Video summary

Oliver Dachsel in Conversation with Paul Harris at the 2026 Rule Symposium | Aris Mining

Main summary

Key takeaways

Business

Company Overview & Growth Targets (Aris Mining)

  • Positioned as a growing gold producer, expanding operations to Colombia, with a broader multi-country buildout pipeline.
  • “Next build” sequence mentioned:
    • Tora Peru (Peru) in Guyana
    • then Sauti and Santandere in Colombia

Production Performance (Reported)

  • 148,000 oz of gold in the first six months of the year
  • +31% vs. the same period last year

Production Ramp Goals

  • On track to build to 500,000 oz/year
  • Then ramp toward ~1,000,000 oz/year

Operational Execution: Mato (Key Asset in Colombia)

Schedule

  • “Amato”/Mato is on track for first gold pour in Q4.

Underground Execution & De-risking Milestone

  • Key de-risking event:
    • Connecting the upper parts of the bulk mining zone to the main decline
  • Crosscut delivered in April (described as significant because it):
    • De-risks ramp-up of the processing plan by supporting consistent feed
    • Enables operational flexibility (equipment + people movement, waste movement)
    • Materially enhances ventilation

Surface Build Progress

  • Earthworks completed
  • Key structures completed or in the process of being erected:
    • Mill foundations
    • Tailings storage
    • CIP
    • Leech tanks
  • SAG mill currently being installed

Equipment Procurement / Fleet Plan

  • Signed a lease with Sandvik for state-of-the-art underground mining equipment
  • Fleet size: 24 equipment pieces
  • Delivery window: starting Q3 (this year)

Stated Outcome

  • Aim: “the most modern gold mine in Colombia.”

Policy / Regulatory Context (High-Level Business Implications)

  • Incoming Colombian government described as more constructive/pro-industry
  • Tighter emphasis on environmental controls rather than “cutting corners”
  • Operating assumption:
    • Environmental permitting reviews may become more expeditious while remaining solid
  • Environmental harm framing:
    • Environmental damage in Colombia’s gold sector attributed mainly to informal mining
    • Aris’ approach: partnership model with contract mining partners to drive responsible practices

Environmental Governance

  • Board/environment leadership (Rajit Baptist) advocating responsible mining aligned with biodiversity/environment protection

Capital Allocation & Funding Model (Numbers + Timeline Framing)

Balance Sheet / Liquidity

  • $425M US cash on hand

Internal Funding / Cash Generation

  • Cash generation supported by cash regeneration from Segovia (LTM as of Q1)
  • Segovia cost metric mentioned:
    • AISC margin: $559M (presented as stated; likely an overall cost-margin figure rather than a percent)

Remaining Capex by Project

  • Mato: $180M remaining to be spent as of end of Q1

Tour Peru Project (Capital Plan)

  • Total construction budget: $820M
  • Stream funding from Wheaton: $138M
  • Net Aris funding: about $680M
  • Construction period assumed: 2.5 years
  • Funding thesis:
    • “Doable” using organic cash regeneration + cash on hand

Value Creation Logic for Scaling to ~1M oz/year

Scaling Benefits Beyond Pure Volume

  • Operational risk diversification
    • Moving toward multiple producing assets
    • Framed as four assets in production at target scale
  • Country risk diversification
    • Additional jurisdictions in pipeline (Peru/Guyana mentioned)
  • Investor appeal
    • Larger scale expected to attract larger investors

Project-Level Valuation Inputs (Execution Emphasis)

  • NPV for Tora Peru:
    • $1.8B at gold price $3,000/oz
    • $2.7B at gold price $3,600/oz
  • Message: projects remain “fundamentally attractive” under different gold price assumptions

Actionable / Operational Takeaways Implied

  • Execution discipline
    • Use measurable de-risking milestones (e.g., underground crosscut connection) to manage processing feed and ramp-up risk
  • Build sequencing
    • Complete surface civil/structures and install key equipment in parallel with underground development to reduce commissioning delays
  • Financing strategy
    • Combine cash-on-hand + internal generation, with stream funding, to keep net funding manageable and enable self-funded growth through sequencing

Presenters / Sources

  • Paul Harris (host)
  • Oliver Dachsel (guest; Aris Mining)
  • Aris Mining (company referenced; including Segovia, Mato/Amato, and Tora Peru)
  • Sandvik (equipment lessor)
  • Wheaton (stream funding)
  • Rajit Baptist (board member referenced regarding environmental responsibility)
  • Avalad Despria (incoming Colombian president referenced)
  • Fabio Ahuna (appointed environment minister referenced)

Original video