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Oliver Dachsel
Aris Mining (head of Capital Markets)
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Where they stand
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Oliver Dachsel of Aris Mining says gold miners are a coiled spring that will do really well once gold price momentum returns.
So I think we're in a situation where it's a little bit like a coiled spring, right? The sector is doing well. And once the gold price momentum is back, then I think the sector will do really well.
Gold since this was said: ▲ +9.0% · 4,071 → 4,435 · as of 2026-09-10
Oliver Dachsel says Aris Mining will self-fund its growth with no external capital, citing $425m cash and Segovia cash generation.
I mean, look, we expect to be able to self-fund our growth. There's no need for external capital, right?
Gold since this was said: ▲ +9.0% · 4,071 → 4,435 · as of 2026-09-10
Oliver Dachsel guides Aris Mining's Segovia mine to 300,000 oz of annual gold production next year (2027).
And Segovia is a ramp-up process to get to 300,000 ounces of annual gold production. We expect to reach that level next year
Gold since this was said: ▲ +9.0% · 4,071 → 4,435 · as of 2026-09-10
Oliver Dachsel says Aris Mining's Marmato bulk-mining CIP plant will pour first gold in Q4 2026 and ramp through 2027.
And that project is on track for first gold pouring Q4 and then a stage progressive ramp-up throughout 2027.
Gold since this was said: ▲ +9.0% · 4,071 → 4,435 · as of 2026-09-10
Oliver Dachsel guides Marmato to 200,000 oz and Segovia plus Marmato to 500,000 oz combined in 2028.
So set differently, 2028 would be the first year when the CIP plant runs consistently at 5,000 tons per day, which in turn should enable Marmato to produce 500,000 ounces. Sorry, 200,000 ounces. And then Segovia and Marmato would be at 500,000 ounces combined.
Gold since this was said: ▲ +9.0% · 4,071 → 4,435 · as of 2026-09-10
Oliver Dachsel says Aris Mining's base case for Soto Norte environmental permitting is about 18 months from filing this quarter, possibly quicker under Colombia's new pro-mining government.
You know, our base case assumption had been around 18 months with this new government. Could it be quicker? Maybe, who knows?
Gold since this was said: ▲ +9.0% · 4,071 → 4,435 · as of 2026-09-10
Oliver Dachsel expects Aris Mining's Toroparu project fully permitted by end-2026 and a construction decision in Q1 2027.
So we expect to have that project fully permitted by the end of the year. And that would then put us in a position to make a construction decision in Q1.
Gold since this was said: ▲ +9.0% · 4,071 → 4,435 · as of 2026-09-10
Oliver Dachsel projects Toroparu first gold in late 2029, adding ~235,000 oz a year to lift Aris Mining to ~735,000 oz, if construction is approved in Q1 2027.
So first gold late 2029, at which point Toro-Peru would be expected to contribute about 235,000 ounces annually, right? So that would lift then gold production from 500,000 ounces to 735,000 ounces.
Gold since this was said: ▲ +9.0% · 4,071 → 4,435 · as of 2026-09-10
Oliver Dachsel is fundamentally positive on gold because of the debasement trade, poor Western fiscal outlooks and persistent geopolitical tension.
But we are fundamentally positive on the outlook for gold, given, you know, the debasement trade. Like the fiscal outlook across the Western world is not particularly rosy, right?
Gold since this was said: ▲ +9.0% · 4,071 → 4,435 · as of 2026-09-10
Oliver Dachsel says Aris Mining will double production from 2025's ~257,000 oz to 500,000 oz by 2028 and potentially quadruple it by around 2031.
transformational organic growth in the near term doubling gold production relative to last year's level to 500,000 ounces by 2028 and then potentially quadrupling gold production relative to last year's level by, you know, maybe 2031, right?
Gold since this was said: ▲ +9.0% · 4,071 → 4,435 · as of 2026-09-10
Oliver Dachsel says Aris Mining is an exceptionally attractive investment on every valuation metric even if gold stays flat at $4,000.
No, for sure. It's, I think, an exceptionally attractive investment. No matter which valuation metric you look at, right?
Gold since this was said: ▲ +9.0% · 4,071 → 4,435 · as of 2026-09-10
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