ARIS Mining Reports Q3 2024 Results with Higher GOLD Production, Increased Margin Generation at Segovia and Pro Forma $266 Million Cash Balance
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 1
ARIS MINING REPORTS Q3 2024 RESULTS WITH HIGHER GOLD PRODUCTION, INCREASED
MARGIN GENERATION AT SEGOVIA AND PRO FORMA $266 MILLION CASH BALANCE
All amounts are expressed in US dollars unless otherwise indicated.
Vancouver, Canada, November 12, 2024 – Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS; NYSE -
A: ARMN) announces its full financial and operating results for the three and nine months ended September 30, 2024
(Q3 2024 and YTD 2024, respectively).
Q3 2024 Q2 2024 YTD 2024
Gold production (ounces) (Segovia & Marmato) 53,608 49,216 153,591
Segovia All-in Sustaining Cost per Ounce Sold (AISC/oz) $1,540 $1,571 $1,515
EBITDA1 $27.8M $30.8M $80.9M
Adjusted EBITDA1 $43.0M $36.1M $107.5M
Net earnings (loss) $(2.2)M or ($0.01)/share $5.7M or $0.04/share $2.7M or $0.02/share
Adjusted earnings1 $12.9M or $0.08/share $12.7M or $0.08/share $31.0M or $0.20/share
Neil Woodyer, CEO of Aris Mining, commented: “In the third quarter of this year we achieved a 9% increase in total
gold production over the prior quarter and demonstrated effective cost management at Segovia, as illustrated in
Figure 1, with an AISC of $1,540 per ounce sold. The combination of higher gold prices, increased production, and
eff ective cost control led to a 37% increase in AISC margin at Segovia, reaching $44.1 million compared to $32.2
million in Q2, as shown in Figure 2. Our operational focus remains on generating cash flow while advancing our
expansion projects at Segovia and Marmato. Over the past 12 months, we have generated Adjusted EBITDA of $147.2
million.
Following Q3, we refinanced our existing $300 million 6.875% Notes with a new 5- year $450 million 8.000% Notes
deal, increasing cash reserves and extending maturity. Our current pro forma cash balance has increased to $266
million following the refinancing and receipt of a stream funding installment, as shown in Figure 3. W e are well -
positioned and funded to deliver on our growth strategy.”
Figure 1: YTD 2024 Realized Gold Prices and Segovia’s AISC/oz
1 EBITDA, adjusted EBITDA, adjusted (net) earnings and AISC are non-GAAP financial measures in this document. These measures do not have any standardized meaning prescribed under
GAAP, and therefore may not be comparable to other issuers. Refer to the Non-GAAP Measures section in this document for a reconciliation of these measures to the most directly
comparable financial measure disclosed in the Company’s interim financial statements.
$2,062
$2,313
$2,457
$1,386
$1,790 $1,834
$1,434
$1,571 $1,540
Q1 2024 Q2 2024 Q3 2024
Realized Gold Price - $/oz
AISC/oz - Third-Party
AISC/oz - Total
AISC/oz - Owner & On-Title CMP
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 2
$80
$132
$40
$30
($16)
$266
Cash balance at
Sept 30, 2024
Net proceeds from
new Senior Notes
(Oct 31, '24)
Receipt of Stream
Funding Installment
(Nov 6, '24)
VAT Receipts
(Oct '24)
Income Tax Paid
from VAT Receipts
(Oct '24)
Pro-forma
Cash Balance
Figure 2: YTD 2024 Growth in Segovia’s AISC Margin ($ million)
Figure 3: Pro Forma Cash Balance Reflecting Significant Post-Q3 Financial Movements
Segovia Operations Review
• AISC margins at the Segovia Operations continued to improve to $44.1 million in Q3 compared to $32.2
million in Q2. The improvement was driven by rising gold prices, increased gold production and lower AISC
costs of $1,540 per ounce.
• We operate our own mines and collaborate with community-based mining partners, referred to as Contract
Mining Partners (CMPs), to increase our total gold production. Some partners work within our infrastructure,
while others manage their own mining operations on our tenements. In addition, we purchase high grade
mill feed from third-party contractors operating off-title, which further optimizes production and increases
operating margins.
