some ppl don't understand the financials...i think Segovia will produce good money in Q2 2023 .. Aris is in a money spening-phase ... Toroparu + Marmato are in pre-production phase ... Aris payed a lot of taxes in Q1 .. Q2 will be cash-flow positve and its possible the Marmato -expansion will start in Q3 2023 ....
the problem with Aris could be Soto Norte.. its unclear they will spend another 300 million$ to reach a 50% ownership.. without a clear developement -plan it makes no sense take more debt for 50% of the project... i'am not sure but i think management told investors they will not raise the ownership to 50% without permits in the hand.... we will see ...
..operational Aris is on track ... but i'am not sure about the strategy (Toroparu (sale or not) + Soto Norte) ... thats why Aris currenty is a HOLD for me