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ARIS MINING REPORTS Q2 2025 RESULTS

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VANCOUVER, BC, Aug. 7, 2025

Higher Gold Sales, Record Adjusted EBITDA & Earnings, and Significant Growth in Cash 

VANCOUVER, BC, Aug. 7, 2025 /PRNewswire/ - Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS) (NYSE-A: ARMN) announces its financial and operating results for the three and six months ended June 30, 2025 (Q2 2025 and H1 2025). In addition, the Company announces the publication of its 2024 Sustainability Report, which is available for review on our website. All amounts are in U.S. dollars unless otherwise indicated.

Q2 2025 Financial Performance

  • Record revenue of $200.2 million, up 30% from Q1 2025 and 75% from Q2 2024, driven by higher gold prices and increased sales volumes.
  • Cash balance increased to $310 million as of June 30, 2025, up from $240 million at March 31, 2025 as a result of strong cash flow generation from operations and proceeds from ARIS.WT.A warrant exercises. After June 30, 2025, the Company received an additional $60.5 million from the exercise of these warrants, which expired on July 29. In total, 98.7% of the warrants were exercised, generating $114.8 million in proceeds.
  • Adjusted EBITDA1 of $98.7 million, up 48% from Q1 2025 and nearly triple Q2 2024. On a trailing 12-month basis, Adjusted EBITDA1 has reached $264.0 million.
  • Growth capital investment of $36.7 million, supporting long-term expansion, primarily at the Marmato Bulk Mining Zone ($23.6 million) and Segovia ($6.9 million).
  • Record adjusted net earnings of $47.8 million or $0.27/share – the highest since Aris Mining's formation in September 2022 – up from $0.16/share in Q1 2025 and $0.08/share in Q2 2024.

Neil Woodyer, CEO, commented "With record adjusted net earnings, over $310 million in cash, and the commissioning of the second mill at Segovia, we are well‑positioned for stronger production in the second half of 2025 while advancing construction of the Marmato Bulk Mining Zone and technical studies at Soto Norte and Toroparu, which underpin a compelling growth pipeline. The expiry of the ARIS.WT.A warrants on July 29 has simplified our capital structure and eliminated a source of non‑cash earnings volatility. We remain firmly on track to become a leading intermediate gold producer in Latin America with a highly attractive profile for investors."

Q2 2025

Q1 2025

Q2 2024

Gold production ounces (oz), total

58,652

54,763

49,216

Gold sold (oz), total

61,024

54,281

49,469

Segovia – AISC, Owner Mining ($/oz sold)

$1,520

$1,482

$1,616

Segovia – CMP AISC Margin

42 %

41 %

34 %

EBITDA

$31.6M

$39.7M

$30.8M

Adjusted EBITDA

$98.7M

$66.6M

$36.1M

Adjusted EBITDA, last 12 months

$264.0M

$201.3M

$144.6M

Net earnings (loss)2 

$(16.9)M3 or $(0.09)/share

$2.4M or $0.01/share

$5.7 or $0.04/share

Adjusted earnings

$47.8M or $0.27/share

$27.2M or $0.16/share

$12.7 or $0.08/share

Adjusted earnings, last 12 months

$112.7M or $0.65/share

$77.7M or $0.46/share

$42.9M or $0.31/share

Q2 2025 Operational Performance
  • Gold production totaled 58,652 oz, a 7% increase from 54,763 oz in Q1 2025. Production is expected to progressively increase in H2 2025 following the June 2025 commissioning of the second mill at Segovia.
  • Marmato Narrow Vein Zone produced 7,125 oz, a 29% increase over Q2 2024 and consistent with Q1 2025 production levels.
  • Segovia Operations produced 51,527 oz, supported by gold grades of 9.9 g/t and gold recoveries of 96.1%.
    • AISC margin increased to $87.2 million, up 43% from Q1 2025. On a trailing 12-month basis, AISC margin has reached $250.4 million.
    • Owner-operated Mining AISC was $1,520/oz (Q1 2025: $1,482/oz), bringing H1 2025 average to $1,503/oz, tracking toward the lower end of the full year 2025 guidance range of $1,450 to $1,600.
    • Contract Mining Partner (CMP) sourced gold delivered an AISC sales margin of 42%, contributing to a 41% margin for H1 2025. This is above the full-year 2025 guidance range of 35% to 40%.
    • Total AISC increased to $1,681/oz (Q1 2025: $1,570), primarily due to higher gold prices, which increased costs related to material purchased from CMPs, together with royalties and social contributions tied to gold sales.

