Record Q1 2026 results at Aris Mining (NYSE: ARIS) with strong cash flow

Rhea-AI Filing Summary

Aris Mining delivered record Q1 2026 results, with stronger production, profitability, and cash generation supporting its South American growth plans. Total gold production reached 74.3 koz, up from 69.9 koz in Q4 2025 and 54.8 koz in Q1 2025, while gold sold was 74.8 koz.

EBITDA rose to $181.9 million and adjusted EBITDA to $212.1 million, with last-12‑month adjusted EBITDA of $610 million. Net earnings were $98 million or $0.47 per share, and adjusted earnings were $124 million or $0.60 per share, both sharply higher than a year earlier.

Consolidated all‑in sustaining cost totaled $158.1 million, with Segovia owner‑mining AISC at $1,492/oz. Operating cash flow before taxes was $185.0 million and free cash flow after growth and expansion capital was $41.6 million, even as the company invested heavily in Marmato, Segovia, Soto Norte, and Toroparu to support its longer‑term objective of approximately 1 million ounces of annual gold production.

Positive

• Record earnings and cash flow – Q1 2026 EBITDA rose to $181.9M and adjusted EBITDA to $212.1M, with net earnings of $98M and adjusted earnings of $124M, a substantial improvement over Q1 2025 while still funding significant growth capital from internal cash generation.

Negative

• None.

Insights

Mining equity analyst

Record Q1 margins and cash flow fund aggressive project build‑out.

Aris Mining posted a step‑change in profitability in Q1 2026. EBITDA reached $181.9M and adjusted EBITDA $212.1M, compared with $40M and $67M in Q1 2025. Higher gold production of 74.3 koz and robust realized prices drove this improvement.

Net earnings climbed to $98M and adjusted net earnings to $124M, or $0.60/share, with last‑12‑month adjusted earnings of $337M. Despite heavy growth spending of $61.3M in Q1 2026, the company still generated free cash flow after growth capital of $41.6M, indicating projects are being funded from internal cash generation.

Operationally, Segovia’s owner‑mining AISC of $1,492/oz shows improved cost performance versus Q4 2025, while CMP‑related ounces remain higher cost. Progress milestones at Marmato, Soto Norte, and Toroparu support the stated objective of approximately 1 million ounces of annual gold production, though actual delivery depends on execution and permitting outcomes disclosed for 2026‑2027.

Key Figures

Gold production: 74.3 koz Gold sold: 74.8 koz EBITDA: $181.9M +5 more

8 metrics

Gold production 74.3 koz Total gold production in Q1 2026 vs 54.8 koz in Q1 2025

Gold sold 74.8 koz Total gold sold in Q1 2026

EBITDA $181.9M EBITDA for Q1 2026

Adjusted EBITDA $212.1M Adjusted EBITDA for Q1 2026; last 12 months $610M

Net earnings $98M ($0.47/share) Net earnings attributable to owners in Q1 2026

Adjusted earnings $124M ($0.60/share) Adjusted net earnings in Q1 2026

Free cash flow after growth capital $41.6M Free cash flow after growth and expansion capital in Q1 2026

Segovia owner-mining AISC $1,492/oz All-in sustaining cost per ounce sold at Segovia owner mining, Q1 2026

Key Terms

all-in sustaining cost, EBITDA, adjusted net earnings, preliminary economic assessment, +2 more

6 terms

all-in sustaining cost financial

"All-in sustaining cost per ounce – business units (Segovia)"

All-in sustaining cost (AISC) is a per-unit measure that shows the full, ongoing cost to produce a commodity, typically an ounce of metal, including direct mining costs, sustaining capital (ongoing equipment and mine upkeep), royalties, and general overhead. For investors it matters because AISC reveals the durable earning power and true profit margin of a producer—like calculating the total monthly cost to own and operate a car to judge whether selling rides is profitable over time.

EBITDA financial

"Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

adjusted net earnings financial

"Adjusted net earnings and adjusted net earnings per share"

Adjusted net earnings are a company’s reported profit after removing one-time, unusual or non-cash items (like asset write-downs, restructuring costs or large legal settlements) so investors can see the recurring core profit. Think of it like looking at a household’s monthly budget after excluding a rare emergency expense; it helps investors judge ongoing business health and compare performance across periods without distortion from isolated events.

preliminary economic assessment financial

"preliminary economic assessment effective October 21, 2025, which contemplates a 7.0 Mtpa operation"

A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.

