Good morning, everyone, and welcome to Aris Mining's First Quarter 2023 Operational and Earnings Results Call. We will begin with an overview from management, followed by a question and answer period. Please view the accompanying deck located on the Aris Mining website, which management will refer to during the call. As a reminder, all participants are in a listen-only mode, and the conference is being recorded. I will now turn the call over to Neil Woodyer, Chief Executive Officer.
Thank you, operator, and good morning, everyone, and welcome to the call. I'll provide a brief overview of our business this quarter before handing over to our CFO, Doug Bowlby, for a review of our financial results, and then to Richard Thomas for a recap on the operation results. After which, we'll take a few questions. Starting from Slide three of the presentation. In the first quarter of the year, we produced a combined 50,900 ounces of gold, with 18% of our production sourced from small miner partnerships in Segovia. We're particularly proud of our ongoing commitment to this program. In April, we signed a new landmark partnership agreement with traditional miners in Marmato, with the Colombia Ministry of Mines and Energy in attendance.
This is the first agreement of its type in more than 450 years of artisanal and small-scale mining in the area. We continue to view these partnerships as the key to unlocking Colombia's mineral wealth to the benefit of all stakeholders, including the regional communities where we operate. We continue to invest heavily in these communities. During the quarter, Aris contributed $2.4 million to social programs under a newly structured and transparent investment policy. As I've said before, ESG is the core of the DNA of Aris Mining. We encourage you to visit our sustainability webpage for further information. We continue to pursue additional partnerships with artisanal and small-scale miners at Segovia, Marmato, and Soto Norte.
At Segovia, repairs to the processing plant were completed ahead of schedule. In April, the plant achieved a throughput of 2,100 tons per day, exceeding the 2,000 tons per day nameplate capacity. We also announced an updated resource and reserve estimate at Segovia. We again fully replaced ounces mined in 2022. Our planned exploration drilling program of 84,500 meters at Segovia is focused on further increasing mineral reserves and our mine life plan, extending known resources at the four producing mines and exploring strategic high-priority vein targets located adjacent to the current mining properties. We continue to be focused on leveraging the stable production profile and community partnerships at Segovia as we move to our next large expansion at Marmato lower mine and provide a new development plan for Toroparu .
I'll hand the call over to Doug to review our financial results.
Thanks, Neil. I would like to now turn your attention to Slide four, and we'll walk through the financial highlights of the first quarter. We produced and sold approximately 50,000 oz of gold, which is in line with Q1 of 2022 but does lag production on a quarter-over-quarter basis. This is a result of only processing 150,000 tonnes at the Segovia operations this quarter, which compares to 156,000 tonnes in Q4 of 2022. Our gold production is down, and all-in sustaining costs per ounce have increased to $1,214 per ounce on a consolidated basis. This is a short-term capacity issue at the Segovia operations that has been resolved, as we will soon discuss further.
On a quarter-over-quarter basis, cost of goods sold was down. We generated income from mining operations of $33 million. We have achieved a notable reduction in G&A costs, down to $2.4 million in the quarter, which compares to $7.5 million in Q4 of 2022 and $6.1 million a year ago. This reduction in G&A costs should give an indication of the significant level of reorganization we are implementing in Colombia and corporately. These cost savings have helped improve our income from operations to $27 million and Adjusted EBITDA to $39 million, with both amounts reflecting increases on a quarter-over-quarter basis. During Q1 of 2023, we had a few significant cash movements. Our operations generated net operating inflows of $19.7 million. We invested this cash flow into $21 million of capital investments.
In March of 2023, we completed the acquisition of our 20% joint venture interest in the Soto Norte project and paid Mubadala the remaining $50 million purchase price plus a 7.5% financing fee. During the quarter, Aris Mining's share of the Soto Norte costs were approximately $1.2 million, as we only pay our 20% share of project costs. We had outflows of $12.9 million, mostly related to net interest costs on our debt, and we ended the quarter with $229 million of cash as of March 31.
Turning to Slide five, I would like to highlight that our production and cost guidance for the full year remains unchanged at between 230,000 and 270,000 oz of gold produced at an all-in sustaining cost per ounce of between $1,050 per oz and $1,150 per oz on a consolidated basis. I'll now hand over to our COO, Richard Thomas, to discuss our operations in more detail.
Thanks, Doug. We will start with Segovia on Slide six. At the Segovia operations, we had some challenges in meeting our production target this quarter due to issues at the primary crusher, which resulted in roughly 100 hours of downtime. Fortunately, we were able to run our alternate crusher line to offset some of the lost capacity, and we have completed all repairs on the primary crusher line and on our backs to maintain that capacity as of April. Segovia produced 46,513 oz in the quarter, compared to 49,864 ounces during the same period last year. Grades were down 16% versus the same period in 2022, but offset by the increased throughput at the Maria Dama plant following the completion of the expansion in quarter three, 2022.
