ARIS Mining Reports H1 2024 Net Earnings of $5.0M, Adjusted Earnings of $18.1M ($0.12/SHARE) and EBITDA of $53.2M While Segovia Expansion and Construction of Marmato Lower MINE Remain ON Track
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 1
ARIS MINING REPORTS H1 2024 NET EARNINGS OF $5.0M, ADJUSTED EARNINGS OF $18.1M
($0.12/SHARE) AND EBITDA OF $53.2M WHILE SEGOVIA EXPANSION AND
CONSTRUCTION OF MARMATO LOWER MINE REMAIN ON TRACK
All amounts are expressed in US dollars unless otherwise indicated.
Vancouver, Canada, August 13 , 2024 – Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS; NYSE -A: ARMN)
announces its full financial and operating results for the three and six months ended June 30, 2024 (Q2 2024 and H 1 2024,
respectively). Aris Mining previously reported H1 2024 gold production of 99,983 ounces and reaffirmed the Company is on track
to meet the lower end of its 2024 consolidated gold production guidance of 220,000 to 240,000 ounces with the processing
plant expansion at the Segovia Operations and construction of the Marmato Lower Mine progressing as planned.
Q2 2024 Q1 2024 H1 2024
Gold production (ounces) (Segovia & Marmato) 49,216 50,768 99,983
EBITDA1 $30.8M $22.4M $53.2M
Adjusted EBITDA1 $36.1M $28.4M $64.5M
Net earnings (loss) $5.7M or $0.04/share $(0.7)M or $(0.01)/share $5.0M or $0.03/share
Adjusted earnings1 $12.7M or $0.08/share $5.4M or $0.04/share $18.1M or $0.12/share
Neil Woodyer, CEO of Aris Mining, commented: “Amid favorable gold prices, Aris Mining reported EBITDA of $53.2 million for
the first half of 2024, with adjusted earnings per share reaching $0.12. During this period, the Company invested $70 million in
growth projects, including $7.5 million allocated to exploration programs. As highlighted in our recent news release, our drilling
program at Segovia continues to deliver high grade intersections, confirming the continuity and extension of the large-scale veins
at depth and along strike, and supporting Segovia’s status as one of the highest grade gold operations in the world.
In H1 2024, we processed relatively lower grade material at Segovia, averaging 9.3 g/t Au, and experienced an unplanned seven-
day plant maintenance shutdown in April . However, since May, the Segovia plant has been operating at its design capacity of
2,000 tonnes per day (tpd) and is on track for expansion to 3,000 tpd by early 2025 to support future production growth. Despite
these operational challenges in H1 2024 , Aris Mining remains on track to meet the lower end of its full -year gold production
guidance of 220,000 to 240,000 ounces.
Segovia generated a significant AISC 1 margin of $60.6 million for H1 2024 , including $7.2 million from the third -party Contract
Mining Partners (CMP) mill-feed purchase business. The business model for our CMPs, with mill-feed purchases based on the
current price of gold, is designed to maintain relatively stable margins while we grow gold production and strengthen our
community relationships. We are updating our cash cost per ounce guidance range to $1,125 to $1,225 and AISC guidance range
to $1,400 to $1,500 , primarily as a result of the rise in gold prices since our initial guidance was set in January 2024 using a
$2,000 per ounce gold price assumption.
Meanwhile, construction of the Marmato Lower Mine is advancing on schedule. As of the end of June 2024, the estimated cost
to complete the Lower Mine construction stood at $246 million, of which $122 million will be funded by stream financing, leaving
a net cost of $124 million to be funded by the Company. In addition to receiving the first $40 million milestone payment related
to the stream financing in Q3 2024, we are also expecting a cash inflow of approximately $20 million in the third quarter related
to our 2023 VAT receivables net of corporate taxes payable. With 2024 production weighted towards the second half of this year,
we are executing our transformational expansion projects as planned, and targeting an annual production rate of approximately
1 EBITDA, adjusted EBITDA, adjusted (net) earnings and AISC are non-GAAP financial measures in this document. These measures do not have any standardized meaning prescribed under
GAAP, and therefore may not be comparable to other issuers. Refer to the Non -GAAP Measures section in this document for a reconciliation of these measures to the most directly
comparable financial measure disclosed in the Company’s interim financial statements.
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 2
500,000 ounces of gold by the second half of 2026. We are also progressing the new development plan study for our 51% owned
Soto Norte Project to unlock our next growth project for 2027 and beyond.”
Segovia Operations Review
At the Segovia Operations in Q2 2024, the cash cost per ounce was $1,222 for Owner Mining operations and $1,174 for On-Title
CMP operations. The cash costs for Owner Mining remained relatively stable, with a modest 3% increase compared to Q1 2024.
However, the cash costs for On-Title CMPs rose by 11% over the previous quarter, directly driven by a 12% increase in realized
gold prices, to $2,308 per ounce in Q2.
