(all tabular figures are presented in thousands of United States Dollars, unless otherwise stated)

The following management’s discussion and analysis (MD&A) of the results of operations and financial condition for Aris Mining Corporation (Aris Mining or the Company), is prepared as of May 6, 2026 and should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025 (the Interim Financial Statements), which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These documents are available on Aris Mining’s website at www.aris-mining.com, under the Company’s profile on the System for Electronic Data Analysis and Retrieval+ (SEDAR+) at www.sedarplus.ca and in its filings with the U.S. Securities and Exchange Commission (the SEC) at www.sec.gov.

Additional information regarding Aris Mining, including its Annual Information Form (the AIF) for the year ended December 31, 2025 and dated March 11, 2026, as well as other information filed with the Canadian securities regulatory authorities, is also available under the Company’s SEDAR+ profile and in its filings with the SEC. Readers are encouraged to read the Cautionary Note Regarding Forward-looking Information section of this MD&A. The financial information in this MD&A is derived from the Interim Financial Statements prepared in accordance with IFRS. All tabular figures contained herein are expressed in thousands of United States dollars (USD), except as otherwise stated.

This MD&A refers to various Non-GAAP measures, such as total cash costs per ounce ($ per oz gold sold), all-in sustaining costs (AISC) per ounce ($ per oz gold sold), adjusted net earnings and adjusted net earnings per share, earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA, AISC margin, sustaining capital and growth and expansion capital, operating free cash flow after sustaining capital and taxes paid and free cash flow after growth and expansion capital, net debt, and the underlying components thereof, are Non-GAAP financial measures and Non-GAAP ratios in this document. These measures are intended to provide additional information to investors. They do not have any standardized meanings under IFRS, and therefore may not be comparable to other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Reference should be made to the Non-GAAP Financial Measures section of this MD&A for reconciliations of such measures to the most directly comparable financial measure disclosed in the Interim Financial Statements.

Aris Mining is a company incorporated under the laws of the Province of British Columbia, Canada. The address of the Company’s registered and records office is 2900-550 Burrard Street, Vancouver, British Columbia, V6C 0A3.

Aris Mining is a Canadian gold mining company focused on South America. The Company operates the Segovia and Marmato underground gold mines in Colombia, which together produced approximately 257,000 ounces of gold in 2025. Aris Mining is listed on the TSX and NYSE under the symbol ARIS.

The Company is advancing expansion projects at Segovia and Marmato that are expected to increase gold production to approximately 500,000 ounces per year, driven by the ramp-up at Segovia following the installation of the second mill, which was completed in June 2025, and construction of the new Marmato bulk mine and Carbon-In-Pulp (CIP) plant, with first gold expected in Q4 20261.

Aris Mining’s portfolio supports a longer-term objective of approximately 1 million ounces of annual gold production2. Key projects include the high-grade Soto Norte gold project in Colombia, where environmental studies are being finalized for submission in Q2 2026 to initiate the licensing process, and the Toroparu gold project in Guyana, where a Prefeasibility Study (PFS) is in progress to support a construction decision in early 2027.

Additional information is available at www.aris-mining.com, www.sedarplus.ca, and on www.sec.gov.

1 Reflects expected steady-state annual gold production run-rates of approximately 300 koz at Segovia and 200 koz at Marmato following completion and ramp-up of the respective expansion projects. For more information, please refer to the Company’s news releases dated June 30, 2025 regarding the Segovia expansion and March 12, 2025 regarding the Marmato expansion.

2 Includes potential production estimates from Toroparu, which is based on a preliminary economic assessment effective October 21, 2025, which contemplates a 7.0 Mtpa operation over a 21.3-year mine life with average annual gold production of approximately 235 koz at a base case gold price of US$3,000/oz. The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There can be no assurance that the projected production will be achieved. In the case of Soto Norte and Toroparu, such production also remains subject to obtaining all necessary permits and to formal construction decisions by the Company.

1.Net earnings represent net earnings attributable to the shareholders of the Company.

2.The face value of long-term debt as of March 31, 2026 is shown as the principal amount of Senior Notes outstanding and the total number of Gold Notes outstanding at their par value.

3.Net debt is calculated as outstanding principal for the Senior Notes and the Gold-linked Notes, less cash and cash equivalents.

Q1 2026 Financial Highlights

•Gold revenue increased to $364 million, up 21% from $301 million in Q4 2025, driven by a 4% increase in gold ounces sold and continued strength in realized gold prices.

•EBITDA increased to $182 million from $120 million in Q4 2025, primarily driven by higher income from mining operations.

•Adjusted EBITDA increased to $212 million, compared to $168 million in Q4 2025, after normalizing for non-cash and non-recurring items. On a trailing 12-month basis, Adjusted EBITDA reached $610 million, demonstrating substantial leverage to higher gold prices.

•Net earnings increased to $98 million, from $51 million in Q4 2025. Results for Q1 2026 include $204 million in income from mining operations, up from $158 million in Q4 2025.

•Adjusted net earnings of $124 million or $0.60 per share, up from $94 million or $0.46 per share in Q4 2025.

•Cash and cash equivalents increased to $472 million at March 31, 2026, up from $392 million at December 31, 2025. The increase primarily reflects:

◦$103 million of operating free cash flow after sustaining capital and taxes paid;

◦$40 million installment received under Marmato's precious metals stream following achievement of the 50% construction capital expenditures milestone;

◦$15 million of debt repayment and servicing;

◦$61 million invested in growth and expansion capital.

•Net debt was reduced to $1.6 million, down from $86 million at year-end 2025.

Q1 2026 Operational Highlights

•Gold production totaled 74,339 ounces, representing a 6% increase from the 69,852 ounces produced in Q4 2025.

