ARIS Mining Reports Q3 2023 Financial and Operating Results: Net Earnings of $12.4M, Adjusted EBITDA1 of $41.6M
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 1
ARIS MINING REPORTS Q3 2023 FINANCIAL AND OPERATING RESULTS:
NET EARNINGS OF $12.4M, ADJUSTED EBITDA1 OF $41.6M
Vancouver, Canada, November 8, 2023 – Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS; NYSE-A:
ARMN) announces financial and operating results for the three and nine months ended September 30, 2023 (Q3
2023 and YTD 2023). All amounts are in US dollars unless otherwise indicated.
Q3 2023 YTD 2023
Gold Production 60,193 ounces 165,099 ounces
AISC/oz1 $1,286 $1,247
EBITDA1 $38.8M $90.4M
Adjusted EBITDA1 $41.6M $119.7M
Net earnings $12.4M ($0.09/share) $15.3M ($0.11/share)
Adjusted earnings1 $14.4M ($0.11/share) $40.4M ($0.30/share)
Aris Mining CEO Neil Woodyer stated: “During Q3 2023, our high-grade Segovia Operations delivered strong results
contributing to total gold production of 60,193 ounces, an 11% increase over Q2 2023. Aris Mining is firmly on track
to achieve our 2023 production guidance of 220,000 to 240,000 ounces. Over the nine months ended September 30,
our mines generated $54.9 million in free cash flow from operations 1 which funded $55.5 million in growth and
expansion investments. We ended Q3 2023 with cash and cash-equivalents of $211 million.
In September 2023, we commenced construction of the Marmato Lower Mine and spending is expected to ramp up
as construction progresses into 2024. This project is fully funded from our current cash, operating cash flow , and
dedicated stream financing. This new underground mine will provide access to the wider and large-scale porphyry
mineralization below the current ly operating Upper Mine, which allows for more efficient bulk mining methods in
the Lower Mine. Additionally, we have completed $10.5 million of a planned $17 million strategic exploration and
infill drill program at the Segovia Operations. Segovia has a history of expanding its gold mineral resources and the
recent estimate announced last week signifies a leap forward , as the current measured and indicated mineral
resource has surged by 114% to reach 3.6 million ounces at 14.34 g/t Au (see News Release - November 2, 2023).
We are now in the process of updating the mineral reserve estimates, which is expected by the end of November.”
Operations Review – Segovia Operations
Q3 2023 Q2 2023 YTD 2023
Tonnes milled (t) 163,205 154,105 467,274
Average tonnes milled per day (tpd) 1,898 1,813 1,832
Average gold grade processed (g/t) 10.77 10.13 10.34
Gold produced (ounces) 53,826 47,882 148,221
Cash costs ($/ounce sold)1 954 926 901
AISC – owner operated mining ($/ounce sold)1 1,108 932 1,064
AISC – partner operated mining ($/ounce sold)2,1 1,308 1,339 1,235
AISC – total ($/ounce sold)1 1,194 1,111 1,139
1AISC ($ per oz sold), EBITDA, adjusted EBITDA, adjusted earning, free cash flow and cash costs 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 Q3 2023 interim financial statements.
2Partner-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 Generation – 2023 (US$ million)
1AISC ($ per oz sold), EBITDA, adjusted EBITDA, adjusted earning, free cash flow and cash costs 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 Q3 2023 interim financial statements.
