HIGHLIGHTS ⁽¹⁾

• ATTRIBUTABLE & ADJUSTED ATTRIBUTABLE THIRD QUARTER DILUTED EPS OF $(0.12) AND $(0.07) PER SHARE, RESPECTIVELY
• QUARTERLY PRODUCTION OF 106,919 GOLD EQUIVALENT OUNCES
• YEAR-TO-DATE PRODUCTION OF 441,164 OUNCES AT PRODUCTION COSTS OF $955 AND AISC of $1,331 PER OUNCE
• YEAR-TO-DATE CAPITAL RETURNS OF $144 MILLION, A 5% YIELD
• RESTARTED ҪӦPLER OPERATIONS IN THE THIRD QUARTER; RAMP-UP PROGRESSING SMOOTHLY
• TARGETING FULL YEAR PRODUCTION OF 620,000 – 655,000 GOLD EQUIVALENT OUNCES; PRODUCTION COSTS OF $960 – $990 PER OUNCE AND AISC OF $1,315 – $1,345 PER OUNCE
• CLOSED THE SALE OF THE PITARRILLA PROJECT IN MEXICO
• RECEIVED ENVIRONMENTAL IMPACT ASSESSMENT FOR PHASE ONE OF THE ÇAKMAKTEPE EXTENSION PROJECT
• SUBSEQUENT TO THE QUARTER, ANNOUNCED THE CONSOLIDATION OF THE ÇӦPLER DISTRICT WITH THE ACQUISITION OF AN INCREMENTAL 30% INTEREST IN THE KARTALTEPE JOINT VENTURE FOR $150 MILLION IN CASH

SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (ASX: SSR) reports consolidated financial results for the third quarter ended September 30, 2022. In addition, the Board of Directors declared a quarterly cash dividend of $0.07 per common share payable on December 19, 2022 to holders of record at the close of business on November 18, 2022. This dividend qualifies as an ‘eligible dividend’ for Canadian tax purposes.

Rod Antal, President and CEO said, “Despite the headwinds we faced during the third quarter at Çöpler, our business remains in an incredibly strong position, with a robust balance sheet and a capital returns program that is expected to deliver nearly $160 million to shareholders by year-end. With these returns, 2022 will represent the second consecutive year we have delivered a capital return yield greater than 5%. Our foundation of strong free cash flow generation and low capital intensity growth remains firmly intact and will be reflected in our fourth quarter performance and beyond as our operations return to steady state.

During the third quarter, a number of actions were taken to ensure a strong finish to the year at each operation. Planned maintenance was accelerated at Çöpler to maximize plant availability in the fourth quarter, we prioritized underground development at Seabee in order to access a higher grade portion of the ore body in the fourth quarter and stacked more than 135,000 recoverable ounces at an average recoverable grade of 0.63 g/t during the second and third quarters at Marigold. Despite these efforts and the expectations of what will be a strong fourth quarter, we have reduced our guidance targets for the year. The combination of a measured ramp-up at Çöpler and delayed access to oxide material from Çakmaktepe, as well as the slower than expected recovery of ounces at Marigold, has deferred some production into 2023. Positively, since the quarter end, all four of our operations have delivered and are poised for strong production and free cash flow in the fourth quarter of 2022 and into 2023.”

Third Quarter 2022 Highlights ⁽¹⁾:
(All figures are in U.S. dollars unless otherwise noted)