Prefeasibility Study financial

"a Prefeasibility Study is in progress to support a construction decision expected in early 2027"

A prefeasibility study is an early, high-level assessment that tests whether a proposed project is likely to be technically workable and economically viable before committing large resources. Like a rough blueprint and budget for a construction project, it provides preliminary estimates of costs, potential returns, key risks and data gaps so investors can decide whether to proceed to more detailed studies or funding.

Non-GAAP financial measures financial

"All references to adjusted earnings, EBITDA, adjusted EBITDA ... are non-GAAP financial measures"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Form 6-K: How Foreign Companies Report to the SEC →

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

FORM 6-K

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

For the month of May 2026

Commission File Number: 001-41794

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

Suite 2400 - 1021 West Hastings St., Vancouver, BC, 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 ☒

SIGNATURES

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

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

EXHIBIT INDEX
Exhibit Number		Description
99.1		Press Release dated May 6, 2026

Exhibit 99.1

  NEWS RELEASE TSX & NYSE: ARIS aris-mining.com

ARIS MINING REPORTS Q1 2026 RESULTS

Record Revenue, Cash Flow, and Adjusted Earnings with All Four Assets Advancing

Vancouver, Canada, May 6, 2026 – Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS; NYSE: ARIS) announces its financial and operating results for the three months ended March 31, 2026 (Q1 2026). All amounts are in U.S. dollars unless otherwise indicated.

Q1 2026 Financial Performance

● Production of 74.3 thousand ounces (koz) of gold, up 6% from Q4 2025.

● Gold revenue of $364 million, up 21% from Q4 2025.

● Adjusted EBITDA¹ of $212 million, up 26% from Q4 2025. On a trailing 12-month basis, Adjusted EBITDA¹ of $610 million.

● Adjusted net earnings of $124 million or $0.60/share, up from $0.46/share in Q4 2025.

● Cash balance of $472 million as of March 31, 2026, up $80 million from December 31, 2025.

● Net debt reduced to near zero.

Neil Woodyer, Chair and CEO, commented “Supported by record financial results and strong cash generation from our operations, we advanced all four of our assets in Q1 2026. At Segovia, the ongoing ramp-up contributed to a 5% increase in production compared with Q4 2025. At Marmato, construction of the new 5,000 tonnes per day (tpd) CIP plant remains on schedule for first gold in Q4 2026, and the April 2026 decline breakthrough into the cross-cut marked an important milestone, providing direct access to the plant.

At Toroparu, the prefeasibility study is progressing well, with updated mineral resource and reserve estimates advancing to support mine schedule optimizations, and a construction decision is expected in early 2027. At Soto Norte, the submission of the environmental license application is nearing completion, alongside active engagement with the Colombian regulators to support a collaborative approach to the submission and review process.

With our producing assets delivering strong results and our growth projects continuing to advance, Aris Mining is well positioned to achieve its longer-term objective of approximately 1 million ounces of annual gold production.² With the right assets in place, we remain focused on executing and delivering against our plans.”

	Q1 2026	Q4 2025	Q1 2025
Gold production (koz), total	74.3	69.9	54.8
Gold sold (koz), total	74.8	71.7	54.3
Segovia – AISC1, Owner Mining ($/oz sold)	$1,492	$1,662	$1,482
Segovia – CMP3 AISC1 Sales Margin1	40%	46%	41%
EBITDA1 (US$M)	$182	$120	$40
Adjusted EBITDA1 (US$M)	$212	$168	$67
Adjusted EBITDA1, last 12 months (US$M)	$610	$464	$201
Net earnings4 (US$M)	$98 or $0.47/share	$51 or $0.25/share	$2 or $0.01/share
Adjusted earnings4 (US$M)	$124 or $0.60/share	$94 or $0.46/share	$27 or $0.16/share
Adjusted earnings4, last 12 months (US$M)	$337 or $1.71/share	$241 or $1.28/share	$78 or $0.46/share

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  NEWS RELEASE TSX & NYSE: ARIS aris-mining.com

Q1 2026 Operational Performance

● Segovia produced 66.6 koz, a 5% increase over Q4 2025.

