Aris Mining Corporation (TSX: ARIS) (NYSE-A: ARMN) announces its financial and operating results for the three months and full year ended December 31, 2024 (Q4 2024 and 2024, respectively). All amounts are expressed in U.S. dollars unless otherwise indicated.

Highlights:

• Highest Quarterly Gold Production: 57,364 ounces (oz), highest quarterly production in 2024.
• Record Quarterly Financial Results: $22 million of net income¹ and $67 million of EBITDA² and in Q4 2024.
• Strong AISC Margin Growth: Segovia reduced its All-in Sustaining Cost per Ounce Sold (AISC/oz) to $1,485/oz in Q4 2024 and generated an AISC margin of $58 million, up 32% from $44 million in Q3 2024.
• Segovia Expansion on Track: Expanded processing facility set for commissioning in Q2 2025.
• Enhancing Marmato: Assessments completed to expand the in-construction Lower Mine by 25% to 5,000 tonnes per day (tpd), up from the initial 4,000 tpd. The updated cost to complete construction is $290 million, inclusive of the scope change which requires acceleration of certain project components into the initial capital phase. The Marmato production ramp up is scheduled to start in H2 2026.
• Balance Sheet Strength: Growing cash flow generation and refinancing of our Senior Notes contributed to a cash balance of $253 million as of December 31, 2024.

Neil Woodyer, CEO of Aris Mining, commented: “Q4 2024 was a standout quarter for Aris Mining, delivering our highest gold production of the year at 57,364 oz and our strongest financial results, with $55.6 million in Adjusted EBITDA and $24.7 million in Adjusted Earnings. At Segovia, we achieved a three-year high in AISC margin of $58.3 million, a 32% increase over Q3, reflecting our continued focus on improving operational efficiency and cost controls.

For the full year, we generated $163 million in Adjusted EBITDA, reinforcing our financial strength as we advance our major expansion projects. We remain on track to commission the expanded processing facility at Segovia in Q2 2025 with the installation of the second ball mill currently underway. As a result of the ramp-up to 3,000 tpd capacity by year-end, Segovia is expected to produce 210,000 to 250,000 ounces this year and in the range of 300,000 ounces per year from 2026 onwards.

We have also been exploring opportunities to scale up Marmato into a higher-capacity operation. We are upgrading the design of the new Lower Mine carbon-in-pulp (CIP) processing facility to 5,000 tpd by using the major components from the current 4,000 tpd design and integrating select higher-capacity components and additional equipment to achieve the increased capacity. Construction remains on track, with $75 million invested to the end of February. The Company also plans to expand our Contract Mining Partner (CMP) business model, increasing the feed to the existing Upper Mine flotation processing facility. Marmato’s production is expected to start ramping up in H2 2026, potentially increasing annual gold production to over 200,000 ounces.”

Segovia Operations Review

• Higher Gold Production: A modest increase in tonnes milled and a 7% increase in average gold grade processed to 9.84 g/t in Q4 2024, driving an 8% increase in gold production over Q3 2024.
• Lower Costs: Owner Mining AISC costs improved to $1,386 per ounce in Q4 2024 from $1,451 per ounce in Q3 2024, while the CMP segment generated the highest quarterly AISC sales margin of 39%.
• Strong AISC Margin at Segovia: Improved to $58.3 million in Q4 2024, up 32% from $44.1 million in Q3 2024, driven by higher gold prices, increased production, and lower costs.

Segovia Expansion Project

• As announced in Q4 2023, the Segovia expansion project aims to increase processing capacity from 2,000 to 3,000 tpd 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 receiving material in October 2024.
• Phase 2 involves installing a second ball mill in the former contractor receiving area, and is underway with commissioning scheduled in Q2 2025, followed by a ramp-up period to reach a production rate of 3,000 tpd by the end of 2025.
• The total cost of the processing plant expansion project is estimated at $15 million, with $8.5 million spent as of December 31, 2024.

