SSR Mining, Inc. (NASDAQ:SSRM) Q3 2023 Earnings Conference Call November 1, 2023 5:00 PM ET Company Participants Alex Hunchak - Director, Corporate Development & IR Edward Farid - Chief Corporate Development Officer Alison White - CFO Bill MacNevin - EVP, Operations & Sustainability Conference Call Participants Cosmos Chiu - CIBC Ovais Habib - Scotiabank Michael Siperco - RBC Capital Markets Operator Hello, everyone, and welcome to SSR Mining's Third Quarter 2023 Conference Call. This call is being recorded ...

Third Quarter 2023 Financial Results November 2023 Cautionary Note Regarding Forward-Looking Statements Forward-looking information and statements in this presentation are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information and statements are based are reasonable, undue reliance should not be placed on the forward-looking information and statements because the Company can give no ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to__________ Commission File Number: 001-35455 SSR MINING INC. (Exact name of registrant as specified in its charter) British Columbia (State or ...

SSR Mining Inc. (NASDAQ:SSRM) Q2 2023 Earnings Conference Call August 2, 2023 5:00 PM ET Company Participants Alex Hunchak - Investor Relations Rodney Antal - Chairman Alison White - Executive Vice President and Chief Financial Officer William MacNevin - Executive Vice President of Operations and Sustainability Conference Call Participants Cosmos Chiu - CIBC World Markets Operator Hello, everyone, and welcome to SSR Mining's Second Quarter 2023 Conference Call. This call is being recorded. At this time, for ...

Cautionary Notes Forward-looking information and statements in this presentation are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information and statements are based are reasonable, undue reliance should not be placed on the forward-looking information and statements because the Company can give no assurance that they will prove to be correct. Forward-looking information and statement ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to__________ Commission File Number: 001-35455 SSR MINING INC. (Exact name of registrant as specified in its charter) British Columbia (State or Othe ...

SSR Mining Inc. (NASDAQ:SSRM) Q1 2023 Earnings Conference Call May 4, 2023 5:00 PM ET Company Participants Alex Hunchak - IR Rodney Antal - President and CEO Alison White - EVP and CFO Conference Call Participants Michael Siperco - RBC Capital Markets Cosmos Chiu - CIBC Operator Hello, everyone, and welcome to SSR Mining's First Quarter 2023 Conference Call. This call is being recorded. At this time, for opening remarks and introductions, I'd like to turn the call over to Alex Hunchak from SSR Mining. Pleas ...

