[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)

SSR Mining Inc. (NASDAQ:SSRM) Q4 2022 Earnings Conference Call February 22, 2023 5:00 PM ET Company Participants Alex Hunchak - Investor Relations Rodney Antal - President and Chief Executive Officer Alison White - Executive Vice President and Chief Financial Officer Conference Call Participants Ovais Habib - Scotiabank Lawson Winder - Bank of America Merrill Lynch Operator Hello, everyone, and welcome to SSR Mining's Fourth Quarter and Year-End 2022 Conference Call. This call is being recorded. At this tim ...

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 | --- | --- | |-------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Part I [2022 Highlights](index=6&type=section&id=2022%20Highlights) SSR Mining produced 623,819 gold equivalent ounces at $1,339/oz AISC, reported $194.1 million net income, and returned $158.8 million to shareholders - **2022 Key Financial and Operational Metrics** | Metric | Value | | :--- | :--- | | **Production** | 623,819 gold equivalent ounces | | **All-in Sustaining Costs (AISC)** | $1,339 per gold equivalent ounce | | **Attributable Net Income** | $194.1 million | | **Attributable Net Income per Diluted Share** | $0.89 | | **Operating Cash Flow** | $160.9 million | | **Free Cash Flow** | $23.4 million | | **Capital Returned to Shareholders** | $158.8 million (4.9% yield) | - The company strengthened its balance sheet, ending 2022 with **$655.5 million** in cash and cash equivalents after significant capital returns, debt repayments, and strategic M&A transactions[17](index=17&type=chunk) - Strategic portfolio adjustments in 2022 included the acquisition of Taiga Gold Corp., the sale of the Pitarrilla project, and an increased ownership in the Kartaltepe Mining Joint Venture to **80%**[17](index=17&type=chunk) [Business](index=7&type=section&id=Item%201.%20Business) SSR Mining operates four precious metals assets in Türkiye, USA, Canada, and Argentina, primarily producing gold doré, facing competitive and regulatory challenges [Introduction](index=7&type=section&id=Introduction) - SSR Mining operates **four producing assets** in the USA, Türkiye, Canada, and Argentina, focusing on the production of gold doré, silver, lead, and zinc concentrates[18](index=18&type=chunk) - The company maintains a strong balance sheet with over **$655.5 million** in cash and cash equivalents as of December 31, 2022, which it intends to use for funding growth and providing shareholder returns[20](index=20&type=chunk) [Segment Information](index=7&type=section&id=Segment%20Information) Revenue Contribution by Operating Segment (2022) | Operating Segment | Location | 2022 Revenue Contribution | | :--- | :--- | :--- | | **Çöpler Gold Mine** | Türkiye | 31% | | **Marigold Mine** | United States | 30% | | **Seabee Gold Operations** | Canada | 21% | | **Puna Operations** | Argentina | 18% | [Principal Products](index=7&type=section&id=Principal%20Products) Revenue by Product Category | Product | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Gold** | 82% | 84% | 88% | | **Silver** | 14% | 12% | 11% | | **Lead** | 3% | 2% | 1% | | **Zinc** | 1% | 2% | —% | - In 2022, sales of gold doré accounted for **82%** of revenue, with major customers being the Central Bank of Türkiye (31%), CIBC (28%), and Bank of Montreal (16%)[25](index=25&type=chunk) - The average LBMA gold price in 2022 was **$1,800/oz**, a slight increase from 2021, while the average silver price was **$21.73/oz**, a **14% decrease** from 2021[31](index=31&type=chunk) [Environmental, Social and Governance (ESG)](index=9&type=section&id=Environmental%2C%20Social%20and%20Governance%20%28ESG%29) - The company's ESG approach focuses on minimizing environmental impact and creating a positive community legacy, guided by its Environmental & Sustainability Policy and overseen by the Board's EHS&S Committee[40](index=40&type=chunk)[41](index=41&type=chunk)[43](index=43&type=chunk) - SSR Mining plans to establish an action plan to achieve **net zero emissions by 2050**, acknowledging the