ARIS MINING EXPANDS HIGH-GRADE SEGOVIA RESERVE AND RESOURCE ESTIMATES

Rhea-AI Summary

Aris Mining (NYSE-A: ARMN) updated the Segovia mineral resource and reserve estimates effective Nov 28, 2025. Measured & indicated resources rose to 3.6 Moz Au (+7% vs 2024) and inferred resources to 2.9 Moz Au (+12%). Proven & probable reserves increased 12% to 1.5 Moz Au (up ~160 koz net of depletion). Segovia remains high grade: M&I ~15.3 g/t Au; reserves ~10.7 g/t Au. The 2025 MRE used US$3,200/oz for resources and US$2,800/oz for reserves and includes a sensitivity table across $2,100–$3,200/oz.

Positive

• Proven & probable reserves +12% to 1.503 Moz (effective Nov 28, 2025)
• Inferred resources +12% to 2.856 Moz (effective Nov 28, 2025)
• Segovia M&I grade ~15.30 g/t Au supporting high-margin operations
• Company reported ~160 koz reserve increase net of mined depletion

Negative

• 2025 resource gold price assumption materially higher at US$3,200/oz vs US$2,100/oz in 2024
• 2025 reserve gold price assumption materially higher at US$2,800/oz vs US$1,915/oz in 2024

News Market Reaction

-2.86%

1 alert

-2.86% News Effect

On the day this news was published, ARMN declined 2.86%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

M&I resources 2025: 3.6 Moz gold M&I resources 2024: 3.4 Moz gold Inferred resources 2025: 2.9 Moz gold +5 more

8 metrics

M&I resources 2025 3.6 Moz gold Segovia measured and indicated mineral resources, 2025 estimate

M&I resources 2024 3.4 Moz gold Segovia measured and indicated mineral resources, 2024 estimate

Inferred resources 2025 2.9 Moz gold Segovia inferred mineral resources, 2025 estimate

Proven & probable reserves 2025 1.5 Moz gold Segovia proven and probable mineral reserves, 2025 estimate

M&I grade 15.3 g/t Au Average grade of measured and indicated resources at Segovia

P&P grade 10.7 g/t Au Average grade of proven and probable reserves at Segovia

Gold price resources US$3,200/oz Gold price assumption used for 2025 mineral resources

Gold price reserves US$2,800/oz Gold price assumption used for 2025 mineral reserves

Market Reality Check

Price: $18.10 Vol: Volume 1,017,259 vs 20-da...

low vol

$18.10 Last Close

Volume Volume 1,017,259 vs 20-day average 2,027,855 indicates lighter-than-normal trading. low

Technical Shares at 17.15 are trading above the 200-day MA of 8.85, reflecting a strong longer-term uptrend.

Peers on Argus

ARMN gained 0.47% with gold peers also positive: CGAU +2.72%, SA +1.15%, DRD +1....

ARMN gained 0.47% with gold peers also positive: CGAU +2.72%, SA +1.15%, DRD +1.45%, CNL +0.76%, ODV +2.30%, suggesting a supportive sector backdrop alongside the Segovia update.

Historical Context

5 past events · Latest: 2025-12-12 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
2025-12-12	Acquisition close	Positive	+2.8%	Closed purchase of remaining 49% of Soto Norte, consolidating ownership.
2025-11-20	Acquisition terms	Positive	-3.9%	Announced agreement to acquire remaining 49% of Soto Norte with defined terms.
2025-11-19	Legal settlement	Positive	+1.0%	Reached agreement with Colombia to end ICSID arbitration with no cash payment.
2025-10-30	Board change	Positive	+8.1%	Appointed environmental and sustainability expert Brigitte Baptiste to the board.
2025-10-29	Earnings report	Positive	+1.6%	Reported record Q3 2025 revenue and strong EBITDA driven by Segovia ramp-up.

Pattern Detected

News has generally led to price moves aligned with positive strategic and financial developments, with one notable divergence on an acquisition announcement.

Recent Company History

Over the last few months, Aris Mining reported strong Q3 2025 results with record revenue and EBITDA, advanced Marmato, Soto Norte, and Toroparu, and strengthened governance with a new board appointment. It also resolved ICSID arbitration with Colombia and moved to 100% ownership of Soto Norte, materially increasing reserves and resources. These steps, together with the updated 2025 Segovia reserve and resource estimates, reflect a continuing build-out of a multi-asset gold platform.

Market Pulse Summary

This announcement details higher Segovia reserves and resources with maintained high grades, support...