o Production reflected the processing of 175.4 thousand tonnes (kt) at 12.41 g/t, compared to 201.1 kt at 10.10 g/t in Q4 2025.

o AISC margin increased 31% to $199 million from Q4 2025, supported in part by a 23% increase in average mill feed grade.

o Owner-operated mining contributed 64% of the mill feed, while Contract Mining Partner (CMP) sourced mill feed contributed 36%, consistent with Q4 2025.

o Owner-operated mining AISC was $1,492/oz, compared to $1,662/oz in Q4 2025, outperforming the full-year 2026 guidance range of $1,700 to $1,800/oz, primarily reflecting a 14% increase in owner-mining attributable ounces sold, driven in part by higher average grades.

o CMP-sourced gold delivered an AISC sales margin of 40%, achieving the top-end of the full-year 2026 guidance range of 35% to 40%.

o Combined AISC was $1,963/oz, up 4% from $1,891/oz in Q4 2025, reflecting the factors driving Owner-operated mining and CMP AISC described above.

Figure 1: Combined AISC and Realized Gold Price Trends ($/oz) – Segovia

 

● Marmato produced 7.8 koz, a 16% increase over Q4 2025.

o Production reflected the processing of 77.0 kt at 3.53 g/t, compared to 74.6 kt at 3.12 g/t in Q4 2025.

o This increased production reflects the operating capacity of the existing flotation plant together with mill feed sourced primarily from ore development and stopes in the Bulk Mining Zone.

o Throughput is expected to increase materially upon commissioning of the new Carbon-in-Pulp (CIP) plant later this year in the fourth quarter.

o Aris Mining plans to exit 2026 operating the 5,000 tpd design capacity CIP plant at approximately 3,000 tpd. Production is expected to increase through 2027, with throughput increasing to approximately 4,000 tpd by mid-2027 and reaching the full 5,000 tpd by the end of 2027 when the paste backfill plant is fully commissioned.

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  NEWS RELEASE TSX & NYSE: ARIS aris-mining.com

Project Development Highlights

● Strong operating cash flow fully funded growth and generated $42 million in net cash flow

o In Q1 2026, operations generated $103 million in cash flow after sustaining capital and income taxes, fully funding the Company’s growth and expansion initiatives. After expansion capital, Aris Mining generated net cash flow of $42 million. Refer to the cash-flow summary in the following sections and MD&A for additional analysis.

● Marmato construction advancing on schedule

o The new underground decline has now broken through into the cross-cut, marking an important milestone that provides direct access from the Bulk Mining Zone to the new 5,000 tpd CIP plant. This connection establishes an additional access and ventilation pathway, facilitates ore and waste haulage between existing and new infrastructure, and supports the initial ramp-up of mine production.

o The main civil, mechanical, and electrical works are advancing, with foundations for the mills, tailings thickener, and leach and CIP tanks completed.

o Construction of underground workshops, main pump station and field offices will begin in Q2 2026.

o First gold from the new CIP plant remains on schedule for Q4 2026.

● Toroparu Project (100% owned, Guyana)

o Aris Mining initiated a Prefeasibility Study (PFS) last year, targeted for completion in H2 2026, to support a construction decision in early 2027.

o Work on updated mineral resource and reserve estimates is progressing well with mine scheduling and optimizations currently underway.

o Alongside the PFS, Aris Mining is also conducting geotechnical drilling, metallurgical test work, mining operation trade-off studies and detailed engineering to enable construction readiness by early 2027.

o Select pre-construction activities are continuing, including construction of the bridge at the Puruni River crossing, key personnel ramp up, camp expansion and ongoing road works.

o Preliminary Economic Assessment (PEA) completed in October 2025, outlining an attractive project with average annual gold production of 235 koz and an after-tax NPV_5% of $1.8 billion, IRR of 25%, and 3.0-year payback at an assumed gold price of $3,000/oz.⁵

● Soto Norte Project (100% owned, Colombia)

o The studies required for submission of the environmental license application in support of the development of Soto Norte are nearing completion, supporting a targeted Q2 2026 submission.

o Aris Mining continues active engagement with the Colombian regulators to support a collaborative approach to the environmental license submission and review process.

o PFS completed in September 2025, demonstrating robust economics with average annual gold production (years 2 to 10) of 263 koz and an after-tax NPV_5% of $2.7 billion, IRR of 35%, and 2.3-year payback at an assumed gold price of $2,600/oz.⁶ Strong leverage to higher gold prices, at $3,000/oz the NPV_5% increases to $3.3 billion with an IRR of 40%.

