SSR MINING INC

SSR Mining is a precious metals mining company with four producing assets located in the United States, Türkiye, Canada and Argentina. The Company is primarily engaged in the operation, acquisition, exploration and development of precious metal resource properties located in Türkiye and the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates.

On February 13, 2024, the Company suspended all operations at its Çöpler property as a result of a significant slip on the heap leach pad (the “Çöpler Incident”). The Çöpler Incident is expected to have a significant impact on the Company’s operations, results of operations, cash flows and financial condition. At this time, the Company is not able to estimate or predict when it will resume operations at Çöpler. The oxide heap leach represented approximately 11.0% of total production and total revenue at Çöpler for the year ended December 31, 2023.

The Company analyzed its liquidity position after the Çöpler Incident, taking into consideration its available cash and cash equivalents; expected revenues and operating and capital expenditures for the Company’s other three mines; and remediation, care and maintenance expenditures at Çöpler over the next twelve months. Based on this analysis, the Company believes that its current liquidity position is sufficient to sustain the operational needs for the Company’s three other mines, as well as satisfy remediation related costs, monitoring and care and maintenance efforts at Çöpler, for the next twelve months, at a minimum. See “Liquidity and Capital Resources” and Part 1. Business and Part 1A. Risk Factors for more information related to the impact on the Company’s cash flows, liquidity and ability to access sources of capital and for a discussion of the risks and uncertainties that may change the Company’s cash needs over the next 12 months and longer. The impact of these risks and uncertainties may be material.

There are a number of factors that will impact our financial and operating results for future periods following the Çöpler Incident including, but not limited to, the time period that the operations at Çöpler remained suspended and the impact that has on the Company’s cash flows, the costs associated with the remediation, including those related to the Çöpler facility and the surrounding community, the extent and scope of claims of liability and losses made against the Company, the increased legal and operational costs associated with addressing the Çöpler Incident, the extent of any impairment on any of the Company’s assets, the changes to the Company’s capital expenditure plan at its other properties and it broader strategic development plan that may become necessary and the extent to which any of these costs are supported by insurance. See Part 1. Business and Part 1A. Risk Factors for a discussion of the Çöpler Incident and a review of certain of the risks and uncertainties to which we are or may become subject, all of which may impact our future financial and operating results.

On May 8, 2023, the Company made a $120.0 million cash payment to Lidya Madencilik Sanayi ve Ticaret A.Ş (“Lidya Mines”) to acquire a 10% interest in and immediate operational control of Artmin Madencilik Sanayi Ve Ticaret A.Ş (“Artmin”), which owns the Hod Maden gold-copper development project (“Hod Maden”) in northeastern Türkiye. The Company has the option to acquire an additional 30% in Artmin from Lidya Mines for $120.0 million in structured payments tied to the completion of project construction spending milestones. Additionally, the Company will make contingent payments to Lidya Mines including $30.0 million in milestone payments payable in accordance with an agreed upon schedule beginning at the start of construction and ending on the first anniversary of commercial production and $84.0 million payable upon the delineation of an additional

500,000 gold equivalent ounces of mineral reserves at the Hod Maden project in excess of the project’s current mineral reserves and mineral resources. The Company owns 10% and consolidates Artmin.

On November 17, 2022, the Company completed the acquisition of an additional 30.0% ownership in Kartaltepe Madencilik Sanayi ve Ticaret Anonim Şirketi (“Kartaltepe”) from joint venture partner Lidya Mines for total consideration of $150.0 million in cash. The Company previously owned 50% of Kartaltepe and accounted for the investment as an equity method investment. The Company owns 80% and consolidates Kartaltepe.

At the end of the second quarter of 2022, Türkiye’s Ministry of Environment, Urbanization and Climate Change (“Ministry of Environment”) temporarily suspended operations at the Çöpler mine pending implementation of improvement initiatives requested as a result of a leak of leach solution on June 21, 2022. The Company completed these initiatives and received the required regulatory approvals from Türkiye’s Government authorities on September 22, 2022 and all operations were restarted at the Çöpler mine. During the temporary suspension, Care and maintenance expense was recorded in the Statements of Operations which represents direct costs and depreciation incurred at Çöpler.

On July 6, 2022, the Company completed the sale of the Pitarrilla project in Durango, Mexico to Endeavour Silver Corp. (“Endeavour Silver”) for consideration consisting of $35.0 million in common shares of Endeavor Silver, $35.0 million in cash, and a 1.25% net smelter returns royalty on the Pitarrilla property.

The Company acquired all of the issued and outstanding common shares of Taiga Gold Corp. (“Taiga Gold”) at a price of CAD $0.265 per Taiga Gold share on April 14, 2022, representing total consideration of $24.8 million. The transaction materially expands the Company’s presence in Saskatchewan, Canada, a core jurisdiction, by adding five new properties, which provide new exploration targets stretching south from the Seabee mine to the Company’s 100%-owned Amisk property. Further, the acquisition consolidates a 100% interest in the Fisher property contiguous to the Seabee mine. The Company will leverage its existing teams and infrastructure to advance the exploration of these assets.

On October 21, 2021, the Company completed the sale of a portfolio of 16 royalties and various deferred consideration interests in Türkiye and the Americas (the “Royalty Portfolio”) to EMX Royalty Corporation (“EMX”). The Company received total consideration of $33.0 million in cash and $34.5 million in common shares in EMX. In addition, the Company will receive up to $34.0 million in contingent cash payments payable upon completion of certain milestones related to the Yenipazar project. On December 22, 2023, the Company completed a secondary offering with Scotiabank under which Scotiabank purchased by way of a block trade 6,161,524 units of EMX at a price of C$1.93 per unit for gross proceeds of $8.7 million (approximately C$11.5 million). Each unit consists of one freely-tradeable common share of EMX and one right to purchase an additional common share of EMX at a price of C$2.27 per share, expiring on December 31, 2024.

For further information regarding the acquisitions and divestitures mentioned above, see Note 3 to the Consolidated Financial Statements.