High-Grade Segovia Gold Reserves Jump 28% to 1.9 Moz in Colombia

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1. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Aris Mining were compiled from company public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-12 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from the prior six months through 2026-11-12 and excludes option exercises. These are public-source estimates and can differ from a later official register.

• Aris Mining increased proven and probable gold reserves at its Segovia operations in Colombia by 28%, to 1.9 million ounces (Moz), a net gain of 418,000 ounces after accounting for gold mined during the period.
• Reserve grades rose 24% to 13.3 grams per tonne (g/t) gold, and measured and indicated resource grades rose 29% to 19.8 g/t.
• The new reserves are based on a gold price of US$2,800 an ounce, about 28% below where gold traded Thursday morning.
• Segovia and Marmato produced about 257,000 ounces in 2025, and Aris expects expansions at both mines to lift production to about 500,000 ounces a year. First gold from the new Marmato plant is expected in December.
• The Toroparu prefeasibility study, which will include the project's first reserve, is targeted for later this month, with a construction decision targeted for early 2027.
• Red Cloud Securities kept a "Buy" rating and a CA$50 target on November 6, and BTG Pactual reiterated a "Buy" rating and a US$37 target on September 3.

Aris Mining Corp. (ARIS:TSX; ARIS:NYSE) increased proven and probable gold reserves at its Segovia operations in Colombia by 28%, to 1.9 million ounces (Moz) from 1.5 Moz, according to a November 10 release. After subtracting the gold mined during the period, the reserves grew by a net 418,000 ounces.

The grade of the reserves also rose, up 24% to 13.3 grams per tonne (g/t) gold from 10.7 g/t. Aris Mining said exploration and resource conversion more than offset mining depletion, expanding Segovia's high-grade reserve base.

"Mining in the Segovia district spans more than 150 years, yet exploration continues to add gold to the reserve base," said Chair and CEO Neil Woodyer. "The 28% increase in reserves demonstrates that our exploration and resource conversion programs are doing more than simply replacing ounces produced. The increase in both contained ounces and grades reinforces the strength of this exceptional high-grade operation and supports our objective of continuing to extend Segovia's mine life."

The resource estimate also improved. Measured and indicated resources rose 8%, to 3.9 Moz from 3.6 Moz, and the grade climbed 29%, to 19.8 g/t gold from 15.3 g/t. Inferred resources were 2.6 Moz, compared with 2.9 Moz in the previous estimate. The company said that reflects its focus on infill drilling and on converting high-grade resources into reserves. Mineral resources include mineral reserves.

The new reserve estimate uses a gold price of US$2,800 an ounce, the same as the 2025 estimate, while the resource estimate uses US$3,200 an ounce. The update is effective November 10, 2026.

Woodyer also spoke to Segovia's role within the company. "Segovia's cash generation also provides an important foundation for our broader growth strategy," he said. "At the same time, we are advancing significant milestones across our portfolio, including the Toroparu prefeasibility study targeted for release later this month and marking the first time Aris Mining declares a mineral reserve estimate for Toroparu, and an updated NI 43-101 technical report for Marmato expected in the first quarter of 2027, following first gold from the new CIP plant."

Aris Mining is a Canadian gold miner focused on South America. It operates two underground gold mines in Colombia, Segovia and Marmato, which together produced about 257,000 ounces of gold in 2025.

The company is expanding both mines and expects them to lift its combined annual production to about 500,000 ounces. Segovia is ramping up its second mill and is expected to produce about 300,000 ounces a year.

Red Cloud Securities analyst Ron Stewart kept a "Buy" rating and a CA$50 price target on Aris Mining.

Marmato is building a new bulk mine and a carbon-in-pulp (CIP) plant and is expected to produce about 200,000 ounces a year, with first gold from the plant expected in December.

Further out, Aris is aiming for about 1 Moz of gold a year. Its key growth projects are the high-grade Soto Norte project in Colombia, where the environmental and social impact assessment has been prepared for community engagement, and the Toroparu project in Guyana. A construction decision on Toroparu is targeted for early 2027. A preliminary economic assessment from October 2025 outlined a 21.3-year mine life there, with average production of about 235,000 ounces a year at a base-case gold price of US$3,000 an ounce.

Red Cloud Securities analyst Ron Stewart kept a "Buy" rating and a CA$50 price target on Aris Mining in a November 6 report on the company's third-quarter results. With the stock at CA$21.40 at the time, the target implied a 134% return.

