ARIS MINING EXPANDS HIGH-GRADE SEGOVIA RESERVE AND RESOURCE ESTIMATES

The most recent news (January 8, 2026) announces a significant update to the Mineral Reserve and Resource estimates at the flagship Segovia Operations. Net of mined depletion, Proven and Probable (P&P) reserves increased by 12% to 1.5 million ounces (Moz) at a high grade of 10.7 g/t Au. Measured and Indicated (M&I) resources grew by 7% to 3.6 Moz at 15.3 g/t Au, and Inferred resources rose 12% to 2.9 Moz. These estimates utilized a gold price assumption of $2,800/oz for reserves and $3,200/oz for resources. The expansion supports the recent mill capacity increase to 3,000 tonnes per day (tpd) and reinforces a long-term production target of 300,000 ounces per year from Segovia alone.

This update is material and positive as it confirms the company’s ability to replace and grow reserves at its highest-margin asset despite increased extraction rates. - Sustainability of Growth: The 12% reserve growth net of depletion proves the "high-grade, long-life" thesis of Segovia. This is critical because Segovia is the "cash engine" (generating $131M Adjusted EBITDA in Q3 2025) needed to fund the $1.5B+ capital requirements for Marmato, Soto Norte, and Toroparu. - Aggressive Pricing Assumptions: While the reserve growth is impressive, the use of $2,800/oz for reserves and $3,200/oz for resources is highly aggressive compared to industry peers who typically use $1,400-$1,800 for reserves. While reflective of current spot prices, this increases the risk of reserve write-downs if gold prices mean-revert. - Resource Conversion: The high grade of the M&I resources (15.3 g/t) relative to the P&P reserves (10.7 g/t) suggest significant future high-grade conversion potential, protecting the production profile for the next 5-7 years.

Aris Mining is a Canadian-listed gold producer focused on Latin America (Colombia and Guyana). Its flagship is the Segovia Operations in Colombia, a high-grade, multi-vein underground mine that has been in operation for over 150 years. The company recently expanded Segovia's mill from 2,000 to 3,000 tpd. Its secondary producer is the Marmato Complex, where it is currently constructing the "Bulk Mining Zone" to add 160koz/year of production. The company’s long-term goal is to reach 1 million ounces of annual production through the development of the Soto Norte (100% owned) and Toroparu projects.