ARIS Mining Reports 2023 Results with Guidance Achieved, Net Earnings of $11.4M, Adjusted Earnings of $52.2M ($0.38/SHARE), Adjusted EBITDA of $159M
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 1
ARIS MINING REPORTS 2023 RESULTS WITH GUIDANCE ACHIEVED, NET EARNINGS OF $11.4M,
ADJUSTED EARNINGS OF $52.2M ($0.38/SHARE), ADJUSTED EBITDA OF $159M
Vancouver, Canada, March 6, 2024 – Aris Mining Corpora�on (Aris Mining or the Company) (TSX: ARIS; NYSE -A:
ARMN) announces financial and opera�ng results for the three and twelve months ended December 31, 2023 (Q4
2023 and FY 2023, respec�vely). All amounts are in US dollars unless otherwise indicated.
Q4 2023 FY 2023
Gold Produc�on 61,052 ounces 226,151 ounces
Segovia Opera�ons AISC/oz1 $1,264 $1,173
EBITDA1 $19.7M $112.1M
Adjusted EBITDA1 $39.7M $159.4M
Net earnings (loss) ($5.9M) or ($0.04)/share $11.4M or $0.08/share
Adjusted earnings1 $11.8M or $0.09/share $52.2M or $0.38/share
Aris Mining CEO Neil Woodyer stated: “In 2023, we restructured the opera�ons team and introduced new opera�ng
procedures following the combina�on of GCM Mining and Aris Gold in September 2022 . The new team achieved
consistent quarter-over-quarter increases in gold pro duc�on during 2023, significantly enhancing our posi�on in
2024 and the future. We have achieved the ini�al phase of our vision to create an atrac�ve gold mining company
for investors by integra�ng profitable opera�ons with explora�on poten�al and growth projects.
During 2023, our high-grade Segovia Opera�ons produced 202,940 ounces of gold at a processed grade of 10.4 g/t
with all-in sustaining costs per ounce of $1,173, achieving produc�on and AISC guidance. For the full year 2023, our
mines generated $75.4 million in free cash flow from opera�ons1 which largely funded $84.2 million in growth and
expansion investments, and we ended the year with a cash posi�on of $195 million.
With strong gold produc�on results and substan�al growth in mineral reserve s and resource s at our Segovia
Opera�ons, we have started construc�on to increase its processing capacity by 50% to 3,000 t onnes per day with
comple�on expected in early 2025 . As the new capacity is used, we expect to increase annual gold produc�on at
Segovia to over 300,000 ounces. Construc�on at our Marmato Lower Mine project has ramped up with ini�al access
roads completed, the lead contractor for portal and decline development selected, and tenders for key items for the
new processing plant underway. We are on pace to reach 500,000 ounces of gold produc�on in Colombia in 2026.”
Operations Review – Segovia Operations
Q4 2023 Q3 2023 FY 2023
Tonnes milled (t) 166,329 163,205 663,603
Average tonnes milled per day (tpd) 1,934 1,898 1,858
Average gold grade processed (g/t) 10.63 10.77 10.42
Gold produced (ounces) 54,719 53,826 202,940
Cash costs ($/ounce sold)1 997 954 928
AISC – owner operated mining ($/ounce sold)1 1,267 1,108 1,120
AISC – partner operated mining ($/ounce sold) 1,2 1,261 1,308 1,242
AISC – total ($/ounce sold)1 1,264 1,194 1,173
1 AISC ($ per oz sold), EBITDA, adjusted EBITDA, adjusted earning, free cash flow, cash costs and sustaining capital are non-IFRS financial measures in this document. These measures do not
have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Refer to the Non-IFRS Measures section and the table titled “Quarterly and YTD
Cashflow generation” below for a reconciliation of these measures to the most directly comparable financial measure disclosed in the Company’s interim and audited financial statements.
2 Partner-operating mining encompasses contractor workforce as well as the acquisition of mill -feed from artisanal and small-scale miner units.
