ARIS Mining Increases Segovia GOLD Mineral Reserves BY +75% to 1.3 Moz and Announces Plant Expansion to Increase Production Rate
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 1
ARIS MINING INCREASES SEGOVIA GOLD MINERAL RESERVES BY +75% TO
1.3 MOZ AND ANNOUNCES PLANT EXPANSION TO INCREASE PRODUCTION RATE
Vancouver, Canada, November 27, 2023 – Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS;
NYSE-A: ARMN) announces updated mineral res erve estimates for its Segovia Operations in Colombia
effective September 30, 2023 (the “2023 Mineral Reserve”). This updated mineral reserve estimate follows
the updated mineral resource estimate announced on November 2, 2023 (See News Release from
November 2, 2023). Aris Mining is also increasing the capacity of the Maria Dama processing plant within
the Segovia Operations from 2,000 to 3,000 tonnes per day (tpd). As we have an existing unutilized ball mill
on site, the costs for the plant expansion are estimated at $11.0 million and comple�on is expected by early
2025.
Neil Woodyer, CEO of Aris Mining, commented “ We are pleased to announce a 75% increase to the high-
grade mineral reserves at the Segovia Operations to 1.3 million ounces of gold at 11.63 grams per tonne.
Based on our current operating profile, the updated estimate extends the reserve-only mine life to nearly
seven years. Like other operations with extensive vein systems within a large mining title, we expect to
continue to extend mine life through ongoing exploration programs.
Based on the increased mineral resource and reserve estimates, we are implementing a small-scope project
to increase the processing capacity by 50% to 3,000 tpd at the Maria Dama plant by u�lizing a previously
purchased ball mill that is already on -site. This c reates the potential to gradually increase annual gold
production from 200,000 to 300,000 ounces, as we fill the extra capacity by increasing our mining rates. A
por�on of this extra capacity will be allocated to our ar�sanal and small-scale mining partners, offering
processing solutions to them, while mitigating the environmental impacts of informal mining in Segovia.”
Figure 1: Growth of gold mineral reserves (in ‘000 of ounces or koz), net of production depletion1
1 See “Technical Disclosure and Qualified Person” sec�on below for full disclosure of technical and scien�fic details.
660 688 670 633
745 755
1,320
2017 2018 2019 2020 2021 2022 2023
Previous Proven & Probable Mineral Reserves 2023 Proven & Probable Mineral Reserves
+75%
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Segovia Operations – Maria Dama processing plant expansion
The capacity of the Maria Dama processing plant is currently 2,000 tpd following an expansion project from
1,500 tpd completed in 2022. The plant includes crushing, grinding, gravity concentration, gold flotation
and regrind, cyanidation , Merrill-Crowe precipitation, and smelting of the precipitate and gravity
concentrate to produce gold-silver doré.
The current project to expand to 3,000 tpd includes a previously purchased ball mill which is already onsite
and the re-location and upgrade of the facilities that receive material from our artisanal and small-scale
mining partners. The costs for construction are estimated at $11.0 million, with the construction timeline
forecasting completion by early 2025. The addition of the ball mill to the existing circuit enables both higher
throughput and more effective use of the current facilities, thereby enhancing the overall gold recovery
rate for all processed materials. The new receiving facility for partner mined material is designed to increase
volumes and efficiency.
Segovia Operations – mineral reserve estimates
Table 1 summarizes the 2023 Mineral Reserve effective September 30, 2023, a comparison to the 2022
Mineral Reserve effective December 31, 2022, and several years of previous mineral reserve estimates.
