Impact: Positive
GCM Mining Corp. and Aris Gold Corp. have completed their previously announced merger (read more). The combined entity will now be known as Aris Mining Corp. and will commence trading on the TSX under the symbol ‘ARIS’ at market open on September 28th. The new company owns the high-grade Segovia operations, Marmato mine and Soto Norte project in Colombia along with the Toroparu project in Guyana. We have adjusted our model to account for the business combination and maintain our BUY rating but reduce our target price to C$11.25/sh for Aris Mining Corp. We continue to believe that Aris Mining should be in a stronger position to advance its portfolio of projects and provide more opportunity for investors to realize a potential re-rating.