transition to a lower-carbon economy may increase operational costs[45](index=45&type=chunk) - In **June 2022**, operations at the Çöpler mine were temporarily suspended by Türkiye's Ministry of Environment due to a diluted cyanide leak; operations restarted on **September 22, 2022**, after remediation initiatives were completed[38](index=38&type=chunk) [Human Capital Management](index=12&type=section&id=Human%20Capital%20Management) - As of December 31, 2022, the company employed approximately **2,500** full-time employees and **2,050** contract employees, with significant union representation in Türkiye (**64%**) and Argentina (**60%**)[54](index=54&type=chunk) - The company is committed to diversity and inclusion, achieving **over 30%** female representation on its Board of Directors in 2022, and is a member of the Catalyst Accord 2022 and the 30% Club Canada[55](index=55&type=chunk) - SSR Mining has adopted a Human Rights Policy aligned with international principles, including the UN Guiding Principles on Business and Human Rights[60](index=60&type=chunk) [Risk Factors](index=16&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant operational, financial, industry, and jurisdictional risks, including metal price volatility, supply chain, currency, and political instability [Risks Related to the Company's Operations and Business](index=19&type=section&id=Risks%20Related%20to%20the%20Company%27s%20Operations%20and%20Business) - The company's profitability is highly dependent on the volatile market prices of gold, silver, and other metals, which are affected by numerous factors beyond its control, such as global consumption patterns, central bank policies, and inflation[74](index=74&type=chunk)[75](index=75&type=chunk) - Estimates of mineral reserves and resources are inherently uncertain and depend on geological interpretation and assumptions; actual production may yield less mineral than estimated, which could adversely affect economic viability and financial results[88](index=88&type=chunk)[91](index=91&type=chunk) - Operations are subject to supply chain disruptions, rising energy prices, and the availability of sufficient water, any of which could interrupt production, increase costs, and negatively impact financial performance[94](index=94&type=chunk)[97](index=97&type=chunk)[99](index=99&type=chunk) [Financial Risks and Risks Related to Our Indebtedness](index=29&type=section&id=Financial%20Risks%20and%20Risks%20Related%20to%20Our%20Indebtedness) - The company is exposed to foreign exchange risk as revenues are in **USD** while some costs are in **Turkish Lira**, **Canadian dollars**, and **Argentine pesos**; appreciation of these currencies against the USD increases operating costs[133](index=133&type=chunk) - High inflation in countries like Argentina (**94.8%** in 2022) and Türkiye (**72%** in 2022) can significantly increase operational costs in local currencies, potentially making projects or mines uneconomic[135](index=135&type=chunk) - The company's debt of approximately **$298.3 million** as of December 31, 2022, requires sufficient cash generation for service; failure to meet obligations or financial covenants, as occurred temporarily in Q3 2022 with the Term Loan due to the Çöpler suspension, could lead to liquidity problems[146](index=146&type=chunk)[152](index=152&type=chunk) [Risks Related to Our Industry and the Jurisdictions in Which We Operate](index=32&type=section&id=Risks%20Related%20to%20Our%20Industry%20and%20the%20Jurisdictions%20in%20Which%20We%20Operate) - The company is exposed to political and economic instability in the countries where it operates (**USA, Türkiye, Canada, Argentina**), including risks of tax increases, expropriation, foreign exchange controls, and uncertain regulatory environments[153](index=153&type=chunk) - Mining is inherently risky, subject to events like geological problems, equipment failures, environmental hazards, and industrial accidents; the **June 2022** cyanide leak at Çöpler, which led to a temporary operational suspension, exemplifies this