ARIS MINING CLOSES ACQUISITION OF REMAINING 49% OF SOTO NORTE

On December 12, 2025, Aris Mining announced it has closed the previously announced acquisition of the remaining 49% interest in the Soto Norte gold project from its joint venture partner, Mubadala. As a result, Aris Mining now holds 100% ownership of the Soto Norte project. A key outcome of this transaction is the termination of the precious metals stream previously granted to Mubadala.

CEO Neil Woodyer stated that with 100% ownership of its four key assets—Segovia, Marmato, Toroparu, and Soto Norte—the company's strategy has now fully transitioned from "buy-and-build" to focusing on "building" its high-quality asset base. He emphasized that the company now has a clear path to join the elite group of gold companies producing over one million ounces annually.

The closing of the Soto Norte acquisition is a positive and logical final step, but it is a routine corporate procedure. The material event was the announcement of the acquisition agreement on November 20, 2025, which detailed the terms ($60 million in cash and $20 million in shares) and outlined the strategic rationale. The market has already priced in the benefits of this transaction, including simplified ownership, full control over project development, and the elimination of a burdensome precious metals stream.

This event concludes a highly successful year of strategic execution and de-risking for Aris Mining. A systematic review of the news flow in 2025 shows a consistent pattern of delivering on promises: - Operational Excellence: The company met or exceeded production guidance, with the Segovia mill expansion being completed on time and budget (June 30) and ramping up as expected through Q3 and Q4. - Financial Strength: Quarterly results throughout the year demonstrated record revenue and growing cash flow, culminating in a strong cash position of $418 million as of September 30, 2025. The successful expiry and exercise of the ARIS.WT.A warrants further bolstered the balance sheet. - De-risking Projects: The company released a positive Pre-Feasibility Study (PFS) for Soto Norte (September 3) and a positive Preliminary Economic Assessment (PEA) for Toroparu (October 28), clarifying the path forward for its two major growth projects. - De-risking Jurisdiction: Critically, Aris reached a long-term agreement with the Government of Colombia (November 19), ending a legacy arbitration and securing government cooperation for security and mining formalization. This significantly reduced the perceived political risk in its primary operating jurisdiction.

The closing of the Soto Norte deal should be viewed as the capstone to these achievements. It solidifies the company's control over its entire growth pipeline, just as the CEO articulated. While positive, the news itself is not a surprise and confirms the company is executing as previously communicated. Therefore, its impact is routine rather than materially game-changing at this point.

Aris Mining is a gold producer focused on Latin America with a portfolio of producing mines and development projects in Colombia and Guyana. The company has successfully executed a "buy-and-build" strategy and is now transitioning to a phase of organic growth, aiming to more than double production to over 500,000 ounces per year from its existing operations, with a stated long-term goal of becoming a one-million-ounce-per-year producer.

The company has four core assets: 1. Segovia Operations (Colombia): A high-grade, producing underground mine that serves as the company's primary cash flow engine. A recent expansion increased processing capacity by 50% to 3,000 tpd, with a target of producing 300,000 oz/year in 2026. 2. Marmato Complex (Colombia): A producing mine from its Upper Zone narrow veins, with the large-scale Bulk Mining Zone project under construction. The new lower mine is expected to add over 200,000 oz/year of production, with first gold scheduled for H2 2026. 3. Soto Norte Project (Colombia): A now 100%-owned, large-scale, high-grade underground development project. The 2025 PFS outlines a 22+ year mine life with average production of 263,000 oz/year for the first decade at a very low AISC of $534/oz. The project is currently in the environmental licensing stage. 4. Toroparu Project (Guyana): A 100%-owned, large-scale, long-life open pit development project. The 2025 PEA showed robust economics with average annual production of 235,000 oz over 21 years. The project is now advancing to a PFS.