•Segovia

◦Produced 66,567 ounces in Q1 2026, a 5% increase over Q4 2025, reflecting the processing of 175,370 tonnes at an average gold grade of 12.41 g/t, compared to 201,060 tonnes at 10.10 g/t in Q4 2025. Gold recoveries were 95.3%, compared to 96.1% in Q4 2025.

◦AISC margin increased to $199 million, up 31% from Q4 2025, reflecting higher realized gold prices and increased gold sales volumes.

◦Owner-operated mining (Owner Mining) comprised 64% of the mill feed, consistent with Q4 2025. AISC was $1,492 per ounce, compared to $1,662 per ounce in Q4 2025, outperforming the full-year 2026 guidance range of $1,700 to $1,800 per ounce, primarily reflecting a 14% increase in Owner Mining attributable ounces sold driven in part by higher average grades.

◦Contract Mining Partner (CMP) sourced gold comprised 36% of the mill feed and generated an AISC sales margin of 40%, achieving the top end of the full-year 2026 guidance range of 35% to 40%. This compares with sales margin of 46% in Q4 2025, with lower Q1 margin reflecting changes in the grade and volume mix delivered by CMPs.

◦Combined AISC of $1,963 per ounce, compared to $1,891 per ounce in Q4 2025. Q1 2026 results reflecting the factors driving Owner Mining and CMP AISC as described above.

•Marmato

◦Produced 7,772 ounces, a 16% increase over Q4 2025, reflecting the processing of 77,040 tonnes at 3.53 g/t, compared to 74,568 tonnes at 3.12 g/t in Q4 2025. Production in Q1 2026 reflects the operating capacity of the existing flotation plant and mill feed sourced primarily from ore development and stopes in the Bulk Mining Zone, with throughput expected to increase materially upon commissioning of the new CIP plant in Q4 2026.

•Marmato construction advancing on schedule

▪In April 2026, the new underground decline broke through into the cross-cut, marking an important milestone that provides direct access from the Bulk Mining Zone to the new CIP plant. This connection establishes an additional access and ventilation pathway, facilitates ore and waste haulage between existing and new infrastructure, and supports the initial ramp-up of mine production.

▪The main civil, mechanical, and electrical works are advancing, with foundations for the mills, tailings thickener, and leach and CIP tanks completed.

▪Construction of underground workshops and ore storage, main pump station, and field offices is scheduled to begin in Q2 2026.

▪Construction of the new 5,000 tonnes per day (tpd) CIP plant remains on schedule for first gold in Q4 2026.

▪During Q1 2026, the Company invested $41 million towards the construction of the Marmato expansion project.

•Toroparu Project (100% owned, Guyana)

▪Aris Mining initiated a Prefeasibility Study (PFS) in Q4 2025, targeted for completion in H2 2026, to support a construction decision in early 2027.

▪Work on updated mineral resource and reserve estimates is progressing well with mine scheduling and optimizations currently underway.

▪Alongside the PFS, the Company is conducting geotechnical drilling, metallurgical test work, mining operation trade-off studies and detailed engineering to enable construction readiness by early 2027.

▪Select pre-construction activities continued during the quarter, including construction of the bridge at the Puruni River crossing, key personnel ramp up, camp expansion and ongoing road works.

▪Preliminary Economic Assessment (PEA) completed in October 2025, outlining an attractive project with after-tax NPV5% of $1.8 billion, IRR of 25.2%, and 3.0-year payback at $3,000/oz gold.

▪During Q1 2026, capital expenditures totaled $5.3 million at Toroparu.

•Soto Norte Project (100% owned, Colombia)

▪The studies required for submission of the environmental license application in support of the development of Soto Norte are nearing completion, supporting a targeted Q2 2026 submission.

▪The Company continues active engagement with the Colombian regulators to support a collaborative approach to the environmental license submission and review process.

▪PFS completed in September 2025, demonstrating robust economics with an after-tax NPV5% of $2.7 billion, IRR of 35%, and 2.3-year payback at $2,600/oz gold.

▪Strong leverage to higher gold prices, at $3,000/oz the NPV5% increases to $3.3 billion with IRR of 40%.

▪The PFS incorporates industry-leading environmental and social design features, including a metallurgical process free of cyanide and mercury and the integration of local community miners — 750 tpd (over 20% of Soto Norte's 3,500 tpd processing capacity) has been dedicated to local contract mining partners.

▪During Q1 2026, capital expenditures totaled $3.4 million at Soto Norte.

Segovia is 100% owned by the Company and is located in a historic mining district of Colombia. Approximately 40% of the gold sold in 2025 was produced using mill feed purchased from CMPs, which was sourced from both within and outside of the Company’s mining titles. The operations include four underground mines and two processing facilities:

•A conventional processing facility, that produces doré and was expanded from 2,000 to 3,000 tpd in June 2025, with ramp-up continuing to advance in line with management's expectations.

•A 200 tpd polymetallic processing plant that recovers lead and zinc concentrates, including gold and silver from tailings.

Gold production totaled 66,567 ounces in Q1 2026, a 5% increase over Q4 2025, driven by higher average gold grades of 12.41 g/t (Q4 2025 - 10.10 g/t). Tonnes processed decreased to 175,370 from 201,060 in Q4 2025, primarily reflecting lower tonnes mined during the period.

Gold production in the quarter increased 40% from the 47,549 ounces produced in Q1 2025, primarily driven by higher average gold grades of 12.41 g/t compared to 9.37 g/t in Q1 2025, along with the additional processing capacity from the second ball mill that was commissioned in June 2025.

Gold revenue in Q1 2026 was $331.6 million, up 21% from Q4 2025, driven by a 16% increase in average realized gold prices together with a 5% increase in gold ounces sold.

Gold revenue increased 145% from $135.3 million in Q1 2025, driven by a 72% increase in the average realized gold price to $4,898 per ounce together with a 43% increase in gold ounces sold.

