Aris Gold Corporation announced it has entered into a definitive agreement with MDC Industry Holding Company LLC (Mubadala), a wholly owned subsidiary of the Abu Dhabi based investment company Mubadala Investment Company PJSC, whereby Aris Gold will acquire a 20% joint venture interest in the Soto Norte gold project in Colombia, with the option to acquire a further 30% interest (the Transaction). Aris Gold will use its position as an established member of the Colombian mining industry to ensure Soto Norte is advanced using the highest international standards to create exceptional value for its shareholders and workforce, the Colombian government, and community partners, while implementing sustainable mining practices that protect the environment and the local ecosystem. Aris Gold operates the Marmato gold mine in the Department of Caldas, where a major expansion is under way and a 30-year mine license extension was received in February 2021 by agreement with the Agencia Nacional de Mineria (ANM).

Soto Norte highlights Large, high-grade underground gold project: Indicated mineral resources of 48.1 million tonnes at 5.47 grams per tonne (g/t) of gold, 35.8 g/t of silver, and 0.18% Cu containing 8.5 million ounces (Moz) of gold, 55.3 Moz of silver, and 193 million pounds (Mlb) of copper, inclusive of mineral reserves Inferred mineral resources of 27.3 million tonnes at 4.06 g/t of gold, 25.9 g/t of silver, and 0.18% Cu containing 3.6 Moz of gold, 22.8 Moz of silver, and 107 Mlb of copper. The mineralized vein structures extend to surface and are open at depth and along strike, with high exploration potential to target the deep structures from underground drilling stations Tier 1 scale and economics: Soto Norte is designed as an underground mine with 2.6 Mtpa processing capacity and an estimated $1.2 billion initial capital cost, including contingency and pre-production costs. The Feasibility Study estimates: Average production of 450,000 ounces of gold per year Life of mine average all in sustaining costs of $471 per ounce of gold 14-year mine life, based on Probable mineral reserves of 24.8 million tonnes at 6.22 g/t of gold, 34.4 g/t of silver, and 0.18% copper, containing 5.0 Moz of gold, 27.4 Moz of silver, and 107 Mlb of copper After-tax project NPV5% is $1.5 billion and IRR is 20.8%, at base case gold price of $1,675 per ounce After-tax project NPV5% is $2.0 billion and IRR is 24.4%, at gold price of $1,925 per ounce District-scale potential: The Soto Norte project is hosted within an area of just over 10% of the mining titles held by the joint venture along the mineralized La Baja fault trend that hosts other mineralized deposits.

The neighbouring Galway/Calvista concession has a historical resource estimate prepared by SRK Consulting, effective June 11, 2018, of 2.3 million tonnes in the Indicated category at 4.6 g/t of gold and 35 g/t of silver, containing 0.335 Moz of gold and 2.5 Moz of silver.2 New and informed approach to environmental permitting: Since 2015, extensive technical studies and engagement with the local communities were undertaken in preparing an initial Environment and Social Impact Assessment (ESIA). Following detailed technical feedback from the Colombian environmental regulatory authority (ANLA) in 2021, drafting of a new ESIA commenced and will include a robust Quality Assurance and Quality Control process for regulatory compliance. As operator, Aris Gold's team will contribute its knowledge and experience as well as provide a respectful, licensing process with its local stakeholders.

The Soto Norte project has been designed to minimize the surface footprint, incorporate the latest technology, and meet the highest environmental and safety standards. The processing facility will produce separate gold-rich copper and pyrite concentrates without the use of cyanide or mercury at the Soto Norte site. Dried and filtered tailings will be stored in a dry-stack tailings storage facility designed to comply with Colombian and international standards.

Social development opportunities: Soto Norte will be a significant project for the local and regional communities, providing employment and skills training for up to 1,800 construction contractors and up to 940 full time operations personnel, and a strategy to procure goods and services from the regional community. Sets Aris Gold on a path to produce 400,000 ounces per year: Together with the Marmato mine, which is expected to produce 175,000 ounces of gold per year when both the Upper Mine and Lower Mine are operating, the transaction will position Aris Gold as a significant mid-tier gold producer in Colombia with aggregate attributable production exceeding 400,000 ounces of gold per year at all-in sustaining costs per ounce sold3 of approximately $650 and generating significant cash flows.