Aris Mining Corporation announced that its Segovia gold operation has added 160,000 ounces of gold to proven and probable reserves, a 12% increase that brings the total to 1.5 million ounces. The update, effective November 28, 2025, also shows a 7% rise in measured and indicated resources to 3.6 million ounces and a 12% growth in inferred resources to 2.9 million ounces, underscoring the long‑term durability of the high‑grade deposit.
The reserve expansion is closely tied to a recent operational milestone: the commissioning of a second ball mill in June 2025 that lifted Segovia’s processing capacity from 2,000 to 3,000 tonnes per day. CEO Neil Woodyer noted that the additional capacity will enable higher production rates and support the company’s goal of doubling annual gold output to over 500,000 ounces by the second half of 2026. The higher‑grade ore feed from the expanded mill is expected to improve the mine’s all‑in sustaining cost (AISC) profile, with current AISC figures around $1,485 per ounce in Q4 2024 and $1,434 per ounce in Q1 2024.
Gold price assumptions underpinning the reserve and resource estimates are $3,200 per ounce for resources and $2,800 per ounce for reserves, reflecting management’s confidence in sustained higher gold prices. The high‑grade nature of Segovia—averaging 10.7 g/t Au for proven and probable reserves—means that the mine can achieve higher margins as it processes more ore at lower cost. The reserve growth also strengthens Aris’s balance sheet, providing a stronger foundation for financing further expansion at Segovia and the Marmato complex.
Beyond Segovia, Aris is advancing the Marmato Bulk Mining Zone, which is expected to ramp up production in the second half of 2026. The Marmato project will contribute significantly to the company’s overall production targets, complementing Segovia’s high‑grade output and diversifying the mine portfolio. The combined expansion is positioned to sustain the company’s long‑term growth trajectory and support its strategic objective of becoming a leading gold producer in Latin America.
Financially, the reserve increase translates into a measurable impact on the company’s cost structure and cash flow. By adding high‑grade ore to the feed, Aris can lower its AISC, improve operating margins, and generate additional free cash flow to fund future capital projects. Management expressed confidence that the reserve expansion, coupled with the new mill capacity, will enable the company to meet its production and profitability targets while maintaining a disciplined cost base.
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