			Three months ended
Operating Information			March 31, 2026			December 31, 2025									March 31, 2025
Owner Mining
Gold produced (ounces)			45,017			39,444									27,053
Gold sold (ounces)			45,789			40,260									26,963
Cash cost ($ per oz sold)			918			1,058									1,123
AISC ($ per oz sold)			1,492			1,662									1,482
AISC margin ($'000)			155,940			102,707									37,035
CMPs
Gold produced (ounces)			21,550			23,693									20,496
Gold sold (ounces)			21,920			24,196									20,427
Cash cost ($ per oz sold)			2,532			1,854									1,431
AISC ($ per oz sold)			2,948			2,270									1,687
AISC sales margin (%)			40%			46%									41%
AISC margin ($'000)			42,737			48,557									23,860
Total AISC Margin ($’000)			198,677			151,264									60,895
Combined Cash cost ($ per oz sold)			1,440			1,357									1,256
Combined AISC ($ per oz sold)			1,963			1,891									1,570

AISC at Segovia including both, Owner Mining and CMPs costs, averaged $1,963 per ounce in Q1 2026, a 4% increase from $1,891 per ounce in Q4 2025. The slight increase reflects the increased cost of purchased CMP material due to higher gold prices, partially offset by lower Owner Mining cash costs from higher sales volumes.

AISC margin was $198.7 million, up 31% from $151.3 million in Q4 2025, supported by higher realized gold prices.

•Owner Mining: AISC improved to $1,492 per ounce from $1,662 per ounce in Q4 2025, primarily reflecting higher gold ounces sold (45,789 ounces compared to 40,260 ounces) on stronger average gold grades. Owner Mining AISC margin increased to $155.9 million from $102.7 million in Q4 2025.

•CMPs: AISC averaged $2,948 per ounce, compared to $2,270 per ounce in Q4 2025, primarily reflecting higher mill feed purchase costs which are linked to prevailing gold prices. CMP AISC margin was $42.7 million, compared to $48.6 million in Q4 2025.

Combined AISC at Segovia averaged $1,963 per ounce in Q1 2026, up 25% from $1,570 per ounce in Q1 2025. The increase was primarily driven by the same factors described above, relating to increased CMP mill feed purchase costs, higher royalties and social contributions, which are all linked to the prevailing gold price, partially offset by lower Owner Mining costs attributable to increased production and sales volumes.

AISC margin more than tripled to $198.7 million in Q1 2026, compared to $60.9 million in Q1 2025, reflecting both higher realized gold prices and higher gold production volumes.

•Owner Mining: AISC averaged $1,492 per ounce, consistent with $1,482 per ounce in Q1 2025. Owner Mining AISC margin increased to $155.9 million, from $37.0 million in Q1 2025.

•CMPs: AISC averaged $2,948 per ounce, compared to $1,687 per ounce in Q1 2025, reflecting the same gold-price-linked cost drivers described above. CMP AISC margin was $42.7 million, compared to $23.9 million in Q1 2025.

Non-sustaining growth capital expenditures at Segovia totaled $5.5 million in Q1 2026, compared to $16.2 million in Q4 2025 and $6.4 million in Q1 2025. The Q1 2026 expenditure comprised $5.4 million for underground mine development to support the ramp-up of expanded mill capacity, and amounts for near-mine exploration drilling and tailings infrastructure.

Marmato is 100% owned by the Company and is located in a historic mining district of Colombia. It is comprised of an underground mining operation with two distinct zones, a narrow vein underground mining zone at the higher elevations, and a bulk mining zone at the lower elevations, with two processing facilities:

•A 1,000 tpd flotation processing facility that is currently in operation, which produces doré

•A 5,000 tpd CIP processing facility, which will also produce doré, that is currently under construction as part of the planned Marmato expansion, with first gold expected in Q4 2026.

Gold production totaled 7,772 ounces, compared to 6,715 ounces produced in Q4 2025. The increase reflects a 13% increase in average gold grade, and a 3% increase in throughput, partially offset by slightly lower recoveries. Quarterly throughput continues to reflect the operating capacity of the existing flotation plant, with mill feed sourced primarily from ore development and stopes in the Bulk Mining Zone ahead of CIP plant commissioning in Q4 2026.

Gold production for Q1 2026 was up 8% compared to Q1 2025, reflecting a 6% increase in average gold grade and a 4% increase in throughput, partially offset by a slight decline in recoveries.

Gold revenue totaled $32.2 million, compared to $28.1 million in Q4 2025. The increase was driven by a higher average realized gold price of $4,514 per ounce, partially offset by slightly lower gold ounces sold.

Compared to Q1 2025, gold revenue increased 71% to $32.2 million from $18.8 million. The increase was driven by a higher average realized gold price of $4,514 per ounce, compared to $2,733 per ounce, together with a 4% increase in gold ounces sold.

Non-sustaining growth capital expenditures at Marmato totaled $47.0 million in Q1 2026, compared to $43.6 million in Q4 2025 and $29.7 million in Q1 2025. Growth capital expenditures in Q1 2026 included:

•$41.0 million for the construction of the CIP processing plant, including civil, mechanical, and electrical works, major equipment procurement and delivery, and surface infrastructure development;

•$4.7 million for underground mine development and drilling programs; and,

•$1.4 million for the tailings storage facility, surface infrastructure and ancillary site activities.

Net income of $97.6 million in Q1 2026 was $46.8 million and $95.2 million higher than net income in Q4 2025 and Q1 2025, respectively. Basic earnings per share of $0.47 in Q1 2026 were $0.22 and $0.46 higher than in Q4 2025 and Q1 2025, respectively.

The following tables present the key drivers of net earnings variances for Q1 2026 compared to Q4 2025 and Q1 2025. The narrative following each table discusses the primary drivers of material variances.

1.Net earnings represent net earnings attributable to the shareholders of the Company.

