ARIS.TO · 2022-11-14 12:00:00

ARIS Mining Reports Q3 2022 Financial and Operating Highlights

Production Results

ARIS MINING REPORTS Q3 2022 FINANCIAL AND

OPERATING HIGHLIGHTS

VANCOUVER, BC

Nov. 14, 2022

/CNW/ - Aris Mining Corporation ("Aris Mining" or the "Company"), formerly GCM

Mining Corporation ("GCM Mining") (TSX: ARIS) (OTCQX: TPRFF) announces financial and operating results for the three

and nine months ended

September 30, 2022

("Q3 2022 and YTD 2022"). All amounts are in US dollars unless otherwise

indicated.

Q3 2022 Highlights:

Cash and cash equivalents of

$326 million

and access to

$260 million

of future project construction funding, as of

September 30, 2022

Gold sales of 53,411 ounces in Q3 2022 at AISC

per ounce sold of

$1,115

, with gold sales up 6% over the same

quarter last year

Income from mining operations of

$39.8 million

for Q3 2022 and

$122.2 million

for YTD 2022

Aris Mining CEO

Neil Woodyer

stated: "We are pleased to report on the integrated group results following the combination

of GCM Mining and

Aris Gold

September 26

. We have reorganized our Colombian operations around GCM Mining's

Medellin

office, transferred the corporate office from

Toronto

Vancouver

, established a new system of governance and

leadership for our community social programs, started implementing new reporting systems focused on cost controls, and

re-branded our operations and offices as Aris Mining.

"During Q3 2022, the expansion of the Segovia Operation's

Maria Dama

processing facility to 2,000 tpd from 1,500 tpd

was completed, resulting in gold production of 54,630 ounces during the quarter. The Segovia Operations generated

$57

million

of after-tax cash flow during the first nine months of 2022, with the historic Marmato Upper Mine contributing

another

$2 million

while the site prepares for the Marmato Lower Mine expansion project.

"Earlier today we announced the completion of updated mineral resource and reserves estimates and the results of the

Preliminary Feasibility Study for the Marmato expansion project, effective

June 30, 2022

, which is expected to be filed in

November 2022

. The updated Marmato Lower Mine construction capital estimate of

$280 million

will be partially funded

from

$122 million

of committed stream financing, for a net construction funding amount of

$158 million

. Since

March 2020

we have increased measured and indicated mineral resources by 47% to 6.0 million ounces of gold, mineral reserves by

57% to 3.2 million ounces, and, at the base case

$1,600

gold price, the project NPV

$341 million

and the IRR is

30%.

Following construction of the new Lower Mine, the Marmato operation is expected to deliver average production of

162,000 ounces per year over a nearly 20-year mine life.

"We are also pleased to announce approval of the Marmato Plan de Trabajos y Obras or PTO, a long-term technical

operations concept, by the Agencia Nacional de Minería, as a progressive step toward fully permitting the expansion

project. We continue to advance the process to amend the Marmato environmental license with the Autoridad Nacional de

Licencias Ambientales.

"We are now focused on a re-evaluation of the Toroparu Project in

Guyana

, including a review to validate the previous

management team's plan to construct the processing plant in two phases. During this period and until the development plan

is fully defined, we are reducing previously planned expenditures."

____________________

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. Please refer to the Non-IFRS Measures section of the Cautionary Notes below for

further information.

See

Marmato mineral resources and reserves

section below for further details.

Q3 2022 Financial and Operating Highlights

Three months ended September 30,

Nine months ended September 30,

2022

2021

2022

2021

Gold sold (ounces)

53,411

50,171

160,940

158,326

Average realized gold price ($/ounce sold)

1,739

1,784

1,819

1,798

Cash costs ($/ounce sold)

743

805

793

785

AISC ($/ounce sold)

1,155

1,161

1,136

1,107

Income from mining operations ($'000)

39,826

35,061

122,211

119,359

EBITDA

(22,831)

50,499

84,119

248,232

Adjusted EBITDA

31,821

41,973

120,478

138,671

Net earning (loss) ($'000)

(48,350)

25,258

(4,147)

173,362

Earnings (loss) per share – basic ($)

(0.48)

0.26

(0.04)

2.32

Adjusted earnings ($'000)

19,979

28,789

80,576

104,102

Adjusted earnings per share – basic ($)

0.20

0.29

0.82

1.34

Additions to mining interests ($'000)

37,007

17,168

95,837

44,557

Balance sheet, as at ($000s)

September 30,

2022

December 31,

2021

Cash and cash equivalents

325,743

323,565

Total assets

1,261,456

998,385

Total long-term debt

376,576

314,266

Comparative cash cost and AISC values have been adjusted from amounts previously disclosed following a change in the methodology used to calculate total cash costs ($ per oz sold) and AISC ($ per oz sold) in Q3

2022. Refer to the

Non

-IFRS Measures

section of the

Cautionary Notes

below for further information

Aris Mining's Q3 2022 financial statements and related MD&A are available on SEDAR and in the

Investors

section of Aris

Mining's website

here

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 230,000 ounces of gold in 2021. 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 with expected average gold

production of 225,000 per year over the life of mine. Aris Mining plans to pursue acquisition and other growth opportunities

to unlock value creation from scale and diversification.

