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• A developing Barrick Gold, focused on gold production in Colombia.
• Like a growth-oriented Newmont, but with operations primarily in Latin American gold mines.

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• Gold: A precious metal extracted from its mines, primarily sold as dore or refined gold for use in jewelry, investment, and industrial applications.

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Aris Mining (symbol: ARMN) is a gold producer operating primarily in Colombia. The company sells primarily to other companies rather than directly to individuals.

Due to the nature of the global gold market, Aris Mining, like most gold mining companies, typically sells its gold doré or refined gold through transactional sales to a diversified group of buyers rather than relying on a few long-term "major customers." Sales are generally made on a spot basis to ensure market pricing and mitigate counterparty risk. Therefore, specific names of major customer companies are not typically disclosed by Aris Mining.

However, the customers for Aris Mining's gold production fall into the following categories of companies:

• Bullion Banks: These are financial institutions that specialize in the trading, financing, and storage of precious metals. They act as intermediaries in the global gold market, facilitating the purchase and sale of large quantities of gold.
• Precious Metal Refiners: These companies take the gold doré produced by mines and further purify it into high-grade gold bars or other products that meet international standards for investment or industrial use.

Because sales are diversified and transactional within a liquid commodity market, Aris Mining does not typically identify specific public companies as "major customers" that account for a significant, consistent portion of its revenue. Therefore, specific company names and their corresponding public symbols cannot be provided.

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Neil Woodyer, Chief Executive Officer

Neil Woodyer founded Endeavour Financial in 1988, a mining merchant banking and advisory business. In 2009, he led Endeavour Financial's transition into a mine operations and development company, Endeavour Mining, which grew through acquisitions and new mine builds to become a significant gold producer in West Africa. In 2016, Mr. Woodyer founded and served as the CEO of Leagold Mining, which developed gold mines in Mexico and Brazil, and subsequently merged with Equinox Gold Corp. in 2020. He then led Aris Gold Corp. to its merger with GCM Mining Corp. to create Aris Mining Corporation in 2022.

Cameron Paterson, Chief Financial Officer

Cameron Paterson joined Aris Mining as Chief Financial Officer in July 2025. He brings extensive financial leadership experience within the mining sector. Prior to Aris Mining, he joined Pan American Silver in 2014, serving in executive roles since 2015, including Vice President, Financial Reporting, and later as Senior Vice President, Finance and Information Technology since 2022. Mr. Paterson was also Vice President of Finance at a Vancouver-based junior mining company and began his career at Deloitte.

Richard Thomas, Chief Operating Officer

Richard Thomas serves as the Chief Operating Officer of Aris Mining.

Douglas Bowlby, Executive Vice President

Douglas Bowlby has experience implementing corporate growth strategies, including acquisitions and mine construction, and various corporate finance initiatives. He was a founding executive of Aris Gold in 2021, Leagold Mining in 2016 (which was acquired by Equinox Gold), and Endeavour Mining in 2009. Previously, Mr. Bowlby was Managing Director, Research and Analysis at Endeavour Financial, a boutique investment and merchant banking company focused on the global mining industry.

Oliver Dachsel, Senior Vice President, Capital Markets

Oliver Dachsel joined Aris Mining in April 2024 as Senior Vice President, Capital Markets. He has over 17 years of investment banking experience, most recently as a Managing Director at Jefferies with coverage responsibility for mining companies globally. Prior to Jefferies, Mr. Dachsel worked for over 10 years at Deutsche Bank in New York, London, and Frankfurt.

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1. Commodity Price Risk: Aris Mining's revenue and cash flow are heavily reliant on the global market price of gold, with some contribution from silver and copper sales. Wild swings or a sustained drop in gold prices from current levels could significantly impact the company's profitability.
2. Country and Security Risk: A substantial portion of Aris Mining's operations is concentrated in Colombia, exposing the company to regulatory, security, and community-related risks inherent in the region.
3. Execution Risk on Growth Projects: The company has several growth projects, including those at Marmato, Soto Norte, and Toroparu. Delays or cost overruns in the development and execution of these projects could adversely affect Aris Mining's production targets and financial performance.

