6-K - ARIS - Equibles

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 October 2025

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: October 29, 2025	By:	"Ashley Baker" (Signed)
		Ashley Baker
		General Counsel and Corporate Secretary

EXHIBIT INDEX

Exhibit Number	Description
99.1	Management’s Discussion and Analysis of Operations and Financial Condition for the Three and Nine Months Ended September 30, 2025
99.2	Condensed Consolidated Interim Financial Statements as at and for the Three and Nine Months Ended September 30, 2025

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 and nine months ended September 30, 2025 and 2024

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

| Management's Discussion and Analysis For the three and nine months ended September 30, 2025 and 2024 (all figures are expressed in thousands of United States Dollars, unless otherwise stated) | | --- || Contents | | | --- | --- | | Introduction................................................................................................................................................................... | 3 | | Business Overview......................................................................................................................................................... | 4 | | Highlights | Key Performance Indicators....................................................................................................................... | 5 | | Q32025 Financial Highlights......................................................................................................................................... | 6 | | Q32025 Operational Highlights.................................................................................................................................... | 6 | | Summary of Quarterly Results....................................................................................................................................... | 9 | | Quarterly Cash Flow Summary...................................................................................................................................... | 10 | | Operating Performance | Segovia................................................................................................................................. | 13 | | Operating Performance | Marmato Narrow Vein Zone................................................................................................ | 17 | | Review of Financial Results........................................................................................................................................... | 18 | | Financial Condition, Liquidity and Capital Resources ................................................................................................... | 22 | | Off-balance Sheet Arrangements.................................................................................................................................. | 22 | | Transaction with Related Parties................................................................................................................................... | 22 | | Financial Instruments and Financial Risk Management................................................................................................ | 22 | | Contractual Obligations and Commitments.................................................................................................................. | 23 | | Outstanding Share Data................................................................................................................................................ | 23 | | Non-GAAP Financial Measures ..................................................................................................................................... | 24 | | Accounting Matters & Risks and Uncertainties............................................................................................................. | 32 | | Disclosure Controls and Procedures and Internal Controls Over Financial Reporting.................................................. | 32 | | Qualified Person and Technical Information................................................................................................................. | 33 | | Mineral Reserves and Mineral Resources..................................................................................................................... | 33 | | Technical Disclosure................................................................................................................................................... | 33 | | Cautionary Note Regarding Forward-looking Statements............................................................................................. | 35 |

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Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<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 October 29, 2025 and should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2025 and 2024 (the Interim Financial Statements), as well as the audited consolidated financial statements for the years ended December 31, 2024 and 2023, and the related notes (the Annual 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, 2024 and dated March 12, 2025, 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 International Accounting Standard (IAS) 34, Interim Financial Reporting, using accounting policies consistent 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, AISC ($ per oz gold sold), adjusted net earnings and adjusted net earnings per share, EBITDA, adjusted EBITDA, AISC margin, sustaining capital and growth and expansion capital, 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. Refer to the Non-GAAP Financial Measures section of this MD&A for a full reconciliation of total cash costs per ounce, AISC ($ per oz sold), adjusted net earnings and adjusted net earnings per share, EBITDA, adjusted EBITDA, AISC margin and sustaining capital and growth and expansion capital to the most directly comparable financial measure disclosed in the Financial Statements, and refer to the Operations Review - Segovia Operations section for full details on AISC margin. Reference should also be made to the Non-GAAP Financial Measures section of this MD&A for information about non-GAAP measures referred to in this MD&A.

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.

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Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Business Overview

Founded in September 2022, Aris Mining was established with a vision to build a leading South America-focused gold mining company. Our strategy blends current production and cash flow generation with transformational growth driven by expansions of our operating assets, exploration and development projects. Aris Mining is listed on the TSX (ARIS) and the NYSE-A (ARMN) and is led by an experienced team with a track record of value creation, operational excellence, financial discipline and good corporate governance in the gold mining industry.

Aris Mining operates two underground gold mines in Colombia: the Segovia Operations and the Marmato Complex, which together produced 210,955 ounces of gold in 2024. With expansions underway, Aris Mining is targeting an annual production rate of more than 500,000 ounces of gold, following the commissioning of the second mill at Segovia, completed in June and ramping up in H2 2025, and the construction of the Bulk Mining Zone at the Marmato Complex, expected to start ramping up production in H2 2026. In addition, Aris Mining operates the 51% owned Soto Norte Project (PSN) in Colombia, where a Prefeasibility Study (PFS) is complete on a new, smaller scale development plan which confirms Soto Norte as a high-quality, long-life project with robust economics and industry-leading environmental and social design features. In Guyana, Aris Mining owns the Toroparu gold project, where a new Preliminary Economic Assessment (PEA) is complete and a PFS is underway.

Colombia is rich in high-grade gold deposits and Aris Mining is actively pursuing partnerships with the Country’s dynamic small-scale mining sector. With these partnerships, we enable safe, legal, and environmentally responsible operations that benefit both local communities and the industry, while strengthening operational stability for the Company. Guyana's mining sector is advancing rapidly as a new frontier for large-scale, responsibly developed projects with an attractive regulatory and investment environment.

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

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Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Highlights | Key Performance Indicators

		Three months ended			Nine months ended
Financial Information	September 30, 2025	June 30, 2025	March 31, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Gold revenue	253,456	200,231	154,142	131,577	607,829	350,937
Income from mining operations	122,740	91,991	59,985	37,982	274,716	93,133
EBITDA	96,506	31,546	39,655	27,764	167,707	80,941
Adjusted EBITDA	131,069	98,733	66,613	43,039	296,415	107,531
Net earnings (loss)1	42,011	(16,897)	2,368	(2,074)	27,482	2,895
Adjusted net earnings	71,842	47,762	27,227	13,092	146,831	31,192
Net earnings (loss) per share – basic ($)1	0.21	(0.09)	0.01	(0.01)	0.15	0.02
Adjusted net earnings per share – basic ($)	0.36	0.27	0.16	0.08	0.80	0.20
Sustaining capital	11,858	12,287	6,589	6,361	30,734	20,687
Growth and expansion capital	48,136	36,745	43,010	45,066	127,891	117,622
Operational Information
Gold produced (ounces)	73,236	58,652	54,763	53,608	186,651	153,591
Gold sold (ounces)	73,001	61,024	54,281	53,769	188,306	154,282
Average realized gold price ($ per oz sold)	3,472	3,281	2,840	2,447	3,228	2,272
Segovia Operations Results
Gold produced (ounces)	65,549	51,527	47,549	47,493	164,625	136,106
Gold sold (ounces)	65,580	53,751	47,390	48,059	166,721	136,713
AISC Margin - Total ($'000)	121,510	87,169	60,895	44,064	269,574	104,705
AISC ($ per oz gold sold) - Owner Mining	1,452	1,520	1,482	1,451	1,482	1,537
AISC Sales Margin - CMPs (%)	44%	42%	41%	34%	43%	35%
Balance sheet, as at					September 30, 2025	December 31, 2024
Cash and cash equivalents					417,881	252,535
Total debt2					481,894	493,840
Net debt					64,013	241,305
Equity attributable to owners of the Company					1,127,015	798,571

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

2.The face value of long-term debt as of September 30, 2025 is shown as the principle amount of Senior Notes outstanding and the total number of Gold Notes outstanding at their par value.

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Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Q3 2025 Financial Highlights

•Gold revenue increased to $253.5 million, up 27% from $200.2 million in Q2 2025 and 93% from $131.6 million in Q3 2024. The increase was driven by higher realized gold prices and increased sales volumes.

•Cash and cash equivalents increased to $417.9 million as at September 30, 2025, up from $310.2 million as at June 30, 2025. The increase reflected:

◦$90.8 million in cash flow after sustaining capital and income taxes;

◦$60.5 million of proceeds from the exercise of ARIS.WT.A Listed warrants (July 2025 expiry);

◦$13.2 million of proceeds from the sale of the Juby Gold Project; partially offset by

◦$48.1 million invested in growth and expansion capital.

◦See the Quarterly Cash Flow Summary section for additional cash flow analysis.

•EBITDA totaled $96.5 million, compared to $31.5 million in Q2 2025 and $27.8 million in Q3 2024. This reflected higher income from mining operations and a lower non-cash loss on financial instruments.

•Adjusted EBITDA increased to $131.1 million, compared to $98.7 million in Q2 2025 and $43.0 million in Q3 2024, after normalizing for non-cash and non-recurring items. On a trailing 12-month basis, Adjusted EBITDA has reached $352.0 million.

•Net earnings (loss) for Q3 2025 were $42.0 million, compared to a net loss of $(16.9) million in Q2 2025 and $(2.1) million in Q3 2024. Net earnings for Q3 2025 include $106.2 million in income from operations.

•Adjusted net earnings reached $71.8 million or $0.36 per share, up from $47.8 million or $0.27 per share in Q2 2025 and $13.1 million or $0.08 per share in Q3 2024.

Q3 2025 Operational Highlights

•Gold production totaled 73,236 ounces, a 25% increase compared to 58,652 ounces in Q2 2025, and up 37% from 53,608 ounces in Q3 2024. Production in Q3 2025 has progressively increased following the commissioning of the second mill at Segovia in June 2025. Segovia processed 219,550 tonnes in Q3 2025 as compared to 167,960 in Q2 2025, up 31%, and in line with expectations. The Company remains on track to deliver its full-year production guidance of 230,000 to 275,000 ounces.

•Segovia Operations

◦Produced 65,549 ounces, supported by an average gold grade of 9.87 g/t, and gold recoveries of 96.1%.

◦AISC margin increased to $121.5 million, a 39% increase from Q2 2025 and a 176% increase over Q3 2024, reflecting higher realized gold prices and increased sales volumes. On a trailing 12-month basis, AISC margin has reached $327.9 million.

◦Owner-operated Mining AISC was $1,452 per ounce in Q3 2025 compared to $1,520 per ounce in Q2 2025, bringing the year-to-date 2025 average to $1,482 per ounce, and tracking toward the lower end of the full-year 2025 guidance range of $1,450 to $1,600 per ounce.

◦Contract Mining Partners (CMP) sourced gold delivered an AISC sales margin of 44% for Q3 2025, contributing to a 43% margin year-to-date 2025, which is above the full-year 2025 guidance range of 35% to 40%.

◦Combined AISC of $1,641 per ounce, an improvement of 2% compared to Q2 2025 ($1,681 per ounce), primarily due to increased gold sales volumes.

•Marmato Narrow Vein Zone

◦Produced 7,687 ounces, up 8% as compared to Q2 2025 production of 7,125 ounces and 26% higher than Q3 2024, supported by stable throughput and higher average gold grades.

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Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

•Marmato Bulk Mining Zone construction advancing

▪Development of the main access decline has advanced 580 metres of the planned 1.7 kilometres. Current development rates average 72 metres per month and are expected to increase to approximately 150 metres per month once beyond the fault zone, with completion of the full decline length targeted for August 2026.

▪The Los Indios crosscut is advancing toward its connection with the main decline, now approximately 320 metres away. This horizontal development will provide an additional access and ventilation pathway, enable ore and waste haulage between existing workings and new infrastructure. Importantly, completion of the crosscut will enhance operational flexibility and de-risk the project’s ramp-up phase by allowing multiple access points for early development and production sequencing.

▪Surface construction activities continue to advance safely, with over 2.06 million workhours completed to date. Bulk earthworks for the process plant platform have reached 95% completion (294,000 m³ moved), and the retaining wall is over 75% complete. Final shaping of the carbon-in-pulp (CIP) plant platforms is expected during the first week of November 2025.

▪Major equipment, including the primary crusher, SAG mill, ball mill, and filter press, has arrived in Cartagena. Approximately 95% of long-lead items have been ordered. The contract for the main civil, mechanical, and electrical works is in place, with the contractor mobilized and construction activities commenced in October.

▪Preparations for the new powerline continue to advance. Land acquisition is complete, and the environmental impact study has been submitted for approval, enabling construction to commence in March 2026 following permit issuance. To ensure continuity of commissioning and early operations, back-up generators are included in the site power plan to mitigate any potential delays in the grid power connection.

▪During Q2 and Q3 2025, we invested $20.1 million and $23.9 million, respectively, toward the construction budget.

▪At the end of Q3, the estimate to complete the project was $250 million, reflecting approximately $40 million of progress made over the six-month period since the prior estimate of $290 million at the end of Q1, which had incorporated the scope increase from 4,000 to 5,000 tpd.

▪Net of the remaining $82 million of stream financing payments to be received from Wheaton Precious Metals, the construction funding requirement is approximately $168 million.

▪The project remains on schedule, with first gold in H2 2026, followed by a production ramp-up period to steady-state operations.

•Toroparu Project

◦The Toroparu Project is a 100%-owned, advanced-stage open pit gold project in Guyana.

◦Guyana’s mining sector is advancing rapidly, with the Oko West project (owned by G Mining Ventures) leading a new generation of large-scale gold developments. Like Oko West, Toroparu is a substantial, open-pittable gold deposit with growing government support for responsible mine development. Oko West’s rapid progress highlights the attractive regulatory and investment environment in Guyana, paving the way for Aris Mining to follow with Toroparu as Guyana’s next major gold mine.

◦PEA completed in October 20251 confirming a long-life, low-cost open pit gold operation. Following PEA completion, Aris Mining has immediately initiated a PFS for Toroparu.

▪Designed mill capacity of 7.0 Mtpa – a scale that supports attractive investment returns and extends mine life to over 20 years.

▪Measured and indicated mineral resources of 126.9 million tonnes at 1.30 g/t Au containing 5.3 Moz of gold and inferred mineral resources of 22.9 Mt at 1.6 g/t Au containing 1.2 Moz of gold.

1 See Technical Report entitled “NI 43-101 Technical Report Preliminary Economic Assessment for the Toroparu Project Cuyuni-Mazaruni Region, Guyana” dated October 28, 2025. The preliminary economic assessment is preliminary in nature, it 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.

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Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

▪Production of doré and copper concentrates containing 5.0 Moz of gold, 4.9 Moz of silver, and 260 million pounds (Mlb) of copper.

•Average annual life-of-mine gold production of 235 koz

•Average life-of-mine AISC of $1,289 per ounce.

▪After-tax net present value (NPV5% ) of $1.8 billion, IRR of 25.2% and payback in 3.0 years from the start of operations assuming a base case gold price of $3,000 per ounce.

▪The full PEA technical report is available on the Company’s website and SEDAR+ profile at www.sedarplus.ca, and highlights of the PEA are described in the Company's October 28, 2025 news release.

◦Q3 2025 capital expenditures totaled $3.3 million at Toroparu.

•Soto Norte Project

◦PSN is a gold development project in Colombia's Santandar Department. Aris Mining is the 51% majority owner and operator.

◦The Company completed a prefeasibility study (PFS) in September 20252, demonstrating robust economics, low operating costs and industry-leading environmental and social design features. Highlights from the PFS include (on a 100% basis):

▪Designed mill capacity of 3,500 tpd, including 750 tpd dedicated to local community miners – a scale that supports attractive investment returns and extends mine life to 22+ years.

▪Measured and indicated mineral resources of 39.0 million tonnes at 5.55 g/t Au containing 7.0 million ounces (Moz) gold.

▪Proven and probable mineral reserves of 20.3 million tonnes at 7.00 g/t Au containing 4.6 Moz gold, supporting a 22-year initial mine life at an owner-mining rate of 2,750 tpd.

▪Production of concentrates containing 4.3 Moz gold, 18.8 Moz silver, and 84.0 million pounds (Mlb) of copper.

•Average annual gold production (years 2 to 10) of 263 thousand ounces (koz).

•Average annual gold production (years 1 to 21) of 203 koz.

•Average life-of-mine AISC of $534 per ounce.

▪After-tax NPV5% of $2.7 billion, IRR of 35.4% and payback in 2.3 years from the start of operations assuming a base case gold price of $2,600 per ounce.

▪After-tax NPV5% of $3.3 billion, IRR of 40.0% and payback in 2.1 years from the start of operations assuming a gold price of $3,000 per ounce.

▪The full PFS technical report is available on the Company’s website and SEDAR+ profile at www.sedarplus.ca, and highlights of the PFS are described in the Company's September 3, 2025 news release.

◦Aris Mining is advancing the required studies to apply for an environmental license in H1 2026. Capital expenditures totaled $3.9 million in Q3 2025.

•Juby Gold Project Sale

◦Closed in September 2025 for total consideration of $22.0 million, streamlining the Company's portfolio to focus on our core operations and projects in South America.

2 See Technical Report entitled “NI 43-101 Technical Report Prefeasibility Study for the Soto Norte Project, Santander, Colombia” dated September 3, 2025.