Revenue increased $63.9 million, or 21%, to $372.5 million in Q1 2026 from $308.6 million in Q4 2025, primarily driven by a 16% increase in the average realized gold price, which rose to $4,861 per ounce from $4,200 per ounce, contributing $49.4 million to the favorable variance. Higher gold ounces sold contributed a further $13.1 million.

Cost of sales and social contributions increased $18.8 million, or 14%, to $152.5 million in Q1 2026 from $133.7 million in Q4 2025, primarily reflecting higher CMP mill feed purchases at Segovia (+$10.7 million), which are linked to prevailing gold prices, higher social contributions (+$4.0 million), also driven by higher realized gold prices, and higher owner-operated mining costs (+$2.8 million) driven largely by the appreciation of the Colombian peso (COP) against the USD during the quarter. Royalties also increased $3.7 million in line with higher realized gold prices.

Share-based compensation expense was $13.1 million lower in Q1 2026 compared to Q4 2025. Cash-settled performance share units (PSUs) and deferred share units (DSUs) are fair valued based on the Company's share price. Q1 2026 reflected a lower revaluation expense due to a lower share price appreciation than in the prior quarter.

Income tax expense increased $17.6 million compared to Q4 2025, primarily reflecting higher taxable income from mining operations driven by higher realized gold prices and increased gold ounces sold.

Revenue increased $215.0 million, or 136%, to $372.5 million in Q1 2026 from $157.5 million in Q1 2025, driven by a 71% increase in the average realized gold price, contributing $151.3 million, combined with a 38% increase in gold ounces sold, which contributed a further $58.4 million. By-product revenue was $5.3 million higher, reflecting increased volumes and stronger metal prices.

Cost of sales and social contributions increased $65.7 million, or 76%, to $152.5 million in Q1 2026 from $86.8 million in Q1 2025, primarily reflecting higher gold-price-linked CMP mill feed purchases at Segovia (+$23.9 million), higher social contributions (+$9.0 million) from higher gold prices and sales volumes, higher Segovia owner-operated mining costs (+$9.6 million) from increased throughput and production, and higher Marmato costs (+$6.5 million), reflecting higher processing and administration costs. Royalties also increased $8.1 million in line with higher realized gold prices and gold sales volumes.

Depreciation and depletion increased $5.5 million compared to Q1 2025, primarily reflecting increased production and a higher depletable cost base following continued sustaining capital investment and the commissioning of the second mill at Segovia in June 2025.

The fair-value-loss relating to the listed Warrants in Q1 2025 had no corresponding impact in Q1 2026 following the exercise and expiry of all outstanding ARIS.WT.A Listed Warrants on July 30, 2025. The warrants were classified as a financial liability and marked to market through profit and loss, with the valuation driven primarily by changes in the Company’s share price.

Foreign exchange loss in Q1 2026 was $5.6 million unfavorable compared to Q1 2025, primarily due to the continued appreciation of the COP against the USD during the quarter, which resulted in higher translation losses on USD-denominated monetary balances held in COP-functional entities.

Other expense increased by $5.0 million compared to Q1 2025, primarily reflecting the recognition of a temporary Colombian wealth tax that was announced in February 2026. This one-time emergency decree was levied on the net equity of certain Colombia-domiciled entities.

Income tax expense increased $46.0 million compared to Q1 2025, primarily reflecting higher taxable income from mining operations driven by higher realized gold prices and increased gold ounces sold at both Segovia and Marmato.

The Company continues to maintain a strong liquidity position, and with the combination of operating cash flows from Segovia, Marmato, and remaining milestone payments from Wheaton Precious Metals International (WPMI), the Company expects to have sufficient cash available to fund operating activities, expansion projects, and strategic initiatives, including the advancement of the Marmato expansion, and study work at Soto Norte and Toroparu.

As at March 31, 2026, the Company held a working capital surplus, calculated as current assets minus current liabilities, of $281.0 million (December 31, 2025 - $232.2 million) which was underpinned by a cash balance of $472.1 million. Cash and cash equivalents increased by $80.2 million in 2026. The increase primarily reflects stronger operating cash flow resulting from higher gold sales, $40.0 million installment received under Marmato's precious metals stream financing following achievement of the 50% construction capital expenditure milestone, partially offset by continued investment in growth projects. Notably, the Company advanced construction of the new CIP processing facility at Marmato, and made debt service payments including scheduled interest and premiums on its Gold-linked Notes.

Aris Mining has no off-balance sheet arrangements.

The Company’s related parties include its subsidiaries, affiliates, directors and key management personnel. The Company’s key management personnel includes executive and non-executive directors and the Company’s executive officers.

Other than normal-course intercompany transactions and compensation in the form of salaries or directors’ fees, and share-based payments (options, PSUs and DSUs) there were no material related party transactions.

The nature of the acquisition, exploration, development and operation of gold properties exposes the Company to risks associated with fluctuations in commodity prices, foreign currency exchange rates and credit risk. The Company may at times enter into risk management contracts to mitigate these risks. It is the Company’s policy that no speculative trading in derivatives shall be undertaken.

The Company may at times hold financial instruments, derivatives and/or contracts containing embedded derivatives that are recorded on the consolidated balance sheet at fair value. Financial liabilities classified or designated at fair value through profit or loss (“FVTPL"), including the Gold Notes, are measured at fair value at each reporting date, with changes in fair value recognized in profit or loss, except for changes attributable to the Company’s own credit risk, which are recognized in other comprehensive income.

