Aris Mining Corporation

Good morning everyone and welcome to the ARIS Mining fourth quarter and full year 2025 earnings call. We will begin with an overview from management followed by a question and answer period. To join the question queue, you may press star then one on your telephone keypad. As a reminder, all participants are in listen only mode and the conference is being recorded. Should you need assistance during the conference, you may reach an operator by pressing star then zero. Please note that the accompanying presentation that management will refer to during today's call can be found in the events and presentation section of ARIS Mining's website at aris-mining.com. Also, ARIS Mining's fourth quarter 2025 financials have been filed on CDAR Plus and EDGAR and can also be found on their website, I would now like to turn the conference over to Mr. Neil Woodyer, Chief Executive Officer. Please go ahead.

Neil Woodyer Thank you, operator, and welcome to our Q4 and full year 2025 earnings call. Joining me today are Doug Bowlby, Oliver Dashiell, Cam Patterson, Dustin Van Dorsal-Aire, Corne Lawrence, and Alejandro Jimenez. I'd like briefly to introduce two leaders joining us on our call for the first time. Firstly, Dustin, SVP Operations, joined last year and brings decades of experience across underground and open pit mining, exploration and construction. Secondly, Corny Lawrence, SVP Projects, has worked with me for decades, including Debra Mining and Lear Gold. He now leads our expansion and growth projects in Colombia and Guyana. Dustin and Cornet bring complimentary expertise as mining engineer and metallurgist and are working closely together across our operations and project portfolio. Before we begin, please note the forward-looking statement disclaimer on slide two. Looking now at slide three, 2025 was a pivotal year for Aris Mining. Gold production increased 22% year over year and gold prices increased 48%, resulting in 909 million gold revenue, up 82%. 464 million adjusted EBITDA, up 185%. 241 million adjusted net earnings, $1.28 per share, up 265%. Importantly, we transitioned to generating free cash flow while continuing to invest in growth. Operations generated £322 million of cash flow after sustaining capital and taxes, fully funding our growth initiatives and £127 million in net cash flow. Looking ahead to 2026, our operations and growth projects remain on track. Segovia second mill ramp-up progressing well with further production growth expected. Mamato bulk mining zone development ahead of schedule with the new CIP plant on track for its first gold pour in Q4 of this year. Soro Peru pre-feasibility study targeted for H2 of this year and Sote Norte environment license application is planned for Q2 of this year. Turning to slide four, we delivered on 2025 guidance, producing 257,000 ounces of gold above the midpoint of guidance. Segovia production increased 21% year over year. Amata delivered steady performance and exceeded guidance. Segovia owner mining all in sustaining cost 1,534 per ounce, up just three percent year over year cmp source gold all in sustaining margin 44 above our 35 to 40 percent guidance range turning to slide five for 2026 production guidance is 300 to 350 000 ounces At the midpoint, this represents more than 25% growth year over year. Once Segovia and Mamato are fully ramped up, we expect 500,000 ounces of annual production. At 4,400 gold, Segovia is expected to generate 650 million all in sustaining margin this year. Momato cost guidance will be provided after the CIP plant reaches commercial production. With that, I pass to Cam now to review our financial performance.

Thank you, Neal. Turning to slide 6, Aris Mining reported record financial performance in 2025 driven by production growth, strong gold prices, and solid cost goals. For the full year 2025, we reported gold revenue of $909 million, up 82% from $499 million in 2024 driven by higher realized gold prices and increased sales volumes. Adjusted EBITDA after normalizing for cash and non-recurring items of $464 million compared to $163 million in 2024. The 185% increase demonstrates the substantial leverage to higher gold prices. Adjusted net earnings of $241 million or $1.28 per share, up from the $56 million or $0.35 per share in 2024. To put this into perspective, please turn your attention to the graph on the right hand side. Eris Mining generated higher adjusted EPS in each Q3 and Q4 last year than for the full year of 2024. That is, the $0.36 in Q3 and the $0.46 in Q4 were both in excess of the $0.35 per share for the full year of 2024. We closed the year with cash balance of $392 million, up from the $252 million at the end of 2024, further enhancing our strong liquidity position. Please turn to slide 7 for a discussion of the key cash flow drivers. As Neil mentioned in his intro remarks, we transitioned to generating free cash flow in 2025 after our significant investments in growth. For the full year, we generated $127 million of free cash flow, which reflects $322 million of operating cash flow after sustaining capital and income taxes, which was partially offset by $195 million invested in growth capital, which included $128 million of armado for the construction of our CIP processing plant, major equipment procurement and delivery, underground mine and surface infrastructure development, and additional expansion-related expenditures. 39 million at Segovia for underground mine development, completion of the mill expansion, new equipment to support the ramp-up and other activities, and 17 million at Soto Norte and 12 million at Toro Peru for the technical studies delivered last year and other site-specific expenditures. In addition to free cash flow generation of $127 million, our cash position was further increased by $150 million of proceeds from the exercise of warrants, which expired in July last year, and $13 million of proceeds from the sale of the Judy Gold project. This was partially offset by $77 million of debt service and repayment and $60 million in cash used for our acquisition of the remaining 49% interest in Socho Norte in Q4 of 2025. With current gold prices significantly exceeding our average realized price in 2025 and meaningful expected gold production growth, as just mentioned by Neil, ARIS remains well positioned to generate robust cash flows to organically fund all growth initiatives. I'd now like to hand the call over to Kevin to discuss our operating results.