VANCOUVER, BC, July 16,
2024 /PRNewswire/ - Aris Mining Corporation (Aris
Mining or the Company) (TSX: ARIS) (NYSE-A: ARMN) announces gold
production of 99,983 ounces for the first half of 2024 (H1 2024),
with 88,613 ounces from Segovia and 11,370 ounces from the Marmato
Upper Mine. In the same period in 2023, the Company produced
104,906 ounces of gold, including 94,395 ounces from Segovia and
10,511 ounces from the Marmato Upper Mine. As the Segovia mine plan
progresses to higher-grade zones the Company is on track to meet
the lower end of its full-year production guidance of 220,000 to
240,000 ounces.
Neil Woodyer, CEO of Aris Mining,
commented "Our Segovia processing facilities performed well during
Q2, consistently achieving over 2,000 tonnes per day (tpd) of
throughput. As previously disclosed, the Segovia Operations were
moving through relatively low-grade zones in the production
schedule, and higher-grade zones are now being mined.
During the second quarter we made meaningful progress with our
expansion projects at Segovia and Marmato. Aris Mining continues to
target an annual production run-rate of approximately 500,000
ounces of gold by the second half of 2026 once the expansion
projects are complete.
At Segovia, expansion of the processing plant will increase
throughput capacity by 50% from 2,000 tpd to 3,000 tpd, enabling
the mine to produce 300,000 ounces of gold annually. We are on
track for construction completion in early 2025, followed by a
ramp-up period. Our updated capital cost estimate for the project
is $15 million, resulting in an
excellent return on invested capital.
At Marmato, as at the end of May
2024, we have spent $30
million out of the $280
million construction budget for the Lower Mine. Of the
remaining $250 million, $122 million will be funded by stream financing.
The stream financing is subject to capital expenditure milestones
defined as 25%, which is expected to be achieved in the third
quarter of this year, 50% and 75% of projected completion, with
$40 million in funding occurring
following achievement of each of the first two milestones and
$42 million on achievement of the
last. The Lower Mine project is on track for first gold pour by the
end of 2025, followed by an approximate six-month ramp-up period as
per prior guidance. In addition to the Lower Mine construction
progress, we are transforming the Upper Mine production plan by
transitioning the operation of the Upper Mine to contract mining
partners (CMP), which mirrors our successful operating model at
Segovia.
At Soto Norte, we now own 51% of the project following
successful completion at the end of June
2024 of our previously announced transaction to acquire an
additional 31% of the project. Since closing, we have been focused
on integrating the administration and management of Soto Norte into
the Aris Mining structure. Feasibility level studies are underway
on a new, smaller scale development plan, and results are expected
in early 2025.
We are excited about the transformational near-term growth we
will deliver over the next two years through the Segovia and
Marmato expansions, while progressing Soto Norte to unlock our next
growth project for 2027 and beyond."
Q2 2024 Financial Results
Aris Mining will announce its full Q2 2024 financial results
after market close on Tuesday, August 13,
2024. Management will host a conference call on Wednesday, August 14, 2024, at 9:00 am ET / 6:00 am
PT to discuss those financial results. The call will be
webcast and can be accessed at Aris Mining's website at
https://aris-mining.com, or at Webcast | Q2 2024 Results Conference
Call (choruscall.com).
Participants may gain expedited access to the conference call by
registering at Diamond Pass Registration (dpregister.com). Upon
registering, call in details will be displayed on screen which can
be used to bypass the operator and avoid the call queue.
Registration will remain open until the end of the live conference
call.
Participants who prefer to dial-in and speak with a live
operator, can access the call by dialing:
Toll-free North America:
+1-844-763-8274
International: +1-647-484-8814
After the call, an audio recording will be available via
telephone until end of day August 21,
2024. The recording can be accessed by dialing:
Toll-free in the US and Canada:
+1-877-344-7529
International: +1-855-669-9658; and using the access code:
3164349
A replay of the webcast will be archived in the Events and
Presentations page of our website.
About Aris Mining
Aris Mining is a gold producer in the Americas, currently
operating two mines with expansions underway in Colombia. The Segovia Operations and the
Marmato Upper Mine produced 226,000 ounces of gold in 2023. Aris
Mining is targeting a production rate of approximately 500,000
ounces of gold per year in the second half of 2026, following a
ramp-up period after the Segovia mill expansion scheduled for
completion in Q1 2025 and the Marmato Lower Mine's first gold pour
in late 2025. Aris Mining also operates the 51% owned Soto Norte
joint venture, where Feasibility level studies are underway on a
new, smaller scale development plan, with results expected in early
2025. In Guyana, Aris Mining is
advancing Toroparu, a gold/copper project. Aris Mining intends to
pursue acquisitions and other growth opportunities to unlock value
through scale and diversification.
