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TSX: ARIS | NYSE-A: ARMN Segovia Ramp-Up Driving Profitable Growth: Record Revenue, Cash Flow, and Adjusted Earnings Q3 2025 Earnings Results October 30, 2025 TSX: ARIS | NYSE-A: ARMN
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TSX: ARIS | NYSE-A: ARMN This presentation contains “forward-looking information” or “forward-looking statements” within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, including without limitation, statements relating to expected gold production in 2025 and 2026, the Company’s Q4 2025 outlook, the timeline for completion of the Bulk Mining Zone project, production ramp up following completion of the Bulk Mining Zone project, details and timing of the new pre-feasibility study for the Toroparu Project, the potential of and plans pertaining to the Company’s growth projects and the Company’s goals and objectives, are forward-looking statements or information. Generally, the forward-looking information and forward- looking statements can be identified by the use of forward-looking terminology such as “become”, “believe”, “estimate”, “expect”, “forward”, “intend”, “plan”, “potential” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, “occur” or “be achieved”. Statements concerning mineral reserve estimates and mineral resource estimates may also be deemed to constitute forward looking information to the extent that they involve estimates of the mineralization that will be encountered. The material factors or assumptions used to develop forward looking information or statements are disclosed throughout this presentation. Forward looking information and forward looking statements, while based on management’s best estimates and assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Aris Mining to be materially different from those expressed or implied by such forward-looking information or forward looking statements, including but not limited to: local environmental and regulatory requirements and delays in obtaining required environmental and other licenses, changes in national and local government legislation, taxation, controls and regulations, political or economic developments and permits, uncertainties and hazards associated with gold exploration, development and mining, risks associated with tailings management, risks associated with operating in foreign jurisdictions, risks associated with capital cost estimates, dependence of operations on infrastructure, costs associated with the decommissioning of the Company’s properties, fluctuations in foreign exchange or interest rates and stock market volatility, operational and technical problems, the ability to maintain good relations with employees and labour unions, competition; reliance on key personnel, litigation risks, uncertainties relating to title to property and mineral resource and mineral reserve estimates, risks associated with acquisitions and integration, risks associated with the Company’s ability to meet its financial obligations as they fall due, volatility in the price of gold, or certain other commodities, risks that actual production may be less than estimated, risks associated with servicing indebtedness, additional funding requirements, risks associated with general economic factors, risks associated with secured debt, changes in the accessibility and availability of insurance for mining operations and property, environmental, sustainability and governance practices and performance, risks associated with climate change, risks associated with the reliance on experts outside of Canada, pandemics, epidemics and public health crises, potential conflicts of interest, uncertainties relating to the enforcement of civil labilities outside of Canada, cyber-security risks, risks associated with operating a joint venture, volatility of the share price, the ability to