ARIS MINING REPORTS Q1 2024 RESULTS WITH SEGOVIA GENERATING $13.8 MILLION IN OPERATING CASH FLOW

VANCOUVER, BC, May 14, 2024 /PRNewswire/ – Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS) (NYSE-A: ARMN) announces its full financial and operating results for the three months ended March 31, 2024 (Q1 2024). Aris Mining previously released Q1 2024 production results and announced that it is on track to deliver full-year 2024 guidance while its expansion projects advance in a news release dated April 15, 2024. All amounts are in US dollars unless otherwise indicated.

Aris Mining CEO Neil Woodyer stated: “During Q1, our high-grade Segovia Operations produced 44,909 ounces of gold at a processed grade of 9.42 g/t, which was in-line with our mine plan for the quarter. As we announced in April, our operations are on-track to achieve full year 2024 production guidance of 220,000 to 240,000 ounces. AISC per ounce¹ at Segovia of $1,434 were also in-line with budgeted expectations. During Q1, the Segovia Operations generated $13.8 million in cash flow from operations¹ before expansion capital and taxes. We invested $37.4 million in our projects and mines, and we ended the quarter with a cash position of $147 million.

Both of our expansion projects progressed well during the quarter. At Segovia, the mill expansion from 2,000 to 3,000 tonnes per day has advanced with completion of mill sizing optimization studies, civil works for the relocated CMP mill feed receiving area are 85% complete, major equipment orders have been placed, and geotechnical test work for the mill and silo foundations are complete.

At the Marmato Lower Mine, most of the mechanical equipment has been ordered, including the crushers, ball and SAG mills, gravity concentrators, thickeners, and filter presses. The access road has reached the portal level, which allows the portal contractor access to their work area, and the second phase of the contract for the decline development has been submitted to a third-party review and will be awarded soon.”

Operations Review – Segovia Operations

Aris Mining Quarterly Cashflow Generation – Q1 2024 (US$ million)

Aris Mining’s condensed consolidated interim financial statements for the three months ended March 31, 2024 and 2023 and related MD&A (together, the Quarterly Filings) 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 [email protected].

About Aris Mining

Aris Mining is a gold producer in the Americas, currently operating two mines with expansions underway in Colombia. The Segovia Operations and Marmato Upper Mine produced 226,000 ounces of gold in 2023.  Aris Mining is targeting a production rate of 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 Proyecto 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 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 artisanal and small-scale mining 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.

Additional information on Aris Mining can be found at www.aris-mining.com, www.sedarplus.ca, and on www.sec.gov.

Cautionary Language

Non-IFRS Measures

Free cash flow, cash costs ($ per oz sold), AISC ($ per oz sold), EBITDA, adjusted EBITDA, adjusted (loss)/earning, sustaining capital and expenditures on growth capital are non-IFRS financial measures and non-IFRS ratios. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. For full details on these measures and ratios refer to the “Non-IFRS Measures” section of the Company’s Management’s Discussion and Analysis for the three months ended March 31, 2024 and 2023 (MD&A). The MD&A is incorporated by reference into this news release and is available on the Company’s profile on SEDAR+ at www.sedarplus.ca and in its filings with the SEC at www.sec.gov.

The tables below reconcile the non-IFRS financial measures contained in this news release for the current and comparative periods to the most directly comparable financial measure disclosed in the Company’s Q1 2024 interim financial statements.

Cash cost per ounce

All-in sustaining costs (AISC)

Additions to mineral interests, plant and equipment

Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA

Adjusted net earnings and adjusted net earnings per share

Forward-Looking Information

This news release contains “forward-looking information” or forward-looking statements” within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, including, without limitation, statements relating to the Company being on track to deliver its full-year 2024 production guidance, the imminent awarding of the decline development contract and the Company’s plans and strategies are forward-looking. Generally, the forward-looking information and forward looking statements can be identified by the use of forward looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “will continue” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. The material factors or assumptions used to develop forward looking information or statements are disclosed throughout this news release.

Forward looking information and forward looking statements, while based on management’s best estimates and assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Aris Mining to be materially different from those expressed or implied by such forward-looking information or forward looking statements, including but not limited to those factors discussed in the section entitled “Risk Factors” in Aris Mining’s annual information form dated March 6, 2024 which is available on SEDAR+ at www.sedarplus.ca and in the Company’s filings with the SEC at www.sec.gov.

Although Aris Mining has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. The Company has and continues to disclose in its Management’s Discussion and Analysis and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking information and forward-looking statements and to the validity of the information, in the period the changes occur. The forward-looking statements and forward-looking information are made as of the date hereof and Aris Mining disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information.

This news release contains information that may constitute future-orientated financial information or financial outlook information (collectively, FOFI) about the Company’s prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. The Company’s actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. The Company has included FOFI in order to provide readers with a more complete perspective on the Company’s future operations and management’s current expectations relating to the Company’s future performance. Readers are cautioned that such information may not be appropriate for other purposes. FOFI contained herein was made as of the date of this news release. Unless required by applicable laws, the Company does not undertake any obligation to publicly update or revise any FOFI statements, whether as a result of new information, future events or otherwise.

SOURCE Aris Mining Corporation

Go to Source