Santa Ana: a structural model finds a blind shoot

Drilling intersected what Outcrop Silver has designated “Shoot 7” in a zone the company selected because it fit a spacing pattern observed between three previously discovered shoots along the same structure. Hole DH648 returned 9.16 meters (5.28 meters estimated true width) grading 127 grams per ton silver and 0.70 grams per ton gold, equivalent to 188 grams per ton silver, including a higher-grade section of 0.40 meters (0.23 meters ETW) grading 1,930 grams per ton silver and 8.65 grams per ton gold, equivalent to 2,693 grams per ton silver.

Figure 1. Plan view of the Santa Ana vein showing the drill holes reported in this release. (Image courtesy Outcrop Silver)

Table 1. Santa Ana drill hole assay results. (Image courtesy Outcrop Silver)

Outcrop Silver has traced the Santa Ana structure, the namesake vein of the company’s primary project, along 1.7 kilometers of strike and 350 meters of dip. The company describes it as a shear zone with a pinch-and-swell geometry, in which the widest, highest-grade intervals occur where the structure bulges. Applying that pattern, geologists targeted a swell located roughly 300 to 400 meters from the previously identified San Juan shoot — the same spacing the company had already measured between the structure’s other shoots — and drilling confirmed ore where the model predicted it.

Shoot 7 has no expression at surface. It is the fourth ore shoot identified along the Santa Ana structure itself, following the Roberto Tovar shoot near the project’s colonial-era underground workings, the San Juan shoot (see news release dated January 5, 2021), and the San Antonio shoot (see news release dated June 15, 2021).

Figure 2. Geological cross-section A showing the Santa Ana vein. (Image courtesy Outcrop Silver)

Figure 3. Longitudinal section of the Santa Ana vein showing drill pierce points. (Image courtesy Outcrop Silver)

This release reports assay results from seven holes at Santa Ana and its splay structures in total. Three of them — DH553, DH560 and DH656 — returned narrower intercepts ranging from roughly 100 to 560 grams per ton silver equivalent along the structure and its splays, detailed in the full assay table.

Separately, holes DH645, DH648 and DH650 each intersected a splay structure along the hanging wall of Santa Ana. Hole DH652 returned the single highest grade in the release within one of those splays: 0.30 meters (0.22 meters ETW) grading 5,196 grams per ton silver and 8.51 grams per ton gold, equivalent to 5,947 grams per ton silver. Outcrop Silver said the hanging-wall splays point to additional high-grade structure at depth that its existing geological model does not yet account for.

Las Maras: the high-grade core holds at depth, then narrows in one hole

The company also released results from five holes at Las Maras, a near-vertical, historically high-grade target where the current program was designed to test whether that grade holds up down-dip. Hole DH637 returned the strongest result: 2.86 meters (2.30 meters estimated true width) grading 1,760 grams per ton silver and 5.14 grams per ton gold, equivalent to 2,214 grams per ton silver — the widest high-grade interval yet reported at the target — including 0.30 meters (0.24 meters ETW) grading 4,285 grams per ton silver and 8.18 grams per ton gold (5,006 grams per ton silver equivalent) and 0.51 meters (0.41 meters ETW) grading 4,185 grams per ton silver and 15.27 grams per ton gold (5,533 grams per ton silver equivalent).

Figure 4. Plan view of the Las Maras target showing the drill holes reported in this release. (Image courtesy Outcrop Silver)

Figure 5. Geological cross-section B showing the Las Maras vein system. (Image courtesy Outcrop Silver)

Figure 6. Geological cross-section C showing the Las Maras vein system. (Image courtesy Outcrop Silver)

Table 2. Las Maras drill hole assay results. (Image courtesy Outcrop Silver)

A splay structure along the hanging wall of Las Maras also returned high-grade results: hole DH624 intersected 0.30 meters (0.21 meters ETW) grading 3,386 grams per ton silver and 10.99 grams per ton gold, equivalent to 4,355 grams per ton silver. Hole DH640, the deepest hole drilled at the target to date, intersected a narrower interval of the structure with lower silver grades at that specific point. Outcrop Silver said it is incorporating that result into its geological model rather than treating it as evidence the target is closing off, citing the strength of DH637 along the same trend. Holes DH630 and DH653 returned additional results consistent with the structure’s continuity.

Figure 7. Longitudinal section of the Las Maras vein showing drill pierce points. (Image courtesy Outcrop Silver)

Background: a rebuilt leadership team and a resource update due this month

Outcrop Silver — known as Outcrop Gold Corp. until a name change effective June 14, 2021 — has spent the past year rebuilding its leadership. Rob Bruggeman became chief executive in April, and Carlos Torres, a geologist with more than 20 years of experience in mineral exploration, including extensive work in Colombia, who previously served as vice president of exploration at Sun Valley Investments, joined as vice president of exploration in May. The company has said that transition pushed back the release of an updated mineral resource estimate to the third quarter of this year; Outcrop Silver now says that update is anticipated this month. The company graduated from the TSX Venture Exchange to the Toronto Stock Exchange in November 2025, continuing to trade under the ticker OCG.

Santa Ana’s only mineral resource estimate to date, prepared by AMC Mining Consultants in a NI 43-101 technical report dated June 8, 2023, put the project’s indicated resource at approximately 1.35 million tons (1.226 million tonnes) grading 614 grams per ton silver equivalent, containing 24.2 million ounces, with a further 1.06 million tons (966,000 tonnes) inferred at 435 grams per ton, containing 13.5 million ounces. That estimate covered seven vein systems at Santa Ana; the current campaign has since confirmed mineralization in six additional systems, including Jimenez and Los Mangos, that sit outside the 2023 estimate entirely.

Assay samples were prepared at an Actlabs facility in Medellín and analyzed at the firm’s laboratory in Ancaster, Ontario, with blanks, duplicates and certified reference materials inserted at a rate of about three control samples per 20 drill samples. Torres, a registered professional geoscientist in Ontario, signed off on the results as the qualified person under NI 43-101.

Silver equivalent figures in this release are calculated using metal prices of $2,760 USD per ounce for gold and $32 USD per ounce for silver, with metallurgical recoveries of 98.5 percent for gold and 96.3 percent for silver based on the company’s own metallurgical test work reported in June 2024.

Silver equivalent (AgEq) formula used by Outcrop Silver. (Image courtesy Outcrop Silver)

Table 3. Collar and survey table for all drill holes referenced in this release. (Image courtesy Outcrop Silver)

Headline photo: A geologist logs core samples at the Santa Ana project’s core-handling facility in Falan, Tolima. (Photo courtesy Outcrop Silver)

The Unidad Nacional para la Gestión del Riesgo de Desastres (UNGRD, National Disaster Risk Management Unit) reported at least 273 people dead, 3,824 injured and 377 missing as of August 13, 2026, three days after a magnitude-7.4 earthquake struck the department of Chocó near San José del Palmar, according to agency director David Santiago Tamayo. The quake and its aftershocks damaged infrastructure across Chocó, Risaralda, Caldas and Valle del Cauca, affecting roughly 40,750 families. Collective Mining Ltd. (NASDAQ: CNL) (TSX: CNL), whose Guayabales and San Antonio gold, silver, copper and tungsten exploration projects lie roughly 100 kilometers from the epicenter, said none of its personnel were injured and none of its assets were damaged.

Rather than limit its response to its own project sites, the company said it is directing humanitarian support toward Manizales, the Caldas department capital about 80 kilometers from its Supía, Caldas operations, where it already has partnerships with local organizations. Collective Mining said it has been coordinating directly with municipal authorities, local fire departments and business associations to determine where that support is needed most.

On technical matters, the company will work with the Alcaldía de Manizales (Mayor’s Office of Manizales). Its monetary and in-kind contributions will flow through four organizations already active in the recovery: the Asociación Nacional de Empresarios de Colombia (National Business Association of Colombia, or ANDI), which is coordinating reconstruction planning in the hardest-hit areas; the Caldas chapter of the Cruz Roja Colombiana (Colombian Red Cross) and ProCaldas, a public-private development alliance, both focused on health infrastructure; and the Federación Nacional de Cafeteros de Colombia (National Federation of Coffee Growers of Colombia), which is targeting local school infrastructure.

Collective Mining traces its roots to Continental Gold Inc., the company that developed Colombia’s Buriticá gold mine before Zijin Mining Group (HKEX: 2899) (SSE: 601899) bought it in an all-cash deal valued at $1.4 billion CAD in enterprise value, a transaction that closed in March 2020. The same management group — now led by Executive Chairman Ari Sussman and President Omar Ossma, who served as Continental Gold’s legal vice president — regrouped around Continental Gold’s old playbook, exploring for gold, silver, copper and tungsten at Guayabales and San Antonio, two adjacent Caldas properties inside a district that already hosts 10 permitted, operating mines. Guayabales’ Apollo system, a large gold-silver-copper-tungsten discovery, is the company’s primary exploration target; recent drilling there has centered on extending the high-grade Ramp Zone and testing a newly exposed oxidized zone to the north.

“In moments like this, a coordinated response is essential to effectively reach affected communities. The support of organizations such as Collective Mining strengthens our ability to address immediate needs and support the recovery efforts underway in Manizales,” said Darío Gómez, president of the board of the Cruz Roja Colombiana’s Caldas chapter. “We appreciate their commitment to working alongside local institutions and organizations as the situation continues to evolve.”

“The safety and wellbeing of our people and communities is our first priority. I have been on the ground in Colombia working directly with our team and local stakeholders to lead our response and understand where assistance is most needed,” said Ossma. “Our thoughts are with everyone affected by the earthquake. We are mobilizing support through organizations that are positioned to direct assistance where it can have the greatest impact. We will continue to support our employees, their families and the broader community as recovery efforts progress.”

Management, insiders, a strategic investor and family and friends of the founding team own 45.2% of Collective Mining’s outstanding shares, according to the company.

Headline photo: Manizales skyline (Pixabay)

Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF), the Canadian junior with gold and polymetallic projects in Colombia and Spain, reported on July 29 that it shipped 3,907 tons of mined material from its Zancudo Project in Antioquia during the second quarter of 2026, a 67% increase over the first quarter, generating revenue of $5.1 million USD. First-half revenue reached $8.6 million USD, against $1.7 million USD for all of fiscal 2025, its first partial year of shipments.

Head grades averaged 11.3 grams per ton of gold and 217.1 grams per ton of silver in the second quarter, against 11.5 and 269.3 in the first. Contained metal totaled 1,416 ounces of gold and 27,265 ounces of silver for the quarter, and 2,279 ounces and 47,502 ounces for the half.

“We continue to advance mine development and plant construction activities toward our objective of producing gold-silver concentrates by the fourth quarter of this year.” – Serafino Iacono, executive chairman, Denarius Metals

Because the material is sold raw rather than as concentrate, Denarius is paid for far less than it digs out. Payable metal for the quarter was 970 ounces of gold and 9,706 ounces of silver — 68.5% and 35.6% of contained metal.

Why the Payability Gap Matters

Denarius began mining at Zancudo in the second quarter of 2025, delivering its first shipment that June. The current phase, which the company calls “early production,” is artisanal mining in already-accessible parts of the mine and runs through the third quarter of 2026 while development opens new fronts for conventional, semi-mechanized work. Mined material is shipped to a local port and sold to Trafigura under a long-term offtake.

Trafigura pays for 30% to 70% of the gold and 20% to 40% of the silver in each shipment, depending on grade, because the trader absorbs the cost of making the material saleable. Denarius says those rates rise to 86% to 90% for gold and 35% to 45% for silver once it ships concentrate from its own plant — a substantial step up on gold from the 68.5% recorded in the second quarter, though second-quarter silver payability of 35.6% already sits at the bottom of the concentrate band.

A District Worked Since 1793

Zancudo covers 1,054 hectares in the municipality of Titiribí, about 30 kilometers southwest of Medellín in the Cauca Belt, and includes the historic Independencia mine. Gold was found there in 1746 and mined from 1793 across 58 workings; the Sociedad de Zancudo held the ground for a century from 1848, and the mine closed in 1945. Denarius estimates historic district production between 1793 and 2006 at 1.4 million to 2 million gold-equivalent ounces. The project lies about 190 kilometers from the port of Buenaventura; a four-kilometer bypass road to the Medellín highway is under construction.

Gran Colombia Gold — a predecessor of Aris Mining (TSX/NYSE: ARIS) — acquired Zancudo in 2010 and optioned it to IAMGOLD Corporation (TSX: IMG; NYSE: IAG) in 2017. Denarius bought the rights in 2021 and took full ownership in 2022 after IAMGOLD declined to complete its earn-in.

A resource estimate effective October 31, 2025, put indicated resources at 979,000 tons grading 6.9 grams per ton gold and 84 grams per ton silver, with inferred resources of 4.6 million tons at 5.6 and 84 grams per ton. A preliminary economic assessment released on March 30, 2026, sketched an 11-year mine life generating $2 billion USD from roughly 466,000 payable ounces of gold and 2.2 million payable ounces of silver, assuming $4,000 USD per ounce of gold and $50 USD per ounce of silver. It draws on inferred resources that cannot be classified as reserves.

What the New Plant Changes

Denarius received its industrial facility permit from Corantioquia (Autonomous Regional Corporation of Central Antioquia), the regional environmental authority, in October 2025, clearing the way to build a 1,000-ton-per-day flotation plant. “We continue to increase our daily average mining rates during the early production phase at our Zancudo Project,” Executive Chairman Serafino Iacono said.

Iacono put first concentrate in the fourth quarter of 2026, a target the company’s own project page also carries. The boilerplate appended to the July 29 release still shows a third-quarter date. Denarius is also drilling about 15,000 meters at Zancudo this year.

The ramp-up coincides with high gold prices. Aris Mining sold gold at an average realized price of about $4,445 USD per ounce in the second quarter, according to the half-year results it reported for its Segovia and Marmato mines. Conditions are harder sector-wide; miners met this year over an approximately 8% contraction in mining GDP and a shift toward asset-light models.

Outside Colombia, Denarius holds 21.8% of Rio Narcea Recursos and operates that company’s Aguablanca nickel-copper project in Extremadura, Spain, an EU-designated Strategic Project. It wholly owns the Lomero and Toral deposits, also in Spain, and in early 2026 formed a joint venture with Saudi-based ProGrowth Ltd. Company, covering processing and smelting arrangements in Saudi Arabia.

]]> https://www.financecolombia.com/soma-gold-reports-gold-continuity-at-escondida-vein-with-first-drill-result/ Sat, 05 Sep 2026 00:58:12 +0000 https://www.financecolombia.com/?p=38706 Results Signal Near-Mine Gold Growth Potential in Antioquia

Soma Gold Corp (TSXV: SOMA) (OTC: SMAGF) reported the first drill result and new underground channel sampling from its Escondida Project in Antioquia, Colombia, indicating that the gold-bearing Escondida Vein continues beyond the boundaries of the small underground mine the company has operated since acquiring it in July 2025.

The result is the first from a 21-hole, 2,790-meter Phase 1 drill program that Soma Gold began at Escondida in May 2026 to test the vein’s extent up to 500 meters along strike and 250 meters below the mine’s deepest level. La Escondida Mine has produced mineralized material on a small scale since 2013; Soma Gold has held it for just over a year.

The lead hole, designated EZDDH-26-001, was drilled to intercept the vein 25 meters northeast of the mine’s current workings and about 100 meters below surface, near level 10 of the underground operation. It intersected a 2.7-meter-wide fault zone with strong clay alteration and a 0.65-meter quartz vein hosted in a granodiorite-to-diorite intrusive body, similar in style to the mineralization already mined at Escondida. The composite result was 4.25 g/t Au over 1.85 meters, including a higher-grade section of 12.10 g/t Au over 0.65 meters.

“The first assay results from the Escondida Mine have met our expectations and demonstrated near-mine continuity of the vein,” said Chris Buchanan, Soma Gold’s vice president of exploration. “The vein intersection and tenor of gold mineralization are consistent with mineralized material that has been mined from this area.”

A second hole, EZDDH-26-002, aimed to intercept the vein 50 meters down-dip of the first but was lost to drilling difficulties about 25 meters above the target depth. A third hole, EZDDH-26-003, reached the target zone 50 meters down-dip and 65 meters southwest of the first intercept; its core has been shipped to Actlabs’ Medellín facility and assays are pending. A fourth hole, EZDDH-26-004, has been collared to retest the point the lost hole was meant to reach.

Underground channel sampling, conducted as crews pumped out and rehabilitated the mine’s lowest workings, returned higher grades than the drill hole. Workers collected 29 channels comprising 81 samples from areas developed since the company’s last underground sampling campaign in 2022. Three of the highest-grade results were CHU600005, at 15.40 g/t Au over 1.0 meter, including 38.22 g/t Au over 0.40 meters; CHU600006, at 16.61 g/t Au over 1.0 meter, including 36.72 g/t Au over 0.45 meters; and CHU600008, at 19.24 g/t Au over 1.0 meter, including 38.26 g/t Au over 0.5 meters.

The Escondida Vein has been traced 800 meters along strike to the northeast and about 135 meters down-dip, dipping steeply at 70 to 80 degrees to the northwest. The mine’s previous operator worked 200 meters of that strike length to a vertical depth of 105 meters, developing five-meter levels that are now mostly backfilled. Soma Gold describes the vein’s style, alteration and sulphide mineralization as consistent with an intermediate sulphidation epithermal system.

La Escondida Mine holds a permiso de trabajo de obra (small-scale mining work permit), an environmental permit and an explosives permit, and is developed through two internal winzes feeding a small on-site mill. Soma Gold recently repaired the access road linking the project to an all-season route from Zaragoza or Cáceres, Colombia, making the roughly 90-minute drive to the company’s El Limón mill passable for trucks. The previous operator produced 10 tons per day at a diluted grade of about 9.0 g/t Au from a vein 15 to 65 centimeters thick, accompanied by a wider clay-altered zone that is also variably mineralized. Soma Gold is now extending the mine’s main decline by 10 meters to open four working faces on two new levels, targeting production of 20 to 30 tons per day.

Beyond Escondida, Soma Gold continues exploring across its broader Antioquia land package. At the Cordero Deposit, two surface rigs are testing targets down-dip of the Cordero, Atenas and Cordero Viejo zones, and two underground rigs at the Cordero Mine are focused on infill drilling to support mine planning. Regional teams are also running surface geochemistry programs at the company’s El Bagre and Machuca projects.

Drill core and channel samples are split, tagged and shipped under documented chain of custody to Actlabs Colombia SAS in Rionegro, where pulps are prepared and gold is assayed by fire assay with an atomic-absorption finish; overlimit samples are re-assayed with a gravimetric finish. Pulps are then sent to Actlabs’ laboratory in Ancaster, Ontario, for a 51-element analysis. Soma Gold said its quality-control program includes regularly inserted blanks, duplicates and certified OREAS reference standards, checked against certified values and standard deviations. Buchanan, a professional geologist and the qualified person under National Instrument 43-101, reviewed and approved the technical disclosures in the release.