Stewart rated the quarter's impact "neutral to slightly negative." Adjusted earnings of US$0.35 a share missed the US$0.39 consensus. Production of 69,300 ounces was held back by four weeks of flotation plant downtime at Marmato and an explosives shortage at Segovia's contract miners. The shortage has been resolved, he noted. Aris is targeting the low end of its 300,000- to 350,000-ounce 2026 guidance, which he said implies a record fourth quarter of about 83,000 ounces.

"While the miss reflects the timing of the Marmato transition and peak growth spend, we remain attracted to the long-term value accretion from Aris," Stewart wrote. He said Aris trades at 0.24 times price to net asset value (P/NAV), compared with 0.87 times for its peers.

BTG Pactual analysts Leonardo Correa, Marcelo Arazi, and Rodrigo Gotardo reiterated a "Buy" rating and a US$37 target on Aris' NYSE-listed shares in a September 3 note. With the stock at US$14.66 at the time, that implied a 152.4% return. The note followed a web session with Woodyer that left the analysts with "quite positive" impressions.

They liked Woodyer's conservative approach and his focus on making Aris profitable at any gold price. They pointed to a clear path to 500,000 ounces a year from Segovia and Marmato, and to longer-term growth toward 1 Moz from Toroparu and Soto Norte. Aris traded at just 0.60 times P/NAV and a 14% to 15% free cash flow yield, excluding growth spending, they said. Formalizing mining in Marmato's upper area could add another 30,000 to 40,000 ounces a year, which is not yet in their model.

Gold has had a tough week. Hotter-than-expected U.S. inflation data on Tuesday raised bets on another Federal Reserve rate hike and knocked gold down nearly 3%. The slide continued Thursday: gold traded at about US$3,891 an ounce as of 8:55 a.m. ET, according to Fortune.

The biggest buyers haven't left, though. Central banks added 321 tonnes of gold in the third quarter, up 42% from a year earlier and the most since late 2024, the World Gold Council reported November 3. They've bought 675 tonnes so far this year, 6% more than at the same point in 2025. Gold-backed exchange-traded funds added 211 tonnes in the quarter, lifting their holdings to a record 4,256 tonnes. Some central banks appear to be using the pullback to buy faster: net buying hit 61 tonnes in September, the highest monthly total of the year, Money Metals reported.

The council expects that support to continue. "Our surveys that we run each year and our conversations with central banks suggest that the strategic drivers that are behind that continued wave of buying still remain in place," Louise Street of the World Gold Council told Engineering News.

Even after the drop, Aris has plenty of room. Its new Segovia reserves are based on a gold price of US$2,800 an ounce, about 28% below where gold traded Thursday morning.

What did Aris Mining announce?

On November 10, Aris said proven and probable gold reserves at Segovia rose 28% to 1.9 Moz from 1.5 Moz. Reserve grades rose 24% to 13.3 g/t gold.

How did the reserves grow if the mine has been producing?

The company said exploration and resource conversion more than offset mining depletion. After subtracting the gold mined during the period, reserves grew by a net 418,000 ounces.

What about Segovia's resources?

Measured and indicated resources rose 8% to 3.9 Moz, at a grade of 19.8 g/t gold, up 29%. Inferred resources were 2.6 Moz, compared with 2.9 Moz previously. The company said that reflects its focus on converting high-grade resources into reserves.

What gold price was used?

The reserve estimate uses US$2,800 an ounce, the same as the 2025 estimate, and the resource estimate uses US$3,200 an ounce.

How much gold does Aris produce?

Segovia and Marmato together produced about 257,000 ounces in 2025. Aris expects expansions at both mines to lift annual production to about 500,000 ounces, with a longer-term objective of about 1 Moz a year.

What are the upcoming catalysts?

• The Toroparu prefeasibility study and first reserve estimate, targeted for later this month.
• First gold from the Marmato CIP plant, expected in December.
• An updated Marmato technical report, expected in the first quarter of 2027.
• A Toroparu construction decision, targeted for early 2027.

What do analysts say?

Red Cloud's Ron Stewart kept a "Buy" rating and a CA$50 target in a November 6 report, saying the third-quarter miss reflects the timing of the Marmato transition and peak growth spending.

BTG Pactual's analysts reiterated a "Buy" rating and a US$37 target on Aris' NYSE-listed shares on September 3.