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ARMN vs. EGO: Which Gold Mining Stock is the Better Pick Now?
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Key Takeaways
ARMN's 2025 sales and EPS are expected to surge 55.7% and 264.7%, respectively, versus EGO's 19.3% and 10.2%.
ARMN is expanding Segovia and Marmato, while EGO advances Skouries and other global development projects.
Aris Mining trades at 4.3X forward earnings, a discount to EGOs 8.89X and the industry's 12.8X average.
Aris Mining Corporation (ARMN - Free Report) and Eldorado Gold Corporation (EGO - Free Report) are both Vancouver, Canada-based gold mining companies operating primarily in emerging markets, with active development pipelines. Although gold prices have fallen from their April 2025 peak, they remain favorable, aided by geopolitical tensions, and are currently hovering near the $3,400 per ounce level. Against this backdrop, comparing these two gold producers is particularly relevant for investors seeking growth-oriented gold exposure.
Gold prices have rallied roughly 29% this year, largely attributable to aggressive trade policies, including President Donald Trump’s sweeping new import tariffs that have intensified global trade tensions and heightened investor anxiety. Also, central banks worldwide have been accumulating gold reserves, led by risks arising from Trump’s policies. Prices of the yellow metal catapulted to a record high of $3,500 per ounce on April 22. Increased purchases by central banks and geopolitical tensions are factors expected to help the yellow metal sustain the rally.
Let’s dive deep and closely compare the fundamentals of these two gold miners to determine which one is a better investment now.
The Case for Aris Mining
Aris Mining is rapidly establishing itself as a formidable player in the Latin American gold mining sector. Since its inception in September 2022, the company has demonstrated a strong blend of operational efficiency and strategic expansion. Aris Mining logged a notable 8% year-over-year increase in gold production for the first quarter, underscoring its operational momentum. It also reported a solid 13% year-over-year increase in gold production in the first half of 2025. This positions ARMN favorably for achieving its full-year production guidance of 230,000 to 275,000 ounces.
The Segovia Operations in Colombia, a cornerstone of Aris Mining's portfolio, is a key contributor to the company’s production upside. ARMN is advancing its expansion projects, including the Segovia mill expansion and the development of the Marmato Lower Mine, which are expected to further drive its production. Production rates are expected to crank up in the second half of 2025 following the recent completion of the installation and commissioning of the Segovia plant expansion, which would lead to an increase in Segovia's processing capacity by 50% to 3,000 tons per day. Production for 2025 is expected to be weighted toward the second half, reflecting the uptick in milling capacity at Segovia. At the Marmato Lower Mine, construction is progressing, targeting a processing capacity of 5,000 tons per day, with the ramp-up scheduled to start in the back half of 2026.
Aris Mining also holds a 51% stake in the Soto Norte project in Colombia and fully owns the Toroparu project in Guyana, further diversifying its asset portfolio. As ARMN progresses with its expansion initiatives, it is well-placed to achieve its ambitious production targets and strengthen its standing in the Latin American gold mining industry.
Aris Mining boasts a strong balance sheet and generates substantial cash flows, which allows it to finance its development projects. The company ended the first quarter with a healthy cash balance of $240 million. ARMN also successfully obtained more than $19.4 million from the exercise of in-the-money warrants, bolstering its balance sheet for future investments and supporting expansion actions. In the first quarter, the company generated $40 million in cash flow after accounting for sustaining capital and income taxes, allowing it to fund most of its strategic growth and expansion initiatives. ARMN does not currently pay a dividend.
The Case for Eldorado Gold
Eldorado operates four mines — Kisladag and Efemcukuru in Turkiye, the Lamaque Complex in Canada, and Olympias in Greece. Kisladag, Efemcukuru and Lamaque are gold mines, whereas Olympias is a polymetallic operation producing three concentrates bearing gold, lead-silver and zinc.
The company’s long-term demand prospects are supported by its long-life, high-quality asset portfolio and presence in solid mining jurisdictions. Its financial position helps it invest in growth projects. It has a solid pipeline of strategic growth projects — Skouries, Kisladag, Lamaque Complex and Olympias.
EGO is advancing its copper-gold development project, Skouries, in Greece. Skouries is a high-grade gold-copper porphyry deposit and is expected to be a key driver of Eldorado’s growth story. First production is expected in the first quarter of 2026, with commercial production anticipated to start in mid-2026. On completion, the project is expected to produce an average of 140,000 ounces of gold and 67 million pounds of copper annually over its 20-year mine life. The company’s development projects also include Perama Hill, a wholly owned gold-silver project in Greece.
