know you're talking about moving forward with some work at Toroparu. Just any guidance on capital would be helpful.

So Carey, if I understand correctly, estimated cost to complete for Marmato.

Correct.

So just to give you a background, the total spend up to end of 2025 is approximately $180 million since construction started. Our current 2026 budget is about $220 million, and that implies a total cost -- project cost of roughly $400 million. The increase of $35 million from the March 2025 estimate of $365 million includes and it reflects an expanded preproduction mainly underground, where we include the Los Indios crosscut that connects up to the main decline that enables us to access more faces and ore for the 5,000 tonnes per day rate. And it includes a 10,000 tonne underground storage facility that enables us to better absorb surges for the process facility at the 5,000 tonnes per day and then a $12 million input into a tailings storage facility to ensure that we have sufficient CapEx for the increased throughput rate. Overall, we remain on schedule for the CIP plant to be completed in Q4 2026.

And any other growth capital at the other projects?

For Toroparu?

Both.

That remains as per the Soto Norte PFS, it's similar CapEx. There's no change there. And in Toroparu, with the Toroparu PEA, we're looking at $820 million in the PEA. And we're advancing well with the current PFS study to be completed Q3 2026, and it's tracking well in terms of CapEx.

The next question comes from Don DeMarco with National Bank Financial.

I'd just like to follow up on the last question. I didn't quite catch how much CapEx is remaining to finish the Marmato development through the end of the year. Wondering if you could just repeat that. Just how much CapEx is left to spend? I know the budget was $290 million as at March 1 last year, netting out what's been spent so far. Just wondering how much is left?

Sure. Doug Bowlby speaking. Yes, the budget amount for this year is $220 million, as Corne was mentioning. And so when we add that to the $180 million that was already spent, that got us to the grand total of $400 million from Marmato, but it's $220 million is the total capital budget for 2026.

Excellent. Okay. And so the -- we see that it's laid out the trajectory of the increasing throughput in the CIP plant. You got 3,000 tonnes per day by the end of this year, 5,000 tonnes per day by the end of next year. With the development in the bulk mining zone ahead of schedule, is there any -- are you feeling optimistic about this ramp-up of the plant? And is there any chance to maybe accelerate reaching some of those milestones sooner?

We'd be very happy to achieve the milestones. We believe they're realistic and we believe they're achievable.

I would now like to turn the conference back over to Mr. Woodyer for any closing remarks.

Well, thank you, operator, and thank you, everybody, for attending and your questions. And if you have any additional questions, then please take them offline to Oliver, and we'll get back to you as soon as we can. And again, thank you very much for your time today. Cheers.

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

Welcome to the Aris Mining Third Quarter 2025 Results Call. We will begin with an overview from management followed by a question-and-answer period. [Operator Instructions] The conference is being recorded. [Operator Instructions]

Please note that the accompanying presentation that management will refer to during today's call can be found in the Events and Presentations section of Aris Mining's website at aris-mining.com. Also, Aris Mining's Third Quarter 2025 financials can be -- have been filed on SEDAR+ and EDGAR and can also be found on their website.

I would now like to turn the conference over to Mr. Neil Woodyer, Chief Executive Officer. Please go ahead.

Thank you, operator, and welcome, everyone. Thank you for joining us for our third quarter 2025 earnings call. I'm joined today by members of the management team, including Richard Thomas, Cam Paterson, Oliver Dachsel, Alejandro Jimenez, and we'll be able to answer your questions at the end of the call.

Before we begin, please take note of the disclaimers on Slide 2 as we will be making forward-looking statements throughout today's presentation.

Now starting on Slide 3. Following the strong first half year's performance, I'm delighted to report that we have delivered an excellent third quarter. Gold production in Q3 totaled 73,236 ounces, a 25% increase over Q2. Segovia has been ramping up production in line with the expectations following the commission of the second ball mill in June, while Marmato has maintained its solid production levels. This brings our total production for the 9 months of '25 to 187,000 ounces. So we're tracking about the midpoint of our full year production guidance of 230,000 to 270,000 ounces.

Against the backdrop of rising gold prices, our strong operational performance has driven record financial performance in the third quarter, putting us in a strong position to fund our growth plans. Gold revenue totaled $253 million in Q3, up 27% over Q2. Adjusted EBITDA was $131 million for Q3 and more than $350 million on a trailing 12-month basis. And we ended the third quarter with a cash balance of $418 million. Meanwhile, the construction of the Marmato Bulk Mining Zone continues to advance with first gold pour expected in the second half of 2026.

