Aris Mining : Fourth Quarter 2023 MD&A

Management's Discussion and Analysis

For the three months and years ended December 31, 2023 and 2022

(expressed in thousands of United States dollars, unless otherwise stated)

Management's Discussion and Analysis

Three months and years ended December 31, 2023 and 2022

The following management's discussion and analysis (MD&A) of the results of operations and financial condition for Aris Mining Corporation (Aris Mining or the Company), is prepared as of March 6, 2024 and should be read in conjunction with the audited consolidated financial statements for the years ended December 31, 2023 and 2022 (the Financial Statements), which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board, and are available on Aris Mining's website at www.aris- mining.com,under the Company's profile on the System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.caand in its filings with the U.S. Securities and Exchange Commission (the SEC) at www.sec.gov. Additional information regarding Aris Mining, including its Annual Information Form (the AIF) for the year ended December 31, 2023 and dated March 6, 2024, as well as other information filed with the Canadian securities regulatory authorities, is also available under the Company's SEDAR+ profile and in its filings with the SEC. Readers are encouraged to read the Cautionary Note Regarding Forward-lookingInformation section of this MD&A. The financial information in this MD&A is derived from the Financial Statements. Reference should also be made to the Non-IFRSMeasures section of this MD&A for information about non- IFRS measures referred to in this MD&A. All figures contained herein are expressed in thousands of United States dollars (USD), except as otherwise stated.

Aris Mining is a company incorporated under the laws of the Province of British Columbia, Canada. The address of the Company's registered and records office is 2900 - 550 Burrard Street, Vancouver, British Columbia, V6C 0A3. The Company's common shares are listed on the Toronto Stock Exchange (TSX) and trade under the symbol ARIS and are listed on the NYSE American LLC (the NYSE American) and trade under the symbol ARMN.

Business Overview

Aris Mining is a gold producer in the Americas with an attractive blend of current production, exploration programs, and growth projects. The Company operates two mines in Colombia, the Segovia Operations and Marmato Upper Mine, known for their high-grade deposits, which produced 226,151 ounces of gold in 2023. With expansion projects in progress, Segovia and Marmato aim to produce a combined 500,000 ounces of gold in 2026. Aris Mining also operates and is the 20% owner of the Proyecto Soto Norte joint venture, where environmental licensing is advancing to develop a new underground gold, silver and copper mine. In Guyana, Aris Mining is advancing the Toroparu Project, a gold/copper project. Aris Mining is committed to pursuing acquisitions and other growth opportunities to unlock value through scale and diversification.

2023 Highlights

Operational and exploration growth

• Aris Mining achieved 2023 gold production of 226,151 ounces (oz) from its two operations in Colombia, meeting its 2023 guidance range of 220,000 to 240,000 ounces.
• Consolidated gold production for the three months ended December 31 (Q4), 2023 of 61,052 ounces and demonstrating consistent quarter-over-quarter increases in gold production.
• In October 2023, the Segovia Operations achieved a new milestone with a record-breaking monthly gold production of 19,727 ounces, surpassing the previous record of 19,406 ounces set in August 2023. This achievement marked the highest monthly production since the expansion of the processing plant to 2,000 tonnes per day (tpd) in 2022. As discussed below, the processing plant is currently being expanded to 3,000 tpd.
• The Segovia Operations produced 202,940 ounces of gold with an all-in sustaining costs per ounce sold (AISC1) of $1,173 per ounce for the year ended December 31 (FY), 2023, achieving its production guidance range of 195,000 to 210,000 ounces, as well as meeting the AISC guidance range of $1,125 and $1,175 per ounce sold.
• For FY 2023, the Segovia Operations had attributable gold sales from:
• • owner-operatedmining of 113,560 ounces at an AISC1 of $1,120 per ounce; and
  • partner-operatedmining of 88,092 ounces at an AISC1 of $1,242 per ounce. Partner-operating mining encompasses an in-mine partner workforce and external mine partners, both within the Segovia tenement, and agreements with third parties for the acquisition of mill-feed sourced from outside of Aris Mining's tenements. Costs for partner-operating mining are based on a percentage of the US dollar gold price, ensuring a relatively fixed operating margin.
• Segovia Operations generated free cash flow1 before tax and expansion capital of $151.8 million.
• During 2023, the Segovia Operations spent $18.6 million on a strategic exploration and infill drilling program.

