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• Waste Management for oilfield water.
• Clean Harbors for oil and gas produced water.

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• Produced Water Handling: This service gathers, transports, and handles produced water generated from oil and natural gas production.
• Water Recycling Solutions: This service develops and operates recycling facilities to treat, store, and recycle produced water.

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Aris Water Solutions, Inc. (ARIS) primarily sells its water handling and recycling solutions to other companies, specifically oil and natural gas producers. The company operates in regions with significant oil and gas activity, such as the Permian Basin, where it provides critical infrastructure and services for managing produced water.

Its major customer is:

• Occidental Petroleum Corporation (NYSE: OXY)

Occidental Petroleum Corporation accounted for approximately 73% of Aris Water Solutions' total revenues in 2023, 2022, and 2021.

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Neil Woodyer, Chief Executive Officer

Neil Woodyer is a founder and the CEO of Aris Mining. He has a history in the mining sector, creating growth strategies, implementing financing plans, and leading management teams. Mr. Woodyer was a founder and CEO of both Leagold Mining Corporation and Endeavour Mining, which grew through acquisitions and new mine builds to become one of the largest gold producers in West Africa. He founded Endeavour Financial in 1988, which later transitioned into Endeavour Mining. Leagold Mining, which he founded in 2016, merged with Equinox Gold Corp. in 2020. Mr. Woodyer then led Aris Gold Corp. to its merger with GCM Mining Corp. to create Aris Mining Corporation in 2022.

Cameron Paterson, Chief Financial Officer

Cameron Paterson joined Aris Mining as CFO in July 2025. He brings extensive financial leadership experience within the mining sector, having served in executive roles at Pan American Silver since 2015, including Vice President, Financial Reporting, and Senior Vice President, Finance and Information Technology. Prior to that, he was Vice President of Finance at a Vancouver-based junior mining company and began his career at Deloitte. Mr. Paterson is a Chartered Professional Accountant.

Doug Bowlby, President

Doug Bowlby has experience implementing corporate growth strategies, including corporate acquisitions and successful mine construction, as well as a wide range of corporate finance initiatives. He was one of the founding executives of Aris Gold in 2021, Leagold Mining in 2016 (which was acquired by Equinox Gold), and Endeavour Mining in 2009. Before these roles, Mr. Bowlby was Managing Director, Research and Analysis at Endeavour Financial. He is a Chartered Financial Analyst.

Cornelius (Corné) Lourens, Senior Vice President, Projects

Cornelius (Corné) Lourens is a metallurgist with over 30 years of experience in mining production, consulting, and managing operations in South Africa, West Africa, North and South America. Prior to joining Aris Mining, Mr. Lourens was SVP Technical Services with Equinox Gold and previously SVP Operations of the Brazil mines for Equinox Gold and Leagold Mining. He also served as a general manager of several mines for Endeavour Mining during its growth and establishment as a mid-tier mining company. He has worked with Neil Woodyer for decades, including at Endeavour Mining and Avnel Gold.

Oliver Dachsel, Senior Vice President, Capital Markets

Oliver Dachsel joined Aris Mining in April 2024. He has more than 17 years of investment banking experience, most recently as a Managing Director at Jefferies with coverage responsibility for mining companies globally. In this role, he advised private and publicly listed corporations and financial sponsors on M&A, shareholder activism and defense, capital structure optimization, and capital formation. Prior to Jefferies, Mr. Dachsel worked for over 10 years at Deutsche Bank.

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1. Operational and Regulatory Risks in Colombia

   Aris Mining's primary operations, including its Segovia Operations and Marmato Complex, are located in Colombia. Consequently, the company is exposed to specific operational and regulatory risks within the country. These can include potential operational setbacks, cost pressures, and challenges related to the Colombian regulatory environment. Difficulties or delays in ramping up production at key projects could also impact the business.

2. Gold Price Volatility

   As a gold mining company, Aris Mining's financial results are highly sensitive to fluctuations in the price of gold. A decline in gold prices could significantly impact the company's revenue, profitability, and its ability to fund growth initiatives, challenging its valuation and growth thesis.

3. Valuation and Execution Risk

   Analyst assessments indicate that Aris Mining currently trades at a high earnings multiple compared to its industry peers. This elevated valuation is often predicated on aggressive growth projections and successful execution of its expansion plans. Should the company fail to meet these high expectations or experience project setbacks, there could be less room for error, potentially impacting its stock performance.

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Aris Mining (symbol: ARIS) operates primarily in the gold mining sector, with interests in silver and copper. The addressable markets for these main products are global.