pay dividends in the future, as well as those factors discussed in the section entitled “Risk Factors” in Aris Mining’s most recent AIF and Management's Discussion and Analysis available on SEDAR+ at www.sedarplus.ca and in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”) at www.sec.gov. Although Aris Mining has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. The Company has and continues to disclose in its Management’s Discussion and Analysis and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking information and forward-looking statements and to the validity of the information, in the period the changes occur. The forward-looking statements and forward-looking information are made as of the date hereof and Aris Mining disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information. All-in sustaining cost (AISC) ($ per oz sold), AISC margin, EBITDA, adjusted EBITDA, adjusted earnings, adjusted net earnings, net debt, total leverage and net leverage are non-GAAP financial measures and non-GAAP ratios in this document. These measures do not have any standardized meaning prescribed under GAAP, and therefore may not be comparable to other issuers. For full details on non-GAAP financial measures and non-GAAP ratios, refer to the Non-GAAP Measures section of the Company's Management's Discussion and Analysis for the three and nine months ended September 30, 2025 and 2024 and the years ended December 31, 2024 and 2023, and the years ended December 31, 2023 and 2022, which are available on SEDAR+ at www.sedarplus.ca and in the Company’s filings with the SEC at www.sec.gov. Certain information contained in this presentation includes market and industry data that has been obtained from or is based upon estimates derived from third party sources. Although the data is believed to be reliable, Aris Mining has not independently verified such information and cannot provide any assurance of its accuracy, currency, reliability, or completeness. This presentation contains information that may constitute future-orientated financial information or financial outlook information (collectively, “FOFI”) about the Company’s prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. The Company’s actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. The Company has included FOFI in order to provide readers with a more complete perspective on the Company’s future operations and management’s current expectations relating to the Company’s future performance. Readers are cautioned that such information may not be appropriate for other purposes. FOFI contained herein was made as of the date of this presentation. Unless required by applicable laws, the Company does not undertake any obligation to publicly update or revise any FOFI statements, whether as a result of new information, future events or otherwise. All figures contained herein are expressed in United States dollars (US$), except as otherwise stated. Qualified Person Pamela De Mark, P. Geo, Senior Vice President Geology and Exploration for Aris Mining, is a Qualified Person under NI 43- 101, and has reviewed and approved the technical information in this presentation. All technical information related to the Segovia Operations, Marmato Mine, Soto Norte Project, and Toroparu Project is available at www.aris-mining.com, on SEDAR+ at www.sedarplus.ca and in the Company’s filings with the SEC at www.sec.gov. Disclaimer 2
