First Quarter 2023 Highlights ⁽¹⁾

• Attributable & Adjusted Attributable Diluted Earnings Per Share of $0.14 and $0.10, Respectively
• Q1 Production of 147 Thousand Gold Equivalent Ounces at Cost of Sales of $1,289 and AISC of $1,693 Per Ounce
• Year-to-Date Production and Cost Metrics on Track for Full-Year Consolidated Guidance Targets
• Released Rolling Three-Year Outlook Confirming 700 Thousand Gold Equivalent Ounce Platform
• Commenced Initial Stripping Activities at Çakmaktepe Extension Project, First Gold Production on Track in 2023
• Execution of Capital Returns Program Continued With $47 Million Returned to Shareholders in 2023
• Positive Exploration Results From Puna Highlighted Opportunities for Mineral Reserve Growth
• Published Fifth Annual ESG and Sustainability Report

SSR Mining Inc. (TSX: SSRM) (NASDAQ:SSRM) (ASX: SSR) reports consolidated financial results for the first quarter ended March 31, 2023. In addition, the Board of Directors declared a quarterly cash dividend of $0.07 per common share payable on June 12, 2023 to holders of record at the close of business on May 15, 2023. This dividend qualifies as an ‘eligible dividend’ for Canadian tax purposes.

Rod Antal, President and CEO of SSR Mining, said, “Our operating results for the first quarter of 2023 were well aligned to our expectations and have the Company on track for full-year consolidated production and cost guidance. We continue to expect a second half weighted production and free cash flow profile with sustaining capital spending across the portfolio progressively tapering off in the second half of the year.

During the quarter, we updated our three-year rolling guidance affirming a 700 thousand gold equivalent ounce production platform, a level that we expect to maintain over the remainder of the decade through modest Mineral Reserve conversion and growth within our existing portfolio. These expected production levels were supported by multiple initiatives during the quarter, including the commencement of stripping activities at Çakmaktepe Extension as we prepare for first production later this year and the purchase of new haul trucks at Marigold to support initial waste stripping at Red Dot. In addition, the positive exploration update from Puna provided yet another example of the robust global exploration pipeline that we expect will further support our long-term growth targets.

Overall, SSR Mining remains in a very strong position, supported by a robust balance sheet, significant capital returns, a number of valuation catalysts on the horizon as we further define Çöpler’s C2 expansion project and Marigold’s New Millennium target, and the expectation of improving production and free cash flow in the coming quarters.”

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⁽¹⁾ The Company reports non-GAAP financial measures including adjusted attributable net income, adjusted attributable net income per share, cash generated by operating activities before working capital adjustments, free cash flow, free cash flow before changes in working capital, net cash (debt), cash costs and AISC per ounce sold (a common measure in the mining industry), to manage and evaluate its operating performance at its mines. See “Cautionary Note Regarding Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation of these financial measures to the most comparable GAAP financial measures.

First Quarter 2023 Highlights ⁽¹⁾:
(All figures are in U.S. dollars unless otherwise noted)

