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Aris Mining (NYSE: ARIS) boosts Q1 2026 profit, cash and project spend

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(Neutral)
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(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Aris Mining reported a strong Q1 2026 driven by higher gold prices and growing production from its Colombian mines. Revenue reached $372.5M, up 21% from Q4 2025 and 136% from Q1 2025, as the average realized gold price rose to $4,861/oz and gold sold increased to 74,843 ounces.

Net income attributable to shareholders was $97.6M or $0.47 per basic share, while adjusted net earnings were $123.7M or $0.60 per share. Adjusted EBITDA grew to $212.1M, and on a trailing 12‑month basis reached $609.9M, reflecting strong leverage to gold prices.

Cash and cash equivalents increased to $472.1M as of March 31, 2026, and net debt declined to about $1.6M, supported by $158.8M of operating cash flow and $102.8M of operating free cash flow after sustaining capital and taxes. Segovia delivered 66,567 ounces with an AISC of $1,492/oz for owner mining and an AISC margin of $198.7M, while Marmato produced 7,772 ounces and advanced construction of its 5,000 tpd CIP plant toward first gold in Q4 2026. Growth projects at Marmato, Soto Norte, and Toroparu continued to receive significant capital, positioning the company for higher future production.

Positive

  • Strong earnings and cash flow growth: Q1 2026 revenue reached $372.5M (up 21% vs. Q4 2025 and 136% vs. Q1 2025), with net income of $97.6M and adjusted EBITDA of $212.1M, materially strengthening profitability.
  • Balance sheet de‑leveraging: Cash rose to $472.1M while net debt dropped to about $1.6M, supported by $158.8M of operating cash flow and $41.6M of free cash flow after growth capital.
  • High‑margin core operation: Segovia generated an AISC margin of $198.7M at a 60% margin rate, with owner‑mined AISC of $1,492/oz, supporting robust cash generation at current gold prices.

Negative

  • None.

Insights

Q1 2026 shows sharp earnings, cash flow and balance sheet improvement for Aris Mining.

Aris Mining delivered substantial top‑ and bottom‑line growth. Revenue rose to $372.5M on higher realized gold prices of $4,861/oz and increased sales volumes. Adjusted EBITDA climbed to $212.1M, with trailing 12‑month adjusted EBITDA of $609.9M, highlighting strong operating leverage.

Costs remained competitive despite price‑linked inputs. At Segovia, combined all‑in sustaining costs were $1,963/oz, while owner‑mined ounces carried AISC of $1,492/oz, generating an AISC margin of $198.7M and a 60% margin rate. Marmato’s revenue grew alongside its planned expansion toward a new 5,000 tpd CIP plant in Q4 2026.

Free cash flow after growth and expansion capital was $41.6M, even with $61.3M invested in projects at Marmato, Segovia, Soto Norte and Toroparu. Cash increased to $472.1M and net debt fell to about $1.6M, giving the company financial flexibility as it advances its pipeline. The extent to which high gold prices persist will heavily influence future margins and funding capacity.

Revenue $372.5M Q1 2026 total revenue of $372,479 thousand
Net income $97.6M Q1 2026 net income attributable to owners of the Company
Adjusted EBITDA $212.1M Q1 2026 adjusted EBITDA of $212,074 thousand
Cash and cash equivalents $472.1M Cash balance as of March 31, 2026
Net debt $1.6M Net debt as of March 31, 2026, down from $85.8M at Dec 31, 2025
Operating cash flow $158.8M Net cash provided by operating activities in Q1 2026
Gold production 74,339 oz Total gold produced in Q1 2026
Segovia AISC margin $198.7M Q1 2026 AISC margin at Segovia operations
all-in sustaining costs financial
"AISC and AISC ($ per oz sold) are a non-GAAP financial measure and a non-GAAP ratio"
All-in sustaining costs (AISC) is a per-unit measure used mainly in the mining sector that captures the full ongoing cost to produce a unit of metal, including operating expenses, sustaining capital (maintenance of current operations), and a share of corporate overhead and site-level costs. Investors use AISC to judge whether production generates real profit and sustainable cash flow—think of it as the total monthly household cost to keep a home running, not just the utility bill.
AISC margin financial
"AISC margin is a non-GAAP financial measure calculated as the difference between gold revenue and all-in sustaining costs (AISC)."
precious metal stream financial
"precious metals stream financing following achievement of the 50% construction capital expenditure milestone"
Performance Share Units financial
"compensation in the form of salaries or directors’ fees, and share-based payments (options, PSUs and DSUs)"
Performance share units are a type of company stock award given to employees that depend on the company meeting specific goals or targets. If these goals are achieved, the employee receives shares or the value of shares; if not, they may receive little or no compensation. This aligns employees’ interests with the company's success and encourages performance that benefits investors.
NI 43-101 regulatory
"is a Qualified Person as defined by National Instrument 43-101 (NI 43-101), and has reviewed and approved the technical information"
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.
Form 6-K: How Foreign Companies Report to the SEC →


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number: 001-41794

Aris Mining Corporation
(Translation of registrant's name into English)


2400 - 1021 W. HASTINGS STREET, VANCOUVER, BRITISH COLUMBIA, CANADA V6E 0C3
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [   ]      Form 40-F [ X ]
















SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
ARIS MINING CORPORATION
 
 
Date: May 6, 2026
By:
"Ashley Baker" (signed)
 
 
Ashley Baker
 
 
Chief Legal Officer























EXHIBIT INDEX 
Exhibit Number
 
Description
 
    
 
99.1
 
Management’s Discussion and Analysis of Operations and Financial Condition for the Three Months Ended March 31, 2026
99.2
Condensed Consolidated Interim Financial Statements as at and for the Three Months Ended March 31, 2026

Exhibits 99.1 and 99.2 of this Report on Form 6-K are incorporated by reference into the Registration Statement on Form F-10 of the Registrant, which was originally filed with the Securities and Exchange Commission on September 25, 2024 (File No. 333-282330).



aris.jpg


Management’s Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all tabular figures are presented in thousands of United States Dollars, unless otherwise stated)







Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025 (all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Table of Contents

Introduction
3
Business Overview
3
Highlights | Key Performance Indicators
4
Q1 2026 Financial Highlights
5
Q1 2026 Operational Highlights
5
Operating Performance | Segovia
7
Operating Performance | Marmato
10
Financial Results
11
Financial Condition, Liquidity and Capital Resources
13
Summary of Quarterly Results
13
Off-balance Sheet Arrangements
13
Transactions with Related Parties
13
Financial Instruments and Financial Risk Management
14
Contractual Obligations and Commitments
14
Outstanding Share Data
15
Non-GAAP Financial Measures
15
Accounting Matters
22
Risks and Uncertainties
22
Disclosure Controls and Procedures and Internal Controls Over Financial Reporting
22
Qualified Person and Technical Information
23
Mineral Reserves and Mineral Resources
23
Technical Disclosure
23
Cautionary Note Regarding Forward-looking Statements
24
Page | 2
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Introduction
The following management’s discussion and analysis (MD&A) of the results of operations and financial condition for Aris Mining Corporation (Aris Mining or the Company), is prepared as of May 6, 2026 and should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025 (the Interim Financial Statements), which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These documents are available on Aris Mining’s website at www.aris-mining.com, under the Company’s profile on the System for Electronic Data Analysis and Retrieval+ (SEDAR+) at www.sedarplus.ca and in its filings with the U.S. Securities and Exchange Commission (the SEC) at www.sec.gov.
Additional information regarding Aris Mining, including its Annual Information Form (the AIF) for the year ended December 31, 2025 and dated March 11, 2026, as well as other information filed with the Canadian securities regulatory authorities, is also available under the Company’s SEDAR+ profile and in its filings with the SEC. Readers are encouraged to read the Cautionary Note Regarding Forward-looking Information section of this MD&A. The financial information in this MD&A is derived from the Interim Financial Statements prepared in accordance with IFRS. All tabular figures contained herein are expressed in thousands of United States dollars (USD), except as otherwise stated.
This MD&A refers to various Non-GAAP measures, such as total cash costs per ounce ($ per oz gold sold), all-in sustaining costs (AISC) per ounce ($ per oz gold sold), adjusted net earnings and adjusted net earnings per share, earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA, AISC margin, sustaining capital and growth and expansion capital, operating free cash flow after sustaining capital and taxes paid and free cash flow after growth and expansion capital, net debt, and the underlying components thereof, are Non-GAAP financial measures and Non-GAAP ratios in this document. These measures are intended to provide additional information to investors. They do not have any standardized meanings under IFRS, and therefore may not be comparable to other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Reference should be made to the Non-GAAP Financial Measures section of this MD&A for reconciliations of such measures to the most directly comparable financial measure disclosed in the Interim Financial Statements.
Aris Mining is a company incorporated under the laws of the Province of British Columbia, Canada. The address of the Company’s registered and records office is 2900-550 Burrard Street, Vancouver, British Columbia, V6C 0A3.
Business Overview
Aris Mining is a Canadian gold mining company focused on South America. The Company operates the Segovia and Marmato underground gold mines in Colombia, which together produced approximately 257,000 ounces of gold in 2025. Aris Mining is listed on the TSX and NYSE under the symbol ARIS.
The Company is advancing expansion projects at Segovia and Marmato that are expected to increase gold production to approximately 500,000 ounces per year, driven by the ramp-up at Segovia following the installation of the second mill, which was completed in June 2025, and construction of the new Marmato bulk mine and Carbon-In-Pulp (CIP) plant, with first gold expected in Q4 20261.
Aris Mining’s portfolio supports a longer-term objective of approximately 1 million ounces of annual gold production2. Key projects include the high-grade Soto Norte gold project in Colombia, where environmental studies are being finalized for submission in Q2 2026 to initiate the licensing process, and the Toroparu gold project in Guyana, where a Prefeasibility Study (PFS) is in progress to support a construction decision in early 2027.
Additional information is available at www.aris-mining.com, www.sedarplus.ca, and on www.sec.gov.
1 Reflects expected steady-state annual gold production run-rates of approximately 300 koz at Segovia and 200 koz at Marmato following completion and ramp-up of the respective expansion projects. For more information, please refer to the Company’s news releases dated June 30, 2025 regarding the Segovia expansion and March 12, 2025 regarding the Marmato expansion.
2 Includes potential production estimates from Toroparu, which is based on a preliminary economic assessment effective October 21, 2025, which contemplates a 7.0 Mtpa operation over a 21.3-year mine life with average annual gold production of approximately 235 koz at a base case gold price of US$3,000/oz. The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There can be no assurance that the projected production will be achieved. In the case of Soto Norte and Toroparu, such production also remains subject to obtaining all necessary permits and to formal construction decisions by the Company.
Page | 3
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Highlights | Key Performance Indicators
Three months ended
Operational InformationMarch 31, 2026December 31, 2025March 31, 2025
Gold produced (ounces)74,33969,85254,763
Gold sold (ounces)74,843 71,717 54,281 
Average realized gold price ($ per oz sold)4,8614,2002,840
Financial Information
Gold revenue363,813 301,244 154,142
Income from mining operations203,731 158,065 59,985
EBITDA
181,943 120,406 39,655
Adjusted EBITDA
212,074 167,996 66,613
Net earnings (loss)1
97,614 50,863 2,368
Adjusted net earnings
123,689 94,097 27,227
Net earnings (loss) per share – basic ($)1
0.47 0.25 0.01 
Adjusted net earnings per share – basic ($)
0.60 0.460.16 
Sustaining capital12,837 18,389 6,589 
Growth and expansion capital61,251 67,735 43,010 
Segovia Results
Gold produced (ounces)66,567 63,137 47,549
Gold sold (ounces)67,709 64,456 47,390
AISC Margin - Total ($'000)198,677 151,264 60,895
AISC ($ per oz gold sold) - Owner Mining
1,492 1,662 1,482
AISC Sales Margin - CMPs (%)40%46%41%
Marmato Results
Gold produced (ounces)7,772 6,715 7,214
Gold sold (ounces)7,134 7,261 6,891
AISC Margin - Total ($'000)6,991 6,192 2,755
Balance sheet, as atMarch 31, 2026December 31, 2025March 31, 2025
Cash and cash equivalents
472,082 391,874 239,831
Total debt2
473,644 477,708 489,899
Net debt3
1,562 85,834 250,068
1.Net earnings represent net earnings attributable to the shareholders of the Company.
2.The face value of long-term debt as of March 31, 2026 is shown as the principal amount of Senior Notes outstanding and the total number of Gold Notes outstanding at their par value.
3.Net debt is calculated as outstanding principal for the Senior Notes and the Gold-linked Notes, less cash and cash equivalents.


Page | 4
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Q1 2026 Financial Highlights
•Gold revenue increased to $364 million, up 21% from $301 million in Q4 2025, driven by a 4% increase in gold ounces sold and continued strength in realized gold prices.
•EBITDA increased to $182 million from $120 million in Q4 2025, primarily driven by higher income from mining operations.
•Adjusted EBITDA increased to $212 million, compared to $168 million in Q4 2025, after normalizing for non-cash and non-recurring items. On a trailing 12-month basis, Adjusted EBITDA reached $610 million, demonstrating substantial leverage to higher gold prices.
•Net earnings increased to $98 million, from $51 million in Q4 2025. Results for Q1 2026 include $204 million in income from mining operations, up from $158 million in Q4 2025.
•Adjusted net earnings of $124 million or $0.60 per share, up from $94 million or $0.46 per share in Q4 2025.
•Cash and cash equivalents increased to $472 million at March 31, 2026, up from $392 million at December 31, 2025. The increase primarily reflects:
◦$103 million of operating free cash flow after sustaining capital and taxes paid;
◦$40 million installment received under Marmato's precious metals stream following achievement of the 50% construction capital expenditures milestone;
◦$15 million of debt repayment and servicing;
◦$61 million invested in growth and expansion capital.
•Net debt was reduced to $1.6 million, down from $86 million at year-end 2025.
Q1 2026 Operational Highlights
•Gold production totaled 74,339 ounces, representing a 6% increase from the 69,852 ounces produced in Q4 2025.
•Segovia
◦Produced 66,567 ounces in Q1 2026, a 5% increase over Q4 2025, reflecting the processing of 175,370 tonnes at an average gold grade of 12.41 g/t, compared to 201,060 tonnes at 10.10 g/t in Q4 2025. Gold recoveries were 95.3%, compared to 96.1% in Q4 2025.
◦AISC margin increased to $199 million, up 31% from Q4 2025, reflecting higher realized gold prices and increased gold sales volumes.
◦Owner-operated mining (Owner Mining) comprised 64% of the mill feed, consistent with Q4 2025. AISC was $1,492 per ounce, compared to $1,662 per ounce in Q4 2025, outperforming the full-year 2026 guidance range of $1,700 to $1,800 per ounce, primarily reflecting a 14% increase in Owner Mining attributable ounces sold driven in part by higher average grades.
◦Contract Mining Partner (CMP) sourced gold comprised 36% of the mill feed and generated an AISC sales margin of 40%, achieving the top end of the full-year 2026 guidance range of 35% to 40%. This compares with sales margin of 46% in Q4 2025, with lower Q1 margin reflecting changes in the grade and volume mix delivered by CMPs.
◦Combined AISC of $1,963 per ounce, compared to $1,891 per ounce in Q4 2025. Q1 2026 results reflecting the factors driving Owner Mining and CMP AISC as described above.
•Marmato
◦Produced 7,772 ounces, a 16% increase over Q4 2025, reflecting the processing of 77,040 tonnes at 3.53 g/t, compared to 74,568 tonnes at 3.12 g/t in Q4 2025. Production in Q1 2026 reflects the operating capacity of the existing flotation plant and mill feed sourced primarily from ore development and stopes in the Bulk Mining Zone, with throughput expected to increase materially upon commissioning of the new CIP plant in Q4 2026.


