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 $1,150 per ounce during 2023. We are working to expand our partnerships with artisanal and small-scale miners, and are continuing to align with the Colombian government’s focus on enabling all miners to operate in a legal, safe and responsible manner that protects them and the environment.”
Financial and growth investments:
Responsible mining and shared value:
Q4 2022 Financial and Operating Highlights
|In US dollars||Three months ended December 31,||Years ended December 31,|
|Gold sold (ounces)||59,157||51,716||220,098||210,042|
|Average realized gold price ($/ounce sold)||1,687||1,782||1,784||1,794|
|Cash costs ($/ounce sold)1||811||797||797||788|
|AISC ($/ounce sold)1||1,108||1,211||1,128||1,133|
|Income from mining operations ($’000)||37,744||36,220||159,955||155,579|
|Net cash provided by operating activities ($’000)||12,938||27,413||76,954||80,554|
|Adjusted EBITDA ($’000)1||36,372||37,300||165,960||171,489|
|Net earnings ($’000)||4,769||6,606||622||179,968|
|Adjusted earnings ($’000)1||8,679||12,162||50,283||72,234|
|Earnings per share – basic ($)||0.05||0.07||0.01||2.25|
|Adjusted earnings per share – basic ($)1||0.09||0.12||0.46||0.87|
|1.||Refer to the Non-IFRS Measures section below for full details on cash costs ($ per oz sold), AISC ($ per oz sold), EBITDA, adjusted EBITDA, and adjusted earnings. Comparative cash cost and AISC values have been adjusted from amounts disclosed prior to Q3 2022 following a change in the methodology used to calculate total cash costs ($ per oz sold) and AISC ($ per oz sold) in Q3 of 2022.|
|Balance sheet, as at ($000s)||December 31,
|Cash and cash equivalents||299,461||323,565|
|1.||The face value of long-term debt as at December 31, 2022 is as disclosed in Note 10 to the Financial Statements for further details on long-term debt|
2022 Cash Flow Generation
The operating cash flow generated by the Company in FY 2022 is summarized in the table below.
Dec 31, 2022
|Total cash cost1||(175,528)|
|All in sustaining cost (AISC) 1||(248,359)|
|General and administrative expenses||(22,024)|
|Change in receivables related to timing of gold sales||(13,496)|
|Other changes in receivables||(3,372)|
|Impact of foreign exchange losses on cash balances||(7,162)|
|Other changes in working capital and other||3,152|
|Free cash flow from operations||50,645|
|Marmato Upper Mine1||475|
|Marmato Lower Mine1||4,649|
|Total non-sustaining capital||73,176|
|1.||Refer to the Non-IFRS Measures section below for full details on cash costs ($ per oz sold), AISC ($ per oz sold), and additions to mining interests split by nature and site. Comparative cash cost and AISC values have been adjusted from amounts disclosed prior to Q3 2022 following a change in the methodology used to calculate total cash costs ($ per oz sold) and AISC ($ per oz sold) in Q3 of 2022.|
|2.||As presented in the Financial Statements and notes included therein for the respective periods.|
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.
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We acknowledge the [financial] support of the Government of Canada.