Note that the company presentation that management will refer to during today's call can be found in the Events and Presentations section of Aris Mining's website at aris-mining.com. Third quarter 2026 financial reports for Aris Mining have been filed on SEDAR+ and EDGAR and can be found on their website. I would now like to turn the conference over to Mr. Neil Woodyer, Chair and Chief Executive Officer. Please go ahead.
Thank you, operator, and Welcome to Aris Mining's Q3 2026 Earnings Call. Joining me today are Doug, Oliver, Cam, Dustin, Corné, and Alejandro. Please see our forward-looking and non-GAAP disclosures on slide two. Moving to slide three, in Q3, we produced 69,000 ounces of gold, and we have now generated more than $700 million in adjusted EBITDA on a trailing 12-month basis. We've invested $144 million in Q3, bringing our total year-to-date to $341 million, with Marmato expansion accounting for about 60% of that spending. We have clear near-term milestones across the portfolio. At Segovia, owner mining is growing, and we expect Contract Mining Partner production to improve as the new government has now provided appropriate access to explosives. At Marmato, the Bulk Mining Zone is operational.
The new tailings facility has been commissioned, and we're in the final stages of construction of the CIP plant, with first gold pour expected in December. At Toroparu, we expect the pre-feasibility study later this month. At Soto Norte, we continue to advance the permitting process. I'll now hand over to Cam to take you through the financial results.
Thanks, Neil. Turning to slide four. Q3 revenue was $287 million, and adjusted EBITDA was $144 million, bringing our trailing 12-month adjusted EBITDA to more than $700 million. Adjusted net earnings were $73 million, or $0.35 per share. Notably, our $144 million in adjusted EBITDA was approximately equal to our total capital investment for the quarter, including $86 million at Marmato and $41 million at Segovia. Despite that capital spending, we ended the quarter with $419 million in cash, up from $392 million at the end of 2025. Turning to slide five, which shows our strong year-to-date results. Nine month revenue reached $972 million. Adjusted EBITDA reached $535 million, and adjusted earnings per share were $1.42. The takeaway from this year-to-date trend is clear. Higher gold sales and realized gold prices are driving record year-to-date results. Turning to slide six.
The key point on this slide is cash generation. Through September, adjusted operating cash flow after taxes was $294 million, covering approximately 86% of our year-to-date capital investments. We also received the last two installments under the Marmato precious metal stream for aggregate proceeds of $82 million during the first nine months. That gives us a solid financial base to finish the Marmato expansion, continue investing at Segovia, and advance our development projects. With that, I'll hand it over to Dustin for an update on our operations.
Thanks, Cam. Turning to slide seven. We produced 69,000 ounces in the third quarter, bringing year-to-date production to 217,000 ounces. For the full year, we are targeting the lower end of our production guidance range from 300,000 ounces- 350,000 ounces. This requires approximately 83,000 ounces in Q4. Two factors affected our production during this past quarter: temporary explosives supply constraints affecting our Contract Mining Partners at Segovia, and the planned flotation plant shutdown at Marmato as we commissioned the new Cascabel 3 tailings facility. We also used that time for required maintenance and to implement some flotation plant upgrades. With both of those factors now behind us, we have the explosives permits resolved in September with support from the new Colombian administration, and Marmato's flotation plant is also back online with slightly increased capacity using the new Cascabel 3 tailings facility.
We expect a stronger production in Q4 as we continue owner mining production growth, and we achieve first gold at the Marmato CIP plant. Moving to slide eight to discuss Segovia's operating performance in more detail. At Segovia, year-to-date production was 194,000 ounces, up 18% from last year. Owner mine production grew 32%. Contract mining production was down 3%, but with access to explosives restored, we expect improvement in Q4. Our focus remains on increasing mining rates and haulage capacity through underground development and fleet expansion, allowing us to better utilize our expanded processing capacity. New mobile equipment is starting to arrive at the end of Q3 with the remainder in Q4. Our next milestones are an updated mineral reserve and resource statement in November and completion of the new El Silencio service ramp in December. Moving to slide nine.
At Marmato, we achieved an important milestone in Q3 with the commissioning of the new Cascabel 3 filtered tailings facility. This required a planned four-week shutdown of the existing flotation plant, which impacted Q3 production. We used that downtime to complete maintenance and upgrades, including the refurbishment of the primary ball mill, as well as the integration of a new regrind mill and Knelson concentrator. As a result, the flotation plant's processing capacity has increased to approximately 1,200 tons per day. Importantly, mining continued throughout the shutdown, allowing us to build stockpiles that will feed both the expanded flotation plant and the commissioning of the new CIP plant. With these improvements completed, we expect a stronger production profile in Q4 as we prepare for the next stage of growth at Marmato. I'd now like to hand it over to Corné for updates on Marmato's expansion and Toroparu.
Thank you, Dustin. Marmato's transformation into a much larger scale operation is within reach. Construction is now in its final stages at the new CIP plant, and commissioning activities are underway. The new Bulk Mining Zone is operating well. We are building ore stockpiles to support the ramp-up, and we have transitioned to the new filtered tailings facility. We expect the first gold pour in December, followed by a staged production ramp-up throughout 2027 to reach the full 5,000 tons per day design capacity by the end of 2027. We also plan to release an updated NI 43-101 technical report, including new mineral reserve and resource estimates for Marmato in the first quarter of 2027. Moving to slide 10. At Toroparu, we are finalizing the PFS for publishing later this month. It will include our first mineral reserve estimate for the project.
