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Aris Mining Reports Q3 2023 Financial and Operating Results: Net Earnings of $12.4M, Adjusted EBITDA(1) of $41.6M
VANCOUVER, BC, Nov. 8, 2023 /CNW/ - Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS) (NYSE-A: ARMN) announces financial and operating results fo
About this update from Aris Mining Corp
[{"type":"text","content":" VANCOUVER, BC, Nov. 8, 2023 /CNW/ - Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS) (NYSE-A: ARMN) announces financial and operating results for the three and nine months ended September 30, 2023 (Q3 2023 and YTD 2023). All amounts are in US dollars unless otherwise indicated. Q3 2023 YTD 2023 Gold Production 60,193 ounces 165,099 ounces AISC/oz1 $1,286 $1,247 EBITDA1 $38.8M $90.4M Adjusted EBITDA1 $41.6M $119.7M Net earnings $12.4M ($0.09/share) $15.3M ($0.11/share) Adjusted earnings1 $14.4M ($0.11/share) $40.4M ($0.30/share) Aris Mining CEO Neil Woodyer stated: \"During Q3 2023, our high-grade Segovia Operations delivered strong results contributing to total gold production of 60,193 ounces, an 11% increase over Q2 2023. Aris Mining is firmly on track to achieve our 2023 production guidance of 220,000 to 240,000 ounces. Over the nine months ended September 30, our mines generated $54.9 million in free cash flow from operations1 which funded $55.5 million in growth and expansion investments. We ended Q3 2023 with cash and cash-equivalents of $211 million. In September 2023, we commenced construction of the Marmato Lower Mine and spending is expected to ramp up as construction progresses into 2024. This project is fully funded from our current cash, operating cash flow, and dedicated stream financing. 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. Additionally, we have completed $10.5 million of a planned $17 million strategic exploration and infill drill program at the Segovia Operations. Segovia has a history of expanding its gold mineral resources and the recent estimate announced last week signifies a leap forward, as the current measured and indicated mineral resource has surged by 114% to reach 3.6 million ounces at 14.34 g/t Au (see News Release - November 2, 2023). We are now in the process of updating the mineral reserve estimates, which is expected by the end of November.\" Operations Review – Segovia Operations Q3 2023 Q2 2023 YTD 2023 Tonnes milled (t) 163,205 154,105 467,274 Average tonnes milled per day (tpd) 1,898 1,813 1,832 Average gold grade processed (g/t) 1...