ARIS Mining Reports Record Q4 2024 Financial Results with Strong EBITDA Growth and Announces 25% Capacity Expansion at Marmato
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 1
ARIS MINING REPORTS RECORD Q4 2024 FINANCIAL RESULTS WITH STRONG EBITDA GROWTH
AND ANNOUNCES 25% CAPACITY EXPANSION AT MARMATO
Vancouver, Canada, March 12, 2025 – Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS; NYSE -
A: ARMN) announces its financial and operating results for the three months and full year ended December 31, 2024
(Q4 2024 and 2024, respectively). All amounts are expressed in U.S. dollars unless otherwise indicated.
Highlights:
• Highest Quarterly Gold Production: 57,364 ounces (oz), highest quarterly production in 2024.
• Record Quarterly Financial Results: $22 million of net income1 and $67 million of EBITDA2 and in Q4 2024.
• Strong AISC Margin Growth: Segovia reduced its All-in Sustaining Cost per Ounce Sold (AISC/oz) to $1,485/oz
in Q4 2024 and generated an AISC margin of $58 million, up 32% from $44 million in Q3 2024.
• Segovia Expansion on Track: Expanded processing facility set for commissioning in Q2 2025.
• Enhancing Marmato: Assessments completed to expand the in-construction Lower Mine by 25% to 5,000
tonnes per day (tpd), up from the initial 4,000 tpd. The updated cost to complete construction is $290 million,
inclusive of the scope change which requires acceleration of certain project components into the initial
capital phase. The Marmato production ramp up is scheduled to start in H2 2026.
• Balance Sheet Strength: Growing cash flow generation and refinancing of our Senior Notes contributed to a
cash balance of $253 million as of December 31, 2024.
Q4 2024 Q3 2024 2024
Gold production (ounces) 57,364 53,608 210,955
Segovia AISC/oz $1,485 $1,540 $1,507
EBITDA $66.6M $27.8M $147.5M
Adjusted EBITDA $55.6M $43.0M $163.1M
Net earnings (loss) $21.7M or $0.13/share $(2.1)M or ($0.01)/share $24.6M or $0.16/share
Adjusted earnings $24.7M or $0.14/share $13.1M or $0.08/share $55.9M or $0.35/share
Neil Woodyer, CEO of Aris Mining , commented: “Q4 2024 was a standout quarter for Aris Mining, delivering our
highest gold production of the year at 57,364 oz and our strongest financial results, with $ 55.6 million in Adjusted
EBITDA and $24.7 million in Adjusted Earnings. At Segovia, we achieved a three-year high in AISC margin of $58 .3
million, a 32% increase over Q3, reflecting our continued focus on improving operational efficiency and cost controls.
For the full year, we generated $163 million in Adjusted EBITDA, reinforcing our financial strength as we advance our
major expansion projects. We remain on track to commission the expanded processing facility at Segovia in Q2 2025
with the installation of the second ball mill currently underway. As a result of the ramp-up to 3,000 tpd capacity by
year-end, Segovia is expected to produce 210,000 to 250,000 ounces this year and in the range of 300,000 ounces
per year from 2026 onwards.
1 Net earnings represents net earnings attributable to owners of the company, as presented in the annual and interim financial statements for the relev ant period.
2 All references to EBITDA, adjusted EBITDA, adjusted (net) earnings, cash cost 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 financial statements .
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 2
$11.4 $14.1
$23.1
$35.3$17.0 $18.1
$21.0
$23.0
Q1 2024 Q2 2024 Q3 2024 Q4 2024
We have also been exploring opportunities to scale up Marmato into a higher-capacity operation. We are upgrading
the design of the new Lower Mine carbon-in-pulp ( CIP) processing facility to 5,000 tpd by using the major
components from the current 4,000 tpd design and integrating select higher-capacity components and additional
equipment to achieve the increased capacity. Construction remains on track, with $75 million invested to the end of
February. The Company also plans to expand our Contract Mining Partner (CMP) business model, increasing the feed
to the existing Upper Mine flotation processing facility. Marmato’s production is expected to start ramping up in H2
2026, potentially increasing annual gold production to over 200,000 ounces.”
Segovia Operations Review
Figure: Strong AISC Margin Growth ($ million ) - Segovia
• Higher Gold Production: A modest increase in tonnes milled and a 7% increase in average gold grade
processed to 9.84 g/t in Q4 2024, driving an 8% increase in gold production over Q3 2024.
• Lower Costs: Owner Mining AISC costs improved to $1,386 per ounce in Q4 2024 from $1,451 per ounce in
Q3 2024, while the CMP segment generated the highest quarterly AISC sales margin of 39%.
• Strong AISC Margin at Segovia: Improved to $58.3 million in Q4 2024, up 32% from $44.1 million in Q3 2024,
driven by higher gold prices, increased production, and lower costs.