Lastly, we published 2 major technical studies. First, a pre-feasibility study for Soto Norte in September, confirming it as one of the most attractive gold projects in the Americas. And second, a preliminary economic assessment for Toroparu, which outlines a long-life, low-cost open pit gold project with strong financial returns. Our strategy from here is therefore straightforward. We'll advance Toroparu to a pre-feasibility study over the next 10 months or so. And then we will plan to start construction. In parallel, we're advancing the permitting process for Soto Norte. Together, these projects demonstrate the depth of our growth pipeline beyond Segovia and Marmato and position Aris Mining to become a very significant gold producer.

Before I hand over, I'd like to share a quick update from our meetings in Guyana last week, where I presented the results of the Toroparu PEA study to Guyana's Minister of Natural Resources and the Minister of Finance. The meeting gave the project strong support and have confidence that Toroparu can become one of the next major gold mines in Guyana. We're focused on making this happen.

With that, I'll pass over to Cam for an update on our financial performance.

Thank you, Neil. Turning to Slide 4. Aris Mining reported strong financial results in the third quarter, driven by increased production volumes and a strong gold price environment. As Neil mentioned, this quarter, we generated record revenue of $253 million and record adjusted EBITDA of $131 million, which drove record adjusted net earnings of $72 million or $0.36 per share. We closed the quarter with cash of $418 million, up from the $310 million held at Q2.

This increase reflects $91 million of cash flow after sustaining capital and income taxes, $60 million of proceeds from the exercise of warrants, 99% of which got exercised before they expired in July and $13 million of proceeds from closing the sale of the Juby Gold Project on September 29, partially offset by $48 million we invested in growth capital.

Moving on to Slide 5. Our AISC margin increased by 36% compared to Q2, reflecting increased production with the successful commissioning of the second mill at Segovia, higher realized gold prices and continued cost controls. Taxes paid totaled $13 million in the quarter compared to $42 million in Q2. Taxes paid in Q2 were substantially higher as a result of the settlement of our 2024 Colombia income tax liability.

In Q3, we generated $43 million in free cash flow from operations after expansion capital. That's after investing $48 million in our growth projects, including $31 million at Marmato, which includes $23 million related to the construction of the bulk mining zone, $10 million at Segovia spent on underground exploration and development, completion activities for the mill installation that followed its June commissioning as well as ongoing work on the tailings storage facility and $7 million invested at Toroparu and Soto Norte, which included the technical studies mentioned by Neil earlier.

Financing activities driven mainly by the warrant exercises, as I alluded to earlier, resulted in cash inflows of $65 million in the quarter, which together with free cash flow from operations resulted in a net increase to our cash position of $108 million in Q3. With a continued strong gold price environment and solid operational performance, Aris Mining remains well positioned to deliver robust cash flows to organically fund growth initiatives.

I'd like to now hand the call over to Richard to discuss our operational results and growth projects.

Thank you, Cam. Moving to Slide 6, please. As mentioned by Neil earlier, we delivered total gold production of 73,236 ounces across our operations in the third quarter, an increase of 25% from quarter 2, resulting in total gold production of 187,000 ounces for the first 9 months of 2025. Segovia accounted for 65,500 ounces of gold produced, driven by the following 3 things: an increase in gold throughput following the commissioning of the second mill in June, an average gold grade of 9.9 grams per tonne and finally, splendid recoveries of 96.1%.

In monetary terms, Segovia's strong performance in the third quarter can be summarized as follows: Segovia's all-in sustaining cost margin totaled $121.5 million, an increase of 39% compared to quarter 2. On a trailing 12-month basis, its all-in sustaining cost margin has reached $328 million. Owner mining all-in sustaining cost was $1,452 per ounce in quarter 3, resulting in an average of $1,482 per ounce for the first 9 months of 2025, trending towards the lower end of the company's full year 2025 guidance of $1,450 to $1,600 per ounce.

Gold produced from Contract Mining Partners, mill feed generated an all-in sustaining cost sales margin of 44% in Q3, bringing the average for the first 9 months of the year to 43%, above the top end of the company's full year 2025 guidance range of 35% to 40%.

Turning your attention to the bottom right. Rising realized gold prices and continued cost discipline continue to drive the all-in sustaining cost margin expansion at Segovia. In quarter 3, Segovia generated an all-in sustaining cost margin of $1,853 per ounce.