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  NEWS RELEASE TSX & NYSE: ARIS aris-mining.com

o The PFS incorporates industry-leading environmental and social design features, including a metallurgical process free of cyanide and mercury and the integration of local community miners – 750 tpd (over 20% of Soto Norte’s 3,500 tpd processing capacity) has been dedicated to local contract mining partners.

Q1 2026 Conference Call Details

Management will host a conference call on Thursday, May 7, 2026, at 6:00 am PT / 9:00 am ET / 2:00 pm GMT to discuss the results.

Participants may gain expedited access to the conference call by registering at Diamond Pass Registration. Once registered, call-in details will be displayed on screen which can be used to bypass the operator and avoid the call queue. Registration will remain open until the end of the live conference call.

Webcast

● Link: Webcast | Q1 2026 Conference Call

Conference Call

● Toll-free North America: +1-833-821-0197

● International: +1-647-846-2328

Audio Recording

● After the call, an audio recording will be available via telephone until end of day May 14, 2026

● Toll-free in the US and Canada: +1-855-669-9658

● International: +1-412-317-0088; and using the access code: 7133252

A replay of the event will be archived at Events & Presentations - Aris Mining Corporation.

Aris Mining's Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2026 and related MD&A are available on SEDAR+, in the Company’s filings with the U.S. Securities and Exchange Commission (the SEC) and in the Financials section of Aris Mining's website here. Hard copies of the financial statements are available free of charge upon written request to info@aris-mining.com.

About Aris Mining

Aris Mining is a Canadian gold mining company focused on South America. The Company operates the Segovia and Marmato underground gold mines in Colombia, which together produced approximately 257,000 ounces of gold in 2025. Aris Mining is listed on the TSX and NYSE under the symbol ARIS.

The Company is advancing expansion projects at Segovia and Marmato that are expected to increase annual gold production to approximately 500,000 ounces ⁷, driven by the ramp-up at Segovia following the installation of the second mill, which was completed in June 2025, and construction of the new Marmato bulk mine and CIP plant, with first gold expected in Q4 2026.

Aris Mining’s portfolio supports a longer-term objective of approximately 1 million ounces of annual gold production². Key projects include the high-grade Soto Norte gold project in Colombia, where environmental studies are being finalized for submission in Q2 2026 to initiate the licensing process, and the Toroparu gold project in Guyana, where a Prefeasibility Study is in progress to support a construction decision expected in early 2027.

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  NEWS RELEASE TSX & NYSE: ARIS aris-mining.com

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

Aris Mining Contact

Oliver Dachsel	Lillian Chow
Senior Vice President, Capital Markets	Director, Investor Relations & Communications
+1.917.847.0063	info@aris-mining.com

Endnotes

1. All references to adjusted earnings, EBITDA, adjusted EBITDA, growth capital investment, cash flow after sustaining capital and income taxes, cash costs ($ per oz) and AISC ($ per oz) are non-GAAP financial measures in this document. These measures are intended to provide additional information to investors. They do not have any standardized meanings under IFRS, and therefore may not be comparable to other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Refer to the Non-GAAP Measures section in this document for a reconciliation of these measures to the most directly comparable financial measure disclosed in the Company’s financial statements.

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.

3. Aris Mining operates its own mines and contracts with community-based mining partners, referred to as Contract Mining Partners or CMPs, to increase total gold production. Some partners work within Aris Mining’s infrastructure, while others manage their own mining operations on Aris Mining’s titles using their own infrastructure. In addition, Aris Mining purchases high grade mill feed from third-party contractors operating off-title, which further optimizes production and increases operating margins.

4. Net earnings represents net earnings attributable to owners of the company, as presented in the annual and interim financial statements for the relevant period.

5. See technical report dated October 28, 2025 and entitled “NI 43-101 Technical Report Preliminary Economic Assessment for the Toroparu Project Cuyuni-Mazaruni Region, Guyana”. Note that this PEA is preliminary in nature. It 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.

6. See technical report dated September 3, 2025 and entitled “NI 43-101 Technical Report Prefeasibility Study for the Soto Norte Project, Santander, Colombia.”