Q3 2023 Q2 2023 Q1 2023 YTD 2023
Gold revenue $ 113.0) $ 106.2) $ 91.9) $ 311.1)
Total cash costs, royalties & social contributions (67.3) (62.5) (51.1) (180.9)
Sustaining capital – Segovia infill exploration program (1.3) (0.3) (0.8) (2.5)
Sustaining capital – other (7.4) (4.1) (7.7) (19.1)
All in sustaining margin 37.0) 39.3) 32.2) 108.5)
Taxes paid - (52.4) - (52.4)
General and administration expenses (3.9) (4.1) (2.2) (10.3)
Change in working capital, impact of foreign exchange 3.2) 22.9) (17.0) 9.1)
Free cash flow from operations 36.3) 5.7) 12.9) 54.9)
Expansion and growth capital1 at:
Marmato Upper Mine & Lower Mine (14.2) (6.8) (4.6) (25.5)
Segovia Operations – regional exploration program (2.6) (2.9) (2.5) (8.0)
Segovia Operations – other (4.0) (4.7) (0.1) (8.8)
Toroparu Project (3.9) (4.6) (4.7) (13.2)
Total expansion and growth capital (24.6) (19.0) (11.9) (55.5)
Free cashflow from operations after expansion capital 11.7) (13.4) 1.0) (0.6)
Proceeds from warrant/option exercises 0.3) 1.6) 0.4) 2.3)
Soto Norte, deferred payment to Mubadala - - (50.0) (50.0)
Repayment of Gold-linked Notes (1.8) (1.8) (1.8) (5.5)
Contributions to Soto Norte joint venture (1.4) (1.2) (1.1) (3.7)
Participation in Denarius Metals rights offering - - (1.1) (1.1)
Interest (paid), net of interest income (12.3) (0.2) (17.5) (29.9)
Net change in cash (3.5) (15.0) (70.1) (88.6)
Opening balance at the beginning of the period 214.3) 229.3) 299.5) 299.5)
Closing balance at the end of the period $ 210.8) $ 214.3) $ 229.3) $ 210.8)
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 3
Mineral Resource Estimate s (MRE) – Segovia Operations
Effective date Measured Indicated Measured & Indicated Inferred
Tonnes Grade
Au
Oz Au Tonnes Grade
Au
Oz Au Tonnes Grade
Au
Oz Au Tonnes Grade
Au
Oz Au
(kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz)
September
30, 2023
(2023 MRE)
December 31,
2022 (2022
MRE)
4,114
405
14.31
15.39
1,893
200
3,754
4,569
14.38
10.16
1,736
1,492
7,869
4,974
14.34
10.58
3,629
1,692
4,682
5,325
12.11
9.44
1,823
1,616
2023 MRE /
2022 MRE
(koz or %)
+36% +1,937
+114% +28% +207
+13%
Notes:
• Mineral resources are inclusive of mineral reserves.
• Mineral resources are not mineral reserves and have no demonstrated economic viability
• There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could
materially affect the mineral resource estimate.
• Totals may not add due to rounding.
2023 MRE Notes:
• A gold price of US$1,850 per ounce was used for the 2023 MRE.
• The 2023 MRE utilized a gold cut-off grade of between 2.80 g/t and 3.12 g/t depending on mineral resource area. The cut-off grade values were
applied to vein grades diluted to a minimum height of one vertical metre.
• The 2023 MRE was prepared by Pamela De Mark, P . Geo., Senior Vice President of Geology and Exploration of Aris Mining.
2022 MRE Notes:
• The mineral resource estimate used a US$ gold price per ounce of $1,850 to determine a gold cut-off grade of 2.65 g/t and used a minimum mining
width of 1.0 m.
Aris Mining’s Q3 2023 interim financial statements and related MD&A are available on SEDAR+ , in its filings with
the U.S. Securities and Exchange Commission (the SEC), and in the Financials section of Aris Mining’s website here.
Q3 2023 Conference Call Details
Management will host a conference call and webcast on Thursday, November 9, 2023 at 9:30 am PT / 12:30 pm ET.
Webcast link: https://services.choruscall.ca/links/arismining2023q3.html
Participants can pre-register to join the call automatically, at:
https://services.choruscall.ca/DiamondPassRegistration/register?confirmationNumber=10022576&linkSecurityStr
ing=1a2bc09050
Replay Dial-in: Canada/USA +1.800.319.6413
International +1.604.638.9010
Replay access code 0482
After the conference call, a replay of the event will be available at Aris Mining Corporation - Investors - Events &
Presentations (aris-mining.com).