Kisladag is a low-grade, bulk-tonnage, open-pit operation that uses heap leaching for gold recovery. EGO has completed commissioning the fine-ore agglomeration circuit and upgraded materials handling systems. Kisladag has the scope to increase throughput and recoveries. Studies are in progress for geometallurgical understanding of future mining phases and optimizing the crushing and leach circuits. The company is also focused on increasing productivity at the Lamaque Complex. Lamaque has a large resource base and exploration upside from nearby targets. At Olympias, productivity improvement initiatives are underway, supporting plant expansion to 650ktpa from 500ktpa by 2027.
Eldorado Gold is set to take its annual gold production to 660,000-720,000 ounces in 2027, suggesting 33% growth from 2024. The gold production target for 2025 has been pegged at 460,000-500,000 ounces. Copper production is expected to start in 2026 and reach 70 million pounds by 2027.
Eldorado Gold’s solid financial position is supporting growth initiatives. As of March 31, 2025, Eldorado Gold had significant liquidity, including $978 million in cash and $241 million in available credit. This will support its ongoing investments in growth. Like Aris Mining, EGO does not currently pay a dividend.
Price Performance and Valuation of ARMN & EGO
Year to date, Aris Mining stock has gained 85.2%, while Eldorado Gold stock has rallied 33.3% compared with the Zacks Mining – Gold industry’s increase of 46.6%.
Image Source: Zacks Investment Research
Aris Mining is currently trading at a forward 12-month earnings multiple of 4.3. This represents a roughly 66.4% discount when stacked up with the industry average of 12.8X.
Image Source: Zacks Investment Research
Eldorado Gold is trading at a premium to Aris Mining. The EGO stock is currently trading at a forward 12-month earnings multiple of 8.89, below the industry.
Image Source: Zacks Investment Research
How Does Zacks Consensus Estimate Compare for ARMN & EGO?
The Zacks Consensus Estimate for ARMN’s 2025 sales and EPS implies a year-over-year rise of 55.7% and 264.7%, respectively. The EPS estimates for 2025 have been trending higher over the past 60 days.
Image Source: Zacks Investment Research
The consensus estimate for EGO’s 2025 sales and EPS implies year-over-year growth of 19.3% and 10.2%, respectively. The EPS estimates for 2025 have been trending northward over the past 60 days.
Image Source: Zacks Investment Research
ARMN & EGO: Which Stock Should You Bet on Now?
Both Aris Mining and Eldorado Gold are well-positioned to leverage the current favorable gold price environment. Both remain focused on executing development projects, have solid financial health and are seeing favorable estimate revisions. ARMN appears to have an edge over EGO due to its more attractive valuation. In addition, Aris Mining’s stronger growth projections suggest that it may offer better investment prospects in the current market environment. Investors seeking exposure to the gold space might consider ARMN as the more favorable option at this time.
Image: Bigstock
ARMN vs. EGO: Which Gold Mining Stock is the Better Pick Now?
Key Takeaways
Aris Mining Corporation (ARMN - Free Report) and Eldorado Gold Corporation (EGO - Free Report) are both Vancouver, Canada-based gold mining companies operating primarily in emerging markets, with active development pipelines. Although gold prices have fallen from their April 2025 peak, they remain favorable, aided by geopolitical tensions, and are currently hovering near the $3,400 per ounce level. Against this backdrop, comparing these two gold producers is particularly relevant for investors seeking growth-oriented gold exposure.
Gold prices have rallied roughly 29% this year, largely attributable to aggressive trade policies, including President Donald Trump’s sweeping new import tariffs that have intensified global trade tensions and heightened investor anxiety. Also, central banks worldwide have been accumulating gold reserves, led by risks arising from Trump’s policies. Prices of the yellow metal catapulted to a record high of $3,500 per ounce on April 22. Increased purchases by central banks and geopolitical tensions are factors expected to help the yellow metal sustain the rally.
Let’s dive deep and closely compare the fundamentals of these two gold miners to determine which one is a better investment now.
The Case for Aris Mining
Aris Mining is rapidly establishing itself as a formidable player in the Latin American gold mining sector. Since its inception in September 2022, the company has demonstrated a strong blend of operational efficiency and strategic expansion. Aris Mining logged a notable 8% year-over-year increase in gold production for the first quarter, underscoring its operational momentum. It also reported a solid 13% year-over-year increase in gold production in the first half of 2025. This positions ARMN favorably for achieving its full-year production guidance of 230,000 to 275,000 ounces.
The Segovia Operations in Colombia, a cornerstone of Aris Mining's portfolio, is a key contributor to the company’s production upside. ARMN is advancing its expansion projects, including the Segovia mill expansion and the development of the Marmato Lower Mine, which are expected to further drive its production. Production rates are expected to crank up in the second half of 2025 following the recent completion of the installation and commissioning of the Segovia plant expansion, which would lead to an increase in Segovia's processing capacity by 50% to 3,000 tons per day. Production for 2025 is expected to be weighted toward the second half, reflecting the uptick in milling capacity at Segovia. At the Marmato Lower Mine, construction is progressing, targeting a processing capacity of 5,000 tons per day, with the ramp-up scheduled to start in the back half of 2026.
