SSR Mining Issues Multi-year Guidance and Technical Reports for All Operating Assets Featuring Production Growth Approaching 800,000 Ounces by 2027 at AISC Trending Towards $1,300 Per Ounce

MULTI-YEAR GUIDANCE ⁽¹⁾

• TOTAL 5-YEAR PRODUCTION INCREASES 4% OVER PRIOR LIFE OF MINE PLANS TO 3.1 MILLION OUNCES GOLD EQUIVALENT, AND INCREASES 9% INCLUDING CONTRIBUTIONS FROM THE HOD MADEN ACQUISITION
• PRODUCTION PLATFORM APPROACHES 800,000 GOLD EQUIVALENT OUNCES BY 2027, A 10% CAGR
• AISC EXPECTED TO MEANINGFULLY IMPROVE, TRENDING TOWARDS $1,300 PER OUNCE BY 2027 AND DRIVING SECTOR LEADING FREE CASH FLOWS
• POSITIVE FREE CASH FLOW EXPECTED IN 2024, BUILDING FURTHER ON EXISTING $1 BILLION LIQUIDITY POSITION
• PEER LEADING CAPITAL RETURNS YIELD AND OVERALL RETURNS STRATEGY EXPECTED TO REMAIN UNCHANGED
• HOD MADEN ON TRACK FOR POSITIVE CONSTRUCTION DECISION MID-2024; EXPECTED TO DELIVER A +30% PROJECT IRR

TECHNICAL REPORT SUMMARIES (“TRS”)

• CORPORATE NET ASSET VALUE BASED ON MINERAL RESERVE ONLY TECHNICAL REPORTS OF GREATER THAN $3 BILLION, OR APPROXIMATELY US$15 PER SHARE AT CONSENSUS COMMODITY PRICES, INCREASING TO GREATER THAN $4 BILLION, OR APPROXIMATELY US$20 PER SHARE AT SPOT COMMODITY PRICES
• TOTAL LIFE OF MINE PRODUCTION INCREASES OVER PRIOR TECHNICAL REPORTS BY 7% AND 23% RESPECTIVELY, BEFORE AND AFTER THE INCLUSION OF HOD MADEN
• MORE THAN 85% OF CONSOLIDATED LIFE OF MINE PRODUCTION IN BOTTOM HALF OF INDUSTRY COST CURVE
• ÇÖPLER TECHNICAL REPORT NET ASSET VALUE OF $1.64 BILLION BASED ON MINERAL RESERVES ONLY
• ÇÖPLER AVERAGE ANNUAL PRODUCTION OF 281,000 OUNCES OF GOLD AT AVERAGE COST OF SALES OF $965 PER OUNCE & AISC OF $1,003 PER OUNCE OVER 15 YEARS, GENERATING OPERATING CASH FLOW OF $197 MILLION AND FREE CASH FLOW OF $160 MILLION ANNUALLY OVER LIFE OF MINE
• ÇÖPLER GOLD PRODUCTION IS EXPECTED TO INCREASE TO NEARLY 400,000 OUNCES ANNUALLY BY 2027, A 23% CAGR
• ÇÖPLER TECHNICAL REPORT INCLUDES +30% IRR GRIND-LEACH CIRCUIT INSTALLATION FOR INITIAL CAPITAL OF $194 MILLION
• MARIGOLD TECHNICAL REPORT NET ASSET VALUE OF $800 MILLION BASED ON MINERAL RESERVES ONLY
• MARIGOLD AVERAGE ANNUAL PRODUCTION OF 212,000 OUNCES OF GOLD AT AVERAGE COST OF SALES OF $1,065 PER OUNCE & AISC OF $1,213 PER OUNCE OVER 9 YEARS, GENERATING OPERATING CASH FLOW OF $124 MILLION AND FREE CASH FLOW OF $95 MILLION ANNUALLY OVER LIFE OF MINE
• MARIGOLD PRODUCTION PROFILE IS EXPECTED TO EXCEED 300,000 OUNCES IN ANNUAL PRODUCTION BY 2029, A 13% CAGR

