Aris Mining Increases Segovia Gold Reserves by 28% to 1.9 Million Ounces
Aris increased Segovia reserves by 28% and grades by 24% as depletion was replaced.
Aris Mining Corporation (ARIS) released an updated mineral reserve and resource estimate for its Segovia operation effective November 10, 2026. The update does not constitute an earnings release and contains no new production, cost, or cash-flow results.
Proven and probable reserves increased 28% to 1.920 moz from 1.503 moz, representing a net growth of 418 koz after accounting for ounces mined. Reserve grade rose 24% to 13.32 g/t from 10.70 g/t. Reserve tonnes rose only 2.7% to 4.483 Mt from 4.367 Mt, meaning the reserve increase is primarily grade-driven rather than volume-driven; contained ounces rose 27.7% on a 24.5% grade increase.
- Proven reserves rose to 791 koz at 15.13 g/t from 545 koz at 9.92 g/t.
- Probable reserves rose to 1.129 moz at 12.29 g/t from 958 koz at 11.21 g/t.
Measured and indicated resources increased 8% to 3.909 moz from 3.626 moz. M&I grade rose 29% to 19.76 g/t from 15.30 g/t. M&I tonnes fell to 6.155 Mt from about 7.4 Mt, so contained ounces grew despite fewer tonnes.
Inferred resources fell to 2.623 moz at 15.68 g/t from 2.856 moz at 14.13 g/t, down about 8%. The company attributes this to infill drilling and conversion of high-grade resources into reserves.
The reserve gold price assumption was unchanged at US$2,800/oz versus the 2025 estimate. The resource gold price assumption was US$3,200/oz. Reserve cut-off grades were 3.22–4.26 g/t; resource cut-off grades were 2.82–3.87 g/t.
The release states there are no known mining, legal, political, metallurgical, infrastructure, permitting, or other relevant factors that could materially affect the estimates. Ignacio Vélez is the reserve QP; Pamela De Mark is the resource QP.
The release also reiterates that the Toroparu PFS is targeted for later in November 2026 and would include Aris’s first Toroparu reserve estimate; an updated Marmato NI 43-101 report is expected in Q1 2027; and first gold from the Marmato CIP plant is expected in December 2026.
The “About Aris Mining” section states Segovia and Marmato together produced approximately 257,000 oz in 2025 and that the expansions are expected to increase annual production to 500,000 oz, with first gold from Marmato expected in December 2026. The 500,000 oz figure is a steady-state expansion target, not a December 2026 production rate.
Aris Mining Corporation (ARIS) reported a significant increase in reserves at its Segovia mine, with the total reserve base rising 28%. This growth was achieved without changing the gold price assumptions used for reserve and resource estimation, indicating that the expansion resulted from exploration, infill drilling, and conversion activities rather than market price fluctuations. The net growth of 418 koz after accounting for mining depletion marks a substantial improvement compared to the roughly 160 koz net growth reported in the January 2026 update. Additionally, the reserve grade increased by 24%, while the Measured and Indicated (M&I) grade rose by 29%, reinforcing the high-grade profile of the Segovia asset.
The updated reserves extend the life of Aris’s flagship cash-generating mine. Based on a steady-state production rate of 300 koz per year, the 1.920 moz of Probable and Probable (P&P) reserves imply approximately 6.4 years of reserve life. At the 2025 Segovia production rate of about 228 koz, the implied reserve life extends to approximately 8.4 years. The company also reported a 3.909 moz M&I resource base, which provides longer-term optionality, although not all of this resource is classified as reserve.
The reserve update does not alter Aris’s 2026 production or cost guidance, nor does it quantify the impact on net asset value (NAV) or report new quarterly cash flow. Consequently, the market impact is expected to be driven by valuation adjustments and mine-life extensions rather than immediate revisions to earnings estimates.
Aris Mining Corporation (TSX: ARIS, NYSE: ARIS) is a Canadian gold producer focused on South America, owning 100% of the Segovia, Marmato, Soto Norte, and Toroparu assets. Segovia, a high-grade underground mine in Antioquia, Colombia, serves as the company’s flagship cash-generating asset and the subject of this reserve update. The facility features a 3,000 tpd processing capacity following the installation of a second mill.
Marmato, an underground mine in Caldas, Colombia, has seen its existing flotation plant upgraded to a capacity of approximately 1,200–1,250 tpd. A new 5,000 tpd CIP plant is nearing completion, with first gold production expected in December 2026 and a staged ramp-up through 2027.
Soto Norte is a high-grade underground gold-copper development project in Colombia. The 2025 Preliminary Feasibility Study (PFS) contemplates a 22-year mine life, with average production of about 263 koz/year in years 2–10. The project requires an initial capital expenditure of US$625M and projects an after-tax NPV5% of US$2.7B at a gold price of US$2,600/oz. The Environmental and Social Impact Assessment (ESIA) is complete for community engagement, and the environmental licence is pending.
Toroparu is an open-pit development project in Guyana. The October 2025 Preliminary Economic Assessment (PEA) outlines a 7.0 Mtpa operation with a 21.3-year mine life, yielding about 235 koz/year in average production. The project entails an initial capex of US$820M and an after-tax NPV5% of US$1.8B at US$3,000/oz. A PFS is targeted for November 2026, with a construction decision targeted for early 2027.