Page | 5
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
•Marmato construction advancing on schedule
▪In April 2026, the new underground decline broke through into the cross-cut, marking an important milestone that provides direct access from the Bulk Mining Zone to the new CIP plant. This connection establishes an additional access and ventilation pathway, facilitates ore and waste haulage between existing and new infrastructure, and supports the initial ramp-up of mine production.
▪The main civil, mechanical, and electrical works are advancing, with foundations for the mills, tailings thickener, and leach and CIP tanks completed.
▪Construction of underground workshops and ore storage, main pump station, and field offices is scheduled to begin in Q2 2026.
▪Construction of the new 5,000 tonnes per day (tpd) CIP plant remains on schedule for first gold in Q4 2026.
▪During Q1 2026, the Company invested $41 million towards the construction of the Marmato expansion project.
•Toroparu Project (100% owned, Guyana)
▪Aris Mining initiated a Prefeasibility Study (PFS) in Q4 2025, targeted for completion in H2 2026, to support a construction decision in early 2027.
▪Work on updated mineral resource and reserve estimates is progressing well with mine scheduling and optimizations currently underway.
▪Alongside the PFS, the Company is conducting geotechnical drilling, metallurgical test work, mining operation trade-off studies and detailed engineering to enable construction readiness by early 2027.
▪Select pre-construction activities continued during the quarter, including construction of the bridge at the Puruni River crossing, key personnel ramp up, camp expansion and ongoing road works.
▪Preliminary Economic Assessment (PEA) completed in October 2025, outlining an attractive project with after-tax NPV5% of $1.8 billion, IRR of 25.2%, and 3.0-year payback at $3,000/oz gold.
▪During Q1 2026, capital expenditures totaled $5.3 million at Toroparu.
•Soto Norte Project (100% owned, Colombia)
▪The studies required for submission of the environmental license application in support of the development of Soto Norte are nearing completion, supporting a targeted Q2 2026 submission.
▪The Company continues active engagement with the Colombian regulators to support a collaborative approach to the environmental license submission and review process.
▪PFS completed in September 2025, demonstrating robust economics with an after-tax NPV5% of $2.7 billion, IRR of 35%, and 2.3-year payback at $2,600/oz gold.
▪Strong leverage to higher gold prices, at $3,000/oz the NPV5% increases to $3.3 billion with IRR of 40%.
▪The PFS incorporates industry-leading environmental and social design features, including a metallurgical process free of cyanide and mercury and the integration of local community miners — 750 tpd (over 20% of Soto Norte's 3,500 tpd processing capacity) has been dedicated to local contract mining partners.
▪During Q1 2026, capital expenditures totaled $3.4 million at Soto Norte.










Page | 6
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Operating Performance | Segovia
Segovia is 100% owned by the Company and is located in a historic mining district of Colombia. Approximately 40% of the gold sold in 2025 was produced using mill feed purchased from CMPs, which was sourced from both within and outside of the Company’s mining titles. The operations include four underground mines and two processing facilities:
•A conventional processing facility, that produces doré and was expanded from 2,000 to 3,000 tpd in June 2025, with ramp-up continuing to advance in line with management's expectations.
•A 200 tpd polymetallic processing plant that recovers lead and zinc concentrates, including gold and silver from tailings.
Three months ended
Operating InformationMarch 31, 2026December 31, 2025March 31, 2025
Tonnes processed (t)175,370201,060167,150
Average gold grade processed (g/t)12.4110.109.37
Recoveries (%)95.3%96.1%96.1%
Gold produced (ounces)66,56763,13747,549
Gold sold (ounces)67,70964,45647,390
Financial Information
Gold revenue ($'000s)331,611273,127135,310
Average realized gold price ($/ounce sold)$4,898$4,237$2,855
Owner mining costs28,85226,03619,291
CMP material purchases50,57939,83626,656
Processing costs9,0049,9537,430
Administration and security costs17,21215,67810,124
Change in finished goods and stockpile inventory(678)2,942(929)
Less: materials and supplies inventory provision—(1,174)—
Less: by-product and concentrate revenue(7,449)(5,828)(3,073)
Total cash costs97,52087,44359,499
Royalties11,1398,5984,519
Social contributions12,3589,1684,061
Sustaining capital11,35616,1975,856
Sustaining lease payments561457480
All-in sustaining costs132,934121,86374,415
AISC Margin198,677151,26460,895
Production
Q1 2026 compared to Q4 2025
Gold production totaled 66,567 ounces in Q1 2026, a 5% increase over Q4 2025, driven by higher average gold grades of 12.41 g/t (Q4 2025 - 10.10 g/t). Tonnes processed decreased to 175,370 from 201,060 in Q4 2025, primarily reflecting lower tonnes mined during the period.
Q1 2026 compared to Q1 2025
Gold production in the quarter increased 40% from the 47,549 ounces produced in Q1 2025, primarily driven by higher average gold grades of 12.41 g/t compared to 9.37 g/t in Q1 2025, along with the additional processing capacity from the second ball mill that was commissioned in June 2025.




Page | 7
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Gold Revenue
Q1 2026 compared to Q4 2025
Gold revenue in Q1 2026 was $331.6 million, up 21% from Q4 2025, driven by a 16% increase in average realized gold prices together with a 5% increase in gold ounces sold.
Q1 2026 compared to Q1 2025
Gold revenue increased 145% from $135.3 million in Q1 2025, driven by a 72% increase in the average realized gold price to $4,898 per ounce together with a 43% increase in gold ounces sold.
Segovia - Owner Mining and CMPs
Three months ended
Operating InformationMarch 31, 2026December 31, 2025March 31, 2025
Owner Mining
Gold produced (ounces)45,01739,44427,053
Gold sold (ounces)45,78940,26026,963
Cash cost ($ per oz sold)9181,0581,123
AISC ($ per oz sold)1,4921,6621,482
AISC margin ($'000)155,940102,70737,035
CMPs
Gold produced (ounces)21,55023,69320,496
Gold sold (ounces)21,92024,19620,427
Cash cost ($ per oz sold)
2,5321,8541,431
AISC ($ per oz sold)2,9482,2701,687
AISC sales margin (%)40%46%41%
AISC margin ($'000)42,73748,55723,860
Total AISC Margin ($’000)198,677151,26460,895
Combined Cash cost ($ per oz sold)1,4401,3571,256
Combined AISC ($ per oz sold)1,9631,8911,570
All-In Sustaining Costs and Margin
Q1 2026 compared to Q4 2025
AISC at Segovia including both, Owner Mining and CMPs costs, averaged $1,963 per ounce in Q1 2026, a 4% increase from $1,891 per ounce in Q4 2025. The slight increase reflects the increased cost of purchased CMP material due to higher gold prices, partially offset by lower Owner Mining cash costs from higher sales volumes.
AISC margin was $198.7 million, up 31% from $151.3 million in Q4 2025, supported by higher realized gold prices.
•Owner Mining: AISC improved to $1,492 per ounce from $1,662 per ounce in Q4 2025, primarily reflecting higher gold ounces sold (45,789 ounces compared to 40,260 ounces) on stronger average gold grades. Owner Mining AISC margin increased to $155.9 million from $102.7 million in Q4 2025.
•CMPs: AISC averaged $2,948 per ounce, compared to $2,270 per ounce in Q4 2025, primarily reflecting higher mill feed purchase costs which are linked to prevailing gold prices. CMP AISC margin was $42.7 million, compared to $48.6 million in Q4 2025.
Q1 2026 compared to Q1 2025
Combined AISC at Segovia averaged $1,963 per ounce in Q1 2026, up 25% from $1,570 per ounce in Q1 2025. The increase was primarily driven by the same factors described above, relating to increased CMP mill feed purchase costs, higher royalties and social contributions, which are all linked to the prevailing gold price, partially offset by lower Owner Mining costs attributable to increased production and sales volumes.
AISC margin more than tripled to $198.7 million in Q1 2026, compared to $60.9 million in Q1 2025, reflecting both higher realized gold prices and higher gold production volumes.
Page | 8
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
•Owner Mining: AISC averaged $1,492 per ounce, consistent with $1,482 per ounce in Q1 2025. Owner Mining AISC margin increased to $155.9 million, from $37.0 million in Q1 2025.
•CMPs: AISC averaged $2,948 per ounce, compared to $1,687 per ounce in Q1 2025, reflecting the same gold-price-linked cost drivers described above. CMP AISC margin was $42.7 million, compared to $23.9 million in Q1 2025.
Growth and Expansion
Non-sustaining growth capital expenditures at Segovia totaled $5.5 million in Q1 2026, compared to $16.2 million in Q4 2025 and $6.4 million in Q1 2025. The Q1 2026 expenditure comprised $5.4 million for underground mine development to support the ramp-up of expanded mill capacity, and amounts for near-mine exploration drilling and tailings infrastructure.





































Page | 9
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Operating Performance | Marmato
Marmato is 100% owned by the Company and is located in a historic mining district of Colombia. It is comprised of an underground mining operation with two distinct zones, a narrow vein underground mining zone at the higher elevations, and a bulk mining zone at the lower elevations, with two processing facilities:
•A 1,000 tpd flotation processing facility that is currently in operation, which produces doré
•A 5,000 tpd CIP processing facility, which will also produce doré, that is currently under construction as part of the planned Marmato expansion, with first gold expected in Q4 2026.
Three months ended
Operating Information
March 31, 2026December 31, 2025March 31, 2025
 Tonnes processed (t)
77,04074,56874,050
 Average gold grade processed (g/t)3.533.123.32
 Recoveries (%)89.6%90.8%91.7%
 Gold produced (ounces)7,7726,7157,214
 Gold sold (ounces)7,1347,2616,891
 Gold revenue
32,20228,11718,832
 Average realized gold price4,5143,8722,733
Production
Q1 2026 compared to Q4 2025
Gold production totaled 7,772 ounces, compared to 6,715 ounces produced in Q4 2025. The increase reflects a 13% increase in average gold grade, and a 3% increase in throughput, partially offset by slightly lower recoveries. Quarterly throughput continues to reflect the operating capacity of the existing flotation plant, with mill feed sourced primarily from ore development and stopes in the Bulk Mining Zone ahead of CIP plant commissioning in Q4 2026.
Q1 2026 compared to Q1 2025
Gold production for Q1 2026 was up 8% compared to Q1 2025, reflecting a 6% increase in average gold grade and a 4% increase in throughput, partially offset by a slight decline in recoveries.
Gold Revenue
Q1 2026 compared to Q4 2025
Gold revenue totaled $32.2 million, compared to $28.1 million in Q4 2025. The increase was driven by a higher average realized gold price of $4,514 per ounce, partially offset by slightly lower gold ounces sold.
Q1 2026 compared to Q1 2025
Compared to Q1 2025, gold revenue increased 71% to $32.2 million from $18.8 million. The increase was driven by a higher average realized gold price of $4,514 per ounce, compared to $2,733 per ounce, together with a 4% increase in gold ounces sold.
Growth and Expansion
Non-sustaining growth capital expenditures at Marmato totaled $47.0 million in Q1 2026, compared to $43.6 million in Q4 2025 and $29.7 million in Q1 2025. Growth capital expenditures in Q1 2026 included:
•$41.0 million for the construction of the CIP processing plant, including civil, mechanical, and electrical works, major equipment procurement and delivery, and surface infrastructure development;
•$4.7 million for underground mine development and drilling programs; and,
•$1.4 million for the tailings storage facility, surface infrastructure and ancillary site activities.






Page | 10
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Financial Results
Net income of $97.6 million in Q1 2026 was $46.8 million and $95.2 million higher than net income in Q4 2025 and Q1 2025, respectively. Basic earnings per share of $0.47 in Q1 2026 were $0.22 and $0.46 higher than in Q4 2025 and Q1 2025, respectively.
The following tables present the key drivers of net earnings variances for Q1 2026 compared to Q4 2025 and Q1 2025. The narrative following each table discusses the primary drivers of material variances.
Q1 2026 vs Q4 2025Q1 2026 vs Q1 2025
Net Income - Prior Period1
$50,863$2,368
Period-over-period variance drivers
Operating Drivers
Gold price impact on revenue49,438151,281
Gold volume impact on revenue13,13158,390
By-product impact on revenue1,3455,280
Cost of Sales & Social Contributions(18,811)(65,693)
Depreciation and Depletion563(5,512)
Net change in Operating Drivers45,666143,746
Corporate Drivers
General & Administrative costs(1,025)(3,797)
Share-based Compensation13,061(3,818)
Net change in Corporate Drivers12,036(7,615)
Non-operating Drivers
ARIS.WT.A Listed warrants
—14,584
Other financial instruments1,296282
Foreign Exchange gain (loss)856(5,593)
Other4,299(4,952)
Net change in Non-operating Drivers
6,4514,321
Income tax expense
(17,627)(46,048)
Non-Controlling Interest225842
Change in Net Income46,75195,246
Net Income - Current Period1
97,61497,614
1.Net earnings represent net earnings attributable to the shareholders of the Company.