YEAR-END 2023 MINERAL RESERVES & MINERAL RESOURCES

• 2023 CONSOLIDATED MINERAL RESERVES, ON AN ATTRIBUTABLE BASIS, OF NEARLY 8 MILLION OUNCES GOLD EQUIVALENT
• MINERAL RESERVES INCLUDING ATTRIBUTABLE 40% OF HOD MADEN TO EXCEED 9 MILLION OUNCES GOLD EQUIVALENT
• PORTFOLIO WEIGHTED AVERAGE MINE LIFE BASED ON MINERAL RESERVES OF AT LEAST 14 YEARS
• C2 MINERAL RESOURCES REMOVED FOLLOWING COMPLETION OF TECHNICAL WORK RESULTING IN A $349 MILLION NON-CASH IMPACT TO ÇÖPLER MINERAL PROPERTIES AND FIXED ASSETS VALUE FROM ~$2.80 BILLION TO ~$2.45 BILLION
• ÇAKMAKTEPE MINERAL RESERVES INCREASED 75% TO 3 MILLION OUNCES GOLD

DENVER–(BUSINESS WIRE)–SSR Mining Inc. (Nasdaq/TSX: SSRM; ASX: SSR) (“SSR Mining” or the “Company”) announces a comprehensive and positive business update, including updated life of mine plans and the Company’s production outlook for 2024 through 2028. In 2023, SSR Mining’s four operating assets produced 706,894 gold equivalent ounces at full-year cost of sales of $1,141 per payable ounce and all-in sustaining costs (“AISC”) of $1,461 per payable ounce. Fourth quarter 2023 production was 211,226 gold equivalent ounces at cost of sales of $1,064 per payable ounce and AISC of $1,326 per payable ounce.

In 2024, the Company expects to deliver total consolidated production of 540,000 to 600,000 gold equivalent ounces at consolidated cost of sales of $1,300 to $1,350 per payable ounce and AISC of $1,575 to $1,625 per payable ounce. SSR Mining expects production and margins to remain stable at these levels through 2026 as the Company delivers the Grind-Leach Circuit and Hod Maden growth projects, each with an approximately 30% or higher expected after-tax internal rate of return (“IRR”). First production from the two projects is expected in 2027, driving significant production growth towards 800,000 gold equivalent ounces with AISC trending towards $1,300 per ounce by 2027.

Rod Antal, Executive Chairman of SSR Mining, said, “We are pleased with the strong results in the fourth quarter of 2023, successfully delivering on our commitment to produce more than 400,000 gold equivalent ounces in the second half of the year and generating more than $335 million in operating cash flow and $235 million in free cash flow over the same period. Our business has now delivered on its production guidance targets for 11 of the last 12 years, reinforcing our reputation as strong and consistent operators.

This year, we are presenting an extended production guidance outlook, showcasing a strong growth profile approaching 800,000 gold equivalent ounces at AISC trending towards $1,300 per ounce by 2027. This outlook is the culmination of significant technical work and asset optimization efforts across the portfolio, including a nearly 75% increase in Mineral Reserves from Çakmaktepe. The combination of the increase in Mineral Reserves at Çakmaktepe and the concurrent investment in a Grind-Leach Circuit to improve gold recoveries is expected to deliver a doubling of life of mine production from Çakmaktepe, providing a more than 30% expected internal rate of return. Overall, as we’ve optimized our mine plans across the portfolio, we have seen a 7% increase in gold equivalent production as compared to prior life of mine totals, or more than 20% inclusive of Hod Maden.

This company-wide technical work sets a refreshed and positive baseline for our business, with steady production in the near-term and meaningful growth and free cash flow over the five-year period. Our anticipated growth capital expenditures over the next three years are supported by our current liquidity position of nearly $1 billion, our ongoing operating cash flow, and our efforts to finance Hod Maden through a $200 to $300 million project finance facility. Our strong financial position indicates that we will exit this growth cycle with a solid balance sheet while still maintaining our commitment to capital returns. This includes our quarterly cash dividend, which underpins our baseline commitment to capital returns and currently yields nearly 3% annually. In addition, we will continue to supplement these baseline returns through additional share buybacks.