Gold Mining Market

The global gold mining market is substantial, with various estimates highlighting its significant value and projected growth. In 2024, the market size was estimated at approximately USD 260.86 billion and is projected to reach USD 710.08 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 11.0% from 2025 to 2033. Other projections indicate the market size was valued at USD 294.81 billion in 2025 and is projected to grow to USD 765.85 billion by 2034, with a CAGR of 11.19% during the forecast period. Another report estimated the global gold mining market size at USD 213.54 billion in 2025, expected to reach USD 304.14 billion by 2035, growing at a 3.6% CAGR between 2026 and 2035. Furthermore, the market size was reported as USD 208.9 billion in 2023, with a projection to reach USD 274.2 billion by 2032, growing at a CAGR of 3.50% from 2024 to 2032.

Silver Mining Market

The global silver mining market is also a significant sector. The market was valued at USD 19.3 billion. More recent data indicates that the global silver mining market size was valued at USD 21.52 billion in 2024 and is expected to grow to USD 45.6 billion by 2033, at a CAGR of 8.7% during the forecast period from 2026 to 2033. Another estimate projects the market to reach USD 43.2 billion by 2032, with a CAGR of 8.88%. Global silver mine production is anticipated to increase to 820 million ounces in 2026. In 2024, global silver mine production rose by 0.9 percent to 819.7 million ounces.

Copper Mining Market

The global copper mining market shows strong growth driven by demand from various industries. The global copper mining market size was valued at USD 9.53 billion in 2024 and is expected to reach USD 12.55 billion by 2032, growing at a CAGR of 3.50% over the forecast period 2025-2032. Another source states a market size of USD 9.61 billion in 2025, projected to reach USD 14.34 billion by 2034, with a CAGR of 4.68% from 2026 to 2034. However, some broader market analyses suggest the global copper market, encompassing more than just mining, was estimated at USD 304 billion in 2022 and is projected to reach USD 496.7 billion by 2032, with a CAGR of 5.1% from 2023 to 2032. Additionally, a report indicated the global copper mining market generated a revenue of USD 178,609.3 million in 2022 and is expected to reach USD 219,126.7 million by 2030, growing at a CAGR of 2.6% from 2023 to 2030. Another analysis valued the global copper mining market at approximately USD 10 billion.

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Aris Mining (symbol: ARIS) anticipates several key drivers of future revenue growth over the next 2-3 years:

1. Increased Gold Production from Segovia Operations Expansion: The company commissioned a second mill at its Segovia Operations in June 2025, which is currently ramping up. This expansion is expected to significantly increase processing capacity and is a primary factor in Aris Mining's target of reaching an annual production rate of 500,000 ounces of gold by the second half of 2026.
2. Development and Commissioning of Marmato Complex's Bulk Mining Zone: The Marmato Complex includes a Bulk Mining Zone that is under construction, with the Concentrates In-Leach (CIP) plant anticipated to achieve its first gold pour in Q4 2026. This project is integral to the company's objective of nearly doubling its annual gold production.
3. Advancement of the Toroparu Gold Project: Aris Mining is progressing its Toroparu gold project in Guyana. A Preliminary Economic Assessment was completed in October 2025, and a Prefeasibility Study is underway, positioning the project for eventual construction and future gold production, contributing to a longer-term growth outlook aiming for approximately 1.0 million ounces of gold annually.
4. Progression of the Soto Norte Gold Project: The high-grade Soto Norte gold project in Colombia is also a significant long-term growth driver. A Prefeasibility Study was completed in September 2025, and environmental studies are expected to be submitted in Q2 2026 to initiate the licensing process, paving the way for future development and production.

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Share Repurchases

• No significant share repurchases were made, with the trailing twelve months ending September 2025 showing $0.0 million in repurchases.

Share Issuance

• Following the business combination with Aris Gold in September 2022, Aris Mining had approximately 136.1 million common shares outstanding.
• In July 2025, the company received $115 million from the exercise of ARIS.WT.A warrants.
• As of February 13, 2026, issued and outstanding shares increased to 205.9 million.

Inbound Investments

• The company received $115 million in July 2025 from the exercise of warrants.
• As of September 2022, after the merger, Aris Mining had approximately $260 million of additional committed funding from precious metals stream agreements available for growth projects.

Outbound Investments

• In Q4 2025, Aris Mining acquired the remaining 49% interest in the Soto Norte project for $60 million.

Capital Expenditures

• Total growth capital investment in 2025 was $196 million, with a primary focus on the Marmato CIP processing plant ($128 million) and Segovia mine development/mill expansion ($39 million).
• Significant capital expenditures are planned for 2026, including $220 million for the Marmato project.
• The Segovia mill expansion project was a modest $15 million investment, completed in Q1 2025, aiming to increase throughput from 2,000 tpd to 3,000 tpd.