Aris Mining Hits Growth Acceleration: Two Mines Driving the Momentum Forward

Aris Mining Corporation has demonstrated significant operational scaling in the third quarter of 2025, with total gold production reaching 73,236 ounces—a robust 36.6% increase year-over-year. The company’s growth narrative centers on two complementary assets: Segovia leading current output, while Marmato represents future potential.

The Segovia Story: From Bottleneck to Powerhouse

The Segovia mine has become the primary growth engine following its second mill commissioning. This capacity expansion proved decisive: the operation processed 219,550 tons of ore in Q3, up 31.6% from the prior year. For context, this kind of throughput increase typically signals sustainable production gains rather than temporary spikes.

The mill upgrade addressed a critical constraint. Many mining operations face processing limitations that cap output regardless of ore availability. By doubling milling capacity, Aris Mining unlocked hidden production potential at Segovia—a textbook example of how capital discipline translates into operational results.

Marmato: The Long-Term Play Takes Shape

While Segovia delivers near-term results, Marmato positions Aris Mining for the next growth phase. The mine’s upper operations maintained steady production (75,220 tons in Q3 vs. 70,256 tons year-ago), but the real catalyst lies deeper: bulk mining zone development is advancing toward first gold in H2 2026.

This development matters because it signals Aris Mining isn’t simply milking current assets—management is systematically building the next production tier. Once the bulk zone operates, output diversification becomes possible, reducing concentration risk on any single operation.

How Peers Stack Up

In the competitive mining landscape, Barrick Mining continues aggressive investment, particularly in Nevada operations, though recent production headwinds suggest 2025 execution challenges. B2Gold, meanwhile, is harvesting results from its Fekola mine improvements, with production momentum expected to continue.

Aris Mining’s positioning relative to peers looks compelling: the company trades at a forward P/E of 7.19X versus the industry average of 13.47X, suggesting either undervaluation or market skepticism that near-term growth can sustain.

The Valuation Question

A 336.8% share price surge over the past year has left investors asking whether enthusiasm is justified. The answer likely hinges on one metric: can Marmato’s 2026 ramp-up match or exceed current growth rates? If yes, the current valuation offers entry points. If growth plateaus, recent gains may face pressure.

The steady consensus estimates over recent weeks suggest analyst comfort with current guidance—neither enthusiastically buying nor aggressively downgrading Aris Mining’s prospects.

For investors monitoring the gold mining sector, Aris Mining’s Q3 execution demonstrates that disciplined capital allocation (Segovia expansion) paired with forward-looking development (Marmato) can generate measurable momentum in a cyclical industry.