Aris Mining Holdings Corp. (Aris Holdings), a wholly-owned subsidiary of the Company, has Gold Notes that trade on the Cboe Canada under the symbol “AMNG.NT.U” as described in note 11 of the 2025 annual financial statements. As of March 31, 2026, the outstanding principal value is $23.6 million. The Gold Notes bear interest at 7.5% per annum, payable monthly. In addition to the interest, the Gold Notes pay a gold premium calculated each quarter as the amount by which the London Bullion Market Association Gold Price on the measurement date exceeds the floor price of $1,400. We have not entered into any instruments to hedge against the market movement of gold, and there is risk that rising gold prices would result in higher premiums to be paid. However, there is a natural hedge to this risk as rising gold prices result in higher cash flows from increased AISC margins that are available to fund the potential exposure.

Further information about our financial instruments, derivatives and contracts containing embedded derivatives and associated risks is outlined in note 17 in our 2025 audited annual consolidated financial statements.

1.Includes binding commitments for capital and operating purchase obligations that the Company has entered into as at March 31, 2026.

Aris Mining’s gold and silver production from the Marmato and future production from the Toroparu Project are subject to the terms of streaming agreements with WPMI.

Associated with the contractual obligations and commitments summarized above, the Company manages its liquidity risk by continuously monitoring forecasted cash flow requirements, as well as any requirements that arise by virtue of the financial instruments held by the Company. The Company believes it has sufficient cash resources to pay its obligations associated with its financial liabilities as at March 31, 2026.

In the ordinary course of business, the Company is involved in and potentially subject to legal actions and proceedings. The Company records provisions in its financial statements for such claims when considered material and an outflow of resources is considered probable.

The Company is subject to tax audits from various tax authorities on an ongoing basis. As a result, from time to time, tax authorities may disagree with the positions and conclusions taken by the Company in its tax filings or legislation could be amended or interpretations of current legislation could change, and any of these events could lead to reassessments. The Company records provisions for such claims when it determines there will be a tax liability associated with its filing position.

As at the date of this MD&A, the Company has 206.4 million common shares issued and outstanding and 4.3 million common shares issuable under stock options. A further 6 million common shares are issuable to Mubadala following receipt of an environmental license to develop Soto Norte.

This MD&A refers to a number of non-GAAP financial measures and non-GAAP ratios, which are not measures recognized under International Financial Reporting Standards (IFRS) and do not have a standardized meaning prescribed by IFRS. The non-GAAP financial measures and non-GAAP ratios described below do not have standardized meanings under IFRS, may differ from those used by other issuers, and may not be comparable to similar financial measures and ratios reported by other issuers. These financial measures and ratios have been derived from our financial statements and applied on a consistent basis as appropriate. The Company discloses these financial measures and ratios because the Company believes that they assist readers in understanding the results of our operations and financial position and provide further information about our financial results to investors. These measures should not be considered in isolation or used as a substitute for other measures of performance prepared in accordance with IFRS.

Total cash costs and total cash costs per ounce sold are a non-GAAP financial measure and a non-GAAP ratio, respectively, and are common financial performance measures in the gold mining industry; however, they have no standard meaning under IFRS. Total cash costs per ounce sold are calculated by dividing total cash costs by volume of gold ounces sold. Aris Mining believes that, in addition to conventional measures prepared in accordance with IFRS such as cost of sales, certain investors use this information to evaluate the Company's performance and ability to generate cash flow from its mining operations. Management uses this metric as an important tool to monitor operating costs. Management has included a secondary total cash cost and total cash cost per ounce measure, that includes the cost of royalties incurred on precious metal shipments from Segovia. This measure adds back the cost of royalties to total cash cost and is intended to be reflective of the total cash cost associated with operating in Colombia.

AISC and AISC ($ per oz sold) are a non-GAAP financial measure and a non-GAAP ratio, respectively, and are common financial performance measures in the gold mining industry; however, they have no standard meaning under IFRS. AISC ($ per oz sold) is calculated by dividing AISC by volume of gold ounces sold. The methodology for calculating AISC was developed internally and is calculated below, and readers should be aware that this measure does not have a standardized meaning. This non-GAAP measure provides investors with greater transparency regarding the total period cost of producing an ounce of gold and may assist in comparisons with other gold mining peers. Management uses this metric as an important tool to monitor operating costs. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Reconciliation of total cash costs and all-in sustaining costs to the most directly comparable financial measure disclosed in the Interim Financial Statements.

1.As presented in the Interim Financial Statements and notes thereto for the respective periods

Reconciliation of cash costs and all-in sustaining costs by business unit at Segovia to the costs as disclosed above.

1.As presented in the Interim Financial Statements and notes thereto for the respective periods

AISC margin is a non-GAAP financial measure calculated as the difference between gold revenue and all-in sustaining costs (AISC). This measure has no standard meaning under IFRS. AISC margin is used by management and investors to evaluate the Company's operating performance and cash generation capability from mining operations.

Reconciliation of total AISC margin at Segovia disclosed below.

1.As presented in the Interim Financial Statements and notes thereto for the respective periods

1.As presented in the Interim Financial Statements and notes thereto for the respective periods

The table below reconciles sustaining and growth and expansion capital expenditures (also referred to as growth capital, expansion capital and growth and expansion investments) as disclosed in this MD&A to the additions to mining interest, plant, and equipment in the supporting notes to the Interim Financial Statements.

			Three months ended
($’000)			March 31, 2026			December 31, 2025									March 31, 2025
Sustaining capital
Segovia			11,356			16,197									5,856
Marmato			1,481			2,192									733
Total sustaining capital			12,837			18,389									6,589
Non-sustaining capital
Marmato			47,031			43,562									29,661
Segovia			5,454			16,161									6,368
Soto Norte Project			3,445			4,885									4,570
Toroparu Project			5,321			3,127									2,411
Total expansion and growth capital			61,251			67,735									43,010
Additions to mining interest, plant and equipment1			74,088			86,124									49,599

1. As presented in the Interim Financial Statements and notes thereto for the respective periods

Operating free cash flow after sustaining capital and taxes paid and free cash flow after growth and expansion capital are non-GAAP financial measures and are common performance metrics in the gold mining industry; however, they have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers.

