SSR MINING INC

A summary of the Company’s consolidated financial and operating results for the years ended December 31, are presented below (in thousands):

(2)The Company reports non-GAAP financial measures including adjusted attributable net income (loss), adjusted basic attributable net income (loss) per share, cash costs and all in sustaining costs (“AISC”) per ounce sold to manage and evaluate its operating performance at its mines. See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation of these financial measures to Net income (loss) attributable to SSR Mining shareholders and Cost of sales, which are the comparable GAAP financial measures.

(3)Data for lead production and sales relate only to lead in lead concentrate. Data for zinc production and sales relate only to zinc in zinc concentrate.

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

Revenue

For the year ended December 31, 2024, revenue decreased by $431.3 million, or 30.2%, to $995.6 million as compared to $1,426.9 million for the year ended December 31, 2023. The decrease was mainly due to a 52.3% decrease in gold ounces sold, or $596.9 million, and a 2.8% decrease in silver ounces sold, or $6.4 million, partially offset by a 22.0% increase in average realized gold price, or $120.1 million, and a 27.8% increase in realized silver price, or $61.1 million. The decrease in gold ounces sold was primarily related to the suspension of operations at Çöpler following the Çöpler Incident. For a complete discussion of revenue by segment, refer to the Results of Operations below.

Cost of sales

Cost of sales decreased by $290.1 million, or 36.1%, to $514.0 million for the year ended December 31, 2024, as compared to $804.1 million for the year ended December 31, 2023. The decrease was primarily due to 52.3% fewer ounces of gold sold compared to 2023, primarily related to the suspension of operations at Çöpler following the Çöpler Incident. For a complete discussion of cost of sales by segment, refer to the Results of Operations below.

Depreciation, depletion and amortization

Depreciation, depletion, and amortization (“DD&A”) expense decreased by $83.8 million, or 39.2%, to $130.2 million for the year ended December 31, 2024 as compared to $214.0 million for the year ended December 31, 2023, primarily due to fewer gold equivalent ounces sold.

General and administrative expense

General and administrative expense for the year ended December 31, 2024 was $62.9 million as compared to $67.5 million for the year ended December 31, 2023, a decrease of $4.6 million mainly due to lower employee compensation expense.

Exploration and evaluation costs

Exploration and evaluation costs decreased by $8.4 million to $41.8 million for the year ended December 31, 2024 as compared to $50.2 million for the year ended December 31, 2023. Exploration and evaluation costs were lower due to reduced drilling activity during 2024 as compared to 2023. Exploration and evaluation costs were primarily related to the Sterling project at Marigold, exploration activities for the Cortaderas project at Puna, and surface exploration for the Porky West and Amisk projects at Seabee.

Reclamation and remediation costs

Reclamation and remediation costs for the year ended December 31, 2024 were $296.9 million as compared to $8.7 million for the year ended December 31, 2023. Reclamation and remediation costs increased by $288.2 million mainly due to reclamation and remediation costs related to the Çöpler Incident.

Care and maintenance

Care and maintenance costs for the year ended December 31, 2024 were $120.3 million. Care and maintenance expense incurred during 2024 represents direct costs not associated with environmental reclamation and remediation costs of $61.6 million and depreciation of $47.1 million due to the ongoing suspension of operations at Çöpler in addition to direct costs of $9.4 million and depreciation of $2.2 million during the suspension of operations at Seabee during the third quarter of 2024 due to forest fires in the vicinity of the mine.

Impairment charges of long-lived and other assets

Impairment charges of long-lived and other assets decreased by $247.0 million to $114.6 million for the year ended December 31, 2024 as compared to $361.6 million for the year ended December 31, 2023. Impairment charges of long-lived and other assets for the year ended December 31, 2024 were due to non-cash impairment charges of $114.2 million of heap leach pad inventory and related heap leach facilities due to the decommissioning of the heap leach as the result of the Çöpler Incident and non-cash impairment charges of $0.4 million resulting from the damage to plant and equipment due to the forest fires near Seabee. Impairment of long-lived and other assets for the year ended December 31, 2023 were primarily due to non-cash impairment charges of $349.2 million at Çöpler, which are unrelated to the Çöpler Incident, and $9.8 million non-cash write-offs of capitalized cloud computing arrangement implementation costs. Refer to Note 8 to the Consolidated Financial Statements for further details.

Impairment charges of goodwill

Impairment charges of goodwill decreased by $49.8 million to nil for the year ended December 31, 2024 as compared to $49.8 million for the year ended December 31, 2023. During 2023, the Company performed a quantitative goodwill test for the Seabee reporting unit and concluded that goodwill was impaired and recorded a non-cash impairment, which represented the full balance of the reporting unit. This impairment was unrelated to the forest fires near Seabee.

Other operating expenses (income), net

Other operating expenses (income), net for the year ended December 31, 2024 were $37.2 million as compared to $1.3 million for the year ended December 31, 2023. The expenses incurred in 2024 primarily relate to $31.8 million of contingencies and expenses incurred related to the Çöpler Incident and $7.7 million of other taxes, offset by a $3.2 million gain on the sale and disposal of assets primarily attributable to the divestiture of San Luis. The expenses incurred during 2023 were primarily related to the loss on the sale of assets of $0.8 million and transaction and integration costs of $0.4 million.

Interest expense

Interest expense for the year ended December 31, 2024 was $13.0 million as compared to $16.6 million for the year ended December 31, 2023. The decrease was primarily due to lower debt balances outstanding during 2024 following the full repayment of the Term Loan in the third quarter 2023.

Other income (expense)

Other income for the year ended December 31, 2024 was $26.3 million as compared to income of $50.2 million for the year ended December 31, 2023, a decrease of $23.9 million. The changes were mainly due to a reduction in gains on investments and marketable securities sales of $31.3 million partially offset by an increase in the fair value of marketable securities of $3.5 million for the year ended December 31, 2024.

Foreign exchange gain (loss)

Foreign exchange loss for the year ended December 31, 2024 was $9.7 million compared to a loss of $105.7 million for the year ended December 31, 2023. During the year ended December 31, 2024, the decrease in foreign exchange loss was mainly due to the weakening of the ARS against the USD and its impact on ARS-denominated assets at Puna in 2023 compared to 2024. During the fourth quarter of 2023, the Argentine government implemented measures to address the current economic situation including increasing the ARS exchange rate by more than 50.0% following the presidential elections and permitting the conversion of a portion of export proceeds at the market rate. The ARS exchange rate devaluation of 50.0% resulted in a foreign exchange loss of approximately $64.4 million in the fourth quarter of December 31, 2023. Additionally, the Company utilized blue chip swaps to convert a portion of the ARS to USD and to manage currency risk.

Income and mining tax benefit (expense)

Income and mining tax expense for the year ended December 31, 2024 was $33.3 million as compared to a benefit of $82.5 million for the year ended December 31, 2023. The increase in income tax expense was primarily a result of a $151.3 million increase in the Company’s valuation allowance, primarily due to the effects of the Çöpler Incident. The increase in income tax expense compared to the prior period was partially offset by the absence of a one-time deferred tax charge of $68.9 million in 2023, following an increase in the corporate tax rate in Türkiye.

On June 19, 2024, Canada’s Bill C-69, Budget Implementation Act, 2024, No. 1, received third reading in the Canadian House of Commons and Pillar Two became substantively enacted for Canadian financial reporting purposes. The legislation is effective for the Company’s financial year beginning January 1, 2024. The Company does not anticipate exposure to taxes under Pillar Two for the 2024 tax year as the jurisdictions it operates in have an effective tax rate greater than the 15% or meet the routine profits test.