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MDC Industry Holding Company LLC enters a binding agreement with Aris Mining Corporation to acquire joint venture interest in the Soto Note copper-gold project for US$90M

Date Announced

May 23, 2024

Lead Office

Vancouver

Value

90.00 Million USD

On May 23, 2024, MDC Industry Holding Company LLC (Mubadala), a wholly-owned subsidiary of the Abu Dhabi based investment company Mubadala Investment Company PJSC, has entered into a US$90 million binding agreement with Aris Mining Corporation (Aris), pursuant to which Aris Mining will acquire an additional 31% joint venture interest in the Soto Note gold-copper project (PSN) in Colombia and the parties will amend their current Joint Venture Agreement to account for the change in ownership.

On closing, Aris mining will issue 15,750,000 common shares to Mubadala that are subject to a 12-month hold period. Following the receipt of an environmental license, Mubadala will receive an addition 6,000,000 common shares accumulating a total ownership of approximately 13%. On closing Aris Mining will hold a 51% interest in PSN and Mubadala will retain 49% interest. The current option held by Aris Mining to acquire an additional 30% interest in PSN will be terminated and Aris mining will continue to be the operator of PSN. The closing of the transaction is expected to occur in June 2024.

Aris, headquartered in Vancouver, British Columbia, is a Canadian mining company which creates value through building globally relevant gold mining companies.

PSN, located in the California mining district of Colombia, is one of the world’s largest undeveloped underground gold projects with Tier 1 scale and economics.

Mubadala, headquartered in Abu Dhabi, UAE, is a wholly-owned subsidiary of the Abu Dhabi-based investment company Mubadala Investment Company PJSC and is involved in various business ventures and strategic investments.

McCarthy Tétrault is acting for Mubadala with a team led by Shawn Doyle, that included Roger Taplin, Peter Quon, Jenna Clark, and Rebecca Ferguson (Corporate) and Drew Morier (Tax).

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