Soma Gold Corp’s flagship operation, the Cordero Mine, feeds two mills in Antioquia — the El Bagre mill, with a capacity of 450 tons per day, and the El Limón mill, with a capacity of 225 tons per day — for a combined 675 tons per day, permitted for up to 1,400 tons per day. Escondida, the smaller, separately permitted operation Soma Gold acquired in July 2025, has its own small on-site mill and also feeds ore to the El Bagre and El Limón complexes. Internally generated funds are financing the company’s regional exploration program. Soma Gold also holds an exploration property near Tucumã, in Brazil’s Pará state, that it has optioned to Ero Copper Corp (TSX: ERO) (NYSE: ERO).

Copper Giant Resources Corp. (TSX Venture Exchange: CGNT) (OTCQB: LBCMF) (Frankfurt: 29H0) has signed a binding term sheet for a $30,999,996 CAD non-brokered private placement led by Denarius Metals Corp. (Cboe Canada: DMET) (OTCQX: DNRSF), alongside a separate 10-year offtake agreement with commodities trader Trafigura covering copper and molybdenum concentrate from Copper Giant’s Mocoa Project in the Putumayo department of southern Colombia. Both companies announced the transactions on August 6, 2026.

Under the financing, Copper Giant will issue 43,055,550 common shares at $0.72 CAD per share. Denarius Metals is subscribing for 40,000,000 of those shares for $28.8 million CAD, giving it a 15.6% equity interest in Copper Giant on closing. Frank Giustra, already a significant shareholder in Copper Giant, is subscribing for 2,777,775 shares, resulting in a 15.8% stake on a partially diluted basis, while Ian Harris, Copper Giant’s president and chief executive officer, is subscribing for 277,775 shares. On closing, Copper Giant will have 256,429,248 common shares issued and outstanding. Because Giustra and Harris are insiders, their participation is classified as a related-party transaction under Multilateral Instrument 61-101, though Copper Giant said it expects the participation to be exempt from that instrument’s formal-valuation and minority-approval requirements, as the value of the insiders’ subscriptions is not expected to exceed 25% of the company’s market capitalization. Denarius, Giustra and Harris have each agreed to two-year lock-up arrangements, and the financing is expected to close on or about August 21, 2026.

A separate offtake, and a related financing at Denarius

Separately, Trafigura has agreed to purchase 20% of the copper concentrate and 20% of the molybdenum concentrate produced at Mocoa for 10 years from the start of commercial production, under arm’s-length market terms that include minimum delivered volumes; Trafigura may elect to extend the term if those minimums are not met.

“This transaction changes the trajectory of Mocoa. Denarius’s investment gives us the capital to move through the PEA and accelerate the next phase toward a construction decision, while Trafigura provides a long-term route to global markets. Together, these partners bring Colombian operating experience, market reach and long-term alignment at a pivotal moment for copper and for Colombia.”
— Ian Harris, President and Chief Executive Officer, Copper Giant Resources Corp.

The Copper Giant financing runs alongside a related but separate transaction at Denarius: Trafigura has agreed to acquire 67,000,000 Denarius common shares at $0.43 CAD per share, plus 12,500,000 warrants exercisable at $0.60 CAD per share for three years, raising approximately $28.8 million CAD for Denarius and giving Trafigura an approximate 14.9% stake in the company. That financing is also expected to close on or about August 21, 2026, and its proceeds fund Denarius’s investment in Copper Giant.

Serafino Iacono, Denarius’s executive chairman, said the company was investing in Copper Giant for the long term: “We know Colombia and we know what it takes to move a project from resource to operation. Mocoa stands out for its scale, its copper-molybdenum endowment and its potential importance to Colombia’s mining future. We are investing as a long-term partner because we believe Copper Giant has the asset and the team to advance it responsibly.”

Edmundo Vidal, Trafigura’s director for Latin America, linked the offtake to Colombia’s push to develop copper as a strategic mineral: “Colombia has the geological conditions and the opportunity to become an important copper producer. We are pleased to see projects like Mocoa develop, especially given the country’s recognition of copper as a strategic mineral. Our long-term offtake at Mocoa reflects both our confidence in the project, and our strategy of working with producers to bring new supply to customers around the world.”

Colombia’s Agencia Nacional de Minería (National Mining Agency, or ANM) has designated copper among the minerals it considers strategic for the country’s energy transition, a designation Vidal referenced in his remarks.

Board changes and the Mocoa resource

Copper Giant is also appointing Carlos Augusto Suárez Rojas to its board of directors, effective on closing of the financing and subject to approval of the TSX Venture Exchange. Suárez is a Colombian attorney and political strategist and the founder and chief executive officer of Bogotá-based public affairs firm Estrategia & Poder S.A.S., which led strategy for the presidential campaign of Colombian President Abelardo De La Espriella and advises several Colombian state governments. Separately, Copper Giant is appointing Federico Restrepo-Solano, Denarius’s chief executive officer, to its advisory board. Restrepo-Solano has more than 25 years of experience in the oil and mining sectors across Latin America and leads Denarius’s operations in Colombia and Spain. The board move follows Copper Giant’s 2025 prior consultation agreement with the Inga Condagua Indigenous Nation, a prerequisite the company cleared before advancing exploration permitting at Mocoa.

Mocoa, located in Putumayo department, holds an Inferred Mineral Resource of 1,120 million tons at an average grade of 0.51% copper-equivalent, comprising 7.6 billion pounds of copper at 0.31% and 1.0 billion pounds of molybdenum at 0.039%, according to the resource estimate Copper Giant filed with Canadian securities regulators. Copper Giant holds more than 132,000 hectares of district-scale tenure around the deposit, which the company says was first identified in 1973 through a regional geochemical survey conducted by the United Nations and the Colombian government, followed by exploration campaigns from 1978 to 1983 and further drilling by B2Gold in 2008 and 2012. The mineral resource estimate was prepared by Kevin Hon and Warren Black of APEX Geoscience, with an effective date of November 18, 2025, and peer-reviewed by APEX president and chief executive Michael Dufresne; a full technical report incorporating the estimate, also naming APEX Geoscience‘s Dufresne, Black and Hon alongside Chester de Leon of Consultec Limited, carries an effective date of December 23, 2025, and was filed January 8, 2026. The estimate’s economic assumptions include copper priced at $4.00 USD per pound and molybdenum at $20.00 USD per pound, copper and molybdenum recoveries of 90% and 95%, respectively, and a cutoff grade of 0.25% copper-equivalent. Copper Giant has continued drilling at Mocoa since that estimate was filed, including a third mineralized breccia corridor confirmed below the current conceptual pit, which the company has said points to a larger resource than the current estimate captures.

