Aris Mining Corp

Development Projects

Marmato Lower Mine

The Marmato Lower Mine project, initiated in 2023, is designed to access the broader porphyry mineralization beneath the Upper Mine.

In Q1 2025, the Company initiated engineering assessments to expand the capacity of the CIP processing facility currently under construction. The upgraded 5,000 tpd design is planned to use the major components of the current 4,000 tpd design while integrating select higher-capacity components and additional equipment to achieve the increased capacity. Key enhancements include the installation of a secondary crushing circuit and an extra leach tank to support the increased throughput. The increased capacity requires 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.

Further, as part of our Marmato growth strategy, the Company also plans to expand our CMP business model, increasing the feed and average grade to our existing Upper Mine flotation processing facility. Marmato’s production is expected to ramp up in H2 2026, potentially increasing annual gold production to over 200,000 ounces.

The estimated cost to complete construction, including the 25% throughput increase to 5,000 tpd, is $290 million. As at the end of February 2025, the Company has spent $75 million on construction of the Lower Mine. Combined with the estimated cost to complete, the total cost of construction of the enhanced Lower Mine is $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 decision to internally fund the construction of the $20 million grid power line, rather than use a third party provider.

Aris Mining's construction funding amount is reduced to $208 million, after the remaining stream funding of $82 million. During Q4 2024, the Company received a $40.0 million milestone payment under its precious metals purchase agreement (PMPA) with WPMI. This payment was triggered when the Marmato Lower Mine project achieved the “25% construction spend” threshold in Q3 2024. Additional payments of $40.0 million and $42.0 million are expected at the 50% and 75% construction spend milestones, respectively.

Capital expenditures for the Lower Mine in Q4 2024 included $13.9 million for the process plant and $5.1 million for underground mining and non-process infrastructure. This brings the total for the year ended December 31, 2024 to $71.4 million. Meanwhile, construction continues to progress in 2025; 1) Access roads to the Lower Marmato process facility and accommodation camp are now 100% complete; 2) Decline development is underway with 200 metres completed to the end of February 2025; 3) Process plant foundation earthworks 12% ahead of schedule as of the end of February 2025.

Soto Norte Project

The Soto Norte Project is located in a historic mining district of Colombia and is at the permitting stage of an underground gold project. The Company has a 51% joint venture interest in the project, and as the project operator, is working on studies for a new, smaller scale development plan relative to the previous owner’s permitting submissions.

During the pre-licensing period, the Company will fund certain operating costs in full, while non-operating and project construction expenses will be shared based on pro-rata ownership.

As highlighted in our March 5, 2025 press release, the Colombian Ministry of Environment has completed the public consultation process initiated in November 2024 in respect of the resolution establishing a Temporary Reserve Area (TRA) in the Santurbán region of the Santander Department, where the Soto Norte Project is located. Effective from March 4, 2025, this resolution allows the Ministry of Environment to evaluate water resources in the area and temporarily suspend the issuance of environmental licenses for two years. This resolution does not affect the Company’s Segovia Operations, Marmato Upper Mine or the Lower Mine, all of which are licensed and located outside the designated study area. The Soto Norte Project remains several years away from development and is planned to commence following the completion of the ongoing expansions of the Segovia and Marmato Mines.

Aris Mining is continuing to advance environmental and technical studies of the Soto Norte Project, which will result in a pre-feasibility study that incorporates several optimizations including (i) a reduced environmental impact, (ii) building a smaller processing plant with a longer operating life, (iii) adopting a flexible mining method to target higher-grade ore earlier in the mine life, and (iv) optimal water usage. The results of the new pre-feasibility study are expected in mid-2025.

The Company intends to present a fully redesigned project to Colombian regulators upon completion of the ongoing studies and remains confident that their development plan will meet both Colombian and international environmental standards. Additionally, the Company continues to advance other strategic priorities for PSN, with continued progress on environmental, permitting, and community engagement initiatives.

Toroparu Project

The Toroparu project in Guyana is 100% owned by the Company and is an exploration stage open pit gold project located close to other gold operations and development projects including G Mining Ventures’ Oko West project and Zijin’s Aurora operations. For the year ended December 31, 2024, total capital expenditure for Toroparu was $7.7 million.