Operating free cash flow after sustaining capital and taxes paid is calculated as net cash provided by operating activities, adjusted to exclude certain non-recurring or non-operating items, less sustaining capital expenditures and sustaining lease payments. Free cash flow after growth and expansion capital is calculated as operating free cash flow after sustaining capital and taxes paid less growth and expansion capital expenditures.

Aris Mining believes that these measures provide investors and analysts with useful information about the Company’s ability to generate cash from its mining operations after maintaining its asset base, and its capacity to fund growth initiatives, reduce debt, strengthen liquidity, or return capital to shareholders. Management uses these measures as key internal indicators of financial performance and capital discipline. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS, including net cash provided by operating activities as reported in the consolidated statement of cash flows.

1. As presented in the Interim Financial Statements and notes thereto for the respective periods

Adjusted net earnings and adjusted net earnings per share (basic) are a non-GAAP financial measure and non-GAAP ratios, respectively, and are common financial performance measures in the gold mining industry; however, they have no standard meaning under IFRS. Adjusted net earnings per share (basic) are calculated by dividing adjusted net earnings by the number of shares outstanding on a basic basis.

Adjusted net earnings and adjusted net earnings per share (basic) are used by management and investors to measure the underlying operating performance of the Company. Presenting these measures from period to period helps management and investors evaluate earnings trends more readily in comparison with results from prior periods.

Adjusted net earnings is defined as net income adjusted to exclude specific items that are significant but not reflective of the underlying operating performance of the Company, such as: share-based payments, change in fair value of financial instruments, foreign exchange gains and losses, income and losses from equity accounting in investees, and other non-recurring items. Adjusted net earnings per share amounts are calculated using the weighted average number of shares outstanding on a basic basis as determined under IFRS. In the table below the Company has provided the reconciliation of adjusted net earnings to the most directly comparable financial measure disclosed in the Interim Financial Statements.

1.As presented in the Interim Financial Statements and notes thereto for the respective periods

1.As presented in the Interim Financial Statements and notes thereto for the respective periods

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are Non-GAAP financial measures and are common financial performance measures in the gold mining industry; however, they have no standard meaning under IFRS. EBITDA represents earnings before interest (including non-cash accretion of financial obligations and lease obligations), income taxes and depreciation, depletion and amortization.

EBITDA is then adjusted to exclude specific items that are significant but not reflective of the underlying operating performance of the Company, such as: share-based payments, change in fair value of financial instruments, foreign exchange gains and losses, income and losses from equity accounting in investees, and other non-recurring items (Adjusted EBITDA). In the table below the Company has provided the reconciliation of EBITDA and adjusted EBITDA to the most directly comparable financial measure disclosed in the Interim Financial Statements.

1.As presented in the Interim Financial Statements and notes thereto for the respective periods

1.As presented in the Interim Financial Statements and notes thereto for the respective periods

The Company’s consolidated financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (IASB). Details of the material accounting policies for significant (or potentially significant) areas that have had an impact (or may have an impact in future periods) on the Company’s financial statements are disclosed in note 3 of the Company’s consolidated financial statements for the years ended December 31, 2025 and 2024.

Exploration, development and mining of precious metals involves numerous inherent risks. As such, Aris Mining is subject to financial, operational and political risks that could have a significant impact on its profitability and levels of operating cash flows. Although Aris Mining assesses and minimizes these risks by applying high operating standards, including careful management and planning of its facilities, hiring qualified personnel and developing their skills through training and development programs, these risks cannot be eliminated. Readers are encouraged to read and consider the risk factors which are more specifically described under the caption "Risk Factors" in the Company's AIF for the year ended December 31, 2025 dated as of March 11, 2026, which is available on www.aris-mining.com, under the Company's profile on SEDAR+ at www.sedarplus.ca and in its filings with the SEC at www.sec.gov.

If any of these risks materialize into actual events or circumstances or other possible additional risks and uncertainties of which the Company is currently aware or which it considers to be material in relation to the Company's business actually occur, the Company's assets, liabilities, financial condition, results of operations (including future results of operations), business and business prospects, are likely to be adversely affected. In such circumstances, prices of the Company's securities could decline, and investors could lose all or part of their investment. In addition, such risk factors could cause actual amounts to differ from those described in the forward-looking statements related to the Company.

Disclosure controls and procedures have been designed to provide reasonable assurance that all material information required to be disclosed by the Company is accumulated and communicated to senior management as appropriate, and recorded, processed, summarized, and reported to allow timely decisions regarding required disclosure, including in its annual filings, interim filings, or other reports filed or submitted under securities legislation.

The Company's management, including the Chief Executive Officer and Chief Financial Officer, is responsible for establishing adequate internal controls over financial reporting.

During the three months ended March 31, 2026, there were no changes in the Company's internal controls over financial reporting that materially affected or are reasonably likely to materially affect the Company's internal controls over financial reporting.

The Company's management, including the Chief Executive Officer and Chief Financial Officer, believe that any disclosure controls and procedures or internal controls over financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any systems of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Pamela De Mark, P.Geo., Senior Vice President Geology and Exploration of Aris Mining, is a Qualified Person as defined by National Instrument 43-101 (NI 43-101), and has reviewed and approved the technical information contained in this Management's Discussion and Analysis.

Notes: Totals may not add due to rounding. Mineral reserves were estimated using a gold price of US$1,500 per ounce at Marmato, US$2,200 at Soto Norte, and US$2,800 at Segovia. The mineral reserve effective dates are June 30, 2022 at Marmato, August 18, 2025 at Soto Norte, and November 28, 2025 at Segovia. This disclosure of mineral reserve estimates has been approved by Pamela De Mark, P.Geo, Senior Vice President Geology and Exploration of Aris Mining, who is a Qualified Person as defined by National Instrument 43-101.

