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Aris Mining Q3 2026 earnings rise to $66.7M

Nine-month expansion capital reached $286.9 million, while free cash flow after growth and expansion capital was negative $47.0 million.

Available on EDGAR Accepted by SEC EDGAR
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Filing Sentiment

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Form Type
6-K

Rhea-AI Filing Summary

Aris Mining Corp. (ARIS) reported Q3 2026 revenue of $295.4 million, up 14% from $258.1 million a year earlier, and net earnings attributable to shareholders of $66.7 million versus $42.0 million. EBITDA was $130.7 million versus $96.5 million; adjusted EBITDA was $143.8 million versus $131.1 million. For the first nine months, revenue was $998.1 million and net earnings were $258.5 million, compared with $619.1 million and $27.5 million in 2025.

Q3 gold production was 69,257 ounces, versus 73,236 ounces a year earlier. Marmato produced 5,812 ounces after about four weeks of flotation-plant downtime during a tailings-facility transition. Its new 5,000-tonne-per-day carbon-in-pulp plant was in final construction stages with commissioning underway; first gold pour was expected in December 2026. Cash was $419.0 million and net debt $46.5 million as of September 30, 2026.

Nine-month growth and expansion capital was $286.9 million, and free cash flow after growth and expansion capital was negative $47.0 million. Toroparu’s pre-feasibility study was targeted for November 2026, with a construction decision expected in early 2027. Soto Norte’s environmental and social impact assessment was ready for formal community consultation.

2 points · 0 major

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0 major · 1 point

How the balance works

Positive

  • Moderate pointNine-month revenue rose 61% to $998.1 million.
  • Moderate pointNine-month net earnings reached $258.5 million versus $27.5 million a year earlier.

Negative

  • Moderate pointNine-month cost of sales and social contributions rose 44% to $443.5 million.

Filing Explained

Aris Mining has received the full 175 million dollar Marmato stream commitment; 6 million Soto Norte-related shares remain conditional on an environmental license.

This Form 6-K reports Aris Mining’s third-quarter and nine-month results; its share-data disclosure says 6 million common shares are issuable to MDC only upon receipt of an environmental license for Soto Norte, so the shares are contingent and are not reported as issued.

The company also reports that it received $82 million in 2026 under the Marmato precious-metals stream after reaching the 50% and 75% construction-spending milestones, bringing total stream funding received to the full $175 million commitment.

It states that Marmato gold and silver production, and future Toroparu production, remain subject to streaming-agreement terms.

Revenue $295.4 million Three months ended September 30, 2026; $258.1 million in Q3 2025
Net earnings attributable to shareholders $66.7 million Three months ended September 30, 2026; $42.0 million in Q3 2025
Adjusted EBITDA $143.8 million Three months ended September 30, 2026; $131.1 million in Q3 2025
Gold produced 69,257 ounces Three months ended September 30, 2026; 73,236 ounces in Q3 2025
Cash and cash equivalents $419.0 million As of September 30, 2026
Net debt $46.5 million As of September 30, 2026; $85.8 million as of December 31, 2025
Growth and expansion capital $286.9 million Nine months ended September 30, 2026
Free cash flow after growth and expansion capital Negative $47.0 million Nine months ended September 30, 2026
all-in sustaining costs (AISC) financial
"all-in sustaining costs (AISC) are a non-GAAP financial measure"
All-in sustaining costs (AISC) is a per-unit measure that shows the total ongoing cost to keep a producing asset running, including operating expenses, routine maintenance, sustaining capital, and a share of corporate and administrative costs. For investors it provides a more complete picture than simple production cost numbers—think of it as the full monthly bill to maintain a business divided by its output—helping compare profitability and cash flow durability across producers.
Carbon-In-Pulp (CIP) technical
"construction of the new 5,000 tpd design-capacity CIP plant"
precious metals stream financing financial
"received under Marmato's precious metals stream financing"
Pre-Feasibility Study (PFS) technical
"Toroparu Pre-Feasibility Study (PFS) is targeted for completion"
A pre-feasibility study (PFS) is an early but structured assessment of a proposed project that estimates its likely costs, revenues, timeline and main technical risks to see if the idea can work economically. It is more detailed than a concept note but less detailed than a full feasibility study, so investors use it as a reality check and to decide whether to commit more time or money. Think of it as a rough blueprint and budget estimate that helps weigh potential returns and key uncertainties before deeper investment.
Environmental and Social Impact Assessment (ESIA) regulatory
"preparation of the Environmental and Social Impact Assessment (ESIA) is complete"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue and net income did ARIS report in Q3 2026?
ARIS reported $295.4 million of revenue and $66.7 million of net earnings attributable to shareholders in Q3 2026. Revenue was $258.1 million and attributable net earnings were $42.0 million in Q3 2025.

How much gold did ARIS produce in Q3 2026?
ARIS produced 69,257 ounces of gold in Q3 2026, compared with 73,236 ounces in Q3 2025. Marmato produced 5,812 ounces after about four weeks of flotation-plant downtime during the tailings-facility transition.

What is the planned ramp-up schedule for Marmato’s new CIP plant?
Aris Mining planned to ramp the plant to approximately 4,000 tpd by mid-2027 and reach its full 5,000 tpd design capacity by the end of 2027, following commissioning of the paste backfill plant.

What milestones are planned for ARIS’s Toroparu project?
The Toroparu pre-feasibility study was targeted for completion in November 2026 and was to include Aris Mining’s first mineral reserve estimate for the project. Construction of the Puruni River bridge was expected to be complete by December 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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 November 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: November 4, 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 and Nine Months Ended September 30, 2026
99.2
Condensed Consolidated Interim Financial Statements as at and for the Three and Nine Months Ended September 30, 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 July 30, 2026 (File No. 333-297832).



aris.jpg


Management’s Discussion and Analysis
For the three and nine months ended September 30, 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 and nine months ended September 30, 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
Q3 2026 Financial Highlights
5
Q3 2026 Operational Highlights
5
Project Development Highlights
6
Operating Performance | Segovia
7
Operating Performance | Marmato
10
Financial Results
11
Financial Condition, Liquidity and Capital Resources
14
Summary of Quarterly Results
14
Off-balance Sheet Arrangements
14
Transactions with Related Parties
14
Financial Instruments and Financial Risk Management
15
Contractual Obligations and Commitments
15
Outstanding Share Data
16
Non-GAAP Financial Measures
16
Accounting Matters
23
Risks and Uncertainties
23
Disclosure Controls and Procedures and Internal Controls Over Financial Reporting
23
Qualified Person and Technical Information
24
Mineral Reserves and Mineral Resources
24
Technical Disclosure
24
Cautionary Note Regarding Forward-looking Statements
25
Page | 2
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular 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 November 4, 2026 and should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2026 and 2025 (the Interim Financial Statements), which have been prepared in accordance with IAS 34 Interim Financial Reporting, using accounting policies consistent 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 Statements 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), average realized gold price ($ per oz 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 for 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 Toronto Stock Exchange and the New York Stock Exchange under the symbol ARIS.
The Company is advancing expansion projects at Segovia and Marmato that are expected to increase annual gold production to 500,000 ounces1, driven by the ramp-up at Segovia following the installation of the second mill and construction of the new Marmato bulk mine and Carbon-In-Pulp (CIP) plant, with first gold expected in Q4 2026.
Aris Mining’s portfolio supports a longer-term objective of approximately 1 million ounces2 of annual gold production. Key projects include the high-grade Soto Norte gold project in Colombia, where preparation of the Environmental and Social Impact Assessment (ESIA) has been completed for community engagement, and the Toroparu gold project in Guyana, where a Prefeasibility Study (PFS) is in progress and a construction decision is expected 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 300koz at Segovia and 200koz 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$3,000/oz. The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There can be no assurance that the projected production will be achieved. In the case of Soto Norte and Toroparu, such production also remains subject to obtaining all necessary permits and to formal construction decisions by the Company.
Page | 3
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular figures are expressed in thousands of United States Dollars, unless otherwise stated)
Highlights | Key Performance Indicators
Three months ended Nine months ended
Operational InformationSeptember 30, 2026June 30, 2026March 31, 2026September 30, 2025September 30, 2026September 30, 2025
Gold produced (ounces)69,257 73,71074,33973,236217,306186,651
Gold sold (ounces)68,359 72,124 74,843 73,001 215,326 188,306 
Average realized gold price ($ per oz sold)4,2054,4504,8613,4724,5153,228
Financial Information
Gold revenue287,420 320,933 363,813 253,456972,166 607,829
Income from mining operations130,147 167,084 203,731 122,740500,962 274,716
EBITDA
130,720 162,538 181,943 96,506475,201 167,707
Adjusted EBITDA
143,839 178,588 212,074 131,069534,501 296,415
Net earnings1
66,692 94,243 97,614 42,011258,549 27,482
Adjusted net earnings
72,627 96,327 123,688 71,842292,642 146,831
Net earnings per share – basic ($)1
0.32 0.46 0.47 0.21 1.25 0.15 
Adjusted net earnings per share – basic ($)
0.35 0.470.600.36 1.42 0.80 
Sustaining capital23,337 15,655 12,837 11,858 51,829 30,734 
Growth and expansion capital120,578 105,084 61,251 48,136 286,913 127,891 
Segovia Results
Gold produced (ounces)63,445 64,424 66,567 65,549194,436 164,625
Gold sold (ounces)62,748 62,762 67,709 65,580193,219 166,721
AISC Margin - Total128,806 157,107 198,677 121,510484,590 269,574
AISC ($ per oz gold sold) - Owner Mining
1,945 1,767 1,492 1,4521,729 1,482 
AISC Sales Margin - CMPs (%)37%46%40%44%41%43%
Marmato Results
Gold produced (ounces)5,812 9,286 7,772 7,68722,870 22,026
Gold sold (ounces)5,611 9,362 7,134 7,42122,107 21,585
AISC Margin - Total(2,469)10,567 6,991 2,47015,089 9,235
Balance sheet, as atSeptember 30, 2026June 30, 2026March 31, 2026September 30, 2025September 30, 2026December 31, 2025
Cash and cash equivalents
419,022 425,552 472,082 417,881419,022 391,874 
Total debt2
465,516 469,580 473,644 481,894465,516 477,708 
Net debt3
46,494 44,028 1,562 64,01346,494 85,834 
1.Net earnings represent net earnings attributable to the shareholders of the Company.
2.The face value of long-term debt as of September 30, 2026 is shown as the principal amount of Senior Notes (as defined in the Interim Financial Statements) outstanding and the total number of gold-linked notes (Gold Notes) outstanding at their par value.
3.Net debt is calculated as outstanding principal for the Senior Notes and the Gold Notes, less cash and cash equivalents.


