Aris Gold Corporation (TSX: ARIS) (OTCQX: ALLXF) reports financial and operating results for the three and six months ended June 30, 2021 (Q2 2021 and H1 2021, respectively). All amounts are in US dollars, unless otherwise indicated.

Q2 2021 Highlights

During Q2 2021 Aris Gold continued to advance the Lower Mine project at the Marmato mine in Colombia, with notable developments including:

• In April, Aris Gold awarded the engineering, procurement and construction management contract to Wood PLC, a global leader in consulting and engineering with extensive experience delivering mining projects across Latin America.
• In April, Aris Gold received $34 million of the $110 million precious metals purchase agreement stream financing from Wheaton Precious Metals International Ltd (WPM). The remaining $76 million will be received in three additional installments as the development of the Lower Mine progresses.
• In May, Aris Gold submitted the updated Environmental Management Plan (PMA) to the regional environmental authority, Corpocaldas, which addresses the environmental impacts of the Lower Mine development.
• Aris Gold continued with the 35,000-metre exploration drill program at Marmato. Consistent with previous results, drilling continued to show high-grade mineralization over broad widths demonstrating potential to extend the 13-year mine life outlined in the Company’s 2020 technical report for the Marmato project. As of August 2021, this drill program is approximately 85% complete.
• Aris Gold strengthened its operating and construction teams at Marmato with the addition of two senior operations executives in Colombia.
• Expenditures of $8.0 million incurred for the Lower Mine, including $3.2 million related to the 35,000-metre drilling campaign and $4.8 million related to early works, land acquisitions, technical studies and other related costs.
• The Marmato Upper Mine performance optimization activities included a comprehensive review of operations management, administrative and organizational structures. The implementation of several initiatives is now under way, including a program that prioritizes the needs of the underground mine workers with preferred access to accommodation at the site camp.

In addition, Aris Gold launched an initial 10,000-metre drill program at the Juby project in Q2 2021. Juby is an advanced exploration stage gold project in the Abitibi greenstone belt of Ontario, Canada. The objective of the drill program is to expand the known open pit mineral resources and test areas that may host higher-grade zones. Two rigs are currently on site and the drilling program is expected to be completed by the end of August 2021.

Q2 2021 and H1 2021 Financial and Operating Highlights

In Q2 and H1 2021, Aris Gold recorded net earnings of $5.3 million and a net loss of $3.1 million, respectively. H1 2021 revenue was $24.9 million, 47% higher than the same period in 2020, primarily driven by a 31% increase in gold ounces sold to 13,505 ounces. Similarly, for Q2 2021, revenue was $11.2 million, 75% higher than Q2 2020, primarily driven by a 63% increase in gold ounces sold to 6,093 ounces.

Financial and operating highlights

Aris Gold’s Q2 2021 financial statements and related MD&A are available on SEDAR and in the Investors section of Aris Gold’s website here.

Outlook

Management is planning and implementing several activities for the remainder of 2021 focused on performance optimization in the Marmato Upper Mine, while also completing several early work projects in preparation for Lower Mine construction. Highlights of the 2021 optimization program include:

• Appointment of a new, highly experienced senior operations team and reorganized management reporting structures.
• A comprehensive workforce review and rationalization program, which included the implementation of a new mine shift schedule, and provides workers with preferred access to accommodation at the site camp and other incentives to relocate to the Marmato community.
• Introduction of 3D mine planning and modelling to improve access to high-grade material, improve grade control and reduce dilution. To accelerate training, this project is being implemented with the assistance of specialist technical consultants.
• Introduction of new cost management programs including tightly controlled purchasing and procurement processes.
• Implementing enterprise resource planning software, or ERP, to improve cost management with timely reporting, and other supply chain and financial management tools.
• Investing in plant upgrades, new equipment, and enhanced maintenance programs to increase mine production and milling rates.

About Aris Gold

Aris Gold is a Canadian mining company listed on the TSX and on the OTCQX. The Company is led by an executive team with a demonstrated track record of creating value through building globally relevant gold mining companies. Aris Gold operates the Marmato mine in Colombia, where a modernization and expansion program is under way, and the Juby project, an advanced exploration stage gold project in the Abitibi greenstone belt of Ontario, Canada. Aris Gold plans to pursue acquisition and other growth opportunities to unlock value creation from scale and diversification.