Marmato Mineral Reserves

Area Category Tonnes (kt) Grade Au (g/t) Grade Ag (g/t) Contained Au (koz) Contained Ag (koz)
Upper Mine Proven 802 5.2 22.1 133 569

Probable 4,342 4.0 14.2 555 1,981

Total 5,144 4.2 15.4 688 2,550
Lower Mine Proven - - - - -

Probable 14,556 2.9 3.8 1,333 1,799

Total 14,556 2.9 3.8 1,333 1,799
Total Proven 802 5.1 22.1 133 569

Probable 18,898 3.1 6.2 1,888 3,780

Total 19,701 3.2 6.9 2,021 4,348

Notes:

1. The mineral reserve estimate was prepared by Fernando Rodrigues, MAusIMM, and Joanna Poeck, SME-RM, of SRK, who are Qualified Persons as defined by National Instrument 43-101.
2. Totals may not add up due to rounding.
3. Mineral reserves are reported above cut-off grades of 2.23 g/t gold and 1.91 g/t gold for the Upper Mine, depending on mining method, and above 1.61 g/t gold for the Lower Mine. The cut-off grades are based on metal prices of USD$1,400 per ounce of gold, metallurgical recoveries of 85% and 95% in the Upper Mine, depending on location, and 95% for the Lower Mine, mining costs of USD$49.45 per tonne and USD$46 per tonne for the Upper Mine, depending on mining method, and USD$42 per tonne for the Lower Mine, G&A costs of USD$13.63 per tonne for the Upper Mine and USD$3 per tonne for the Lower Mine, processing costs of USD$12.24 per tonne for the Upper Mine and USD$14 per tonne for the Lower Mine, royalties of USD$8.96 per tonne for the Upper Mine and production taxes of USD$6.75 per tonne for the Lower Mine, without consideration of revenue from other metals.
4. The Upper Mine is defined as the current operating mine levels above the 950 m elevation using cut and fill mining, and the Lower Mine is defined as below the 950 m elevation using mostly long hole open stoping methods. Cut and fill mining assumes dilution averaging 26% and mining recovery averaging 90%. Long hole open stoping assumes dilution of 8% and mining recovery of 92.5%.
5. Mineral reserves from the Transition Mine, as described in the Pre-Feasibility Study, are now included in the Upper Mine mineral reserves.
6. See “Technical disclosure” Slide for source information.

Marmato Mineral Resources

Area Category Tonnes (Mt) Grade Au (g/t) Grade Ag (g/t) Contained Au (koz) Contained Ag (koz)
Upper Mine Measured (M) 2.7 6.2 28.2 545 2,492

Indicated (I) 10.9 4.3 17.9 1,492 6,258

M&I 13.6 4.7 20.0 2,037 8,751

Inferred 1.7 3.0 16.3 161 873
Lower Mine Measured (M) 0.1 5.7 22.3 18 69

Indicated (I) 43.2 2.7 3.6 3,753 5,027

M&I 43.3 2.7 3.7 3,771 5,096

Inferred 29.2 2.6 2.6 2,407 2,409
Total Measured (M) 2.8 6.2 28.0 562 2,561

Indicated (I) 54.0 3.0 6.5 5,245 11,285

M&I 56.9 3.2 7.6 5,808 13,847

Inferred 30.8 2.6 3.3 2,567 3,282

Notes:

1. Measured and Indicated mineral resources are inclusive of mineral reserves.
2. Mineral resources are not mineral reserves and have no demonstrated economic viability.
3. The mineral resource estimate was prepared by Benjamin Parsons, MSc, of SRK, who is a Qualified Person as defined by National Instrument 43-101. Mr. Parsons has reviewed and verified the drilling, sampling, assaying, and QAQC protocols and results, and is of the opinion that the sample recovery, preparation, analyses, and security protocols used for the mineral resource estimate are reliable for that purpose.
4. Totals may not add up due to rounding.
5. Mineral resources are reported above a cut-off grade of 1.9 g/t Au for the Upper Mine, and 1.4 g/t Au for the Lower Mine. The cut-off grades are based on a metal price of USD$1,600 per ounce of gold, metallurgical recoveries of 85% for the Upper Mine and 95% for the Lower Mine, without consideration of revenue from other metals.
6. The Upper Mine is defined as the current operating mine levels above the 1,000 m elevation using cut and fill mining, and the Lower Mine is defined as below the 1,000 m elevation using mostly long hole open stoping methods.
7. Mineral resources from the Transition Mine, as described in the PFS, are now included in the Upper Mine mineral resources.
8. There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.

Technical Disclosure

NI 43-101 Technical Reports

Scientific and technical information concerning  Marmato is summarized, derived, or extracted from the “Revised NI 43-101 Technical Report Pre-Feasibility Study, Marmato Project, Colombia” prepared by SRK Consulting (U.S.) Inc., dated September 18, 2020 with an effective date of March 17, 2020 (the “Marmato PFS”). The Marmato PFS has been filed with Canadian securities regulatory authorities and is available for review on Aris Gold’s website at www.arisgold.com and on the profile of Aris Gold Corporation on SEDAR at www.sedar.com.

Qualified Person

Adriaan (Attie) Roux, Pr.Sci.Nat., Director and Technical Consultant, is a Qualified Person under NI 43-101, and has reviewed and approved this technical content on behalf of Aris Gold. 

The mineral resource estimate was prepared by Benjamin Parsons, MSc, MAusIMM (CP) of SRK Consulting, who is an Independent Qualified Person as defined by National Instrument 43-101, following the Canadian Institute of Mining, Metallurgy, and Petroleum’s Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines. Mr. Parsons has reviewed and verified the drilling, sampling, assaying, and QAQC protocols and results, and is of the opinion that the sample recovery, preparation, analyses, and security protocols used for the mineral resource estimate are reliable for that purpose.

Further information regarding the disclosure derived from the 2020 PFS can be found in the Company’s technical report entitled “Revised NI 43-101 Technical Report Pre-Feasibility Study Marmato Project Colombia” dated September 18, 2020 with an effective date of March 17, 2020. The PFS was prepared by Ben Parsons, MSc, MAusIMM (CP), Eric J. Olin, MSc Metallurgy, MBA, SME-RM, MAusIMM, Fernando Rodrigues, BS Mining, MBA, MAusIMM, MMSAQP, Jeff Osborn, BEng Mining, MMSAQP, Joanna Poeck, BEng Mining, SME-RM, MMSAQP, Fredy Henriquez, MS Eng, SME, ISRM, Breese Burnley, P.E., Cristian A Pereira Farias, SME-RM, David Hoekstra, BS, PE, NCEES, SME-RM, David Bird, PG, SME-RM, Mark Allan Willow, MSc, CEM, SME-RM, and Tommaso Roberto Raponi, P.Eng, each of whom is independent of the Company within the meaning of NI 43-101 and is a “Qualified Person” as such term is defined in NI 43-101.