ARIS MINING REPORTS H1 2024 NET EARNINGS OF $5.0M, ADJUSTED EARNINGS OF $18.1M ($0.12/SHARE) AND EBITDA OF $53.2M WHILE SEGOVIA EXPANSION AND CONSTRUCTION OF MARMATO LOWER MINE REMAIN ON TRACK

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All amounts are expressed in US dollars unless otherwise indicated.

VANCOUVER, BC, Aug. 13, 2024 /PRNewswire/ - Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS) (NYSE-A: ARMN) announces its full financial and operating results for the three and six months ended June 30, 2024 (Q2 2024 and H1 2024, respectively). Aris Mining previously reported H1 2024 gold production of 99,983 ounces and reaffirmed the Company is on track to meet the lower end of its 2024 consolidated gold production guidance of 220,000 to 240,000 ounces with the processing plant expansion at the Segovia Operations and construction of the Marmato Lower Mine progressing as planned.


Q2 2024

Q1 2024

H1 2024

Gold production (ounces) (Segovia & Marmato)

49,216

50,768

99,983

EBITDA1

$30.8M

$22.4M

$53.2M

Adjusted EBITDA1

$36.1M

$28.4M

$64.5M

Net earnings (loss)

$5.7M or $0.04/share

$(0.7)M or $(0.01)/share

$5.0M or $0.03/share

Adjusted earnings1

$12.7M or $0.08/share

$5.4M or $0.04/share

$18.1M or $0.12/share

Neil Woodyer, CEO of Aris Mining, commented: "Amid favorable gold prices, Aris Mining reported EBITDA of $53.2 million for the first half of 2024, with adjusted earnings per share reaching $0.12. During this period, the Company invested $70 million in growth projects, including $7.5 million allocated to exploration programs. As highlighted in our recent news release, our drilling program at Segovia continues to deliver high grade intersections, confirming the continuity and extension of the large-scale veins at depth and along strike, and supporting Segovia's status as one of the highest grade gold operations in the world. 

In H1 2024, we processed relatively lower grade material at Segovia, averaging 9.3 g/t Au, and experienced an unplanned seven-day plant maintenance shutdown in April. However, since May, the Segovia plant has been operating at its design capacity of 2,000 tonnes per day (tpd) and is on track for expansion to 3,000 tpd by early 2025 to support future production growth. Despite these operational challenges in H1 2024, Aris Mining remains on track to meet the lower end of its full-year gold production guidance of 220,000 to 240,000 ounces.

Segovia generated a significant AISC1 margin of $60.6 million for H1 2024, including $7.2 million from the third-party Contract Mining Partners (CMP) mill-feed purchase business. The business model for our CMPs, with mill-feed purchases based on the current price of gold, is designed to maintain relatively stable margins while we grow gold production and strengthen our community relationships. We are updating our cash cost per ounce guidance range to $1,125 to $1,225 and AISC guidance range to $1,400 to $1,500, primarily as a result of the rise in gold prices since our initial guidance was set in January 2024 using a $2,000 per ounce gold price assumption.