ARIS MINING REPORTS Q1 2023 FINANCIAL AND OPERATING HIGHLIGHTS

VANCOUVER, BC, May 10, 2023 /PRNewswire/ - Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS) (OTCQX: TPRFF) announces financial and operating results for the three months ended March 31, 2023 (Q1 2023). All amounts are in US dollars unless otherwise indicated.

Aris Mining CEO Neil Woodyer stated: "Following the merger of GCM Mining and Aris Gold, we launched initiatives to improve the health and safety performance at our operations. We have also captured cost reduction opportunities including reducing G&A expenses to $2.2 million in Q1 2023, as compared to $6.1 million in Q1 2022. During Q1 2023, we produced 50,903 ounces of gold to generate $38.6 million of adjusted EBITDA¹, and $27 million of free cash flow¹ from the Segovia Operations contributed to funding $12 million in growth investments and the $50 million payment owing to complete the purchase of the 20% joint venture interest in the Soto Norte Project. Our current focus is on completing the final steps for permitting the Marmato Lower Mine expansion project, and planning for construction expected to commence in mid-2023. As part of our commitment to building responsible and profitable partnerships with artisanal and small-scale miners in Colombia, we are very proud of a new agreement signed in April 2023 for the Marmato Upper Mine that will include formalization of approximately 260 miners. Just two weeks after signing the agreement, we commenced mining in Level 16 of the Marmato Upper Mine under this new partnership model."

Q1 2023 Operational Highlights:

• Produced 50,903 ounces of gold from the Segovia Operations and the Marmato Upper Mine, with 18% of total contained gold sourced from the purchase of mill-feed through partnerships with artisanal and small-scale miners around the Segovia Operations
• Sold 49,158 ounces of gold, at an average realized price of $1,869 per ounce 
• The Segovia Operations processing facility was expanded to 2,000 tonnes per day (tpd) in late 2022, but a small fire caused by a maintenance procedure reduced throughput to an average of 1,785 tpd in Q1 2023, causing a short lag in gold production. The required repairs have been completed and throughput averaged 2,097 tpd in April 2023, and the Segovia Operations remain on track to achieve 2023 production guidance of 200,000 to 230,000 ounces
• Free cash flow from Segovia Operations of $27 million¹
• Total cash costs of $922 per ounce¹ and all in sustaining costs (AISC) of $1,214 per ounce¹
• Announced the updated mineral resource and reserve estimates for the Segovia Operations, effective December 31, 2022, which include full replacement of gold ounces mined during 2022²
• Aris Mining is on track to meet annual production guidance of between 230,000 – 270,000 ounces at an AISC/oz¹ of between $1,050 to $1,150

Financial and Growth:

• Income from mining operations of $33.2 million
• EBITDA of $21.1 million¹ and adjusted EBITDA of $38.6 million¹
• Expenditures of $11.9 million on non-sustaining capital, including $2.6 million at the Segovia Operations, $4.6 million at the Marmato Upper and Lower Mines, and $4.7 million at the Toroparu Project
• Net loss of $5.4 million or $0.04 per share and adjusted earnings of $11.2 million or $0.08 per share¹

Responsible mining and shared value:

• On April 20, 2023, the Company signed, with the Colombian Minister of Mines and Energy in attendance, an association agreement with artisanal and small-scale miners to purchase ore mined by these groups within Level 16 of the currently operating Marmato Upper Mine
• Paid social contributions of $2.4 million, structured under a transparent social investment policy that aligns with government development plans and Aris Mining's stakeholder engagement policy
• Continued working to create new partnerships with artisanal and small-scale miners throughout the Segovia Operations, the Marmato Mine and the Soto Norte Project

Q1 2023 Financial and Operating Highlights

Quarterly Cashflow Generated

Aris Mining's Q1 2023 interim financial statements and related MD&A are available on SEDAR and in the Financials section of Aris Mining's website here.

Conference call

The conference call to discuss the Q1 2023 results will be held on May 11, 2023 at 7:00 am (Pacific Time) or 10:00 am (Eastern Time).

The conference call dial-in is +1-416-764-8658 or toll free (North America) +1-888-886-7786. Quote "Aris Mining" when prompted by the operator or conference ID 25173378.

Participants can access the Company's presentation by a live webcast of the conference call at the following link: https://events.q4inc.com/attendee/113640527 

There will be a question-and-answer session following the presentation.

About Aris Mining

Aris Mining is a Canadian company led by an executive team with a track record of creating value through building globally relevant mining companies. In Colombia, Aris Mining operates several high-grade underground mines at its Segovia Operations and the Marmato Mine, which together produced 235,000 ounces of gold in 2022. Aris Mining also operates the Soto Norte joint venture, where environmental licensing is advancing to develop a new underground gold, silver and copper mine. In Guyana, Aris Mining is advancing the Toroparu Project, a gold/copper project. Aris Mining plans to pursue acquisition and other growth opportunities to unlock value creation from scale and diversification.

Aris Mining promotes the formalization of artisanal and small-scale mining as this process enables all miners to operate in a legal, safe and responsible manner that protects them and the environment.

Additional information on Aris Mining can be found at www.aris-mining.com and www.sedar.com.

Cautionary Language

Non-IFRS Measures

Cash costs ($ per oz sold), AISC ($ per oz sold), free cash flow, EBITDA, adjusted EBITDA, adjusted (loss)/earnings and additions to mining interests are non-IFRS financial measures and non-IFRS ratios in this document. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. For full details on these measures and ratios refer to the "Non-IFRS Measures" section of the Company's Management's Discussion and Analysis for the three months and year ended December 31, 2022 (MD&A) for more details on total cash costs per ounce, AISC ($ per oz sold), adjusted earnings and adjusted net earnings per share, EBITDA and adjusted EBITDA and refer to the "Operations Review - Segovia Operations" section of the MD&A for more details on free cash flow generated from operations. The MD&A is incorporated by reference into this news release and is available on the Company's profile on SEDAR at www.sedar.com.

The tables below reconcile the non-IFRS financial measures contained in this news release for the current and comparative periods to the most directly comparable financial measure disclosed in the Company's Q1 2023 financial statements.

Total cash costs

All-in sustaining costs

Additions to mineral interests, plant and equipment

Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA

Adjusted net earnings and adjusted net earnings per share

Segovia Free Cash Flow

Qualified Person and Technical Information

Pamela De Mark, P.Geo., Senior Vice President, Technical Services of Aris Mining, is a Qualified Person as defined by National Instrument 43-101 (NI 43-101) and has reviewed and approved the technical information contained in this news release.

Scientific and technical information concerning the mineral resource and reserve estimates of the Segovia Operations is summarized, derived, or extracted from the news release of the Company dated March 3, 2023, which is available for review on the Company's website at www.aris-mining.com and on the Company's profile on SEDAR at www.sedar.com, and which have been reviewed and approved by Pamela De Mark, P.Geo., Senior Vice President, Technical Services of Aris Mining, who is a Qualified Person as defined by NI 43-101.

Forward-Looking Information

This news release 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 the Company being on track to achieve the 2023 production guidance, plans with respect to the Marmato Lower Mine expansion and the timing thereof, plans with respect to creating create new partnerships with artisanal and small-scale miners throughout the Segovia Operations, the Marmato Mine and the Soto Norte Project, and the Company's plans and strategies are forward-looking. Generally, the forward-looking information and forward looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "will continue" or "believes", 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, regulations and political or economic developments, 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 annual information form dated March 31, 2023 and available on SEDAR at www.sedar.com.

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.

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SOURCE Aris Mining Corporation