SSR MINING INC

A summary of the Company's consolidated financial and operating results for the three months ended March 31, 2025 and 2024 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 three months ended March 31, 2025, revenue increased by $86.4 million, or 37.5%, to $316.6 million as compared to $230.2 million for the three months ended March 31, 2024. The increase was mainly due to a 42.4% increase in average realized gold price, or $67.9 million, and 46.4% increase in realized silver price, or $24.4 million, and a 43.1% increase in silver ounces sold, or $15.9 million, partially offset by a 13.0% decrease in gold ounces sold, or $23.8 million. The decrease in gold ounces sold was primarily related to no gold ounces sold or produced by Çöpler during the three months ended March 31, 2025 as a result of the Çöpler Incident, partially offset by the ounces sold by CC&V, which was acquired on February 28, 2025. For a complete discussion of revenue by segment, refer to the Results of Operations below.

Cost of sales

Cost of sales increased by $10.7 million, or 8.5%, to $136.6 million for the three months ended March 31, 2025 as compared to $125.9 million for the three months ended March 31, 2024. The increase was mainly due to the acquisition of CC&V and higher costs of sales at Marigold and Puna due to more ounces sold, partially offset by a decrease in cost of sales at Çöpler due to the suspension of operations 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 $7.8 million, or 20.3%, to $30.6 million for the three months ended March 31, 2025 as compared to $38.4 million for the three months ended March 31, 2024, primarily due to the suspension of operations at Çöpler following the Çöpler Incident.

General and administrative expense

General and administrative expense for the three months ended March 31, 2025 was $23.9 million as compared to $12.9 million for the three months ended March 31, 2024. General and administrative expense increased mainly due to share based compensation expense of $9.4 million for the three months ended March 31, 2025 as compared to $4.1 million of benefit from share based compensation for the three months ended March 31, 2024, which was a result of higher share prices in 2025.

Exploration and evaluation costs

Exploration and evaluation costs for the three months ended March 31, 2025 were $6.9 million compared to $10.2 million for three months ended March 31, 2024. Exploration and evaluation costs were lower due to reduced drilling activity during 2025 as compared to 2024. Evaluation costs were primarily related to the Porky Project at Seabee. Exploration expenditures were focused on winter drilling activities at the Porky and Amisk Projects in Canada.

Reclamation and remediation costs

Reclamation and remediation costs for the three months ended March 31, 2025 were $4.3 million as compared to $275.3 million for the three months ended March 31, 2024. Reclamation and remediation costs decreased by $271.0 million mainly due to reclamation and remediation costs related to the Çöpler Incident in the first quarter of 2024.

Care and maintenance

Care and maintenance costs for the three months ended March 31, 2025 were $35.8 million as compared to $14.4 million for the three months ended March 31, 2024. Care and maintenance expense increased by $21.4 million primarily due to a full quarter of care and maintenance costs during 2025 as compared to the partial quarter in 2024 following the Çöpler Incident. Care and maintenance expense incurred during the three months ended March 31, 2025 and 2024 represent direct costs not associated with environmental reclamation and remediation costs of $20.6 million and $7.7 million, respectively, and depreciation of $15.2 million and $6.7 million, respectively, during the suspension of operations at Çöpler.

Impairment charges of long-lived and other assets

Impairment charges for the three months ended March 31, 2025 were nil compared to $114.2 million for the three months ended March 31, 2024. Impairment charges of long-lived and other assets for the three months ended March 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.

Other operating expense (income), net

Other operating expense (income), net for the three months ended March 31, 2025 was $11.6 million as compared to $15.3 million for the three months ended March 31, 2024. For the three months ended March 31, 2025, other operating expenses were primarily comprised of $6.8 million of CC&V transaction and integration costs, $1.6 million of change in fair value of contingent consideration, $1.6 million of contingencies and expenses as a result of the Çöpler Incident, and $1.3 million of other taxes. For the three months ended March 31, 2024, other operating expenses were related to estimated contingencies that were accrued as a result of the Çöpler Incident.

Interest expense

Interest expense for the three months ended March 31, 2025 was $3.4 million as compared to $4.7 million for the three months ended March 31, 2024. The decreases were primarily due to lower interest expense incurred on a finance lease.

Other income (expense)

Other income (expense) for the three months ended March 31, 2025 was $6.3 million as compared to $3.8 million for the three months ended March 31, 2024. The changes were primarily due to an increase in gain on investments and marketable securities sales of $4.0 million and a change in fair value of marketable securities of $1.2 million, partially offset by a decrease in interest income of $3.3 million as a result of lower cash balances.

Foreign exchange gain (loss)

Foreign exchange loss for the three months ended March 31, 2025 was $6.1 million as compared to a loss of $0.9 million for the three months ended March 31, 2024. During the three months ended March 31, 2025, the foreign exchange loss was mainly due to the weakening of the ARS against the USD and its impact on ARS-denominated assets.

Income and mining tax benefit (expense)

Income and mining tax expense for the three months ended March 31, 2025 was $9.1 million as compared to a benefit of $20.2 million for the three months ended March 31, 2024. The change in income tax expense was primarily as a result of an increase in year-to-date operating income compared to 2024 partially offset by changes in the valuation allowance.

The Organisation for Economic Co-operation and Development (OECD) has issued the Global Anti-Base Erosion Model Rules (“Pillar Two”), which generally require multinational organizations to maintain a minimum effective corporate tax rate of 15% in each jurisdiction where they operate. These rules went into effect in 2024. The Company has limited exposure to Pillar Two taxes, as most of its jurisdictions have effective tax rates above 15%. However, the Company may have exposure to taxes under Pillar Two in the range of $0 to $10 million for the 2025 year.