Moving on to Slide #7. I'm pleased to report that Segovia's production ramp-up following the installation of the second ball mill in June continues to progress as planned. The new ball mill has increased the plant's throughput capacity from 2,000 tonnes a day to 3,000 tonnes per day, and we're making good progress with our gradual production ramp-up as evidenced by the increase in tonnes milled per month since July, as shown in the chart in the bottom right-hand corner.

Comparing tonnes milled per month in September of 79,471 to the average monthly of quarter 2 of 55,987 tonnes milled implies an increase of 42%. Importantly, as highlighted in the chart on the top right-hand corner, we didn't sacrifice grade to increase throughput. The grade of our mill feed in quarter 3 was even marginally higher than in quarter 2. Lastly, our recovery rate has remained at an excellent 96.1%. These 3 factors together have allowed us to meaningfully increase gold production in quarter 3 to 65,549 ounces.

Based on gold production year-to-date and expectations of a continued gradual ramp-up, Segovia is tracking about the midpoint of our 2025 production guidance of 210,000 to 250,000 ounces. With increased processing capacity and underground development advancing, Segovia is targeting gold production of around 300,000 ounces in 2026.

Moving on to Slide #8. At Marmato, construction of the Bulk Mining Zone continues progressing, and I'd like to use this opportunity to give you an update on the different work streams of the project. We have to date completed 580 meters of the main decline, which equates to 34% of the full length of the 1.7 kilometer decline. Current development rates are at 72 meters per month and are expected to increase to approximately 150 meters per month once we have transitioned through the fault zone. Completion of the decline is targeted for August 2026.

Los Indios crosscut is advancing towards the connection with the main decline, which is now approximately 320 meters away. As you will see in the project design on the left of the slide. This horizontal development will provide additional access and ventilation pathway, enabling ore and waste haulage between existing workings and the new infrastructure. Importantly, completion of the crosscut will enhance operational flexibility and derisk the project's ramp-up phase by allowing multiple access points for early development and production sequencing.

On surface, bulk earthworks for the process plant platform have reached 95% completion and the retaining wall is over 75% complete. Final shaping of the carbon-in-pulp plant platform is expected during the first week of November. Construction activities continue to advance safely with over 2 million man work hours completed to date. Major equipment, including the primary crusher, the SAG mill, the ball mill and filter press has arrived in Cartagena. Approximately 95% of long lead items have been ordered. The contract for the main civil, mechanical and electrical works is in place with the contractor mobilized and construction activities having commenced in October.

Preparations for the new power line continue to advance well. Land acquisition is complete and the environmental impact study has been submitted for approval, enabling construction to commence in March 2026 following the issuance of the permit. To ensure continuity of commissioning and early operations, backup generators are included in the site power plan to mitigate any potential delay in the grid power connection. At the end of quarter 3, the estimated cost to complete the project was $250 million, of which $82 million will be funded by the remaining installments under the Wheaton streaming agreement and bringing the total, which Aris Mining has to fund to $168 million. The project remains on schedule with first gold expected in the second half of 2026, followed by a ramp-up period to steady-state operations.

Moving on to Slide #9. As Neil mentioned at the beginning of the call, we completed a feasibility study for Soto Norte, which we believe is one of the most attractive gold projects in the Americas. With the PFS complete, we are advancing the required studies to apply for an environmental license in the first half of 2026. The PFS outlines a long-life underground gold mine with robust economics, low operating costs and industry-leading environmental and social design features. We went to great lengths to strike the right balance between scale, profitability and responsible development considerations, which I will discuss in greater detail in the following 2 slides.

Before moving on, I would like to draw your attention to the charts at the bottom left and bottom right-hand side of the slides. Starting on the left, Soto Norte has 7 million ounces of measured and indicated resources at a grade of 5.6 grams per tonne, of which 4.6 million ounces at a grade of 7 grams per tonne have been converted to proven and probable reserves, confirming that the Soto Norte is a high-grade, long-life project. As a reminder, Aris owns 51% of Soto Norte and hence, our attributable share of measured and indicated resources and proven and probable reserves are 3.6 million ounces and 2.3 million ounces, respectively.

Turning to the right-hand side, we can see that the production and process grade profile over the first 10 years of the project. The mine plan has been calibrated such that we will be mining higher grade ore of the ore body first, resulting in process grade in those years being above the reserve grade. This, in turn, drives higher annual gold production in the first 10 years compared to the life of mine average, which enhances Soto Norte's net present value and payback period.

