SSR MINING INC

For the period ended Dec 31, 2024. Filed Feb 18, 2025.

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FY2024 · Filed Feb 18, 2025

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

Cash Costs and All-In Sustaining Costs (“AISC”) per payable ounce of gold and respective unit cost measures are non-U.S. GAAP metrics developed by the World Gold Council to provide transparency into the costs associated with producing gold and provide a standard for comparison across the industry. The World Gold Council is a market development organization for the gold industry.

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, which allows management and other stakeholders to assess the net costs of gold and silver production.

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. The Company determines sustaining capital to be capital expenditures that are necessary to maintain current production and execute the current mine plan. The Company determines growth capital to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation.

The Company believes that AISC provides additional information to management and stakeholders that provides visibility to better define the total costs associated with production and better understanding of the economics of the Company's operations and performance compared to other producers.

In 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)	$36,215	$244,312	$77,846	$155,659	$—	$514,032
By-product credits	$(425)	$(113)	$(64)	$(50,271)	$—	$(50,873)
Treatment and refining charges	$1,322	$420	$145	$6,889	$—	$8,776
Cash costs (non-GAAP)	$37,112	$244,619	$77,927	$112,277	$—	$471,935
Sustaining capital expenditures	$15,977	$37,561	$31,808	$16,794	$—	$102,140
Sustaining exploration and evaluation expense	$—	$1,690	$—	$—	$—	$1,690
Care and maintenance (2)	$60,813	$—	$9,376	$—	$—	$70,189
Reclamation cost accretion and amortization	$1,965	$2,943	$3,690	$20,938	$—	$29,536
General and administrative expense and stock-based compensation expense	$—	$—	$—	$—	$62,885	$62,885
Total AISC (non-GAAP)	$115,867	$286,813	$122,801	$150,009	$62,885	$738,375
Gold sold (oz)	30,382	167,669	81,070	—	—	279,121
Silver sold (oz)	—	—	—	9,641,677	—	9,641,677
Gold equivalent sold (oz) (3)(4)	30,382	167,669	81,070	114,095	—	393,216
Cost of sales per gold equivalent ounce sold (1)(3)(4)	$1,192	$1,457	$960	1,364	N/A	$1,307
Cash cost per gold ounce sold	$1,222	$1,459	$961	N/A	N/A	N/A
Cash cost per silver ounce sold	N/A	N/A	N/A	$11.64	N/A	N/A
Cash cost per gold equivalent ounce sold (3)(4)	$1,222	$1,459	$961	$984	N/A	$1,200
AISC per gold ounce sold	$3,814	$1,711	$1,515	N/A	N/A	N/A
AISC per silver ounce sold	N/A	N/A	N/A	$15.56	N/A	N/A
AISC per gold equivalent ounce sold (3)(4)	$3,814	$1,711	$1,515	$1,315	N/A	$1,878

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

(3)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.

(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 Reclamation and remediation costs or Net income (loss) attributable to SSR Mining shareholders in the Company's Consolidated Statements of Operations.

(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.

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)	2024	2023	2022
Net income attributable SSR Mining shareholders (GAAP)	$(261,277)	$(98,007)	$194,140
Interest saving on 2019 Notes, net of tax	—	—	4,910
Net income (loss) used in the calculation of diluted net income per share	$(261,277)	$(98,007)	$199,050
Weighted-average shares used in the calculation of net income (loss) per share
Basic	202,258	204,714	209,883
Diluted	202,258	204,714	222,481
Net income (loss) per share attributable to SSR Mining shareholders (GAAP)
Basic	$(1.29)	$(0.48)	$0.92
Diluted	$(1.29)	$(0.48)	$0.89
Adjustments:
Effects of the Çöpler Incident (1)	$320,994	$—	$—
Reclamation costs (2)	14,310	—	—
Impairment charges (3)	369	340,734	—
Devaluation of ARS (4)	—	26,074	—
Changes in fair value of marketable securities	(7,676)	(4,221)	(602)
Loss (gain) on sale of mineral properties, plant and equipment	—	—	1,501
Transaction and integration costs (5)	1,698	—	1,561
Gain on Kartaltepe acquisition	—	—	(81,852)
Foreign exchange loss (gain) (6)	—	—	32,460
SEC conversion costs	—	—	1,255
Income tax impact related to above adjustments	1,440	(9,826)	(966)
Foreign exchange (gain) loss and inflationary impacts on tax balances	(12,267)	(16,907)	(14,128)
Impact of income tax rate change in Türkiye	—	37,170	—
Other tax adjustments (7)	—	1,477	11,445
Adjusted net income (loss) attributable to SSR Mining shareholders (Non-GAAP)	$57,591	$276,494	$144,814
Adjusted net income (loss) per share attributable to SSR Mining shareholders (Non-GAAP)
Basic	$0.28	$1.35	$0.69
Diluted (8)	$0.28	$1.29	$0.67