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 2
Aris Mining Quarterly and YTD Cashflow G eneration – 2023 (US$ million)
Q4 Q3 Q2 Q1 FY 2023
Gold sold (ounces) 62,083 59,040 54,228 49,158 224,509
Gold produced (ounces) 61,052 60,193 54,003 50,903 226,151
Average realized gold price ($/ounce sold) $1,980 $1,913 $1,959 $1,869 $1,933
Gold revenue $ 122.9 $ 113.0 $ 106.2 $ 91.9 $ 434.0
Total cash costs1, royal�es & social contribu�ons (75.5) (67.3) (62.5) (51.1) (256.4)
Sustaining capital1 – Segovia infill explora�on program (1.3) (1.3) (0.3) (0.8) (4.6)
Sustaining capital1 – other (10.0) (7.4) (4.1) (7.7) (28.3)
All in sustaining margin 36.1 37.0 39.3 32.2 144.7
Taxes paid - - (52.4) - (52.4)
General and administra�on expenses (7.5) (3.9) (4.1) (2.2) (17.8)
Change in working capital, impact of foreign exchange (8.0) 3.2 22.9 (17.0) 1.0
Free cash flow from opera�ons 20.6 36.3 5.7 12.9 75.4
Expansion and growth capital1 at:
Marmato Upper Mine & Lower Mine (10.6) (14.2) (6.8) (4.6) (36.1)
Segovia Opera�ons – regional explora�on program (6.0) (2.6) (2.9) (2.5) (14.0)
Segovia Opera�ons – other (10.3) (4.0) (4.7) (0.1) (19.1)
Toroparu Project (1.7) (3.9) (4.6) (4.7) (14.9)
Total expansion and growth capital (28.6) (24.6) (19.0) (11.9) (84.2)
Free cashflow from opera�ons a�er expansion capital (8.1) 11.7 (13.4) 1.0 (8.7)
Proceeds from warrant/op�on exercises 0.6 0.3 1.6 0.4 3.0
Soto Norte, deferred payment to Mubadala - - - (50.0) (50.0)
Repayment of Gold-linked Notes (1.8) (1.8) (1.8) (1.8) (7.4)
Contribu�ons to investments in associates (1.4) (1.4) (1.2) (1.1) (5.1)
Purchase of Denarius debentures and shares (3.6) - - (1.1) (4.7)
Interest (paid), net of interest income (2.0) (12.3) (0.2) (17.5) (31.9)
Net change in cash (16.2) (3.5) (15.0) (70.1) (104.8)
Opening balance at the beginning of the period 210.8 214.3 229.3 299.5 299.5
Closing balance at the end of the period $ 194.6 $ 210.8 $ 214.3 $ 229.3 $ 194.6
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 3
Aris Mining's audited consolidated financial statements for three month and years ended December 31, 2023 and
2022 and related MD&A (together, the Annual Filings) are available on SEDAR+, and the Annual Filings and Aris
Mining's annual report on Form 40-F for the year ended December 31, 2023 are available 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 audited financial statements are available free of charge by writen request to info@aris-
mining.com.
FY2023 Conference Call Details
Management will host a conference call on Thursday, March 7, 2024, at 11:00 am ET/8:00 am PT to discuss the
results and outlook for 2024 . The call will be webcast and can be accessed at Aris Mining’s website at www.aris-
mining.com, or at htps://services.choruscall.ca/links/arismining2023q4.html
To join the conference via telephone dial:
• Toll-free North America: 1-866-668-0730
• Interna�onal: +1 604-638-5357
Participants may also choose to pre-register to join the conference call automatically, at this link. Upon registering,
participants will receive a calendar invitation with dial-in details and a unique PIN, which will allow them to bypass
the operator queue and connect directly to the conference.
The call will be available for playback for one week by dialing:
• Toll-free in the US and Canada: +1 800.319.6413
• Interna�onal: +1 604.638.9010
• Replay access code: 0729
A replay of the event will be archived a t Aris Mining Corpora�on - Investors - Events & Presenta�ons (aris -
mining.com).
About Aris Mining
Aris Mining is a gold producer in the Americas with an atrac�ve blend of current produc�on, explora�on, and growth
projects. The Company operates two mines in Colombia, the Segovia Opera�ons and Marmato Upper Mine, known
for their high-grade deposits, which produced 226,000 ounces of gold in 2023. With expansion projects in progress,
Segovia and Marmato aim to produce a combined 500,000 ounces of gold in 2026. Aris Mining also operates and is
20% owner of the Soto Norte Project 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 is commited to pursuing acquisi�ons and other growth opportuni�es to unlock value through
scale and diversifica�on.
Addi�onal informa�on on Aris Mining can be found at www.aris-mining.com, www.sedarplus.ca, and on
www.sec.gov.
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 4
Aris Mining contact:
Ke�na Cordero
Vice President, Investor Rela�ons
+ 604.417.2574
Cautionary Language
Non -IFRS Measures
F r e e c a s h fl o w , c a s h c o s t s ( $ p e r o z s o l d ) , 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 ra�os. 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 ra�os refer to the “Non-
IFRS Measures” sec�on of the Company’s Management’s Discussion and Analysis for the three months and years ended December 31, 2023
and 2022 (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 compara�ve periods to the most
directly comparable financial measure disclosed in the Company's 2023 audited consolidated financial statements.