Figure 1: Strong AISC Margin Growth ($ million) – Segovia (CNW Group/Aris Mining Corporation)

Figure 2: Total AISC and Realized Gold Price Trends ($/oz) – Segovia (CNW Group/Aris Mining Corporation)

Total Segovia Operating Information

Q2 2025

Q1 2025

Q2 2024


Average realized gold price ($/oz sold)

$3,303

$2,855

$2,313

Tonnes milled (t)

167,960

167,150

155,912

Average tonnes milled per day (tpd)

1,976

1,966

1,834

Average gold grade processed (g/t)

9.85

9.37

9.14

Gold produced (oz)

51,527

47,549

43,705

Gold sold (oz)

53,751

47,390

43,366

AISC margin ($M)

87.2

60.9

32.2




Segovia Operating Information by Segment

Q2 2025

Q1 2025

Q2 2024

Owner Mining





Gold sold (oz)

32,685

26,963

20,183

Cash costs – ($/oz sold)

$1,047

$1,123

1,222

AISC – ($/oz sold)

$1,520

$1,482

1,616

AISC margin ($M)

57.8

37.0

14.1





CMPs



Gold sold (oz

21,066

20,427

23,183

Cash costs – ($/oz sold)

$1,622

$1,431

1,367

AISC – ($/oz sold)

$1,931

$1,687

1,532

AISC sales margin (%)

42 %

41 %

34 %

AISC margin ($M)

29.4

23.9

18.1

* Aris Mining operates its own mines and contracts with community-based mining partners, referred to as Contract Mining Partners (CMPs), to increase total gold production. Some partners work within Aris Mining's infrastructure, while others manage their own mining operations on Aris Mining's titles using their own infrastructure. In addition, Aris Mining purchases high grade mill feed from third-party contractors operating off-title, which further optimizes production and increases operating margins.

Growth and Expansion Updates

  • Strong cash generation funding growth:
    • Operations generated $74.6 million in cash flow after sustaining capital and income taxes in Q2 2025, fully funding all growth and expansion initiatives. After expansion capital, Aris Mining generated $37.9 million in net cash flow. See the Quarterly cash-flow summary in the following sections for additional cash flow analysis.
  • Segovia expansion progressing well:
    • Commissioning of the second ball mill in June 2025 marked a major milestone. The expanded plant capacity is expected to steadily increase gold production throughout H2 2025.
    • As underground development advances and mill feed from contract mining partners increases, Segovia remains on track to achieve annual production of 210,000 to 250,000 ounces this year and targeting 300,000 ounces next year.
    • $6.9 million was invested in Q2 2025 to support the plant expansion, underground development, and exploration activities.
  • Marmato Bulk Mining Zone construction advancing:
    • The Bulk Mining Zone is a large, porphyry-hosted gold-silver system with wide, continuous mineralized zones that support bulk underground mining methods. Extensive drilling has defined a large mineral resource, and the deposit remains open at depth and along strike.
    • Decline development to access the Bulk Mining Zone is underway.
    • Earthworks for the main substation are completed and earthworks for the carbon-in-pulp (CIP) plant platforms are nearing completion.
    • Equipment deliveries continued through the quarter, including major components such as crushers, mills, and tailings filters.
    • $23.6 million was invested in Q2 2025.
    • The project remains on schedule, with first ore and production ramp up expected in H2 2026.
  • Soto Norte Project:
    • A new Pre-Feasibility Study (PFS) is underway, with completion expected in Q3 2025. The PFS incorporates a smaller-scale development plan and includes processing options designed to support local small-scale miners.
    • Upon completion of the PFS, Aris Mining intends to finalize and submit the required studies to apply for an environmental license for the development of Soto Norte.
  • Toroparu Project:
    • A new Preliminary Economic Assessment (PEA) is underway to evaluate updated development options. Following the March 2023 mineral resource update, Aris Mining completed infrastructure optimization studies that strengthen the development plan. The PEA is expected to be completed in Q3 2025.

Endnotes

1  All references to adjusted earnings, EBITDA, adjusted EBITDA, growth capital investment, cash flow after sustaining capital and income taxes, cash costs and AISC are non-GAAP financial measures in this document. These measures are intended to provide additional information to investors. They do not have any standardized meanings under IFRS, and therefore may not be comparable to other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Refer to the Non-GAAP Measures section in this document for a reconciliation of these measures to the most directly comparable financial measure disclosed in the Company's financial statements.

