09:24 AM EDT, 07/07/2025 (MT Newswires) -- Aris Mining ( ARMN ) has agreed to sell its Juby gold exploration project and related interests in Canada to McFarlane Lake Mining for $22 million, the companies said Monday.

Under the agreement, Aris Mining ( ARMN ) will receive $10 million in cash at closing and McFarlane shares payable up to 19.9% of post-financing share capital and issuable on closing, according to a joint statement.

Additional payment that may be required to reach the $22 million purchase price is payable in cash or additional shares within 12 months of closing, the companies added.

The transaction includes Aris Mining's ( ARMN ) 25% joint venture interest in the adjacent Knight property and is expected to close within 90 days, conditional on McFarlane raising at least $10 million from a concurrent financing and other customary closing conditions, the companies said.