VANCOUVER, BC, Nov. 14,
2022 /CNW/ - Aris Mining Corporation ("Aris Mining"
or the "Company"), formerly GCM Mining Corporation ("GCM Mining")
(TSX: ARIS) (OTCQX: TPRFF) announces financial and operating
results for the three and nine months ended September 30, 2022 ("Q3 2022 and YTD 2022"). All
amounts are in US dollars unless otherwise indicated.
Q3 2022 Highlights:
- Cash and cash equivalents of $326
million and access to $260
million of future project construction funding, as of
September 30, 2022
- Gold sales of 53,411 ounces in Q3 2022 at AISC1 per
ounce sold of $1,115, with gold sales
up 6% over the same quarter last year
- Income from mining operations of $39.8
million for Q3 2022 and $122.2
million for YTD 2022
Aris Mining CEO Neil Woodyer
stated: "We are pleased to report on the integrated group results
following the combination of GCM Mining and Aris Gold on September
26. We have reorganized our Colombian operations around GCM
Mining's Medellin office,
transferred the corporate office from Toronto to Vancouver, established a new system of
governance and leadership for our community social programs,
started implementing new reporting systems focused on cost
controls, and re-branded our operations and offices as Aris
Mining.
"During Q3 2022, the expansion of the Segovia Operation's
Maria Dama processing facility to
2,000 tpd from 1,500 tpd was completed, resulting in gold
production of 54,630 ounces during the quarter. The Segovia
Operations generated $57 million of
after-tax cash flow during the first nine months of 2022, with the
historic Marmato Upper Mine contributing another $2 million while the site prepares for the
Marmato Lower Mine expansion project.
"Earlier today we announced the completion of updated mineral
resource and reserves estimates and the results of the Preliminary
Feasibility Study for the Marmato expansion project, effective
June 30, 2022, which is expected to
be filed in November 2022. The
updated Marmato Lower Mine construction capital estimate of
$280 million will be partially funded
from $122 million of committed stream
financing, for a net construction funding amount of $158 million. Since March
2020 we have increased measured and indicated mineral
resources by 47% to 6.0 million ounces of gold, mineral reserves by
57% to 3.2 million ounces, and, at the base case $1,600 gold price, the project NPV5%
is $341 million and the IRR is
30%.2 Following construction of the new Lower Mine, the
Marmato operation is expected to deliver average production of
162,000 ounces per year over a nearly 20-year mine life.
"We are also pleased to announce approval of the Marmato Plan de
Trabajos y Obras or PTO, a long-term technical operations concept,
by the Agencia Nacional de Minería, as a progressive step toward
fully permitting the expansion project. We continue to advance the
process to amend the Marmato environmental license with the
Autoridad Nacional de Licencias Ambientales.
"We are now focused on a re-evaluation of the Toroparu Project
in Guyana, including a review to
validate the previous management team's plan to construct the
processing plant in two phases. During this period and until the
development plan is fully defined, we are reducing previously
planned expenditures."
____________________
|
1.
|
Cash costs ($ per oz
sold), AISC ($ per oz sold), 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. Please
refer to the Non-IFRS Measures section of the Cautionary Notes
below for further information.
|
2.
|
See Marmato mineral
resources and reserves section below for further
details.