Page | 4
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular figures are expressed in thousands of United States Dollars, unless otherwise stated)
Q3 2026 Financial Highlights
•Gold revenue increased to $287 million, up 13% from $253 million in Q3 2025. Q3 2026 reflected 68,359 ounces of gold sold at an average realized gold price of $4,205 per ounce compared with 73,001 ounces at an average realized gold price of $3,472 per ounce in Q3 2025.
•EBITDA was $131 million as compared to $97 million in Q3 2025, primarily reflecting increased gold revenue and favorable fair value adjustments on financial instruments, partially offset by the impact of the 20% appreciation of the Colombian Peso (COP) against the USD.
•Adjusted EBITDA was $144 million, compared to $131 million in Q3 2025. On a trailing 12-month basis, Adjusted EBITDA reached $702 million.
•Net earnings of $67 million, compared to $42 million in Q3 2025. Q3 2026 earnings include $130 million in income from mining operations, up from $123 million in Q3 2025.
•Adjusted net earnings of $73 million or $0.35 per share, compared with $72 million or $0.36 per share in Q3 2025.
•Cash and cash equivalents increased by $27 million year-to-date to $419 million at September 30, 2026, up from $392 million at December 31, 2025, while the Company continued to invest in Marmato's expansion and its other growth projects. The year-to-date increase is generated primarily by:
◦$240 million of operating free cash flow after sustaining capital and taxes paid;
◦$82 million in installments received under Marmato's precious metals stream following achievement of the 50% and 75% construction capital expenditures milestones, bringing the total stream funding received from Wheaton Precious Metals International (WPMI) to the full $175 million commitment;
◦$51 million inflow from other working capital movements, proceeds from stock options and finance income; partially offset by:
◦$287 million invested in growth and expansion capital, including $205 million at Marmato and $44 million at Segovia; and
◦$60 million of debt repayment and servicing.
•Net debt was reduced to $46 million, down from $86 million at December 31, 2025.
Q3 2026 Operational Highlights
•Gold production totaled 69,257 ounces, compared with the 73,710 ounces produced in Q2 2026.
•Segovia
◦Produced 63,445 ounces in Q3 2026, compared to 64,424 ounces in Q2 2026, as increased throughput of 208,030 tonnes was offset by a lower average gold grade of 9.77 g/t, compared with 202,480 tonnes at 10.23 g/t in Q2 2026.
◦Owner-operated (Owner Mining) mined tonnes increased 9% compared to Q2 while production from our Contract Mining Partners (CMP) was affected by temporary explosives supply constraints, which impacted their tonnes and grades. This issue was resolved in September under the new Colombian administration, positioning CMP production to increase toward planned ramp-up levels.
◦Segovia continues investing in underground development and enhancing its mining fleet to support increasing utilization of the expanded processing capacity. Total investment, including sustaining and non-sustaining capital, increased to $41 million in Q3 2026 from $31 million in Q2 2026.
◦AISC margin of $129 million, compared to $157 million in Q2 2026, reflecting increased mining costs, higher sustaining capital, and slightly lower gold revenue.
◦Owner Mining comprised 67% of the mill feed, consistent with Q2 2026. AISC rose 10% to $1,945 per ounce, mainly due to higher sustaining capital and higher mining costs. Mining costs include the effect of the appreciation of the COP against the US dollar, which raised the USD-reported amount of peso-denominated costs (COP Strengthening). These increases were partly offset by more Owner Mining ounces sold. YTD 2026 Owner Mining AISC of $1,729, is at the low-end of the full-year guidance range of $1,700 to $1,800 per ounce.
◦CMP-sourced gold comprised 33% of the mill feed and generated an AISC sales margin of 37%, bringing YTD 2026 CMP AISC sales margin to 41%, above the top-end of the full-year 2026 guidance range of 35% to 40%.
Page | 5
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular figures are expressed in thousands of United States Dollars, unless otherwise stated)
◦Combined AISC of $2,174 per ounce, compared to $1,986 per ounce in Q2 2026, primarily reflecting the 12% appreciation of the COP against the USD. Excluding the impact of foreign exchange, combined AISC was consistent with Q2 2026, with higher sustaining capital partially offset by lower royalties and social contributions.
•Marmato
◦Produced 5,812 ounces, compared with 9,286 ounces in Q2 2026, reflecting throughput of 55,540 tonnes at an average gold grade of 3.68 g/t, compared with 84,610 tonnes at 3.79 g/t in Q2 2026.
◦Marmato achieved an important expansion milestone with the successful commissioning of the new Cascabel 3 filtered tailings facility in Q3. The planned transition from Cascabel 2 required approximately four weeks of flotation plant downtime, which contributed to lower quarterly production but was used to complete upgrades and extensive maintenance at the flotation plant.
◦The refurbishment of the primary ball mill, together with the installation of a new regrind mill and Knelson concentrator, increased the existing flotation plant's capacity to 1,200 tpd.
◦Construction of the new 5,000 tpd design-capacity CIP plant is in the final stages, and commissioning is underway, with the first gold pour expected in December 2026.
◦Aris Mining plans to ramp up the new CIP plant to approximately 4,000 tpd by mid-2027 and to reach the full 5,000 tpd design-capacity by the end of 2027, following commissioning of the paste backfill plant.
Project Development Highlights
•Toroparu Project - Advancing Toward a Potential Early 2027 Construction Decision
◦The Toroparu Pre-Feasibility Study (PFS) is targeted for completion in November 2026, including Aris Mining's first mineral reserve estimate for Toroparu.
◦The PFS incorporates an execution strategy including experienced mining contractors, with costs supported by competitive international quotations, and a combination of engineering and construction contracting models as well as self-performed work, selecting the most appropriate delivery approach for each project area. This approach is designed to strengthen costs and schedule control while managing execution risk compared with the with the owner-mining strategy contemplated in the 2025 Preliminary Economic Assessment (PEA).
◦Early works continue, including construction of the Puruni River bridge to strengthen equipment access and regional connectivity. The bridge is expected to be complete by December 2026.
◦The Large-Scale Mining License application has been submitted, and Aris Mining is working collaboratively with the Government of Guyana to advance the permitting process.
◦The PEA completed in October 20253, outlined an attractive project with after-tax NPV5% of $1.8 billion, IRR of 25.2%, and 3.0-year payback at $3,000/oz gold4.
◦During Q3 2026, capital expenditures totaled $13 million at Toroparu.
•Soto Norte Project - Permitting Milestone Advancing
◦Recent regulatory developments have removed certain key constraints affecting Soto Norte's environmental licensing pathway. These include the revocation of the La Baja permanent reserve and the revocation of the August 2026 extension of the Temporary Reserve Area, restoring its original March 4, 2027 expiry date.
◦The preparation of the Environmental and Social Impact Assessment (ESIA) is complete, and the assessment is ready for formal consultation with local communities.
◦A PFS was completed in September 20253, 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%.
◦During Q3 2026, capital expenditures totaled $5 million at Soto Norte.


3Refer to the technical disclosure section on page 24.
4Based 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 235koz at a base case gold price of US$3,000/oz. The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Page | 6
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular figures are expressed in thousands of United States Dollars, unless otherwise stated)
Operating Performance | Segovia
Segovia is 100% owned by the Company and is located in a historic mining district of Colombia. Approximately 60% of the gold sold in 2025 was produced from Owner Mining while the balance of approximately 40% was produced by processing mill feed purchased from CMPs, which was sourced from both within and outside of the Company’s mining titles. The operations include four underground mines and two processing facilities:
•A 3,000 tpd conventional gravity flotation cyanidation processing facility that produces doré, expanded from 2,000 tpd in June 2025, with ramp-up continuing to advance.
•A 200 tpd polymetallic processing plant that recovers lead and zinc concentrates, including gold and silver from tailings.
Three months ended Nine months ended
Operating InformationSeptember 30, 2026June 30, 2026March 31, 2026September 30, 2025September 30, 2026September 30, 2025
Tonnes processed (t)208,030202,480175,370219,550585,880554,660
Average gold grade processed (g/t)9.7710.2312.419.8710.729.71
Recoveries (%)95.9%95.7%95.3%96.1%95.6%96.1%
Gold produced (ounces)63,44564,42466,56765,549194,436164,625
Gold sold (ounces)62,74862,76267,70965,580193,219166,721
Financial Information
Gold revenue265,190281,764331,611229,116878,565541,977
Average realized gold price ($/ounce sold)$4,226$4,489$4,898$3,494$4,547$3,251
Owner Mining costs40,84731,48128,85226,012101,18068,531
CMP material purchases38,51538,95150,57937,268128,04593,081
Processing costs11,93010,0389,0049,35730,97224,199
Administration and security costs20,18119,04017,21212,01156,43332,557
Change in finished goods and stockpile inventory(5,023)(25)(678)1,069(5,726)1,101
Less: by-product and concentrate revenue(8,050)(8,703)(7,449)(4,116)(24,202)(9,987)
Total cash costs98,40090,78297,52081,601286,702209,482
Royalties9,69310,74111,1397,53231,57317,590
Social contributions7,9148,66112,3587,78728,93317,025
Sustaining capital19,56113,86411,35610,33444,78127,051
Sustaining lease payments8166095613521,9861,255
All-in sustaining costs136,384124,657132,934107,606393,975272,403
AISC Margin128,806157,107198,677121,510484,590269,574
Production
Q3 2026 compared to Q2 2026
Gold production totaled 63,445 ounces in Q3 2026, relatively consistent with Q2 2026. Tonnes processed increased slightly to 208,030 from 202,480 in Q2 2026, supported by a 9% increase in owner-mined tonnes, while average gold grades of 9.77 g/t compared to 10.23 g/t in Q2 2026. Owner Mining production increased 2% to 43,386 ounces.
Q3 2026 compared to Q3 2025
Gold production was 3% lower than the 65,549 ounces produced in Q3 2025. Owner Mining production increased 6% to 43,386 ounces, while CMP production decreased to 20,059 ounces from 24,612 ounces in Q3 2025. Tonnes processed were 5% lower, with average gold grades consistent at 9.77 g/t compared to 9.87 g/t in Q3 2025.
YTD 2026 compared to YTD 2025
Gold production in 2026 increased 18% from the 164,625 ounces produced in YTD 2025, driven by 10% higher average gold grades of 10.72 g/t compared to 9.71 g/t in YTD 2025 and a 6% increase in tonnes processed attributable to the second ball mill that was commissioned in June 2025 operating for the full period. Owner Mining production increased 32% to 131,043 ounces.

