SSR MINING INC

For the period ended Dec 31, 2023. Filed Feb 27, 2024.

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FY2023 · Filed Feb 27, 2024

SSRM$28.20-4.9%Stored close · as of Nov 10, 2026

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Contents

Non-GAAP Financial Measures

The Company has included certain non-GAAP financial measures to assist in understanding the Company’s financial results. The non-GAAP financial measures are employed by the Company to measure its operating and economic performance and to assist in decision-making, as well as to provide key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors and other stakeholders will find this information useful to evaluate the Company’s operating and financial performance; however, these non-GAAP performance measures do not have any standardized meaning. These performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. These non-GAAP measures should be read in conjunction with the Company’s consolidated financial statements.

Non-GAAP Measure - Cash Costs and AISC

The Company uses cash costs per ounce of precious metals sold to monitor its operating performance internally. The most directly comparable measure prepared in accordance with GAAP is Cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying cash costs of operations and the impact of by-product credits on its cost structure. The Company also believes it is a relevant metric used to understand its operating profitability. When deriving the cost of sales associated with an ounce of precious metal, the Company includes by-product credits. Thereby allowing management and other stakeholders to assess the net costs of gold and silver production. In calculating cash costs per ounce, the Company also excludes the impact of specific items that are significant, but not reflective of its underlying operations.

AISC includes total Cost of sales incurred at the Company’s mining operations, which forms the basis of cash costs. Additionally, the Company includes sustaining capital expenditures, sustaining mine-site exploration and evaluation costs, reclamation cost accretion and amortization, and general and administrative expenses. This measure seeks to reflect the ongoing cost of gold and silver production from current operations; therefore, growth capital is excluded. Certain other cash expenditures, including tax payments and financing costs are also excluded.

The Company believes that AISC represents the total costs of producing gold and silver from current operations and provides the Company and other stakeholders with additional information about its operating performance and ability to generate cash flows. It allows the Company to assess its ability to support capital expenditures and to sustain future production from the generation of operating cash flows.

When deriving the number of ounces of precious metal sold, the Company considers the physical ounces available for sale after the treatment and refining process, commonly referred to as payable metal, as this is what is sold to third parties.

The following tables provide a reconciliation of Cost of sales to cash costs and AISC:

(in thousands, unless otherwise noted)	Çöpler	Marigold	Seabee	Puna	Corporate and other	Total
Cost of sales (GAAP) (1)	$268,628	$289,063	$82,898	$163,558	$—	$804,147
By-product credits	$(3,523)	$(154)	$(54)	$(56,773)	$—	$(60,504)
Treatment and refining charges	$—	$666	$101	$18,649	$—	$19,416
Cash costs (non-GAAP)	$265,105	$289,575	$82,945	$125,434	$—	$763,059
Sustaining capital expenditures	$50,982	$79,151	$32,994	$13,193	$—	$176,320
Sustaining exploration and evaluation expense	$—	$983	$—	$—	$—	$983
Reclamation cost accretion and amortization (2)	$1,709	$2,628	$3,347	$13,598	$—	$21,282
General and administrative expense and stock-based compensation expense	$5,479	$—	$—	$246	$61,721	$67,446
Total AISC (non-GAAP)	$323,275	$372,337	$119,286	$152,471	$61,721	$1,029,090
Gold sold (oz)	225,599	275,962	83,610	—	—	585,171
Silver sold (oz)	—	—	—	9,920,262	—	9,920,262
Gold equivalent sold (oz) (3)(4)	225,599	275,962	83,610	119,423	—	704,594
Cost of sales per gold equivalent ounce sold (1)(3)(4)	$1,191	$1,047	$991	1,370	N/A	$1,141
Cash cost per gold ounce sold	$1,175	$1,049	$992	N/A	N/A	N/A
Cash cost per silver ounce sold	N/A	N/A	N/A	$12.64	N/A	N/A
Cash cost per gold equivalent ounce sold (3)(4)	$1,175	$1,049	$992	$1,050	N/A	$1,083
AISC per gold ounce sold	$1,433	$1,349	$1,427	N/A	N/A	N/A
AISC per silver ounce sold	N/A	N/A	N/A	$15.37	N/A	N/A
AISC per gold equivalent ounce sold (3)(4)	$1,433	$1,349	$1,427	$1,277	N/A	$1,461

(2)During the fourth quarter of 2023, the Company identified an adjustment of $10.5 million related to 2023 asset retirement cost depreciation, which was erroneously excluded from Puna's AISC calculation. The Company recognized the total adjustment in the fourth quarter of 2023 and the impact to prior periods was not material. The adjustment only impacts the AISC calculation and does not impact Exploration, evaluation and reclamation costs or Net income (loss) attributable to SSR Mining shareholders in the Company's Consolidated Statements of Operations.

