Aris Mining Corporation
TSX:ARIS · Gold · Colombia
Verdict Framework Breakdown
Management Skin-in-the-Game
4/5
Neil Woodyer (CEO) has operated in Colombia for over a decade and built the Segovia operation into one of the Americas' most profitable high-grade gold mines. The 2023 merger of GCM Mining and Aris Gold — which Woodyer orchestrated — added the large-resource Marmato asset and created a credible mid-tier platform. Management has demonstrated capital discipline: the fully diluted share count barely exceeds shares outstanding, indicating restrained option issuance. Track record of delivering production guidance.
Project Geology Quality
4/5
Segovia is one of the highest-grade underground gold mines in the Western Hemisphere (consistent 10–12 g/t head grade). Marmato Lower Mine adds a large-tonnage, bulk-mineable resource: Measured 48.4 Mt at 1.31 g/t Au (2,030 koz), Indicated 74.9 Mt at 1.26 g/t Au (3,041 koz), Inferred 11.4 Mt at 1.13 g/t Au (414 koz), per the 2025 technical report. Combined M+I resource of ~5 Moz Au at consistent grade is material for a TSX-listed mid-tier. No reserves declared for Marmato Lower Mine yet; reserves for Segovia are operational. One point off for reliance on artisanal mining (Segovia) and for Marmato still being pre-reserve.
Capital Structure Health
3/5
206.3M shares issued and outstanding; 210.6M fully diluted — a dilution of approximately 4.3M shares from stock options only, with no warrants identified in filings. Capital structure is essentially warrant-free, which is unusually clean for a company that has grown through M&A and multiple financings. The absolute share count of 206M+ is large and limits per-share NAV leverage, but the tight dilution percentage (under 2%) is a positive differentiator versus sector peers. No flow-through financing was detected in filings, consistent with a Colombia-focused issuer.
Catalyst Proximity
3/5
Marmato Lower Mine development decision and construction ramp is the primary medium-term catalyst — a positive production decision transforms the resource into reserve and significantly increases the company's production profile. Near-term, quarterly production releases from Segovia (consistent ~200 Koz/yr run rate) will drive the stock. Colombian political environment under President Petro (royalty review, potential mining policy changes) is a headwind that could cap the multiple. Catalysts are real but not imminent.
Comparable Acquisition Value
3/5
At ~5 Moz M+I gold resource at Marmato plus Segovia's cash-generating mine, ARIS offers a credible resource base for peer comparison. Colombia has historically traded at a 20–30% discount to equivalent Canadian or Peruvian-jurisdiction assets. At current gold prices above US$3,000/oz, the in-situ value of Marmato alone is substantial, and the market has not fully priced the Marmato development optionality. P/NAV likely 0.4–0.7x depending on Petro policy risk assumptions — reasonable value but requires political patience.
Analyst Summary
Aris Mining is the most compelling Colombia gold story on the TSX — Segovia delivers reliable, high-margin cash flow, and Marmato Lower Mine is a legitimate large-tonnage growth asset with 5 Moz M+I. Management has done this before and the cap structure is almost warrant-free, which is rare. The Colombia discount is real and not going away under Petro, but disciplined retail investors who can tolerate emerging-market political risk will find more ounces per dollar here than in most TSX gold peers. Watch for the Marmato construction decision as the key re-rating trigger. Confidence high based on clear resource data and established production track record.
Resources & Reserves
Measured
Measured 48.4 1.31 1.8 0.14 2,030 2,747 150
Indicated
Indicated 74.9 1.26 1.2 0.08 3,041 3,008 127
Inferred
Inferred 11.4 1.13 0.7 0.04 414 275 9
Share Structure
Issued & Outstanding
206,300,000
Fully Diluted
210,600,000
Warrants & Options
| Type | Count | Strike | Expiry |
|---|---|---|---|
| Option | 4,300,000 | — | — |
| Stock options — see MD&A filed 2026-03-11 | |||
Company Details
- Exchange / Ticker
- TSX:ARIS
- Jurisdiction
- Colombia
- Primary Commodity
- Gold
- Report Date
- Jun 4, 2026
- About
- Aris Mining Corporation is a Canadian gold producer operating the Segovia and Marmato underground gold mines in Colombia, which together produced approximately 257,000 ounces of gold in 2025. The company is a growth-stage producer targeting over 500,000 ounces annually as it commissions a second mill at Segovia and advances the Bulk Mining Zone at the Marmato Complex toward production in 2026.
- Website
- https://aris-mining.com
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