ARIS MINING TO ACQUIRE REMAINING 49% OF SOTO NORTE, SECURING 100% OWNERSHIP AND ADVANCING A CLEAR PATH TO 1 Moz/year

On November 20, 2025, Aris Mining announced it will acquire the remaining 49% interest in the Soto Norte gold project from its joint venture partner, Mubadala, for a total consideration of approximately $80 million. The payment consists of $60 million in cash and 1,739,130 Aris Mining common shares valued at $20 million. This transaction will give Aris 100% ownership and full operational control of the project. Crucially, the agreement also includes the termination of a precious metals stream that was previously granted to Mubadala on the project. The company reiterated key metrics from its September 2025 Pre-Feasibility Study (PFS) for Soto Norte, including 4.6 million ounces of gold in reserves and a projected after-tax NPV5% of $2.7 billion at a $2,600/oz gold price. The CEO, Neil Woodyer, framed this acquisition as a strategic shift from a "buy-and-build" strategy to a clear focus on "building" out its portfolio toward a goal of 1 million ounces per year.

This acquisition is a highly positive and material development for Aris Mining. It cleans up and simplifies the ownership of what is arguably the company's most valuable long-term asset, providing full control over its development timeline and strategy.

Reviewing the historical news provides critical context: - De-risking Soto Norte: The company has been methodically de-risking the Soto Norte project. After the Colombian government established a Temporary Reserve Area (TRA) in March 2025, creating permitting uncertainty, Aris responded by completing a new PFS in September 2025 for a redesigned, smaller-scale project with enhanced environmental and social features. This study demonstrated robust economics even at a smaller scale, providing a clear path forward. - Mubadala's Exit: Mubadala, a sovereign wealth fund, signaled its intent to exit its equity position in August 2025 by selling its entire 15.75 million share block. The market absorbed this sale, and Aris management framed it as the removal of an overhang. This latest transaction completes Mubadala's exit from Aris's story entirely.

The material impacts of this news are: - Termination of the Stream: This is a significant hidden benefit. Precious metal streams cap the upside for equity holders by selling future production at a fixed low price. Terminating this stream materially improves the project's net asset value and exposure to gold prices for Aris shareholders. - Full Control: Consolidating ownership to 100% eliminates any potential for JV partner disagreements on development strategy, capital spending, or timing. This is crucial for navigating the complex permitting process in Colombia and eventually securing project financing. - Manageable Cost: The $60 million cash outlay is easily covered by the company's Q3 2025 cash balance of $418 million. The share issuance represents less than 1% dilution. The price paid appears very reasonable for gaining 100% control of a world-class asset and eliminating a stream.

However, a critical analyst must note the increased risk exposure. Aris is now responsible for 100% of the project's substantial $625 million initial CAPEX. While operating cash flow is strong, funding this project, in addition to the ongoing Marmato expansion and the potential Toroparu development, will be a major undertaking.

The preceding news on November 19, which announced a long-term collaborative agreement with the Government of Colombia to end a legacy arbitration case, is also highly relevant. It demonstrates a strengthening relationship with the government, which is a positive signal ahead of the critical environmental licensing process for Soto Norte.

Overall, this acquisition is an intelligent strategic move. It maximizes potential returns from a core asset and positions the company to fully benefit from a successful permitting outcome. It aligns perfectly with management's commentary from the Q3 2025 transcript, where they emphasized their growth pipeline and readiness to build their projects.

Aris Mining is a gold producer focused on Latin America, pursuing a "buy-and-build" strategy that is now transitioning to a "build" phase. It currently operates two mines in Colombia: the high-grade Segovia Operations and the Marmato Upper Mine.

The company's value proposition is centered on its significant growth pipeline: - Segovia Expansion: A recently completed mill expansion is ramping up production toward a target of 300,000 oz/year in 2026. - Marmato Bulk Mining Zone: This is the company's primary construction project, a large-scale underground mine being built beneath the existing operation. It is expected to begin production in H2 2026 and add over 200,000 oz/year. - Soto Norte Project: Now 100% owned, this is a large, high-grade underground development project in Colombia. The 2025 PFS outlines a 22+ year mine life with average annual production of 263,000 oz over the first decade. It represents the company's largest long-term value driver but is subject to permitting. - Toroparu Project: A large-scale, 100%-owned gold-copper development project in Guyana. The recent PEA outlines a 21-year mine life with average production of 235,000 oz/year.

The company's stated goal is to grow production from its 2025 guidance of ~250,000 oz to over 1 million oz/year by developing this portfolio.