HIGHLIGHTS

• ATTRIBUTABLE & ADJUSTED ATTRIBUTABLE Q2 DILUTED EPS OF $0.27 AND $0.30 PER SHARE, RESPECTIVELY
• QUARTERLY PRODUCTION OF 159,262 OUNCES AT PRODUCTION COSTS OF $986 PER OUNCE AND AISC* OF $1,267 PER OUNCE
• FIRST HALF PRODUCTION OF 333,201 OUNCES AT PRODUCTION COSTS OF $918 PER OUNCE AND AISC* of $1,177 PER OUNCE
• YEAR-TO-DATE CAPITAL RETURNS OF NEARLY $100 MILLION, A 2.8% YIELD
• COMPANY ADDED TO RUSSELL 1000^® INDEX FOLLOWING SUCCESSFUL U.S. GAAP TRANSITION
• PUBLISHED FOURTH ANNUAL ESG AND SUSTAINABILITY REPORT
• CLOSED THE ACQUISITION OF TAIGA GOLD CORP. IN SASKATCHEWAN
• SUBSEQUENT TO THE QUARTER, COMPLETED THE SALE OF THE PITARRILLA PROJECT IN MEXICO
• ҪӦPLER HEAP LEACH IMPROVEMENT INITIATIVES COMPLETED AND PENDING INSPECTION AND VERIFICATION BY REGULATORS
• RESTART OF OPERATIONS EXPECTED IN THE THIRD QUARTER FOLLOWING RECEIPT OF REQUIRED REGULATORY APPROVALS

SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (ASX: SSR) reports consolidated financial results for the second quarter ended June 30, 2022. In addition, the Board of Directors declared a quarterly cash dividend of $0.07 per common share payable on September 6, 2022 to holders of record at the close of business on August 12, 2022. This dividend qualifies as an ‘eligible dividend’ for Canadian tax purposes.

Rod Antal, President and CEO said, “The second quarter of 2022 demonstrated the continued resilience of our globally diversified business in the face of inflationary pressures, as our consolidated production and cost metrics tracked well against our year-to-date targets. Our four operating assets produced 333,201 gold equivalent ounces at production costs of $918 per ounce and AISC of $1,177 per gold equivalent ounce, showcasing solid margins with attributable net income of $126 million and adjusted attributable net income of $133 million for the first half of the year. We are however continuing to face increased cost pressures especially in fuel, electricity, and reagents across the business that have outpaced our various cost mitigation efforts this year. As a result, we are reaffirming our production guidance, albeit at the bottom end of the guidance range, and revising our cost guidance higher for the year to reflect these macroeconomic pressures and the temporary suspension of the Çöpler mine.

The second quarter also included an update to our peer-leading capital returns program with the announcement of a Normal Course Issuer Bid. Including purchases subsequent to quarter’s end, we have already returned nearly $70 million to shareholders under the 2022 NCIB program, in addition to the more than $30 million in quarterly dividend payments year-to-date. Combined, SSR Mining has delivered a year-to-date capital returns yield in excess of 2.8% and a minimum capital return for the year of approximately 3.7%. Given the near-term value opportunities across the portfolio, we continue to view the share buyback program as an accretive mechanism to return capital to our shareholders.

Importantly at Çöpler, we have completed the improvement initiatives at the heap leach pad required by Türkiye’s Ministry of Environment, Urbanization and Climate Change, and after inspection and verification by the Regulators, we will move towards obtaining the approvals to restart operations. We remain closely aligned with the Ministry of Environment and will provide further updates to the market as required.”

Second Quarter 2022 Highlights: 

(All figures are in U.S. dollars unless otherwise noted)