7. Reflects expected steady-state annual gold production run-rates of approximately 300 koz at Segovia and 200 koz at Marmato following completion and ramp-up of the respective expansion projects. For more information, please refer to the Company’s news releases dated June 30, 2025 regarding the Segovia expansion and March 12, 2025 regarding the Marmato expansion.

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  NEWS RELEASE TSX & NYSE: ARIS aris-mining.com

Non-GAAP Measures

Cash costs & all-in sustaining cost per ounce

	For the three months ended,
Segovia	Mar 31, 2026	Dec 31, 2025	Mar 31, 2025
Total gold sold (ounces)	67,709	64,456	47,390
Cost of sales1	116,108	103,043	67,091
Less: materials and supplies inventory provision1	—	(1,174)	—
Less: royalties1	(11,139)	(8,598)	(4,519)
Add: by-product revenue1	(7,449)	(5,828)	(3,073)
Total cash costs	97,520	87,443	59,499
Add: royalties1	11,139	8,598	4,519
Add: social contributions1	12,358	9,168	4,061
Add: sustaining capital expenditures and lease payments	11,917	16,654	6,336
Total AISC	132,934	121,863	74,415
AISC per ounce sold	$1,963	$1,891	$1,570
Marmato
Total gold sold (ounces)	7,134	7,261	6,891
Cost of sales1	23,096	21,322	15,384
Less: materials and supplies inventory provision1	—	(254)	—
Less: royalties1	(3,332)	(2,223)	(1,840)
Add: by-product revenue1	(306)	(1,493)	(313)
Total cash costs	19,458	17,352	13,231
Add: royalties1	3,332	2,223	1,840
Add: social contributions1	940	158	273
Add: sustaining capital expenditures	1,481	2,192	733
Total AISC	25,211	21,925	16,077
Consolidated
Total gold sold (ounces)	74,843	71,717	54,281
Cost of sales1	139,204	124,365	82,475
Less: materials and supplies inventory provision1	—	(1,428)	—
Less: royalties1	(14,471)	(10,821)	(6,359)
Add: by-product revenue1	(7,755)	(7,321)	(3,386)
Total cash costs	116,978	104,795	72,730
Add: royalties1	14,471	10,821	6,359
Add: social contributions1	13,298	9,326	4,334
Add: sustaining capital expenditures and lease payments	13,398	18,846	7,069
Total AISC	158,145	143,788	90,492

1. As presented in the financial statements and notes thereto for the respective periods

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  NEWS RELEASE TSX & NYSE: ARIS aris-mining.com

All-in sustaining cost per ounce – business units (Segovia)

	For the three months ended,
Segovia - Owner Mining	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025
Total gold sold (ounces)	45,789	40,260	40,984	32,685	26,963
Cost of sales1	54,858	52,773	48,502	39,532	34,799
Less: inventory provision	—	(895)	—	—	—
Less: royalties1	(7,805)	(5,689)	(5,000)	(3,605)	(2,783)
Add: by-product revenue1	(5,037)	(3,610)	(2,566)	(1,714)	(1,748)
Total cash costs	42,015	42,578	40,936	34,213	30,268
Add: royalties1	7,805	5,689	5,000	3,605	2,783
Add: social contributions1	8,660	6,058	5,155	3,366	2,501
Add: sustaining capital and lease payments	9,835	12,601	8,430	8,511	4,397
Total AISC	68,315	66,926	59,521	49,695	39,949
AISC ($/oz sold)	$1,492	$1,662	$1,452	$1,520	$1,482

