SSR MINING ANNOUNCES POSITIVE RESULTS OF THE ÇÖPLER DISTRICT MASTER PLAN STUDIES The Master Plan Feasibility Level Study Reserve Case Produces an NPV 5% of $1.7 Billion The Alternative PEA Case Including Ardich Resources Produces a Potential NPV 5% of
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November 30, 2020
SSR MINING ANNOUNCES POSITIVE RESULTS OF THE ÇÖPLER DISTRICT
MASTER PLAN STUDIES
The Master Plan Feasibility Level Study Reserve Case Produces an NPV 5% of $1.7 Billion
The Alternative PEA Case Including Ardich Resources Produces a Potential NPV 5% of
$2.2 Billion
DENVER, CO – SSR Mining Inc. (NASDAQ/TSX: SSRM; ASX: SSR) (“SSR Mining”) is pleased
to announce the positive results of its independently prepared Master Plan study of the Çöpler
District (“Çöpler District Master Plan 2020” or “CDMP20”) which will be set forth in an independent
National Instrument 43-101 Technical Report on the Çöpler mine. Çöpler has been in continuous
operations since 2010 and has cumulatively produced over 2 Moz of gold. The CDMP20
summarizes SSR Mining’s current development strategy for Çöpler and includes analysis for two
production scenarios:
1. Mineral Reserve case (the “Reserve Case”) incorporating a supplemental flotation circuit
prepared to a Feasibility Study level; and
2. An alternative Preliminary Economic Assessment case including the development of Ardich
(the “PEA Case”). (1)
Highlights of the Çöpler District Master Plan 2020:
(All results on a 100% basis; currency in U.S. dollars)
Significant increase in Mineral Reserves and Mineral Resources: Updated figures and
growth since December 31, 2019:
4.0 Moz Mineral Reserves – increase of 22%;
7.4 Moz Measured & Indicated Mineral Resources (2) – increase of 24%; and
3.1 Moz Inferred Resources – increase of 58%.
Reserve Case outlines benefits of operational improvements and the addition of a
supplemental flotation circuit:
NPV5% of $1.7 billion;
Life of mine production of 3.6 Moz of gold;
Average annual production of 266,000 ounces of gold over the first five years;
Average AISC of $865 per ounce (3) over the first five years;
Average annual free cash flow of $224 million (4) over the first five years;
Incorporation of supplemental flotation circuit: Increases sulfide plant throughput, lowers
operating costs; and
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21-year asset life at higher processing rates: Mine life extension a r esult of lower
processing costs, additional pit phases, additional tailings capacity, and an increased gold
price.
PEA Case shows potentially robust economic results and increased production scale
as a result of including development of the Ardich mineral resources:
NPV5% of $2.2 billion;
Life of mine production of 4.6 Moz of gold;
Average annual production of 306,000 ounces of gold over the first five years;
Average AISC of $886 per ounce (3) over the first five years;
Average annual free cash flow of $249 million (4) over the first five years;
22-year asset life;
Ardich deposit incremental development capital of ~$50 million;
The Ardich deposit is a newly identified deposit that is separate to the other deposits on
the property. Drilling is continuing at the Ardich deposit and it is expected that the drilling
will further define the Mineral Resource; and
The PEA Case is preliminary in nature and includes an economic analysis that is based,
in part, on Inferred Mineral Resources. Inferred Mineral Resources are considered too
speculative geologically for the application of economic considerations that would allow
them to be categorized as Mineral Reserves, and there is no certainty that the results will
be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated
economic viability.
Approval for construction of the supplemental flotation circuit: SSR Mining’s Board of
Directors has approved construction of the supplemental flotation circuit at a total cost of $18
million with commissioning expected in Q3 2021.
Permitting advancing: Permitting and Environmental Impact Assessment (“EIA”) updates for
both Çöpler and Ardich are underway.
Tailings capacity constraint removed: A seventh lift of the tailings storage facility (“TSF”)
along with improved settling, resulting from the flotation circuit removes the Mineral Reserve
tailings capacity constraint on total tonnes processed. Engineering and permitting is
proceeding on a second smaller tailings facility in anticipation of growth at Ardich and Çöpler.
Exploration continues at Ardich with positive drill results: Results from drilling completed
since February 2020 provide encouragement for extension of the mineralized zones beyond
the extents of the updated Mineral Resource. Drilling continues with three drills currently
active.
Rod Antal, President and CEO s tated, “We are pleased with the results of the updated Çöpler
District Master Plan which demonstrates long -term value and the significant organic growth
potential of this world-class operation. The CDMP20 clearly outlines a potential path to sustaining
~300,000 ounces of annual production from the district for at least 10 years, the extension of the
overall mine life to 20+ years at increased processing rates, and the generation of robust free
cash flows over the mine life.
In addition to numerous highly prospective targets identified within the district over the last several
years, the subsequent Ardich drilling results, coupled with the C2 exploration results from last
week, continue to indicate the significant upside we see at Çöpler for years to come. Ardich
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represents the most advanced project in the district with exploration, engineering, and permitting
continuing to advance the project to potentially bring it into production by 2023.”
Çöpler District Master Plan 2020 Summary
The CDMP20 summarizes the current SSR Mining development strategy for Çöpler and includes
analysis for two production scenarios:
1. Reserve Case demonstrating the Mineral Reserves and incorporating a supplemental
flotation circuit; and
2. The alternative PEA Case outlining the development of Ardich.
A location plan showing the facility locations and the boundaries of the Reserve Case and the
PEA Case is shown in Figure 1.
