6-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number: 001-41794

Aris Mining Corporation (Translation of registrant's name into English)

2400 - 1021 W. HASTINGS STREET, VANCOUVER, BRITISH COLUMBIA, CANADA V6E 0C3

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [   ]      Form 40-F [ X ]

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	ARIS MINING CORPORATION
Date: May 6, 2026	By:	"Ashley Baker" (signed)
		Ashley Baker
		Chief Legal Officer

EXHIBIT INDEX

Exhibit Number	Description
99.1	Management’s Discussion and Analysis of Operations and Financial Condition for the Three Months Ended March 31, 2026
99.2	Condensed Consolidated Interim Financial Statements as at and for the Three Months Ended March 31, 2026

Exhibits 99.1 and 99.2 of this Report on Form 6-K are incorporated by reference into the Registration Statement on Form F-10 of the Registrant, which was originally filed with the Securities and Exchange Commission on September 25, 2024 (File No. 333-282330).

Document

Management’s Discussion and Analysis

For the three months ended March 31, 2026 and 2025

(all tabular figures are presented in thousands of United States Dollars, unless otherwise stated)

| Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025 (all figures are expressed in thousands of United States Dollars, unless otherwise stated) | | --- || Table of Contents | | | --- | --- | | Introduction | 3 | | Business Overview | 3 | | Highlights | Key Performance Indicators | 4 | | Q1 2026 Financial Highlights | 5 | | Q1 2026 Operational Highlights | 5 | | Operating Performance | Segovia | 7 | | Operating Performance | Marmato | 10 | | Financial Results | 11 | | Financial Condition, Liquidity and Capital Resources | 13 | | Summary of Quarterly Results | 13 | | Off-balance Sheet Arrangements | 13 | | Transactions with Related Parties | 13 | | Financial Instruments and Financial Risk Management | 14 | | Contractual Obligations and Commitments | 14 | | Outstanding Share Data | 15 | | Non-GAAP Financial Measures | 15 | | Accounting Matters | 22 | | Risks and Uncertainties | 22 | | Disclosure Controls and Procedures and Internal Controls Over Financial Reporting | 22 | | Qualified Person and Technical Information | 23 | | Mineral Reserves and Mineral Resources | 23 | | Technical Disclosure | 23 | | Cautionary Note Regarding Forward-looking Statements | 24 |

Page | 2

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Introduction

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 May 6, 2026 and should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025 (the Interim Financial Statements), which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These documents are available on Aris Mining’s website at www.aris-mining.com, under the Company’s profile on the System for Electronic Data Analysis and Retrieval+ (SEDAR+) at www.sedarplus.ca and 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, 2025 and dated March 11, 2026, 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-looking Information section of this MD&A. The financial information in this MD&A is derived from the Interim Financial Statements prepared in accordance with IFRS. All tabular figures contained herein are expressed in thousands of United States dollars (USD), except as otherwise stated.

This MD&A refers to various Non-GAAP measures, such as total cash costs per ounce ($ per oz gold sold), all-in sustaining costs (AISC) per ounce ($ per oz gold sold), adjusted net earnings and adjusted net earnings per share, earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA, AISC margin, sustaining capital and growth and expansion capital, operating free cash flow after sustaining capital and taxes paid and free cash flow after growth and expansion capital, net debt, and the underlying components thereof, are Non-GAAP financial measures and Non-GAAP ratios in this document. These measures are intended to provide additional information to investors. They do not have any standardized meanings under IFRS, and therefore may not be comparable to other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Reference should be made to the Non-GAAP Financial Measures section of this MD&A for reconciliations of such measures to the most directly comparable financial measure disclosed in the Interim Financial Statements.

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.

Business Overview

Aris Mining is a Canadian gold mining company focused on South America. The Company operates the Segovia and Marmato underground gold mines in Colombia, which together produced approximately 257,000 ounces of gold in 2025. Aris Mining is listed on the TSX and NYSE under the symbol ARIS.

The Company is advancing expansion projects at Segovia and Marmato that are expected to increase gold production to approximately 500,000 ounces per year, driven by the ramp-up at Segovia following the installation of the second mill, which was completed in June 2025, and construction of the new Marmato bulk mine and Carbon-In-Pulp (CIP) plant, with first gold expected in Q4 20261.

Aris Mining’s portfolio supports a longer-term objective of approximately 1 million ounces of annual gold production2. Key projects include the high-grade Soto Norte gold project in Colombia, where environmental studies are being finalized for submission in Q2 2026 to initiate the licensing process, and the Toroparu gold project in Guyana, where a Prefeasibility Study (PFS) is in progress to support a construction decision in early 2027.

Additional information is available at www.aris-mining.com, www.sedarplus.ca, and on www.sec.gov.

1 Reflects expected steady-state annual gold production run-rates of approximately 300 koz at Segovia and 200 koz at Marmato following completion and ramp-up of the respective expansion projects. For more information, please refer to the Company’s news releases dated June 30, 2025 regarding the Segovia expansion and March 12, 2025 regarding the Marmato expansion.

2 Includes potential production estimates from Toroparu, which is based on a preliminary economic assessment effective October 21, 2025, which contemplates a 7.0 Mtpa operation over a 21.3-year mine life with average annual gold production of approximately 235 koz at a base case gold price of US$3,000/oz. The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There can be no assurance that the projected production will be achieved. In the case of Soto Norte and Toroparu, such production also remains subject to obtaining all necessary permits and to formal construction decisions by the Company.

Page | 3

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Highlights | Key Performance Indicators

	Three months ended
Operational Information	March 31, 2026	December 31, 2025	March 31, 2025
Gold produced (ounces)	74,339	69,852	54,763
Gold sold (ounces)	74,843	71,717	54,281
Average realized gold price ($ per oz sold)	4,861	4,200	2,840
Financial Information
Gold revenue	363,813	301,244	154,142
Income from mining operations	203,731	158,065	59,985
EBITDA	181,943	120,406	39,655
Adjusted EBITDA	212,074	167,996	66,613
Net earnings (loss)1	97,614	50,863	2,368
Adjusted net earnings	123,689	94,097	27,227
Net earnings (loss) per share – basic ($)1	0.47	0.25	0.01
Adjusted net earnings per share – basic ($)	0.60	0.46	0.16
Sustaining capital	12,837	18,389	6,589
Growth and expansion capital	61,251	67,735	43,010
Segovia Results
Gold produced (ounces)	66,567	63,137	47,549
Gold sold (ounces)	67,709	64,456	47,390
AISC Margin - Total ($'000)	198,677	151,264	60,895
AISC ($ per oz gold sold) - Owner Mining	1,492	1,662	1,482
AISC Sales Margin - CMPs (%)	40%	46%	41%
Marmato Results
Gold produced (ounces)	7,772	6,715	7,214
Gold sold (ounces)	7,134	7,261	6,891
AISC Margin - Total ($'000)	6,991	6,192	2,755
Balance sheet, as at	March 31, 2026	December 31, 2025	March 31, 2025
Cash and cash equivalents	472,082	391,874	239,831
Total debt2	473,644	477,708	489,899
Net debt3	1,562	85,834	250,068

1.Net earnings represent net earnings attributable to the shareholders of the Company.

2.The face value of long-term debt as of March 31, 2026 is shown as the principal amount of Senior Notes outstanding and the total number of Gold Notes outstanding at their par value.

3.Net debt is calculated as outstanding principal for the Senior Notes and the Gold-linked Notes, less cash and cash equivalents.

Page | 4

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Q1 2026 Financial Highlights

•Gold revenue increased to $364 million, up 21% from $301 million in Q4 2025, driven by a 4% increase in gold ounces sold and continued strength in realized gold prices.

•EBITDA increased to $182 million from $120 million in Q4 2025, primarily driven by higher income from mining operations.

•Adjusted EBITDA increased to $212 million, compared to $168 million in Q4 2025, after normalizing for non-cash and non-recurring items. On a trailing 12-month basis, Adjusted EBITDA reached $610 million, demonstrating substantial leverage to higher gold prices.

•Net earnings increased to $98 million, from $51 million in Q4 2025. Results for Q1 2026 include $204 million in income from mining operations, up from $158 million in Q4 2025.

•Adjusted net earnings of $124 million or $0.60 per share, up from $94 million or $0.46 per share in Q4 2025.

•Cash and cash equivalents increased to $472 million at March 31, 2026, up from $392 million at December 31, 2025. The increase primarily reflects:

◦$103 million of operating free cash flow after sustaining capital and taxes paid;

◦$40 million installment received under Marmato's precious metals stream following achievement of the 50% construction capital expenditures milestone;

◦$15 million of debt repayment and servicing;

◦$61 million invested in growth and expansion capital.

•Net debt was reduced to $1.6 million, down from $86 million at year-end 2025.

Q1 2026 Operational Highlights

•Gold production totaled 74,339 ounces, representing a 6% increase from the 69,852 ounces produced in Q4 2025.

•Segovia

◦Produced 66,567 ounces in Q1 2026, a 5% increase over Q4 2025, reflecting the processing of 175,370 tonnes at an average gold grade of 12.41 g/t, compared to 201,060 tonnes at 10.10 g/t in Q4 2025. Gold recoveries were 95.3%, compared to 96.1% in Q4 2025.

◦AISC margin increased to $199 million, up 31% from Q4 2025, reflecting higher realized gold prices and increased gold sales volumes.

◦Owner-operated mining (Owner Mining) comprised 64% of the mill feed, consistent with Q4 2025. AISC was $1,492 per ounce, compared to $1,662 per ounce in Q4 2025, outperforming the full-year 2026 guidance range of $1,700 to $1,800 per ounce, primarily reflecting a 14% increase in Owner Mining attributable ounces sold driven in part by higher average grades.

◦Contract Mining Partner (CMP) sourced gold comprised 36% of the mill feed and generated an AISC sales margin of 40%, achieving the top end of the full-year 2026 guidance range of 35% to 40%. This compares with sales margin of 46% in Q4 2025, with lower Q1 margin reflecting changes in the grade and volume mix delivered by CMPs.

◦Combined AISC of $1,963 per ounce, compared to $1,891 per ounce in Q4 2025. Q1 2026 results reflecting the factors driving Owner Mining and CMP AISC as described above.

•Marmato

◦Produced 7,772 ounces, a 16% increase over Q4 2025, reflecting the processing of 77,040 tonnes at 3.53 g/t, compared to 74,568 tonnes at 3.12 g/t in Q4 2025. Production in Q1 2026 reflects the operating capacity of the existing flotation plant and mill feed sourced primarily from ore development and stopes in the Bulk Mining Zone, with throughput expected to increase materially upon commissioning of the new CIP plant in Q4 2026.

Page | 5

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

•Marmato construction advancing on schedule

▪In April 2026, the new underground decline broke through into the cross-cut, marking an important milestone that provides direct access from the Bulk Mining Zone to the new CIP plant. This connection establishes an additional access and ventilation pathway, facilitates ore and waste haulage between existing and new infrastructure, and supports the initial ramp-up of mine production.

▪The main civil, mechanical, and electrical works are advancing, with foundations for the mills, tailings thickener, and leach and CIP tanks completed.

▪Construction of underground workshops and ore storage, main pump station, and field offices is scheduled to begin in Q2 2026.

▪Construction of the new 5,000 tonnes per day (tpd) CIP plant remains on schedule for first gold in Q4 2026.

▪During Q1 2026, the Company invested $41 million towards the construction of the Marmato expansion project.

•Toroparu Project (100% owned, Guyana)

▪Aris Mining initiated a Prefeasibility Study (PFS) in Q4 2025, targeted for completion in H2 2026, to support a construction decision in early 2027.

▪Work on updated mineral resource and reserve estimates is progressing well with mine scheduling and optimizations currently underway.

▪Alongside the PFS, the Company is conducting geotechnical drilling, metallurgical test work, mining operation trade-off studies and detailed engineering to enable construction readiness by early 2027.

▪Select pre-construction activities continued during the quarter, including construction of the bridge at the Puruni River crossing, key personnel ramp up, camp expansion and ongoing road works.

▪Preliminary Economic Assessment (PEA) completed in October 2025, outlining an attractive project with after-tax NPV5% of $1.8 billion, IRR of 25.2%, and 3.0-year payback at $3,000/oz gold.

▪During Q1 2026, capital expenditures totaled $5.3 million at Toroparu.

•Soto Norte Project (100% owned, Colombia)

▪The studies required for submission of the environmental license application in support of the development of Soto Norte are nearing completion, supporting a targeted Q2 2026 submission.

▪The Company continues active engagement with the Colombian regulators to support a collaborative approach to the environmental license submission and review process.

▪PFS completed in September 2025, demonstrating robust economics with an after-tax NPV5% of $2.7 billion, IRR of 35%, and 2.3-year payback at $2,600/oz gold.

▪Strong leverage to higher gold prices, at $3,000/oz the NPV5% increases to $3.3 billion with IRR of 40%.

▪The PFS incorporates industry-leading environmental and social design features, including a metallurgical process free of cyanide and mercury and the integration of local community miners — 750 tpd (over 20% of Soto Norte's 3,500 tpd processing capacity) has been dedicated to local contract mining partners.

▪During Q1 2026, capital expenditures totaled $3.4 million at Soto Norte.

Page | 6

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Operating Performance | Segovia

Segovia is 100% owned by the Company and is located in a historic mining district of Colombia. Approximately 40% of the gold sold in 2025 was produced using mill feed purchased from CMPs, which was sourced from both within and outside of the Company’s mining titles. The operations include four underground mines and two processing facilities:

•A conventional processing facility, that produces doré and was expanded from 2,000 to 3,000 tpd in June 2025, with ramp-up continuing to advance in line with management's expectations.

•A 200 tpd polymetallic processing plant that recovers lead and zinc concentrates, including gold and silver from tailings.

