Aris Mining Announces Positive PFS Results for the Toroparu Gold Project

Aris Mining Corporation (ARIS) has released the completed Prefeasibility Study for its 100%-owned Toroparu gold project in Guyana, marking the first mineral reserve estimate for the asset and establishing a significantly larger resource base than the October 2025 Preliminary Economic Assessment (PEA). The study outlines a 7.0 Mtpa open-pit operation utilizing contractor mining, with a life-of-mine strip ratio of 3.3:1. The project is designed for 21 years of mining and 29 years of processing, following a 32-month construction period.

The updated resource estimate, which uses a gold price of $2,600/oz, reports measured and indicated resources of 9.3 moz Au, an increase of 74% from the 2025 PEA, while inferred resources stand at 2.5 moz Au, up 115%. Proven and probable reserves, calculated using a gold price of $1,950/oz, total 5.9 moz Au. This includes 5.1 moz at 1.18 g/t Au above a 0.50 g/t cut-off, and 0.9 moz at 0.40 g/t Au within the marginal 0.34–0.50 g/t component.

Life-of-mine production is projected at 5.6 moz Au, along with 5.3 moz Ag and 235 Mlb Cu. Average annual gold output is estimated at 258 koz for years 1–17, 103 koz for years 18–29, and 195 koz over the full 29-year processing life. The first-five-year average production is 291 koz, with peak output reaching approximately 323 koz in Year 16.

Cost estimates indicate a life-of-mine cash cost of $1,119/oz Au and an all-in sustaining cost (AISC) of $1,494/oz Au, net of copper and silver by-product credits. Main-pit AISC is projected at $1,395/oz, while late-life stockpile AISC is expected to rise to $1,841/oz. The initial funding requirement is $1,005 million, comprising $1,017 million in construction capital, $102 million in contingency, and $24 million in construction working capital, less $138 million available under the historic Wheaton precious metals purchase agreement.

Base-case economics, assuming gold at $3,600/oz, silver at $50/oz, and copper at $5.00/lb, show an after-tax NPV5% of $2.8 billion, an IRR of 31.5%, and a 2.2-year payback period. Average annual EBITDA is projected at $588 million for years 1–17. Sensitivity analysis indicates that at $3,000/oz Au, the NPV5% is $1.8 billion with an IRR of 24.3%, while at $4,200/oz Au, the NPV5% rises to $3.8 billion with an IRR of 37.8%.

Aris submitted its large-scale mining licence application in August 2026, and it is currently under review. The company continues to target a construction decision in early 2027, subject to regulatory approvals. This release constitutes a project technical study and does not report new current-quarter operating or financial results; any current-period financial references provided are for prior-period context.

Aris Mining Corporation (ARIS) released a pre-feasibility study (PFS) that establishes 5.9 moz of reserves, lifts measured and indicated resources 74% to 9.3 moz, and extends the processing life to 29 years. The study shows a $2.8 billion after-tax NPV5% at a $3,600/oz gold price, a level below recent realized prices above $4,200/oz.

At the same $3,000/oz gold price used in the old pre-economic assessment (PEA), the PFS still shows a $1.8 billion NPV5%. Consequently, the constant-price NPV uplift is zero despite the much larger resource base. Capital intensity and cost inflation present offsets to the project's economics. Initial funding of $1,005 million is 22.6% above the PEA’s $820 million, and life-of-mine all-in sustaining costs (AISC) of $1,494/oz are above the PEA’s sub-$1,300/oz assumption.

The value case depends on higher gold prices and on processing 0.9 moz of low-grade material at 0.40 g/t in the late-life stockpile phase, where AISC is $1,841/oz and cash cost is $1,529/oz.

The market had been told to expect a November PFS. The stock closed at $22.03 on November 4, the prior Q3 earnings release date, and at $21.08 on November 12 before the after-close PFS release, a 4.3% decline over that window. The initial market reaction to the PFS is not captured in the provided price series.

This is material project news but not immediate cash flow. The construction decision is early 2027, the mining licence is pending, and the project requires a funding solution beyond the $138 million Wheaton commitment.

Aris Mining Corporation (TSX: ARIS, NYSE: ARIS) is a Canadian gold mining company focused on operations in South America. The company holds 100% ownership of the Segovia, Marmato, Soto Norte, and Toroparu assets.

Segovia, a high-grade underground mine located in Antioquia, Colombia, produced 227,762 ounces of gold in 2025 and serves as the company’s primary cash generator. The mine’s 2026 production guidance is set at 265,000 to 300,000 ounces, with a steady-state target of approximately 300,000 ounces per year.

Marmato, an underground mine in Caldas, Colombia, is currently operating its existing flotation plant while commissioning a new 5,000 tonnes per day carbon-in-pulp (CIP) plant. First gold from the new facility is targeted for December 2026. Marmato’s 2026 guidance is 35,000 to 50,000 ounces, with a steady-state target of about 200,000 ounces annually.

The Soto Norte project, a high-grade underground gold-copper development in Santander, Colombia, reported 4.6 million ounces of proven and probable (P&P) reserves at a grade of 7.0 grams per tonne in its 2025 pre-feasibility study (PFS). The study outlines a 22-year mine life with an average annual output of approximately 203,000 ounces for years one through 21, yielding an after-tax net present value at a 5% discount rate (NPV5%) of $2.7 billion at a gold price of $2,600 per ounce. The environmental and social impact assessment (ESIA) is complete for community engagement, and environmental licensing is pending.

Toroparu is an open-pit development project in Guyana. Its new PFS indicates 5.9 million ounces of P&P reserves and 9.3 million ounces of measured and indicated (M&I) resources. The project features a 29-year processing period, planned gold output of 5.6 million ounces, initial funding of $1,005 million, and an after-tax NPV5% of $2.8 billion at a gold price of $3,600 per ounce.

In 2025, Aris Mining produced approximately 257,000 ounces of gold. The company has guided for 300,000 to 350,000 ounces in 2026, targeting the lower end of that range. The stated near-term objective is to reach approximately 500,000 ounces per year from Segovia and Marmato, with a longer-term goal of producing about 1 million ounces annually.