2  Net earnings represents net earnings attributable to owners of the company, as presented in the annual and interim financial statements for the relevant period.

3  A $45.5 million non-cash loss was recognized in Q2 2025 from fair value adjustments to the Company's warrant liability, valued at $40.8 million as of June 30, 2025. The fair value of the liability is directly correlated to the Company's share price, which increased by 38% during Q2 2025 (year-to-date: 82% increase). In July 2025, the Company received an additional $60.5 million in cash proceeds from exercises of these warrants. With these exercises and the July 29, 2025 expiry of the remaining outstanding warrants, the liability has been fully extinguished, removing a source of non-cash earnings volatility from future results.

Q2 2025 Conference Call Details

Management will host a conference call on Friday, August 8, 2025, at 9:00 a.m. New York / 6:00 a.m. Vancouver / 2:00 p.m. London / 3:00 p.m. Paris to discuss the results.

Participants may gain expedited access to the conference call by registering at Diamond Pass Registration (dpregister.com). Once registered, call in details will be displayed on screen which can be used to bypass the operator and avoid the call queue. Registration will remain open until the end of the live conference call.

Webcast

Conference Call
  • Toll-free North America: +1-833-821-0197
  • International: +1-647-846-2328

Audio Recording
  • After the call, an audio recording will be available via telephone until end of day August 15, 2025
  • Toll-free in the US and Canada: +1-855-669-9658
  • International: +1-412-317-0088; and using the access code: 8035390

A replay of the event will be archived at Events & Presentations - Aris Mining Corporation.

Aris Mining's Condensed Consolidated Interim Financial Statements for the three and six months ended June 30, 2025 and 2024 and related MD&A are available on SEDAR+, in the Company's filings with the U.S. Securities and Exchange Commission (the SEC) and in the Financials section of Aris Mining's website here. Hard copies of the financial statements are available free of charge upon written request to info@aris-mining.com.

About Aris Mining

Founded in September 2022, Aris Mining was established with a vision to build a leading Latin America-focused gold mining company. Our strategy blends current production and cashflow generation with transformational growth driven by expansions of our operating assets, exploration and development projects. Aris Mining intends to unlock value through scale and diversification. The Company is listed on the TSX (ARIS) and the NYSE-A (ARMN) and is led by an experienced team with a track record of value creation, operational excellence, financial discipline and good corporate governance in the gold mining industry.

Aris Mining operates two underground gold mines in Colombia: the Segovia Operations and the Marmato Complex, which together produced 210,955 ounces of gold in 2024. With expansions underway, Aris Mining is targeting an annual production rate of more than 500,000 ounces of gold, following the commissioning of the secondmill at Segovia, completed in June and ramping up during H2 2025, and the construction of the Bulk Mining Zone at the Marmato Complex, expected to start ramping up production in H2 2026. In addition, Aris Mining operates the 51% owned Soto Norte joint venture, where studies are underway on a new, smaller scale development plan, with results expected in Q3 2025. In Guyana, Aris Mining owns the Toroparu gold/copper project, where a new Preliminary Economic Assessment (PEA) is underway and its results are also expected in Q3 2025.

Colombia is rich in high-grade gold deposits and Aris Mining is actively pursuing partnerships with the Country's dynamic small-scale mining sector. With these partnerships, we enable safe, legal, and environmentally responsible operations that benefit both local communities and the industry.

Additional information on Aris Mining can be found at www.aris-mining.com, www.sedarplus.ca, and on www.sec.gov.

Cautionary Language 

Non-GAAP Measures

EBITDA, adjusted EBITDA, adjusted earnings, cash cost, growth and expansion expenditures, cash flow after sustaining capital and income tax and AISC are non-GAAP financial measures. These financial measures do not have any standardized meaning prescribed under IFRS or by Generally Accepted Accounting Principles (GAAP) in the United States, and therefore may not be comparable to other issuers. For full details on these measures refer to the "Non-GAAP Financial Measures" sections of the Company's Management's Discussion and Analysis for the three and six months ended June 30, 2025 and 2024 and years ended December 31, 2024 and 2023 (MD&As). The MD&As are incorporated by reference into this news release and are available at www.aris-mining.com, on the Company's profile on SEDAR+ at www.sedarplus.ca and in its filings with the SEC at www.sec.gov.