	Three months ended
Operating Information	March 31, 2026	December 31, 2025	March 31, 2025
Tonnes processed (t)	175,370	201,060	167,150
Average gold grade processed (g/t)	12.41	10.10	9.37
Recoveries (%)	95.3%	96.1%	96.1%
Gold produced (ounces)	66,567	63,137	47,549
Gold sold (ounces)	67,709	64,456	47,390
Financial Information
Gold revenue ($'000s)	331,611	273,127	135,310
Average realized gold price ($/ounce sold)	$4,898	$4,237	$2,855
Owner mining costs	28,852	26,036	19,291
CMP material purchases	50,579	39,836	26,656
Processing costs	9,004	9,953	7,430
Administration and security costs	17,212	15,678	10,124
Change in finished goods and stockpile inventory	(678)	2,942	(929)
Less: materials and supplies inventory provision	—	(1,174)	—
Less: by-product and concentrate revenue	(7,449)	(5,828)	(3,073)
Total cash costs	97,520	87,443	59,499
Royalties	11,139	8,598	4,519
Social contributions	12,358	9,168	4,061
Sustaining capital	11,356	16,197	5,856
Sustaining lease payments	561	457	480
All-in sustaining costs	132,934	121,863	74,415
AISC Margin	198,677	151,264	60,895

Production

Q1 2026 compared to Q4 2025

Gold production totaled 66,567 ounces in Q1 2026, a 5% increase over Q4 2025, driven by higher average gold grades of 12.41 g/t (Q4 2025 - 10.10 g/t). Tonnes processed decreased to 175,370 from 201,060 in Q4 2025, primarily reflecting lower tonnes mined during the period.

Q1 2026 compared to Q1 2025

Gold production in the quarter increased 40% from the 47,549 ounces produced in Q1 2025, primarily driven by higher average gold grades of 12.41 g/t compared to 9.37 g/t in Q1 2025, along with the additional processing capacity from the second ball mill that was commissioned in June 2025.

Page | 7

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Gold Revenue

Q1 2026 compared to Q4 2025

Gold revenue in Q1 2026 was $331.6 million, up 21% from Q4 2025, driven by a 16% increase in average realized gold prices together with a 5% increase in gold ounces sold.

Q1 2026 compared to Q1 2025

Gold revenue increased 145% from $135.3 million in Q1 2025, driven by a 72% increase in the average realized gold price to $4,898 per ounce together with a 43% increase in gold ounces sold.

Segovia - Owner Mining and CMPs

	Three months ended
Operating Information	March 31, 2026	December 31, 2025	March 31, 2025
Owner Mining
Gold produced (ounces)	45,017	39,444	27,053
Gold sold (ounces)	45,789	40,260	26,963
Cash cost ($ per oz sold)	918	1,058	1,123
AISC ($ per oz sold)	1,492	1,662	1,482
AISC margin ($'000)	155,940	102,707	37,035
CMPs
Gold produced (ounces)	21,550	23,693	20,496
Gold sold (ounces)	21,920	24,196	20,427
Cash cost ($ per oz sold)	2,532	1,854	1,431
AISC ($ per oz sold)	2,948	2,270	1,687
AISC sales margin (%)	40%	46%	41%
AISC margin ($'000)	42,737	48,557	23,860
Total AISC Margin ($’000)	198,677	151,264	60,895
Combined Cash cost ($ per oz sold)	1,440	1,357	1,256
Combined AISC ($ per oz sold)	1,963	1,891	1,570

All-In Sustaining Costs and Margin

Q1 2026 compared to Q4 2025

AISC at Segovia including both, Owner Mining and CMPs costs, averaged $1,963 per ounce in Q1 2026, a 4% increase from $1,891 per ounce in Q4 2025. The slight increase reflects the increased cost of purchased CMP material due to higher gold prices, partially offset by lower Owner Mining cash costs from higher sales volumes.

AISC margin was $198.7 million, up 31% from $151.3 million in Q4 2025, supported by higher realized gold prices.

•Owner Mining: AISC improved to $1,492 per ounce from $1,662 per ounce in Q4 2025, primarily reflecting higher gold ounces sold (45,789 ounces compared to 40,260 ounces) on stronger average gold grades. Owner Mining AISC margin increased to $155.9 million from $102.7 million in Q4 2025.

•CMPs: AISC averaged $2,948 per ounce, compared to $2,270 per ounce in Q4 2025, primarily reflecting higher mill feed purchase costs which are linked to prevailing gold prices. CMP AISC margin was $42.7 million, compared to $48.6 million in Q4 2025.

Q1 2026 compared to Q1 2025

Combined AISC at Segovia averaged $1,963 per ounce in Q1 2026, up 25% from $1,570 per ounce in Q1 2025. The increase was primarily driven by the same factors described above, relating to increased CMP mill feed purchase costs, higher royalties and social contributions, which are all linked to the prevailing gold price, partially offset by lower Owner Mining costs attributable to increased production and sales volumes.

AISC margin more than tripled to $198.7 million in Q1 2026, compared to $60.9 million in Q1 2025, reflecting both higher realized gold prices and higher gold production volumes.

Page | 8

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

•Owner Mining: AISC averaged $1,492 per ounce, consistent with $1,482 per ounce in Q1 2025. Owner Mining AISC margin increased to $155.9 million, from $37.0 million in Q1 2025.

•CMPs: AISC averaged $2,948 per ounce, compared to $1,687 per ounce in Q1 2025, reflecting the same gold-price-linked cost drivers described above. CMP AISC margin was $42.7 million, compared to $23.9 million in Q1 2025.

Growth and Expansion

Non-sustaining growth capital expenditures at Segovia totaled $5.5 million in Q1 2026, compared to $16.2 million in Q4 2025 and $6.4 million in Q1 2025. The Q1 2026 expenditure comprised $5.4 million for underground mine development to support the ramp-up of expanded mill capacity, and amounts for near-mine exploration drilling and tailings infrastructure.

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Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Operating Performance | Marmato

Marmato is 100% owned by the Company and is located in a historic mining district of Colombia. It is comprised of an underground mining operation with two distinct zones, a narrow vein underground mining zone at the higher elevations, and a bulk mining zone at the lower elevations, with two processing facilities:

•A 1,000 tpd flotation processing facility that is currently in operation, which produces doré

•A 5,000 tpd CIP processing facility, which will also produce doré, that is currently under construction as part of the planned Marmato expansion, with first gold expected in Q4 2026.

	Three months ended
Operating Information	March 31, 2026		December 31, 2025		March 31, 2025
Tonnes processed (t)	77,040		74,568		74,050
Average gold grade processed (g/t)	3.53		3.12		3.32
Recoveries (%)	89.6	%	90.8	%	91.7	%
Gold produced (ounces)	7,772		6,715		7,214
Gold sold (ounces)	7,134		7,261		6,891
Gold revenue	32,202		28,117		18,832
Average realized gold price	4,514		3,872		2,733

Production

Q1 2026 compared to Q4 2025

Gold production totaled 7,772 ounces, compared to 6,715 ounces produced in Q4 2025. The increase reflects a 13% increase in average gold grade, and a 3% increase in throughput, partially offset by slightly lower recoveries. Quarterly throughput continues to reflect the operating capacity of the existing flotation plant, with mill feed sourced primarily from ore development and stopes in the Bulk Mining Zone ahead of CIP plant commissioning in Q4 2026.

Q1 2026 compared to Q1 2025

Gold production for Q1 2026 was up 8% compared to Q1 2025, reflecting a 6% increase in average gold grade and a 4% increase in throughput, partially offset by a slight decline in recoveries.

Gold Revenue

Q1 2026 compared to Q4 2025

Gold revenue totaled $32.2 million, compared to $28.1 million in Q4 2025. The increase was driven by a higher average realized gold price of $4,514 per ounce, partially offset by slightly lower gold ounces sold.

Q1 2026 compared to Q1 2025

Compared to Q1 2025, gold revenue increased 71% to $32.2 million from $18.8 million. The increase was driven by a higher average realized gold price of $4,514 per ounce, compared to $2,733 per ounce, together with a 4% increase in gold ounces sold.

Growth and Expansion

Non-sustaining growth capital expenditures at Marmato totaled $47.0 million in Q1 2026, compared to $43.6 million in Q4 2025 and $29.7 million in Q1 2025. Growth capital expenditures in Q1 2026 included:

•$41.0 million for the construction of the CIP processing plant, including civil, mechanical, and electrical works, major equipment procurement and delivery, and surface infrastructure development;

•$4.7 million for underground mine development and drilling programs; and,

•$1.4 million for the tailings storage facility, surface infrastructure and ancillary site activities.

Page | 10

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Financial Results

Net income of $97.6 million in Q1 2026 was $46.8 million and $95.2 million higher than net income in Q4 2025 and Q1 2025, respectively. Basic earnings per share of $0.47 in Q1 2026 were $0.22 and $0.46 higher than in Q4 2025 and Q1 2025, respectively.

The following tables present the key drivers of net earnings variances for Q1 2026 compared to Q4 2025 and Q1 2025. The narrative following each table discusses the primary drivers of material variances.

	Q1 2026 vs Q4 2025	Q1 2026 vs Q1 2025
Net Income - Prior Period1	$50,863	$2,368
Period-over-period variance drivers
Operating Drivers
Gold price impact on revenue	49,438	151,281
Gold volume impact on revenue	13,131	58,390
By-product impact on revenue	1,345	5,280
Cost of Sales & Social Contributions	(18,811)	(65,693)
Depreciation and Depletion	563	(5,512)
Net change in Operating Drivers	45,666	143,746
Corporate Drivers
General & Administrative costs	(1,025)	(3,797)
Share-based Compensation	13,061	(3,818)
Net change in Corporate Drivers	12,036	(7,615)
Non-operating Drivers
ARIS.WT.A Listed warrants	—	14,584
Other financial instruments	1,296	282
Foreign Exchange gain (loss)	856	(5,593)
Other	4,299	(4,952)
Net change in Non-operating Drivers	6,451	4,321
Income tax expense	(17,627)	(46,048)
Non-Controlling Interest	225	842
Change in Net Income	46,751	95,246
Net Income - Current Period1	97,614	97,614

1.Net earnings represent net earnings attributable to the shareholders of the Company.

Q1 2026 compared to Q4 2025

Operating Drivers

Revenue increased $63.9 million, or 21%, to $372.5 million in Q1 2026 from $308.6 million in Q4 2025, primarily driven by a 16% increase in the average realized gold price, which rose to $4,861 per ounce from $4,200 per ounce, contributing $49.4 million to the favorable variance. Higher gold ounces sold contributed a further $13.1 million.

Cost of sales and social contributions increased $18.8 million, or 14%, to $152.5 million in Q1 2026 from $133.7 million in Q4 2025, primarily reflecting higher CMP mill feed purchases at Segovia (+$10.7 million), which are linked to prevailing gold prices, higher social contributions (+$4.0 million), also driven by higher realized gold prices, and higher owner-operated mining costs (+$2.8 million) driven largely by the appreciation of the Colombian peso (COP) against the USD during the quarter. Royalties also increased $3.7 million in line with higher realized gold prices.

Page | 11

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Corporate Drivers

Share-based compensation expense was $13.1 million lower in Q1 2026 compared to Q4 2025. Cash-settled performance share units (PSUs) and deferred share units (DSUs) are fair valued based on the Company's share price. Q1 2026 reflected a lower revaluation expense due to a lower share price appreciation than in the prior quarter.

Income tax expense

Income tax expense increased $17.6 million compared to Q4 2025, primarily reflecting higher taxable income from mining operations driven by higher realized gold prices and increased gold ounces sold.

Q1 2026 compared to Q1 2025

Operating Drivers

Revenue increased $215.0 million, or 136%, to $372.5 million in Q1 2026 from $157.5 million in Q1 2025, driven by a 71% increase in the average realized gold price, contributing $151.3 million, combined with a 38% increase in gold ounces sold, which contributed a further $58.4 million. By-product revenue was $5.3 million higher, reflecting increased volumes and stronger metal prices.

Cost of sales and social contributions increased $65.7 million, or 76%, to $152.5 million in Q1 2026 from $86.8 million in Q1 2025, primarily reflecting higher gold-price-linked CMP mill feed purchases at Segovia (+$23.9 million), higher social contributions (+$9.0 million) from higher gold prices and sales volumes, higher Segovia owner-operated mining costs (+$9.6 million) from increased throughput and production, and higher Marmato costs (+$6.5 million), reflecting higher processing and administration costs. Royalties also increased $8.1 million in line with higher realized gold prices and gold sales volumes.

Depreciation and depletion increased $5.5 million compared to Q1 2025, primarily reflecting increased production and a higher depletable cost base following continued sustaining capital investment and the commissioning of the second mill at Segovia in June 2025.

Non-operating Drivers

The fair-value-loss relating to the listed Warrants in Q1 2025 had no corresponding impact in Q1 2026 following the exercise and expiry of all outstanding ARIS.WT.A Listed Warrants on July 30, 2025. The warrants were classified as a financial liability and marked to market through profit and loss, with the valuation driven primarily by changes in the Company’s share price.

Foreign exchange loss in Q1 2026 was $5.6 million unfavorable compared to Q1 2025, primarily due to the continued appreciation of the COP against the USD during the quarter, which resulted in higher translation losses on USD-denominated monetary balances held in COP-functional entities.

Other expense increased by $5.0 million compared to Q1 2025, primarily reflecting the recognition of a temporary Colombian wealth tax that was announced in February 2026. This one-time emergency decree was levied on the net equity of certain Colombia-domiciled entities.

Income tax expense

Income tax expense increased $46.0 million compared to Q1 2025, primarily reflecting higher taxable income from mining operations driven by higher realized gold prices and increased gold ounces sold at both Segovia and Marmato.

Page | 12

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Financial Condition, Liquidity and Capital Resources

Working capital

The Company continues to maintain a strong liquidity position, and with the combination of operating cash flows from Segovia, Marmato, and remaining milestone payments from Wheaton Precious Metals International (WPMI), the Company expects to have sufficient cash available to fund operating activities, expansion projects, and strategic initiatives, including the advancement of the Marmato expansion, and study work at Soto Norte and Toroparu.

As at March 31, 2026, the Company held a working capital surplus, calculated as current assets minus current liabilities, of $281.0 million (December 31, 2025 - $232.2 million) which was underpinned by a cash balance of $472.1 million. Cash and cash equivalents increased by $80.2 million in 2026. The increase primarily reflects stronger operating cash flow resulting from higher gold sales, $40.0 million installment received under Marmato's precious metals stream financing following achievement of the 50% construction capital expenditure milestone, partially offset by continued investment in growth projects. Notably, the Company advanced construction of the new CIP processing facility at Marmato, and made debt service payments including scheduled interest and premiums on its Gold-linked Notes.

