The Exchange Ratio was determined at-market giving consideration to the 10-day and 20-day volume weighted average prices on the TSX for each of GCM and Aris Gold for the period ended July 22, 2022.

Under the terms of the Transaction, all the outstanding Aris Gold shares not held by GCM will be exchanged at a ratio of 0.5 of a common share of GCM for each common share of Aris Gold (the Exchange Ratio). Our teams are well known to each other, and together we will optimize the delivery of the growth projects to unlock shareholder value.' Neil Woodyer, CEO of Aris Gold, stated: 'We are building a gold mining business with scale, cash flow, a strong financial position with US$397 million of cash and US$260 million of additional committed funding, and a high-quality growth pipeline. While I am stepping down from a day-to-day executive role, I will remain a director and advisor on matters in Colombia as well as an enthusiastic securityholder.' Together with Aris Gold's Board and management, the combined group brings a track record of building sizable and successful mining companies this transaction further diversifies the company's portfolio and reaffirms Colombia as an area of focus. Serafino Iacono, Executive Chair of GCM, stated: 'Each team has unique strengths with GCM being the Colombian leader for responsible, sustainable mining practices. Our increased scale will also broaden our future opportunities to continue building a +1 million ounce producer over the next few years.' After Aris Gold became operator of the Soto Norte joint venture, joining forces with GCM became a logical next step. Ian Telfer, Aris Gold Chair, stated: 'The combined group creates a top-in-class company with multiple tier one assets. The resulting entity will be named Aris Gold Corporation and will be led by Ian Telfer as Chair and Neil Woodyer as CEO and Director. (GCM) GCM TPRFF and Aris Gold Corporation (Aris Gold) ARIS ALLXF announce they have entered into a definitive agreement (the Arrangement Agreement) under which GCM will acquire all the outstanding Aris Gold shares not already held by GCM (the Transaction).

TORONTO and VANCOUVER, Canada, J(GLOBE NEWSWIRE) - GCM Mining Corp. No premium, all-share business combination.Streamlined corporate structure with direct realizable synergies.Strengthened mine-building, operating and financial capacity.

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