ARIS vs FSM: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ARIS and FSM share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ARIS and FSM exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Aris Mining produces gold from the Segovia complex in Antioquia, Colombia, and the Marmato mine in Caldas, Colombia. Segovia is the engine: it delivered roughly 64 thousand ounces in the second quarter of 2026 from ore grading above 10 grams per tonne, which is high by industry standards. Segovia is also unusual in how it sources ore. Alongside its own underground development, Aris buys ore from formalized local small-scale miners working within its titles and processes it through the company plant, an arrangement that adds volume without the full capital cost of developing every heading itself. Marmato is the growth story: a 5,000 tonne per day carbon-in-pulp plant tied to the Lower Mine is under construction, with first gold targeted for the fourth quarter of 2026. Beyond the two producing assets sit the Soto Norte joint venture in Santander, the Toroparu project in Guyana, and exploration ground in Canada.

Full ARIS guide

Fortuna Mining Corp. (formerly Fortuna Silver Mines) is a Canada-based, mid-tier precious and base metals producer that trades on the NYSE and TSX. Its ongoing operations are the Seguela gold mine in Cote d'Ivoire (its flagship, lowest-cost asset), the Lindero gold heap-leach mine in Argentina, and the Caylloma silver, zinc and lead mine in Peru. Over 2025 the company reshaped its portfolio, selling the San Jose silver mine in Mexico and the Yaramoko gold mine in Burkina Faso to shed higher-cost, shorter-life assets and concentrate on lower-cost gold ounces. It is also advancing the Diamba Sud gold project in Senegal as its next growth engine.

Full FSM guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• ARIS drivers: The Marmato Lower Mine plant coming online; Segovia throughput and grade.
• FSM drivers: Gold price leverage and record cash flow; Seguela as the low-cost flagship.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Concentration is the defining risk: essentially all current production is in Colombia, which brings permitting delays, community and security issues, informal and illegal mining activity around the titles, tax and royalty changes, and peso volatility. For FSM, fSM's mines sit in jurisdictions with meaningful political, tax and regulatory risk, including Argentina, Peru, Cote d'Ivoire and Senegal, where currency controls, permitting delays or fiscal changes can hit economics.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick ARIS if you believe its drivers more; FSM if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ARIS and FSM guides.

ARIS. The valuation is built on earnings that inflected sharply: full-year 2025 net income was roughly $78 million and the trailing twelve month figure is roughly $285 million, so the trailing multiple is measuring a very recent step change rather than a settled run rate. A forward P/E near 7 and EV/EBITDA near 5 sit below where larger, more geographically diversified gold producers typically trade, which is the market pricing Colombian concentration and construction risk. The company pays no dividend and is directing cash into the Marmato build.

FSM. FSM trades at a low single-digit to high single-digit earnings multiple, a discount to the roughly 14x average for US metals and mining, reflecting both jurisdictional risk and the market's tendency to price gold miners cautiously into a high gold-price cycle. The company carries net cash of about ~$493 million and generates strong free cash flow, but pays no dividend, so returns depend on the gold price and execution of its production growth plan. Valuation multiples for gold miners can compress fast if gold prices fall, so the low multiple reflects cyclicality rather than a simple bargain.

Headline figures (approximate, August 2026): ARIS shows revenue (ttm) ~$1.27 billion, net income (ttm) ~$285 million, EPS ~$1.38, market cap ~$3.6 billion, p/e (trailing / forward) ~12.6 / ~7.0; FSM shows revenue (ttm) ~$1.09 billion, q1 2026 revenue ~$342 million (record), net income (ttm) ~$340 million, market cap ~$2.5 billion.

ARIS and FSM are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ARIS and FSM exposure against your real portfolio. It is not an investment adviser.