Stock Market

Aris Mining Corporation Soars with Robust Financial and Operating Results

VANCOUVER, BC, March 6, 2024 /PRNewswire/ - Aris Mining Corporation (TSX: ARIS) (NYSE-A: ARMN), a recognized player in the gold mining industry, has released its financial and operational figures for the final quarter and full year ended December 31, 2023. The company, which operates primarily within the Americas, revealed a promising outlook with revenue generated in US dollars.

Gold Production Highlights

The company happily reported its fourth quarter (Q4 2023) gold production at an impressive 61,052 ounces, while the total for the full year 2023 (FY 2023) was a substantial 226,151 ounces. A crucial highlight was the Segovia Operations which produced a remarkable 202,940 ounces of gold at a superior grade of 10.4 grams per tonne through the year. The all-in sustaining costs (AISC) were firmly held at $1,173 per ounce, aligning with the production and cost projections.

Furthermore, strong performances have translated into substantial free cash flow from operations, which hit $75.4 million for the year. It has significantly contributed towards funding growth initiatives to the tune of $84.2 million. The robust financial health of Aris Mining is evidenced in their ending cash position of $195 million for the year.

Aris Mining's Restructured Path to Success

At the helm is CEO Neil Woodyer, who laid out the transformative measures that have been paramount to the company's success. Following the merger with Aris Gold in September 2022, a restructured operations team and new processes were pivotal in the steady quarter-over-quarter growth seen in gold production. Aris Mining accomplished the initial phase of its ambitious vision - to forge a lucrative, investor-centric gold mining enterprise by integrating profitable operations with significant exploration potential along with expansion projects.

Future Outlook: Capacity Growth and Construction Plans

Aris Mining has set its compass towards future endeavors with a 50% increase in processing capacity at Segovia Operations, aiming for 3,000 tonnes per day by early 2025. This capacity expansion will potentially elevate annual gold production at Segovia beyond 300,000 ounces.

Neil Woodyer expressed optimism regarding ongoing construction projects, including the Marmato Lower Mine development with initial access roads completed, contractor selection in place, and processing plant tenders underway. With these developments in motion, Aris Mining aspires to reach an annual gold production of half a million ounces in Colombia by 2026.

Operational Review and Updates

Delving into specifics of the Segovia Operations, the company achieved several milestones. They managed to mill 166,329 tonnes of ore in Q4 2023, reflecting a significant escalation in processing capabilities compared to 163,205 tonnes in Q3 2023. The gold yield was at a high average processed grade, tied in with cash costs per ounce sold coming down to $928, an improvement from the previous quarter's $954 per ounce.

Aris Mining's robust fiscal discipline is reflected in their owner-operated and partner-operated mining costs. With a cost-effective approach to production, they have maintained their AISC per ounce sold according to planned figures, validating their effective cost management strategy.

Financial Performance Analysis

The company has proudly shared its financial results for both Q4 2023 and the cumulative year-end, substantiating their strengthen foothold in the sector. The year-end earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at a solid $112.1 million, with a notable adjustment that pushed the figures for adjusted EBITDA even higher to $159.4 million, confirming their efficient operations and escalating profitability.

However, it is important to note the net loss of $5.9 million in Q4 2023, resulting in a per-share loss of $0.04. Contrastingly, the total year's performance presents a starkly different picture with positive net earnings of $11.4 million, or $0.08 per share, unveiling the company's triumphant rebound and resilience.

Upon adjusting for certain items, the translated earnings reflect a more buoyant financial health. Adjusted figures boast $11.8 million or $0.09 per share in Q4, and for the overall year, a commendable $52.2 million or $0.38 per share.

Investor Information Access and Conferences

For detailed financial examination and strategic insight, stakeholders can peruse Aris Mining's Audited Consolidated Financial Statements and Management Discussion & Analysis (MD&A), collectively known as the Annual Filings, which are accessible on SEDAR+ and via the Aris Mining website. Additionally, the annual report on Form 40-F for 2023 is available in the company’s filings with the U.S. Securities and Exchange Commission (the SEC). The company has transparently invited written requests for hard copy audited statements, demonstrating their commitment to investor relations.

Upcoming Conference Call

Aris Mining management is set to host a conference call to discuss the company's 2023 results and projections for 2024. Scheduled for Thursday, March 7, 2024, at 11:00 am ET/8:00 am PT, interested parties can access the call via the company's website or Chorus Call services. Multiple lines are open for attendees, including toll-free access for North American participants, with registration options available for an operator-less experience.

For those unable to attend live, a replay will be available for one week post-event through provided contact numbers and access code. Moreover, a recorded version of the call will be archived in the company's Investor Events and Presentations section on their website.

A Glimpse into Aris Mining's Enterprise

Aris Mining represents the epitome of what it means to be a versatile and resourceful gold mining operation. With active mines in Colombia producing significant volumes of high-grade gold, alongside major expansion projects in Segovia and Marmato, the company stands at the threshold of substantial growth. Their credentials extend to being the 20% owner of the Soto Norte Project, an endeavor aimed at developing a new underground mine for gold, silver, and copper.

In Guyana, the company is advancing its Toroparu Project, a promising gold/copper venture. Their commitment to strategic acquisitions and growth ventures underlines their declaration to continue driving value through scale and diversification.

A Note on Cautionary Language and Non-IFRS Measures

The company has addressed that within the news release, they've used non-IFRS financial measures such as AISC per ounce sold, EBITDA, adjusted EBITDA, free cash flow, and cash costs, which are not standardized under IFRS. They've elaborated, however, the detail and reasoning behind these measures are integrated within the "Non-IFRS Measures" section of their latest MD&A, which is paired with their financial results.

Forward-Looking Information

Aris Mining clarifies that this release contains forward-looking statements, contingent upon numerous factors, including the company's strategies and anticipated results. It's been emphasized that future outcomes could substantially differ from statements made due to a myriad of possible risks and uncertainties. These are further outlined in their latest annual information form available on SEDAR+ and the SEC website.

The adept approach and forward-thinking policies have undoubtedly entrenched Aris Mining Corporation in a vantage position within the gold mining sector. With their eyes primed on an auspicious future abounding with opportunity and expansion, Aris Mining Corporation seems well-equipped to achieve and possibly exceed their ambitious targets, underpinning their status as an industry leader.

Important links:

• Aris Mining Financials
• SEDAR+
• U.S. Securities and Exchange Commission