The tables below reconcile the non-GAAP financial measures contained in this news release for the current and comparative periods to the most directly comparable financial measure disclosed in the Company's interim financial statements for the three and six months ended June 30, 2025 and 2024; the three months ended March 31, 2025 and 2024, and Company's annual financial statements for the three months and years ended December 31, 2024 and 2023.

Quarterly cash-flow summary1

($000's)

Q2 2025

Q1 2025

Gold revenue2

$200,231

$154,142



Total cash cost

(83,166)

(72,730)

  Royalties2

(7,583)

(6,359)

  Social contributions2

(5,562)

(4,334)

  Sustaining capital

(12,710)

(7,069)

All in sustaining cost (AISC)

(109,021)

(90,492)



AISC margin

91,210

63,650



Taxes paid2

(42,244)

(5,121)

General and administration expense2

(5,187)

(4,106)

Decrease (increase) in VAT receivable

30,813

(11,761)

Other changes in working capital

(877)

(11,685)

Impact of foreign exchange losses on cash balances2

925

768

After-tax adjusted sustaining margin

74,640

31,745



Expansion and growth capital expenditure

Segovia Operations

(6,930)

(6,368)

Marmato Bulk Mining Zone

(23,628)

(29,661)

Toroparu Project

(2,741)

(2,411)

Soto Norte Project & other

(3,446)

(4,570)

Total expansion and growth capital

(36,745)

(43,010)



Financing and other costs

Proceeds from warrant and option exercises 2

57,670

5,197

Principal repayment of Gold Notes 2

(4,063)

(3,941)

Capitalized interest paid2

(5,802)

(5,031)

Interest (paid)2

(18,000)

—

Finance income2

2,633

2,336

Total financing and other costs

32,438

(1,439)

Net change in cash2

70,333

(12,704)

Opening cash balance at beginning of period2

239,831

252,535

Closing cash balance at end of period2

$310,164

$239,831

1.

This Quarterly Cash Flow Summary is comprised of certain non-GAAP financial measures. Refer to the Non-GAAP Financial Measures section of this news release for further information.

2.

As presented in the Financial Statements and notes for the respective periods.

Segovia AISC Margin  

($000s except per ounce, and ounce amounts)

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Q2 2024

Gold produced (ounces)

51,527

47,549

51,477

47,493

43,705

Gold sold (ounces)

53,751

47,390

50,409

48,059

43,366

Financial Information






Gold revenue ($'000s)

177,551

135,310

133,159

118,075

100,302

Average realized gold price ($/ounce sold)

$3,303

$2,855

$2,642

$2,457

$2,313









Owner Mining costs

23,228

19,291

18,845

15,780

17,187

CMP material purchases

29,157

26,656

29,461

31,373

28,667

Processing costs

7,412

7,430

6,879

6,985

6,536

Administration and security costs

10,422

10,124

11,656

7,796

8,120

Change in finished goods and stockpile inventory

961

(929)

(4,070)

1,130

(1,306)

By-product and concentrate revenue

(2,798)

(3,073)

(2,308)

(2,665)

(2,862)

Total cash costs

68,382

59,499

60,463

60,399

56,342

Cash cost per ounce sold

$1,272

$1,256

$1,199

$1,257

$1,299




,43

3,506


Royalties

5,539

4,519

4,342

3,506

3,078

Social contributions

5,177

4,061

4,063

4,294

2,120

Sustaining capital

10,861

5,856

5,426

5,423

6,224

Sustaining lease payments

423

480

567

389

364

All-in sustaining costs

90,382

74,415

74,861

74,011

68,128

All-in sustaining cost per ounce sold (Combined)  

$1,681

$1,570

$1,485

$1,540

$1,571









AISC Margin

87,169

60,895

58,298

44,064

32,174

Cash costs per ounce

Reconciliation of total cash costs by business unit at Segovia and Marmato to the cash costs as disclosed above.

Three months ended June 30, 2025

Three months ended March 31, 2025

($000s except per ounce amounts)

Segovia

Marmato

Total

Segovia

Marmato

Total

Total gold sold (ounces)

53,751

7,273

61,024

47,390

6,891

54,281

Cost of sales1

76,719

17,255

93,974

67,091

15,384

82,475

Less: royalties1

(5,539)

(2,044)

(7,583)

(4,519)

(1,840)

(6,359)

Add: by-product revenue1

(2,798)

(427)

(3,225)

(3,073)

(313)

(3,386)

Total cash costs

68,382

14,784

83,166

59,499

13,231

72,730

Total cash costs ($ per oz gold sold)