Segovia - CMPs
Total gold sold (ounces)	21,920	24,196	24,596	21,066	20,427
Cost of sales1	61,250	50,271	44,747	37,187	32,292
Less: inventory provision	—	(279)	—	—	—
Less: royalties1	(3,334)	(2,909)	(2,532)	(1,934)	(1,736)
Add: by-product revenue1	(2,412)	(2,218)	(1,550)	(1,084)	(1,325)
Total cash costs	55,505	44,865	40,665	34,169	29,231
Add: royalties1	3,334	2,909	2,532	1,934	1,736
Add: social contributions1	3,698	3,110	2,632	1,811	1,560
Add: sustaining capital and lease payments	2,082	4,053	2,256	2,773	1,939
Total AISC	64,619	54,937	48,085	40,687	34,466
AISC ($/oz sold)	$2,948	$2,270	$1,955	$1,931	$1,687
Segovia - Combined
Total gold produced (ounces)	66,567	63,137	65,549	51,527	47,549
Total gold sold (ounces)	67,709	64,456	65,580	53,751	47,390
Gold revenue	331,611	273,127	229,116	177,551	135,310
Avg realized gold price ($/oz sold)	$4,898	$4,237	$3,494	$3,303	$2,855
Cost of sales1	116,108	103,043	93,249	76,719	67,091
Less: inventory provision	—	(1,174)	—	—	—
Less: royalties1	(11,139)	(8,598)	(7,532)	(5,539)	(4,519)
Add: by-product revenue1	(7,449)	(5,828)	(4,116)	(2,798)	(3,073)
Combined cash costs	97,520	87,443	81,601	68,382	59,499
Add: royalties1	11,139	8,598	7,532	5,539	4,519
Add: social contributions1	12,358	9,168	7,787	5,177	4,061
Add: sustaining capital and lease payments	11,917	16,654	10,686	11,284	6,336
Combined AISC	132,934	121,863	107,606	90,382	74,415
AISC ($/oz sold)	$1,963	$1,891	$1,641	$1,681	$1,570
AISC Margin	198,677	151,264	121,510	87,169	60,895

1. As presented in the financial statements and notes thereto for the respective periods

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  NEWS RELEASE TSX & NYSE: ARIS aris-mining.com

Operating free cash flow and free cash flow after growth and expansion capital

($’000)	Mar 31, 2026	Dec 31, 2025	Mar 31, 2025
Operating cash flows before taxes1	184,981	160,462	51,882
Adjusting Items:
Precious metal stream deposit settled (received) 1	(40,016)	10,000	—
Finance income1	(3,383)	(4,353)	(2,336)
Impact of FX on cash and cash equivalents1	814	(545)	768
Adjusted operating cash flows before taxes	142,396	165,564	50,314
Less: Income taxes paid1	(26,171)	(21,686)	(5,121)
Adjusted net cash provided by operating activities	116,225	143,878	45,193
Less: Sustaining capital	(12,837)	(18,389)	(6,589)
Less: Sustaining lease payments	(561)	(457)	(480)
Cash flow from operations after sustaining capital and income taxes	102,827	125,032	38,124
Less: Growth and expansion capital	(61,251)	(67,735)	(43,010)
Free cash flow after growth and expansion capital	41,576	57,297	(4,886)

1. As presented in the financial statements and notes thereto for the respective periods.

Additions to mineral interests, plant and equipment

($’000)	Mar 31, 2026	Dec 31, 2025	Mar 31, 2025
Sustaining capital
Segovia	11,356	16,197	5,856
Marmato	1,481	2,192	733
Total Sustaining Capital	12,837	18,389	6,589
Non-sustaining capital
Marmato	47,031	43,562	29,661
Segovia	5,454	16,161	6,368
Soto Norte Project and other	3,445	4,885	4,570
Toroparu Project	5,321	3,127	2,411
Total (Growth Capital Investment)	61,251	67,735	43,010
Additions to mining interest, plant and equipment1	74,088	86,124	49,599

1. As presented in the financial statements and notes thereto for the respective periods.

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  NEWS RELEASE TSX & NYSE: ARIS aris-mining.com

Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA

($000s)	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025
Earnings (loss) before tax1	161,672	97,519	76,094	12,258
Add back:
Depreciation and depletion1	16,246	16,809	13,459	11,929
Finance income1	(3,383)	(4,353)	(2,437)	(3,474)
Interest and accretion1	7,408	10,431	9,390	10,833
EBITDA	181,943	120,406	96,506	31,546
Add back:
Share-based compensation1	7,602	20,663	9,497	8,136
(Income) loss from equity accounting in investee1	—	(14)	—	—
(Gain) loss on financial instruments1	1,762	3,058	6,385	50,737
Loss on disposal of mining interest and PPE1	—	—	3,200	—
Loss on settlement of deferred revenue1	—	4,990	—	—
Other (income) expense1	9,177	6,447	1,961	1,090
Foreign exchange (gain) loss1	11,590	12,446	13,520	7,224
Adjusted EBITDA	212,074	167,996	131,069	98,733

