Aris Mining Corp
For the period ended Dec 31, 2024. Filed Mar 13, 2025.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2024 · Filed Mar 13, 2025
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ARIS$15.65+2.4%Stored close · as of Nov 6, 2026
Contents
EX-99.3 · Commitments and contingenciesNote 11d,16c
| Commitments and contingencies | Note 11d,16c |
|---|
Approved by the Board of Directors and authorized for issue on March 12, 2025:
| "Neil Woodyer" (signed) | Director | "David Garofalo" (signed) | Director |
|---|
Consolidated Statements of Income (Loss) (Expressed in thousands of US dollars, except share and per share amounts)
| Year-ended December 31, | |||
|---|---|---|---|
| Notes | 2024 | 2023 | |
| Revenue | 17 | $510,604 | $447,674 |
| Cost of sales | 18 | (314,759) | (261,766) |
| Depreciation and depletion | (34,150) | (34,944) | |
| Social contributions | (14,433) | (10,157) | |
| Income from mining operations | 147,262 | 140,807 | |
| General and administrative costs | (18,306) | (17,842) | |
| Derecognition of investment in associate | 7b | — | (10,559) |
| Income (loss) from investments in associates | 7 | (2,884) | 59 |
| Share-based compensation | 13h | (5,265) | (5,111) |
| Other income (expense) | (3,369) | 1,473 | |
| Income from operations | 117,438 | 108,827 | |
| Gain (loss) on financial instruments | 20 | (16,167) | (13,078) |
| Finance income | 6,894 | 10,783 | |
| Finance costs | 19 | (40,957) | (29,156) |
| Foreign exchange gain (loss) | 12,122 | (18,550) | |
| Income before income tax | 79,330 | 58,826 | |
| Income tax (expense) recovery | |||
| Current | 15 | (53,577) | (49,226) |
| Deferred | 15 | (2,462) | 1,819 |
| Net income | $23,291 | $11,419 | |
| Net income (loss) attributable to: | |||
| Owners of the Company | 24,582 | 11,419 | |
| Non-controlling interest | 14 | (1,291) | — |
| $23,291 | $11,419 | ||
| Earnings per share attributable to owners of the Company – basic | 13i | $0.16 | $0.08 |
| Weighted average number of outstanding common shares – basic | 157,727,394 | 136,735,317 | |
| Earnings per share attributable to owners of the Company - diluted | 13i | $0.14 | $0.08 |
| Weighted average number of outstanding common shares – diluted | 158,691,279 | 137,062,505 | |
Consolidated Statements of Comprehensive Income (Loss)(Expressed in thousands on US dollars)
| Year-ended December 31, | |||
|---|---|---|---|
| Notes | 2024 | 2023 | |
| Net income | $23,291 | $11,419 | |
| Other comprehensive earnings (loss): | |||
| Items that will not be reclassified to profit in subsequent periods: | |||
| Unrealized gain on Convertible Debentures due to change in credit risk ($nil tax effect) | 10d | 103 | 301 |
| Actuarial gain (loss) on health plan obligation ($nil tax effect) | 11c | (204) | (215) |
| Unrealized gain on Gold Notes due to changes in credit risk (net of tax effect) ⁽¹⁾ | 10c | 1,356 | 3,987 |
| Items that may be reclassified to profit in subsequent periods: | |||
| Equity accounted investees – share of other comprehensive income (loss) ($nil tax effect) | 7b | — | 600 |
| Reclassification of OCI to net earnings due to Denarius dilution and derecognition ($nil tax effect) | 7b | — | 2,417 |
| Foreign currency translation adjustment (net of tax effect) | (90,526) | 104,871 | |
| Other comprehensive income (loss) | (89,271) | 111,961 | |
| Comprehensive income (loss) | $(65,980) | $123,380 | |
| Comprehensive income (loss) attributable to: | |||
| Owners of the Company | (64,689) | 123,380 | |
| Non-controlling interest | (1,291) | — | |
| $(65,980) | $123,380 | ||
(1)The tax effect of the unrealized gain on Gold Notes due to changes in credit risk for the year-ended December 31, 2024, was an expense of $506 (2023 - expense of $1,410) (Note 15).
