Aris Mining released Q4/22 and FY/22 full operating and financial results that were slightly below our estimates (adj. EPS of $0.09 vs. our estimate of $0.12 and consensus of $0.15). The company also released an updated mineral resource estimate (MRE) for its Toroparu project that saw total M&I+I Au ounces drop ~32% from ~9.7M oz in the 2021 MRE to ~6.5M oz. In our view, Aris demonstrated a solid quarter operationally despite financial results slightly missing our estimates and consensus. We believe investor focus should remain on the development of the Marmato Lower Mine and Soto Norte, as these projects have the potential to propel Aris to become a significant gold producer.