Impact: Mildly Positive
Aris Mining reported full Q3/23 production and financial results that were generally in line with or beat our expectations. Production (pre-released) increased QoQ while the average realized gold price remained steady; however, cash costs increased due to a strengthening Colombian Peso (COP) against the USD. Adjusted EPS of $0.11 beat our estimates of $0.08 but missed consensus of $0.15. In our view, this quarter marks a return to form for Segovia after production was hampered in H1/23 due to a small fire at the plant in Q1/23. We believe consistent quarterly production results from Segovia as well as development milestones at the Marmato Lower Mine and Soto Norte should help provide momentum for Aris’ share price.