Aris Mining Corporation press release

Aris Mining Reports Q4 and Full Year 2025 Results

2026-03-11

TSX - Toronto Stock Exchange · Gold · Silver · Lead · Zinc · Copper · Canada · Corporate Finance

_2025 production above guidance mid-point, 2026 production expected __to rise to 300,000–350,000 ounces _

Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS; NYSE: ARIS) announces its financial and operating results for the three and twelve months ended December 31, 2025 (Q4 2025 and FY2025). All amounts are in U.S. dollars unless otherwise indicated.

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Figure 1: Strong AISC Margin Growth ($ million) – Segovia

2025 Financial Performance

2025 production of 256,503 ounces (oz) of gold, exceeding the guidance midpoint (230,000-275,000 oz), and a 22% increase from 210,955 oz in 2024. 2025 gold revenue of $909 million , up 82% from 2024. Adjusted EBITDA 1 of $464 million, up 185% from 2024. Adjusted net earnings of $241 million or $1.28/share , up 265% from $0.35/share in 2024. Cash balance increased to $392 million as of December 31, 2025, up from $253 million at December 31, 2024. This increase primarily reflects: +$322 million of cash flow from operations after sustaining capital and income taxes; +$115 million of proceeds from the exercise of ARIS.WT.A warrants (July 2025 expiry); and +$13 million of proceeds from the sale of the Juby Gold Project; partially offset by -$77 million of debt repayment and servicing; -$60 million cash used for the Q4 2025 acquisition of the remaining 49% interest in Soto Norte; and -$196 million invested in growth capital.

Net debt reduced to $86 million, down from $241 million at year-end 2024.

Neil Woodyer, Chair and CEO, commented “During 2025, our operations generated $322 million of cash flow after sustaining capital and income taxes, fully funding our growth and expansion initiatives. After these investments, we generated $127 million in net cash flow, demonstrating the strong underlying cash generation of the business.

At Segovia, the ramp-up of the second mill is progressing well and contributed to record financial results during the year. At Marmato, development in the Bulk Mining Zone is ahead of schedule, materially reducing execution risk as we advance construction of the new carbon-in-pulp (CIP) processing facility, which remains on schedule for first gold in Q4 2026.

We also advanced our longer-term growth, completing the Soto Norte Prefeasibility Study (PFS) and the Toroparu Preliminary Economic Assessment (PEA) in September and October 2025, respectively. We remain on track to submit the environmental license application for Soto Norte in Q2 2026, while advancing Toroparu toward completion of its Prefeasibility Study in the second half of 2026 and a potential construction decision in early 2027.

With record revenue, operating cash flow and earnings since Aris Mining’s formation in September 2022, we enter 2026 in a strong financial position and well placed to continue executing our growth strategy.”

| | Q4 2025 | Q3 2025 | FY2025 | FY2024 | | Gold production (oz), total | 69,852 | 73,236 | 256,503 | 210,955 | | Gold sold (oz), total | 71,717 | 73,001 | 260,023 | 210,616 | | Segovia – AISC, Owner Mining ($/oz sold) | $1,662 | $1,452 | $1,534 | $1,486 | | Segovia – CMP AISC Sales Margin 2 | 46% | 44% | 44% | 36% | | EBITDA | $120.4M | $96.5M | $288.1M | $147.5M | | Adjusted EBITDA | $168.0M | $131.1M | $464.4M | $163.1M | | Net earnings (loss) 3 | $50.9M or $0.25/share | $42.0M or $0.21/share | $78.3M or $0.42/share | $24.6M or $0.16/share | | Adjusted earnings | $94.1M or $0.46/share | $71.8M or $0.36/share | $240.9M or $1.28/share | $55.9M or $0.35/share |

2025 Operational Performance

Marmato produced 28,741 oz , a 23% increase over 2024 and above the 2025 guidance range (20,000-25,000 oz), supported by stable throughput and higher average gold grades. The 2025 results reflect the operating capacity of the existing flotation plant. Throughput is expected to increase materially upon commissioning of the new CIP plant later this year. Segovia produced 227,762 oz , a 21% increase over 2024 and achieving the 2025 guidance range (210,000-250,000). The 2025 performance reflects gold grades of 9.82 g/t, gold recoveries of 96.1%, and a 17% increase in tonnes milled compared to 2024, driven by the installation of a second ball mill in June 2025. AISC margin increased to $420.8 million , up 158% from 2024. Owner-operated Mining AISC was $1,534/oz compared to $1,486/oz in 2024, within the full-year 2025 guidance range of $1,450 to $1,600/oz. Contract Mining Partner (CMP) sourced gold delivered an AISC sales margin of 44% , exceeding the full-year 2025 guidance range of 35% to 40%. Total AISC of $1,705/oz compared to $1,507/oz in 2024. The 2025 results reflect disciplined cost control in owner-mining at $1,534/oz (up 3.2% over 2024). AISC for CMPs was $1,973/oz (up 29% over 2024), primarily reflecting the gold-price-linked purchase formula during a period when realized gold prices increased 48%.