Copper Giant, part of the Vancouver-based Fiore Group, has focused on advancing Mocoa toward a preliminary economic assessment and eventual construction decision. Denarius Metals, based in Toronto, is producing gold and silver at its Zancudo Project in Colombia’s Cauca Belt, near Medellín, while completing construction of a processing plant there, and holds mineral projects in Spain, including the Aguablanca project, which the European Union has designated a Strategic Project. Trafigura, founded more than three decades ago and employee-owned, trades and moves commodities including metals, energy and minerals across a network operating in more than 150 countries.

Neither company has disclosed a timeline for the preliminary economic assessment the new capital is meant to fund.

Headline photo: Copper Giant field geologists during exploration work at the Mocoa copper-molybdenum project in Putumayo. (Photo courtesy Copper Giant Resources Corp.)

Outcrop Silver & Gold Corporation (TSX: OCG, OTCQX: OCGSF, FSE: MRG) said on August 5, 2026, that six of 14 newly reported holes at the Morena vein returned mineralized intercepts, and that the target should contribute contained ounces to a mineral resource estimate it expects to announce in September 2026. The best of the six holes, DH613, cut 0.71 meters grading 1,646 grams per ton (g/t) silver and 10.35 g/t gold at the company’s Santa Ana project in Colombia’s Tolima department.

Measured as estimated true width rather than downhole length, the DH613 interval narrows to 0.34 meters. Inside it, 0.41 meters — 0.20 meters true width — graded 2,839 g/t silver and 17.72 g/t gold. A second hole, DH601, was wider and lower grade: 1.74 meters, or 1.42 meters true width, at 488 g/t silver and 1.79 g/t gold, including two 0.30-meter subintervals running 974 g/t and 1,464 g/t silver.

Outcrop Silver reports those numbers as silver-equivalent grades of 2,559 g/t for DH613 and 646 g/t for DH601. The conversion assumes $2,760 USD per ounce for gold and $32 USD per ounce for silver, plus metallurgical recoveries of 98.5% for gold and 96.3% for silver from test work the company reported in June 2024.

Assay results from the 14 holes reported at Morena, including DH613 and DH601. (Table courtesy Outcrop Silver & Gold)

Plan view of the Morena target showing the drill holes reported in the August 2026 release. (Figure courtesy Outcrop Silver & Gold)

The same release covered 12 holes in the northern sector of the Aguilar target, where nine hit mineralization. Hole DH631 cut 0.30 meters (0.19 meters true width) at 1,554 g/t silver and 5.44 g/t gold within the Aguilar N structure. DH628 returned 2.21 meters (1.04 meters true width) at 103 g/t silver and 1.42 g/t gold in the principal Aguilar vein, including 0.30 meters (0.14 meters true width) at 440 g/t silver and 6.73 g/t gold. The Aguilar NEE and Aguilar NEW structures, which the company first disclosed on June 3, 2026, returned mostly weakly mineralized results in this round.

Assay results from the 12 holes reported in Aguilar’s northern sector, including DH631 and DH628. (Table courtesy Outcrop Silver & Gold)

Plan view of the Aguilar target showing the drill holes reported in the August 2026 release. (Figure courtesy Outcrop Silver & Gold)

The other eight holes in the batch fell below Outcrop Silver’s 100 g/t silver-equivalent mineralization threshold. The company said they still intersected the vein structure and confirm its continuity, a pattern it calls consistent with the discontinuous, shoot-controlled mineralization seen elsewhere in the district rather than evidence that mineralization is absent.

Carlos Torres, vice president of exploration, measured the target against Aguilar, which the company says it has traced approximately 1.6 kilometers along strike. “Morena remains a smaller structure relative to the 1.6 km long Aguilar structure, but the results obtained over the past year, including these latest high-grade intercepts, support its inclusion as an additional contributor to our upcoming mineral resource estimate,” he said.

Morena emerged from a regional program focused on the La Ye target, where late-2024 soil sampling and trenching flagged a structural corridor, and the trenching then confirmed the vein at surface. Outcrop Silver announced the discovery on July 22, 2025, after 2,905 meters of drilling confirmed a continuous mineralized footprint of approximately 400 meters along strike and nearly 300 meters down dip. The company interprets the vein as lying southeast of, and parallel to, the Aguilar-Jiménez-Guadual trend. Finance Colombia has previously reported results at the Jiménez vein and Los Mangos.

The company puts Santa Ana at more than 27,697 hectares in northern Tolima, 6,475 of them titled, about 15 kilometers southeast of the town of Mariquita and 190 kilometers from Bogotá, with core logging facilities at Falan. Much of that ground falls inside the Mariquita District, where it dates the earliest mining records to 1585. Outcrop Silver also credits the colonial-era Frías mine, which lies 12 kilometers south of the Royal Santa Ana Mines, with 7.8 million ounces of silver recovered at a grade of 1.3 kilograms per ton, and treats it as an analogue. It has drilled more than 330 diamond drill holes across roughly 17% of its titled surface.

Rob Bruggeman became chief executive officer on April 20, 2026, succeeding Ian Harris, who moved to chair the board. When Outcrop Silver appointed Torres on May 19, 2026, it said it was extending the resource timeline into the third quarter to let new management review and finalize the modeling, and that the updated estimate would form the basis of a potential preliminary economic assessment.

The baseline it will replace is the maiden estimate prepared by AMC Mining Consultants in a technical report titled “Santa Ana Property Mineral Resource Estimate,” dated June 8, 2023, which set out an indicated resource of 1,226,000 tons at 614 g/t silver equivalent, containing 24.2 million silver-equivalent ounces, and an inferred resource of 966,000 tons at 435 g/t, containing 13.5 million silver-equivalent ounces. Outcrop Silver says the current campaign has confirmed mineralization in six vein systems: Aguilar, Jiménez, La Ye, Los Mangos, Guadual and Morena.

Samples were prepared and assayed at the Actlabs facility in Medellín, with multi-element analysis at the laboratory’s Ancaster, Ontario, site. Gold and silver were determined by 30-gram fire assay with a gravimetric finish for over-limits. Outcrop Silver said it inserted about three control samples for every 20 and found no material quality-control issues. Torres, a registered professional geoscientist, is the qualified person for the disclosure under National Instrument 43-101.