Q1 2026 compared to Q4 2025
Operating Drivers
Revenue increased $63.9 million, or 21%, to $372.5 million in Q1 2026 from $308.6 million in Q4 2025, primarily driven by a 16% increase in the average realized gold price, which rose to $4,861 per ounce from $4,200 per ounce, contributing $49.4 million to the favorable variance. Higher gold ounces sold contributed a further $13.1 million.
Cost of sales and social contributions increased $18.8 million, or 14%, to $152.5 million in Q1 2026 from $133.7 million in Q4 2025, primarily reflecting higher CMP mill feed purchases at Segovia (+$10.7 million), which are linked to prevailing gold prices, higher social contributions (+$4.0 million), also driven by higher realized gold prices, and higher owner-operated mining costs (+$2.8 million) driven largely by the appreciation of the Colombian peso (COP) against the USD during the quarter. Royalties also increased $3.7 million in line with higher realized gold prices.



Page | 11
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Corporate Drivers
Share-based compensation expense was $13.1 million lower in Q1 2026 compared to Q4 2025. Cash-settled performance share units (PSUs) and deferred share units (DSUs) are fair valued based on the Company's share price. Q1 2026 reflected a lower revaluation expense due to a lower share price appreciation than in the prior quarter.
Income tax expense
Income tax expense increased $17.6 million compared to Q4 2025, primarily reflecting higher taxable income from mining operations driven by higher realized gold prices and increased gold ounces sold.
Q1 2026 compared to Q1 2025
Operating Drivers
Revenue increased $215.0 million, or 136%, to $372.5 million in Q1 2026 from $157.5 million in Q1 2025, driven by a 71% increase in the average realized gold price, contributing $151.3 million, combined with a 38% increase in gold ounces sold, which contributed a further $58.4 million. By-product revenue was $5.3 million higher, reflecting increased volumes and stronger metal prices.
Cost of sales and social contributions increased $65.7 million, or 76%, to $152.5 million in Q1 2026 from $86.8 million in Q1 2025, primarily reflecting higher gold-price-linked CMP mill feed purchases at Segovia (+$23.9 million), higher social contributions (+$9.0 million) from higher gold prices and sales volumes, higher Segovia owner-operated mining costs (+$9.6 million) from increased throughput and production, and higher Marmato costs (+$6.5 million), reflecting higher processing and administration costs. Royalties also increased $8.1 million in line with higher realized gold prices and gold sales volumes.
Depreciation and depletion increased $5.5 million compared to Q1 2025, primarily reflecting increased production and a higher depletable cost base following continued sustaining capital investment and the commissioning of the second mill at Segovia in June 2025.
Non-operating Drivers
The fair-value-loss relating to the listed Warrants in Q1 2025 had no corresponding impact in Q1 2026 following the exercise and expiry of all outstanding ARIS.WT.A Listed Warrants on July 30, 2025. The warrants were classified as a financial liability and marked to market through profit and loss, with the valuation driven primarily by changes in the Company’s share price.
Foreign exchange loss in Q1 2026 was $5.6 million unfavorable compared to Q1 2025, primarily due to the continued appreciation of the COP against the USD during the quarter, which resulted in higher translation losses on USD-denominated monetary balances held in COP-functional entities.
Other expense increased by $5.0 million compared to Q1 2025, primarily reflecting the recognition of a temporary Colombian wealth tax that was announced in February 2026. This one-time emergency decree was levied on the net equity of certain Colombia-domiciled entities.
Income tax expense
Income tax expense increased $46.0 million compared to Q1 2025, primarily reflecting higher taxable income from mining operations driven by higher realized gold prices and increased gold ounces sold at both Segovia and Marmato.









Page | 12
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Financial Condition, Liquidity and Capital Resources
Working capital
The Company continues to maintain a strong liquidity position, and with the combination of operating cash flows from Segovia, Marmato, and remaining milestone payments from Wheaton Precious Metals International (WPMI), the Company expects to have sufficient cash available to fund operating activities, expansion projects, and strategic initiatives, including the advancement of the Marmato expansion, and study work at Soto Norte and Toroparu.
As at March 31, 2026, the Company held a working capital surplus, calculated as current assets minus current liabilities, of $281.0 million (December 31, 2025 - $232.2 million) which was underpinned by a cash balance of $472.1 million. Cash and cash equivalents increased by $80.2 million in 2026. The increase primarily reflects stronger operating cash flow resulting from higher gold sales, $40.0 million installment received under Marmato's precious metals stream financing following achievement of the 50% construction capital expenditure milestone, partially offset by continued investment in growth projects. Notably, the Company advanced construction of the new CIP processing facility at Marmato, and made debt service payments including scheduled interest and premiums on its Gold-linked Notes.
Three months ended
March 31, 2026December 31, 2025March 31, 2025
Net cash provided by operating activities
$158,810 $138,776 $46,761 
Net cash used in investing activities(77,321)(94,438)(60,564)
Net cash provided by (used in) financing activities(2,095)(69,800)331 
Impact of foreign exchange on cash and cash equivalents814 (545)768 
Increase (decrease) in cash and cash equivalents 80,208 (26,007)(12,704)
Cash and cash equivalents, beginning of period391,874 417,881 252,535 
Cash and cash equivalents, end of period$472,082 $391,874 $239,831 

Summary of Quarterly Results
For the three months ended,
Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024
Gold produced (ounces)
74,339 69,852 73,236 58,652 54,763 57,364 53,608 49,216 
Gold sold (ounces)74,843 71,717 73,001 61,024 54,281 56,334 53,769 49,469 
Revenue372,479 308,565 258,115 203,456 157,528 151,076 134,723 117,185 
Income from mining operations203,731 158,065 122,740 91,991 59,985 54,129 37,982 29,838 
EBITDA181,943 120,406 96,506 31,546 39,655 66,602 27,764 30,791 
Adjusted EBITDA212,074 167,996 131,069 98,733 66,613 55,575 43,039 36,079 
Net earnings (loss) attributable to the Owners of the Company 97,614 50,863 42,011 (16,897)2,368 21,687 (2,074)5,713 
Adjusted net earnings (loss)123,689 94,097 71,842 47,762 27,227 24,659 13,092 12,739 
Earnings (loss) per share – basic ($/share)0.47 0.25 0.21 (0.09)0.01 0.13 (0.01)0.04 
Earnings (loss) per share – diluted ($/share)0.47 0.25 0.21 (0.09)0.01 0.02 (0.01)0.04 
Adjusted earnings per share - basic ($/share)0.600.460.360.270.160.140.080.08

Off-balance Sheet Arrangements
Aris Mining has no off-balance sheet arrangements.
Transactions with Related Parties
The Company’s related parties include its subsidiaries, affiliates, directors and key management personnel. The Company’s key management personnel includes executive and non-executive directors and the Company’s executive officers.
Other than normal-course intercompany transactions and compensation in the form of salaries or directors’ fees, and share-based payments (options, PSUs and DSUs) there were no material related party transactions.
Page | 13
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Financial Instruments and Financial Risk Management
The nature of the acquisition, exploration, development and operation of gold properties exposes the Company to risks associated with fluctuations in commodity prices, foreign currency exchange rates and credit risk. The Company may at times enter into risk management contracts to mitigate these risks. It is the Company’s policy that no speculative trading in derivatives shall be undertaken.
The Company may at times hold financial instruments, derivatives and/or contracts containing embedded derivatives that are recorded on the consolidated balance sheet at fair value. Financial liabilities classified or designated at fair value through profit or loss (“FVTPL"), including the Gold Notes, are measured at fair value at each reporting date, with changes in fair value recognized in profit or loss, except for changes attributable to the Company’s own credit risk, which are recognized in other comprehensive income.
Aris Mining Holdings Corp. (Aris Holdings), a wholly-owned subsidiary of the Company, has Gold Notes that trade on the Cboe Canada under the symbol “AMNG.NT.U” as described in note 11 of the 2025 annual financial statements. As of March 31, 2026, the outstanding principal value is $23.6 million. The Gold Notes bear interest at 7.5% per annum, payable monthly. In addition to the interest, the Gold Notes pay a gold premium calculated each quarter as the amount by which the London Bullion Market Association Gold Price on the measurement date exceeds the floor price of $1,400. We have not entered into any instruments to hedge against the market movement of gold, and there is risk that rising gold prices would result in higher premiums to be paid. However, there is a natural hedge to this risk as rising gold prices result in higher cash flows from increased AISC margins that are available to fund the potential exposure.
Further information about our financial instruments, derivatives and contracts containing embedded derivatives and associated risks is outlined in note 17 in our 2025 audited annual consolidated financial statements.
Contractual Obligations and Commitments
The Company manages its liquidity risk by continuously monitoring forecast cash flow requirements. The Company believes it has sufficient cash resources to pay its obligations associated with its financial liabilities as at March 31, 2026. In addition to other commitments already disclosed, the Company’s undiscounted commitments including interest and premiums at March 31, 2026 are as follows:
 Less than 1 year1 to 3 years4 to 5 yearsOver 5 yearsTotal
Trade, tax and other payables
$260,973 $— $— $— $260,973 
Reclamation and closure costs
729 2,319 — 54,490 57,538 
Lease payments
2,048 2,773 1,211 1,378 7,410 
Gold Notes
64,632 29,781 — — 94,413 
Senior unsecured notes
36,000 558,000 — — 594,000 
Other contractual commitments1
19,044 21,559 2,422 — 43,025 
Total
$383,426 $614,432 $3,633 $55,868 $1,057,359 
1.Includes binding commitments for capital and operating purchase obligations that the Company has entered into as at March 31, 2026.
Aris Mining’s gold and silver production from the Marmato and future production from the Toroparu Project are subject to the terms of streaming agreements with WPMI.
Liquidity risk
Associated with the contractual obligations and commitments summarized above, the Company manages its liquidity risk by continuously monitoring forecasted cash flow requirements, as well as any requirements that arise by virtue of the financial instruments held by the Company. The Company believes it has sufficient cash resources to pay its obligations associated with its financial liabilities as at March 31, 2026.
Contingencies
In the ordinary course of business, the Company is involved in and potentially subject to legal actions and proceedings. The Company records provisions in its financial statements for such claims when considered material and an outflow of resources is considered probable.
Page | 14
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
The Company is subject to tax audits from various tax authorities on an ongoing basis. As a result, from time to time, tax authorities may disagree with the positions and conclusions taken by the Company in its tax filings or legislation could be amended or interpretations of current legislation could change, and any of these events could lead to reassessments. The Company records provisions for such claims when it determines there will be a tax liability associated with its filing position.
Outstanding Share Data
As at the date of this MD&A, the Company has 206.4 million common shares issued and outstanding and 4.3 million common shares issuable under stock options. A further 6 million common shares are issuable to Mubadala following receipt of an environmental license to develop Soto Norte.
Non-GAAP Financial Measures
This MD&A refers to a number of non-GAAP financial measures and non-GAAP ratios, which are not measures recognized under International Financial Reporting Standards (IFRS) and do not have a standardized meaning prescribed by IFRS. The non-GAAP financial measures and non-GAAP ratios described below do not have standardized meanings under IFRS, may differ from those used by other issuers, and may not be comparable to similar financial measures and ratios reported by other issuers. These financial measures and ratios have been derived from our financial statements and applied on a consistent basis as appropriate. The Company discloses these financial measures and ratios because the Company believes that they assist readers in understanding the results of our operations and financial position and provide further information about our financial results to investors. These measures should not be considered in isolation or used as a substitute for other measures of performance prepared in accordance with IFRS.

Total cash costs and All-in sustaining costs
Total cash costs and total cash costs per ounce sold are a non-GAAP financial measure and a non-GAAP ratio, respectively, and are common financial performance measures in the gold mining industry; however, they have no standard meaning under IFRS. Total cash costs per ounce sold are calculated by dividing total cash costs by volume of gold ounces sold. Aris Mining believes that, in addition to conventional measures prepared in accordance with IFRS such as cost of sales, certain investors use this information to evaluate the Company's performance and ability to generate cash flow from its mining operations. Management uses this metric as an important tool to monitor operating costs. Management has included a secondary total cash cost and total cash cost per ounce measure, that includes the cost of royalties incurred on precious metal shipments from Segovia. This measure adds back the cost of royalties to total cash cost and is intended to be reflective of the total cash cost associated with operating in Colombia.
AISC and AISC ($ per oz sold) are a non-GAAP financial measure and a non-GAAP ratio, respectively, and are common financial performance measures in the gold mining industry; however, they have no standard meaning under IFRS. AISC ($ per oz sold) is calculated by dividing AISC by volume of gold ounces sold. The methodology for calculating AISC was developed internally and is calculated below, and readers should be aware that this measure does not have a standardized meaning. This non-GAAP measure provides investors with greater transparency regarding the total period cost of producing an ounce of gold and may assist in comparisons with other gold mining peers. Management uses this metric as an important tool to monitor operating costs. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.







