Soto Norte (Santander), May 23, 2024. Aris Mining's commitment to develop the best mining project for Soto Norte, Santander and Colombia remains strong. Accordingly, Aris Mining Corporation announces that it has entered into a binding agreement with MDC Industry Holding Company LLC (Mubadala), a subsidiary of Abu Dhabi-based Mubadala Investment Company PJSC, to acquire an additional 31% interest in Proyecto Soto Norte (PSN). As a result, Aris Mining becomes PSN's operator and majority shareholder.

This will bring Aris Mining's total stake in PSN to 51%. In exchange, Aris Mining will issue 15,750,000 shares to Mubadala, representing an approximate 9.9% interest based on Aris Mining's issued and outstanding shares as of March 31, 2024, with an additional 6,000,000 shares to be issued upon approval of an environmental license for PSN. The transaction is scheduled to close in June 2024.

Aris Mining CEO Neil Woodyer stated: "We are the only mining company with operating experience that has achieved majority ownership and operational control of the Soto Norte Project, and we are convinced that a new, smaller scale development plan with a reduced environmental footprint is the right way forward".

To this end, Aris Mining has completed optimization studies for a new, more efficient and smaller scale development plan for the Soto Norte Project. Key changes include reducing the environmental footprint, building a smaller processing plant with a longer life, adopting a flexible mining method to target the highest grade material earlier in the mine's life, and installing a backfill paste plant to minimize surface tailings storage requirements.

"Aris Mining also plans to incorporate processing solutions for artisanal and small-scale miners into the design and development of Soto Norte, following the successful partnership model developed at our Segovia operations in Colombia. We are initiating a Prefeasibility Study (PFS) of the new development plan, which is expected to be completed in early 2025. To support this plan, we are pleased to become the majority shareholder with 51% of the Soto Norte joint venture once the transaction closes, allowing Aris Mining to develop this project," explained Woodyer.

Soto Norte is one of South America's largest undeveloped underground gold projects, which will employ modern, sustainable mining practices. To this end, Aris Mining will integrate the PSN development team into the Aris management structure and procedures to improve operational efficiency and create synergies.

Aris Mining has established itself as one of the leaders in the Colombian mining sector, especially in coexistence processes with traditional miners with whom it has achieved the formalization of more than 2,200 traditional miners through operation and association contracts. In 2023, Aris produced 226,000 ounces of gold, creating more than 3,460 direct jobs and 4,700 indirect jobs, while contributing more than $200 billion in taxes and royalties to the country.