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<\/i><\/b>5.6 Moz of Planned Gold Production Over 29 Years; 258 koz Annually in Years 1\u201317
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<\/i><\/b>$2.8 Billion After-Tax NPV5%<\/sub> and 31.5% IRR at $3,600\/oz Gold
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<\/i><\/b>Initial funding requirement of $1,005 million<\/i><\/b><\/p>\n
VANCOUVER, British Columbia–(BUSINESS WIRE<\/a>)– This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20261112013692\/en\/<\/a><\/p>\n Figure 1 \u2013 Toroparu annual gold production and processed gold grade<\/p>\n<\/div>\n \nNeil Woodyer, Chair and CEO, commented \u201cToroparu 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<\/sup>, 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.<\/p>\n \nThe PFS incorporates an execution strategy suited to the Project\u2019s 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.<\/p>\n \nWe 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.\u201d<\/p>\n Project Highlights: a Large-Scale, Long-Life Open Pit Mine<\/b><\/p>\n Production and Costs<\/b><\/p>\n Capital Costs and Returns<\/b><\/p>\n \nFigure 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.<\/p>\n \nThe 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.<\/p>\n PFS Report Availability<\/b><\/p>\n \nA complete National Instrument 43-101 \u2013 Standards of Disclosure for Mineral Projects (NI 43-101) compliant Technical Report titled \u201cNI 43-101 Technical Report Prefeasibility Study for the Toroparu Project, Cuyuni-Mazaruni Region, Guyana\u201d dated November 12, 2026 and with an effective date of November 12, 2026 (the Technical Report) has been filed on SEDAR+ and with the SEC on EDGAR, and is also available on the Company\u2019s website at https:\/\/www.aris-mining.com\/operations-and-projects\/technical-reports<\/a>.<\/p>\n Positioned to be Guyana\u2019s next major gold mine<\/b><\/p>\n \nWith the PFS complete and the large-scale mining license application under review, Toroparu is progressing through pre-development activities. Aris Mining continues to target a construction decision in early 2027, subject to receiving the large-scale mining licence and other necessary approvals. The PFS contemplates a 32-month construction period and supports Toroparu’s potential to become a major new long-life gold mine in Guyana. The PFS also underscores Toroparu\u2019s status as a cornerstone asset within the portfolio as Aris Mining executes its strategy to build a major gold producer in South America.<\/p>\n Table 1 \u2013 Toroparu PFS economic evaluation sensitivity to gold price<\/b><\/p>\n Gold price<\/b><\/p>\n Indicator<\/b><\/p>\n<\/td>\n $3,000\/oz<\/b><\/p>\n<\/td>\n $3,600\/oz $4,200\/oz<\/b><\/p>\n<\/td>\n<\/tr>\n After-tax NPV5%<\/sub> ($ billion)<\/b><\/p>\n<\/td>\n \n$1.8<\/p>\n<\/td>\n $2.8<\/b><\/p>\n<\/td>\n \n$3.8<\/p>\n<\/td>\n<\/tr>\n After-tax IRR (%)<\/b><\/p>\n<\/td>\n \n24.3%<\/p>\n<\/td>\n 31.5%<\/b><\/p>\n<\/td>\n \n37.8%<\/p>\n<\/td>\n<\/tr>\n Payback period (years)<\/b><\/p>\n<\/td>\n \n2.7<\/p>\n<\/td>\n 2.2<\/b><\/p>\n<\/td>\n \n1.9<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe sensitivity analysis in Table 1 shows that at higher gold prices, returns increase substantially beyond the attractive levels of the base case scenario while remaining robust at lower gold prices.