Total cash costs
Segovia Opera�ons Total Opera�ons
Quarter ended, Year ended, Quarter ended, Year ended,
($000s except per ounce amounts) Dec 31, 2023 Sept 30, 2023 Dec 31, 2023 Dec 31, 2023 Sept 30, 2023 Dec 31, 2023
Total gold sold (ounces) 55,736 52,627 201,652 62,083 59,040 224,509
Cost of sales1 61,993 56,543 213,649 76,580 68,534 261,766
Less: materials and supplies provision (715) - (715) (1,211) (190) (1,401)
Less: royal�es1 (3,434) (3,202) (12,784) (4,531) (4,189) (16,745)
Add: by-product revenue1 (2,297) (3,153) (13,081) (2,565) (3,514) (14,199)
Less: other adjustments - - - - - 77
Total cash costs 55,547 50,188 187,069 68,273 60,641 229,498
Total cash costs ($ per oz gold sold) 997 954 928 1,100 1,027 1,022
1. As presented in the interim and audited consolidated financial statements and notes for the respec�ve periods.
All-in sustaining costs (AISC)
Segovia Opera�ons Total Opera�ons
Quarter ended, Year ended, Quarter ended, Year ended,
($000s except per ounce amounts) Dec 31, 2023 Sept 30, 2023 Dec 31, 2023 Dec 31, 2023 Sept 30, 2023 Dec 31, 2023
Total gold sold (ounces) 55,736 52,627 201,652 62,083 59,040 224,509
Total cash costs 55,547 50,188 187,069 68,273 60,641 229,498
Add: royal�es1 3,434 3,202 12,784 4,531 4,189 16,745
Add: social programs1 2,501 2,249 9,573 2,653 2,434 10,157
Add: sustaining capital expenditures 8,669 6,685 25,136 11,020 8,143 30,842
Add: lease payments on sustaining
capital 324 507 2,073 324 507 2,073
Total AISC 70,475 62,831 236,635 86,801 75,914 289,315
Total AISC ($ per oz gold sold) 1,264 1,194 1,173 1,398 1,286 1,289
1. As presented in the interim and audited consolidated financial statements and notes for the respec�ve periods.
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 5
The table below reconciles the cash cost per ounce sold and the AISC per ounce sold for ore sourced from owner-operated mines and other
partner-operated mines to the totals for the consolidated Segovia Opera�ons:
Quarter ended December 31, 2023 Year ended December 31, 2023
Owner Operated
mining1
Partner Total Owner Operated
mining1
Partner Total
Operated mining2 Segovia Operated mining2 Segovia
Attributable gold sold (ounces) 31,396 24,340 55,736 113,560 88,092 201,652
Total cash costs ($'000)3 27,632 27,915 55,547 88,069 99,002 187,071
Cash cost per ounce sold ($/ounce)3 $880 $1,147 $997 $776 $1,124 $928
All-in sustaining costs ($'000)3 39,781 30,694 70,475 127,232 109,405 236,637
AISC cost per ounce sold ($/ounce)3 $1,267 $1,261 $1,264 $1,120 $1,242 $1,173
Quarter ended September 30, 2023
Owner Operated
mining1
Partner
Operated mining2
Total
Segovia
Atributable gold sold (ounces) 30,030 22,597 52,627
Total cash costs ($'000)3 23,602 26,586 50,188
Cash cost per ounce sold ($/ounce)3 $786 $1,177 $954
All-in sustaining costs ($'000)3 33,279 29,553 62,831
AISC cost per ounce sold ($/ounce)3 $1,108 $1,308 $1,194
1. Includes Company-operated areas within the mines, u�lizing owner-managed labour.
2. Comprises contractor-operated and other small-scale mining opera�ons within and outside of the Company’s mining �tle that are operated by miners under contract to
deliver the mill feed mined to the Company’s Maria Dama plant for processing.
