ARIS MINING UPDATES MINERAL RESERVES AND RESOURCES FOR THE SEGOVIA OPERATIONS WITH FULL REPLACEMENT OF 2022 PRODUCTION

Rhea-AI Summary

Aris Mining Corporation (OTCQX: TPRFF) announced updated mineral resource and reserve estimates for its Segovia Operations in Colombia, effective December 31, 2022. Key highlights include:

• Proven and probable mineral reserves increased to 755.2 thousand ounces of gold from 744.7 koz in 2021.
• Measured and indicated mineral resources stand at 1.7 million ounces, while inferred resources amount to 1.6 million ounces.
• The company plans an exploration drilling program of 84,500 metres for 2023 to enhance reserves and extend mine life.

CEO Neil Woodyer emphasized Segovia's long-standing high-grade gold production and its positive growth trajectory.

Positive

• Proven and probable mineral reserves increased to 755.2 koz of gold from 744.7 koz in 2021.
• Measured and indicated resources increased to 1.7 million ounces from previous estimates.
• The 2023 exploration drilling program is set at 84,500 metres to enhance reserves and extend mine operations.

Negative

• None.

VANCOUVER, BC, March 3 2023 /PRNewswire/ - Aris Mining Corporation ("Aris Mining" or the "Company) (TSX: ARIS) (OTCQX: TPRFF) announces updated mineral resource and reserve estimates for the Segovia Operations in Colombia, effective December 31, 2022 (the "2022 MRE").  The 2022 MRE includes full replacement of gold ounces mined during 2022.

Highlights of the Segovia Operations 2022 MRE include:

• Proven and probable mineral reserves of 755.2 thousand ounces (koz) of gold (Au) from 2.4 million tonnes (Mt) at 9.95 grams per tonne (g/t) Au. This compares to 744.7 koz from 2.3 Mt at 10.1 g/t Au as of December 31, 2021
  
  
• Measured and indicated mineral resources of 1.7 million ounces of gold (Moz) from 5.0 Mt at 10.60 g/t Au
  
  
• Inferred mineral resources of 1.6 Moz of gold from 5.3 Mt at 9.44 g/t Au
  
  
• Extended growth history of mineral resources, net of depletion, since 2010 (see Figure 1)

Neil Woodyer, CEO of Aris Mining, commented "Segovia is a high-grade gold operation that has been producing gold for more than 150 years. Following the 2022 in-mine and near-mine drilling campaign, we are pleased to report another year of replacing mined ounces with new reserves and resources. For 2023, we have planned an exploration drilling program of 84,500 metres at Segovia focussed on increasing the mineral reserves and life of mine plan, extending the known resources at the four producing mines, and further exploring strategic high priority vein targets located adjacent to the current mining operations."

Tables 1 and 2 include the full breakdown of the 2022 MRE.

Table 1: Segovia Operations Mineral Reserves effective December 31, 2022

Classification	Deposit	Tonnes (kt)	Grade Au (g/t)	Contained Au (koz)
Proven	Providencia	204.1	11.22	73.6
	Sandra K	25.2	8.46	6.8
	Total Proven	229.3	10.92	80.5
Probable	Providencia	198.9	8.11	51.8
	Sandra K	462.2	7.42	110.3
	El Silencio	1,369.3	11.01	484.6
	Carla	101.3	8.57	27.9
	Total Probable	2,131.7	9.84	674.7
Proven + Probable	Total	2,361.0	9.95	755.2

Notes:

1. The mineral reserve estimate was prepared under the supervision of, or was reviewed by, Pamela De Mark, P.Geo, Senior Vice President Technical Services of Aris Mining, who is a Qualified Person as defined by National Instrument 43-101 ("NI 43-101"). 2. Totals may not add up due to rounding. 3. Mineral reserves are reported within scheduled mine designs using a cut-off grade of between 2.86 and 3.44 g/t Au depending on deposit, based on a gold price of US$1,7000 per ounce, metallurgical recovery of 94%, and costs of between US$147 and US$177 per tonne depending on deposit, including consideration for concentrate credits.  4. There are no known legal, political, environmental, or other risks that could materially affect the mineral reserves.

Table 2: Segovia Operations Mineral Resources effective December 31, 2022

Classification	Deposit	Tonnes (kt)	Grade Au (g/t)	Contained Au (koz)
Measured	Providencia	369	15.71	187
	Sandra K	35	11.96	14
	Total Measured	405	15.39	200
Indicated	Providencia	398	10.30	132
	Sandra K	708	9.67	220
	El Silencio	3,292	10.35	1,095
	Carla	163	8.07	42
	Vera	9	10.22	3
	Total Indicated	4,569	10.16	1,492
Measured + Indicated	Providencia	768	12.91	319
	Sandra K	743	9.78	234
	El Silencio	3,292	10.35	1,095
	Carla	163	8.07	42
	Vera	9	10.22	3
	Total Measured + Indicated	4,974	10.58	1,692
Inferred	Providencia	756	14.68	357
	Sandra K	1,032	12.24	406
	El Silencio	2,146	7.65	528
	Carla	238	6.25	48
	Vera	771	7.10	176
	Verticales	118	5.87	22
	Cristales	263	9.40	80
	Total Inferred	5,325	9.44	1,616

