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Aris Mining vs. Eldorado: Which Gold Mining Stock has Greater Upside?
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Key Takeaways
ARMN Q3 gold output rose 36.6% YoY to 73,236 oz, tracking 2025 guidance of 230K-275K oz.
ARMN advances Latin America projects, including Soto Norte PFS and Toroparu PEA in Guyana.
EGO pushes Skouries start in 2026 and upgrades Lamaque, Kisladag, and Olympias operations.
Aris Mining Corporation (ARMN - Free Report) and Eldorado Gold Corporation (EGO - Free Report) are both prominent names operating in the Zacks Mining - Gold industry. Both companies are based in Vancouver, Canada. As competitors, these two are focused on extracting and operating gold mines, while driving growth through exploration activities, mine expansions and strategic partnerships.
Both companies have been benefiting from strong growth opportunities in the gold mining sector, supported by higher gold prices and sustained investments in expanding production capacity in recent years. Let’s take a closer look at their fundamentals, growth prospects and challenges.
The Case for Aris Mining
ARMN is strengthening its position in the Latin American gold mining space through higher production, mine expansions and a strong project pipeline. In the third quarter of 2025, gold output climbed to 73,236 ounces, reflecting a 25% sequential increase and a 36.6% year-over-year rise. This brings total production for the first nine months of 2025 to 186,651 ounces, keeping the company on track to achieve its full-year guidance of 230,000-275,000 ounces.
The Segovia mine remains the cornerstone of the company’s growth, supported by the commissioning of a second mill that significantly expanded processing capacity and boosted ore throughput during the quarter. At the same time, the Marmato operation supports ARMN’s long-term growth strategy. As the Marmato upper mine continues steady production, development of the Bulk Mining Zone is progressing, with first gold exploration expected in the second half of 2026. Once operational, Marmato is expected to increase gold output and diversify the company’s production base.
Beyond its operating assets, ARMN is strengthening its growth pipeline through development-stage projects. The company holds a 51% interest in the Soto Norte Project in Colombia, where a new pre-feasibility study (PFS), completed in September 2025, reconfirmed the project as one of the most attractive undeveloped gold assets in the Americas. Also, in Guyana, ARMN released a preliminary economic assessment (PEA) for its fully owned Toroparu Project in October 2025, which shows that Toroparu can become a long-lasting and low-cost mine. It’s worth noting that the project has more than 6.5 million ounces of gold resources.
Financially, ARMN remains well-positioned, supported by a strong cash balance of $417.9 million at the end of the third quarter and healthy cash generation during the same period. This financial strength enables continued investment in expansion projects.
However, the company continues to face cost pressures. In the third quarter, the company’s consolidated all-in-sustaining costs (AISC) increased 6.6% year over year to roughly $1,641 per ounce due to higher volumes of purchased mill feed from Contract Mining Partners (CMPs), as well as increased royalty and social contribution expenses.
The Case for Eldorado
EGO is benefiting from its strategy of optimizing profitable mine output while steadily advancing its remaining development and exploration projects. The company currently operates four mines- Kisladag and Efemcukuru in Turkiye, the Lamaque Complex in Canada and Olympias in Greece. It has a solid pipeline of strategic growth projects —Skouries, Kisladag, Lamaque Complex and Olympias.
The company is advancing its copper-gold development project, Skouries, in Greece. Skouries’ high-grade gold-copper porphyry deposit is expected to be a central driver of Eldorado’s medium to long-term growth. The company expects first production to begin at the end of the first quarter of 2026, while the commercial production is anticipated to commence in mid-2026. In 2026, Skouries is projected to deliver 135,000-155,000 ounces of gold and 45-60 million pounds of copper. Eldorado’s development portfolio also includes Perama Hill, a wholly owned gold-silver project in Greece.
Kisladag is a low-grade, bulk-tonnage, open-pit mine that utilizes heap leaching for gold recovery. Eldorado has completed commissioning of the fine-ore agglomeration circuit and upgraded its materials-handling systems, creating opportunities to enhance throughput and recoveries. Ongoing studies are focused on geometallurgical analysis of future mining phases and further optimization of crushing and leaching processes.
The company is also working to improve productivity at the Lamaque Complex, which benefits from a large resource base. At Olympias, EGO is undertaking productivity improvement measures. This supports a planned plant expansion to 650 kilotonnes per annum (ktpa) from 500 ktpa.