• Operating performance in line with expectations: The Company reported first quarter 2023 production of 146,894 gold equivalent ounces at cost of sales of $1,289 per gold equivalent ounce and all-in sustaining costs of $1,693 per gold equivalent ounce. As previously guided, the first quarter is expected to represent the lowest quarter of production for 2023. AISC in Q1 reflects the expected increased sustaining capital spend associated with the Seabee winter road and haul truck purchases at Marigold.
• On track for full-year 2023 consolidated guidance:During the first quarter of 2023, the Company announced 2023 production guidance of 700 to 780 thousand gold equivalent ounces at consolidated cost of sales of $1,055 to $1,115 per gold equivalent ounce and AISC of $1,365 to $1,425 per gold equivalent ounce. In addition, SSR Mining’s three-year outlook highlighted a strong and stable production base of approximately 700 thousand gold equivalent ounces through 2025 without requiring significant capital investment. Full year projected production and cost expectations remain aligned with the existing consolidated guidance ranges.
• Financial results:Attributable net income in the first quarter of 2023 was $29.8 million, or $0.14 per diluted share, and adjusted attributable net income was $21.3 million, or $0.10 per diluted share. For the three months ended March 31, 2023, operating cash flow was $3.0 million, or $90.9 million before working capital adjustments. Free cash flow was $(56.3) million, or $31.6 million before working capital adjustments. First quarter free cash flow reflects the aforementioned sustaining capital weighting, and as per initial guidance, free cash flow remains strongly weighted to the second half of 2023.
• Robust capital returns program continues: During the first quarter, SSR Mining returned $19.6 million to shareholders, consisting of $14.4 million in dividends and $5.2 million in share repurchases. As of April 30, 2023, the Company had completed an additional $27.1 million in share repurchases, bringing the total shares repurchased in 2023 to $32.3 million at an average price of $15.06 per share. Since announcing the Normal Course Issuer Bid (“NCIB”) on June 20, 2022, the Company has purchased a total of 8.2 million shares for total returns of approximately $132.3 million, with capacity remaining to repurchase approximately 2.4 million additional shares ahead of the NCIB’s expiry on June 19, 2023. Since the start of 2021, the Company has returned approximately $400 million to shareholders through base dividends and the repurchase of approximately 17.0 million shares.
• Resilient balance sheet: As of March 31, 2023, SSR Mining had a cash and cash equivalents balance of $561.8 million. Non-GAAP net cash totals $312.4 million as of March 31, 2023 and SSR Mining had total available liquidity of nearly $900 million.
• Çöpler delivers steady operational performance; Çakmaktepe Extension on track for first production:Gold production was 55,074 ounces in the first quarter of 2023 at cost of sales of $1,287 per ounce and AISC of $1,420 per ounce. The sulfide plant delivered its second consecutive quarter at an average throughput rate of more than 8,000 tonnes per day. The Çakmaktepe Extension project remains on track to deliver first gold production in 2023, with initial waste stripping activity now underway.
• Marigold production and costs in line with plan: Gold production was 51,979 ounces in the first quarter of 2023 at a cost of sales of $1,063 per ounce and AISC of $1,663 per ounce, reflecting $29.0 million in sustaining capital purchases, partially associated with haul truck purchases, in the quarter. Marigold remains on track for its full year sustaining capital budget of $81 million in 2023, with the majority of that spend expected in the first half of the year.
• Successful winter road season at Seabee: Gold production was 15,768 ounces in the first quarter of 2023 at cost of sales of $1,385 per ounce and AISC of $2,207 per ounce. Plant throughput in the first quarter averaged approximately 1,250 tonnes per day, highlighting the ongoing success of continuous improvement initiatives at the site. However, underground mining was impacted by now-resolved equipment downtime that altered the mine sequencing schedule. Seabee incurred $13.1 million in sustaining capital in the first quarter, in line with plan and reflecting the first half weighted capital profile due to winter road deliveries
• Puna continues to deliver strong performance: Silver production was 2.0 million ounces in the first quarter of 2023 at cost of sales of $19.67 per ounce of silver and AISC of $16.40 per ounce of silver. Throughput averaged more than 4,600 tonnes per day during the quarter.
• Near-mine exploration results highlight potential Mineral Reserve growth at Puna: SSR Mining continued to showcase its global exploration platform with a positive update from Puna during the first quarter. The 2022 Puna exploration program focused on resource expansion, discovery and reconciliation drilling at Chinchillas and was the first exploration drilling completed at the property since 2016. The positive results highlight the potential for extensions to Puna’s current Mineral Reserve life.
• 2022 ESG and Sustainability Report:On April 14, 2023, the Company published its fifth annual ESG and Sustainability Report. The report provides a comprehensive overview of how SSR Mining manages sustainability across its business, and also details specific achievements in 2022 as well as the commitments the Company has made for 2023.

Financial and Operating Highlights

A summary of the Company’s consolidated financial and operating results for the three months ended March 31, 2023 and March 31, 2022 are presented below:

Çöpler, Türkiye
(amounts presented on 100% basis)

For the three months ended March 31, 2023 and 2022, Çöpler produced 55,074 and 70,641 ounces of gold, respectively. Lower production for the three months ended March 31, 2023, as compared to the prior year, is mainly due to planned lower grade sulfide ore milled. First quarter 2023 cost of sales of $1,287 per ounce and AISC of $1,420 per ounce were in line with expectations.

Çöpler is on track to meet 2023 production guidance of 240,000 to 270,000 ounces of gold at mine site cost of sales of $1,070 to $1,100 per payable ounce and AISC of $1,245 to $1,295 per payable ounce. Ҫӧpler’s production profile remains approximately 55% weighted to the second half of 2023. The Çakmaktepe Extension project remains on track to achieve first production within 2023, with initial waste stripping activities now underway. The C2 expansion project continues to progress towards a pre-feasibility study, including maiden Mineral Reserves and updated Mineral Resources, anticipated in the fourth quarter of 2023.

