ARIS

• 2025 was pivotal: Gold production up 22%, gold prices up 48%, gold revenue $909M up 82%, adjusted EBITDA $464M up 185%, adjusted net earnings $241M up 265%, transitioned to free cash flow. • 2026: Segovia second mill ramp-up progressing, Marmato Gold mining zone development ahead of schedule, CIP plant on track for Q4 gold pour, Toroparu pre-feasibility study H2 2026, Soto Norte environment license application Q2 2026. • Segovia 2025: Production 228,000 ounces, 21% increase, milling rates up 17% post second mill commissioning, average grade 9.8 grams per tonne, recovery 96%. • Marmato 2025 - 2026: CIP plant construction and bulk mining zone development advancing, main decline to bulk mining zone over 1,000 meters advanced, mill feed storage facility under construction, major equipment moving to site, on track for Q4 2026 first gold pour. • Capital market: Uplisted common shares from NYSE American to main board of NYSE, changed U.S. ticker symbol to ARIS, strong operational and financial performance led to decreased leverage, cash balance $392 million, net debt $86 million

• 2025: Delivered on guidance, produced 257,000 ounces of gold above midpoint. • 2026: Production guidance 300,000 - 350,000 ounces, midpoint over 25% growth year-over-year. Once Segovia and Marmato fully ramped up, expected 500,000 ounces annual production. Segovia expected to generate $650 million in all-in sustaining margin in 2026. Marmato cost guidance after CIP plant commercial production. Toroparu pre-feasibility study targeted H2 2026, Soto Norte environment license application planned Q2 2026

2025: Gold production increased 22% year-over-year to 257,000 ounces. Gold revenue was $909 million, up 82%. Adjusted EBITDA was $464 million, up 185%. Adjusted net earnings were $241 million, $1.28 per share, up 265%. Segovia production increased 21% year-over-year, with owned mining all-in sustaining cost $1,534 per ounce, up 3% year-over-year. CMP source gold all-in sustaining margin 44%, above 35% - 40% guidance range. 2026 production guidance 300,000 - 350,000 ounces, midpoint represents over 25% growth year-over-year. Once Segovia and Marmato fully ramped up, expected 500,000 ounces annual production. Segovia expected to generate $650 million in all-in sustaining margin in 2026. Marmato cost guidance to be provided after CIP plant reaches commercial production

Q: Congrats on a great 2025. Maybe just starting with Segovia. We're almost through the first quarter here. Can you just give a bit of color on how the ramp-up is going, how we should be thinking about throughput in Q1?

A: The ramp-up is going very well. Having a strong Q1. Mill has been proven and run at 3,000 tonnes a day in 2025 on different occasions. Bottleneck is mine production dependent on underground development. Expecting by Q4 to be steady into that 3,000 tonne a day run rate. Running around 2,600 in Q4 and pretty much the same going through Q1.

Q: And then just on the contractor mining partner margin, obviously tracking above guidance. Is -- should we expect that to continue in the short term? Or are there reasons that might come down?

A: Our guidance this year, we're going to run about 35% contractor mining as a total of our mix. And again, it's very variable on gold price and on the mix from the different types of suppliers, internal, external and third parties. But right now, everything is looking to be on track and run pretty steady with the way it ran last year.

Q: What should we be thinking about for growth capital for Marmato and some of the other projects? I know you're talking about moving forward with some work at Toroparu. Just any guidance on capital would be helpful.

A: Estimated cost to complete for Marmato: total spend up to end of 2025 approximately $180 million since construction started. Current 2026 budget about $220 million, implies total project cost roughly $400 million. Increase reflects expanded preproduction mainly underground. For Toroparu: remains as per the Soto Norte PFS, similar CapEx. Toroparu PEA is $820 million, current PFS study to be completed Q3 2026, tracking well in terms of CapEx.

Q: I'd just like to follow up on the last question. I didn't quite catch how much CapEx is remaining to finish the Marmato development through the end of the year. Wondering if you could just repeat that. Just how much CapEx is left to spend? I know the budget was $290 million as at March 1 last year, netting out what's been spent so far. Just wondering how much is left?

A: The budget amount for this year is $220 million, as Corne was mentioning. And so when we add that to the $180 million that was already spent, that got us to the grand total of $400 million from Marmato, but it's $220 million is the total capital budget for 2026.

Q: And so the -- we see that it's laid out the trajectory of the increasing throughput in the CIP plant. You got 3,000 tonnes per day by the end of this year, 5,000 tonnes per day by the end of next year. With the development in the bulk mining zone ahead of schedule, is there any -- are you feeling optimistic about this ramp-up of the plant? And is there any chance to maybe accelerate reaching some of those milestones sooner?

A: We'd be very happy to achieve the milestones. We believe they're realistic and we believe they're achievable