Aris Mining rises on Soto Norte PFS results

Aris Mining rises after positive Soto Norte PFS in Colombia: profitable, sustainable gold project with strong community engagement.

Aris Mining (TSX: ARIS) (NYSE-A: ARMN) saw its shares rise after releasing the prefeasibility study (PFS) results for its Soto Norte gold project in Colombia, highlighting a profitable operation with strong environmental stewardship.

The PFS, based on a gold price of $2,600/oz, outlines an initial mine life of 22 years, with estimated production of 4.3 million ounces of gold, 18.8 million ounces of silver, and 84 million pounds of copper. The metals will be extracted from an underground reserve of 20 million tonnes, grading 7 g/t gold, 32.1 g/t silver, and 0.2% copper.

From this production profile, the study calculates an after-tax net present value (5% discount) of $2.7 billion, an internal rate of return of 35.4%, and a payback period of 2.3 years from the start of operations. Initial capital expenditures are projected at $625 million, while all-in sustaining costs are estimated at $534/oz over the life of the mine.

Following the PFS release, Aris Mining shares reached a 52-week high of C$12.60, before settling at C$12.53, with a market capitalization of C$2.54 billion ($1.84bn).

Smaller-Scale Operation and Environmental Focus

A key change in the PFS is the reduction of plant processing capacity from 7,200 to 3,500 tonnes per day, compared to the 2022 feasibility study. This adjustment allows for a smaller-scale operation with a longer mine life while prioritizing environmental impact reduction.

About 20% of the plant capacity (750 tonnes) will process material from local community miners, providing a safe, regulated alternative that eliminates mercury use and ensures proper tailings and water management.

“The Soto Norte PFS outlines a project that balances scale, profitability, environmental stewardship, and community engagement,” said CEO Neil Woodyer, calling it one of the most attractive gold projects in the Americas.

Woodyer emphasized that processing material from community groups will replace informal mills that pollute waterways, ensuring that all mine water is collected, treated, and safely returned, safeguarding Bucaramanga’s water supplies and improving water quality in local mining areas.

Until the Soto Norte plant is operational, some material can be processed at Aris’s Segovia and Marmato operations, which are currently in production. The company plans to replicate the partnership model used at Segovia, with Soto Norte currently held in a 51/49 joint venture with Mubadala.

With the PFS completed, Aris Mining will now advance environmental studies in preparation to submit a mining license application in early 2026.