• Cash costs for Owner Min ing and On-Title CMPs were $1,145 per ounce, representing a 5% improvement
over Q2 2024. This cost reduction was driven by increased production, partially offset by a rise in realized
gold prices which negatively impacted the cost of CMP-purchased mill feed.
• Similarly, purchase and processing costs for high grade mill feed delivered by off-title CMPs increased in Q3
to $1,834 per ounce from $1,790 per ounce in Q2. The increase reflects higher realized gold prices, partially
offset by lower average grades of 28.5 g/t Au compared to 29.1 g/t Au in Q2.
• The Third-Party off-title CMP segment of our business maintained a strong sales margin of $4.9 million in Q3
2024, up from $3.8 million in Q2 2024.
$25.1 $28.4
$39.2
$3.4
$3.8
$4.9
Q1 2024 Q2 2024 Q3 2024
$2,062 $2,313
$2,457
Realized Gold Price $/oz
Third-party Purchased Material AISC Margin
$28.5
Owner & On-title CMP AISC Margin
$32.2
$44.1
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 3
Total Segovia Operating Information Q3 2024 Q2 2024 Q1 2024 % Change
(Q3 vs Q2) YTD 2024
Average realized gold price ($/ounce sold) 2,457 2,308 2,061 6% 2,280
Tonnes milled (t) 166,868 155,912 154,425 7% 477,205
Average tonnes milled per day (tpd) 1,940 1,834 1,817 6% 1,864
Average gold grade processed (g/t) 9.23 9.14 9.42 1% 9.26
Gold produced (ounces) 47,493 43,705 44,908 9% 136,106
Cash costs ($/ounce sold)1 1,257 1,299 1,162 3% 1,239
AISC – total ($/ounce sold)1 1,540 1,571 1,434 2% 1,515
Segovia Operating Information by Segment Q3 2024 Q2 2024 Q1 2024 % Change
(Q3 vs Q2)
YTD 2024
Owner Mining & On-title CMPs
Gold produced (ounces) 39,921 36,400 39,915 10% 116,236
Gold sold (ounces) 40,248 36,117 40,253 11% 116,618
Cash costs per ounce sold – ($ per oz sold)1 1,145 1,201 1,134 5% 1,158
AISC/oz sold - ($ per oz sold)1 1,483 1,527 1,439 3% 1,482
AISC sales margin (%)1,2 40% 34% 30% 35%
AISC margin ($'000)1 39,199 28,388 25,064 38% 92,650
Third-Party Purchased Material (off-title CMPs)
Gold produced (ounces) 7,572 7,305 4,993 4% 19,870
Gold sold (ounces) 7,811 7,248 5,036 8% 20,095
Purchase & processing cost per ounce ($ per oz sold)1 1,834 1,790 1,386 - 2% 1,706
Third-Party sales margin (%)1,2 25% 23% 33% 25%
Third-Party sales margin ($'000)1,2 4,868 3,785 3,403 29% 12,056
1 Non-GAAP financial measures, refer to the Non-GAAP Measures section for a full reconciliation to the most directly comparable financial measure disclosed in the Interim Financial
Statements.
2 Sales margin is calculated as AISC margin over revenues as disclosed above, sales margin is considered by management to be a useful metric of the operations' profitability.
Segovia Expansion Project
• As announced in Q4 2023, the Segovia expansion project aims to increase processing capacity from 2,000 to
3,000 tonnes per day and is progressing as scheduled.
• Phase 1 of the Segovia expansion is complete with the newly expanded receiving area for our CMPs fully
commissioned and handed over to operations. The new facility began processing material in October 2024.
• Phase 2, which involves installing a second ball mill in the former contractor receiving area, is underway and
scheduled for completion in Q1 2025 , followed by a ramp-up period to reach a production rate of 3,000 tpd in
the second half of 2025. The new ball mill is expected to increase throughput and gold production by enabling
finer grinding and process efficiency.
• The total cost of the expansion project is estimated at $15 million, with $ 8 million spent as of September 30,
2024.
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 4
Marmato Lower Mine Expansion
• Aris Mining commenced construction of the new Marmato Lower Mine in Q3 2023 following the receipt of
environmental permits in July 2023. The Lower Mine will access wider porphyry mineralization below the Upper
Mine, with both mines estimated to produce a c ombined 162,000 ounces of gold per year over a 20- year mine
life.2
• The site access road and portal face were completed in Q3 2024 and the contractor is preparing to initiate work
on the twin declines. Both the semi -autogenous grinding (SAG) and ball mill fabrication are progressing on
schedule for completion before the end of 2024.