1. As presented in the financial statements and notes thereto for the respective periods

($000s)		Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024
Earnings (loss) before tax1		21,220	37,513	13,603	17,904
Add back:
Depreciation and depletion1		10,734	9,530	9,019	8,082
Finance income1		(2,336)	(1,606)	(1,351)	(1,691)
Interest and accretion1		10,037	21,165	6,493	6,496
EBITDA		39,655	66,602	27,764	30,791
Add back:
Share-based compensation1		3,784	(483)	2,533	1,373
(Income) loss from equity accounting in investee1		14	14	17	2,301
(Gain) loss on financial instruments1		16,628	(6,561)	12,842	6,144
Other (income) expense1		535	1,116	(428)	2,681
Foreign exchange (gain) loss1		5,997	(5,113)	311	(7,211)
Adjusted EBITDA		66,613	55,575	43,039	36,079

1. As presented in the financial statements and notes thereto for the respective periods.

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  NEWS RELEASE TSX & NYSE: ARIS aris-mining.com

Adjusted net earnings and adjusted net earnings per share

($000s except shares amount)	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025
Basic weighted average shares outstanding1	205,967,201	203,245,172	199,171,052	179,836,208
Net earnings (loss)1	97,614	50,863	42,011	(16,897)
Add back:
Share-based compensation1	7,602	20,663	9,497	8,136
(Income) loss from equity accounting in investee1	—	(14)	—	—
(Gain) loss on financial instruments1	1,762	3,058	6,385	50,737
Loss on disposal of mining interest and PPE1	—	—	3,200	—
Loss on settlement of deferred revenue1	—	4,990	—	—
Other (income) expense1	9,177	6,447	1,961	1,090
Foreign exchange (gain) loss1	11,590	12,446	13,520	7,224
Income tax effect on adjustments	(4,057)	(4,356)	(4,732)	(2,528)
Adjusted net earnings	123,689	94,097	71,842	47,762
Adjusted net earnings per share – basic ($/share)	0.60	0.46	0.36	0.27

1. As presented in the financial statements and notes thereto for the respective periods.

($000s except shares amount)	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024
Basic weighted average shares outstanding1	171,622,649	170,900,890	169,873,924	151,474,859
Net earnings (loss) 1	2,368	21,687	(2,074)	5,713
Add back:
Share-based compensation1	3,784	(483)	2,533	1,373
(Income) loss from equity accounting in investee1	14	14	17	2,301
(Gain) loss on financial instruments1	16,628	(6,561)	12,842	6,144
Other (income) expense1	535	1,116	(428)	2,681
Loss on extinguishment of Senior Notes1	—	11,463	—	—
Foreign exchange (gain) loss1	5,997	(5,113)	311	(7,211)
Income tax effect on adjustments	(2,099)	2,536	(109)	1,738
Adjusted net earnings	27,227	24,659	13,092	12,739
Adjusted net earnings per share – basic ($/share)	0.16	0.14	0.08	0.08

1. As presented in the financial statements and notes thereto for the respective periods.

Cash Cost and All-in Sustaining Cost

Cash costs per ounce, and all-in sustaining cost per ounce (as calculated in the tables above) are performance measures that reflect all the expenditures that are required to produce and sell an ounce of gold from operations. Management believes that these two measures are useful to market participants in assessing operating performance and the Company's ability to generate cash flow from current operations. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures used by other issuers.

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  NEWS RELEASE TSX & NYSE: ARIS aris-mining.com

Operating Cash Flow and Free Cash Flow after Growth and Expansion Capital

Cash flow from operations after sustaining capital and income taxes is calculated as adjusted net cash provided by operating activities, less sustaining capital and income taxes paid. Free cash flow after growth and expansion capital is calculated by further deducting growth and expansion capital. Management believes these measures are useful to market participants in assessing the Company’s ability to generate cash flow from operations after funding its capital requirements. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures used by other issuers.

Growth and Expansion Capital

Growth and expansion capital represents additions to depletable and non-depletable mineral interests, right of use assets, exploration projects, and plant and equipment that are not sustaining in nature. Management believes this measure is useful to market participants in assessing the level of capital invested to expand operations, develop projects and support future growth separately from capital required to sustain current operations. This measure does not have a standardized meaning under IFRS and may not be comparable to similar measures used by other issuers.

