Aris Mining Corp (ARMN)

[NYBob]

Aris Mining Reports Q3 2022 Financial and Operating Highlights
November, 14, 2022

https://www.aris-mining.com/news/news-details/2022/ARIS-MINING-REPORTS-Q3-2022-FINANCIAL-AND-OPERATING-HIGHLIGHTS/default.aspx

VANCOUVER, BC, Nov. 14, 2022 /PRNewswire/ - Aris Mining Corporation ("Aris Mining" or the "Company"), formerly GCM Mining Corporation ("GCM Mining") (TSX: ARIS) (OTCQX: TPRFF) announces financial and operating results for the three and nine months ended September 30, 2022 ("Q3 2022 and YTD 2022"). All amounts are in US dollars unless otherwise indicated.

Q3 2022 Highlights:

Cash and cash equivalents of $326 million and access to $260 million of future project construction funding, as of September 30, 2022
Gold sales of 53,411 ounces in Q3 2022 at AISC1 per ounce sold of $1,115, with gold sales up 6% over the same quarter last year
Income from mining operations of $39.8 million for Q3 2022 and $122.2 million for YTD 2022
Aris Mining CEO Neil Woodyer stated: "We are pleased to report on the integrated group results following the combination of GCM Mining and Aris Gold on September 26. We have reorganized our Colombian operations around GCM Mining's Medellin office, transferred the corporate office from Toronto to Vancouver, established a new system of governance and leadership for our community social programs, started implementing new reporting systems focused on cost controls, and re-branded our operations and offices as Aris Mining.

"During Q3 2022, the expansion of the Segovia Operation's Maria Dama processing facility to 2,000 tpd from 1,500 tpd was completed, resulting in gold production of 54,630 ounces during the quarter. The Segovia Operations generated $57 million of after-tax cash flow during the first nine months of 2022, with the historic Marmato Upper Mine contributing another $2 million while the site prepares for the Marmato Lower Mine expansion project.

"Earlier today we announced the completion of updated mineral resource and reserves estimates and the results of the Preliminary Feasibility Study for the Marmato expansion project, effective June 30, 2022, which is expected to be filed in November 2022. The updated Marmato Lower Mine construction capital estimate of $280 million will be partially funded from $122 million of committed stream financing, for a net construction funding amount of $158 million. Since March 2020 we have increased measured and indicated mineral resources by 47% to 6.0 million ounces of gold, mineral reserves by 57% to 3.2 million ounces, and, at the base case $1,600 gold price, the project NPV5% is $341 million and the IRR is 30%.2 Following construction of the new Lower Mine, the Marmato operation is expected to deliver average production of 162,000 ounces per year over a nearly 20-year mine life.

"We are also pleased to announce approval of the Marmato Plan de Trabajos y Obras or PTO, a long-term technical operations concept, by the Agencia Nacional de Minería, as a progressive step toward fully permitting the expansion project. We continue to advance the process to amend the Marmato environmental license with the Autoridad Nacional de Licencias Ambientales.

"We are now focused on a re-evaluation of the Toroparu Project in Guyana, including a review to validate the previous management team's plan to construct the processing plant in two phases. During this period and until the development plan is fully defined, we are reducing previously planned expenditures."

____________________

1.

Cash costs ($ per oz sold), AISC ($ per oz sold), EBITDA, adjusted EBITDA, adjusted (loss)/earnings and additions to mining interests are non-IFRS financial measures and non-IFRS ratios in this document. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Please refer to the Non-IFRS Measures section of the Cautionary Notes below for further information.

2.

See Marmato mineral resources and reserves section below for further details.



Q3 2022 Financial and Operating Highlights

https://www.aris-mining.com/news/news-details/2022/ARIS-MINING-REPORTS-Q3-2022-FINANCIAL-AND-OPERATING-HIGHLIGHTS/default.aspx


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