Importantly, we're approaching this study with the mindset of a team preparing to build a mine. Our focus is on developing a practical, executable plan with particular attention to cost certainty, operational reliability, and managing construction and operating risks. That approach is reflected in several key elements of the study. Contract mining. We're using competitive quotations from experienced international mining contractors rather than assuming an owner-operated mining fleet. Project delivery. Our plan incorporates a tailored blend of engineering and construction contracting models, as well as self-performed work, selecting the most appropriate delivery approach for each project area. Our project delivery approach is designed to strengthen cost and schedule control while managing execution risk. Mine design. We're taking a conservative approach to mine planning, including staged pit development and dual-access ramps to support reliable operations.
The project remains based on a conventional open-pit mining operation with a 7 million ton per year processing plant. On the ground, construction of the 109 meter Puruni River Bridge is underway, with completion targeted for December. The bridge will provide permanent access to the Toroparu project and enable the movement of heavy equipment and materials. We've also submitted our large-scale mining license application and continue to work closely with the government of Guyana to advance the permitting process. With that, I'll hand it back to Neil to discuss Soto Norte and close the presentation.
Moving to slide 11. At Soto Norte, we're making encouraging progress towards environmental permitting. In July, Colombia's National Mining Agency approved our updated technical mine plan. We've also completed preparation for the environmental and social impact assessment. Our next step is formal community consultation, followed by finalizing the ESIA and submitting our environmental license application. We've also seen positive regulatory developments, with the new government reversing several restrictions imposed by the previous administration. These decisions provide greater clarity for the project's permitting pathway. Soto Norte remains an important part of our long-term growth strategy, and we're encouraged by the progress we're making. At the same time, Colombia's political and regulatory environment is evolving quickly. We're taking a measured approach, working closely with communities and government authorities, and advancing the project at the right pace as the situation develops. Turning to slide 12, our growth strategy has two stages.
First, Segovia and Marmato have combined steady state production targets of approximately 500,000 ounces a year as we complete the ramp-up of their expansions. Longer term, our Toroparu and Soto Norte development projects offer the potential for another 500,000 ounces a year based on their technical studies and subject to permitting. At Toroparu, we're targeting completion of the pre-feasibility study in November, with a potential construction decision in the first quarter of 2027, following the first gold pour at Marmato's new CIP plant. At Soto Norte, we're encouraged by the support of the new Colombian administration, and we're advancing the environmental licensing process. Together, these four assets offer a potential pathway towards a million ounces of annual gold production. Our near-term focus remains on execution, growing production at Segovia, delivering the first gold pour at the new Marmato plant, completing the Toroparu study, and advancing Soto Norte's permitting.
Thank you for joining us today. Operator, please open the line for questions.
Certainly. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two.
The first question comes from Carey MacRury with Canaccord Genuity. Please go ahead.
Hey, good afternoon, guys. Maybe just to start with Segovia, just wondering if you can quantify the impact from having the explosives issue in Q3 in terms of production.
Carey, it's Oliver here. We expect that gold production at Segovia increases meaningfully in Q4, somewhere in the order of magnitude of 70,000 ounces-75,000 ounces. That is partially driven by higher mining rates on the owner mining side, as well as improved production from the CMPs.
Okay, that's great. Maybe just in terms of the mining rate there, how we should think about the exit rate heading into 2027?
I can take that one, Carey. Dustin here. Basically, the explosives affected both Aris and CMPs throughout the first part of the year. Aris rectified a bit quicker than the CMPs, and we've been building the mining rates up ever since. We always had planned for a heavy Q4 basically progression, and we continue on that path. We're connecting our El Silencio ramp in December, which will increase productivity through there, and we're on track for about 70,000 ounces-75,000 ounces in Q4, and expecting a very strong reaching nameplate capacity in 2027.
Okay, then maybe just switching to Marmato. You're obviously ramping up in 2027. You've got the CIP plant, I think, still underway. Just wondering if there's an estimate of capital we should be thinking about in 2027 at Marmato.
I'll maybe defer that one over to Corné, who's got the remainder of the CIP plant.
Yes. Thank you, Dustin. We're currently spending, our spend rate is $25 million per month up until Q4 for 2026. We're expecting limited capital expenditure up till around July 2027, with the remaining pieces of equipment coming in and being installed. The estimate is around $40 million.
Can you just repeat the first part of that? I missed those numbers on 2026.
In 2026, with the current-
Yeah
With 2026, the current, the Q4 expenditure is around $75 million. We are averaging $25 million per month. So, with the first nine months expenditure in 2026 amounting to $175 million, we are expecting the 2026 construction expenditure to be approximately $250 million. That is $30 million over our original budget of $220 million. The forecast of $30 million increase is primarily attributable to the FX stronger Colombian peso across the 2026 year.
Okay, great. Thank you very much.
Once again, if you have a question, please press star then one. If there are no further questions, this concludes the question and answer session. I would like to turn the conference back over to Mr. Woodyer for any closing remarks. Please go ahead.
Thank you very much, everybody. We appreciate your attendance, and we look forward to a good year. Thank you very much indeed.
This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.