risk[159](index=159&type=chunk)[160](index=160&type=chunk) - Maintaining a social license to operate requires meeting increasing stakeholder expectations for community benefits and environmental stewardship; failure to do so can result in operational disruptions, increased costs, and reputational damage, as seen with community and activist responses to the Çöpler incident[164](index=164&type=chunk) [Risks Related to Governmental Regulation and Legal Proceedings](index=37&type=section&id=Risks%20Related%20to%20Governmental%20Regulation%20and%20Legal%20Proceedings) - The company's operations are subject to extensive governmental regulations covering health, safety, and environmental protection; failure to comply can result in substantial penalties, sanctions, or suspension of permits[176](index=176&type=chunk) - Obtaining and renewing necessary permits is a complex and time-consuming process; delays, failures to obtain permits, or challenges from community groups can adversely affect operations and development projects[181](index=181&type=chunk)[182](index=182&type=chunk) - Compliance with emerging climate change regulations could result in significant costs; the company also faces physical risks from climate change, such as extreme weather events, which could disrupt operations, particularly at remote sites like Seabee[192](index=192&type=chunk)[194](index=194&type=chunk) [Properties](index=46&type=section&id=Item%202.%20Properties) SSR Mining's portfolio includes four producing assets in Türkiye, USA, Canada, and Argentina, with 7.62 million ounces of attributable proven and probable gold reserves [Çöpler Gold Mine, Erzincan Province, Türkiye](index=49&type=section&id=C%C3%B6pler%20Gold%20Mine%2C%20Erzincan%20Province%2C%20T%C3%BCrkiye) - Çöpler is an open-pit gold mine in Türkiye, **80%** owned by SSR Mining; it processes both oxide and sulfide ores through separate heap leach and pressure oxidation (POX) circuits, respectively[216](index=216&type=chunk)[220](index=220&type=chunk)[233](index=233&type=chunk) Çöpler Attributable Mineral Reserves (as of Dec 31, 2022) | Category | Tonnes (kt) | Gold Grade (g/t) | Contained Gold (koz) | | :--- | :--- | :--- | :--- | | **Proven** | 7,166 | 2.56 | 590 | | **Probable** | 51,129 | 2.05 | 3,393 | | **Proven & Probable** | **58,300** | **2.12** | **3,983** | Çöpler Life of Mine (LOM) Cost Estimates | Cost Category | Total LOM ($M) | LOM Average ($/t) | | :--- | :--- | :--- | | **Capital Costs** | $449.3 | - | | **Operating Costs** | $3,175 | $43.81 | [Marigold Mine, Nevada, United States](index=60&type=section&id=Marigold%20Mine%2C%20Nevada%2C%20United%20States) - Marigold is a **100%** owned open-pit, run-of-mine heap leach operation located in Nevada, USA; it has been in continuous operation for over **30 years**[311](index=311&type=chunk)[319](index=319&type=chunk) Marigold Mineral Reserves (as of Dec 31, 2022) | Category | Tonnes (kt) | Gold Grade (g/t) | Contained Gold (koz) | | :--- | :--- | :--- | :--- | | **Proven** | — | — | — | | **Probable (in-pit)** | 185,703 | 0.48 | 2,842 | | **Probable (leach pad)** | — | — | 314 | | **Total Probable** | **185,703** | **-** | **3,156** | Marigold Life of Mine (LOM) Cost Estimates | Cost Category | Total LOM ($M) | LOM Average ($/t) | | :--- | :--- | :--- | | **Capital Costs** | $299.0 | - | | **Operating Costs** | $1,855 | $10.16 | [Seabee Gold Operation, Saskatchewan, Canada](index=66&type=section&id=Seabee%20Gold%20Operation%2C%20Saskatchewan%2C%20Canada) - Seabee is a **100%** owned remote underground gold mine in Saskatchewan, Canada; ore is produced from the Santoy mine and processed at the Seabee mill, which uses gravity concentration and cyanidation[358](index=358&type=chunk)[361](index=361&type=chunk) Seabee Mineral Reserves (as of Dec 31, 2022) | Category | Tonnes (kt) | Gold Grade (g/t) | Contained Gold (koz) | | :--- | :--- | :--- | :--- | | **Proven** | 86 | 7.71 | 21 | | **Probable** | 2,259 | 6.34 | 460 | | **Proven & Probable** | **2,345** | **6.38** | **481** | Seabee Life of Mine (LOM) Cost Estimates | Cost Category | Total