(3)Gold equivalent ounces are calculated using the silver ounces produced or sold multiplied by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include copper, lead, or zinc as they are considered by-products.

(in thousands, unless otherwise noted)	Çöpler	Marigold	Seabee	Puna	Corporate and other	Total
Cost of sales (GAAP) (1)	$189,825	$206,014	$74,679	$137,424	$—	$607,942
By-product credits	$(2,928)	$(125)	$(111)	$(48,124)	$—	$(51,288)
Treatment and refining charges	$—	$693	$316	$14,753	$—	$15,762
Cash costs (non-GAAP)	$186,897	$206,582	$74,884	$104,053	$—	$572,416
Sustaining capital expenditures	$34,064	$53,514	$32,980	$10,446	$—	$131,004
Sustaining exploration and evaluation expense	$—	$7,377	$—	$5,372	$—	$12,749
Care and maintenance(2)	$31,067	$—	$—	$—	$—	$31,067
Reclamation cost accretion and amortization	$1,320	$2,181	$1,983	$1,726	$—	$7,210
General and administrative expense and stock-based compensation expense	$2,794	$1	$11	$266	$68,588	$71,660
Total AISC (non-GAAP)	$256,142	$269,655	$109,858	$121,863	$68,588	$826,106
Gold sold (oz)	192,811	195,617	133,500	—	—	521,928
Silver sold (oz)	—	—	—	7,863,646	—	7,863,646
Gold equivalent sold (oz) (3)(4)	192,811	195,617	133,500	95,207	—	617,135
Cost of sales per gold equivalent ounce sold (1)(3)(4)	$985	$1,053	$559	$1,443	N/A	$985
Cash cost per gold ounce sold	$969	$1,056	$561	N/A	N/A	N/A
Cash cost per silver ounce sold	N/A	N/A	N/A	$13.23	N/A	N/A
Cash cost per gold equivalent ounce sold (3)(4)	$969	$1,056	$561	$1,093	N/A	$928
AISC per gold ounce sold	$1,328	$1,378	$823	N/A	N/A	N/A
AISC per silver ounce sold	N/A	N/A	N/A	$15.50	N/A	N/A
AISC per gold equivalent ounce sold (3)(4)	$1,328	$1,378	$823	$1,280	N/A	$1,339

(2)Care and maintenance expense in the AISC calculation only includes direct costs, as depreciation is not included in the calculation of AISC.

(in thousands, unless otherwise noted)	Çöpler	Marigold	Seabee	Puna	Corporate and other	Total
Cost of sales (GAAP)(1)	$264,889	$219,035	$66,354	$121,096	$—	$671,374
By-product credits	$(5,989)	$(103)	$(94)	$(50,192)	$—	$(56,378)
Treatment and refining charges	$—	$956	$394	$15,724	$—	$17,074
COVID-19 related costs (2)	$—	$(649)	$(4,786)	$(4,151)	$—	$(9,586)
Fair value adjustment on acquired inventories	$(65,939)	$—	$—	$—	$—	$(65,939)
Cash costs (non- GAAP)	$192,961	$219,239	$61,868	$82,477	$—	$556,545
Sustaining capital expenditures	$36,007	$57,722	$33,010	$10,458	$—	$137,197
Sustaining exploration and evaluation expense	$—	$1,572	$—	$140	$—	$1,712
Reclamation cost accretion and amortization	$2,395	$2,738	$642	$1,624	$—	$7,399
General and administrative expense and stock-based compensation expense	$6,664	$(103)	$(28)	$2,165	$50,072	$58,770
Total AISC (non-GAAP)	$238,027	$281,168	$95,492	$96,864	$50,072	$761,623
Gold sold (oz)	333,761	236,847	118,746	—	—	689,354
Silver sold (oz)	—	—	—	7,810,282	—	7,810,282
Gold equivalent sold (oz) (3)(4)	333,761	236,847	118,746	108,248	—	797,602
Cost of sales per gold equivalent ounce sold(1)(3)(4)	$794	$925	$559	$1,119	N/A	$842
Cash cost per gold ounce sold	$578	$926	$521	N/A	N/A	N/A
Cash cost per silver ounce sold	N/A	N/A	N/A	$10.56	N/A	N/A
Cash cost per gold equivalent ounce sold (3)(4)	$578	$926	$521	$762	N/A	$698
AISC per gold ounce sold	$713	$1,187	$804	N/A	N/A	N/A
AISC per silver ounce sold	N/A	N/A	N/A	$12.40	N/A	N/A
AISC per gold equivalent ounce sold (3)(4)	$713	$1,187	$804	$895	N/A	$955

(2)COVID-19 related costs include direct, incremental costs associated with COVID-19.

