April 13, 2022
Aris Gold Corp. (TSX:ARIS, BUY, C$5.75 target, Taylor Combaluzier) has closed its previously announced acquisition of a 20% JV interest in the Soto Norte Au project in Colombia (read more). The definitive agreement signed with a subsidiary of Abu Dhabi based Mubadala Investment Company PJSC, provides Aris with the option to acquire an additional 30% interest in the project. Financing to complete this transaction was provided by upsizing the existing precious metals stream at its Marmato mine from US$110M to US$175M, and by issuing a US$35M convertible debenture to GCM Mining Corp. (TSX:GCM, BUY, C$17.00 target, Taylor Combaluzier). Drafting of a new ESIA is underway at Soto Norte to advance the project towards production. Assuming Aris exercises its option to acquire a 50% interest in Soto Norte, its production profile is set to grow from 175k oz Au to 400k oz Au per year, positioning it as a mid-tier gold producer. Read more