Notes: Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral resource estimates are reported inclusive of mineral reserves. Totals may not add due to rounding. Mineral resources were estimated using a gold price of US$1,700 per ounce at Marmato, US$2,600 at Soto Norte, US$3,200 at Segovia, and US$1,950 at Toroparu. The mineral resource effective dates are June 30, 2022 at Marmato, August 18, 2025 at Soto Norte, November 28, 2025 at Segovia, and October 21, 2025 at Toroparu. This disclosure of mineral resource estimates has been approved by Pamela De Mark, P.Geo, Senior Vice President Geology and Exploration of Aris Mining, who is a Qualified Person as defined by National Instrument 43-101.

Unless otherwise indicated, the scientific disclosure and technical information included in this MD&A are based upon information included in the following documents and NI 43-101 compliant technical reports:

1.Technical report entitled “Technical Report for the Marmato Gold Mine, Caldas Department, Colombia, PFS of the Lower Mine Expansion Project” dated November 23, 2022 with an effective date of June 30, 2022, which is available for download on Aris Mining's website at www.aris-mining.com and on Aris Mining's SEDAR+ profile at www.sedarplus.ca and in Aris Mining's filings with the SEC at www.sec.gov.

2.Technical report entitled “NI 43-101 Technical Report Prefeasibility Study for the Soto Norte Project, Santander, Colombia”, dated September 3, 2025 with an effective date of August 18, 2025, which is available for download on Aris Mining's website at www.aris-mining.com and on Aris Mining’s SEDAR+ profile at www.sedarplus.ca and in Aris Mining's filings with the SEC at www.sec.gov.

3.Technical report entitled “NI 43-101 Technical Report for the Segovia Operations, Antioquia, Colombia” dated December 5, 2023 with an effective date of September 30, 2023, which is available for download on Aris Mining's website at www.aris-mining.com and on Aris Mining's SEDAR+ profile at www.sedarplus.ca and in Aris Mining's filings with the SEC at www.sec.gov.

4.Technical report entitled “Updated Mineral Resource Estimate NI 43-101 Technical Report Preliminary Economic Assessment for the Toroparu Project Cuyuni-Mazaruni Region, Guyana” dated October 28, 2025 with an effective date of October 21, 2025, which is available for download on Aris Mining's website at www.aris-mining.com and on Aris Mining's SEDAR+ profile at www.sedarplus.ca and in Aris Mining's filings with the SEC at www.sec.gov.

5.News release of Aris Mining dated January 8, 2026 and entitled “Aris Mining Expands High-Grade Segovia Reserve and Resource Estimates”.

Certain statements in this MD&A constitute forward-looking information. Often, but not always, forward-looking statements use words or phrases such as: "anticipate", "believe", "continue", "estimate", "expect", "future", "goal", "guidance", "intend", "likely", "objective", "opportunity", "plan", "possible", "potential", "probable", "project", "target" or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements include but are not limited to, statements with respect to the Company’s targeted annual gold production, 2026 guidance, the timeline for ramp up of production at Segovia, timeline for the construction of the CIP plant and production at the Bulk Mining Zone, the plans and timing of the Toroparu prefeasibility study including a potential construction decision, the economic analysis from the Toroparu PFS and Toroparu PEA, the anticipated timeline for submission of the environmental study in respect of the Soto Norte project, projected payments and obligations of the Company, the Company’s growth plans and the requirements thereof, the Company’s ability to fund growth projects, the Company’s ability to pay its obligations associated with its financial liabilities, the Company's potential objective to produce 1 million oz of gold annually, the Company’s anticipated business plans and strategies, financing sources, critical accounting estimates, risks and uncertainties and limitations of controls and procedures, statements made in the section entitled “Business Overview” regarding the Company’s projects and growth opportunities to increase annual gold production, as well as statements relating to the Company’s 2026 guidance and outlooks.

Forward-looking information and forward-looking statements, while based on management’s best estimates and assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information or forward looking statements, including but not limited to: local environmental and regulatory requirements and delays in obtaining required environmental and other licenses, changes in national and local government legislation, taxation, controls, regulations and political or economic developments, uncertainties and hazards associated with gold exploration, development and mining, risks associated with tailings and water management, risks associated with operating in foreign jurisdictions, risks associated with capital cost estimates, dependence of operations on infrastructure, costs associated with the decommissioning of the Company’s properties, fluctuations in foreign exchange or interest rates and stock market volatility, operational and technical problems, the ability to maintain good relations with employees and labour unions, competition; reliance on key personnel, litigation risks, uncertainties relating to title to property and mineral resource and mineral reserve estimates, risks associated with acquisitions and integration, risks associated with the Company’s ability to meet its financial obligations as they fall due, volatility in the price of gold, or certain other commodities, risks associated with costs, supply chain disruptions, and financial risks due to changes in tariffs, trade policies, international trade disputes, or regulatory shifts, risks that actual production may be less than estimated, risks associated with servicing indebtedness, additional funding requirements, risks associated with general economic factors, risks associated with secured debt, changes in the accessibility and availability of insurance for mining operations and property, environmental, sustainability and governance practices and performance, risks associated with climate change, risks associated with the reliance on experts outside of Canada, pandemics, epidemics and public health crises, potential conflicts of interest, uncertainties relating to the enforcement of civil liabilities outside of Canada, cyber-security risks, risks associated with operating a joint venture, volatility of the share price, the Company’s obligations as a public company; the ability to pay dividends in the future, as well as those factors discussed in the section entitled "Risk Factors" in the Company's AIF for the year ended December 31, 2025 and dated March 11, 2026 which is available on the Company’s website at www.aris-mining.com, on SEDAR+ at www.sedarplus.ca and included as part of the Company's Annual Report on Form 40-F, filed with the SEC at www.sec.gov.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. The Company has and continues to disclose in its Management's Discussion and Analysis and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking information and forward-looking statements and to the validity of the information, in the period the changes occur. The forward-looking statements and forward-looking information are made as of the date hereof and the Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results, unless so required by Canadian securities laws. Accordingly, readers should not place undue reliance on forward-looking statements and information.