We incurred $7.3 million of sustaining capital expenditures in the quarter, which includes $3.1 million of ongoing exploration efforts to convert, expand, and define resources at and around the four operating mines. We have a healthy budget of $17 billion planned for exploration at Segovia this year to replace and expand reserves at this key asset. At Marmato on Slide seven, we continue to operate the upper mine, where production was severely impacted by national explosives and detonator shortages, resulting in 37% fewer tons processed and negative free cash flow. The shortage is expected to improve in Q2 as national stockpiles are replenished. We continue to focus on projects designed to optimize and improve the throughput, and we anticipate realizing the benefits of these initiatives later on this year.
The landmark agreement of 260 local small miners will provide delivery of a new high-grade feed. At the lower mine, we continue to advance construction, notably the El Higuerón decline, which is slated for completion in Q3 this year. We continue to work collaboratively with our regulator, Corpocaldas, to address final queries related to our environmental management plan. We expect a mid-2023 as the timeline for approval of this plan and start construction this year if for our mechanized operation. During the quarter, we spent $3.9 million CapEx on this project. Recall that our update to pre-feasibility study released last year outlines a 20-year reserve life and a substantial production profile of 162,000 ounces per year at around about a $1,000 per ounce, all-in sustaining cost.
At Toroparu on Slide eight, we updated our mineral resources during the quarter, and we are progressing additional studies to optimize a development path in Guyana based on the conservative new resource estimate. We continue to diligently focus on reducing expenditures during this reevaluation period and incurred $4.7 million in costs during the quarter compared to $60.4 million spent in 2022. Toroparu remains a sizable advanced project with a measured and indicated resource of 5.4 million oz of gold and 118,000 tons of copper and an inferred estimate of an additional 1.2 million ounces of gold. At this point, I'd like to hand the call back to the operator for questions.
Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press the star followed by the one on your touchtone phone. You will hear a three-tone prompt acknowledging your request. Questions will be taken in the order received. Should you wish to cancel your request, please press the star followed by the two. Your first question is from Cameron Magee from Cormark Securities. Please ask your question.
Hi, good morning, everybody. My first question is just on your 2023 guidance, which you reaffirmed. Obviously we saw lower production and slightly higher costs in Q1 relative to guidance. Just looking ahead to quarters two, three, and four, is there any variability in the production and cost profile for the remainder of the year, or is this something that can be expected to remain relatively flat?
Richard, will you take that one?
Yes, Neil. We expect to see an upticking up in our production at both the operations. The exposure situation, we are managing that pretty well, and we are receiving an increased supply of explosives at Marmato. We expect through the following three quarters to achieve close to guidance or we will achieve guidance. At Segovia, the issue with the crusher has been sorted out. We are now back to nameplate capacity, and we are confident that in the next three quarters we will get to guidance as well by the end of the year in both cost and in production.
Great. Thank you. Then just secondly on CapEx, did the fire at Segovia have any impact on the timing of sustaining CapEx? I'm basically just wondering if that event pulled any sustaining CapEx forward into Q1.
That's a very poor line. Could you please repeat that?
Richard, I got that, so I will repeat the question. Cameron's asking if the fire event-
In Q4, which drags into Q1, whether that simulated pulling forward of CapEx, like while you were in the crusher making some repairs, did you incur additional CapEx? Is CapEx gonna be front end weighted for 2023 at Segovia is the question?
Okay. Our capital profile will stay pretty much the same. Although the repairs of course will be incurred in that, in that time, but there was no change in our CapEx profile at all.
Okay, great. Thanks. That's helpful. Just one more from me. Shifting gears to Marmato lower mine. I understand that key contract tenders continue to be released in the quarter. I'm just curious how that process is going, and if the initial quotes for overall pricing using the PFS are holding up well.
Although we have gone out to tender on many, we have not yet consolidated all of the tenders to see where we are on that. That process is still ongoing, as I say. The major contract, we haven't got that pricing yet. Although they are out to tender, and we are receiving, both the portal and the mining ones, back pretty shortly. We have not yet evaluated those tenders to that extent yet.
Okay, great. That's it for me. Thanks.
Thank you. Once again, ladies and gentlemen, please press star one should you wish to ask a question. There are no further questions at this time. Please proceed.
Thank you very much, operator. Appreciate everyone dialing in this morning and making some times to catch up on the back of our quarter. If something comes up during the day, please reach out. We will make ourselves available. Thanks again. Enjoy the rest of your day.
Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect.