11:06:33 EST Fri 28 Jan 2022
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

Aris Gold earns $6.04-million (U.S.) in Q3

2021-11-10 17:47 ET - News Release

An anonymous director reports

ARIS GOLD ANNOUNCES Q3 2021 FINANCIAL AND OPERATING RESULTS

Aris Gold Corp. has released its financial and operating results for the three and nine months ended Sept. 30, 2021. All amounts are in U.S. dollars, unless otherwise indicated.

Q3 2021 highlights

Highlights for Q3 2021 were focused on the continued advancement of the Lower mine project, with the following notable developments:

  • The project team completed several Lower mine optimizations with Wood PLC, the EPCM (engineering, procurement and construction management) contractor, and is finalizing the detailed design.
  • Aris Gold continued with the 35,000-metre infill and exploration drill program at Marmato. The final six drill holes of that program are under way.
  • Expenditures of $5.4-million were incurred on the Lower mine in Q3 2021, including $4.1-million related to early works, land acquisitions and technical studies, $700,000 related to the 35,000-metre drilling campaign, and $600,000 related to owner costs and other related costs.
  • Aris Gold published its inaugural sustainability report highlighting the company's approach and performance on a range of material environmental, social and governance (ESG) topics and the adoption of a new ESG governance strategy, as well as the company's plans and priorities for 2021 and beyond.
  • Performance optimization activities at the Marmato Upper mine included a comprehensive review of operations management, administrative and organizational structures. The regional office in Medellin has been closed and teams have been relocated to the Marmato mine. Preventive maintenance, productivity improvements and cost management programs have been initiated.
  • Aris Gold's COVID-19 vaccination program has resulted in over 96 per cent of its employees, along with many others in the local communities around the Marmato mine, being vaccinated at this time.

In addition, Aris Gold completed the 10,000-metre drill program at the Juby project in Q3 2021. Juby is an advanced-exploration-stage gold project in the Abitibi greenstone belt of Ontario, Canada. The objective of the drill program was to expand the known open-pit mineral resources and test areas that may host higher-grade zones. Core sample assays have been submitted to an analytical laboratory for review and results are expected in the fourth quarter of 2021.

Financial and operating highlights

In the three and nine months ended Sept. 30, 2021, Aris Gold recorded net earnings of $6.0-million and $4.3-million, respectively (three and nine months ended Sept. 30, 2020: net loss of $24.9-million and $49.4-million, respectively). The adjusted net loss for the three and nine months ended 2021 was $600,000 and $2.2-million, respectively, which, when compared with the same periods in 2020 (net earnings of $2.1-million and $3.6-million, respectively), reflected an increase in cost of sales and general and administrative expenses.

Aris Gold's Q3 2021 financial statements and related MD&A (management's discussion and analysis) are available on SEDAR and in the investors section of Aris Gold's website.

Outlook

Management is implementing several activities focused on performance optimization in the Marmato Upper mine, while also completing several early works projects in preparation for Lower mine construction. Highlights include:

  • After a comprehensive work force review and rationalization program, a new mine shift schedule has been implemented, providing workers with preferred access to accommodation at the site camp and other incentives to relocate to the Marmato community;
  • Completion of an improved mine design using grade control modelling techniques to improve mine planning. To accelerate training, this project is being implemented with the assistance of specialist technical consultants;
  • Continued rollout of cost management programs, including tightly controlled purchasing and procurement processes;
  • Implementation of enterprise resource planning software (ERP) to improve cost management with timely reporting, and other supply chain and financial management tools;
  • Continuing investment in Upper mine plant upgrades, new equipment and enhanced maintenance programs to increase mine production and processing rates.

About Aris Gold Corp.

Aris Gold is a Canadian mining company listed on the Toronto Stock Exchange under the symbol ARIS and on the OTCQX under the symbol ALLXF. The company is led by an executive team with a demonstrated record of creating value through building globally relevant gold mining companies. Aris Gold operates the Marmato mine in Colombia, where a modernization and expansion program is under way, and the Juby project, an advanced-exploration-stage gold project in the Abitibi greenstone belt of Ontario, Canada. Aris Gold plans to pursue acquisition and other growth opportunities to unlock value creation from scale and diversification.

We seek Safe Harbor.

© 2022 Canjex Publishing Ltd. All rights reserved.