Fitch Ratings has revised the national long-term rating outlook for Colombian payroll (libranzas) lender Ban100 to Positive from Stable. The ratings agency also affirmed the bank’s long- and short-term national scale ratings at ‘AA-(col)’ and ‘F1+(col)’, respectively.

The revision reflects a sustained improvement in operating profitability and asset quality metrics. According to the ratings agency, the move is supported by a business model focused on payroll loan (libranza) products, specifically targeting the pensioner segment in Colombia.

As of the close of 2025, Ban100 reported a non-performing loan (NPL) ratio (over 30 days) of 1.8%, a decrease from the 2.4% recorded in 2024. This figure remains below the financial system average of 3.8%. Fitch attributed this performance to the bank’s niche specialization and controlled operational structure across more than 1,000 municipalities.

Financial data indicates that the bank’s operating profit to risk-weighted assets ratio rose to 2.12% at the end of 2025, representing a 3.8-fold increase compared to 2024. The recovery in profitability was driven by lower provision requirements, higher debt recoveries, and efficient management of administrative expenses.

The bank’s balance sheet showed total assets of $2.8 trillion COP at the end of 2025. Funding remains diversified, with deposits reaching $2.3 trillion COP and securitization operations totaling $390,000 million COP during the same period. Total loan disbursements for the year exceeded $1.096 trillion COP.

Héctor Chaves, president of Ban100, stated that the outlook upgrade confirms the discipline of the bank’s growth strategy during a challenging period for the Colombian financial sector. The institution continues to focus on providing formal credit access to the base of the population and retired citizens.

The ‘AA-(col)’ rating indicates a very low expectation of default risk relative to other issuers or obligations in the same country. Ban100, which has operated for 13 years, maintains its headquarters in Bogotá and provides savings and investment products alongside its core lending business.

Photo from Linkedin account of Ban100

Arajet seeks to become the dominant low-cost carrier connecting North & South America through its Caribbean hubs in the Dominican Republic.

Dominican airline Arajet has launched a “Hot Sale Colombia” promotion, offering discounted base fares for international travel originating from major Colombian hubs. The campaign targets passengers departing from El Dorado International Airport in Bogotá, José María Córdova International Airport in Medellín, and Rafael Núñez International Airport in Cartagena.

The promotional window is scheduled to run from March 16 through March 22, 2026. During this period, the airline is offering base fares starting at $1 USD. These rates apply to international routes within the carrier’s network and are available across all four of the airline’s service tiers: Basic, Classic, Comfort, and Extra.

Agressive fares through Q3 2026

According to the carrier, the travel window for tickets purchased under this promotion extends from April 15, 2026, to September 30, 2026. The availability of these fares is subject to seat capacity on specific flights. The initiative follows the carrier’s broader strategy to increase its market share in the Colombian aviation sector, which is regulated by the Unidad Administrativa Especial de Aeronáutica Civil (Aerocivil) under the Ministerio de Transporte.

Arajet commenced operations in September 2022 and currently maintains its primary hubs at Las Américas International Airport in Santo Domingo and Punta Cana International Airport. The airline utilizes an all-Boeing fleet, consisting of 14 Boeing 737 MAX aircraft (NYSE: BA). The carrier’s network connects the Dominican Republic with various destinations across North America, Central America, South America, and the Caribbean. In 2023, the airline was recognized as the “Best New Airline in the World” at the CAPA Aviation Trust Summit. The airline’s operations are overseen by the Instituto Dominicano de Aviación Civil (IDAC) in its home jurisdiction. Detailed pricing and baggage policies for the current promotion are available through the company’s digital booking platform.

Aris Mining Corporation (TSX: ARIS; NYSE: ARIS) has released its financial and operating results for the fourth quarter and full year ending December 31, 2025. The company reported 2025 gold production of 256,503 ounces, a 22% increase from the 210,955 ounces produced in 2024. This output exceeded the midpoint of the company’s annual guidance of 230,000 to 275,000 ounces.

Annual gold revenue reached $909 million USD, representing an 82% increase over the previous year. Adjusted EBITDA rose to $464 million USD, up 185% from 2024, while adjusted net earnings were reported at $241 million USD, or $1.28 USD per share. As of year-end 2025, the company’s cash balance stood at $392 million USD, with net debt reduced to $86 million USD from $241 million USD at the end of 2024.

The Marmato Mine produced 28,741 ounces of gold, a 23% increase over the 2024 production level.

Operational Performance at Segovia and Marmato

Operations at the Segovia Operations in Colombia produced 227,762 ounces of gold in 2025, a 21% increase from 2024. This performance was supported by average gold grades of 9.82 g/t and a 17% increase in tonnes milled, following the installation of a second ball mill in June 2025. All-in sustaining costs (AISC) for owner-operated mining at Segovia were $1,534 USD per ounce, while AISC for Contract Mining Partners (CMPs) was $1,973 USD per ounce, reflecting a purchase formula linked to rising gold prices.

