Aris Mining is a Canadian gold mining company operating two underground gold mines in Colombia: Segovia and Marmato, which together produced approximately 257,000 ounces in 2025. Aris sells gold doré directly to refiners at the prevailing spot gold price, with no hedging, so revenue is almost entirely driven by gold prices and ounces sold. Segovia, located in Antioquia, is the flagship asset and primary cash generator, processing high-grade ore at roughly 9.85 grams per tonne with ~96% gold recovery. Segovia production comes from two sources: owner mining (~50-55% of production), where Aris bears direct labor and operational costs, and contract mining partners (CMPs, ~45-50%), where Aris buys mill feed from formalized small-scale miners at a price tied to gold content and spot price, then processes and sells the gold, capturing a ~40%+ margin on the spread. Marmato, in Caldas, is a smaller operation currently consuming capital to build a large-scale bulk mining zone below the existing narrow vein mine. Aris has a streaming agreement with Wheaton Precious Metals tied to the Marmato Lower Mine, under which Wheaton provides $82M in remaining funding in exchange for a portion of future production at a discount. Aris is targeting ~500,000 ounces per year as expansions come online, driven by a capacity increase at Segovia (from 2,000 to 3,000 tonnes per day) and the Marmato bulk mine, expected to produce over 200,000 ounces per year with first ore in the second half of 2026. Longer-term, Aris holds two development-stage assets — Soto Norte in Colombia and Toroparu in Guyana — that could support a path toward ~1M ounces annually.