Each one in plain English, with the numbers worked through for a shareholder.
8 Jan 2026drilling result▲ GoodMajor
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).
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.
Aris Mining filed the full technical report for the Toroparu preliminary economic assessment (effective October 21, 2025, dated October 28, 2025), the study that had been expected in Q3 2025. The visible portion is cover pages, disclaimers and a table of contents; the figures are in the companion press release filed the next day.
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.
Aris Mining reported drill results from its 2024 Segovia exploration program, which is 70% complete, including intersections such as 0.26 m at 715.99 g/t gold and 0.19 m at 812.16 g/t gold. The company says the results (assays through April 1, 2024) are expected to feed updated resource and reserve estimates in the fourth quarter of 2024, and it expects significant additions to inferred resources at Cristales; these are the company's expectations, not yet resources.
Aris Mining filed the NI 43-101 technical report for Segovia, effective September 30, 2023, which supports the November 2 resource and November 27 reserve announcements. This is the technical report promised in the November release; the filing itself contains no new figures.
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.