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TSX: ARIS | NYSE-A: ARMN PRODUCTION GROWTH ON TRACK 73,236oz GOLD PRODUCED Steadily ramping-up production as expected SEGOVIA Construction of Bulk Mining Zone advancing according to plan MARMATO ROBUST FINANCIAL POSITION $253M GOLD REVENUE $131M ADJUSTED EBITDA1 $418M CASH BALANCE Q3 2025 Highlights 3 Pre-feasibility Study completed in September 2025 UNLOCKING DIVERSIFIED GROWTH Tracking to achieve about the midpoint of full-year 2025 production guidance SOTO NORTE Preliminary Economic Assessment completed in October 2025 TOROPARU 1. References in this presentation to all-in sustaining cost (AISC) ($ per oz sold), AISC margin, EBITDA, adjusted EBITDA, adjusted net earnings and adjusted earnings (per share) are non-GAAP financial measures and ratios. These measures do not have any standardized meaning prescribed under GAAP and therefore may not be comparable to other issuers. Refer to the Non-GAAP Financial Measures section of the MD&As for the three and nine months ended September 30, 2025 and 2024, the years ended December 31, 2024 and 2023 and the years ended December 31, 2023 and 2022 for a reconciliation of these measures to the most directly comparable financial measures disclosed in the Company’s financial statements.
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TSX: ARIS | NYSE-A: ARMN Record Financial Performance in Q3 2025 4 Record financial results driven by production growth and strong gold prices $0.36 ADJUSTED EARNINGS PER SHARE1 Record adjusted net earnings of $72M $253M GOLD REVENUE Up 27% from Q2 2025 $131M ADJUSTED EBITDA $352 million on trailing 12-months (LTM) $418M CASH ON HAND Up from $310 million at June 30, 2025 1. Net earnings represents net earnings attributable to the shareholders of the Company. August 2025: Celebrating Segovia Expansion Commissioning
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TSX: ARIS | NYSE-A: ARMN Quarterly Cash Flow Summary1 5 US$ millions Q3 2025 Q2 2025 Gold revenue2 $253.5 $200.2 Total cash costs, royalties & social contributions2 (117.3) (96.3) Sustaining capital (12.2) (12.7) All in sustaining margin $124.0 $91.2 Taxes paid2 (13.2) (42.2) General and administration expenses2 (5.1) (5.2) Change in working capital, impact of foreign exchange (14.9) 30.0 After-tax adjusted sustaining margin $90.8 $73.8 Expansion and growth capital at: Marmato Narrow Vein & Bulk Mining Zone (31.4) (23.6) Segovia Operations (9.6) (6.9) Soto Norte & Other (3.9) (2.7) Toroparu Project (3.3) (3.4) Total expansion and growth capital (48.1) (36.7) Free cashflow from operations after expansion capital 42.6 37.1 Net Proceeds from warrant/option exercises2 59.8 57.7 Proceeds from disposition of Juby Gold Project 13.1 - Other net financing cash-flows (7.8) (24.4) Total financing and other costs 65.1 33.3 Net change in cash2 107.7 70.3 Opening balance at the beginning of the period2 310.2 239.8 Closing balance at the end of the period2 $417.9 $310.2 1. This Quarterly Cash Flow Summary is comprised of certain non-GAAP financial measures. Refer to the Non-GAAP Financial Measures section of this news release for further information. 2. As presented in the Financial Statements and notes for the respective periods. +36% AISC margin growth Q2 included the 2024 Income tax payment Expanding sustaining margin, funding growth $43M free cash flow after taxes and growth capex Includes $115M in net cash proceeds in 2025 from ARIS.WT.A warrants $108M increase in cash in Q3
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TSX: ARIS | NYSE-A: ARMN 6 Segovia: Total AISC and Realized Gold Price Trends ($/oz)65.5koz GOLD PRODUCTION 9.9 g/t and 96.1% recoveries $121.5M TOTAL AISC MARGIN Up 39% from Q2 2025 $1,452 OWNER AISC/OZ 9M 2025 average: $1,482/oz 44% CONTRACT MINING PARTNERS AISC SALES MARGIN 9M 2025 average: 43% (above top end of guidance range) Segovia: Q3 2025 Results Up 25% from Q2 2025 73,236oz Q3 2025 TOTAL GOLD PRODUCTION Q3 2025 – Operational Performance Segovia: Strong AISC Margin Growth ($ million) $14.1 $23.1 $35.3 $37.0 $57.8 $83.1 $18.1 $21.0 $23.0 $23.9 $29.4 $38.4 $32.2 $44.1 $58.3 $60.9 $87.2 $121.5 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Owner Mining AISC Margin CMP AISC Margin $2,313 $2,457 $2,642 $2,855 $3,303 $3,494 $1,571 $1,540 $1,485 $1,570 $1,681 $1,641 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 AISC Margin/oz Realized Gold Price/oz Total AISC/oz $1,853 $742