Total Segovia Operating Information Q4 2024 Q3 2024 % Change 2024
Average realized gold price ($/ounce sold) 2,642 2,457 8% 2,378
Tonnes milled (t) 167,649 166,868 0.5% 644,854
Average tonnes milled per day (tpd) 1,949 1,940 1,885
Average gold grade processed (g/t) 9.84 9.23 7% 9.41
Gold produced (ounces) 51,477 47,493 8% 187,583
Cash costs ($/ounce sold) 1,199 1,257 -5% 1,228
AISC – total ($/ounce sold) 1,485 1,540 -4% 1,507
AISC Margin - $M 58.3 44.1 32% 163.0
$2,062
$2,313
$2,457
$28.5 $32.2
$44.1
$2,642
$58.3
Owner AISC Margin
CMP AISC Margin
Realized Gold Price $/oz
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 3
Segovia Operating Information by Segment Q4 2024 Q3 2024 Q2 2024 Q1 2024 2024
Owner Mining
Gold sold (ounces) 28,149 22,952 20,183 22,445 93,729
Cash costs per ounce sold – ($ per oz sold) 1,042 1,081 1,222 1,191 1,121
AISC/oz sold - ($ per oz sold) 1,386 1,451 1,616 1,553 1,486
AISC margin ($'000) 35,340 23,093 14,075 11,423 83,931
Contract Mining Partners (CMPs)
Gold sold (ounces) 22,260 25,107 23,183 22,843 93,393
Cash costs per ounce sold – ($ per oz sold) 1,399 1,417 1,367 1,133 1,336
AISC/oz sold - ($ per oz sold) 1,610 1,622 1,532 1,316 1,527
AISC sales margin (%) 39% 34% 34% 36% 36%
AISC margin ($'000) 22,958 20,972 18,098 17,044 79,072
Total: Owner Mining & CMP Margin ($’000) 58,298 44,065 32,173 28,467 163,003
* Aris Mining operates its own mines and collaborates with community-based mining partners, referred to as Contract Mining Partners (CMPs), to increase total
gold production. Some partners work within Aris Mining’s infrastructure, while others manage their own mining operations on Aris Mining’s titles. In addition,
Aris Mining purchases high grade mill feed from third-party contractors operating off-title, which further optimizes production and increases operating margins.
Segovia Expansion Project
• As announced in Q4 2023, the Segovia expansion project aims to increase processing capacity from 2,000 to
3,000 tpd 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 receiving material in October 2024.
• Phase 2 involves installing a second ball mill in the former contractor receiving area, and is underway with
commissioning scheduled in Q2 2025, followed by a ramp-up period to reach a production rate of 3,000 tpd by
the end of 2025.
• The total cost of the processing plant expansion project is estimated at $15 million, with $8.5 million spent as of
December 31, 2024.
Enhanced Marmato Expansion
• The pre-feasibility study3 of the Lower Mine contemplated a processing rate of 4,000 tpd, producing gold at an
average rate of 117,000 ounces per year over an 18-year mine life. Combined with the Upper Mine, the average
expected life of mine gold production was 162,000 ounces per year over a 20-year period.
• Aris Mining has been exploring opportunities to expand Marmato into a higher -capacity operation, increasing
production and reducing unit costs. As a result of the expansion plans described below, new Marmato has the
potential to produce over 200,000 ounces of gold per year .
• In Q1 2025, the Company initiated engineering assessments to expand the CIP processing facility currently under
construction. The upgraded 5,000 tpd design will use the major components from the current 4,000 tpd design
while integrating higher -capacity components and additional equipment. Key enhancements include the
3 Refer to the pre-feasibility study on the Marmato Lower Mine Project with an effective date of June 30, 2022, see Section “Qualified Person an d Technical Disclosure”
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 4
installation of a secondary crushing circuit and an extra leach tank to support the increased throughput while
also requiring the acceleration of certain project components into the initial capital phase, such as the backfill
plant, rather than the previous plan where they were funded over time during operations.
• The Company also plans to expand our CMP business model , increasing the feed and average grade to our
existing Upper Mine flotation processing facility and thereby further increasing gold production.
• The estimated cost to complete construction, including the 25% throughput increase to 5,000 tpd, is $ 290
million. The Company has spent $75 million on construction to February 2025, resulting in a total construction
cost of $365 million, which compares to the previous estimate of $280 million. The majority of the initial capital
cost increase of $85 million is a result of the acceleration of certain project components and the de cision to
internally fund the $20 million grid power line, rather than use an independent contractor.
• Aris Mining’s construction funding amount is reduced to $208 million, after the remaining stream funding of $82
million.
• Meanwhile, construction continues to progress:
o access roads to the Lower Marmato process facility and accommodation camp are now 100% complete;
o decline development is underway with 200 metres completed to the end of February 2025; and
o process plant foundation earthworks 12% ahead of schedule as of the end of February 2025.