$1,272

$1,256


Total cash costs including royalties

73,921

64,018


Total cash costs including royalties ($ per oz gold sold)

$1,375

$1,351






Three months ended June 30, 2024

($000s except per ounce amounts)


Segovia

Marmato

Total

Total gold sold (ounces)


43,366

6,103

49,469

Cost of sales1


62,282

14,712

76,994

Less: royalties1


(3,078)

(1,126)

(4,204)

Add: by-product revenue1


(2,862)

(153)

(3,015)

Total cash costs


56,342

13,433

69,775

Total cash costs ($ per oz gold sold)


$1,299


Total cash costs including royalties


59,420


Total cash costs including royalties ($ per oz gold sold)


$1,370


1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.

Cash costs per ounce – Business Units (Segovia)



Three months ended June 30, 2025

Three months ended March 31, 2025

($000s except per ounce amounts)

Owner

CMPs

Total

Owner

CMPs

Total

Total gold sold (ounces)

32,685

21,066

53,751

26,963

20,427

47,390

Cost of sales1

39,532

37,187

76,719

34,799

32,292

67,091

Less: royalties1

(3,605)

(1,934)

(5,539)

(2,783)

(1,736)

(4,519)

Add: by-product revenue1

(1,714)

(1,084)

(2,798)

(1,748)

(1,325)

(3,073)

Total cash costs

34,213

34,169

68,382

30,268

29,231

59,499

Total cash costs ($ per oz gold sold)

$1,047

$1,622

$1,272

$1,123

$1,431

$1,256



Three months ended June 30, 2024

($000s except per ounce amounts)



Owner

CMPs

Total

Total gold sold (ounces)



20,183

23,183

43,366

Cost of sales1



28,531

33,751

62,282

Less: royalties1



(1,720)

(1,358)

(3,078)

Add: by-product revenue1



(2,151)

(711)

(2,862)

Total cash costs



24,660

31,682

56,342

Total cash costs ($ per oz gold sold)



$1,222

$1,367

$1,299

1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.

All-in sustaining costs (AISC)

Reconciliation of total AISC by business unit at Segovia and Marmato to the AISC as disclosed above.


Three months ended June 30, 2025

Three months ended Mar 31, 2025

($000s except per ounce amounts)

Segovia

Marmato

Total

Segovia

Marmato

Total

Total gold sold (ounces)

53,751

7,273

61,024

47,390

6,891

54,281

Total cash costs

68,382

14,784

83,166

59,499

13,231

72,730

Add: royalties1

5,539

2,044

7,583

4,519

1,840

6,359

Add: social programs1

5,177

385

5,562

4,061

273

4,334

Add: sustaining capital expenditures

10,861

1,426

12,287

5,856

733

6,589

Add: lease payments on sustaining capital

423

—

423

480

—

480

Total AISC

90,382

18,639

109,021

74,415

16,077

90,492

Total AISC ($ per oz gold sold)

$1,681

$1,570










Three months ended June 30, 2024

($000s except per ounce amounts)


Segovia

Marmato

Total

Total gold sold (ounces)


43,366

6,103

49,469

Total cash costs


56,342

13,433

69,775

Add: royalties1


3,078

1,126

4,204

Add: social programs1


2,120

151

2,271

Add: sustaining capital expenditures


6,224

782

7,006

Add: lease payments on sustaining capital


364

—

364

Total AISC


68,128

15,492

83,620

Total AISC ($ per oz gold sold)


$1,571








1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.

All-in sustaining costs (AISC) – Segovia by Business Unit

Three months ended Jun 30, 2025

Three months ended Mar 31, 2025

($000s except per ounce amounts)

Owner

CMPs

Total

Owner

CMPs

Total

Total gold sold (ounces)

32,685

21,066

53,751

26,963

20,427

47,390

Total cash costs

34,213

34,169

68,382

30,268

29,231

59,499

Add: royalties1

3,605

1,934

5,539

2,783

1,736

4,519

Add: social programs1

3,366

1,811

5,177

2,501

1,560

4,061

Add: sustaining capital expenditures

8,088

2,773

10,861

3,917

1,939

5,856

Add: lease payments on sustaining capital

423

—

423

480

—

480

Total AISC

49,695

40,687

90,382

39,949

34,466

74,415

Total AISC ($ per oz gold sold)

$1,520

$1,931

$1,681

$1,482

$1,687

$1,570








Three months ended Dec 31, 2024

Three months ended Sep 30, 2024

($000s except per ounce amounts)