Aris Mining promotes the formalization of traditional miners
into contract mining partners as this process enables all miners to
operate in a legal, safe and responsible manner that protects them
and the environment.
Additional information on Aris Mining can be found at
www.aris-mining.com, www.sedarplus.ca, and on www.sec.gov.
Technical Disclosure and Qualified Person
The technical information in this news release was reviewed and
approved by Pamela De Mark, P.Geo,
Senior Vice President, Geology and Exploration of Aris Mining, who
is a Qualified Person as defined by NI 43-101. Unless otherwise
indicated, the scientific disclosure and technical information
included in this news release are based upon information included
in the NI 43-101 compliant technical reports listed below and are
available for review on SEDAR+ at www.sedarplus.ca, on the
Company's website at www.aris-mining.com, and in the Company's
filings with the U.S. Securities and Exchange Commission at
www.sec.gov.
- "NI 43-101 Technical Report for the Segovia Operations,
Antioquia, Colombia" dated
December 6, 2023, with an effective
date of September 30, 2023, and
prepared by Pamela De Mark, P.Geo.,
Inivaldo Diaz, CP, and Cornelius
Lourens, FAusIMM.
- "Technical Report for the Marmato Gold Mine, Caldas Department,
Colombia, Pre-Feasibility Study of
the Lower Mine Expansion Project" dated November 23, 2022 with an effective date of
June 30, 2022 and prepared by
Ben Parsons, MAusIMM (CP),
Anton Chan, Peng, Brian Prosser, PE,
SME-RM, Joanna Poeck, PE, SME-RM, Eric J.
Olin, SME-RM, MAusIMM, Fredy
Henriquez, SME-RM, ISRM, David Hoekstra, PE, NCEES, SME-RM,
Mark Allan Willow, CEM, SME-RM,
Vladimir Ugorets, MMSA, Colleen
Crystal, PE, GE, Kevin Gunesch, PE, Tommaso
Roberto Raponi, PEng, David
Bird, PG and Pamela De Mark,
P.Geo.
Forward-Looking Information
This news release contains "forward-looking information" or
forward-looking statements" within the meaning of Canadian
securities legislation. All statements included herein, other than
statements of historical fact, including, without limitation,
statements relating to the Company remaining on-track to
deliver full year 2024 production guidance, plans to progress to
higher grade zones at the Segovia Operations, the Company being in
position to produce 500,000 ounces in 2026, the details of and
expected production at the Segovia Operations after completion of
the expansion project, the Marmato Lower Mine expansion project and
the details, benefits and timing thereof, expected achievement of
the stream financing milestones, transitioning of Upper Mine
operations to the CMPs, the release of the Q2 2024 financial
results and the Company's plans and strategies are forward-looking.
Generally, the forward-looking information and forward looking
statements can be identified by the use of forward looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", "will continue"
or "believes", or variations of such words and phrases or state
that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved". The material
factors or assumptions used to develop forward looking information
or statements are disclosed throughout this news release.
Forward looking information and forward looking statements,
while based on management's best estimates and assumptions, are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of Aris Mining to be materially different from
those expressed or implied by such forward-looking information or
forward looking statements, including but not limited to those
factors discussed in the section entitled "Risk Factors" in Aris
Mining's annual information form dated March
6, 2024 which is available on SEDAR+ at www.sedarplus.ca and
in the Company's filings with the SEC at www.sec.gov. These factors
should be considered carefully, and readers should not place undue
reliance on the Company's forward-looking statements. The Company
has no intention and undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
This news release contains information that may constitute
future-orientated financial information or financial outlook
information (collectively, FOFI) about the Company's prospective
financial performance, financial position or cash flows, all of
which is subject to the same assumptions, risk factors, limitations
and qualifications as set forth above. Readers are cautioned that
the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may
prove to be imprecise or inaccurate and, as such, undue reliance
should not be placed on FOFI. The Company's actual results,
performance and achievements could differ materially from those
expressed in, or implied by, FOFI. The Company has included FOFI in
order to provide readers with a more complete perspective on the
Company's future operations and management's current expectations
relating to the Company's future performance. Readers are cautioned
that such information may not be appropriate for other purposes.
FOFI contained herein was made as of the date of this news release.
Unless required by applicable laws, the Company does not undertake
any obligation to publicly update or revise any FOFI statements,
whether as a result of new information, future events or
otherwise.
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SOURCE Aris Mining Corporation