Soto Norte Project PFS: $2.68B NPV, 35.4% IRR
Aris Mining Corporation's Soto Norte Project in Santander, Colombia has a Pre-Feasibility Study (PFS) outlining an after-tax NPV of $2.68B, an after-tax IRR of 35.4%, and initial capital of $625M. The mine plan runs 22 years at about 263 koz Au per year.
Aris Mining Corporation's Soto Norte Project has reported Pre-Feasibility Study (PFS) results for the gold project in Santander, Colombia. The study headlines an after-tax net present value of $2.68B at a 5% discount rate. It reflects Aris Mining Corporation's (ARIS.TO) latest disclosed economics for the asset.
Economics. The after-tax NPV is $2.68B using a 5% discount rate. After-tax IRR is 35.4%. Initial capital expenditure is estimated at $625M. The study models a payback period of 2.3 years. All-in sustaining costs are pegged at 534 USD/oz. Economics are based on Base case gold price of $2,600/oz.
Production and mine plan. The project envisions an underground operation. Life of mine is 22 years. Average annual production is approximately 263 koz Au.
Resources and ownership. The company holds a 100% interest in the project.
These figures are extracted from Aris Mining Corporation's technical disclosures and reflect the most recent PFS on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Proven & Probable | — | 7.0 g/t Au | 4.6 Moz Au |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured & Indicated | — | 5.6 g/t Au | 7.0 Moz Au |
Our Analysis
- IRR after-tax
- 35.4%
higher than 48% of 113 projects we track
- NPV after-tax
- $2.68B
higher than 93% of 150 projects we track
- Initial capex
- $625M
23% of NPV
costlier than 81% of 147 projects we track
- Payback
- 2.3yrs
slower than 57% of 93 projects we track
- Mine life
- 22yrs
- Discount rate
- 5%
- Study price assumption
- Base case gold price of $2,600/oz
- Spot gold today
- $4,408.90/oz
The Santander project sits in the lower half of the 113 gold projects we track on returns, with a 35.4% after-tax IRR that ranks above only 48% of them. That is the number to hold onto, because it is the one metric where this asset is unremarkable. The after-tax NPV of $2.68B ranks above 93% of the 150 projects we track, and payback of 2.3 years is moderate, lower than 43% of the 93 projects we track. So the picture is a large, long-life asset (22 years) whose headline value is not matched by a standout rate of return. Colombia is a jurisdiction that demands a premium in how you read any study, and a PFS narrows estimates to roughly a plus or minus 25% band without being a build decision. That combination argues for reading the NPV as a range, not a target.
The constraint that matters most is not funding. Initial capex of $625M is 23% of NPV, lower than 19% of the 147 projects we track, and about 0.2x the company's US$4.08B market cap. A build of that size against a mid-cap with four projects in the portfolio is a financing conversation, not a solvency question. The 5% discount rate is a reporting convention, not a hurdle, and is worth noting only because it sits at the low end of the convention.
The study assumes $2,600/oz gold against a live spot of $4,408.90/oz, so the returns carry real upside if spot holds, and the reverse if it does not. The question that decides this project: can a lower-half IRR clear the roughly 15% project-finance threshold comfortably enough to be financed and built on schedule in Colombia?
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.