Aris Mining Corporation (TSX: ARIS) (OTCQX: TPRFF), formerly GCM Mining Corporation, announces financial and operating results for the three and twelve months ended December 31, 2022. All amounts are in US dollars unless otherwise indicated.

Aris Mining CEO Neil Woodyer stated: “Aris Mining combines free cash flow generation from current operations with attractive large-scale development projects with long mine lives and growth potential from exploration upside. During 2022, our business generated $51 million of free cash flow from current operations that substantially funded $73 million in long-term growth investments. Aris Mining’s near-term growth projects include the construction of the Marmato Lower Mine, the Soto Norte gold-copper project undergoing permitting and licencing, and the Toroparu project in Guyana, where we are progressing additional studies to update, fully-define and optimize the development plan.

Looking forward, we expect to produce between 230,000 and 270,000 ounces of gold at an AISC¹ of between $1,050 to $1,150 per ounce during 2023. We are working to expand our partnerships with artisanal and small-scale miners, and are continuing to align with the Colombian government’s focus on enabling all miners to operate in a legal, safe and responsible manner that protects them and the environment.”

2022 Highlights

Operational:

• Produced 215,373 ounces of gold, including 34,933 ounces from the purchase of mill-feed from partnerships with artisanal and small-scale miners around the Segovia Operations
• Sold 220,098 ounces of gold at an average realized price of $1,784 per ounce
• Total cash costs of $797 per ounce¹ and AISC of $1,128 per ounce¹
• In November 2022, the Company received approval from the Agencia Nacional de Minería of the Marmato works and construction program (PTO); a further step toward fully permitting the Marmato Lower Mine expansion project
• In November 2022, the Company updated the Marmato Lower Mine expansion Preliminary Feasibility Study and increased gold mineral reserves by 57%²
• Updated mineral resource and reserve estimates for the Segovia Operations effective December 31, 2022, which included full replacement of gold ounces mined in 2022²

Financial and growth investments:

• In September 2022, GCM Mining and Aris Gold combined to create Aris Mining as a leading Latin America-focused gold producer
• 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
• Income from mining operations of $160 million
• EBITDA of $116.9 million¹ and Adjusted EBITDA of $166.0 million¹
• Expenditures of $45.7 million in sustaining capital¹
• Expenditures of $73.2 million in non-sustaining capital, including $7.4 million at Segovia Operations, $5.1 million at Marmato Mine (Upper and Lower), and $60.7 million at the Toroparu Project¹
• Net income of $0.6 million or $0.01 per share
• Adjusted net income of $50.3 million or $0.46 per share¹
• $299.5 million of cash and cash equivalents at December 31, 2022

Responsible mining and shared value:

• Joined the United Nations Global Compact and initiated the development of our Communication on Progress (CoP) Report
• Introduced Vision Zer000, a program to further strengthen our culture of harm prevention and to integrate safety, health and well-being into our daily actions
• Social contributions of $12.0 million, which is now structured under a transparent social investment policy that aligns with Government development plans and Aris Mining’s stakeholder engagement policy
• Royalty and income tax payments of $63.7 million
• Expanding partnerships with artisanal and small-scale miners at the Segovia Operations and creating new partnership opportunities at the Marmato Mine and Soto Norte Project through a new protocol for establishing agreements
• Strengthening Aris Mining’s diversity and inclusion policies to promote gender equality in all areas of our business

Q4 2022 Financial and Operating Highlights

2022 Cash Flow Generation

The operating cash flow generated by the Company in FY 2022 is summarized in the table below.

Aris Mining’s Q4 2022 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 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 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.