However, Eldorado’s AISC has remained elevated, posing a near-term challenge. In the third quarter of 2025, EGO’s AISC rose to $2,421 per ounce, up from $1,513 per ounce in the year-ago quarter. The increase in AISC was due to higher royalties linked to record gold prices and increased labor and operating costs. For full-year 2025, the company has revised its consolidated AISC guidance upward to $1,600-$1,675 per ounce, reflecting ongoing cost inflation, higher sustaining capital spending and lower-than-expected performance at Olympias.
How Does the Zacks Consensus Estimate Compare for ARMN & EGO?
The Zacks Consensus Estimate for ARMN’s 2025 earnings per share (EPS) indicates growth of 297.1%. The company’s EPS estimates have been trending northward over the past 60 days for 2025.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for EGO’s 2025 EPS implies year-over-year growth of 8.3%. However, the company’s EPS estimates for 2025 have declined over the past 60 days.
Image Source: Zacks Investment Research
Price Performance and Valuation of ARMN & EGO
In the past six months, Aris Mining’s shares have surged 138.2%, while EGO stock has gained 75.3%.
Image Source: Zacks Investment Research
Aris Mining is trading at a forward 12-month price-to-earnings ratio of 7.37X, above its median of 4.54X since Jan. 1, 2024. EGO’s forward earnings multiple sits at 8.35X, lower than its median of 10.61X over the same period.
Image Source: Zacks Investment Research
Final Take
Aris Mining remains well-positioned for long-term growth, supported by its strong pipeline of gold mining projects. Rising production at Segovia, supported by the commissioning of the second mill and steady progress at Marmato, is strengthening ARMN’s gold output. Its attractive portfolio of development assets, including Soto Norte and Toroparu, further supports growth. The company’s strong cash position of $417.9 million at the end of the third quarter gives it flexibility to fund ongoing expansions and advance development projects.
In contrast, while Eldorado benefits from a diversified operating base and the long-term potential of the Skouries copper-gold project, near-term challenges remain. Elevated costs continue to pressure margins, with AISC rising sharply in the third quarter due to higher royalties, labor and operating costs.
Given these factors, ARMN seems a better pick for investors than EGO currently. While Aris Mining sports a Zacks Rank #1 (Strong Buy), Eldorado currently has a Zacks Rank #3 (Hold).
Image: Bigstock
Aris Mining vs. Eldorado: Which Gold Mining Stock has Greater Upside?
Key Takeaways
Aris Mining Corporation (ARMN - Free Report) and Eldorado Gold Corporation (EGO - Free Report) are both prominent names operating in the Zacks Mining - Gold industry. Both companies are based in Vancouver, Canada. As competitors, these two are focused on extracting and operating gold mines, while driving growth through exploration activities, mine expansions and strategic partnerships.
Both companies have been benefiting from strong growth opportunities in the gold mining sector, supported by higher gold prices and sustained investments in expanding production capacity in recent years. Let’s take a closer look at their fundamentals, growth prospects and challenges.
The Case for Aris Mining
ARMN is strengthening its position in the Latin American gold mining space through higher production, mine expansions and a strong project pipeline. In the third quarter of 2025, gold output climbed to 73,236 ounces, reflecting a 25% sequential increase and a 36.6% year-over-year rise. This brings total production for the first nine months of 2025 to 186,651 ounces, keeping the company on track to achieve its full-year guidance of 230,000-275,000 ounces.
The Segovia mine remains the cornerstone of the company’s growth, supported by the commissioning of a second mill that significantly expanded processing capacity and boosted ore throughput during the quarter. At the same time, the Marmato operation supports ARMN’s long-term growth strategy. As the Marmato upper mine continues steady production, development of the Bulk Mining Zone is progressing, with first gold exploration expected in the second half of 2026. Once operational, Marmato is expected to increase gold output and diversify the company’s production base.
Beyond its operating assets, ARMN is strengthening its growth pipeline through development-stage projects. The company holds a 51% interest in the Soto Norte Project in Colombia, where a new pre-feasibility study (PFS), completed in September 2025, reconfirmed the project as one of the most attractive undeveloped gold assets in the Americas. Also, in Guyana, ARMN released a preliminary economic assessment (PEA) for its fully owned Toroparu Project in October 2025, which shows that Toroparu can become a long-lasting and low-cost mine. It’s worth noting that the project has more than 6.5 million ounces of gold resources.