• Total cash costs per ounce, AISC ($ per oz sold), adjusted net earnings and adjusted net earnings per share, EBITDA and adjusted EBITDA, free cash flow, sustaining capital and non-sustaining capital are non-IFRS financial measures and non-IFRS ratios in this document. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Refer to the Non-IFRSMeasures section for a full reconciliation of total cash costs per ounce, AISC ($ per oz sold), adjusted net earnings and adjusted net earnings per share, EBITDA and adjusted EBITDA to the most directly comparable financial measure disclosed in the Financial Statements and refer to the Operations Review - Segovia Operations section for full details on free cash flow generated from operations.

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Management's Discussion and Analysis

Three months and years ended December 31, 2023 and 2022

• In November 2023, Aris Mining announced material increases in the mineral reserve and resource estimates at the Segovia Operations and filed an updated technical report supporting the new estimates in December 2023.
• • Measured and indicated mineral resources increased by 114% to 3.6 million ounces at 14.3 grams per tonne (g/t) Au, plus inferred resources of 1.8 million ounces at 12.1 g/t Au2.
  • Proven and probable mineral reserves increased by 75% to 1.3 million ounces at 11.6 g/t Au2.
• During Q3 2023, Aris Mining commenced construction of the new Marmato Lower Mine following receipt of environmental permits in July 2023. The Lower Mine will access wider porphyry mineralization below the Upper Mine, which is a historic narrow vein mine with small-scale,labour-intensive mining. The Upper and Lower Mine are estimated to produce 162 koz per year over a 20-year mine life2.
• • Key construction and other activities supporting the Lower Mine project have included:
  • • the construction of access roads and establishing infrastructure to support the construction of the new process plant, mine and non-process infrastructure;
    • awarding of tenders related to key long-lead items and advancement of placement deposits to the successful bidders in early January 2024;
    • selection of the lead contractor for portal and decline development; and
    • working closely with Ausenco, the EPCM contractor for the processing plant, to finalize the design and engineering work, with the bulk of non-critical components bids in the final stages of adjudication. The new 4,000 tpd processing plant is on schedule for completion by Q3 2025.
• During Q4 2023, Aris Mining announced plans to expand the Segovia Operations processing plant from 2,000 to 3,000 tpd with the installation of a ball mill and new receiving facilities for partner-mined material. The expected completion is in early 2025.

Corporate and growth investments

• Income from mining operations of $140.8 million for FY 2023.
• EBITDA3 of $112.1 million and adjusted EBITDA3 of $159.4 million for FY 2023.
• For FY 2023, the Company spent $84.2 million on growth and expansion investments3, including $33.2 million at the Segovia Operations, $36.1 million at the Marmato Upper and Lower Mines, and $14.9 million at the Toroparu Project. In Q4 2023, the amount spent at the Toroparu Project was reduced to $1.7 million.
• Net earnings of $11.4 million or $0.08 per share for FY 2023, including a net loss of $5.9 million or $0.04 per share in Q4 2023.
• Adjusted net earnings3 of $52.2 million or $0.38 per share for FY 2023, including adjusted net earnings of $11.8 million or $0.09 per share in Q4 2023.
• Cash and cash-equivalents of $194.6 million as of December 31, 2023.
• On September 14, 2023, the Company's common shares commenced trading on the NYSE American under the ticker symbol ARMN.

• See section Mineral Resources and Mineral Reserves for full disclosure of mineral reserve and mineral resource estimates and other technical information.

• Total cash costs per ounce, AISC ($ per oz sold), adjusted net earnings and adjusted net earnings per share, EBITDA and adjusted EBITDA, free cash flow, sustaining capital and non-sustaining capital are non-IFRS financial measures and non-IFRS ratios in this document. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Refer to the Non-IFRSMeasures section for a full reconciliation of total cash costs per ounce, AISC ($ per oz sold), adjusted net earnings and adjusted net earnings per share, EBITDA and adjusted EBITDA to the most directly comparable financial measure disclosed in the Financial Statements and refer to the Operations Review - Segovia Operations section for full details on free cash flow generated from operations.

