SSR MINING INC

Çöpler Incident

On February 13, 2024, SSR Mining Inc. and its subsidiaries (collectively, “SSR Mining,” or the “Company”) suspended all operations at its Çöpler property as a result of a significant slip on the heap leach pad (the “Çöpler Incident”).

Our primary focus following the Çöpler Incident was the recovery and return of our lost colleagues to their families. As of June 10, 2024, the nine individuals who were lost as a result of the Çöpler Incident were recovered.

The Company, in partnership with the Turkish authorities, has also been progressing on containment and remediation efforts. All of the necessary containment infrastructure, including the grout curtain, coffer dam, and buttress, as well as pumping systems and the Sabırlı Creek diversion, is successfully in place. Additionally, SSR Mining currently expects to complete the removal of all displaced heap leach material resulting from the Çöpler Incident from the Sabırlı Valley into temporary storage locations by the end of the third quarter of 2024. To date, over 13 million tonnes of displaced heap leach material has been moved, including over 9 million tonnes from the Sabırlı Valley. As part of the remediation work, the heap leach pad will be permanently closed, and heap leach processing will no longer take place at Çöpler. The containment and remediation activities are expected to be implemented over a period of 24 to 36 months and are expected to cost between $250.0 to $300.0 million, including legal contingencies, material movement and construction costs. Public statements from the Turkish government have continued to affirm that there has been no recordable contamination to local soil, water or air in the sampling locations being monitored.

SSR Mining continues to work closely with the relevant authorities to secure the required permits for the east storage facility and for the restart of the Çöpler mine. Once all necessary regulatory approvals, including the environmental impact assessment and operating permits, are reinstated, it is anticipated that initial operations at Çöpler will consist of processing stockpiled ore through the sulfide plant while Çöpler’s mining team remains focused on completing the remediation work. As of the end of 2023, sulfide stockpiles contained approximately 706,000 ounces. SSR Mining expects the sulfide plant could process the stockpiles economically while the remediation work is completed.

In order to restart operations, the Company will, among other things, require the reinstatement of its existing environmental impact assessment, which was approved in 2021 (the “2021 EIA”) and necessary operating permits. In November 2021, prior to the Çöpler Incident, a legal challenge was filed against the 2021 EIA. The legal challenge to the 2021 EIA was pending at the time of the Çöpler Incident and is still under consideration in a local Turkish court. Challenges against Environmental Impact Assessments are not uncommon in Türkiye and the Company has successfully defended a number of similar challenges in the past. The plaintiff’s claim against the 2021 EIA focuses on an administrative issue around the technical sufficiency of the original 2021 EIA approval decision. The Company successfully defended the case at the lower court and the plaintiffs appealed the decision. Despite there being no negative findings in the original expert report used to support the original 2021 EIA approval, on appeal, the case was remanded back to the lower court ordering additional expert analysis. The additional experts conducted a site visit in December 2023 and delivered their report after the Çöpler Incident. The report contained several negative findings. The Company disagrees with these findings, including certain findings that appear to be outside the scope of the Environmental Impact Assessment legislation. The Company has filed a legal objection to the second expert report and the ruling of the court is still pending.

If the 2021 EIA is cancelled, the operating guidelines at Çöpler will revert to those outlined in the Company’s prior Environmental Impact Assessment, which was issued in 2014 (the “2014 EIA”). Among other operating considerations, the 2014 EIA prescribes a lower throughput rate for the sulfide plant operations of 6,000 tonnes per day, as compared to 9,000 tonnes per day under the 2021 EIA. SSR Mining expects the sulfide plant could process the stockpiles economically under the parameters of the 2014 EIA in the short term.

At this time, we are not able to estimate or predict the outcome of the challenge to the 2021 EIA, or when and under what conditions we will resume operations at Çöpler. Additionally, SSR Mining cannot, at this time, assess the entire scope of the impact of operating under the 2014 EIA, if that becomes necessary.

The investigations into the cause of the Çöpler Incident continue and we are cooperating fully with the relevant authorities in Türkiye. The Company has commissioned independent third parties to review the design, construction and operation of the heap leach pad. Although the review is ongoing, to date, these reviews have not identified any material non-conformance with the construction or operation of the heap leach pad relative to the third-party engineered design parameters.

For additional information on the Çöpler Incident, including a discussion of the associated risks, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 27, 2024, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed on May 8, 2024, and the information provided herein.

SECOND QUARTER 2024 SUMMARY (United States dollars, except per share, per ounce and per pound amounts):(1)

•Operating results: Second quarter 2024 production was 76,102 gold equivalent ounces at cost of sales of $1,357 per payable ounce and all-in sustaining costs (“AISC”) of $2,116 per payable ounce. During the second quarter of 2024, operations at Çöpler remained suspended following the February 13, 2024 incident. For the first half of 2024, the Company produced 177,691 gold equivalent ounces at a consolidated cost of sales of $1,244 per ounce and AISC of $1,789 per ounce. First half 2024 production from Marigold, Seabee and Puna was 155,864 gold equivalent ounces.

•Financial results: Net income attributable to SSR Mining shareholders in the second quarter of 2024 was $9.7 million, or $0.05 per diluted share, including $30.6 million in care and maintenance costs incurred at Çöpler. Adjusted net income attributable to SSR Mining shareholders in the second quarter of 2024 was $7.5 million, or 0.04 per diluted share, after adjusting for the change in fair value of marketable securities and other tax impacts. In the second quarter of 2024, operating cash flow was $(78.1) million and free cash flow was $(116.3) million.

•Cash and liquidity position: As of June 30, 2024, the Company had a cash and cash equivalent balance of $358.3 million and available borrowings of $399.6 million under its revolving credit facility. At the end of the second quarter, the Company had no borrowings outstanding under the revolving credit facility, exclusive ofde minimus letters of credit, and was in compliance with its covenants.

•Completed the sale of the non-core San Luis project: On May 23, 2024, the Company announced that it had closed the sale of the San Luis project to Highlander Silver Corp. (“Highlander Silver”) following the receipt of all required regulatory approvals and satisfaction of all closing conditions. As consideration for the sale, SSR Mining received $5.0 million in cash. SSR Mining may also receive up to $37.5 million in contingent payments payable in cash. A 4.0% net smelter return (“NSR”) royalty on the project was also issued to SSR Mining concurrently with closing of the transaction.

(1)AISC, free cash flow, adjusted attributable net income (loss), and adjusted attributable net income (loss) per diluted share are non-GAAP financial measures. For explanations of these measures and reconciliations to the most comparable financial measure calculated under U.S. GAAP, please see the discussion under "Non-GAAP Financial Measures" in Part I, Item 2, Management’s Discussion and Analysis herein.