ARIS Mining Reports Q3 2024 GOLD Production, Updates Segovia Reserve and Resource Estimates and Expansion Milestones
News Release
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ARIS MINING REPORTS Q3 2024 GOLD PRODUCTION, UPDATES SEGOVIA RESERVE
AND RESOURCE ESTIMATES AND EXPANSION MILESTONES
Vancouver, Canada, October 7, 2024 – Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS;
NYSE-A: ARMN) announces gold production results of 53,608 ounces (oz) for Q3 2024, with 47,493 oz from
Segovia and 6,115 oz from the Marmato Upper Mine . This represents a 9% increase over total gold
production in Q2 2024. Additionally, the Company has made significant progress on expansion projects at
Segovia and has updated mineral resource and mineral reserve estimates with an effective date of July 31,
2024. At the Marmato Lower Mine, construction is advancing on schedule and has crossed the 25% spend
threshold.
Neil Woodyer, CEO of Aris Mining, commented “ We are pleased to share the continued progress of our
Segovia and Marmato expansion projects, which position Aris Mining to achieve an annual gold production
rate of approximately 500,000 oz in the second half of 2026. The first phase of the Segovia Expansion, which
includes an expanded receiving area for mill feed from our mining partners , has been successfully
commissioned. Phase 2 of the Segovia Expansion is underway and is on track for completion in Q1 2025.
Following completion and ramp-up, Segovia’s gold production is expected to exceed 300,000 oz per year.
This growth is driven by a focused exploration strategy that has consistently increased gold resources and
replaced gold reserves. Additionally, construction of the Marmato Lower Mine remains on schedule, and
we continue to advance the studies for the redesigned and smaller environmental footprint Soto Norte
project for early 2025.”
Segovia – Expansion updates
Phase 1 of the Segovia expansion is complete with t he newly expanded receiving area for our contract
mining partners (CMPs) fully commissioned and being handed over to operations. The expanded receiving
area enhances mill feed capacity and operational efficiencies. Phase 2, which involves installing a sec ond
ball mill in the former contractor receiving area, is underway and scheduled for completion in Q1 2025. The
new ball mill will increase throughput and enable finer grinding, process efficiency and gold production.
Gold production from Segovia in Q3 2024 totaled 47,493 oz, reflecting a 9% increase over Q2 2024. With
the expansion ramp-up in mind, Aris Mining is targeting gold production from Segovia of 185,000 to 195,000
oz in 2024, 250,000 oz in 2025 and over 300,000 oz in 2026.
Segovia – Updated Mineral Resource and Mineral Reserve Estimates
As announced in our August 2024 exploration drilling results news release1, Segovia’s exploration programs
continue to deliver high-grade intersections. These results are included in updated estimates effective July
31, 2024, resulting in growth of the mineral resources and full replacement of the mineral reserves (see
Figures 1 and 2 below). These new estimates build on the strong growth in 2023 and support the ongoing
Segovia expansion project. The 2025 drilling program is expected to focus on these newly identified near -
1 See news release dated August 12, 2024 titled “Aris Mining Announces High Grade Drill Results from Ongoing Segovia Operations
Exploration Program”.
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1.4 1.6 1.7
3.6 1.2 1.7 1.6
1.8
3.4
2.5
2020 2021 2022 2023 2024
Previous Measured & Indicated (Moz) Previous Inferred (Moz)
2024 Measured & Indicated (Moz) 2024 Inferred (Moz)
mine mineral resources, aiming to convert them into mineral reserves with low development costs.
Figure 1 - Growth of gold mineral resources (in millions of ounces or Moz), net of depletion2
Figure 2 - Growth of gold mineral reserves (in thousands of ounces or koz), net of depletion2
Marmato expansion updates
The Marmato Lower Mine expansion is progressing on schedule, with the site access road and portal face
now complete and the contractor preparing to initiate work on the twin declines. Both the SAG and ball
mill fabrication are progressing on schedule for completion before the end of 2024. Annual gold production
from the Marmato Upper and Lower mines is expected to grow to an average of 162,000 ounces over a 20-
year mine life once the Lower Mine is operational3.
As of September 30, 2024, the project reached the "25% spend" milestone required for the first milestone
payment under the precious metals purchase agreement with Wheaton Precious Metals ( WPMI). WPMI
2 See Tables 1 and 2 for the full breakdown of tonnes, grade, and ounces by category and the “Technical Disclosure and Qualified Person”
section below for full disclosure of technical and scientific details.