Consolidated Statements of Equity(Expressed in thousands of US dollars, except share and per share amounts)
| Share Capital - common shares · Share purchase warrants · Contributed surplus · Accumulated OCI · Retained earnings(deficit) · Equity attributable to owners of the Company · Non-controlling Interest · Total equity | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-ended December 31, 2024 · Notes · Number · Amount | ||||||||||||||||||
| At December 31, 2023 | 137,569,590 | $719,806 | $9,708 | $181,758 | $(71,179) | $(215,438) | $624,655 | $— | $624,655 | |||||||||
| Exercise of options | 13b,e | 2,779,903 | 9,670 | — | (1,479) | — | — | 8,191 | — | 8,191 | ||||||||
| Exercise of warrants | 13b,c,d | 11,524,237 | 42,548 | (5,217) | — | — | — | 37,331 | — | 37,331 | ||||||||
| Stock-based compensation | 13h | — | — | — | 2,285 | — | — | 2,285 | — | 2,285 | ||||||||
| Conversion of convertible debenture | 10d | 3,410,526 | 11,920 | — | — | — | — | 11,920 | — | 11,920 | ||||||||
| Acquisition of Soto Norte Project | 5, 13b | 15,750,000 | 151,973 | — | 28,947 | — | — | 180,920 | 283,785 | 464,705 | ||||||||
| Non-reciprocal contributions to Soto Norte Project | — | — | — | (2,042) | — | — | (2,042) | 2,042 | — | |||||||||
| Comprehensive earnings (loss) | — | — | — | — | (89,271) | 24,582 | (64,689) | (1,291) | (65,980) | |||||||||
| At December 31, 2024 | 171,034,256 | $935,917 | $4,491 | $209,469 | $(160,450) | $(190,856) | $798,571 | $284,536 | $1,083,107 | |||||||||
| Notes · Share Capital - common shares · Share purchase warrants · Contributed surplus · Accumulated OCI · Retained earnings(deficit) · Equity attributable to owners of the Company · Non-controlling Interest · Total equity | ||||||||||||||||||
| Year-ended December 31, 2023 | ||||||||||||||||||
| Number | Amount | |||||||||||||||||
| At December 31, 2022 | 136,057,661 | $715,035 | $10,183 | $180,674 | $(183,140) | $(226,857) | $495,895 | $— | $495,895 | |||||||||
| Exercise of options | 13e | 528,241 | 1,679 | — | (391) | — | — | 1,288 | — | 1,288 | ||||||||
| Exercise of warrants | 13c,d | 983,688 | 3,092 | (475) | — | — | — | 2,617 | — | 2,617 | ||||||||
| Stock based compensation | — | — | — | 1,475 | — | — | 1,475 | — | 1,475 | |||||||||
| Comprehensive earnings | — | — | — | — | 111,961 | 11,419 | 123,380 | — | 123,380 | |||||||||
| At December 31, 2023 | 137,569,590 | $719,806 | $9,708 | $181,758 | $(71,179) | $(215,438) | $624,655 | $— | $624,655 | |||||||||
Consolidated Statements of Cash Flows(Expressed in thousands of US dollars)
| Year-ended December 31, | |||
|---|---|---|---|
| Notes | 2024 | 2023 | |
| Operating Activities | |||
| Net income | $23,291 | $11,419 | |
| Adjusted for the following items: | |||
| Depreciation | 34,076 | 36,512 | |
| Loss (income) from investments in associates | 7 | 2,884 | (59) |
| Materials and supplies inventory provision | 1,190 | 1,401 | |
| Share-based compensation | 13h | 5,265 | 5,111 |
| Finance costs | 19 | 40,957 | 29,156 |
| Derecognition of Investment in associate | 7b | — | 10,559 |
| Loss (gain) on financial instruments | 20 | 16,167 | 13,078 |
| Amortization of deferred revenue and cumulative catch-up | 12a | (3,931) | (3,930) |
| Unrealized foreign exchange loss (gain) | (14,853) | 15,523 | |
| Income tax expense | 15 | 56,039 | 47,407 |
| Other | 2,473 | 28 | |
| Payment of PSUs and DSUs | 13f,g | (2,245) | (47) |
| Precious metal stream deposit received | 12a | 40,016 | — |
| Settlement of provisions | 11 | (1,345) | (780) |
| Increase in cash in trust | (1,673) | (327) | |
| Changes in non-cash operating working capital items | 21 | (18,720) | (7,919) |
| Operating cash flows before taxes | 179,591 | 157,132 | |
| Income taxes paid | (38,354) | (52,433) | |
| Net cash provided by operating activities | 141,237 | 104,699 | |
| Investing Activities | |||
| Additions to mining interests, plant and equipment | 8 | (181,449) | (113,716) |
| Acquisition of 20% interest in Soto Norte | 7a | — | (50,000) |
| Contributions to investment in associates | 7a | (2,647) | (5,105) |
| Purchase of Denarius shares and subscription receipts | 7b | — | (1,122) |
| Purchase of Denarius Debenture | 7b | — | (3,603) |
| Increase in cash acquired with Soto Norte Acquisition | 5 | 5,251 | — |
| Acquisition costs and project funding | 5 | (6,085) | — |
| Capitalized interest paid (net) | (13,839) | (6,732) | |
| Net cash used in investing activities | (198,769) | (180,278) | |
| Financing Activities | |||
| Repayment of Gold Notes | 10c | (14,778) | (7,388) |
| Repayment of Senior Notes 2026 | 10a | (305,157) | — |
| Net proceeds from Senior Notes 2029 | 10b | 441,294 | — |
| Payment of lease obligations | (2,451) | (2,982) | |
| Interest paid | (26,527) | (25,145) | |
| Repayment of convertible debenture | 10d | (1,325) | — |
| Increase in gold trust account | — | (769) | |
| Proceeds from exercise of stock options and warrants | 30,234 | 2,956 | |
| Net cash provided by (used in) financing activities | 121,290 | (33,328) | |
| Impact of foreign exchange rate changes on cash and equivalents | (5,845) | 4,068 | |
| Increase (decrease) in cash and cash equivalents | 57,913 | (104,839) | |
| Cash and cash equivalents, beginning of period | 194,622 | 299,461 | |
| Cash and cash equivalents, end of period | $252,535 | $194,622 | |
Notes to the Consolidated Financial StatementsYears ended December 31, 2024 and 2023(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
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