Page | 7
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular figures are expressed in thousands of United States Dollars, unless otherwise stated)
Gold Revenue
Q3 2026 compared to Q2 2026
Gold revenue in Q3 2026 was $265.2 million, down 6% from Q2 2026, reflecting a 6% decrease in the average realized gold price to $4,226 per ounce, with gold ounces sold consistent with Q2 2026.
Q3 2026 compared to Q3 2025
Gold revenue increased 16% from $229.1 million in Q3 2025, driven by a 21% increase in the average realized gold price to $4,226 per ounce, partially offset by a 4% decrease in gold ounces sold.
YTD 2026 compared to YTD 2025
Gold revenue increased 62% from $542.0 million in YTD 2025, driven by a 40% increase in the average realized gold price to $4,547 per ounce and a 16% increase in gold ounces sold.
Segovia - Owner Mining and CMPs
Three months ended Nine months ended
Operating InformationSeptember 30, 2026June 30, 2026March 31, 2026September 30, 2025September 30, 2026September 30, 2025
Owner Mining
Tonnes processed (t)136,240137,740109,960150,440383,940360,330
Average gold grade processed (g/t)10.3310.0613.368.8111.108.93
Gold produced (ounces)43,38642,64045,01740,937131,04399,367
Gold sold (ounces)42,91341,52045,78940,984130,222100,632
Cash cost ($ per oz sold)1,2681,1579189991,1091,048
AISC ($ per oz sold)1,9451,7671,4921,4521,7291,482
AISC margin ($'000)98,177112,858155,94083,103366,975177,970
CMPs
Tonnes processed (t)71,79064,74065,41069,110201,940194,330
Average gold grade processed (g/t)9.0610.9410.7511.5310.2110.87
Gold produced (ounces)20,05921,78421,55024,61263,39365,258
Gold sold (ounces)19,83521,24221,92024,59662,99766,089
Cash cost ($ per oz sold)
2,2172,0132,5321,6532,2581,575
AISC ($ per oz sold)2,6672,4162,9481,9552,6801,865
AISC sales margin (%)37%46%40%44%41%43%
AISC margin ($'000)30,62944,24942,73738,407117,61591,604
Total AISC Margin ($’000)128,806157,107198,677121,510484,590269,574
Combined Cash cost ($ per oz sold)1,5681,4461,4401,2441,4841,256
Combined AISC ($ per oz sold)2,1741,9861,9631,6412,0391,634
All-In Sustaining Costs and Margin
Q3 2026 compared to Q2 2026
AISC at Segovia, including both Owner Mining and CMPs, averaged $2,174 per ounce in Q3 2026, up 10% from $1,986 per ounce in Q2 2026. The increase primarily reflects the 12% COP Strengthening, which increased COP-denominated costs by approximately $9.8 million ($156 per ounce). Excluding the impact of foreign exchange, AISC increased by approximately $31 per ounce, consistent with Q2 2026.
•Owner Mining: AISC increased to $1,945 per ounce from $1,767 per ounce in Q2 2026, primarily reflecting higher mining costs, including the impact of a stronger COP, increased mining activity, and higher sustaining capital, partially offset by higher Owner Mining gold ounces sold (42,913 ounces compared to 41,520 ounces). Owner Mining AISC margin was $98.2 million, compared to $112.9 million in Q2 2026.
•CMPs: AISC averaged $2,667 per ounce, compared to $2,416 per ounce in Q2 2026, reflecting lower CMP gold ounces sold and higher sustaining capital. CMP AISC margin was $30.6 million, compared to $44.2 million in Q2 2026.
Page | 8
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular figures are expressed in thousands of United States Dollars, unless otherwise stated)
Combined AISC margin was $128.8 million, down 18% from $157.1 million in Q2 2026, reflecting the 6% lower realized gold price and the higher costs described above.
Q3 2026 compared to Q3 2025
Combined AISC at Segovia averaged $2,174 per ounce in Q3 2026, up 32% from $1,641 per ounce in Q3 2025, primarily reflecting the 20% COP Strengthening, which increased COP-denominated costs by approximately $17.1 million ($273 per ounce), together with higher gold-linked CMP mill feed purchases, royalties and social contributions, higher Owner Mining cost and higher sustaining capital.
•Owner Mining: AISC averaged $1,945 per ounce compared with $1,452 per ounce in Q3 2025, reflecting higher mining costs, including the impact of the stronger COP, higher royalties and social contributions linked to gold price, and higher sustaining capital, partially offset by higher Owner Mining ounces sold. Owner Mining AISC margin increased to $98.2 million, from $83.1 million in Q3 2025.
•CMPs: AISC averaged $2,667 per ounce, compared to $1,955 per ounce in Q3 2025, reflecting higher mill feed purchase costs linked to the higher gold price, together with lower CMP gold ounces sold. CMP AISC margin was $30.6 million, compared to $38.4 million in Q3 2025.
Combined AISC margin increased 6% to $128.8 million in Q3 2026, compared to $121.5 million in Q3 2025, reflecting the 21% higher realized gold price, partially offset by higher AISC and 4% fewer ounces sold.
YTD 2026 compared to YTD 2025
Combined AISC at Segovia averaged $2,039 per ounce in YTD 2026, up 25% from $1,634 per ounce in YTD 2025.
•Owner Mining: AISC averaged $1,729 per ounce from $1,482 per ounce in YTD 2025, reflecting the same factors as the quarterly discussion above, together with a 15% COP Strengthening, which had an unfavorable impact on local operating costs. Owner Mining AISC margin increased to $367.0 million, from $178.0 million in YTD 2025.
•CMPs: AISC averaged $2,680 per ounce, compared to $1,865 per ounce in YTD 2025, reflecting higher mill feed purchase costs linked to the higher gold price. CMP AISC margin was $117.6 million, compared to $91.6 million in YTD 2025.
Combined AISC margin increased 80% to $484.6 million YTD 2026, compared to $269.6 million YTD 2025, reflecting both higher realized gold prices and higher gold sales volumes.
Growth and Expansion
Non-sustaining growth capital expenditures at Segovia totaled $21.1 million in Q3 2026, compared to $17.3 million in Q2 2026 and $9.6 million in Q3 2025. YTD 2026, non-sustaining growth capital, supporting near-term production growth and the ramp-up of the expanded processing capacity, totaled $43.8 million compared to $22.9 million in YTD 2025. Growth and expansion capital in 2026 included:
•$36.7 million for underground development, including $14.1 million for the main underground haulage circuit connecting El Silencio, Providencia and Sandra K; and,
•$7.1 million for plant projects, the tailings storage facility and other site infrastructure.












Page | 9
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular 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 higher elevations, and a bulk mining zone at lower elevations, with two processing facilities:
•A 1,200 tpd flotation processing facility that is currently in operation, which produces doré.
•A 5,000 tpd CIP processing facility, which will also produce doré, in the final stages of construction with commissioning underway, with first gold expected in Q4 2026.
Three months ended Nine months ended
Operating Information
September 30, 2026June 30, 2026March 31, 2026September 30, 2025September 30, 2026September 30, 2025
 Tonnes processed (t)
55,54084,61077,04075,220217,190222,760
 Average gold grade processed (g/t)3.683.793.533.563.673.41
 Recoveries (%)89.7%90.4%89.6%89.8%89.9%90.5%
 Gold produced (ounces)5,8129,2867,7727,68722,87022,026
 Gold sold (ounces)5,6119,3627,1347,42122,10721,585
 Gold revenue
22,23039,16932,20224,33193,60165,812
 Average realized gold price3,9624,1844,5143,2794,2343,049
Production
Q3 2026 compared to Q2 2026
Gold production totaled 5,812 ounces, compared to 9,286 ounces in Q2 2026. Throughput in the quarter was impacted by approximately four weeks of flotation plant downtime required to transition from Cascabel 2 to the new Cascabel 3 filtered tailing facility. The downtime was used to complete upgrades and extensive maintenance, including the refurbishment of the primary ball mill and the installation of a new regrind mill and Knelson concentrator, increasing the flotation plant's capacity to 1,200 tpd.
Q3 2026 compared to Q3 2025
Gold production for Q3 2026 decreased 24% compared to Q3 2025, reflecting a 26% decrease in throughput due to the flotation plant downtime described above, partially offset by a 3% increase in average gold grade with recoveries consistent at 89.7%.
YTD 2026 compared to YTD 2025
Gold production YTD 2026 totaled 22,870 ounces, a 4% increase from 22,026 ounces produced during YTD 2025, reflecting an 8% increase in average gold grade, with throughput and recoveries remaining consistent.
Gold Revenue
Q3 2026 compared to Q2 2026
Gold revenue totaled $22.2 million, compared to $39.2 million in Q2 2026 reflecting 40% lower gold ounces sold following the flotation plant downtime described above, together with a 5% decrease in the average realized gold price to $3,962 per ounce.
Q3 2026 compared to Q3 2025
Compared to Q3 2025, gold revenue decreased 9% to $22.2 million from $24.3 million, as a 24% decrease in gold ounces sold was partially offset by a 21% increase in the average realized gold price.
YTD 2026 compared to YTD 2025
Gold revenue totaled $93.6 million YTD 2026, up 42% from $65.8 million YTD 2025, driven by a 39% increase in the average realized gold price to $4,234 per ounce, together with a slight increase in gold ounces sold.




Page | 10
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular figures are expressed in thousands of United States Dollars, unless otherwise stated)
Growth and Expansion
Non-sustaining growth capital expenditures at Marmato totaled $82.0 million in Q3 2026, compared to $76.3 million in Q2 2026 and $31.4 million in Q3 2025. For YTD 2026, non-sustaining growth capital expenditures totaled $205.3 million, compared to $84.7 million YTD 2025:
•$173.9 million for the construction of the CIP processing plant, including civil, mechanical, and electrical works, major equipment procurement and delivery, and surface infrastructure development;
•$14.9 million for underground mine development and drilling programs; and,
•$16.6 million for the tailings storage facility, surface infrastructure and ancillary site activities.
Financial Results
Net income of $66.7 million and $258.5 million in Q3 2026 and YTD 2026, respectively, compares to net income of $94.2 million in Q2 2026, $42.0 million in Q3 2025 and $27.5 million YTD 2025. This corresponds to basic earnings per share of $0.32 and $1.25 in Q3 2026 and YTD 2026, respectively (Q2 2026 - $0.46, Q3 2025 - $0.21, and YTD 2025 - $0.15).
The following table presents the key variances of net earnings for Q3 2026 compared to Q2 2026 and Q3 2025 as well as YTD 2026 compared to YTD 2025. The narrative following each table discusses the nature of the material variances.
Q3 2026 vs Q2 2026Q3 2026 vs Q3 2025 2026 vs 2025
Net Income - Prior Period1
$94,243$42,011$27,482
Period-over-period variance
Operating Variances
Gold price impact on revenue(16,760)50,081277,120
Gold volume impact on revenue(16,753)(16,117)87,217
By-product impact on revenue(1,295)3,34014,689
Cost of Sales & Social Contributions682(23,223)(135,201)
Depreciation and Depletion(2,811)(6,674)(17,579)
Net change in Operating Variances(36,937)7,407226,246
Share-based Compensation & General Administrative Variances
General & Administrative costs(623)(1,311)(5,739)
Share-based Compensation(7,277)3,0298,156
Net change in Share-based Compensation & General Administrative Variances(7,900)1,7182,417
Non-operating Variances
ARIS.WT.A listed warrants
—6,42466,519
Gold Notes(23,031)10,75839,857
Investment in Mcfarlane Lake Mining Ltd.5,91513,58222,024
Foreign Exchange loss19,376(7,006)(45,277)
Other9,223(752)(9,882)
Net change in Non-operating Variances
11,48323,00673,241
Income tax expense
5,803(7,448)(71,633)
Non-Controlling Interest—(2)796
Change in Net Income(27,551)24,681231,067
Net Income - Current Period1
$66,692$66,692$258,549
1.Net earnings represent net earnings attributable to the shareholders of the Company.