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TSX: ARIS | NYSE-A: ARMN Segovia: Steadily Ramping-up Production 7 Segovia’s ramp-up is advancing in line with expectations: throughput increasing without sacrificing grade • Gradual production ramp up in H2 2025 following commissioning of second mill in June • Targeting gold production of around 300,000 oz in 2026 47,549 51,527 65,549 9.37 9.85 9.87 - 5.00 10.00 20,000 40,000 60,000 80,000 100,000 Q1 2025 Q2 2025 Q3 2025 Gold Produced (oz) Processed Grade Au (g/t) 2025 Gold Production & Processed GradeFY 2025 PRODUCTION GUIDANCE 2025 Tonnes Milled per Month 68,167 71,912 79,471 55,716 55,987 20000 30000 40000 50000 60000 70000 80000 90000 100000 Q1 2025 Q2 2025 Jul-25 Aug-25 Sep-25 Average Tonnes Milled per Month Post Expansion - Tonnes Milled per Month Tracking about the midpoint based on gold production YTD and outlook for Q4 2025 210 – 250 koz • Processing capacity increased from 2,000 to 3,000 tpd
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TSX: ARIS | NYSE-A: ARMN Marmato: Construction of Bulk Mining Zone 8 • The main decline is 34% complete o 580 meters completed of full length of 1.7km • Completion targeted for August 2026 • The Los Indios crosscut is advancing toward its connection with the main decline, now ~320 meters away MAIN DECLINE DEVELOPMENT Photos TBD View to the Northeast • Bulk earthworks for the process plant platform have reached 95% completion, and the retaining wall is over 75% complete • Over 2 million workhours completed to date • Major equipment, including the primary crusher, SAG mill, ball mill, and filter press, has arrived in Cartagena • ~ 95% of long-lead items have been ordered SURFACE CONSTRUCTION ACTIVITES EQUIPMENT • $250 million at the end of Q3 2025 of which: o $82 million to be funded by remaining Wheaton stream installments o Only $168 million to be funded by Aris Mining First gold pour expected in H2 2026, followed by a planned ramp-up period to steady-state operations ESTIMATED COST TO COMPLETE
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TSX: ARIS | NYSE-A: ARMN Soto Norte: One of the Most Attractive Gold Projects in the Americas 9 Asset Overview 51% ARIS MINING 49% MUBADALA OWNERSHIP 1. See Appendix for more detailed technical disclosures and full disclosure of Mineral Reserve and Mineral Resource estimates. 2. Shown on 100% basis. ANNUAL PROCESSED GOLD GRADE AND GOLD PRODUCED IN CONCENTRATES2 • Large, low cost, long-life underground operation using proven and safe mining and processing methods • PFS outlines a project that balances scale, profitability, and responsible development, featuring: ✓ Scaled-down, more efficient mining operations and processing facilities ✓ A reduced environmental impact ✓ A design that dedicates >20% of total processing capacity (750 tpd) for material mined by local community groups • With the PFS complete, we are finalizing environmental studies and preparing to apply for an environmental license in H1 2026 SUMMARY 4.6 7.0 3.9 2.3 3.6 2.0 P&P Reserves M&I Resources Inferred Resources PSN (100%) Attributable to Aris Mining (51%) MEANINGFUL SCALE & HIGH GRADE • 7.0 g/t Reserve grade • 5.6 g/t Resource grade (M+I) HIGH-GRADE & LONG-LIFE RESERVES & RESOURCES (Au Moz)1 171 216 294 262 268 271 263 253 308 229 158 9.62 8.17 9.82 8.74 8.92 9.05 8.75 8.44 10.29 7.64 5.32 -10.0 -5.0 - 5.0 10.0 - 50 100 150 200 250 300 350 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 - Y21 Au (g/t) Gold Production (koz) Gold ounces produced in concentrate (koz) Processed grade Au (g/t)