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [First Quarter 2023 Highlights](index=4&type=section&id=FIRST%20QUARTER%202023%20HIGHLIGHTS) SSR Mining produced **146,894 gold equivalent ounces** at **$1,693 AISC**, reporting **$29.8 million net income** and **$561.8 million cash** Q1 2023 Key Financial and Operating Metrics | Metric | Value | | :--- | :--- | | Gold Equivalent Production | 146,894 ounces | | All-in Sustaining Costs (AISC) | $1,693 per gold-equivalent ounce | | Attributable Net Income | $29.8 million | | Attributable EPS (diluted) | $0.14 per share | | Adjusted Attributable Net Income | $21.3 million | | Adjusted Attributable EPS (diluted) | $0.10 per share | | Operating Cash Flow | $3.0 million | | Free Cash Flow | $(56.3) million | | Cash and Cash Equivalents (as of Mar 31, 2023) | $561.8 million | - The company returned **$19.6 million** to shareholders in Q1 2023, comprising **$14.4 million** in dividends and **$5.2 million** in share repurchases[11](index=11&type=chunk) - Positive exploration results at the Puna operations in Argentina suggest potential extensions to the mine's Mineral Reserve life, with the first exploration drilling completed at the property since 2016[11](index=11&type=chunk) [Financial Statements and Supplementary Data](index=5&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) Unaudited Q1 2023 financial statements reflect decreased revenue and net income, stable assets, and reduced cash from investing and financing activities [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2023 revenue decreased to **$314.6 million**, with operating income falling to **$37.0 million** and net income attributable to shareholders at **$29.8 million** Q1 2023 vs Q1 2022 Statement of Operations (in thousands) | Account | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Revenue | $314,614 | $355,446 | | Cost of sales | $199,297 | $153,520 | | Operating income | $36,985 | $115,870 | | Net income attributable to SSR Mining | $29,813 | $67,563 | | Diluted EPS | $0.14 | $0.31 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations declined to **$3.0 million** in Q1 2023, with increased cash used in investing and financing activities, resulting in a **$93.3 million** net cash decrease Q1 2023 vs Q1 2022 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,967 | $62,187 | | Net cash used in investing activities | $(51,881) | $(27,885) | | Net cash used in financing activities | $(38,189) | $(53,449) | | Net (decrease) in cash, cash equivalents | $(93,294) | $(18,564) | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2023, total assets were **$5.23 billion**, with cash at **$561.8 million**, and total liabilities decreasing to **$1.10 billion** Balance Sheet Summary (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $561,783 | $655,453 | | Total current assets | $1,342,308 | $1,376,435 | | Total assets | $5,234,803 | $5,254,657 | | Total current liabilities | $250,962 | $279,252 | | Total liabilities | $1,096,992 | $1,128,458 | | Total equity | $4,137,811 | $4,126,199 | [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, segment changes to four mines, revenue breakdown, income tax impacts including a new Türkiye earthquake tax, and share repurchase activities - The company changed its reportable segments in Q1 2023 to four producing mines: Çöpler, Marigold, Seabee, and Puna. Previous exploration and development properties are now managed by the nearest reportable segment[35](index=35&type=chunk) Revenue by Metal (Q1 2023 vs Q1 2022, in thousands) | Metal | Q1 2023 Revenue | Q1 2022 Revenue | | :--- | :--- | :--- | | Gold | $239,861 | $295,617 | | Silver | $49,115 | $33,965 | | Lead | $12,776 | $13,857 | | Zinc | $4,457 | $6,310 | | **Total** | **$314,614** | **$355,446** | - The consolidated effective income tax rate was **8.8%** for Q1 2023, down from **29.2%** in Q1 2022, primarily due to foreign currency fluctuations and the release of uncertain tax positions, partially offset by a new Türkiye earthquake tax[47](index=47&type=chunk) - During Q1 2023, the company repurchased and cancelled **348,171 common shares** for **$5.2 million** under its Normal Course Issuer Bid (NCIB) program[79](index=79&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management attributes Q1 2023 revenue decline to lower gold sales and higher costs, impacting profitability, while liquidity remains strong despite negative free cash flow from increased capital spending [Consolidated Results of Operations](index=31&type=section&id=Consolidated%20Results%20of%20Operations) Q1 2023 consolidated revenue decreased **11.5%** to **$314.6 million** due to lower gold sales, while cost of sales rose **29.8%**, leading to a **68.1%** drop in operating income Consolidated Financial and Operating Results (Q1 2023 vs Q1 2022, in thousands) | Metric | Q1 2023 | Q1 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | $314,614k | $355,446k | (11.5)% | | Operating income | $36,985k | $115,870k | (68.1)% | | Net income attributable to SSR | $29,813k | $67,563k | (55.9)% | | Gold equivalent produced (oz) | 146,894 | 173,675 | (15.4)% | | AISC per gold equivalent oz sold | $1,693 | $1,093 | 54.9% | - The decrease in revenue was mainly due to **19.8% fewer ounces of gold sold**, partially offset by a **1.2% increase** in average realized gold prices and a **35.3% increase** in silver ounces sold[92](index=92&type=chunk) - The increase in cost of sales was mainly due to higher operating costs and inflationary pressure[93](index=93&type=chunk) [Results of Operations by