Impact: Neutral
Aris Mining reported Q1/25 production results, producing 54,763k oz Au (-4% QoQ; +8% YoY) at its Segovia and Marmato mines in Colombia. While the gold production figure was slightly lower than our estimate of 55.4k oz Au, the production results were generally in line with our expectations. We believe this marks a solid start to the year for Aris in terms of production and that it remains on track to achieve annual guidance. We anticipate solid production growth through 2025 as the Segovia plant expansion ramps-up, which should see mine-level FCF increase steadily as well.