Turning to Slide 10. The new study has reduced Soto Norte's processing capacity from about half from more than 7,000 tonnes per day previously to 3,500 tonnes. Of that, more than 20% of Soto Norte's plant capacity will be made available to process mill feed from local community miners, mirroring our successful partnership model with Contract Mining Partners at Segovia and Marmato. The 3,500 tonne per day design requires $625 million of initial capital expenditure. All other metrics on this slide are based on operating Soto Norte at the owner mining rate of 2,750 tonnes per day. Said differently, we chose not to incorporate the upside associated with the contract mining partner component of the study.

The results based on owner mining alone are highly attractive and deliver the following results: a 22-year life of mine based on mineral reserves, annual gold production of 263,000 ounces over years 2 to 10 and 203,000 ounces over years 1 to 21. all-in sustaining costs of $534 per ounce over the life of mine. Annual EBITDA averaging from $547 million over years 2 to 10 and $410 million over years 1 to '21 at an assumed gold price of $2,600 per ounce. At that base case gold price, the project delivers an after-tax net present value of $2.7 billion and an internal rate of return of 35.4% with a payback period of 2.3 years. At a gold price of $3,000, the NPV increases to $3.3 billion and the IRR to 40%. As a reminder, all those metrics have been quoted on a 100% basis and Aris share is 51%.

Let us move now to Slide #11. It is important to highlight that we have listened to Soto Norte's constituents very carefully and have gone to great length to design a project that addresses their concerns. We believe our PFS design adheres to the highest standards of safety, water protection and environmental management while delivering significant long-term value for our shareholders and for our community and government partners. As I've mentioned, 750 tonnes per day, which is more than 20% of the plant capacity will be dedicated to processing material purchased from the local community miners, replacing the informal mills that pollute water courses with safe license processing.

Development of Soto Norte will generate significant employment. During peak project construction, about 2,300 jobs will be created with long-term operations requiring about 675 employees. Colombia will also benefit from $3 billion in taxes and royalties over the life of mine, assuming a gold price of $2,600. Clearly, if the current gold prices are here to stay for the long term, the project's fiscal contribution would be even more significant. Equally important, the project is designed to protect the local water, including a recycling system, allowing for 96.5% of water reuse.

Other important features include a flow sheet requiring no cyanide or mercury reuse, a paste backfill plant to reduce tailing storage requirements on surface and a filtered tailings storage facility designed following international best practice. We're confident that this project strikes an appropriate balance between scale, profitability, responsible development considerations, and we're proud of Soto Norte's industry-leading environmental and social design features. We look forward to progressing studies that will enable us to submit our environmental license application for Soto Norte in the first half of next year and continue advancing what we believe is one of the most attractive gold projects in the Americas.

Now turning to Slide 12. As Neil mentioned, we published the preliminary economic assessment for Toroparu, our 100% owned gold development project in Guyana, the second major technical study within 2 months. And like with Soto Norte, this PEA for Toroparu represents the first time that Aris Mining management team has articulated its vision for how this project should be designed, built and operated. After the merger of Gran Colombia and Aris Gold and the arrival of our management team in September 2022, the company paused the project's previous construction plans to reassess the project on a first principles basis, which included completing a new geological interpretation, updating the mineral resource estimate and undertaking optimization studies. As a result, this is a robust PEA that outlines a major new growth and diversification opportunity for Aris Mining.

Toroparu has measured and indicated resources of 5.3 million ounces of gold at a grade of 1.3 grams a tonne and an inferred resource of 1.2 million ounces of gold at a grade of 1.6. The chart on the right-hand side of the slide illustrates Toroparu's planned gold production and process grade profile over the 21-year life of mine outlined in the PEA. The average gold production projected is 235,000 ounces per year, supported by a consistent mill grade ranging from 1 to 1.3 grams per tonne. The long steady production profile demonstrates the grade continuity of the project.

Turning to Slide 13. I'd like to go over some of the key project parameters and the economics. Mill capacity of 7 million tonnes per annum, a scale that supports an attractive investment return and results in a life of mine of over 20 years, an annual life of mine gold production of 235,000 ounces with significant byproduct credits from silver and copper. Average all-in sustaining costs of $1,289 per ounce and annual EBITDA averaging from $443 million over the life of mine, assuming a gold price of $3,000 per ounce.

Initial construction capital is estimated at $820 million, including preproduction costs and $96 million of contingency. After-tax net present value at 5% of $1.8 billion, an internal rate of return of 25.2% and a payback period of 3 years, assuming a gold price of $3,000. The PEA results confirm Toroparu as a large-scale, long-life open pit project with robust economics. Based on these results, we've initiated a PFS for Toroparu, targeting a completion in 2026 with the goal of advancing towards construction.