Enhanced Marmato Expansion

• The pre-feasibility study³ of the Lower Mine contemplated a processing rate of 4,000 tpd, producing gold at an average rate of 117,000 ounces per year over an 18-year mine life. Combined with the Upper Mine, the average expected life of mine gold production was 162,000 ounces per year over a 20-year period.
• Aris Mining has been exploring opportunities to expand Marmato into a higher-capacity operation, increasing production and reducing unit costs. As a result of the expansion plans described below, new Marmato has the potential to produce over 200,000 ounces of gold per year.
• In Q1 2025, the Company initiated engineering assessments to expand the CIP processing facility currently under construction. The upgraded 5,000 tpd design will use the major components from the current 4,000 tpd design while integrating higher-capacity components and additional equipment. Key enhancements include the installation of a secondary crushing circuit and an extra leach tank to support the increased throughput while also requiring the acceleration of certain project components into the initial capital phase, such as the backfill plant, rather than the previous plan where they were funded over time during operations.
• The Company also plans to expand our CMP business model, increasing the feed and average grade to our existing Upper Mine flotation processing facility and thereby further increasing gold production.
• The estimated cost to complete construction, including the 25% throughput increase to 5,000 tpd, is $290 million. The Company has spent $75 million on construction to February 2025, resulting in a total construction cost of $365 million, which compares to the previous estimate of $280 million. The majority of the initial capital cost increase of $85 million is a result of the acceleration of certain project components and the decision to internally fund the $20 million grid power line, rather than use an independent contractor.
• Aris Mining’s construction funding amount is reduced to $208 million, after the remaining stream funding of $82 million.
• Meanwhile, construction continues to progress:
  • access roads to the Lower Marmato process facility and accommodation camp are now 100% complete;
  • decline development is underway with 200 metres completed to the end of February 2025; and
  • process plant foundation earthworks 12% ahead of schedule as of the end of February 2025.
• With new Marmato and the expansion at Segovia, Aris Mining is targeting an annual production rate of more than 500,000 ounces of gold.

2025 Production and Cost Guidance⁴

• During 2025, Aris Mining expects consolidated gold production of between 230,000 and 275,000 ounces, with in-progress expansion projects to contribute to production growth in 2025 and beyond.

• With a total of 187,122 ounces sold in 2024, Segovia generated an AISC margin of $163.0 million, including $83.9 million from the Owner Mining segment and $79.1 million from the CMP segment. With 2025 gold production expected to range between 210,000 and 250,000 ounces, the Company anticipates a significant increase in Segovia’s AISC margin this year of more than $230 million (using the mid-point of our 2025 guiding ranges at a gold price of $2,600/oz).
• In 2025, production from the Segovia Operations will be sourced approximately 50% to 55% from Owner Mining and 45% to 50% from mill-feed purchased from CMPs. For the Owner Mining segment, AISC per ounce sold is expected to range between $1,450 and $1,600 and the CMP segment is expected to achieve an AISC sales margin of 35% to 40%.
• The 2025 cash cost and AISC guidance have been provided separately for the two segments—Owner Mining and CMPs—given their distinct primary cost drivers. Owner Mining costs are primarily driven by conventional expenses such as labour, consumables such as explosives and fuel, and power. In contrast, CMP costs are mainly influenced by the cost of purchasing mill feed, which depends on material volume, recoverable gold grade, and the spot gold price. Distinguishing between Owner Mining and CMP cost metrics is necessary given the current rise in gold prices and resulting challenge in forecasting CMP costs. As a result, we believe the CMP segment is best presented on a sales margin basis to provide a clearer representation of its financial performance.
• The Marmato Upper Mine is an historic small-scale, narrow vein operation with a 1,000 tpd processing facility that produced 23,372 ounces in 2024 and a similar production level is expected for 2025, while construction of the new large scale Lower Mine, which will access wider porphyry mineralization, continues.

• Aris Mining will resume providing cash cost and AISC guidance for the Marmato Mine when the Lower Mine achieves commercial production, which is expected in 2026.

Aris Mining’s Audited Annual Consolidated Financial Statements for the years ended December 31, 2024 and 2023 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 financial statements are available free of charge upon written request to info@aris-mining.com.

About Aris Mining

Founded in September 2022, Aris Mining was established with a vision to build a leading Latin America-focused gold mining company. Our strategy blends current production and cashflow generation with transformational growth driven by expansions of our operating assets, exploration and development projects. Aris Mining is listed on the TSX (ARIS) and the NYSE-A (ARMN) and is led by an experienced team with a track record of value creation, operational excellence, financial discipline and good corporate governance in the gold mining industry.

Aris Mining operates two underground gold mines in Colombia: the Segovia Operations and the Marmato Upper Mine, which together produced 210,955 ounces of gold in 2024. With expansions underway, Aris Mining is targeting an annual production rate of more than 500,000 ounces of gold following the ramp-up of the Segovia mill expansion, expected during the second half of 2025, and the new Marmato Mine, which is expected to start ramping up in H2 2026. In addition, Aris Mining operates the 51% owned Soto Norte joint venture, where studies are underway on a new, smaller scale development plan, with results expected in mid-2025. In Guyana, Aris Mining owns the Toroparu gold/copper project, further diversifying its asset portfolio.

Colombia is rich in high-grade gold deposits and Aris Mining is actively pursuing partnerships with the Country’s dynamic small-scale mining sector. With these partnerships, we enable safe, legal, and environmentally responsible operations that benefit both local communities and the industry.

Aris Mining intends to pursue acquisitions and other growth opportunities to unlock value through scale and diversification.

Figure: Strong AISC Margin Growth ($ million) – Segovia (CNW Group/Aris Mining Corporation)