|
|
|
Q3 2022 Financial and Operating
Highlights
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|
2022
|
2021
|
2022
|
2021
|
Gold sold
(ounces)
|
53,411
|
50,171
|
160,940
|
158,326
|
Average realized gold
price ($/ounce sold)
|
1,739
|
1,784
|
1,819
|
1,798
|
Cash costs ($/ounce
sold) 1
|
743
|
805
|
793
|
785
|
AISC ($/ounce sold)
1
|
1,155
|
1,161
|
1,136
|
1,107
|
Income from mining
operations ($'000)
|
39,826
|
35,061
|
122,211
|
119,359
|
EBITDA1
|
(22,831)
|
50,499
|
84,119
|
248,232
|
Adjusted
EBITDA1
|
31,821
|
41,973
|
120,478
|
138,671
|
Net earning (loss)
($'000)
|
(48,350)
|
25,258
|
(4,147)
|
173,362
|
Earnings (loss) per
share – basic ($)
|
(0.48)
|
0.26
|
(0.04)
|
2.32
|
Adjusted earnings
($'000)1
|
19,979
|
28,789
|
80,576
|
104,102
|
Adjusted earnings per
share – basic ($)1
|
0.20
|
0.29
|
0.82
|
1.34
|
Additions to mining
interests ($'000) 1
|
37,007
|
17,168
|
95,837
|
44,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet, as at
($000s)
|
|
|
September 30,
2022
|
December 31,
2021
|
Cash and cash
equivalents
|
|
|
325,743
|
323,565
|
Total
assets
|
|
|
1,261,456
|
998,385
|
Total long-term
debt
|
|
|
376,576
|
314,266
|
1.
|
Comparative cash cost
and AISC values have been adjusted from amounts previously
disclosed following a change in the methodology used to
calculate total cash costs ($ per oz sold) and AISC ($ per oz sold)
in Q3 2022. Refer to the Non-IFRS Measures section of
the Cautionary Notes below for further
information
|
|
|
Aris Mining's Q3 2022 financial statements and related MD&A
are available on SEDAR and in the Investors section of Aris
Mining's website here.
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
230,000 ounces of gold in 2021. 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 with expected average
gold production of 225,000 per year over the life of mine. Aris
Mining plans to pursue acquisition and other growth opportunities
to unlock value creation from scale and diversification.
Aris Mining promotes the formalization of 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 Notes
Non-IFRS Measures
Cash costs ($ per oz sold), AISC ($ per oz sold), 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 and nine months
ended September 30, 2022, which is
incorporated by reference into this news release and is available
on SEDAR at www.sedar.com.
Aris Mining changed the method of calculating cash costs in Q3
2022 and all historical information was adjusted. Total cash costs
now exclude royalties and include the appropriate mine-level
general and administrative costs. General and administrative costs
associated with the corporate office (Canada) and the arbitration proceedings with
the International Centre for Settlement of Investment Disputes in
respect of its claim against the Republic of Colombia are excluded from the calculation.
Management considers that royalties are not controllable by the
operations team and as such exclude them from their controllable
costs – these costs are included in AISC below. Conversely,
mine-level general and administrative costs are controllable by the
operations team and as such are included in total cash costs.
Aris Mining changed the method of calculating AISC in Q3 2022
and all historical information was adjusted. AISC now excludes all
non-mine-level general and administrative costs, environmental
penalties and non-mine-level lease payments. Management considers
that these costs are not controllable by the operations teams.
The tables below reconcile the non-IFRS financial measures and
non-IFRS ratios contained in this news release for the current and
comparative periods to the most directly comparable financial
measure disclosed in the Company's Q3 2022 financial
statements.
Total cash costs
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|
|
2022
|
2021
|
2022
|
2021
|
2021
|
2021
|
|
($000s except per
ounce amounts)
|
Segovia1
|
Segovia
|
Segovia1
|
Segovia
|
Marmato2
|
Total
|
|
Total gold sold
(ounces)
|
53,411
|
50,171
|
160,940
|
155,646
|
2,680
|
158,326
|
|
Cost of
sales3
|
43,777
|
44,577
|
140,921
|
133,811
|
4,370
|
138,181
|
|
Less:
royalties3
|
(3,043)
|
(2,977)
|
(9,551)
|
(9,210)
|
(400)
|
(9,610)
|
|
Less: silver
revenue3
|
(1,040)
|
(1,207)
|
(3,799)
|
(4,185)
|
(96)
|
(4,281)
|
|
Total cash
costs
|
39,694
|
40,393
|
127,571
|
120,416
|
3,874
|
124,290
|
|
Total cash costs ($
per oz gold sold)
|
743
|
805
|
793
|
774
|
1,446
|
785
|
|
1.