• Solid operating performance: Delivered second quarter production of 159,262 gold equivalent ounces at production costs of $986 per gold equivalent ounce and AISC of $1,267 per gold equivalent ounce, for year-to-date production of 333,201 gold equivalent ounces at production costs of $918 per gold equivalent ounce and AISC of $1,177 per gold equivalent ounce. ⁽¹⁾ SSR Mining’s previously announced January 31^st full year production guidance is unchanged, however the Company is revising its cost guidance higher, with production cost guidance of $940 – $1,000 per gold equivalent ounce and AISC guidance of $1,230 – $1,290 per gold equivalent ounce, from $1,120 – $1,180 per gold equivalent ounce previously. Production for the remainder of 2022 is expected to be heavily weighted to the fourth quarter, driven by stronger production at Marigold, the deferral of planned maintenance previously scheduled for the fourth quarter at Çöpler, and the potential mining of higher grades at Seabee. Accordingly, AISC are expected to be lowest in the fourth quarter, trending below the revised cost guidance range.
• Strong financial results: Attributable net income in the second quarter was $58.5 million, or $0.27 per diluted share, and adjusted attributable net income was $66.8 million, or $0.30 per diluted share. ⁽¹⁾ For the six months ending June 30, 2022, operating cash flow was $95.0 million and free cash flow was $18.7 million. ⁽¹⁾
• Renewed commitment to peer-leading capital returns: During the second quarter, the Board declared a quarterly cash dividend of $0.07 per share. Additionally, on June 16, 2022, the Company announced that it had received acceptance from the Toronto Stock Exchange to initiate an NCIB permitting SSR Mining to purchase for cancellation up to 10,600,000 of its common shares of the Company representing approximately 5% of SSR Mining’s total issued and outstanding common shares. As of June 30, 2022, the Company has purchased a total of 797,842 of its outstanding common shares under the NCIB at an average price of $18.38 per share. As of July 29, 2022, the Company had repurchased more than 4,000,000 shares under the NCIB program.
• Balance sheet reinforces business resiliency: At the end of the second quarter, the Company had a cash and cash equivalents balance of $938.6 million, after $35.6 million in scheduled debt repayments, $30.1 million in dividend payments to equity shareholders, $14.7 million in share repurchases, and $30.8 million in dividends to joint venture partners in the first half of 2022. Non-GAAP net cash totals $638.1 million as of June 30, 2022. ⁽¹⁾
• Çöpler maintenance accelerated, improvement initiatives completed: Delivered gold production of 51,389 ounces in the second quarter at production costs of $1,091 per ounce and AISC of $1,253 per ounce. ⁽¹⁾ Maintenance previously scheduled for the fourth quarter of 2022 has been accelerated and partially completed during the current pause in operations at Çöpler. As noted, Çöpler has completed the improvement initiatives required by the Türkiye’s Ministry of Environment, pending inspection and verification by the Regulators, and will move towards obtaining approvals to restart operations during the third quarter of 2022.
• Marigold progressing towards strong second half: Marigold produced 45,769 ounces of gold in the second quarter, in line with expectations. Marigold’s production profile remains 60% weighted to the second half of 2022 as higher grade ore accessed in the second and third quarters of 2022 is expected to drive stronger production through the remainder of the year, most notably in the fourth quarter. Marigold stacked approximately 71,000 ounces in the second quarter, including 31,000 ounces in the month of June. Accordingly, AISC is expected to improve in line with this production profile and be lowest in the fourth quarter. ⁽¹⁾
• Record first half production at Seabee: Produced 38,341 ounces of gold in the second quarter at production costs of $447 per ounce and AISC of $628 per ounce as processed grades of 12.1 g/t benefited from higher grade stockpiled material mined in the first quarter. ⁽¹⁾ Underground mining and mill throughputs both averaged nearly 1,100 tonnes per day in the second quarter as operational excellence initiatives continued to support strong productivity. Exploration continues at the higher grade zone mined in the first quarter, which if successful, could provide the potential for the area to be mined again in 2023. An update on this initiative, along with an exploration update across the Seabee property, is expected within the second half of 2022.
• Puna returns to plan, on track for stronger second half: Produced 2.0 million ounces of silver at production costs of $18.29 per ounce of silver in the second quarter and AISC of $15.23 per ounce of silver. ⁽¹⁾ Throughput averaged more than 4,600 tonnes per day in the second quarter, showcasing the successful operational excellence initiatives at the mine.
• Exploration activities progressed across the portfolio: The 2022 exploration programs continued across the Company’s core jurisdictions. Exploration results from resource expansion and development programs at Copper Hill, Çakmaktepe Extension, Marigold, Seabee, and Puna are expected throughout the second half of 2022. Earlier stage, regional exploration activities also continued in Nevada, Saskatchewan, Türkiye, Peru and Argentina during the quarter.
• Russell 1000® Index inclusion reflects successful U.S. GAAP transition: On June 27, 2022, the Company was incorporated into the Russell 1000® Index as well as the broad-market Russell 3000® Index as part of the annual reconstitution of the Russell indexes. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12 trillion in assets are benchmarked against Russell’s U.S. indexes, and we believe the inclusion in these indexes is expected to increase the Company’s exposure in the U.S. investment community and provide an opportunity to expand our shareholder base.
• 2021 ESG and Sustainability Report: On April 14, 2022, the Company published its fourth annual ESG and Sustainability Report. The report outlines SSR Mining’s approach to sustainability across a range of areas, including Health & Safety, environment, communities, and diversity, as well as summarizes our 2021 ESG performance.
• Completed the sale of the Pitarrilla project: Subsequent to the quarter, on July 6, 2022 the Company announced the closing of the sale of the Pitarrilla project to Endeavour Silver following receipt of all required regulatory approvals and satisfaction of customary closing conditions. As consideration for the sale, SSR Mining received $35 million in cash, $35 million in shares of Endeavour Silver, and a 1.25% net smelter return royalty on the Pitarrilla property. The sale was originally announced on January 13, 2022.
• Closed the acquisition of Taiga Gold Corp.: On April 14, 2022, SSR Mining completed the previously announced plan of arrangement to acquire all of the issued and outstanding shares of Taiga Gold Corp. The transaction consolidated a 100% interest in the Fisher property contiguous to the Seabee mine, eliminated a 2.5% NSR royalty on the Fisher property, and added five new properties covering over 29,100 hectares to complement the Company’s existing exploration platform in the underexplored and geologically prospective Province of Saskatchewan. SSR Mining’s Saskatchewan assets now cover an area of approximately 132,520 hectares.

