Aris Mining

The business

Aris Mining is a Vancouver-headquartered gold producer whose cash flow comes mainly from Colombia. Segovia, a high-grade underground operation in Antioquia, is the main engine; it combines owner-operated mines with production from small-scale mining partners who sell ore to Aris. Marmato, also in Colombia, is a smaller underground mine where Aris is building a new 5,000-tonnes-per-day processing plant targeting first gold in Q4 2026.

Beyond its producing mines, Aris has two large development projects: Soto Norte, a gold-copper project in Santander, Colombia, where it has completed its environmental and social impact assessment, and Toroparu in Guyana, where it began building the permanent Puruni river bridge in September 2026. Management says the Segovia and Marmato expansions together are expected to support about 500,000 ounces of annual gold production once fully ramped up.

The company reports in US dollars and was formerly known as GCM Mining before its 2022 renaming. Revenue nearly doubled over the trailing twelve months as gold prices rose and Segovia's output increased, which drove a sharp jump in earnings.

The moat

Segovia's high grades and its partner-mining model give it low unit costs and strong margins compared with many peers.

A visible, largely funded growth pipeline (Marmato's new plant, Soto Norte and Toroparu) gives the company a path to substantially higher production.

Long operating experience and community relationships in Colombia's gold districts are hard for new entrants to replicate.

Financial snapshot

Most recent reported period : Q2 2026 (quarter ended June 30, 2026). Figures reflect the review date — confirm current numbers before acting.

Free cash flow yield & sustainable growth

Free cash flow yield : ≈3.9%TTM free cash flow of C$195.57M / market cap of C$4.98B (StockAnalysis, Oct 14, 2026)

In reported US dollars, trailing operating cash flow rose to about US$489M from US$373M in fiscal 2025 and US$141M in 2024. Free cash flow reached about US$138M, versus US$104M in 2025 and negative results in 2022 to 2024. In Q2 2026 alone, the company funded US$121M of capital projects, US$78M of it at Marmato, and ended June with US$426M of cash.

If Marmato's new plant starts on schedule in Q4 2026 and Segovia's partner production recovers from the explosives-supply constraints that were resolved in September, capital spending should fall relative to cash flow and free cash flow could expand meaningfully. That outlook depends on execution and the gold price.

See the full free-cash-flow yield ranking →

Valuation & what to watch

At C$24.11 (Oct 13, 2026), Aris trades at about 12.4 times trailing earnings and 7.0 times forward earnings. Analysts expect earnings to keep rising as the Marmato plant comes online and Segovia ramps up. EV/EBITDA is about 5.7x on an enterprise value near C$5.09B, which includes modest net debt of about C$114M.

Free cash flow currently understates the business's earning power because of heavy expansion spending. Trailing free cash flow of about C$196M against a C$4.98B market cap is a yield of roughly 3.9%, after about C$499M of capital spending. Much of the valuation discount compared with North American-focused peers reflects Colombia country risk.

Dividend

Aris Mining does not currently pay a dividend, according to StockAnalysis. It is reinvesting cash flow in the Marmato expansion and its development projects.

Risks & the bear case

• Colombia country risk, including security, illegal mining, and the regulatory and political environment for mining.
• Execution risk on the Marmato CIP plant (first gold targeted for Q4 2026, ramping up to 5,000 tpd by end of 2027) and on future projects such as Soto Norte and Toroparu.
• Reliance on small-scale partner miners at Segovia, whose output can be disrupted, as the 2026 explosives-access constraints showed.
• Production is tracking toward the lower end of 2026 guidance (300,000–350,000 oz), leaving little margin for further setbacks.
• Gold-price sensitivity, since rising prices drove much of the recent jump in earnings.

Recent developments

2026-07-29: Reported Q2 2026 gold production of 73.7 koz and adjusted net earnings of US$96M (US$0.47/share), ending the quarter with US$426M of cash.

2026-09-08: Began construction of the Puruni Bridge in Guyana, supporting access to the Toroparu project.

2026-09-30: Completed the environmental and social impact assessment for the Soto Norte project and began community engagement.

2026-10-07: Reported Q3 2026 gold production of 69.3 koz (217.3 koz year to date, up 16%) and said it is on track for the lower end of 2026 guidance.

Verdict

Aris offers fast production growth, rising cash flow and a forward P/E around 7. Its Marmato plant is close to first gold, and a larger pipeline sits behind it. The discount reflects real risks: concentration in Colombia, dependence on partner miners at Segovia, heavy current capital spending and output tracking toward the low end of guidance. It is a reasonable growth idea for investors who accept emerging-market mining risk, and it pays no dividend.