Mine](index=34&type=section&id=Results%20of%20Operations) Q1 2023 mine performance varied, with Marigold and Puna increasing production, while Çöpler and Seabee saw significant declines due to lower grades, impacting site costs and profitability Çöpler, Türkiye - Q1 2023 Operating Data | Metric | Q1 2023 | Q1 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Gold produced (oz) | 55,074 | 70,641 | (22.0)% | | Cost of sales ($/oz) | $1,287 | $864 | 49.0% | | AISC ($/oz) | $1,420 | $955 | 48.7% | Marigold, USA - Q1 2023 Operating Data | Metric | Q1 2023 | Q1 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Gold produced (oz) | 51,979 | 33,788 | 53.8% | | Cost of sales ($/oz) | $1,063 | $1,048 | 1.4% | | AISC ($/oz) | $1,663 | $1,564 | 6.3% | Seabee, Canada - Q1 2023 Operating Data | Metric | Q1 2023 | Q1 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Gold produced (oz) | 15,768 | 52,582 | (70.0)% | | Cost of sales ($/oz) | $1,385 | $343 | 303.8% | | AISC ($/oz) | $2,207 | $596 | 270.3% | Puna, Argentina - Q1 2023 Operating Data | Metric | Q1 2023 | Q1 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Silver produced ('000 oz) | 2,015 | 1,303 | 54.6% | | Cost of sales ($/oz silver) | $19.67 | $20.34 | (3.3)% | | AISC ($/oz silver) | $16.40 | $14.67 | 11.8% | [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$561.8 million** cash, despite a **$93.7 million** decrease from investing and financing activities, including **$14.4 million** in dividends and **$5.2 million** in share repurchases - Declared quarterly cash dividends of **$0.07 per common share**, totaling **$14.4 million** in Q1 2023[119](index=119&type=chunk) - Repurchased and cancelled **348,171 common shares** for **$5.2 million** at an average price of **$14.92 per share** in Q1 2023[120](index=120&type=chunk) - Cash and cash equivalents decreased by **$93.7 million** from December 31, 2022, to **$561.8 million** at March 31, 2023[121](index=121&type=chunk) [Non-GAAP Financial Measures](index=41&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles non-GAAP measures, including Cash Costs, AISC, Adjusted Net Income, and Free Cash Flow, to provide insight into underlying operational performance - Cash Costs and AISC are used to monitor operating performance and reflect the ongoing cost of production. AISC includes cash costs plus sustaining capital, exploration, reclamation, and G&A expenses[130](index=130&type=chunk)[131](index=131&type=chunk) - Adjusted Attributable Net Income excludes significant, non-recurring items like impairment adjustments, certain tax impacts, and transaction costs to measure underlying operating performance[140](index=140&type=chunk) - Free Cash Flow is calculated by deducting cash capital spending from cash generated by operating activities and is used to evaluate the company's ability to generate cash after capital investments[145](index=145&type=chunk) Reconciliation of Net Income to Adjusted Net Income (in thousands) | Description | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net income attributable to SSR (GAAP) | $29,813 | $67,563 | | Adjustments (net) | $(8,539) | $(1,621) | | **Adjusted net income (Non-GAAP)** | **$21,274** | **$65,942** | [Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) No material changes in market risks occurred during Q1 2023, with further details available in the Annual Report on Form 10-K - There were no material changes in market risks during Q1 2023[153](index=153&type=chunk) [Controls and Procedures](index=47&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2023[154](index=154&type=chunk) - No material changes to internal control over financial reporting occurred during Q1 2023[155](index=155&type=chunk) [PART II - OTHER INFORMATION](index=47&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=47&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in legal proceedings from its normal course of business, which are not expected to have a material financial impact - The company is involved in legal proceedings from its normal course of business, which are not expected to have a material impact[83](index=83&type=chunk)[157](index=157&type=chunk) [Risk Factors](index=47&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section refers to the detailed discussion of risk factors in the company's Annual Report on Form 10-K - For a detailed discussion of risk factors, the report refers to the Company's Annual Report on Form 10-K for the year ended December 31, 2022[158](index=158&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) Under its NCIB, the company is authorized to repurchase up to **10.6 million** common shares, with **348,171 shares** repurchased in Q1 2023, leaving **4,198,703 shares** remaining Share Repurchase Activity (as of March 30, 2023) | Period | Shares Purchased in Period | Average Price Paid | Total Shares Purchased (Program-to-Date) | Remaining Authorization | | :--- | :--- | :--- | :--- | :--- | | Jan 2023 | 0 | - | 6,053,126 | 4,546,874 | | Feb 2023 | 0 | - | 6,053,126 | 4,546,874 | | Mar 2023 | 348,171 | $14.92 | 6,401,297 | 4,198,703 | - The Normal Course Issuer Bid (NCIB) commenced on June 20, 2022, authorizing the purchase of up to **10,600,000 common shares** through June 19, 2023[159](index=159&type=chunk) [Mine Safety Disclosures](index=48&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) Mine safety violations and other regulatory information, as required by the Dodd-Frank Act, are included in Exhibit 95 - Required mine safety information is included in Exhibit 95 to this Quarterly Report[165](index=165&type=chunk)

