Aris Mining Corp

Aris Mining updated the Segovia reserve and resource estimates (effective November 28, 2025): proven and probable reserves rose 12% to 1.5 million ounces from 1.3 million in the 2024 estimate, measured and indicated resources rose 7% to 3.6 million ounces, and inferred resources rose 12% to 2.9 million ounces. This is the update flagged as pending since 2024; note the new estimates use higher gold prices (US$2,800/oz for reserves versus US$1,915 in 2024, US$3,200/oz for resources versus US$2,100), so part of the change may reflect price assumptions, although the company's sensitivity table shows resources of 3.4-3.6 million ounces across the price range. The release also moves Marmato Lower Mine first gold guidance to Q4 2026 (earlier: H2 2026).

drilling result

Aris Mining completed the purchase of the remaining 49% of Soto Norte from Mubadala announced on November 20, 2025, so it now owns 100% of the project and the precious metals stream granted to Mubadala is terminated. The release does not restate the price (US$60 million cash plus 1,739,130 shares, per the November term sheet) or give any new figures.

business combination

Aris Mining signed a binding term sheet to buy the remaining 49% of the Soto Norte joint venture in Colombia from Mubadala (MDC Industry Holding Company LLC), taking it from 51% to 100%, and the precious metals stream granted to Mubadala ends at closing. The price is US$80 million: US$60 million cash plus 1,739,130 new Aris shares at a deemed US$11.50 each (four-month-plus-one-day hold), with closing expected by early December 2025; the company says issued shares rise about 0.8% to 204.5 million.

business combination

Aris Mining and Colombia signed a settlement ending the ICSID arbitration begun in 2018 by Gran Colombia Gold (now GCM Mining), which had sought a cash award. No cash payments are involved; instead the parties entered three 'Pillar Agreements' (Marmato formalization, National Police, Ministry of Defence) running ten years, each side bears its own costs. This builds on the July 2025 Marmato formalization MOU, and the company gives up the legacy cash claim.

regulatory community update

Aris Mining announced the Toroparu PEA for its 100%-owned Guyana gold project: a 21.3-year open pit mine averaging 235,000 ounces of gold a year, with a $1.8 billion after-tax NPV (5% discount) and 25.2% IRR at $3,000/oz gold, on $820 million of initial capital ($682 million after a possible $138 million Wheaton stream funding, which Wheaton may elect to provide). These are preliminary estimates; the company has started a prefeasibility study targeted for 2026, so construction is not yet decided.

resource reserve update

Aris Mining filed the full technical report for the Soto Norte prefeasibility study (effective August 18, 2025, dated September 3, 2025), the study on the smaller-scale plan for the 51%-owned Colombian joint venture. The visible text is cover pages, disclaimers and a table of contents; the study's results (costs, returns, reserves) are not in the portion provided, so none are stated here. It delivers the study that had been slipping from early 2025 to mid-2025 and then Q3 2025.

resource reserve update

Aris Mining signed an agreement to sell its Juby Gold Project and 25% joint venture interest in the Knight property (both in Ontario, Canada) to McFarlane Lake Mining for total consideration valued at US$22 million: US$10 million cash at closing, McFarlane shares (capped at 19.9%), and a top-up payment within 12 months in cash or shares. Closing depends on McFarlane raising at least US$10 million and regulatory approvals, and is expected within 90 days. The CEO calls Juby non-core to the Colombia and Guyana operations. The Canadian exploration asset is being sold, in line with the stated Latin America focus.

asset acquisition disposition

Aris Mining reported Q4 2024 net earnings of $21.7 million ($0.13/share) and full-year 2024 net earnings of $24.6 million ($0.16/share), with Q4 EBITDA of $66.6 million. It also raised the planned Marmato Lower Mine plant from 4,000 to 5,000 tpd: the cost to complete is $290 million, plus $75 million already spent to February 2025, for a $365 million total versus the earlier $280 million estimate. Remaining stream funding is $82 million, leaving $208 million for Aris to fund. This changes the earlier Marmato budget upward, and ramp-up is now scheduled for H2 2026. Segovia's expansion cost estimate is now $15 million (earlier $11 million), with commissioning in Q2 2025. Note: the filing text was truncated, so later details are not captured.

production update

Aris Mining produced 210,955 ounces of gold in 2024 (Segovia 187,583; Marmato Upper Mine 23,372), meeting its revised 205,000-220,000 ounce range but below the 220,000-240,000 ounces originally guided and below 2023's 226,151. For 2025 it guides 230,000-275,000 ounces, with Segovia at 210,000-250,000; cash was US$253 million at December 31, 2024. The Segovia mill expansion to 3,000 tpd is on track for completion in Q1 2025 with commissioning in Q2 2025. Soto Norte study results are now expected mid-2025 (earlier: early 2025), and the company still targets about 500,000 ounces a year.

production update

Aris Mining closed the US$450 million 8.000% Senior Notes due 2029 offering and plans to use the proceeds to redeem its 6.875% Senior Notes due 2026 on November 20, 2024, plus working capital and general corporate purposes. The CEO describes the US$300 million existing notes being repaid and maturity extended to October 31, 2029; the new notes carry a higher coupon than the old ones (8.000% vs 6.875%), and the company says it priced below the indicated 8.25%-8.50% range.

capital raising announcement

Aris Mining priced the offering at US$450 million (upsized from the US$400 million launched on October 21) of 8.000% Senior Notes due 2029, expected to close around October 31, 2024. A conditional redemption notice for the 6.875% 2026 Notes has been issued, tied to the offering completing.

debt financing

Aris Mining launched an offering of US$400 million of Senior Notes due 2029, with proceeds intended to fund redemption of its outstanding 6.875% Senior Notes due 2026 and for working capital and general corporate purposes. The redemption notice is conditional on the offering completing.

debt financing

Aris Mining produced 226,151 ounces of gold in 2023 (Segovia 202,940; Marmato Upper Mine 23,211), within its 220,000-240,000 ounce guidance but below 2022's 235,379. For 2024 it guides 220,000-240,000 ounces, Segovia all-in sustaining cost of $1,225-$1,325 per ounce (up from the 2023 guidance of $1,125-$1,175), a Segovia plant expansion to 3,000 tpd costing $11 million with completion expected by early 2025, and $140-$150 million of Marmato Lower Mine spending, partly funded by $80 million of progress-based stream funding, with first gold pour expected in late 2025. It targets about 500,000 ounces in Colombia in 2026, and says reserves rose 75% to 1.3 million ounces.

production update

Aris Mining reported updated Segovia Operations resources (effective September 30, 2023): measured and indicated resources rose 114% to 3.6 million ounces of gold at 14.34 g/t, versus 1.7 million ounces in the 2022 estimate. The company says a change in how drill samples are selected for modelling vein shapes was a significant difference from earlier estimates; a reserve update is expected by the end of November and a technical report within 45 days. Resources are not reserves and have no demonstrated economic viability.

drilling result