On May 23, 2024, Aris Mining Corporation entered a binding agreement to acquire an additional 31% joint venture interest in the Soto Norte gold-copper project in Colombia from MDC Industry Holding Company LLC (Mubadala). This acquisition increases Aris Mining's stake to 51%. In exchange, Aris Mining will issue 15,750,000 shares to Mubadala, representing approximately 9.9% ownership, with an additional 6,000,000 shares to be issued upon receipt of an environmental license. The current market value of the 21,750,000 shares to be issued to Mubadala is $121.5 million (US$90 million).

Aris Mining has completed optimization studies for a smaller, more efficient development plan for Soto Norte, focusing on reducing the environmental footprint and employing modern mining practices. Key changes include a smaller processing plant, flexible mining methods targeting higher-grade materials, and installation of a paste backfill plant.

The transaction grants Aris Mining a 51% controlling interest, integrating the PSN development team into its management structure to enhance operational efficiencies. The agreement also includes mutual right-of-first-offer rights for both parties. Aris Mining will sole fund certain operating costs during the pre-licensing period, with non-operating and project construction costs funded on a pro-rata ownership basis.

Closing of the transaction is expected in June 2024, following customary conditions and regulatory approvals.