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Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Summary of Quarterly Results

	For the three months ended,
Quarterly results	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023
Gold produced (ounces)	73,236	58,652	54,763	57,364	53,608	49,216	50,767	61,052
Gold sold (ounces)	73,001	61,024	54,281	56,334	53,769	49,469	51,044	62,083
Revenue	258,115	203,456	157,528	151,076	134,723	117,185	107,620	124,983
Income from mining operations	122,740	91,991	59,985	54,129	37,982	29,838	25,313	38,215
EBITDA	96,506	31,546	39,655	66,602	27,764	30,791	22,386	19,690
Adjusted EBITDA	131,069	98,733	66,613	55,575	43,039	36,079	28,413	38,208
Net earnings (loss)	42,011	(16,897)	2,368	21,687	(2,074)	5,713	(744)	(5,944)
Adjusted earnings (loss)	71,842	47,762	27,227	24,659	13,092	12,739	5,361	10,353
Earnings (loss) per share – basic ($/share)	0.21	(0.09)	0.01	0.13	(0.01)	0.04	(0.01)	(0.04)
Earnings (loss) per share – diluted ($/share)	0.21	(0.09)	0.01	0.02	(0.01)	0.04	(0.01)	(0.04)
Adjusted earnings per share - basic ($/share)	0.36	0.27	0.16	0.14	0.08	0.08	0.04	0.08

Over the last eight quarters, income from mining operations has ranged from $25.3 million to a high of $122.7 million achieved in Q3 2025, EBITDA has ranged from $19.7 million to a Q3 2025 high of $96.5 million. The increased earnings were primarily driven by higher realized gold prices and stronger quarterly gold sales volumes, with Q3 2025 sales volumes reaching 73,001 ounces, the highest over that eight quarter period. Total revenue in Q3 2025 reached a record $258.1 million, a 27% increase from the previous high of $203.5 million in Q2 2025.

Current quarter income from mining operations of $122.7 million was up 33% from $92.0 million in Q2 2025, and 223% higher than the $38.0 million in Q3 2024. EBITDA was $96.5 million, up $65.0 million from Q2 2025 reflecting increased income from mining operations and decreased financial instrument losses. Financial instrument losses in Q2 2025 included a $45.5 million non-cash loss from the fair value adjustment on the Company's warrant liability, which was fully extinguished as of July 29, 2025. The Q3 2025 loss recorded from warrant liability fair value adjustments was $6.4 million. The Company also reported record Adjusted EBITDA of $131.1 million in Q3 2025, a 33% increase from the $98.7 million earned in Q2 2025.

Net earnings (loss) were $42.0 million in Q3 2025, up from net loss of $(16.9) million in Q2 2025, due to higher income from operations and a lower loss on financial instruments, partially offset by a higher income tax expense. Adjusted earnings improved to $71.8 million ($0.36 per share), up from $47.8 million ($0.27 per share) in Q2 2025, demonstrating strong underlying operational performance and a favourable gold price environment.

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Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Quarterly Cash Flow Summary1

	Three months ended				Nine months ended
	September 30, 2025	June 30, 2025	March 31, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Gold revenue2	$253,456	$200,231	$154,142	$131,577	$607,829	$350,937
Total cash cost	(98,946)	(83,166)	(72,730)	(75,116)	(254,842)	(209,702)
Royalties2	(10,087)	(7,583)	(6,359)	(4,849)	(24,029)	(13,145)
Social contributions2	(8,224)	(5,562)	(4,334)	(4,479)	(18,120)	(10,205)
Sustaining capital	(11,858)	(12,287)	(6,589)	(6,361)	(30,734)	(20,687)
Sustaining lease payments	(352)	(423)	(480)	(389)	(1,255)	(1,259)
All in sustaining cost (AISC)	(129,467)	(109,021)	(90,492)	(91,194)	(328,980)	(254,998)
AISC margin	123,989	91,210	63,650	40,383	278,849	95,939
Taxes paid2	(13,228)	(42,244)	(5,121)	(4,705)	(60,593)	(13,202)
General and administration expense2	(5,130)	(5,187)	(4,106)	(3,962)	(14,423)	(10,222)
Decrease (increase) in VAT receivable	(16,023)	30,813	(11,761)	(11,429)	3,029	(28,864)
Other changes in working capital	(289)	(1,718)	(11,685)	(3,843)	(13,692)	(24,589)
Impact of foreign exchange on cash and equivalents2	1,450	925	768	(578)	3,143	(3,140)
After-tax adjusted sustaining margin	90,769	73,799	31,745	15,866	196,313	15,922
Expansion and growth capital expenditure
Segovia Operations	(9,618)	(6,930)	(6,368)	(18,135)	(22,916)	(44,269)
Marmato Bulk Mining Zone	(31,369)	(23,628)	(29,661)	(16,962)	(84,658)	(52,143)
Marmato Narrow Vein Zone	—	—	—	(2,965)	—	(6,289)
Toroparu Project	(3,270)	(2,741)	(2,411)	(1,970)	(8,422)	(5,988)
Soto Norte Project and Other	(3,879)	(3,446)	(4,570)	(5,034)	(11,895)	(8,933)
Total expansion and growth capital	(48,136)	(36,745)	(43,010)	(45,066)	(127,891)	(117,622)
Financing and other costs
Proceeds from warrant and option exercises2	59,805	57,670	5,197	4,309	122,672	28,807
Proceeds from disposition of Juby Gold Project (net)2	13,065	—	—	—	13,065	—
Repayment of Gold Notes2	(4,064)	(4,063)	(3,941)	(3,694)	(12,068)	(11,083)
Net transaction costs from Soto Norte Acquisition	—	—	—	—	—	(834)
Capitalized interest paid (net)2	(6,159)	(5,802)	(5,031)	(3,737)	(16,992)	(9,880)
Repayment of convertible debenture2	—	—	—	—	—	(1,325)
Interest paid2	—	(18,000)	—	(10,382)	(18,000)	(20,945)
Finance Income2	2,437	3,474	2,336	1,351	8,247	5,288
Total financing and other costs	65,084	33,279	(1,439)	(12,153)	96,924	(9,972)
Contributions to investment in associate2	—	—	—	—	—	(2,646)
Net change in cash2	107,717	70,333	(12,704)	(41,353)	165,346	(114,318)
Opening cash balance at beginning of period2	310,164	239,831	252,535	121,657	252,535	194,622
Closing cash balance at end of period2	417,881	310,164	239,831	80,304	417,881	80,304

1.This Quarterly Cash Flow Summary is comprised of certain Non-GAAP financial measures. Refer to the Non-GAAP Financial Measures section of this MD&A for further information.

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

Page | 10

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

After-tax adjusted sustaining margin

Q3 2025 compared to Q2 2025

After-tax adjusted sustaining margin was $90.8 million in Q3 2025, compared to $73.8 million in Q2 2025, driven by the following factors:

•AISC margin increased $32.8 million or 36% as a result of a higher realized gold price of $3,472 per ounce as well as a 20% increase in gold ounces sold (73,001 ounces in Q3 2025 vs. 61,024 ounces in Q2 2025) primarily due to the ramp up of operations following the successful commissioning of the second mill at Segovia.

•VAT receivable build-up of $16.0 million in Q3 2025, compared to a net VAT recovery of $30.8 million recognized in Q2 2025, reflecting the annual VAT filing and recovery process completed during Q2 2025.

•Taxes paid totaled $13.2 million in Q3 2025, compared to $42.2 million in Q2 2025. Taxes paid in Q2 2025 included the settlement of the 2024 Colombia income tax liability.

•Other working capital movements reflected a build-up of accounts receivable due to higher gold revenues, consistent with normal collection timing differences.

Q3 2025 compared to Q3 2024

After-tax adjusted sustaining margin increased to $90.8 million in Q3 2025 from $15.9 million in Q3 2024, driven by the following factors:

•AISC margin increased $83.6 million due to a 42% increase in realized gold price and a 36% and 30% increase in gold ounces sold at Segovia and Marmato, respectively.

•VAT receivable increased $16.0 million in Q3 2025, consistent with an increase of $11.4 million in Q3 2024. VAT is filed on an annual basis which was completed in Q2 2025 and Q4 2024 for their respective years.

•Taxes paid totaled $13.2 million in Q3 2025, primarily reflecting 2025 income tax installment payments compared to $4.7 million in Q3 2024.

•Other working capital movements resulted in an outflow of $0.3 million in Q3 2025, compared to $3.8 million in Q3 2024, primarily reflecting normal timing differences in the settlement of receivables and payables.

YTD 2025 compared to YTD 2024

After-tax adjusted sustaining margin increased to $196.3 million in 2025 from $15.9 million in 2024, driven by the following factors:

•AISC margin increased 191%, contributing an additional $182.9 million compared to the prior year. The increase reflects a higher realized gold price of $3,228 per ounce as compared to $2,272 per ounce in 2024 and a 22% increase in gold ounces sold.

•Changes in the VAT receivable balance resulted in recoveries of $3.0 million in 2025, compared to a $28.9 million build up in 2024, reflecting timing differences in VAT recoveries, as the 2023 VAT filing was not completed until Q4 2024.

•Taxes paid totaled $60.6 million in 2025, compared to $13.2 million in 2024. The increase reflects the timing of income tax payments, as the 2023 Colombia income tax liability was not settled until Q4 2024.

•Other working capital movements resulted in an outflow of $13.7 million in 2025, compared to $24.6 million outflow in 2024. The prior year’s movements primarily reflected timing changes in accounts payable and accrued liabilities.

Expansion and growth capital

Growth and expansion capital expenditures were directed toward key development priorities:

•Marmato Bulk Mining Zone: $31.4 million was invested in Q3 2025 and $84.7 million year-to-date to advance underground development, including main decline advancement (580 meters completed of the planned 1.7 kilometers), progression of the Los Indios crosscut connection, earthworks for the CIP plant platforms (95% complete). Major equipment deliveries included the primary crusher, SAG mill, ball mill, and filter press, with approximately 95% of long-lead items ordered.

Page | 11

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

•Segovia Operations: $9.6 million in Q3 2025 and $22.9 million year-to-date were spent on underground mine development and exploration, installation and commissioning activities related to the Segovia mill expansion, which was commissioned in June 2025, as well as ongoing work on the tailings storage facility.

•Toroparu and Soto Norte: $7.1 million was invested in Q3 2025 and $20.3 million year-to-date on technical studies.

Total financing and other costs

Financing and other net cash flows resulted in a net inflow of $65.1 million during Q3 2025 and $96.9 million in YTD 2025:

•ARIS.WT.A Listed Warrant and option exercises generated $59.8 million in net proceeds in Q3 2025 for a total of $122.7 million in 2025.

•Gold Note principal repayments totaled $4.1 million in Q3 2025 and $12.1 million in YTD 2025.

•Gold Note premium and interest payments totaled $6.2 million in Q3 2025 and $17.0 million in YTD 2025.

•2029 Senior Note interest payments were nil in Q3 2025 and $18.0 million YTD 2025.

The Company remains focused on disciplined capital deployment. Strong cash flow generation and cash position continue to support its capital investment programs while maintaining balance sheet flexibility.

Page | 12

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Operating Performance | Segovia Operations

The Segovia Operations are 100% owned by the Company and located in a historic mining district of Colombia. The operations include four underground mines and two processing facilities:

•A conventional processing facility, which produces doré, was expanded from 2,000 to 3,000 tpd in June 2025, with ramp-up advancing in line with expectations.

•A 200 tpd polymetallic processing plant that recovers lead and zinc concentrates from process tailings.

•Year-to-date 2025, approximately 40% of the gold sold was produced from mill feed purchased from CMPs, sourced from both within and outside of the Company’s mining titles.

	Three months ended				Nine months ended
Operating Information	September 30, 2025	June 30, 2025	March 31, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Tonnes processed (t)	219,550	167,960	167,150	166,868	554,660	477,205
Tonnes per day (tpd)	2,553	1,976	1,966	1,940	2,167	1,864
Average gold grade processed (g/t)	9.87	9.85	9.37	9.23	9.71	9.26
Recoveries (%)	96.1%	96.1%	96.1%	95.9%	96.1%	95.8%
Gold produced (ounces)	65,549	51,527	47,549	47,493	164,625	136,106
Gold sold (ounces)	65,580	53,751	47,390	48,059	166,721	136,713
Financial Information
Gold revenue ($'000s)	229,116	177,551	135,310	118,075	541,977	311,766
Average realized gold price ($/ounce sold)	$3,494	$3,303	$2,855	$2,457	$3,251	$2,277
Owner Mining costs	26,012	23,228	19,291	15,780	68,531	49,898
CMP material purchases	37,268	29,157	26,656	31,373	93,081	82,226
Processing costs	9,357	7,412	7,430	6,985	24,199	19,482
Administration and security costs	12,011	10,422	10,124	7,796	32,557	25,377
Change in finished goods and stockpile inventory	1,069	961	(929)	1,130	1,101	226
By-product and concentrate revenue	(4,116)	(2,798)	(3,073)	(2,665)	(9,987)	(7,845)
Total cash costs	81,601	68,382	59,499	60,399	209,482	169,364
Cash cost per ounce sold	$1,244	$1,272	$1,256	$1,257	$1,256	$1,239
Royalties	7,532	5,539	4,519	3,506	17,590	9,592
Social contributions	7,787	5,177	4,061	4,294	17,025	8,703
Sustaining capital	10,334	10,861	5,856	5,423	27,051	18,143
Sustaining lease payments	352	423	480	389	1,255	1,259
All-in sustaining costs	107,606	90,382	74,415	74,011	272,403	207,061
All-in sustaining cost per ounce sold (Combined OM and CMP)	$1,641	$1,681	$1,570	$1,540	$1,634	$1,515
AISC Margin	121,510	87,169	60,895	44,064	269,574	104,705

Production

Q3 2025 compared to Q2 2025

Gold production totaled 65,549 ounces, up 27% as compared to Q2 2025. This performance was primarily driven by higher mill throughput, with average daily milling rates increasing by 31%, to 2,553 tpd in Q3 2025, compared to 1,976 tpd in Q2 2025, following the successful commissioning and steady ramp-up of the second mill. Gold grades in Q3 2025 averaged 9.87 g/t, consistent with Q2 2025, reflecting disciplined use of the additional processing capacity and production growth without compromising grade.

Q3 2025 compared to Q3 2024

Gold production increased by 38% compared to Q3 2024, driven by a 32% increase in tonnes processed due to the successful commissioning of the second ball mill and a 7% improvement in average gold grades.

Page | 13

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

YTD 2025 compared to YTD 2024

Gold production totaled 164,625 ounces, an increase of 21% compared to 136,106 ounces in 2024. The improvement reflects a 16% increase in milling rates, following the successful commissioning of the second mill in June 2025, along with higher average gold grades of 9.71 g/t compared to 9.26 g/t in 2024.

Gold Revenue

Q3 2025 compared to Q2 2025

Gold revenue in Q3 2025 was $229.1 million, up 29% from Q2 2025, reflecting a 6% increase in average realized gold prices and a 22% increase in gold ounces sold.

Q3 2025 compared to Q3 2024

Gold revenue increased 94% compared to Q3 2024, driven by a 42% increase in average realized gold prices and a 36% increase in gold ounces sold.

YTD 2025 compared to YTD 2024

Gold revenue totaled $542.0 million YTD 2025, up 74% from $311.8 million YTD 2024, reflecting a 43% increase in the average realized gold price to $3,251 per ounce and a 22% increase in gold ounces sold.

Segovia - Owner Mining and CMPs

	Three months ended				Nine months ended
Operating Information	September 30, 2025	June 30, 2025	March 31, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Owner Mining
Gold produced (ounces)	40,937	31,377	27,053	21,634	99,367	64,231
Gold sold (ounces)	40,984	32,685	26,963	22,952	100,632	65,580
Cash cost ($ per oz sold)	999	1,047	1,123	1,081	1,048	1,162
AISC ($ per oz sold)	1,452	1,520	1,482	1,451	1,482	1,537
AISC margin ($'000)	83,103	57,832	37,035	23,092	177,970	48,591
CMPs
Gold produced (ounces)	24,612	20,150	20,496	25,859	65,258	71,875
Gold sold (ounces)	24,596	21,066	20,427	25,107	66,089	71,133
Cash cost ($ per oz sold)	1,653	1,622	1,431	1,417	1,575	1,309
AISC ($ per oz sold)	1,955	1,931	1,687	1,622	1,865	1,494
AISC sales margin (%)	44%	42%	41%	34%	43%	35%
AISC margin ($'000)	38,407	29,337	23,860	20,972	91,604	56,114
Total AISC Margin ($’000)	121,510	87,169	60,895	44,064	269,574	104,705

Cash Costs

Q3 2025 compared to Q2 2025

Combined Owner Mining and CMP cash costs at the Segovia Operations averaged $1,244 per ounce in Q3 2025, compared to $1,272 per ounce in Q2 2025, remaining broadly consistent quarter-over-quarter.

•Owner Mining: Cash costs averaged $999 per ounce, a 5% decrease from Q2 2025, reflecting higher sales volumes partially offset by an unfavourable foreign exchange impact as the Colombian Peso (COP) averaged 5% stronger to the US Dollar than the prior quarter.

•CMPs: Cash costs averaged $1,653 per ounce, compared to $1,622 per ounce in Q2 2025, consistent with the prior quarter.

Q3 2025 compared to Q3 2024

Combined Owner Mining and CMP cash costs at Segovia averaged $1,244 per ounce in Q3 2025, compared to $1,257 per ounce in Q3 2024, and remaining broadly consistent year-over-year.

