The company saw its net loss fall to US$5.89 million in Q4, which compares with $33.74 million for the same period a year earlier. This came despite revenue dropping by 4% year-on-year from $12.55 million to $12.07 million in the three-month period. 

Aris' net loss per share was $0.04 in Q4, compared with $0.34/share the year before. 

The results followed a modest lift in gold production in the quarter, which rose from 7,181 ounces to 7,429oz. The Aris' AISC was slashed from $1,943/oz to $1,505/oz in the period.

The Q4 production saw Aris' 2021 volume round out the year at 26,830oz, having risen from 23,831oz in 2020. That's expected to surge to 40,000-45,000oz this year at an AISC of $1,300-$1,400/oz. 

"While construction activities are ramping up in 2022, gold production rates from the upper mine are expected to increase and contribute approximately $20 million in free cash flow to be allocated to the lower mine project," the company said. 

"In January 2022, earthworks for the new portal and main ramp system commenced, as planned, and the project remains on schedule for first gold production from the Lower Mine, [which is] expected before the end of 2023," Aris added. 

Aris is planning average production of 175,000 per year from 2024. 

One of the key milestones Aris planned for 2022 is the procurement of long-lead order items. 

Aris traded at C$1.69/share on March 6. The company had a 52-week high/low of C$1.77/C$1.21 a share and a market capitalisation of C$232.94 million.