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 4
About Aris Mining
Aris Mining is a gold producer in the Americas with a growth -oriented strategy. 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 2022. A ris Mining is currently advancing construction of the Marmato Lower Mine
Expansion project, which will provide access to wider porphyry mineralization below the current Upper Mine. Aris
Mining also operates 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 pl ans to pursue acquisitions 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, www.sedarplus.ca, and on
www.sec.gov.
Aris Mining contacts:
Tyron Breytenbach
Senior Vice President, Capital Markets
+1 416.399.2739
Kettina Cordero
Vice President, Investor Relations
+ 604.417.2574
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 5
Cautionary Language
Non -IFRS Measures
Free cash flow, cash costs ($ per oz sold), AISC ($ per oz sold), EBITDA, adjusted EBITDA, adjusted (loss)/earnings 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 the three months and nine months ended September 30, 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 Q3 2023 interim financial statements.
Total cash costs
Segovia Operations Total Operations
Three months ended, Nine months ended, Three months ended, Nine months ended,
($000s except per ounce amounts) Sept 30, 2023 Jun 30, 2023 Sept 30, 2023 Sept 30, 2023 Jun 30, 2023 Sept 30, 2023
Total gold sold (ounces) 52,627 48,381 145,916 59,040 54,228 162,426
Cost of sales1 56,543 51,030 151,656 68,534 62,947 185,186
Less: royalties1 (3,202) (3,488) (9,350) (4,189) (4,615) (12,214)
Less: by-product revenue1 (3,153) (2,755) (10,785) (3,514) (3,077) (11,634)
Less: other adjustments - - - (190) - (113)
Total cash costs 50,188 44,787 131,521 60,641 55,255 161,225
Total cash costs ($ per oz gold sold) 954 926 901 1,027 1,019 993
1. As presented in the Interim Financial Statements and notes for the respective periods.
All-in sustaining costs (AISC)
Segovia Operations Total Operations
Three months ended, Nine months ended, Three months ended, Nine months ended,
($000s except per ounce amounts) Sept, 2023 Jun 30, 2023 Sept 30, 2023 Sept, 2023 Jun 30, 2023 Sept 30, 2023
Total gold sold (ounces) 52,627 48,381 145,916 59,040 54,228 162,426
Total cash costs 50,188 44,787 131,521 60,641 55,255 161,225
Add: royalties1 3,202 3,488 9,350 4,189 4,615 12,214
Add: social programs1 2,249 2,419 7,072 2,434 2,666 7,504
Add: sustaining capital expenditures 6,685 2,450 16,467 8,143 3,812 19,822
Add: lease payments on sustaining
capital 507 588 1,750 507 588 1,750
Total cash costs 62,831 53,732 166,160 75,913 66,936 202,515
Total cash costs ($ per oz gold sold) 1,194 1,111 1,139 1,286 1,234 1,247
1. As presented in the Interim Financial Statements and notes for the respective periods.
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 6
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 Operations:
