ARIS Mining Reports Q 4 and Full -Year 2022 Financial and Operating Highlights
News Release
TSX:ARIS aris-mining.com
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ARIS MINING REPORTS Q 4 AND FULL -YEAR 2022
FINANCIAL AND OPERATING HIGHLIGHTS
Vancouver, Canada, March 14, 2023 – Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS;
OTCQX: TPRFF) , formerly GCM Mining Corporation (GCM Mining), announces financial and operating
results for the three and twelve months ended December 31, 2022 (Q4 2022 and FY2022). All amounts are
in US dollars unless otherwise indicated.
Aris Mining CEO Neil Woodyer stated: “ Aris Mining combines free cash flow generation from current
operations with attractive large-scale development projects with long mine lives and growth potential from
exploration upside. During 2022, our business generated $51 million of free cash flow fro m current
operations that substantially funded $73 million in long-term growth investments. Aris Mining’s near-term
growth projects include the construction of the Marmato Lower Mine, the Soto Norte gold -copper project
undergoing permitting and licencing, and the Toroparu project in Guyana, where we are progressing
additional studies to update, fully-define and optimize the development plan.
Looking forward, we expect to produce between 230,000 and 270,000 ounces of gold at an AISC1 of
between $1,050 to $1,150 per ounce during 2023. We are working to expand our partnerships with artisanal
and small-scale miners, and are continuing to align with the Colombian government’s focus on enabling all
miners to operate in a legal, safe and responsible manner that protects them and the environment.”
2022 Highlights
Operational:
• Produced 215,373 ounces of gold, including 34,933 ounces from the purchase of mill -feed from
partnerships with artisanal and small-scale miners around the Segovia Operations
• Sold 220,098 ounces of gold at an average realized price of $1,784 per ounce
• Total cash costs of $797 per ounce1 and AISC of $1,128 per ounce1
• In November 2022, the Company received approval from the Agencia Nacional de Minería (ANM) of
the Marmato works and construction program (PTO); a further step toward fully permitting the
Marmato Lower Mine expansion project
• In November 2022, the Company updated the Marmato Lower Mine expansion Preliminary Feasibility
Study and increased gold mineral reserves by 57%2
• Updated mineral resource and reserve estimates for the Segovia Operations effective December 31,
2022, which included full replacement of gold ounces mined in 20222
Financial and growth investments:
• In September 2022, GCM Mining and Aris Gold combined to create Aris Mining as a leading Latin
America-focused gold producer
1 Refer to the Non-IFRS Measures section below for full details on EBITDA, adjusted EBITDA, total cash costs per ounce, AISC ($ per oz sold), sustaining capital,
adjusted net income and adjusted net income per share.
2 See Qualified Person and Technical Disclosure section below for further details.
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• In April 2022, Aris Gold, which subsequently combined with the Company, established a joint venture
and became the operator of the Soto Norte Project in Colombia, where environmental l icensing is
advancing to develop a new underground gold, silver and copper mine
• Income from mining operations of $160 million
• EBITDA of $116.9 million1 and Adjusted EBITDA of $166.0 million1
• Expenditures of $45.7 million in sustaining capital1
• Expenditures of $7 3.2 million in non -sustaining capital, including $7.4 million at Segovia Operations,
$5.1 million at Marmato Mine (Upper and Lower), and $60.7 million at the Toroparu Project1
• Net income of $0.6 million or $0.01 per share
• Adjusted net income of $50.3 million or $0.46 per share1
• $299.5 million of cash and cash equivalents at December 31, 2022
Responsible mining and shared value:
• Joined the United Nations Global Compact and initiated the development of our Communication on
Progress (CoP) Report
• Introduced Vision Zer000 , a program to further strengthen our culture of harm prevention and to
integrate safety, health and well-being into our daily actions
• Social contributions of $12 .0 million, which is now structured under a transparent social investment
policy that aligns with Government development plans and Aris Mining’s stakeholder engagement
policy
• Royalty and income tax payments of $63.7 million
• Expanding partnerships with artisanal and small-scale miners at th e Segovia Operations and creating
new partnership opportunities at the Marmato Mine and Soto Norte Projec t through a new protocol
for establishing agreements
• Strengthening Aris Mining’s diversity and inclusion policies to promote gender equality in all areas of
our business
Q4 2022 Financial and Operating Highlights
In US dollars Three months ended December 31, Years ended December 31,
2022 2021 2022 2021
Gold sold (ounces) 59,157 51,716 220,098 210,042
Average realized gold price ($/ounce sold) 1,687 1,782 1,784 1,794
Cash costs ($/ounce sold)1 811 797 797 788
AISC ($/ounce sold)1 1,108 1,211 1,128 1,133
Income from mining operations ($’000) 37,744 36,220 159,955 155,579
Net cash provided by operating activities ($’000) 12,938 27,413 76,954 80,554
EBITDA ($’000)1 32,811 32,057 116,930 280,289
Adjusted EBITDA ($’000)1 36,372 37,300 165,960 171,489
Net earnings ($’000) 4,769 6,606 622 179,968
Adjusted earnings ($'000)1 8,679 12,162 50,283 72,234
Earnings per share – basic ($) 0.05 0.07 0.01 2.25
Adjusted earnings per share – basic ($)1 0.09 0.12 0.46 0.87
1. Refer to the Non-IFRS Measures section below for full details on cash costs ($ per oz sold), AISC ($ per oz sold), EBITDA, adjusted EBITDA, and adjusted
earnings. Comparative cash cost and AISC values have been adjusted from amounts disclosed prior to Q3 2022 following a change in the methodology
used to calculate total cash costs ($ per oz sold) and AISC ($ per oz sold) in Q3 of 2022.
