Aris Mining releases PFS for Toroparu Gold Project in Guyana Over the first five years · Mining Technology Shree Mishra Fri, November 13, 2026 at 5:53 AM EST 3 min read GC=F +0.32% ARIS 0.00% Aris Mining has published the results of a prefeasibility study (PFS) for its Toroparu Gold Project, located in Guyana.
The study outlines plans for a large-scale open-pit mine expected to produce 5.6 million ounces (moz) of gold over 29 years, based on proven and probable reserves of 5.9moz and a gold price assumption of $1,950 per ounce.
According to the PFS, the planned operation would have an initial funding requirement of $1bn, including construction and contingencies.
The economic analysis, using a base gold price of $3,600/oz, estimates an after-tax net present value (NPV) at a 5% discount rate of $2.8bn and an internal rate of return (IRR) of 31.5%.
The payback period from the start of production is forecast at 2.2 years.
Lower gold prices, such as $3,000/oz, would still yield an after-tax NPV at a 5% discount rate of $1.8bn and an IRR of 24.3%, with higher gold prices expected to generate greater returns.
Planned gold production is expected to average 258,000oz annually during the first 17 years, before transitioning to an average of 103,000oz per year during the final 12 years of late-life mining and stockpile processing.
Over the first five years, annual production is projected at 291,000oz of gold.
In addition to gold, the mine is expected to deliver 5.3moz of silver and 235 million pounds of copper across its processing life.
Operating costs are expected to average $1,119 per ounce of gold over the life of the mine, with all-in sustaining costs (AISC) estimated at $1,494 per ounce.
The PFS incorporates contractor mining and utilises various construction delivery models, reflecting the size and isolated location of the site.
Aris Mining submitted a large-scale mining licence application in August 2026 and says it continues pre-development work, targeting a construction decision in early 2027, pending regulatory approvals.
The PFS also notes significant increases in measured and indicated gold mineral resources, rising 74% to 9.3moz compared with the 2025 preliminary economic assessment. The company reports inferred resources increased by 115% to 1.4moz.
Aris Mining chair and CEO Neil Woodyer said: "Toroparu is positioned to become our next major growth project. The PFS confirms a large-scale, long-life operation with compelling economics, a substantially larger mineral resource base compared to the 2025 PEA1, and a practical development plan designed to reduce execution risk.
"Our large-scale mining licence application, submitted in August, is progressing through the regulatory review process."
In May 2024, the company signed a binding agreement with MDC Industry (Mubadala) to acquire an additional 31% joint venture interest in the Soto Norte (PSN) gold-copper project in Colombia.
"Aris Mining releases PFS for Toroparu Gold Project in Guyana" was originally created and published by Mining Technology, a GlobalData owned brand.