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TSX: ARIS | NYSE-A: ARMN 10 Soto Norte: Prefeasibility Study Results1 Operational Project Parameters Key Financial Metrics 263koz ANNUAL AVERAGE, YEARS 2 TO 10 203koz ANNUAL AVERAGE, YEARS 1 TO 21 3,500tpd MILL THROUGHPUT Including 750 tpd for local community miners 22 years MINE LIFE2 (MINERAL RESERVES) GOLD PRODUCTION PROCESSING CAPACITY AND MINE LIFE 1. Shown on 100% basis. 2. At an owner-mining rate of 2,750 tpd. 3. Base case gold price of $2,600/oz. $625M INITIAL CONSTRUCTION CAPITAL $2.7B AFTER-TAX NPV5% $534/oz AISC (LOM)2,3 $410M AVERAGE ANNUAL EBITDA (YEARS 1 to 21)2,3 LOW AISC DRIVING STRONG PROFITABILITY & CASH FLOW GENERATION CONSTRUCTION CAPITAL AND AFTER-TAX NPV & IRR2,3 Gold price Indicator $2,000/oz $2,200/oz $2,400/oz $2,600/oz Base case $2,800/oz $3,000/oz $3,200/oz After-tax NPV5% ($M) 1,800 2,093 2,387 2,680 2,973 3,266 3,559 After-tax IRR (%) 27.7 30.4 33.0 35.4 37.8 40.0 42.1 Payback period (years) 2.8 2.6 2.5 2.3 2.2 2.1 2.0 ECONOMIC EVALUATION SENSITIVITY TO GOLD PRICE 35.4% AFTER-TAX IRR 4.3Moz LIFE OF MINE
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TSX: ARIS | NYSE-A: ARMN 11 Soto Norte: Responsible Development Approach COMMUNITY ENGAGEMENT MODEL Structured engagement model empowering communities to identify priorities and propose initiatives FILTERED TAILINGS FACILITY Best practice design according to globally recognized standards ENVIRONMENTALLY SOUND OPERATIONS Use of rope conveyor to reduce truck traffic, dust, and spillage Ability to deliver significant long-term value for shareholders and for our community and government partners, while adhering to the highest standards of safety, water protection, and environmental management. Responsible Development COMMUNITY PROCESSING CAPACITY 20% of plant capacity (750 tpd) dedicated to process material purchased from local community miners LOCAL EMPLOYMENT Peak construction will create about 2,300 jobs, with long- term operations sustaining about 675 direct employees WATER PROTECTION AND IMPROVEMENT Designed to protect local watercourses MINIMAL WATER USE AND SURFACE TAILINGS STORAGE Recycling system allows 96.5% water reuse NO CYANIDE OR MERCURY Processing facility will not use cyanide or mercury
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TSX: ARIS | NYSE-A: ARMN Toroparu: Long-Life, Low-Cost Open Pit Gold Operation in Guyana 12 Asset Overview 1. See Appendix for more detailed technical disclosures and full disclosure of Mineral Reserve and Mineral Resource estimates. ANNUAL PROCESSED GOLD GRADE AND TOTAL GOLD PRODUCTION • Large-scale, long-life open pit gold project with robust economics • Prefeasibility Study has been initiated, targeted for completion in 2026, with a goal of advancing toward construction SUMMARY 5.3Moz M&I GOLD RESOURCES1 AT 1.3 g/t 1.2Moz INFERRED GOLD RESOURCES1 AT 1.6 g/t MINERAL RESOURCES Guyana’s mining sector is advancing rapidly, driven by its attractive regulatory and investment environment. Aris Mining is looking to build Toroparu as one of the next large-scale, modern gold mines in Guyana. 213 224 227 246 241 243 217 218 219 215 220 246 60 0.98 1.06 1.08 1.16 1.14 1.15 1.06 1.00 1.02 1.02 1.04 1.18 0.99 (4.00) (3.00) (2.00) (1.00) - 1.00 2.00 - 50 100 150 200 250 300 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 - Y21 Y22 Gold produced (koz) Gold produced (koz) Processed grade Au (g/t)
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TSX: ARIS | NYSE-A: ARMN Toroparu: Preliminary Economic Assessment Results1 13 1. This preliminary economic assessment is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 2. Base case gold price of $3,000/oz. Operational Project Parameters Key Financial Metrics 235koz LOM Annual Average Ag, Cu BY-PRODUCTS 7.0Mtpa MILL CAPACITY 21.3 years MINE LIFE GOLD PRODUCTION AND BY PRODUCTS PROCESSING CAPACITY AND MINE LIFE $820M INITIAL CONSTRUCTION CAPITAL $1.8B AFTER-TAX NPV5% $1,289/oz AISC1 $443M AVERAGE LOM ANNUAL EBITDA2 COMPETITIVE AISC DRIVING STRONG PROFITABILITY & CASH FLOW GENERATION CONSTRUCTION CAPITAL AND AFTER-TAX NPV & IRR2 Gold price Indicator $2,400/oz $2,600/oz $2,800/oz $3,000/oz Base case $3,200/oz $3,400/oz $3,600/oz After-tax NPV5% ($M) $944 $1,231 $1,518 $1,805 $2,091 $2,378 $2,664 After-tax IRR (%) 16.6% 19.6% 22.5% 25.2% 27.7% 30.2% 32.6% Payback period (years) 4.4 3.7 3.3 3.0 2.7 2.5 2.3 ECONOMIC EVALUATION SENSITIVITY TO GOLD PRICE 25.2% AFTER-TAX IRR 5.0Moz LIFE OF MINE