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Balance sheet, as at ($000s) December 31,
2022
December 31,
2021
Cash and cash equivalents 299,461 323,565
Total assets 1,242,120 998,385
Total debt1
Senior Notes 300,000 300,000
Gold Notes 66,006 -
Convertible Debentures 13,300 14,200
1. The face value of long-term debt as at December 31, 2022 is as disclosed in Note 10 to the Financial Statements for further details on long-term debt
2022 Cash Flow Generation
The operating cash flow generated by the Company in FY 2022 is summarized in the table below.
(US$000s) Year ended
Dec 31, 2022
Gold Revenue 392,622
Total cash cost1 (175,528)
Royalties1 (12,955)
Social contributions1 (11,992)
Sustaining capital1 (47,884)
All in sustaining cost (AISC) 1 (248,359)
AISC Margin 144,263
General and administrative expenses (22,024)
Change in receivables related to timing of gold sales (13,496)
Other changes in receivables (3,372)
Impact of foreign exchange losses on cash balances (7,162)
Other changes in working capital and other 3,152
Taxes paid2 (50,716)
Free cash flow from operations 50,645
Non-sustaining capital
Toroparu Project1 60,678
Segovia Operations1 7,374
Marmato Upper Mine1 475
Marmato Lower Mine1 4,649
Total non-sustaining capital 73,176
1. Refer to the Non-IFRS Measures section below for full details on cash costs ($ per oz sold), AISC ($ per oz sold), and additions to mining interests
split by nature and site. Comparative cash cost and AISC values have been adjusted from amounts disclosed prior to Q3 2022 following a change
in the methodology used to calculate total cash costs ($ per oz sold) and AISC ($ per oz sold) in Q3 of 2022.
2. As presented in the Financial Statements and notes included therein for the respective periods.
Aris Mining’s Q4 2022 financial statements and related MD&A are available on SEDAR and in the Financials
section of Aris Mining’s website here.
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Conference call
The conference call to discuss the Q4 2022 and FY2022 results will be held on March 15, 2023 at 7:00am
(Pacific Time) or 10:00am (Eastern Time).
The conference call dial-in is +1-416-764-8658 or toll free (North America) +1-888-886-7786.
Participants can access the Company’s presentation by a live webcast of the conference call at the following
link: https://events.q4inc.com/attendee/982031966
There will be a question-and-answer session following the presentation.
About Aris Mining
Aris Mining is a Canadian company led by an executive team with a track record of creating value through
building globally relevant mining companies. 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 202 2. Aris Mining also operates the 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 the Toroparu Project, a gold/copper project. Aris Mining plans to pursue acquisition 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 and www.sedar.com.
For further information, contact:
Tyron Breytenbach
Senior Vice President, Capital Markets
t + 416.399.2739
C a u tio n a r y La n gu age
N o n-I F RS Me a su r e s
Cash costs ($ per oz sold), AISC ($ per oz sold), EBITDA, adjusted EBITDA, adjusted (loss)/earnings and additions to mining interests
are non-IFRS financial measures and non -IFRS ratios in this document. 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 re fer
to the “Non-IFRS Measures” section of the Company’s Management’s Discussion and Analysis for the three months and year ended
December 31, 2022, which is incorporated by reference into this news release and is available on the Company’s profile on SEDAR
at www.sedar.com.
