02:19 PM EDT, 09/03/2025 (MT Newswires) -- Aris Mining ( ARMN ) shares rose to a record high midafternoon on Wednesday after the company said a prefeasibility study (PFS) of its 51%-owned Soto Norte Gold Project supports construction of a US$625-million mining project.

The company said the mine will produce an average 203,000 ounces of gold annually over a 22-year mine life and will repay its construction costs in 2.3 years. It also has an internal rate of return of 35.4%, with all-in sustaining costs estimated at US$534 per ounce.

The company said Soto Norte has measured and indicated mineral resources of 39.0-million tonnes grading at 5.55 grams per tonne of gold containing 7.0-million ounces (Moz) gold, while proven and probable mineral reserves are 4.6 Moz of gold.

The new study design reduces processing capacity to 3,500 tonnes per day (tpd) from 7,000+ tpd previously. The reduced scale supports investment returns and extends mine life while cutting construction risk, Aris said.

The company is completing environmental studies and preparing to apply for an environmental license in early 2026.

"The Soto Norte PFS outlines a project that balances scale, profitability, environmental stewardship, and community input," said Chief Executive Neil Woodyer. "Our plan dedicates 750 tpd - more than 20% of total capacity - for material mined by local community groups, replacing informal mills that pollute waterways with safe, licensed processing. All mine water will be collected, treated, and safely returned, safeguarding the Bucaramanga and regional water supplies and improving water quality in the local community mining areas."

The company's shares were last seen up $0.59 to $12.66 on the Toronto Stock Exchange, their highest ever.

Price: 12.66, Change: +0.59, Percent Change: +4.89