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Management's Discussion and Analysis

Three months and years ended December 31, 2023 and 2022

Operating Results

Key operating results for each quarter of 2023 and year ended December 31, 2023 are shown below:

		Three months ended,		Year ended
	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2023
Gold sold (ounces)	62,083	59,040	54,228	49,158	224,509
Gold produced (ounces)	61,052	60,193	54,003	50,903	226,151
Average realized gold price ($/ounce sold)	1,980	1,913	1,959	1,869	1,933
Gold revenue ($'000)	122,930	112,955	106,239	91,864	433,987
Segovia Operations cash costs ($/ounce sold)1	997	954	926	814	928
Segovia Operations AISC ($/ounce sold)1	1,264	1,194	1,111	1,104	1,173
Income from mining operations ($'000)	38,215	34,563	34,877	33,152	140,807
Net cash provided by operating activities ($'000)	30,964	44,765	9,279	19,690	104,699
EBITDA ($'000)1	19,690	40,179	32,138	20,136	112,143
Adjusted EBITDA ($'000)1	39,650	41,556	39,529	38,647	159,382
Net earnings (loss) ($'000)	(5,944)	13,833	9,899	(6,370)	11,419
Adjusted net earnings ($'000)1	11,795	14,414	14,837	11,177	52,224
Earnings (loss) per share - basic ($)	(0.04)	0.10	0.07	(0.05)	0.08
Adjusted net earnings per share - basic ($)1	0.09	0.11	0.11	0.08	0.38
Balance sheet, as at ($'000s)	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022
Cash and cash equivalents	194,622	210,838	214,344	299,350	299,461
Total assets	1,352,871	1,275,718	1,235,023	1,212,688	1,242,120
Total debt2
Senior Notes	300,000	300,000	300,000	300,000	300,000
Gold Notes	58,618	60,465	62,312	64,159	66,006
Convertible Debentures	13,630	13,306	13,593	13,300	13,300
Shareholders' equity	624,655	594,950	565,872	506,655	495,895

1. Refer to the Non-IFRS Measures section for a full reconciliation on cash costs ($ per oz sold), AISC ($ per oz sold), EBITDA, adjusted EBITDA, adjusted net earnings and additions to mining interests. Comparative cash cost and AISC values have been adjusted from amounts disclosed prior to Q3 2022 following a change in the methodology used to calculate total cash costs ($ per oz sold) and AISC ($ per oz sold) in Q3 of 2022.
2. The face value of long-term debt as at December 31, 2023 is as disclosed in Note 10 to the Financial Statements.

Gold sold totaled 62,083 ounces in Q4 2023, representing an increase of 5% over Q3 2023, and an increase of 14% and 26% over Q2 and Q1 of 2023, respectively. This is driven by a steady increase in the tonnes of material mined and processed while the average gold grade of the processed material ranged between 10.1 and 10.8 g/t during 2023 at the Segovia Operations. Gold revenue for Q4 2023 increased by 9% over Q3 2023 to $122.9 million, driven by the increase in gold ounces sold and a 4% increase in the average realized price of gold to $1,980 per ounce sold.

Cash costs per ounce sold at the Segovia Operations for Q4 2023 increased by 5% when compared to Q3 2023, impacted by the continued strengthening of the Colombian peso (COP) against the US dollar during the quarter offset by the benefits of higher production. The Colombian peso has appreciated by 21% against the US dollar over the year ended December 31, 2023, which has resulted in higher US dollar equivalent costs for locally sourced COP- denominated goods and services.

Net cash provided by operating activities for FY 2023 increased by 36% over FY 2022 to $104.7 million (FY 2022: $76.9 million).

EBITDA for Q4 2023 decreased by $20.5 million over Q3 2023 to $40.2 million, largely driven by non-cash losses recognized on financial instruments of $13.4 million during the quarter, bringing the total EBITDA for FY 2023 to $112.1 million. Adjusted EBITDA for Q4 2023 decreased by 5% over Q3 2023 to $39.7 million, with adjusted EBITDA for FY 2023 totaling $159.4 million.

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Management's Discussion and Analysis

Three months and years ended December 31, 2023 and 2022

Outlook

Aris Mining has established a strong portfolio of high-quality gold mining assets that combines free cash flow generation from current operations with (i) near-mine exploration programs and (ii) in progress expansion projects and attractive large-scale development projects with large mineral resource bases.

Current Operations

During 2024, Aris Mining expects consolidated gold production of between 220,000 and 240,000 oz, with in-progress expansion projects to contribute to production growth in 2025 and beyond.

• AISC per ounce sold at the Segovia Operations is expected to be between $1,225 and $1,325. It is notable that approximately 45% of the Segovia Operations gold production is from 'partner-operated' mining where the cost structure is based on a percentage of the US dollar gold price, ensuring a relatively fixed operating margin.
• Aris Mining will resume providing cash cost and AISC/oz cost guidance for the Marmato Mine when the Lower Mine achieves commercial production.