Analysis

This announcement details higher Segovia reserves and resources with maintained high grades, supporting the asset’s long-life profile. It follows recent acquisitions, legal settlements, and strong Q3 2025 results, reinforcing a multi-asset growth story. Investors may track future technical reports, project build-out at Marmato and Soto Norte, and updates to gold price assumptions and cut-off grades as key indicators of value and risk management.

Key Terms

measured and indicated, inferred resources, mineral reserves, cut-off grade, +4 more

8 terms

measured and indicated technical

"Measured and indicated mineral resources increased by 7% to 3.6 million ounces"

Measured and indicated are two levels of confidence used to describe the size and quality of a mineral deposit: "measured" means the quantities and grade are well tested and closely known, while "indicated" means they are reasonably estimated but with more uncertainty. Investors use these categories to judge how reliably a resource can be converted into reserves and future cash flow—think of measured like a weighed recipe and indicated like a good estimate based on past batches.

inferred resources technical

"while inferred resources increased by 12% to 2.9 Moz"

An inferred resource is an early-stage estimate of how much mineral or fuel may be present in the ground based on limited geological evidence and sampling. Think of it like seeing scattered clues that suggest a buried treasure might exist but not having dug enough to be sure; the potential size and value are uncertain. For investors it signals possible upside but carries high risk and should not be treated as proven supply or relied on for firm production plans.

mineral reserves technical

"Proven and probable mineral reserves increased by 12% to 1.5 Moz"

Mineral reserves are the amounts of a metal or mineral that a company has identified and can legally and economically extract with current technology. Think of it like the usable fuel in a car’s tank rather than all the oil in the ground; reserves determine how long a mine can produce, help estimate future revenue and costs, and shape a company’s value and investment risk.

cut-off grade technical

"The 2025 MRE utilized a gold cut-off grade of between 2.04 g/t and 2.95 g/t"

The cut-off grade is the minimum concentration of a mineral in rock that makes extraction and processing economically worthwhile; material below that level is treated as waste. It sets the boundary between ore and waste and directly affects reported reserves, projected mine life, and expected profits. Think of it like deciding which fruit on a tree is worth picking after accounting for the time and cost to harvest — raising or lowering that threshold can change how much “good” product a project appears to have.

g/t technical

"measured and indicated resources averaging 15.3 g/t Au and proven and probable reserves"

g/t stands for grams per tonne, a measure of how many grams of a metal—most often gold or other precious metals—are contained in one metric tonne of rock or ore. Investors use it to judge how “rich” a mineral deposit is: higher g/t means more metal per amount of material to process, which can make mining cheaper and projects more likely to be profitable—like measuring teaspoons of sugar per cake to gauge sweetness value.

NI 43-101 regulatory

"who is a Qualified Person as defined by NI 43-101."

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

P.Geo. technical

"prepared by Pamela De Mark, P.Geo., Senior Vice President of Geology"

P.Geo. is the professional designation for a licensed geoscientist who has met education, experience and ethical requirements to sign off on geological work. Think of it like a stamp of approval from a trained specialist — similar to a licensed engineer or doctor — that the rock, mineral or exploration data and interpretations were prepared by a qualified expert. For investors, seeing a P.Geo. attached to technical reports increases confidence that resource estimates and geological claims follow recognized standards and are less likely to be misleading.

Qualified Person regulatory

"who is a Qualified Person as defined by NI 43-101."

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

AI-generated analysis. Not financial advice.

VANCOUVER, BC, Jan. 8, 2026 /PRNewswire/ - Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS) (NYSE-A: ARMN) has updated the Segovia mineral reserve and resource estimates with an effective date of November 28, 2025.

• Measured and indicated mineral resources increased by 7% to 3.6 million ounces of gold (Moz), up from 3.4 Moz in the 2024 estimate, while inferred resources increased by 12% to 2.9 Moz, reflecting continued exploration success and resource growth at Segovia.
• Proven and probable mineral reserves increased by 12% to 1.5 Moz, up from 1.3 Moz in the 2024 estimate, reflecting successful conversion of resources to reserves and ongoing mine development at Segovia.
• Segovia's mineral inventory remains exceptionally high grade, with measured and indicated resources averaging 15.3 g/t Au and proven and probable reserves averaging 10.7 g/t Au.

Neil Woodyer, CEO of Aris Mining, commented "The updated Segovia reserve and resource estimates underscore the strength and durability of this exceptional high-grade asset. Compared to our prior estimates in 2024, measured and indicated resources increased by 7%, inferred resources grew by 12%, and proven and probable reserves increased by 12% or 160,000 ounces, net of mined depletion, reinforcing Segovia's long mine life and supporting higher production rates following the mill expansion. Segovia continues to provide a strong foundation of high-margin production and long-term value creation for Aris Mining."