Financially, ARMN remains well-positioned, supported by a strong cash balance of $417.9 million at the end of the third quarter and healthy cash generation during the same period. This financial strength enables continued investment in expansion projects.
However, the company continues to face cost pressures. In the third quarter, the company’s consolidated all-in-sustaining costs (AISC) increased 6.6% year over year to roughly $1,641 per ounce due to higher volumes of purchased mill feed from Contract Mining Partners (CMPs), as well as increased royalty and social contribution expenses.
The Case for Eldorado
EGO is benefiting from its strategy of optimizing profitable mine output while steadily advancing its remaining development and exploration projects. The company currently operates four mines- Kisladag and Efemcukuru in Turkiye, the Lamaque Complex in Canada and Olympias in Greece. It has a solid pipeline of strategic growth projects —Skouries, Kisladag, Lamaque Complex and Olympias.
The company is advancing its copper-gold development project, Skouries, in Greece. Skouries’ high-grade gold-copper porphyry deposit is expected to be a central driver of Eldorado’s medium to long-term growth. The company expects first production to begin at the end of the first quarter of 2026, while the commercial production is anticipated to commence in mid-2026. In 2026, Skouries is projected to deliver 135,000-155,000 ounces of gold and 45-60 million pounds of copper. Eldorado’s development portfolio also includes Perama Hill, a wholly owned gold-silver project in Greece.
Kisladag is a low-grade, bulk-tonnage, open-pit mine that utilizes heap leaching for gold recovery. Eldorado has completed commissioning of the fine-ore agglomeration circuit and upgraded its materials-handling systems, creating opportunities to enhance throughput and recoveries. Ongoing studies are focused on geometallurgical analysis of future mining phases and further optimization of crushing and leaching processes.
The company is also working to improve productivity at the Lamaque Complex, which benefits from a large resource base. At Olympias, EGO is undertaking productivity improvement measures. This supports a planned plant expansion to 650 kilotonnes per annum (ktpa) from 500 ktpa.
However, Eldorado’s AISC has remained elevated, posing a near-term challenge. In the third quarter of 2025, EGO’s AISC rose to $2,421 per ounce, up from $1,513 per ounce in the year-ago quarter. The increase in AISC was due to higher royalties linked to record gold prices and increased labor and operating costs. For full-year 2025, the company has revised its consolidated AISC guidance upward to $1,600-$1,675 per ounce, reflecting ongoing cost inflation, higher sustaining capital spending and lower-than-expected performance at Olympias.
How Does the Zacks Consensus Estimate Compare for ARMN & EGO?
The Zacks Consensus Estimate for ARMN’s 2025 earnings per share (EPS) indicates growth of 297.1%. The company’s EPS estimates have been trending northward over the past 60 days for 2025.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for EGO’s 2025 EPS implies year-over-year growth of 8.3%. However, the company’s EPS estimates for 2025 have declined over the past 60 days.
Image Source: Zacks Investment Research
Price Performance and Valuation of ARMN & EGO
In the past six months, Aris Mining’s shares have surged 138.2%, while EGO stock has gained 75.3%.
Image Source: Zacks Investment Research
Aris Mining is trading at a forward 12-month price-to-earnings ratio of 7.37X, above its median of 4.54X since Jan. 1, 2024. EGO’s forward earnings multiple sits at 8.35X, lower than its median of 10.61X over the same period.
Image Source: Zacks Investment Research
Final Take
Aris Mining remains well-positioned for long-term growth, supported by its strong pipeline of gold mining projects. Rising production at Segovia, supported by the commissioning of the second mill and steady progress at Marmato, is strengthening ARMN’s gold output. Its attractive portfolio of development assets, including Soto Norte and Toroparu, further supports growth. The company’s strong cash position of $417.9 million at the end of the third quarter gives it flexibility to fund ongoing expansions and advance development projects.
In contrast, while Eldorado benefits from a diversified operating base and the long-term potential of the Skouries copper-gold project, near-term challenges remain. Elevated costs continue to pressure margins, with AISC rising sharply in the third quarter due to higher royalties, labor and operating costs.
Given these factors, ARMN seems a better pick for investors than EGO currently. While Aris Mining sports a Zacks Rank #1 (Strong Buy), Eldorado currently has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank stocks here.