[SCHEDULE 13G/A] Aris Mining Corporation SEC Filing

Rhea-AI Filing Summary

Aris Mining Corporation (ARMN) has a passive investor reporting combined beneficial ownership of 16,584,976 Common Shares, equal to 8.6% of the outstanding class on the reporting record date. The reported stake reflects 11,324,587 directly held Common Shares plus 5,260,389 Common Shares underlying warrants exercisable within 60 days, all held by MMCAP International Inc. SPC (the Fund) with MM Asset Management Inc. acting as adviser. Both reporting persons state the position is not intended to change or influence control of the issuer and each disclaims beneficial ownership beyond the shares reported.

Positive

• Material passive stake disclosed: 16,584,976 Common Shares representing 8.6% of the class
• Near-term exercisable warrants included: 5,260,389 underlying Common Shares exercisable within 60 days are reported with the stake

Negative

• None.

Insights

Financial Analyst

TL;DR: A sizeable passive stake disclosed: 8.6% ownership including near-term warrant dilution.

The filing shows a material passive equity position that may be relevant to investors tracking ownership concentration and potential near-term share issuance if warrants are exercised. The combination of directly held shares and warrants equal to 8.6% of the reported outstanding common shares increases visible insider/large-holder concentration. Because the reporting persons certify the position is not aimed at influencing control, market-impact considerations are limited to liquidity and potential share count changes if warrants are exercised.

Corporate Governance Expert

TL;DR: Disclosure indicates passive investor status with shared voting/dispositive power over an 8.6% stake.

The Schedule 13G classification and the certification that the position is not intended to influence control reflect passive investor treatment under the Exchange Act. Shared voting and dispositive power are reported, which is typical where an adviser manages the fund's assets. Governance implications are limited since the filer disclaims broader beneficial ownership and does not assert plans to seek board representation or control changes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Aris Mining Corporation

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

04040Y109

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 04040Y109

1

Names of Reporting Persons

MMCAP International Inc. SPC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 16,584,976.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,584,976.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,584,976.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Segregated portfolio company

SCHEDULE 13G

CUSIP No. 04040Y109

1

Names of Reporting Persons

MM Asset Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 16,584,976.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,584,976.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,584,976.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.6 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Aris Mining Corporation
(b)	Address of issuer's principal executive offices: 1021 West Hastings St., Suite 2400, Vancouver, British Columbia, Canada, V6E 0C3
Item 2.
(a)	Name of person filing: This Schedule 13G is filed by the following (the "Reporting Persons"): (1) MMCAP International Inc. SPC (the "Fund"); and (2) MM Asset Management Inc. (the "Adviser"). The Fund is a private investment vehicle. The Fund directly beneficially owns the Common Shares reported in this Statement. The Adviser is the investment manager of the Fund. The Adviser may be deemed to beneficially own the Common Shares directly beneficially owned by the Fund. Each Reporting Person disclaims beneficial ownership with respect to any Common Shares other than the Common Shares directly beneficially owned by such Reporting Person.
(b)	Address or principal business office or, if none, residence: The principal business office of the Fund is c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P.O. Box 1348, Grand Cayman, KY1-1108, Cayman Islands. The principal business office of the Adviser is 161 Bay Street, TD Canada Trust Tower Suite 2240, Toronto, ON M5J 2S1 Canada.
(c)	Citizenship: For citizenship or place of organization see Item 4 of the cover page of each Reporting Person.
(d)	Title of class of securities: Common Shares, no par value
(e)	CUSIP No.: 04040Y109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Item 9 on the cover page for each Reporting Person, and Item 2, which information is given as of the close of business on the Event Date of June 30, 2025 (and which includes 11,324,587 Common Shares and an additional 5,260,389 Common Shares underlying warrants that are exercisable within 60 days).
(b)	Percent of class: See Item 11 on the cover page for each Reporting Person. The percentages of beneficial ownership contained herein are based on: (x) 187,192,497 Common Shares outstanding as of June 30, 2025, as reported to the Reporting Persons directy by the Issuer; and (y) an additional 5,260,389 Common Shares underlying the warrants described above.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 on the cover page for each Reporting Person.
	(ii) Shared power to vote or to direct the vote: See Item 6 on the cover page for each Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 on the cover page for each Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 on the cover page for each Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

MMCAP International Inc. SPC

Signature:	/s/ Ulla Vestergaard
Name/Title:	Ulla Vestergaard/Director
Date:	08/14/2025

MM Asset Management Inc.

Signature:	/s/ Hillel Meltz
Name/Title:	Hillel Meltz/President
Date:	08/14/2025

FAQ

How many Aris Mining (ARMN) shares does MMCAP International Inc. SPC report owning?

The reporting person discloses beneficial ownership of 16,584,976 Common Shares of Aris Mining.

What percentage of ARMN does the reported stake represent?

The aggregate position represents 8.6% of the outstanding Common Shares as reported in the filing.

Does the reported ownership include warrants or options for ARMN?

Yes. The total includes 5,260,389 Common Shares underlying warrants exercisable within 60 days.

Is the filer claiming an intent to influence control of Aris Mining (ARMN)?

No. The filing certifies the securities were not acquired and are not held to change or influence control of the issuer.

Who are the reporting persons named in the Schedule 13G?

The Schedule is filed by MMCAP International Inc. SPC (the Fund) and MM Asset Management Inc. (the Adviser).