	Three months ended
	March 31, 2026		December 31, 2025		March 31, 2025
Net cash provided by operating activities	$	158,810	$	138,776	$	46,761
Net cash used in investing activities	(77,321)		(94,438)		(60,564)
Net cash provided by (used in) financing activities	(2,095)		(69,800)		331
Impact of foreign exchange on cash and cash equivalents	814		(545)		768
Increase (decrease) in cash and cash equivalents	80,208		(26,007)		(12,704)
Cash and cash equivalents, beginning of period	391,874		417,881		252,535
Cash and cash equivalents, end of period	$	472,082	$	391,874	$	239,831

Summary of Quarterly Results

	For the three months ended,
	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024
Gold produced (ounces)	74,339	69,852	73,236	58,652	54,763	57,364	53,608	49,216
Gold sold (ounces)	74,843	71,717	73,001	61,024	54,281	56,334	53,769	49,469
Revenue	372,479	308,565	258,115	203,456	157,528	151,076	134,723	117,185
Income from mining operations	203,731	158,065	122,740	91,991	59,985	54,129	37,982	29,838
EBITDA	181,943	120,406	96,506	31,546	39,655	66,602	27,764	30,791
Adjusted EBITDA	212,074	167,996	131,069	98,733	66,613	55,575	43,039	36,079
Net earnings (loss) attributable to the Owners of the Company	97,614	50,863	42,011	(16,897)	2,368	21,687	(2,074)	5,713
Adjusted net earnings (loss)	123,689	94,097	71,842	47,762	27,227	24,659	13,092	12,739
Earnings (loss) per share – basic ($/share)	0.47	0.25	0.21	(0.09)	0.01	0.13	(0.01)	0.04
Earnings (loss) per share – diluted ($/share)	0.47	0.25	0.21	(0.09)	0.01	0.02	(0.01)	0.04
Adjusted earnings per share - basic ($/share)	0.60	0.46	0.36	0.27	0.16	0.14	0.08	0.08

Off-balance Sheet Arrangements

Aris Mining has no off-balance sheet arrangements.

Transactions with Related Parties

The Company’s related parties include its subsidiaries, affiliates, directors and key management personnel. The Company’s key management personnel includes executive and non-executive directors and the Company’s executive officers.

Other than normal-course intercompany transactions and compensation in the form of salaries or directors’ fees, and share-based payments (options, PSUs and DSUs) there were no material related party transactions.

Page | 13

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Financial Instruments and Financial Risk Management

The nature of the acquisition, exploration, development and operation of gold properties exposes the Company to risks associated with fluctuations in commodity prices, foreign currency exchange rates and credit risk. The Company may at times enter into risk management contracts to mitigate these risks. It is the Company’s policy that no speculative trading in derivatives shall be undertaken.

The Company may at times hold financial instruments, derivatives and/or contracts containing embedded derivatives that are recorded on the consolidated balance sheet at fair value. Financial liabilities classified or designated at fair value through profit or loss (“FVTPL"), including the Gold Notes, are measured at fair value at each reporting date, with changes in fair value recognized in profit or loss, except for changes attributable to the Company’s own credit risk, which are recognized in other comprehensive income.

Aris Mining Holdings Corp. (Aris Holdings), a wholly-owned subsidiary of the Company, has Gold Notes that trade on the Cboe Canada under the symbol “AMNG.NT.U” as described in note 11 of the 2025 annual financial statements. As of March 31, 2026, the outstanding principal value is $23.6 million. The Gold Notes bear interest at 7.5% per annum, payable monthly. In addition to the interest, the Gold Notes pay a gold premium calculated each quarter as the amount by which the London Bullion Market Association Gold Price on the measurement date exceeds the floor price of $1,400. We have not entered into any instruments to hedge against the market movement of gold, and there is risk that rising gold prices would result in higher premiums to be paid. However, there is a natural hedge to this risk as rising gold prices result in higher cash flows from increased AISC margins that are available to fund the potential exposure.

Further information about our financial instruments, derivatives and contracts containing embedded derivatives and associated risks is outlined in note 17 in our 2025 audited annual consolidated financial statements.

Contractual Obligations and Commitments

The Company manages its liquidity risk by continuously monitoring forecast cash flow requirements. The Company believes it has sufficient cash resources to pay its obligations associated with its financial liabilities as at March 31, 2026. In addition to other commitments already disclosed, the Company’s undiscounted commitments including interest and premiums at March 31, 2026 are as follows:

	Less than 1 year		1 to 3 years		4 to 5 years		Over 5 years		Total
Trade, tax and other payables	$	260,973	$	—	$	—	$	—	$	260,973
Reclamation and closure costs	729		2,319		—		54,490		57,538
Lease payments	2,048		2,773		1,211		1,378		7,410
Gold Notes	64,632		29,781		—		—		94,413
Senior unsecured notes	36,000		558,000		—		—		594,000
Other contractual commitments1	19,044		21,559		2,422		—		43,025
Total	$	383,426	$	614,432	$	3,633	$	55,868	$	1,057,359

1.Includes binding commitments for capital and operating purchase obligations that the Company has entered into as at March 31, 2026.

Aris Mining’s gold and silver production from the Marmato and future production from the Toroparu Project are subject to the terms of streaming agreements with WPMI.

Liquidity risk

Associated with the contractual obligations and commitments summarized above, the Company manages its liquidity risk by continuously monitoring forecasted cash flow requirements, as well as any requirements that arise by virtue of the financial instruments held by the Company. The Company believes it has sufficient cash resources to pay its obligations associated with its financial liabilities as at March 31, 2026.

Contingencies

In the ordinary course of business, the Company is involved in and potentially subject to legal actions and proceedings. The Company records provisions in its financial statements for such claims when considered material and an outflow of resources is considered probable.

Page | 14

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

The Company is subject to tax audits from various tax authorities on an ongoing basis. As a result, from time to time, tax authorities may disagree with the positions and conclusions taken by the Company in its tax filings or legislation could be amended or interpretations of current legislation could change, and any of these events could lead to reassessments. The Company records provisions for such claims when it determines there will be a tax liability associated with its filing position.

Outstanding Share Data

As at the date of this MD&A, the Company has 206.4 million common shares issued and outstanding and 4.3 million common shares issuable under stock options. A further 6 million common shares are issuable to Mubadala following receipt of an environmental license to develop Soto Norte.

Non-GAAP Financial Measures

This MD&A refers to a number of non-GAAP financial measures and non-GAAP ratios, which are not measures recognized under International Financial Reporting Standards (IFRS) and do not have a standardized meaning prescribed by IFRS. The non-GAAP financial measures and non-GAAP ratios described below do not have standardized meanings under IFRS, may differ from those used by other issuers, and may not be comparable to similar financial measures and ratios reported by other issuers. These financial measures and ratios have been derived from our financial statements and applied on a consistent basis as appropriate. The Company discloses these financial measures and ratios because the Company believes that they assist readers in understanding the results of our operations and financial position and provide further information about our financial results to investors. These measures should not be considered in isolation or used as a substitute for other measures of performance prepared in accordance with IFRS.

Total cash costs and All-in sustaining costs

Total cash costs and total cash costs per ounce sold are a non-GAAP financial measure and a non-GAAP ratio, respectively, and are common financial performance measures in the gold mining industry; however, they have no standard meaning under IFRS. Total cash costs per ounce sold are calculated by dividing total cash costs by volume of gold ounces sold. Aris Mining believes that, in addition to conventional measures prepared in accordance with IFRS such as cost of sales, certain investors use this information to evaluate the Company's performance and ability to generate cash flow from its mining operations. Management uses this metric as an important tool to monitor operating costs. Management has included a secondary total cash cost and total cash cost per ounce measure, that includes the cost of royalties incurred on precious metal shipments from Segovia. This measure adds back the cost of royalties to total cash cost and is intended to be reflective of the total cash cost associated with operating in Colombia.

AISC and AISC ($ per oz sold) are a non-GAAP financial measure and a non-GAAP ratio, respectively, and are common financial performance measures in the gold mining industry; however, they have no standard meaning under IFRS. AISC ($ per oz sold) is calculated by dividing AISC by volume of gold ounces sold. The methodology for calculating AISC was developed internally and is calculated below, and readers should be aware that this measure does not have a standardized meaning. This non-GAAP measure provides investors with greater transparency regarding the total period cost of producing an ounce of gold and may assist in comparisons with other gold mining peers. Management uses this metric as an important tool to monitor operating costs. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Page | 15

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Total cash costs & All-in sustaining costs

Reconciliation of total cash costs and all-in sustaining costs to the most directly comparable financial measure disclosed in the Interim Financial Statements.

	For the three months ended,
Segovia	March 31, 2026		December 31, 2025		March 31, 2025
Total gold sold (ounces)	67,709		64,456		47,390
Cost of sales1	116,108		103,043		67,091
Less: materials and supplies inventory provision1	—		(1,174)		—
Less: royalties1	(11,139)		(8,598)		(4,519)
Add: by-product revenue1	(7,449)		(5,828)		(3,073)
Total cash costs	97,520		87,443		59,499
Cash cost per ounce sold	$	1,440	$	1,357	$	1,256
Add: royalties1	11,139		8,598		4,519
Add: social contributions1	12,358		9,168		4,061
Add: sustaining capital expenditures	11,356		16,197		5,856
Add: sustaining lease payments	561		457		480
Total AISC	132,934		121,863		74,415
AISC per ounce sold	$	1,963	$	1,891	$	1,570		Marmato
---	---	---	---
Total gold sold (ounces)	7,134	7,261	6,891
Cost of sales1	23,096	21,322	15,384
Less: materials and supplies inventory provision1	—	(254)	—
Less: royalties1	(3,332)	(2,223)	(1,840)
Add: by-product revenue1	(306)	(1,493)	(313)
Total cash costs	19,458	17,352	13,231
Add: royalties1	3,332	2,223	1,840
Add: social contributions1	940	158	273
Add: sustaining capital expenditures	1,481	2,192	733
Total AISC	25,211	21,925	16,077		Consolidated
---	---	---	---
Total gold sold (ounces)	74,843	71,717	54,281
Cost of sales1	139,204	124,365	82,475
Less: materials and supplies inventory provision1	—	(1,428)	—
Less: royalties1	(14,471)	(10,821)	(6,359)
Add: by-product revenue1	(7,755)	(7,321)	(3,386)
Total cash costs	116,978	104,795	72,730
Add: royalties1	14,471	10,821	6,359
Add: social contributions1	13,298	9,326	4,334
Add: sustaining capital expenditures	12,837	18,389	6,589
Add: sustaining lease payments	561	457	480
Total AISC	158,145	143,788	90,492

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

Page | 16

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Reconciliation of cash costs and all-in sustaining costs by business unit at Segovia to the costs as disclosed above.

	For the three months ended,
Segovia - Owner Mining	March 31, 2026		December 31, 2025		March 31, 2025
Total gold sold (ounces)	45,789		40,260		26,963
Cost of sales1	54,858		52,773		34,799
Less: materials and supplies inventory provision	—		(895)		—
Less: royalties1	(7,805)		(5,689)		(2,783)
Add: by-product revenue1	(5,037)		(3,610)		(1,748)
Total cash costs	42,015		42,578		30,268
Cash cost per ounce sold	$	918	$	1,058	$	1,123
Add: royalties1	7,805		5,689		2,783
Add: social contributions1	8,660		6,058		2,501
Add: sustaining capital expenditures	9,274		12,144		3,917
Add: sustaining lease payments	561		457		480
Total AISC	68,315		66,926		39,949
AISC per ounce sold	$	1,492	$	1,662	$	1,482		Segovia - CMPs
---	---	---	---	---	---	---
Total gold sold (ounces)	21,920		24,196		20,427
Cost of sales1	61,250		50,271		32,292
Less: materials and supplies inventory provision	—		(279)		—
Less: royalties1	(3,334)		(2,909)		(1,736)
Add: by-product revenue1	(2,412)		(2,218)		(1,325)
Total cash costs	55,505		44,865		29,231
Cash cost per ounce sold	$	2,532	$	1,854	$	1,431
Add: royalties1	3,334		2,909		1,736
Add: social contributions1	3,698		3,110		1,560
Add: sustaining capital expenditures	2,082		4,053		1,939
Total AISC	64,619		54,937		34,466
AISC per ounce sold	$	2,948	$	2,270	$	1,687		Segovia - Combined
---	---	---	---	---	---	---
Total gold sold (ounces)	67,709		64,456		47,390
Cost of sales1	116,108		103,043		67,091
Less: materials and supplies inventory provision	—		(1,174)		—
Less: royalties1	(11,139)		(8,598)		(4,519)
Add: by-product revenue1	(7,449)		(5,828)		(3,073)
Total cash costs	97,520		87,443		59,499
Cash cost per ounce sold	$	1,440	$	1,357	$	1,256
Add: royalties1	11,139		8,598		4,519
Add: social contributions1	12,358		9,168		4,061
Add: sustaining capital expenditures	11,356		16,197		5,856
Add: sustaining lease payments	561		457		480
Total AISC	132,934		121,863		74,415
AISC per ounce sold	$	1,963	$	1,891	$	1,570

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

Page | 17

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

AISC margin

AISC margin is a non-GAAP financial measure calculated as the difference between gold revenue and all-in sustaining costs (AISC). This measure has no standard meaning under IFRS. AISC margin is used by management and investors to evaluate the Company's operating performance and cash generation capability from mining operations.

Reconciliation of total AISC margin at Segovia disclosed below.

	Three months ended
($’000)	March 31, 2026	December 31, 2025	March 31, 2025
Gold revenue1	331,611	273,127	135,310
All-in sustaining costs	132,934	121,863	74,415
AISC margin ($)	198,677	151,264	60,895
AISC margin (%)	60%	55%	45%

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

Trailing 12-months AISC margin

	Three months ended					Trailing 12 Months
($’000)	March 31, 2026	December 31, 2025	September 30, 2025		June 30, 2025	March 31, 2026
Gold revenue1	331,611	273,127	229,116		177,551	1,011,405
All-in sustaining costs	132,934	121,863	107,606		90,382	452,785
AISC margin ($)	198,677	151,264	121,510		87,169	558,620
AISC margin (%)	60%	55%	53	%	49%	55%

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

Additions to mineral interests, plant and equipment

The table below reconciles sustaining and growth and expansion capital expenditures (also referred to as growth capital, expansion capital and growth and expansion investments) as disclosed in this MD&A to the additions to mining interest, plant, and equipment in the supporting notes to the Interim Financial Statements.