Page | 14

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

•Owner Mining: Cash costs averaged $999 per ounce, down 8% from $1,081 per ounce in Q3 2024, reflecting higher production and sales volumes.

•CMPs: Cash costs rose 17% to $1,653 per ounce, compared to $1,417 per ounce in Q3 2024. The increase reflects higher prices for purchased mill feed, consistent with the increase in average realized gold prices, as CMP payments are linked to prevailing market prices.

YTD 2025 compared to YTD 2024

Combined Owner Mining and CMP cash costs at Segovia averaged $1,256 per ounce for the nine months ended September 30, 2025, compared to $1,239 for the same period in 2024, remaining broadly consistent year-over-year.

•Owner Mining: Cash costs decreased to $1,048 per ounce in 2025 from $1,162 per ounce in 2024 primarily due to a 53% increase in gold ounces sold, which improved from 65,580 to 100,632 ounces.

•CMPs: Cash costs increased 20% to $1,575 per ounce, compared to $1,309 per ounce in 2024. The increase primarily reflects higher gold prices which increased 43% compared to 2024.

All-In Sustaining Costs and Margin

Q3 2025 compared to Q2 2025

AISC at the Segovia Operations, combining Owner Mining and CMPs, averaged $1,641 per ounce in Q3 2025, a 2% decrease from $1,681 per ounce in Q2 2025. The reduction primarily reflects higher gold ounces sold, partially offset by an increase in royalties and social contributions.

AISC margin was $121.5 million, up 39% from $87.2 million in Q2 2025, supported by an increase in gold ounces sold and a higher realized gold price.

•Owner Mining: AISC averaged $1,452 per ounce, down 4% from $1,520 per ounce in Q2 2025 primarily due to higher gold ounces sold. Owner Mining AISC margin rose 44% to $83.1 million, benefiting from stronger gold prices and improved sales volumes.

•CMPs: AISC averaged $1,955 per ounce, slightly higher than $1,931 per ounce in Q2 2025. AISC margin for CMPs remained broadly consistent with the prior quarter, delivering a 44% sales margin.

Q3 2025 compared to Q3 2024

Combined AISC at Segovia increased 7% to $1,641 per ounce, compared to $1,540 per ounce in Q3 2024, primarily due to higher CMP mill feed costs, royalties, and social contributions which are linked to gold prices as well as increased sustaining capital. Despite the increase in AISC, higher average realized gold prices and an increase in gold ounces sold resulted in a combined AISC margin of $121.5 million, up from $44.1 million in Q3 2024.

•Owner Mining: AISC averaged $1,452 per ounce, consistent with Q3 2024, reflecting per ounce cost decreases from increased ounces sold being largely offset by higher sustaining capital as well as the impact of higher realized gold prices on royalties and social contributions. Owner Mining AISC margin increased to $83.1 million, up significantly from $23.1 million in the prior-year quarter.

•CMPs: AISC increased 21% to $1,955 per ounce, compared to $1,622 per ounce in Q3 2024 primarily due to higher CMP mill feed costs. CMP AISC margin improved by $17.4 million as compared to the prior year quarter primarily due to higher realized gold prices.

YTD 2025 compared to YTD 2024

Combined AISC at Segovia averaged $1,634 per ounce in YTD 2025, up 8% from $1,515 per ounce in YTD 2024. The increase was primarily driven by higher CMP mill feed costs, royalties, and social contributions, all of which increased with the rise in gold prices.

Despite the increase in AISC, AISC margin more than doubled, reaching $269.6 million, compared to $104.7 million in 2024, reflecting both higher realized gold prices and stronger production volumes.

•Owner Mining: AISC averaged 1,482 per ounce, down from 1,537 per ounce in YTD 2024. The improvement reflects higher gold ounces sold. Owner Mining AISC margin increased to $178.0 million, from $48.6 million in the prior year.

Page | 15

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

•CMPs: AISC increased to 1,865 per ounce, compared to 1,494 per ounce in YTD 2024. The increase was driven by higher gold prices, which elevated mill feed costs. Despite the cost increase, CMPs continue to deliver an AISC margin of 43%, or $91.6 million, up 63% from $56.1 million in YTD 2024.

Growth and Expansion

Non-sustaining growth capital expenditures at Segovia totaled $9.6 million in Q3 2025, compared to $6.9 million in Q2 2025. Expenditures were primarily related to underground mine development and exploration ($5.5 million), completion activities on the Segovia mill expansion following its commissioning in June 2025 ($2.5 million), and ongoing work on the tailings storage facility ($1.2 million) and other plant upgrades.

Page | 16

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Operating Performance | Marmato Narrow Vein Zone

The Marmato Complex is 100% owned by the Company and is located in a historic mining district of Colombia. It comprises two distinct zones:

•The Narrow Vein Zone is an underground mine currently in operation, supported by a 1,000 tpd processing facility that produces doré.

•The Bulk Mining Zone, located directly below the Narrow Vein Zone, is currently under construction. It will consist of a large-scale underground mine and a dedicated 5,000 tpd CIP processing plant, which will also produce doré.

	Three months ended								Nine months ended
Operating Information	September 30, 2025		June 30, 2025		March 31, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Tonnes processed (t)	75,220		73,490		74,050		70,256		222,760		193,677
Average gold grade processed (g/t)	3.56		3.35		3.32		3.06		3.41		3.17
Recoveries (%)	89.8	%	90.2	%	91.7	%	89.4	%	90.5	%	89.6	%
Gold produced (ounces)	7,687		7,125		7,214		6,115		22,026		17,485
Gold sold (ounces)	7,421		7,273		6,891		5,710		21,585		17,569
Gold revenue	24,340		22,680		18,832		13,840		65,852		39,298
Average realized gold price	3,280		3,118		2,733		2,365		3,051		2,229

Production

Q3 2025 compared to Q2 2025

Gold production was stable at 7,687 ounces, up 8% compared to 7,125 ounces produced in Q2 2025. The slight improvement reflects an increase in tonnes processed and a higher average gold grade which increased to 3.56 g/t in Q3 2025.

Q3 2025 compared to Q3 2024

Gold production increased 26% year-over-year, supported by a 7% increase in tonnes processed and higher average gold grade (3.56 g/t vs. 3.06 g/t). The increase in throughput is attributable to enhanced operational efficiency and stable mill performance during the period.

YTD 2025 compared to YTD 2024

Gold production for YTD 2025 reached 22,026 ounces, compared to 17,485 ounces produced in 2024. This is primarily due to higher tonnes processed and an increase in average gold grades.

Gold Revenue

Q3 2025 compared to Q2 2025

Gold revenue totaled $24.3 million, a 7% increase from $22.7 million in Q2 2025. The increase was driven by higher gold ounces sold and a 5% improvement in the average realized gold price, which reached $3,280 per ounce in the current quarter.

Q3 2025 compared to Q3 2024

Gold revenue increased 76% compared to Q3 2024, due to the higher average realized gold price and a 30% increase in gold ounces sold. The higher sales volumes were supported by improved production levels, driven by stable mill performance and higher average gold grades which increased 16% as compared to the prior-year quarter.

YTD 2025 compared to YTD 2024

For the nine month period, gold revenue reached $65.8 million, up from $39.3 million in 2024, primarily due to a 23% increase in gold ounces sold and a higher average realized gold price of $3,051 per ounce, compared to $2,229 per ounce in 2024.

Page | 17

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Review of Financial Results

	Three months ended				Nine months ended
($’000)	September 30, 2025	June 30, 2025	March 31, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Revenue	258,115	203,456	157,528	134,723	619,099	359,528
Cost of sales	(113,692)	(93,974)	(82,475)	(83,243)	(290,141)	(231,570)
Depreciation and depletion	(13,459)	(11,929)	(10,734)	(9,019)	(36,122)	(24,620)
Social contributions	(8,224)	(5,562)	(4,334)	(4,479)	(18,120)	(10,205)
Income from mining operations	122,740	91,991	59,985	37,982	274,716	93,133
General and administrative costs	(5,130)	(5,187)	(4,106)	(3,962)	(14,423)	(10,222)
Gain (loss) from equity accounting in investees	—	—	(14)	(17)	(14)	(2,871)
Share-based compensation	(9,497)	(8,136)	(3,784)	(2,533)	(21,417)	(5,748)
Other income (expenses)	(1,961)	(1,090)	(535)	428	(3,586)	(2,252)
Income from operations	106,152	77,578	51,546	31,898	235,276	72,040
Gain (loss) on financial instruments	(6,385)	(50,737)	(16,628)	(12,842)	(73,750)	(22,728)
Loss on disposal of Juby Project	(3,200)	—	—	—	(3,200)	—
Finance income	2,437	3,474	2,336	1,351	8,247	5,288
Finance costs	(9,390)	(10,833)	(10,037)	(6,493)	(30,260)	(19,792)
Foreign exchange gain (loss)	(13,520)	(7,224)	(5,997)	(311)	(26,741)	7,010
Income before income tax	76,094	12,258	21,220	13,603	109,572	41,818
Income taxes
Current	(39,703)	(31,919)	(18,333)	(17,280)	(89,955)	(36,590)
Deferred	5,618	2,720	323	1,450	8,661	(2,485)
	(34,085)	(29,199)	(18,010)	(15,830)	(81,294)	(39,075)
Net income (loss)	42,009	(16,941)	3,210	(2,227)	28,278	2,743
Net earnings (loss) attributable to:
Owners of the Company	42,011	(16,897)	2,368	(2,074)	27,482	2,896
Non-controlling interest	(2)	(44)	842	(153)	796	(153)
	42,009	(16,941)	3,210	(2,227)	28,278	2,743
Earnings (loss) per share - basic	0.21	(0.09)	0.01	(0.01)	0.15	0.02
Weighted average number of outstanding common shares - basic	199,171,052	179,836,208	171,622,649	169,873,924	183,644,213	153,304,168
Earnings (loss) per share - diluted	0.21	(0.09)	0.01	(0.01)	0.15	0.02
Weighted average number of outstanding common shares - diluted	200,527,009	179,836,208	172,299,011	169,873,924	184,792,343	153,826,303

Revenue

Q3 2025 compared to Q2 2025

Revenue increased 27% to $258.1 million, up from $203.5 million in Q2 2025. The increase was primarily driven by a 20% increase in gold ounces sold and a 6% increase in the average realized gold price, which rose to $3,472 per ounce.

Q3 2025 compared to Q3 2024

Revenue improved 92% from $134.7 million in Q3 2024 to $258.1 million in Q3 2025. The increase was attributable to a 42% improvement in the average realized gold price, up from 2,447 to $3,472 per ounce, combined with a 36%

Page | 18

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

increase in gold ounces sold, reflecting stronger operational performance and ramp up following the successful commissioning of the second mill at Segovia.

YTD 2025 compared to YTD 2024

Revenue year-to-date 2025 increased 72% to $619.1 million, compared to $359.5 million in 2024. This growth was driven by a 42% increase in the average realized gold price, which rose from $2,272 per ounce in 2024 to $3,228 per ounce in 2025, as well as a 22% increase in gold ounces sold during the period.

Cost and expenses

Cost of Sales

Q3 2025 compared to Q2 2025

Cost of sales increased 21% to $113.7 million, from $94.0 million in Q2 2025. The increase was primarily driven by a 20% increase in gold ounces sold, including a 28% increase in CMP mill feed purchases, reflecting a 17% increase in CMP gold ounces sold and a 6% increase in the average realized gold price. CMP payments are linked to prevailing market prices, which drove mill feed costs higher quarter-over-quarter.

Q3 2025 compared to Q3 2024

Cost of sales rose 37% from $83.2 million in Q3 2024 to $113.7 million in Q3 2025. The increase mainly reflects a 36% increase in gold ounces sold. CMP mill feed purchases rose 19% due to a 42% increase in the average realized gold price compared to the prior year quarter. Royalties increased by $4.0 million, consistent with the growth in gold revenue.

YTD 2025 compared to YTD 2024

Cost of sales increased 25% to $290.1 million, from $231.6 million in 2024. Total gold ounces sold rose 22%, from 154,282 in YTD 2024 to 188,306 in YTD 2025, as a result of expanded mill capacity and improved throughput at the Segovia Operations. CMP material costs increased by 13%, reflecting higher gold-linked payments. Royalty payments increased by $8.0 million, consistent with the 72% increase in revenue during the period.

Depreciation and Depletion

Q3 2025 compared to Q2 2025

Depreciation and depletion totaled $13.5 million in Q3 2025, up 13% from Q2 2025 primarily due to a 25% increase in production as the expense reflects the units-of-production depletion method applied across operations as well as a higher depletable cost base due to additional sustaining capital investments of $11.9 million during the quarter.

Q3 2025 compared to Q3 2024

Depreciation and depletion increased 49% from $9.0 million in Q3 2024. The increase reflects a higher depletable cost base, following continued investment in mining interests and infrastructure, as well as higher production volumes, up 37% as compared to Q3 2024.

YTD 2025 compared to YTD 2025

Depreciation and depletion totaled $36.1 million in 2025, up 47% compared to $24.6 million in 2024. The increase is primarily due to production increases, up 22% across both operations and a higher depletable cost base.

Social Contributions

Q3 2025 compared to Q2 2025

Social contributions totaled $8.2 million in Q3 2025, a 48% increase from Q2 2025. The increase reflects the stepped-rate framework under which contributions are calculated, which links payments to prevailing gold prices and production volumes. The 27% growth in gold revenue, driven by a higher realized gold price and increased ounces sold directly led to the increase in social contributions.

Q3 2025 compared to Q3 2024

Social contributions increased by $3.7 million compared to Q3 2024, consistent with the year-over-year growth in gold revenue due to higher gold prices and sales volumes.

Page | 19

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

YTD 2025 compared to YTD 2024

For the nine month period, social contributions rose 78% to $18.1 million, driven by higher realized gold prices and increased gold sales volumes, consistent with the revenue growth over the same period.

Share based compensation

Q3 2025 compared to Q2 2025

The Company recognized a share based compensation expense of $9.5 million during Q3 2025, up 17% compared to Q2 2025. The increase was primarily driven by the revaluation of the Company's cash-settled performance share units (PSUs), which are fair valued and increased in value in line with the Company's share price.

Q3 2025 compared to Q3 2024

Share based compensation increased by $7.0 million when compared to Q3 2024 primarily due to the revaluation of the Company's PSUs during the quarter.

YTD 2025 compared to YTD 2024

During the nine month period ended September 30, 2025, share based compensation totaled $21.4 million as compared to $5.7 million for the same period in 2024. The increase was primarily due to the higher fair value of outstanding PSUs, reflecting the Company's stronger share price performance in 2025, as well as a higher number of units outstanding relative to the prior year.

Gain (loss) on financial instruments

The major components of the gain (loss) on financial instruments for the current and prior periods are outlined below:

	Three months ended								Nine months ended
	September 30, 2025		June 30, 2025		March 31, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Financial Assets
Investment in Denarius	531		(508)		(787)		671		(764)		1,134
Denarius convertible debenture	2,156		758		553		1,732		3,468		3,019
Denarius warrants	(1)		(75)		—		1		(75)		(170)
Embedded derivative 2029 Senior Notes	4,631		859		3,316		—		8,806		—
Other gain (loss) on financial instruments	285		2		(2)		—		284		2
	7,602		1,036		3,080		2,404		11,719		3,985
Financial Liabilities
Gold Notes	(7,563)		(6,262)		(5,125)		(3,891)		(18,950)		(11,250)
Convertible debenture	—		—		—		—		—		565
Unlisted Warrants	—		—		—		(395)		—		(209)
ARIS.WT.A Listed Warrants	(6,424)		(45,511)		(14,584)		(10,960)		(66,519)		(15,819)
	(13,987)		(51,773)		(19,709)		(15,246)		(85,469)		(26,713)
Total gain (loss) on financial instruments	$	(6,385)	$	(50,737)	$	(16,629)	$	(12,842)	$	(73,750)	$	(22,728)

Q3 2025 compared to Q2 2025

Aris Mining holds financial instruments that are recognized at fair value through profit and loss. In Q3 2025, the Company recognized a $6.4 million loss on financial instruments compared to a $50.7 million loss in Q2 2025. The loss in Q2 2025 was primarily driven by the significant appreciation in the Company's share price which led to a 205% increase in the market price of ARIS.WT.A Listed Warrants, resulting in a $45.5 million loss, recorded on the fair value adjustment to the warrant liability. As of July 30, 2025, there are no further ARIS.WT.A Listed Warrants outstanding. The loss recorded from fair value adjustments on the Warrant liability prior to expiry or exercise was $6.4 million in Q3 2025.

Further, the Company incurred a $7.6 million loss on the Cboe Canada listed Gold Notes (Gold Notes). The valuation of the Gold Notes incorporates credit spreads, risk-free rates, volatility, and gold future prices. The primary driver of the fair-value adjustment in Q3 2025 was a 15% increase in gold prices.

Page | 20

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Q3 2025 compared to Q3 2024

The loss on financial instruments decreased from $12.8 million in Q3 2024 to $6.4 million in Q3 2025 primarily due to a lower loss on the warrant fair value adjustment as well as a $4.6 million gain recorded on the Senior Notes embedded derivative that was entered into in Q4 2024.