A worker inspects drill core with a handheld instrument at Outcrop Silver’s Santa Ana project in Tolima, Colombia. (Photo: Outcrop Silver & Gold)

Quimbaya Gold Inc. (CSE: QIM) (OTCQX: QIMGF) (FSE: K05) has granted 37 Capital Inc. (CSE: JJJ) an exclusive 12-month option to acquire its non-core Berrío gold project in Antioquia, Colombia, for total consideration of up to $3.75 million USD in cash and shares if the option is exercised. The agreement, dated August 18, 2026, is structured so that Quimbaya issues no new shares of its own, receiving cash payments plus an approximately 19.9% equity stake in 37 Capital instead. The company said the option lets it concentrate capital and technical staff on its flagship Tahami Project in the Segovia Gold District, where a drill program is already underway.

Under the option, 37 Capital may exercise at any point over the next 12 months and can acquire the property either by taking a direct transfer of the mining concession and related applications or by buying 100% of Golden Pacifico Exploration S.A.S., the Colombian subsidiary that holds the asset. The $3.75 million USD purchase price is split between a $100,000 USD non-refundable deposit and a further $150,000 USD non-refundable deposit due within six months if the deal has not closed by then — both payments contingent on Quimbaya first arranging the minimum private-placement subscription described below — and, if the option is exercised, 7,600,000 common shares of 37 Capital valued at $760,000 CAD (about $542,857 USD) plus the balance of the price in cash. Completion is subject to exercise of the option and to acceptance by the Canadian Securities Exchange.

The Berrío project, in Puerto Berrío, Antioquia, sits in the Minas del Vapor gold district of the Segovia Gold Belt, roughly 110 kilometers east-northeast of Medellín. It covers about 8,746 hectares in total: a granted concession, contract No. 6822, of 1,218.88 hectares, plus roughly 7,529 hectares under five additional applications filed with Colombia’s Agencia Nacional de Minería (National Mining Agency). At least five small-scale mines already operate immediately south of the property, according to 37 Capital’s own disclosure on the transaction, which also discloses that the ground carries a 2% net smelter returns royalty held by AngloGold Ashanti (NYSE: AU) (JSE: ANG).

37 Capital is funding the acquisition through a concurrent non-brokered private placement of up to 5,000,000 units at $0.10 CAD each, for gross proceeds of up to $500,000 CAD; each unit carries one share and one warrant, with two warrants convertible into one additional share at $0.15 CAD for three years. Quimbaya has agreed to use its best efforts to help arrange at least 3,000,000 of those units, a $300,000 CAD minimum subscription; if that minimum is not raised, 37 Capital will not proceed and the option agreement terminates. A finder’s fee of 1,000,000 37 Capital shares is payable to an arm’s-length party in connection with the transaction.

“This transaction is disciplined capital allocation, we are converting a non-core asset into cash and a retained approximately 19.9% interest, partnering with 37 Capital to put our portfolio to work, without issuing a single Quimbaya share, and putting our full focus on the ground we believe in,” said Alexandre P. Boivin, President and CEO of Quimbaya Gold. “That ground is our Tahami Project in Segovia: a copper-molybdenum-gold porphyry system at Tahami Center, and high-grade gold and silver veins at Tahami South, immediately adjacent to Aris Mining’s producing Segovia operations. Quimbaya is a meaningful mining-rights holder in one of Colombia’s most prolific and actively producing gold districts, and a non-dilutive approach lets us advance it on our own terms. Our next chapter is the first drill results from Tahami Center, which we expect in the third quarter of 2026.”

Tahami lies immediately adjacent to Aris Mining Corporation’s (TSX: ARIS) (NYSE: ARIS) producing Segovia Operations, a wholly owned underground mine and one of the highest-grade gold mines in the world, with a reserve grade of about 10.7 grams per ton. Segovia produced 227,762 ounces of gold in 2025, and Aris Mining has said output should rise to between 265,000 and 300,000 ounces annually following the recent installation of a second processing mill that lifted capacity 50%, to 3,000 tons per day, as Finance Colombia previously reported. Antioquia is Colombia’s top gold-producing department, according to the national Unidad de Planeación Minero Energética (Mining and Energy Planning Unit, or UPME).

If the Berrío option is exercised, Quimbaya said net proceeds would go toward continued exploration at Tahami and general working capital. Ricardo Sierra, Quimbaya’s VP Exploration, is the qualified person under National Instrument 43-101 for the technical disclosure in the transaction.

Collective Mining Ltd. (Collective Mining) (NASDAQ: CNL) (TSX: CNL) has finished the access road to the portal site for its planned exploration adit at the Guayabales Project in the department of Caldas, Colombia, and is moving directly into portal-platform and box-cut construction, the company said August 18, 2026. With permits already secured, Collective Mining said the adit remains on schedule to begin construction in the fourth quarter of 2026, with underground drilling set to start in the first quarter of 2027 at Trap East, a newly identified extension of the company’s Trap system.

The update follows a progress report Collective Mining issued June 17, 2026, when it said engineering, permitting and site preparation for the adit were advancing and named former Ecopetrol projects executive Josué Romanos as vice president of projects (Finance Colombia reported on that update). The company first disclosed plans for the exploration adit on March 11, 2026. The August update also comes about a week after Collective Mining completed the transfer of its US listing from the NYSE American to the Nasdaq Global Select Market, a move it announced in late July and completed August 11 under the unchanged CNL symbol; its Toronto Stock Exchange listing was not affected.

The completed roadway is a 1.8-kilometer switch-back route built by upgrading an existing path connecting the Pan American Highway to the portal site, the company said, clearing the way for box-cut and portal-platform work to begin immediately.

Under Collective Mining’s current timeline, drilling of the Trap East target is scheduled for the first quarter of 2027. Drilling of the Trap Main System is expected to follow in the second half of 2027, once the adit has advanced enough to allow construction of a cross-cut, with drilling of the Plutus target and the Ramp Zone to follow in 2028. The company said the portal location and access-road alignment sit within the area anticipated for future project infrastructure, close to both the Pan American Highway and existing power lines.

“We are excited to begin drilling the Trap System from underground, as we will be able to rapidly test the system from suitable drilling angles while testing for extensions to the mineralization,” said Ari Sussman, Executive Chairman of Collective Mining. “Following a recent detailed review with our geological team, I am confident that Trap has all the potential to develop into a second large-scale precious-metal system at Guayabales.” Sussman said the Trap system’s proximity to both the adit portal and the company’s proposed future mining infrastructure is a key advantage: “Should our underground drilling confirm the system as we expect, Trap would provide a second independent working front alongside Apollo, enhancing mill feed flexibility in a future mining scenario.” He added that he is not ruling out the possibility of discovering yet another mineralized system as the adit advances toward Apollo, given the amount of mineralization already found across Guayabales through limited surface drilling to date.