Three months ended September 30, 2023 Nine months ended September 30, 2023
Owner Operated
mining1
Partner Total Owner Operated
mining1
Partner Total
Operated mining2 Segovia Operated mining2 Segovia
Attributable gold sold (ounces) 30,030 22,597 52,627 82,164 63,752 145,916
Total cash costs ($'000)3 23,602 26,586 50,188 60,436 71,085 131,521
Cash cost per ounce sold ($/ounce)3 $786 $1,177 $954 $736 $1,115 $901
All-in sustaining costs ($'000)3 33,279 29,553 62,831 87,451 78,709 166,160
AISC cost per ounce sold ($/ounce)3 $1,108 $1,308 $1,194 $1,064 $1,235 $1,139
Three months ended June 30, 2023
Owner Operated
mining1
Partner
Operated mining2
Total
Segovia
Attributable gold sold (ounces) 27,168 21,213 48,381
Total cash costs ($'000)3 19,105 25,681 44,787
Cash cost per ounce sold ($/ounce)3 $ 703 $ 1,211 $ 926
All-in sustaining costs ($'000)3 25,317 28,414 53,731
AISC cost per ounce sold ($/ounce)3 $ 932 $ 1,339 $ 1,111
1. Includes Company-operated areas within the mines, utilizing owner-managed labour.
2. Comprises contractor-operated and other small-scale mining operations within and outside of the Company’s mining title 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 section for full details on cash costs ($ per oz sold) and AISC ($ per oz sold). Comparative cash cost and AISC values have been adju sted
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 of 2022.
Additions to mineral interests, plant and equipment
Three months ended, Nine months ended,
($’000) Sept 30, 2023 June 30, 2023 Sept 30, 2023
Sustaining capital
Segovia Operations 6,685 2,450 16,467
Marmato Upper Mine1 1,457 1,362 3,355
Total 8,143 3,812 19,822
Non-sustaining growth capital
Segovia Operations 6,569 7,638 16,849
Toroparu Project 3,874 4,625 13,189
Marmato Lower Mine1 8,413 6,126 18,420
Marmato Upper Mine1 5,737 645 7,063
Juby Project1 - - 33
Total 24,594 19,034 55,554
Total Additions2 32,736 22,846 75,376
1. As presented in the Interim Financial Statements and notes for the respective periods
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 7
Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA
Three months ended, Nine months ended,
($000s) Sept 30, 2023 June 30, 2023 Sept 30, 2023
Earnings (loss) before tax1 24,765 17,283 48,798
Add back:
Depreciation and depletion1 10,938 8,825 27,409
Finance income1 (3,672) (2,358) (8,203)
Interest and accretion1 6,757 6,746 22,384
EBITDA 38,787 30,496 90,388
Add back:
Acquisition and restructuring costs - - -
Share-based compensation1 528 459 2,134
Revaluation of investments (Denarius) 1 - 10,023 10,023
Loss from equity accounting in investee1 (1,063) 1,427 3,605
(Gain) loss on financial instruments1 1,017 (10,114) 1,713
Foreign exchange (gain) loss1 2,285 7,237 11,865
Adjusted EBITDA 41,555 39,528 119,729
1. As presented in the Interim Financial Statements and notes for the respective periods.
Adjusted net earnings and adjusted net earnings per share
Three months ended, Nine months ended,
($000s except shares amount) Sept 30, 2023 June 30, 2023 Sept 30, 2023
Basic weighted average shares outstanding 137,192,545 136,229,686 136,710,913
Diluted weighted average shares outstanding 137,484,041 140,289,533 140,898,277
Net earnings (loss)1 12,443 8,258 15,299
Add back:
Acquisition and restructuring costs - - -
Share-based compensation1 528 459 2,134
Revaluation of investments (Aris Gold/Denarius) 1 - 10,023 10,023
(Income) loss from equity accounting in investee1 (1,063) 1,427 3,605
(Gain) loss on financial instruments1 1,017 (10,114) 1,713
Foreign exchange (gain) loss1 2,285 7,237 11,865
Income tax effect on adjustments (796) (2,453) (4,213)
Adjusted net (loss) / earnings 14,414 14,837 40,426
Per share – basic ($/share) 0.11 0.11 0.30
1. As presented in the Interim Financial Statements and notes for the respective periods.
Forward -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 achieve its 2023 production guidance, the expected benefits and timing related to the Marmato Lower Mine
expansion, plans with respect to updating the mineral resource and reserve estimates 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 ta ken", "occur" or "be achieved”. The material factors or assumptions
used to develop forward looking information or statements are disclosed throughout this presentation.
News Release
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 8
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
31, 2023 and in the section entitled “Risks and Uncertainties” in the MD&A, which are both 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
information and forward -looking statements and to the validity of th e 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