| Total Segovia Operating Information | Q4 2025 | Q3 2025 | FY2025 | FY2024 | | Average realized gold price ($/oz sold) | $4,237 | $3,494 | $3,526 | $2,378 | | Tonnes milled (t) | 201,060 | 219,550 | 755,720 | 644,854 | | Average gold grade processed (g/t) | 10.10 | 9.87 | 9.82 | 9.41 | | Gold produced (oz) | 63,137 | 65,549 | 227,762 | 187,583 | | Gold sold (oz) | 64,456 | 65,580 | 231,177 | 187,122 | | AISC – ($/oz sold), Owner Mining & CMPs | $1,891 | $1,641 | $1,705 | $1,507 | | AISC margin ($M) | $151.3 | $121.5 | $420.8 | $163.0 | | | | | | | | Segovia by Segment | Q4 2025 | Q3 2025 | FY2025 | FY2024 | | Owner Mining | | | | | | Gold sold (oz) | 40,260 | 40,984 | 140,892 | 93,729 | | AISC – ($/oz sold) | $1,662 | $1,452 | $1,534 | $1,486 | | AISC margin ($M) | $102.7 | $83.1 | $280.7 | $83.9 | | | | | | | | CMPs 2 | | | | | | Gold sold (oz) | 24,196 | 24,596 | 90,285 | 93,393 | | AISC – ($/oz sold) | $2,270 | $1,955 | $1,973 | $1,527 | | AISC sales margin (%) | 46% | 44% | 44% | 36% | | AISC margin ($M) | $48.6 | $38.4 | $140.2 | $79.1 |

Corporate and Project Development Highlights

Strong cash generation funding growth: Operations generated $322.1 million in cash flow after sustaining capital and income taxes in 2025, fully funding all growth and expansion initiatives. After expansion capital, Aris Mining generated $126.5 million in net cash flow. See the cash-flow summary in the following sections for additional cash flow analysis.

2026 Production and Cost Guidance 4 : Aris Mining expects consolidated gold production in 2026 to range between 300,000 and 350,000 oz, with production weighted toward the second half of the year. The increase reflects higher expected production at Segovia and the start of production from the new Marmato CIP plant. At Segovia, gold production is expected to increase to between 265,000 and 300,000 ounces, up from the 227,762 ounces produced in 2025 and supported by higher mill feed from both owner-operated mining and CMP sourced material. At Marmato, gold production is expected to increase to between 35,000 and 50,000 ounces, up from the 28,741 ounces in 2025. Production will be back-end weighted driven by the commissioning of the CIP plant, with first gold from the new plant expected in Q4 2026.

| Operation | Segovia | Marmato | Consolidated | | Gold production (koz) | 265 - 300 | 35 - 50 | 300 - 350 | | Cash cost (US$/oz) – Owner mining | $1,150 to $1,250 | To be provided following CIP plant commercial production | | | AISC (US$/oz) – Owner mining | $1,700 to $1,800 | | | | AISC sales margin – CMPs2 | 35% - 40% | | |

Marmato construction advancing: Development of the new underground decline to the Bulk Mining Zone is currently 60% complete (over 1,000 metres advanced) and is scheduled for completion in Q3 2026, ahead of CIP plant commissioning in Q4 2026. The new decline will significantly improve access and haulage efficiency, enabling higher mining rates and lower costs as processing capacity expands. The new decline has advanced beyond the connection point to the underground crosscut, with completion of the crosscut expected in April 2026. This horizontal development, connecting the upper part of the Bulk Mining Zone with the main decline, will establish an additional access and ventilation pathway, facilitate ore and waste haulage between existing and new infrastructure, and support the initial ramp up of mine production. The main civil, mechanical, and electrical works are advancing, with foundations for the mills, tailings thickener, and leach and CIP tanks completed. Construction of underground workshops and ore storage, main pump station and field offices will begin in Q2 2026. Subsequent to December 31, 2025, the Company received the $40 million instalment deposit under its precious metals stream financing following achievement of the 50% completion milestone. The proceeds will be recognized in the first quarter of 2026. The remaining $42 million instalment deposit is payable upon achievement of the 75% completion milestone. During most of 2026, owner mining rates are expected to average approximately 900 tonnes per day (tpd), reflecting the throughput capacity of the existing flotation plant, sourced primarily from ore development and stopes in the Bulk Mining Zone. Aris Mining plans to exit 2026 operating the 5,000 tpd design capacity CIP plant at approximately 3,000 tpd. Production is expected to increase through 2027, with throughput increasing to approximately 4,000 tpd by mid-2027 and reaching the full 5,000 tpd design capacity by the end of 2027 when the paste backfill plant is fully commissioned.