Aris Mining promotes the formalization of 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

Cautionary Notes

Non-IFRS Measures

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 refer to the

Non-IFRS Measures

section of the Company's Management's Discussion and

Analysis for the three and nine months ended

September 30, 2022

, which is incorporated by reference into this news

release and is available on SEDAR at

www.sedar.com

Aris Mining changed the method of calculating cash costs in Q3 2022 and all historical information was adjusted. Total

cash costs now exclude royalties and include the appropriate mine-level general and administrative costs. General and

administrative costs associated with the corporate office (

Canada

) and the arbitration proceedings with the International

Centre for Settlement of Investment Disputes in respect of its claim against the Republic of

Colombia

are excluded from

the calculation. Management considers that royalties are not controllable by the operations team and as such exclude

them from their controllable costs – these costs are included in AISC below. Conversely, mine-level general and

administrative costs are controllable by the operations team and as such are included in total cash costs.

Aris Mining changed the method of calculating AISC in Q3 2022 and all historical information was adjusted. AISC now

excludes all non-mine-level general and administrative costs, environmental penalties and non-mine-level lease payments.

Management considers that these costs are not controllable by the operations teams.

The tables below reconcile the non-IFRS financial measures and non-IFRS ratios contained in this news release for the

current and comparative periods to the most directly comparable financial measure disclosed in the Company's Q3 2022

financial statements.

Total cash costs

Three months ended September 30,

Nine months ended September 30,

2022

2021

2022

2021

($000s except per ounce amounts)

Segovia

Marmato

Total

Total gold sold (ounces)

53,411

50,171

160,940

155,646

2,680

158,326

Cost of sales

43,777

44,577

140,921

133,811

4,370

138,181

Less: royalties

(3,043)

(2,977)

(9,551)

(9,210)

(400)

(9,610)

Less: silver revenue

(1,040)

(1,207)

(3,799)

(4,185)

(96)

(4,281)

Total cash costs

39,694

40,393

127,571

120,416

3,874

124,290

Total cash costs ($ per oz gold sold)

743

805

793

774

1,446

785

Following the close of the business combination with Aris Gold Corporation (the Aris Mining Transaction) on September 26, 2022, consolidated revenue for Q3 and YTD 2022 as presented for Aris Mining includes

revenue from the assets acquired of $nil million. Consolidated net income for Q3 2022 and YTD 2022 includes net loss from Aris Gold assets of $0.1 million. Accordingly operating information for the Marmato Mine is

not included in the analysis given the negligible activity between the close of the Aris Mining Transaction and September 30, 2022.

The Marmato Mine data in the first quarter of 2021 represents operating results prior to February 4, 2021, the initial date of loss of control of former Aris Gold. Thereafter, the Company continued with equity accounting

for its investment in former Aris Gold, until the closing of the Aris Transaction on September 26, 2022.

As presented in the Condensed Consolidated Interim Financial Statements and notes for the respective periods.

All-in sustaining costs

Three months ended September 30,

Nine months ended September 30,

2022

2021

2022

2021

($000s except per ounce amounts)

Segovia

Marmato

Total

Total gold sold (ounces)

53,411

50,171

160,940

155,646

2,680

158,326

Total cash costs

39,694

40,393

127,571

120,416

3,874

124,290

Add: royalties

3,043

2,977

9,551

9,210

400

9,610

Add: social programs

3,175

3,317

9,138

8,044

8,073

Add: sustaining capital expenditures

15,240

10,979

34,938

30,868

689

31,557

Add: lease payments

559

585

1,595

1,757

1,785

Total AISC

39,694

40,393

127,571

120,416

3,874

124,290

Total AISC ($ per oz gold sold)

743

805

793

774

1,446

785

Following the close of the Aris Mining Transaction on September 26, 2022, consolidated revenue for Q3 2022 and YTD 2022 as presented for Aris Mining includes revenue from the assets acquired of $nil million.

Consolidated net income for Q3 and YTD 2022 includes net loss from Aris Gold assets of $0.1 million. Accordingly operating information for the Marmato Mine is not included in the analysis given the negligible activity

between the close of the transaction and September 30, 2022.

for its investment in former Aris Gold, until the closing of the Aris Transaction on September 26, 2022.

As presented in the Condensed Consolidated Interim Financial Statements and notes for the respective periods.

Additions to mineral interests, plant and equipment

Three months ended September 30,

Nine months ended September 30,

($'000)

2022

2021

2022

2021

Sustaining capital

Segovia Operations

15,240

10,979

34,938

30,868

Marmato Upper Mine

689

Total

15,240

10,979

34,938

31,557

Non-sustaining capital

Segovia Operations

1,720

3,986

6,102

9,461

Marmato Lower Mine

1,186

Toroparu Project

20,047

2,203

54,797

2,353

Total

21,767

6,189

60,899

13,000

Additions to mining interest, plant and equipment

37,007

17,168

95,837

44,557

for its investment in former Aris Gold, until the closing of the Aris Transaction on September 26, 2022.