• Operating performance: Delivered third quarter production of 106,919 gold equivalent ounces at production costs of $1,099 per gold equivalent ounce and AISC of $1,901 per gold equivalent ounce, reflecting the inclusion of $31.1 million of cash costs incurred at Çöpler during the suspension. Year-to-date production is 441,164 gold equivalent ounces at production costs of $955 per gold equivalent ounce and AISC of $1,331 per gold equivalent ounce. Despite the expectations of a strong fourth quarter, full year production guidance has been revised to gold equivalent production of 620,000 to 655,000 ounces. Reflecting the lower production guidance, production costs have increased to $960 to $990 per ounce and AISC guidance has increased to $1,315 to $1,345 per gold equivalent ounce.
• Financial results: Attributable net loss in the third quarter was $25.8 million, or $0.12 per diluted share, and adjusted attributable net loss was $13.5 million, or $0.07 per diluted share. For the nine months ended September 30, 2022, operating cash flow was $42.8 million and free cash flow was $(73.4) million. Cash generated by operating activities before working capital adjustments over the nine months ended September 30, 2022, was $212.7 million, and free cash flow before working capital adjustments was $96.5 million. Strong fourth quarter production is expected to feature a drawdown of inventories that benefits quarterly free cash flow generation.
• Execution of peer-leading capital returns program: In the third quarter, SSR Mining returned nearly $100.0 million to shareholders, consisting of $14.3 million in dividends and $85.4 million in share repurchases. Since the Normal Course Issuer Bid (“NCIB”) program’s inception on June 20, 2022, the Company purchased a total of 6,053,126 shares at an average price of $16.53 per share for total consideration of approximately $100.0 million. In addition, the Board declared a quarterly cash dividend of $0.07 per share to be paid on December 19, 2022. Including the December 19^th dividend, the Company is expected to return approximately $160.0 million to shareholders in 2022 or a yield of approximately 5.5%.
• Resilient balance sheet: At the end of the third quarter, the Company had a cash and cash equivalents balance of $748.5 million, after $53.4 million in scheduled debt repayments, $44.4 million in dividend payments to equity shareholders, $100.0 million in share repurchases, and $34.5 million in dividends to joint venture partners in 2022. Non-GAAP net cash totals $464.8 million as of September 30, 2022.
• Çöpler production restarted late September: Received the required regulatory approvals from Türkiye’s government authorities on September 22^nd, 2022 and subsequently restarted all operations. Maintenance previously scheduled for the fourth quarter of 2022 was accelerated and completed during the third quarter, including scheduled partial relining of the face bricks in Autoclave 1. With this maintenance work now complete, no major scheduled sulfide plant maintenance shutdowns are planned at Çöpler for the remainder of 2022. Due to the measured ramp-up of operations at the sulfide plant and the later than expected access to oxide ounces from Çakmaktepe in the third quarter, Çöpler’s full year production guidance has been revised to 180,000 to 190,000 ounces at production costs of $1,000 to $1,030 per ounce and AISC of $1,345 to $1,375 per ounce.
• Marigold stacked 65,000 recoverable ounces in third quarter; record ounces stacked in October: Produced 52,236 ounces of gold in the third quarter, in line with expectations for a fourth quarter weighted production profile. Higher grade ore stacked in the second and third quarters of 2022, along with record recoverable ounces stacked in October, are expected to support strong quarterly production at Marigold in the fourth quarter and into 2023. Despite this strong close to the year, some of the higher grade ounces stacked in the second half of 2022 are not expected to be recovered until 2023. As a result, Marigold’s full year production guidance has been revised to 195,000 to 205,000 ounces at production costs of $1,065 to $1,095 per ounce and AISC of $1,410 to $1,440 per ounce.
• Seabee underground development accelerated to access high grade ounces: Produced 20,493 ounces of gold in the third quarter at production costs of $908 per ounce and AISC of $1,304 per ounce as Seabee accelerated underground development in order to access higher grade ore in the fourth quarter. Seabee is on track for the lower end of its 150,000 to 160,000 ounces production guidance at production costs of $455 to $485 per ounce and AISC of $715 to $745 per ounce.
• Puna continues to deliver strong mill performance: Produced 2.7 million ounces of silver at production costs of $15.47 per ounce of silver in the third quarter and AISC of $15.91 per ounce of silver. Throughput averaged more than 4,700 tonnes per day during the quarter. Puna is on track for full year guidance of 8.25 to 8.75 million ounces of silver at production costs of $17.25 to $17.75 per ounce and AISC of $15.00 to $15.50 per ounce.
• Exploration activities progressed across the portfolio: The Company recently announced exploration results from Çakmaktepe Extension (“Ardich”), highlighting strong results that support potential Mineral Reserve and Resource growth expected to be included in the Çöpler technical report summary in 2023. In addition, the Company expects to release exploration results from resource expansion and development programs across the portfolio in the fourth quarter of 2022.
• Completed the sale of the Pitarrilla project: During the quarter, the Company closed the sale of the Pitarrilla project to Endeavour Silver. As consideration for the sale, SSR Mining received $35 million in cash, $35 million ⁽²⁾ 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.
• Consolidated ownership of the Çöpler District: Subsequent to the quarter, the Company announced an agreement to acquire an additional 30% ownership interest in the Kartaltepe Mining Joint Venture at the Çöpler District from partner Lidya Mining for total consideration of $150 million in cash, streamlining operating, financial and exploration activities across the Ҫӧpler District while creating tangible synergies. The transaction is expected to be completed in the fourth quarter of 2022. Upon completion of the transaction, SSR Mining will own 80% of the entirety of the Çöpler District.

Full Year 2022 Guidance ⁽¹⁾

Ҫӧpler: Production restarted at Ҫӧpler at the end of September following the suspension. During this time, the Company accelerated and completed planned maintenance in Ҫӧpler’s sulfide plant that had been previously planned for the fourth quarter of 2022, which included scheduled partial relining of the face bricks in Autoclave 1. With this maintenance work now complete, no major scheduled sulfide plant maintenance shutdowns are planned for Ҫӧpler for the remainder of 2022.

For the month ended October 31, 2022, production ramped up to approximately 18,000 ounces. Despite this strong start to the quarter, production guidance has been revised downward to 180,000 to 190,000 ounces of gold as a result of the measured ramp-up of operations and the later than expected access to oxide ounces at Çakmaktepe in the third quarter. Full year production cost guidance is now of $1,000 to $1,030 per ounce and AISC of $1,345 to $1,375 per ounce. Oxide production previously expected in the fourth quarter of 2022 is now expected to be recovered in the first quarter of 2023.