Table 1 Segovia Opera�ons mineral reserve es�mates1
Effec�ve date Proven Probable Proven & Probable
Tonnes Grade Au Oz Au Tonnes Grade Au Oz Au Tonnes Grade Au Oz Au
(kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz)
2023 Mineral Reserve
2022 Mineral Reserve
1,515
229
12.25
10.92
597
81
2,017
2,132
11.16
9.84
723
675
3,531
2,361
11.63
9.95
1,320
755
Change 2023 to 2022
Mineral Reserve (koz or %) +17% +565
+75%
31-Dec-2021 204 12.00 78.6 2,087 9.93 666.1 2,290 10.11 744.7
31-Dec-2020 187 13.86 83 2,009 8.51 550 2,196 8.96 633
31-Dec-2019 165 16.53 88 1,820 9.96 583 1,985 10.50 670
31-Dec-2018 79 11.72 30 1,862 10.99 658 1,941 11.02 688
31-Dec-2017 46 45.44 68 1,613 11.42 592 1,660 12.37 660
Notes:
• There are no known mining, legal, poli�cal, metallurgical, infrastructure, permi�ng, or other relevant factors that could materially affect the
mineral reserve es�mate.
• Totals may not add due to rounding.
2023 Mineral Reserve Notes:
• A gold price of US$1,700 per ounce was used for the 2023 Mineral Reserve.
• The 2023 Mineral Reserve u�lized a gold cut-off grade of between 3.05 g/t and 3.40 g/t depending on mining area. The cut-off grade values
were applied to vein grades diluted to a minimum mining height that varies according to the mining area.
• The 2023 Mineral Reserve was prepared by Aris Mining technical staff under the supervision of and reviewed by Inivaldo Diaz, CP , Vice
President Technical Services of Aris Mining Colombia.
Previous Reserve Notes:
• The mineral reserve es�mate used a US$ gold price per ounce of $1,250.5 in 2017, $1,275 in 2018, $1,350 in 2019, $1,600 in 2020, $1,650 in
2021, and $1,700 in 2022.
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The significant increase in the 2023 mineral reserve estimate as compared to 2022 is primarily the result of
the increase in the measured and indicated mineral resource estimate effective September 30, 2023 , as
described in the news release of November 2, 2023.
The Segovia Operations' current operating profile within the mineral reserve zones includes owner mining
at a rate of 1,050 tpd and partner mining at a rate of 350 tpd. The shallowly dipping, 1.2 m wide veins are
first mined by Aris Mining employees using room and pillar and long wall methods to extract around 70%
of the high-grade ore with a minimum mining height of approximately 1.2 m to optimize ore recovery and
minimize dilution. The remaining pillar material is then extracted by our contractor and artisanal and small
mining partners and purchased by Aris Mining based on the prevailing market price of gold and the
recoverable gold grade of the mined material, incentivizing both productivity and higher grade material.
Overall, this mining method achieves total ore recovery of between 90 and 95%. In addition, approximately
500 tpd is purchased by Aris Mining from partners operating outside the Segovia Operations’ mining titles.
Aris Mining will file an updated NI 43-101 compliant technical report in support of the 2023 Mineral Reserve
and mineral resource estimates for the Segovia Operations on or before December 17, 2023.
Technical Disclosure and Qualified Person
The technical information in this news release was reviewed and approved by Pamela De Mark, P.Geo,
Senior Vice President, Geology and Exploration of Aris Mining, who is a Qualified Person as defined by NI
43-101. Ms. De Mark has verified the sampling, analytical, and test data as well as the geological
interpretation underlying the information or opinions disclosed in this news release. Ms. De Mark has fully
verified the sampling, analytical, and test data as well as the geological interpretation underlying the
information or opinions disclosed in this news release by way of analysis of the data and the geological
interpretations while preparing the mineral resource estimate and reviewing the mineral reserve estimate.