	Three months ended
($’000)	March 31, 2026	December 31, 2025	March 31, 2025
Sustaining capital
Segovia	11,356	16,197	5,856
Marmato	1,481	2,192	733
Total sustaining capital	12,837	18,389	6,589
Non-sustaining capital
Marmato	47,031	43,562	29,661
Segovia	5,454	16,161	6,368
Soto Norte Project	3,445	4,885	4,570
Toroparu Project	5,321	3,127	2,411
Total expansion and growth capital	61,251	67,735	43,010
Additions to mining interest, plant and equipment1	74,088	86,124	49,599

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

Page | 18

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Free cash flow

Operating free cash flow after sustaining capital and taxes paid and free cash flow after growth and expansion capital are non-GAAP financial measures and are common performance metrics in the gold mining industry; however, they have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers.

Operating free cash flow after sustaining capital and taxes paid is calculated as net cash provided by operating activities, adjusted to exclude certain non-recurring or non-operating items, less sustaining capital expenditures and sustaining lease payments. Free cash flow after growth and expansion capital is calculated as operating free cash flow after sustaining capital and taxes paid less growth and expansion capital expenditures.

Aris Mining believes that these measures provide investors and analysts with useful information about the Company’s ability to generate cash from its mining operations after maintaining its asset base, and its capacity to fund growth initiatives, reduce debt, strengthen liquidity, or return capital to shareholders. Management uses these measures as key internal indicators of financial performance and capital discipline. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS, including net cash provided by operating activities as reported in the consolidated statement of cash flows.

	Three months ended
($’000)	March 31, 2026	December 31, 2025	March 31, 2025
Operating cash flows before taxes1	184,981	160,462	51,882
Adjusting Items:
Precious metal stream deposit settled (received)1	(40,016)	10,000	—
Finance income1	(3,383)	(4,353)	(2,336)
Impact of FX on cash and cash equivalents1	814	(545)	768
Adjusted operating cash flows before taxes	142,396	165,564	50,314
​
Less: Income taxes paid1	(26,171)	(21,686)	(5,121)
Adjusted net cash provided by operating activities	116,225	143,878	45,193
​
Less: Sustaining capital	(12,837)	(18,389)	(6,589)
Less: Sustaining lease payments	(561)	(457)	(480)
Operating free cash flow after sustaining capital and taxes paid	102,827	125,032	38,124
​
Less: Growth and expansion capital	(61,251)	(67,735)	(43,010)
Free cash flow after growth and expansion capital	41,576	57,297	(4,886)

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

Page | 19

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Adjusted net earnings and adjusted net earnings per share

Adjusted net earnings and adjusted net earnings per share (basic) are a non-GAAP financial measure and non-GAAP ratios, respectively, and are common financial performance measures in the gold mining industry; however, they have no standard meaning under IFRS. Adjusted net earnings per share (basic) are calculated by dividing adjusted net earnings by the number of shares outstanding on a basic basis.

Adjusted net earnings and adjusted net earnings per share (basic) are used by management and investors to measure the underlying operating performance of the Company. Presenting these measures from period to period helps management and investors evaluate earnings trends more readily in comparison with results from prior periods.

Adjusted net earnings is defined as net income adjusted to exclude specific items that are significant but not reflective of the underlying operating performance of the Company, such as: share-based payments, change in fair value of financial instruments, foreign exchange gains and losses, income and losses from equity accounting in investees, and other non-recurring items. Adjusted net earnings per share amounts are calculated using the weighted average number of shares outstanding on a basic basis as determined under IFRS. In the table below the Company has provided the reconciliation of adjusted net earnings to the most directly comparable financial measure disclosed in the Interim Financial Statements.

	Three months ended
($000s except shares amount)	March 31, 2026	December 31, 2025	March 31, 2025
Basic weighted average shares outstanding1	205,967,201	203,245,172	171,622,649
Net income (loss) attributable to Owners of the Company1	97,614	50,863	2,368
Add back:
Share-based compensation1	7,602	20,663	3,784
(Income) loss from equity accounting in investee1	—	(14)	14
Loss on financial instruments1	1,762	3,058	16,628
Loss on termination of Soto Norte Project Precious Metals Purchase Agreement1	—	4,990	—
Other (income) expense1	9,177	6,447	535
Foreign exchange (gain) loss1	11,590	12,446	5,997
Income tax effect on adjustments	(4,057)	(4,356)	(2,099)
Adjusted net earnings	123,689	94,097	27,227
Per share – basic ($/share)	0.60	0.46	0.16

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

Trailing 12-months Adjusted net earnings and Adjusted net earnings per share

	Three months ended				Trailing 12 Months
($000s except shares amount)	March 31, 2026	December 31, 2025	September 30, 2025	June 30, 2025	March 31, 2026
Basic weighted average shares outstanding1	205,967,201	203,245,172	199,171,052	179,836,208	197,053,206
Net income (loss) attributable to Owners of the Company1	97,614	50,863	42,011	(16,897)	173,591
Add back:
Share-based compensation1	7,602	20,663	9,497	8,136	45,898
(Income) loss from equity accounting in investee1	—	(14)	—	—	(14)
Loss on financial instruments1	1,762	3,058	6,385	50,737	61,942
Loss on disposal of Juby Project1	—	—	3,200	—	3,200
Loss on termination of Soto Norte Project Precious Metals Purchase Agreement1	—	4,990	—	—	4,990
Other (income) expense1	9,177	6,447	1,961	1,090	18,675
Foreign exchange (gain) loss1	11,590	12,446	13,520	7,224	44,780
Income tax effect on adjustments	(4,057)	(4,356)	(4,732)	(2,528)	(15,673)
Adjusted net earnings	123,689	94,097	71,842	47,762	337,389
Per share – basic ($/share)	0.60	0.46	0.36	0.27	1.71

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

Page | 20

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are Non-GAAP financial measures and are common financial performance measures in the gold mining industry; however, they have no standard meaning under IFRS. EBITDA represents earnings before interest (including non-cash accretion of financial obligations and lease obligations), income taxes and depreciation, depletion and amortization.

EBITDA is then adjusted to exclude specific items that are significant but not reflective of the underlying operating performance of the Company, such as: share-based payments, change in fair value of financial instruments, foreign exchange gains and losses, income and losses from equity accounting in investees, and other non-recurring items (Adjusted EBITDA). In the table below the Company has provided the reconciliation of EBITDA and adjusted EBITDA to the most directly comparable financial measure disclosed in the Interim Financial Statements.

	Three months ended
	March 31, 2026	December 31, 2025	March 31, 2025
Earnings before Income tax1	161,672	97,519	21,220
Add back:
Depreciation and depletion1	16,246	16,809	10,734
Finance income1	(3,383)	(4,353)	(2,336)
Finance costs1	7,408	10,431	10,037
EBITDA	181,943	120,406	39,655
Add back:
Share-based compensation1	7,602	20,663	3,784
Income from associates1	—	(14)	14
Loss on financial instruments1	1,762	3,058	16,628
Loss on termination of Soto Norte Project Precious Metals Purchase Agreement1	—	4,990	—
Other Income (expenses)1	9,177	6,447	535
Foreign exchange (gain) loss1	11,590	12,446	5,997
Adjusted EBITDA	212,074	167,996	66,613

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

Trailing 12-months EBITDA and Adjusted EBITDA

	Three months ended				Trailing 12 Months
	March 31, 2026	December 31, 2025	September 30, 2025	June 30, 2025	March 31, 2026
Earnings before Income tax1	161,672	97,519	76,094	12,258	347,543
Add back:
Depreciation and depletion1	16,246	16,809	13,459	11,929	58,443
Finance income1	(3,383)	(4,353)	(2,437)	(3,474)	(13,647)
Finance costs1	7,408	10,431	9,390	10,833	38,062
EBITDA	181,943	120,406	96,506	31,546	430,401
Add back:
Share-based compensation1	7,602	20,663	9,497	8,136	45,898
Income from associates1	—	(14)	—	—	(14)
Loss on financial instruments1	1,762	3,058	6,385	50,737	61,942
Loss on disposal of Juby Project1	—	—	3,200	—	3,200
Loss on termination of Soto Norte Project Precious Metals Purchase Agreement1	—	4,990	—	—	4,990
Other Income (expenses)1	9,177	6,447	1,961	1,090	18,675
Foreign exchange (gain) loss1	11,590	12,446	13,520	7,224	44,780
Adjusted EBITDA	212,074	167,996	131,069	98,733	609,872

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

Page | 21

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Accounting Matters

Basis for preparation and accounting policies

The Company’s consolidated financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (IASB). Details of the material accounting policies for significant (or potentially significant) areas that have had an impact (or may have an impact in future periods) on the Company’s financial statements are disclosed in note 3 of the Company’s consolidated financial statements for the years ended December 31, 2025 and 2024.

Risks and Uncertainties

Exploration, development and mining of precious metals involves numerous inherent risks. As such, Aris Mining is subject to financial, operational and political risks that could have a significant impact on its profitability and levels of operating cash flows. Although Aris Mining assesses and minimizes these risks by applying high operating standards, including careful management and planning of its facilities, hiring qualified personnel and developing their skills through training and development programs, these risks cannot be eliminated. Readers are encouraged to read and consider the risk factors which are more specifically described under the caption "Risk Factors" in the Company's AIF for the year ended December 31, 2025 dated as of March 11, 2026, which is available on www.aris-mining.com, under the Company's profile on SEDAR+ at www.sedarplus.ca and in its filings with the SEC at www.sec.gov.

If any of these risks materialize into actual events or circumstances or other possible additional risks and uncertainties of which the Company is currently aware or which it considers to be material in relation to the Company's business actually occur, the Company's assets, liabilities, financial condition, results of operations (including future results of operations), business and business prospects, are likely to be adversely affected. In such circumstances, prices of the Company's securities could decline, and investors could lose all or part of their investment. In addition, such risk factors could cause actual amounts to differ from those described in the forward-looking statements related to the Company.

Disclosure Controls and Procedures and Internal Controls Over Financial Reporting

Internal controls over financial reporting

Disclosure controls and procedures have been designed to provide reasonable assurance that all material information required to be disclosed by the Company is accumulated and communicated to senior management as appropriate, and recorded, processed, summarized, and reported to allow timely decisions regarding required disclosure, including in its annual filings, interim filings, or other reports filed or submitted under securities legislation.

The Company's management, including the Chief Executive Officer and Chief Financial Officer, is responsible for establishing adequate internal controls over financial reporting.

Changes in internal controls

During the three months ended March 31, 2026, there were no changes in the Company's internal controls over financial reporting that materially affected or are reasonably likely to materially affect the Company's internal controls over financial reporting.

Limitations of controls and procedures

The Company's management, including the Chief Executive Officer and Chief Financial Officer, believe that any disclosure controls and procedures or internal controls over financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any systems of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Page | 22

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Qualified Person and Technical Information

Pamela De Mark, P.Geo., Senior Vice President Geology and Exploration 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 Management's Discussion and Analysis.

Mineral Reserves and Mineral Resources

Property	Proven			Probable			Proven & Probable
	Tonnes <br>(kt)	Gold Grade (g/t)	Contained Gold (koz)	Tonnes <br>(kt)	Gold Grade (g/t)	Contained Gold (koz)	Tonnes <br>(kt)	Gold Grade (g/t)	Contained Gold (koz)
Marmato	2,196	4.31	304	29,082	3.08	2,874	31,277	3.16	3,178
Soto Norte	2,600	8.78	734	17,700	6.72	3,824	20,300	7.00	4,569
Segovia	1,708	9.92	545	2,659	11.21	958	4,367	10.70	1,503
Total			1,583			7,656		5.14	9,250

Notes: Totals may not add due to rounding. Mineral reserves were estimated using a gold price of US$1,500 per ounce at Marmato, US$2,200 at Soto Norte, and US$2,800 at Segovia. The mineral reserve effective dates are June 30, 2022 at Marmato, August 18, 2025 at Soto Norte, and November 28, 2025 at Segovia. This disclosure of mineral reserve estimates has been approved by Pamela De Mark, P.Geo, Senior Vice President Geology and Exploration of Aris Mining, who is a Qualified Person as defined by National Instrument 43-101.

Property	Measured			Indicated			Measured & Indicated			Inferred
	Tonnes <br>(Mt)	Gold Grade <br>(g/t)	Contained Gold (koz)	Tonnes <br>(Mt)	Gold Grade <br>(g/t)	Contained Gold (koz)	Tonnes <br>(Mt)	Gold Grade <br>(g/t)	Contained Gold (koz)	Tonnes <br>(Mt)	Gold Grade <br>(g/t)	Contained Gold (koz)
Marmato	2.8	6.04	545	58.7	2.89	5,452	61.5	3.03	5,997	35.6	2.43	2,787
Soto Norte	3.8	7.99	976	35.2	5.29	5,987	39.0	5.55	6,959	25.1	4.81	3,882
Segovia	4.1	14.78	1,925	3.3	15.94	1,701	7.4	15.30	3,626	6.3	14.13	2,856
Toroparu	48.5	1.31	2,038	78.4	1.30	3,272	126.9	1.30	5,310	22.9	1.60	1,177
Total			5,484			16,412			21,892			10,702

Notes: Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral resource estimates are reported inclusive of mineral reserves. Totals may not add due to rounding. Mineral resources were estimated using a gold price of US$1,700 per ounce at Marmato, US$2,600 at Soto Norte, US$3,200 at Segovia, and US$1,950 at Toroparu. The mineral resource effective dates are June 30, 2022 at Marmato, August 18, 2025 at Soto Norte, November 28, 2025 at Segovia, and October 21, 2025 at Toroparu. This disclosure of mineral resource estimates has been approved by Pamela De Mark, P.Geo, Senior Vice President Geology and Exploration of Aris Mining, who is a Qualified Person as defined by National Instrument 43-101.

Technical Disclosure

Unless otherwise indicated, the scientific disclosure and technical information included in this MD&A are based upon information included in the following documents and NI 43-101 compliant technical reports:

1.Technical report entitled “Technical Report for the Marmato Gold Mine, Caldas Department, Colombia, PFS of the Lower Mine Expansion Project” dated November 23, 2022 with an effective date of June 30, 2022, which is available for download on Aris Mining's website at www.aris-mining.com and on Aris Mining's SEDAR+ profile at www.sedarplus.ca and in Aris Mining's filings with the SEC at www.sec.gov.

2.Technical report entitled “NI 43-101 Technical Report Prefeasibility Study for the Soto Norte Project, Santander, Colombia”, dated September 3, 2025 with an effective date of August 18, 2025, which is available for download on Aris Mining's website at www.aris-mining.com and on Aris Mining’s SEDAR+ profile at www.sedarplus.ca and in Aris Mining's filings with the SEC at www.sec.gov.