Operation	Segovia Operations	Marmato Upper Mine
Gold production (oz)	200,000 to 220,000	20,000 to 25,000
Cash cost per ounce sold1	$975 to $1,075	n/a
AISC per ounce sold1	$1,225 to $1,325	n/a
Exploration spend	$18.5 million	$2.2 million
2024 Expansion Projects:	• $11 million, Segovia Operations processing plant expansion to 3,000 tpd

1. • $140 to $150 million, Marmato Lower Mine construction, to be partially funded by $80 million of progress-based stream funding2
2. Cash cost and AISC forecasts are based on a gold price of US$2,000/oz and an exchange rate of USD1:COP 3,900.
3. The Company's stream financing of $122 million is payable in three installments: $40 million at 25% project completion, $40 million at 50% project completion and $42 million at 75% project completion.

2024 Expansion Projects

• Segovia Operations - Processing plant expansion
  Detailed design and engineering is underway to increase the capacity of the processing plant by 50% from 2,000 tpd, which it is currently achieving and producing between 200,000 and 220,000 ounces gold per year, to 3,000 tpd through the installation of a new ball mill and construction of new receiving facilities for partner- mined material. The cost for the plant expansion is estimated at $11 million and completion is expected by early 2025. The additional processing capacity will be utilized by ramping up owner-operated mining rates and providing additional processing solutions to our artisanal and small-scale mining partners.
• Marmato Lower Mine Expansion Project
  Construction commenced in September 2023, with approximately $140 to $150 million of expenditures expected during 2024, representing approximately 50% of the total construction budget of $280 million. This new underground mine will provide access to the wider and large-scale porphyry mineralization below the currently operating Upper Mine, which allows for more efficient bulk mining methods in the Lower Mine. The first gold pour is expected in late 2025. The Upper and Lower Mine have a measured and indicated mineral resource of 6.0 million ounces (Moz) of gold, which includes proven and probable mineral reserves of 3.2 Moz of gold. The Upper and Lower Mine are estimated to produce 162 koz per year over a 20-year mine life4.

Additional Large-Scale Growth Projects

• Proyecto Soto Norte
  Soto Norte is one of the world's largest undeveloped underground gold projects, but has faced environmental permitting challenges. Aris Mining is leading a new approach to engagement with governments, regulators, local communities, artisanal and small-scale miners in the project area. As the first mining company with Colombian operations to lead the project, Aris Mining is focused on optimizing the Soto Norte project plan by lowering construction and operating risks, and introducing more practical design criteria.

• See section Mineral Resources and Mineral Reserves for full disclosure of mineral reserve and mineral resource estimates and other technical information.

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Management's Discussion and Analysis

Three months and years ended December 31, 2023 and 2022

• Toroparu Project
  The Toroparu Project is a significant gold exploration and development project located in western Guyana. The project has undergone extensive exploration and drilling programs and the estimated mineral resources at Toroparu are substantial, indicating the potential for a long life, large-scale gold mining operation.
  During Q1 2023, Aris Mining updated the mineral resource estimate effective February 10, 2023, based on a new detailed structural analysis and updated geological model, confirming that Toroparu is a large-scale gold- copper deposit with a measured and indicated mineral resource estimate of 5.4 million ounces of gold and 118 thousand tonnes of copper, and an inferred mineral resource estimate of 1.2 million ounces of gold5.
  During FY 2023, the Company incurred expenditures totaling $14.9 million related to the Toroparu Project (FY 2022: $60.7 million). Given its size and potential, Aris Mining is reviewing and refining the development strategy for the Toroparu project, including studies to optimize road access routes and other site infrastructure.

• See section Mineral Resources and Mineral Reserves for full disclosure of mineral reserve and mineral resource estimates and other technical information.

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Management's Discussion and Analysis

Three months and years ended December 31, 2023 and 2022

Operations Review

Segovia Operations

The Segovia Operations generated $151.8 million in positive free cash flow before taxes and expansion capital for the year ended December 31, 2023, an increase of 9% over 2022.

			Three months ended,					Years ended,
Operating Information	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Dec 31,		Dec 31,
2023		2023		2023		2023		2022		2023		2022
Tonnes of ore processed (t)	166,329		163,205		154,105		149,965		156,109		633,603		611,765
Average gold grade processed (g/t)	10.63		10.77		10.13		10.11		11.63		10.42		12.00
Recoveries (%)	95.8%		95.5%		95.4%		95.4%		90.1%		95.5%		90.1%
Gold produced (ounces)	54,719		53,826		47,882		46,513		52,592		202,940		210,163
Gold sold (ounces)	55,736		52,627		48,381		44,908		54,418		201,652		215,359
Gold revenue ($'000s)	$ 110,147	$	100,712	$	95,186	$	83,943	$	95,077	$	389,987	$	391,679
Mining costs	41,202		40,831		33,620		29,720		32,934		145,373		131,607
Processing costs	6,006		6,117		5,707		4,403		4,500		22,233		18,177
Administration and security costs	7,962		6,745		6,771		5,685		5,591		27,163		21,378
Inventory movement and other costs	2,674		(352)		1,444		1,615		(90)		5,383		3,143
By-product and concentrate revenue	(2,297)		(3,153)		(2,755)		(4,877)		(3,310)		(13,081)		(7,109)
Total cash costs1
55,547		50,188		44,787		36,546		39,625		187,069		167,196
Cash cost per ounce sold1	$997		$954		$926		$814		$728		$928		$776
Royalties	3,434		3,202		3,488		2,660		2,796		12,784		12,347
Social contributions	2,501		2,249		2,419		2,404		2,681		9,573		11,819
Sustaining capital - infill exploration	2,138		1,298		336		820		4,036		4,592		15,011
Other sustaining capital expenditures	6,855		5,894		2,702		7,167		6,070		22,617		31,628
All-in sustaining costs1
70,475		62,831		53,732		49,597		55,208		236,635		238,001
All-in sustaining cost per ounce sold1	$1,264		$1,194		$1,111		$1,104		$1,015		$1,173		$1,105
AISC Margin	39,672		37,881		41,454		34,346		39,869		153,353		153,677
Working capital movements and other expenses	(6,197)		(4,692)		16,115		(5,220)		(8,482)		6		(4,958)
Foreign exchange movement	352		1,600		(1,378)		(2,161)		(1,990)		(1,587)		(9,423)
Free cash flow before tax and expansion capital	33,827		34,789		56,191		26,965		29,397		151,772		139,296
Taxes paid	-		-		(52,916)		-		(2,856)		(52,916)		(50,716)
Non-sustaining capital - regional exploration	(6,002)		(2,557)		(2,929)		(2,532)		(474)		(14,020)		(4,200)
Other non-sustaining capital	(10,306)		(4,012)		(4,710)		(109)		(799)		(19,137)		(3,174)
Free cash flow after tax and expansion capital	17,519		28,220		(4,364)		24,324		25,268		65,699		81,206

1. Refer to the Non-IFRSMeasures section for a full reconciliation of cash costs ($ per oz sold) and AISC ($ per oz sold) to the most directly comparable financial measure disclosed in the Financial Statements. Comparative cash cost and AISC values have been adjusted from amounts previously disclosed following a change in the methodology used to calculate total cash costs ($ per oz sold) and AISC ($ per oz sold) in Q3 of 2022.

Gold production at the Segovia Operations of 54,719 ounces in Q4 2023 reflected a consistent increase quarter over quarter throughout 2023, bringing the total production for FY 2023 to 202,940 ounces. This improving production profile is representative of the Segovia Operations returning to steady-state production in the second half of the year following the alleviation of the national explosives shortage in Colombia that started in Q4 of 2022, as well as the completion of repairs to the processing plant in Q2 2023 after a crusher fire in late December 2022. The processing plant operated at its nameplate capacity throughout Q4 2023.

Cash costs per ounce sold in Q4 2023 were $997, representing an increase of 37% over the same period in 2022, with cash costs increasing by 20% to $928 per ounce sold for FY 2023. Operating costs for Q4 2023 and FY 2023 were negatively impacted by:

• High inflationary environment: Inflation in Colombia remained elevated during 2023, starting the year at 13% and retreating to 9% by December 2023.
• Strengthening COP against the USD: The COP strengthened by 21% against the US dollar from USD1:COP4,810 on December 31, 2022 to USD1:COP3,822 on December 31, 2023.
• Increasing gold price: As further discussed below, the market price of gold is a direct input to the price of mill feed purchased from the contractor and the artisanal and small-scale miner segments of the Segovia

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Management's Discussion and Analysis

Three months and years ended December 31, 2023 and 2022

Operations. The impact of the 8% higher realized gold price in FY 2023, when compared to FY 2022, resulted in an increase in the price of mill-feed purchased on a contained ounce basis - which in-turn increased the cash costs associated with this segment of the operations.

By-product and concentrate revenue credits included in total cash costs increased by $6.0 to $13.1 million FY 2023, as zinc and lead concentrate shipments ramped up from the polymetallic processing plant commissioned in Q4 2022.

AISC per ounce sold increased in Q4 2023 and FY 2023 when compared to the same periods in 2022, driven by the increase in cash costs as explained above, and partially offset by a decrease in sustaining capital spend. After taking into account the impact of 6% lower gold sales over the same period in 2022, AISC per ounce sold in FY 2023 was $1,173 as compared to AISC per ounce sold of $1,105 in FY 2022.

Sustaining capital expenditures of $25.1 million at the Segovia Operations in FY 2023 included:

• $4.6 million for ongoing infill drilling and mine geology campaigns at the four operating mines;
• $11.0 million for ongoing mine development;
• $3.9 million for underground equipment; and
• $3.4 million for plant and surface infrastructure improvements.

Non-sustaining capital expenditures of $33.2 million at the Segovia Operations in FY 2023 included $14.0 million related to drilling completed under the strategic exploration program, $3.2 million related to the acquisition of new titles adjacent to Segovia Operations, $10.4 million related to non-sustaining mine development equipment purchases, and $1.3 million for the new Enterprise Resource Planning System (ERP). The new ERP, which is designed to provide improved performance management and cost transparency and control for the Segovia Operations, successfully launched at the beginning of Q3 2023.

As it relates to quarterly cashflow generation, the Segovia Operations generated $33.8 million in free cashflow before tax and expansion capital in Q4 2023, reflecting an increase of $4.4 million over the same period in 2022. Free cashflow before tax and expansion capital in FY 2023 reached $151.8 million, representing a $12.5 million increase over FY 2022.

The price of mill feed purchased from the contractor and the artisanal and small-scale miner segments of the Segovia Operations (collectively "partner-operated mining") is determined using the grade of the material and the market price of gold at the time of purchase, per the terms of our contracts. Over a period of time, the price of this purchased mill feed will fluctuate in line with movements in the market price of gold - allowing for consistent margins from the partner-operated mining segment. This pricing mechanism also creates a natural hedge to currency fluctuations and further allows these groups to have exposure to changes in the market price of gold. As a consequence of these fluctuations in the gold price, the Company is not able to control the input costs associated with the mill feed purchased from partner-operated mining to the same degree as the material sourced by owner-operated mining, where it has control over all aspects of the mining operations and the associated input costs. As a result, the full cost of production associated with the mill feed purchased from partner-operated mining is generally higher than the material sourced from owner-operated mines at the current gold prices. The table below reconciles the cash cost per ounce sold and the AISC per ounce sold for material sourced from owner-operated mines and other partner-operated mines to the totals for the consolidated Segovia Operations:

	Three months ended December 31, 2023	Year ended December 31, 2023
	Owner	Partner	Total	Owner	Partner	Total
	Operated	Operated	Operated	Operated
	Segovia	Segovia
	mining1	mining2	mining1	mining2
Attributable gold sold (ounces)	31,396	24,340	55,736	113,560	88,092	201,652
Total cash costs ($'000)3	27,632	27,915	55,547	88,069	99,002	187,071
Cash cost per ounce sold ($/ounce)3	$880	$1,147	$997	$776	$1,124	$928
All-in sustaining costs ($'000)3	39,781	30,694	70,475	127,232	109,405	236,637
AISC cost per ounce sold ($/ounce)3	$1,267	$1,261	$1,264	$1,120	$1,242	$1,173

1. Includes Company-operated areas within the mines, utilizing owner-managed labour.
2. Comprises contractor-operated and other small-scale mining operations within and outside the Company's mining title that are operated by miners under contract to deliver the mill feed mined to the Company's processing plant for processing.
3. Refer to the Non-IFRS Measures section for a full reconciliation of cash costs ($ per oz sold) and AISC ($ per oz sold) to the most directly comparable financial measure disclosed in the Financial Statements. Comparative cash cost and AISC values have been adjusted from amounts previously disclosed following a change in the methodology used to calculate total cash costs ($ per oz sold) and AISC ($ per oz sold) in Q3 of 2022.

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Management's Discussion and Analysis

Three months and years ended December 31, 2023 and 2022

Marmato Lower Mine Project

On July 12, 2023, the Company announced that it received approval from Corpocaldas of the PMA modification which permits the development of the Marmato Lower Mine and in late Q3 2023, construction of the Marmato Lower Mine commenced. During the three months ended December 31, 2023, Lower Mine expenditures totaled $9.4 million, which included $1.7 million for mine development, $0.7 million related to land acquisitions and environmental studies, and $6.5 million for engineering and design studies and other project-related costs.

Marmato Upper Mine

On April 20, 2023, the Company entered into an agreement to form a new partnership with the potential to formalize up to 260 artisanal and small-scale miners to deliver high-grade material from Level 16 of the currently operating Marmato Upper Mine. Since commencing operations in Q2 2023, artisanal and small-scale miners delivered 2,784 tonnes of material at an average gold grade of 6.07 g/t.

The inclusion of this partner-based workforce is expected to enhance the overall performance of the Upper Mine, while expanding our commitment to building responsible and profitable partnerships with artisanal and small-scale miners in Colombia.

The Company acquired control of Aris Gold, the former owner of the Marmato Mine, following the closing of the Aris Gold Transaction on September 26, 2022 (refer to the Aris Gold Transaction section below for further details). As a result, the comparative information presented below for the year ending December 31, 2022 are derived from the audited consolidated financial statements and accompanying notes thereto of Aris Mining Holdings Corp. (formerly Aris Gold Corporation (Aris Gold)), a wholly-owned subsidiary of Aris Mining Corporation, for the years ended December 31, 2022 and 2021 (the Aris Holdings Financial Statements).

		Three months ended,		Years ended,
Operating Information1	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Dec 31, 2023	Dec 31, 2022
Tonnes of ore processed (t)	69,763	70,294	62,505	50,999	56,033	253,561	272,124
Average gold grade processed (g/t)	3.17	3.14	3.33	2.93	3.09	3.16	3.10
Gold recovery (%)	89.5%	90.3%	91.0%	89.7%	93.5%	90.2%	93.0%
Gold produced (ounces)	6,333	6,367	6,121	4,390	5,210	23,211	25,216
Gold sold (ounces)	6,347	6,413	5,847	4,250	4,739	22,857	26,061
Cash costs ($ per oz sold)2	2,005	1,630	1,791	2,067	1,758	1,856	1,397
AISC ($ per oz sold)2	2,572	2,040	2,259	2,370	2,185	2,305	1,666

1. The Marmato Mine information included for the year ending December 31, 2022 comprises operating results while the mine was under the control of Aris Gold, as well as information following the closing of the Aris Gold Transaction on September 26, 2022. The Marmato Mine information included for the three months ended March 31, 2023, June 30, 2023 and September 30, 2023 and the three months and year ended December 31, 2023 comprises operating results while under the control of Aris Mining, following the closing of the Aris Gold Transaction on September 26, 2022.
2. Refer to the Non-IFRS Measures section for a full reconciliation of cash costs ($ per oz sold) and AISC ($ per oz sold) to the most directly comparable financial measure disclosed in the Financial Statements. Comparative cash cost and AISC values have been adjusted from amounts previously disclosed following a change in the methodology used to calculate total cash costs ($ per oz sold) and AISC ($ per oz sold) in Q3 of 2022.

Gold production for Q4 2023 increased by 22% compared to the same period in 2022 to 6,333 ounces, driven by a 25% increase in tonnes processed for the quarter as the operations continued to recover from the national explosives shortage in Colombia, which started in Q4 2022. The explosives shortage resulted in lower mine development, which impacted stope availability and production in the first six months of the year. Higher tonnes processed were further bolstered by a modest 3% increase in gold grade to 3.17 g/t for Q4 2023, compared to Q4 2022. Gold production for FY 2023 decreased by 8% compared to the same period in 2022 to 23,211 ounces, driven by a 7% decrease in tonnes processed and a 3% decrease in gold recovery for the period, offset marginally by a 2% increase in grade.

The increased tonnes processed in Q4 2023 versus Q4 2022 was driven by better ore availability from an increase in tonnes mined, however the increased mining costs resulted in a 10% increase in cash costs per ounce sold to $1,923. Cash cost per ounce sold in FY 2023 increased by 31% to $1,834 over the same period in 2022, driven in large part by the weaker production in the first six months of 2023 as a result of the national explosives shortage in Colombia. Furthermore, operating costs for both the three months and year ended December 31, 2023 were adversely impacted by inflationary pressures and the strengthening Colombian peso.

Sustaining capital additions were $2.4 million for Q4 2023, compared against $1.2 million for Q4 2022. For FY 2023, sustaining capital additions were $5.7 million, as compared to $2.4 million in FY 2022. AISC for Q4 2023 was $2,490 per ounce sold (Q4 2022: $2,185 per ounce sold), while AISC for FY 2023 amounted to $2,282 per ounce sold (FY 2022: $1,666 per ounce sold). The higher total cash cost per ounce sold, in addition to an increase in sustaining capital spend over the same periods in 2022, resulted in a 14% increase and 37% increase in AISC, respectively, for Q4 2023 and FY 2023 when compared to the same periods in 2022.

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Management's Discussion and Analysis

Three months and years ended December 31, 2023 and 2022

Summary of Financial Performance

		Three months ended December 31,		Years ended December 31,
($'000)		2023		2022		2023		2022
Revenue	$	124,983	$	103,361	$	447,674	$	399,963
Costs and expenses
Cost of sales		(76,580)		(54,902)		(261,766)		(195,823)
Depreciation and depletion		(7,535)		(7,861)		(34,944)		(32,193)
Social contributions		(2,653)		(2,854)		(10,157)		(11,992)
Income from mining operations		38,215		37,744		140,807		159,955
Acquisition and restructuring costs		-		(5,232)		-		(26,880)
General and administrative costs		(7,542)		(7,522)		(17,842)		(22,024)
Revaluation of Aris Gold to acquisition price		-		(2,833)		-		(31,050)
Revaluation of investment in Denarius		(536)		-		(10,559)		-
Income (loss) from equity accounting in investees		3,667		(3,819)		59		(12,931)
Share-based compensation		(2,977)		278		(5,111)		(1,415)
Other expenses		1,442		(1,713)		1,473		(4,164)
Income (loss) from operations		32,269		16,903		108,827		61,491
(Loss) gain on financial instruments		(13,429)		123		(13,078)		13,369
Finance income		2,580		2,876		10,783		6,759
Interest and accretion		(6,772)		(8,835)		(29,156)		(28,288)
Foreign exchange gain (loss)		(6,685)		2,444		(18,550)		4,397
Earnings (loss) before income tax		7,963		13,511		58,826		57,728
Income tax (expense) recovery
Current		(13,937)		(14,193)		(49,226)		(67,029)
Deferred		30		(29)		1,819		4,443
		(13,907)		(14,222)		(47,407)		(62,586)
Net earnings (loss)	$	(5,944)	$	(711)	$	11,419	$	(4,858)
(Loss) earnings per share - basic	$	(0.04)	$	(0.01)	$	0.08	$	(0.04)
(Loss) earnings per share - diluted	$	(0.04)	$	(0.05)	$	0.08	$	(0.25)

Revenue increased by 21% and 12% for Q4 and FY 2023, respectively, over the same periods in 2022. For Q4 2023, gold ounces sold increased by 5% to 62,083 and the average realized gold price per ounce increased by 17% to $1,980 over Q4 2022 (Q4 2022: $1,687 per ounce). In FY 2023, gold ounces increased by 2% over FY 2022, with the increase in revenue further attributable to an 8% increase in the average realized gold price per ounce to $1,933 (FY 2022: $1,784 per ounce). Following the commissioning of the Segovia Operations' polymetallic processing plant in Q4 2022, the Company commenced lead and zinc concentrate shipments during 2023, with concentrate sales contributing $8.6 million in revenue for FY 2023 and $0.9 for Q4 2023.

The cost of sales for Q4 2023 and FY 2023 increased by 39% and 34%, respectively, over the same periods in 2022. The increase is largely attributable to the inclusion of the higher-cost Marmato Upper Mine operating results for Q4 2023 and FY 2023, following the close of the Aris Gold Transaction on September 26, 2022. Operating costs for Q4 2023 and FY 2023 were also negatively impacted by a combination of the high inflationary environment in Colombia and the strengthening COP. Inflation in Colombia remained elevated well above the Colombian Central Bank's target rate of 3% during 2023, starting the year at 13% and retreating to 9% by December 2023. The COP strengthened by 21% against the US dollar from USD1:COP4,810 on December 31, 2022 to USD1:COP3,822 on December 31, 2023.

As a result of the Aris Gold Transaction, the Company revalued its investment in Aris Gold to the acquisition price in Q3 2022 at the time of closing the transaction resulting in a $31.1 million non-cash loss, representing the difference between the carrying value of the equity investment of Aris Gold and the fair value of the consideration on the valuation date of September 26, 2022 (refer to the Aris Gold Transaction section for further details). The Company incurred $26.9 million in costs related to acquisition and restructuring in Q3 and Q4 of 2022 in connection with the closing of the Aris Gold Transaction. These costs comprised $15.9 million in termination and change of control payments to former management of the Company and $11.0 million in fees and other acquisition-related costs.

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