ARIS MINING ANNOUNCES POSITIVE PREFEASIBILITY STUDY RESULTS FOR THE SOTO NORTE GOLD PROJECT IN COLOMBIA
Aris Mining (NYSE-A: ARMN) announced positive prefeasibility study (PFS) results for its 51%-owned Soto Norte Gold Project in Colombia. The project features a 22-year mine life with a processing capacity of 3,500 tonnes per day, including 750 tpd dedicated to local community miners.
Key financial metrics include initial capital of $625 million, after-tax NPV5% of $2.7 billion, IRR of 35.4%, and payback period of 2.3 years. The project boasts low life-of-mine cash costs of $345/oz Au and AISC of $534/oz Au.
The mine contains proven and probable reserves of 20.3 million tonnes at 7.00 g/t Au containing 4.6 Moz gold, with average annual production of 263,000 ounces in years 2-10. The project emphasizes environmental stewardship with 96.5% water reuse and no cyanide or mercury usage.
Aris Mining (NYSE-A: ARMN) ha reso noti risultati positivi dello studio di prefattibilità (PFS) per il suo progetto aurifero Soto Norte, di cui detiene il 51% in Colombia. Il progetto prevede una vita della miniera di 22 anni e una capacità di trattamento di 3.500 tonnellate al giorno, di cui 750 t/g riservate ai minatori della comunità locale.
I principali indicatori economici comprendono un capitale iniziale di 625 milioni di dollari, un NPV post-tasse sconto 5% di 2,7 miliardi di dollari, un IRR del 35,4% e un periodo di payback di 2,3 anni. Il progetto presenta bassi costi cash-life-of-mine di 345 $/oz Au e un AISC di 534 $/oz Au.
Le riserve provate e probabili ammontano a 20,3 milioni di tonnellate a 7,00 g/t Au, contenenti 4,6 Moz di oro, con una produzione annua media di 263.000 once negli anni 2-10. Il progetto pone particolare attenzione alla tutela ambientale, con un riutilizzo dell'acqua del 96,5% e senza impiego di cianuro o mercurio.
Aris Mining (NYSE-A: ARMN) anunció resultados favorables del estudio de prefactibilidad (PFS) para su Proyecto Soto Norte de oro, en el que posee el 51% en Colombia. El proyecto contempla una vida útil de la mina de 22 años y una capacidad de procesamiento de 3.500 toneladas por día, incluyendo 750 tpd destinadas a mineros locales de la comunidad.
Los principales indicadores financieros incluyen un capital inicial de 625 millones de dólares, un NPV después de impuestos al 5% de 2.700 millones de dólares, una TIR del 35,4% y un periodo de recuperación de 2,3 años. El proyecto presenta bajos costos en toda la vida de mina de 345 $/oz Au y un AISC de 534 $/oz Au.
Las reservas probadas y probables son de 20,3 millones de toneladas a 7,00 g/t Au, con 4,6 Moz de oro, y una producción anual promedio de 263.000 onzas en los años 2-10. El proyecto enfatiza la protección ambiental con un reutilizo de agua del 96,5% y sin uso de cianuro ni mercurio.
Aris Mining (NYSE-A: ARMN)은 콜롬비아에 있는 지분 51%의 Soto Norte 금광 프로젝트에 대한 긍정적인 예비타당성조사(PFS) 결과를 발표했습니다. 본 프로젝트는 광산 수명 22년과 하루 처리 능력 3,500톤을 갖추고 있으며, 그중 750톤/일은 지역 사회 채굴자들에게 할당됩니다.
주요 재무지표는 초기 자본 6억 2,500만 달러, 세후 NPV(할인율 5%) 27억 달러, 내부수익률(IRR) 35.4%, 회수기간 2.3년을 포함합니다. 생애 기간 현금 비용은 345 $/oz Au, AISC는 534 $/oz Au로 낮습니다.
증명 및 확정 매장량은 총 20.3백만 톤, 평균 등급 7.00 g/t Au로 460만 온스(4.6 Moz)의 금을 포함하고 있으며, 2~10년차 연평균 생산량은 263,000 온스입니다. 이 프로젝트는 96.5%의 물 재활용과 시안화물·수은 불사용 등 환경 보호를 강조합니다.
Aris Mining (NYSE-A: ARMN) a annoncé des résultats positifs de l'étude de préfaisabilité (PFS) pour son projet aurifère Soto Norte, dont il détient 51% en Colombie. Le projet prévoit une durée de vie de la mine de 22 ans et une capacité de traitement de 3 500 tonnes par jour, dont 750 t/j réservées aux mineurs locaux de la communauté.