Owner

CMPs

Owner

Owner

CMPs

Total

Total gold sold (ounces)

28,149

22,260

50,409

22,952

25,107

48,059

Total cash costs

29,320

31,143

60,463

24,820

35,579

60,399

Add: royalties1

2,754

1,588

4,342

1,999

1,507

3,506

Add: social programs1

2,558

1,505

4,063

2,449

1,845

4,294

Add: sustaining capital expenditures

3,819

1,607

5,426

3,640

1,783

5,423

Add: lease payments on sustaining capital

567

—

567

389

—

389

Total AISC

39,018

35,843

74,861

33,297

40,714

74,011

Total AISC ($ per oz gold sold)

$1,386

$1,610

$1,485

$1,451

$1,622

$1,540











Three months ended Jun 30, 2024

($000s except per ounce amounts)


Owner

CMPs

Total

Total gold sold (ounces)


20,183

23,183

43,366

Total cash costs


24,660

31,682

56,342

Add: royalties1


1,720

1,358

3,078

Add: social programs1


1,185

935

2,120

Add: sustaining capital expenditures


4,677

1,547

6,224

Add: lease payments on sustaining capital


364

—

364

Total AISC


32,606

35,522

68,128

Total AISC ($ per oz gold sold)


$1,616

$1,532

$1,571

 

1  As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.

Additions to mineral interests, plant and equipment

($'000)

Jun 30, 2025

Mar 31, 2025

Jun 30, 2024

Sustaining capital


Segovia Operations

10,861

5,856

6,224

Marmato Narrow Vein Zone

1,426

733

782

Total Sustaining Capital

12,287

6,589

7,006

Non-sustaining capital


Marmato Bulk Mining Zone

23,628

29,661

19,143

Segovia Operations

6,930

6,368

16,284

Soto Norte Project and Other

3,446

4,570

3,896

Marmato Narrow Vein Zone

—

—

1,046

Toroparu Project

2,741

2,411

2,079

Total (Growth Capital Investment)

36,745

43,010

42,448

Additions to mining interest, plant and equipment1

49,032

49,599

49,454





1 As presented in the Annual and Interim Financial Statements and notes for the respective periods.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA

($000s)

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

Sept 30, 2024

Earnings (loss) before tax1

12,258

21,220

37,513

13,603

Add back:




   Depreciation and depletion1

11,929

10,734

9,530

9,019

   Finance income1

(2,633)

(2,336)

(1,606)

(1,351)

   Interest and accretion1

9,992

10,037

21,165

6,493

EBITDA

31,546

39,655

66,602

27,764

Add back:




   Share-based compensation1

8,136

3,784

(483)

2,533

   (Income) loss from equity accounting in investee1

—

14

14

17

   (Gain) loss on financial instruments1

50,737

16,628

(6,561)

12,842

Other (income) expense1

1,090

535

1,116

(428)

   Foreign exchange (gain) loss1

7,224

5,997

(5,113)

311

Adjusted EBITDA

98,733

66,613

55,575

43,039






1 As presented in the Annual and Interim Financial Statements and notes for the respective periods.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA

($000s)

June 30, 2024

Mar 31, 2024

Dec 31, 2023

Sept 30, 2023

Earnings (loss) before tax1

17,904

10,310

7,963

26,156

Add back:




   Depreciation and depletion1

8,082

7,519

7,535

10,938

   Finance income1

(1,691)

(2,246)

(2,580)

(3,672)

   Interest and accretion1

6,496

6,803

6,772

6,757

EBITDA

30,791

22,386

19,690

40,179

Add back:




   Share-based compensation1

1,373

1,842

2,977

528

   Revaluation of investments (Denarius/Aris)

—

—

536

—

   (Income) loss from equity accounting in investee1

2,301

551

(3,667)

(1,063)

   (Gain) loss on financial instruments1

6,144

3,742

13,429

(374)

Other (income) expense1

2,681

—

(1,442)

21

   Foreign exchange (gain) loss1

(7,211)

(108)

6,685

2,285

Adjusted EBITDA

36,079

28,413

38,208

41,576






1 As presented in the Annual and Interim Financial Statements and notes for the respective periods.

Adjusted net earnings and adjusted net earnings per share

($000s except shares amount)

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

Sept 30, 2024

Basic weighted average shares outstanding

179,836,208

171,622,649

170,900,890

169,873,924

Net earnings (loss)1

(16,897)

2,368

21,687

(2,074)

Add back:



   Share-based compensation1

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