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.

Colombia’s security forces alerted late Sunday Medellín Mayor Federico Gutiérrez and Antioquia Governor Andrés Julián Rendón to cancel a planned visit to the Hidroituango hydroelectric complex for Monday, March 2, after intelligence warnings of a possible drone attack and credible terrorist threat.

The visit, which included a press conference expected to draw around 100 journalists, was intended to showcase progress at the country’s largest hydroelectric project, now reported to be 95% complete. Instead, regional officials said army security recommendations prompted an abrupt suspension after the detection of unauthorized drone activity over the area.

“The recommendation of the National Army is that the trip be postponed given the detected presence of large, unauthorized drone overflights,” the Antioquia governor’s office said in a statement, adding that the devices were believed to be operated by the 36th Front of dissident Revolutionary Armed Forces of Colombia (FARC) guerrilla.

Officials said the threat was not speculative. Security teams warned that an attack could materialise during the public event, raising concerns not only for the two high-profile politicians but also for members of the press corps and technical staff.

Rendón told Caracol Radio that the drones had been observed manoeuvring persistently over the precise location where the press conference was scheduled to take place. The activity coincided with a recent military operation in the nearby municipality of San Andrés de Cuerquia, where troops seized a drone, explosives, detonators, radios and military-style clothing from the same dissident group.

“All of this is highly coincidental,” Rendón said, adding that authorities were analyzing whether the overflights formed part of reconnaissance ahead of a planned attack.

Gutiérrez said armed groups were seeking to destabilize the country and disrupt key infrastructure. “These terrorist groups want to shut down the country, to generate damage,” he said, pointing to ongoing threats against Empresas Públicas de Medellín (EPM), the state-owned utility responsible for the project.

The cancelled visit had both symbolic and operational significance. In addition to reviewing construction progress and the installation of four turbines, officials were expected to outline new revenue flows generated by the project for Medellín and the wider Antioquia department.

Hidroituango has long been a flagship infrastructure initiative, though it has also faced years of engineering setbacks, financial strain and political scrutiny.

The press event has been rescheduled to take place in Medellín’s La Alpujarra administrative complex under heightened security.

The incident underscores growing concern over the rapid adoption of drones by illegal armed groups. Once limited to reconnaissance, commercially available drones modified to carry explosives are now being used in targeted attacks across conflict-prone regions of the country, including the southwest departments of Nariño, Cauca and Valle del Cauca.

According to military data, more than 400 drone-related attacks have been recorded in Colombia over the past two years, reflecting a sharp escalation in both frequency and sophistication. Analysts say such devices offer armed groups a low-cost, high-impact means of striking military, civilian and infrastructure targets while reducing direct exposure.

Recent attacks in Antioquia highlight the trend. In rural Segovia, a drone-delivered explosive killed three members of a family and displaced more than 100 households amid clashes between FARC dissidents and the Gulf Clan criminal group last week. In Ituango, the nearrest municiplity to the power-generating damn, another drone attack targeted a fuel station using improvised explosives.

On Saturday, in southern Bolívar, a military helicopter was struck in a drone attack attributed to the National Liberation Army (ELN) guerrilla, leaving 14 soldiers injured. Colombian military officials say some armed groups may have received external training in the use of drones for covert operations.

Colombia’s armed forces are moving to adapt to the emerging threat, announcing last October the creation of a specialized “Drone Battalion” aimed at strengthening aerial surveillance and counter-drone capabilities. However, security experts warn that defending against small, low-flying devices — some costing as little as US$600 — remains a significant challenge, particularly in mountainous terrain like that surrounding Hidroituango.

The alleged plot has also raised concerns about a possible shift in targeting strategy by armed groups, from rural security forces to high-profile political figures and critical infrastructure ahead of the May 31 presidential elections.

While no attack ultimately took place, authorities say the decision to cancel the visit reflects the seriousness of the threat.

For now, officials are treating the incident as a direct warning of how Colombia’s long-running conflict is evolving – increasingly shaped by technology, and capable of reaching beyond traditional conflict zones into strategic economic and political targets.