LOM ($M) | LOM Average ($/t Milled) | | :--- | :--- | :--- | | **Capital Costs** | $116.7 | - | | **Operating Costs** | $349 | $154.03 | [Puna Operations, Jujuy Province, Argentina](index=71&type=section&id=Puna%20Operations%2C%20Jujuy%20Province%2C%20Argentina) - Puna is a **100%** owned open-pit silver-lead-zinc mine in Argentina; ore from the Chinchillas mine is transported **45 km** to the Pirquitas processing plant to produce silver-lead and zinc concentrates[400](index=400&type=chunk)[404](index=404&type=chunk) Puna Mineral Reserves (as of Dec 31, 2022) | Metal | Category | Tonnes (kt) | Grade | Contained Metal | | :--- | :--- | :--- | :--- | :--- | | **Silver** | Proven & Probable | 6,623 | 156 g/t | 33,122 koz | | **Lead** | Proven & Probable | 6,623 | 1.30% | 189.6 Mlbs | | **Zinc** | Proven & Probable | 6,623 | 0.25% | 37.1 Mlbs | Puna Life of Mine (LOM) Cost Estimates | Cost Category | Total LOM ($M) | LOM Average ($/t milled) | | :--- | :--- | :--- | | **Capital Costs** | $31.6 | - | | **Operating Costs** | $288 | $50.45 | [Operating Statistics](index=100&type=section&id=Operating%20Statistics) 2022 Production by Mine | Mine | Gold Produced (oz) | Silver Produced ('000 oz) | Lead Produced ('000 lb) | Zinc Produced ('000 lb) | | :--- | :--- | :--- | :--- | :--- | | **Çöpler** | 191,366 | — | — | — | | **Marigold** | 194,668 | — | — | — | | **Seabee** | 136,125 | — | — | — | | **Puna** | — | 8,397 | 41,004 | 8,583 | 2021 Production by Mine | Mine | Gold Produced (oz) | Silver Produced ('000 oz) | Lead Produced ('000 lb) | Zinc Produced ('000 lb) | | :--- | :--- | :--- | :--- | :--- | | **Çöpler** | 329,276 | — | — | — | | **Marigold** | 235,282 | — | — | — | | **Seabee** | 118,888 | — | — | — | | **Puna** | — | 8,010 | 37,695 | 13,642 | Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities](index=103&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchase%20of%20Equity%20Securities) SSR Mining's shares trade on TSX/Nasdaq; in 2022, the company repurchased 6.05 million shares for $100.0 million and paid $0.28 per share in dividends - Under its 2022 Normal Course Issuer Bid (NCIB), the company repurchased **6,053,126** common shares for approximately **$100.0 million** at a weighted average price of **$16.53 per share**[591](index=591&type=chunk) - The company paid cash dividends of **$0.28 per common share** in 2022, totaling **$58.8 million**; the quarterly dividend was increased from **$0.05 to $0.07 per share** in February 2022[596](index=596&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=107&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2022, revenue decreased 22.1% to $1.15 billion and net income fell 50.6% to $210.4 million, primarily due to operational disruptions [Consolidated Results of Operations](index=108&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated Financial Results (Years Ended December 31) | Metric (in thousands, except per share) | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | **Revenue** | $1,148,033 | $1,474,199 | (22.1)% | | **Operating income** | $190,268 | $444,375 | (57.2)% | | **Net income** | $210,428 | $425,922 | (50.6)% | | **Attributable net income** | $194,140 | $368,076 | (47.3)% | | **Diluted net income per share** | $0.89 | $1.63 | (45.4)% | | **Adjusted diluted attributable net income per share** | $0.67 | $1.78 | (62.4)% | Consolidated Operating Results (Years Ended December 31) | Metric | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | **Gold equivalent produced (oz)** | 623,819 | 794,456 | (21.5)% | | **Gold equivalent sold (oz)** | 617,135 | 797,602 | (22.6)% | | **Cost of sales per AuEq oz sold** | $985 | $842 | 17.0% | | **AISC per AuEq oz sold** | $1,339 | $955 | 40.2% | - The **22.1%** decrease in 2022 revenue was primarily driven by a **22.6%** decrease in gold equivalent ounces sold, mainly due to the temporary suspension of operations at Çöpler and slower leaching at Marigold[627](index=627&type=chunk) [Liquidity and Capital Resources](index=117&type=section&id=Liquidity%20and%20Capital%20Resources) - Cash and cash