This MD&A contains information that may constitute future-orientated financial information or financial outlook information (collectively, “FOFI”) about the Company’s prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. The Company’s actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. The Company has included FOFI in order to provide readers with a more complete perspective on the Company’s future operations and management’s current expectations relating to the Company’s future performance. Readers are cautioned that such information may not be appropriate for other purposes. FOFI contained herein was made as of the date of this MD&A. Unless required by applicable laws, the Company does not undertake any obligation to publicly update or revise any FOFI statements, whether as a result of new information, future events or otherwise.

(expressed in thousands of United States dollars)

(Unaudited)

Approved by the Board of Directors and authorized for issue on May 6, 2026:

"David Garofalo" (Signed)			Director			"Neil Woodyer" (Signed)			Director

(1)The tax effect of the unrealized gain (loss) on Gold Notes due to changes in implied credit spread for the three months ended March 31, 2026, was an expense of $353 (March 31, 2025 - expense of $189).

Aris Mining Corporation (the “Company” or “Aris Mining”), is a company incorporated under the laws of the Province of British Columbia, Canada. The address of the Company’s registered and records office is 2900 – 550 Burrard Street, Vancouver, British Columbia, V6C 0A3. The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) and on the New York Stock Exchange ("NYSE") under the symbol “ARIS”.

Aris Mining is primarily engaged in the acquisition, exploration, development and operation of gold properties in Colombia and Guyana. Aris Mining operates the Segovia and Marmato Mines and the Soto Norte Project in Colombia. Aris Mining also owns the Toroparu Project in Guyana.

These condensed consolidated interim financial statements, as approved by the Company's Board of Directors on May 6, 2026, have been prepared in accordance with International Accounting Standards (“IAS”)    34, Interim Financial Reporting, using accounting policies consistent with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Certain disclosures required by IFRS have been condensed or omitted in the following note disclosures or are disclosed or have been disclosed on an annual basis only. Accordingly, these condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements for the years ended December 31, 2025 and 2024 (“annual financial statements”), which have been prepared in accordance with IFRS as issued by the IASB.

The financial statements have been prepared under the historical cost basis, except for certain financial assets and liabilities which are measured at fair value, and are presented in US dollars. They have been prepared on a going concern basis assuming that the Company will be able to realize its assets and discharge its liabilities in the normal course of business as they come due for the foreseeable future.

The material accounting policies are the same as those applied in preparing the annual financial statements for the year ended December 31, 2025 other than those listed below. These financial statements comprise the financial results of the Company and its subsidiaries.

Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Accounting policies of subsidiaries have been aligned, where necessary, to ensure consistency with the policies adopted by the Company.

The Company has equity-settled and cash-settled share-based compensation plans under which it issues either equity instruments or makes cash payments based on the value of the underlying equity instrument of the Company. During the three months ended March 31, 2026, the Company granted 143,889 restricted share units.

RSUs are an equity-based instrument introduced to the 2026 pay mix under the Company's long-term incentive plan for directors and employees. Each RSU represent the right for the holder to receive a cash payment (subject to withholding tax) when the RSUs have vested. RSUs are cash settled in accordance with their terms at the prevailing market price (the five-day volume weighted average price) of the shares on the vesting date.

The RSUs represent a financial liability as they can only be settled in cash once they have vested. As such, the RSU compensation expense is recognized at fair value over the vesting period with a corresponding amount recorded in other liabilities on the statement of financial position. The RSU liability is remeasured to its fair value using the closing share price at each period end with the change in fair value during the period recognized as share-based compensation.

On May 30, 2024, the IASB published amendments to IFRS 9 Financial Instruments ("IFRS 9") to clarify the derecognition requirements for financial instruments. The amendments clarify that financial assets are derecognized when the rights to receive contractual cash flows expire or the assets are transferred, and that financial liabilities are derecognized on the settlement date when the obligation is extinguished. The amendments also introduced an election allowing an entity to derecognize a financial liability prior to the settlement date when settling through an electronic payment system, provided specified conditions are met, including that the payment is irrevocable, the cash is no longer accessible, and settlement risk is insignificant. These amendments were adopted for annual periods beginning on or after January 1, 2026 and did not have a material impact on the Company's financial statements.

On April 9, 2024, the IASB issued IFRS 18 Presentation and Disclosure in the Financial Statements (“IFRS 18”) replacing IAS 1. IFRS 18 introduces categories and defined subtotals in the statement of profit or loss, disclosures on management-defined performance measures, and requirements to improve the aggregation and disaggregation of information in the financial statements. The adoption of IFRS 18 will not affect net income, but it will change how income and expenses are presented. Items of income and expenses in the statement of income will be classified into three new categories of operating, investing, and financing, with new subtotals presented. As a result of IFRS 18, amendments to IAS 7 Statement of Cash Flows were also issued to require that entities use the operating profit subtotal as the starting point for the indirect method of reporting cash flows from operating activities and also to remove presentation alternatives for interest and dividends paid and received. Similarly, amendments to IAS 33 Earnings per Share were issued to permit disclosure of additional earnings per share figures using any other component of the statement of profit or loss, provided the numerator is a total or subtotal defined under IFRS 18. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, and is to be applied retrospectively, with early adoption permitted. The Company is currently assessing the impact of the standard on its financial statements.

Judgments, estimates and assumptions are continually evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The significant judgments, estimates and assumptions made by management in applying the Company’s accounting policies are the same as those that applied to the annual financial statements.