3.Technical report entitled “NI 43-101 Technical Report for the Segovia Operations, Antioquia, Colombia” dated December 5, 2023 with an effective date of September 30, 2023, which is available for download on Aris Mining's website at www.aris-mining.com and on Aris Mining's SEDAR+ profile at www.sedarplus.ca and in Aris Mining's filings with the SEC at www.sec.gov.

4.Technical report entitled “Updated Mineral Resource Estimate NI 43-101 Technical Report Preliminary Economic Assessment for the Toroparu Project Cuyuni-Mazaruni Region, Guyana” dated October 28, 2025 with an effective date of October 21, 2025, which is available for download on Aris Mining's website at www.aris-mining.com and on Aris Mining's SEDAR+ profile at www.sedarplus.ca and in Aris Mining's filings with the SEC at www.sec.gov.

5.News release of Aris Mining dated January 8, 2026 and entitled “Aris Mining Expands High-Grade Segovia Reserve and Resource Estimates”.

Page | 23

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Cautionary Note Regarding Forward-looking Statements

Certain statements in this MD&A constitute forward-looking information. Often, but not always, forward-looking statements use words or phrases such as: "anticipate", "believe", "continue", "estimate", "expect", "future", "goal", "guidance", "intend", "likely", "objective", "opportunity", "plan", "possible", "potential", "probable", "project", "target" or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements include but are not limited to, statements with respect to the Company’s targeted annual gold production, 2026 guidance, the timeline for ramp up of production at Segovia, timeline for the construction of the CIP plant and production at the Bulk Mining Zone, the plans and timing of the Toroparu prefeasibility study including a potential construction decision, the economic analysis from the Toroparu PFS and Toroparu PEA, the anticipated timeline for submission of the environmental study in respect of the Soto Norte project, projected payments and obligations of the Company, the Company’s growth plans and the requirements thereof, the Company’s ability to fund growth projects, the Company’s ability to pay its obligations associated with its financial liabilities, the Company's potential objective to produce 1 million oz of gold annually, the Company’s anticipated business plans and strategies, financing sources, critical accounting estimates, risks and uncertainties and limitations of controls and procedures, statements made in the section entitled “Business Overview” regarding the Company’s projects and growth opportunities to increase annual gold production, as well as statements relating to the Company’s 2026 guidance and outlooks.

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 the Company 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 and water 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 associated with costs, supply chain disruptions, and financial risks due to changes in tariffs, trade policies, international trade disputes, or regulatory shifts, 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 liabilities outside of Canada, cyber-security risks, risks associated with operating a joint venture, volatility of the share price, the Company’s obligations as a public company; the ability to pay dividends in the future, as well as those factors discussed in the section entitled "Risk Factors" in the Company's AIF for the year ended December 31, 2025 and dated March 11, 2026 which is available on the Company’s website at www.aris-mining.com, on SEDAR+ at www.sedarplus.ca and included as part of the Company's Annual Report on Form 40-F, filed with the SEC at www.sec.gov.

Page | 24

Management's Discussion and Analysis <br>For the three months ended March 31, 2026 and 2025<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Although the Company 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 the Company 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, unless so required by Canadian securities laws. Accordingly, readers should not place undue reliance on forward-looking statements and information.

This MD&A contains information that may constitute future-orientated financial information or financial outlook information (collectively, “FOFI”) about the Company’s prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. The Company’s actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. The Company has included FOFI in order to provide readers with a more complete perspective on the Company’s future operations and management’s current expectations relating to the Company’s future performance. Readers are cautioned that such information may not be appropriate for other purposes. FOFI contained herein was made as of the date of this MD&A. Unless required by applicable laws, the Company does not undertake any obligation to publicly update or revise any FOFI statements, whether as a result of new information, future events or otherwise.

Page | 25

Document

Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2026 and 2025

(expressed in thousands of United States dollars)

(Unaudited)

| Condensed Consolidated Interim Statements of Financial Position<br><br>(Unaudited; Expressed in thousands of US dollars) | | --- || | Notes | March 31,<br>2026 | | December 31,<br>2025 | | | --- | --- | --- | --- | --- | --- | | ASSETS | | | | | | | Current | | | | | | | Cash and cash equivalents | | $ | 472,082 | $ | 391,874 | | Gold in trust | 10b | 1,938 | | 1,938 | | | Trade and other receivables | 14b | 93,075 | | 76,796 | | | Inventories | 6 | 57,246 | | 56,232 | | | Other current assets | | 15,362 | | 9,822 | | | | | 639,703 | | 536,662 | | | Non-current | | | | | | | Cash in trust | | 3,606 | | 3,517 | | | Mining interests, plant and equipment | 8 | 2,033,687 | | 1,938,627 | | | Other financial assets | 7 | 38,615 | | 28,015 | | | Other long-term assets | | — | | 159 | | | Total assets | | $ | 2,715,611 | $ | 2,506,980 | | LIABILITIES AND EQUITY | | | | | | | Current | | | | | | | Accounts payable and accrued liabilities | 9 | $ | 138,296 | $ | 154,733 | | Income tax payable | | 122,677 | | 77,309 | | | Current portion of long-term debt | 10 | 74,519 | | 53,684 | | | Current portion of deferred revenue | 12 | 13,591 | | 8,587 | | | Current portion of provisions | 11 | 7,767 | | 7,608 | | | Current portion of lease obligations | | 1,865 | | 2,580 | | | | | 358,715 | | 304,501 | | | Non-current | | | | | | | Long-term debt | 10 | 464,120 | | 465,778 | | | Deferred revenue | 12 | 228,714 | | 192,226 | | | Provisions | 11 | 27,645 | | 27,202 | | | Deferred income taxes | | 55,633 | | 54,576 | | | Lease obligations | | 3,823 | | 3,468 | | | Other long-term liabilities | | 5,240 | | 13,169 | | | Total liabilities | | $ | 1,143,890 | $ | 1,060,920 | | Equity | | | | | | | Share capital | 13a | $ | 1,172,592 | $ | 1,168,974 | | Contributed surplus | | 421,220 | | 421,412 | | | Accumulated other comprehensive loss | | (7,194) | | (31,815) | | | Deficit | | (14,897) | | (112,511) | | | Total equity | | $ | 1,571,721 | $ | 1,446,060 | | Total liabilities and equity | | $ | 2,715,611 | $ | 2,506,980 || Commitments and contingencies | Note 11d,14c | | --- | --- |

Approved by the Board of Directors and authorized for issue on May 6, 2026:

"David Garofalo" (Signed)	Director	"Neil Woodyer" (Signed)	Director

See accompanying notes to the Condensed Consolidated Interim Financial Statements.

Page | 2

| Condensed Consolidated Interim Statements of Income (Loss) (Unaudited; Expressed in thousands of US dollars, except share and per share amounts) | | --- || | | Three months ended March 31, | | | | | --- | --- | --- | --- | --- | --- | | | Notes | 2026 | | 2025 | | | Revenue | 15 | $ | 372,479 | $ | 157,528 | | Cost of sales | 16 | (139,204) | | (82,475) | | | Depreciation and depletion | | (16,246) | | (10,734) | | | Social contributions | | (13,298) | | (4,334) | | | Income from mining operations | | 203,731 | | 59,985 | | | General and administrative costs | | (7,903) | | (4,106) | | | Loss from investments in associates | | — | | (14) | | | Share-based compensation | 13h | (7,602) | | (3,784) | | | Other expenses | 9 | (9,177) | | (535) | | | Income from operations | | 179,049 | | 51,546 | | | Loss on financial instruments | 18 | (1,762) | | (16,628) | | | Finance income | | 3,383 | | 2,336 | | | Finance costs | 17 | (7,408) | | (10,037) | | | Foreign exchange loss | | (11,590) | | (5,997) | | | Income before income tax | | 161,672 | | 21,220 | | | Income tax (expense) recovery | | | | | | | Current | | (64,659) | | (18,333) | | | Deferred | | 601 | | 323 | | | Net income | | $ | 97,614 | $ | 3,210 | | Net income attributable to: | | | | | | | Owners of the Company | | $ | 97,614 | $ | 2,368 | | Non-controlling interest | | — | | 842 | | | | | $ | 97,614 | $ | 3,210 | | Earnings per share attributable to owners of the Company – basic | 13i | $ | 0.47 | $ | 0.01 | | Weighted average number of outstanding common shares – basic | | 205,967,201 | | 171,622,649 | | | Earnings per share attributable to owners of the Company – diluted | 13i | $ | 0.47 | $ | 0.01 | | Weighted average number of outstanding common shares – diluted | | 209,099,493 | | 172,299,011 | |

See accompanying notes to the Condensed Consolidated Interim Financial Statements.

Page | 3

| Condensed Consolidated Interim Statements of Comprehensive Income (Loss)<br><br>(Unaudited; Expressed in thousands of US dollars) | | --- || | | Three months ended March 31, | | | | | --- | --- | --- | --- | --- | --- | | | Notes | 2026 | | 2025 | | | Net income | | $ | 97,614 | $ | 3,210 | | Other comprehensive income (loss): | | | | | | | Items that will not be reclassified to profit in subsequent periods: | | | | | | | Unrealized gain (loss) on Gold Notes due to changes in implied credit spread (net of tax effect) ⁽¹⁾ | 10b | (3,642) | | 510 | | | Items that may be reclassified to profit in subsequent periods: | | | | | | | Foreign currency translation adjustment (net of tax effect) | | 28,263 | | 33,727 | | | Other comprehensive income | | 24,621 | | 34,237 | | | Comprehensive income | | $ | 122,235 | $ | 37,447 | | Comprehensive income (loss) attributable to: | | | | | | | Owners of the Company | | $ | 122,235 | $ | 36,605 | | Non-controlling interest | | — | | 842 | | | | | $ | 122,235 | $ | 37,447 |

(1)The tax effect of the unrealized gain (loss) on Gold Notes due to changes in implied credit spread for the three months ended March 31, 2026, was an expense of $353 (March 31, 2025 - expense of $189).

See accompanying notes to the Condensed Consolidated Interim Financial Statements.

Page | 4

| Condensed Consolidated Interim Statements of Equity<br><br>(Unaudited; Expressed in thousands of US dollars, except share and per share amounts) | | --- || | | | | Share Capital - common shares | | | Contributed <br>surplus | | Accumulated <br>OCI | | Deficit | | Equity attributable to owners of the Company | | Non-controlling Interest | | Total <br>equity | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Three months ended March 31, 2026 | | Notes | | Number | Amount | | | | | | | At December 31, 2025 | | | | 205,532,283 | $ | 1,168,974 | $ | 421,412 | $ | (31,815) | $ | (112,511) | $ | 1,446,060 | $ | — | $ | 1,446,060 | | Exercise of options | | 13d | | 787,011 | 3,618 | | (907) | | — | | — | | 2,711 | | — | | 2,711 | | | Share-based compensation | | 13h | | — | — | | 715 | | — | | — | | 715 | | — | | 715 | | | Comprehensive income (loss) | | | | — | — | | — | | 24,621 | | 97,614 | | 122,235 | | — | | 122,235 | | | At March 31, 2026 | | | | 206,319,294 | $ | 1,172,592 | $ | 421,220 | $ | (7,194) | $ | (14,897) | $ | 1,571,721 | $ | — | $ | 1,571,721 | | | | Notes | | Share Capital - common shares | | | Contributed <br>surplus | | Accumulated <br>OCI | | Deficit | | Equity attributable to owners of the Company | | Non-controlling Interest | | Total <br>equity | | | Three months ended March 31, 2025 | | | | | | | | | Number | | Amount | | | | | | | At December 31, 2024 | | | | 171,034,256 | $ | 935,917 | $ | 213,960 | $ | (160,450) | $ | (190,856) | $ | 798,571 | $ | 284,536 | $ | 1,083,107 | | Exercise of options | | 13d | | 1,436,175 | 5,228 | | (916) | | — | | — | | 4,312 | | — | | 4,312 | | | Exercise of warrants | | | | 746,250 | 3,088 | | — | | — | | — | | 3,088 | | — | | 3,088 | | | Share-based compensation | | 13h | | — | — | | 766 | | — | | — | | 766 | | — | | 766 | | | Non-reciprocal contributions to Soto Norte Project | | | | — | — | | (2,101) | | — | | — | | (2,101) | | 2,101 | | — | | | Comprehensive income (loss) | | | | — | — | | — | | 34,237 | | 2,368 | | 36,605 | | 842 | | 37,447 | | | At March 31, 2025 | | | | 173,216,681 | $ | 944,233 | $ | 211,709 | $ | (126,213) | $ | (188,488) | $ | 841,241 | $ | 287,479 | $ | 1,128,720 |

See accompanying notes to the Condensed Consolidated Interim Financial Statements.

Page | 5

| Condensed Consolidated Interim Statements of Cash Flows<br><br>(Unaudited; Expressed in thousands of US dollars) | | --- || | | Three months ended March 31, | | | | | --- | --- | --- | --- | --- | --- | | | Notes | 2026 | | 2025 | | | Operating Activities | | | | | | | Net income | | $ | 97,614 | $ | 3,210 | | Adjusted for the following items: | | | | | | | Depreciation and depletion | 8 | 16,150 | | 10,528 | | | Share-based compensation | 13h | 7,602 | | 3,784 | | | Finance costs | 17 | 7,408 | | 10,037 | | | Loss on financial instruments | 18 | 1,762 | | 16,628 | | | Unrealized foreign exchange loss (gain) | | 10,770 | | 5,067 | | | Income tax expense | | 64,058 | | 18,010 | | | Other | 19 | (2,349) | | (272) | | | Payment of Deferred Share Units and Performance Share Units | 13f,g | (26,509) | | (1,524) | | | Precious metal stream deposit received | 12a | 40,016 | | — | | | Changes in non-cash operating working capital items | 19 | (31,541) | | (13,586) | | | Operating cash flows before taxes | | 184,981 | | 51,882 | | | Income taxes paid | | (26,171) | | (5,121) | | | Net cash provided by operating activities | | 158,810 | | 46,761 | | | Investing Activities | | | | | | | Additions to mining interests, plant and equipment | 8 | (64,734) | | (55,533) | | | Purchase of marketable securities | 7b | (1,644) | | — | | | Capitalized interest paid (net) | 8 | (10,943) | | (5,031) | | | Net cash used in investing activities | | (77,321) | | (60,564) | | | Financing Activities | | | | | | | Repayment of Gold Notes | 10b | (4,064) | | (3,941) | | | Payment of lease obligations | | (742) | | (691) | | | Increase in gold in trust account | | — | | (234) | | | Proceeds from exercise of stock options and warrants, net of issuance costs | | 2,711 | | 5,197 | | | Net cash provided by (used in) financing activities | | (2,095) | | 331 | | | Impact of foreign exchange rate changes on cash and equivalents | | 814 | | 768 | | | Increase (decrease) in cash and cash equivalents | | 80,208 | | (12,704) | | | Cash and cash equivalents, beginning of period | | 391,874 | | 252,535 | | | Cash and cash equivalents, end of period | | $ | 472,082 | $ | 239,831 |

See accompanying notes to the Condensed Consolidated Interim Financial Statements.

