Aris Mining cements 100% ownership of Soto Norte: Can the Colombia–Guyana gold playbook finally deliver 1Moz a year?

Why Aris Mining’s full Soto Norte acquisition could transform its gold output ambitions

Aris Mining Corporation (TSX: ARIS, NYSE-A: ARMN) has finalized its acquisition of the remaining 49% interest in the Soto Norte joint venture from MDC Industry Holding Company LLC (Mubadala), making it the sole owner of one of Colombia’s most strategically significant gold projects. With this milestone, the Vancouver-based gold producer has secured 100% control over its Soto Norte, Segovia, Marmato, and Toroparu projects, underscoring a decisive shift from buy-and-build deals to operational scale-up and long-term value creation across Colombia and Guyana.

The deal, which closed in December 2025, eliminates the previous precious metals stream granted to Mubadala and signals a major realignment of Aris Mining’s growth trajectory. The transaction, valued at US$80 million—including US$60 million in cash and 1,739,130 new Aris Mining shares—positions the firm for a potential leap into the exclusive club of million-ounce-per-year gold producers, a threshold reached by fewer than 15 players globally.

How does the Soto Norte acquisition reset Aris Mining’s growth strategy and gold pipeline?

Analysts following Aris Mining believe this acquisition is far more than a consolidation move; it is the inflection point that places the company’s entire growth pipeline firmly under one roof. Full ownership of Soto Norte means enhanced strategic control and alignment, enabling Aris Mining to push ahead on development timelines and operational decisions without joint-venture friction.

Before the transaction, Aris Mining’s proven and probable gold reserves stood at 6.9 million ounces and measured and indicated resources at 18.3 million ounces. With full Soto Norte ownership, these figures jump to 9.1 million ounces and 21.7 million ounces respectively, marking substantial accretion in both mineral inventory and net asset value. The Soto Norte project’s net present value (NPV), calculated at a gold price of $2,600 per ounce, doubles from $1.4 billion to $2.7 billion after this deal—adding a whopping $1.3 billion in project value.

The acquisition also underscores the firm’s pivot toward operational excellence and disciplined expansion. CEO Neil Woodyer has emphasized a shift from serial acquisitions to “building the high-quality assets we now own,” with the company targeting more than 500,000 ounces of annual gold output in the near term and charting a course to break the million-ounce barrier in the coming years.

What makes Soto Norte a standout asset in Aris Mining’s portfolio?

Soto Norte is not just another high-grade gold project. Its design incorporates significant ESG considerations, including industry-leading environmental and social features, a processing flowsheet with no cyanide or mercury, and a dedicated 750 tonne-per-day processing capacity for local small-scale miners. The project’s environmental studies are close to completion, with licensing submissions planned for the first half of 2026—an important step for community buy-in and regulatory clarity.

The September 2025 Prefeasibility Study (PFS) has validated a smaller-scale but high-grade mine plan, supporting an initial mine life of 22 years with owner-mining rates of 2,750 tonnes per day. Over its lifetime, Soto Norte is expected to yield 4.3 million ounces of gold, 18.8 million ounces of silver, and 84 million pounds of copper. Annual average gold output is projected at 263,000 ounces during years 2 to 10, and 203,000 ounces over the 21-year mine life.

Financially, Soto Norte shines as a low-cost, high-margin operation. At a $2,600/oz base-case gold price, the project is forecast to generate $10.4 billion in payable gold sales, with initial capex of $625 million and a rapid payback period of just 2.3 years. The after-tax NPV comes in at $2.7 billion, with a robust IRR of 35.4%. With gold prices at $3,200/oz, the NPV could surge to $3.6 billion and the IRR to 42.1%.

How is Aris Mining advancing its other gold projects in Colombia and Guyana?

Alongside Soto Norte, Aris Mining’s Segovia and Marmato operations are already established as reliable underground gold producers, generating a combined 210,955 ounces of gold in 2024. Ongoing expansions, including a second mill at Segovia and the development of the Bulk Mining Zone at Marmato, are expected to push group output above 500,000 ounces per year. The first gold from the expanded Marmato zone is anticipated in the second half of 2026, reinforcing the company’s organic growth strategy.