Non-GAAP Measure - Adjusted Attributable Net Income

Adjusted attributable net income (loss) and adjusted attributable net income (loss) per share are used by management and investors to measure the Company’s underlying operating performance. The most directly comparable financial measures prepared in accordance with GAAP are Net income (loss) attributable to SSR Mining shareholders and Net income (loss) per share attributable to SSR Mining shareholders. Adjusted attributable net income (loss) is defined as net income (loss) adjusted to exclude the after-tax impact of specific items that are significant, but not reflective of the Company’s underlying operations, including impairment charges; inflationary impacts on tax balances and transaction, integration and SEC conversion costs. SEC conversion costs are the costs associated with the

Company’s transition in 2022 from being a foreign private issuer to a domestic reporting issuer for purposes of the SEC’s reporting and other requirements.

The following table provides a reconciliation of Net income (loss) attributable to SSR Mining shareholders to adjusted net income (loss) attributable to SSR Mining shareholders:

	Year Ended December 31,
(in thousands, except per share)	2023	2022	2021
Net income attributable SSR Mining shareholders (GAAP)	$(98,007)	$194,140	$368,076
Interest saving on 2019 Notes, net of tax	—	4,910	4,889
Net income (loss) used in the calculation of diluted net income per share	$(98,007)	$199,050	$372,965
Weighted-average shares used in the calculation of net income
Basic	204,714	209,883	215,993
Diluted	204,714	222,481	228,241
Net income (loss) per share attributable to SSR Mining shareholders (GAAP)
Basic	$(0.48)	$0.92	$1.70
Diluted	$(0.48)	$0.89	$1.63
Adjustments:
Impairment charges (1)	$340,734	$—	$20,275
Devaluation of ARS (2)	26,074	—	—
Fair value adjustment on acquired assets (3)	—	—	104,714
Changes in fair value of marketable securities	(4,221)	(602)	10,741
Loss (gain) on sale of mineral properties, plant and equipment	—	1,501	(412)
Transaction and integration costs (4)	—	1,561	8,595
Gain on acquisition of Kartaltepe	—	(81,852)	—
Foreign exchange loss (gain) (5)	—	32,460	(3,629)
SEC conversion costs	—	1,255	2,645
COVID-19 related costs (6)	—	—	9,586
Income tax impact related to above adjustments	(9,826)	(966)	(34,120)
Foreign exchange (gain) loss and inflationary impacts on tax balances (5)	(16,907)	(14,128)	(97,288)
Impact of tax rate change (7)	37,170	—	12,574
Other tax adjustments (8)	1,477	11,445	—
Adjusted net income (loss) attributable to SSR Mining shareholders (Non-GAAP)	$276,494	$144,814	$401,757
Adjusted net income (loss) per share attributable to SSR Mining shareholders (Non-GAAP)
Basic	$1.35	$0.69	$1.86
Diluted (9)	$1.29	$0.67	$1.78

(1)Represents the impairment of $279.3 million related to Çöpler mineral properties and exploration and evaluation assets (amount is presented net of pre-tax attributable to non-controlling interest of $69.8 million), $49.8 million related to Seabee goodwill, $9.0 million write-off of capitalized cloud computing arrangement (amount is presented net of pre-tax attributable to non-controlling interest of $0.8 million), and $2.6 million related to supplies inventories during the year ended December 31, 2023. Represents impairment charges related to the Royalty Portfolio sale, based on the differences between the carrying amount of the assets within the Royalty Portfolio, and the estimated net transaction price for the year ended December 31, 2022. See Note 7 to the Consolidated Financial Statements for further details.

(2)Represents the foreign exchange net loss due to the measures implemented by the Argentine government during the fourth quarter of 2023 which included foreign exchange losses due to the official ARS exchange rate change, foreign exchange gains related to the conversion of a portion of export proceeds at a market exchange rate, and the foreign exchange loss on the utilization of blue chip swaps to convert ARS to USD and manage currency risk. See Currency Risk in Item 7A. Quantitative and Qualitative Disclosures About Market Risk for further details.

(3)Fair value adjustments on acquired assets relate to the acquisition of Alacer's inventories and mineral properties.

(4)Represents the transaction of integration costs of $1.6 million for the sale of Pitarrilla during the year ended December 31, 2022 and $8.6 million for the acquisition of Alacer during the year ended December 31, 2021.

(5)Effective January 1, 2023, the Company no longer adjusts for the fluctuations of foreign exchange gains and losses.

(6)COVID-19 related costs include direct, incremental costs associated with COVID-19 at all operations.

(7)Represents the corporate income tax rate change from 20% to 25% during the year ended December 31, 2023.