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Q u a li f ie d P e r s o n an d Te c h n ic al In f o rm a t io n
Pamela De Mark, P.Geo., Senior Vice President , Technical Services of Aris Mining, is a Qualified Person as defined by National
Instrument 43-101 (NI 43-101) and has reviewed and approved the technical information contained in this news release.
Scientific and technical information concerning the Marmato mine is summarized, derived, or extracted from the NI 43-101
compliant technical report entitled "Technical Report for the Marmato Gold M ine, Caldas Department, Colombia, Pre -Feasibility
Study of the Lower Mine Expansion Project" dated November 23, 2022 with an effective date of June 30, 2022 (the “2022 Marmato
Pre-Feasibility Study). The 2022 Marmato Pre -Feasibility Study was prepared by B en Parsons, MAusIMM (CP), Anton Chan, Peng,
Brian Prosser, PE, Joanna Poeck, SME-RM, Eric J. Olin, SME-RM, MAusIMM, Fredy Henriquez, SME, ISRM, David Hoekstra, PE, NCEES,
SME-RM, Mark Allan Willow, CEM, SME -RM, Vladimir Ugorets, MMSA, Colleen Crystal, PE, GE, Kevin Gunesch, PE, Tommaso
Roberto Raponi, P.Eng, David Bird, PG, SME -RM, and Pamela De Mark, P.Geo., each of whom is a "Qualified Person" as such term
is defined in NI 43 -101, and with the exception of Pamela De Mark of Aris Mining, are independent of the Company within the
meaning of NI 43-101.
Scientific and technical information concerning the mineral resource and reserve estimates of the Segovia Operations is
summarized, derived, or extracted from the news release of the Company dated March 3, 2023, which is available for review on
the Company’s website at www.aris-mining.com and on the Company’s profile on SEDAR at www.sedar.com, and which have been
reviewed and approved by Pamela De Mark, P.Geo ., Senior Vice President, Technical Service s of Aris Mining, who is a Qualified
Person as defined by NI 43-101.
For w a rd- Lo o k in g In f o r mat io n
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 mine lives and growth potential of the Company’s large-scale development projects, the Company’s
plans for its near-term growth projects, 2023 gold production and AISC projections, plans with respect to partnerships with artisanal
and small-scale miners and the timing thereof, 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". Statements concerning mineral reserve estimate s
and mineral r esource estimates may also be deemed to constitute forward looking information to the extent that they involve
estimates of the mineralization that will be encountered. The material factors or assumptions used to develop forward looking
information or statements are disclosed throughout this presentation.
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 caus e 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: local environmen tal and regulatory requirements and
delays in obtaining required environmental and other licenses, changes in national and local government legislation, taxation ,
controls, regulations and political or economic developments, uncertainties and hazards assoc iated with gold exploration,
development and mining, risks associated with tailings management, risks associated with operating in foreign jurisdictions, risks
associated with capital cost estimates, dependence of operations on infrastructure, costs associated with the decommissioning of
the Company’s properties, fluctuations in foreign exchange or interest rates and stock market volatility, operational and tec hnical
problems, the ability to maintain good relations with employees and labour unions, competit ion; reliance on key personnel,
litigation risks, uncertainties relating to title to property and mineral resource and mineral reserve estimates, risks associated with
acquisitions and integration, risks associated with the Company’s ability to meet its fi nancial obligations as they fall due, volatility
in the price of gold, or certain other commodities, risks that actual production may be less than estimated, risks associated with
servicing indebtedness, additional funding requirements, risks associated wi th general economic factors, risks associated with
secured debt, changes in the accessibility and availability of insurance for mining operations and property, environmental,
sustainability and governance practices and performance, risks associated with cl imate change, risks associated with the reliance
on experts outside of Canada, , pandemics, epidemics and public health crises, potential conflicts of interest, uncertainties relating
to the enforcement of civil labilities outside of Canada, cyber-security risks, risks associated with operating a joint venture, volatility
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of the share price, the ability to pay dividends in the future, as well as those factors discussed in the section entitled "Risk Factors"
in Aris Mining's most recent annual information form available on SEDAR at www.sedar.com.
Although Aris Mining has attempted to identify important factors that could cause actual results to differ materially from th ose
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.
Source: Aris Mining Corporation