SSR MINING INC

Results of Operations

Çöpler, Türkiye

(1)Operations at Çöpler were suspended on February 13, 2024 following the Çöpler Incident and have not restarted. During the three months ended September 30, 2024, Çöpler produced and sold inventory that was in-circuit prior to the Çöpler Incident.

(3)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Çöpler. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation to cost of sales, which is the comparable GAAP financial measure.

Operations remained suspended following the Çöpler Incident. Care and maintenance expense of $29.8 million was recorded which represents direct costs not associated with the environmental reclamation and remediation costs and depreciation.

Operations were suspended following the Çöpler Incident on February 13, 2024 and resulted in a decrease in gold production and gold sold of 83.8% and 82.7%, respectively. Care and maintenance expense of $74.7 million was recorded which represents direct costs not associated with the environmental reclamation and remediation costs and depreciation.

Marigold, USA

(2)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Marigold. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation to Cost of sales, which is the comparable GAAP financial measure.

Gold production decreased 42.1% due to fewer tonnes and lower grade ore stacked in addition to timing of leach recoveries. Revenue decreased by $38.7 million, or 24.4%, of which $68.7 million was the result of fewer gold ounces sold, partially offset by a $30.0 million increase due to higher average realized gold price. Cost of sales decreased by $7.4 million, or 9.0%, due to fewer gold ounces sold, partially offset by lower grade ore stacked. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increased 60.5% and 60.6%, respectively, due to lower grade ore stacked and higher royalty costs. AISC per ounce of gold sold increased 65.3% as a result of higher cash costs per ounce of gold sold and higher sustaining capital expenditures.

Gold production decreased 44.5% due to lower grade ore stacked, partially offset by more ore tonnes stacked. Revenue decreased by $117.1 million, or 31.3%, of which $164.0 million was the result of fewer gold ounces sold, partially offset by a $46.9 million increase due to higher average realized gold price. Cost of sales decreased by $37.6 million, or 18.8%, due to fewer gold ounces sold, partially offset by higher mining costs as a result of more waste tonnes mined and lower grade ore stacked. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increased 44.5% and 44.4%, respectively, due to more waste tonnes mined and lower grade ore stacked. AISC per ounce of gold sold increased 22.9% due to higher cash costs per ounce of gold sold, partially offset by lower sustaining capital expenditures compared to the nine months ended September 30, 2023, which reflected the purchase of four haul trucks.

Seabee, Canada

(2)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Seabee. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation to Cost of sales, which is the comparable GAAP financial measure.

Gold production decreased 48.3% as a result of the temporary suspension of operations on August 21, 2024 due to forest fires in the vicinity of the mine. Revenue decreased by $8.7 million, or 23.8%, of which $15.4 million was a result of fewer gold ounces sold, partially offset by an increase of $6.7 million due to higher average realized gold price. Cost of sales decreased by $5.5 million, or 27.8%, as a result of fewer gold ounces sold, partially offset by lower grade and fewer ore tonnes milled. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increased by 24.8% and 24.7%, respectively, due to lower grade and fewer ore tonnes milled. AISC per ounce of gold sold increased 66.5%% due to higher cash costs per ounce of gold sold and care and maintenance expenses incurred during the temporary suspension of operations.

Gold production decreased 2.5% due to fewer ore tonnes milled, partially offset by higher mill feed grade. Gold sold exceeded gold production during the nine months ended September 30, 2024 due to the timing of sales of finished goods inventory. Revenue increased by $23.6 million, or 23.9%, of which $6.0 million was a result of more gold ounces sold and $17.6 million was a result of higher average realized gold price. Cost of sales decreased by $5.4 million, or 8.7%, as a result of higher grade ore milled, partially offset by fewer ore tonnes milled. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold decreased 14.0% and 14.0%, respectively, due to higher grade ore milled. AISC per ounce of gold sold decreased 5.0% due to lower cash costs per ounce of gold sold, partially offset by care and maintenance expenses incurred during the temporary suspension of operations in the three months ended September 30, 2024.

Puna, Argentina

(1)Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include by-products in the gold equivalent ounce calculations.

(3)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of silver sold to manage and evaluate operating performance at Puna. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation to Cost of sales, which is the comparable GAAP financial measure.

Silver production increased 9.1% due to more ore tonnes milled. Silver sold decreased 2.3% due to the timing of concentrate sales. Revenue increased by $22.1 million, or 29.2%, of which $0.5 million was the result of higher volume of concentrate sold and $22.6 million was the result of higher average realized silver and zinc prices, partially offset by a $1.0 million decrease due to lower average realized lead price. Cost of sales increased by $1.3 million, or 3.0%, as a result of higher royalties and export duties. Cost of sales per ounce of silver sold increased by 5.4% due to more waste tonnes mined and higher royalties and export duties. Cash costs per ounce of silver sold decreased by 5.4% due to lower treatment and refining charges and an increase in by-product credits from higher lead and zinc sales. AISC per ounce of silver sold increased 17.9% due to higher sustaining capital expenditures and reclamation cost accretion and amortization.

Silver production increased 8.7% due to more ore tonnes milled. Silver sold decreased 2.2% due to the timing of concentrate sales attributable to transportation delays at the end of 2022, which resulted in a buildup of finished goods inventory that was subsequently sold in the first quarter of 2023. Revenue increased by $27.4 million, or 13.4%, of which $35.8 million was a result of higher average realized silver and zinc prices, partially offset by $1.9 million as a result of lower average realized lead price and $6.5 million due to lower volume of concentrate sold. Cost of sales decreased by $11.0 million, or 8.9%, due to lower transportation expenses, fewer waste tonnes mined, and fewer silver ounces sold. Cost of sales per ounce of silver sold decreased by 6.8% due to lower transportation expenses and fewer waste tonnes mined. Cash costs per ounce of silver sold decreased by 13.7% due to the decrease in cost of sales per ounce of silver sold discussed above, an increase in by-product credits from higher lead and zinc sales, and lower treatment and refining charges. AISC per ounce of silver sold increased 0.3% due to higher reclamation cost accretion and amortization.