Marigold, USA

For the three months ended March 31, 2023 and 2022, Marigold produced 51,979 and 33,788 ounces of gold, respectively. During the first quarter of 2023, Marigold reported cost of sales of $1,063 per ounce and AISC of $1,663 per ounce. First quarter AISC reflects the expected first-half weighted sustaining capital spend profile, with $29 million of Marigold’s $81 million in 2023 sustaining capital guidance incurred during the quarter.

Marigold is on track for 2023 production guidance of 260,000 to 290,000 ounces of gold at mine site cost of sales of $1,000 to $1,030 per payable ounce and AISC of $1,315 to $1,365 per ounce. For the full year, production remains 60 to 70% weighted to the second half of 2023, including a peak in the third quarter. Marigold’s cost profile is expected to largely reflect the 2023 production profile, with first half costs above the full-year guidance range and the lowest cost periods in the third and fourth quarters. In the first quarter, Marigold stacked competent ore that is typical for the mine, helping support shorter leach cycles as compared to 2022.

Seabee, Canada

For the three months ended March 31, 2023 and 2022, Seabee produced 15,768 and 52,582 ounces of gold, respectively, with lower production in the first quarter of 2023 primarily a result of lower grade ore milled. Processed grades during the first quarter of 2023 were impacted by now-resolved equipment downtime that altered the mine sequencing schedule. Processing plant throughput in the first quarter averaged approximately 1,250 tonnes per day, demonstrating the ongoing success of continuous improvement initiatives in the Seabee processing plant.

During the first quarter of 2023, Seabee reported cost of sales of $1,385 per ounce and AISC of $2,207 per ounce. As guided, sustaining capital spend at Seabee is concentrated in the first half of the year as a result of the winter road season. Seabee’s production remains 55% weighted to the second half of the year, as processed grades are expected to trend back in line with Seabee’s Mineral Reserve grade over the full year.

Puna, Argentina

For the three months ended March 31, 2023 and 2022, Puna produced 2.0 million and 1.3 million ounces of silver, respectively. The year-over-year increase is primarily driven by improved ore grades and tonnes processed in the first quarter of 2023. During the first quarter of 2023, Puna reported cost of sales of $19.67 per ounce of silver sold and AISC of $16.40 per ounce of silver sold.

Puna remains on track to meet 2023 production guidance of 8.0 to 9.0 million ounces of silver at mine site cost of sales of $18.00 to $19.50 per payable ounce and AISC of $16.25 to $17.75 per payable ounce. Production remains 50 to 55% weighted to the second half of 2023, driven largely by grades that peak in the third quarter. Cost of sales and AISC are expected to be highest in the first half of 2023, including a peak in the second quarter, reflecting the site-level capital spend profile.

Dividend Declaration

On May 4, 2023 the Board of Directors declared a quarterly cash dividend of $0.07 per common share, payable on June 12, 2023 to holders of record at the close of business on May 15, 2023. This dividend qualifies as an ‘eligible dividend’ for Canadian income tax purposes.

The dividend payment applies to holders of SSR Mining’s common shares, which trade on the Toronto Stock Exchange and the Nasdaq under the symbol SSRM, and to holders of its CHESS Depositary Interests, which trade on the Australian Securities Exchange under the symbol SSR. Each CDI confers a beneficial interest in one common share. Therefore, CDI holders are entitled to a dividend calculated on the same basis as the holders of SSR Mining’s common shares.

SSR Mining has sought and been granted a temporary waiver of certain of the ASX Settlement Operating Rules. Under the authority of the waiver, the processing of conversions of common shares to CDIs, or CDIs to common shares, lodged on or after or after May 12, 2023, will be deferred until after the record date of May 15, 2023. The key dates with respect to the dividend are as follows:

Payments to Canadian shareholders will be made in Canadian dollars based on the exchange rate on the record date as reported by the Bank of Canada. Payments to other shareholders will be made in U.S. dollars. For CDI holders, payments will be made in Australian dollars, and it is expected to be based on the prevailing exchange rate sourced from the wholesale foreign exchange market on or around 5 business days after the record date.

About SSR Mining

SSR Mining Inc. is a leading, free cash flow focused gold company with four producing operations located in the USA, Türkiye, Canada, and Argentina, combined with a global pipeline of high-quality development and exploration assets. Over the last three years, the four operating assets combined have produced on average more than 700,000 gold-equivalent ounces annually.