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TSX: ARIS | NYSE-A: ARMN x EBITDA (US$ million) Current (adjusted) Price 1 Yield Coupon Maturity Rating Cash2 418 Corp: B1 / B+ / B+ Gold-Linked Secured 7.5% Notes3 32 0.1x 211 n/a 7.500% 26-Aug-27 -- Senior Unsecured 8.000% Notes3 450 1.3x 103.866 6.836% 8.000% 31-Oct-29 B1 / B+ / B+ Total debt 482 1.4x 7.967% Market capitalization (at US$9.19/sh)4 1,862 5.3x Total capitalization4 2,344 6.7x Net debt5 64 0.2x Adjusted EBITDA LTM 352 Debt / Market Cap 25.9% Net Debt / Market Cap (Gearing) 3.4% Capitalization Overview 1. Bond pricing sourced from Bloomberg as of October 28, 2025. 2. Cash and cash equivalents as of September 30, 2025. 3. Principal amounts outstanding as of September 30, 2025. The secured Gold -Linked Notes amortize on a quarterly basis in each of February, May, August and November. 14 4. As of October 28, 2025. 5. Net debt is calculated as outstanding principal for the Senior Notes and the Gold-linked Notes, less cash. 6. Total and Net Leverage ratios are calculated by dividing total debt and net debt, respectively, by Adjusted EBITDA on a trailing 12-month basis. 3.0 1.5 2.4 1.2 1.8 0.7 1.4 0.2 Total Leverage Net Leverage Leverage Ratios (Total and Net)6 Q4 2024 Q1 2025 Q2 2025 Q3 2025
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TSX: ARIS | NYSE-A: ARMN Current Operations: Diversified Organic Growth Pipeline 15 Near-term Growth from Producing Assets Longer-term Growth from Development Projects ~300 koz >200 koz 235 koz 263 koz (100%)1 134 koz (51%)1 June 2025: Commissioning of second mill on time and within budget H2 2025 / 2026: Tracking about the midpoint of our 2025 production guidance (210 – 250 koz); and targeting annual gold production around 300 koz H2 2026: First gold pour from the Bulk Mining Zone expected in H2 2026, followed by a planned ramp-up period to steady-state operations (over 200 koz/year) Oct 2025: Preliminary Economic Assessment with life of mine average annual production of 235 koz over more than 21 years at AISC of $1,289/oz H2 2026: Prefeasibility Study Sept 2025: Prefeasibility Study with average annual production of 263 koz (Years 2 – 10) and 203 koz (Years 1 – 21) at AISC of $534/oz LOM H1 2026: Environmental license application Creating a leading gold mining company in South America with a diversified asset portfolio of scale SEGOVIA MARMATO TOROPARU SOTO NORTE 1. Soto Norte is expected to have annual average production of 263 koz (years 2 to 10) on a 100% basis. Mine / Project Annual Gold Production Run-rate Catalysts 51% ownership Colombia Colombia Colombia Guyana ~500 koz
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TSX: ARIS | NYSE-A: ARMN Appendix Oliver Dachsel – SVP, Capital Markets odachsel@aris-mining.com Lillian Chow – Director, Investor Relations & Communications lchow@aris-mining.cominfo@aris-mining.com | www.aris-mining.com
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TSX: ARIS | NYSE-A: ARMN Q3 2025 Q2 2025 Q3 2024 Consolidated Gold produced (ounces) 73,236 58,652 53,608 Segovia Operations Tonnes milled (t) 219,550 167,960 166,868 Average tonnes milled per day (tpd) 2,553 1,976 1,940 Average gold grade processed (g/t) 9.87 9.85 9.23 Gold produced (ounces) 65,549 51,527 47,493 AISC ($/oz) – Owner Mining $1,452 $1,520 $1,451 AISC Margin % – CMPs 44% 42% 34% AISC ($/oz) – Total $1,641 $1,681 $1,540 AISC Margin ($M) – Total $121.5 $87.2 $44.1 Q3 2025 Operating Performance Gold production increased 25% from Q2 2025 Owner Mining AISC: $1,452/oz, towards the lower end of the FY 2025 guidance range of $1,450 to $1,600 AISC margin increased to $122 million, a 39% increase over Q2 2025 17 CMP-sourced gold delivered a 44% AISC sales margin, outperforming top end FY 2025 guidance range of 35% to 40%