Meanwhile, in Guyana, the Toroparu project is progressing with a new Preliminary Economic Assessment complete and a Prefeasibility Study underway. Once the PFS wraps up, Aris Mining expects Toroparu to be construction-ready, potentially unlocking another major source of gold production and further cementing the company’s presence in the Americas.

What does the Soto Norte deal mean for Aris Mining’s financial outlook and investor sentiment?

Institutional investors have generally reacted positively to the deal, viewing it as a highly accretive transaction on a per-share basis and a material de-risking event for Aris Mining’s future cash flow profile. The immediate boost in attributable reserves, combined with the cancellation of Mubadala’s metals stream, gives the Canadian gold miner a cleaner path to monetize future production.

Stock watchers will be focused on Aris Mining’s ability to maintain strong operating cash flows, fund ongoing expansions, and navigate the licensing process at Soto Norte. While the share issuance increases the outstanding float by less than 1%, the NAV accretion and pipeline growth are widely seen as positives.

Recent trading data has reflected increased institutional interest, with analysts describing sentiment as cautiously optimistic. The main caveats remain execution risk on development timelines and the successful navigation of Colombian permitting and community engagement processes.

How does Aris Mining’s acquisition reshape the Colombian gold mining landscape?

Few gold miners can claim the geographic diversification, project pipeline, and production scale that Aris Mining now commands in Colombia and Guyana. By locking in 100% ownership of its four core assets, the firm gains both operational flexibility and a powerful story for investors seeking leverage to gold prices and the long-term electrification supercycle.

Aris Mining’s collaboration with Colombian authorities, recently highlighted by a settlement agreement, signals a maturing regulatory environment and a more stable foundation for project development in the country. If Soto Norte’s licensing process advances smoothly, it could serve as a template for future major mining projects in Colombia, bolstering the country’s standing as a world-class gold destination.

Key takeaways: What Aris Mining’s Soto Norte acquisition means for its gold strategy

• Aris Mining Corporation’s full acquisition of the Soto Norte project in Colombia marks a pivotal step in its ambition to become a million-ounce-per-year gold producer. Here are the main points investors and industry watchers need to know:

• Aris Mining Corporation now owns 100% of the Soto Norte joint venture after acquiring the remaining 49% from MDC Industry Holding Company LLC (Mubadala), in a deal valued at US$80 million, including cash and new shares.

• With full control, Aris Mining has enhanced its growth pipeline and removed previous precious metals streaming obligations, giving it clear strategic control and increased financial flexibility.

• The transaction lifts Aris Mining’s total proven and probable gold reserves to 9.1 million ounces and measured and indicated resources to 21.7 million ounces, significantly increasing its net asset value and resource base per share.

• Soto Norte’s latest Prefeasibility Study confirms it as a high-grade, long-life underground gold mine with strong environmental and social design, targeting a 22+ year mine life and robust community integration.

• Over the life of the mine, Soto Norte is expected to produce 4.3 million ounces of gold, 18.8 million ounces of silver, and 84 million pounds of copper, with average annual gold production projected at 263,000 ounces during peak years.

• Financial projections are strong, with the project boasting an after-tax NPV of $2.7 billion at a $2,600/oz gold price, a 35.4% IRR, and low all-in sustaining costs of $534/oz gold.

• This deal positions Aris Mining alongside fewer than 15 gold companies worldwide capable of producing over one million ounces of gold annually, contingent on successful execution across its Colombia and Guyana asset base.

• Ongoing expansions at the Segovia and Marmato operations, and advancement at the Toroparu project in Guyana, further support the company’s roadmap to scale up group-wide output and diversify cash flows.

• Institutional sentiment toward Aris Mining’s stock remains positive, with investors watching closely for permitting milestones, ramp-up success, and continued operational discipline as key indicators for future upside.

• The consolidation is widely seen as a transformative moment for Aris Mining and could serve as a model for large-scale mining growth in Colombia, provided regulatory and community hurdles are successfully navigated.