Given the rapid and significant changes in the gold price over the past year, the selection of an appropriate gold price assumption for mineral resource reporting requires careful judgment. The Company selected a gold price of $3,200 per ounce for mineral resources and $2,800 per ounce for mineral reserves.

To provide transparency and context, the Company has included a mineral resource sensitivity analysis across a wide range of gold prices, from $2,100 per ounce, consistent with the gold price used in the 2024 estimate, to the $3,200 per ounce selected for the 2025 estimate. The sensitivity analysis demonstrates that the Segovia mineral resource is largely insensitive to gold price assumptions, with measured and indicated contained gold ranging from 3.4 Moz to 3.6 Moz, reflecting the high-grade nature and strong underlying economics of the deposit.

The table below summarizes the sensitivity of the 2025 mineral resource estimate to gold price.

Table 1: Sensitivity of the 2025 mineral resource estimate to gold price

Gold price (US$/oz)		2,100	2,300	2,500	2,800	3,000	3,200
Tonnes (kt)	Measured	3,274	3,449	3,598	3,811	3,928	4,050
	Indicated	2,556	2,711	2,851	3,061	3,188	3,321
	Measured and Indicated	5,830	6,160	6,449	6,872	7,117	7,371
	Inferred	4,659	4,971	5,264	5,744	6,017	6,289
Grade (Au g/t)	Measured	17.40	16.73	16.20	15.50	15.14	14.78
	Indicated	19.40	18.59	17.91	16.97	16.45	15.94
	Measured and Indicated	18.28	17.55	16.96	16.16	15.73	15.30
	Inferred	17.59	16.79	16.12	15.11	14.60	14.13
Contained Gold (koz)	Measured	1,831	1,855	1,874	1,899	1,912	1,925
	Indicated	1,595	1,620	1,642	1,670	1,686	1,701
	Measured and Indicated	3,426	3,475	3,516	3,570	3,598	3,626
	Inferred	2,634	2,684	2,728	2,791	2,825	2,856

The table below summarizes the 2025 mineral resource estimate (the 2025 MRE), with the 2024 MRE for reference.

Table 2: Segovia mineral resource estimate effective November 28, 2025¹

Effective date	Measured			Indicated			Measured & Indicated			Inferred
	Tonnes (kt)	Grade Au (g/t)	Oz Au (koz)	Tonnes (kt)	Grade Au (g/t)	Oz Au (koz)	Tonnes (kt)	Grade Au (g/t)	Oz Au (koz)	Tonnes (kt)	Grade Au (g/t)	Oz Au (koz)
28-Nov-2025	4,050	14.78	1,925	3,321	15.94	1,701	7,371	15.30	3,626	6,289	14.13	2,856
31–Jul-20242	3,637	16.03	1,875	2,943	16.07	1,521	6,580	16.05	3,396	5,138	15.38	2,541
Mineral resources are inclusive of mineral reserves. Mineral resources are not mineral reserves and have no demonstrated economic viability. There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the mineral resource estimate. Totals may not add due to rounding. A gold price of US$3,200 per ounce was used for the 2025 MRE. The 2024 MRE used a gold price of US$2,100 per ounce. The 2025 MRE utilized a gold cut-off grade of between 2.04 g/t and 2.95 g/t depending on mineral resource area. The cut-off grade values were applied to vein grades diluted to a minimum mining width of one vertical metre. The 2025 MRE was prepared by Pamela De Mark, P.Geo., Senior Vice President of Geology and Exploration of Aris Mining, who is a Qualified Person as defined by NI 43-101.

The table below summarizes the 2025 mineral reserve estimate, with the 2024 mineral reserve estimate for reference.

Table 3: Segovia mineral reserve estimate effective November 28, 2025¹

Effective date	Proven			Probable			Proven & Probable
	Tonnes (kt)	Grade Au (g/t)	Oz Au (koz)	Tonnes (kt)	Grade Au (g/t)	Oz Au (koz)	Tonnes (kt)	Grade Au (g/t)	Oz Au (koz)
28-Nov-2025	1,708	9.92	545	2,659	11.21	958	4,367	10.70	1,503
31–Jul-20242	1,886	11.25	682	1,989	10.33	660	3,875	10.78	1,343
There are no known mining, legal, political, metallurgical, infrastructure, permitting, or other relevant factors that could materially affect the mineral reserve estimate.  Totals may not add due to rounding. A gold price of US$2,800 per ounce was used for the 2025 mineral reserve estimate. The 2024 mineral reserve used a gold price of US$1,915 per ounce.  The 2025 mineral reserve estimate utilized a gold cut-off grade of between 2.33 g/t and 3.38 g/t depending on mineral reserve area.  The cut-off grade values were applied to vein grades diluted to a minimum mining width that varies according to the mining area. The 2025 mineral reserve estimate was prepared by Aris Mining technical staff under the supervision of and reviewed by Miguel Marcelo Roldán, FAusIMM, Technical Services Manager, Segovia Operations, of Aris Mining, who is a Qualified Person as defined by NI 43-101.