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TSX: ARIS | NYSE-A: ARMN Q3 2025 Financial Results (in US$ millions, unless stated otherwise) Q3 2025 Q2 2025 Q3 2024 Gold revenue 253.5 200.2 131.6 Income from mining operations 122.7 92.0 38.0 EBITDA 96.5 31.5 27.8 Adjusted EBITDA 131.0 98.7 43.0 Net earnings (loss)1 42.0 (16.9) (2.1) Adjusted earnings 71.8 47.8 13.1 Earnings per share – basic ($) 0.21 (0.09) (0.01) Adjusted net earnings per share – basic ($) 0.36 0.27 0.08 1. Net earnings represents net earnings attributable to the shareholders of the Company. 18 27% increase in gold revenue compared to Q2 2025 driven by higher realized gold prices and higher sales volume Adjusted EBITDA reached $352 million on a trailing 12-month basis Adjusted EBITDA up 33% from Q2 2025 and triple Q3 2024 Adjusted net earnings reached $72 million, up from 48 million or $0.27 per share in Q2 2025
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TSX: ARIS | NYSE-A: ARMN Property Proven Probable Proven & Probable Tonnes (kt) Gold grade (g/t) Contained gold (koz) Tonnes (kt) Gold grade (g/t) Contained gold (koz) Tonnes (kt) Gold grade (g/t) Contained gold (koz) Marmato 2,196 4.31 304 29,082 3.08 2,874 31,277 3.16 3,178 Soto Norte (51%) 1,326 8.78 357 9,027 6.72 1,938 10,353 7.00 2,346 Segovia 1,886 11.25 682 1,989 10.33 660 3,875 10.78 1,343 Total 1,343 5,472 6,867 Notes: Totals may not add due to rounding. Mineral reserve estimates for Soto Norte represent the portion of mineral reserves attributable to Aris Mining based on its 51% ownership interest. Mineral reserves were estimated using a gold price of US$1,500 per ounce at Marmato, US$2,200 at Soto Norte, and US$1,915 at Segovia. The mineral reserve effective dates are June 30, 2022 at Marmato, August 18. 2025 at Soto Norte, and July 31, 2024 at Segovia. This disclosure of mineral reserve estimates has been approved by Pamela De Mark, P.Geo, Senior Vice President Geology and Exploration of Aris Mining, who is a Qualified Person as defined by National Instrument 43-101. Property Measured Indicated Measured & Indicated Inferred Tonnes (Mt) Gold grade (g/t) Contained gold (koz) Tonnes (Mt) Gold grade (g/t) Contained gold (koz) Tonnes (Mt) Gold grade (g/t) Contained gold (koz) Tonnes (Mt) Gold grade (g/t) Contained gold (koz) Marmato 2.8 6.04 545 58.7 2.89 5,452 61.5 3.03 5,997 35.6 2.43 2,787 Soto Norte (51%) 1.9 7.99 510 18.0 5.29 3,060 19.9 5.55 3,570 12.8 4.81 1,989 Segovia 3.6 16.03 1,875 2.9 16.07 1,521 6.6 16.05 3,396 5.1 15.38 2,541 Toroparu 48.5 1.31 2,038 78.4 1.30 3,272 126.9 1.30 5,310 22.9 1.6 1,177 Total 4,968 13,305 18,273 8,494 Notes: Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral resource estimates are reported inclusive of mineral reserves. Totals may not add due to rounding. Mineral resource estimates for Soto Norte represent the portion of mineral resources attributable to Aris Mining based on its 51% ownership interest. Mineral resources were estimated using a gold price of US$1,700 per ounce at Marmato, US$2,600 at Soto Norte, US$2,100 at the Segovia Operations, and US$1,950 at Toroparu. The mineral resource effective dates are June 30, 2022 at Marmato, August 18, 2025 at Soto Norte, July 31, 2024 at Segovia, and October 21, 2025 at Toroparu. This disclosure of mineral resource estimates has been approved by Pamela De Mark, P.Geo, Senior Vice President Geology and Exploration of Aris Mining, who is a Qualified Person as defined by National Instrument 43-101. Mineral Reserves & Resources