(1)The effects of the Çöpler Incident represent the following unusual and nonrecurring charges: (1) reclamation costs of $9.0 million and remediation costs of $209.4 million (amounts are presented net of pre-tax attributable to non-controlling interest of $54.6 million); (2) impairment charges of $91.4 million related to plans to permanently close the heap leach pad (amount is presented net of pre-tax attributable to non-controlling interest of $22.8 million); and (3) contingencies and expenses of $11.3 million (amount is presented net of pre-tax attributable to non-controlling interest of $2.8 million). Refer to Note 3 to the Consolidated Financial Statements for further details related to the impact of the Çöpler Incident.

(2)Represents revisions in cost estimate assumptions associated with water management and tailings storage facilities at Puna that have no substantive future economic value. See Note 7 to our Consolidated Financial Statements for further information.

(3)For the year ended December 31, 2024, impairment charges are related to remote equipment damaged due to forest fires near Seabee. For the year ended December 31, 2023, impairment charges represent $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. See Note 8 to the Consolidated Financial Statements for further details.

(4)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.

(5)For the year ended December 31, 2024, represents the transaction costs of $1.7 million related to the CC&V transaction, which is expected to close in the first quarter of 2025. For the year ended December 31, 2022, represents $1.6 million for the sale of Pitarrilla.

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

(7)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.

(8)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, 2024, $5.0 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. 0.3 million 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, 2024. 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.

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)	2024	2023	2022
Net income attributable to SSR Mining shareholders (GAAP)	$(261,277)	$(98,007)	$194,140
Net income (loss) attributable to non-controlling interests	(91,305)	(22,218)	16,288
Depreciation, depletion and amortization	130,192	214,012	181,447
Interest expense	13,028	16,616	19,116
Income and mining tax expense (benefit)	33,302	(82,534)	30,068
EBITDA (non-GAAP)	(176,060)	27,869	441,059
Effects of the Çöpler Incident (1)	401,242	—	—
Reclamation costs (2)	14,310	—	—
Impairment charges (3)	369	411,398	—
Devaluation of ARS (4)	—	26,074	—
Changes in fair value of marketable securities	(7,676)	(4,221)	(602)
Loss (gain) on sale of mineral properties, plant and equipment	—	—	1,501
Transaction and integration costs (5)	1,698	—	1,561
Gain on acquisition of Kartaltepe	—	—	(81,852)
Foreign exchange loss (gain) (6)	—	—	32,460
SEC conversion costs	—	—	1,255
Adjusted EBITDA (non-GAAP)	$233,883	$461,120	$395,382

(1)The effects of the Çöpler Incident represent the following unusual and nonrecurring charges: (1) reclamation costs of $11.2 million and remediation costs of $261.7 million; (2) impairment charges of $114.2 million related to plans to permanently close the heap leach pad; and (3) contingencies and expenses of $14.1 million. See Note 3 to the Consolidated Financial Statements for further details related to the impact of the Çöpler Incident.

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

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)	2024	2023	2022
Cash provided by operating activities (GAAP)	$40,130	$421,725	$160,896
Expenditures on mineral properties, plant and equipment	(143,534)	(223,422)	(137,515)
Free cash flow (non-GAAP)	$(103,404)	$198,303	$23,381

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