Page | 6

Notes to the Condensed Consolidated Interim Financial Statements<br><br>Three months ended March 31, 2026 and 2025<br><br>(Tabular amounts expressed in thousands of US dollars unless otherwise noted)

1.    Nature of Operations

Aris Mining Corporation (the “Company” or “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 on the New York Stock Exchange ("NYSE") under the symbol “ARIS”.

Aris Mining is primarily engaged in the acquisition, exploration, development and operation of gold properties in Colombia and Guyana. Aris Mining operates the Segovia and Marmato Mines and the Soto Norte Project in Colombia. Aris Mining also owns the Toroparu Project in Guyana.

2.    Basis of Presentation

These condensed consolidated interim financial statements, as approved by the Company's Board of Directors on May 6, 2026, have been prepared in accordance with International Accounting Standards (“IAS”)    34, Interim Financial Reporting, using accounting policies consistent with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Certain disclosures required by IFRS have been condensed or omitted in the following note disclosures or are disclosed or have been disclosed on an annual basis only. Accordingly, these condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements for the years ended December 31, 2025 and 2024 (“annual financial statements”), which have been prepared in accordance with IFRS as issued by the IASB.

The financial statements have been prepared under the historical cost basis, except for certain financial assets and liabilities which are measured at fair value, and are presented in US dollars. They have been prepared on a going concern basis assuming that the Company will be able to realize its assets and discharge its liabilities in the normal course of business as they come due for the foreseeable future.

3.    Summary of Material Accounting Policy Information

The material accounting policies are the same as those applied in preparing the annual financial statements for the year ended December 31, 2025 other than those listed below. These financial statements comprise the financial results of the Company and its subsidiaries.

Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Accounting policies of subsidiaries have been aligned, where necessary, to ensure consistency with the policies adopted by the Company.

New accounting policies

The Company has equity-settled and cash-settled share-based compensation plans under which it issues either equity instruments or makes cash payments based on the value of the underlying equity instrument of the Company. During the three months ended March 31, 2026, the Company granted 143,889 restricted share units.

Restricted Share Units ("RSUs")

RSUs are an equity-based instrument introduced to the 2026 pay mix under the Company's long-term incentive plan for directors and employees. Each RSU represent the right for the holder to receive a cash payment (subject to withholding tax) when the RSUs have vested. RSUs are cash settled in accordance with their terms at the prevailing market price (the five-day volume weighted average price) of the shares on the vesting date.

The RSUs represent a financial liability as they can only be settled in cash once they have vested. As such, the RSU compensation expense is recognized at fair value over the vesting period with a corresponding amount recorded in other liabilities on the statement of financial position. The RSU liability is remeasured to its fair value using the closing share price at each period end with the change in fair value during the period recognized as share-based compensation.

New accounting standards issued and effective

IFRS 9 - Financial Instruments

On May 30, 2024, the IASB published amendments to IFRS 9 Financial Instruments ("IFRS 9") to clarify the derecognition requirements for financial instruments. The amendments clarify that financial assets are derecognized when the rights to receive contractual cash flows expire or the assets are transferred, and that financial liabilities are derecognized on the settlement date when the obligation is extinguished. The amendments also introduced an election allowing an entity to derecognize a financial liability prior to the settlement date when settling through an electronic payment system, provided specified conditions are met, including that the payment is irrevocable, the cash is no longer accessible, and settlement risk is insignificant. These amendments were adopted for annual periods beginning on or after January 1, 2026 and did not have a material impact on the Company's financial statements.

Page | 7

Notes to the Condensed Consolidated Interim Financial Statements<br><br>Three months ended March 31, 2026 and 2025<br><br>(Tabular amounts expressed in thousands of US dollars unless otherwise noted)

3.     Summary of Material Accounting Policy Information (cont.)

New accounting standards issued but not effective

IFRS 18 – Presentation and Disclosure in Financial Statements

On April 9, 2024, the IASB issued IFRS 18 Presentation and Disclosure in the Financial Statements (“IFRS 18”) replacing IAS 1. IFRS 18 introduces categories and defined subtotals in the statement of profit or loss, disclosures on management-defined performance measures, and requirements to improve the aggregation and disaggregation of information in the financial statements. The adoption of IFRS 18 will not affect net income, but it will change how income and expenses are presented. Items of income and expenses in the statement of income will be classified into three new categories of operating, investing, and financing, with new subtotals presented. As a result of IFRS 18, amendments to IAS 7 Statement of Cash Flows were also issued to require that entities use the operating profit subtotal as the starting point for the indirect method of reporting cash flows from operating activities and also to remove presentation alternatives for interest and dividends paid and received. Similarly, amendments to IAS 33 Earnings per Share were issued to permit disclosure of additional earnings per share figures using any other component of the statement of profit or loss, provided the numerator is a total or subtotal defined under IFRS 18. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, and is to be applied retrospectively, with early adoption permitted. The Company is currently assessing the impact of the standard on its financial statements.

4.    Significant Accounting Judgments, Estimates and Assumptions

Judgments, estimates and assumptions are continually evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The significant judgments, estimates and assumptions made by management in applying the Company’s accounting policies are the same as those that applied to the annual financial statements.

Page | 8

Notes to the Condensed Consolidated Interim Financial Statements<br><br>Three months ended March 31, 2026 and 2025<br><br>(Tabular amounts expressed in thousands of US dollars unless otherwise noted)

5.         Segment Disclosures
   

Reportable segments are determined based on the geographic regions in which the Company’s projects are located. In determining it’s segment structure, the Company considers the basis on which the chief operating decision maker reviews the financial and operational performance, as well as whether the Company’s mining operations share similar economic, operational and regulatory characteristics. The Company has identified the Segovia and Marmato Mines in Colombia, the Toroparu Project in Guyana, the Soto Norte Project in Colombia, and corporate functions in Canada and other corporate entities as its reportable segments.

	Segovia		Marmato		Toroparu		Soto Norte		Corporate <br>and Other		Total
	(Colombia)		(Colombia)		(Guyana)		(Colombia)		(Canada)
Three months ended March 31, 2026
Revenue	$	339,061	$	33,418	$	—	$	—	$	—	$	372,479
Cost of sales	(115,957)		(23,247)		—		—		—		(139,204)
Depreciation and depletion	(14,304)		(1,774)		—		—		(168)		(16,246)
Social contributions	(12,358)		(940)		—		—		—		(13,298)
Income from mining operations	196,442		7,457		—		—		(168)		203,731
Loss on financial instruments	—		—		—		—		(1,762)		(1,762)
Finance income	472		275		—		—		2,636		3,383
Finance costs	(622)		(143)		(1)		(19)		(6,623)		(7,408)
Income taxes	(61,532)		(2,879)		—		—		353		(64,058)
Segment net income (loss)	109,595		(5,882)		7		(2,145)		(3,961)		97,614
Capital expenditures	16,803		48,512		5,321		3,445		7		74,088
Three months ended March 31, 2025
Revenue	$	138,383	$	19,145	$	—	$	—	$	—	$	157,528
Cost of sales	(67,091)		(15,384)		—		—		—		(82,475)
Depreciation and depletion	(9,762)		(815)		—		—		(157)		(10,734)
Social contributions	(4,057)		(277)		—		—		—		(4,334)
Income from mining operations	57,473		2,669		—		—		(157)		59,985
Loss on financial instruments	—		—		—		—		(16,628)		(16,628)
Finance income	215		277		—		—		1,844		2,336
Finance costs	(542)		(65)		(2)		(29)		(9,399)		(10,037)
Income taxes	(17,156)		(1,043)		—		—		189		(18,010)
Segment net income (loss)	25,744		(6,048)		(16)		1,718		(18,188)		3,210
Capital expenditures	12,321		29,888		2,411		4,562		—		49,182
As at March 31, 2026
Non-current assets	$	349,954	$	625,910	$	371,235	$	612,033	$	116,776	$	2,075,908
Total assets	$	489,262	$	710,426	$	372,677	$	615,839	$	527,407	$	2,715,611
Total liabilities	$	(230,408)	$	(335,153)	$	(86,296)	$	7,648	$	(499,681)	$	(1,143,890)
As at December 31, 2025
Non-current assets	$	337,020	$	563,455	$	366,028	$	607,774	$	96,041	$	1,970,318
Total assets	$	456,051	$	604,401	$	367,130	$	610,644	$	468,754	$	2,506,980
Total liabilities	$	(191,802)	$	(263,834)	$	(84,938)	$	5,474	$	(525,820)	$	(1,060,920)

Page | 9

Notes to the Condensed Consolidated Interim Financial Statements<br><br>Three months ended March 31, 2026 and 2025<br><br>(Tabular amounts expressed in thousands of US dollars unless otherwise noted)

6.    Inventories

	March 31,<br>2026		December 31,<br>2025
Finished goods	$	4,592	$	6,063
Metal in circuit	2,459		2,705
Ore stockpiles	3,547		1,617
Materials and supplies	46,648		45,847
Total	$	57,246	$	56,232

During the three months ended March 31, 2026, the total cost of inventories recognized in the consolidated statements of income (loss) amounted to $124.7 million (March 31, 2025 - $76.1 million). As at March 31, 2026, materials and supplies are recorded net of an obsolescence provision of $5.7 million (December 31, 2025 - $5.5 million).

7. Other Financial Assets

	March 31,<br>2026		December 31,<br>2025
McFarlane Lake Mining (a)	$	7,639	$	6,580
Denarius Metals (b)	30,976		21,435
Total	$	38,615	$	28,015

a) McFarlane Lake Mining Limited ("McFarlane")

The Company holds 82,023,746 common shares of McFarlane as a result of the sale of the Juby Gold Project, which are classified as FVTPL and revalued each period end based on the quoted closing market price.

During the three months ended March 31, 2026, the Company recognized a gain of $1.1 million in loss on financial instruments related to the change in fair value of the investment in the period (March 31, 2025 - $nil). The Company's investment in McFarlane is carried at $7.6 million as at March 31, 2026.

b) Denarius Metals ("Denarius")

The Company’s investment in Denarius is carried at $31.0 million at March 31, 2026. During the three months ended March 31, 2026, the Company recognized a gain of $8.1 million in gain (loss) on financial instruments related to the change in fair value of the investment for the period (three months ended March 31, 2025 - a loss of $0.2 million).

	Common shares		Warrants		Convertible Debenture		Total
Other financial asset as at December 31, 2024	$	4,891	$	151	$	7,582	$	12,624
Issuance of additional Denarius Debenture	—		—		102		102
Purchase of Denarius Debenture	1,167		262		—		1,429
Change in fair value	1,713		8		5,559		7,280
Other financial asset as at December 31, 2025	$	7,771	$	421	$	13,243	$	21,435
Purchase of Denarius marketable securities	1,644		—		—		1,644
Expired	—		(162)		—		(162)
Change in fair value	5,967		—		2,092		8,059
Other financial asset as at March 31, 2026	$	15,382	$	259	$	15,335	$	30,976

Page | 10

Notes to the Condensed Consolidated Interim Financial Statements<br><br>Three months ended March 31, 2026 and 2025<br><br>(Tabular amounts expressed in thousands of US dollars unless otherwise noted)

8.    Mining Interest, Plant & Equipment

	Plant and <br>equipment		Right of Use assets		Construction in progress		Depletable mineral properties		Non-depletable development <br>projects		Exploration <br>projects		Total
Cost
Balance at December 31, 2025	$	241,213	$	17,990	$	82,513	$	591,369	$	459,306	$	1,117,466	$	2,509,857
Additions	3,758		126		2,974		20,123		41,763		5,344		74,088
Disposals	(227)		(431)		—		—		—		—		(658)
Transfers	5,588		—		(5,486)		304		—		(406)		—
Change in decommissioning (Note 11)	—		—		—		(670)		—		60		(610)
Capitalized interest	—		—		—		—		17,150		—		17,150
Exchange difference	4,576		337		1,927		15,461		7,254		397		29,952
Balance at March 31, 2026	$	254,908	$	18,022	$	81,928	$	626,587	$	525,473	$	1,122,861	$	2,629,779
Accumulated Depreciation and Impairment Charges
Balance at December 31, 2025	$	(115,393)	$	(11,862)	$	—	$	(264,499)	$	—	$	(179,476)	$	(571,230)
Depreciation and depletion	(5,658)		(791)		—		(9,701)		—		—		(16,150)
Disposals	166		431		—		—		—		—		597
Exchange difference	(2,849)		(242)				(6,218)		—		—		(9,309)
Balance at March 31, 2026	$	(123,734)	$	(12,464)	$	—	$	(280,418)	$	—	$	(179,476)	$	(596,092)
Net book value at December 31, 2025	$	125,820	$	6,128	$	82,513	$	326,870	$	459,306	$	937,990	$	1,938,627
Net book value at March 31, 2026	$	131,174	$	5,558	$	81,928	$	346,169	$	525,473	$	943,385	$	2,033,687			Plant and <br>equipment		Right of Use assets		Construction in progress		Depletable mineral properties		Non-depletable development <br>projects		Exploration <br>projects ⁽¹⁾		Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Cost
Balance at December 31, 2024	$	177,194	$	14,557	$	67,294	$	425,896	$	287,446	$	1,122,495	$	2,094,882
Additions	9,487		3,281		32,296		63,138		111,800		24,747		244,749
Disposals	(1,938)		(1,784)		—		—		—		(23,887)		(27,609)
Transfers	30,603		—		(28,223)		19,941		(13,312)		(9,009)		—
Change in decommissioning (Note 11)	—		—		—		(6,681)		—		165		(6,516)
Capitalized interest	—		—		—		—		38,707		—		38,707
Exchange difference	25,867		1,936		11,146		89,075		34,665		2,955		165,644
Balance at December 31, 2025	$	241,213	$	17,990	$	82,513	$	591,369	$	459,306	$	1,117,466	$	2,509,857
Accumulated Depreciation and Impairment Charges
Balance at December 31, 2024	$	(83,512)	$	(9,454)	$	—	$	(194,630)	$	—	$	(179,476)	$	(467,072)
Depreciation and depletion	(16,702)		(2,721)		—		(34,661)		—		—		(54,084)
Disposals	1,065		1,780		—		—		—		—		2,845
Exchange difference	(16,244)		(1,467)		—		(35,208)		—		—		(52,919)
Balance at December 31, 2025	$	(115,393)	$	(11,862)	$	—	$	(264,499)	$	—	$	(179,476)	$	(571,230)
Net book value at December 31, 2024	$	93,682	$	5,103	$	67,294	$	231,266	$	287,446	$	943,019	$	1,627,810
Net book value at December 31, 2025	$	125,820	$	6,128	$	82,513	$	326,870	$	459,306	$	937,990	$	1,938,627

(1)On September 29, 2025, the Company completed the sale of the Juby Project to McFarlane. The carrying value of the Juby Project on the date of disposition was $23.9 million (Note 13c).