Q3 2026 compared to Q2 2026
Operating Variances
Revenue decreased $34.8 million, or 11%, to $295.4 million in Q3 2026 from $330.2 million in Q2 2026, driven by the average realized gold price, which decreased 6% to $4,205 per ounce from $4,450 per ounce ($16.8 million). Lower
Page | 11
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular figures are expressed in thousands of United States Dollars, unless otherwise stated)
gold ounces sold, primarily at Marmato following the flotation plant downtime which contributed a further $16.8 million to the lower quarterly revenue.
Cost of sales and social contributions were consistent at $145.1 million in Q3 2026, compared to $145.8 million in Q2 2026. Increased production costs at Segovia ($7.0 million), which primarily reflects the 12% COP Strengthening, were offset by lower production costs at Marmato ($4.2 million) following the flotation plant downtime and lower social contributions ($0.9 million) attributable to lower gold revenue.
Share-based Compensation & General Administrative Variances
The Company recognized a share-based compensation expense of $6.5 million in Q3 2026 compared to a recovery of $0.8 million in Q2 2026. Cash-settled performance share units (PSUs) and deferred share units (DSUs) are fair valued based on the Company's share price. Q3 2026 reflected a higher revaluation expense as compared to Q2 2026 due to share price appreciation in the current quarter.
Non-operating Variances
In Q3 2026, the Company recognized a gain on the fair valuation of the Cboe Canada listed Gold Notes of $3.2 million compared to $26.2 million in the prior quarter. The revaluation gain for both periods primarily corresponds proportionately to the decrease in gold price during each period. The valuation of the Gold Notes incorporates credit spreads, risk-free rates, volatility, and gold future prices.
The foreign exchange loss of $20.5 million in Q3 2026 was $19.4 million lower than the $39.9 million loss in Q2 2026. The loss in both periods primarily reflects the appreciation of the COP against the USD, which results in translation losses on USD-denominated monetary balances held in COP-functional entities.
Income tax expense
Income tax expense decreased $5.8 million compared to Q2 2026, primarily reflecting lower taxable income from mining operations driven by lower realized gold prices and lower gold ounces sold.
Q3 2026 compared to Q3 2025
Operating Variances
Revenue increased $37.3 million, or 14%, to $295.4 million in Q3 2026 from $258.1 million in Q3 2025, driven by a 21% increase in the average realized gold price that contributed $50.1 million of additional revenue, partially offset by a 6% decrease in gold ounces sold, which equated to $16.1 million. By-product revenue increased $3.3 million, reflecting increased volumes and stronger by-product metal prices.
Cost of sales and social contributions increased $23.2 million, or 19%, to $145.1 million in Q3 2026 from $121.9 million in Q3 2025. The increase was primarily driven by the 20% COP Strengthening, which increased COP-denominated costs by approximately $17.4 million. Higher Owner Mining and site security costs at Segovia, higher royalties at Segovia and Marmato ($2.0 million) in line with higher realized gold prices and higher gold-price-linked CMP mill feed purchases at Segovia ($1.2 million) also contributed.
Share-based Compensation & General Administrative Variances
The Company recognized a share-based compensation expense of $6.5 million in Q3 2026 compared to an expense of $9.5 million in Q3 2025, reflecting a lower revaluation expense for PSUs and DSUs due to a lower share price appreciation than in Q3 2025.
Non-operating Variances
The fair-value-loss relating to the listed Warrants in Q3 2025 had no corresponding impact in Q3 2026 following the exercise and expiry of all outstanding ARIS.WT.A listed warrants on July 29, 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.
In Q3 2026, the Company recognized a gain on the fair valuation of the Gold Notes of $3.2 million compared to a loss of $7.6 million in Q3 2025. As described above, the revaluation gain in Q3 2026 primarily related to the decrease in gold price during the quarter.
Page | 12
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular figures are expressed in thousands of United States Dollars, unless otherwise stated)
The foreign exchange loss in Q3 2026 was $7.0 million higher than the $13.5 million loss in Q3 2025, primarily due to continued COP Strengthening, resulting in higher translation losses on USD-denominated monetary balances held in COP-functional entities.
Income tax expense
Income tax expense increased $7.4 million compared to Q3 2025, primarily reflecting higher taxable income from mining operations primarily reflecting higher realized gold prices.
YTD 2026 compared to YTD 2025
Operating Variances
Revenue increased $379.0 million, or 61%, to $998.1 million in 2026 from $619.1 million in 2025, driven by a 40% increase in the average realized gold price, contributing $277.1 million, combined with a 14% increase in gold ounces sold, contributing $87.2 million. By-product and concentrate revenue also increased $14.7 million, reflecting the same increased volumes and stronger by-product metal prices noted above.
Cost of sales and social contributions increased $135.2 million, or 44%, to $443.5 million in 2026 from $308.3 million in 2025. Gold-price-linked costs accounted for $64.6 million of the increase, comprising higher CMP mill feed purchases at Segovia ($35.0 million), higher royalties ($17.2 million) and social contributions ($12.4 million). The 15% COP Strengthening increased COP-denominated costs by approximately $36.2 million. The remaining increase reflects higher Owner Mining costs at Segovia (approximately $17.2 million), in line with a 30% increase in Owner Mining gold ounces sold, and higher administration and security costs at Segovia (approximately $12.1 million), together with higher production costs at Marmato (approximately $4.9 million).
Depreciation and depletion in 2026 was $17.6 million higher than in 2025, primarily due to a 16% increase in gold production as the expense reflects the units-of-production depletion method applied across operations as well as a higher depletable cost base following continued sustaining capital investment and the commissioning of the second mill at Segovia in June 2025.
Share-based Compensation & General Administrative Variances
Share-based compensation expense decreased $8.2 million compared to YTD 2025, primarily due to the revaluation of outstanding PSUs and DSUs reflecting the Company's strong share price performance during 2025.
Non-operating Variances
The fair-value-loss relating to the listed warrants in 2025 had no corresponding impact in 2026 following the exercise and expiry of all outstanding ARIS.WT.A listed warrants on July 29, 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.
In 2026, the Company recognized a gain on the fair valuation of the Gold Notes of $20.9 million compared to a loss of $19.0 million in the prior year. The revaluation gain in 2026 primarily related to the decrease in gold price.
Foreign exchange loss in YTD 2026 was $72.0 million, which was $45.3 million unfavorable compared to YTD 2025, primarily due to the COP Strengthening, resulting in higher translation losses on USD-denominated monetary balances held in COP-functional entities.
Income tax expense
Income tax expense for YTD 2026 increased by $71.6 million compared to YTD 2025, reflecting higher taxable income due to higher income from mining operations.






Page | 13
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular 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 and Marmato, 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 September 30, 2026, the Company held a working capital surplus, calculated as current assets minus current liabilities, of $234.5 million (December 31, 2025 - $232.2 million) which was underpinned by a cash balance of $419.0 million which increased by $27.1 million in 2026. The increase primarily reflects operating cash flow, $82.0 million received under Marmato's precious metals stream financing following achievement of both the 50% and 75% construction capital expenditure milestones, 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 on its Senior Notes as well as interest and premiums on its Gold Notes.
Three months endedNine months ended
September 30, 2026June 30, 2026March 31, 2026September 30, 2025September 30, 2026September 30, 2025
Net cash provided by operating activities
$140,603 $86,103 $158,810 $105,718 $385,516 $234,198 
Net cash used in investing activities(142,490)(115,035)(77,321)(54,904)(334,846)(162,788)
Net cash provided by (used in) financing activities(4,349)(19,198)(2,095)55,453 (25,642)90,793 
Impact of foreign exchange on cash and cash equivalents(294)1,600 814 1,450 2,120 3,143 
Increase (decrease) in cash and cash equivalents (6,530)(46,530)80,208 107,717 27,148 165,346 
Cash and cash equivalents, beginning of period425,552 472,082 391,874 310,164 391,874 252,535 
Cash and cash equivalents, end of period$419,022 $425,552 $472,082 $417,881 $419,022 $417,881 

Summary of Quarterly Results
For the three months ended,
Sep 30, 2026Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024
Gold produced (ounces)
69,257 73,710 74,339 69,852 73,236 58,652 54,763 57,364 
Gold sold (ounces)68,359 72,124 74,843 71,717 73,001 61,024 54,281 56,334 
Revenue295,419 330,227 372,479 308,565 258,115 203,456 157,528 151,076 
Income from mining operations130,147 167,084 203,731 158,065 122,740 91,991 59,985 54,129 
EBITDA130,720 162,538 181,943 120,406 96,506 31,546 39,655 66,602 
Adjusted EBITDA143,839 178,588 212,074 167,996 131,069 98,733 66,613 55,575 
Net earnings (loss) attributable to the Owners of the Company 66,692 94,243 97,614 50,863 42,011 (16,897)2,368 21,687 
Adjusted net earnings72,627 96,327 123,688 94,097 71,842 47,762 27,227 24,659 
Earnings (loss) per share – basic ($/share)0.32 0.46 0.47 0.25 0.21 (0.09)0.01 0.13 
Earnings (loss) per share – diluted ($/share)0.32 0.45 0.47 0.25 0.21 (0.09)0.01 0.02 
Adjusted earnings per share - basic ($/share)0.350.470.600.460.360.270.160.14

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 include 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, RSUs, PSUs and DSUs) there were no material related party transactions.

