$ARIS Aris Mining CorpTSX_DLY:ARISDillyDallyGallyCompleted H&S into a H&S bottom bottom Call. Base is worth C$40.64 against a provisional C$21.00 — 0.52× base, ~3.2× forward core EBITDA with ~1Moz of permit-gated ounces free. Risk-weighted +90% against a −46% bear that repairs itself gives 2.82× at one year, down from 3.07×. Still torque sleeve, not anchor tier, and the reason is unchanged and now better evidenced: the decisive event is a Colombian licence that hasn't been applied for yet. Next triggers: first post-print close (mandatory re-anchor) · Soto Norte filing · Toroparu PFS · Q3‑26 print.