Revised Guidance Table

Financial and Operating Highlights

A summary of the Company’s consolidated financial and operating results for the three and six months ended June 30, 2022 and June 30, 2021 is presented below:

Çöpler, Türkiye
(amounts presented on 100% basis)

For the three months ended June 30, 2022 and 2021, Çöpler produced 51,389 and 75,754 ounces of gold, respectively. For the six months ended June 30, 2022 and 2021, Çöpler produced 122,030 and 154,232 ounces of gold, respectively. Lower production for the three and six months ended June 30, 2022, is mainly due to depleting oxide ore which resulted in fewer oxide tons and lower grade mined, as well as the scheduled autoclave maintenance that was completed in April of 2022. Production costs were $1,091 per ounce in the second quarter, while AISC was $1,253 per ounce reflecting higher reagent unit prices as well as lower mill grade feed.

At the end of the second quarter, Türkiye’s Ministry of Environment temporarily suspended operations pending implementation of required improvement initiatives. As noted, SSR Mining has completed these initiatives under the oversight of the Ministry of Environment, and after inspection and verification by the Regulators, the Company will move towards obtaining the approvals to restart operations during the third quarter of 2022.

By advancing planned fourth quarter 2022 maintenance in conjunction with recent improvement initiatives, the brick relining of the second sulfide plant autoclave can be deferred into the first half of 2023. Additionally, the flotation circuit continued to ramp up in the quarter, supporting record throughput of 1.3 million tonnes in the sulfide plant in the first half of 2022, while helping to reduce reagent usage in the plant.

Çakmaktepe Extension continues to progress towards expected first gold production in 2023. As highlighted in the CDMP21, Çakmaktepe Extension is expected to contribute more than 1.2 million ounces of gold production for initial capital of $69 million. The Company is also progressing the C2 project through a Pre-Feasibility Study in 2022, targeting first production for the project in 2025 for initial capital of $218 million.

Marigold, USA

For the three months ended June 30, 2022 and 2021, Marigold produced 45,769 and 57,892 ounces of gold, respectively. For the six months ended June 30, 2022 and 2021, Marigold produced 79,557 and 125,828 ounces of gold, respectively. As guided, production in the first half was impacted by fewer tonnes placed, as well as slower leaching due to finer ore from the north pits delaying some gold recovery. Second quarter production costs were $1,097 per ounce. In line with expectations, quarterly AISC of $1,458 per ounce was above Marigold’s full-year guidance range due to the increased waste stripping and fewer ounces sold. Marigold stacked approximately 71,000 ounces in the second quarter of 2022, including 31,000 ounces in the month of June.

In 2022, Marigold remains on track for its original production guidance. As previously guided, production is weighted to the second half of the year, most notably the fourth quarter, reflecting the higher grades stacked in the second and third quarters. This improving production profile and reduced waste stripping is expected to drive quarter-over-quarter reductions in mine-site AISC.

Seabee, Canada

For the three months ended June 30, 2022 and 2021, Seabee produced 38,341 and 36,994 ounces of gold, respectively. For the six months ended June 30, 2022 and 2021, Seabee produced 90,923 and 60,729 ounces of gold, respectively. The increase in gold production during the first six months of 2022 was the result of a 37.4% increase in mill feed grade to 14.85 g/t and increased mine and mill productivity levels. During the quarter, production benefited from the processing of higher grade material stockpiled in the first quarter of 2022. Second quarter production costs were $447 per ounce. AISC of $628 per ounce was below expectations due to the increased production during the quarter.

Exploration and definition work is continuing at the high grade zone mined in the first quarter which if successful could enable mining in this area in 2023.

Puna, Argentina

For the three months ended June 30, 2022 and 2021, Puna produced 2.0 million ounces of silver. For the six months ended June 30, 2022 and 2021, Puna produced 3.3 million and 3.8 million ounces of silver, respectively. Second quarter production costs were $18.29 per ounce of silver sold. Second quarter 2022 AISC of $15.23 per ounce of silver sold was in line with expectations.

Production is expected to remain weighted to the second half of 2022, driven largely by higher grades in the third and fourth quarters as tonnes processed are targeted to remain at or above 4,500 tonnes per day throughout the year.

Dividend Declaration

On August 2, 2022 the Board of Directors declared a quarterly cash dividend of $0.07 per common share, payable on September 6, 2022 to holders of record at the close of business on August 12, 2022. 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 (“CDIs”), 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 August 11, 2022, will be deferred until after the record date of August 12, 2022. 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. In 2021, the four operating assets produced approximately 794,000 gold-equivalent ounces.