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. Following the Çöpler Incident, the heap leach pad will be permanently closed, and heap leach processing will no longer take place at Çöpler. At this time, the Company is not able to estimate or predict when it will resume operations at Çöpler.

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 December 6, 2024, the Company entered into an agreement to acquire the Cripple Creek & Victor Gold Mine ("CC&V") in Colorado from Newmont Corporation for $100.0 million cash payment and up to $175.0 million in cash milestone payments payable in connection with the approval to amend the permit application to extend the life of mine and obtaining regulatory relief relating to flow related permitting requirements.

On May 23, 2024, the Company completed the sale of the San Luis project located in the Ancash department of central Peru to Highlander Silver Corp. (“Highlander Silver”) in exchange for cash of $5.0 million and contingent consideration in the form of cash payments of up to $37.5 million. The fair value of the contingent consideration on the closing date was $2.4 million and is payable in six installments beginning with the commencement of an initial drilling program at the San Luis project and ending on the second anniversary of commercial production. The consideration received does not include certain payments that are contingent upon completion of a feasibility study and commercial production. The Company retained a 4.0% net smelter return royalty (“NSR”) on the San Luis project, half of which can be repurchased by Highlander Silver for $15.0 million at any time until the commencement of construction.

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.

For further information regarding the acquisitions and divestitures mentioned above, see Note 4 to the Consolidated Financial Statements.