Toroparu Project (100% owned, Guyana): Aris Mining initiated a PFS last year, targeted for completion in 2026, to advance Toroparu toward a construction decision in early 2027. The Company commenced select pre-construction activities, which includes building a bridge at the Puruni river crossing and ongoing road construction. Preliminary Economic Assessment (PEA) completed in October 2025, outlining an attractive project with an after-tax NPV 5% of $1.8 billion, IRR of 25%, and 3.0-year payback at an assumed gold price of $3,000/oz. 5

Soto Norte Project (100% owned, Colombia): Aris Mining is finalizing the required studies to apply for an environmental license in Q2 2026 for the development of Soto Norte. Prefeasibility Study (PFS) completed in September 2025, demonstrating robust economics with an after-tax NPV 5% of $2.7 billion, IRR of 35%, and 2.3-year payback at an assumed gold price of $2,600/oz. 6 Strong leverage to higher gold prices, at $3,000/oz the NPV 5% increases to $3.3 billion with IRR of 40%. The PFS incorporates industry-leading environmental and social design features, including the integration of local community miners – 750 tpd (over 20% of Soto Norte’s 3,500 tpd processing capacity) has been dedicated to local contract mining partners.

Q4 2025 Conference Call Details

Management will host a conference call on Thursday, March 12, 2026, at 6:00 am PT / 9:00 am ET / 2:00 pm GMT to discuss the results.

Participants may gain expedited access to the conference call by registering at Diamond Pass Registration . Once registered, 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.

Webcast

Link: Webcast | Q4 2025 Conference Call

Conference Call

Toll-free North America: +1-833-821-0197 International: +1-647-846-2328

Audio Recording

After the call, an audio recording will be available via telephone until end of day March 19, 2026 Toll-free in the US and Canada: +1-855-669-9658 International: +1-412-317-0088; and using the access code: 3500393

A replay of the event will be archived at Events & Presentations - Aris Mining Corporation .

Aris Mining's Condensed Consolidated Interim Financial Statements for the three and twelve months ended December 31, 2025 and 2024 and related MD&A are available on SEDAR+, in the Company’s filings with the U.S. Securities and Exchange Commission (the SEC) and in the Financials section of Aris Mining's website here . Hard copies of the financial statements are available free of charge upon written request to info@aris-mining.com .

About Aris Mining

Aris Mining is a Canadian gold mining company focused on South America. The Company operates the Segovia and Marmato underground gold mines in Colombia, which together produced approximately 257,000 ounces of gold in 2025. Aris Mining is listed on the TSX and NYSE under the symbol ARIS.

Expansion projects underway at Segovia and Marmato are expected to increase production to approximately 500,000 ounces of gold per year, driven by the ramp-up at Segovia following the installation of the second mill, which was completed in June 2025, and construction of the new Marmato bulk mine and CIP plant, with first gold expected in Q4 2026.

Aris Mining’s existing portfolio supports a longer-term objective of approximately 1 million ounces of annual gold production 7 . Key projects include the high-grade Soto Norte gold project in Colombia, where environmental studies are being finalized for submission in Q2 2026 to initiate the licensing process, and the Toroparu gold project in Guyana, where a Prefeasibility Study is in progress and a construction decision is expected in early 2027.

Additional information on Aris Mining can be found at www.aris-mining.com , www.sedarplus.ca , and on www.sec.gov .

Endnotes

| 1. All references to adjusted earnings, EBITDA, adjusted EBITDA, growth capital investment, cash flow after sustaining capital and income taxes, cash costs ($ per oz) and AISC ($ per oz) are non-GAAP financial measures in this document. These measures are intended to provide additional information to investors. They do not have any standardized meanings under IFRS, and therefore may not be comparable to other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Refer to the Non-GAAP Measures section in this document for a reconciliation of these measures to the most directly comparable financial measure disclosed in the Company’s financial statements. | | | | 2. Aris Mining operates its own mines and contracts with community-based mining partners, referred to as Contract Mining Partners (CMPs), to increase total gold production. Some partners work within Aris Mining’s infrastructure, while others manage their own mining operations on Aris Mining’s titles using their own infrastructure. In addition, Aris Mining purchases high grade mill feed from third-party contractors operating off-title, which further optimizes production and increases operating margins. | | | | 3. Net earnings represents net earnings attributable to owners of the company, as presented in the annual and interim financial statements for the relevant period. | | | | 4. 2026 cash cost and All in sustaining cost (AISC) forecasts are based on a gold price of US$4,400/oz and USD to Colombian peso exchange rate of 3,800. | | | | 5. See technical report dated October 28, 2025 and entitled “NI 43-101 Technical Report Preliminary Economic Assessment for the Toroparu Project Cuyuni-Mazaruni Region, Guyana”. Note that this PEA is preliminary in nature. It 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. | | | | 6. See technical report dated September 3, 2025 and entitled “NI 43-101 Technical Report Prefeasibility Study for the Soto Norte Project, Santander, Colombia.” | | | | 7. Includes potential production estimates from Toroparu, which is based on a preliminary economic assessment and is preliminary in nature. It 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. There can be no assurance that the projected production will be achieved. Such production also remains subject to obtaining all necessary permits for both Soto Norte and Toroparu. |