Page | 14
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular 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, 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 September 30, 2026, the outstanding principal value is $15.5 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. The Company has 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 September 30, 2026. In addition to other commitments already disclosed, the Company’s undiscounted commitments including interest and premiums at September 30, 2026 are as follows:
Less than 1 year1 to 3 years4 to 5 yearsOver 5 yearsTotal
Trade, tax and other payables1
$267,845 $— $— $— $267,845 
Reclamation and closure costs
655 2,570 — 60,709 63,934 
Lease payments
1,008 4,304 1,471 1,368 8,151 
Gold Notes
50,888 — — — 50,888 
Senior Unsecured Notes
36,000 540,000 — — 576,000 
Other contractual commitments2
31,927 14,373 9,608 — 55,908 
Total
$388,323 $561,247 $11,079 $62,077 $1,022,726 
1.As presented in the Interim Financial Statements for the period ended September 30, 2026.
2.Includes binding commitments for capital and operating purchase obligations that the Company has entered into as at September 30, 2026.
Aris Mining’s gold and silver production from 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 September 30, 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 | 15
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular 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 206.7 million common shares issued and outstanding and 3.9 million common shares issuable under stock options. A further 6 million common shares are issuable to MDC Industry Holding Company LLC 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. This measure 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 | 16
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular 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,
Nine months ended
SegoviaSeptember 30, 2026June 30, 2026March 31, 2026September 30, 2025September 30, 2026September 30, 2025
Total gold sold (ounces)62,748 62,762 67,709 65,580 193,219 166,721 
Cost of sales1
116,143 110,226 116,108 93,249 342,477 237,059 
Less: royalties1
(9,693)(10,741)(11,139)(7,532)(31,573)(17,590)
Add: by-product revenue1
(8,050)(8,703)(7,449)(4,116)(24,202)(9,987)
Total cash costs98,400 90,782 97,520 81,601 286,702 209,482 
Cash cost per ounce sold$1,568 $1,446 $1,440 $1,244 $1,484 $1,256 
Add: royalties1
9,693 10,741 11,139 7,532 31,573 17,590 
Add: social contributions1
7,914 8,661 12,358 7,787 28,933 17,025 
Add: sustaining capital expenditures19,561 13,864 11,356 10,334 44,781 27,051 
Add: sustaining lease payments816 609 561 352 1,986 1,255 
Total AISC136,384 124,657 132,934 107,606 393,975 272,403 
AISC per ounce sold$2,174 $1,986 $1,963 $1,641 $2,039 $1,634 
Marmato
Total gold sold (ounces)5,611 9,362 7,134 7,421 22,107 21,585 
Cost of sales1
20,851 26,542 23,096 20,443 70,489 53,082 
Less: royalties1
(2,414)(3,938)(3,332)(2,555)(9,684)(6,439)
Add: by-product revenue1
(159)(123)(306)(543)(588)(1,283)
Total cash costs18,278 22,481 19,458 17,345 60,217 45,360 
 Add: royalties1
2,414 3,938 3,332 2,555 9,684 6,439 
Add: social contributions1
231 392 940 437 1,563 1,095 
Add: sustaining capital expenditures3,7761,7911,4811,5247,0483,683
Total AISC24,699 28,602 25,211 21,861 78,512 56,577 
Consolidated
Total gold sold (ounces)68,359 72,124 74,843 73,001 215,326 188,306 
Cost of sales1
136,994 136,768 139,204 113,692 412,966 290,141 
Less: royalties1
(12,107)(14,679)(14,471)(10,087)(41,257)(24,029)
Add: by-product revenue1
(8,209)(8,826)(7,755)(4,659)(24,790)(11,270)
Total cash costs116,678 113,263 116,978 98,946 346,919 254,842 
Add: royalties1
12,107 14,679 14,471 10,087 41,257 24,029 
Add: social contributions1
8,145 9,053 13,298 8,224 30,496 18,120 
Add: sustaining capital expenditures23,337 15,655 12,837 11,858 51,829 30,734 
Add: sustaining lease payments8166095613521,986 1,255
Total AISC161,083 153,259 158,145 129,467 472,487 328,980 
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 and nine months ended September 30, 2026 and 2025
(all tabular 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,
Nine months ended
Segovia - Owner Mining
September 30, 2026June 30, 2026March 31, 2026September 30, 2025September 30, 2026September 30, 2025
Total gold sold (ounces)42,913 41,520 45,789 40,984 130,222 100,632 
Cost of sales1
66,869 61,207 54,857 48,502 182,933 122,833 
Less: royalties1
(6,932)(7,415)(7,805)(5,000)(22,152)(11,388)
Add: by-product revenue1
(5,503)(5,771)(5,037)(2,566)(16,311)(6,028)
Total cash costs54,434 48,021 42,015 40,936 144,470 105,416 
Cash cost per ounce sold$1,268 $1,157 $918 $999 $1,109 $1,048 
Add: royalties1
6,932 7,415 7,805 5,000 22,152 11,388 
Add: social contributions1
5,679 5,961 8,660 5,155 20,300 11,023 
Add: sustaining capital expenditures15,622 11,340 9,274 8,078 36,236 20,083 
Add: sustaining lease payments816 609 561 352 1,986 1,255 
Total AISC83,483 73,346 68,315 59,521 225,144 149,165 
AISC per ounce sold$1,945 $1,767 $1,492 $1,452 $1,729 $1,482 
Segovia - CMPs
Total gold sold (ounces)19,835 21,242 21,920 24,596 62,997 66,089 
Cost of sales1
49,274 49,019 61,251 44,747 159,544 114,226 
Less: royalties1
(2,761)(3,326)(3,334)(2,532)(9,421)(6,202)
Add: by-product revenue1
(2,547)(2,932)(2,412)(1,550)(7,891)(3,959)
Total cash costs43,966 42,761 55,505 40,665 142,232 104,065 
Cash cost per ounce sold$2,217 $2,013 $2,532 $1,653 $2,258 $1,575 
Add: royalties1
2,761 3,326 3,334 2,532 9,421 6,202 
Add: social contributions1
2,235 2,700 3,698 2,632 8,633 6,002 
Add: sustaining capital expenditures3,939 2,524 2,082 2,256 8,545 6,969 
Total AISC52,901 51,311 64,619 48,085 168,831 123,238 
AISC per ounce sold$2,667 $2,416 $2,948 $1,955 $2,680 $1,865 
Segovia - Combined
Total gold sold (ounces)62,748 62,762 67,709 65,580 193,219 166,721 
Cost of sales1
116,143 110,226 116,108 93,249 342,477 237,059 
Less: royalties1
(9,693)(10,741)(11,139)(7,532)(31,573)(17,590)
Add: by-product revenue1
(8,050)(8,703)(7,449)(4,116)(24,202)(9,987)
Total cash costs98,400 90,782 97,520 81,601 286,702 209,482 
Cash cost per ounce sold$1,568 $1,446 $1,440 $1,244 $1,484 $1,256 
Add: royalties1
9,693 10,741 11,139 7,532 31,573 17,590 
Add: social contributions1
7,914 8,661 12,358 7,787 28,933 17,025 
Add: sustaining capital expenditures19,56113,86411,35610,33444,78127,051
Add: sustaining lease payments816 609 561 352 1,986 1,255 
Total AISC136,384 124,657 132,934 107,606 393,975 272,403 
AISC per ounce sold$2,174 $1,986 $1,963 $1,641 $2,039 $1,634 
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 and nine months ended September 30, 2026 and 2025
(all tabular 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 Nine months ended
($’000)September 30, 2026June 30, 2026March 31, 2026September 30, 2025September 30, 2026September 30, 2025
Gold revenue1
265,190281,764331,611229,116878,565541,977
All-in sustaining costs136,384124,657132,934107,606393,975272,403
AISC margin ($)128,806157,107198,677121,510484,590269,574
AISC margin (%)49%56%60%53%55%50%
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
($’000)September 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2026
Gold revenue1
265,190281,764331,611273,1271,151,692
All-in sustaining costs136,384124,657132,934121,863515,838
AISC margin ($)128,806157,107198,677151,264635,854
AISC margin (%)49%56%60 %55%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 Nine months ended
($’000)September 30, 2026June 30, 2026March 31, 2026September 30, 2025September 30, 2026September 30, 2025
Sustaining capital
Segovia19,56113,86411,35610,33444,78127,051
Marmato3,7761,7911,4811,5247,0483,683
Total sustaining capital23,33715,65512,83711,85851,82930,734
Non-sustaining capital
Marmato82,01376,29047,03131,369205,33484,658
Segovia21,09617,2795,4549,61843,82922,916
Soto Norte Project4,6425,5763,4453,87913,66311,895
Toroparu Project12,8275,9395,3213,27024,0878,422
Total expansion and growth capital120,578105,08461,25148,136286,913127,891
Additions to mining interest, plant and equipment1
143,915120,73974,08859,994338,742158,625
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 and nine months ended September 30, 2026 and 2025
(all tabular 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 Nine months ended
($’000)September 30, 2026June 30, 2026March 31, 2026September 30, 2025September 30, 2026September 30, 2025
Operating cash flows before taxes1
157,503 199,189 184,981 118,946 541,673 294,791 
Adjusting Items:
   Precious metal stream deposit settled (received)1
(41,968)— (40,016)— (81,984)— 
Finance income1
(4,361)(4,166)(3,383)(2,437)(11,910)(8,247)
Impact of FX on cash and cash equivalents1
(294)1,600 814 1,450 2,120 3,143 
Adjusted operating cash flows before taxes110,880 196,623 142,396 117,959 449,899 289,687 
Less: Income taxes paid1
(16,900)(113,086)(26,171)(13,228)(156,157)(60,593)
Adjusted net cash provided by operating activities93,980 83,537 116,225 104,731 293,742 229,094 
Less: Sustaining capital(23,337)(15,655)(12,837)(11,858)(51,829)(30,734)
Less: Sustaining lease payments(816)(609)(561)(352)(1,986)(1,255)
Operating free cash flow after sustaining capital and taxes paid69,827 67,273 102,827 92,521 239,927 197,105 
Less: Growth and expansion capital(120,578)(105,084)(61,251)(48,136)(286,913)(127,891)
Free cash flow after growth and expansion capital(50,751)(37,811)41,576 44,385 (46,986)69,214 
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 and nine months ended September 30, 2026 and 2025
(all tabular 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 Nine months ended
($000s except share amount)September 30, 2026June 30, 2026March 31, 2026September 30, 2025September 30, 2026September 30, 2025
Basic weighted average shares outstanding1
206,519,188206,398,410205,967,201199,171,052206,296,949183,644,213
Net income attributable to Owners of the Company1
66,69294,24397,61442,011258,54927,482
Add back:
Share-based compensation1
6,468(809)7,6029,49713,26121,417
Loss from equity accounting in investee1
—————14
(Gain) loss on financial instruments1
(14,226)(26,548)1,7626,385(39,012)73,750
Loss on disposal of Juby Project1
———3,200—3,200
Other (income) expense1
3513,5059,1771,96113,0333,586
Foreign exchange (gain) loss1
20,52639,90211,59013,52072,01826,741
   Income tax effect on adjustments(7,184)(13,966)(4,057)(4,732)(25,207)(9,359)
Adjusted net earnings72,62796,327123,68871,842292,642146,831
Per share – basic ($/share)0.35 0.470.600.361.42 0.80
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
($000s except share amount)September 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2026
Basic weighted average shares outstanding1
206,519,188206,398,410205,967,201203,245,172205,527,751
Net income attributable to Owners of the Company1
66,69294,24397,61450,863309,412
Add back:
Share-based compensation1
6,468(809)7,60220,66333,924
Loss from equity accounting in investee1
———(14)(14)
(Gain) loss on financial instruments1
(14,226)(26,548)1,7623,058(35,954)
Loss on termination of Soto Norte Project Precious Metals Purchase Agreement1
———4,9904,990
Other (income) expense1
3513,5059,1776,44719,480
Foreign exchange (gain) loss1
20,52639,90211,59012,44684,464
   Income tax effect on adjustments(7,184)(13,966)(4,057)(4,356)(29,563)
Adjusted net earnings72,62796,327123,68894,097386,739
Per share – basic ($/share)0.35 0.470.600.461.88 
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 and nine months ended September 30, 2026 and 2025
(all tabular 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 Nine months ended
September 30, 2026June 30, 2026March 31, 2026September 30, 2025September 30, 2026September 30, 2025
Earnings before Income tax1
108,225141,579161,67276,094411,476109,572
Add back:
Depreciation and depletion1
20,13317,32216,24613,45953,70136,122
Finance income1
(4,361)(4,166)(3,383)(2,437)(11,910)(8,247)
Finance costs1
6,7237,8037,4089,39021,93430,260
EBITDA130,720162,538181,94396,506475,201167,707
Add back:
Share-based compensation1
6,468(809)7,6029,49713,26121,417
Loss from associates1
—————14
(Gain) loss on financial instruments1
(14,226)(26,548)1,7626,385(39,012)73,750
Loss on disposal of Juby Project1
———3,200—3,200
Other income (expenses)1
3513,5059,1771,96113,0333,586
Foreign exchange (gain) loss1
20,52639,90211,59013,52072,01826,741
Adjusted EBITDA143,839178,588212,074131,069534,501296,415
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
September 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2026
Earnings before Income tax1
108,225141,579161,67297,519508,995
Add back:
Depreciation and depletion1
20,13317,32216,24616,80970,510
Finance income1
(4,361)(4,166)(3,383)(4,353)(16,263)
Finance costs1
6,7237,8037,40810,43132,365
EBITDA130,720162,538181,943120,406595,607
Add back:
Share-based compensation1
6,468(809)7,60220,66333,924
Loss from associates1
———(14)(14)
(Gain) loss on financial instruments1
(14,226)(26,548)1,7623,058(35,954)
Loss on termination of Soto Norte Project Precious Metals Purchase Agreement1
———4,9904,990
Other income (expenses)1
3513,5059,1776,44719,480
Foreign exchange (gain) loss1
20,52639,90211,59012,44684,464
Adjusted EBITDA143,839178,588212,074167,996702,497
1.As presented in the Interim Financial Statements and notes thereto for the respective periods


Page | 22
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular 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. Except as disclosed in note 3 of the Interim Financial Statements, the accounting policies applied in the preparation of the Interim Financial Statements are consistent with those applied in the Company’s consolidated financial statements for the year ended December 31, 2025.
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 not 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 September 30, 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
Page | 23
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular figures are expressed in thousands of United States Dollars, unless otherwise stated)
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.
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”.
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Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular 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 within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of applicable U.S. securities laws. 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 and expected 2027 production, the timeline for ramp up of production at Segovia, the resolution of explosive supply constraints, timeline for the construction of the CIP plant and production at the Marmato bulk mining zone, including first gold pour and ramp-up, the plans and timing of the Toroparu prefeasibility study including a potential construction decision, the expected completion of the Puruni River bridge, the economic analysis from the Soto Norte PFS and Toroparu PEA, the anticipated timeline for submission of the environmental license application in respect of the Soto Norte project and the community consultation process, 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, the Company's mineral reserve and mineral resource estimates, the timing and outcome of permitting and licensing applications, 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, 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 | 25
Management's Discussion and Analysis
For the three and nine months ended September 30, 2026 and 2025
(all tabular 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 applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements and information.
This MD&A contains information that may constitute future oriented 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.