(8)Represents charges related to a one-time tax imposed by Türkiye to fund earthquake recovery efforts, offset by a release of an uncertain tax position during the year ended December 31, 2023. Represents charges related to a tax settlement and an uncertain tax position during the year ended December 31, 2022.

(9)Adjusted net income (loss) per diluted share attributable to SSR Mining shareholders is calculated using diluted common shares, which are calculated in accordance with GAAP. For the year ended December 31, 2023, $4.9 million interest saving on 2019 Notes, net of tax, and potentially dilutive shares of approximately 12.9 million were excluded from the computation of diluted loss per common share attributable to SSR Mining shareholders in the Consolidated Statement of Operations as they were antidilutive. These interest savings and shares were included in the computation of adjusted net income (loss) per diluted share attributable to SSR Mining shareholders for the year ended December 31, 2023.

Non-GAAP Measure - Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA

EBITDA represents net income (loss) before interest, taxes, depreciation, and amortization. EBITDA is an indicator of the Company’s ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.

Adjusted EBITDA represents net income (loss) before interest, taxes, depreciation, and amortization, adjusted to exclude the impact of specific items that are significant, but not reflective of the Company’s underlying operations, including impairment charges and transaction, integration and SEC conversion costs.

The most directly comparable financial measure prepared in accordance with GAAP to EBITDA and Adjusted EBITDA is Net income (loss) attributable to SSR Mining shareholders.

The following is a reconciliation of Net income (loss) attributable to SSR Mining shareholders to EBITDA and adjusted EBITDA:

	Year Ended December 31,
(in thousands)	2023	2022	2021
Net income attributable to SSR Mining shareholders (GAAP)	$(98,007)	$194,140	$368,076
Net income (loss) attributable to non-controlling interests	(22,218)	16,288	57,846
Depreciation, depletion and amortization	214,012	181,447	227,959
Interest expense	16,616	19,116	19,097
Income and mining tax expense (benefit)	(82,534)	30,068	(14,116)
EBITDA (non-GAAP)	27,869	441,059	658,862
Impairment charges (1)	411,398	—	20,275
Devaluation of ARS (2)	26,074	—	—
Changes in fair value of marketable securities	(4,221)	(602)	10,741
Loss (gain) on sale of mineral properties, plant and equipment	—	1,501	(412)
Transaction and integration costs (3)	—	1,561	8,595
Gain on acquisition of Kartaltepe	—	(81,852)	—
Foreign exchange loss (gain) (4)	—	32,460	(3,629)
SEC conversion costs	—	1,255	2,645
Fair value adjustment on acquired inventories (5)	—	—	65,939
COVID-19 related costs (6)	—	—	9,586
Adjusted EBITDA (non-GAAP)	$461,120	$395,382	$772,602

(1)Represents the impairment of $349.2 million related to Çöpler mineral properties and exploration and evaluation assets, $49.8 million related to Seabee goodwill, $9.8 million write-off of capitalized cloud computing arrangement implementation, and $2.6 million related to supplies inventories during the year ended December 31, 2023. Represents impairment charges related to the Royalty Portfolio sale, based on the differences between the carrying amount of the assets within the Royalty Portfolio, and the estimated net transaction price for the year ended December 31, 2022. See Note 7 to the Consolidated Financial Statements for more details.

(3)Represents the transaction of integration costs of $1.6 million for the sale of Pitarrilla during the year ended December 31, 2022 and $8.6 million for the acquisition of Alacer during the year ended December 31, 2021.

(4)Effective January 1, 2023, the Company no longer adjusts for the fluctuations of foreign exchange gains and losses.

(5)Fair value adjustments on acquired inventories relate to the acquisition of Alacer.

(6)COVID-19 related costs include direct, incremental costs associated with COVID-19 at all operations.

Non-GAAP Measure - Free Cash Flow

The Company uses free cash flow to supplement information in its consolidated financial statements. The most directly comparable financial measures prepared in accordance with GAAP is Cash provided by (used in) operating activities. The Company believes that in addition to conventional measures prepared in accordance with US GAAP, certain investors and analysts use this information to evaluate the ability of the Company to generate cash flow after capital investments and build the Company’s cash resources. The Company calculates free cash flow by deducting cash capital spending from cash generated by operating activities. The Company does not deduct payments made for business acquisitions.

The following table provides a reconciliation of Cash provided by operating activities to free cash flow:

	Year Ended December 31,
(in thousands)	2023	2022	2021
Cash provided by operating activities (GAAP)	$421,725	$160,896	$608,986
Expenditures on mineral properties, plant and equipment	(223,422)	(137,515)	(164,810)
Free cash flow (non-GAAP)	$198,303	$23,381	$444,176

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