Les principaux indicateurs financiers incluent un capital initial de 625 millions de dollars, une VAN après impôts à 5% de 2,7 milliards de dollars, un TRI de 35,4% et un délai de récupération de 2,3 ans. Le projet affiche de faibles coûts sur la durée de vie de la mine de 345 $/oz Au et un AISC de 534 $/oz Au.
Les réserves prouvées et probables s'élèvent à 20,3 millions de tonnes à 7,00 g/t Au, contenant 4,6 Moz d'or, avec une production annuelle moyenne de 263 000 onces entre les années 2 et 10. Le projet met l'accent sur la protection de l'environnement avec un réutilisation de l'eau de 96,5% et sans usage de cyanure ni de mercure.
Aris Mining (NYSE-A: ARMN) hat positive Ergebnisse der Vorwirtschaftlichkeitsstudie (PFS) für sein zu 51% gehaltenes Soto Norte Goldprojekt in Kolumbien bekannt gegeben. Das Projekt sieht eine Betriebsdauer von 22 Jahren und eine Verarbeitungsleistung von 3.500 Tonnen pro Tag vor, wobei 750 t/Tag für lokale Bergbaugemeinschaften reserviert sind.
Zentrale wirtschaftliche Kennzahlen umfassen ein Anfangskapital von 625 Mio. USD, einen Nachsteuer-NPV (5%) von 2,7 Mrd. USD, einen IRR von 35,4% und eine Amortisationszeit von 2,3 Jahren. Die Lebenszykluskosten liegen bei niedrigen 345 $/oz Au Cash-Kosten und einem AISC von 534 $/oz Au.
Die nachgewiesenen und wahrscheinlichen Reserven betragen 20,3 Mio. Tonnen mit 7,00 g/t Au und enthalten 4,6 Moz Gold, mit einer durchschnittlichen Jahresproduktion von 263.000 Unzen in den Jahren 2–10. Das Projekt legt Wert auf Umweltschutz mit einer Wiederverwendung von Wasser von 96,5% und ohne Einsatz von Cyanid oder Quecksilber.
- None.
- High initial capital requirement of $625 million
- Reduced processing capacity from previous 7,000+ tpd to 3,500 tpd
- Environmental license still pending with application planned for 2026
- Project requires significant water management and environmental controls
Insights
Aris Mining's Soto Norte PFS reveals a high-grade, long-life gold project with robust economics and strong environmental credentials.
The Soto Norte prefeasibility study presents a substantially revised development plan that smartly balances economic returns with social and environmental considerations. The reduced processing capacity of 3,500 tpd (down from 7,000+ tpd previously) extends mine life to 22+ years while still delivering compelling economics with an after-tax NPV5% of $2.7 billion and IRR of 35.4% at a $2,600/oz gold price.
The economics are anchored by proven and probable reserves of 20.3 million tonnes at an impressive 7.00 g/t gold grade, containing 4.6 million ounces. This high-grade profile translates to projected life-of-mine cash costs of $345/oz and AISC of $534/oz - positioning Soto Norte in the lowest quartile of the global cost curve.
What sets this project apart is its thoughtful community integration through dedicating 750 tpd (21.4% of capacity) to process material from local miners, replacing informal mercury-using operations with regulated processing. The project's environmental design features extensive water protection measures, including 96.5% water recycling and no use of cyanide or mercury.
The project's robust economics show significant leverage to gold prices, with NPV5% rising to $3.56 billion at $3,200/oz gold. With initial capital requirements of $625 million and a quick 2.3-year payback, Soto Norte presents an attractive development opportunity as Aris Mining prepares to apply for environmental licensing in early 2026.
This PFS positions Soto Norte as one of the most economically robust and socially responsible gold development projects in the Americas, with potential to generate average annual EBITDA of $547 million in years 2-10, while creating approximately 675 permanent jobs and contributing $2.6 billion in taxes over its lifetime.
Neil Woodyer, CEO, commented: "The Soto Norte PFS outlines a project that balances scale, profitability, environmental stewardship, and community input. Our plan dedicates 750 tpd – more than
Project Highlights (
Balanced Development Strategy for a High-Grade Underground Mine
- Designed mill capacity of 3,500 tpd, including 750 tpd dedicated to local community miners – a scale that supports investment returns and extends mine life to 22+ years while reducing construction risk.
- Measured and indicated mineral resources of 39.0 million tonnes at 5.55 g/t Au containing 7.0 million ounces (Moz) gold. See Table 3.
- Proven and probable mineral reserves of 20.3 million tonnes at 7.00 g/t Au containing 4.6 Moz gold, supporting a 22-year initial mine life at an owner-mining rate of 2,750 tpd. See Table 4.