Similarly, the purchase and processing costs per ounce for material delivered by Third -Party CMPs, who operate off -title,
increased by 29% in Q2 2024. This was due to both the rise in realized gold prices and the delivery of significantly higher -grade
material in Q2, which averaged 29.1 g/t Au, compared to 18.7 g/t Au in Q1. Despite the higher costs, this segment generated a
sales margin of $3.8 million in Q2 2024, compared to a $3.4 million margin in Q1 2024.
Segovia Operating Information by Segment Q2 2024 Q1 2024 % Change H1 2024
Owner Mining & On-title CMPs
Gold produced (ounces) 36,400 39,915 (9) % 76,315
Gold sold (ounces) 36,117 40,253 (10) % 76,370
Cash cost per ounce sold - owner ($ per oz sold)1 1,222 1,192 3 % 1,206
Cash cost per ounce sold - on-title CMPs ($ per oz sold)1 1,174 1,061 11 % 1,114
AISC/oz sold - owner & on-title CMPs ($ per oz sold)1 1,527 1,439 6 % 1,481
AISC sales margin (%)1,2 34 % 30% 32 %
AISC margin ($'000)1 28,388 25,064 13 % 53,452
Third-Party Purchased Material (Off-title CMPs)
Gold produced (ounces) 7,305 4,993 46 % 12,298
Gold sold (ounces) 7,248 5,036 44 % 12,284
Purchase & processing cost per ounce ($ per oz sold)1 1,790 1,386 29 % 1,625
Third-Party sales margin (%)1,2 23 % 33% 26 %
Third-Party sales margin ($'000)1,2 3,785 3,403 11 % 7,189
1 Non-GAAP financial measures, refer to the Non-GAAP Measures section for a full reconciliation to the most directly comparable financial measure disclosed in the Interim Financial
Statements.
2 Sales margin is calculated as AISC margin over revenues as disclosed above, sales margin is considered by management to be a useful metric of the operations' profitability.
Total Segovia Operating Information Q2 2024 Q1 2024 % Change H1 2024
Average realized gold price ($/ounce sold) 2,308 2,061 12% 2,185
Tonnes milled (t) 155,912 154,425 1% 310,337
Average tonnes milled per day (tpd) 1,834 1,817 1% 1,826
Average gold grade processed (g/t) 9.14 9.42 (3)% 9.28
Gold produced (ounces) 43,705 44,908 (3)% 88,613
Cash costs ($/ounce sold)1 1,299 1,162 12% 1,229
AISC – total ($/ounce sold)1 1,571 1,434 10% 1,501
1 Non-GAAP financial measures, refer to the Non-GAAP Measures section for a full reconciliation to the most directly comparable financial measure disclosed in the Interim Fi nancial
Statements.
Segovia Cash Cost and AISC Outlook
Forecasting full-year costs is challenging due to the direct link between CMP costs and the price of gold, which is used to
determine the mill-feed purchase cost. However, the CMP business model is designed to maintain relatively stable margins while
we grow gold production and strengthen our community relationships. Considering H1 2024 results, the expectation of
continued inflationary cost pressures, and the potential for higher gold prices, we now anticipate cash costs per ounce at Segovia
to range from $1,125 to $1,225 for the full year 2024 , compared to our prior guidance of $975 to $1,075. Similarly, we now
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expect full year 2024 AISC per ounce at Segovia to range from $1,400 to $1,500, up from our prior AISC guidance of $1,225 to
$1,325.
Segovia Expansion Project
• As announced in Q4 2023, the Segovia expansion project aims to increase processing capacity from 2,000 to 3,000 tonnes
per day and is progressing as scheduled
• Overall engineering work is 85% complete
• The manufacturing of the new ball mill was completed on time, and final payment has been made. The new ball mill is
expected to be delivered to site in September
• Construction progress includes the installation of concrete retaining walls, foundations for new equipment and the CMP
receiving facilities, and assembly of the conveyor belts
• Additional work on the foundations and capital expenditures have increased the overall budget to $15 million
• Once the expansion is complete in early 2025, and following a ramp up period, Segovia is expected to produce over 300,000
ounces of gold per year
Marmato Lower Mine Expansion
• Aris Mining commenced construction of the new Marmato Lower Mine in Q3 2023 following the receipt of environmental
permits in July 2023. The Lower Mine will access wider porphyry mineralization below the Upper Mine, with both mines
estimated to produce a combined 162,000 ounces of gold per year over a 20-year mine life2
• Detailed design and engineering of the process facility are over 90% complete. Manufacturing of the process plant
equipment ordered in Q1 2024 is progressing on schedule, with long lead items on track to meet contractual delivery dates
• The portal development is ahead of schedule, with completion expected by the end of August 2024. The contractor selected
for the twin decline is preparing equipment for mobilization
• Preparation of the access road to the processing plant is progressing well and asphalting commenced in August 2024
• Design and engineering of the power supply to the mine and process plant are complete and the land rights acquisition
process continues for the main power line
• Design of the paste plant and water treatment plant are underway
• As of end of June 2024, the estimated cost to complete the Lower Mine construction was $246 million, of which $122 million
will be funded by stream financing; resulting in $124 million of cost to complete on a net basis
Marmato Lower Mine – Construction Budget
$ million
Construction spend (August 2023 to June 2024)1 34
Estimated cost to complete (as of June 30, 2024) 246
Total construction budget 280
Remaining stream funding 122
Remaining net construction budget 124
1 Relates to costs directly associated with the construction of the plant, mining and other surface infrastructure of the Marma to Lower Mine Project,
exclusive of costs associated with other ancillary activities supporting the wider Marmato Mine complex.