Page | 11

Notes to the Condensed Consolidated Interim Financial Statements<br><br>Three months ended March 31, 2026 and 2025<br><br>(Tabular amounts expressed in thousands of US dollars unless otherwise noted)

8.    Mining Interest, Plant & Equipment (cont.)

	March 31,<br>2026		December 31,<br>2025
Capitalized Interest - Gold Notes (Note 10b)	$	10,929	$	25,590
Capitalized Interest - Deferred Revenue (Note 12a)	3,402		13,751
Capitalized Interest - Senior Notes (Note 10a)	2,805		—
Capitalized Interest - Other	14		(634)
Total	$	17,150	$	38,707

9.    Accounts Payable and Accrued Liabilities

	March 31,<br>2026		December 31,<br>2025
Trade payables related to operating, general and administrative expenses	$	79,898	$	102,636
Trade payables related to capital expenditures	21,111		11,873
Net Wealth Tax ⁽¹⁾	8,118		–
Other provisions	11,867		11,320
RSU, DSU and PSU liability (Note 13e,f,g)	17,302		28,904
Total	$	138,296	$	154,733

(1)On March 12, 2026, the Colombian Government enacted a one time Net Wealth Tax that is levied on the net equity of certain Colombia-domiciled entities which resulted in an expense of $8.1 million recorded in other expenses.

10. Long-term Debt

	March 31,<br>2026		December 31,<br>2025
2029 Senior Notes (a)	454,703		443,265
Gold Notes (b)	83,936		76,197
Total	538,639		519,462
Less: current portion	(74,519)		(53,684)
Non-current portion	$	464,120	$	465,778

a)Senior Unsecured Notes due 2029 (“2029 Senior Notes”)

The key terms of the 2029 Senior Notes are summarized in the annual financial statements.

	Amount
Carrying value of debt as at December 31, 2024	$	452,864
Interest expense accrued	36,000
Interest expense paid	(36,000)
Accretion	1,481
Carrying value of debt as at December 31, 2025	$	454,345
Interest expense accrued	6,195
Accretion (Note 17)	390
Capitalized interest	2,805
Carrying value of debt as at March 31, 2026	$	463,735
Embedded derivative asset
Carrying value of embedded derivative asset as at December 31, 2024	$	3,575
Change in FVTPL	7,505
Carrying value of embedded derivative asset as at December 31, 2025	$	11,080
Change in FVTPL (Note 18)	(2,048)
Carrying value of embedded derivative asset as at March 31, 2026	$	9,032
Total carrying value of the Senior Notes 2029 as at March 31, 2026	$	454,703
Less: Current portion, represented by accrued interest	(15,000)
Non-current portion as at March 31, 2026	$	439,703

Page | 12

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

10. Long-term Debt (cont.)

b)Gold Notes

The key terms of the Gold Notes are summarized in the annual financial statements. The Gold Notes amortize on a quarterly basis, with final maturity in August 2027. The principal value of the Gold Notes as at March 31, 2026 was $23.6 million. The fair value of the Gold Notes was calculated using valuation pricing models as at March 31, 2026. Significant inputs used in the valuation model include a credit spread, risk free rates, gold prices, implied volatility of gold prices and recent trading history.

	Number of <br>Gold Notes	Amount
Balance of Gold Notes as at December 31, 2024	43,839,952	$	66,945
Principal repayments ⁽¹⁾	(16,132,117)	(16,132)
Change in fair value through profit and loss	—	24,093
Change in fair value through other comprehensive income due to changes in credit risk	—	1,291
Balance of Gold Notes as at December 31, 2025	27,707,835	$	76,197
Principal repayments ⁽¹⁾	(4,063,816)	(4,064)
Change in fair value through profit and loss (Note 18)	—	8,514
Change in fair value through other comprehensive income due to changes in credit risk	—	3,289
Balance of Gold Notes as at March 31, 2026	23,644,019	$	83,936
Less: current portion	(16,255,263)	(59,519)
Non-current portion as at March 31, 2026	7,388,756	$	24,417

(1) During the three months ended March 31, 2026, the company also paid $10.9 million in interest and premium payments (three months ended March 31, 2025 - $5.1 million)

As at March 31, 2026, there were 968 ounces (December 31, 2025 - 968 ounces) of gold held in gold in trust with a carrying value of $1.9 million (December 31, 2025 - $1.9 million) to satisfy future principal payments under the terms of the Gold Notes.

11.    Provisions

A summary of changes to the provisions is as follows:

	Reclamation and <br>rehabilitation ⁽ᵃ⁾		Environmental <br>fees ⁽ᵇ⁾		Health plan <br>obligations ⁽ᶜ⁾		Other ⁽ᵈ⁾		Total
As at December 31, 2024	$	16,152	$	4,796	$	10,853	$	—	$	31,801
Change in assumptions	(6,495)		(11)		716		2,258		(3,532)
Settlement of provisions	(120)		(38)		(734)		(239)		(1,131)
Accretion expense	1,045		—		1,029		—		2,074
Exchange difference	2,405		886		1,924		383		5,598
As at December 31, 2025	$	12,987	$	5,633	$	13,788	$	2,402	$	34,810
Change in assumptions	(610)		(6)		—		12		(604)
Settlement of provisions	(3)		—		(204)		—		(207)
Accretion expense (Note 17)	306		—		310		—		616
Exchange difference	274		134		332		57		797
As at March 31, 2026	$	12,954	$	5,761	$	14,226	$	2,471	$	35,412
Less: current portion	(684)		(5,431)		(785)		(867)		(7,767)
Non-current portion	$	12,270	$	330	$	13,441	$	1,604	$	27,645

Page | 13

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

11.    Provisions (cont.)

a)Reclamation and rehabilitation provision

As of March 31, 2026 and 2025, the Company estimated the inflated discounted and undiscounted costs to be incurred with respect to future mine closure and reclamation activities related to the existing mining operation as follows:

	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
	Discounted		Discounted		Undiscounted		Undiscounted
		COP		COP		COP		COP
	(expressed in millions)	(expressed in millions)	(expressed in millions)	(expressed in millions)	(expressed in millions)	(expressed in millions)	(expressed in millions)	(expressed in millions)
Marmato		13,059		13,873		122,968		123,195
Segovia	7.8	28,474	7.7	29,073	16.4	60,190	16.0	60,067
Soto Norte	1.6	6,014	1.6	5,859	7.6	28,004	10.4	38,917

All values are in US Dollars.

The following table summarizes the assumptions used to determine the decommissioning provision:

	Expected date <br>of expenditures	Inflation rate		Pre-tax risk-free <br>rate
Marmato Mine	2043-2049	2.79	%	13.27	%
Segovia Operations	2026-2037	3.19	%	13.36	%
Soto Norte	2026-2054	3.65	%	13.36	%

b)Environmental fees

The Company’s mining and exploration activities at Segovia are subject to Colombian laws and regulations governing the protection of the environment. Colombian regulations provide for fees applicable to entities discharging effluents to river basins. The local environmental authority in Segovia has issued two resolutions assessing COP 35.8 billion ($9.8 million), which the Company is disputing. The Company has a provision related to the present value of its best estimate of the potential liability for these fees:

	March 31, 2026		December 31, 2025
		COP		COP
	(expressed in millions)	(expressed in millions)	(expressed in millions)	(expressed in millions)
Environmental fees potential liability		21,127		21,150

All values are in US Dollars.

c)Health plan obligations

The health plan obligation of COP 52.2 billion ($14.2 million) is based on an actuarial report prepared as at December 31, 2025 with an inflation rate of 5.0% and a discount rate of 9.2%. The Company is currently paying approximately COP 0.2 billion (approximately $0.1 million) monthly to fund the obligatory health plan contributions. At March 31, 2026, non-current cash in trust includes approximately $1.0 million deposited in a restricted cash account as security against this obligation (December 31, 2025 - $0.9 million).

d)Claims

In the ordinary course of business, the Company is involved in and potentially subject to various legal and tax actions and proceedings. The Company records provisions for such claims when considered material and an outflow of resources is considered probable.

12.    Deferred Revenue

	March 31,<br>2026		December 31,<br>2025
Marmato (a)	$	158,305	$	116,813
Toroparu (b)	84,000		84,000
Total	$	242,305	$	200,813
Less: current portion	(13,591)		(8,587)
Non-current portion	$	228,714	$	192,226

Page | 14

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

12.    Deferred Revenue (cont.)

a)Marmato

As part of the acquisition of Aris Holdings on September 26, 2022, the Company acquired the deferred revenue obligation associated with Aris Holdings' Precious Metals Purchase Agreement (the “Marmato PMPA”) with WPMI. During the period ended March 31, 2026, the Company received the $40.0 million installment deposit from WPMI following the achievement of the 50% construction milestone. Under the arrangement, WPMI will provide aggregate funding amount to $175.0 million, of which $133.0 million had been received, with the remaining $42.0 million receivable during the construction and development of the Marmato Bulk Mining Zone and carbon-in-pulp processing facility.

The contract will be settled by Marmato delivering precious metal credits to WPMI. The Company recognizes amounts in revenue as gold and silver are delivered under the Marmato PMPA. Each period management estimates the cumulative amount of the deferred revenue obligation that has been satisfied and, therefore, recognized as revenue.

Accretion is capitalized to the Marmato Bulk Mining Zone (Note 8). The following are the key inputs for the Marmato PMPA contract as of March 31, 2026:

Key inputs in the estimate	March 31, 2026	December 31, 2025
Financing rate	12.50	12.50
Gold price	3,515 - 4,648	3,137 - 4,069
Silver price	45.26 - 71.65	34.59 - 49.31
Remaining construction milestone timelines	2026	2026
Life of Mine	2040	2040

All values are in US Dollars.

A summary of changes to the deferred revenue balance is as follows:

	Total
As at December 31, 2024	$	109,369
Recognition of revenue on ounces delivered	(4,370)
Cumulative catch-up adjustment	(1,937)
Accretion (Note 8)	13,751
As at December 31, 2025	$	116,813
Receipt of deposit from WPMI	40,016
Recognition of revenue on ounces delivered	(1,015)
Cumulative catch-up adjustment (Note 15)	(911)
Accretion (Note 8)	3,402
As at March 31, 2026	$	158,305
Less: current portion	(13,591)
Non-current portion as at March 31, 2026	$	144,714

b)Toroparu

The Company is also party to a Precious Metals Purchase Agreement (“Toroparu PMPA”) with WPMI. The key terms of the Toroparu PMPA are summarized in the annual financial statements. The company recorded deferred revenue of $84.0 million, all non-current which represents the estimated future cash flows attributable to expected future gold and silver deliveries to WPMI.

13.    Share Capital

a)Authorized

Unlimited number of common shares with no par value.

b)Issued and fully paid

The movement in the Company's issued and outstanding capital during the periods is summarized in the consolidated statement of changes in equity.

Page | 15

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

13.    Share Capital (cont.)

c)Acquisition of Soto Norte Project

On December 12, 2025, the Company acquired the remaining 49% interest in the Soto Norte Project previously held by Mubadala, resulting in the Company owning 100% of the Soto Norte Project. As part of the transaction, the existing precious metals stream previously granted by the Soto Norte Project to Mubadala was terminated.

Total consideration for the acquisition of the remaining interest and termination of the precious metals stream was comprised of:

•$60.0 million in cash, of which $10.0 million related to the termination of the existing precious metals stream; and

•1,739,130 common shares issued to Mubadala, issued at a deemed price of $11.50, representing deemed consideration of $20.0 million. On December 12, 2025, the fair value of the common shares issued was determined to be $27.3 million, based on the closing share price of $15.71 per share.

Prior to the termination of the precious metals stream, the liability was recorded at a carrying value of $5.0 million. As a result of the termination, the Company recorded a loss of $5.0 million during the period ended December 31, 2025.

d)Stock option plan

The Company has a rolling Stock Option Plan (the “Option Plan”) in compliance with the TSX policies for granting stock options. Under the Option Plan, the maximum number of common shares reserved for issuance may not exceed 10% of the total number of issued and outstanding common shares and, to any one option holder, may not exceed 5% of the issued common shares on a yearly basis. The exercise price of each stock option will not be less than the market price of the Company’s stock at the date of grant. Each stock option vesting period and expiry is determined on a grant-by-grant basis. A summary of the change in the stock options outstanding during the period ended March 31, 2026 and year ended December 31, 2025 is as follows:

	Options <br>outstanding	Weighted average exercise price (C)
Balance at December 31, 2024	6,555,599
Options granted	2,593,426	5.72
Exercised (1)	(4,073,763)	4.60
Expired or cancelled	(289,354)	4.45
Balance at December 31, 2025	4,785,908
Options granted	355,106	27.74
Exercised (1)	(787,011)	4.70
Expired or cancelled	(64,998)	7.78
Balance at March 31, 2026	4,289,005

All values are in US Dollars.

(1)The weighted average share price at the date stock options were exercised was C$27.08 for the period ended March 31, 2026 and C$11.32 for the period ended December 31, 2025.

