SSR MINING INC.

The Company manages its liquidity through planning, budgeting and forecasting processes, which are reviewed and updated on a regular basis, to help determine the funding requirements to support its ongoing operations, expansion and development activities, remediation and care and maintenance expenditures at Çöpler, contingent consideration payments, as well as to support its capital structure strategy. In assessing capital structure, the Company considers shareholders’ equity, the 2019 Notes, and the Second Amended Credit Agreement. The Company may take various actions to maintain or adjust its capital structure, including issuing equity or debt, repaying outstanding indebtedness, divesting non-core assets, or repurchasing shares.

Borrowings under the Second Amended Credit Agreement are subject to the Company’s compliance with certain financial covenants, including interest coverage and net leverage ratios, as well as customary quarterly representations and warranties, which are assessed on a trailing twelve-month basis. As of December 31, 2025, the Company was in compliance with its covenants. The obligations under the Second Amended Credit Agreement are guaranteed by the Company’s material subsidiaries and are secured by certain assets of the Company and its material subsidiaries, including pledges of equity interests in such subsidiaries, but exclude the Çöpler assets and subsidiaries and other Alacer entities.

As of December 31, 2025, the Company had $534.8 million of cash and cash equivalents, and had no outstanding borrowings under the Second Amended Credit Agreement. Each of the Company’s mines operate independently and does not rely on cash flows from, or operational synergies with, other operations. The Company believes that its cash and cash equivalents, available borrowing capacity under the Second Amended Credit Agreement, and anticipated cash flows from operations will be sufficient to sustain the operational needs of the Company for the next twelve months, including the reclamation, remediation, and care and maintenance costs at Çöpler. In connection with acquisition of its initial 10% interest in the Hod Maden project, the Company is expected to make $120.0 million in structured payments tied to the completion of project construction spending milestones and an additional $30 million beginning at the start of construction and ending on the first anniversary of commercial production, which will increase the Company’s ownership interest to 40%. An additional $84.0 million will be payable by the Company 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. While the Company will assess its liquidity at the time these payments are made, at this time, the Company expects to fund these payments with cash and cash equivalents, available borrowing capacity under the Second Amended Credit Agreement, and anticipated cash flows from operations. For more information on the Hod Maden project acquisition, see Note 3 to the Consolidated Financial Statements.

See 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 and capital resources needs over the next 12 months.

Cash and Cash Equivalents

As of December 31, 2025, the Company had $534.8 million of cash and cash equivalents, an increase of $147.0 million from December 31, 2024. Refer to the Cash Flows section below for additional detail of the Company’s cash flow activities. The Company held $486.2 million of its cash and cash equivalents balance in USD. Additionally, the Company held cash and cash equivalents of $38.6 million, $7.9 million and $2.1 million in ARS, CAD and TRY, respectively.

The Company maintains cash balances at banking institutions in various jurisdictions which may or may not have deposit insurance. The Company mitigates potential cash risk by maintaining bank accounts with credit-worthy financial institutions. All cash is invested in short-term investments or high interest savings accounts in accordance with the Company’s investment policy with maturities of 90 days or less, providing the Company with sufficient liquidity to meet its foreseeable capital needs.

Debt

Credit Agreement

As of December 31, 2025, the Company had no borrowings outstanding on the Second Amended Credit Agreement, $399.5 million of borrowing capacity was available and outstanding letters of credit totaled $0.5 million.

2019 Notes

The 2019 Notes were reclassified from Debt, non-current to Current portion of debt in the Consolidated Financial Statements during the second quarter of 2025 due to the holder right of redemption at par plus accrued and unpaid interest, which is payable on April 1, 2026 following a twenty business day notice period.

For further information on the Company's debt, see Note 19 to the Consolidated Financial Statements.

Cash Dividends

During the years ended December 31, 2025 and 2024, the Company declared no dividends.

Share Repurchase Plan / NCIB

During the year ended December 31, 2025, the Company made no repurchases of its outstanding common shares.

During the year ended December 31, 2024, and prior to the Çöpler Incident, the Company purchased 1,117,100 of its outstanding common shares at an average share price of $8.79 per share for total consideration of $9,824,828. No shares have been repurchased since the Çöpler Incident.

The Company’s working capital as of December 31, 2025, together with future cash flows from operations, are expected to be sufficient to fund planned activities and commitments.

Cash Flows

The following table summarizes the Company’s cash flow activity for the years ended December 31:

Cash provided by operating activities

For the year ended December 31, 2025, cash provided by operating activities was $471.9 million compared to $40.1 million for the year ended December 31, 2024. The increase in cash provided by operating activities is primarily due to a $634.0 million increase in revenues attributable to a 48.0% higher average realized gold price, a 45.7% higher average realized silver price, and a 12.9% increase in gold equivalent ounces sold. Additionally, the increase in cash provided by operating activities included a $44.4 million of business interruption insurance proceeds received associated with the Çöpler Incident and a $103.0 million decrease in payments related to reclamation and remediation liabilities.

Cash used in investing activities

For the year ended December 31, 2025, cash used in investing activities was $339.7 million compared to $143.1 million for the year ended December 31, 2024. The increase of $196.6 million in cash used in investing activities is primarily due to $106.0 million used for the acquisition of CC&V, $86.7 million in higher capital expenditures, and $70.3 million in increased purchases of marketable securities. The increases were partially offset by $70.1 million in higher net proceeds from the sale of marketable securities when compared to the year ended December 31, 2024.

Cash (used in) provided by financing activities

For the year ended December 31, 2025, cash provided by financing activities was $26.2 million compared to $6.9 million for the year ended December 31, 2024. The change in cash provided by financing activities was primarily due to an increase of $11.4 million in proceeds from related party debt and a $9.8 million decrease in the purchases and cancellation of common shares in 2025 compared to 2024.