2 Refer to the pre-feasibility study on the Marmato Lower Mine Project with an effective date of June 30, 2022, see Section “Qualified Person an d Technical Disclosure”
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Soto Norte Project (PSN)
• On June 28, 2024, the Company completed the acquisition of an additional 31% interest in PSN, increasing its total
ownership to 51%, with Mubadala retaining a 49% interest in PSN and becoming a 9.3% shareholder of Aris Mining
• In 2023, Aris Mining completed a technical and economic assessment of PSN that considered a scaled-down mining concept
with optimizations including: (i) reducing the environmental footprint; (ii) building a smaller processing plant with a longe r
operating life; (iii) adopting a flexible mining method to target higher-grade material earlier in the mine life; (iv) installing a
paste backfill plant to minimize surface tailings storage requirements; and (v) replacing the 6.9 km tunnel to connect the
mine and the processing plant site with a rope conveyor
• The PSN development team is being integrated into the Company's management structure and procedures. The Company
will sole fund certain operating costs during the pre -licensing period, with non -operating and project construction costs
funded on a pro-rata ownership basis
• Local CMPs will be integrated into the new PSN design and development plan
• Feasibility level studies are underway, with results expected in early 2025
Toroparu Project
• Aris Mining continues to advance the Toroparu project, including analysis of the available options for power generation and
access routes to the project and order of magnitude studies on the associated capital and operating costs
• We have submitted all documentation required to renew our Environmental License at Toroparu for a further term of five
years and expect to receive approval from the Guyana Environmental Protection Agency shortly
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Cash Flow Generation
($000s) Q2 2024 Q1 2024 H1 2024
Gold Revenue $114,170 $105,190 $219,360
Total cash cost1 (69,775) (64,811) (134,586)
Royalties (4,204) (4,092) (8,296)
Social contributions (2,271) (3,455) (5,726)
Sustaining exploration1 (2,006) (990) (2,996)
Sustaining capital - other1 (5,364) (6,836) (12,200)
All in sustaining cost (AISC) 1 (83,620) (80,184) (163,804)
AISC Margin 30,550 25,006 55,556
Taxes paid2 (8,497) — (8,497)
General and administration expense2 (2,053) (4,207) (6,260)
Increase in VAT receivable (8,345) (9,090) (17,435)
Other changes in working capital (1,781) (17,816) (19,596)
Impact of foreign exchange losses on cash balances2 (2,240) (322) (2,562)
Cash flow from operations 7,634 (6,429) 1,206
Expansion and growth capital expenditure1 at:
Marmato Upper Mine (1,046) (1,878) (2,924)
Marmato Lower Mine (19,143) (14,865) (34,008)
Regional exploration (4,518) (2,951) (7,469)
Segovia Operations (11,765) (8,472) (20,238)
Toroparu Project (2,079) (1,939) (4,018)
Corporate (1,112) — (1,112)
Total expansion and growth capital (39,663) (30,105) (69,769)
Cash flow from operations after expansion capital (32,029) (36,534) (68,563)
Proceeds from warrant/option exercises2 16,827 7,671 24,498
Principal repayment of Gold Notes2 (3,695) (3,694) (7,389)
Net transaction costs from Soto Norte Acqusition2 (834) — (834)
Capitalized interest paid2 (3,549) (2,594) (6,143)
Repayment of convertible debenture2 (1,325) — (1,325)
Interest (paid) received - net 35 (10,598) (10,563)
Total financial and other costs 7,459 (9,215) (1,756)
Cash flow after expansion capital, financing and other costs (24,570) (45,749) (70,319)
Cash contributions to investment in associate2 (1,270) (1,376) (2,646)
Net change in cash2 (25,840) (47,125) (72,965)
Opening cash balance at beginning of period2 147,497 194,622 194,622
Closing cash balance at end of period2 $121,657 $147,497 $121,657
1. Refer to the Non-GAAP Measures section for full details on cash costs ($ per oz sold), AISC ($ per oz sold), and additions to mining interests split by nature and site.