• With new Marmato and the expansion at Segovia, Aris Mining is targeting an annual production rate of more
than 500,000 ounces of gold.
2025 Production and Cost Guidance 4
• During 2025, Aris Mining expects consolidated gold production of between 230,000 and 275,000 ounces, with
in-progress expansion projects to contribute to production growth in 2025 and beyond.
Segovia Operations 2024 Guidance 2024 Actual 2025 Guidance
Gold production (oz) 185,000 to 195,000 187,583 210,000 to 250,000
Cash cost – Combined Owner & CMP $1,125 to $1,225 $1,228
AISC (US$/oz) – Combined Owner & CMP $1,400 to $1,500 $1,507
Cash cost (US$/oz) – Owner Mining segment $1,121 $1,050 to $1,150
AISC (US$/oz) – Owner Mining segment $1,486 $1,450 to $1,600
AISC sales margin (%) – CMP segment 36% 35% to 40%
• With a total of 187,122 ounces sold in 2024, Segovia generated an AISC margin of $163.0 million, including $83.9
million from the Owner Mining segment and $79.1 million from the CMP segment. With 2025 gold production
expected to range between 210,000 and 250,000 ounces, the Company anticipates a significant increase in
Segovia’s AISC margin this year of more than $230 million (using the mid-point of our 2025 guiding ranges at a
gold price of $2,600/oz).
4 2025 cash cost and AISC forecasts are based on a gold price of US$2,600/oz and a USD to Colombian peso exchange rate of 4,200 .
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 5
• In 2025, production from the Segovia Operations will be sourced approximately 50% to 55% from Owner Mining
and 45% to 50% from mill -feed purchased from CMPs. For the Owner Mining segment, AISC per ounce sold is
expected to range between $1,450 and $1,600 and the CMP segment is expected to achieve an AISC sales margin
of 35% to 40%.
• The 2025 cash cost and AISC guidance have been provided separately for the two segments—Owner Mining and
CMPs—given their distinct primary cost drivers. Owner Mining costs are primarily driven by conventional
expenses such as labour, consumables such as explosives and fuel, and power. In contrast, CMP costs are mainly
influenced by the cost of purchasing mill feed, which depends on material volume, recoverable gold grade, and
the spot gold price. Distinguishing between Owner Mining and CMP cost metrics is necessary given the current
rise in gold prices and resulting challenge in forecasting CMP costs. As a result, we believe the CMP segment is
best presented on a sales margin basis to provide a clearer representation of its financial performance.
• The Marmato Upper Mine is an historic small-scale, narrow vein operation with a 1,000 tpd processing facility
that produced 23,372 ounces in 2024 and a similar production level is expected for 2025, while construction of
the new large scale Lower Mine, which will access wider porphyry mineralization, continues.
Marmato Upper Mine 2024 Guidance 2024 Actual 2025 Guidance
Gold production (oz) 20,000 to 25,000 23,372 20,000 to 25,000
• Aris Mining will resume providing cash cost and AISC guidance for the Marmato Mine when the Lower Mine
achieves commercial production, which is expected in 2026.
Aris Mining's Audited Annual Consolidated Financial Statements for the years ended December 31, 2024 and 2023
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 financial
statements are available free of charge upon written request to [email protected].
Q4 2024 Conference Call Details
Management will host a conference call on Thursday, March 13, 2025, at 9:00 am ET/6:00 am PT to discuss the results.
Participants may gain expedited access to the conference call by registering at Diamond Pass Registration
(dpregister .com). Once registered, 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.
Webcast
• Link: Webcast | FY 2024 Conference Call
Conference Call
• Toll-free North America: +1-844-763-8274
• International: +1-647-484-8814
Audio Recording
• After the call, an audio recording will be available via telephone until the end of day on March 20, 2025.
• Toll-free in the US and Canada: +1-855-669-9658
• International: +1-412-317-0088; and using the access code: 2571874
A replay of the event will be archived at Events & Presentations - Aris Mining Corporation.
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 6
About Aris Mining
Founded in September 2022, Aris Mining was established with a vision to build a leading Latin America-focused gold
mining company. Our strategy blends current production and cashflow generation with transformational growth
driven by expansions of our operating assets, exploration and development projects. Aris Mining is listed on the TSX
(ARIS) and the NYSE-A (ARMN) and is led by an experienced team with a track record of value creation, operational
excellence, financial discipline and good corporate governance in the gold mining industry.
