Aris Mining Corporation announced updated mineral resource and reserve estimates and a Preliminary Feasibility Study (PFS) for the Marmato expansion project, effective June 30, 2022 (the 2022 PFS), which includes significant growth and refinement over the PFS completed in March 2020 (the 2020 PFS). Highlights of the 2022 PFS for the Marmato Expansion: The Marmato expansion project includes the development of a new underground mine and 4,000 tonne per day (tpd) processing facility to add to the current 1,250 tpd Upper Mine. Total recovered gold ounces are estimated at 3.0 million.

The deposit remains open at depth and along strike, and has a high expansion potential from future underground drilling programs. The construction capital is estimated at $280 million and the project economics are inclusive of the stream financing, where for upfront deposits of $53 million received and $122 million to be received during construction, Wheaton Precious Metals International (WPMI) purchases metals at reduced prices. Marmato Optimization and Project Management: Following the mineral resource estimate (MRE) effective June 30, 2021 and announced in November 2021 that demonstrated significant growth over the previous MRE prepared for the 2020 PFS, the Marmato mine has been thoroughly reviewed and the results have been incorporated into the 2022 PFS. The Company and its consultants are currently finalizing the 2022 PFS technical report in accordance with NI 43-101 and the Company expects to file the report on SEDAR and the Company's website in November 2022.

Following cost and business risk studies, optimizations and updates were made to the overall development strategy including: Selecting a contractor-mining approach for the Lower Mine over the previous owner-operator approach, which enhances scalability and accelerates the development timeline while reducing initial capital requirements; Relocating the underground crusher to the surface and eliminating the underground conveyor systems, thereby improving operational flexibility with some increase in operating costs; Designing the dry-stack tailings facilities for the increased volumes realized from the extended mine life; and The cost estimates for the economic analysis now include annualized capital expenditures for the processing plant and other infrastructure, a distinction between fixed and variable costs, and better consideration for the effects of taxation and the stream financing. The Upper Mine operations are supported by fully developed site infrastructure. Ore mined from the Upper Mine by conventional cut and fill and long hole stoping is processed in the existing 1,250 tpd processing facility using three stage crushing, ball mill grinding, gravity concentration, flotation, flotation and gravity concentrate regrind, cyanidation of the flotation and gravity concentrates, and Merrill Crowe precipitation and smelting to produce a gold-silver doré.

Optimizations have been underway during 2022 to increase metallurgical recoveries and the processing rate to 1,250 tpd from 1,100 tpd. The major new project facilities for the Lower Mine will include the mine portal, crusher, stockpiles, processing facility, two dry stack tailings storage facilities, mining services, accommodation, access roads, power and water management and distribution facilities, and office buildings. The overall timeline for project construction is estimated to be 2.5 years and Aris Mining plans to manage procurement and construction.

The new Lower Mine porphyry style mineralization will be mined using long hole stoping with paste backfill at a targeted mining rate of 4,000 tpd following a quick ramp up period. Ore will be hauled up a new decline to the new Lower Mine processing plant approximately three km by road from the Lower Mine. The new processing plant, designed by Ausenco Engineering, includes 4,000 tpd capacity two-stage crushing, semi-autogenous and ball mill grinding, gravity concentration, cyanidation of the gravity tailings, a carbon in pulp circuit, and electrowinning and refining to produce a gold-silver doré.

Metal recoveries are estimated at 95.0% for gold and 57.0% for silver.