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Condensed Consolidated Interim Financial Statements

For the three and nine months ended September 30, 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
NotesSeptember 30,
2026		December 31,
2025
ASSETS
Current
Cash and cash equivalents$419,022 $391,874 
Gold in trust10b1,938 1,938 
Trade and other receivables14b70,809 76,796 
Inventories688,815 56,232 
Other current assets17,585 9,822 
598,169 536,662 
Non-current
Cash in trust7,980 3,517 
Mining interests, plant and equipment82,388,207 1,938,627 
Other financial assets752,663 28,015 
Other long-term assets56 159 
Total assets$3,047,075 $2,506,980 
LIABILITIES AND EQUITY
Current
Accounts payable and accrued liabilities9$186,570 $154,733 
Income tax payable81,275 77,309 
Current portion of long-term debt1057,670 53,684 
Current portion of deferred revenue1227,213 8,587 
Current portion of provisions118,360 7,608 
Current portion of lease obligations2,590 2,580 
363,678 304,501 
Non-current
Long-term debt10443,258 465,778 
Deferred revenue12264,485 192,226 
Provisions1131,077 27,202 
Deferred income taxes55,954 54,576 
Lease obligations4,627 3,468 
Other long-term liabilities8,479 13,169 
Total liabilities$1,171,558 $1,060,920 
Equity
Share capital13a$1,174,112 $1,168,974 
Contributed surplus422,144 421,412 
Accumulated other comprehensive income (loss)133,223 (31,815)
Retained earnings (deficit)146,038 (112,511)
Total equity$1,875,517 $1,446,060 
Total liabilities and equity$3,047,075 $2,506,980 
Commitments
Note 14c
Approved by the Board of Directors and authorized for issue on November 4, 2026:
"David Garofalo" (Signed)
Director
"Neil Woodyer" (Signed)
Director
See accompanying notes to the Condensed Consolidated Interim Financial Statements.
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Condensed Consolidated Interim Statements of Income (Loss) (Unaudited; Expressed in thousands of US dollars, except share and per share amounts)
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Three months ended September 30,Nine months ended September 30,
Notes2026202520262025
Revenue15$295,419 $258,115 $998,125 $619,099 
Cost of sales16(136,994)(113,692)(412,966)(290,141)
Depreciation and depletion(20,133)(13,459)(53,701)(36,122)
Social contributions(8,145)(8,224)(30,496)(18,120)
Income from mining operations130,147 122,740 500,962 274,716 
General and administrative costs(6,441)(5,130)(20,162)(14,423)
Loss from investments in associates— — — (14)
Share-based compensation expense13h(6,468)(9,497)(13,261)(21,417)
Other expenses(351)(1,961)(13,033)(3,586)
Income from operations116,887 106,152 454,506 235,276 
Gain (loss) on financial instruments1814,226 (6,385)39,012 (73,750)
Loss on disposal of Juby Project— (3,200)— (3,200)
Finance income4,361 2,437 11,910 8,247 
Finance costs17(6,723)(9,390)(21,934)(30,260)
Foreign exchange loss(20,526)(13,520)(72,018)(26,741)
Income before income tax108,225 76,094 411,476 109,572 
Income tax (expense) recovery
Current(38,698)(39,703)(158,513)(89,955)
Deferred(2,835)5,618 5,586 8,661 
Net income$66,692 $42,009 $258,549 $28,278 
Net income (loss) attributable to:
Owners of the Company$66,692 $42,011 $258,549 $27,482 
Non-controlling interest— (2)— 796 
$66,692 $42,009 $258,549 $28,278 
Earnings per share attributable to owners of the Company – basic
13i$0.32 $0.21 $1.25 $0.15 
Weighted average number of outstanding common shares – basic206,519,188 199,171,052 206,296,949 183,644,213 
Earnings per share attributable to owners of the Company – diluted13i$0.32 $0.21 $1.24 $0.15 
Weighted average number of outstanding common shares – diluted209,277,780 202,514,804 209,081,953 186,399,206 
See accompanying notes to the Condensed Consolidated Interim Financial Statements.
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Condensed Consolidated Interim Statements of Comprehensive Income (Loss)
(Unaudited; Expressed in thousands of US dollars)
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Three months ended September 30,Nine months ended September 30,
Notes2026202520262025
Net income$66,692 $42,009 $258,549 $28,278 
Other comprehensive income:
Items that will not be reclassified to profit in subsequent periods:
Unrealized gain on Gold Notes due to changes in implied credit spread (net of tax effect) ⁽¹⁾
10b4,896 7,759 75 8,087 
Items that may be reclassified to profit in subsequent periods:
Foreign currency translation adjustment (net of tax effect)
37,146 39,942 164,963 98,437 
Other comprehensive income42,042 47,701 165,038 106,524 
Comprehensive income$108,734 $89,710 $423,587 $134,802 
Comprehensive income (loss) attributable to:
Owners of the Company$108,734 $89,712 $423,587 $134,006 
Non-controlling interest— (2)— 796 
$108,734 $89,710 $423,587 $134,802 
(1)The tax effect of the unrealized gain on Gold Notes due to changes in implied credit spread for the three and nine months ended September 30, 2026, was $nil and an expense of $353, respectively (September 30, 2025 - expense of $2,870 and an expense of $2,991).
See accompanying notes to the Condensed Consolidated Interim Financial Statements.
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Condensed Consolidated Interim Statements of Equity
(Unaudited; Expressed in thousands of US dollars, except share and per share amounts)
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Share Capital - common sharesContributed
surplus		Accumulated
OCI		Retained earnings (deficit)Equity attributable to owners of the CompanyNon-controlling interestTotal
equity
Nine months ended September 30, 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
13d1,122,4675,138 (1,296)— — 3,842 — 3,842 
Share-based compensation
13h— — 2,028 — — 2,028 — 2,028 
Comprehensive income
— — — 165,038 258,549 423,587 — 423,587 
At September 30, 2026206,654,750$1,174,112 $422,144 $133,223 $146,038 $1,875,517 $— $1,875,517 
Notes
Share Capital - common sharesContributed
surplus		Accumulated
OCI		DeficitEquity attributable to owners of the CompanyNon-controlling interestTotal
equity
Nine months ended September 30, 2025NumberAmount
At December 31, 2024171,034,256$935,917 $213,960 $(160,450)$(190,856)$798,571 $284,536 $1,083,107 
Exercise of options
2,943,57812,807 (2,868)— — 9,939 — 9,939 
Exercise of warrants
28,685,134190,276 — — — 190,276 — 190,276 
Share issuance costs— (2,169)— — — (2,169)— (2,169)
Share-based compensation
13h— — 2,447 — — 2,447 — 2,447 
Non-reciprocal contributions to Soto Norte Project— — (6,055)— — (6,055)6,055 — 
Comprehensive income
— — — 106,524 27,482 134,006 796 134,802 
At September 30, 2025202,662,968$1,136,831 $207,484 $(53,926)$(163,374)$1,127,015 $291,387 $1,418,402 
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)
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Three months ended September 30,Nine months ended September 30,
Notes2026202520262025
Operating Activities

Net income

$66,692$42,009$258,549$28,278
Adjusted for the following items:

Depreciation and depletion820,28514,35653,72936,577
Share-based compensation13h6,4689,49713,26121,417
Finance costs176,7239,39021,93430,260
(Gain) loss on financial instruments18(14,226)6,385(39,012)73,750
Unrealized foreign exchange loss12,22011,57665,03922,336
Income tax expense 41,53334,085152,92781,294
Other19(1,085)1,770(8,638)(737)
Payment of deferred and performance share units13f,g——(26,509)(2,221)
Precious metal stream deposit received12a41,968—81,984—
Changes in non-cash operating working capital items
19(23,075)(10,121)(31,591)3,837
Operating cash flows before taxes157,503118,947541,673294,791
Income taxes paid
 
(16,900)(13,228)(156,157)(60,593)
Net cash provided by operating activities
140,603105,719385,516234,198
Investing Activities

 Additions to mining interests, plant and equipment
8(133,447)(61,810)(300,372)(158,861)
Cash proceeds from sale of Juby Project—13,065—13,065
Purchase of marketable securities7b——(1,645)—
Capitalized interest paid (net)
8
(9,042)(6,159)(32,829)(16,992)
Net cash used in investing activities
 
(142,489)(54,904)(334,846)(162,788)
Financing Activities

Repayment of Gold Notes
10b(4,063)(4,064)(12,191)(12,068)
Payment of lease obligations
(1,052)(288)(2,733)(1,577)
Interest paid
10a
——(14,561)(18,000)
Increase in gold in trust account———(234)
Proceeds from exercise of stock options and warrants, net of issuance costs
76659,8053,843122,672
Net cash provided by (used in) financing activities
 
(4,349)55,453(25,642)90,793
Impact of foreign exchange rate changes on cash and equivalents

(295)1,4492,1203,143
Increase (decrease) in cash and cash equivalents

(6,530)107,71727,148165,346
Cash and cash equivalents, beginning of period
 
425,552310,164391,874252,535
Cash and cash equivalents, end of period
 
$419,022$417,881$419,022$417,881
See accompanying notes to the Condensed Consolidated Interim Financial Statements.
Page | 6

Notes to the Condensed Consolidated Interim Financial Statements
Three and nine months ended September 30, 2026 and 2025
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
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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 exploration, development and operation of gold properties in Colombia and Guyana. In Colombia, Aris Mining operates the Segovia and Marmato mines and is advancing the Soto Norte project. 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 November 4, 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 condensed consolidated interim 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.
Consolidation
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 nine months ended September 30, 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 represents 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 in the consolidated statement of income (loss).
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 and nine months ended September 30, 2026 and 2025
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
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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 Financial Statements ("IFRS 18"), which replaces IAS 1 Presentation of Financial Statements, and amends other IFRS, including IAS 7, Statement of Cash Flows. IFRS 18 sets out requirements for the presentation of information in the primary financial statements and disclosure of information in the notes to the financial statements and does not impact the recognition or measurement of items in the financial statements. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027 and is required to be applied retrospectively.
IFRS 18 introduces new requirements relating to the classification of income and expenses into categories and the presentation of certain defined subtotals in the statement of income, as well as the identification and disclosure of certain information relating to management-defined performance measures ("MPMs") in the notes to the financial statements. In addition, IFRS 18 amends IAS 7, which will require entities using the indirect method to use operating profit or loss as the starting point for determining cash flows from operating activities.
The Company is in the process of assessing the impact of IFRS 18 on its consolidated financial statements. Based on its preliminary assessment, the Company has identified the following possible impacts of the initial application of IFRS 18:
•Statement of income: items of income and expenses will be classified into five categories: operating, investing, financing, income taxes and discontinued operations. Two new defined subtotals will also be presented: operating profit or loss and profit or loss before financing and income taxes. The adoption of IFRS 18 will not impact net income.
•Statement of cash flows: operating profit or loss will be the starting point for determining cash flows from operating activities under the indirect method instead of net income.
•Notes to the financial statements: new disclosures will be required for MPMs. An MPM is a subtotal of income and expenses that is not specifically required to be presented or disclosed by IFRS and that is used in public communications outside the financial statements to communicate management's view of an aspect of the financial performance of the Company as a whole. The Company continues to assess the performance measures used in its public communications to determine which measures, if any, meet the definition of an MPM and the related disclosure requirements under IFRS 18.
The requirements of IFRS 18 will apply to the Company's interim and annual financial statements beginning in 2027, with retrospective application to comparative periods presented. The Company's assessment is ongoing and additional impacts may be identified as implementation progresses.
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.




