2. As presented in the Interim Financial Statements and notes for the respective periods.
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Aris Mining's condensed consolidated interim financial statements for the three and six months ended June 30, 2024 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 interim financial statements are available free of charge by
written request to [email protected].
Q2 2024 Conference Call Details
Management will host a conference call on Wednesday, August 14, 2024, at 9:00 am ET/6:00 am PT to discuss the results. The
call will be webcast and can be accessed at Aris Mining’s website at www.aris -mining.com, or at Webcast | Q2 2024 Results
Conference Call (choruscall.com).
Participants may gain expedited access to the conference call by registering at Diamond Pass Registration (dpregister.com). Upon
registering, call in details will be displayed on screen which can be used to bypass the operator and avoid the call queue.
Registration will remain open until the end of the live conference call.
Participants who prefer to dial-in and speak with a live operator, can access the call by dialing:
• Toll-free North America: +1-844-763-8274
• International: +1-647-484-8814
After the call, an audio recording will be available via telephone until end of day August 21, 2024. The recording can be accessed
by dialing:
• Toll-free in the US and Canada: +1-877-344-7529
• International: +1-855-669-9658; and using the access code: 3164349
A replay of the event will be archived at Aris Mining Corporation - Investors - Events & Presentations (aris-mining.com)
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 the Marmato Upper Mine produced 226,000 ounces of gold in 2023. Aris Mining is targeting a
production rate of approximately 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 51% owned Soto Norte joint venture, where Feasibility level studies are underway on a new,
smaller scale development plan, with results expected in early 2025. 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 traditional miners 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.
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 7
Aris Mining contact
Oliver Dachsel
Senior Vice President, Capital Markets
+1.917.847.0063
Kettina Cordero
Vice President, Investor Relations
+1.604.417.2574
Cautionary Language
Non-GAAP Financial 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 -GAAP financial measures and non -GAAP ratios. These measures do not have any
standardized meaning prescribed under IFRS or by Generally Accepted Accounting Principles (GAAP) in the United States , and
therefore may not be comparable to other issuers. For full details on these measures and ratios refer to the “Non-GAAP Financial
Measures” section of the Company’s Management’s Discussion and Analysis for the three and six months ended June 30, 2024
and 2023 (MD&A). The MD&A is incorporated by reference into this news release and is available at www.aris-mining.com, 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 -GAAP 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 Q2 2024 interim financial statements.
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Cash cost s per ounce
Reconciliation of total cash costs by business unit at the Segovia Operations to the cash costs as disclosed above.
Three months ended June 30, 2024 Three months ended June 30, 2023
($000s except per ounce amounts) Segovia Marmato Total Segovia Marmato Total
Total gold sold (ounces) 43,366 6,103 49,469 48,381 5,847 54,228
Cost of sales1 62,282 14,712 76,994 51,030 11,917 62,947
Less: royalties1 (3,078) (1,126) (4,204) (3,488) (1,127) (4,615)
Add: by-product revenue1 (2,862) (153) (3,015) (2,755) (322) (3,077)
Total cash costs 56,342 56,342 69,775 44,787 10,468 55,255
Total cash costs ($ per oz gold sold) $1,299 $926
Total cash cost including royalties 59,420 48,275
Total cash cost including royalties
($ per oz gold sold)
$1,370
$998
Six months ended June 30, 2024 Six months ended June 30, 2023
($000s except per ounce amounts) Segovia Marmato Total Segovia Marmato1 Total
Total gold sold (ounces) 88,654 11,860 100,513 93,289 10,097 103,386
Cost of sales1 120,231 28,096 148,327 95,113 21,539 116,652
Less: royalties1 (6,086) (2,210) (8,296) (6,148) (1,877) (8,025)
Add: by-product revenue1 (5,180) (265) (5,445) (7,632) (488) (8,120)
Less: other adjustments — — — — 77 77
Total cash costs 108,965 25,621 134,586 81,333 19,251 100,584
Total cash costs ($ per oz gold sold) $1,229 $872
Total cash cost including royalties 115,051 87,481
Total cash cost including royalties
($ per oz gold sold)
$1,298 $938
Three months ended March 31, 2024
($000s except per ounce amounts) Segovia Marmato Total
Total gold sold (ounces) 45,288 5,756 51,044
Cost of sales1 57,949 13,384 71,333
Less: royalties1 (3,008) (1,084) (4,092)
Add: by-product revenue1 (2,318) (112) (2,430)
Total cash costs 52,623 12,188 64,811
Total cash costs ($ per oz gold sold) $1,162
Total cash cost including royalties 55,631
Total cash cost including royalties
($ per oz gold sold)
$1,228
1 As presented in the Interim Financial Statements and notes thereto for the respective periods.