Page | 15
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Total cash costs & All-in sustaining costs
Reconciliation of total cash costs and all-in sustaining costs to the most directly comparable financial measure disclosed in the Interim Financial Statements.
For the three months ended,
SegoviaMarch 31, 2026December 31, 2025March 31, 2025
Total gold sold (ounces)67,709 64,456 47,390 
Cost of sales1
116,108 103,043 67,091 
Less: materials and supplies inventory provision1
— (1,174)— 
Less: royalties1
(11,139)(8,598)(4,519)
Add: by-product revenue1
(7,449)(5,828)(3,073)
Total cash costs97,520 87,443 59,499 
Cash cost per ounce sold$1,440 $1,357 $1,256 
Add: royalties1
11,139 8,598 4,519 
Add: social contributions1
12,358 9,168 4,061 
Add: sustaining capital expenditures11,356 16,197 5,856 
Add: sustaining lease payments561 457 480 
Total AISC132,934 121,863 74,415 
AISC per ounce sold$1,963 $1,891 $1,570 
Marmato
Total gold sold (ounces)7,134 7,261 6,891 
Cost of sales1
23,096 21,322 15,384 
Less: materials and supplies inventory provision1
— (254)— 
Less: royalties1
(3,332)(2,223)(1,840)
Add: by-product revenue1
(306)(1,493)(313)
Total cash costs19,458 17,352 13,231 
 Add: royalties1
3,332 2,223 1,840 
Add: social contributions1
940 158 273 
Add: sustaining capital expenditures1,4812,192733
Total AISC25,211 21,925 16,077 
Consolidated
Total gold sold (ounces)74,843 71,717 54,281 
Cost of sales1
139,204 124,365 82,475 
Less: materials and supplies inventory provision1
— (1,428)— 
Less: royalties1
(14,471)(10,821)(6,359)
Add: by-product revenue1
(7,755)(7,321)(3,386)
Total cash costs116,978 104,795 72,730 
Add: royalties1
14,471 10,821 6,359 
Add: social contributions1
13,298 9,326 4,334 
Add: sustaining capital expenditures12,837 18,389 6,589 
Add: sustaining lease payments561457480
Total AISC158,145 143,788 90,492 
1.As presented in the Interim Financial Statements and notes thereto for the respective periods





Page | 16
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Reconciliation of cash costs and all-in sustaining costs by business unit at Segovia to the costs as disclosed above.
For the three months ended,
Segovia - Owner Mining
March 31, 2026December 31, 2025March 31, 2025
Total gold sold (ounces)45,789 40,260 26,963 
Cost of sales1
54,858 52,773 34,799 
Less: materials and supplies inventory provision— (895)— 
Less: royalties1
(7,805)(5,689)(2,783)
Add: by-product revenue1
(5,037)(3,610)(1,748)
Total cash costs42,015 42,578 30,268 
Cash cost per ounce sold$918 $1,058 $1,123 
Add: royalties1
7,805 5,689 2,783 
Add: social contributions1
8,660 6,058 2,501 
Add: sustaining capital expenditures9,274 12,144 3,917 
Add: sustaining lease payments561 457 480 
Total AISC68,315 66,926 39,949 
AISC per ounce sold$1,492 $1,662 $1,482 
Segovia - CMPs
Total gold sold (ounces)21,920 24,196 20,427 
Cost of sales1
61,250 50,271 32,292 
Less: materials and supplies inventory provision— (279)— 
Less: royalties1
(3,334)(2,909)(1,736)
Add: by-product revenue1
(2,412)(2,218)(1,325)
Total cash costs55,505 44,865 29,231 
Cash cost per ounce sold$2,532 $1,854 $1,431 
Add: royalties1
3,334 2,909 1,736 
Add: social contributions1
3,698 3,110 1,560 
Add: sustaining capital expenditures2,082 4,053 1,939 
Total AISC64,619 54,937 34,466 
AISC per ounce sold$2,948 $2,270 $1,687 
Segovia - Combined
Total gold sold (ounces)67,709 64,456 47,390 
Cost of sales1
116,108 103,043 67,091 
Less: materials and supplies inventory provision— (1,174)— 
Less: royalties1
(11,139)(8,598)(4,519)
Add: by-product revenue1
(7,449)(5,828)(3,073)
Total cash costs97,520 87,443 59,499 
Cash cost per ounce sold$1,440 $1,357 $1,256 
Add: royalties1
11,139 8,598 4,519 
Add: social contributions1
12,358 9,168 4,061 
Add: sustaining capital expenditures11,35616,1975,856
Add: sustaining lease payments561457480
Total AISC132,934 121,863 74,415 
AISC per ounce sold$1,963 $1,891 $1,570 
1.As presented in the Interim Financial Statements and notes thereto for the respective periods






Page | 17
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
AISC margin
AISC margin is a non-GAAP financial measure calculated as the difference between gold revenue and all-in sustaining costs (AISC). This measure has no standard meaning under IFRS. AISC margin is used by management and investors to evaluate the Company's operating performance and cash generation capability from mining operations.
Reconciliation of total AISC margin at Segovia disclosed below.
Three months ended
($’000)March 31, 2026December 31, 2025March 31, 2025
Gold revenue1
331,611273,127135,310
All-in sustaining costs132,934121,86374,415
AISC margin ($)198,677151,26460,895
AISC margin (%)60%55%45%
1.As presented in the Interim Financial Statements and notes thereto for the respective periods

Trailing 12-months AISC margin
Three months ended Trailing 12 Months
($’000)March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2026
Gold revenue1
331,611273,127229,116177,5511,011,405
All-in sustaining costs132,934121,863107,60690,382452,785
AISC margin ($)198,677151,264121,51087,169558,620
AISC margin (%)60%55%53 %49%55%
1.As presented in the Interim Financial Statements and notes thereto for the respective periods
Additions to mineral interests, plant and equipment
The table below reconciles sustaining and growth and expansion capital expenditures (also referred to as growth capital, expansion capital and growth and expansion investments) as disclosed in this MD&A to the additions to mining interest, plant, and equipment in the supporting notes to the Interim Financial Statements.
Three months ended
($’000)March 31, 2026December 31, 2025March 31, 2025
Sustaining capital
Segovia11,35616,1975,856
Marmato1,4812,192733
Total sustaining capital12,83718,3896,589
Non-sustaining capital
Marmato47,03143,56229,661
Segovia5,45416,1616,368
Soto Norte Project3,4454,8854,570
Toroparu Project5,3213,1272,411
Total expansion and growth capital61,25167,73543,010
Additions to mining interest, plant and equipment1
74,08886,12449,599
1. As presented in the Interim Financial Statements and notes thereto for the respective periods











Page | 18
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Free cash flow
Operating free cash flow after sustaining capital and taxes paid and free cash flow after growth and expansion capital are non-GAAP financial measures and are common performance metrics in the gold mining industry; however, they have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers.
Operating free cash flow after sustaining capital and taxes paid is calculated as net cash provided by operating activities, adjusted to exclude certain non-recurring or non-operating items, less sustaining capital expenditures and sustaining lease payments. Free cash flow after growth and expansion capital is calculated as operating free cash flow after sustaining capital and taxes paid less growth and expansion capital expenditures.
Aris Mining believes that these measures provide investors and analysts with useful information about the Company’s ability to generate cash from its mining operations after maintaining its asset base, and its capacity to fund growth initiatives, reduce debt, strengthen liquidity, or return capital to shareholders. Management uses these measures as key internal indicators of financial performance and capital discipline. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS, including net cash provided by operating activities as reported in the consolidated statement of cash flows.
Three months ended
($’000)March 31, 2026December 31, 2025March 31, 2025
Operating cash flows before taxes1
184,981 160,462 51,882 
Adjusting Items:
Precious metal stream deposit settled (received)1
(40,016)10,000 — 
Finance income1
(3,383)(4,353)(2,336)
Impact of FX on cash and cash equivalents1
814 (545)768 
Adjusted operating cash flows before taxes142,396 165,564 50,314 
​
Less: Income taxes paid1
(26,171)(21,686)(5,121)
Adjusted net cash provided by operating activities116,225 143,878 45,193 
​
Less: Sustaining capital(12,837)(18,389)(6,589)
Less: Sustaining lease payments(561)(457)(480)
Operating free cash flow after sustaining capital and taxes paid102,827 125,032 38,124 
​
Less: Growth and expansion capital(61,251)(67,735)(43,010)
Free cash flow after growth and expansion capital41,576 57,297 (4,886)
1. As presented in the Interim Financial Statements and notes thereto for the respective periods
















Page | 19
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Adjusted net earnings and adjusted net earnings per share
Adjusted net earnings and adjusted net earnings per share (basic) are a non-GAAP financial measure and non-GAAP ratios, respectively, and are common financial performance measures in the gold mining industry; however, they have no standard meaning under IFRS. Adjusted net earnings per share (basic) are calculated by dividing adjusted net earnings by the number of shares outstanding on a basic basis.
Adjusted net earnings and adjusted net earnings per share (basic) are used by management and investors to measure the underlying operating performance of the Company. Presenting these measures from period to period helps management and investors evaluate earnings trends more readily in comparison with results from prior periods.
Adjusted net earnings is defined as net income adjusted to exclude specific items that are significant but not reflective of the underlying operating performance of the Company, such as: share-based payments, change in fair value of financial instruments, foreign exchange gains and losses, income and losses from equity accounting in investees, and other non-recurring items. Adjusted net earnings per share amounts are calculated using the weighted average number of shares outstanding on a basic basis as determined under IFRS. In the table below the Company has provided the reconciliation of adjusted net earnings to the most directly comparable financial measure disclosed in the Interim Financial Statements.
Three months ended
($000s except shares amount)March 31, 2026December 31, 2025March 31, 2025
Basic weighted average shares outstanding1
205,967,201203,245,172171,622,649
Net income (loss) attributable to Owners of the Company1
97,61450,8632,368
Add back:
Share-based compensation1
7,60220,6633,784
(Income) loss from equity accounting in investee1
—(14)14
Loss on financial instruments1
1,7623,05816,628
Loss on termination of Soto Norte Project Precious Metals Purchase Agreement1
—4,990—
Other (income) expense1
9,1776,447535
Foreign exchange (gain) loss1
11,59012,4465,997
   Income tax effect on adjustments(4,057)(4,356)(2,099)
Adjusted net earnings123,68994,09727,227
Per share – basic ($/share)0.60 0.460.16
1.As presented in the Interim Financial Statements and notes thereto for the respective periods
Trailing 12-months Adjusted net earnings and Adjusted net earnings per share
Three months ended Trailing 12 Months
($000s except shares amount)March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2026
Basic weighted average shares outstanding1
205,967,201203,245,172199,171,052179,836,208197,053,206
Net income (loss) attributable to Owners of the Company1
97,61450,86342,011(16,897)173,591
Add back:
Share-based compensation1
7,60220,6639,4978,13645,898
(Income) loss from equity accounting in investee1
—(14)——(14)
Loss on financial instruments1
1,7623,0586,38550,73761,942
Loss on disposal of Juby Project1
——3,200—3,200
Loss on termination of Soto Norte Project Precious Metals Purchase Agreement1
—4,990——4,990
Other (income) expense1
9,1776,4471,9611,09018,675
Foreign exchange (gain) loss1
11,59012,44613,5207,22444,780
   Income tax effect on adjustments(4,057)(4,356)(4,732)(2,528)(15,673)
Adjusted net earnings123,68994,09771,84247,762337,389
Per share – basic ($/share)0.60 0.460.360.271.71 
1.As presented in the Interim Financial Statements and notes thereto for the respective periods

Page | 20
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are Non-GAAP financial measures and are common financial performance measures in the gold mining industry; however, they have no standard meaning under IFRS. EBITDA represents earnings before interest (including non-cash accretion of financial obligations and lease obligations), income taxes and depreciation, depletion and amortization.
EBITDA is then adjusted to exclude specific items that are significant but not reflective of the underlying operating performance of the Company, such as: share-based payments, change in fair value of financial instruments, foreign exchange gains and losses, income and losses from equity accounting in investees, and other non-recurring items (Adjusted EBITDA). In the table below the Company has provided the reconciliation of EBITDA and adjusted EBITDA to the most directly comparable financial measure disclosed in the Interim Financial Statements.
Three months ended
March 31, 2026December 31, 2025March 31, 2025
Earnings before Income tax1
161,67297,51921,220
Add back:
Depreciation and depletion1
16,24616,80910,734
Finance income1
(3,383)(4,353)(2,336)
Finance costs1
7,40810,43110,037
EBITDA181,943120,40639,655
Add back:
Share-based compensation1
7,60220,6633,784
Income from associates1
—(14)14
Loss on financial instruments1
1,7623,05816,628
Loss on termination of Soto Norte Project Precious Metals Purchase Agreement1
—4,990—
Other Income (expenses)1
9,1776,447535
Foreign exchange (gain) loss1
11,59012,4465,997
Adjusted EBITDA212,074167,99666,613
1.As presented in the Interim Financial Statements and notes thereto for the respective periods
Trailing 12-months EBITDA and Adjusted EBITDA
Three months ended Trailing 12 Months
March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2026
Earnings before Income tax1
161,67297,51976,09412,258347,543
Add back:
Depreciation and depletion1
16,24616,80913,45911,92958,443
Finance income1
(3,383)(4,353)(2,437)(3,474)(13,647)
Finance costs1
7,40810,4319,39010,83338,062
EBITDA181,943120,40696,50631,546430,401
Add back:
Share-based compensation1
7,60220,6639,4978,13645,898
Income from associates1
—(14)——(14)
Loss on financial instruments1
1,7623,0586,38550,73761,942
Loss on disposal of Juby Project1
——3,200—3,200
Loss on termination of Soto Norte Project Precious Metals Purchase Agreement1
—4,990——4,990
Other Income (expenses)1
9,1776,4471,9611,09018,675
Foreign exchange (gain) loss1
11,59012,44613,5207,22444,780
Adjusted EBITDA212,074167,996131,06998,733609,872
1.As presented in the Interim Financial Statements and notes thereto for the respective periods
Page | 21
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Accounting Matters
Basis for preparation and accounting policies
The Company’s consolidated financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (IASB). Details of the material accounting policies for significant (or potentially significant) areas that have had an impact (or may have an impact in future periods) on the Company’s financial statements are disclosed in note 3 of the Company’s consolidated financial statements for the years ended December 31, 2025 and 2024.
Risks and Uncertainties
Exploration, development and mining of precious metals involves numerous inherent risks. As such, Aris Mining is subject to financial, operational and political risks that could have a significant impact on its profitability and levels of operating cash flows. Although Aris Mining assesses and minimizes these risks by applying high operating standards, including careful management and planning of its facilities, hiring qualified personnel and developing their skills through training and development programs, these risks cannot be eliminated. Readers are encouraged to read and consider the risk factors which are more specifically described under the caption "Risk Factors" in the Company's AIF for the year ended December 31, 2025 dated as of March 11, 2026, which is available on www.aris-mining.com, under the Company's profile on SEDAR+ at www.sedarplus.ca and in its filings with the SEC at www.sec.gov.
If any of these risks materialize into actual events or circumstances or other possible additional risks and uncertainties of which the Company is currently aware or which it considers to be material in relation to the Company's business actually occur, the Company's assets, liabilities, financial condition, results of operations (including future results of operations), business and business prospects, are likely to be adversely affected. In such circumstances, prices of the Company's securities could decline, and investors could lose all or part of their investment. In addition, such risk factors could cause actual amounts to differ from those described in the forward-looking statements related to the Company.
Disclosure Controls and Procedures and Internal Controls Over Financial Reporting
Internal controls over financial reporting
Disclosure controls and procedures have been designed to provide reasonable assurance that all material information required to be disclosed by the Company is accumulated and communicated to senior management as appropriate, and recorded, processed, summarized, and reported to allow timely decisions regarding required disclosure, including in its annual filings, interim filings, or other reports filed or submitted under securities legislation.
The Company's management, including the Chief Executive Officer and Chief Financial Officer, is responsible for establishing adequate internal controls over financial reporting.
Changes in internal controls
During the three months ended March 31, 2026, there were no changes in the Company's internal controls over financial reporting that materially affected or are reasonably likely to materially affect the Company's internal controls over financial reporting.
Limitations of controls and procedures
The Company's management, including the Chief Executive Officer and Chief Financial Officer, believe that any disclosure controls and procedures or internal controls over financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any systems of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
Page | 22
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Qualified Person and Technical Information
Pamela De Mark, P.Geo., Senior Vice President Geology and Exploration of Aris Mining, is a Qualified Person as defined by National Instrument 43-101 (NI 43-101), and has reviewed and approved the technical information contained in this Management's Discussion and Analysis.
Mineral Reserves and Mineral Resources
PropertyProvenProbableProven & Probable
Tonnes
(kt)		Gold Grade (g/t)Contained Gold (koz)Tonnes
(kt)		Gold Grade (g/t)Contained Gold (koz)Tonnes
(kt)		Gold Grade (g/t)Contained Gold (koz)
Marmato
2,196 4.31 304 29,082 3.08 2,874 31,277 3.16 3,178 
Soto Norte
2,600 8.78 734 17,700 6.72 3,824 20,300 7.00 4,569 
Segovia
1,708 9.92 545 2,659 11.21 958 4,367 10.70 1,503 
Total
1,583 7,656 5.14 9,250 
Notes: Totals may not add due to rounding. Mineral reserves were estimated using a gold price of US$1,500 per ounce at Marmato, US$2,200 at Soto Norte, and US$2,800 at Segovia. The mineral reserve effective dates are June 30, 2022 at Marmato, August 18, 2025 at Soto Norte, and November 28, 2025 at Segovia. This disclosure of mineral reserve estimates has been approved by Pamela De Mark, P.Geo, Senior Vice President Geology and Exploration of Aris Mining, who is a Qualified Person as defined by National Instrument 43-101.

