06:23 AM EST, 03/07/2024 (MT Newswires) -- National Bank noted that Aris Mining Corp. ( ARMN ) overnight Wednesday reported fourth-quarter 2023 operational and financial results and overall ascribed a neutral bias with financials below estimates.

Adjusted EPS came in at $0.09, below National Bank's forecast of $0.11 and Street forecast of $0.14.

Cash flow per share of $0.30 also missed National Bank's estimate of $0.36 and consensus estimate of $0.32.

Negative deltas on both metrics can be explained by higher-than-expected operating costs, general and administrative expense and share-based compensation, the bank noted.

Consolidated total cost to company of $1,100 per ounce beat the bank's estimate of $1,014/oz.

Aris reported fourth-quarter 2023 production of 61.1 koz. National Bank noted strong cost performance at the flagship Segovia mine and that Marmato Upper posted a new high.

The bank gave Aris an outperform rating with a $6.25 price target.

Aris at last look rose 0.3% in US pre-market trading on Thursday.