Aris Mining CEO
"Looking ahead, we are focused on generating significant cash flow from our current operations with 2023 gold production guidance of between 230,000 and 270,000 ounces at an AISC/oz1 of between
- On a full-year basis, achieved total gold production and sales of 235,379 oz and 241,419 oz, respectively.
- In
April 2022 ,Aris Gold , which subsequently combined with the Company, established a joint venture and became the operator of theSoto Norte Project inColombia , where environmental licensing is advancing to develop a new underground gold, silver and copper mine. - In
September 2022 , completed a business combination withAris Gold to create Aris Mining as a leading Latin American-focused gold producer. - In
November 2022 , received approval of the Marmato Plan de Trabajos y Obras or "PTO" by the Agencia Nacional de Minería as a progressive step toward fully permitting theMarmato Lower Mine expansion project. - In
November 2022 , updated the Marmato Expansion Preliminary Feasibility Study2 and increased gold mineral reserves by 57%.
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1 AISC ($ per oz sold) is a non-IFRS financial measure and does 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 Company's most recently filed Management's Discussion and Analysis for the three and nine months ended |
2 See section Qualified Person and Technical Disclosure for a reference to the Marmato Technical Report. |
Table 1: 2022 Gold Production and Sales (oz) by Quarter
Operation | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Full year |
Segovia Operations | 49,864 | 53,077 | 54,630 | 52,592 | 210,163 |
7,419 | 7,411 | 5,176 | 5,210 | 25,216 | |
Total Gold Production | 57,283 | 60,488 | 59,806 | 57,802 | 235,379 |
Total Gold Sales | 61,343 | 61,583 | 59,336 | 59,157 | 241,419 |
* |
- Deliver 2023 consolidated gold production and cost guidance of between 230,000 and 270,000 oz with all-in sustaining costs per ounce (AISC/oz) of between
$1,050 to$1,150 . See Table 2. - Work to optimize and expand our partnerships with artisanal and small-scale miners and continuing to align with the Colombian government's focus on and goals of enabling all miners to operate in a legal, safe and responsible manner that protects them and the environment.
- Complete the process of amending the Marmato environmental license with Corporación Autónoma Regional de Caldas (Corpocaldas) to authorize the start of construction of the new
Lower Mine . Following construction of the newLower Mine , the Marmato operation is expected to deliver average production of 162,000 ounces per year over a nearly 20-year mine life2. - Complete the re-evaluation of the
Toroparu Project inGuyana including defining a new development plan, if required. - Advance the
Soto Norte Project environmental licensing process with the submission of a new environmental assessment study to Autoridad Nacional de Licencias Ambientales (ANLA) in mid-2023, and complete the licensing process during 2024. - Implement targeted exploration programs at both
Segovia and Marmato that prioritize expansion of mineral resources and conversion to mineral reserves with planned expenditures ofUS$19 million in 2023. - At the Segovia Operations, a robust exploration drilling budget of
$17 million is planned that includes a total of 84,500 metres (m), including 29,000 m focussed on increasing the mineral reserves and life of mine plan at its four producing mines, 39,000 m on resource extension at the producing mines, and 16,500 m on strategic high priority vein targets located adjacent to the current mining operations. - At the
Marmato Mine , a focused exploration drilling budget ofUS$2 million is planned that includes 7,500 m of drilling to optimize mining of the currently defined vein structures.
Table 2: 2023 Guidance
Operation | Segovia Operations | Marmato Upper Mine | Consolidated |
Gold Production (oz) | 200,000 – 230,000 | 30,000 – 40,000 | 230,000 – 270,000 |
Cash Cost (US$/oz)(1) | |||
AISC (US$/oz)(1) | |||
Exploration (US$ million) (2) |
(1) Non-IFRS financial measures, see Cautionary Notes. |
(2) Approximately |
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
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.
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 advancement towards the launch of the
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
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.
Scientific and technical information concerning Marmato is summarized, derived, or extracted from the Marmato Technical Report entitled "Technical Report for the
The technical information in this news release was reviewed and approved by
Cash costs ($ per oz sold) and AISC ($ per oz sold) are non-IFRS financial measures and non-IFRS ratios in this press release. 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 Company's most recently filed Management's Discussion and Analysis which is available on SEDAR at www.sedar.com for full details on these measures, which is incorporated by reference into this press release.
Aris Mining changed the method of calculating cash costs in the third quarter of 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 (
Aris Mining changed the method of calculating AISC in the third quarter 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.
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