Unless otherwise indicated, the mineral reserve estimates, scientific disclosure, and technical information
included in this news release are based upon information included in the following documents and NI 43 -
101 compliant technical reports:
• for the mineral reserve estimate effective December 31, 2017, the technical report entitled "NI 43-101
Technical Report, Prefeasibility Study, Segovia Project, Colombia" dated May 10, 2018 and prepared
by SRK Consulting (US), Inc. (SRK);
• for the mineral reserve estimate effective December 31, 2018, the technical report entitled "Amended
NI 43-101 Technical Report, Prefeasibility Study Update, Segovia Project, Colombia" dated July 8, 2019
and prepared by SRK;
• for the mineral reserve estimate effective December 31, 2019, the technical report entitled "NI 43-101
Technical Report, Prefeasibility Study Update, Segovia Project, Colombia" dated May 14, 2020 and
effective as of December 31, 2019 and prepared by SRK;
• for the mineral reserve estimate effective December 31, 2020, the technical report entitled "NI 43-101
Technical Report, Prefeasibility Study Update, Segovia Project, Department of Antioquia, Colombia"
dated May 13, 2021 and effective as of December 31, 2020 and prepared by SRK;
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• for the mineral reserve estimate effective December 31, 2021, the technical report entitled "NI 43-101
Technical Report, Prefeasibility Study, Segovia Project, Antioquia, Colombia" dated May 6, 2022 and
effective as of December 31, 2021 and prepared by SRK; and
• for the mineral resource estimate effective December 31, 2022, the mineral reserve estimates of the
Segovia Operations is summarized, derived, or extracted from the news release of the Company dated
March 3, 2023.
All of the documents referenced in this news release are available for review on the Company’s website at
www.aris-mining.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca
About Aris Mining
Aris Mining is a gold producer in the Americas with a growth -oriented strategy. 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. A ris Mining is currently advancing construction of the
Marmato Lower Mine Expansion project, which will provide access to wider porphyry mineralization below
the current Upper Mine. Aris Mining also operates the Soto Norte Project joint venture, where
environmental licensing is advancing to develop a new u nderground gold, silver and copper mine. In
Guyana, Aris Mining is advancing the Toroparu Project, a gold/copper project. Aris Mining plans to pursue
acquisitions 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.
Additional information on Aris Mining can be found at www.aris-mining.com, www.sedarplus.ca, and on
www.sec.gov.
For further informa�on, contact:
Tyron Breytenbach
Senior Vice President, Capital Markets
+1.416.399.2739
Ke�na Cordero
Vice President, Investor Rela�ons
+ 1.604.417.2574
Forward- Looking Information
This news release contains "forward -looking information" or forward -looking statements" within the meaning of
Canadian and U.S. securities legislation. All statements included herein, other than statements of historical fact,
including, without limitation, statements relating to results of the 2023 Mineral Reserve, the nature of the results of
the 2023 Mineral Reserve, the filing of the technical report in support of the 2023 Mineral Reserves, the expected life
of mine of the Segovia Operations, the expectation to continue to extend mine life through ongoing exploration ,
increasing the capacity of the Maria Dama processing plant and the details, benefits, costs and timing thereof and the
Company's plans and strategies are forward-looking. When used herein, forward looking terminology such as "expect",
“plan”, "anticipate", "estimate", "may", "will", "should", "intend", "believe", and similar expressions, are intended to
identify forward -looking statements. Statements concerning mineral reserve estimates and mineral resource
estimates may also be deemed to constitute forward looking information to the extent that they involve estimates of
the mineralization that will be encountered. Forward-looking statements are based on estimates and assumptions
made by the Company in light of its experience and its perception of historical trends, current conditions and expected
News Release
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future developments, as well as other factors that the Company believes are appropriate in the circumstances. Many
factors could cause the Company's actual results, performance or achievements to differ materially from those
expressed or implied by the forward-looking statements, including those described in the "Risk Factors" section of the
Company's most recent AIF and in the Management's Discussion and Analysis for the three and nine months ended
September 30, 2023, which are available on the Company’s profile on SEDAR+ at www.sedarplus.ca and in its filings
with the U.S. Securities and Exchange Commission at www.sec.gov. These factors should be considered carefully, and
readers should not place undue reliance on the Company's forward-looking statements. The Company has no intention
and undertakes no obligation to update or revise any forward- looking statements, whether a s a result of new
information, future events or otherwise.