SSR MINING INC.

A summary of the Company's consolidated financial and operating results for the three and six months ended June 30, 2025 and 2024 are presented below (in thousands):

• NM: Not meaningful

(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 June 30, 2025, revenue increased by $220.6 million, or 119.4%, to $405.5 million, as compared to $184.8 million for the three months ended June 30, 2024. The increase was primarily due to a 124.2% increase in gold ounces sold, or $119.5 million, a 40.3% increase in average realized gold price, or $87.0 million, and a 16.6% increase in realized silver price, or $12.7 million. The increase in gold ounces sold was attributable to the acquisition of CC&V and sales at Marigold. For a discussion of revenue by segment, refer to the Results of Operations below.

For the six months ended June 30, 2025, revenue increased by $307.0 million, or 74.0%, to $722.1 million, as compared to $415.1 million for the six months ended June 30, 2024. The increase was primarily due to a 45.9% higher average realized gold price, or $167.0 million, 29.8% more gold ounces sold, or $83.6 million, a 25.5% higher average realized silver price, or $33.8 million, and 18.3% more silver ounces sold, or $20.6 million. The increase in gold ounces sold was attributable to the acquisition of CC&V and sales at Marigold and Puna. For a discussion of revenue by segment, refer to the Results of Operations below.

Cost of sales

Cost of sales increased by $66.4 million, or 68.7%, to $162.9 million for the three months ended June 30, 2025, as compared to $96.6 million for the three months ended June 30, 2024. The increase was primarily due to the acquisition of CC&V and higher cost of sales at Marigold due to more ounces sold. For a discussion of cost of sales by segment, refer to the Results of Operations below.

Cost of sales increased by $77.1 million, or 34.7%, to $299.6 million for the six months ended June 30, 2025, as compared to $222.5 million for the six months ended June 30, 2024. The increase was primarily due to the acquisition of CC&V and higher cost 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 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 increased by $3.2 million, or 14.0%, to $26.2 million for the three months ended June 30, 2025, as compared to $23.0 million for the three months ended June 30, 2024, primarily due to the acquisition of CC&V.

DD&A expense decreased by $4.6 million, or 7.4%, to $56.9 million for the six months ended June 30, 2025, as compared to $61.4 million for the six months ended June 30, 2024, primarily due to the suspension of operations at Çöpler following the Çöpler Incident partially offset by the acquisition of CC&V.

General and administrative expense

General and administrative expense for the three months ended June 30, 2025 was $26.6 million as compared to $13.5 million for the three months ended June 30, 2024. General and administrative expenses increased primarily due to a $5.6 million increase in employee compensation expense and a $5.4 million increase in share based compensation expense attributable to higher share prices in 2025.

General and administrative expense for the six months ended June 30, 2025 was $50.5 million as compared to $26.3 million for the six months ended June 30, 2024. General and administrative expenses increased primarily due to an increase in share based compensation expense attributable to higher share prices in 2025.

Exploration and evaluation costs

Exploration and evaluation costs for the three months ended June 30, 2025 were $6.8 million compared to $11.3 million for three months ended June 30, 2024. Exploration and evaluation costs for the six months ended June 30, 2025 were $13.7 million compared to $21.5 million for six months ended June 30, 2024. Exploration and evaluation costs were lower due to reduced drilling activity during 2025 as compared to 2024. Exploration expenditures were focused on drilling activities at the Porky and Santoy mine areas at Seabee and Trenton Canyon at Marigold.

Reclamation and remediation costs

Reclamation and remediation costs for the three months ended June 30, 2025 were $69.9 million as compared to $2.4 million for the three months ended June 30, 2024. Reclamation and remediation costs increased by $67.5 million primarily due to the Company revising its estimate related to the Çöpler heap leach pad during the second quarter of 2025. The revision in estimate reflects the Company's advancement of engineering designs for the construction of the permanent storage facility and closure studies for the heap leach pad during the second quarter of 2025. See Note 6 to the Condensed Consolidated Financial Statements for further details.

