Aris Mining (TSX: ARIS) has put a US$2.8 billion after-tax net present value on its Toroparu gold project in Guyana. The figure comes from a prefeasibility study released barely a year after a preliminary economic assessment valued the asset at US$1.8 billion.
The study uses a 5% discount rate and shows an after-tax internal rate of return of 31.5% and a 2.2-year payback. Those figures assume US$3,600 per ounce gold, US$50 per ounce silver and US$5.00 per pound copper, while a US$4,200 gold price lifts the NPV to US$3.8 billion.
Toroparu is designed as a contractor-run, truck and shovel open pit feeding a 7.0 million tonne per annum plant. Mining is expected to last 21 years, and lower grade stockpiles extend processing to roughly 29 years. Gold production is forecast to average 291,000 ounces a year over the first five years and 258,000 ounces through year 17.
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Over the life of the mine, the plan calls for 5.6 million ounces of gold to be recovered, alongside 5.3 million ounces of silver and 235 million pounds of copper.
The plan rests on a maiden proven and probable reserve of 5.9 million ounces of gold in 200.2 million tonnes grading 0.92 g/t.
Construction capital totals US$1.12 billion, including US$102 million in contingency. After working capital and US$138 million in expected construction funding from Wheaton Precious Metals, the initial funding requirement comes to US$1.005 billion.
Life of mine cash costs are pegged at US$1,119 per ounce and all-in sustaining costs at US$1,494 per ounce, both net of by-product credits. Both are higher than in the PEA, though the margin against the base case gold price is still wide.
The project has changed a lot since the October 2025 PEA, which helps explain the quick follow-up. Measured and indicated resources have grown 74% to 9.3 million ounces. Lower grade material once treated as waste is now set aside for later processing, and the owner-operated, lease-financed mining fleet has been replaced with contractors.
“The PFS confirms a large-scale, long-life operation with compelling economics,” said Neil Woodyer, chair and CEO, who described the switch to contractors as part of “a practical development plan designed to reduce execution risk.”
Aris applied for a large scale mining licence in August, and Guyana’s government is reviewing the application. The company is targeting a construction decision in early 2027, subject to approvals, followed by a 32 month build. Aris and Wheaton are also exploring changes to their stream agreement to match the updated plan.
Aris Mining last traded at $21.08 on the TSX.