Aris Mining operates two underground gold mines in Colombia: the Segovia Operations and the Marmato Upper
Mine, which together produced 210,955 ounces of gold in 2024. With expansions underway, Aris Mining is targeting
an annual production rate of more than 500,000 ounces of gold following the ramp-up of the Segovia mill expansion,
expected during the second half of 2025, and the new Marmato Mine, which is expected to start ramping up in H2
2026. In addition, Aris Mining operates the 51% owned Soto Norte joint venture, where studies are underway on a
new, smaller scale development plan, with results expected in mid-2025. In Guyana, Aris Mining owns the Toroparu
gold/copper project, further diversifying its asset portfolio.
Colombia is rich in high -grade gold deposits and Aris Mining is actively pursuing partnerships with the Country’s
dynamic small-scale mining sector . With these partnerships, we enable safe, legal, and environmentally responsible
operations that benefit both local communities and the industry.
Aris Mining intends to pursue acquisitions and other growth opportunities to unlock value through scale and
diversification.
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
Lillian Chow
Director, Investor Relations & Communications
Cautionary Language
Non-GAAP Financial Measures
EBITDA, adjusted EBITDA, adjusted (net) earnings, cash cost and AISC 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
months and years ended December 31, 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 financial statements for the three months
and years ended December 31, 2024 and 2023.
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 7
Cash cost s per ounce
Reconciliation of total cash costs by business unit at Segovia to the cash costs as disclosed above.
Three months ended Dec 31, 2024 Three months ended Sept 30, 2024
($000s except per ounce amounts) Segovia Marmato Total Segovia Marmato Total
Total gold sold (ounces) 50,409 5,925 56,334 48,059 5,710 53,769
Cost of sales1 68,078 15,111 83,189 66,570 16,673 83,243
Less: materials and supplies inventory provision (965) (225) (1,190) — — —
Less: royalties1 (4,342) (1,406) (5,748) (3,506) (1,343) (4,849)
Add: by-product revenue1 (2,308) (255) (2,563) (2,665) (613) (3,278)
Total cash costs 60,463 13,225 73,688 60,399 14,717 75,116
Total cash costs ($ per oz gold sold) $1,199 $1,257
Total cash costs including royalties 64,805 63,905
Total cash costs including royalties ($ per oz gold
sold) $1,286 $1,330
Year ended Dec 31, 2024
($000s except per ounce amounts) Segovia Marmato1 Total
Total gold sold (ounces) 187,122 23,494 210,616
Cost of sales1 254,879 59,880 314,759
Less: materials and supplies inventory provision (965) (225) (1,190)
Less: royalties1 (13,934) (4,959) (18,893)
Add: by-product revenue1 (10,153) (1,133) (11,286)
Total cash costs 229,827 53,563 283,390
Total cash costs ($ per oz gold sold) $1,228
Total cash costs including royalties 243,761
Total cash costs including royalties ($ per oz gold
sold)
$1,303
1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.
TSX: ARIS | NYSE-A: ARMN | aris-mining.com 8
Cash costs per ounce – Business Units (Segovia)
Three months ended Dec 31, 2024 Three months ended Sept 30, 2024
($000s except per ounce amounts) Owner CMPs Total Owner CMPs Total
Total gold sold (ounces) 28,149 22,260 50,409 22,952 25,107 48,059
Cost of sales1 34,518 33,560 68,078 28,820 37,751 66,570
Less: materials and supplies inventory provision (717) (248) (965) — — —
Less: royalties1 (2,754) (1,588) (4,342) (1,999) (1,507) (3,506)
Add: by-product revenue1 (1,727) (581) (2,308) (2,000) (665) (2,665)
Total cash costs 29,320 31,143 60,463 24,821 35,579 60,399
Total cash costs ($ per oz gold sold) $1,042 $1,399 $1,199 $1,081 $1,417 $1,257
Three months ended June 30, 2024 Three months ended Mar 31, 2024
($000s except per ounce amounts) Owner CMPs Total Owner CMPs Total
Total gold sold (ounces) 20,183 23,183 43,366 22,445 22,843 45,288
Cost of sales1 28,530 33,752 62,282 30,083 27,865 57,948
Less: royalties1 (1,720) (1,358) (3,078) (1,677) (1,331) (3,008)
Add: by-product revenue1 (2,151) (711) (2,862) (1,663) (655) (2,318)
Total cash costs 24,659 31,683 56,342 26,743 25,879 52,624
Total cash costs ($ per oz gold sold) $1,222 $1,367 $1,299 $1,191 $1,133 $1,162
Year ended Dec 31, 2024
($000s except per ounce amounts) Owner CMPs Total
Total gold sold (ounces) 93,729 93,393 187,122
Cost of sales1 121,450 133,429 254,879
Less: materials and supplies inventory provision (717) (248) (965)
Less: royalties1 (8,151) (5,783) (13,934)
Add: by-product revenue1 (7,540) (2,613) (10,153)
Total cash costs 105,042 124,785 229,827
Total cash costs ($ per oz gold sold) $1,121 $1,336 $1,228
1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods.