VANCOUVER, BC, May 10, 2023 /CNW/ - Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS) (OTCQX: TPRFF) announces financial and operating results for the three months ended March 31, 2023 (Q1 2023). All amounts are in US dollars unless otherwise indicated. Aris Mining Logo (CNW Group/Aris Mining Corporation)

Aris Mining CEO Neil Woodyer stated: "Following the merger of GCM Mining and Aris Gold, we launched initiatives to improve the health and safety performance at our operations. We have also captured cost reduction opportunities including reducing G&A expenses to $2.2 million in Q1 2023, as compared to $6.1 million in Q1 2022. During Q1 2023, we produced 50,903 ounces of gold to generate $38.6 million of adjusted EBITDA1, and $27 million of free cash flow1 from the Segovia Operations contributed to funding $12 million in growth investments and the $50 million payment owing to complete the purchase of the 20% joint venture interest in the Soto Norte Project. Our current focus is on completing the final steps for permitting the Marmato Lower Mine expansion project, and planning for construction expected to commence in mid-2023. As part of our commitment to building responsible and profitable partnerships with artisanal and small-scale miners in Colombia, we are very proud of a new agreement signed in April 2023 for the Marmato Upper Mine that will include formalization of approximately 260 miners. Just two weeks after signing the agreement, we commenced mining in Level 16 of the Marmato Upper Mine under this new partnership model."

Q1 2023 Operational Highlights:

Produced 50,903 ounces of gold from the Segovia Operations and the Marmato Upper Mine, with 18% of total contained gold sourced from the purchase of mill-feed through partnerships with artisanal and small-scale miners around the Segovia Operations Sold 49,158 ounces of gold, at an average realized price of $1,869 per ounce The Segovia Operations processing facility was expanded to 2,000 tonnes per day (tpd) in late 2022, but a small fire caused by a maintenance procedure reduced throughput to an average of 1,785 tpd in Q1 2023, causing a short lag in gold production. The required repairs have been completed and throughput averaged 2,097 tpd in April 2023, and the Segovia Operations remain on track to achieve 2023 production guidance of 200,000 to 230,000 ounces Free cash flow from Segovia Operations of $27 million1 Total cash costs of $922 per ounce1 and all in sustaining costs (AISC) of $1,214 per ounce1 Announced the updated mineral resource and reserve estimates for the Segovia Operations, effective December 31, 2022, which include full replacement of gold ounces mined during 20222 Aris Mining is on track to meet annual production guidance of between 230,000 – 270,000 ounces at an AISC/oz1 of between $1,050 to $1,150



Financial and Growth:

Income from mining operations of $33.2 million EBITDA of $21.1 million1 and adjusted EBITDA of $38.6 million1 Expenditures of $11.9 million on non-sustaining capital, including $2.6 million at the Segovia Operations, $4.6 million at the Marmato Upper and Lower Mines, and $4.7 million at the Toroparu Project Net loss of $5.4 million or $0.04 per share and adjusted earnings of $11.2 million or $0.08 per share1

Responsible mining and shared value:

On April 20, 2023, the Company signed, with the Colombian Minister of Mines and Energy in attendance, an association agreement with artisanal and small-scale miners to purchase ore mined by these groups within Level 16 of the currently operating Marmato Upper Mine Paid social contributions of $2.4 million, structured under a transparent social investment policy that aligns with government development plans and Aris Mining's stakeholder engagement policy Continued working to create new partnerships with artisanal and small-scale miners throughout the Segovia Operations, the Marmato Mine and the Soto Norte Project

_____________ 1 Total cash costs per ounce, AISC ($ per oz sold), adjusted earnings and adjusted net earnings per share, EBITDA and adjusted EBITDA and free cash flow 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-IFRS Measures section below for more details. 2 See section entitled Qualified Person and Technical Information for the reference to technical information

Q1 2023 Financial and Operating Highlights

Three months ended March 31, 2023 2022 Gold sold (ounces) 49,158 53,645 Average realized gold price ($/ounce sold)  1,869 1,860 Cash costs ($/ounce sold)1 922 786 AISC ($/ounce sold)1 1,214 1,072 Income from mining operations ($'000) 33,152 44,033 Net cash provided by operating activities ($'000) 19,768 24,209 EBITDA ($'000)1 21,105 34,918 Adjusted EBITDA ($'000)1 38,646 45,129 Net earnings (loss) ($'000) (5,401) 5,238 Adjusted earnings ($'000)1 11,176 15,428 Earnings (loss) per share – basic ($) (0.04) 0.05 Adjusted earnings per share – basic ($)1 0.08 0.16 Balance sheet, as at ($000s) March 31, 2023 December 31, 2022 Cash and cash equivalents 229,350 299,461 Total assets 1,212,688 1,242,120 Total debt2 Senior Notes 300,000 300,000 Gold Notes 64,159 66,006 Convertible Debentures 13,300 13,300 Shareholders equity 513,104 501,375

1. Refer to the Non-IFRS Measures section below for full details on cash costs ($ per oz sold), AISC ($ per oz sold), EBITDA, adjusted EBITDA, and adjusted earnings. 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 principal of current and long-term debt as at March 31, 2023 are as disclosed in Note 10 to the Interim Financial Statements.

Quarterly Cashflow Generated

Three months ended March 31, ($000s) 2023 2022 Gold Revenue 91,864 99,783 Total cash cost1 (45,333) (42,185) Royalties1 (3,410) (3,229) Social contributions1 (2,404) (3,100) Sustaining capital1 (8,523) (9,009) All in sustaining cost (AISC) 1 (59,670) (57,523) AISC Margin 32,194 42,260 Taxes paid2 - (14,411) General and administration expense2 (2,235) (6,140) Change in receivables related to timing of metal sales (6,978) (4,942) Change in working capital and other  (12,037) 634 Impact of foreign exchange losses on cash balances2 70 1,916 Free cash flow from operations 11,014 19,317 Toroparu non-sustaining capital1 (4,690) (6,736) Segovia non-sustaining capital1 (2,641) (4,999) Marmato Upper Mine non-sustaining capital1 (681) - Marmato Lower Mine non-sustaining capital1 (3,881) - Free cash flow from operations after expansion capital (879) 7,582 Dividends paid and share buy backs2 - (4,611) Proceeds from warrant/option exercises 417 397 Settlement of Soto Norte deferred payment2 (50,000) - Repayment of Gold Linked Notes2 (3,154) - Interest and financing costs2 (14,234) (10,553) Free cash flow after expansion capital and financing costs (67,849) (7,185) Contributions to investment in associates2 (2,262) (1,316) Net change in cash2  (70,111) (8,501) Opening balance at beginning of period2 299,461 323,565 Closing balance at end of quarter2 229,350 315,064

1. Refer to the Non-IFRS Measures section for full details on cash costs ($ per oz sold), AISC ($ per oz sold), and additions to mining interests split by nature and site. 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. 2. As presented in the Interim Financial Statements and notes for the respective periods.

Aris Mining's Q1 2023 interim financial statements and related MD&A are available on SEDAR and in the Financials section of Aris Mining's website here.

Conference call

The conference call to discuss the Q1 2023 results will be held on May 11, 2023 at 7:00 am (Pacific Time) or 10:00 am (Eastern Time).

The conference call dial-in is +1-416-764-8658 or toll free (North America) +1-888-886-7786. Quote "Aris Mining" when prompted by the operator or conference ID 25173378.

Participants can access the Company's presentation by a live webcast of the conference call at the following link: https://events.q4inc.com/attendee/113640527

There will be a question-and-answer session following the presentation.

About Aris Mining

Aris Mining is a Canadian company led by an executive team with a track record of creating value through building globally relevant mining companies. In Colombia, Aris Mining operates several high-grade underground mines at its Segovia Operations and the Marmato Mine, which together produced 235,000 ounces of gold in 2022. Aris Mining also operates the 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 plans to pursue acquisition and other growth opportunities to unlock value creation from scale and diversification.

Aris Mining promotes the formalization of artisanal and small-scale mining as this process enables all miners to operate in a legal, safe and responsible manner that protects them and the environment.

Additional information on Aris Mining can be found at www.aris-mining.com and www.sedar.com.

Cautionary Language

Non-IFRS Measures

Cash costs ($ per oz sold), AISC ($ per oz sold), free cash flow, EBITDA, adjusted EBITDA, adjusted (loss)/earnings and additions to mining interests 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. For full details on these measures and ratios refer to the "Non-IFRS Measures" section of the Company's Management's Discussion and Analysis for the three months and year ended December 31, 2022 (MD&A) for more details on total cash costs per ounce, AISC ($ per oz sold), adjusted earnings and adjusted net earnings per share, EBITDA and adjusted EBITDA and refer to the "Operations Review - Segovia Operations" section of the MD&A for more details on free cash flow generated from operations. The MD&A is incorporated by reference into this news release and is available on the Company's profile on SEDAR at www.sedar.com.

The tables below reconcile the non-IFRS financial measures contained in this news release for the current and comparative periods to the most directly comparable financial measure disclosed in the Company's Q1 2023 financial statements.

Total cash costs

Three months ended March 31, 2023 Three months ended March 31, 2022 ($000s except per ounce amounts) Segovia Marmato Total Segovia Marmato1 Total Total gold sold (ounces) 44,908 4,250 49,158 53,645 - 53,645 Cost of sales2 44,083 9,622 53,705 46,953 - 46,953 Less: royalties2 (2,660) (750) (3,410) (3,229) - (3,229) Less: by-product revenue2 (4,877) (166) (5,043) (1,539) - (1,539) Less: other adjustments - 81 81 - - - Total cash costs 36,546 8,787 45,333 42,185 - 42,185 Total cash costs ($ per oz gold sold) 814 2,068 922 786 - 786

1. The Marmato Mine was purchased as part of the Aris Mining Transaction on September 26, 2022, as such prior year comparatives are not applicable to the Company. 2. As presented in the Interim Financial Statements and notes for the respective periods.

All-in sustaining costs

Three months ended March 31, 2023 Three months ended March 31, 2022 ($000s except per ounce amounts) Segovia Marmato Total Segovia Marmato1 Total Total gold sold (ounces) 44,908 4,250 49,158 53,645 - 53,645 Total cash costs 36,546 8,787 45,333 42,185 - 42,185 Add: royalties2 2,660 750 3,410 3,229 - 3,229 Add: social programs2 2,404 - 2,404 3,100 - 3,100 Add: sustaining capital expenditures 7,332 535 7,867 8,522 - 8,522 Add: lease payments on sustaining capital 656 - 656 487 - 487 Total AISC 49,598 10,072 59,670 57,523 - 57,523 Total AISC ($ per oz gold sold) 1,104 2,370 1,214 1,072 - 1,072

1. The Marmato Mine was purchased as part of the Aris Mining Transaction on September 26, 2022, as such prior year comparatives are not applicable to the Company. 2. As presented in the Interim Financial Statements and notes for the respective periods.

Additions to mineral interests, plant and equipment

Three months ended March 31, ($'000) 2023 2022 Sustaining capital Segovia Operations 7,332 8,522 Marmato Upper Mine1 535 - Total 7,867 8,522 Non-sustaining capital Segovia Operations 2,641 4,999 Toroparu Project 4,690 6,736 Marmato Lower Mine1 3,881 - Marmato Upper Mine1 681 - Juby Project1 33 - Total 11,926 11,735 Additions to mining interest, plant and equipment2 19,793 20,257

1. The Marmato Mine and Juby Project was purchased as part of the Aris Mining Transaction on September 26, 2022, as such prior year comparatives are not applicable to the Company. 2. As presented in the Interim Financial Statements and notes for the respective periods

Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA

Three months ended March 31, ($000s except shares amount) 2023 2022 Earnings (loss) before tax1 6,751 20,790 Add back: Depreciation and depletion1 7,646 8,236 Finance income1 (2,173) (507) Interest and accretion1 8,881 6,399 EBITDA 21,105 34,918 Add back: Share-based compensation1 1,147 1,208 (Income) loss from equity accounting in investee1 3,241 1,032 (Gain) loss on financial instruments1 10,810 7,316 Foreign exchange (gain) loss1 2,343 655 Adjusted EBITDA 38,646 45,129

1. As presented in the Financial Statements and notes for the respective periods.

Adjusted net earnings and adjusted net earnings per share

Three months ended March 31, ($000s except shares amount) 2023 2022 Basic weighted average shares outstanding 136,188,570 97,786,490 Diluted weighted average shares outstanding 136,188,570 99,961,040 Net earnings (loss)1 (5,401) 5,238 Add back: Share-based compensation1 1,147 1,208 (Income) loss from equity accounting in investee1 3,241 1,032 (Gain) loss on financial instruments1 10,810 7,316 Foreign exchange (gain) loss1 2,343 655 Income tax effect on adjustments (964) (21) Adjusted net (loss) / earnings 11,176 15,428 Per share – basic ($/share) 0.08 0.16

1.  As presented in the Interim Financial Statements and notes for the respective periods.

Segovia Free Cash Flow

Three months ended March 31, Operating Information 2023 2022 Tonnes of ore processed (t) 149,965 142,818 Average gold grade processed (g/t) 10.11 12.07 Recoveries (%) 95.4 % 90.1 % Gold produced (ounces) 46,513 49,864 Gold sold (ounces) 44,908 53,645 Revenue $                83,943 $                99,783 Mining costs 29,720 31,401 Processing costs 4,403 4,354 Administration and security costs 5,685 7,297 Inventory movement and other costs 1,615 672 By-product and concentrate revenue (4,877) (1,539) Total cash costs1 36,546 42,185 Cash cost per ounce sold1 814 786 Royalties 2,660 3,229 Social contributions 2,404 3,100 Sustaining capital expenditures  7,988 9,009 All-in sustaining costs1 49,598 57,522 All-in sustaining cost per ounce sold1 1,104 1,072 AISC Margin 39,256 42,261 Taxes paid - (10,120) Working capital movements and other expenses (5,220) (8,577) Foreign exchange movement (2,161) 1,906 Free cashflow generated from operations $                26,964 $                25,470 Non-sustaining capital expenditures (2,641) (4,999) Free cashflow after expansion capital $                24,323 $                20,471

1. Refer to the Non-IFRS Measures section for full details on cash costs ($ per oz sold) and AISC ($ per oz sold). 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.

Qualified Person and Technical Information

Pamela De Mark, P.Geo., Senior Vice President, Technical Services of Aris Mining, is a Qualified Person as defined by National Instrument 43-101 (NI 43-101) and has reviewed and approved the technical information contained in this news release.

Scientific and technical information concerning the mineral resource and reserve estimates of the Segovia Operations is summarized, derived, or extracted from the news release of the Company dated March 3, 2023, which is available for review on the Company's website at www.aris-mining.com and on the Company's profile on SEDAR at www.sedar.com, and which have been reviewed and approved by Pamela De Mark, P.Geo., Senior Vice President, Technical Services of Aris Mining, who is a Qualified Person as defined by NI 43-101.

Forward-Looking Information

This news release contains "forward-looking information" or forward-looking statements" within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, including, without limitation, statements relating to the Company being on track to achieve the 2023 production guidance, plans with respect to the Marmato Lower Mine expansion and the timing thereof, plans with respect to creating create new partnerships with artisanal and small-scale miners throughout the Segovia Operations, the Marmato Mine and the Soto Norte Project, and the Company's plans and strategies are forward-looking. Generally, the forward-looking information and forward looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "will continue" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Statements concerning mineral reserve estimates and mineral resource estimates may also be deemed to constitute forward looking information to the extent that they involve estimates of the mineralization that will be encountered. The material factors or assumptions used to develop forward looking information or statements are disclosed throughout this presentation.

Forward looking information and forward looking statements, while based on management's best estimates and assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Aris Mining to be materially different from those expressed or implied by such forward-looking information or forward looking statements, including but not limited to: local environmental and regulatory requirements and delays in obtaining required environmental and other licenses, changes in national and local government legislation, taxation, controls, regulations and political or economic developments, uncertainties and hazards associated with gold exploration, development and mining, risks associated with tailings management, risks associated with operating in foreign jurisdictions, risks associated with capital cost estimates, dependence of operations on infrastructure, costs associated with the decommissioning of the Company's properties, fluctuations in foreign exchange or interest rates and stock market volatility, operational and technical problems, the ability to maintain good relations with employees and labour unions, competition; reliance on key personnel, litigation risks, uncertainties relating to title to property and mineral resource and mineral reserve estimates, risks associated with acquisitions and integration, risks associated with the Company's ability to meet its financial obligations as they fall due, volatility in the price of gold, or certain other commodities, risks that actual production may be less than estimated, risks associated with servicing indebtedness, additional funding requirements, risks associated with general economic factors, risks associated with secured debt, changes in the accessibility and availability of insurance for mining operations and property, environmental, sustainability and governance practices and performance, risks associated with climate change, risks associated with the reliance on experts outside of Canada, , pandemics, epidemics and public health crises, potential conflicts of interest, uncertainties relating to the enforcement of civil labilities outside of Canada, cyber-security risks, risks associated with operating a joint venture, volatility of the share price, the ability to pay dividends in the future, as well as those factors discussed in the section entitled "Risk Factors" in Aris Mining's annual information form dated March 31, 2023 and available on SEDAR at www.sedar.com.

Although Aris Mining has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. The Company has and continues to disclose in its Management's Discussion and Analysis and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking information and forward-looking statements and to the validity of the information, in the period the changes occur. The forward-looking statements and forward-looking information are made as of the date hereof and Aris Mining disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information. Cision

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