- Production of concentrates for export containing 4.3 Moz gold, 18.8 Moz silver, and 84.0 million pounds (Mlb) of copper.
- Average annual gold production (years 2 to 10) of 263 thousand ounces (koz).
- Average annual gold production (years 1 to 21) of 203 koz.
Profitability
- Base case gold price:
$2,600 $10.4 billion - Initial capital of
$625 million - After-tax NPV
5% of$2.7 billion 35.4% , and payback in 2.3 years from the start of operations. - Low life-of-mine cash costs of
$345 $534 - Annual EBITDA averaging
$547 million $410 million - Significant by-product credits from copper and silver.
- Life-of-mine income tax and royalty contributions of
$2.6 billion $393 million - Strong leverage to higher gold prices, at
$3,200 5% increases to$3.6 billion 42.1% .
Responsible Development
- Community Processing Capacity – 750 tpd, or more than
20% of plant capacity, reserved to process material purchased from local community miners, providing a safe, regulated alternative that removes mercury use and ensures proper tailings and water management. Until Soto Norte's processing plant is operational, some material can be processed at Aris Mining's Segovia Operations or Marmato Complex. - Local Employment – Development of Soto Norte will generate significant employment across the municipalities of
California , Suratá, and Matanza, and the wider Santander region. Peak construction will create about 2,300 jobs, with long-term operations sustaining about 675 direct employees. Aris Mining is preparing programs that will support growing local businesses, expand opportunities for women and young adults, and provide education and skills training. - Community Engagement Model – Aris Mining has implemented a structured engagement model with
California , Suratá, and Matanza, built on social agreements that empower communities to identify priorities and propose initiatives. Through regular forums, the Project team ensures transparent dialogue, addresses concerns, and builds understanding. This model has delivered tangible social programs and is widely recognized as a successful approach to advancing sustainable regional development. - Water Protection and Water Improvement – The Project is designed to protect local watercourses. Extensive studies confirm that the shallow páramo waters are not connected to the deeper groundwater where mining is planned. To further limit interaction, advanced drilling and grouting will be used to identify and seal any water-bearing structures before mining activity, reducing potential groundwater inflows. Clean and contact water will be managed separately, treated before safe discharge to La Baja Creek, and recycled to minimize freshwater use.
- Minimal Water Use – A recycling system allows
96.5% water reuse, resulting in a net water demand of only 2.8 litres per second (0.22% of the Suratá River's flow at the intake point). - Surface Tailings Storage – Nearly half of the process tailings will be thickened and used as backfill underground, recovering most water and reducing surface storage requirements.
- No Cyanide or Mercury – The processing facility will not use cyanide or mercury, eliminating two of the most harmful pollutants historically associated with gold mining in the region.
- Environmentally Sound Operations – Ore will be transported from the portal to the plant via a rope conveyor having a minimal surface footprint, reducing truck traffic, dust, and spillage potential. Concentrates will be containerized and exported for international refining, avoiding local emissions or chemical residues. At the end of the mine life, the rope conveyor can be dismantled and removed. Mine closure and reclamation practices will follow international best practices, be incorporated into the mine design and will involve local communities during the design and development phase.
- Filtered Tailings Facility – The facility design follows Canadian and International standards, which are globally recognized as best practice and provide detailed technical design and risk management criteria.
Technical Report Availability
A complete National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) compliant Technical Report titled "NI 43-101 Technical Report Prefeasibility Study for the Soto Norte Project, Santander,
Table 1 – Soto Norte economic evaluation sensitivity to gold price
Gold price |
| ||||||
Indicator | |||||||
After-tax NPV | 1,800 | 2,093 | 2,387 | 2,680 | 2,973 | 3,266 | 3,559 |
After-tax IRR (%) | 27.7 | 30.4 | 33.0 | 35.4 | 37.8 | 40.0 | 42.1 |
Payback period (years) | 2.8 | 2.6 | 2.5 | 2.3 | 2.2 | 2.1 | 2.0 |
Table 2 – Soto Norte economic evaluation results2
Key indicators | Units | Total3 |
Total gold produced in concentrates over life of mine | koz | 4,299 |
Initial life of mine at an owner-mining rate of 2,750 tpd | Years | 22 |
Average annual gold production (years 2 to 10) | koz | 263 |
Average annual gold production (years 1 to 21) | koz | 203 |
Life of mine average cash cost1 | $/oz Au | 345 |
Life of mine average all in sustaining cost (AISC)1 | $/oz Au | 534 |
Average annual EBITDA (years 2 to 10) | $M | 547 |
Average annual EBITDA (years 1 to 21) | $M | 410 |
Summary cash flow for the life of mine (US$M), at | ||
Revenue from payable gold sales | 10,403 | |
Less: royalties | 393 | |
Less: operating costs, net of by-product silver and copper | 1,381 | |
Less: sustaining capital | 364 | |
Operating margin | 8,265 | |
Less: income tax | 2,630 | |
After-tax cash flow | 5,635 | |
Less: initial capital including pre-production costs, VAT and contingency | 625 | |
Less: closure costs | 25 | |
Net cash flow | 4,985 | |
After-tax indicators, at | ||
NPV at | $M | 2,680 |
IRR | % | 35.4 |
Payback period (from start of operations) | Years | 2.3 |
After-tax indicators, at | ||
NPV at | $M | 3,559 |
IRR | % | 42.1 |
Payback period (from start of operations) | Years | 2.0 |
Endnotes
1. Cash cost per ounce, and all-in-sustaining costs (AISC) per ounce are calculated inclusive of underground mining costs; treatment, transport and refining costs; processing surface costs; G&A and other costs; and are net of by-product credits for silver and copper. These metrics are calculated on a payable gold ounce basis.
