Marmato Mine - Aris Mining Corporation

The historic Marmato Upper Mine is a narrow-vein mine using small scale, labour intensive mining methods and is currently producing approximately 25,000 ounces of gold per year.

A large expansion project is underway with construction of a new Lower Mine to access wider porphyry mineralization below the Upper Mine. The expansion started in Q3 2023 and includes a new portal and decline, dedicated 4,000 tpd processing facility and the use of efficient mechanized mining methods. First gold from the Lower Mine is expected in late 2025.

Marmato Lower Mine Project Highlights³

A pre-feasibility study on the Marmato Lower Mine Project with an effective date of June 30, 2022 shows robust base case project economics with a post-tax NPV(5%) of $341M using a gold price of $1,600 per ounce.

Gold Price (US$/oz)	$1,400	$1,500	$1,600⁴	$1,700	$1,800
Project NPV @ 5% (after-tax)	$150M	$246M	$341M	$438M	$533M
After-tax IRR %	16.1%	22.8%	29.7%	37.1%	45.2%

6.0 Moz Au

@3.0 g/t

Measured and indicated mineral resources²

5,250 TPD

Upper Mine and Lower Mine processing capacity

$1,003/oz Au

LOM average AISC per ounce^3,5

3.2 Moz Au

@3.2 g/t

Proven and probable gold mineral reserves²

162 koz Au

Expected average annual gold production following expansion³

$74M

Avg net cash flow / year before tax once Lower Mine is fully operational^3,6

2.8 Moz Au

@2.4 g/t

Inferred mineral resources²

20 years

Mine Life based on mineral reserves

$280M

Lower Mine Development Capex (of which $122M funded by committed stream financing)

2024 guidance range of 20,000 oz to 25,000 oz.
For complete mineral resource and reserve technical information, refer to the Reserves and Resources page and our technical reports.
Refer to the pre-feasibility study (PFS) on the Marmato Lower Mine Project with an effective date of June 30, 2022, see “Technical Disclosure and Qualified Person” in the Appendix.
Base Case.
AISC per ounce is a non-IFRS measure; please refer to the Non-IFRS Measures notice
Non-IFRS measure. Net cash flow defined as operating margin less sustaining and non-sustaining capex after working capital adjustments, before tax.

Marmato Lower Mine Construction Update

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April 2024 Update