ARIS Mining Reports Q1 2024 Results with Segovia Generating $13.8 Million IN Operating Cash Flow
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 1
ARIS MINING REPORTS Q1 2024 RESULTS WITH SEGOVIA GENERATING
$13.8 MILLION IN OPERATING CASH FLOW
Vancouver, Canada, May 14, 2024 – 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.
Q1 2024
Gold production (Segovia & Marmato) 50,768 ounces
Segovia Operations All-in Sustaining Cost per Ounce Sold (AISC/oz)1 $1,434
EBITDA1 $22.4M
Adjusted EBITDA1 $28.4M
Net earnings (loss) $(0.7)M or $(0.01)/share
Adjusted earnings1 $5.4M or $0.04/share
Number of common shares outstanding May 14, 2024 152.2M
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 240,0 00 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 $147 million.
Both of our expansion projects progressed well during the quarter. At Segovia, the mill expansion from 2,000 to 3,000
tonnes per day has advanced with completion of mill sizing optimization studies, civil works for the relocated CMP
mill feed receiving area are 85% complete, major equipment orders have been placed, and geotechnical test work
for the mill and silo foundations are complete.
At the Marmato Lower Mine, most of the mechanical equipment has been ordered, including the crushers, ball and
SAG mills, gravity concentrators, thickeners, and filter presses. The access road has reached the portal level, which
allows the portal contractor access to their work area , and t he second phase of the contract for the decline
development has been submitted to a third-party review and will be awarded soon.”
Operations Review – Segovia Operations
Q1 2024 Q4 2023 Q1 2023
Tonnes milled (t) 154,425 166,329 149,965
Average tonnes milled per day (tpd) 1,817 1,934 1,785
Average gold grade processed (g/t) 9.42 10.63 10.11
Gold produced (ounces) 44,909 54,719 46,513
Cash costs ($/ounce sold)1 1,162 997 814
AISC – total ($/ounce sold)1 1,434 1,264 1,104
1 AISC ($ 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 below for a reconciliation of these
measures to the most directly comparable financial measure disclosed in the Company’s interim financial statements.
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 2
Aris Mining Quarterly Cashflow Generation – Q1 202 4 (US$ million)
Q1 2024
Gold sold (ounces) 51,044
Gold produced (ounces) 50,768
Average realized gold price ($/ounce sold) $2,061
Gold revenue 105.2
Total cash costs1, royalties & social contributions (72.4)
Sustaining exploration (1.0)
Sustaining capital - other (6.8)
All in sustaining margin 25.0
Taxes paid -
General and administration expenses (4.2)
Change in receivables related to metal sales and VAT (9.1)
Change in working capital and other (17.8)
Impact of foreign exchange losses on cash balances (0.3)
Cash flow from operations (6.4)
Expansion and growth capital1 at:
Marmato Upper Mine & Lower Mine (16.7)
Regional exploration program (3.0)
Segovia Operations – other growth capital (8.5)
Toroparu Project (1.9)
Total expansion and growth capital (30.1)
Cashflow from operations after expansion capital (36.5)
Proceeds from warrant/option exercises 7.7
Repayment of Gold-linked Notes (3.7)
Capitalized interest (2.6)
Contributions to investments in associates (1.4)
Interest (paid), net of interest income (10.6)
Net change in cash (47.1)
Opening balance at the beginning of the period 194.6
Closing balance at the end of the period 147.5
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 3
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 info@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 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 Min ing is advancing Toroparu, a
gold/copper project. Aris Mining intends to pursue acquisitions and other gr owth 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.
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 -IFRS Measures
Free cash flow, c ash 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 th e 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.
News Release
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Cash cost per ounce
Segovia Operations: Quarter ended Total Operations: Quarter ended
$000s except per ounce amounts) March 31, 2024 Dec 31, 2023 March 31, 2023 March 31, 2024 Dec 31, 2023 March 31, 2023
Total gold sold (ounces) 45,288 55,736 44,908 51,044 62,083 49,158
Cost of sales1 57,949 61,993 44,083 71,333 76,580 53,705
Less: materials and supplies provision — (715) — — (1,211) —
Less: royalties1 (3,008) (3,434) (2,660) (4,092) (4,531) (3,410)
Add: by-product revenue1 (2,318) (2,297) (4,877) (2,430) (2,565) (5,043)
Less: other adjustments — — — — — 77
Total cash costs 52,623 55,547 36,546 64,811 68,273 45,329
Total cash costs ($ per oz gold sold) 1,162 997 814
1. As presented in the interim and audited consolidated financial statements and notes for the respective periods.
All-in sustaining costs (AISC)
Segovia Operations: Quarter ended Total Operations: Quarter ended
$000s except per ounce amounts) March 31, 2024 Dec 31, 2023 March 31, 2023 March 31, 2024 Dec 31, 2023 March 31, 2023
Total gold sold (ounces) 45,288 55,736 44,908 51,044 62,083 49,158
Total cash costs 52,623 55,547 36,546 64,811 68,273 45,329
Add: royalties1 3,008 3,434 2,660 4,092 4,531 3,410
Add: social programs1 2,289 2,501 2,404 3,455 2,653 2,404
Add: sustaining capital expenditures 6,496 8,669 7,332 7,320 11,020 7,867
Add: lease payments on sustaining capital 506 324 655 506 324 655
Total AISC 64,922 70,475 49,597 80,184 86,801 59,665
Total AISC ($ per oz gold sold) 1,434 1,264 1,104
1. As presented in the interim and audited consolidated financial statements and notes for the respective periods.
Additions to mineral interests, plant and equipment
Quarter ended,
($’000) March 31, 2024 Dec 31, 2023 March 31, 2023
Sustaining capital
Segovia Operations 6,496 8,669 7,332
Marmato Upper Mine 824 2,351 535
Total 7,320 11,020 7,867
Non-sustaining growth capital
Segovia Operations 11,023 16,308 2,641
Toroparu Project 1,939 1,740 4,690
Marmato Lower Mine 14,865 9,394 3,881
Marmato Upper Mine 2,278 1,181 681
Juby Project 3 7 33
Total 30,108 28,630 11,926
Total Additions1 37,428 39,650 19,793
1. As presented in the interim and audited consolidated financial statements and notes for the respective periods.
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Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA
Quarter ended,
($000s) March 31, 2024
Earnings (loss) before tax1 10,310
Add back:
Depreciation and depletion1 7,519
Finance income1 (2,246)
Interest and accretion1 6,803
EBITDA 22,386
Add back:
Share-based compensation1 1,842
Loss from equity accounting in investee1 551
(Gain) loss on financial instruments1 3,742
Foreign exchange (gain) loss1 (108)
Adjusted EBITDA 28,413
1. As presented in the interim and audited consolidated financial statements and notes for the respective periods.
Adjusted net earnings and adjusted net earnings per share
Quarter ended,
($000s except shares amount) March 31, 2024
Basic weighted average shares outstanding 138,381,653
Diluted weighted average shares outstanding 138,381,653
Net earnings (loss)1 (744)
Add back:
Share-based compensation1 1,842
(Income) loss from equity accounting in investee1 551
(Gain) loss on financial instruments1 3,742
Foreign exchange (gain) loss1 (108)
Income tax effect on adjustments 78
Adjusted net (loss) / earnings 5,361
Per share – basic ($/share) 0.04
1. As presented in the interim and audited consolidated financial statements and notes for the respective periods.
For ward -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, stateme nts 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 s ubject 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 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 Comp any 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
News Release
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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 fro m those
expressed in, or implied by, FOFI. The Company has included FOFI in orde r 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