Adjusted net earnings

and adjusted net earnings per share

Three months ended September 30,

Nine months ended September 30,

($000s except shares amount)

2022

2021

2022

2021

Basic weighted average shares outstanding

100,997,670

98,485,773

98,761,384

77,557,372

Earnings/(loss) before tax

(34,673)

37,315

44,217

213,663

Add back:

Acquisition and restructuring costs

21,648

9,817

Gain on Loss of Control Aris Gold

(56,886)

Gain on sale of shares in Titiribi

(8,913)

Share-based compensation

1,633

777

1,693

698

Revaluation of Aris Gold to acquisition price

28,217

Gain (loss) on financial instruments

4,668

(7,743)

(13,246)

(52,067)

Foreign exchange (gain) loss

(1,514)

(1,560)

(1,953)

(2,210)

Adjusted net (loss) / earnings

19,979

28,789

80,576

104,102

Per share – basic ($/share)

0.20

0.29

0.82

1.34

As presented in the Condensed Consolidated Interim Financial Statements for the respective period.

Earnings before interest, taxes, depreciation, and amortization ("EBITDA") and adjusted EBITDA

Three months ended September 30,

Nine months ended September 30,

($000s except shares amount)

2022

2021

2022

2021

Earnings/(loss) before tax

(34,673)

37,315

44,217

213,663

Add back:

Depreciation and depletion

7,131

7,761

24,332

23,375

Finance income

(1,804)

(373)

(3,883)

(980)

Interest and accretion

6,515

5,796

19,453

12,174

EBITDA

(22,831)

50,499

84,119

248,232

Add back:

Acquisition and restructuring costs

21,648

9,817

Gain on Loss of Control Aris

(56,886)

Gain on sale of Shares Titiribi

(8,913)

Share-based compensation

1,633

777

1,693

698

Revaluation of Aris Gold to acquisition price

28,217

Gain (loss) on financial instruments

4,668

(7,743)

(13,246)

(52,067)

Foreign exchange (gain) loss

(1,514)

(1,560)

(1,953)

(2,210)

Adjusted EBITDA

31,821

41,973

120,478

138,671

As presented in the Condensed Consolidated Interim Financial Statements and notes for the respective periods.

Cautionary Language

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 expected production and life of mine at the Marmato mine following construction of the Lower

Mine, the expected timing for the filing of the Marmato Preliminary Feasibility Study, the advancement of the Marmato

environmental license process, the Company's plans with respect to the Toroparu Project, the expected production at the

Toroparu Project, the Company's plans and strategies and estimated production rate and life of mine AISC 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 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. 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 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: the success of business

integration, the ability of the Company's management team to successfully integrate with the current operations, the

Company's ability to generate sufficient cash flow from operations and capital markets to meet its future obligations, no

significant disruption affecting operations, whether due to labour disruptions, supply disruptions, power disruptions,

damage to equipment or otherwise, the viability, economically and otherwise, of developing the Toroparu Project, risks

related to international operations, risks related to general economic conditions, actual results of current exploration

activities; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; the

ability to convert mineral resources to mineral reserves; fluctuations in foreign currency exchange rates or interest rates

and stock market volatility, increases in market prices of mining consumables, risks associated with holding derivative

instruments (such as credit risks, market liquidity risk and mark-to-market risk), possible variations in mineral reserves,

grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; changes in national and local

government legislation, taxation, controls, regulations, regulations and political or economic developments in

Canada

Colombia

, accidents and operations, labour disputes, title disputes, claims and limitations on insurance coverage and other

risks of the mining industry; delays in obtaining governmental approvals including obtaining required environmental and

other licenses, or in the completion of development or construction activities, changes in national and local government

regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which

the Company operates, as well as those factors discussed in the section entitled "Risk Factors" in Aris Mining's most

recent AIF 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

those 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.

The Toroparu Preliminary Economic Assessment is preliminary in nature and is based on numerous assumptions and

includes inferred mineral resources. The inferred mineral resources are considered too speculative geologically to have

economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no

certainty that the Preliminary Economic Assessment will be realized. Scientific and technical information concerning

Toroparu is summarized, derived, or extracted from the Toroparu Technical Report entitled "Revised NI 43-101 Technical

Report and Preliminary Economic Assessment for the Toroparu Gold Project, Upper Puruni River Region of

Western

Guyana

" dated

February 4, 2022

with an effective date of

December 1, 2021

. The Toroparu Technical Report was

prepared by

Glen Kuntz

, P. Geo.,

Brian Wissent

, P.Eng,

Daniel Yang

, P.Eng,

Ben Peacock

, P.Eng,

Kurt Boyko

, P.Eng,

Fernando Rodrigues

, MMSAQP, and

David Willms

, P.Eng, each of whom is independent of GCM within the meaning of NI

43-101 and is a "Qualified Person" as such term is defined in NI 43-101.

Marmato Mine Mineral Resources, effective

June 30, 2022

Area