YTD 2025 compared to YTD 2024

The Company recognized a $73.8 million loss on financial instruments in 2025, compared to a $22.7 million loss in 2024. The higher loss was primarily driven by fair value adjustments on the ARIS.WT.A Listed Warrants and Gold Notes, reflecting the impact of changes in the fair value of warrants and gold prices during the period. As of July 30, 2025, there are no further ARIS.WT.A Listed Warrants outstanding. This was partially offset by a fair value gain recorded for the embedded derivative on the 2029 Senior Notes in 2025.

Finance costs

Q3 2025 compared to Q2 2025

Finance costs in Q3 2025 were broadly consistent with Q2 2025 at $9.4 million. The current quarter reflects a normalized interest expense structure following the refinancing activities in Q4 2024.

Q3 2025 compared to Q3 2024

Finance costs increased 45% from $6.5 million as compared to Q3 2024. The year-over-year increase reflects the impact of $450 million in debt (2029 Senior Notes) raised in Q4 2024 to refinance the $300 million bond (2026 Senior Notes). The 2029 Senior Notes also carry a higher coupon rate compared to the previous 2026 Senior Notes.

YTD 2025 compared to YTD 2024

Finance costs for the nine months ended September 30, 2025 increased 53% from $19.8 million in 2024. In line with the increases compared to the prior-year quarter, the year-over-year increase reflects the refinancing of the Senior Notes in Q4 2024.

Foreign exchange loss (gain)

Q3 2025 compared to Q2 2025

Aris Mining recorded a foreign exchange loss of $13.5 million in Q3 2025, compared to a loss of $7.2 million in Q2 2025. The $6.3 million quarter-over-quarter difference was due to the appreciation of the COP against the USD during the quarter. This movement resulted in translation losses on USD-denominated monetary assets and liabilities held within subsidiaries whose functional currency is the COP.

Q3 2025 compared to Q3 2024

The foreign exchange loss of $13.5 million in Q3 2025 compares to a loss of $0.3 million in Q3 2024. This change is primarily attributable to a higher appreciation of the COP during the current quarter as compared to Q3 2024, which reduced the USD value of monetary balances held in COP-functional entities, leading to translation losses.

YTD 2025 compared to YTD 2024

The Company recorded a foreign exchange loss of $26.7 million in 2025 compared to a gain of $7.0 million in 2024. This change is primarily attributable to the appreciation of the COP during the year as compared to a depreciation in 2024, which reduced the USD value of monetary balances held in COP-functional entities, leading to translation losses.

Income tax (expense) recovery

Q3 2025 compared to Q2 2025

Income taxes totaled $34.1 million in Q3 2025, a 17% increase from Q2 2025, primarily reflecting higher income from mining operations up 33%, driven by increased gold sales volumes and higher realized gold prices.

Q3 2025 compared to Q3 2024

Income taxes increased by $18.3 million as compared to Q3 2024, driven by higher income from mining operations due to higher realized gold prices and higher gold ounces sold.

YTD 2025 compared to YTD 2024

Income taxes increased by 108% to $81.3 million as compared to 2024, driven by higher income from mining operations due to higher realized gold prices and higher gold ounces sold.

Page | 21

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<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 the Segovia Operations and remaining milestone payments from WPMI, there is 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 September 30, 2025, the Company held a working capital surplus, defined as current assets minus current liabilities, of $313.8 million (Q4 2024 - $216.3 million), underpinned by a cash balance of $417.9 million. Cash and cash equivalents increased by $165.3 million in 2025. The increase primarily reflects stronger operating cash flow resulting from higher gold sales, proceeds from the exercise of ARIS.WT.A Listed warrants partially offset by continued investment in growth projects. Notably, the Company advanced construction at the Marmato Bulk Mining Zone and made scheduled interest payments on its Senior Notes.

			Three months ended						Nine months ended
	September 30, 2025		June 30, 2025		March 31, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net cash provided by (used in) operating activities	$	105,718	$	81,719	$	46,761	$	31,117	$	234,198	$	42,720
Net cash used in investing activities	(54,904)		(47,320)		(60,564)		(61,495)		(162,788)		(147,496)
Net cash provided by (used in) from financing activities	55,453		35,009		331		(10,396)		90,793		(6,403)
Impact of foreign exchange on cash and cash equivalents	1,450		925		768		(578)		3,143		(3,140)
Increase (decrease) in cash and cash equivalents	107,717		70,333		(12,704)		(41,353)		165,346		(114,318)
Cash and cash equivalents, beginning of period	310,164		239,831		252,535		121,657		252,535		194,622
Cash and cash equivalents, end of period	$	417,881	$	310,164	$	239,831	$	80,304	$	417,881	$	80,304

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, DSUs) there were no material related party transactions.

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, which are recorded on our consolidated balance sheet at fair value with gains and losses in each period included in other comprehensive income (loss) in the year and profit for the period on our consolidated statements of income and consolidated statements of other comprehensive income, as appropriate. The most significant of these instruments are the Gold Notes.

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 10 of the 2024 annual financial statements. As of September 30, 2025, the outstanding principal value is $31.8 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 excess of the floor price of $1,400 compared to the London Bullion Market Association Gold Price on the

Page | 22

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

measurement date. 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 16 in our 2024 audited annual consolidated financial statements.

Contractual Obligations and Commitments

The Company enters into contracts in the normal course of business that give rise to commitments for future payments. The following table summarizes the undiscounted contractual obligations and commitments as at September 30, 2025, which mature over the next five years and beyond:

	Less than 1 year		1 to 3 years		4 to 5 years		Over 5 years		Total
Trade, tax and other payables	$	152,995	$	—	$	—	$	—	$	152,995
Reclamation and closure costs	2,633		3,618		8,776		29,150		44,177
Lease payments	549		2,355		1,270		1,923		6,097
Gold Notes	47,785		46,215		—		—		94,000
Senior unsecured notes	36,000		108,000		468,000		—		612,000
Other contractual commitments1	16,699		—		—		—		16,699
Total	$	256,661	$	160,188	$	478,046	$	31,073	$	925,968

1.Includes binding commitments for capital and operating purchase obligations that the Company has entered into as at September 30, 2025.

Aris Mining’s gold and silver production from the Marmato Complex and future production from the Toroparu Project, are subject to the terms of streaming agreements with WPMI. In addition, gold and silver production from PSN after the first 5.7 million ounces of gold have been produced is subject to the terms with the precious metals purchase agreement (PMPA) with MDC Industry Holding Company LLC (Mubadala).

In addition, Aris Mining has the obligation to fund Mubadala's 49% share of certain operating costs until the earlier of the receipt of the environmental license for the Soto Norte Project or December 31, 2027.

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 September 30, 2025.

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.

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 202.7 million common shares issued and outstanding and 5.9 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 PSN.

Page | 23

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

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

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 operating income and 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 its Segovia Operations. 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. Adoption of the World Gold Standard methodology is voluntary and other companies may quantify this measure differently because of different underlying principles and policies applied.

All-in sustaining costs

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 transparency to the total period‐attributable AISC of producing an ounce of gold and may aid in the comparison 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 | 24

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Total cash costs

Reconciliation of total cash costs to the most directly comparable financial measure disclosed in the Financial Statements.

	Three months ended
	September 30, 2025		September 30, 2024
($000s except per ounce amounts)	Segovia	Total	Segovia	Total
Total gold sold (ounces)	65,580	73,001	48,059	53,769
Cost of sales1	93,249	113,692	66,570	83,243
Less: royalties1	(7,532)	(10,087)	(3,506)	(4,849)
Add: by-product revenue1	(4,116)	(4,659)	(2,665)	(3,278)
Total cash costs	81,601	98,946	60,399	75,116
Total cash costs ($ per oz gold sold)	1,244		1,257
Total cash cost including royalties	89,133		63,905
Total cash cost including royalties <br>($ per oz gold sold)	1,359		1,330

All values are in US Dollars.

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

	Nine months ended
	September 30, 2025		September 30, 2024
($000s except per ounce amounts)	Segovia	Total	Segovia	Total
Total gold sold (ounces)	166,721	188,306	136,713	154,282
Cost of sales1	237,059	290,141	186,801	231,570
Less: royalties1	(17,590)	(24,029)	(9,592)	(13,145)
Add: by-product revenue1	(9,987)	(11,270)	(7,845)	(8,723)
Total cash costs	209,482	254,842	169,364	209,702
Total cash costs ($ per oz gold sold)	1,256		1,239
Total cash cost including royalties	227,072		178,956
Total cash cost including royalties <br>($ per oz gold sold)	1,362		1,309

All values are in US Dollars.

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

	Three months ended
	June 30, 2025		March 31, 2025
($000s except per ounce amounts)	Segovia	Total	Segovia	Total
Total gold sold (ounces)	53,751	61,024	47,390	54,281
Cost of sales1	76,719	93,974	67,091	82,475
Less: royalties1	(5,539)	(7,583)	(4,519)	(6,359)
Add: by-product revenue1	(2,798)	(3,225)	(3,073)	(3,386)
Total cash costs	68,382	83,166	59,499	72,730
Total cash costs ($ per oz gold sold)	1,272		1,256
Total cash cost including royalties	73,921		64,018
Total cash cost including royalties <br>($ per oz gold sold)	1,375		1,351

All values are in US Dollars.

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

Page | 25

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

All-in sustaining costs

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

	Three months ended
	September 30, 2025		September 30, 2024
($000s except per ounce amounts)	Segovia	Total	Segovia	Total
Total gold sold (ounces)	65,580	73,001	48,059	53,769
Total cash costs	81,601	98,946	60,399	75,116
Add: royalties1	7,532	10,087	3,506	4,849
Add: social programs1	7,787	8,224	4,294	4,479
Add: sustaining capital expenditures	10,334	11,858	5,423	6,361
Add: sustaining lease payments	352	352	389	389
Total AISC	107,606	129,467	74,011	91,194
Total AISC ($ per oz gold sold)	1,641		1,540

All values are in US Dollars.

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

	Nine months ended
	September 30, 2025		September 30, 2024
($000s except per ounce amounts)	Segovia	Total	Segovia	Total
Total gold sold (ounces)	166,721	188,306	136,713	154,282
Total cash costs	209,482	254,842	169,364	209,702
Add: royalties1	17,590	24,029	9,592	13,145
Add: social programs1	17,025	18,120	8,703	10,205
Add: sustaining capital expenditures	27,051	30,734	18,143	20,687
Add: sustaining lease payments	1,255	1,255	1,259	1,259
Total AISC	272,403	328,980	207,061	254,998
Total AISC ($ per oz gold sold)	1,634		1,515

All values are in US Dollars.

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

	Three months ended
	June 30, 2025		March 31, 2025
($000s except per ounce amounts)	Segovia	Total	Segovia	Total
Total gold sold (ounces)	53,751	61,024	47,390	54,281
Total cash costs	68,382	83,166	59,499	72,730
Add: royalties1	5,539	7,583	4,519	6,359
Add: social programs1	5,177	5,562	4,061	4,334
Add: sustaining capital expenditures	10,861	12,287	5,856	6,589
Add: sustaining lease payments	423	423	480	480
Total AISC	90,382	109,021	74,415	90,492
Total AISC ($ per oz gold sold)	1,681		1,570

All values are in US Dollars.

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

Page | 26

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Total cash costs

Reconciliation of total cash costs by business unit at the Segovia Operations to the cash costs as disclosed above.



(000s except per ounce amounts)	CMP	Total Segovia	CMP	Total Segovia
Total gold sold (ounces)	24,596	65,580	25,107	48,059
Cost of sales1	44,747	93,249	37,751	66,570
Less: royalties1	(2,532)	(7,532)	(1,507)	(3,506)
Add: by-product revenue1	(1,550)	(4,116)	(665)	(2,665)
Total cash costs	40,665	81,601	35,579	60,399
Total cash costs ( per oz gold sold)	$1,653	1,244	$1,417	$1,257
Total cash cost including royalties		89,133		63,905
Total cash cost including royalties ( per oz gold sold)		1,359		$1,330

All values are in US Dollars.

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



(000s except per ounce amounts)	CMP	Total Segovia	CMP	Total Segovia
Total gold sold (ounces)	66,089	166,721	71,133	136,713
Cost of sales1	114,226	237,059	99,366	186,801
Less: royalties1	(6,202)	(17,590)	(4,196)	(9,592)
Add: by-product revenue1	(3,959)	(9,987)	(2,031)	(7,845)
Total cash costs	104,065	209,482	93,139	169,364
Total cash costs ( per oz gold sold)	$1,575	1,256	$1,309	$1,239
Total cash cost including royalties		227,072		178,956
Total cash cost including royalties ( per oz gold sold)		1,362		$1,309

All values are in US Dollars.

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



(000s except per ounce amounts)	CMP	Total Segovia	CMP	Total Segovia
Total gold sold (ounces)	21,066	53,751	20,427	47,390
Cost of sales1	37,187	76,719	32,292	67,091
Less: royalties1	(1,934)	(5,539)	(1,736)	(4,519)
Add: by-product revenue1	(1,084)	(2,798)	(1,325)	(3,073)
Total cash costs	34,169	68,382	29,231	59,499
Total cash costs ( per oz gold sold)	$1,622	1,272	$1,431	$1,256
Total cash cost including royalties		73,921		64,018
Total cash cost including royalties ( per oz gold sold)		1,375		$1,351

All values are in US Dollars.

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

Page | 27

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

All-in sustaining costs

Reconciliation of total AISC by business unit at the Segovia Operations to the AISC as disclosed above.

	Three months ended
	September 30, 2025			September 30, 2024
($000s except per ounce amounts)	Owner Mining	CMP	Total Segovia	Owner Mining	CMP	Total Segovia
Total gold sold (ounces)	40,984	24,596	65,580	22,952	25,107	48,059
Total cash costs	40,936	40,665	81,601	24,820	35,579	60,399
Add: royalties1	5,000	2,532	7,532	1,999	1,507	3,506
Add: social programs1	5,155	2,632	7,787	2,449	1,845	4,294
Add: sustaining capital expenditures	8,078	2,256	10,334	3,640	1,783	5,423
Add: sustaining lease payments	352	—	352	389	—	389
Total AISC	59,521	48,085	107,606	33,297	40,714	74,011
Total AISC ($ per oz gold sold)	$1,452	$1,955	$1,641	$1,451	$1,622	$1,540

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

	Nine months ended
	September 30, 2025			September 30, 2024
($000s except per ounce amounts)	Owner Mining	CMP	Total Segovia	Owner Mining	CMP	Total Segovia
Total gold sold (ounces)	100,632	66,089	166,721	65,580	71,133	136,713
Total cash costs	105,416	104,065	209,482	76,225	93,139	169,364
Add: royalties1	11,388	6,202	17,590	5,396	4,196	9,592
Add: social programs1	11,023	6,002	17,025	4,910	3,793	8,703
Add: sustaining capital expenditures	20,083	6,969	27,051	12,976	5,167	18,143
Add: sustaining lease payments	1,255	—	1,255	1,259	—	1,259
Total AISC	149,165	123,238	272,403	100,766	106,295	207,061
Total AISC ($ per oz gold sold)	$1,482	$1,865	$1,634	$1,537	$1,494	$1,515

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

	Three months ended
	June 30, 2025			March 31, 2025
($000s except per ounce amounts)	Owner Mining	CMP	Total Segovia	Owner Mining	CMP	Total Segovia
Total gold sold (ounces)	32,685	21,066	53,751	26,963	20,427	47,390
Total cash costs	34,213	34,169	68,382	30,268	29,231	59,499
Add: royalties1	3,605	1,934	5,539	2,783	1,736	4,519
Add: social programs1	3,366	1,811	5,177	2,501	1,560	4,061
Add: sustaining capital expenditures	8,088	2,773	10,861	3,917	1,939	5,856
Add: sustaining lease payments	423	—	423	480	—	480
Total AISC	49,695	40,687	90,382	39,949	34,466	74,415
Total AISC ($ per oz gold sold)	$1,520	$1,931	$1,681	$1,482	$1,687	$1,570

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

Page | 28

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<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 the Segovia Operations disclosed below.

	Three months ended					Nine months ended
	September 30, 2025	June 30, 2025	March 31, 2025		September 30, 2024	September 30, 2025	September 30, 2024
Gold revenue ($'000s)1	229,116	177,551	135,310		118,075	541,977	311,766
All-in sustaining costs	107,606	90,382	74,415		74,011	272,403	207,061
AISC margin ($’000)	121,510	87,169	60,895		44,064	269,574	104,705
AISC margin (%)	53%	49%	45	%	37%	50%	34%

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

	Three months ended								Trailing 12-month basis
	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2025
Gold revenue ($'000s)1	229,116		177,551		135,310		133,159		675,136
All-in sustaining costs	107,606		90,382		74,415		74,861		347,264
AISC margin ($’000)	121,510		87,169		60,895		58,298		327,872
AISC margin (%)	53	%	49	%	45	%	44	%	49	%

1.As presented in the 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 Financial Statements.