EBITDA and Adjusted EBITDA

EBITDA is calculated as earnings before tax, adjusted to add back depreciation and depletion, finance income, and interest and accretion. Adjusted EBITDA is calculated by further excluding items that management does not consider to be reflective of the underlying operating performance. Management believes these measures are useful to market participants in assessing the Company’s operating performance and ability to generate cash flow from operations. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures used by other issuers.

Adjusted Net Earnings and Adjusted Net Earnings Per Share

Adjusted net earnings is calculated as net earnings attributable to owners of the Company, adjusted for items that management does not consider to be reflective of the underlying operating performance of the Company Adjusted net earnings per share is calculated by dividing adjusted net earnings by the basic weighted average number of shares outstanding for the applicable period. Management believes these measures are useful to market participants in assessing the Company’s underlying financial performance and results on a per share basis. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures used by other issuers.

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 news release.

Forward-Looking Information

This news release contains "forward-looking information" or forward-looking statements" within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, including, without limitation, statements relating to the Company’s ability to deliver on its 2026 objectives, updates and timing for completion and first gold pour at the Bulk Mining Zone, timing for completion and ramp-up of the Marmato CIP plant, the expected benefit from the Segovia expansion, the Company’s longer-term growth outlook, the timeline for environmental studies for the Soto Norte Project, the timeline for a Prefeasibility Study and construction decision for the Toroparu Project, the objective of reaching 1 million ounces of gold production, are forward-looking. Generally, the forward-looking information and forward looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "will continue" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved”. The material factors or assumptions used to develop forward looking information or statements are disclosed throughout this news release.

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  NEWS RELEASE TSX & NYSE: ARIS aris-mining.com

Forward looking information and forward looking statements, while based on management's best estimates and assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Aris Mining to be materially different from those expressed or implied by such forward-looking information or forward looking statements, including but not limited to those factors discussed in the section entitled "Risk Factors" in Aris Mining's annual information form dated March 11, 2026 which is available on SEDAR+ at www.sedarplus.ca and included as part of the Company’s Annual report on Form 40-F, filed with the SEC at www.sec.gov.

Although Aris Mining has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. The Company has and continues to disclose in its Management's Discussion and Analysis and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking information and forward-looking statements and to the validity of the information, in the period the changes occur. The forward-looking statements and forward-looking information are made as of the date hereof and Aris Mining disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information.

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FAQ

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

Aris Mining reported much stronger Q1 2026 results, with EBITDA of $181.9 million and adjusted EBITDA of $212.1 million. Net earnings reached $98 million, while adjusted earnings were $124 million, reflecting higher gold production and improved profitability versus Q1 2025.

What were Aris Mining’s Q1 2026 earnings per share?

In Q1 2026, Aris Mining generated basic net earnings of $0.47 per share and adjusted net earnings of $0.60 per share. These figures are based on approximately 206 million basic weighted average shares outstanding during the quarter, showing a significant year-over-year improvement.

How much gold did Aris Mining produce and sell in Q1 2026?

Aris Mining produced 74.3 thousand ounces of gold and sold 74.8 thousand ounces in Q1 2026. This compares with 69.9 koz produced in Q4 2025 and 54.8 koz in Q1 2025, highlighting ongoing production growth from its Segovia and Marmato operations.

What were Aris Mining’s cash flow and free cash flow in Q1 2026?

Operating cash flows before taxes were $185.0 million in Q1 2026, with adjusted net cash from operating activities of $116.2 million. After sustaining capital, taxes, and $61.3 million of growth and expansion capital, free cash flow was $41.6 million for the quarter.

How did Aris Mining’s all-in sustaining costs trend in Q1 2026?

Consolidated all‑in sustaining costs totaled $158.1 million in Q1 2026. At Segovia’s owner‑mining operations, AISC was $1,492 per ounce sold, an improvement from $1,662 per ounce in Q4 2025, indicating better cost performance at the core mine.

What project development progress did Aris Mining report for Q1 2026?

The company advanced all four key assets. Marmato’s 5,000 tpd CIP plant stayed on schedule for first gold in Q4 2026, Soto Norte’s environmental license application neared completion, Toroparu’s Prefeasibility Study progressed toward an early 2027 construction decision, and Segovia’s ramp‑up continued.

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