ARIS MINING TO ACQUIRE REMAINING 49% OF SOTO NORTE, SECURING 100% OWNERSHIP AND ADVANCING A CLEAR PATH TO 1 Moz/year

Core Viewpoint - Aris Mining Corporation has entered into a binding term sheet to acquire the remaining 49% interest in the Soto Norte joint venture in Colombia for a total consideration of US$80 million, which includes US$60 million in cash and newly issued shares [1][2]. Transaction Details - The acquisition will terminate the associated precious metals stream previously granted to Mubadala [1]. - The transaction is expected to close by early December 2025, pending final documentation and customary closing conditions [1]. Strategic Rationale - Post-transaction, Aris Mining will have 100% ownership of Soto Norte, increasing total mineral reserves from 6.9 million ounces (Moz) to 9.1 Moz, a 32.8% increase [3]. - The total mineral resources will rise from 18.3 Moz to 21.7 Moz, an 18.8% increase [3]. - The Net Present Value (NPV) of the Soto Norte project at a gold price of $2,600 per ounce will increase from $1.4 billion to $2.7 billion, an increase of $1.3 billion [3]. Project Overview - Aris Mining first acquired a 20% interest in Soto Norte in April 2022 and increased it to 51% in June 2024 [4]. - The project is confirmed as a high-grade, long-life underground gold project with a positive Prefeasibility Study completed in September 2025 [4]. - Environmental studies are being finalized for licensing submissions planned for the first half of 2026 [4]. Financial Metrics - The transaction is expected to enhance the company's total attributable gold mineral reserves and resources on a per-share basis, leading to NAV accretion [7]. - The Soto Norte project is projected to have an initial capital expenditure of $625 million, with an after-tax NPV of $2.7 billion and an internal rate of return (IRR) of 35.4% [8]. Production and Economic Outlook - The project is designed to support an average annual gold production of 263,000 ounces in years 2 to 10 and 203,000 ounces over the life of the mine [8]. - Life-of-mine cash costs are projected to be low at $345 per ounce, with all-in sustaining costs (AISC) of $534 per ounce [8]. - The project is expected to generate significant by-product credits from copper and silver, with life-of-mine income tax and royalty contributions estimated at $2.6 billion and $393 million, respectively [8].