The following weighted average assumptions were used in estimating the fair value of stock options granted using the Black-Scholes Option Pricing Model:

Assumption	Based on	Three months ended March 31, 2026		Year-ended December 31, 2025
Risk-free interest rate (%)	Yield curves on Canadian government zero-coupon bonds with a remaining term equal to the stock options' expected life	2.5	%	2.9	%
Expected life (years)	Weighted average life of previously transacted awards	3.0 years		3.0 years
Expected volatility (%)	Historical volatility of the Company's stock	46.0	%	47.6	%
Expected dividend yield (%)	Annualized dividend rate as of the date of grant	Nil		Nil

The table below summarizes information about the stock options outstanding and the common shares issuable as at March 31, 2026:

	Options Outstanding			Options Exercisable
Exercise Prices (CAD$)	Number of Options	Weighted Average Exercise Price(CAD /Share)	Weighted Average Remaining Life<br>(Years)	Number of Options	Weighted Average Exercise Price(CAD /Share)	Weighted Average Remaining Life<br>(Years)
$1.00 - $5.00	1,274,405		0.8	1,274,405		0.8
$5.01 - $10.00	2,659,494		1.7	1,352,837		1.6
$10.01 - $30.00	355,106		2.8	—		—

All values are in US Dollars.

Page | 16

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

13.    Share Capital (cont.)

e)RSUs

A summary of changes to the RSU during the period ended March 31, 2026 and the year ended December 31, 2025 is as follows:

	Units	Amount
Balance at December 31, 2025	—	$	—
Granted and vested during the period	143,889	444
Change in fair value	—	(37)
Balance at March 31, 2026	143,889	$	407

During the period ended March 31, 2026, 143,889 RSUs were granted for a weighted average fair value of C$27.74 (December 31, 2025 - C$nil).

f)Deferred share units ("DSUs")

A summary of changes to the DSU liability, included in accounts payable and accrued liabilities, during the period ended March 31, 2026 and the year ended December 31, 2025 is as follows:

	Units	Amount		Weighted Average Fair Value (C)
Balance at December 31, 2024	482,921	$	1,692
Granted and vested during the period	99,137	753		7.75
Change in fair value	—	7,004
Balance at December 31, 2025	582,058	$	9,449
Paid	(190,138)	(3,736)
Change in fair value	—	1,538
Balance at March 31, 2026	391,920	$	7,251

All values are in US Dollars.

The DSU liability at March 31, 2026 was determined based on the Company’s quoted closing share price on the TSX, a Level 1 fair value input, of C$25.83 ($18.50) (December 31, 2025 - C$22.51 ($16.23)) per share.

g)Performance share units ("PSUs")

A summary of changes to the PSU liability during the period ended March 31, 2026 and the year ended December 31, 2025 is as follows:

	Units	Amount
Balance at December 31, 2024	1,828,222	$	3,750
Granted and vested in the period	867,178	2,925
Expired/cancelled	(64,620)	—
Paid	(363,523)	(2,221)
Change in fair value	—	28,139
Balance at December 31, 2025	2,267,257	$	32,593
Granted and vested in the period	213,539	756
Expired/cancelled	(56,253)	—
Paid	(760,821)	(22,773)
Change in fair value	—	4,276
Balance at March 31, 2026	1,663,722	$	14,852
Less: current portion recorded as accounts payable		(9,643)
Non-current portion recorded in other long-term liabilities as at March 31, 2026		$	5,209

During the period ended March 31, 2026, 213,539 PSUs were granted for a weighted average fair value of C$27.74 (December 31, 2025 - C$5.68).

Page | 17

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

13.    Share Capital (cont.)

h)Share-based compensation expense

	Three months ended March 31,
	2026		2025
Stock-option expense	$	715	$	766
RSU expense	407		—
DSU expense	1,544		727
PSU expense	4,936		2,291
Total	$	7,602	$	3,784

i)Earnings (loss) per share

	Three months ended March 31, 2026					Three months ended March 31, 2025
	Weighted <br>average <br>shares <br>outstanding	Net <br>earnings <br>(loss) attributable to owners		Net <br>earnings <br>(loss) per <br>share		Weighted <br>average <br>shares <br>outstanding	Net <br>earnings <br>(loss) attributable to owners		Net <br>earnings <br>(loss) per <br>share
Basic EPS	205,967,201	$	97,614	$	0.47	171,622,649	$	2,368	$	0.01
Effect of dilutive stock-options	3,132,292	—				676,362	—
Diluted EPS	209,099,493	$	97,614	$	0.47	172,299,011	$	2,368	$	0.01

Diluted earnings per share amounts are calculated by adjusting the basic earnings per share to take into account the after-tax effect of interest and other finance costs associated with dilutive convertible debentures as if they were converted at the beginning of the period, and the effects of potentially dilutive stock options and share purchase warrants calculated using the treasury stock method. When the impact of potentially dilutive securities increases the earnings per share or decreases the loss per share, they are excluded for purposes of the calculation of diluted earnings per share.

During the three months ended March 31, 2026, 355,106 stock options were excluded from the computation of diluted earnings per share. Instruments were excluded because either the exercise prices exceeded the average market value of the common shares or the impact of including the in the money securities were anti-dilutive to EPS.

14.    Financial Risk Management

The nature of the acquisition, exploration, development and operation of gold properties exposes the Company to risks associated with fluctuations in commodity prices, foreign currency exchange rates and credit risk. The Company has policies and processes in place to manage these risks, and these risks have not changed from the prior reporting period. The Company may at times enter into risk management contracts to mitigate these risks. It is the Company’s policy that no speculative trading in derivatives shall be undertaken.

a)Financial instrument risk

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

•Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities

•Level 2 – inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

•Level 3 – inputs that are not based on observable market data.

The fair values of the Company’s cash and cash equivalents, cash in trust, accounts receivable, accounts payable and accrued liabilities, and, taxes payable approximate their carrying values due to their short-term nature.

The 2029 Senior Notes are recognized at amortized cost using the effective interest rate method. An observable fair value of the Company’s Senior Notes has been estimated using the trading value of the bonds which indicate a fair value of $454.7 million (carrying amount - $458.4 million).

Page | 18

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

14.    Financial Risk Management (cont.)

Financial assets and liabilities measured at FVTPL on a recurring basis include the DSU payable, PSU payable, gold notes, Senior Notes embedded derivative, and marketable securities which are measured at their fair value at the end of each reporting period. The levels in the fair value hierarchy into which the Company’s financial assets and liabilities are recognized in the statements of financial position at fair value are categorized as follows:

	March 31, 2026				December 31, 2025
	Level 1		Level 2		Level 1		Level 2
Gold Notes (Note 10b)	$	—	$	83,936	$	—	$	76,197
RSU, DSU and PSU liabilities (Note 13e,f,g)	7,658		14,852		28,903		13,139
Senior Notes embedded derivative (Note 10a)	—		9,032		—		11,080
Investment in McFarlane (Note 7a)	7,639		—		6,580		—
Investment in Denarius (Note 7b)	15,644		15,332		8,195		13,240

At March 31, 2026, there were no financial assets and liabilities measured and recognized at fair value on a non-recurring basis. There were no transfers between Level 1 and Level 2, and no financial assets or liabilities measured and recognized at fair value that would be categorized as Level 3 in the fair value hierarchy during the period.

b)Credit risk

	March 31,<br>2026		December 31,<br>2025
VAT receivable	$	81,954	$	63,495
Tax recoverable	2,275		4,013
Trade receivables	8,514		8,964
Other, net of allowance for doubtful accounts	332		324
Total	$	93,075	$	76,796

The exposure to credit risk arises through the failure of a third party to meet its contractual obligations to the Company. The Company’s exposure to credit risk primarily arises from its cash balances (which are held with highly rated Canadian, Colombian and other international financial institutions) and accounts receivable. The timing of collection of the VAT recoverable is in accordance with Government of Colombia’s filing process. As at March 31, 2026, the Company expects to recover the outstanding amount of current VAT receivable in the next 12 months.

Credit risk associated with trade accounts receivable arises from the Company’s delivery of its production to international customers from whom it receives 97.0% - 99.5% of the sales proceeds in the case of gold and silver, and 90% of sales proceeds in the case of concentrates, shortly after delivery of its production to an agreed upon transfer point in Colombia. The balance is received within a short settlement period thereafter, once final metal content has been agreed between the Company and the customer.

c)Liquidity risk

The Company manages its liquidity risk by continuously monitoring forecast cash flow requirements. The Company believes it has sufficient cash resources to pay its obligations associated with its financial liabilities as at March 31, 2026. In addition to other commitments already disclosed, the Company’s undiscounted commitments including interest and premiums at March 31, 2026 are as follows:

	Less than 1 year		1 to 3 years		4 to 5 years		Over 5 years		Total
Trade, tax and other payables	$	260,973	$	—	$	—	$	—	$	260,973
Reclamation and closure costs	729		2,319		—		54,490		57,538
Lease payments	2,048		2,773		1,211		1,378		7,410
Gold Notes	64,632		29,781		—		—		94,413
Senior unsecured notes	36,000		558,000		—		—		594,000
Other contractual commitments ⁽¹⁾	19,044		21,559		2,422		—		43,025
Total	$	383,426	$	614,432	$	3,633	$	55,868	$	1,057,359

(1)Includes binding commitments for capital and operating purchase obligations that the Company has entered into as at March 31, 2026.

Page | 19

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

14.    Financial Risk Management (cont.)

Following receipt of funds under the Marmato and Toroparu PMPA, Aris Mining’s silver and gold production from the Marmato Mine and Toroparu Project is subject to the terms of the PMPA with WPMI.

d)Foreign currency risk

The Company is exposed to foreign currency fluctuations. Such exposure arises primarily from:

•Translation of subsidiaries that have a functional currency, such as COP, which differ from the USD functional currency of the Company. The impact of such exposure is recorded through other comprehensive income (loss).

•Translation of monetary assets and liabilities denominated in foreign currencies, such as the Canadian dollar (“C$”) and Guyanese Dollar (“GYD”). The impact of such exposure is recorded in the consolidated statements of income (loss).

The Company monitors its exposure to foreign currency risks arising from foreign currency balances and transactions. To reduce its foreign currency exposure associated with these balances and transactions, the Company may enter foreign currency derivatives to manage such risks. In 2026 and 2025, the Company did not utilize derivative financial instruments to manage this risk.

The following table summarizes the Company’s net financial assets and liabilities denominated in Canadian dollars, Colombian pesos and Guyanese dollar (in US dollar equivalents) as of March 31, 2026 and December 31, 2025, as well as the effect on earnings and other comprehensive earnings of a 10% appreciation or depreciation in the foreign currencies against the US dollar on the financial and non-financial assets and liabilities of the Company, if all other variables remain constant:

	March 31,<br>2026	Impact of a 10% <br>Change	December 31,<br>2025	Impact of a 10% <br>Change
Canadian dollar (C$)	17,870	1,626	29,676	2,699
Colombian peso (COP)	113,776	10,344	91,727	8,339
Guyanese dollar (GYD)	1,485	134	1,008	91

e)Price risk

Price risk is the risk that the fair value or future cash flows of the Company’s financial instruments will fluctuate because of changes in market prices. Gold and silver prices can be subject to volatile price movements, which can be material and can occur over short periods of time and are affected by numerous factors, all of which are beyond the Company’s control. The Company may enter commodity hedging contracts from time to time to reduce its exposure to fluctuations in spot commodity prices.

The Company is required under the covenants of the Gold Notes to use commercially reasonable efforts to put in place commodity hedging contracts (put options) on a rolling four-quarters basis to establish a minimum selling price of $1,400 per ounce for the physical gold being accumulated in the Gold Escrow Account (Note 10b). Gold being accumulated in the Gold Escrow Account will be sold to meet the Company’s financial obligations for the quarterly Amortizing Payments of the Gold Notes. Under the terms of the agreement, such hedging will not be required if one of the following conditions is met:

•The Company determines that any such hedging contracts are not obtainable on commercially reasonable terms; or

•The failure to obtain any such hedging contracts would not reasonably be expected to materially adversely impact the ability of the Company to satisfy its obligations to make the quarterly Amortizing Payments.

As at March 31, 2026, the Company had no outstanding commodity hedging contracts in place.

15.    Revenue

	Three months ended March 31,
	2026		2025
Gold in dore	$	363,813	$	154,142
Silver in dore	5,869		1,658
Metals in concentrate	1,886		1,574
Variable Consideration Adjustments (Note 12a)	911		154
Total	$	372,479	$	157,528

Page | 20

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

16.    Cost of Sales

	Three months ended March 31,
	2026		2025
Production costs	$	124,733	$	76,116
Royalties	14,471		6,359
Total	$	139,204	$	82,475

17.    Finance Costs

	Three months ended March 31,
	2026		2025
Interest expense	$	6,213	$	9,057
Accretion of Senior Notes (Note 10a)	390		359
Accretion of lease obligations	189		125
Accretion of provisions (Note 11)	616		496
Total	$	7,408	$	10,037

18.       Gain \(Loss\) on Financial Instruments 
    

	Three months ended March 31,
	2026		2025
Financial Assets
Denarius common shares (Note 7b)	$	5,967	$	(787)
Denarius debenture (Note 7b)	2,092		553
Denarius warrants (Note 7b)	(162)		2
Embedded derivative asset in 2029 Senior Notes (Note 10a)	(2,048)		3,316
Investment in McFarlane common shares (Note 7a)	1,059		—
Other gain (loss) on financial instruments	(156)		(3)
Total Financial Assets	6,752		3,081
Financial Liabilities
Gold Notes (Note 10b)	(8,514)		(5,125)
ARIS.WT.A Listed warrants	—		(14,584)
Total Financial Liabilities	(8,514)		(19,709)
Total	$	(1,762)	$	(16,628)

Page | 21

Notes to the Condensed Consolidated Interim Financial Statements Three months ended March 31, 2026 and 2025 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

19.    Supplemental Cash Flow Information

The following table summarizes other adjustments for non-cash income statement items and changes in non-cash operating working capital items.

	Three months ended March 31,
	2026		2025
Other operating activities
Adjustment for non-cash income statement items:
Amortization of deferred revenue and cumulative catch-up	$	(1,926)	$	(1,222)
Change in provisions	(6)		18
Increase in cash in trust for health obligation	(8)		969
Materials and supplies inventory provision	7		—
Settlement of reclamation and rehabilitation, environmental, health Plan, and other provisions	(207)		(198)
Increase in cash in trust for Marmato labour obligation	(13)		(25)
Other	(196)		186
Total	$	(2,349)	$	(272)
Net change in non-cash working capital items:
Accounts receivable and other (excluding VAT receivable)	$	5,596	$	(33)
VAT Receivable	(15,530)		(11,760)
Inventories	311		(2,278)
Other current assets	(5,302)		(254)
Accounts payable and accrued liabilities	(16,616)		739
Total	$	(31,541)	$	(13,586)

Page | 22