Financial Data and Key Metrics Changes - The company achieved a strong fourth quarter production of 183,000 ounces at an all-in sustaining cost of $1,358 per ounce, with full-year production of 624,000 ounces at an all-in sustaining cost of $1,339 per ounce, both within revised guidance ranges [10][24] - Free cash flow for the fourth quarter was nearly $100 million, contributing to a full-year free cash flow of $23 million or $171 million before working capital changes [18][33] - The company expects approximately $140 million of free cash flow in 2023 based on a gold price assumption of $1,800 and production guidance of 700,000 to 790,000 ounces [8][28] Business Line Data and Key Metrics Changes - At Çöpler, full-year production was 191,000 ounces, with a 2023 production guidance of 240,000 to 270,000 ounces [42] - Marigold produced 63,000 ounces in Q4 with an all-in sustaining cost of $1,160 per ounce, and is expected to produce 260,000 to 290,000 ounces in 2023 [27][50] - Seabee delivered record full-year production in 2022, with Q4 mining and processing rates averaging nearly 1,300 tons per day [53] Market Data and Key Metrics Changes - The company reported revenue of $306 million for the full year, with fourth quarter revenue of $302 million [32] - Gold equivalent sales in Q4 were 172,000 ounces, slightly lower than production due to a temporary strike affecting shipping [32] Company Strategy and Development Direction - The company aims to maintain a stable production platform of approximately 700,000 ounces through 2025, focusing on near-mine exploration and resource development [13][30] - Strategic opportunities are being evaluated across the sector, with a disciplined approach to future acquisitions [14] - The company plans to increase its exploration and development budget to $94 million, up approximately 50% from 2022 [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong year of production and cash flow, with expectations for consolidated production to be weighted towards the second half of 2023 [40][41] - The company is addressing inflationary pressures across operations, with a focus on mitigating cost impacts while maintaining strong free cash flow [70][71] Other Important Information - The company returned approximately $160 million to shareholders in 2022 through dividends and share buybacks, marking a peer-leading 5% capital return yield [18][38] - The company maintains a strong cash position with nearly $700 million in cash and cash equivalents and total liquidity of nearly $1 billion [35] Q&A Session Summary Question: Regarding Marigold's production guidance and mine plan - Management acknowledged the optimization of mine plans and the potential for production to rebound after a dip in 2025, emphasizing ongoing evaluation of the situation [60] Question: About drilling completed at Marigold and its impact on reserves - Management indicated that while drilling results were encouraging, they were not incorporated into the current reserve update, but there is potential to smooth production in 2025 [62] Question: On Seabee's production guidance and performance - Management explained that lower-than-expected production was due to geological challenges, with plans to push some grades into 2023 [67] Question: On cost inflation across operations - Management noted that inflationary pressures are being felt across the board, with specific impacts from fuel and labor costs [68][70] Question: Regarding share buyback strategy - Management stated that they will remain consistent with their buyback program while evaluating other capital deployment strategies [73]

Operations SSRM:NASDAQ / TSX, SSR:ASX PAGE 7 Çakmaktepe Extension: First Production Expected in 2023 Potential for Further Mineral Resource Conversion and Growth ▪ Potential longer-term production from Trenton Canyon & Buffalo Valley oxides | --- | --- | |-------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...