Impact: Mildly Positive
Aris Gold released Q4/20 and FY2020 financial results for what was a transformative year for the company. With the impact of COVID-19 now behind it, Q4/20 saw steady improvements in costs and production from Marmato since Q3/20. While 2020 saw the development of a new growth strategy, we expect 2021 to be about executing on that strategy, starting with improving operations at Marmato ahead of the start-up of the Marmato Deep Zone (MDZ) expansion project slated for Q4/2021. As per our initiation report, we believe Marmato has the potential to turn into a free cash flow machine by 2024 and set Aris on a path towards becoming a mid-tier producer.