PropertyMeasuredIndicatedMeasured & IndicatedInferred
Tonnes
(Mt)		Gold Grade
(g/t)		Contained Gold (koz)Tonnes
(Mt)		Gold Grade
(g/t)		Contained Gold (koz)Tonnes
(Mt)		Gold Grade
(g/t)		Contained Gold (koz)Tonnes
(Mt)		Gold Grade
(g/t)		Contained Gold (koz)
Marmato
2.8 6.04 545 58.7 2.89 5,452 61.5 3.03 5,997 35.6 2.43 2,787 
Soto Norte 3.8 7.99 976 35.2 5.29 5,987 39.0 5.55 6,959 25.1 4.81 3,882 
Segovia
4.1 14.78 1,925 3.3 15.94 1,701 7.4 15.30 3,626 6.3 14.13 2,856 
Toroparu
48.5 1.31 2,038 78.4 1.30 3,272 126.9 1.30 5,310 22.9 1.60 1,177 
Total
5,484 16,412 21,892 10,702 
Notes: Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral resource estimates are reported inclusive of mineral reserves. Totals may not add due to rounding. Mineral resources were estimated using a gold price of US$1,700 per ounce at Marmato, US$2,600 at Soto Norte, US$3,200 at Segovia, and US$1,950 at Toroparu. The mineral resource effective dates are June 30, 2022 at Marmato, August 18, 2025 at Soto Norte, November 28, 2025 at Segovia, and October 21, 2025 at Toroparu. This disclosure of mineral resource estimates has been approved by Pamela De Mark, P.Geo, Senior Vice President Geology and Exploration of Aris Mining, who is a Qualified Person as defined by National Instrument 43-101.


Technical Disclosure
Unless otherwise indicated, the scientific disclosure and technical information included in this MD&A are based upon information included in the following documents and NI 43-101 compliant technical reports:
1.Technical report entitled “Technical Report for the Marmato Gold Mine, Caldas Department, Colombia, PFS of the Lower Mine Expansion Project” dated November 23, 2022 with an effective date of June 30, 2022, which is available for download on Aris Mining's website at www.aris-mining.com and on Aris Mining's SEDAR+ profile at www.sedarplus.ca and in Aris Mining's filings with the SEC at www.sec.gov.
2.Technical report entitled “NI 43-101 Technical Report Prefeasibility Study for the Soto Norte Project, Santander, Colombia”, dated September 3, 2025 with an effective date of August 18, 2025, which is available for download on Aris Mining's website at www.aris-mining.com and on Aris Mining’s SEDAR+ profile at www.sedarplus.ca and in Aris Mining's filings with the SEC at www.sec.gov.
3.Technical report entitled “NI 43-101 Technical Report for the Segovia Operations, Antioquia, Colombia” dated December 5, 2023 with an effective date of September 30, 2023, which is available for download on Aris Mining's website at www.aris-mining.com and on Aris Mining's SEDAR+ profile at www.sedarplus.ca and in Aris Mining's filings with the SEC at www.sec.gov.
4.Technical report entitled “Updated Mineral Resource Estimate NI 43-101 Technical Report Preliminary Economic Assessment for the Toroparu Project Cuyuni-Mazaruni Region, Guyana” dated October 28, 2025 with an effective date of October 21, 2025, which is available for download on Aris Mining's website at www.aris-mining.com and on Aris Mining's SEDAR+ profile at www.sedarplus.ca and in Aris Mining's filings with the SEC at www.sec.gov.
5.News release of Aris Mining dated January 8, 2026 and entitled “Aris Mining Expands High-Grade Segovia Reserve and Resource Estimates”.
Page | 23
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Cautionary Note Regarding Forward-looking Statements
Certain statements in this MD&A constitute forward-looking information. Often, but not always, forward-looking statements use words or phrases such as: "anticipate", "believe", "continue", "estimate", "expect", "future", "goal", "guidance", "intend", "likely", "objective", "opportunity", "plan", "possible", "potential", "probable", "project", "target" or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements include but are not limited to, statements with respect to the Company’s targeted annual gold production, 2026 guidance, the timeline for ramp up of production at Segovia, timeline for the construction of the CIP plant and production at the Bulk Mining Zone, the plans and timing of the Toroparu prefeasibility study including a potential construction decision, the economic analysis from the Toroparu PFS and Toroparu PEA, the anticipated timeline for submission of the environmental study in respect of the Soto Norte project, projected payments and obligations of the Company, the Company’s growth plans and the requirements thereof, the Company’s ability to fund growth projects, the Company’s ability to pay its obligations associated with its financial liabilities, the Company's potential objective to produce 1 million oz of gold annually, the Company’s anticipated business plans and strategies, financing sources, critical accounting estimates, risks and uncertainties and limitations of controls and procedures, statements made in the section entitled “Business Overview” regarding the Company’s projects and growth opportunities to increase annual gold production, as well as statements relating to the Company’s 2026 guidance and outlooks.
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 the Company 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 and water 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 associated with costs, supply chain disruptions, and financial risks due to changes in tariffs, trade policies, international trade disputes, or regulatory shifts, 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 liabilities outside of Canada, cyber-security risks, risks associated with operating a joint venture, volatility of the share price, the Company’s obligations as a public company; the ability to pay dividends in the future, as well as those factors discussed in the section entitled "Risk Factors" in the Company's AIF for the year ended December 31, 2025 and dated March 11, 2026 which is available on the Company’s website at www.aris-mining.com, 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.

Page | 24
Management's Discussion and Analysis
For the three months ended March 31, 2026 and 2025
(all figures are expressed in thousands of United States Dollars, unless otherwise stated)
Although the Company 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 the Company 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, unless so required by Canadian securities laws. Accordingly, readers should not place undue reliance on forward-looking statements and information.
This MD&A contains information that may constitute future-orientated financial information or financial outlook information (collectively, “FOFI”) about the Company’s prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. The Company’s actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. The Company has included FOFI in order to provide readers with a more complete perspective on the Company’s future operations and management’s current expectations relating to the Company’s future performance. Readers are cautioned that such information may not be appropriate for other purposes. FOFI contained herein was made as of the date of this MD&A. Unless required by applicable laws, the Company does not undertake any obligation to publicly update or revise any FOFI statements, whether as a result of new information, future events or otherwise.

Page | 25










arislogo.jpg

Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025
(expressed in thousands of United States dollars)
(Unaudited)















    


Condensed Consolidated Interim Statements of Financial Position
(Unaudited; Expressed in thousands of US dollars)
arisminingimage.jpg
NotesMarch 31,
2026		December 31,
2025
ASSETS
Current
Cash and cash equivalents$472,082 $391,874 
Gold in trust10b1,938 1,938 
Trade and other receivables14b93,075 76,796 
Inventories657,246 56,232 
Other current assets15,362 9,822 
639,703 536,662 
Non-current
Cash in trust3,606 3,517 
Mining interests, plant and equipment82,033,687 1,938,627 
Other financial assets738,615 28,015 
Other long-term assets— 159 
Total assets$2,715,611 $2,506,980 
LIABILITIES AND EQUITY
Current
Accounts payable and accrued liabilities9$138,296 $154,733 
Income tax payable122,677 77,309 
Current portion of long-term debt1074,519 53,684 
Current portion of deferred revenue1213,591 8,587 
Current portion of provisions117,767 7,608 
Current portion of lease obligations1,865 2,580 
358,715 304,501 
Non-current
Long-term debt10464,120 465,778 
Deferred revenue12228,714 192,226 
Provisions1127,645 27,202 
Deferred income taxes55,633 54,576 
Lease obligations3,823 3,468 
Other long-term liabilities5,240 13,169 
Total liabilities$1,143,890 $1,060,920 
Equity
Share capital13a$1,172,592 $1,168,974 
Contributed surplus421,220 421,412 
Accumulated other comprehensive loss(7,194)(31,815)
Deficit(14,897)(112,511)
Total equity$1,571,721 $1,446,060 
Total liabilities and equity$2,715,611 $2,506,980 
Commitments and contingencies
Note 11d,14c
Approved by the Board of Directors and authorized for issue on May 6, 2026:
"David Garofalo" (Signed)
Director
"Neil Woodyer" (Signed)
Director
See accompanying notes to the Condensed Consolidated Interim Financial Statements.
Page | 2
Condensed Consolidated Interim Statements of Income (Loss) (Unaudited; Expressed in thousands of US dollars, except share and per share amounts)
arisminingimage.jpg
Three months ended March 31,
Notes20262025
Revenue15$372,479 $157,528 
Cost of sales16(139,204)(82,475)
Depreciation and depletion(16,246)(10,734)
Social contributions(13,298)(4,334)
Income from mining operations203,731 59,985 
General and administrative costs(7,903)(4,106)
Loss from investments in associates— (14)
Share-based compensation13h(7,602)(3,784)
Other expenses9(9,177)(535)
Income from operations179,049 51,546 
Loss on financial instruments18(1,762)(16,628)
Finance income3,383 2,336 
Finance costs17(7,408)(10,037)
Foreign exchange loss(11,590)(5,997)
Income before income tax161,672 21,220 
Income tax (expense) recovery
Current(64,659)(18,333)
Deferred601 323 
Net income$97,614 $3,210 
Net income attributable to:
Owners of the Company$97,614 $2,368 
Non-controlling interest— 842 
$97,614 $3,210 
Earnings per share attributable to owners of the Company – basic
13i$0.47 $0.01 
Weighted average number of outstanding common shares – basic205,967,201 171,622,649 
Earnings per share attributable to owners of the Company – diluted13i$0.47 $0.01 
Weighted average number of outstanding common shares – diluted209,099,493 172,299,011 
See accompanying notes to the Condensed Consolidated Interim Financial Statements.
Page | 3
Condensed Consolidated Interim Statements of Comprehensive Income (Loss)
(Unaudited; Expressed in thousands of US dollars)
arisminingimage.jpg
Three months ended March 31,
Notes20262025
Net income$97,614 $3,210 
Other comprehensive income (loss):
Items that will not be reclassified to profit in subsequent periods:
Unrealized gain (loss) on Gold Notes due to changes in implied credit spread (net of tax effect) ⁽¹⁾
10b(3,642)510 
Items that may be reclassified to profit in subsequent periods:
Foreign currency translation adjustment (net of tax effect)
28,263 33,727 
Other comprehensive income24,621 34,237 
Comprehensive income$122,235 $37,447 
Comprehensive income (loss) attributable to:
Owners of the Company$122,235 $36,605 
Non-controlling interest— 842 
$122,235 $37,447 
(1)The tax effect of the unrealized gain (loss) on Gold Notes due to changes in implied credit spread for the three months ended March 31, 2026, was an expense of $353 (March 31, 2025 - expense of $189).
See accompanying notes to the Condensed Consolidated Interim Financial Statements.
Page | 4
Condensed Consolidated Interim Statements of Equity
(Unaudited; Expressed in thousands of US dollars, except share and per share amounts)
arisminingimage.jpg
Share Capital - common sharesContributed
surplus		Accumulated
OCI		DeficitEquity attributable to owners of the CompanyNon-controlling InterestTotal
equity
Three months ended March 31, 2026NotesNumberAmount
At December 31, 2025205,532,283$1,168,974 $421,412 $(31,815)$(112,511)$1,446,060 $— $1,446,060 
Exercise of options
13d787,0113,618 (907)— — 2,711 — 2,711 
Share-based compensation
13h— — 715 — — 715 — 715 
Comprehensive income (loss)
— — — 24,621 97,614 122,235 — 122,235 
At March 31, 2026206,319,294$1,172,592 $421,220 $(7,194)$(14,897)$1,571,721 $— $1,571,721 
Notes
Share Capital - common sharesContributed
surplus		Accumulated
OCI		DeficitEquity attributable to owners of the CompanyNon-controlling InterestTotal
equity
Three months ended March 31, 2025
NumberAmount
At December 31, 2024171,034,256$935,917 $213,960 $(160,450)$(190,856)$798,571 $284,536 $1,083,107 
Exercise of options
13d1,436,1755,228 (916)— — 4,312 — 4,312 
Exercise of warrants
746,2503,088 — — — 3,088 — 3,088 
Share-based compensation
13h— — 766 — — 766 — 766 
Non-reciprocal contributions to Soto Norte Project— — (2,101)— — (2,101)2,101 — 
Comprehensive income (loss)
— — — 34,237 2,368 36,605 842 37,447 
At March 31, 2025173,216,681$944,233 $211,709 $(126,213)$(188,488)$841,241 $287,479 $1,128,720 
See accompanying notes to the Condensed Consolidated Interim Financial Statements.
Page | 5
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited; Expressed in thousands of US dollars)
arisminingimage.jpg

Three months ended March 31,
Notes20262025
Operating Activities

Net income

$97,614$3,210
Adjusted for the following items:

