Aris Mining Corporation
Aris Mining operates the underground Segovia and Marmato gold mines in Colombia, producing 148,000 oz in H1 2026 (up 31% YoY) and targeting 500,000 oz annually as Marmato's new CIP plant reaches first gold in Q4 2026.
Notable vs. Peers
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
- All-in sustaining cost of $1,534/oz is 15% lower than the peer producer average of $1,809/oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Jul 2023 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Sep 2010 · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Combined view across 4 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 29.7%Marmato Complex, Caldas, Colombia
- 20 yrsMarmato Complex, Caldas, Colombia
Jurisdiction (40%)6/10
Colombia has an established mining code and improving security, but informal/illegal mining, local social conflict and policy shifts add real jurisdictional risk relative to North America.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Marmato Complex, Caldas, Colombia.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Nechi Alluvial Gold Property (Mineros S.A.), 59 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer stake on file; largest strategic holder is Mubadala Investment Company PJSC (9.2%) See holders
Not an operating producer, so it isn't the toehold-then-takeout pattern the research documents; a missing producer stake isn't held against a company.
Weight 25% - Distance to a producing mineSub-score:4.7/10
Nearest producing mine: Nechi Alluvial Gold Property (Mineros S.A.), 59 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
Colombia: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chair & Chief Executive Officer of Aris Mining Corporation. Founded Endeavour Financial in 1988 and later founded and led Endeavour Mining Corporation as CEO from 2002 to 2016, growing it into a major West African gold producer. Founded and led Leagold Mining from 2016 to 2020, building a multi-asset producer across Mexico and Brazil before its 2020 merger into Equinox Gold, where he served as Vice Chairman. Took over as Chair and CEO of Aris Gold in 2020 and led its subsequent merger with GCM Mining into Aris Mining Corporation.
B.Comm from Queen's University and a CFA charterholder, one of the founding executives of three gold companies: Endeavour Mining (founded 2009), Leagold Mining (founded 2016, later acquired by Equinox Gold), and Aris Gold (founded 2021, predecessor to Aris Mining). Previously Managing Director, Research and Analysis at Endeavour Financial, a boutique investment bank focused on global mining. Serves as CFO & EVP of Aris Mining, slated to become President starting in 2026.
Chartered Professional Accountant with a degree in Economics (with distinction) from the University of Victoria and a Diploma in Accounting from UBC's Sauder School of Business. Began his career at Deloitte, later served as VP of Finance at a Vancouver-based junior miner, then joined Pan American Silver in 2014, rising to VP Financial Reporting and, from 2022, Senior VP of Finance and IT, before joining Aris Mining as CFO in July 2025.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Mubadala Investment Company, Abu Dhabi's sovereign wealth fund, is the largest shareholder at about 9.2%, but it is worth knowing how it got there: Aris issued 15.75 million shares to Mubadala in June 2024 as payment for an extra 31% of the Soto Norte project, with 6 million more to follow on permitting. That is a vendor taking paper, not an outside investor buying in. MM Asset Management (MMCAP) holds a further 6.69% per a Schedule 13G/A. Van Eck Associates Corporation, the GDX/GDXJ gold-miner ETF sponsor, separately discloses a real 9.5% stake, largely index-driven rather than a discretionary specialist pick. Insider activity runs heavily one way -- seven insiders sold roughly 434,000 shares between December 2025 and June 2026, against a single purchase, Oliver Dachsel's 16,500 shares in January 2026, made after he had sold 90,911 of his own the month before.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Aris Mining operates the underground Segovia gold mines in Antioquia and the Marmato complex in Caldas, Colombia, and owns the Soto Norte project in Santander, Colombia, and the Toroparu project in Guyana, all 100%; it bought the remaining 49% of Soto Norte from Mubadala in December 2025. Company-wide measured and indicated resources are 21,892,000 oz of gold (5,484,000 oz measured, 16,412,000 oz indicated), inclusive of reserves, with 10,702,000 oz inferred: Segovia 3,626,000 oz, Marmato 5,997,000 oz (a 2022 estimate), Soto Norte 6,959,000 oz and Toroparu 5,310,000 oz. Production in H1 2026 was 148,000 oz, up 31% year on year, and Segovia's owner-mining all-in sustaining cost for 2025 was US$1,534/oz. Aris is targeting 500,000 oz a year once Marmato's new CIP plant reaches first gold, expected in Q4 2026; Marmato's 2022 pre-feasibility study shows an NPV5% of US$341M, a 29.7% IRR and a 20-year life at US$1,600/oz gold.