With a weighted average mine life of at least 14 years, a production growth trajectory driven by two of the highest returning projects in the industry, a wealth of additional organic growth opportunities and a continued commitment to capital returns, our business begins 2024 in an enviable position. We look forward to continuing to deliver on our track record of operational consistency, project execution and value accretive strategic initiatives in the years to come.”

Full-Year 2024 Outlook & Multi-Year Production Guidance

SSR Mining reports its updated full-year 2024 outlook that includes production and cost guidance by asset and on a consolidated basis. In addition, the Company announces a five-year production guidance outlook, showcasing a strong growth profile over the period.

Table 1: Full-Year 2024 Outlook

Table 2: Five-Year Production Outlook

Guidance Overview ⁽¹⁴⁾

Consolidated production in 2024 is expected to be approximately 60% weighted to the second half of the year, with the strongest consolidated production period in the fourth quarter. This production distribution is driven largely by higher grades and tonnes stacked at Marigold in the second half of 2024. Quarterly AISC is expected to reflect this production profile, with AISC trending well above the full-year 2024 guidance range in the first half reflecting increased waste stripping at Marigold and the timing of spend at Seabee associated with the winter road season. AISC in the second half of 2024 are expected to be below the full-year guidance range. Accordingly, free cash flow generation in 2024 is expected to be strongly weighted to the second half of the year due to aforementioned production weighting and cost profile, as well as annual tax and royalty payments incurred in the first half of 2024. Free cash flow in 2024 is expected to be positive despite initial growth capital spending for Hod Maden and the Grind-Leach Circuit of $117 million.

Çöpler, Türkiye

In 2023, Çöpler produced 220,999 ounces. Gold production was 57,126 ounces in the fourth quarter of 2023, at cost of sales of $1,160 per payable ounce and AISC of $1,535 per payable ounce. In the fourth quarter of 2023, Çöpler recovered approximately 10,000 ounces of gold from Çakmaktepe, which delivered first production late in the third quarter of 2023 in line with guidance. The Çöpler sulfide plant operated at an average throughput rate of nearly 7,500 tonnes per day in 2023 and more than 7,700 tonnes per day in the fourth quarter of 2023, reflecting continued operational improvement efforts.

In 2024, Çöpler is expected to produce 200,000 to 220,000 ounces of gold at mine site cost of sales of $1,420 to $1,460 per payable ounce and AISC of $1,550 to $1,590 per payable ounce. The expected production profile at Çöpler is approximately 55% weighted to the first half of 2024, reflecting higher grades as well as planned maintenance in the fourth quarter. Heap leach production in 2024 is expected to total approximately 40,000 ounces of gold.

The 2024 sustaining capex budget at Ҫӧpler of $29 million includes $9 million in capital leases for the Air Liquide oxygen plant.

Over the five-year period, the gold production profile at Çöpler is expected to increase to nearly 400,000 ounces annually by 2027, a 23% compound annual growth rate (“CAGR”), reflecting the significant gold recovery uplift enabled by the Grind-Leach Circuit that is expected to be completed by 2027 for total growth capital of $194 million. Over the five-year period, AISC are expected to be relatively flat in 2024 and 2025, before improving significantly in 2026 through 2028.

Marigold, USA

In 2023, gold production at Marigold was 278,488 ounces, a record for the operation over its more than 30-year operating history and in line with full-year guidance. Gold production was 82,794 ounces in the fourth quarter of 2023, at cost of sales of $1,095 per payable ounce and AISC of $1,170 per payable ounce.

