Segovia Operations Propels Aris Mining to Impressive Q3 Gold Production Growth

Aris Mining Corporation (ARMN) delivered robust financial performance in the third quarter of 2025, with gold output surging 36.6% year-over-year to reach 73,236 ounces. The quarterly results also reflected a 25% sequential increase from Q2, positioning the company strongly to meet its full-year production guidance of 230,000-275,000 ounces. The exceptional growth trajectory stems primarily from Segovia Operations in Colombia, which has emerged as the driving force behind ARMN’s expanded output. The recent commissioning of Segovia’s second mill has dramatically enhanced the facility’s processing capacity, enabling ARMN to achieve new production milestones.

Segovia Operations: The Engine Powering ARMN’s Growth

Segovia Operations lived up to its role as ARMN’s cornerstone asset, recording a 38% year-over-year surge in gold production to 65,549 ounces during Q3 2025. This represents the lion’s share of the company’s total output, underscoring Segovia’s critical importance to ARMN’s operational strategy. The mine processed 219,550 tonnes of ore during the quarter, reflecting a 31.6% annual increase that directly correlates with the activation of its second mill.

Contributing to overall company performance, ARMN’s Marmato Upper Mine in Colombia generated 7,687 ounces, marking a 26% annual advance. However, Segovia’s outsized contribution—representing approximately 90% of ARMN’s quarterly production—demonstrates why management has prioritized capital investments at this facility.

Beyond current operations, ARMN completed a significant strategic milestone in December 2025 by acquiring the remaining 49% stake in the Soto Norte joint venture from MDC Industry Holding Company LLC. This transaction established ARMN as the sole owner of Soto Norte, where a newly completed pre-feasibility study reaffirmed the project’s status as one of the most attractive undeveloped gold assets in the Americas. The Segovia expansion success validates management’s capital allocation discipline and suggests similar execution capabilities at Soto Norte.

How ARMN Stacks Up Against Industry Competitors

Among peers with Latin American exposure, B2Gold Corp. (BTG) reported consolidated Q3 gold production of 254,369 ounces. Looking ahead, B2Gold’s newly operational Goose mine in Nunavut, Canada—which achieved commercial production in early October 2025—is expected to contribute 250,000 ounces annually in 2026 and 330,000 ounces by 2027.

Agnico Eagle Mines Limited (AEM), one of the world’s largest primary gold producers, posted Q3 gold output of 866,936 ounces, up just 0.4% year-over-year. The company maintains production guidance of 3.3-3.5 million ounces annually through 2027. Agnico Eagle’s Kittila mine in Finland remains Europe’s largest primary gold producer and houses the company’s most substantial mineral reserves.

While ARMN remains smaller in absolute production terms, the 36.6% growth rate significantly outpaces peers, reflecting the operational leverage from Segovia’s capacity expansion.

Valuation and Market Performance: Why Investors Are Taking Notice

ARMN shares have appreciated 17.5% over the past month, substantially outperforming the broader industry advance of 8.1%. This outperformance reflects market recognition of the company’s production momentum and growth trajectory.

From a valuation perspective, ARMN trades at an attractive forward price-to-earnings multiple of 5.50X, compared with the industry average of 14.93X. The company carries a Value Score of C, suggesting reasonable fundamentals relative to peer comparisons. Adding to the bullish thesis, Zacks’ consensus earnings estimate for ARMN’s 2025 results has increased 2.2% over the past 60 days, a positive signal of improving analyst sentiment.

The company currently carries a Zacks Rank of #1 (Strong Buy), placing it among the most favorable research recommendations in the sector.

Looking Ahead: Segovia’s Continued Momentum

As ARMN advances its expansion strategy and integrates newly acquired assets like Soto Norte, Segovia Operations will remain central to achieving production targets. The mine’s demonstrated operational excellence following the second mill’s successful commissioning provides confidence that management can execute on its growth agenda. Investors monitoring ARMN should closely track quarterly production updates from Segovia, as sustained output growth from this facility will be the primary determinant of whether the company achieves the upper end of its full-year production guidance.