	Three months ended				Nine months ended
($’000)	September 30, 2025	June 30, 2025	March 31, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Sustaining capital
Segovia Operations	10,334	10,861	5,856	5,423	27,051	18,143
Marmato Narrow Vein Zone	1,524	1,426	733	938	3,683	2,544
Total sustaining capital	11,858	12,287	6,589	6,361	30,734	20,687
Non-sustaining capital
Marmato Bulk Mining Zone	31,369	23,628	29,661	18,135	84,658	52,143
Segovia Operations	9,618	6,930	6,368	16,962	22,916	44,269
Soto Norte Project and Other	3,879	3,446	4,570	5,034	11,895	8,933
Toroparu Project	3,270	2,741	2,411	1,970	8,422	5,988
Marmato Narrow Vein Zone	—	—	—	2,965	—	6,289
Total expansion and growth capital	48,136	36,745	43,010	45,066	127,891	117,622
Additions to mining interest, plant and equipment1	59,994	49,032	49,599	51,427	158,625	138,309

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

Page | 29

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<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 Financial Statements.

	Three months ended				Nine months ended
($000s except shares amount)	September 30, 2025	June 30, 2025	March 31, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Basic weighted average shares outstanding	199,171,052	179,836,208	171,622,649	169,873,924	183,644,213	153,304,168
Net Income (loss) attributable to Owners of the Company	42,011	(16,897)	2,368	(2,074)	27,482	2,895
Add back:
Share-based compensation1	9,497	8,136	3,784	2,533	21,417	5,748
(Income) loss from equity accounting in investee1	—	—	14	17	14	2,869
Loss on financial instruments1	6,385	50,737	16,628	12,842	73,750	22,728
Loss on disposal of Juby Project1	3,200	—	—	—	3,200	—
Other (income) expense1	1,961	1,090	535	(428)	3,586	2,253
Foreign exchange (gain) loss1	13,520	7,224	5,997	311	26,741	(7,008)
Income tax effect on adjustments	(4,732)	(2,528)	(2,099)	(109)	(9,359)	1,707
Adjusted net earnings	71,842	47,762	27,227	13,092	146,831	31,192
Per share – basic ($/share)	0.36	0.27	0.16	0.08	0.80	0.20

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

	Three months ended				Trailing 12-month basis
($000s except shares amount)	September 30, 2025	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2025
Basic weighted average shares outstanding	199,171,052	179,836,208	171,622,649	170,900,890	180,432,200
Net Income (loss) attributable to Owners of the Company	42,011	(16,897)	2,368	21,687	49,169
Add back:
Share-based compensation1	9,497	8,136	3,784	(483)	20,934
Revaluation of investment in Denarius1	—	—	—	—	—
(Income) loss from equity accounting in investee1	—	—	14	14	28
Loss on financial instruments1	6,385	50,737	16,628	(6,561)	67,189
Loss on disposal of Juby Project1	3,200	—	—	—	3,200
Other (income) expense1	1,961	1,090	535	1,116	4,702
Loss on redemption of 2026 Senior Notes	—	—	—	11,463	11,463
Foreign exchange (gain) loss1	13,520	7,224	5,997	(5,113)	21,628
Income tax effect on adjustments	(4,732)	(2,528)	(2,099)	2,536	(6,823)
Adjusted net earnings	71,842	47,762	27,227	24,659	171,490
Per share – basic ($/share)	0.36	0.27	0.16	0.14	0.95

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

Page | 30

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

Earnings before interest, taxes, depreciation, and amortization (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 Annual Financial Statements.

	Three months ended				Nine months ended
	September 30, 2025	June 30, 2025	March 31, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Earnings before Income tax1	76,094	12,258	21,220	13,603	109,572	41,817
Add back:
Depreciation and depletion1	13,459	11,929	10,734	9,019	36,122	24,620
Finance income1	(2,437)	(3,474)	(2,336)	(1,351)	(8,247)	(5,288)
Finance costs1	9,390	10,833	10,037	6,493	30,260	19,792
EBITDA	96,506	31,546	39,655	27,764	167,707	80,941
Add back:
Share-based compensation1	9,497	8,136	3,784	2,533	21,417	5,748
Income from associates1	—	—	14	17	14	2,869
Gain (loss) on financial instruments1	6,385	50,737	16,628	12,842	73,750	22,728
Loss on disposal of Juby Project1	3,200	—	—	—	3,200	—
Other Income (expenses)1	1,961	1,090	535	(428)	3,586	2,253
Foreign exchange (gain) loss1	13,520	7,224	5,997	311	26,741	(7,008)
Adjusted EBITDA	131,069	98,733	66,613	43,039	296,415	107,531

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

	Three months ended				Trailing 12-month basis
	September 30, 2025	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2025
Earnings before Income tax1	76,094	12,258	21,220	37,513	147,085
Add back:
Depreciation and depletion1	13,459	11,929	10,734	9,530	45,652
Finance income1	(2,437)	(3,474)	(2,336)	(1,606)	(9,853)
Finance costs1	9,390	10,833	10,037	21,165	51,425
EBITDA	96,506	31,546	39,655	66,602	234,309
Add back:
Share-based compensation1	9,497	8,136	3,784	(483)	20,934
Income from associates1	—	—	14	14	28
Gain (loss) on financial instruments1	6,385	50,737	16,628	(6,561)	67,189
Loss on disposal of Juby Project1	3,200	—	—	—	3,200
Other Income (expenses)1	1,961	1,090	535	1,116	4,702
Foreign exchange (gain) loss1	13,520	7,224	5,997	(5,113)	21,628
Adjusted EBITDA	131,069	98,733	66,613	55,575	351,990

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

Page | 31

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<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 unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting, using accounting policies consistent with those applied in the Company’s audited consolidated financial statements for the years ended December 31, 2024 and 2023. Details of the significant accounting policies are disclosed in note 3 of the Company’s audited consolidated financial statements.

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 should consider the information included or incorporated by reference in this document and the Interim Financial Statements and related notes thereto. Additionally, 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, 2024 dated as of March 12, 2025, which is available on www.aris-mining.com, under the Company's profile 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.

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 September 30, 2025, 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

Page | 32

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

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.

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 (51%)	1,326	8.78	357	9,027	6.72	1,938	10,353	7.00	2,346
Segovia	1,886	11.25	682	1,989	10.33	660	3,875	10.78	1,343
Total			1,343			5,472			6,867

Notes: Totals may not add due to rounding. Mineral reserve estimates for Soto Norte represent the portion of mineral reserves attributable to Aris Mining based on its 51% ownership interest. Mineral reserves were estimated using a gold price of US$1,500 per ounce at Marmato, US$2,200 at Soto Norte, and US$1,915 at Segovia. The mineral reserve effective dates are June 30, 2022 at Marmato, August 18. 2025 at Soto Norte, and July 31, 2024 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 (51%)	1.9	7.99	510	18.0	5.29	3,060	19.9	5.55	3,570	12.8	4.81	1,989
Segovia	3.6	16.03	1,875	2.9	16.07	1,521	6.6	16.05	3,396	5.1	15.38	2,541
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			4,968			13,305			18,273			8,494

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 resource estimates for Soto Norte represent the portion of mineral resources attributable to Aris Mining based on its 51% ownership interest. Mineral resources were estimated using a gold price of US$1,700 per ounce at Marmato, US$2,600 at Soto Norte, US$2,100 at the Segovia Operations, and US$1,950 at Toroparu. The mineral resource effective dates are June 30, 2022 at Marmato, August 18, 2025 at Soto Norte, July 31, 2024 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.

Page | 33

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<br><br>(all figures are expressed in thousands of United States Dollars, unless otherwise stated)

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 October 7, 2024 and entitled “ARIS MINING REPORTS Q3 2024 GOLD PRODUCTION, UPDATES SEGOVIA RESERVE AND RESOURCE ESTIMATES AND EXPANSION MILESTONES”.

Page | 34

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<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 of 500,000 ounces, the timeline for ramp up of production at Segovia, timeline for the construction of and production at the Bulk Mining Zone, the plans and timing of the Toroparu prefeasibility study, highlights from the Toroparu PFS and Toroparu PEA, 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 anticipated business plans and strategies, financing sources, critical accounting estimates, risks and uncertainties and limitations of controls and procedures.

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, 2024 and dated March 12, 2025 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 | 35

Management's Discussion and Analysis <br>For the three and nine months ended September 30, 2025 and 2024<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 | 36

Document

Condensed Consolidated Interim Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(expressed in thousands of United States dollars)

(Unaudited)

| Condensed Consolidated Interim Statements of Financial Position (Unaudited, Expressed in thousands of US dollars) | | --- || | Notes | September 30, 2025 | | December 31, 2024 | | | --- | --- | --- | --- | --- | --- | | ASSETS | | | | | | | Current | | | | | | | Cash and cash equivalents | | $ | 417,881 | $ | 252,535 | | Gold in trust | 11c | 1,938 | | 1,704 | | | Trade and other receivables | 16b | 53,533 | | 47,232 | | | Inventories | 7 | 57,404 | | 45,679 | | | Other current assets | | 4,792 | | 3,633 | | | | | 535,548 | | 350,783 | | | Non-current | | | | | | | Cash in trust | | 3,383 | | 3,072 | | | Mining interests, plant and equipment | 9 | 1,834,355 | | 1,627,810 | | | Other financial assets | 8 | 23,203 | | 12,624 | | | Other long-term assets | | 171 | | 215 | | | Total assets | | $ | 2,396,660 | $ | 1,994,504 | | LIABILITIES AND EQUITY | | | | | | | Current | | | | | | | Accounts payable and accrued liabilities | 10 | $ | 106,786 | $ | 76,249 | | Income tax payable | | 46,209 | | 18,268 | | | Current portion of long-term debt | 11 | 53,310 | | 22,132 | | | Warrant liabilities | 14c | — | | 8,886 | | | Current portion of deferred revenue | 13 | 6,036 | | 4,354 | | | Current portion of provisions | 12 | 7,910 | | 2,979 | | | Current portion of lease obligations | | 1,476 | | 1,650 | | | | | 221,727 | | 134,518 | | | Non-current | | | | | | | Long-term debt | 11 | 460,021 | | 494,102 | | | Deferred revenue | 13 | 198,584 | | 194,025 | | | Provisions | 12 | 31,841 | | 28,822 | | | Deferred income taxes | | 56,637 | | 55,011 | | | Lease obligations | | 3,034 | | 2,689 | | | Other long-term liabilities | 14f | 6,414 | | 2,230 | | | Total liabilities | | $ | 978,258 | $ | 911,397 | | Equity | | | | | | | Share capital | 14a | 1,136,831 | | 935,917 | | | Share purchase warrants | | 4,491 | | 4,491 | | | Contributed surplus | | 202,993 | | 209,469 | | | Accumulated other comprehensive loss | | (53,926) | | (160,450) | | | Deficit | | (163,374) | | (190,856) | | | Equity attributable to owners of the Company | | 1,127,015 | | 798,571 | | | Non-controlling interest | 15 | 291,387 | | 284,536 | | | Total equity | | 1,418,402 | | 1,083,107 | | | Total liabilities and equity | | $ | 2,396,660 | $ | 1,994,504 || Commitments and contingencies | Note 12d,16c | | --- | --- |

Approved by the Board of Directors and authorized for issue on October 29, 2025:

"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 September 30, | | | | Nine months ended September 30, | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Notes | 2025 | | 2024 | | 2025 | | 2024 | | | Revenue | 17 | $ | 258,115 | $ | 134,723 | $ | 619,099 | $ | 359,528 | | Cost of sales | 18 | (113,692) | | (83,243) | | (290,141) | | (231,570) | | | Depreciation and depletion | | (13,459) | | (9,019) | | (36,122) | | (24,620) | | | Social contributions | | (8,224) | | (4,479) | | (18,120) | | (10,205) | | | Income from mining operations | | 122,740 | | 37,982 | | 274,716 | | 93,133 | | | General and administrative costs | | (5,130) | | (3,962) | | (14,423) | | (10,222) | | | Loss from investments in associates | | — | | (17) | | (14) | | (2,871) | | | Share-based compensation | 14g | (9,497) | | (2,533) | | (21,417) | | (5,748) | | | Other income (expense) | | (1,961) | | 428 | | (3,586) | | (2,252) | | | Income from operations | | 106,152 | | 31,898 | | 235,276 | | 72,040 | | | Gain (loss) on financial instruments | 20 | (6,385) | | (12,842) | | (73,750) | | (22,728) | | | Loss on disposal of Juby Project | 8a, 9 | (3,200) | | — | | (3,200) | | — | | | Finance income | | 2,437 | | 1,351 | | 8,247 | | 5,288 | | | Finance costs | 19 | (9,390) | | (6,493) | | (30,260) | | (19,792) | | | Foreign exchange gain (loss) | | (13,520) | | (311) | | (26,741) | | 7,010 | | | Income before income tax | | 76,094 | | 13,603 | | 109,572 | | 41,818 | | | Income tax (expense) recovery | | | | | | | | | | | Current | | (39,703) | | (17,280) | | (89,955) | | (36,590) | | | Deferred | | 5,618 | | 1,450 | | 8,661 | | (2,485) | | | Net income (loss) | | $ | 42,009 | $ | (2,227) | $ | 28,278 | $ | 2,743 | | Net income (loss) attributable to: | | | | | | | | | | | Owners of the Company | | $ | 42,011 | $ | (2,074) | $ | 27,482 | $ | 2,896 | | Non-controlling interest | 15 | (2) | | (153) | | 796 | | (153) | | | | | $ | 42,009 | $ | (2,227) | $ | 28,278 | $ | 2,743 | | Earnings (loss) per share attributable to owners of the Company – basic | 14h | $ | 0.21 | $ | (0.01) | $ | 0.15 | $ | 0.02 | | Weighted average number of outstanding common shares – basic | | 199,171,052 | | 169,873,924 | | 183,644,213 | | 153,304,168 | | | Earnings (loss) per share attributable to owners of the Company – diluted | 14h | $ | 0.21 | $ | (0.01) | $ | 0.15 | $ | 0.02 | | Weighted average number of outstanding common shares – diluted | | 202,514,804 | | 169,873,924 | | 186,399,206 | | 153,826,303 | |

See accompanying notes to the Condensed Consolidated Interim Financial Statements.

Page | 3

| Condensed Consolidated Interim Statements of Comprehensive Income (Loss) (Unaudited, Expressed in thousands on US dollars) | | --- || | | Three months ended September 30, | | | | Nine months ended September 30, | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Notes | 2025 | | 2024 | | 2025 | | 2024 | | | Net income (loss) | | $ | 42,009 | $ | (2,227) | $ | 28,278 | $ | 2,743 | | Other comprehensive earnings (loss): | | | | | | | | | | | Items that will not be reclassified to profit in subsequent periods: | | | | | | | | | | | Unrealized gain on Convertible Debentures due to change in credit risk ($nil tax effect) | 11d | — | | — | | — | | 103 | | | Unrealized gain (loss) on Gold Notes due to changes in credit risk (net of tax effect) ⁽¹⁾ | 11c | 7,759 | | (5,818) | | 8,087 | | (4,505) | | | Items that may be reclassified to profit in subsequent periods: | | | | | | | | | | | Foreign currency translation adjustment (net of tax effect) | | 39,942 | | (2,632) | | 98,437 | | (52,844) | | | Other comprehensive income (loss) | | 47,701 | | (8,450) | | 106,524 | | (57,246) | | | Comprehensive income (loss) | | $ | 89,710 | $ | (10,677) | $ | 134,802 | $ | (54,503) | | Comprehensive income (loss) attributable to: | | | | | | | | | | | Owners of the Company | | $ | 89,712 | $ | (10,524) | $ | 134,006 | $ | (54,350) | | Non-controlling interest | | (2) | | (153) | | 796 | | (153) | | | | | $ | 89,710 | $ | (10,677) | $ | 134,802 | $ | (54,503) |

(1)The tax effect of the unrealized gain (loss) on Gold Notes due to changes in credit risk for the three and nine months ended September 30, 2025, respectively, was an expense of $2,870 and an expense $2,991 (September 30, 2024 - recovery of $47 and expense of $438).

See accompanying notes to the Condensed Consolidated Interim Financial Statements.

