# ARIS MINING EXPANDS HIGH-GRADE SEGOVIA RESERVE AND RESOURCE ESTIMATES Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/aris-mining-expands-high-grade-segovia-reserve-and-resource-estimates--91cb28e0-b653-4773-a104-876fd5c87863 Original source: https://money.tmx.com/en/quote/ARIS/news/4852915833024889/aris-mining-expands-high-grade-segovia-reserve-and-resource-estimates Publisher: tmx Original announcement: 2026-01-08T22:18:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Aris Mining Corporation - Ticker: ARIS - Exchange: TSX - Region: Colombia - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update, Other - Extracted: 2026-09-17 11:23:51 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Aris Mining has updated its Segovia gold project estimates, reporting a 7% increase in Measured and Indicated resources to 3.6 Moz and a 12% increase in Proven and Probable reserves to 1.5 Moz. The project maintains an exceptionally high-grade profile, with M&I resources averaging 15.3 g/t Au. Reasoning: The update demonstrates substantial growth in both resource and reserve categories at a very high grade, driven by exploration success and successful conversion. - Positive factor: Significant growth in M&I resources \(+7%\) and reserves \(+12%\) - Positive factor: Exceptionally high-grade profile \(15.3 g/t Au M&I\) - Positive factor: Successful conversion of resources to reserves - Positive factor: Resource sensitivity analysis shows robustness to gold price changes Facts used in scoring: 5 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: M&I resources increased by 7% and Inferred by 12% compared to the 2024 estimate. Evidence · text > Measured and indicated mineral resources increased by 7% to 3.6 million ounces of gold \(Moz\), up from 3.4 Moz in the 2024 estimate, while inferred resources increased by 12% to 2.9 Moz **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Proven and probable reserves increased by 12% \(160,000 ounces\) compared to the 2024 estimate. Evidence · text > proven and probable mineral reserves increased by 12% or 160,000 ounces, net of mined depletion **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Pamela De Mark, P.Geo. is named as the Qualified Person for the MRE. Evidence · text > The 2025 MRE was prepared by Pamela De Mark, P.Geo., Senior Vice President of Geology and Exploration of Aris Mining, who is a Qualified Person as defined by NI 43-101. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Cut-off grades for both resources and reserves are explicitly stated. Evidence · text > The 2025 MRE utilized a gold cut-off grade of between 2.04 g/t and 2.95 g/t **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource and reserve estimates are prepared under NI 43-101 standards. Evidence · text > who is a Qualified Person as defined by NI 43-101. ## Extracted facts Stored fact records: 5. Some facts used in scoring do not have a stored record. ## Resource Estimates (5) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aris-mining-expands-high-grade-segovia-reserve-and-resource-estimates--91cb28e0-b653-4773-a104-876fd5c87863#fact-resource-facts-0) Segovia · gold #### Identity - Project: Segovia - Commodity: gold - Region: colombia - Reported Region: Colombia - Ticker: ARIS #### Resource scope - Estimate type: resource - Effective date: 2025-11-28T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Pamela De Mark - Resource group id: resource:b3781d87df3bc7776f5a - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 7371000 - Grade: 15.3 - Grade Unit: g/t - Contained Metal: 3626 - Contained Unit: koz - Cutoff Grade: 2.5 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-11-28 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-08T00:00:00.000Z Reasoning: Strong M&I resource component with high grade. - Positive factor: High grade \(15.3 g/t\) - Positive factor: Significant tonnage Evidence · table > 7,371 Context: 7,371 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aris-mining-expands-high-grade-segovia-reserve-and-resource-estimates--91cb28e0-b653-4773-a104-876fd5c87863#fact-resource-facts-1) Segovia · gold #### Identity - Project: Segovia - Commodity: gold - Region: colombia - Reported Region: Colombia - Ticker: ARIS #### Resource scope - Estimate type: resource - Effective date: 2025-11-28T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Pamela De Mark - Resource group id: resource:041aaefa4f93b36b6a5a - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 6289000 - Grade: 14.13 - Grade Unit: g/t - Contained Metal: 2856 - Contained Unit: koz - Cutoff Grade: 2.5 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-11-28 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-08T00:00:00.000Z Reasoning: Large inferred component provides significant upside but lower confidence. - Positive factor: Significant growth in inferred tonnes - Negative factor: Inferred category limits economic confidence Evidence · table > 6,289 Context: 6,289 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/aris-mining-expands-high-grade-segovia-reserve-and-resource-estimates--91cb28e0-b653-4773-a104-876fd5c87863#fact-resource-facts-2) Segovia · gold #### Identity - Project: Segovia - Commodity: gold - Region: colombia - Reported Region: Colombia - Ticker: ARIS #### Resource scope - Estimate type: resource - Effective date: 2025-11-28T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Pamela De Mark - Resource group id: resource:e650fbb5c33f65448844 - Mining method: underground #### Resource Data - Category: measured - Tonnes: 4050000 - Grade: 14.78 - Grade Unit: g/t - Contained Metal: 1925 - Contained Unit: koz - Cutoff Grade: 2.5 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-11-28 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-08T00:00:00.000Z Reasoning: High confidence measured component. - Positive factor: High grade measured resource Evidence · table > 4,050 Context: 4,050 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/aris-mining-expands-high-grade-segovia-reserve-and-resource-estimates--91cb28e0-b653-4773-a104-876fd5c87863#fact-resource-facts-3) Segovia · gold #### Identity - Project: Segovia - Commodity: gold - Region: colombia - Reported Region: Colombia - Ticker: ARIS #### Resource scope - Estimate type: reserve - Effective date: 2025-11-28T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Miguel Marcelo Roldán - Resource group id: resource:c212a6741bcbec43ae3a - Mining method: underground #### Resource Data - Category: probable - Tonnes: 4367000 - Grade: 10.7 - Grade Unit: g/t - Contained Metal: 1503 - Contained Unit: koz - Cutoff Grade: 2.85 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-11-28 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-08T00:00:00.000Z Reasoning: Successful conversion of resources to reserves. - Positive factor: 12% increase in reserves - Positive factor: Strong grade for reserves Evidence · table > 4,367 Context: 4,367 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/aris-mining-expands-high-grade-segovia-reserve-and-resource-estimates--91cb28e0-b653-4773-a104-876fd5c87863#fact-resource-facts-4) Segovia · gold #### Identity - Project: Segovia - Commodity: gold - Region: colombia - Reported Region: Colombia - Ticker: ARIS #### Resource scope - Estimate type: reserve - Effective date: 2025-11-28T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Miguel Marcelo Roldán - Resource group id: resource:bb36cb140d218f874d01 - Mining method: underground #### Resource Data - Category: proven - Tonnes: 1708000 - Grade: 9.92 - Grade Unit: g/t - Contained Metal: 545 - Contained Unit: koz - Cutoff Grade: 2.85 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2025-11-28 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-08T00:00:00.000Z Reasoning: Solid proven reserve base. - Positive factor: High grade proven reserve Evidence · table > 1,708 Context: 1,708 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.