equivalents decreased by **$362.1 million** during 2022, from **$1,017.6 million** to **$655.5 million**, primarily due to cash used in investing and financing activities[677](index=677&type=chunk) Summary of Cash Flows (Years Ended December 31, in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $160,896 | $608,986 | | **Cash used in investing activities** | ($236,282) | ($129,137) | | **Cash used in financing activities** | ($271,782) | ($319,769) | - In 2022, the company returned capital to shareholders through **$58.8 million** in dividends and **$100.0 million** in share repurchases[672](index=672&type=chunk)[674](index=674&type=chunk) [Non-GAAP Financial Measures](index=120&type=section&id=Non-GAAP%20Financial%20Measures) - The company uses non-GAAP measures such as **Cash Costs, AISC, Adjusted Attributable Net Income, EBITDA, and Free Cash Flow** to evaluate operating performance and provide additional information to investors[687](index=687&type=chunk) Reconciliation of Net Income to Adjusted Net Income (in thousands) | Line Item | 2022 | 2021 | | :--- | :--- | :--- | | **Net income attributable to SSR Mining shareholders (GAAP)** | $194,140 | $368,076 | | Adjustments (net) | ($49,326) | $33,681 | | **Adjusted net income attributable to SSR Mining shareholders (Non-GAAP)** | $144,814 | $401,757 | Reconciliation of Cash from Operations to Free Cash Flow (in thousands) | Line Item | 2022 | 2021 | | :--- | :--- | :--- | | **Cash provided by operating activities (GAAP)** | $160,896 | $608,986 | | Less: Additions to mineral properties, plant and equipment | ($137,515) | ($164,810) | | **Free cash flow (non-GAAP)** | $23,381 | $444,176 | [Quantitative and Qualitative Disclosures About Market Risk](index=131&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from commodity price, currency (TRY, CAD, ARS), and interest rate fluctuations, with a 10% silver price change impacting net income by $6.6 million - **Price Risk:** A **10%** change in the silver price as of December 31, 2022, would result in a **$6.6 million** change in after-tax net income due to provisional concentrate sales[739](index=739&type=chunk) - **Currency Risk:** The company faces significant exposure to fluctuations in the Turkish Lira (TRY), Canadian Dollar (CAD), and Argentine Peso (ARS); the economies of Argentina and Türkiye are considered highly inflationary, with 2022 inflation rates reaching **94.8%** and **72%** respectively[740](index=740&type=chunk)[742](index=742&type=chunk) - **Interest Rate Risk:** A **1.0%** change in the LIBOR interest rate would impact the company's after-tax net income by **$0.8 million** due to its variable-rate Term Loan[749](index=749&type=chunk) [Financial Statements and Supplementary Data](index=134&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited 2022 consolidated financial statements, including operations, cash flows, balance sheets, and equity, with an unqualified audit opinion [Notes to Consolidated Financial Statements](index=143&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - **Acquisition of Kartaltepe:** On November 17, 2022, the company acquired an additional **30%** of Kartaltepe for **$150.0 million**, increasing its ownership to **80%** and resulting in consolidation; a gain of **$81.9 million** was recognized on the transaction[863](index=863&type=chunk)[864](index=864&type=chunk) - **Debt:** As of December 31, 2022, total debt was **$298.3 million**, consisting primarily of **$226.5 million** in 2.50% Convertible Senior Notes due 2039 and a **$70.0 million** Term Loan; the company was in compliance with all debt covenants at year-end after receiving a waiver for a temporary non-compliance event in Q3 2022 related to the Çöpler suspension[979](index=979&type=chunk)[988](index=988&type=chunk) - **Share Repurchases:** During 2022, the company repurchased and cancelled **6.1 million** common shares for **$100.0 million** under its Normal Course Issuer Bid (NCIB)[929](index=929&type=chunk) Part III [Directors, Executive Officers, Corporate Governance, Compensation, and Principal Accountant