All amounts are expressed in US dollars unless otherwise indicated.

Aris Mining Corporation (TSX: ARIS) (NYSE-A: ARMN) announces its full financial and operating results for the three and nine months ended September 30, 2024 (Q3 2024 and YTD 2024, respectively).

Neil Woodyer, CEO of Aris Mining, commented: “In the third quarter of this year we achieved a 9% increase in total gold production over the prior quarter and demonstrated effective cost management at Segovia, as illustrated in Figure 1, with an AISC of $1,540 per ounce sold.  The combination of higher gold prices, increased production, and effective cost control led to a 37% increase in AISC margin at Segovia, reaching $44.1 million compared to $32.2 million in Q2, as shown in Figure 2. Our operational focus remains on generating cash flow while advancing our expansion projects at Segovia and Marmato. Over the past 12 months, we have generated Adjusted EBITDA of $147.2 million.

Following Q3, we refinanced our existing $300 million 6.875% Notes with a new 5-year $450 million 8.000% Notes deal, increasing cash reserves and extending maturity. Our current pro forma cash balance has increased to $266 million following the refinancing and receipt of a stream funding installment, as shown in Figure 3. We are well-positioned and funded to deliver on our growth strategy.”

Segovia Operations Review

• AISC margins at the Segovia Operations continued to improve to $44.1 million in Q3 compared to $32.2 million in Q2. The improvement was driven by rising gold prices, increased gold production and lower AISC costs of $1,540 per ounce.
• We operate our own mines and collaborate with community-based mining partners, referred to as Contract Mining Partners (CMPs), to increase our total gold production. Some partners work within our infrastructure, while others manage their own mining operations on our tenements. In addition, we purchase high grade mill feed from third-party contractors operating off-title, which further optimizes production and increases operating margins.
• Cash costs for Owner Mining and On-Title CMPs were $1,145 per ounce, representing a 5% improvement over Q2 2024. This cost reduction was driven by increased production, partially offset by a rise in realized gold prices which negatively impacted the cost of CMP-purchased mill feed.
• Similarly, purchase and processing costs for high grade mill feed delivered by off-title CMPs increased in Q3 to $1,834 per ounce from $1,790 per ounce in Q2. The increase reflects higher realized gold prices, partially offset by lower average grades of 28.5 g/t Au compared to 29.1 g/t Au in Q2.
• The Third-Party off-title CMP segment of our business maintained a strong sales margin of $4.9 million in Q3 2024, up from $3.8 million in Q2 2024.

Segovia Expansion Project

• As announced in Q4 2023, the Segovia expansion project aims to increase processing capacity from 2,000 to 3,000 tonnes per day and is progressing as scheduled.
• Phase 1 of the Segovia expansion is complete with the newly expanded receiving area for our CMPs fully commissioned and handed over to operations. The new facility began processing material in October 2024.
• Phase 2, which involves installing a second ball mill in the former contractor receiving area, is underway and scheduled for completion in Q1 2025, followed by a ramp-up period to reach a production rate of 3,000 tpd in the second half of 2025. The new ball mill is expected to increase throughput and gold production by enabling finer grinding and process efficiency.
• The total cost of the expansion project is estimated at $15 million, with $8 million spent as of September 30, 2024.

Marmato Lower Mine Expansion

• Aris Mining commenced construction of the new Marmato Lower Mine in Q3 2023 following the receipt of environmental permits in July 2023. The Lower Mine will access wider porphyry mineralization below the Upper Mine, with both mines estimated to produce a combined 162,000 ounces of gold per year over a 20-year mine life.²
• The site access road and portal face were completed in Q3 2024 and the contractor is preparing to initiate work on the twin declines. Both the semi-autogenous grinding (SAG) and ball mill fabrication are progressing on schedule for completion before the end of 2024.
• As of the end of September 2024, the estimated cost to complete the Lower Mine construction was $235 million, of which $122 million will be funded by existing stream financing commitments; resulting in $113 million of cost to complete on a net basis. On November 6, 2024, Aris Mining received the first $40 million milestone payment under its streaming agreement. Further payments of $40 million and $42 million are expected to be received upon reaching the 50% and 75% construction spend milestones, respectively, next year.

Aris Mining’s condensed consolidated interim financial statements for the three and nine months ended September 30, 2024 and related MD&A 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 info@aris-mining.com.

About Aris Mining

Aris Mining is a gold producer in Latin America, currently operating two mines with expansions underway in Colombia. The Segovia Operations and the Marmato Upper Mine produced 226,000 ounces of gold in 2023. Aris Mining is targeting a production rate of approximately 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 51% owned Soto Norte joint venture, where studies are underway on a new, smaller scale development plan, with results expected in early 2025. 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 small-scale mining units 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.

Figure 1: YTD 2024 Realized Gold Prices and Segovia’s AISC/oz (CNW Group/Aris Mining Corporation)

Figure 2: YTD 2024 Growth in Segovia’s AISC Margin ($ million) (CNW Group/Aris Mining Corporation)

Figure 3: Pro Forma Cash Balance Reflecting Significant Post-Q3 Financial Movements (CNW Group/Aris Mining Corporation)