|
Following the close of
the business combination with Aris Gold Corporation (the Aris
Mining Transaction) on September 26, 2022, consolidated revenue
for Q3 and YTD 2022 as presented for Aris Mining includes
revenue from the assets acquired of $nil million. Consolidated net
income for Q3 2022 and YTD 2022 includes net loss from Aris
Gold assets of $0.1 million. Accordingly operating information for
the Marmato Mine is not included in the analysis given the
negligible activity between the close of the Aris Mining
Transaction and September 30, 2022.
|
2.
|
The Marmato Mine data
in the first quarter of 2021 represents operating results prior to
February 4, 2021, the initial date of loss of control of former
Aris Gold. Thereafter, the Company continued with equity accounting
for its investment in former Aris Gold, until the closing of the
Aris Transaction on September 26, 2022.
|
3.
|
As presented in the
Condensed Consolidated Interim Financial Statements and notes for
the respective periods.
|
|
|
All-in sustaining costs
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|
2022
|
2021
|
2022
|
2021
|
2021
|
2021
|
($000s except per
ounce amounts)
|
Segovia1
|
Segovia
|
Segovia1
|
Segovia
|
Marmato2
|
Total
|
Total gold sold
(ounces)
|
53,411
|
50,171
|
160,940
|
155,646
|
2,680
|
158,326
|
Total cash
costs
|
39,694
|
40,393
|
127,571
|
120,416
|
3,874
|
124,290
|
Add:
royalties3
|
3,043
|
2,977
|
9,551
|
9,210
|
400
|
9,610
|
Add: social
programs3
|
3,175
|
3,317
|
9,138
|
8,044
|
29
|
8,073
|
Add: sustaining capital
expenditures
|
15,240
|
10,979
|
34,938
|
30,868
|
689
|
31,557
|
Add: lease
payments
|
559
|
585
|
1,595
|
1,757
|
28
|
1,785
|
Total
AISC
|
39,694
|
40,393
|
127,571
|
120,416
|
3,874
|
124,290
|
Total AISC ($ per oz
gold sold)
|
743
|
805
|
793
|
774
|
1,446
|
785
|
1.
|
Following the close of
the Aris Mining Transaction on September 26, 2022, consolidated
revenue for Q3 2022 and YTD 2022 as presented for Aris
Mining includes revenue from the assets acquired of $nil
million. Consolidated net income for Q3 and YTD 2022 includes
net loss from Aris Gold assets of $0.1 million. Accordingly
operating information for the Marmato Mine is not included in the
analysis given the negligible activity between the close of the
transaction and September 30, 2022.
|
2.
|
The Marmato Mine data
in the first quarter of 2021 represents operating results prior to
February 4, 2021, the initial date of loss of control of former
Aris Gold. Thereafter, the Company continued with equity accounting
for its investment in former Aris Gold, until the closing of the
Aris Transaction on September 26, 2022.
|
3.
|
As presented in the
Condensed Consolidated Interim Financial Statements and notes for
the respective periods.
|
|
|
Additions to mineral interests, plant and equipment
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
($'000)
|
2022
|
2021
|
2022
|
2021
|
Sustaining
capital
|
|
|
|
|
Segovia
Operations
|
15,240
|
10,979
|
34,938
|
30,868
|
Marmato
Upper Mine1
|
-
|
-
|
-
|
689
|
Total
|
15,240
|
10,979
|
34,938
|
31,557
|
Non-sustaining
capital
|
|
|
|
|
Segovia
Operations
|
1,720
|
3,986
|
6,102
|
9,461
|
Marmato
Lower Mine1
|
-
|
-
|
-
|
1,186
|
Toroparu
Project
|
20,047
|
2,203
|
54,797
|
2,353
|
Total
|
21,767
|
6,189
|
60,899
|
13,000
|
Additions to mining
interest, plant and equipment
|
37,007
|
17,168
|
95,837
|
44,557
|
1.
