Sale to Parex shifts company focus to midstream assets and LNG.

Frontera Energy Corporation (TSX: FEC) announced a net loss from continuing operations of $663 million USD for the fourth quarter of 2025. This figure includes a non-cash impairment of $603 million USD related to the divestment of the company’s Colombian exploration and production (E&P) portfolio and a $17 million USD impairment regarding its Guyana interest. The company has scheduled a special meeting of shareholders for April 30, 2026, to vote on the divestiture of these assets to Parex Resources Inc. (TSX: PXT).

The definitive agreement for the divestiture establishes a firm value of approximately $750 million USD. The transaction includes up to $525 million USD in equity consideration. Following the completion of the sale, Frontera Energy Corporation intends to distribute approximately $470 million USD to shareholders, which equates to approximately CAD $9.18 per share. This distribution includes a $25 million USD contingent payment.

The divestment marks a strategic shift for the Calgary-based company as it transitions into an infrastructure-focused business model. The new structure is anchored by interests in the Oleoducto de los Llanos Orientales S.A. (ODL) pipeline and the Sociedad Portuaria Regional Puerto Bahía S.A. maritime terminal. For the full year of 2025, the infrastructure segment reported an adjusted EBITDA of $116.6 million USD and a distributable cash flow of $76.7 million USD.

“Frontera now enters its next phase as a more focused, cash-generative infrastructure company, well positioned to deliver durable returns.” — Gabriel de Alba, Chairman of the Board of Directors, Frontera Energy Corporation

A central component of this new strategy is the development of a potential liquefied natural gas (LNG) regasification project in partnership with Ecopetrol S.A. (NYSE: EC, BVC: ECOPETROL). Puerto Bahía has secured a take-or-pay agreement with Ecopetrol S.A., subject to certain conditions, for the project. The initiative is planned in two phases, starting with an initial capacity of approximately 126 million cubic feet per day (MMcfd), with projections to reach at least 300 MMcfd by 2029.

In terms of operational metrics for 2025, Frontera reported an average production of 39,011 barrels of oil equivalent per day (boed). The company recorded an operating EBITDA of $308 million USD for the year. Production costs averaged $9.23/boe, while energy costs were $5.49/boe and transportation costs reached $12.00/boe.

The year-end independent reserves assessment, conducted by DeGolyer and MacNaughton Corp, placed the company’s gross reserves at 94.4 million Boe for the 1P category and 133.8 million Boe for the 2P category. All of the company’s booked reserves as of December 31, 2025, are located within Colombia.

On the environmental and social front, the company reported that 70,162 tons of CO2 equivalent were absorbed through environmental compensation areas in 2025. Additionally, 35% of operational water was reused during the same period. The company also noted a total of $95.1 million USD in purchases from local goods and services suppliers.

Upon the anticipated closing of the arrangement in the second quarter of 2026, Frontera Energy will retain its midstream assets in Colombia and certain non-Colombian interests, including those in Guyana. The company expects to allocate $25 million USD from the sale proceeds to further fund its infrastructure business and strategic growth projects.

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.