3 See the “Technical Disclosure and Qualified Person” section below for full disclosure of technical and scientific details.
1,343
633 745 755
1,320
2020 2021 2022 2023 2024
Previous Proven & Probable (koz) 2024 Proven & Probable (koz)
Measured & Indicated:
6.6 million tonnes at 16.1 g/t
containing 3.4 Moz
Inferred:
5.1 million tonnes at 15.4 g/t
containing 2.5 Moz
5.1M tonnes at 15.4 g/t
Proven & Probable:
3.9 million tonnes at 10.8 g/t
containing 1.3 Moz
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has been notified, and the US$40 million first milestone payment is expected to be received before the end
of the month, with additional US$40 million and US$42 million payments at the 50% and 75% spend
milestones, respectively.
Technical Disclosure
The table below summarizes the 2024 mineral resource estimate (the 2024 MRE) together with the
disclosure of several years of previous mineral resource estimates.
Table 1 - Segovia Operations mineral resource estimates4
Effective date
Measured Indicated Measured & Indicated Inferred
Tonnes
(kt)
Grade
Au
(g/t)
Oz Au
(koz)
Tonnes
(kt)
Grade
Au
(g/t)
Oz Au
(koz)
Tonnes
(kt)
Grade
Au
(g/t)
Oz Au
(koz)
Tonnes
(kt)
Grade
Au
(g/t)
Oz Au
(koz)
31–Jul-2024 3,637 16.03 1,875 2,943 16.07 1,521 6,580 16.05 3,396 5,138 15.38 2,541
30–Sep-2023 4,114 14.31 1,893 3,754 14.38 1,736 7,869 14.34 3,629 4,682 12.11 1,823
31-Dec-2022 405 15.39 200 4,569 10.16 1,492 4,974 10.58 1,692 5,325 9.44 1,616
31-Dec-2021 462 14.00 208 4,123 10.65 1,412 4,585 10.99 1,620 5,349 9.90 1,703
31-Dec-2020 327 19.78 208 3,640 10.40 1,217 3,967 11.17 1,425 3,661 10.28 1,210
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.
2024 MRE Notes:
• A gold price of US$2,100 per ounce was used for the 2024 MRE.
• The 2024 MRE utilized a gold cut-off grade of between 2.84 g/t and 3.81 g/t depending on mineral resource area. The cut-off grade
values were applied to vein grades diluted to a minimum mining width of one vertical metre.
• The 2024 MRE was prepared by Pamela De Mark, P.Geo., Senior Vice President of Geology and Exploration of Aris Mining, who is a
Qualified Person as defined by NI 43-101.
Previous MRE Notes:
• The mineral resource estimate used a US$ gold price of $1,700 in 2020, $1,800 in 2021, and $1,850 in 2022 and 2023 to determine
a gold cut-off grade of 2.9 g/t in 2020 and 2021, 2.65 g/t in 2022, and between 2.80 g/t and 3.12 g/t in 2023, depending on mineral
resource area, all using a minimum mining width of 1.0 m.
4 See the “Technical Disclosure and Qualified Person” section below for full disclosure of technical and scientific details.
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Table 2 below summarizes the 2024 mineral reserve estimate together with several years of previous
mineral reserve estimates.
Table 2 - Segovia Operations mineral reserve estimates5
Effective date
Proven Probable Proven & Probable
Tonnes
(kt)
Grade Au
(g/t)
Oz Au
(koz)
Tonnes
(kt)
Grade Au
(g/t)
Oz Au
(koz)
Tonnes
(kt)
Grade Au
(g/t)
Oz Au
(koz)
31–Jul-2024 1,886 11.25 682 1,989 10.33 660 3,875 10.78 1,343
30–Sep-2023 1,515 12.25 597 2,017 11.16 723 3,531 11.63 1,320
31-Dec-2022 229 10.92 81 2,132 9.84 675 2,361 9.95 755
31-Dec-2021 204 12.00 79 2,087 9.93 666 2,290 10.11 745
31-Dec-2020 187 13.86 83 2,009 8.51 550 2,196 8.96 633
Notes:
• There are no known mining, legal, political, metallurgical, infrastructure, permitting, or other relevant factors that could
materially affect the mineral reserve estimate.
• Totals may not add due to rounding.
2024 Mineral Reserve Notes:
• A gold price of US$1,915 per ounce was used for the 2024 mineral reserve estimate.