|
The Marmato Mine data
in the first quarter of 2021 represents operating results prior to
February 4, 2021, the initial date of loss of control of former
Aris Gold. Thereafter, the Company continued with equity accounting
for its investment in former Aris Gold, until the closing of the
Aris Transaction on September 26, 2022.
|
|
|
Adjusted net earnings and adjusted net earnings
per share
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
($000s except shares
amount)
|
2022
|
2021
|
2022
|
2021
|
Basic weighted average
shares outstanding
|
100,997,670
|
98,485,773
|
98,761,384
|
77,557,372
|
Earnings/(loss) before
tax 1
|
(34,673)
|
37,315
|
44,217
|
213,663
|
Add back:
|
|
|
|
|
Acquisition and restructuring
costs 1
|
21,648
|
-
|
21,648
|
9,817
|
Gain on
Loss of Control Aris Gold 1
|
-
|
-
|
-
|
(56,886)
|
Gain on
sale of shares in Titiribi 1
|
-
|
-
|
-
|
(8,913)
|
Share-based compensation
1
|
1,633
|
777
|
1,693
|
698
|
Revaluation of Aris Gold to acquisition
price 1
|
28,217
|
-
|
28,217
|
-
|
Gain
(loss) on financial instruments 1
|
4,668
|
(7,743)
|
(13,246)
|
(52,067)
|
Foreign
exchange (gain) loss 1
|
(1,514)
|
(1,560)
|
(1,953)
|
(2,210)
|
Adjusted net (loss)
/ earnings
|
19,979
|
28,789
|
80,576
|
104,102
|
Per share –
basic ($/share)
|
0.20
|
0.29
|
0.82
|
1.34
|
1.
|
As presented in the
Condensed Consolidated Interim Financial Statements for the
respective period.
|
|
|
Earnings before interest, taxes, depreciation, and
amortization ("EBITDA") and adjusted EBITDA
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
($000s except shares
amount)
|
2022
|
2021
|
2022
|
2021
|
Earnings/(loss) before
tax1
|
(34,673)
|
37,315
|
44,217
|
213,663
|
Add back:
|
|
|
|
|
Depreciation and depletion1
|
7,131
|
7,761
|
24,332
|
23,375
|
Finance
income1
|
(1,804)
|
(373)
|
(3,883)
|
(980)
|
Interest
and accretion1
|
6,515
|
5,796
|
19,453
|
12,174
|
EBITDA
|
(22,831)
|
50,499
|
84,119
|
248,232
|
Add back:
|
|
|
|
|
Acquisition and restructuring
costs1
|
21,648
|
-
|
21,648
|
9,817
|
Gain on
Loss of Control Aris1
|
-
|
-
|
-
|
(56,886)
|
Gain on
sale of Shares Titiribi1
|
-
|
-
|
-
|
(8,913)
|
Share-based
compensation1
|
1,633
|
777
|
1,693
|
698
|
Revaluation of Aris Gold to acquisition
price1
|
28,217
|
-
|
28,217
|
-
|
Gain
(loss) on financial instruments1
|
4,668
|
(7,743)
|
(13,246)
|
(52,067)
|
Foreign
exchange (gain) loss1
|
(1,514)
|
(1,560)
|
(1,953)
|
(2,210)
|
Adjusted
EBITDA
|
31,821
|
41,973
|
120,478
|
138,671
|
1.
|
As presented in the
Condensed Consolidated Interim Financial Statements and notes for
the respective periods.