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Notes to the Condensed Consolidated Interim Financial Statements
Three and nine months ended September 30, 2026 and 2025
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
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5. Segment Disclosures
Reportable segments are determined based on the geographic regions in which the Company’s projects are located. In determining its 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 five reportable segments: the Segovia and Marmato mines and the Soto Norte project in Colombia, the Toroparu project in Guyana, and Corporate, which includes corporate functions in Canada and other corporate entities.
SegoviaMarmatoToroparuSoto NorteCorporate
and other		Total
(Colombia)(Colombia)(Guyana)(Colombia)(Canada)
Three months ended September 30, 2026
Revenue$273,240 $22,179 $— $— $— $295,419 
Cost of sales(116,142)(20,852)— — — (136,994)
Depreciation and depletion(18,019)(1,935)— — (179)(20,133)
Social contributions(7,914)(231)— — — (8,145)
Income from mining operations131,165 (839)— — (179)130,147 
Gain (loss) on financial instruments— — — — 14,226 14,226 
Finance income337 625 — — 3,399 4,361 
Finance costs(740)(192)(10)(36)(5,745)(6,723)
Income taxes(41,433)225 — — (325)(41,533)
Segment net income (loss)
62,788 131 (42)(1)3,816 66,692 
Capital expenditures40,824 85,790 12,660 4,642 — 143,916 
Three months ended September 30, 2025
Revenue$233,233 $24,882 $— $— $— $258,115 
Cost of sales(93,401)(20,291)— — — (113,692)
Depreciation and depletion(12,236)(1,056)— — (167)(13,459)
Social contributions(7,787)(437)— — — (8,224)
Income from mining operations119,809 3,098 — — (167)122,740 
Gain (loss) on financial instruments— — — — (6,385)(6,385)
Finance income309 313 — — 1,815 2,437 
Finance costs(561)(230)(2)(23)(8,574)(9,390)
Income taxes(35,880)(1,076)— — 2,871 (34,085)
Segment net income (loss)66,411 378 (34)(94)(24,652)42,009 
Capital expenditures20,178 32,184 3,275 4,357 — 59,994 



















Page | 9

Notes to the Condensed Consolidated Interim Financial Statements
Three and nine months ended September 30, 2026 and 2025
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
5. Segment Disclosures (cont.)
SegoviaMarmatoToroparuSoto NorteCorporate
and other		Total
(Colombia)(Colombia)(Guyana)(Colombia)(Canada)
Nine months ended September 30, 2026
Revenue$902,767 $95,358 $— $— $— $998,125 
Cost of sales(342,476)(70,490)— — — (412,966)
Depreciation and depletion(47,469)(5,717)— — (515)(53,701)
Social contributions(28,933)(1,563)— — — (30,496)
Income from mining operations483,889 17,588 — — (515)500,962 
Gain (loss) on financial instruments— — — — 39,012 39,012 
Finance income1,465 1,496 — — 8,949 11,910 
Finance costs(1,936)(501)(11)(78)(19,408)(21,934)
Income taxes(144,419)(8,147)— 73 (434)(152,927)
Segment net income (loss)
239,124 14,652 (86)(2,381)7,240 258,549 
Capital expenditures88,610 212,382 24,080 13,663 7 338,742 
Nine months ended September 30, 2025
Revenue$551,964 $67,135 $— $— $— $619,099 
Cost of sales(237,058)(53,083)— — — (290,141)
Depreciation and depletion(32,719)(2,923)— — (480)(36,122)
Social contributions(17,025)(1,095)— — — (18,120)
Income from mining operations265,162 10,034 — — (480)274,716 
Gain (loss) on financial instruments— — — — (73,750)(73,750)
Finance income732 963 — — 6,552 8,247 
Finance costs(1,603)(358)(8)(912)(27,379)(30,260)
Income taxes(80,398)(3,886)— — 2,990 (81,294)
Segment net income (loss)141,213 (5,326)(85)1,624 (109,148)28,278 
Capital expenditures50,198 88,117 8,422 11,888 — 158,625 
As at September 30, 2026
Non-current assets
$432,422 $855,122 $389,746 $622,071 $149,545 $2,448,906 
Total assets$557,248 $971,731 $396,163 $627,303 $494,630 $3,047,075 
Total liabilities$(200,645)$(513,458)$(89,605)$8,273 $(376,123)$(1,171,558)
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)
6.    Inventories
September 30,
2026		December 31,
2025
Finished goods$11,489 $6,063 
Metal in circuit1,384 2,705 
Ore stockpiles16,264 1,617 
Materials and supplies59,678 45,847 
Total$88,815 $56,232 
During the three and nine months ended September 30, 2026, the total cost of inventories recognized in the consolidated statements of income (loss) amounted to $124.9 million and $371.7 million, respectively (September 30, 2025 - $103.6 million and $266.1 million). As at September 30, 2026, materials and supplies are recorded net of an obsolescence provision of $4.6 million (December 31, 2025 - $5.5 million).
Page | 10

Notes to the Condensed Consolidated Interim Financial Statements
Three and nine months ended September 30, 2026 and 2025
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
7.     Other Financial Assets
September 30,
2026		December 31,
2025
McFarlane Lake Mining (a)$28,889 $6,580 
Denarius Metals (b)23,774 21,435 
Total$52,663 $28,015 
a) McFarlane Lake Mining Limited ("McFarlane")
The Company's investment in McFarlane is carried at $28.9 million as at September 30, 2026. During the three and nine months ended September 30, 2026, the Company recognized fair value gains of $13.6 million and $22.3 million, respectively (2025 - gains of $0.3 million and $0.3 million), in gain (loss) on financial instruments.
b) Denarius Metals ("Denarius")
The Company’s investment in Denarius is carried at $23.8 million at September 30, 2026. During the three and nine months ended September 30, 2026, the Company recognized fair value gains of $2.1 million and $0.9 million, respectively (2025 - gains of $2.7 million and of $2.5 million), in gain (loss) on financial instruments.
On July 31, 2026, Denarius redeemed all of its outstanding convertible debentures through the issuance of common shares. As a result, the Company received 36,478,223 Denarius common shares in settlement of its convertible debentures. The convertible debentures were remeasured to fair value immediately prior to the redemption, resulting in a loss of $0.1 million recognized in gain (loss) on financial instruments for the three and nine months ended September 30, 2026. The shares received were recognized at fair value based on the quoted market price of C$0.47 on July 31, 2026 (Level 1). Following the redemption, the Company held 59,607,237 Denarius common shares and 2,000,000 warrants and the Company has determined that it does not have significant influence over Denarius.
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 marketable securities1,167 262 — 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 securities1,645 — — 1,645 
Expired (Note 18)— (162)— (162)
Redemption of Denarius debenture11,273 — (11,273)— 
Change in fair value (Note 18)2,826 — (1,970)856 
Other financial asset as at September 30, 2026$23,515 $259 $— $23,774 









Page | 11

Notes to the Condensed Consolidated Interim Financial Statements
Three and nine months ended September 30, 2026 and 2025
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
8.    Mining Interests, 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$235,899 $17,990$82,513$591,369 $459,306 $1,122,780$2,509,857
Additions4,607 3,04448,48188,988 165,868 27,754338,742
Disposals(1,259)(1,050)—— — —(2,309)
Transfers13,880 —(12,957)1,457 (1,891)(489)—
Change in reclamation and rehabilitation (Note 11a)— ——(783)— 223(560)
Capitalized interest— ——— 51,720 —51,720
Exchange difference24,272 1,813 10,221 82,925 43,278 1,956 164,465 
Balance at September 30, 2026$277,399 $21,797$128,258$763,956 $718,281 $1,152,224$3,061,915
Accumulated depreciation and impairment charges
Balance at December 31, 2025$(115,393)$(11,862)$—$(264,499)$— $(179,476)$(571,230)
Depreciation and depletion(18,055)(2,628)—(33,046)— —(53,729)
Disposals667 897—— — —1,564
Exchange difference(15,463)(1,324)—(33,526)— —(50,313)
Balance at September 30, 2026$(148,244)$(14,917)$—$(331,071)$— $(179,476)$(673,708)
Net book value at December 31, 2025$120,506 $6,128$82,513$326,870 $459,306 $943,304$1,938,627
Net book value at September 30, 2026$129,155 $6,880$128,258$432,885 $718,281 $972,748$2,388,207
Plant and
equipment		Right of use assetsConstruction in progressDepletable mineral propertiesNon-depletable development
projects		Exploration
projects ⁽¹⁾		Total
Cost
Balance at December 31, 2024$173,040 $14,557 $67,294 $425,896 $287,446 $1,126,649 $2,094,882 
Additions8,327 3,281 32,296 63,138 111,800 25,907 244,749 
Disposals(1,938)(1,784)— — — (23,887)(27,609)
Transfers30,603 — (28,223)19,941 (13,312)(9,009)— 
Change in reclamation and rehabilitation (Note 11a)— — — (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$235,899 $17,990 $82,513 $591,369 $459,306 $1,122,780 $2,509,857 
Accumulated depreciation and impairment charges
Balance at December 31, 2024$(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$89,528 $5,103 $67,294 $231,266 $287,446 $947,173 $1,627,810 
Net book value at December 31, 2025$120,506 $6,128 $82,513 $326,870 $459,306 $943,304 $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.


Page | 12

Notes to the Condensed Consolidated Interim Financial Statements
Three and nine months ended September 30, 2026 and 2025
(Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
8.    Mining Interests, Plant & Equipment (cont.)
September 30,
2026		December 31,
2025
Capitalized interest - Gold Notes (Note 10b)$29,450 $25,590 
Capitalized interest - Deferred revenue (Note 12a)13,426 13,751 
Capitalized interest - 2029 Senior Notes (Note 10a)8,904 — 
Capitalized interest - Other(60)(634)
Total$51,720 $38,707 
9.    Accounts Payable and Accrued Liabilities
September 30,
2026		December 31,
2025
Trade payables related to operating, general and administrative expenses$104,868 $102,636 
Trade payables related to capital expenditures47,503 11,873 
Other provisions15,786 11,320 
RSU, DSU and PSU liability (Note 13e,f,g)18,413 28,904 
Total$186,570 $154,733 
10.     Long-term Debt
September 30,
2026		December 31,
2025
2029 Senior Notes (a)458,258 443,265 
Gold Notes (b)42,670 76,197 
Total500,928 519,462 
Less: current portion(57,670)(53,684)
Non-current portion$443,258 $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 accrued18,096 
Interest expense paid(18,000)
Accretion (Note 17)
1,196 
Capitalized interest8,904 
Carrying value of debt as at September 30, 2026$464,541 
Embedded derivative assetAmount
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)(4,797)
Carrying value of embedded derivative asset as at September 30, 2026$6,283 

Page | 13

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
10.     Long-term Debt (cont.)
Amount
Total carrying value of the 2029 Senior Notes as at September 30, 2026$458,258 
Less: current portion, represented by accrued interest(15,000)
Non-current portion as at September 30, 2026$443,258 
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 September 30, 2026 was $15.5 million. The fair value of the Gold Notes was calculated using valuation pricing models as at September 30, 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⁾(12,191,447)(12,191)
Change in fair value through profit and loss (Note 18)—(20,907)
Change in fair value through other comprehensive income due to changes in credit risk—(429)
Balance of Gold Notes as at September 30, 202615,516,388$42,670 
Less: current portion(15,516,388)(42,670)
Non-current portion as at September 30, 2026—$— 
(1)During the three and nine months ended September 30, 2026, the Company also paid $9.0 million and $29.4 million, respectively, in interest and premium payments (three and nine months ended September 30, 2025 - $6.3 million and $17.3 million, respectively).
As at September 30, 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(560)(86)— 218 (428)
Settlement of provisions(145)— (635)(270)(1,050)
Accretion expense (Note 17)
908 — 990 — 1,898 
Exchange difference1,426 697 1,733 351 4,207 
As at September 30, 2026$14,616 $6,244 $15,876 $2,701 $39,437 
Less: current portion(613)(5,882)(862)(1,003)(8,360)
Non-current portion$14,003 $362 $15,014 $1,698 $31,077 


Page | 14

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 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 September 30, 2026 and December 31, 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 operations as follows:
September 30, 2026December 31, 2025September 30, 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$4.1 13,664 $3.7 13,873 $37.3 124,495 $32.8 123,195 
Segovia8.7 28,964 7.7 29,073 18.0 60,257 16.0 60,067 
Soto Norte1.9 6,217 1.6 5,859 8.6 28,866 10.4 38,917 
The following table summarizes the assumptions used to determine the reclamation and rehabilitation provision:
Expected date
of expenditures		Inflation ratePre-tax risk-free
rate
Marmato
2043-2049
2.86%13.06%
Segovia
2026-2037
3.34%12.88%
Soto Norte2026-20543.95%12.87%
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 35.5 billion ($10.6 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:
September 30, 2026December 31, 2025
USDCOPUSDCOP
(expressed in millions)(expressed in millions)(expressed in millions)(expressed in millions)
Environmental fees potential liability $6.2 20,848 $5.6 21,150 
c)Health plan obligations
The health plan obligation of COP 53.0 billion ($15.9 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 September 30, 2026, non-current cash in trust includes approximately $1.2 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
September 30,
2026		December 31,
2025
Marmato (a)$207,698 $116,813 
Toroparu (b)84,000 84,000 
Total$291,698 $200,813 
Less: current portion(27,213)(8,587)
Non-current portion$264,485 $192,226 