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Aris Mining (ARMN) is positioned for significant revenue growth over the next two to three years, driven primarily by operational expansions at its key assets and the potential development of new projects, bolstered by a favorable gold price environment.

Here are 3-5 expected drivers of future revenue growth for Aris Mining:

1. Increased Production from Segovia Operations Expansion: Aris Mining's Segovia Operations recently commissioned a second processing mill in June 2025, which increased the processing capacity by 50%, from 2,000 to 3,000 tonnes per day (tpd). This expansion is already leading to higher mill throughput and increased gold production, with milling rates averaging 2,415 tpd in July and August 2025, a 22.5% increase from the first half of 2025. The company anticipates Segovia's annual production to steadily increase through the second half of 2025 and is on track to achieve an annual production of 300,000 ounces next year.

2. Ramp-up of Marmato Bulk Mining Zone: A significant driver of future revenue is the ongoing development of the Marmato Bulk Mining Zone (formerly known as the Lower Mine) at the Marmato Complex. This expansion project involves a new underground mine and a dedicated 5,000 tpd processing facility. The first gold pour from the Marmato Bulk Mining Zone is expected in the second half of 2026. This expansion is projected to substantially increase Marmato's gold production, with the combined Narrow Vein and Bulk Mining Zones having the potential to produce over 200,000 ounces of gold per year, a five-fold increase from the current narrow vein production.

3. Advancement of Growth Projects (Soto Norte and Toroparu): Beyond its existing operations, Aris Mining holds significant growth potential from its Soto Norte joint venture in Colombia and the Toroparu gold/copper project in Guyana. Preliminary economic assessment for Toroparu and a pre-feasibility study for Soto Norte have been completed, indicating promising financial returns. The Soto Norte project is considered close to a go-ahead, with construction potentially launching in 2026, and is estimated to provide significant annual EBITDA over its initial years of operation. These projects offer a robust pipeline for further production growth in the mid to long term, with the potential to contribute to the company's target of more than 500,000 ounces of gold annually.

4. Favorable Gold Price Environment: The prevailing and potentially increasing price of gold is a significant external driver for Aris Mining's revenue. The company's resource and reserve estimates were based on more conservative gold price assumptions, and current prices well above these levels enhance its revenue and profit generation. Higher realized gold prices have already contributed to record revenue and adjusted EBITDA for the company, and continued strength in gold prices will directly amplify revenue from its expanding production volumes.

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Capital Allocation Decisions (Last 3-5 Years) for Aris Mining (ARMN)

Share Issuance

• Aris Mining received $53.4 million in proceeds from the exercise of ARIS.WT.A warrants in Q2 2025 and an additional $60.5 million in July 2025, totaling $114.8 million.
• As of May 6, 2025, the potential exercise of remaining 48.0 million ARIS.WT.A warrants could result in the issuance of 24.0 million new shares and generate approximately C$132 million (or $96 million) in additional proceeds.
• The number of shares outstanding for Aris Mining increased by 22.75% in one year leading up to Q3 2025.

Inbound Investments

• 6,000,000 contingent shares are issuable to Mubadala upon receipt of the environmental license for the development of the Soto Norte project.

Outbound Investments

• The company generated $13.2 million in proceeds from the sale of the Juby Gold Project in Q3 2025, representing a divestment.

Capital Expenditures

• Aris Mining invested $48.1 million in growth capital in Q3 2025.
• In Q2 2025, growth capital investment totaled $36.7 million, with a primary focus on the Marmato Bulk Mining Zone ($23.6 million) and Segovia ($6.9 million).
• The updated cost to complete the construction of the Marmato Lower Mine is $290 million, including a 25% expansion to 5,000 tonnes per day, with Aris Mining expecting to fund $168 million of the remaining $250 million capital expenditure for the project.