|
|
|
Cautionary Language
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 expected production and life of mine at
the Marmato mine following construction of the Lower Mine, the
expected timing for the filing of the Marmato Preliminary
Feasibility Study, the advancement of the Marmato environmental
license process, the Company's plans with respect to the Toroparu
Project, the expected production at the Toroparu Project, the
Company's plans and strategies and estimated production rate and
life of mine AISC 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 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: the
success of business integration, the ability of the Company's
management team to successfully integrate with the current
operations, the Company's ability to generate sufficient cash flow
from operations and capital markets to meet its future obligations,
no significant disruption affecting operations, whether due to
labour disruptions, supply disruptions, power disruptions, damage
to equipment or otherwise, the viability, economically and
otherwise, of developing the Toroparu Project, risks related to
international operations, risks related to general economic
conditions, actual results of current exploration activities;
changes in project parameters as plans continue to be refined;
fluctuations in prices of metals including gold; the ability to
convert mineral resources to mineral reserves; fluctuations in
foreign currency exchange rates or interest rates and stock
market volatility, increases in market prices of mining
consumables, risks associated with holding derivative instruments
(such as credit risks, market liquidity risk and mark-to-market
risk), possible variations in mineral reserves, grade or recovery
rates; failure of plant, equipment or processes to operate as
anticipated; changes in national and local government legislation,
taxation, controls, regulations, regulations and political or
economic developments in Canada or
Colombia, accidents and
operations, labour disputes, title disputes, claims and limitations
on insurance coverage and other risks of the mining industry;
delays in obtaining governmental approvals including obtaining
required environmental and other licenses, or in the completion of
development or construction activities, changes in national and
local government regulation of mining operations, tax rules and
regulations, and political and economic developments in countries
in which the Company operates, as well as those factors discussed
in the section entitled "Risk Factors" in Aris Mining's most recent
AIF 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.
The Toroparu Preliminary Economic Assessment is preliminary in
nature and is based on numerous assumptions and includes inferred
mineral resources. The inferred mineral resources are considered
too speculative geologically to have 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. Scientific and technical information
concerning Toroparu is summarized, derived, or extracted from the
Toroparu Technical Report entitled "Revised NI 43-101 Technical
Report and Preliminary Economic Assessment for the Toroparu Gold
Project, Upper Puruni River Region of Western Guyana" dated February 4, 2022 with an effective date of
December 1, 2021. The Toroparu
Technical Report was prepared by Glen
Kuntz, P. Geo., Brian
Wissent, P.Eng, Daniel Yang,
P.Eng, Ben Peacock, P.Eng,
Kurt Boyko, P.Eng, Fernando Rodrigues, MMSAQP, and David Willms, P.Eng, each of whom is independent
of GCM within the meaning of NI 43-101 and is a "Qualified Person"
as such term is defined in NI 43-101.
Marmato Mine Mineral Resources,
effective June 30, 2022
Area
|
Category
|
Tonnes
(Mt)
|
Grade Au
g/t
|
Grade Ag
g/t
|
Contained Au
(koz)
|
Contained Ag
(koz)
|
Upper Mine
|
Measured
|
2.8
|
6.04
|
27.8
|
545
|
2,509
|
Indicated
|
12.7
|
4.14
|
16.8
|
1,691
|
6,847
|
Measured +
Indicated
|
15.5
|
4.49
|
18.8
|
2,236
|
9,356
|
Inferred
|
2.6
|
3.03
|
15.4
|
250
|
1,265
|
Lower Mine
|
Measured
|
0.0
|
2.73
|
17.8
|
0
|
3
|
Indicated
|
46.0
|
2.54
|
3.3
|
3,761
|
4,912
|
Measured +
Indicated
|
46.0
|
2.54
|
3.3
|
3,761
|
4,914
|
Inferred
|
33.1
|
2.39
|
2.3
|
2,537
|
2,418
|
Marmato Total
|
Measured
|
2.8
|
6.04
|
27.8
|
545
|
2,512
|
Indicated
|
58.7
|
2.89
|
6.2
|
5,452
|
11,758
|
Measured +
Indicated
|
61.5
|
3.03
|
7.2
|
5,997
|
14,270
|
Inferred
|
35.6
|
2.43
|
3.2
|
2,787
|
3,682
|
Notes:
|
|
1.
|
Measured and Indicated
mineral resources are inclusive of mineral reserves.
|
|
2.
|
Mineral resources are
not mineral reserves and have no demonstrated economic
viability.
|
|
3.
|
The mineral resource
estimate was prepared by Benjamin Parsons, MSc, of SRK, who is a
Qualified Person as defined by National Instrument 43-101. Mr.