2. The PFS economic analysis excludes any contribution from the 750 tpd processing capacity dedicated to
local community miners, which is intended to support regional formalization initiatives and environmental improvements.
3. Presented on a
Table 3 - Soto Norte mineral resources effective August 18, 2025
Classification | Tonnes (Mt) | Gold grade (g/t) | Silver grade (g/t) | Copper grade (%) | Contained gold (Moz) | Contained silver (Moz) | Contained copper (Mlb) |
Measured | 3.8 | 7.99 | 36.8 | 0.25 | 1.0 | 4.6 | 21.4 |
Indicated | 35.2 | 5.29 | 27.3 | 0.18 | 6.0 | 30.9 | 137.8 |
Measured + Indicated | 39.0 | 5.55 | 28.2 | 0.19 | 7.0 | 35.5 | 159.2 |
Inferred | 25.1 | 4.81 | 24.6 | 0.13 | 3.9 | 19.9 | 74.5 |
Notes:
|
Table 4 - Soto Norte Project mineral reserves effective August 18, 2025
Classification | Tonnes (Mt) | Gold grade (g/t) | Silver grade (g/t) | Copper grade (%) | Contained gold (Moz) | Contained silver (Moz) | Contained copper (Mlb) |
Proven | 2.6 | 8.78 | 37.1 | 0.25 | 0.7 | 3.0 | 14.2 |
Probable | 17.7 | 6.72 | 31.4 | 0.19 | 3.8 | 17.9 | 75.0 |
Proven + Probable | 20.3 | 7.00 | 32.1 | 0.20 | 4.6 | 20.9 | 89.2 |
Notes:
|
About Aris Mining
Founded in September 2022, Aris Mining was established with a vision to build a leading
Aris Mining operates two underground gold mines in
Additional information on Aris Mining can be found at www.aris-mining.com, www.sedarplus.ca, and on www.sec.gov.
Cautionary Language
Qualified Person and Technical Information
The Soto Norte Prefeasibility Study titled "NI 43-101 Technical Report Prefeasibility Study for the Soto Norte Project, Santander,
- Kate Kitchen, MAIG, Area Manager Geology, Mining Plus
- Peter Lock, FAusIMM, Executive Director and Principal Mining Consultant, Mining Plus
- Jan Eklund, P.E., Process Consultant, LogiProc Pty. Ltd.
- Nicholas Sianta, P.E., Geotechnical Engineer, Knight Piésold
- Rolf Schmitt, P.Geo., Technical Director – Geology, Environmental Resources Management Canada Ltd. (ERM)
Pamela De Mark, P.Geo., Senior Vice President Geology and Exploration of Aris Mining, is a Qualified Person as defined by NI 43-101, and has reviewed and approved the technical information contained in this news release.
Non-GAAP Financial Measures
Cash costs ($ per oz sold), all-in sustaining costs ($ per oz sold) (AISC) and EBITDA are non-GAAP financial measures and ratios. These financial measures and ratios do not have any standardized meaning prescribed under IFRS or by Generally Accepted Accounting Principles (GAAP) in
Forward-Looking Information
This news release contains "forward-looking information" or forward-looking statements" within the meaning of Canadian and
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 those factors discussed in the section entitled "Risk Factors" in Aris Mining's annual information form dated March 12, 2025 which is available on SEDAR+ at www.sedarplus.ca and included as part of the Company's Annual report on Form 40-F, filed with the SEC at www.sec.gov.
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
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