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Aris Mining Corporation (TSX: ARIS) (NYSE-A: ARMN) announces its full financial and operating results for the three months ended March 31, 2024 (Q1 2024). Aris Mining previously released Q1 2024 production results and announced that it is on track to deliver full-year 2024 guidance while its expansion projects advance in a news release dated April 15, 2024. All amounts are in US dollars unless otherwise indicated.



Q1 2024
Gold production (Segovia & Marmato) 50,768 ounces
Segovia Operations All-in Sustaining Cost per Ounce Sold (AISC/oz)1 $1,434
EBITDA1 $22.4M
Adjusted EBITDA1 $28.4M
Net earnings (loss) $(0.7)M or $(0.01)/share
Adjusted earnings1 $5.4M or $0.04/share
Number of common shares outstanding May 14, 2024 152.2M


Aris Mining CEO Neil Woodyer stated: “During Q1, our high-grade Segovia Operations produced 44,909 ounces of gold at a processed grade of 9.42 g/t, which was in-line with our mine plan for the quarter. As we announced in April, our operations are on-track to achieve full year 2024 production guidance of 220,000 to 240,000 ounces. AISC per ounce1 at Segovia of $1,434 were also in-line with budgeted expectations. During Q1, the Segovia Operations generated $13.8 million in cash flow from operations1 before expansion capital and taxes. We invested $37.4 million in our projects and mines, and we ended the quarter with a cash position of $147 million.


Both of our expansion projects progressed well during the quarter. At Segovia, the mill expansion from 2,000 to 3,000 tonnes per day has advanced with completion of mill sizing optimization studies, civil works for the relocated CMP mill feed receiving area are 85% complete, major equipment orders have been placed, and geotechnical test work for the mill and silo foundations are complete.


At the Marmato Lower Mine, most of the mechanical equipment has been ordered, including the crushers, ball and SAG mills, gravity concentrators, thickeners, and filter presses. The access road has reached the portal level, which allows the portal contractor access to their work area, and the second phase of the contract for the decline development has been submitted to a third-party review and will be awarded soon.”


Operations Review – Segovia Operations



Q1 2024 Q4 2023 Q1 2023
Tonnes milled (t) 154,425 166,329 149,965
Average tonnes milled per day (tpd) 1,817 1,934 1,785
Average gold grade processed (g/t) 9.42 10.63 10.11
Gold produced (ounces) 44,909 54,719 46,513
Cash costs ($/ounce sold)1 1,162 997 814
AISC – total ($/ounce sold)1 1,434 1,264 1,104

1  AISC ($ per oz sold), EBITDA, adjusted EBITDA, adjusted earning, free cash flow, cash costs and sustaining capital are non-IFRS financial measures in this document. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Refer to the Non-IFRS Measures section below for a reconciliation of these measures to the most directly comparable financial measure disclosed in the Company’s interim financial statements.


Aris Mining Quarterly Cashflow Generation – Q1 2024 (US$ million)


Q1 2024
Gold sold (ounces) 51,044
Gold produced (ounces) 50,768
Average realized gold price ($/ounce sold) $2,061
Gold revenue 105.2
Total cash costs1, royalties & social contributions (72.4)
Sustaining exploration (1.0)
Sustaining capital – other (6.8)
All in sustaining margin 25.0
Taxes paid
General and administration expenses (4.2)
Change in receivables related to metal sales and VAT (9.1)
Change in working capital and other (17.8)
Impact of foreign exchange losses on cash balances (0.3)
Cash flow from operations (6.4)
Expansion and growth capital1 at:
  Marmato Upper Mine & Lower Mine (16.7)
  Regional exploration program (3.0)
  Segovia Operations – other growth capital (8.5)
  Toroparu Project (1.9)
Total expansion and growth capital (30.1)
Cashflow from operations after expansion capital (36.5)
Proceeds from warrant/option exercises 7.7
Repayment of Gold-linked Notes (3.7)
Capitalized interest (2.6)
Contributions to investments in associates (1.4)
Interest (paid), net of interest income (10.6)
Net change in cash (47.1)
Opening balance at the beginning of the period 194.6
Closing balance at the end of the period 147.5


Aris Mining’s condensed consolidated interim financial statements for the three months ended March 31, 2024 and 2023 and related MD&A (together, the Quarterly Filings) are available on SEDAR+, in the Company’s filings with the U.S. Securities and Exchange Commission (the SEC) and in the Financials section of Aris Mining’s website here. Hard copies of the interim financial statements are available free of charge by written request to


About Aris Mining


Aris Mining is a gold producer in the Americas, currently operating two mines with expansions underway in Colombia. The Segovia Operations and Marmato Upper Mine produced 226,000 ounces of gold in 2023.  Aris Mining is targeting a production rate of 500,000 ounces of gold per year in the second half of 2026, following a ramp-up period after the Segovia mill expansion scheduled for completion in Q1 2025 and the Marmato Lower Mine’s first gold pour in late 2025. Aris Mining also operates the Proyecto 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 Toroparu, a gold/copper project. Aris Mining intends to pursue acquisitions and other growth opportunities to unlock value through scale and diversification.

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


Posted May 15, 2024

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