Fourth quarter consolidated income statement

| | Three months ended December 31, | | | | 2025 | 2024 | | Revenue | $ 308,565 | $ 151,076 | | | | | | Cost of sales | (124,365) | (83,189) | | Depreciation and depletion | (16,809) | (9,530) | | Social contributions | (9,326) | (4,228) | | Income from mining operations | 158,065 | 54,129 | | | | | | General and administrative costs | (6,878) | (8,084) | | Loss from investments in associates | 14 | (14) | | Share-based compensation | (20,663) | 483 | | Other expenses | (6,447) | (1,116) | | Income from operations | 124,091 | 45,398 | | | | | | Gain (loss) on financial instruments | (3,058) | 6,561 | | Loss on settlement of deferred revenue | (4,990) | — | | Finance income | 4,353 | 1,606 | | Finance costs | (10,431) | (21,165) | | Foreign exchange gain (loss) | (12,446) | 5,113 | | Income before income tax | 97,519 | 37,513 | | | | | | Income tax (expense) recovery | | | | Current | (46,742) | (16,987) | | Deferred | 311 | 23 | | Net income | $ 51,088 | $ 20,549 | | Net income attributable to: | | | | Owners of the Company | $ 50,863 | $ 21,687 | | Non-controlling interest | 225 | (1,138) | | | $ 51,088 | $ 20,549 | | Earnings per share attributable to owners of the Company – basic | $ 0.25 | $ 0.13 | | Weighted average number of outstanding common shares – basic | 203,245,172 | 170,900,890 | | | | | | Earnings per share attributable to owners of the Company – diluted | $ 0.25 | $ 0.02 | | Weighted average number of outstanding common shares – diluted | 206,592,928 | 173,046,985 |

Fourth quarter consolidated statement of cash flows

| | Three months ended December 31, | | | | 2025 | 2024 | | Operating Activities | | | | Net income | $ 51,088 | $ 20,548 | | Adjusted for the following items: | | | | Depreciation and depletion | 17,507 | 8,693 | | Loss from investments in associates | (14) | 13 | | Share-based compensation | 20,663 | (483) | | Finance costs | 10,431 | 21,165 | | Loss on financial instruments | 3,058 | (6,561) | | Amortization of deferred revenue and cumulative catch-up | (2,210) | (1,042) | | Unrealized foreign exchange loss (gain) | 9,396 | (6,829) | | Income tax expense | 46,431 | 16,964 | | Loss on settlement of deferred revenue | 4,990 | — | | Other | 862 | 2,749 | | Payment of Deferred Share Units and Performance Share Units | — | 1 | | Settlement of Soto Norte Project PMPA | (10,000) | — | | Precious metal stream deposit received | — | 40,016 | | Changes in non-cash operating working capital items | 8,260 | 29,002 | | Operating cash flows before taxes | 160,462 | 124,236 | | Income taxes paid | (21,686) | (25,152) | | Net cash provided by operating activities | 138,776 | 99,084 | | Investing Activities | | | | Additions to mining interests, plant and equipment | (85,045) | (47,882) | | Contributions to investment in associates | — | (1) | | Purchase of Denarius marketable securities | (1,429) | — | | Capitalized interest paid (net) | (7,964) | (3,959) | | Net cash used in investing activities | (94,438) | (51,842) | | Financing Activities | | | | Acquisition of 49% interest in Soto Norte Project | (50,000) | — | | Repayment of Gold Notes | (4,064) | (3,695) | | Repayment of Senior Notes 2026 | — | (305,157) | | Net proceeds from Senior Notes 2029 | — | 441,294 | | Payment of lease obligations | (1,198) | (594) | | Interest paid | (18,000) | (5,582) | | Proceeds from exercise of stock options and warrants, net of issuance costs | 3,462 | 1,427 | | Net cash provided by financing activities | (69,800) | 127,693 | | Impact of foreign exchange rate changes on cash and equivalents | (545) | (2,704) | | Increase in cash and cash equivalents | (26,007) | 172,231 | | Cash and cash equivalents, beginning of period | 417,881 | 80,304 | | Cash and cash equivalents, end of period | $ 391,874 | $ 252,535 |