Aris Mining also holds a 51% stake in the Soto Norte project in Colombia and fully owns the Toroparu project in Guyana, further diversifying its asset portfolio. As ARMN progresses with its expansion initiatives, it is well-placed to achieve its ambitious production targets and strengthen its standing in the Latin American gold mining industry.
Aris Mining boasts a strong balance sheet and generates substantial cash flows, which allows it to finance its development projects. The company ended the first quarter with a healthy cash balance of $240 million. ARMN also successfully obtained more than $19.4 million from the exercise of in-the-money warrants, bolstering its balance sheet for future investments and supporting expansion actions. In the first quarter, the company generated $40 million in cash flow after accounting for sustaining capital and income taxes, allowing it to fund most of its strategic growth and expansion initiatives. ARMN does not currently pay a dividend.
The Case for Eldorado Gold
Eldorado operates four mines — Kisladag and Efemcukuru in Turkiye, the Lamaque Complex in Canada, and Olympias in Greece. Kisladag, Efemcukuru and Lamaque are gold mines, whereas Olympias is a polymetallic operation producing three concentrates bearing gold, lead-silver and zinc.
The company’s long-term demand prospects are supported by its long-life, high-quality asset portfolio and presence in solid mining jurisdictions. Its financial position helps it invest in growth projects. It has a solid pipeline of strategic growth projects — Skouries, Kisladag, Lamaque Complex and Olympias.
EGO is advancing its copper-gold development project, Skouries, in Greece. Skouries is a high-grade gold-copper porphyry deposit and is expected to be a key driver of Eldorado’s growth story. First production is expected in the first quarter of 2026, with commercial production anticipated to start in mid-2026. On completion, the project is expected to produce an average of 140,000 ounces of gold and 67 million pounds of copper annually over its 20-year mine life. The company’s development projects also include Perama Hill, a wholly owned gold-silver project in Greece.
Kisladag is a low-grade, bulk-tonnage, open-pit operation that uses heap leaching for gold recovery. EGO has completed commissioning the fine-ore agglomeration circuit and upgraded materials handling systems. Kisladag has the scope to increase throughput and recoveries. Studies are in progress for geometallurgical understanding of future mining phases and optimizing the crushing and leach circuits. The company is also focused on increasing productivity at the Lamaque Complex. Lamaque has a large resource base and exploration upside from nearby targets. At Olympias, productivity improvement initiatives are underway, supporting plant expansion to 650ktpa from 500ktpa by 2027.
Eldorado Gold is set to take its annual gold production to 660,000-720,000 ounces in 2027, suggesting 33% growth from 2024. The gold production target for 2025 has been pegged at 460,000-500,000 ounces. Copper production is expected to start in 2026 and reach 70 million pounds by 2027.
Eldorado Gold’s solid financial position is supporting growth initiatives. As of March 31, 2025, Eldorado Gold had significant liquidity, including $978 million in cash and $241 million in available credit. This will support its ongoing investments in growth. Like Aris Mining, EGO does not currently pay a dividend.
Price Performance and Valuation of ARMN & EGO
Year to date, Aris Mining stock has gained 85.2%, while Eldorado Gold stock has rallied 33.3% compared with the Zacks Mining – Gold industry’s increase of 46.6%.
Aris Mining is currently trading at a forward 12-month earnings multiple of 4.3. This represents a roughly 66.4% discount when stacked up with the industry average of 12.8X.
Eldorado Gold is trading at a premium to Aris Mining. The EGO stock is currently trading at a forward 12-month earnings multiple of 8.89, below the industry.
How Does Zacks Consensus Estimate Compare for ARMN & EGO?
The Zacks Consensus Estimate for ARMN’s 2025 sales and EPS implies a year-over-year rise of 55.7% and 264.7%, respectively. The EPS estimates for 2025 have been trending higher over the past 60 days.
The consensus estimate for EGO’s 2025 sales and EPS implies year-over-year growth of 19.3% and 10.2%, respectively. The EPS estimates for 2025 have been trending northward over the past 60 days.
ARMN & EGO: Which Stock Should You Bet on Now?
Both Aris Mining and Eldorado Gold are well-positioned to leverage the current favorable gold price environment. Both remain focused on executing development projects, have solid financial health and are seeing favorable estimate revisions. ARMN appears to have an edge over EGO due to its more attractive valuation. In addition, Aris Mining’s stronger growth projections suggest that it may offer better investment prospects in the current market environment. Investors seeking exposure to the gold space might consider ARMN as the more favorable option at this time.
ARMN currently sports a Zacks Rank #1 (Strong Buy), while EGO carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.