In 2024, Marigold is expected to produce 155,000 to 175,000 ounces of gold at mine site cost of sales of $1,300 to $1,340 per payable ounce and AISC of $1,535 to $1,575 per payable ounce. For the full-year, production is expected to be 70% weighted to the second half of 2024, reflecting a second-half weighted grade profile and increased waste stripping in the first quarter. Marigold’s AISC profile is expected to trend well above its asset-level 2024 guidance ranges in the first half, reflecting the aforementioned production profile and waste stripping. The fourth quarter of 2024 is expected to represent Marigold’s strongest production and lowest cost period of the year.

Sustaining capital spend for Marigold in 2024 is forecasted to total $37 million, a more than 50% reduction in capital spend compared to 2023 levels which included the purchase of four new haul trucks to support waste stripping activities over the near-term. Waste stripping at Red Dot is a key focus for 2024 and 2025, enabling increased gold production over the remainder of the decade.

The gold production profile at Marigold is expected to increase to over 270,000 ounces annually in 2027, an 18% CAGR over that four-year period, and above 300,000 ounces by 2029. Costs are expected to improve significantly in 2026 as stacked grades increase due to increased ore contribution from Red Dot. Technical work is ongoing to potentially expand Marigold’s Mineral Reserves and enable mine life extensions beyond the current nine-year mine plan, including potential expansions to the Mackay, Valmy, New Millennium, and Buffalo Valley deposits.

Seabee, Canada

For 2023, gold production at Seabee was 90,777 ounces. Gold production was 38,757 ounces in the fourth quarter of 2023, at cost of sales of $666 per payable ounce and AISC of $916 per payable ounce. Processed grades in the fourth quarter averaged 10.1 g/t.

In 2024, Seabee is expected to produce 75,000 to 85,000 ounces of gold at mine site cost of sales of $990 to $1,030 per payable ounce and AISC of $1,495 to $1,535 per payable ounce. Seabee’s production is expected to be strongest in the first and third quarters of 2024, reflecting processed grades. Grades are expected to average between 5.0 and 6.0 g/t in 2024, slightly above the Seabee Mineral Reserve grade. Mine and mill productivity are expected to average approximately 1,300 tonnes per day through 2024. AISC are expected to be highest in the first half of the year, particularly the first quarter, reflecting purchases associated with the winter road season.

Sustaining capital expenditures are planned to total $40 million in 2024, including $24 million in capitalized underground development. Capital expenditures are expected to be concentrated in the first half of the year, particularly the first quarter, due to the winter road season.

Over the five-year period, Seabee’s production is expected to average approximately 75,000 ounces annually. Grades are expected to trend closer to 5.0 g/t in 2025 and beyond, while throughputs are expected to increase to 1,350 to 1,400 tonnes per day. Near-mine exploration continues with the goal of delineating new Mineral Reserves at Santoy 8, 9 and the Gap and Santoy Hangingwall targets. Exploration and resource development activity also continues to aggressively advance the Porky and Porky West targets as a potential new underground mining front that could complement and extend the existing Seabee mine life.

As a result of the updates to Mineral Reserves and Mineral Resources as of year-end 2023, the Company evaluated goodwill and long-lived assets for impairment. Based on that analysis, it is expected the Company will record a write-down of $50 million in goodwill at Seabee in the Company’s financial statements for the year ended December 31, 2023, to be released on February 21, 2024.

Puna, Argentina

For 2023, silver production from Puna was 9.7 million ounces, a record for the operation over its more than 15 year operating life and exceeding the mine’s original full-year production guidance range. Silver production was 2.8 million ounces in the fourth quarter of 2023 at cost of sales of $14.07 per payable ounce and AISC of $15.51 per payable ounce.

In 2024, Puna is expected to produce 8.75 to 9.50 million ounces of silver at mine site cost of sales of $16.50 to $18.00 per payable ounce and AISC of $14.75 to $16.25 per payable ounce. Production is expected to be 55% weighted to the second half of 2024, driven largely by grades that peak in the fourth quarter. Continued delivery of operational improvement initiatives has enabled further improvement to process plant throughputs at Puna, which are targeted to average more than 4,750 tonnes per day throughout the year. AISC are expected to be highest in the first half of 2024, including a peak in the first quarter, reflecting the site-level capital spend profile.