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TSX: ARIS | NYSE-A: ARMN Unless otherwise indicated, the scientific disclosure and technical information included in this presentation are based upon information included in the following documents and NI 43-101 compliant technical reports: 1. Technical report entitled “Technical Report for the Marmato Gold Mine, Caldas Department, Colombia, PFS of the Lower Mine Expansion Project” dated November 23, 2022 with an effective date of June 30, 2022 (the 2022 Marmato Pre-Feasibility Study). The 2022 Marmato Pre-Feasibility Study was prepared by Ben Parsons, MAusIMM (CP), Anton Chan, Peng, Brian Prosser, PE, Joanna Poeck, SME-RM, Eric J. Olin, SME-RM, MAusIMM, Fredy Henriquez, SME, ISRM, David Hoekstra, PE, NCEES, SME-RM, Mark Allan Willow, CEM, SME-RM, Vladimir Ugorets, MMSA, Colleen Crystal, PE, GE, Kevin Gunesch, PE, Tommaso Roberto Raponi, P.Eng, David Bird, PG, SME-RM, and Pamela De Mark, P.Geo., each of whom is a “Qualified Person” as such term is defined in NI 43-101, and with the exception of Pamela De Mark of Aris Mining, are independent of Aris Mining within the meaning of NI 43-101. The 2022 Marmato Pre-Feasibility Study is available for download on Aris Mining's website at www.aris-mining.com and on Aris Mining's SEDAR+ profile at www.sedarplus.ca and in Aris Mining's filings with the SEC at www.sec.gov. 2. Technical report entitled “NI 43-101 Technical Report Prefeasibility Study for the Soto Norte Project, Santander, Colombia”, dated September 3, 2025 with an effective date of August 18, 2025 (the Soto Norte Technical Report). The Soto Norte Technical Report was prepared by Kate Kitchen, MAIG of Mining Plus, Peter Lock, FAusIMM of Mining Plus, Jan Eklund, P.E. of LogiProc Pty Ltd., Nicholas Sianta, P.E. of Knight Piésold, and Rolf Schmitt, P.Geo., of ERM Consultants Canada Ltd., each of whom are independent of Aris Mining within the meaning of NI 43-101 and is a “Qualified Person” as such term is defined in NI 43-101. The Soto Norte Technical Report is available for download on Aris Mining's website at www.aris-mining.com and on Aris Mining’s SEDAR+ profile at www.sedarplus.ca and in Aris Mining's filings with the SEC at www.sec.gov. 3. Technical report entitled “NI 43-101 Technical Report for the Segovia Operations, Antioquia, Colombia” dated December 5, 2023 with an effective date of September 30, 2023 (the Segovia Technical Report). The Segovia Technical Report was prepared by Pamela De Mark, P.Geo., Inivaldo Diaz, CP and Cornelius Lourens, FAusIMM, each of whom is a “Qualified Person” as such term is defined in NI 43-101 and Cornelius Lourens was independent of Aris Mining within the meaning of NI 43-101 as of the date of the Segovia Technical Report. The Segovia Technical Report is available for download on Aris Mining's website at www.aris-mining.com and on Aris Mining's SEDAR+ profile at www.sedarplus.ca and in Aris Mining's filings with the SEC at www.sec.gov. 4. Technical report entitled “NI 43-101 Technical Report Preliminary Economic Assessment for the Toroparu Project, Cuyuni-Mazaruni Region, Guyana” dated October 28, 2025 with an effective date of October 21, 2025 (the Toroparu Technical Report). The Toroparu Technical Report was prepared by Vaughn Duke, Pr.Eng., Jan Eklund, P.E. and Pamela De Mark, P.Geo., each of whom is a “Qualified Person” as such term is defined n 43-101, and with the exception of Pamela De Mark of Aris Mining, are independent of Aris Mining within the meaning of NI 43- 101. The Toroparu Technical Report is available for download on Aris Mining's website at www.aris-mining.com and on Aris Mining's SEDAR+ profile at www.sedarplus.ca and in Aris Mining's filings with the SEC at www.sec.gov. 5. News release of Aris Mining dated October 7, 2024 and entitled “ARIS MINING REPORTS Q3 2024 GOLD PRODUCTION, UPDATES SEGOVIA RESERVE AND RESOURCE ESTIMATES AND EXPANSION MILESTONES”. Technical Disclosure