Reclamation and remediation costs for the six months ended June 30, 2025 were $74.2 million as compared to $277.7 million for the six months ended June 30, 2024. For the six months ended June 30, 2025, reclamation and remediation costs were primarily related to the Company revising its estimate related to the Çöpler heap leach pad during the second quarter of 2025 as discussed above. See Note 6 to the Condensed Consolidated Financial Statements for further details. For the six months ended June 30, 2024, reclamation and remediation costs were primarily related to reclamation and remediation costs related to the Çöpler Incident.

Care and maintenance

Care and maintenance costs for the three months ended June 30, 2025 were $37.7 million as compared to $30.6 million for the three months ended June 30, 2024. Care and maintenance expense incurred during the second quarter of 2025 represents direct costs not associated with environmental reclamation and remediation costs of $22.0 million and depreciation of $15.7 million during the suspension of operations at Çöpler and the temporary suspension of operations at Seabee during the second quarter of 2025.

Care and maintenance costs for the six months ended June 30, 2025 were $73.5 million as compared to $45.0 million for the six months ended June 30, 2024. Care and maintenance expense incurred during 2025 represents direct costs not associated with environmental reclamation and remediation costs of $42.6 million and depreciation of $30.9 million during the suspension of operations at Çöpler and temporary suspension of operations at Seabee during the second quarter of 2025.

Impairment charges of long-lived and other assets

Impairment charges for the six months ended June 30, 2025 were nil compared to $114.2 million for the six months ended June 30, 2024. Impairment charges of long-lived and other assets for the six months ended June 30, 2024 represent non-cash impairment charges of the 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 June 30, 2025 was $(33.6) million as compared to $(3.1) million for the three months ended June 30, 2024. The change is primarily due to the receipt of $44.4 million of business interruption insurance proceeds associated with the Çöpler Incident, partially offset by a $6.0 million change in (gain) loss on sale of assets, $5.0 million of CC&V transaction and integration costs, and $2.0 million of change in fair value of contingent consideration.

Other operating expense (income), net for the six months ended June 30, 2025 was $(22.0) million as compared to $12.2 million for the six months ended June 30, 2024. The change is due to the receipt of $44.4 million of insurance proceeds associated with the Çöpler Incident, partially offset by $11.8 million of transaction and integration costs related to CC&V.

Interest expense

Interest expense for the three months ended June 30, 2025 was $4.2 million as compared to $2.1 million for the three months ended June 30, 2024. Interest expense for the six months ended June 30, 2025 was $7.6 million as compared to $6.8 million for the six months ended June 30, 2024. The increases were primarily due to higher debt balances outstanding during 2025.

Other income (expense)

Other income (expense) for the three months ended June 30, 2025 was $6.2 million as compared to $5.0 million for the three months ended June 30, 2024. The changes were primarily due to changes in the fair value of marketable securities.

Other income (expense) for the six months ended June 30, 2025 was $12.5 million as compared to $8.7 million for the six months ended June 30, 2024. The changes were primarily due to higher gain on investments and marketable securities sales of $3.8 million and changes in the fair value of marketable securities of $2.7 million, partially offset by a decrease in interest income of $3.8 million as a result of lower cash balances.

Foreign exchange gain (loss)

Foreign exchange loss for the three months ended June 30, 2025 was $10.2 million compared to a gain of $0.9 million for the three months ended June 30, 2024. During the three months ended June 30, 2025, the foreign exchange loss was primarily due to the weakening of the ARS against the USD and its impact on ARS-denominated assets.

Foreign exchange loss for the six months ended June 30, 2025 was $16.2 million compared to a loss of $37.0 thousand for the six months ended June 30, 2024. During the six months ended June 30, 2025, the change in foreign exchange loss was primarily 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 June 30, 2025 was $20.2 million as compared to an expense of $11.7 million for the three months ended June 30, 2024. The change in income tax expense was primarily due to higher quarter-to-date operating income compared to 2024 partially offset by lower additions to the valuation allowance.

Income and mining tax expense for the six months ended June 30, 2025 was $29.4 million as compared to a benefit of $8.5 million for the six months ended June 30, 2024. The change in income tax expense was primarily due to higher year-to-date operating income compared to 2024 partially offset by lower additions to the valuation allowance.

The Organization 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 $10.0 million for the 2025 year.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, which includes permanent extensions of most expiring Tax Cuts and Jobs Act provisions as well as international tax changes. The Company is currently evaluating the impact of the OBBBA on the Condensed Consolidated Financial Statements.