Aris Mining Corporation

Notable vs. Peers

• Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
• All-in sustaining cost of $1,534/oz is 22% lower than the peer producer average of $1,961/oz.

Lifecycle Milestones

1. Permit granted

   Jul 2023 · Corpocaldas (Colombian regional environmental authority) approved the Environmental Management Plan (PMA) for the Marmato Lower Mine underground project and 4,000 tpd plant. · Source
2. Construction decision (FID)

   Reached — date not disclosed · No standalone FID release found; the same July 12, 2023 permit release confirmed the US$280M Lower Mine project fully funded (own cash plus a US$122M Wheaton Precious Metals stream) with construction phases to follow immediately -- functioning as the de facto go-ahead. · Source
3. Construction start

   Reached — date not disclosed · Physical construction of the Marmato Lower Mine (access road, portal, declines, later the process plant) commenced September 2023 per the company's Jan 2024 guidance/outlook release; no single release pinpointing an exact day was found. · Source
4. First pour / production

   Sep 2010 · Gran Colombia Gold (Aris Mining's corporate predecessor) restarted mining operations at the three underground mines (El Silencio, Providencia, Sandra K) acquired from bankrupt Frontino Gold Mines -- these are part of today's Segovia Operations, the producing asset Aris Mining's PRODUCTION-stage claim actually rests on (Marmato Lower Mine, the subject of this miner's other three milestone rows, has not yet reached first production). The company's Sept 7, 2010 release states operations 're-started...yesterday'. [Task #697 chronology ruling, 2026-08-25] NOT A DATE ERROR -- READ THIS BEFORE "CORRECTING" THE DATE. Task #696's permit rule flags PERMIT_GRANTED (2023-07-12) as postdating this row. Both dates are correct; they describe DIFFERENT ASSETS, as the note above already sets out. This row is SEGOVIA (El Silencio / Providencia / Sandra K, restarted 6 Sep 2010 by corporate predecessor Gran Colombia Gold) -- the producing asset Aris Mining's PRODUCTION stage actually rests on. The permit, CONSTRUCTION_DECISION and CONSTRUCTION_START rows are all MARMATO LOWER MINE, which the note states "has not yet reached first production" (targeting first gold Q4 2026). A producing mine and a mine still under construction under one ticker cannot be ordered against each other, because MinerConstructionMilestone has no per-asset scoping. Same structural shape as SBMI. Deliberately NOT disputed=true: both events genuinely occurred as recorded. Flagged for the reviewed exception set (key: PERMIT_GRANTED_AFTER_FIRST_PRODUCTION); not added here because that file was under concurrent edit. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists: Aris Mining (formerly Gran Colombia Gold/GCM Mining) operates Segovia (a long-running underground gold district with a small-scale/artisanal mining history predating industrial operation by decades, recently expanded to 3,000 tpd) and Marmato (existing underground operations producing since well before Aris's current ownership, with a new 5,000 tpd CIP plant under construction, targeting first gold Q4 2026 -- not yet part of this claim). Q2 2026 results (released 2026-07-07) reported consolidated gold production of 73.7 koz (Segovia 64.4 koz, Marmato 9.3 koz), H1 2026 of 148.0 koz, on track for 2026 guidance of 300,000-350,000 oz. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.