Page | 4

| Condensed Consolidated Interim Statements of Equity (Unaudited, Expressed in thousands of US dollars, except share and per share amounts) | | --- || | | | | Share Capital - common shares | | | Share purchase warrants | | Contributed surplus | | Accumulated OCI | | Deficit | | Equity attributable to owners of the Company | | Non-controlling interest | | Total equity | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Nine Months Ended September 30, 2025 | | Notes | | Number | Amount | | | | | | | | At December 31, 2024 | | | | 171,034,256 | $ | 935,917 | $ | 4,491 | $ | 209,469 | $ | (160,450) | $ | (190,856) | $ | 798,571 | $ | 284,536 | $ | 1,083,107 | | Exercise of options | | 14d | | 2,943,578 | 12,807 | | — | | (2,868) | | — | | — | | 9,939 | | — | | 9,939 | | | Exercise of warrants | | 14c | | 28,685,134 | 190,276 | | — | | — | | — | | — | | 190,276 | | — | | 190,276 | | | Share issuance costs | | | | — | (2,169) | | — | | — | | — | | — | | (2,169) | | — | | (2,169) | | | Share-based compensation | | 14g | | — | — | | — | | 2,447 | | — | | — | | 2,447 | | — | | 2,447 | | | Non-reciprocal contributions to Soto Norte Project | | 15 | | — | — | | — | | (6,055) | | — | | — | | (6,055) | | 6,055 | | — | | | Comprehensive income (loss) | | | | — | — | | — | | — | | 106,524 | | 27,482 | | 134,006 | | 796 | | 134,802 | | | At September 30, 2025 | | | | 202,662,968 | $ | 1,136,831 | $ | 4,491 | $ | 202,993 | $ | (53,926) | $ | (163,374) | $ | 1,127,015 | $ | 291,387 | $ | 1,418,402 | | | | Notes | | Share Capital - common shares | | | Share purchase warrants | | Contributed surplus | | Accumulated OCI | | Deficit | | Equity attributable to owners of the Company | | Non-controlling interest | | Total equity | | | Nine Months Ended September 30, 2024 | | | | | | | | | Number | | Amount | | | | | | | At December 31, 2023 | | | | 137,569,590 | $ | 719,806 | $ | 9,708 | $ | 181,758 | $ | (71,179) | $ | (215,438) | $ | 624,655 | $ | — | $ | 624,655 | | Exercise of options | | 14d | | 2,555,899 | 8,866 | | — | | (1,309) | | — | | — | | 7,557 | | — | | 7,557 | | | Exercise of warrants | | 14c | | 11,340,437 | 41,673 | | (5,217) | | — | | — | | — | | 36,456 | | — | | 36,456 | | | Share-based compensation | | 14g | | — | — | | — | | 1,704 | | — | | — | | 1,704 | | — | | 1,704 | | | Conversion of convertible debenture | | | | 3,410,526 | 11,920 | | — | | — | | — | | — | | 11,920 | | — | | 11,920 | | | Acquisition of PSN | | 6 | | 15,750,000 | 151,973 | | — | | 28,947 | | — | | — | | 180,920 | | 283,785 | | 464,705 | | | Comprehensive income (loss) | | | | — | — | | — | | — | | (57,246) | | 2,896 | | (54,350) | | (153) | | (54,503) | | | At September 30, 2024 | | | | 170,626,452 | $ | 934,238 | $ | 4,491 | $ | 211,100 | $ | (128,425) | $ | (212,542) | $ | 808,862 | $ | 283,632 | $ | 1,092,494 |

See accompanying notes to the Condensed Consolidated Interim Financial Statements.

Page | 5

| Condensed Consolidated Interim Statements of Cash Flows (Unaudited, Expressed in thousands of US dollars) | | --- || | | Three months ended September 30, | | | | Nine months ended September 30, | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Notes | 2025 | | 2024 | | 2025 | | 2024 | | | Operating Activities | | | | | | | | | | | Net income | | $ | 42,009 | $ | (2,227) | $ | 28,278 | $ | 2,743 | | Adjusted for the following items: | | | | | | | | | | | Depreciation and depletion | | 14,356 | | 9,231 | | 36,577 | | 25,383 | | | Loss from investments in associates | | — | | 17 | | 14 | | 2,871 | | | Materials and supplies inventory provision | | 43 | | 32 | | 43 | | 13 | | | Share-based compensation | 14g | 9,497 | | 2,533 | | 21,417 | | 5,748 | | | Finance costs | 19 | 9,390 | | 6,493 | | 30,260 | | 19,792 | | | Loss (gain) on financial instruments | 20 | 6,385 | | 12,842 | | 73,750 | | 22,728 | | | Loss on disposal of Juby project | 8a | 3,200 | | — | | 3,200 | | — | | | Amortization of deferred revenue and cumulative catch-up | 13a | (1,495) | | (916) | | (4,097) | | (2,889) | | | Unrealized foreign exchange loss (gain) | | 11,576 | | (42) | | 22,336 | | (8,024) | | | Income tax expense | | 34,085 | | 15,830 | | 81,294 | | 39,075 | | | Other | | 268 | | 15 | | 749 | | (21) | | | Payment of PSUs and DSUs | 14e,f | — | | — | | (2,221) | | (2,246) | | | Settlement of provisions | 12 | (272) | | (370) | | (651) | | (1,095) | | | Increase in cash in trust | | 26 | | (564) | | 5 | | (1,001) | | | Changes in non-cash operating working capital items | 21 | (10,121) | | (7,052) | | 3,837 | | (47,722) | | | Operating cash flows before taxes | | 118,947 | | 35,822 | | 294,791 | | 55,355 | | | Income taxes paid | | (13,228) | | (4,705) | | (60,593) | | (13,202) | | | Net cash provided by operating activities | | 105,719 | | 31,117 | | 234,198 | | 42,153 | | | Investing Activities | | | | | | | | | | | Additions to mining interests, plant and equipment | 9 | (61,810) | | (57,758) | | (158,861) | | (133,567) | | | Contributions to investment in associates | | — | | — | | — | | (2,646) | | | Proceeds from sale of Juby Project | 8a | 13,065 | | — | | 13,065 | | — | | | Increase in cash acquired with Soto Norte Acquisition | 6 | — | | — | | — | | 5,251 | | | Acquisition costs and project funding | 6 | — | | — | | — | | (6,085) | | | Capitalized interest paid (net) | 9 | (6,159) | | (3,737) | | (16,992) | | (9,880) | | | Net cash used in investing activities | | (54,904) | | (61,495) | | (162,788) | | (146,927) | | | Financing Activities | | | | | | | | | | | Repayment of Gold Notes | 11c | (4,064) | | (3,694) | | (12,068) | | (11,083) | | | Payment of lease obligations | | (288) | | (629) | | (1,577) | | (1,857) | | | Interest paid | | — | | (10,382) | | (18,000) | | (20,945) | | | Increase in gold trust account | | — | | — | | (234) | | — | | | Repayment of convertible debenture | 11d | — | | — | | — | | (1,325) | | | Proceeds from exercise of stock options and warrants, net of issuance costs | | 59,805 | | 4,309 | | 122,672 | | 28,807 | | | Net cash provided by financing activities | | 55,453 | | (10,396) | | 90,793 | | (6,403) | | | Impact of foreign exchange rate changes on cash and equivalents | | 1,449 | | (579) | | 3,143 | | (3,141) | | | Increase (decrease) in cash and cash equivalents | | 107,717 | | (41,353) | | 165,346 | | (114,318) | | | Cash and cash equivalents, beginning of period | | 310,164 | | 121,657 | | 252,535 | | 194,622 | | | Cash and cash equivalents, end of period | | $ | 417,881 | $ | 80,304 | $ | 417,881 | $ | 80,304 |

See accompanying notes to the Condensed Consolidated Interim Financial Statements.

Page | 6

Notes to the Condensed Consolidated Interim Financial Statements<br><br>Three and nine months ended September 30, 2025 and 2024<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”) under the symbol “ARIS” and on the NYSE American LLC (“NYSE American”) under the symbol “ARMN”.

Aris Mining is primarily engaged in the acquisition, exploration, development and operation of gold properties in Colombia and Guyana. Aris Mining operates the Segovia Operations and Marmato Mine in Colombia. On June 28, 2024, the Company increased its interest in the Soto Norte Project, located within Colombia, from 20% to 51% (Note 6). 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 October 29, 2025, 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, 2024 and 2023 (“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 U.S. 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, 2024. These financial statements comprise the financial results of the Company and its subsidiaries.

Details regarding the Company and its principal subsidiaries as of September 30, 2025 are as follows:

Entity	Property/<br>function	Registered	Functional currency (1)	Ownership Percentage
Aris Mining Corporation	Corporate	Canada	USD	100%
Aris Mining Holdings Corp.	Corporate	Canada	USD	100%
Aris Mining (Panama) Marmato Inc.	Corporate	Panama	USD	100%
Aris Mining Segovia	Segovia Operations	Colombia	COP	100%
Aris Mining Marmato	Marmato Mine	Colombia	COP	100%
Minerales Andinos de Occidente, S.A.S.	Marmato Zona Alta	Colombia	COP	100%
Minera Croesus S.A.S.	Marmato Zona Alta	Colombia	COP	100%
MIC Global Mining Ventures S.L.	Soto Norte Project	Spain	USD	51%
ETK Inc.	Toroparu Project	Guyana	USD	100%

(1)“USD” = U.S. dollar; “COP” = Colombian peso.

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.

Page | 7

Notes to the Condensed Consolidated Interim Financial Statements<br><br>Three and nine months ended September 30, 2025 and 2024<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. 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.

```
        Segment Disclosures
```

Reportable segments are consistent with the geographic regions in which the Company’s projects are located. In determining the Company’s segment structure, the basis on which the chief operating decision maker reviews the financial and operational performance was considered and whether any of the Company’s mining operations share similar economic, operational and regulatory characteristics. The Company considers its Segovia Operations and Marmato Mine in Colombia, its Toroparu Project in Guyana, its Soto Norte Project in Colombia and its corporate functions in Canada and other corporate entities as its reportable segments.

	Segovia		Marmato		Toroparu		Soto Norte		Corporate <br>and Other		Total
Three months ended September 30, 2025
Revenue	$	233,233	$	24,882	$	—	$	—	$	—	$	258,115
Cost of sales	(93,401)		(20,291)		—		—		—		(113,692)
Depreciation and depletion	(12,236)		(1,056)		—		—		(167)		(13,459)
Social contributions	(7,787)		(437)		—		—		—		(8,224)
Income from mining operations	119,809		3,098		—		—		(167)		122,740
Gain (loss) on financial instruments	—		—		—		—		(6,385)		(6,385)
Finance costs	(561)		(230)		(2)		(23)		(8,574)		(9,390)
Income taxes	(35,880)		(1,076)		—		—		2,871		(34,085)
Segment net income (loss)	66,411		378		(34)		(94)		(24,652)		42,009
Capital expenditures	20,178		32,184		3,275		4,357		—		59,994
Three months ended September 30, 2024
Revenue	$	120,612	$	14,111	$	—	$	—	$	—	$	134,723
Cost of sales	(66,570)		(16,673)		—		—		—		(83,243)
Depreciation and depletion	(8,174)		(669)		—		—		(176)		(9,019)
Social contributions	(4,294)		(185)		—		—		—		(4,479)
Income from mining operations	41,574		(3,416)		—		—		(176)		37,982
Gain (loss) on financial instruments	—		—		—		—		(12,842)		(12,842)
Interest and accretion	(531)		(67)		44		(40)		(5,899)		(6,493)
Income taxes	(16,114)		330		—		—		(46)		(15,830)
Segment net income (loss)	25,349		(1,895)		—		(153)		(25,528)		(2,227)
Capital expenditures	21,286		27,399		2,208		(23,830)		32		27,095

Page | 8

Notes to the Condensed Consolidated Interim Financial Statements<br><br>Three and nine months ended September 30, 2025 and 2024<br><br>(Tabular amounts expressed in thousands of US dollars unless otherwise noted)

5. Segment Disclosures (cont.)

	Segovia		Marmato		Toroparu		Soto Norte		Corporate <br>and Other		Total
Nine months ended September 30, 2025
Revenue	$	551,964	$	67,135	$	—	$	—	$	—	$	619,099
Cost of sales	(237,058)		(53,083)		—		—		—		(290,141)
Depreciation and depletion	(32,719)		(2,923)		—		—		(480)		(36,122)
Social contributions	(17,025)		(1,095)		—		—		—		(18,120)
Income from mining operations	265,162		10,034		—		—		(480)		274,716
Gain (loss) on financial instruments	—		—		—		—		(73,750)		(73,750)
Finance costs	(1,603)		(358)		(8)		(912)		(27,379)		(30,260)
Income taxes	(80,398)		(3,886)		—		—		2,990		(81,294)
Segment net income (loss)	141,213		(5,326)		(85)		1,624		(109,148)		28,278
Capital expenditures	50,198		88,117		8,422		11,888		—		158,625
Nine months ended September 30, 2024
Revenue	$	319,484	$	40,044	$	—	$	—	$	—	$	359,528
Cost of sales	(186,801)		(44,769)		—		—		—		(231,570)
Depreciation and depletion	(21,696)		(2,400)		—		—		(524)		(24,620)
Social contributions	(8,703)		(1,502)		—		—		—		(10,205)
Income from mining operations	102,284		(8,627)		—		—		(524)		93,133
Gain (loss) on financial instruments	—		—		—		—		(22,728)		(22,728)
Interest and accretion	(1,740)		(195)		—		(40)		(17,817)		(19,792)
Income taxes	(40,014)		503		—		—		436		(39,075)
Segment net income (loss)	68,570		(4,729)		—		(2,964)		(58,134)		2,743
Capital expenditures	61,436		66,006		5,838		(152)		2,618		135,746
As at September 30, 2025
Total assets	$	408,125	$	548,677	$	363,692	$	603,908	$	472,258	$	2,396,660
Total liabilities	(141,956)		(205,099)		(84,962)		(9,241)		(537,000)		(978,258)
As at December 31, 2024
Total assets	$	338,570	$	436,730	$	355,865	$	592,104	$	271,235	$	1,994,504
Total liabilities	(98,826)		(179,178)		(84,761)		(11,416)		(537,216)		(911,397)

        Acquisition of Additional Interest in the Soto Norte Project

On June 28, 2024, the Company acquired an additional 31% joint venture interest in the Soto Norte Project from MDC Industry Holding Company LLC ("Mubadala"), resulting in the Company increasing its ownership interest in the Soto Norte Project to 51% and obtaining control over the Soto Norte Project.

The consideration for this acquisition was comprised of:

•15,750,000 common shares issued to Mubadala, and

•6,000,000 common shares issuable to Mubadala upon the receipt of an environmental license for the Soto Norte Project.

The transaction has been accounted for as an asset acquisition, as it did not meet the criteria for a business combination under IFRS 3, Business Combinations. This classification reflects consideration of the concentration test and the early stage of exploration and evaluation of Project Soto Norte ("PSN"), where significant inputs and processes that constitute a business have not yet been established. As a result, the consideration paid has been allocated to the acquired assets and assumed liabilities based on their relative fair value. Additionally, the Company has capitalized acquisition costs related to the PSN Transaction as part of the total consideration paid.

Page | 9

Notes to the Condensed Consolidated Interim Financial Statements<br><br>Three and nine months ended September 30, 2025 and 2024<br><br>(Tabular amounts expressed in thousands of US dollars unless otherwise noted)

        Acquisition of Additional Interest in the Soto Norte Project \(cont.\)

The total consideration paid was allocated based on the relative fair value of the assets and the liabilities acquired as shown below:

Consideration paid
15,750,000 common shares issued and 6,000,000 contingently issuable common shares of Aris Mining (Note 14b)	$	180,920
Previously held interest in the Soto Norte Project	108,363
Acquisition costs and project funding ⁽¹⁾	6,085
Total consideration paid	$	295,368
Fair value of assets acquired and liabilities assumed
Cash and cash equivalents	$	5,251
Prepaid expenses and other receivables	213
Mining interests, plant and equipment (Note 9)	4,790
Exploration and evaluation assets (Note 9)	578,110
Accounts payable and accrued liabilities	(2,511)
Reclamation and rehabilitation provision (Note 12)	(1,690)
Deferred revenue (Note 13c)	(5,010)
Non-controlling interest	(283,785)
Assets acquired and liabilities assumed	$	295,368

(1)Acquisition costs and project funding consist of legal and advisory fees associated with the transaction ($1.0 million) and funding advanced by the Company on behalf of Mubadala prior to the close of the transaction ($5.1 million).

The fair values of cash and cash equivalents, prepaid expenses and other receivables, and accounts payable and accrued liabilities (each of which is a Level 1 fair value measurement) was determined to approximate their carrying amounts. The Company retained an independent valuation specialist to assist with the determination of the fair value of the mining interests, plant and equipment, and exploration and evaluation assets acquired, with consideration given to both market and income-based valuation methodologies (a Level 3 fair value measurement). The Company estimated the fair value of the Soto Norte Project using a market multiples approach based on comparable public companies that operate in similar jurisdictions and precedent transactions. The fair value of the reclamation and rehabilitation provision was determined using the estimated inflated undiscounted costs to be incurred with respect to remediation of current disturbances and reclamation activities related to the existing infrastructure of the Soto Norte Project. The streaming obligation has been recognized at fair value using a discounted cash flow model using discount rates that reflect the risks inherent in the expected future cash flows at the acquisition date.

Prior to June 28, 2024, the Soto Norte Project was accounted for as an investment in associate under the equity method, as the Company had significant influence over the Soto Norte Project. Subsequent to the acquisition of the additional 31% interest in the Soto Norte Project, the Company obtained control and began consolidating the Soto Norte Project. As a result, the Company ceased equity accounting for its investment and its previously-held interest was reclassified to form part of the consideration paid for the acquisition.