Marigold: In third quarter of 2022, Marigold stacked 65,000 recoverable ounces, bringing total recoverable ounces stacked in the second and third quarters of 2022 to more than 135,000 ounces at a recoverable grade of 0.63 g/t. However, given reduced shovel availability and the continued delay in heap leach recovery due to finer ore from the north pits, some of the ounces previously expected in the fourth quarter are now likely to be recovered in 2023. As such, Marigold’s full year production guidance has been revised to 195,000 to 205,000 ounces of gold at production costs of $1,065 to $1,095 per ounce and AISC of $1,410 to $1,440 per ounce.

Seabee: During the third quarter, the Company accelerated development to access a high grade area of the Santoy Reserves that is expected to drive strong production in the fourth quarter of 2022. Seabee remains on track for the lower end its 150,000 to 160,000 ounces production guidance at production costs of $455 to $485 per ounce and AISC of $715 to $745 per ounce.

Puna: With mill throughput targeted to remain at or above 4,500 tonnes per day for the rest of 2022, Puna is on track for production guidance of 8.25 to 8.75 million ounces of silver at improved production costs of $17.25 to $17.75 per ounce and AISC of $15.00 to $15.50 per ounce.

Financial and Operating Highlights

A summary of the Company’s consolidated financial and operating results for the three and nine months ended September 30, 2022 and September 30, 2021 are presented below:

Çöpler, Türkiye
(amounts presented on 100% basis)

For the three months ended September 30, 2022 and 2021, Çöpler produced 3,733 and 82,975 ounces of gold, respectively. For the nine months ended September 30, 2022 and 2021, Çöpler produced 125,763 and 237,207 ounces of gold, respectively. Çöpler mine operations were suspended in late June until late September in response to a leak of leach solution containing diluted cyanide at the Çöpler mine site on June 21, 2022. After completing improvement initiatives in early August, the Company received the required regulatory approvals on September 22, 2022 from Türkiye’s Government authorities and all operations were subsequently restarted. Production costs were $118 per ounce in the third quarter, while AISC were $14,972 per ounce reflecting the limited production as a result of the temporary suspension.

During the quarter, the Company accelerated and completed planned maintenance in Ҫӧpler’s sulfide plant that had been previously planned for the fourth quarter of 2022, which included scheduled partial relining of the face bricks in Autoclave 1. With this maintenance work now complete, no major scheduled sulfide plant maintenance shutdowns are planned for Ҫӧpler for the remainder of 2022. For the year ended December 31, 2022, Ҫӧpler is expected to produce 180,000 to 190,000 ounces of gold at production costs of $1,000 to $1,030 per ounce and AISC of $1,345 to $1,375 per ounce.

Marigold, USA

For the three months ended September 30, 2022 and 2021, Marigold produced 52,236 and 52,049 ounces of gold, respectively. For the nine months ended September 30, 2022 and 2021, Marigold produced 131,793 and 177,877 ounces of gold, respectively. During the third quarter, production costs were $1,079 per ounce and AISC were $1,444. Marigold stacked 65,000 recoverable ounces in the third quarter as mining of higher grade ore continued in the quarter.

For the year ended December 31, 2022, Marigold’s production guidance has been revised to 195,000 to 205,000 ounces of gold at production costs of $1,065 to $1,095 per ounce and AISC of $1,410 to $1,440 per ounce.

Seabee, Canada

For the three months ended September 30, 2022 and 2021, Seabee produced 20,493 and 22,589 ounces of gold, respectively. During the third quarter, the Company accelerated underground development to access another high grade area of the Santoy Reserves. For the nine months ended September 30, 2022 and 2021, Seabee produced 111,416 and 83,318 ounces of gold, respectively. The increase in gold production during the first nine months of 2022 compared to the prior year was the result of a 21.4% increase in mill feed grade to 11.84 g/t and increased mine and mill productivity levels.  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. During the third quarter, production costs were $908 per ounce and AISC were $1,304.

For the year ended December 31, 2022, Seabee remains on track for the lower end of its 150,000 to 160,000 ounce production guidance at production costs of $455 to $485 per ounce and AISC of $715 to $745 per ounce.

Puna, Argentina

For the three months ended September 30, 2022 and 2021, Puna produced 2.7 million and 2.2 million ounces of silver, respectively. The year-over-year increase is primarily driven by the higher grade of silver ore processed. For the nine months ended September 30, 2022 and 2021, Puna produced 6.0 million ounces of silver in both periods. Third quarter production costs were $15.47 per ounce of silver sold and AISC were $15.91 per ounce of silver sold.

During the quarter, the Company restarted exploration drilling at Puna for the first time since 2018. SSR Mining’s exploration team has identified a number of in-pit and near mine targets that, if successful, could provide mine life extension opportunities. The Company is on track for production guidance of 8.25 to 8.75 million ounces of silver at improved production costs of $17.25 to $17.75 per ounce and AISC of $15.00 to $15.50 per ounce.

Dividend Declaration

On November 8, 2022 the Board of Directors declared a quarterly cash dividend of $0.07 per common share, payable on December 19, 2022 to holders of record at the close of business on November 18, 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 November 17, 2022, will be deferred until after the record date of November 18, 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.