VANCOUVER, British Columbia, Nov 13 — Aris Mining Corporation (Aris Mining or the Company) announces positive results from the completed Prefeasibility Study (PFS) for its Toroparu Gold Project (Toroparu or the Project) in Guyana. The PFS outlines a large-scale, long-life open pit development, expected to produce 5.6 million ounces (Moz) of gold over a 29-year processing period, including 21 years of mining. The project development strategy is based on contractor mining and a combination of engineering and construction contracting models as well as self-performed work. With the PFS now completed, the Company continues to target a construction decision in early 2027, subject to receipt of necessary approvals. The full Technical Report summarizing the results of the PFS is available on the Company’s website and SEDAR+ profile at www.sedarplus.ca and is filed with the U.S. Securities and Exchange Commission (SEC) at www.sec.gov. All amounts are in U.S. dollars unless otherwise indicated.
Neil Woodyer, Chair and CEO, commented “Toroparu is positioned to become our next major growth project. The PFS confirms a large-scale, long-life operation with compelling economics, a substantially larger mineral resource base compared to the 2025 PEA1, and a practical development plan designed to reduce execution risk. Our large-scale mining licence application, submitted in August, is progressing through the regulatory review process. We appreciate the constructive engagement with the Government of Guyana and are advancing the technical work required to support our application as we move Toroparu toward development readiness.
The PFS incorporates an execution strategy suited to the Project’s large scale and remote location, with a planned 32-month construction schedule. We have also replaced the owner-mining approach contemplated in the 2025 PEA with the use of experienced mining contractors, with costs supported by competitive international quotations.
We are sequencing Toroparu within our broader growth strategy, targeting a construction decision in early 2027, subject to the required approvals, and following first gold from the Marmato CIP plant expected in December 2026. In parallel, we are expanding our Guyana team and advancing engineering and pre-construction activities. With its scale, mine life and economics, Toroparu has the potential to become a cornerstone operation for Aris Mining for decades.”
Project Highlights: a Large-Scale, Long-Life Open Pit Mine
Proven and probable mineral reserves of 5.1 Moz at 1.18 g/t Au (above 0.50 g/t) and 0.9 Moz at 0.40 g/t Au (below 0.50 g/t and the marginal cut-off grade) for a total mineral reserve of 5.9 Moz. See Table 3 for the detailed technical disclosure.
Step-change increase in the mineral resource estimate compared to the 2025 PEA:
Measured and indicated gold mineral resources increased to 9.3 Moz, up 74% from the PEA
Inferred gold mineral resources increased by 1.4 Moz, up 115% from the PEA.
See Table 4 for the detailed technical disclosure.
Lower-grade tonnes add value and extend operating life: material previously treated as waste in the 2025 PEA is now planned to be stockpiled for processing later in the mine life, generating positive operating margin at the mineral reserve gold price of $1,950/oz or higher.
32-month construction schedule for development of a conventional truck-and-shovel open pit mine with a 3.3 to 1 life-of-mine strip ratio, a 7.0 Mtpa processing plant and other mine infrastructure.
Conservative mine design and robust mining schedule. Mineral reserve pit designs are based on a $1,950/oz gold price, well below the $3,600/oz PFS base-case price used for the economic analysis, with the mine plan emphasizing practical operability and production reliability.
Contractor mining strategy aligned with project scale and workforce development objectives. The PFS incorporates mining by experienced third-party contractors, reflecting the scale of the operation and the importance of accessing specialized mining expertise while supporting local employment, training and skills development opportunities. Mining cost estimates are informed by quotations from multiple international mining contractors. This approach replaces the owner-operated, equipment-leasing model contemplated in the 2025 PEA.
Tailored construction delivery strategy reflecting the Project’s large scale and remote location. The PFS incorporates a combination of engineering, procurement and construction management (EPCM), design-and-construct (D&C), engineering, procurement and construction (EPC), and self-performed work. The delivery model for each project area has been selected based on specific scope and execution requirements, with the objectives of strengthening cost and schedule control while managing execution risk.
Large-scale mining licence application submitted in August 2026. The Government of Guyana is advancing their review of the large-scale mining license application.
Production and Costs
Production of doré and copper concentrates containing 5.6 Moz gold, 5.3 Moz silver, and 235 million pounds (Mlb) of copper over the processing life.
Average annual gold production of 291 thousand ounces (koz) over the first five years.
Average annual gold production of 258 koz during the main pit operations (first 17 years), followed by 103 koz during late-life mining and stockpile processing (years 18-29).
Low life-of-mine cash costs2,3 of $1,119/oz Au and all-in-sustaining costs (AISC)2,3 of $1,494/oz Au, net of by-product credits from copper and silver.
Capital Costs and Returns
Initial funding requirement of $1,005 million, comprising $1,017 million in construction capital, $102 million in contingency allowances, and $24 million in working capital during construction, offset by $138 million of funding available under the historic Toroparu precious metals purchase agreement.
Compelling base case economics at metal prices of $3,600/oz gold, $50/oz silver and $5.00/lb copper, generating $19.9 billion of life-of-mine payable gold revenue and $1.3 billion in copper and silver by-product credits, with:
Average annual EBITDA2 of $588 million during main-pit operations (years 1-17), followed by $176 million during late-life mining and stockpile processing (years 18-29).
After-tax net present value at a 5% discount rate (NPV5%) of $2.8 billion.
Internal rate of return (IRR) of 31.5%.
Payback period of 2.2 years from the start of operations.
Robust economics at lower gold prices, with an after-tax NPV5% $1.8 billion and IRR of 24.3% at a gold price of $3,000/oz.
Significant additional value at higher gold prices, with after-tax NPV5% of $3.8 billion and IRR of 37.8% at a gold price of $4,200/oz.
Figure 1 illustrates Toroparu’s planned gold production and processed grade profile. Higher-grade ore is prioritized in the earlier years, while lower-grade stockpiles extend processing through Year 29. Gold production averages 258 koz per year during the first 17 years of main-pit operations and 195 koz over the full 29-year processing life, with peak annual production of approximately 323 koz in Year 16.
The open pit optimization and mineral reserve pit designs were based on a $1,950/oz gold price. This provides a conservative mine-design basis relative to the $3,600/oz base-case gold price used in the economic analysis.
