Aris Mining Corporation announced updated mineral reserve estimates for its Segovia Operations in Colombia effective September 30, 2023 (the "2023 Mineral Reserve"). This updated mineral reserve estimate follows the updated mineral resource estimate announced on November 2, 2023. Aris Mining is also increasing the capacity of the Maria Dama processing plant within the Segovia Operations from 2,000 to 3,000 tonnes per day (tpd).

As company is n existing unutilized ball mill on site, the costs for the plant expansion are estimated at $11.0 million and completion is expected by early 2025. Segovia Operations ? Maria Dama processing plant expansion: The capacity of the Maria Dama processing plant is currently 2,000 tpd following an expansion project from 1,500 tpd completed in 2022.

The plant includes crushing, grinding, gravity concentration, gold flotation and regrind, cyanidation, Merrill-Crowe precipitation, and smelting of the precipitate and gravity concentrate to produce gold-silver doré. The current project to expand to 3,000 tpd includes a previously purchased ball mill which is already onsite and the re-location and upgrade of the facilities that receive material from artisanal and small-scale mining partners. The costs for construction are estimated at $11.0 million, with the construction timeline forecasting completion by early 2025.

The addition of the ball mill to the existing circuit enables both higher throughput and more effective use of the current facilities, thereby enhancing the overall gold recovery rate for all processed materials. The new receiving facility for partner mined material is designed to increase volumes and efficiency.