Page | 15

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 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 Wheaton Precious Metals International Ltd. ("WPMI"). During the three and nine months ended September 30, 2026, the Company received $42.0 million and $82.0 million respectively, from WPMI following the achievement of the 50% and 75% construction milestones, bringing the total stream funding received from WPMI to the full $175.0 million commitment. The key terms of the PMPA are summarized in the annual financial statements.
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 September 30, 2026:
Key inputs in the estimateSeptember 30, 2026December 31, 2025
Financing rate12.50%12.50%
Gold price
$3,570 - $4,632
$3,137 - $4,069
Silver price
$50.17 - $70.96
$34.59 - $49.31
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 WPMI81,984 
Recognition of revenue on ounces delivered(3,356)
Cumulative catch-up adjustment (Note 15)(1,169)
Accretion (Note 8)13,426 
As at September 30, 2026$207,698 
Less: current portion(27,213)
Non-current portion as at September 30, 2026$180,485 
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 of which is non-current, representing 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 | 16

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 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 MDC Industry Holding Company LLC ("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 $5.0 million during the year ended December 31, 2025.
d)Stock option plan
The Company has a rolling Stock Option Plan (the “Option Plan”) in compliance with the TSX policies for granting stock options. Under the Option Plan, the maximum number of common shares reserved for issuance may not exceed 10% of the total number of issued and outstanding common shares and, to any one option holder, may not exceed 5% of the issued common shares on a yearly basis. The exercise price of each stock option will not be less than the market price of the Company’s stock at the date of grant. Each stock option vesting period and expiry is determined on a grant-by-grant basis. A summary of the change in the stock options outstanding during the nine months ended September 30, 2026 and year ended December 31, 2025 is as follows:
Options
outstanding		Weighted average
exercise price (C$)
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)
(1,122,467)4.69 
Expired or cancelled(151,290)7.95 
Balance at September 30, 20263,867,257$7.24 
(1)The weighted average share price at the date stock options were exercised was C$27.22 for the nine months ended September 30, 2026 and C$11.32 for the year 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 onNine months ended September 30, 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







Page | 17

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
13.    Share Capital (cont.)
The table below summarizes information about the stock options outstanding and the common shares issuable as at September 30, 2026:
Options outstandingOptions exercisable
Exercise prices (C$)Number of optionsWeighted average exercise price
(C$/Share)		Weighted average remaining life
(Years)		Number of optionsWeighted average exercise price
(C$/Share)		Weighted average remaining life
(Years)
$4.00 - $5.001,076,472$4.09 0.31,076,472$4.09 0.3
$5.01 - $10.002,444,678$5.71 1.31,360,175$5.47 1.2
$10.01 - $30.00346,107$27.74 2.3—$— —
e)RSUs
A summary of changes to the RSU liability during the nine months ended September 30, 2026 and the year ended December 31, 2025 is as follows:
UnitsAmount
Balance at December 31, 2025—$— 
Granted and vested during the period
143,8891,332 
Cancelled(3,019)— 
Change in fair value
—(206)
Balance at September 30, 2026140,870$1,126 
Less: current portion(602)
Non-current portion at September 30, 2026$524 
During the nine months ended September 30, 2026, 143,889 RSUs were granted at 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 nine months ended September 30, 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 $22.26 
Paid(190,138)(3,741)
Change in fair value—1,130 
Balance at September 30, 2026391,920$6,838 $24.77 
The DSU liability at September 30, 2026 was determined based on the Company’s quoted closing share price on the TSX, a Level 1 fair value input, of C$24.77 ($17.45) (December 31, 2025 - C$22.26 ($16.23)) per share.











Page | 18

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)
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13.    Share Capital (cont.)
g)Performance share units ("PSUs")
A summary of changes to the PSU liability during the nine months ended September 30, 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 period213,5392,503 
Expired/cancelled(106,690)— 
Paid(760,821)(22,675)
Change in fair value—6,474 
Balance at September 30, 20261,613,285$18,895 
Less: current portion recorded as accounts payable(10,973)
Non-current portion recorded in other long-term liabilities at September 30, 2026$7,922 
During the nine months ended September 30, 2026, 213,539 PSUs were granted for a weighted average fair value of C$27.74 (December 31, 2025 - C$5.68).
h)Share-based compensation expense
Three months ended September 30,Nine months ended September 30,
2026202520262025
Stock-option expense$595 $807 $2,028 $2,447 
RSU expense471 — 1,126 — 
DSU (recovery) expense1,002 1,875 1,130 3,886 
PSU (recovery) expense4,400 6,815 8,977 15,084 
Total$6,468 $9,497 $13,261 $21,417 
i)Earnings per share
Three months ended September 30, 2026Three months ended September 30, 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 EPS206,519,188$66,692 $0.32 199,171,052$42,011 $0.21 
Effect of dilutive stock-options2,758,592—3,343,752—
Diluted EPS209,277,780$66,692 $0.32 202,514,804$42,011 $0.21 
Nine months ended September 30, 2026Nine months ended September 30, 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 EPS206,296,949$258,549 $1.25 183,644,213$27,482 $0.15 
Effect of dilutive stock-options2,785,004—2,754,993—
Diluted EPS209,081,953$258,549 $1.24 186,399,206$27,482 $0.15 

Page | 19

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)
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13.    Share Capital (cont.)
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 and nine months ended September 30, 2026, 346,107 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 earnings per share.
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 $458.3 million (carrying amount - $459.2 million).
Financial assets and liabilities measured at FVTPL on a recurring basis include the DSU payable, PSU payable, RSU payable, Gold Notes, 2029 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:
September 30, 2026December 31, 2025
Level 1Level 2Level 1Level 2
Gold Notes (Note 10b)
$— $42,670 $— $76,197 
RSU, DSU and PSU liabilities (Note 13e,f,g)
7,964 18,895 28,903 13,139 
2029 Senior Notes embedded derivative (Note 10a)— 6,283 — 11,080 
Investment in McFarlane (Note 7a)28,889 — 6,580 — 
Investment in Denarius (Note 7b)
23,774 — 8,195 13,240 
At September 30, 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
September 30,
2026		December 31,
2025
VAT recoverable
$61,091 $63,495 
Tax recoverable748 4,013 
Trade receivables8,725 8,964 
Other245 324 
Total$70,809 $76,796 

Page | 20

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
14.    Financial Risk Management (cont.)
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 September 30, 2026, the Company expects to recover the outstanding amount of current VAT recoverable 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 September 30, 2026. In addition to other commitments already disclosed, the Company’s undiscounted commitments including interest and premiums at September 30, 2026 are as follows:
Less than 1 year1 to 3 years4 to 5 yearsOver 5 yearsTotal
Trade, tax and other payables $267,845 $— $— $— $267,845 
Reclamation and closure costs 655 2,570 — 60,709 63,934 
Lease payments1,008 4,304 1,471 1,368 8,151 
Gold Notes 50,888 — — — 50,888 
Senior Unsecured Notes36,000 540,000 — — 576,000 
Other contractual commitments ⁽¹⁾31,927 14,373 9,608 — 55,908 
Total$388,323 $561,247 $11,079 $62,077 $1,022,726 
(1)Includes binding commitments for capital and operating purchase obligations that the Company has entered into as at September 30, 2026.
Following receipt of funds under the Marmato and Toroparu PMPA, Aris Mining’s silver and gold production from the Marmato Mine and Toroparu Project is subject to the terms of the PMPA with WPMI.
d)Foreign currency risk
The Company is exposed to foreign currency fluctuations. Such exposure arises primarily from:
•Translation of subsidiaries that have a functional currency, such as COP, which differ from the USD functional currency of the Company. The impact of such exposure is recorded through other comprehensive income (loss).
•Translation of monetary assets and liabilities denominated in foreign currencies, such as the Canadian dollar (“C$”) 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 September 30, 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:
September 30,
2026		Impact of a 10%
change		December 31,
2025		Impact of a 10%
change
Canadian dollar (C$)27,586 2,509 29,676 2,699 
Colombian peso (COP)137,963 12,543 91,727 8,339 
Guyanese dollar (GYD)440 39 1,008 91 

Page | 21

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
14.    Financial Risk Management (cont.)
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 September 30, 2026, the Company had no outstanding commodity hedging contracts in place.
15.    Revenue
Three months ended September 30,Nine months ended September 30,
2026202520262025
Gold in dore(1)
$287,420 $253,456 $972,166 $607,829 
Silver in dore(1)
4,874 2,974 15,908 7,028 
Metals in concentrate3,335 1,685 8,882 4,242 
Cumulative catch-up adjustment (Note 12a)(210)— 1,169 — 
Total$295,419 $258,115 $998,125 $619,099 
(1)Total deferred revenue amortized and recognized as gold revenue during the three and nine months ended September 30, 2026 was $1.0 million and $3.0 million, respectively (September 30, 2025 - $1.5 million and $3.4 million). Total deferred revenue amortized and recognized as silver revenue for the three and nine months ended September 30, 2026 was $0.2 million and $0.4 million, respectively (September 30, 2025 - $0.1 million and $0.3 million).
16.    Cost of Sales
Three months ended September 30,Nine months ended September 30,
2026202520262025
Production costs$124,887 $103,605 $371,709 $266,112 
Royalties12,107 10,087 41,257 24,029 
Total$136,994 $113,692 $412,966 $290,141 
17.    Finance Costs
Three months ended September 30,Nine months ended September 30,
2026202520262025
Interest expense$5,264 $8,192 $18,206 $27,071 
Accretion of 2029 Senior Notes (Note 10a)
407 374 1,196 1,099 
Accretion of lease obligations
364 292 634 568 
Accretion of provisions (Note 11)
688 532 1,898 1,522 
Total$6,723 $9,390 $21,934 $30,260 
Page | 22

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)
arisminingimage.jpg
18. Gain (Loss) on Financial Instruments
Three months ended September 30,Nine months ended September 30,
2026202520262025
Financial assets
Denarius common shares (Note 7b)
$2,144 $531 $2,826 $(764)
Denarius debenture (Note 7b)(60)2,156 (1,970)3,468 
Denarius warrants (Note 7b)— (1)(162)(75)
Embedded derivative asset in 2029 Senior Notes (Note 10a)(4,691)4,631 (4,797)8,806 
Investment in McFarlane common shares (Note 7a)13,582 285 22,308 284 
Other gain (loss) on financial instruments56 — (100)— 
Total financial assets11,031 7,602 18,105 11,719 
Financial liabilities
Gold Notes (Note 10b)
3,195 (7,563)20,907 (18,950)
ARIS.WT.A Listed warrants
— (6,424)— (66,519)
Total financial liabilities3,195 (13,987)20,907 (85,469)
Total$14,226 $(6,385)$39,012 $(73,750)
19.    Supplemental Cash Flow Information
The following table summarizes other adjustments for non-cash income statement items and changes in non-cash operating working capital items.
Three months ended September 30,Nine months ended September 30,
2026202520262025
Other operating activities
Other adjustments for operating activities
Amortization of deferred revenue and cumulative catch-up$(667)$(1,495)$(4,525)$(4,097)
Loss on disposal of Juby Project— 3,200 — 3,200 
Increase in cash in trust for health obligation (22)— (3,741)— 
Settlement of reclamation and rehabilitation, environmental, health plan, and other provisions(573)— (1,050)— 
Other177 65 678 160 
Total$(1,085)$1,770 $(8,638)$(737)
Net change in non-cash working capital items:
Accounts receivable and other (excluding VAT recoverable)$3,828 $(5,521)$(341)$(8,285)
VAT recoverable(21,988)(16,022)8,260 3,029 
Inventories(21,251)1,498 (26,149)(5,345)
Other current assets68 1,023 (6,148)(679)
Accounts payable and accrued liabilities16,268 8,901 (7,213)15,117 
Total$(23,075)$(10,121)$(31,591)$3,837 
Page | 23

Source: View Original Filing on SEC EDGAR

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