Depreciation and depletion816,15010,528
Share-based compensation13h7,6023,784
Finance costs177,40810,037
Loss on financial instruments181,76216,628
Unrealized foreign exchange loss (gain)10,7705,067
Income tax expense 64,05818,010
Other19(2,349)(272)
Payment of Deferred Share Units and Performance Share Units13f,g(26,509)(1,524)
Precious metal stream deposit received12a40,016—
Changes in non-cash operating working capital items
19(31,541)(13,586)
Operating cash flows before taxes184,98151,882
Income taxes paid
 
(26,171)(5,121)
Net cash provided by operating activities
158,81046,761
Investing Activities

 Additions to mining interests, plant and equipment
8(64,734)(55,533)
Purchase of marketable securities7b(1,644)—
Capitalized interest paid (net)
8
(10,943)(5,031)
Net cash used in investing activities
 
(77,321)(60,564)
Financing Activities

Repayment of Gold Notes
10b(4,064)(3,941)
Payment of lease obligations
(742)(691)
Increase in gold in trust account—(234)
Proceeds from exercise of stock options and warrants, net of issuance costs
2,7115,197
Net cash provided by (used in) financing activities
 
(2,095)331
Impact of foreign exchange rate changes on cash and equivalents

814768
Increase (decrease) in cash and cash equivalents

80,208(12,704)
Cash and cash equivalents, beginning of period
 
391,874252,535
Cash and cash equivalents, end of period
 
$472,082$239,831
See accompanying notes to the Condensed Consolidated Interim Financial Statements.
Page | 6

Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2026 and 2025
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
1.    Nature of Operations
Aris Mining Corporation (the “Company” or “Aris Mining”), is a company incorporated under the laws of the Province of British Columbia, Canada. The address of the Company’s registered and records office is 2900 – 550 Burrard Street, Vancouver, British Columbia, V6C 0A3. The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) and on the New York Stock Exchange ("NYSE") under the symbol “ARIS”.
Aris Mining is primarily engaged in the acquisition, exploration, development and operation of gold properties in Colombia and Guyana. Aris Mining operates the Segovia and Marmato Mines and the Soto Norte Project in Colombia. Aris Mining also owns the Toroparu Project in Guyana.
2.    Basis of Presentation
These condensed consolidated interim financial statements, as approved by the Company's Board of Directors on May 6, 2026, have been prepared in accordance with International Accounting Standards (“IAS”)    34, Interim Financial Reporting, using accounting policies consistent with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Certain disclosures required by IFRS have been condensed or omitted in the following note disclosures or are disclosed or have been disclosed on an annual basis only. Accordingly, these condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements for the years ended December 31, 2025 and 2024 (“annual financial statements”), which have been prepared in accordance with IFRS as issued by the IASB.
The financial statements have been prepared under the historical cost basis, except for certain financial assets and liabilities which are measured at fair value, and are presented in US dollars. They have been prepared on a going concern basis assuming that the Company will be able to realize its assets and discharge its liabilities in the normal course of business as they come due for the foreseeable future.
3.    Summary of Material Accounting Policy Information
The material accounting policies are the same as those applied in preparing the annual financial statements for the year ended December 31, 2025 other than those listed below. These financial statements comprise the financial results of the Company and its subsidiaries.
Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Accounting policies of subsidiaries have been aligned, where necessary, to ensure consistency with the policies adopted by the Company.
New accounting policies
The Company has equity-settled and cash-settled share-based compensation plans under which it issues either equity instruments or makes cash payments based on the value of the underlying equity instrument of the Company. During the three months ended March 31, 2026, the Company granted 143,889 restricted share units.
Restricted Share Units ("RSUs")
RSUs are an equity-based instrument introduced to the 2026 pay mix under the Company's long-term incentive plan for directors and employees. Each RSU represent the right for the holder to receive a cash payment (subject to withholding tax) when the RSUs have vested. RSUs are cash settled in accordance with their terms at the prevailing market price (the five-day volume weighted average price) of the shares on the vesting date.
The RSUs represent a financial liability as they can only be settled in cash once they have vested. As such, the RSU compensation expense is recognized at fair value over the vesting period with a corresponding amount recorded in other liabilities on the statement of financial position. The RSU liability is remeasured to its fair value using the closing share price at each period end with the change in fair value during the period recognized as share-based compensation.
New accounting standards issued and effective
IFRS 9 - Financial Instruments
On May 30, 2024, the IASB published amendments to IFRS 9 Financial Instruments ("IFRS 9") to clarify the derecognition requirements for financial instruments. The amendments clarify that financial assets are derecognized when the rights to receive contractual cash flows expire or the assets are transferred, and that financial liabilities are derecognized on the settlement date when the obligation is extinguished. The amendments also introduced an election allowing an entity to derecognize a financial liability prior to the settlement date when settling through an electronic payment system, provided specified conditions are met, including that the payment is irrevocable, the cash is no longer accessible, and settlement risk is insignificant. These amendments were adopted for annual periods beginning on or after January 1, 2026 and did not have a material impact on the Company's financial statements.

Page | 7
Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2026 and 2025
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
3.     Summary of Material Accounting Policy Information (cont.)
New accounting standards issued but not effective
IFRS 18 – Presentation and Disclosure in Financial Statements
On April 9, 2024, the IASB issued IFRS 18 Presentation and Disclosure in the Financial Statements (“IFRS 18”) replacing IAS 1. IFRS 18 introduces categories and defined subtotals in the statement of profit or loss, disclosures on management-defined performance measures, and requirements to improve the aggregation and disaggregation of information in the financial statements. The adoption of IFRS 18 will not affect net income, but it will change how income and expenses are presented. Items of income and expenses in the statement of income will be classified into three new categories of operating, investing, and financing, with new subtotals presented. As a result of IFRS 18, amendments to IAS 7 Statement of Cash Flows were also issued to require that entities use the operating profit subtotal as the starting point for the indirect method of reporting cash flows from operating activities and also to remove presentation alternatives for interest and dividends paid and received. Similarly, amendments to IAS 33 Earnings per Share were issued to permit disclosure of additional earnings per share figures using any other component of the statement of profit or loss, provided the numerator is a total or subtotal defined under IFRS 18. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, and is to be applied retrospectively, with early adoption permitted. The Company is currently assessing the impact of the standard on its financial statements.
4.    Significant Accounting Judgments, Estimates and Assumptions
Judgments, estimates and assumptions are continually evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The significant judgments, estimates and assumptions made by management in applying the Company’s accounting policies are the same as those that applied to the annual financial statements.




































Page | 8

Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2026 and 2025
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
5. Segment Disclosures
Reportable segments are determined based on the geographic regions in which the Company’s projects are located. In determining it’s segment structure, the Company considers the basis on which the chief operating decision maker reviews the financial and operational performance, as well as whether the Company’s mining operations share similar economic, operational and regulatory characteristics. The Company has identified the Segovia and Marmato Mines in Colombia, the Toroparu Project in Guyana, the Soto Norte Project in Colombia, and corporate functions in Canada and other corporate entities as its reportable segments.
SegoviaMarmatoToroparuSoto NorteCorporate
and Other		Total
(Colombia)(Colombia)(Guyana)(Colombia)(Canada)
Three months ended March 31, 2026
Revenue$339,061 $33,418 $— $— $— $372,479 
Cost of sales(115,957)(23,247)— — — (139,204)
Depreciation and depletion(14,304)(1,774)— — (168)(16,246)
Social contributions(12,358)(940)— — — (13,298)
Income from mining operations196,442 7,457 — — (168)203,731 
Loss on financial instruments— — — — (1,762)(1,762)
Finance income472 275 — — 2,636 3,383 
Finance costs(622)(143)(1)(19)(6,623)(7,408)
Income taxes(61,532)(2,879)— — 353 (64,058)
Segment net income (loss)
109,595 (5,882)7 (2,145)(3,961)97,614 
Capital expenditures16,803 48,512 5,321 3,445 7 74,088 
Three months ended March 31, 2025
Revenue$138,383 $19,145 $— $— $— $157,528 
Cost of sales(67,091)(15,384)— — — (82,475)
Depreciation and depletion(9,762)(815)— — (157)(10,734)
Social contributions(4,057)(277)— — — (4,334)
Income from mining operations57,473 2,669 — — (157)59,985 
Loss on financial instruments— — — — (16,628)(16,628)
Finance income215 277 — — 1,844 2,336 
Finance costs(542)(65)(2)(29)(9,399)(10,037)
Income taxes(17,156)(1,043)— — 189 (18,010)
Segment net income (loss)25,744 (6,048)(16)1,718 (18,188)3,210 
Capital expenditures12,321 29,888 2,411 4,562 — 49,182 
As at March 31, 2026
Non-current assets
$349,954 $625,910 $371,235 $612,033 $116,776 $2,075,908 
Total assets$489,262 $710,426 $372,677 $615,839 $527,407 $2,715,611 
Total liabilities$(230,408)$(335,153)$(86,296)$7,648 $(499,681)$(1,143,890)
As at December 31, 2025
Non-current assets$337,020 $563,455 $366,028 $607,774 $96,041 $1,970,318 
Total assets$456,051 $604,401 $367,130 $610,644 $468,754 $2,506,980 
Total liabilities $(191,802)$(263,834)$(84,938)$5,474 $(525,820)$(1,060,920)









Page | 9

Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2026 and 2025
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
6.    Inventories
March 31,
2026		December 31,
2025
Finished goods$4,592 $6,063 
Metal in circuit2,459 2,705 
Ore stockpiles3,547 1,617 
Materials and supplies46,648 45,847 
Total$57,246 $56,232 
During the three months ended March 31, 2026, the total cost of inventories recognized in the consolidated statements of income (loss) amounted to $124.7 million (March 31, 2025 - $76.1 million). As at March 31, 2026, materials and supplies are recorded net of an obsolescence provision of $5.7 million (December 31, 2025 - $5.5 million).
7.     Other Financial Assets
March 31,
2026		December 31,
2025
McFarlane Lake Mining (a)$7,639 $6,580 
Denarius Metals (b)30,976 21,435 
Total$38,615 $28,015 
a) McFarlane Lake Mining Limited ("McFarlane")
The Company holds 82,023,746 common shares of McFarlane as a result of the sale of the Juby Gold Project, which are classified as FVTPL and revalued each period end based on the quoted closing market price.
During the three months ended March 31, 2026, the Company recognized a gain of $1.1 million in loss on financial instruments related to the change in fair value of the investment in the period (March 31, 2025 - $nil). The Company's investment in McFarlane is carried at $7.6 million as at March 31, 2026.
b) Denarius Metals ("Denarius")
The Company’s investment in Denarius is carried at $31.0 million at March 31, 2026. During the three months ended March 31, 2026, the Company recognized a gain of $8.1 million in gain (loss) on financial instruments related to the change in fair value of the investment for the period (three months ended March 31, 2025 - a loss of $0.2 million).
Common sharesWarrantsConvertible DebentureTotal
Other financial asset as at December 31, 2024$4,891 $151 $7,582 $12,624 
Issuance of additional Denarius Debenture— — 102 102 
Purchase of Denarius Debenture1,167 262 — 1,429 
Change in fair value 1,713 8 5,559 7,280 
Other financial asset as at December 31, 2025$7,771 $421 $13,243 $21,435 
Purchase of Denarius marketable securities1,644 — — 1,644 
Expired— (162)— (162)
Change in fair value5,967 — 2,092 8,059 
Other financial asset as at March 31, 2026$15,382 $259 $15,335 $30,976 






Page | 10

Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2026 and 2025
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
8.    Mining Interest, Plant & Equipment
Plant and
equipment		Right of Use assetsConstruction in progressDepletable mineral propertiesNon-depletable development
projects		Exploration
projects		Total
Cost
Balance at December 31, 2025$241,213 $17,990$82,513$591,369 $459,306 $1,117,466$2,509,857
Additions3,758 1262,97420,123 41,763 5,34474,088
Disposals(227)(431)—— — —(658)
Transfers5,588 —(5,486)304 — (406)—
Change in decommissioning (Note 11)— ——(670)— 60(610)
Capitalized interest— ——— 17,150 —17,150
Exchange difference4,576 337 1,927 15,461 7,254 397 29,952 
Balance at March 31, 2026$254,908 $18,022$81,928$626,587 $525,473 $1,122,861$2,629,779
Accumulated Depreciation and Impairment Charges
Balance at December 31, 2025$(115,393)$(11,862)$—$(264,499)$— $(179,476)$(571,230)
Depreciation and depletion(5,658)(791)—(9,701)— —(16,150)
Disposals166 431—— — —597
Exchange difference(2,849)(242)(6,218)— —(9,309)
Balance at March 31, 2026$(123,734)$(12,464)$—$(280,418)$— $(179,476)$(596,092)
Net book value at December 31, 2025$125,820 $6,128$82,513$326,870 $459,306 $937,990$1,938,627
Net book value at March 31, 2026$131,174 $5,558$81,928$346,169 $525,473 $943,385$2,033,687
Plant and
equipment		Right of Use assetsConstruction in progressDepletable mineral propertiesNon-depletable development
projects		Exploration
projects ⁽¹⁾		Total
Cost
Balance at December 31, 2024$177,194 $14,557 $67,294 $425,896 $287,446 $1,122,495 $2,094,882 
Additions9,487 3,281 32,296 63,138 111,800 24,747 244,749 
Disposals(1,938)(1,784)— — — (23,887)(27,609)
Transfers30,603 — (28,223)19,941 (13,312)(9,009)— 
Change in decommissioning (Note 11)— — — (6,681)— 165 (6,516)
Capitalized interest— — — — 38,707 — 38,707 
Exchange difference25,867 1,936 11,146 89,075 34,665 2,955 165,644 
Balance at December 31, 2025$241,213 $17,990 $82,513 $591,369 $459,306 $1,117,466 $2,509,857 
Accumulated Depreciation and Impairment Charges
Balance at December 31, 2024$(83,512)$(9,454)$— $(194,630)$— $(179,476)$(467,072)
Depreciation and depletion(16,702)(2,721)— (34,661)— — (54,084)
Disposals1,065 1,780 — — — — 2,845 
Exchange difference(16,244)(1,467)— (35,208)— — (52,919)
Balance at December 31, 2025$(115,393)$(11,862)$— $(264,499)$— $(179,476)$(571,230)
Net book value at December 31, 2024$93,682 $5,103 $67,294 $231,266 $287,446 $943,019 $1,627,810 
Net book value at December 31, 2025$125,820 $6,128 $82,513 $326,870 $459,306 $937,990 $1,938,627 
(1)On September 29, 2025, the Company completed the sale of the Juby Project to McFarlane. The carrying value of the Juby Project on the date of disposition was $23.9 million (Note 13c).