The Marmato Mine produced 28,741 ounces of gold, a 23% increase over the 2024 production level. The result exceeded the 2025 guidance range of 20,000 to 25,000 ounces. The company is currently advancing construction of a new carbon-in-pulp (CIP) processing facility at Marmato, with first gold production expected in the fourth quarter of 2026.

2026 Outlook and Project Development

Aris Mining has set its 2026 consolidated gold production guidance between 300,000 and 350,000 ounces. Production is expected to be weighted toward the second half of the year as the Marmato CIP plant begins operations. At Segovia, production is forecast to increase to between 265,000 and 300,000 ounces.

The company also provided updates on its development portfolio:

• Soto Norte Project (Colombia): Aris Mining completed a Prefeasibility Study (PFS) in September 2025. The company intends to submit an environmental license application to the Autoridad Nacional de Licencias Ambientales (ANLA) in the second quarter of 2026.
• Toroparu Project (Guyana): A Preliminary Economic Assessment (PEA) was completed in October 2025, and a PFS is currently underway with a targeted completion in 2026. A construction decision is anticipated in early 2027.

In the fourth quarter of 2025, Aris Mining used $60 million USD in cash for the acquisition of the remaining 49% interest in the Soto Norte project. Subsequent to the year-end, the company received a $40 million USD installment deposit under its precious metals stream financing after reaching a 50% construction milestone at Marmato.

Aris Mining’s operations are subject to oversight by the Agencia Nacional de Minería (ANM) in Colombia and the Guyana Geology and Mines Commission (GGMC) in Guyana.

Frontera must pay a $25 million USD breakup fee to Geopark.

Frontera Energy Corporation (TSX: FEC) has entered into a definitive arrangement agreement to divest its Colombian upstream exploration and production (E&P) portfolio to Parex Resources Inc. (TSX: PXT) for a total firm value of approximately $750 million USD. The transaction follows the termination of a previous agreement with GeoPark Limited (NYSE: GPRK). Frontera opted for the Parex proposal after the Calgary-based independent producer offered $525 million USD in equity consideration, a $125 million USD increase over the prior GeoPark bid. As part of the transition, Frontera has paid a $25 million USD breakup fee to GeoPark.

The $525 million USD equity consideration includes an immediate $500 million USD cash payment upon closing and a $25 million USD contingent payment. The latter is dependent on the execution of a contractual amendment or binding agreement to extend the term of the Quifa Association Contract within 12 months.

Beyond the cash equity, Parex will assume $390 million USD in existing Frontera liabilities. This includes $310 million USD in 2028 Senior Unsecured Notes and an $80 million USD prepayment facility with Chevron Products Company, a subsidiary of Chevron Corporation (NYSE: CVX).

Following the close of the deal, Frontera intends to distribute approximately $470 million USD to its shareholders, which equates to roughly $9.18 CAD per share based on current exchange rates and outstanding share counts. This distribution is subject to shareholder approval and the successful completion of the transaction.

Frontera is retaining its exploration interests in Guyana.

Shift to Infrastructure Focus

Upon completion, Frontera will pivot its corporate strategy to focus exclusively on energy infrastructure. Its remaining portfolio will be anchored by two primary Colombian assets:

• A 35% equity interest in Oleoducto de los Llanos Orientales S.A. (ODL), a critical crude oil pipeline.
• A 99.97% equity interest in Sociedad Portuaria Puerto Bahía, a multipurpose port facility in Cartagena.

The company will also retain its exploration interests in Guyana. Frontera’s infrastructure division generated approximately $77 million USD in distributable cash flow in 2025. Post-transaction, Frontera expects to maintain $50 million USD in cash reserves to fund growth projects, including a potential Liquefied Natural Gas (LNG) regasification project in partnership with Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL).

Orlando Cabrales, CEO of Frontera, noted that Parex is currently the largest independent operator in Colombia and a pre-existing partner in the VIM-1 block, which suggests operational continuity for the assets and employees involved.

The independent members of Frontera’s Board of Directors have unanimously recommended the deal. Major shareholders The Catalyst Capital Group Inc. and Gramercy Funds Management LLC, who collectively hold approximately 53% of Frontera’s outstanding shares, have signed support agreements to vote in favor of the arrangement.

Timeline and Approvals

The transaction is structured as a plan of arrangement under the Business Corporations Act of British Columbia. It requires the approval of at least two-thirds of the votes cast by Frontera shareholders at a forthcoming special meeting.

The deal is also subject to approval by the Supreme Court of British Columbia and relevant regulatory bodies in both Canada and Colombia. Parex will fund the acquisition through existing cash, credit facilities, and an underwritten financing commitment from Scotiabank (TSX: BNS; NYSE: BNS). Closing is anticipated in the second quarter of 2026.

Citi (NYSE: C) served as the financial advisor to Frontera, while BMO Nesbitt Burns Inc. provided a fairness opinion. Legal counsel was provided by Blake, Cassels & Graydon LLP and McMillan LLP.

Above photo: Frontera Energy’s Quifa field Meta Colombia. Photo credit: Frontera Energy.