Parsons has reviewed and verified the drilling, sampling, assaying,
and QAQC protocols and results, and is of the opinion that the
sample recovery, preparation, analyses, and security protocols used
for the mineral resource estimate are reliable for that
purpose.
|
|
4.
|
Totals may not add up
due to rounding.
|
|
5.
|
Mineral resources are
reported above a cut-off grade of 1.8 g/t Au for the Upper Mine,
and 1.3 g/t Au for the Lower Mine. The cut-off grades are based on
a metal price of US$1,700 per ounce of gold, and gold recoveries of
90% for the Upper Mine and 95% for the Lower Mine.
|
|
6.
|
The Upper Mine is
defined as the current operating mine levels above the 950 m
elevation and the Lower Mine is defined as below the 950 m
elevation.
|
|
7.
|
There are no known
environmental, permitting, legal, title, taxation, socio-economic,
marketing, political, or other relevant factors that could
materially affect the mineral resources.
|
|
|
|
Marmato Mine Mineral Reserves,
effective June 30, 2022
Area
|
Category
|
Tonnes
(kt)
|
Grade Au
g/t
|
Grade Ag
g/t
|
Contained Au
(koz)
|
Contained Ag
(koz)
|
Upper Mine
|
Proven
|
2,195.5
|
4.31
|
16.4
|
304
|
1,157
|
Probable
|
4,946.9
|
4.09
|
14.3
|
650
|
2,273
|
Proven +
Probable
|
7,142.3
|
4.16
|
14.9
|
954
|
3,431
|
Lower Mine
|
Proven
|
-
|
-
|
-
|
-
|
-
|
Probable
|
24,135.0
|
2.87
|
3.5
|
2,224
|
2,707
|
Proven +
Probable
|
24,135.0
|
2.87
|
3.5
|
2,224
|
2,707
|
Marmato Total
|
Proven
|
2,195.5
|
4.31
|
16.4
|
304
|
1,157
|
Probable
|
29,081.8
|
3.08
|
5.3
|
2,874
|
4,980
|
Proven +
Probable
|
31,277.3
|
3.16
|
6.1
|
3,178
|
6,138
|
Notes:
|
|
|
1.
|
The Upper Mine mineral
reserve estimate was prepared by Anton Chan, BEng, M.Sc., P.Eng,
MMSAQP and the Lower Mine mineral reserve estimate was prepared by
Joanna Poeck, BEng Mining, SME-RM, MMSAQP, both of whom are
Qualified Persons as defined by NI 43-101.
|
|
2.
|
All figures are rounded
to reflect the relative accuracy of the estimate. Totals may not
add up due to rounding. Mineral Resources are reported inclusive of
the Mineral Reserves.
|
|
3.
|
Upper Mine mineral
reserves are reported above a cut-off grade of 2.05 g/t Au and
Lower Mine mineral reserves are reported above a cut-off grade of
1.62 g/t. The cut-off grades are based on a metal price of US$1,500
per ounce of gold, gold recoveries of 90% for the Upper Mine and
95% for the Lower Mine, and costs of US$89 per tonne for the Upper
Mine and US$74.3 per tonne for the Lower Mine.
|
|
4.
|
There are no known
environmental, permitting, legal, title, taxation, socio-economic,
marketing, political, or other relevant factors that could
materially affect the mineral reserves.
|
Qualified Person and Technical
Disclosure
The technical information in this news release was 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.
View original
content:https://www.prnewswire.com/news-releases/aris-mining-reports-q3-2022-financial-and-operating-highlights-301676861.html
SOURCE Aris Mining Corporation