Page | 11

Notes to the Condensed Consolidated Interim Financial Statements
Three months ended March 31, 2026 and 2025
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
8.    Mining Interest, Plant & Equipment (cont.)
March 31,
2026		December 31,
2025
Capitalized Interest - Gold Notes (Note 10b)$10,929 $25,590 
Capitalized Interest - Deferred Revenue (Note 12a)3,402 13,751 
Capitalized Interest - Senior Notes (Note 10a)2,805 — 
Capitalized Interest - Other14 (634)
Total$17,150 $38,707 
9.    Accounts Payable and Accrued Liabilities
March 31,
2026		December 31,
2025
Trade payables related to operating, general and administrative expenses$79,898 $102,636 
Trade payables related to capital expenditures21,111 11,873 
Net Wealth Tax ⁽¹⁾8,118 – 
Other provisions11,867 11,320 
RSU, DSU and PSU liability (Note 13e,f,g)17,302 28,904 
Total$138,296 $154,733 
(1)On March 12, 2026, the Colombian Government enacted a one time Net Wealth Tax that is levied on the net equity of certain Colombia-domiciled entities which resulted in an expense of $8.1 million recorded in other expenses.
10.     Long-term Debt
March 31,
2026		December 31,
2025
2029 Senior Notes (a)454,703 443,265 
Gold Notes (b)83,936 76,197 
Total538,639 519,462 
Less: current portion(74,519)(53,684)
Non-current portion$464,120 $465,778 
a)Senior Unsecured Notes due 2029 (“2029 Senior Notes”)
The key terms of the 2029 Senior Notes are summarized in the annual financial statements.
Amount
Carrying value of debt as at December 31, 2024$452,864 
Interest expense accrued36,000 
Interest expense paid(36,000)
Accretion1,481 
Carrying value of debt as at December 31, 2025$454,345 
Interest expense accrued6,195 
Accretion (Note 17)
390 
Capitalized interest2,805 
Carrying value of debt as at March 31, 2026$463,735 
Embedded derivative asset
Carrying value of embedded derivative asset as at December 31, 2024$3,575 
Change in FVTPL 7,505 
Carrying value of embedded derivative asset as at December 31, 2025$11,080 
Change in FVTPL (Note 18)(2,048)
Carrying value of embedded derivative asset as at March 31, 2026$9,032 
Total carrying value of the Senior Notes 2029 as at March 31, 2026$454,703 
Less: Current portion, represented by accrued interest(15,000)
Non-current portion as at March 31, 2026$439,703 
Page | 12

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)
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10.     Long-term Debt (cont.)
b)Gold Notes
The key terms of the Gold Notes are summarized in the annual financial statements. The Gold Notes amortize on a quarterly basis, with final maturity in August 2027. The principal value of the Gold Notes as at March 31, 2026 was $23.6 million. The fair value of the Gold Notes was calculated using valuation pricing models as at March 31, 2026. Significant inputs used in the valuation model include a credit spread, risk free rates, gold prices, implied volatility of gold prices and recent trading history.
Number of
Gold Notes		Amount
Balance of Gold Notes as at December 31, 202443,839,952$66,945 
Principal repayments ⁽¹⁾(16,132,117)(16,132)
Change in fair value through profit and loss—24,093 
Change in fair value through other comprehensive income due to changes in credit risk—1,291 
Balance of Gold Notes as at December 31, 202527,707,835$76,197 
Principal repayments ⁽¹⁾(4,063,816)(4,064)
Change in fair value through profit and loss (Note 18)—8,514 
Change in fair value through other comprehensive income due to changes in credit risk—3,289 
Balance of Gold Notes as at March 31, 202623,644,019$83,936 
Less: current portion(16,255,263)(59,519)
Non-current portion as at March 31, 20267,388,756$24,417 
(1) During the three months ended March 31, 2026, the company also paid $10.9 million in interest and premium payments (three months ended March 31, 2025 - $5.1 million)
As at March 31, 2026, there were 968 ounces (December 31, 2025 - 968 ounces) of gold held in gold in trust with a carrying value of $1.9 million (December 31, 2025 - $1.9 million) to satisfy future principal payments under the terms of the Gold Notes.
11.    Provisions
A summary of changes to the provisions is as follows:
Reclamation and
rehabilitation ⁽ᵃ⁾		Environmental
fees ⁽ᵇ⁾		Health plan
obligations ⁽ᶜ⁾		Other ⁽ᵈ⁾Total
As at December 31, 2024$16,152 $4,796 $10,853 $— $31,801 
Change in assumptions(6,495)(11)716 2,258 (3,532)
Settlement of provisions(120)(38)(734)(239)(1,131)
Accretion expense
1,045 — 1,029 — 2,074 
Exchange difference2,405 886 1,924 383 5,598 
As at December 31, 2025$12,987 $5,633 $13,788 $2,402 $34,810 
Change in assumptions(610)(6)— 12 (604)
Settlement of provisions(3)— (204)— (207)
Accretion expense (Note 17)
306 — 310 — 616 
Exchange difference274 134 332 57 797 
As at March 31, 2026$12,954 $5,761 $14,226 $2,471 $35,412 
Less: current portion(684)(5,431)(785)(867)(7,767)
Non-current portion$12,270 $330 $13,441 $1,604 $27,645 






Page | 13

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
11.    Provisions (cont.)
a)Reclamation and rehabilitation provision
As of March 31, 2026 and 2025, the Company estimated the inflated discounted and undiscounted costs to be incurred with respect to future mine closure and reclamation activities related to the existing mining operation as follows:
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
DiscountedDiscountedUndiscountedUndiscounted
USD COP USDCOPUSD COP USD COP
(expressed in millions)(expressed in millions)(expressed in millions)(expressed in millions)(expressed in millions)(expressed in millions)(expressed in millions)(expressed in millions)
Marmato$3.6 13,059 $3.7 13,873 $33.5 122,968 $32.8 123,195 
Segovia7.8 28,474 7.7 29,073 16.4 60,190 16.0 60,067 
Soto Norte1.6 6,014 1.6 5,859 7.6 28,004 10.4 38,917 
The following table summarizes the assumptions used to determine the decommissioning provision:
Expected date
of expenditures		Inflation ratePre-tax risk-free
rate
Marmato Mine
2043-2049
2.79%13.27%
Segovia Operations
2026-2037
3.19%13.36%
Soto Norte2026-20543.65%13.36%
b)Environmental fees
The Company’s mining and exploration activities at Segovia are subject to Colombian laws and regulations governing the protection of the environment. Colombian regulations provide for fees applicable to entities discharging effluents to river basins. The local environmental authority in Segovia has issued two resolutions assessing COP 35.8 billion ($9.8 million), which the Company is disputing. The Company has a provision related to the present value of its best estimate of the potential liability for these fees:
March 31, 2026December 31, 2025
USDCOPUSDCOP
(expressed in millions)(expressed in millions)(expressed in millions)(expressed in millions)
Environmental fees potential liability $5.8 21,127 $5.6 21,150 
c)Health plan obligations
The health plan obligation of COP 52.2 billion ($14.2 million) is based on an actuarial report prepared as at December 31, 2025 with an inflation rate of 5.0% and a discount rate of 9.2%. The Company is currently paying approximately COP 0.2 billion (approximately $0.1 million) monthly to fund the obligatory health plan contributions. At March 31, 2026, non-current cash in trust includes approximately $1.0 million deposited in a restricted cash account as security against this obligation (December 31, 2025 - $0.9 million).
d)Claims
In the ordinary course of business, the Company is involved in and potentially subject to various legal and tax actions and proceedings. The Company records provisions for such claims when considered material and an outflow of resources is considered probable.
12.    Deferred Revenue
March 31,
2026		December 31,
2025
Marmato (a)$158,305 $116,813 
Toroparu (b)84,000 84,000 
Total$242,305 $200,813 
Less: current portion(13,591)(8,587)
Non-current portion$228,714 $192,226 


Page | 14

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
12.    Deferred Revenue (cont.)
a)Marmato
As part of the acquisition of Aris Holdings on September 26, 2022, the Company acquired the deferred revenue obligation associated with Aris Holdings' Precious Metals Purchase Agreement (the “Marmato PMPA”) with WPMI. During the period ended March 31, 2026, the Company received the $40.0 million installment deposit from WPMI following the achievement of the 50% construction milestone. Under the arrangement, WPMI will provide aggregate funding amount to $175.0 million, of which $133.0 million had been received, with the remaining $42.0 million receivable during the construction and development of the Marmato Bulk Mining Zone and carbon-in-pulp processing facility.
The contract will be settled by Marmato delivering precious metal credits to WPMI. The Company recognizes amounts in revenue as gold and silver are delivered under the Marmato PMPA. Each period management estimates the cumulative amount of the deferred revenue obligation that has been satisfied and, therefore, recognized as revenue.
Accretion is capitalized to the Marmato Bulk Mining Zone (Note 8). The following are the key inputs for the Marmato PMPA contract as of March 31, 2026:
Key inputs in the estimateMarch 31, 2026December 31, 2025
Financing rate12.50%12.50%
Gold price
$3,515 - $4,648
$3,137 - $4,069
Silver price
$45.26 - $71.65
$34.59 - $49.31
Remaining construction milestone timelines20262026
Life of Mine20402040
A summary of changes to the deferred revenue balance is as follows:
Total
As at December 31, 2024$109,369 
Recognition of revenue on ounces delivered(4,370)
Cumulative catch-up adjustment(1,937)
Accretion (Note 8)13,751 
As at December 31, 2025$116,813 
Receipt of deposit from WPMI40,016 
Recognition of revenue on ounces delivered(1,015)
Cumulative catch-up adjustment (Note 15)(911)
Accretion (Note 8)3,402 
As at March 31, 2026$158,305 
Less: current portion(13,591)
Non-current portion as at March 31, 2026$144,714 
b)Toroparu
The Company is also party to a Precious Metals Purchase Agreement (“Toroparu PMPA”) with WPMI. The key terms of the Toroparu PMPA are summarized in the annual financial statements. The company recorded deferred revenue of $84.0 million, all non-current which represents the estimated future cash flows attributable to expected future gold and silver deliveries to WPMI.
13.    Share Capital
a)Authorized
Unlimited number of common shares with no par value.
b)Issued and fully paid
The movement in the Company's issued and outstanding capital during the periods is summarized in the consolidated statement of changes in equity.




Page | 15

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
13.    Share Capital (cont.)
c)Acquisition of Soto Norte Project
On December 12, 2025, the Company acquired the remaining 49% interest in the Soto Norte Project previously held by Mubadala, resulting in the Company owning 100% of the Soto Norte Project. As part of the transaction, the existing precious metals stream previously granted by the Soto Norte Project to Mubadala was terminated.
Total consideration for the acquisition of the remaining interest and termination of the precious metals stream was comprised of:
•$60.0 million in cash, of which $10.0 million related to the termination of the existing precious metals stream; and
•1,739,130 common shares issued to Mubadala, issued at a deemed price of $11.50, representing deemed consideration of $20.0 million. On December 12, 2025, the fair value of the common shares issued was determined to be $27.3 million, based on the closing share price of $15.71 per share.
Prior to the termination of the precious metals stream, the liability was recorded at a carrying value of $5.0 million. As a result of the termination, the Company recorded a loss of $5.0 million during the period ended December 31, 2025.
d)Stock option plan
The Company has a rolling Stock Option Plan (the “Option Plan”) in compliance with the TSX policies for granting stock options. Under the Option Plan, the maximum number of common shares reserved for issuance may not exceed 10% of the total number of issued and outstanding common shares and, to any one option holder, may not exceed 5% of the issued common shares on a yearly basis. The exercise price of each stock option will not be less than the market price of the Company’s stock at the date of grant. Each stock option vesting period and expiry is determined on a grant-by-grant basis. A summary of the change in the stock options outstanding during the period ended March 31, 2026 and year ended December 31, 2025 is as follows:
Options
outstanding		Weighted average
exercise price (C$)
Balance at December 31, 20246,555,599$4.55 
Options granted2,593,4265.72 
Exercised (1)
(4,073,763)4.60 
Expired or cancelled(289,354)4.45 
Balance at December 31, 20254,785,908$5.14 
Options granted355,10627.74 
Exercised (1)
(787,011)4.70 
Expired or cancelled(64,998)7.78 
Balance at March 31, 20264,289,005$7.04 
(1)The weighted average share price at the date stock options were exercised was C$27.08 for the period ended March 31, 2026 and C$11.32 for the period ended December 31, 2025.
The following weighted average assumptions were used in estimating the fair value of stock options granted using the Black-Scholes Option Pricing Model:
AssumptionBased onThree months ended March 31, 2026Year-ended December 31, 2025
Risk-free interest rate (%)Yield curves on Canadian government zero-coupon bonds with a remaining term equal to the stock options' expected life2.5 %2.9 %
Expected life (years)Weighted average life of previously transacted awards3.0 years3.0 years
Expected volatility (%)Historical volatility of the Company's stock46.0 %47.6 %
Expected dividend yield (%)Annualized dividend rate as of the date of grantNilNil
The table below summarizes information about the stock options outstanding and the common shares issuable as at March 31, 2026:

Options OutstandingOptions Exercisable
Exercise Prices (CAD$)Number of OptionsWeighted Average Exercise Price
(CAD $/Share)		Weighted Average Remaining Life
(Years)		Number of OptionsWeighted Average Exercise Price
(CAD $/Share)		Weighted Average Remaining Life
(Years)
$1.00 - $5.001,274,405$4.09 0.81,274,405$4.09 0.8
$5.01 - $10.002,659,494$5.71 1.71,352,837$5.48 1.6
$10.01 - $30.00355,106$27.74 2.8—$— —
Page | 16

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)
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13.    Share Capital (cont.)
e)RSUs
A summary of changes to the RSU during the period ended March 31, 2026 and the year ended December 31, 2025 is as follows:
UnitsAmount
Balance at December 31, 2025—$— 
Granted and vested during the period
143,889444 
Change in fair value
—(37)
Balance at March 31, 2026143,889$407 
During the period ended March 31, 2026, 143,889 RSUs were granted for a weighted average fair value of C$27.74 (December 31, 2025 - C$nil).
f)Deferred share units ("DSUs")
A summary of changes to the DSU liability, included in accounts payable and accrued liabilities, during the period ended March 31, 2026 and the year ended December 31, 2025 is as follows:
UnitsAmountWeighted Average Fair Value (C$)
Balance at December 31, 2024482,921$1,692 $5.04 
Granted and vested during the period99,137753 7.75 
Change in fair value—7,004 
Balance at December 31, 2025582,058$9,449 $16.23 
Paid(190,138)(3,736)
Change in fair value—1,538 
Balance at March 31, 2026391,920$7,251 $18.50 
The DSU liability at March 31, 2026 was determined based on the Company’s quoted closing share price on the TSX, a Level 1 fair value input, of C$25.83 ($18.50) (December 31, 2025 - C$22.51 ($16.23)) per share.
g)Performance share units ("PSUs")
A summary of changes to the PSU liability during the period ended March 31, 2026 and the year ended December 31, 2025 is as follows:
UnitsAmount
Balance at December 31, 20241,828,222$3,750 
Granted and vested in the period867,1782,925 
Expired/cancelled(64,620)— 
Paid
(363,523)(2,221)
Change in fair value—28,139 
Balance at December 31, 20252,267,257$32,593 
Granted and vested in the period213,539756 
Expired/cancelled(56,253)— 
Paid(760,821)(22,773)
Change in fair value—4,276 
Balance at March 31, 20261,663,722$14,852 
Less: current portion recorded as accounts payable(9,643)
Non-current portion recorded in other long-term liabilities as at March 31, 2026$5,209 
During the period ended March 31, 2026, 213,539 PSUs were granted for a weighted average fair value of C$27.74 (December 31, 2025 - C$5.68).