• The 2024 mineral reserve estimate utilized a gold cut-off grade of between 3.11 g/t and 4.18 g/t depending on mineral resource
area. The cut-off grade values were applied to vein grades diluted to a minimum mining width that varies according to the
mining area.
• The 2024 mineral reserve estimate was prepared by Aris Mining technical staff under the supervision of and reviewed by Miguel
Marcelo Roldán, FAusIMM, Technical Services Manager, Segovia Operations, of Aris Mining, who is a Qualified Person as defined
by NI 43-101.
Previous Mineral Reserve Notes:
• The mineral reserve estimate used a US$ gold price per ounce of $1,600 in 2020, $1,650 in 2021, and $1,700 in 2022 and 2023.
The technical information in this news release was reviewed and approved by Pamela De Mark, P.Geo,
Senior Vice President, Geology and Exploration of Aris Mining, who is a Qualified Person as defined by NI
43-101. Ms. De Mark has fully verified the sampling , analytical, and test data as well as the geological
interpretation underlying the information or opinions disclosed in this news release by way of analysis of
the data and the geological interpretations while preparing the 2024 MRE and reviewing the mine ral
reserve estimate.
Unless otherwise indicated, the mineral resource and reserve estimates, scientific disclosure, and technical
information included in this news release are based upon information included in the following documents
5 See the “Technical Disclosure and Qualified Person” section below for full disclosure of technical and scientific details.
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and NI 43-101 compliant technical reports:
• for the annual gold production at Marmato, the technical report entitled “Technical Report for the
Marmato Gold Mine, Caldas Department, Colombia, PFS of the Lower Mine Expansion Project” dated
November 23, 2022 and effective as of June 30, 2022, and prepared by SRK, Ausenco, Piteau
Associates, and Aris Mining;
• for the mineral resource and reserve estimate effective December 31, 2020, the technical report
entitled "NI 43 -101 Technical Report, Prefeasibility Study Update, Segovia Project, Department of
Antioquia, Colombia" dated May 13, 2021 and effective as of December 31, 2020 and prepared by
SRK;
• for the mineral resource and reserve estimate effective December 31, 2021, the technical report
entitled "NI 43 -101 Technical Report, Prefeasibility Study, Segovia Project, Antioquia, Colombia"
dated May 6, 2022 and effective as of December 31, 2021 and prepared by SRK;
• for the mineral resource and reserve estimate effective December 31, 2022, the mineral reserve
estimates of the Segovia Operations are summarized, derived, or extracted from the news release of
the Company dated March 3, 2023; and
• for the mineral resource and reserve estimate effective September 30, 2023, the technical report
entitled “NI 43 -101 Technical Report for the Segovia Operations, Antioquia, Colombia” dated
December 6, 2023 and effective as of September 30, 2023 and prepared by Aris Mining.
All of the documents referenced in this news release are available for review on the Company’s website at
www.aris-mining.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca.
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 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.
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For further information, contact:
Oliver Dachsel
Senior Vice President, Capital Markets
+1.917.847.0063
Forward-Looking Information
This news release contains “forward-looking information” or “forward-looking statements” within the meaning of
Canadian and U.S. securities legislation. All statements included herein, other than statements of historical fact,
including, without limitation, statements relating to our 2025 drilling program and its strategies, goals, and anticipated
results, the Company’s targeted and expected gold production, the timing of the Marmato Lower Mine expansion, the
timing of the milestone payments under the WPMI precious metals purchase agreement, statements related to results
of the 2024 mineral reser ve and resource estimate s 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.
Statements concerning mineral resources and mineral reserve estimates may also be deemed to constitute forward
looking information to the extent that they involve estimates of the mineralization that will be encountered.
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 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. These
factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking
statements. The Company has no intention and undertakes no obligation to update or revise any forward -looking
statements, whether as a result of new information, future events or otherwise.
Differences in United States and Canadian Reporting Practices
This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada,
which differ in certain material respects from the disclosure requirements promulgated by the Securities and Exchange
Commission (the “SEC”). For example, th e terms “mineral reserve”, “proven mineral reserve”, “probable mineral
reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral
resource” are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 Standards
of Disclosure for Mineral Projects and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) - CIM
Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. These
definitions differ from the definitions in the disclosure requirements promulgated by the SEC. Accordingly, information
contained in this press release may not be comparable to similar information made public by U.S. companies reporting
pursuant to SEC disclosure requirements.