Ned Jalil, Chief Executive Officer, said the company remains on track to meet its milestones. “Once established, the adit will fundamentally expand the way we can explore Guayabales,” Jalil said. “Underground access will enable us to drill-test Apollo’s Ramp Zone, the Trap System and the Plutus Target over more than a vertical kilometer from optimal orientations that are not available from surface.”

Collective Mining said it is prioritizing local employment and procurement for the early-works program, with much of the current workforce recruited from communities in Caldas. The company said the work is being carried out under its own health and safety standards as well as Colombia’s applicable regulatory requirements.

Mineralization at Trap outcrops at surface and has been drill-tested along a 1.4-kilometer northwest-southeast corridor, extending as much as 900 meters below surface and remaining open along strike and at depth; the planned adit is positioned to intersect the currently known southeastern end of that corridor. According to Collective Mining’s own project disclosures, Trap sits about 3.5 kilometers northeast of the Apollo system; the company first announced a discovery there through grassroots drilling in September 2022. The company currently has one rig testing for mineralization up to 200 meters further northwest than any prior drilling, with initial results expected in late September.

Previously reported drilling at Trap has returned both broad, continuous mineralized intervals and narrower high-grade vein zones, including:

• 632.25 meters at 1.10 g/t AuEq from 172.65 meters, including 51.50 meters at 2.73 g/t AuEq and 46.35 meters at 2.41 g/t AuEq (TRC-7A)
• 646.00 meters at 0.81 g/t AuEq from 19.50 meters, including 301.50 meters at 1.01 g/t AuEq (TRC-2)
• 174.45 meters at 1.19 g/t AuEq from 485.15 meters, including 40.85 meters at 3.76 g/t AuEq (TRC-11)
• 30.00 meters at 4.96 g/t AuEq from 11.85 meters (TRC-14)
• 200.85 meters at 1.06 g/t AuEq from 4.55 meters, including 40.50 meters at 4.01 g/t AuEq (TRC-30)
• 2.80 meters at 234.15 g/t gold from 122.00 meters, including 0.80 meters at 816 g/t gold (TRC-26)
• 1.30 meters at 49.30 g/t gold from 18.15 meters (TRC-25)

AuEq figures are presented as originally reported by the company in its respective press releases.

Collective Mining was founded by the team that developed and sold Continental Gold Inc. to Zijin Mining in an all-cash transaction that closed in March 2020, for approximately $1.4 billion CAD in enterprise value, according to Collective Mining. The company explores for gold, silver, copper and tungsten at two projects in Caldas, both located within an established mining district alongside 10 fully permitted and operating mines, and trades on the Nasdaq Global Select Market and the Toronto Stock Exchange under the symbol “CNL.” Management, insiders, a strategic investor, and close family and friends own 45.2% of its outstanding shares.

David J. Reading, an independent consultant, is the qualified person for this release under National Instrument 43-101 and has reviewed and verified the technical information it contains. Reading holds an MSc in economic geology and is a fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology.

Collective Mining Ltd. (NYSE American: CNL; TSX: CNL) reported zero lost-time injuries among its direct employees and no environmental non-compliance during 2025, while investing approximately $1.45 million in community programs across its exploration projects in Caldas, Colombia.

The company released its 2025 Sustainability Report on July 22, 2026, covering its environmental, social and safety performance as Collective expanded exploration at the Guayabales and San Antonio projects. During the year, the company completed 62,500 meters of exploration drilling, its largest annual drilling campaign to date.

“The outcomes outlined in our latest sustainability report reflect the company we are building: technically ambitious, locally rooted and disciplined in how we grow.” – Omar Ossma, President, Collective Mining

Improving safety and local employment

Collective reported zero Lost Time Injuries among direct employees during 2025 and a Total Recordable Injury Frequency Rate (TRIFR) of 0%. The company also reported zero instances of environmental non-compliance during the year.

Direct employment increased 38% year-over-year as the company expanded its exploration, engineering and social activities. Employees from Caldas represented 81% of the company’s direct workforce at year-end, while women accounted for 35% of direct employment.

The results come as Collective continues to expand exploration around the Apollo system, the centerpiece of its Guayabales Project.

$1.45 million directed toward communities

Collective invested approximately $1.45 million in social programs during 2025. The company said 57.5% of the funding came directly from Collective, while strategic partners contributed the remaining 42.5%.

The programs reached 18,880 beneficiaries across 1,745 families and strengthened the capabilities of 237 community leaders.

The initiatives operate under Collective’s “The Collective Way” framework, which emphasizes long-term partnerships in areas including water access and sanitation, infrastructure, education, agricultural development, technical training and community capacity building.

The company’s community strategy is particularly relevant to its operations in Caldas, where Collective’s exploration activities are located alongside established mining operations.

Exploration expands in 2026

Collective has continued its aggressive exploration campaign into 2026. The company reported in June that it had completed more than 184,000 meters of diamond drilling across the Guayabales and San Antonio projects, including 120,000 meters at Apollo.

The Apollo system has produced further exploration results during the year. On June 29, Collective reported a newly identified tungsten-enriched high-grade subzone approximately 300 meters below surface. Drill hole APC-162 intersected 27.35 meters grading 37.55 grams per tonne gold equivalent, including 1.68% tungsten oxide, 11.62 grams per tonne gold, 54 grams per tonne silver and 0.43% copper.

Collective said in July that it had also secured additional mining titles from Colombia’s National Mining Agency following public hearings in Supía and Marmato. The company said the new titles materially expanded its titled land position and created additional drill-ready targets within and adjacent to the Guayabales project area.

As of March 31, 2026, Collective reported $113.3 million in cash and said it was fully funded for its 2026 exploration program, which calls for up to 100,000 meters of drilling. The company had 13 diamond drill rigs operating across Guayabales.

Management and the path toward development

Ned Jalil became Collective’s chief executive officer in April 2025, while Omar Ossma remained president. Finance Colombia previously reported that the appointment brought a mining executive with more than 25 years of international experience into the company’s leadership as Collective considered the longer-term development potential of Guayabales.

Ossma said the sustainability results reflect the company’s approach as it advances both Guayabales and San Antonio.

“As we advance the Guayabales and San Antonio projects, we remain focused on deepening local partnerships, managing our environmental responsibilities and ensuring that the value created through discovery is inclusive and long-lasting,” Ossma said.

Collective was founded by members of the team that developed and sold Continental Gold Inc. to Zijin Mining Group for approximately $2 billion in enterprise value. The company is exploring for gold, silver, copper and tungsten in Caldas, where Guayabales and San Antonio form the core of its Colombian portfolio.

