Aris Mining Corp

Project Development Highlights

•Toroparu Project - Advancing Toward a Potential Early 2027 Construction Decision

◦The Toroparu Pre-Feasibility Study (PFS) is targeted for completion in November 2026, including Aris Mining's first mineral reserve estimate for Toroparu.

◦The PFS incorporates an execution strategy including experienced mining contractors, with costs supported by competitive international quotations, and a combination of engineering and construction contracting models as well as self-performed work, selecting the most appropriate delivery approach for each project area. This approach is designed to strengthen costs and schedule control while managing execution risk compared with the with the owner-mining strategy contemplated in the 2025 Preliminary Economic Assessment (PEA).

◦Early works continue, including construction of the Puruni River bridge to strengthen equipment access and regional connectivity. The bridge is expected to be complete by December 2026.

◦The Large-Scale Mining License application has been submitted, and Aris Mining is working collaboratively with the Government of Guyana to advance the permitting process.

◦The PEA completed in October 20253, outlined an attractive project with after-tax NPV 5% of $1.8 billion, IRR of 25.2%, and 3.0-year payback at $3,000/oz gold 4.

◦During Q3 2026, capital expenditures totaled $13 million at Toroparu.

•Soto Norte Project - Permitting Milestone Advancing

◦Recent regulatory developments have removed certain key constraints affecting Soto Norte's environmental licensing pathway. These include the revocation of the La Baja permanent reserve and the revocation of the August 2026 extension of the Temporary Reserve Area, restoring its original March 4, 2027 expiry date.

◦The preparation of the Environmental and Social Impact Assessment (ESIA) is complete, and the assessment is ready for formal consultation with local communities.

◦A PFS was completed in September 20253, demonstrating robust economics with an after-tax NPV 5% of $2.7 billion, IRR of 35%, and 2.3-year payback at $2,600/oz gold. Strong leverage to higher gold prices, at $3,000/oz the NPV 5% increases to $3.3 billion with IRR of 40%.

◦During Q3 2026, capital expenditures totaled $5 million at Soto Norte.

3 Refer to the technical disclosure section on page 24.

4 Based on a preliminary economic assessment effective October 21, 2025, which contemplates a 7.0 Mtpa operation over a 21.3-year mine life with average annual gold production of approximately 235koz at a base case gold price of US$3,000/oz. The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Management's Discussion and Analysis For the three and nine months ended September 30, 2026 and 2025(all tabular figures are expressed in thousands of United States Dollars, unless otherwise stated)