The following table summarizes the change in the carrying amount of the Company’s investment in Soto Norte:

	Amount
Investment in associate as of December 31, 2023	$	108,527
Company’s share of the loss from the associate	(2,811)
Cash contributions to Soto Norte	2,647
Reclassification of investment	(108,363)
Investment in associate as of December 31, 2024	$	—

Page | 10

Notes to the Condensed Consolidated Interim Financial Statements<br><br>Three and nine months ended September 30, 2025 and 2024<br><br>(Tabular amounts expressed in thousands of US dollars unless otherwise noted)

        Acquisition of Additional Interest in the Soto Norte Project \(cont.\)

Summarized financial information for the Soto Norte Project during the period in which the Company exercised significant influence, on a 100% basis and reflecting adjustments made by the Company, including fair value adjustments made at the time of acquisition and adjustments for differences in accounting policies, is as follows:

	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Project expenses	$	—	$	—	$	—	$	(13,022)
Net loss and comprehensive loss of associate	$	—	$	—	$	—	$	(14,054)
Company’s equity share of the net loss and comprehensive loss of associate – 20%	$	—	$	—	$	—	$	(2,811)

7. Inventories

	September 30,<br>2025		December 31,<br>2024
Finished goods	$	7,895	$	9,295
Metal in circuit	2,746		573
Ore stockpiles	2,255		2,563
Materials and supplies	44,508		33,248
Total	$	57,404	$	45,679

During the three and nine months ended September 30, 2025, the total cost of inventories recognized in the consolidated statements of income (loss) amounted to $103.6 million and $266.1 million, respectively (2024 - $78.4 million and $218.4 million). As at September 30, 2025, materials and supplies are recorded net of an obsolescence provision of $3.9 million (December 31, 2024 - $3.8 million).

Other Financial Assets

	September 30,<br>2025		December 31,<br>2024
McFarlane Lake Mining (a)	$	7,950	$	—
Denarius (b)	15,253		12,624
Total	$	23,203	$	12,624

a) McFarlane Lake Mining Limited

During the period ended September 30, 2025, the Company sold the Juby Project to McFarlane Lake Mining Limited ("McFarlane") for total consideration of $20.8 million, which was comprised of $13.2 million in cash and 82,023,746 common shares of McFarlane issued at C$0.13 per share. The carrying amount of the Juby Project on the date of disposition was $23.9 million, resulting in a loss of $3.2 million. The McFarlane common shares are classified as FVTPL and revalued each period end.

On initial recognition, the shares were measured at their fair value of $7.7 million based on the quoted market price of McFarlane shares at the transaction date. During the three and nine months ended September 30, 2025, the Company recognized a gain of $0.3 million in gain (loss) on financial instruments related to the change in fair value of the investment in the period (three and nine months ended September 30, 2024 - $nil and $nil, respectively). The Company's investment in McFarlane is carried at $8.0 million as at September 30, 2025.

Page | 11

Notes to the Condensed Consolidated Interim Financial Statements<br><br>Three and nine months ended September 30, 2025 and 2024<br><br>(Tabular amounts expressed in thousands of US dollars unless otherwise noted)

Other Financial Assets (cont.)

b) Denarius

On October 31, 2023, the Company subscribed for C$5.0 million of Denarius Convertible Debentures ("Denarius Debenture"). The Denarius Debenture is due, in cash, on October 19, 2028 and may be converted into common shares of Denarius at a conversion price of C$0.45 per share. The Denarius Debenture pays interest monthly at a rate of 12.0% per annum and also pays quarterly in cash an amount equal to the Gold Premium (as defined below) multiplied by the principal amount of the Denarius Debenture. The Gold Premium is calculated as the percentage equal to (i) 25% of the amount, if any, by which the London P.M. Fix exceeds $1,800 per ounce, divided by (ii) $1,800.

During the year ended December 31, 2024, Denarius delayed the commencement of the Gold Premium payment by one year and extended the maturity date by one year to October 19, 2029. As consideration, the Company received a consent fee equal to two percent, which was satisfied through the issuance of additional debentures. As a result, the total aggregate principal amount of the Denarius Convertible Debenture as at December 31, 2024 was C$5.1 million.

During the nine months ended September 30, 2025, Denarius amended the Convertible Debentures to allow it to issue common shares to satisfy the monthly interest payments from June 30, 2025 to May 31, 2026 (inclusive) and the Gold Premium payments payable on each of January 31, 2026 and April 30, 2026. As consideration, the Company received a consent fee equal to two percent of the principal amount of C$5.1 million, which was satisfied through the issuance of additional debentures. As a result, the total aggregate principal amount of the Denarius Convertible Debenture as at September 30, 2025 is C$5.2 million.

The Company also owns common shares and warrants in Denarius, together with the Convertible Debentures (collectively "investment in Denarius"). The Company’s investment in Denarius is carried at $15.3 million at September 30, 2025. During the three and nine months ended September 30, 2025, the Company recognized a gain of $2.7 million and a gain of $2.5 million, respectively, in gain (loss) on financial instruments related to the change in fair value of the investment in the period (three and nine months ended September 30, 2024 - a gain of $2.4 million and a gain of $4.0 million, respectively).

	Common shares		Warrants		Convertible Debenture		Total
Other financial asset as at December 31, 2023	$	3,996	$	249	$	5,511	$	9,756
Change in fair value	895		(98)		2,071		2,868
Other financial asset as at December 31, 2024	$	4,891	$	151	$	7,582	$	12,624
Issuance of additional Denarius Debenture	—		—		102		102
Change in fair value	(764)		(75)		3,366		2,527
Other financial asset as at September 30, 2025	$	4,127	$	76	$	11,050	$	15,253

Page | 12

Notes to the Condensed Consolidated Interim Financial Statements<br><br>Three and nine months ended September 30, 2025 and 2024<br><br>(Tabular amounts expressed in thousands of US dollars unless otherwise noted)

9. Mining Interest, Plant & Equipment

	Plant and <br>equipment ⁽¹⁾		Construction in progress		Depletable mineral properties		Non-depletable development <br>projects		Exploration <br>projects ⁽²⁾		Total
Cost
Balance at December 31, 2024	$	191,751	$	67,294	$	425,896	$	287,446	$	1,122,495	$	2,094,882
Additions	8,489		20,288		50,392		61,640		17,816		158,625
Disposals	(2,143)		—		—		—		(23,887)		(26,030)
Transfers	28,119		(27,949)		9,648		—		(9,818)		—
Change in decommissioning (Note 12)	—		—		(733)		—		229		(504)
Capitalized interest and accretion	—		—		—		27,331		—		27,331
Exchange difference	20,586		8,081		65,179		24,505		2,747		121,098
Balance at September 30, 2025	$	246,802	$	67,714	$	550,382	$	400,922	$	1,109,582	$	2,375,402
Accumulated Depreciation and Impairment Charges
Balance at December 31, 2024	$	(92,966)	$	—	$	(194,630)	$	—	$	(179,476)	$	(467,072)
Depreciation and depletion	(13,269)		—		(23,308)		—		—		(36,577)
Disposals	1,556		—		—		—		—		1,556
Exchange difference	(13,070)		—		(25,884)		—		—		(38,954)
Balance at September 30, 2025	$	(117,749)	$	—	$	(243,822)	$	—	$	(179,476)	$	(541,047)
Net book value at December 31, 2024	$	98,785	$	67,294	$	231,266	$	287,446	$	943,019	$	1,627,810
Net book value at September 30, 2025	$	129,053	$	67,714	$	306,560	$	400,922	$	930,106	$	1,834,355
	Plant and <br>equipment ⁽¹⁾		Construction in progress		Depletable mineral properties		Non-depletable development <br>projects		Exploration <br>projects		Total
---	---	---	---	---	---	---	---	---	---	---	---	---
Cost
Balance at December 31, 2023	$	189,414	$	64,342	$	427,287	$	216,723	$	521,200	$	1,418,966
Additions	13,534		40,087		49,434		66,696		25,680		195,431
Acquisition of PSN (Note 6)	4,790		—		—		—		578,110		582,900
Disposals	(3,973)		(334)		—		—		—		(4,307)
Transfers	9,142		(26,577)		17,435		—		—		—
Change in decommissioning (Note 12)	—		—		763		—		(517)		246
Capitalized interest	—		—		—		22,577		—		22,577
Exchange difference	(21,156)		(10,224)		(69,023)		(18,550)		(1,978)		(120,931)
Balance at December 31, 2024	$	191,751	$	67,294	$	425,896	$	287,446	$	1,122,495	$	2,094,882
Accumulated Depreciation and Impairment Charges
Balance at December 31, 2023	$	(91,854)	$	—	$	(204,183)	$	—	$	(179,476)	$	(475,513)
Depreciation and depletion	(16,513)		—		(18,291)		—		—		(34,804)
Disposals	1,684		—		—		—		—		1,684
Exchange difference	13,717		—		27,844		—		—		41,561
Balance at December 31, 2024	$	(92,966)	$	—	$	(194,630)	$	—	$	(179,476)	$	(467,072)
Net book value at December 31, 2023	$	97,560	$	64,342	$	223,104	$	216,723	$	341,724	$	943,453
Net book value at December 31, 2024	$	98,785	$	67,294	$	231,266	$	287,446	$	943,019	$	1,627,810

(1)Plant and equipment as of September 30, 2025 include Right of Use Assets with a net book value of $4.8 million (December 31, 2024 - $5.1 million).

(2)On September 29, 2025, the Company completed the sale of the Juby Project to McFarlane Lake Mining Limited ("McFarlane"). The carrying value of the Juby Project on the date of disposition was $23.9 million (Note 8a).

Page | 13

Notes to the Condensed Consolidated Interim Financial Statements<br><br>Three and nine months ended September 30, 2025 and 2024<br><br>(Tabular amounts expressed in thousands of US dollars unless otherwise noted)

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

The capitalized interest for the period ended is broken down as follows:

	September 30,<br>2025		December 31,<br>2024
Capitalized Interest - Gold Notes (Note 11c)	$	17,266	$	13,863
Capitalized Interest - Deferred Revenue (Note 13a)	10,339		8,738
Capitalized Interest - Other	(274)		(24)
Total	$	27,331	$	22,577

10. Accounts Payable and Accrued Liabilities

	September 30,<br>2025		December 31,<br>2024
Trade payables related to operating, general and administrative expenses	$	73,563	$	53,901
Trade payables related to capital expenditures	12,890		15,796
Other provisions	4,557		3,338
DSU and PSU liability (Note 14e,f)	15,776		3,214
Total	$	106,786	$	76,249

Long-term Debt

	September 30,<br>2025		December 31,<br>2024
2026 Senior Notes (a)	$	—	$	—
2029 Senior Notes (b)	450,582		449,289
Gold Notes (c)	62,749		66,945
Convertible debentures (d)	—		—
Total	513,331		516,234
Less: current portion	(53,310)		(22,132)
Non-current portion	$	460,021	$	494,102

a)Senior Unsecured Notes due 2026 (“2026 Senior Notes”)

The key terms of the 2026 Senior Notes are summarized in the annual financial statements.

	Amount
Carrying value of the debt as at December 31, 2023	$	300,608
Interest expense accrued	18,276
Interest expense paid	(26,411)
Accretion of discount (Note 19)	2,010
Loss on settlement	11,463
Redemption of debt	(305,946)
As at December 31, 2024	$	—

Page | 14

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2025 and 2024 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

Long-term Debt (cont.)

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

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

	Amount
Principal amount of Senior Notes issued on October 31, 2024	$	450,000
Initial transaction costs	(8,706)
Value allocated to prepayment option	5,335
Carrying value of the debt on issue date	$	446,629
Interest expense accrued	6,000
Accretion (Note 19)	235
Carrying value of debt as at December 31, 2024	$	452,864
Interest expense accrued	27,000
Interest expense paid	(18,000)
Accretion (Note 19)	1,099
Carrying value of debt as at September 30, 2025	$	462,963
Embedded derivative asset
Value allocated to prepayment option at the issue date	$	5,335
Change in FVTPL (Note 20)	(1,760)
Carrying value of embedded derivative asset as at December 31, 2024	$	3,575
Change in FVTPL (Note 20)	8,806
Carrying value of embedded derivative asset as at September 30, 2025	$	12,381
Total carrying value of the Senior Notes 2029 as at September 30, 2025	450,582
Less: Current portion, represented by accrued interest	(15,000)
Non-current portion as at September 30, 2025	$	435,582

c)Gold Notes

The key terms of the Gold Notes are summarized in the annual financial statements. The principal value of the Gold Notes as at September 30, 2025 was $31.8 million. The fair value of the Gold Notes was calculated using valuation pricing models as at September 30, 2025. 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, 2023	58,617,464	$	63,310
Repayments	(14,777,512)	(14,778)
Change in fair value through profit and loss (Note 20)	—	20,275
Change in fair value through other comprehensive income due to changes in credit risk	—	(1,862)
Balance of Gold Notes as at December 31, 2024	43,839,952	66,945
Repayments	(12,068,302)	(12,068)
Change in fair value through profit and loss (Note 20)	—	18,950
Change in fair value through other comprehensive income due to changes in credit risk	—	(11,078)
Balance of Gold Notes as at September 30, 2025	31,771,650	62,749
Less: current portion	(16,255,263)	(38,310)
Non-current portion as at September 30, 2025	15,516,387	$	24,439

Page | 15

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2025 and 2024 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

Long-term Debt (cont.)

Payments made to Gold Note holders are as follows:

	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Repayments	$	4,064	$	3,694	$	12,068	$	11,083
Gold premiums	5,618		2,762		15,099		6,883
Interest payment	647		937		2,167		3,020

As at September 30, 2025, there were 968 ounces (December 31, 2024 - 880 ounces) of gold held in gold in trust with a carrying value of $1.9 million (December 31, 2024 - $1.7 million) to satisfy future principal payments under the terms of the Gold Notes.

d)Convertible Debentures

The convertible debentures matured on April 5, 2024. Of the C$18.0 million total, C$16.2 million in principal value was converted into 3,410,526 common shares, while the remaining C$1.8 million was paid in cash.

	Number of Debentures	Amount
As at December 31, 2023	18,000	$	13,913
Change in fair value through profit and loss (Note 20)	—	(565)
Change in FVOCI due to changes in credit risk	—	(103)
Conversion of convertible debenture	(16,200)	(11,920)
Repayment of convertible debenture	(1,800)	(1,325)
As at December 31, 2024	—	$	—

Prior to their maturity, the convertible debentures were a financial liability and were designated as FVTPL. The fair value of the convertible debentures has been determined using the binomial pricing model and Level 2 fair value inputs that capture all the features of the convertible debentures, share price volatility of 42.28%, risk free interest rate of 5.10%, dividend yield of 0%, and credit spread of 12.19%.

12. 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
Recognized in period	—		—		—		532		532
Change in assumptions	(504)		721		—		2,113		2,330
Settlement of provisions	(114)		—		(535)		(2)		(651)
Accretion expense (Note 19)	767		—		755				1,522
Exchange difference	1,803		691		1,440		283		4,217
As at September 30, 2025	$	18,104	$	6,208	$	12,513	$	2,926	$	39,751
Less: current portion	(2,502)		(4,096)		(738)		(574)		(7,910)
Non-current portion	$	15,602	$	2,112	$	11,775	$	2,352	$	31,841
As at December 31, 2023	$	15,984	$	5,480	$	11,864	$	—	$	33,328
Recognized in period (Note 6)	1,690		—		—		—		1,690
Change in assumptions	226		61		204		—		491
Settlement of provisions	(599)		(44)		(702)		—		(1,345)
Accretion expense (Note 19)	957		43		1,171		—		2,171
Exchange difference	(2,106)		(744)		(1,684)		—		(4,534)
As at December 31, 2024	$	16,152	$	4,796	$	10,853	$	—	$	31,801
Less: current portion	(2,325)		(28)		(626)		—		(2,979)
Non-current portion	$	13,827	$	4,768	$	10,227	$	—	$	28,822

Page | 16

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2025 and 2024 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

12. Provisions (cont.)

a)Reclamation and rehabilitation provision

As of September 30, 2025, the Company estimated the inflated undiscounted costs to be incurred with respect to future mine closure and reclamation activities related to the existing mining operation as follows:

	September 30, 2025		December 31, 2024
		COP		COP
	(expressed in millions)	(expressed in millions)	(expressed in millions)	(expressed in millions)
Marmato		46,000		45,700
Segovia	22.3	86,900	20.0	88,300
PSN	10.1	39,500	9.1	40,100

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	2025-2042	2.87	%	11.40	%
Segovia Operations	2025-2034	3.26	%	10.79	%
PSN	2025-2068	3.37	%	10.65	%

b)Environmental fees

The Company’s mining and exploration activities 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 ($9.2 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:

	September 30, 2025		December 31, 2024
		COP		COP
	(expressed in millions)	(expressed in millions)	(expressed in millions)	(expressed in millions)
Environmental fees potential liability		21,008		21,100

All values are in US Dollars.

c)Health plan obligations

The health plan obligation of COP 48.8 billion ($12.5 million) is based on an actuarial report prepared as at December 31, 2024 with an inflation rate of 4.8% and a discount rate of 9.0%. The Company is currently paying approximately COP 0.2 billion (approximately $0.1 million) monthly to fund the obligatory health plan contributions. At September 30, 2025, non-current cash in trust includes approximately $0.9 million deposited in a restricted cash account as security against this obligation (December 31, 2024 - $2.5 million).

d)Claims

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

Page | 17

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2025 and 2024 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

13. Deferred Revenue

	September 30,<br>2025		December 31,<br>2024
Marmato (a)	$	115,610	$	109,369
Toroparu (b)	84,000		84,000
PSN (c)	5,010		5,010
Total	$	204,620	$	198,379
Less: current portion	(6,036)		(4,354)
Non-current portion	$	198,584	$	194,025

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 Wheaton Precious Metals International Ltd. ("WPMI"). Under the arrangement, WPMI will provide aggregate funding amount to $175.0 million, of which $93.0 million had been received, with the balance ($82.0 million) receivable during the construction and development of the Marmato Bulk Mining Zone.