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Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)
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13.    Share Capital (cont.)
h)Share-based compensation expense
Three months ended March 31,
20262025
Stock-option expense$715 $766 
RSU expense407 — 
DSU expense1,544 727 
PSU expense4,936 2,291 
Total$7,602 $3,784 
i)Earnings (loss) per share
Three months ended March 31, 2026Three months ended March 31, 2025
Weighted
average
shares
outstanding		Net
earnings
(loss) attributable to owners		Net
earnings
(loss) per
share		Weighted
average
shares
outstanding		Net
earnings
(loss) attributable to owners		Net
earnings
(loss) per
share
Basic EPS205,967,201$97,614 $0.47 171,622,649$2,368 $0.01 
Effect of dilutive stock-options3,132,292—676,362—
Diluted EPS209,099,493$97,614 $0.47 172,299,011$2,368 $0.01 
Diluted earnings per share amounts are calculated by adjusting the basic earnings per share to take into account the after-tax effect of interest and other finance costs associated with dilutive convertible debentures as if they were converted at the beginning of the period, and the effects of potentially dilutive stock options and share purchase warrants calculated using the treasury stock method. When the impact of potentially dilutive securities increases the earnings per share or decreases the loss per share, they are excluded for purposes of the calculation of diluted earnings per share.
During the three months ended March 31, 2026, 355,106 stock options were excluded from the computation of diluted earnings per share. Instruments were excluded because either the exercise prices exceeded the average market value of the common shares or the impact of including the in the money securities were anti-dilutive to EPS.
14.    Financial Risk Management
The nature of the acquisition, exploration, development and operation of gold properties exposes the Company to risks associated with fluctuations in commodity prices, foreign currency exchange rates and credit risk. The Company has policies and processes in place to manage these risks, and these risks have not changed from the prior reporting period. The Company may at times enter into risk management contracts to mitigate these risks. It is the Company’s policy that no speculative trading in derivatives shall be undertaken.
a)Financial instrument risk
Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:
•Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities
•Level 2 – inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
•Level 3 – inputs that are not based on observable market data.
The fair values of the Company’s cash and cash equivalents, cash in trust, accounts receivable, accounts payable and accrued liabilities, and, taxes payable approximate their carrying values due to their short-term nature.
The 2029 Senior Notes are recognized at amortized cost using the effective interest rate method. An observable fair value of the Company’s Senior Notes has been estimated using the trading value of the bonds which indicate a fair value of $454.7 million (carrying amount - $458.4 million).




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Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)
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14.    Financial Risk Management (cont.)
Financial assets and liabilities measured at FVTPL on a recurring basis include the DSU payable, PSU payable, gold notes, Senior Notes embedded derivative, and marketable securities which are measured at their fair value at the end of each reporting period. The levels in the fair value hierarchy into which the Company’s financial assets and liabilities are recognized in the statements of financial position at fair value are categorized as follows:
March 31, 2026December 31, 2025
Level 1Level 2Level 1Level 2
Gold Notes (Note 10b)
$— $83,936 $— $76,197 
RSU, DSU and PSU liabilities (Note 13e,f,g)
7,658 14,852 28,903 13,139 
Senior Notes embedded derivative (Note 10a)— 9,032 — 11,080 
Investment in McFarlane (Note 7a)7,639 — 6,580 — 
Investment in Denarius (Note 7b)
15,644 15,332 8,195 13,240 
At March 31, 2026, there were no financial assets and liabilities measured and recognized at fair value on a non-recurring basis. There were no transfers between Level 1 and Level 2, and no financial assets or liabilities measured and recognized at fair value that would be categorized as Level 3 in the fair value hierarchy during the period.
b)Credit risk
March 31,
2026		December 31,
2025
VAT receivable
$81,954 $63,495 
Tax recoverable2,275 4,013 
Trade receivables8,514 8,964 
Other, net of allowance for doubtful accounts332 324 
Total$93,075 $76,796 
The exposure to credit risk arises through the failure of a third party to meet its contractual obligations to the Company. The Company’s exposure to credit risk primarily arises from its cash balances (which are held with highly rated Canadian, Colombian and other international financial institutions) and accounts receivable. The timing of collection of the VAT recoverable is in accordance with Government of Colombia’s filing process. As at March 31, 2026, the Company expects to recover the outstanding amount of current VAT receivable in the next 12 months.
Credit risk associated with trade accounts receivable arises from the Company’s delivery of its production to international customers from whom it receives 97.0% - 99.5% of the sales proceeds in the case of gold and silver, and 90% of sales proceeds in the case of concentrates, shortly after delivery of its production to an agreed upon transfer point in Colombia. The balance is received within a short settlement period thereafter, once final metal content has been agreed between the Company and the customer.
c)Liquidity risk
The Company manages its liquidity risk by continuously monitoring forecast cash flow requirements. The Company believes it has sufficient cash resources to pay its obligations associated with its financial liabilities as at March 31, 2026. In addition to other commitments already disclosed, the Company’s undiscounted commitments including interest and premiums at March 31, 2026 are as follows:
Less than 1 year1 to 3 years4 to 5 yearsOver 5 yearsTotal
Trade, tax and other payables $260,973 $— $— $— $260,973 
Reclamation and closure costs 729 2,319 — 54,490 57,538 
Lease payments2,048 2,773 1,211 1,378 7,410 
Gold Notes 64,632 29,781 — — 94,413 
Senior unsecured notes36,000 558,000 — — 594,000 
Other contractual commitments ⁽¹⁾19,044 21,559 2,422 — 43,025 
Total$383,426 $614,432 $3,633 $55,868 $1,057,359 
(1)Includes binding commitments for capital and operating purchase obligations that the Company has entered into as at March 31, 2026.
Page | 19

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)
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14.    Financial Risk Management (cont.)
Following receipt of funds under the Marmato and Toroparu PMPA, Aris Mining’s silver and gold production from the Marmato Mine and Toroparu Project is subject to the terms of the PMPA with WPMI.
d)Foreign currency risk
The Company is exposed to foreign currency fluctuations. Such exposure arises primarily from:
•Translation of subsidiaries that have a functional currency, such as COP, which differ from the USD functional currency of the Company. The impact of such exposure is recorded through other comprehensive income (loss).
•Translation of monetary assets and liabilities denominated in foreign currencies, such as the Canadian dollar (“C$”) and Guyanese Dollar (“GYD”). The impact of such exposure is recorded in the consolidated statements of income (loss).
The Company monitors its exposure to foreign currency risks arising from foreign currency balances and transactions. To reduce its foreign currency exposure associated with these balances and transactions, the Company may enter foreign currency derivatives to manage such risks. In 2026 and 2025, the Company did not utilize derivative financial instruments to manage this risk.
The following table summarizes the Company’s net financial assets and liabilities denominated in Canadian dollars, Colombian pesos and Guyanese dollar (in US dollar equivalents) as of March 31, 2026 and December 31, 2025, as well as the effect on earnings and other comprehensive earnings of a 10% appreciation or depreciation in the foreign currencies against the US dollar on the financial and non-financial assets and liabilities of the Company, if all other variables remain constant:
March 31,
2026		Impact of a 10%
Change		December 31,
2025		Impact of a 10%
Change
Canadian dollar (C$)17,870 1,626 29,676 2,699 
Colombian peso (COP)113,776 10,344 91,727 8,339 
Guyanese dollar (GYD)1,485 134 1,008 91 
e)Price risk
Price risk is the risk that the fair value or future cash flows of the Company’s financial instruments will fluctuate because of changes in market prices. Gold and silver prices can be subject to volatile price movements, which can be material and can occur over short periods of time and are affected by numerous factors, all of which are beyond the Company’s control. The Company may enter commodity hedging contracts from time to time to reduce its exposure to fluctuations in spot commodity prices.
The Company is required under the covenants of the Gold Notes to use commercially reasonable efforts to put in place commodity hedging contracts (put options) on a rolling four-quarters basis to establish a minimum selling price of $1,400 per ounce for the physical gold being accumulated in the Gold Escrow Account (Note 10b). Gold being accumulated in the Gold Escrow Account will be sold to meet the Company’s financial obligations for the quarterly Amortizing Payments of the Gold Notes. Under the terms of the agreement, such hedging will not be required if one of the following conditions is met:
•The Company determines that any such hedging contracts are not obtainable on commercially reasonable terms; or
•The failure to obtain any such hedging contracts would not reasonably be expected to materially adversely impact the ability of the Company to satisfy its obligations to make the quarterly Amortizing Payments.
As at March 31, 2026, the Company had no outstanding commodity hedging contracts in place.
15.    Revenue
Three months ended March 31,
20262025
Gold in dore$363,813 $154,142 
Silver in dore5,869 1,658 
Metals in concentrate1,886 1,574 
Variable Consideration Adjustments (Note 12a)911 154 
Total$372,479 $157,528 



Page | 20

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
16.    Cost of Sales
Three months ended March 31,
20262025
Production costs$124,733 $76,116 
Royalties14,471 6,359 
Total$139,204 $82,475 
17.    Finance Costs
Three months ended March 31,
20262025
Interest expense$6,213 $9,057 
Accretion of Senior Notes (Note 10a)
390 359 
Accretion of lease obligations
189 125 
Accretion of provisions (Note 11)
616 496 
Total$7,408 $10,037 
18. Gain (Loss) on Financial Instruments
Three months ended March 31,
20262025
Financial Assets
Denarius common shares (Note 7b)
$5,967 $(787)
Denarius debenture (Note 7b)2,092 553 
Denarius warrants (Note 7b)(162)2 
Embedded derivative asset in 2029 Senior Notes (Note 10a)(2,048)3,316 
Investment in McFarlane common shares (Note 7a)1,059 — 
Other gain (loss) on financial instruments(156)(3)
Total Financial Assets6,752 3,081 
Financial Liabilities
Gold Notes (Note 10b)
(8,514)(5,125)
ARIS.WT.A Listed warrants
— (14,584)
Total Financial Liabilities(8,514)(19,709)
Total$(1,762)$(16,628)












Page | 21

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
19.    Supplemental Cash Flow Information
The following table summarizes other adjustments for non-cash income statement items and changes in non-cash operating working capital items.
Three months ended March 31,
20262025
Other operating activities
Adjustment for non-cash income statement items:
Amortization of deferred revenue and cumulative catch-up$(1,926)$(1,222)
Change in provisions(6)18 
Increase in cash in trust for health obligation (8)969 
Materials and supplies inventory provision7 — 
Settlement of reclamation and rehabilitation, environmental, health Plan, and other provisions(207)(198)
Increase in cash in trust for Marmato labour obligation(13)(25)
Other(196)186 
Total$(2,349)$(272)
Net change in non-cash working capital items:
Accounts receivable and other (excluding VAT receivable)$5,596 $(33)
VAT Receivable(15,530)(11,760)
Inventories311 (2,278)
Other current assets(5,302)(254)
Accounts payable and accrued liabilities(16,616)739 
Total$(31,541)$(13,586)
Page | 22

Source: View Original Filing on SEC EDGAR

FAQ

How did Aris Mining (ARIS) perform financially in Q1 2026?

Aris Mining generated revenue of $372.5 million in Q1 2026, up 21% from Q4 2025 and 136% year-over-year. Net income attributable to shareholders was $97.6 million, or $0.47 per basic share, while adjusted net earnings reached $123.7 million, or $0.60 per share.

What were Aris Mining’s key production and cost metrics in Q1 2026?

Gold production totaled 74,339 ounces, with 66,567 ounces from Segovia and 7,772 ounces from Marmato. At Segovia, combined all-in sustaining costs averaged $1,963/oz, while owner mining AISC was $1,492/oz, supporting an AISC margin of $198.7 million and a 60% margin rate.

What is Aris Mining’s liquidity and net debt position as of March 31, 2026?

As of March 31, 2026, Aris Mining held $472.1 million in cash and cash equivalents and a working capital surplus of $281.0 million. Net debt was approximately $1.6 million, reflecting strong operating cash flow and limited remaining leverage on the balance sheet.

How much free cash flow did Aris Mining generate after growth capital in Q1 2026?

Operating free cash flow after sustaining capital and taxes paid was $102.8 million in Q1 2026. After deducting $61.3 million of growth and expansion capital, free cash flow after growth and expansion capital was $41.6 million, while still funding major project spending.

What progress did Aris Mining make on the Marmato expansion project in Q1 2026?

At Marmato, Aris Mining invested $47.0 million in growth capital during Q1 2026 and advanced civil, mechanical, and electrical works for the new 5,000 tpd CIP plant. First gold from this plant is targeted for Q4 2026, supporting future production growth.

How are Aris Mining’s Soto Norte and Toroparu projects advancing?

In Q1 2026, capital expenditures totaled $3.4 million at Soto Norte and $5.3 million at Toroparu. A prefeasibility study for Toroparu is targeted for completion in the second half of 2026, while Soto Norte’s environmental studies are being finalized for a planned license submission in Q2 2026.

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