Figure 1 – Molybdenite liberation on sample (CNW Group/COPPER GIANT RESOURCES CORP.)

The test work, conducted and supervised by SGS del Perú S.A.C., an independent ISO/IEC 17025-accredited laboratory, represents the first phase of a comprehensive metallurgical program. This program aims to establish a conceptual processing flowsheet to support a future Preliminary Economic Assessment (PEA). The company cautions that these results are based on a single 130 kg composite sample and may not be representative of the entire deposit. Further variability and locked-cycle testing are required.

The metallurgical program involved a series of staged tests, including comminution, flotation, and mineralogical characterization, on a composite sample sourced from three drill holes.

Mineralogical characterization confirmed that copper is predominantly hosted in chalcopyrite, a common and easily processed copper sulfide mineral. Molybdenum is present exclusively as molybdenite. Analysis using X-ray Diffraction (XRD) and a TESCAN Integrated Mineral Analyzer (TIMA-X) showed that minerals containing deleterious elements like arsenic were not detected in significant quantities, suggesting the potential for producing clean concentrates.

Liberation studies indicated that both chalcopyrite and molybdenite are effectively liberated at a relatively coarse grind size with a P80 (80% passing) of 150–180 micrometers (µm). At this grind size, 97% of the molybdenite was observed as free grains.

The flotation testing process was optimized for grind size, pH levels, and reagent suites.

Grind Size: A grind size of P80 150 µm was identified as the preferred condition, balancing recovery and processing costs. At this size, copper recovery reached 88.1% and molybdenum recovery was 96.2%.

pH Level: Tests conducted across a pH range of 9 to 11 showed robust flotation performance. A pH of 11 was selected as the base case for subsequent tests, yielding a copper recovery of 88.9%.

Reagent Optimization: The highest recoveries were achieved during reagent optimization tests. The addition of PAX (Potassium Amyl Xanthate) as a secondary collector (Test 01) resulted in a copper recovery of 92.2% and a molybdenum recovery of 97.4%.

Figure 2 – Copper-bearing mineral on sample. (CNW Group/COPPER GIANT RESOURCES CORP.)

The Mocoa project is situated approximately 10 kilometers from the town of Mocoa in southern Colombia. Copper Giant holds granted titles and applications for over 790 square kilometers in the region, which is part of the Jurassic porphyry belt, a geological formation that extends into Ecuador.

The deposit was first discovered in 1973 through a regional survey by the United Nations and the Colombian government. Subsequent exploration was carried out between 1978 and 1983, with additional drilling conducted by B2Gold Corp. (NYSE: BTG, TSX: BTO) in 2008 and 2012. The deposit remains open for expansion in all directions.

The results from this initial program will inform the design of the next phase of metallurgical testing. Copper Giant has outlined that future work will focus on developing an integrated flowsheet, optimizing regrind and reagent schemes to maximize recovery, and testing for concentrate quality and marketability. These advanced studies will provide the technical basis for a PEA.

The second mill was commissioned in late June, increasing the processing capacity from 2,000 tons per day (tpd) to 3,000 tpd. In July and August, milling rates averaged 2,415 tpd, a 22.5% increase from the average of 1,971 tpd in the first six months of 2025. Throughput reached approximately 3,000 tpd on multiple days in August.

Processed gold grades for July and August averaged 10.02 g/t Au. This rate reflects the use of the expanded processing capacity while maintaining gold grades.

Year-to-date gold production at Segovia as of August 31, 2025, totals 141,893 ounces, with 42,817 ounces produced in July and August. The company’s Marmato Narrow Vein zone contributed 4,936 ounces during the same period, bringing consolidated year-to-date gold production to 161,168 ounces. The company has maintained its full-year 2025 production guidance of 230,000 to 275,000 ounces.

Company and Project Information

Aris Mining, founded in September 2022, is a Latin America-focused gold mining company listed on the Toronto Stock Exchange (TSX) and NYSE American. The company operates two underground gold mines in Colombia: the Segovia Operations and the Marmato Complex, which collectively produced 210,955 ounces of gold in 2024.

With the Segovia expansion and the ongoing construction of the bulk mining zone at the Marmato Complex, Aris Mining is targeting an annual production rate of more than 500,000 ounces of gold.

Aris Mining also holds a 51% stake in the Soto Norte joint venture and owns the Toroparu gold/copper project in Guyana. A pre-feasibility study for Soto Norte has been completed, and a new Preliminary Economic Assessment (PEA) is underway for the Toroparu project.

Commissioning of the second ball mill at Segovia. Photo credit: Aris Mining/X.

The second mill is integrated with the existing plant infrastructure, utilizing shared circuits for crushing, flotation, leaching, and tailings filtration. The project was completed on schedule and within budget, with commissioning activities finalized in June 2025.

According to Neil Woodyer, CEO of Aris Mining, the expanded capacity at Segovia is anticipated to contribute to increased gold production in the second half of 2025. The company’s full-year 2025 gold production is projected to be between 210,000 and 250,000 ounces, an increase from 187,583 ounces produced in 2024. Aris Mining targets an annual production of 300,000 ounces from Segovia in 2026, contingent on underground development and an increase in mill feed from contract mining partners.

Aris Mining, established in September 2022, operates two underground gold mines in Colombia: the Segovia operations and the Marmato Complex. In 2024, these operations collectively produced 210,955 ounces of gold. With current expansion efforts, including the Segovia mill expansion and the construction of the Bulk Mining Zone at the Marmato Complex, Aris Mining is targeting an annual production rate exceeding 500,000 ounces of gold. Production at the Marmato Complex’s Bulk Mining Zone is expected to begin ramping up in the second half of 2026.

Additionally, Aris Mining operates the 51% owned Soto Norte joint venture, where studies are underway for a new, smaller-scale development plan, with results anticipated in Q3 2025. In Guyana, Aris Mining owns the Toroparu gold/copper project, for which a new Preliminary Economic Assessment (PEA) has been commissioned, with results also expected in Q3 2025.

Aris Mining states its intention to pursue partnerships within Colombia’s small-scale mining sector to facilitate what it describes as safe, legal, and environmentally responsible operations. The company also indicates a strategy to pursue acquisitions and other growth opportunities.

Second mill at the Segovia Operations. Photo and video credit: CNW Group/Aris Mining Corporation.