Notes:

1. Mineral resources are inclusive of mineral reserves. 2. Mineral resources are not mineral reserves and have no demonstrated economic viability. 3. The mineral resource estimate was prepared under the supervision of, or was reviewed by, Pamela De Mark, P.Geo, Senior Vice President, Technical Services of Aris Mining, who is a Qualified Person as defined by NI 43-101. Ms. De Mark has reviewed and verified the drilling, sampling, assaying, and QAQC protocols and results, and is of the opinion that the sample recovery, preparation, analyses, and security protocols used for the mineral reserve estimate and the mineral resource estimate are reliable for that purpose. 4. Totals may not add up due to rounding. 5. Mineral resources are reported using a cut-off grade of 2.65 g/t Au over a 1.0 m mining width, based on a gold price of US$1,850 per ounce, metallurgical recovery of 94%, and costs of US$148 per tonne, including consideration for concentrate credits.  6. There are no known legal, political, environmental, or other risks that could materially affect the mineral resources.

 

Qualified Person and Technical Disclosure

The technical information in this news release was reviewed and approved by Pamela De Mark, P.Geo, Senior Vice President, Technical Services of Aris Mining, who is a Qualified Person as defined by NI 43-101.

About Aris Mining

Aris Mining is a Canadian company led by an executive team with a track record of creating value through building globally relevant mining companies. In Colombia, Aris Mining operates several high-grade underground mines at its Segovia Operations and the Marmato Mine, which together produced 235,000 ounces of gold in 2022. Aris Mining also operates the Soto Norte joint venture, where environmental licensing is advancing to develop a new underground gold, silver and copper mine. In Guyana, Aris Mining is advancing the Toroparu Project, a gold/copper project. Aris Mining plans to pursue acquisition and other growth opportunities to unlock value creation from scale and diversification.

Aris Mining promotes the formalization of small-scale mining as this process enables all miners to operate in a legal, safe and responsible manner that protects them and the environment.

Additional information on Aris Mining can be found at www.aris-mining.com and www.sedar.com.

Cautionary Language

This news release contains "forward-looking information" or forward-looking statements" within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, including, without limitation, statements relating to the results of the 2022 MRE and the nature of such results, the 2023 exploration program and the details and timing thereof, and the Company's plans and strategies are forward-looking. Generally, the forward-looking information and forward looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "will continue" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Statements concerning mineral reserve estimates and mineral resource estimates may also be deemed to constitute forward looking information to the extent that they involve estimates of the mineralization that will be encountered. The material factors or assumptions used to develop forward looking information or statements are disclosed throughout this presentation.

Forward looking information and forward looking statements, while based on management's best estimates and assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Aris Mining to be materially different from those expressed or implied by such forward-looking information or forward looking statements, including but not limited to: local environmental and regulatory requirements and delays in obtaining required environmental and other licenses, changes in national and local government legislation, taxation, controls, regulations and political or economic developments, uncertainties and hazards associated with gold exploration, development and mining, risks associated with tailings management, risks associated with operating in foreign jurisdictions, risks associated with capital cost estimates, dependence of operations on infrastructure, costs associated with the decommissioning of the Company's properties, fluctuations in foreign exchange or interest rates and stock market volatility, operational and technical problems, the ability to maintain good relations with employees and labour unions, competition; reliance on key personnel, litigation risks, uncertainties relating to title to property and mineral resource and mineral reserve estimates, risks associated with acquisitions and integration, risks associated with the Company's ability to meet its financial obligations as they fall due, volatility in the price of gold, or certain other commodities, risks that actual production may be less than estimated, risks associated with servicing indebtedness, additional funding requirements, risks associated with general economic factors, risks associated with secured debt, changes in the accessibility and availability of insurance for mining operations and property, environmental, sustainability and governance practices and performance, risks associated with climate change, risks associated with the reliance on experts outside of Canada, , pandemics, epidemics and public health crises, potential conflicts of interest, uncertainties relating to the enforcement of civil labilities outside of Canada, cyber-security risks, risks associated with operating a joint venture, volatility of the share price, the ability to pay dividends in the future, as well as those factors discussed in the section entitled "Risk Factors" in Aris Mining's most recent AIF available on SEDAR at www.sedar.com.

Although Aris Mining has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. The Company has and continues to disclose in its Management's Discussion and Analysis and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking information and forward-looking statements and to the validity of the information, in the period the changes occur. The forward-looking statements and forward-looking information are made as of the date hereof and Aris Mining disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information.

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SOURCE Aris Mining Corporation

FAQ

What are the mineral reserve estimates for Aris Mining TPRFF as of December 31, 2022?

Aris Mining reported proven and probable mineral reserves of 755.2 thousand ounces of gold as of December 31, 2022.

How much gold does Aris Mining have in measured and indicated resources?

The company's measured and indicated mineral resources are estimated at 1.7 million ounces of gold.

What exploration activities does Aris Mining have planned for 2023?

In 2023, Aris Mining plans to conduct an exploration drilling program totaling 84,500 metres.

What was the increase in mineral reserves for Aris Mining from 2021 to 2022?

Mineral reserves increased from 744.7 thousand ounces in 2021 to 755.2 thousand ounces in 2022.