________________________________

1See the "Technical Disclosure and Qualified Person" section below.

2 See press release dated October 7, 2024, entitled "Aris Mining Reports Q3 2024 Gold Production, Updates Segovia Reserve and Resource Estimates and Expansion Milestones".

Technical Disclosure and Qualified Person

The technical information in this news release was reviewed and approved by Pamela De Mark, P.Geo, Senior Vice President, Geology and Exploration of Aris Mining, who is a Qualified Person as defined by NI 43-101. Ms. De Mark has fully verified the sampling, analytical, and test data as well as the geological interpretation underlying the information or opinions disclosed in this news release by way of analysis of the data and the geological interpretations while preparing the 2025 MRE and reviewing the 2025 mineral reserve estimate.

The mineral resource and reserve estimates, scientific disclosure, and technical information included in this news release are based upon information included in the technical report entitled "NI 43-101 Technical Report for the Segovia Operations, Antioquia, Colombia" dated December 6, 2023 and effective as of September 30, 2023 and prepared by Aris Mining. This document is available for review on the Company's website at www.aris-mining.com and on the Company's profile on SEDAR+ at www.sedarplus.ca. 

About Aris Mining

Founded in September 2022, Aris Mining was established with a vision to build a leading South America-focused gold mining company. Our strategy blends current production and cashflow generation with transformational growth driven by expansions of our operating assets, exploration, and development projects. Aris Mining intends to unlock value through scale and diversification. The Company is listed on the TSX (ARIS) and the NYSE-A (ARMN) and is led by an experienced team with a track record of value creation, operational excellence, financial discipline and good corporate governance in the gold mining industry.

Aris Mining operates two underground gold mines in Colombia: the Segovia Operations and the Marmato Complex, which together produced 210,955 ounces of gold in 2024. With expansions underway, Aris Mining is targeting an annual production rate of more than 500,000 ounces of gold, driven by the commissioning of a second mill at Segovia, completed in June 2025 and ramping up since, and the construction of the Bulk Mining Zone at the Marmato Complex, with first gold expected in Q4 2026.

In Guyana, Aris Mining owns the Toroparu gold project, where a new Preliminary Economic Assessment has been completed and a Prefeasibility Study is in progress. Following completion of the PFS, Toroparu will be positioned to advance toward construction.

Aris Mining also owns the Soto Norte gold project, where a Prefeasibility Study has been completed on a smaller-scale development plan confirming Soto Norte as a high-grade, long-life project with strong economics and industry-leading environmental and social design features. Environmental studies are being finalized, which are scheduled to be submitted in the first half of 2026 to initiate the licensing process.

Additional information on Aris Mining can be found at www.aris-mining.com, www.sedarplus.ca, and on www.sec.gov.

Cautionary Language

Forward-Looking Information

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 Segovia's mineral reserve and mineral resource estimates, projected gold prices, and statements included in the "About Aris Mining" section of this news release relating to the Segovia Operations, Marmato Complex, Soto Norte Project and Toroparu Project 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". The material factors or assumptions used to develop forward looking information or statements are disclosed throughout this news release.

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

FAQ

What did Aris Mining (ARMN) report for Segovia resources on Jan 8, 2026?

Measured and indicated resources increased to 3.626 Moz Au and inferred resources to 2.856 Moz Au effective Nov 28, 2025.

How much did Segovia proven and probable reserves change in the 2025 update for ARMN?

Proven and probable reserves rose 12% to 1.503 Moz Au (an increase of ~160,000 ounces net of depletion).

What gold price assumptions did ARMN use for the 2025 Segovia MRE and reserves?

The 2025 mineral resource estimate used US$3,200/oz and the 2025 mineral reserve estimate used US$2,800/oz.

What are Segovia's reported grades in the 2025 update for ARMN?

Measured and indicated average 15.3 g/t Au; proven and probable reserves average 10.7 g/t Au.

How sensitive is the Segovia resource to gold price in ARMN's 2025 analysis?

Aris reported a sensitivity table showing M&I contained gold ranging roughly 3.426–3.626 Moz across US$2,100–US$3,200/oz, indicating limited sensitivity due to high grades.