• As of the end of September 2024, the estimated cost to complete the Lower Mine construction was $235 million,
of which $122 million will be funded by existing stream financing commitments; resulting in $113 million of cost
to complete on a net basis. On November 6, 2024, Aris Mining received the first $40 million milestone payment
under its streaming agreement. Further payments of $40 million and $42 million are expected to be received
upon reaching the 50% and 75% construction spend milestones, respectively, next year.
Marmato Lower Mine – Construction Budget US$ million
Total Construction Budget 280
Less: spend to date (as of September 30, 2024) 46
Estimated cost to complete (as of September 30, 2024) 235
Remaining stream financing (at 50% and 75% completion) 82
Net construction budget to be funded by Aris Mining 153
1 Relates to costs directly associated with the construction of the plant, mining and other surface infrastructure of the Marmato Lower Mine Project,
exclusive of costs associated with other ancillary activities supporting the wider Marmato Mine complex.
Aris Mining's condensed consolidated interim financial statements for the three and nine months ended September
30, 2024 and related MD&A 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 [email protected].
Q3 2024 Conference Call Details
Management will host a conference call on Wednesday, November 13, 2024, at 9:00 am ET/6:00 am PT to discuss
the results. The call will be webcast and can be accessed at Webcast | Q3 2024 Results Conference Call
(choruscall.com).
Participants may gain expedited access to the conference call by registering at Diamond Pass Registration
(dpregister.com). U pon registering, call in details will be displayed on screen which can be used to bypass the
operator and avoid the call queue. Registration will remain open until the end of the live conference call.
Participants who prefer to dial-in and speak with a live operator, can access the call by dialing:
• Toll-free North America: +1-844-763-8274
• International: +1-647-484-8814
2 Refer to the pre-feasibility study on the Marmato Lower Mine Project with an effective date of June 30, 2022, see Section “Qualified Person and Technical Disclosure”
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 5
After the call, an audio recording will be available via telephone until end of day November 20, 2024. The recording
can be accessed by dialing:
• Toll-free in the US and Canada: +1-855-669-9658
• International: +1-412-317-0088; and using the access code: 9996142
A replay of the event will be archived at Events & Presentations - Aris Mining Corporation.
About Aris Mining
Aris Mining is a gold producer in Latin America, 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 small-scale mining units 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
Cautionary Language
Non-GAAP Financial Measures
Free cash flow, cash costs ($ per oz sold), AISC ($ per oz sold), EBITDA, adjusted EBITDA, adjusted (loss)/earning, sustaining capital
and expenditures on growth capital are non -GAAP financial measures and non -GAAP ratios. These measures do not have any
standardized meaning prescribed under IFRS or by Generally Accepted Accounting Principles (GAAP) in the United States , and
therefore may not be comparable to other issuers. For full details on these measures and ratios refer to the “Non-GAAP Financial
Measures” section of the Company’s Management’s Discussion and Analysis for the three and nine months ended September
30, 2024 and 2023 (MD&A). The MD&A is incorporated by reference into this news release and is available at www.aris-
mining.com, 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-GAAP 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 2024 interim financial statements.
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 6
Cash cost s per ounce
Reconciliation of total cash costs by business unit at the Segovia Operations to the cash costs as disclosed above.
