GCM Mining Corp. (TSX: GCM) (OTCQX: TPRFF) announced that it has subscribed to a US$35 million convertible senior unsecured debenture  to be issued by a wholly-owned subsidiary of Aris Gold Corporation (TSX: ARIS). The proceeds of the Debenture will be used to pay a portion of the purchase price for the acquisition, through a joint venture company, of a 20% ownership interest in the Soto Norte gold project in Colombia, one of the world’s largest feasibility-stage gold projects with high-grade mineral reserves, low capital intensity, low operating costs and district-scale potential. Aris Gold will become the operator of the Soto Norte gold project and will have an option to increase its ownership to 50%. Aris Gold expects to close the Transaction in April 2022.

The Debenture will be due, in cash, 18 months from closing of the Transaction. At any time after 12 months from closing of the Transaction, the Debenture may be converted, in whole or in part, at GCM Mining’s sole discretion into common shares of Aris Gold at a price to be determined in the context of the market and in accordance with the rules of the Toronto Stock Exchange following the issuance of this news release. The Debenture will pay interest monthly with an annualized coupon of 7.5%. The issuance of the Debenture is conditional upon closing of the Transaction by Aris Gold and is subject to the approval of the Toronto Stock Exchange. The ability of GCM Mining to fully execute its conversion rights under the Debenture is subject to disinterested Aris Gold shareholder approval at its next annual meeting of shareholders.

Update to Payment Date for Monthly Dividend Declared on March 15, 2022

GCM Mining also announced that as a result of the Good Friday bank holiday, payment of the next monthly dividend of CA$0.015 per common share will be made on Monday, April 18, 2022 to shareholders of record as of the close of business on March 31, 2022.

About GCM Mining Corp.

GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is the leading high-grade underground gold and silver producer with several mines in operation at Segovia Operations. Segovia produced 206,000 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024. GCM Mining pays a monthly dividend to its shareholders and has equity interests in Aris Gold Corporation (44%; TSX: ARIS; Colombia – Marmato), Denarius Metals Corp. (27%; TSX-V: DSLV; Spain – Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. (26%; TSX-V: WA: Nunavut – Meadowbank).