3. Refer to the Non-IFRS Measures sec�on for full details on cash costs ($ per oz sold) and AISC ($ per oz sold).
Addi�ons to mineral interests, plant and equipment
Quarter ended, Year ended,
($’000) Dec 31, 2023 Sept 30, 2023 Dec 31, 2023
Sustaining capital
Segovia Opera�ons 8,669 6,685 25,136
Marmato Upper Mine 2,351 1,457 5,706
Total 11,020 8,143 30,842
Non-sustaining growth capital
Segovia Opera�ons 16,308 6,569 33,157
Toroparu Project 1,740 3,874 14,929
Marmato Lower Mine 9,394 8,413 27,814
Marmato Upper Mine 1,181 5,737 8,244
Juby Project 7 - 40
Total 28,630 24,594 84,184
Total Addi�ons1 39,650 32,736 115,026
1. As presented in the interim and audited consolidated financial statements and notes for the respec�ve periods.
Earnings before interest, taxes, deprecia�on, and amor�za�on (EBITDA) and adjusted EBITDA
Quarter ended, Year ended,
($000s) Dec 31, 2023 Sept 30, 2023 Dec 31, 2023
Earnings (loss) before tax1 7,963 26,156 58,826
Add back:
Deprecia�on and deple�on1 7,535 10,938 34,944
Finance income1 (2,580) (3,672) (10,783)
Interest and accre�on1 6,772 6,757 29,156
EBITDA 19,690 40,179 112,143
Add back:
Share-based compensa�on1 2,977 528 5,111
Revalua�on of investments (Denarius) 1 536 - 10,559
Loss from equity accoun�ng in investee1 (3,667) (1,062) (59)
(Gain) loss on financial instruments1 13,429 (374) 13,078
Foreign exchange (gain) loss1 6,685 2,285 18,550
Adjusted EBITDA 39,650 41,555 159,382
1. As presented in the interim and audited consolidated financial statements and notes for the respec�ve periods.
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 6
Adjusted net earnings and adjusted net earnings per share
Quarter ended, Year ended,
($000s except shares amount) Dec 31, 2023 Sept 30, 2023 Dec 31, 2023
Basic weighted average shares outstanding 137,313,095 137,192,545 136,735,317
Diluted weighted average shares outstanding 137,313,095 137,484,041 137,062,505
Net earnings (loss)1 (5,944) 13,833 11,419
Add back:
Share-based compensa�on1 2,977 528 5,111
Revalua�on of investments (Aris Gold/Denarius) 1 536 - 10,559
(Income) loss from equity accoun�ng in investee1 (3,667) (1,062) (59)
(Gain) loss on financial instruments1 13,429 (374) 13,078
Foreign exchange (gain) loss1 6,685 2,285 18,550
Income tax effect on adjustments (2,221) (796) (6,434)
Adjusted net (loss) / earnings 11,795 14,414 52,224
Per share – basic ($/share) 0.09 0.11 0.38
1. As presented in the interim and audited consolidated financial statements and notes for the respec�ve periods.
Forward -Looking Information
This news release contains "forward -looking informa�on" or forward -looking statements" within the meaning of Canadian securi�es
legisla�on. All statements included herein, other than statements of historical fact, including , without limita�on, statements rela�ng to the
Company’s belief that it has significantly enhanced its posi�on in 2024 and the future, the Company’s plans to increase the processing capacity
at the Segovia Opera�ons and the �ming thereof, the expected increase in annual gold produc�on at the Segovia Opera�ons, the Company’s
goal of producing 500,000 ounces of gold in Colombia in 2026 and the Company’s plans and strategies are forward- looking. Generally, the
forward-looking informa�on and forward looking statements can be iden�fied by the use of forward looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget", "scheduled", "es�mates", "forecasts", "intends", "an�cipates" or "does not
an�cipate", "will con�nue" or "believes", or varia�ons of such words and phrases or state that certain ac�ons, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved”. The material factors or assump�ons used to develop forward looking informa�on
or statements are disclosed throughout this news release.
Forward looking informa�on and forward looking statements, while based on management's best es�mates and assump�ons, are subject to
known and unknown risks, uncertain�es and other factors that may cause the actual results, level of ac�vity, performance or achievements of
Aris Mining to be materially different from those expressed or implied by such forward- looking informa�on or forward looking statements,
including but not limited to those factors discussed in the sec�on en�tled "Risk Factors" in Aris Mining's annual informa�on 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 atempted to iden�fy important factors that could cause actual results to differ materially from those contained in
forward-looking informa�on and forward-looking statements, there may be other factors that cause results not to be as an�cipated, es�mated
or intended. There can be no assurance that such informa�on or statements will prove to be accurate, as actual results and future events could
differ materially from those an�cipated in such informa�on or statement s. The Company has and con�nues to disclose in its Management's
Discussion and Analysis and other publicly filed documents, changes to material factors or assump�ons underlying the forward -looking
informa�on and forward- looking statements and to the validity of the informa�on, in the period the changes occur. The forward- looking
statements and forward-looking informa�on are made as of the date hereof and Aris Mining disclaims any obliga�on to update any such factors
or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking informa�on contained herein
to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and informa�on.
Source: Aris Mining Corpora�on