Highlights 

  • PEA outlines a 21.3-year mine life with an average annual gold production of 235 koz. 
  • After-tax NPV5% of USD 1.8B and 25.2% IRR at USD 3,000/oz gold. 
  • Initial capital estimated at USD 820M, lowered through OEM equipment leasing. 

Aris Mining Corporation (TSX:ARIS) has released results from the preliminary economic assessment for its wholly owned Toroparu Gold Project in Guyana. The PEA confirms Toroparu as a large-scale open pit gold operation with a projected 21.3-year mine life, average annual production of 235 koz of gold, and an after-tax NPV5% of USD 1.8B at a gold price of USD 3,000 per ounce. 

Neil Woodyer, CEO, commented, “The Toroparu PEA outlines a major new growth and diversification opportunity for Aris Mining. After the GCM Mining and Aris Gold merger, we reassessed the project from a first-principles perspective, resulting in a robust PEA that defines a clear development path. This is our second major technical study this year, following the Soto Norte Prefeasibility Study in September.” 

Project Overview and Mineral Resources 

The Toroparu Project hosts measured and indicated mineral resources of 126.9 Mt at 1.30 g/t Au, containing 5.3 Moz of gold, and inferred resources of 22.9 Mt at 1.6 g/t Au, containing 1.2 Moz of gold. The operation will utilize a conventional truck-and-shovel method with a strip ratio of 4.7:1 and a processing capacity of 7.0 Mt per annum. 

Across its mine life, Toroparu is expected to produce 5.0 Moz of gold, 4.9 Moz of silver, and 260 Mlb of copper. Life-of-mine average cash costs are estimated at USD 826/oz Au, with all-in-sustaining costs of USD 1,289/oz Au. 

Capital Expenditure and Economic Indicators 

Initial construction capital is estimated at USD 820M, inclusive of USD 96M in contingency. The company’s OEM lease plan reduces upfront fleet costs from USD 73M to approximately USD 35M, resulting in a total initial capital reduction of USD 38M. 

An additional USD 138M is expected from a legacy precious metals streaming agreement, decreasing the upfront funding requirement to USD 682M. The project demonstrates an after-tax IRR of 25.2% and a payback period of three years from the commencement of operations. 

At a higher gold price of USD 3,600/oz, the after-tax NPV5% increases to USD 2.7B, with an IRR of 32.6%. Average annual EBITDA over the mine life is projected at USD 443M. 

Next Steps  

Aris Mining has commenced a Prefeasibility Study for the Toroparu Project, with completion targeted in 2026, as part of its plan to advance the project toward potential construction. 

Woodyer added, “Together with the Soto Norte study, Toroparu demonstrates the strength of our growth pipeline beyond Segovia and Marmato.”