Fees](index=184&type=section&id=Items%2010-14) Information on directors, executive officers, corporate governance, compensation, and accountant fees is incorporated by reference from the 2023 Proxy Statement - Detailed information regarding directors, executive compensation, security ownership, and accountant fees is not included in this 10-K but is incorporated by reference from the company's forthcoming Proxy Statement[1019](index=1019&type=chunk)[1020](index=1020&type=chunk)[1021](index=1021&type=chunk)[1022](index=1022&type=chunk)[1023](index=1023&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=185&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all exhibits filed with the Annual Report, including financial statements, expert consents, and various certifications - This section contains a comprehensive list of all exhibits filed with the Form 10-K, including material agreements, corporate articles, compensation plans, and required certifications under the Sarbanes-Oxley Act[1025](index=1025&type=chunk)[1027](index=1027&type=chunk)[1028](index=1028&type=chunk)

SSR Mining Inc. (NASDAQ:SSRM) Q3 2022 Earnings Conference Call November 8, 2022 5:00 PM ET Company Participants Alex Hunchak - Investor Relations Rod Antal - President and Chief Executive Officer Alison White - Chief Financial Officer Stew Beckman - Chief Operating Officer Conference Call Participants Ovais Habib - Scotiabank Cosmos Chiu - CIBC Operator Thank you for standing by. This is the conference operator. Welcome to SSR Mining’s Third Quarter 2022 Results Conference Call. [Operator Instructions] I wo ...

Financial Performance & Capital Returns - The company returned $336 million, representing 12% of its market capitalization, to shareholders since Q2 2021 [8] - Capital returned to shareholders represents over 90% of free cash flow since the start of 2021 [8] - In Q1 2022, the company increased its dividend by 40% [8, 23] - Approximately $100 million in shares were repurchased YTD 2022 under the NCIB program [9, 25] - The company's total cash position is $784 million, with a net cash position of $465 million as of September 30, 2022 [8, 25] Production & Operations - Q3 2022 consolidated production was 107 koz AuEq, with production costs of $1,099/oz and AISC of $1,901/oz AuEq [25] - YTD consolidated production reached 441 koz AuEq, with production costs of $955/oz and AISC of $1,331/oz AuEq [25] - Full-year 2022 production guidance is revised to 620 to 655 koz AuEq [25] - Puna's Q3 throughput averaged nearly 4,800 tpd [52] Growth & Projects - 2021 Mineral Reserves increased by 1.1 Moz Au, a 14% increase Y/Y [8] - Ardich is on track for first production in 2023, targeting 1.2+ Moz production with $69 million of capex [8] - C2 first production is targeted for 2025, with 1.0+ Moz production, $218 million capex, and ~60% IRR [8]

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, 2022 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 2022 Earnings Conference Call August 2, 2022 5:00 PM ET Company Participants Alex Hunchak – Director-Corporate Development and Investor Relations Rod Antal – President and Chief Executive Officer Alison White – Chief Financial Officer Stew Beckman – Chief Operating Officer Conference Call Participants Cosmos Chiu – CIBC Michael Siperco – RBC Capital Markets Ovais Habib – Scotiabank Lawson Winder – Bank of America Securities Levi Spry – UBS Australia Mike Parkin – National Ba ...

A FREE CASH FLOW FOCUSED GOLD PRODUCER Second Quarter 2022 Financial Results August 2022 Cautionary Notes Cautionary Note Regarding Forward-Looking Statements Except for statements of historical fact relating to the Company, certain statements contained in this presentation constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may be contai ...

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, 2022 or Suite 1300 - 6900 E. Layton Ave, Denver, Colorado, 80237 (Address of Principal Executive Offices) Registrant's telephone number, including area code (303) 292-1299 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...