Aris Mining Corporation (TSX: ARIS) (OTCQX: TPRFF) announces financial and operating results for the three and six months ended June 30, 2023. All amounts are in US dollars unless otherwise indicated.

Aris Mining CEO Neil Woodyer stated: “Since the merger with GCM Mining in September 2022, Aris Mining has been making continuous progress in the integration and transformation of our Colombian operations. We’ve been diligently advancing our growth projects by closely collaborating with local stakeholders. With the acquisition of permits and secure funding in place, we are poised to commence construction on the Marmato Lower Mine project in late Q3 2023.

Additionally, our efforts are focused on driving forward the Soto Norte project. Notably, this project has recently received confirmation of its location outside the Páramo de Santurbán, a protected area of the Andes mountains. This affirmation comes after a favorable delimitation process completed in June 2023, involving local communities and government authorities in the four municipalities associated with the project.

During the six-months ending on June 30, we achieved significant milestones. Our gold sales reached 103,386 ounces, resulting in $68 million in income from mining operations. A particular emphasis of our operations review has been on the Segovia Operations business structure. Here, approximately 55% of our production stems from the traditional ‘owner-operated’ mining approach, while the remaining 45% originates from ‘partner-operated’ mining. This partner-operated mining category encompasses our contractor workforce as well as the acquisition of mill-feed from artisanal and small-scale miner units.

Our ‘for-profit’ partnerships with community-based groups introduce two distinct operating cost structures at the Segovia Operations. During H1 2023, the all-in sustaining costs from our owner-operated mining operations were $1,007 per ounce of gold¹. In contrast, the AISC from partner-operated mining operations was $1,236 per ounce of gold¹. It’s notable that our partner-operated cost structure primarily hinges on a percentage of the spot gold price.

Anticipating an upswing in partner-operated mining activities for the latter half of 2023, we have developed projections based on an average gold price of $1,900 per ounce. As a result, we are revising our overall 2023 outlook for the Segovia Operations AISC to a range of between $1,125 and $1,175 per ounce of gold.”

Operations Review – H1 2023

• Total production of 104,906 ounces of gold from the Segovia Operations (94,395 ounces) and the Marmato Upper Mine (10,511 ounces).
• Segovia Operations had attributable gold production from owner-operated mining of 52,732 ounces at an AISC of $1,007 per ounce, and 41,663 ounces from partner-operated mining at an AISC of $1,236 per ounce.
• Income from mining operations of $68.0 million.
• EBITDA of $51.6 million¹ and adjusted EBITDA of $78.2 million¹.
• Expenditures of $30.9 million on growth capital, including $10.2 million at the Segovia Operations, $11.3 million at the Marmato Upper and Lower Mines, and $9.3 million at the Toroparu Project¹.
• Net earnings of $2.9 million or $0.02 per share.
• Adjusted earnings of $26 million or $0.19 per share¹.
• Cash and cash-equivalents of $214.3 million as of June 30, 2023, following a $52.9 million annual tax payment in Q2 related to Segovia Operations taxable income from 2022.

Full Year 2023 Outlook

• To continue developing and expanding the ‘partner-operated’ mining model across the Segovia Operations, Marmato Mine and the Soto Norte Project. This commitment is rooted in our firm belief that cultivating ‘for-profit’ community partnerships is the most effective way to drive the sustained growth of our business within the Colombian landscape; it not only bolsters the well-being of those involved but also contributes to the broader objective of responsible mining practices.
• Based on H1 production and H2 outlook (see table below), the Segovia Operations are expected to produce between 195,000 and 210,000 ounces at an AISC of between $1,125 and $1,175 per ounce during 2023.
• The Marmato Lower Mine construction plan is expected to allow the existing Upper Mine to continue producing gold in the range of 20,000 to 30,000 ounces during 2023, in line with the 25,216 ounces produced in 2022.
• On a consolidated basis, Aris Mining expects to produce between 220,000 and 240,000 ounces during 2023, which compares to the previous guidance range of between 230,000 and 270,000 ounces.

Segovia Operations – Mid-year 2023 Outlook

Additional Q2 2023 and H1 2023 Financial and Operating Highlights

Aris Mining’s Q2 2023 interim financial statements and related MD&A are available on SEDAR+ and in the Financials section of Aris Mining’s website here.

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 is currently advancing the Marmato Lower Mine Expansion project, which will provide access to wider porphyry mineralization below the current Upper Mine. Following completion and ramp up of the Marmato Lower Mine Expansion project in 2025, the Marmato Mine is expected to deliver average production of 162,000 ounces per year over a nearly 20-year mine life from the existing mineral reserves². Aris Mining also operates the Soto Norte Project 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 artisanal and small-scale mining as this process enables all miners to operate in a legal, safe and responsible manner that protects them and the environment.