Sustaining capital expenditures are planned to total $17 million in 2024 and are primarily related to maintenance of mine and plant equipment.

Based on current Mineral Reserves, mining from the Chinchillas open pit is expected to be completed in 2026. Technical work continues to evaluate opportunities to extend the Puna life of mine through Mineral Reserve conversion at Chinchillas, as well as the definition of initial Mineral Reserves at the Cortaderas target.

Growth, Exploration and Resource Development

In 2024, growth exploration and resource development expenditures are expected to total $50 million. This growth exploration budget is a decrease of approximately 35% over 2023 budgets, reflecting the near-term focus on currently defined development projects. Growth capital expenditures are expected to total $117M, driven almost entirely by Çöpler and Hod Maden.

At Çöpler, 2024 consolidated exploration and resource development expenditures are estimated to total $12 million, with a primary focus on additional Mineral Reserve conversion and expansion of the Ҫӧpler and Çakmaktepe ore bodies. Regional exploration on the Kartaltepe licenses, most notably Mavidere / Mavidere South, is also continuing as the Company evaluates additional potential ore sources across the greater Çöpler district. Growth capital expenditures at Çöpler are expected to total $77 million and are associated with expansion costs for the Çöpler tailings storage facility, along with initial development costs for the installation of Grind-Leach Circuit to process oxide ore in 2027 and beyond.

At Marigold, 2024 consolidated exploration and resource development expenditures are estimated at $9 million, focusing on oxide Mineral Reserve additions and conversion at Buffalo Valley, Mackay, Valmy and New Millennium. Growth exploration expenditures also include geophysics and testing of new targets across the greater Marigold land package.

At Hod Maden, technical work continues ahead of a construction decision and accompanying project financing package. As per the previously disclosed transaction terms, during the earn-in period, SSR Mining will contribute 40% of project development costs. In 2024, the attributable spend at Hod Maden for SSR Mining is expected to total approximately $37 million. This includes continued advancement of initial earth works and site access activities, as well as the commencement of underground portal development in the second half of the year. In addition to SSR Mining’s attributable capital commitments, up to $30 million in earn-in structured payments are expected to be incurred in 2024. All Hod Maden development costs will be recorded at 100% attributable in SSR Mining’s financial statements, and then credited against accordingly by non-controlling interest inflows. Technical work completed to-date continues to affirm prior due diligence outcomes around project capital and scope, and an initial infill drill program continues at site with the aim of de-risking the first four years of the mine. Results to date have not shown any deviation from the existing resource model, affirming Hod Maden’s best-in-class grades.

At Seabee, 2024 consolidated exploration and resource development expenditures are estimated at $15 million with a focus on defining initial Mineral Reserves at the Porky and Porky West targets. Further drilling will also be completed at the Gap Hangingwall to evaluate potential extensions to the existing Mineral Reserves and mine life at Seabee. Earlier stage exploration activity also continues across the broader Seabee property, including follow-up sampling and potential drill testing at a number of regional targets.

At Puna, 2024 consolidated exploration and resource development expenditures are anticipated to total $10 million, with the majority of that spend allocated to advancing Mineral Resource definition at the Cortaderas target ahead of an initial economic evaluation of the target. Work is also underway to evaluate potential Mineral Reserve conversion at Chinchillas in order to extend the mine life in the near-term.

Other exploration and development expenditures total $4 million as SSR Mining advances greenfield opportunities across its portfolio, including drilling programs at the Copper Hill target in northeastern Türkiye and at the Amisk project in Saskatchewan. Mapping and sampling work is also continuing at earlier stage and regional opportunities in the U.S., Türkiye, and Canada.

Contacts

SSR Mining:

F. Edward Farid, Executive Vice President, Chief Corporate Development Officer

Alex Hunchak, Vice President, Investor Relations

SSR Mining Inc.

E-Mail: [email protected]
Phone: +1 (888) 338-0046

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