With that, I'd like to pass over to Oliver for an update on our capital structure.

Thank you, Richard. Moving to our cap table on Slide 14. Our strong operational and financial performance in Q3 has increased our adjusted trailing 12-month EBITDA to $352 million and further strengthened our balance sheet. Our liquidity position has increased to $418 million, and our net debt has decreased to $64 million as of September 30. Total leverage has decreased to 1.4x, which is 1.6 turns lower compared to Q4 2024. Net leverage has decreased to 0.2x, which is 1.3 turns lower compared to Q4 2024.

With low and decreasing financial leverage, no meaningful debt maturities until October 2029, stable credit ratings at B1/B+/B+. Our balance sheet is in even stronger shape to support our growth strategy.

With that, I'd like to hand over the call to Neil for closing remarks.

I'd like to conclude our prepared remarks on Slide 15. And our message is straightforward as it's exciting. Aris Mining is in a strong position to deliver exceptional growth in the near term to more than 500,000 ounces of annual gold production while advancing Toroparu and Soto Norte, which could potentially unlock 370,000 ounces of additional annual gold production on an attributable basis. We have the building blocks in place to create a leading gold mining company in South America. And importantly, we also have the team and the balance sheet to do it.

Looking ahead, we are committed to building on our solid operational and financial momentum, finishing the year strongly and positioning Aris Mining for a successful 2026 and beyond.

With that, I'd like to thank you for your time today and look forward to your questions. I'll now turn the call back to the operator to open the line for questions.

[Operator Instructions] Our first question is from Carey MacRury with Canaccord Genuity.

On the great quarter. Just wondering if you could give us a bit more color on how the Segovia mill expansion is going now that we're through October, just sort of what the run rate is sitting at? And should we still expect 3,000 tonnes a day by the end of the year?

Absolutely. It's going very well. At the moment, we're taking very nicely at about 2,500 to 2,600. As we -- as our development improves and increases to the end of the year, we get to 2,800 to 2,900 and then early next year, we'll be at 3,000 tonnes per day.

Okay. Great. And do you have all the Contract Mining Partners lined up to deliver the tonnes that you're expecting?

Yes, we do. We're adding additional 6 contracts in early in next year. The quotas and all the contracts are in place, so we're ready for that. But the bulk of that increase will come from our own operations, and we are well on track for that.

Okay. Great. And then maybe one final one. In terms of Toroparu or Soto Norte, I'm assuming you would sequence those, you wouldn't do them at the same time. Is that fair?

Toroparu pre-feasibility, feasibility should be complete within about 10 months. We will be putting in the license on Soto Norte about midyear. That's going to take 18 months to go through. So Toroparu is a little bit ahead of Soto Norte. So we will see where we are as to which to build, probably Toroparu straight into it.

[Operator Instructions] The next question is from Don DeMarco with National Bank Financial.

Congratulations on the quarter and also on the Toroparu PEA. I'll just continue with the questions on Toroparu from the last caller. Do you see this asset as a -- I mean, what your bias appears to be in favor of developing it? But is it also potentially a divestment candidate? And what are your thinking on those 2 or potentially other options?

It is not a diversification. It's an ideal mine for us to build. It's the right size. We have the cash. We have the team. It fits in very nicely after Marmato. It's totally within our financial capability building. It's another 200,000 ounces, and it is geographic diversification. Very clear in my mind, this is a mine for us to build.

Okay. And then for my next question, just looking at the development of the Marmato Bulk Mining Zone. What level of CapEx should we be modeling in the home stretch? I see that first pour is still on track for late next year, maybe $30 million was spent in Q3. So should we model an increase in CapEx going forward? Will it be more heavy lifting as we get into 2026 and get closer to first pour?

Definitely, Don. So at the moment, we've completed the pad. So we are now ready for the construction of the mill. So you can expect a sharp increase in the capital spend rate going forward. We have signed a contract with our main contractor. They have mobilized on site and they are starting the foundations as early as next week on the 4th of November. So once that starts, the amount of money we'll be spending on a monthly basis will increase.

This concludes the question-and-answer session. I'd like to turn the conference back over to Mr. Woodyer for any closing remarks.

Well, thank you, everybody, for joining us today. We appreciate your interest, and please don't hesitate to reach out to Oliver if you have any questions. And again, thank you very much.

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.