The company’s flagship Guayabales Project is anchored by the Apollo system, which Collective describes as a bulk-tonnage, high-grade gold-silver-copper-tungsten system. Current exploration priorities include expanding the Ramp Zone, testing the Northern Apollo Oxidized area, drilling the northwestern extension of the Trap target and pursuing additional greenfield targets.

Collective’s 2025 Sustainability Report provides the company’s latest formal account of its safety, environmental and community performance as it moves into a larger 2026 exploration program.

Headline photo : A mural showing artisanal mining in Supía Colombia, where Collective Mining has participated funding of municipal improvement projects.. (Photo by Finance Colombia)

Aris Mining Corporation (TSX: ARIS) (NYSE: ARIS) reported adjusted EBITDA of $179 million USD for the second quarter of 2026, as the Canadian gold producer’s two operating mines in Colombia generated the cash to fund $121 million USD in capital projects during the quarter while leaving the company with a cash balance of $426 million USD as of June 30.

“Aris Mining delivered another strong quarter with our operations generating the cash required to fund more than $120 million of capital investments during the second quarter while maintaining a strong balance sheet.” — Neil Woodyer, Chair & CEO, Aris Mining

The company produced 73,700 ounces of gold in the quarter, consistent with the 74,300 ounces produced in the first quarter, and booked gold revenue of $321 million USD at an average realized price of $4,450 USD per ounce. Adjusted net earnings came in at $96 million USD, or $0.47 USD per share. On a trailing 12-month basis, adjusted EBITDA now stands at $690 million USD, up from $610 million USD one quarter earlier.

First-half production of 148,000 ounces represents a 31% increase over the 113,400 ounces produced in the first half of 2025, as Finance Colombia reported earlier this month, and the company says it remains on track to meet its full-year guidance of 300,000 to 350,000 ounces, with output weighted toward the second half of the year.

“Aris Mining delivered another strong quarter with our operations generating the cash required to fund more than $120 million of capital investments during the second quarter while maintaining a strong balance sheet,” said Neil Woodyer, chair and CEO of Aris Mining.

Segovia Ramps Up Mining Capacity

The Segovia operations in Antioquia produced 64.4 thousand ounces during the quarter, bringing first-half output to 131.0 thousand ounces. The mill processed 202,500 tons at an average gold grade of 10.23 grams per ton, a 15% increase in throughput from the 175,400 tons at 12.41 grams per ton processed in the first quarter, as the operation works toward consistent utilization of the expanded 3,000 tons-per-day processing capacity installed in June 2025.

This graph shows the increasing realized gold price of Aris Mining’s Segovia operations versus its current cost per ounce. Photo provided by Aris Mining.

Total investment at Segovia rose to $31 million USD in the quarter from $17 million USD in the first quarter, funding new ramps and a main underground haulage circuit connecting the El Silencio, Providencia, and Sandra K mines, along with an expanded mining fleet acquired through purchase and leasing arrangements.

Owner-operated mining, which contributed 67% of mill feed, recorded an all-in sustaining cost of $1,767 USD per ounce sold, keeping the first-half figure of $1,623 USD per ounce below the company’s full-year guidance range of $1,700 to $1,800 USD. Material sourced from contract mining partners, which contributed the remaining 33% of mill feed, delivered an all-in sustaining cost sales margin of 46%, above the top end of the full-year guidance range of 35% to 40%. Segovia generated an all-in sustaining cost margin of $157 million USD in the quarter and $356 million USD in the first half.

Marmato on Schedule for First Gold in Q4 2026

The Marmato mine in Caldas produced 9.3 thousand ounces in the quarter, bringing first-half production to 17,100 ounces, with the mill processing 84,600 tons at an average grade of 3.79 grams per ton. Throughput is expected to increase materially once the new 5,000 tons-per-day carbon-in-pulp (CIP) plant is commissioned, with first gold expected in the fourth quarter of 2026.

The SAG and ball mills are on site and mechanical installation is underway, and the underground connection completed earlier this year established direct access between the Bulk Mining Zone and the new process plant area.

As of July 1, 2026, the estimated capital required to achieve first gold from the Marmato CIP plant is approximately $118 million USD. After a final $42 million USD installment expected from Wheaton Precious Metals (TSX: WPM) (NYSE: WPM) in the third quarter, the net funding requirement of approximately $76 million USD will come from the company’s cash balance and operating cash flow.

Aris Mining plans to exit 2026 operating the new plant at approximately 3,000 tons per day, ramping up to approximately 4,000 tons per day by mid-2027 and reaching the full 5,000 tons-per-day design capacity by the end of 2027, following commissioning of the paste backfill plant.

Soto Norte and Toroparu Advance the Growth Pipeline

At the Soto Norte project in Santander, environmental studies and preparation of the environmental license application are nearing completion. The project’s design incorporates a metallurgical process free of cyanide and mercury, and allocates approximately 750 tons per day of processing capacity — over 20% of the project’s planned 3,500 tons-per-day total — to local miners through the company’s contract mining partner program. A prefeasibility study completed in September 2025 outlined average annual gold production of 263,000 ounces in years two through 10, with an after-tax net present value of $2.7 billion USD at a 5% discount rate and a 35% internal rate of return at an assumed gold price of $2,600 USD per ounce.

The adjusted EBITDA by quarter of Aris Mining remains on track with the last two quarters, and larger than Q2 and Q3 of the operations in 2025. Photo provided by Aris Mining.

At the Toroparu project in Guyana, a prefeasibility study remains on schedule for completion in the second half of 2026, supporting a construction decision targeted for early 2027. Pre-construction activities are underway, including construction of the Puruni River bridge, camp expansion, and road improvements, and the project team has grown to 100 employees in the country. A preliminary economic assessment completed in October 2025 outlined average annual gold production of 235,000 ounces, an after-tax net present value of $1.8 billion USD at a 5% discount rate, and a 25% internal rate of return at an assumed gold price of $3,000 USD per ounce. The company continues engagement with the Government of Guyana and the Guyana Geology and Mines Commission to obtain the project’s mining license.

Aris Mining’s Segovia and Marmato operations together produced approximately 257,000 ounces of gold in 2025. The company’s expansion projects at the two mines are expected to lift annual production to approximately 500,000 ounces, and its broader portfolio, including Soto Norte and Toroparu, supports a longer-term objective of approximately 1 million ounces of annual gold production.

Headline image description: Second mill at the Segovia Operations. Photo from CNW Group/Aris Mining Corporation.