<\/p>\n \nThe economic analysis also includes the historic precious metals stream agreement with Wheaton Precious Metals International Ltd. (Wheaton), originally entered into in 2013 and amended in 2015, when Toroparu was owned by Sandspring Resources Ltd., a single-asset junior developer. Under this agreement, Wheaton may elect to provide $138 million in construction funding following completion of a full development plan, in exchange for the right to purchase 10% of Toroparu\u2019s gold production and 50% of its silver production at fixed prices of $400\/oz and $3.90\/oz, respectively, with both prices subject to escalation beginning on the fourth anniversary of commercial production. With the PFS now complete, Aris Mining and Wheaton are exploring opportunities for amending the terms of the agreement to align with the updated project parameters.<\/p>\n Table 2 \u2013 PFS Economic evaluation results<\/b><\/p>\n Key indicators<\/b><\/p>\n<\/td>\n Units<\/b><\/p>\n<\/td>\n Main Pit Operations Late-life Mining & Stockpile Processing (Years 18-29)<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n Total \/ Life-of-operation average<\/b><\/p>\n<\/td>\n<\/tr>\n \nTotal gold produced in period<\/p>\n<\/td>\n \nMoz<\/p>\n<\/td>\n \n4.4<\/p>\n<\/td>\n \n1.2<\/p>\n<\/td>\n \n5.6<\/p>\n<\/td>\n<\/tr>\n \nMining Years<\/p>\n<\/td>\n \nYears<\/p>\n<\/td>\n \n1 to 17<\/p>\n<\/td>\n \n18 to 21<\/p>\n<\/td>\n \n21<\/p>\n<\/td>\n<\/tr>\n \nProcessing Years<\/p>\n<\/td>\n \nYears<\/p>\n<\/td>\n \n1 to 17<\/p>\n<\/td>\n \n18 to 28.6<\/p>\n<\/td>\n \n28.6<\/p>\n<\/td>\n<\/tr>\n \nAverage annual gold production<\/p>\n<\/td>\n \nkoz<\/p>\n<\/td>\n \n258<\/p>\n<\/td>\n \n103<\/p>\n<\/td>\n \n195<\/p>\n<\/td>\n<\/tr>\n \nAverage cash cost2,3<\/sup><\/p>\n<\/td>\n \n$\/oz Au<\/p>\n<\/td>\n \n1,003<\/p>\n<\/td>\n \n1,529<\/p>\n<\/td>\n \n1,119<\/p>\n<\/td>\n<\/tr>\n \nAverage all in sustaining cost2,3<\/sup><\/p>\n<\/td>\n \n$\/oz Au<\/p>\n<\/td>\n \n1,395<\/p>\n<\/td>\n \n1,841<\/p>\n<\/td>\n \n1,494<\/p>\n<\/td>\n<\/tr>\n \nAverage annual EBITDA2<\/sup><\/p>\n<\/td>\n \n$M<\/p>\n<\/td>\n \n588<\/p>\n<\/td>\n \n176<\/p>\n<\/td>\n \n423<\/p>\n<\/td>\n<\/tr>\n Summary cash flow ($M) at $3,600\/oz gold price<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRevenue from payable gold sales<\/p>\n<\/td>\n \n$M<\/p>\n<\/td>\n \n15,592<\/p>\n<\/td>\n \n4,267<\/p>\n<\/td>\n \n19,859<\/p>\n<\/td>\n<\/tr>\n \nLess: royalties<\/p>\n<\/td>\n \n$M<\/p>\n<\/td>\n \n1,262<\/p>\n<\/td>\n \n347<\/p>\n<\/td>\n \n1,609<\/p>\n<\/td>\n<\/tr>\n \nLess: operating costs<\/p>\n<\/td>\n \n$M<\/p>\n<\/td>\n \n5,238<\/p>\n<\/td>\n \n2,191<\/p>\n<\/td>\n \n7,429<\/p>\n<\/td>\n<\/tr>\n \nLess: sustaining capital<\/p>\n<\/td>\n \n$M<\/p>\n<\/td>\n \n437<\/p>\n<\/td>\n \n22<\/p>\n<\/td>\n \n459<\/p>\n<\/td>\n<\/tr>\n \nAdd: by-product copper and silver revenues, net of TCRCs<\/p>\n<\/td>\n \n$M<\/p>\n<\/td>\n \n(896)<\/p>\n<\/td>\n \n(363)<\/p>\n<\/td>\n \n(1,259)<\/p>\n<\/td>\n<\/tr>\n Operating margin<\/b><\/p>\n<\/td>\n $M<\/b><\/p>\n<\/td>\n \n9,551<\/p>\n<\/td>\n \n2,069<\/p>\n<\/td>\n \n11,620<\/p>\n<\/td>\n<\/tr>\n \nLess: income tax<\/p>\n<\/td>\n \n$M<\/p>\n<\/td>\n \n2,420<\/p>\n<\/td>\n \n613<\/p>\n<\/td>\n \n3,033<\/p>\n<\/td>\n<\/tr>\n \nWorking capital (inflows)\/outflows<\/p>\n<\/td>\n \n$M<\/p>\n<\/td>\n \n(109)<\/p>\n<\/td>\n \n114<\/p>\n<\/td>\n \n5<\/p>\n<\/td>\n<\/tr>\n After-tax cash flow<\/b><\/p>\n<\/td>\n $M<\/b><\/p>\n<\/td>\n \n7,241<\/p>\n<\/td>\n \n1,342<\/p>\n<\/td>\n \n8,583<\/p>\n<\/td>\n<\/tr>\n \nLess: construction capital with contingency allowances<\/p>\n<\/td>\n \n$M<\/p>\n<\/td>\n \n1,119<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n1,119<\/p>\n<\/td>\n<\/tr>\n \nCredit: construction funding from Toroparu PMPA<\/p>\n<\/td>\n \n$M<\/p>\n<\/td>\n \n(138)<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n(138)<\/p>\n<\/td>\n<\/tr>\n \nLess: additional project capital during operations<\/p>\n<\/td>\n \n$M<\/p>\n<\/td>\n \n175<\/p>\n<\/td>\n \n27<\/p>\n<\/td>\n \n202<\/p>\n<\/td>\n<\/tr>\n \nLess: closure costs<\/p>\n<\/td>\n \n$M<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n60<\/p>\n<\/td>\n \n60<\/p>\n<\/td>\n<\/tr>\n Net cash flow, before costs of Toroparu PMPA financing<\/b><\/p>\n<\/td>\n $M<\/b><\/p>\n<\/td>\n \n6,085<\/p>\n<\/td>\n \n1,255<\/p>\n<\/td>\n \n7,340<\/p>\n<\/td>\n<\/tr>\n \nLess: costs of Toroparu PMPA financing<\/p>\n<\/td>\n \n$M<\/p>\n<\/td>\n \n1,477<\/p>\n<\/td>\n \n412<\/p>\n<\/td>\n \n1,888<\/p>\n<\/td>\n<\/tr>\n Net cash flow<\/b><\/p>\n<\/td>\n $M<\/b><\/p>\n<\/td>\n \n4,608<\/p>\n<\/td>\n \n843<\/p>\n<\/td>\n \n5,451<\/p>\n<\/td>\n<\/tr>\n \nPre-tax indicators at $3,600\/oz gold price (base case)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNPV at 5% discount rate<\/p>\n<\/td>\n \n$M<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,374<\/p>\n<\/td>\n<\/tr>\n \nIRR<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n39.4%<\/p>\n<\/td>\n<\/tr>\n \nPayback period (from start of operations)<\/p>\n<\/td>\n \nYears<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.8<\/p>\n<\/td>\n<\/tr>\n \nAfter-tax indicators at $3,600\/oz gold price (base case)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNPV at 5% discount rate<\/p>\n<\/td>\n \n$M<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,828<\/p>\n<\/td>\n<\/tr>\n \nIRR<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n31.5%<\/p>\n<\/td>\n<\/tr>\n \nPayback period (from start of operations)<\/p>\n<\/td>\n \nYears<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.2<\/p>\n<\/td>\n<\/tr>\n \nAfter-tax indicators at $4,200\/oz gold price<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNPV at 5% discount rate<\/p>\n<\/td>\n \n$M<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,819<\/p>\n<\/td>\n<\/tr>\n \nIRR<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n37.8%<\/p>\n<\/td>\n<\/tr>\n \nPayback period (from start of operations)<\/p>\n<\/td>\n \nYears<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.9<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Table 3 – Toroparu mineral reserves, effective November 12, 2026<\/b><\/p>\n
\nAris 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\u2019s website<\/a> and SEDAR+ profile at www.sedarplus.ca<\/a> and is filed with the U.S. Securities and Exchange Commission (SEC) at www.sec.gov<\/a>. All amounts are in U.S. dollars unless otherwise indicated.<\/p>\n![\"Figure](\"https:\/\/mms.businesswire.com\/media\/20261112013692\/en\/2969740\/4\/Picture1.jpg\")
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![\"Photo\"](\"https:\/\/mms.businesswire.com\/media\/20261112013692\/en\/2969740\/3\/Picture1.jpg\")
<\/td>\n<\/tr>\n![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20261112013692\/en\/2720477\/3\/ARIS_MINING_LOGO.jpg\"){kind=logo}
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