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, recognised as revenue. Accretion is capitalized to the Marmato Bulk Mining Zone (Note 9). The following are the key inputs for the Marmato PMPA contract as of September 30, 2025:

Key inputs in the estimate	September 30, 2025	December 31, 2024
Financing rate	12.50	12.50
Gold price	2,646 - 3,323	2,148 - 2,576
Silver price	29.73 - 36.06	27.29 - 31.41
Remaining construction milestone timelines	2025-2026	2025
Life of Mine	2040	2042

All values are in US Dollars.

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

	Total
As at December 31, 2023	$	64,546
Receipt of deposit from WPMI	40,016
Recognition of revenue on ounces delivered	(3,710)
Cumulative catch-up adjustment	(222)
Accretion (Note 9)	8,738
As at December 31, 2024	$	109,368
Recognition of revenue on ounces delivered	(3,288)
Cumulative catch-up adjustment	(809)
Accretion (Note 9)	10,339
As at September 30, 2025	$	115,610
Less: current portion	(6,036)
Non-current portion as at September 30, 2025	$	109,574

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.

c)PSN

As part of the PSN Transaction, Mubadala is also a party to a Precious Metals Purchase Agreement ("PSN PMPA") with MIC Global Mining Ventures S.L.U. ("Joint Venture"). The key terms of the PSN PMPA are summarized in the annual financial statements. The Company recorded deferred revenue of $5.0 million, all non-current which represents the estimated future cash flows attributable to expected future gold and silver delivers to WPMI.

Page | 18

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2025 and 2024 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

14. 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 statements of changes in equity.

As described in Note 6, in connection with the Company’s acquisition of control over PSN, the Company is required to issue 6,000,000 common shares to Mubadala upon the receipt of an environmental license for PSN. The value ascribed to the 6,000,000 contingently issuable common shares was $28.9 million, which was recognized in contributed surplus.

c)Share Purchase Warrants – liability classified

The following table summarizes the change in the number of issued and outstanding share purchase warrants and the associated warrant liabilities during the period ended September 30, 2025:

	Amount
ARIS.WT.B Listed Warrants – exercise price C2.21, exercisable until Apr 30, 2024
As at December 31, 2023	$	15,072
Exercised	(15,200)
Fair value adjustment (Note 20)	128
Expired	—
Balance at December 31, 2024	$	—
Aris Unlisted Warrants (¹) – exercise price C6.00, exercisable until Dec 19, 2024
Balance at December 31, 2023	553
Exercised	(87)
Fair value adjustment (Note 20)	209
Expired	(675)
Balance at December 31, 2024	$	—
ARIS.WT.A Listed Warrants (¹) – exercise price C5.50, exercisable until Jul 29, 2025
Balance at December 31, 2023	10,981
Exercised	(2)
Fair value adjustment (Note 20)	(2,093)
Balance at December 31, 2024	$	8,886
Exercised	(75,405)
Expired	(1,242)
Fair value adjustment (Note 20)	67,761
Balance at September 30, 2025	$	—
Total share purchase warrant liability at December 31, 2024	$	8,886
Total share purchase warrant liability at September 30, 2025	$	—

All values are in US Dollars.

(1)Number of replacement ARIS.WT.A Listed Warrants and exercise price have been adjusted by the share Exchange Ratio of 0.5.

Page | 19

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2025 and 2024 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

14. Share Capital (cont.)

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 periods ended September 30, 2025 and December 31, 2024 is as follows:

	Options <br>outstanding	Weighted average exercise price (C)
Balance at December 31, 2023	7,281,120
Options granted	2,875,700	4.22
Exercised (1)	(2,779,903)	4.03
Expired or cancelled	(821,318)	5.39
Balance at December 31, 2024	6,555,599
Options granted	2,593,426	5.72
Exercised (1)	(2,943,578)	4.75
Expired or cancelled	(289,354)	4.45
Balance at September 30, 2025	5,916,093

All values are in US Dollars.

(1)The weighted average share price at the date stock options were exercised was C$7.45 for the period ended September 30, 2025 and C$5.47 for the period ended December 31, 2024.

A summary of the inputs used in the determination of the fair values of the stock options granted in the periods ended September 30, 2025 and December 31, 2024, using the Black-Scholes option pricing model, is as follows:

	31-Jan-2024		1-Jul-2024		14-Nov-2024		21-Jan-2025		17-Mar-2025		1-Apr-2025		7-Jul-2025
Total options issued	2,525,561		343,443		6,696		2,232,563		114,290		20,722		225,851
Market price of shares at grant date	C4.09		C5.17		C5.59		C5.30		C6.34		C6.65		C9.47
Exercise price	C4.09		C5.17		C5.59		C5.30		C6.34		C6.65		C9.47
Dividends expected	Nil		Nil		Nil		Nil		Nil		Nil		Nil
Expected volatility	44.42	%	45.75	%	47.36	%	47.53	%	47.82	%	47.53	%	47.74	%
Risk-free interest rate	3.82%		3.83%		3.14	%	2.91%		2.57%		2.47%		2.69	%
Expected life of options	3.0 years		3.0 years		3.0 years		3.0 years		3.0 years		3.0 years		3.0 years
Vesting terms	2 years		2 years		2 years		2 years		2 years		2 years		2 years

All values are in US Dollars.

(1)50% of the options vest one year after issue date, the remaining 50% vest two years after issue date.

The table below summarizes information about the stock options outstanding and the common shares issuable as at September 30, 2025:

Expiry date	Outstanding	Vested stock options	Remaining contractual life in years	Exercise price (C/share)
12-Jan-26	703,741	703,741	0.29	4.03
01-Apr-26	263,700	263,700	0.50	6.04
02-Oct-26	60,152	30,076	1.01	3.09
26-Jan-27	35,000	35,000	1.32	5.45
31-Jan-27	1,959,117	866,362	1.34	4.09
01-Apr-27	267,000	267,000	1.50	5.84
01-Jul-27	181,823	90,911	1.75	5.17
14-Nov-27	6,696	—	2.12	5.59
21-Jan-28	2,078,001	—	2.31	5.30
17-Mar-28	114,290	—	2.46	6.34
01-Apr-28	20,722	—	2.51	6.65
07-Jul-28	225,851	—	2.77	9.47
Balance at September 30, 2025	5,916,093	2,256,790	1.61

All values are in US Dollars.

Page | 20

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2025 and 2024 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

14. Share Capital (cont.)

e)DSUs

The DSU liability at September 30, 2025 was determined based on the Company's quoted closing share price on the TSX, a Level 1 fair value input. A summary of changes to the DSU liability, included in accounts payable and accrued liabilities, during the period ended September 30, 2025 and the year ended December 31, 2024 is as follows:

	Units	Amount		Weighted Average Fair Value (C)
Balance at December 31, 2023	575,041	$	1,903
Granted and vested during the period	167,571	631		5.18
Paid	(259,691)	(956)		4.99
Change in fair value	—	114
Balance at December 31, 2024	482,921	$	1,692
Granted and vested during the period	86,596	547		8.82
Change in fair value	—	3,338
Balance at September 30, 2025	569,517	$	5,577

All values are in US Dollars.

f)PSUs

A summary of changes to the PSU liability during the period ended September 30, 2025 and the year ended December 31, 2024 is as follows:

	Units	Amount
Balance at December 31, 2023	1,472,719	$	2,804
Granted and vested in the period	1,035,489	1,861
Expired/cancelled	(190,888)	—
Paid	(489,098)	(1,289)
Change in fair value	—	374
Balance at December 31, 2024	1,828,222	$	3,750
Granted and vested in the period	867,178	2,216
Expired/cancelled	(64,620)	—
Paid	(363,523)	(2,221)
Change in fair value	—	12,868
Balance at September 30, 2025	2,267,257	$	16,613
Less: current portion		(10,199)
Non-current portion as at September 30, 2025		$	6,414

During the period ended September 30, 2025, 867,178 PSUs were granted for a weighted average fair value of C$5.68 (December 31, 2024 - C$4.00).

g)Share-based compensation expense

	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Stock-option expense	$	807	$	625	$	2,447	$	1,704
DSU expense	1,875		493		3,886		1,095
PSU expense	6,815		1,415		15,084		2,949
Total	$	9,497	$	2,533	$	21,417	$	5,748

Page | 21

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2025 and 2024 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

14. Share Capital (cont.)

h)Earnings (loss) per share

	Three months ended September 30, 2025					Three months ended September 30, 2024
	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	199,171,052	$	42,011	$	0.21	169,873,924	$	(2,074)	$	(0.01)
Effect of dilutive stock-options	3,343,752	—				—	—
Diluted EPS	202,514,804	$	42,011	$	0.21	169,873,924	$	(2,074)	$	(0.01)
	Nine months ended September 30, 2025					Nine months ended September 30, 2024
	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	183,644,213	$	27,482	$	0.15	153,304,168	$	2,896	$	0.02
Effect of dilutive stock-options	2,754,993	—				522,135	—
Diluted EPS	186,399,206	$	27,482	$	0.15	153,826,303	$	2,896	$	0.02

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.

The following table lists the number of warrants, stock options and convertible debenture which 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.

	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024
Stock options	—	50,000	—	1,477,000
Warrants	—	30,686,728	—	30,686,728

15. Non-Controlling Interest

On June 28, 2024, the Company acquired an additional 31% interest in PSN from Mubadala, resulting in the Company increasing its ownership interest in the Soto Norte Project to 51% and obtaining control over the Soto Norte Project (Note 6). The remaining 49% interest in the Soto Norte Project not held by the Company is presented as non-controlling interest. Aris Mining has the obligation to fund Mubadala's 49% share of certain operating costs until the earlier of the receipt of the environmental license for the Soto Norte Project or December 31, 2027.

The following table summarizes the financial information for PSN shown on a 100% basis, except where stated:

Page | 22

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2025 and 2024 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

15. Non-Controlling Interest (cont.)

	September 30,<br>2025			December 31,<br>2024
Current assets	$	2,778		$	1,502
Non-current assets	601,130			590,602
Total assets	$	603,908		$	592,104
Current liabilities	$	2,729		$	4,947
Non-current liabilities	6,512			6,471
Total liabilities	$	9,241		$	11,418
Net assets	$	594,667		$	580,686
Non-controlling interest percentage	49		%	49		%
Non-controlling interest	$	291,387		$	284,536				Three months ended September 30,				Nine months ended September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---
	2025			2024			2025			2024
Foreign exchange gain (loss)	$	(36)		$	—		$	1,453		$	—
Project expenses	31			(312)			171			(312)
Total net income (loss)	(5)			(312)			1,624			(312)
Non-controlling interest percentage	49		%	49		%	49		%	49		%
Net Income (loss) attributable to non-controlling interest	$	(2)		$	(153)		$	796		$	(153)		Three months ended September 30,	Nine months ended September 30,
---	---	---	---	---	---	---	---	---
	2025		2024		2025		2024
Cash flows from:
Operating activities	$	(997)	$	(2,508)	$	(1,310)	$	(2,508)
Investing activities	(1,973)		(2,008)		(9,797)		(2,008)
Financing activities ⁽¹⁾	3,100		—		12,357		—

(1)Financing activities includes $1.5 million and $6.1 million in non-reciprocal contributions made by the Company to the Soto Norte Project for the three and nine months ended September 30, 2025, respectively, in accordance with the Company’s obligation to fund Mubadala's 49% share of certain operating costs until the earlier of the receipt of the environmental license for the Soto Norte Project or December 31, 2027.

16. Financial Risk Management

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 $457.6 million (carrying amount - $463.0 million).

Page | 23

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2025 and 2024 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

16. Financial Risk Management (cont.)

Financial assets and liabilities measured at FVTPL on a recurring basis include the warrant derivative liabilities, the DSU payable, PSU payable, gold notes, 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:

	September 30, 2025				December 31, 2024
	Level 1		Level 2		Level 1		Level 2
Gold Notes (Note 11c)	$	—	$	62,749	$	—	$	66,945
Warrant liabilities (Note 14c)	—		—		8,886		—
DSU and PSU liabilities (Note 14e,f)	5,577		16,613		1,692		3,750
Investment in McFarlane (Note 8a)	7,950		—		—		—
Investment in Denarius (Note 8b)	4,206		11,046		5,050		7,579

At September 30, 2025, 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

	September 30,<br>2025		December 31,<br>2024
VAT receivable	$	43,191	$	42,013
Tax recoverable	647		1,928
Trade receivables	8,877		2,535
Other, net of allowance for doubtful accounts	818		756
Total	$	53,533	$	47,232

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 September 30, 2025, 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 September 30, 2025. In addition to other commitments already disclosed, the Company’s undiscounted commitments including interest and premiums at September 30, 2025 are as follows:

	Less than 1 year		1 to 3 years		4 to 5 years		Over 5 years		Total
Trade, tax and other payables	$	152,995	$	—	$	—	$	—	$	152,995
Reclamation and closure costs	2,633		3,618		8,776		29,150		44,177
Lease payments	549		2,355		1,270		1,923		6,097
Gold Notes	47,785		46,215		—		—		94,000
Senior unsecured notes	36,000		108,000		468,000		—		612,000
Other contractual commitments ⁽¹⁾	16,699		—		—		—		16,699
Total	$	256,661	$	160,188	$	478,046	$	31,073	$	925,968

(1)Includes binding commitments for capital and operating purchase obligations that the Company has entered into as at September 30, 2025.

Page | 24

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2025 and 2024 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

16. 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. In addition, gold and silver production from PSN after the first 5.7 million ounces of gold have been produced is subject to the terms with the PMPA with Mubadala.

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 2025 and 2024, 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 September 30, 2025 and December 31, 2024, 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:

	September 30,<br>2025	Impact of a 10% <br>Change	December 31,<br>2024	Impact of a 10% <br>Change
Canadian dollar (C$)	12,513	1,139	5,586	509
Colombian peso (COP)	51,698	4,700	14,686	1,336
Guyanese dollar (GYD)	557	50	23	2

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 11c). 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 September 30, 2025, the Company had no outstanding commodity hedging contracts in place.

17. Revenue

	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Gold in dore	$	253,456	$	131,577	$	607,829	$	350,937
Silver in dore	2,974		1,869		7,028		4,538
Metals in concentrate	1,685		1,277		4,242		4,053
Total	$	258,115	$	134,723	$	619,099	$	359,528

Page | 25

Notes to the Condensed Consolidated Interim Financial Statements Three and nine months ended September 30, 2025 and 2024 (Tabular amounts expressed in thousands of US dollars unless otherwise noted)

18. Cost of Sales

	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Production costs	$	103,605	$	78,394	$	266,112	$	218,425
Royalties	10,087		4,849		24,029		13,145
Total	$	113,692	$	83,243	$	290,141	$	231,570

19. Finance Costs

	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Interest expense	$	8,192	$	5,267	$	27,071	$	15,810
Accretion of Senior Notes (Note 11b)	374		683		1,099		2,010
Accretion of lease obligations	292		84		568		413
Accretion of provisions (Note 12)	532		459		1,522		1,559
Total	$	9,390	$	6,493	$	30,260	$	19,792

      Gain \(Loss\) on Financial Instruments

	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Financial Assets
Denarius common shares (Note 8b)	$	531	$	671	$	(764)	$	1,134
Denarius debenture (Note 8b)	2,156		1,732		3,468		3,019
Denarius warrants (Note 8b)	(1)		1		(75)		(170)
Embedded derivative asset in 2029 Senior Notes (Note 11b)	4,631		—		8,806		—
Investment in McFarlane common shares	285		—		284		2
Total Financial Assets	7,602		2,404		11,719		3,985
Financial Liabilities
Gold Notes (Note 11c)	(7,563)		(3,891)		(18,950)		(11,250)
Convertible debentures	—		—		—		565
Unlisted warrants	—		(395)		—		(209)
ARIS.WT.A Listed warrants (Note 14c)	(6,424)		(10,960)		(66,519)		(15,819)
Total Financial Liabilities	(13,987)		(15,246)		(85,469)		(26,713)
Total	$	(6,385)	$	(12,842)	$	(73,750)	$	(22,728)

21. Changes in Non-Cash Operating Working Capital Items

	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Accounts receivable and other (excluding VAT receivable)	$	(5,521)	$	773	$	(8,285)	$	3,269
VAT Receivable	(16,022)		(12,202)		3,029		(32,133)
Inventories	1,498		(1,648)		(5,345)		(11,048)
Other current assets	1,023		(812)		(679)		(1,759)
Accounts payable and accrued liabilities	8,901		6,837		15,117		(6,051)
Total	$	(10,121)	$	(7,052)	$	3,837	$	(47,722)

Page | 26