Aris Mining Corporation (TSX: ARIS) reports 2022 gold production of 235,379 ounces from its two operations in Colombia, the Segovia Operations and the Marmato Upper Mine.  The Q4 2022 results provided in this news release are approximate figures and may differ from the final results included in the 2022 annual audited statements and MD&A, which the Company expects to release in mid-March 2023.

Aris Mining CEO Neil Woodyer commented: “Our Segovia Operations delivered full year production of 210,163 oz and met 2022 guidance of between 210,000 and 225,000 oz. Our Marmato Upper Mine produced 25,216 oz during 2022, while the site advanced the Marmato Lower Mine expansion project in parallel.  Our significant achievements in 2022 also included strengthening and expanding our business with the merger of GCM Mining and Aris Gold and becoming the operator of the Soto Norte joint venture.

“Looking ahead, we are focused on generating significant cash flow from our current operations with 2023 gold production guidance of between 230,000 and 270,000 ounces at an AISC/oz¹ of between $1,050 and $1,150, expanding our partnerships with artisanal and small-scale miners in alignment with the vision of the Colombian government, and implementing our growth plan from a pipeline of high-quality projects.  During 2023, we also plan to invest US$19 million in exploration programs focussed on increasing mineral reserves and extending our life-of-mine plans.”

2022 Highlights:

• On a full-year basis, achieved total gold production and sales of 235,379 oz and 241,419 oz, respectively.
• In April 2022, Aris Gold, which subsequently combined with the Company, established a joint venture and became the operator of the Soto Norte Project in Colombia, where environmental licensing is advancing to develop a new underground gold, silver and copper mine.
• In September 2022, completed a business combination with Aris Gold to create Aris Mining as a leading Latin American-focused gold producer.
• In November 2022, received approval of the Marmato Plan de Trabajos y Obras or “PTO” by the Agencia Nacional de Minería as a progressive step toward fully permitting the Marmato Lower Mine expansion project.
• In November 2022, updated the Marmato Expansion Preliminary Feasibility Study² and increased gold mineral reserves by 57%.

Table 1: 2022 Gold Production and Sales (oz) by Quarter

2023 Key Objectives:

• Deliver 2023 consolidated gold production and cost guidance of between 230,000 and 270,000 oz with all-in sustaining costs per ounce of between $1,050 to $1,150. See Table 2.
• Work to optimize and expand our partnerships with artisanal and small-scale miners and continuing to align with the Colombian government’s focus on and goals of enabling all miners to operate in a legal, safe and responsible manner that protects them and the environment.
• Complete the process of amending the Marmato environmental license with Corporación Autónoma Regional de Caldas (Corpocaldas) to authorize the start of construction of the new Lower Mine. Following construction of the new Lower Mine, the Marmato operation is expected to deliver average production of 162,000 ounces per year over a nearly 20-year mine life².
• Complete the re-evaluation of the Toroparu Project in Guyana including defining a new development plan, if required.
• Advance the Soto Norte Project environmental licensing process with the submission of a new environmental assessment study to Autoridad Nacional de Licencias Ambientales (ANLA) in mid-2023, and complete the licensing process during 2024.
• Implement targeted exploration programs at both Segovia and Marmato that prioritize expansion of mineral resources and conversion to mineral reserves with planned expenditures of US$19 million in 2023.
  • At the Segovia Operations, a robust exploration drilling budget of $17 million is planned that includes a total of 84,500 metres (m), including 29,000 m focussed on increasing the mineral reserves and life of mine plan at its four producing mines, 39,000 m on resource extension at the producing mines, and 16,500 m on strategic high priority vein targets located adjacent to the current mining operations.
  • At the Marmato Mine, a focused exploration drilling budget of US$2 million is planned that includes 7,500 m of drilling to optimize mining of the currently defined vein structures.

Table 2: 2023 Guidance

About Aris Mining

Aris Mining is a Canadian company led by an executive team with a track record of creating value through building globally relevant mining companies. In Colombia, Aris Mining operates several high-grade underground mines at its Segovia Operations and the Marmato Mine, which together produced 235,000 ounces of gold in 2022. Aris Mining also operates the Soto Norte joint venture, where environmental licensing is advancing to develop a new underground gold, silver and copper mine. In Guyana, Aris Mining is advancing the Toroparu Project, a gold/copper project. Aris Mining plans to pursue acquisition and other growth opportunities to unlock value creation from scale and diversification.

Aris Mining promotes the formalization of small-scale mining as this process enables all miners to operate in a legal, safe and responsible manner that protects them and the environment.