Three months ended Sept 30, 2024 Three months ended June 30, 2024
($000s except per ounce amounts) Segovia Marmato Total Segovia Marmato Total
Total gold sold (ounces) 48,059 5,710 53,769 43,366 6,103 49,469
Cost of sales1 66,570 16,673 83,243 62,282 14,712 76,994
Less: royalties1 (3,506) (1,343) (4,849) (3,078) (1,126) (4,204)
Add: by-product revenue1 (2,665) (613) (3,278) (2,862) (153) (3,015)
Total cash costs 60,399 14,717 75,116 56,342 13,433 69,775
Total cash costs ($ per oz gold sold) $1,257 $1,299
Total cash costs including royalties 63,905 59,420
Total cash costs including royalties
($ per oz gold sold)
$1,330
$1,370
Three months ended March 31, 2024 Nine months ended Sept 30, 2024
($000s except per ounce amounts) Segovia Marmato1 Total Segovia Marmato1 Total
Total gold sold (ounces) 45,288 5,756 51,044 136,712 17,570 154,282
Cost of sales1 57,949 13,384 71,333
186,801
44,769
231,570
Less: royalties1 (3,008) (1,084) (4,092) (9,592) (3,553) (13,145)
Add: by-product revenue1 (2,318) (112) (2,430) (7,845) (878) (8,723)
Total cash costs 52,623 12,188 64,811 169,364 40,338 209,702
Total cash costs ($ per oz gold sold) $1,162 $1,239
Total cash costs including royalties 55,631 178,956
Total cash costs including royalties
($ per oz gold sold)
$1,228
$1,309
1 As presented in the Interim Financial Statements and notes thereto for the respective periods.
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 7
Cash costs per ounce
Three months ended Sept 30, 2024 Three months ended June 30, 2024
($000s except per ounce amounts) Owner & On-
title CMP Off-title CMP Total Owner &
On-title CMP Off-title CMP Total
Total gold sold (ounces) 40,248 7,811 48,059 36,117 7,248 43,365
Cost of sales1 52,245 14,325 66,570 49,304 12,977 62,282
Less: royalties1 (3,506) — (3,506) (3,078) — (3,078)
Add: by-product revenue1 (2,665) — (2,665) (2,862) — (2,862)
Total cash costs 46,073 14,325 60,399 43,364 12,977 56,342
Total cash costs ($ per oz gold sold) $1,145 $1,834 $1,257 $1,201 $1,790 $1,299
Three months ended Mar 31, 2024 Nine months ended Sept 30, 2024
($000s except per ounce amounts) Owner & On-
title CMP Off-title CMP Total On-title CMP Off-title CMP Total
Total gold sold (ounces) 40,253 5,035 45,287 116,618 20,095 136,712
Cost of sales1 50,968 6,980 57,948 152,518 34,283 186,801
Less: royalties1 (3,008) — (3,008) (9,592) — (9,592)
Add: by-product revenue1 (2,318) — (2,318) (7,845) — (7,845)
Total cash costs 45,643 6,980 52,622 135,080 34,283 169,363
Total cash costs ($ per oz gold sold) $1,134 $1,386 $1,162 $1,158 $1,706 $1,239
1 As presented in the Interim Financial Statements and notes thereto for the respective periods.
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 8
All -in sustaining costs (AISC)
Reconciliation of total AISC by business unit at the Segovia Operations to the AISC as disclosed above.
Three months ended Sept 30, 2024 Three months ended June 30, 2024
($000s except per ounce amounts) Segovia Marmato Total Segovia Marmato Total
Total gold sold (ounces) 48,059 5,710 53,769 43,366 6,103 49,469
Total cash costs 60,399 14,717 75,116 56,342 13,433 69,775
Add: royalties1 3,506 1,343 4,849 3,078 1,126 4,204
Add: social programs1 4,294 185 4,479 2,120 151 2,271
Add: sustaining capital expenditures 5,423 938 6,361 6,224 782 7,006
Add: lease payments on sustaining capital 389 - 389 364 — 364
Total AISC 74,011 17,183 91,194 68,128 15,492 83,620
Total AISC ($ per oz gold sold) $1,540 $1,571
Three months ended March 31, 2024 Nine months ended Sept 30, 2024
($000s except per ounce amounts) Segovia Marmato Total Segovia Marmato Total
Total gold sold (ounces) 45,288 5,756 51,044 136,712 17,570 154,282
Total cash costs 52,623 12,188 64,811 169,364 40,338 209,702
Add: royalties1 3,008 1,084 4,092 9,592 3,553 13,145
Add: social programs1 2,289 1,166 3,455 8,703 1,502 10,205
Add: sustaining capital expenditures 6,496 824 7,320 18,143 2,544 20,687
Add: lease payments on sustaining capital 506 — 506 1,259 - 1,259
Total AISC 64,922 15,262 80,184 207,061 47,937 254,998
Total AISC ($ per oz gold sold) $1,434 $1,515
1 As presented in the Interim Financial Statements and notes thereto for the respective periods.