The CDMP20 scope included:
Updated Mineral Resource on the Çöpler, Çakmaktepe and Ardich deposits;
Updated Mineral Reserve on the Çöpler and Çakmaktepe deposits;
The incorporation of a supplemental flotation circuit in the existing sulfide plant; and
PEA which includes the preliminary development plan for the Ardich Mineral Resources.
Figure 1. CDMP20 Reserve Case and PEA Case Boundaries.
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The Reserve Case is supported by feasibility study level work on the currently operated pits at
the Çöpler and Çakmaktepe deposits , the heap leach facility , and the sulfide plant. The
processing analysis in the Reserve Case includes incorporation of a flotation circuit into the
existing sulfide plant to upgrade sulfide sulfur to full y utilize grinding and pressure oxidation
(“POX”) autoclave capacity. The flotation circuit is in detailed design and preliminary construction
works are underway pending final permitting which is expected in late 2020.
The PEA Case on an expanded Çöpler project includes the new predominantly oxide Ardich
deposit for the enlarged project area, and that reflects the increased capital costs and
infrastructure required. The PEA Case analyzes inclusion of production from Ardich in a whole of
project analysis and represe nts a significant change from the Reserve Case economic results
and production profile.
The key production and economic analysis from the CDMP20 are shown in Table 1.
Table 1. CDMP20 Results Summary.
Item Unit Reserve Case PEA Case
Oxide Processed
Heap Leach Quantity kt 7,668 25,008
Gold Feed Grade g/t 1.22 1.69
Sulfide Processed
Quantity Milled kt 51,084 54,073
Gold Feed Grade g/t 2.24 2.33
Total Gold Produced
Oxide – Gold koz 256 956
Sulfide – Gold koz 3,334 3,691
Total – Gold koz 3,591 4,646
Oxide – Gold Recovery % 73 68
Sulfide – Gold Recovery % 91 91
5-Year Annual Average
Average Gold Produced koz 266 306
Free Cash Flow $M 224 249
Production Costs (3) $/oz Au 682 701
All-in Sustaining Costs (3) $/oz Au 865 886
Key Financial Results
Production Costs (3) $/oz Au 748 726
All-in Sustaining Costs (3) $/oz Au 945 893
Site Operating Costs $/t treated 47.09 42.87
After-Tax NPV (5%) $M 1,733 2,164
Mine Life years 21 22
Note: 5-Year annual average is for the period January 2021 to December 2025.
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Sulfide Plant Flotation Circuit
A 50 to 150 tph flotation circuit will increase overall sulfide plant throughput, utilizing latent
capacity in the sulfide plant, in particular the grinding and POX circuits. Total plant throughput will
increase up to a maximum of 400 tph, depending on ore type and chemistry. Total plant and
flotation circuit throughput will modulate to produce a concentrate that will maintain maximum
autoclave sulfide sulfur throughput rates.
The flotation circuit is being installed between grinding and acidulation, as shown in Figure 2 . A
bleed / slip stream from the grinding thickener feed will go to flotation, gold bearing sulfide
concentrate will return to the grinding thickener to be combined with POX feed. The carbonate
rich flotation tailings go directly to leaching.
The projected benefits of the flotation circuit are:
A significant increase in overall plant throughput rate (1.9 to 2Mtpa design up to a max 3Mtpa);
Increased tailings settled density provides additional TSF capacity;
Reduced reagent usage (acid and lime); and
Making the sulfide plant less dependent on input ore chemical parameters (less process
excursions & reduced mine costs).
Figure 2. Flotation circuit block flow diagram and graphics.
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Figure 3. Flotation circuit graphics.
Figure 4. Flotation circuit graphics.
Ardich
The Ardich deposit is a newly discovered deposit that is separate to the other deposits on the
property. Drilling is continuing at Ardich and is expected to further define and expand the Mineral
Resource. The development of Ardich requires development of a new open pit that is 6 km from
the current Çöpler pit and 1 km from the Çakmaktepe pit.
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The PEA Case defines the first iteration of the potential development plan for Ardich. Permitting
and planning for development is underway . The production profile of the PEA Case is outlined
below in Figure 5.
Figure 5. PEA Case production profile.
Note: 2020E gold production of 330k ounces calculated based on year-to-date actual production of 244k ounces, plus
86k ounces of estimated gold production in Q4 2020.
Inferred Mineral Resources from Ardich are included in the PEA Case. The Ardich oxide Mineral
Resources in the PEA Case for feed to the oxide heap leac h represent a more than doubling of
the production rate at an average grade that is 50% higher than the Çöpler oxide heap leach
processing rate and average grade in the Reserve Case. The PEA Case includes assumptions
for separate capital, infrastructure and permitting that will be required to develop the Ardich
Mineral Resources. The Ardich Mineral Resource was not included in the previous Technical
Report and so the PEA represents a significant change in information.
The PEA Case is preliminary in nature and includes an economic analysis that is based, in part,
on Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative
geologically for the application of economic considerations that would allow them to be
categorized as Mineral Reserves, and there is no certainty that the results will be realized. Mineral
Resources that are not Mineral Reserves do not have demonstrated economic viability.
168 171
391
330
316
264
282
329 336
290 284
321
273
208 200
148 142
126 116
103 103 103 103 103
171
240
0
50
100
150
200
250
300
350
400
Gold Production (k oz)
Actual Results / Near-Term Estimates Sulfide Reserves Oxide Reserves Ardich Prior Technical Report (Jun 2016)
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NPV Sensitivities
Figure 6. Reserve Case NPV Sensitivity.
Figure 7. PEA Case NPV Sensitivity.
NPV (5%) Units
Long-Term Gold Price ($/oz)
$1,000 $1,200 $1,400 $1,585 $1,800 $2,000
Reserve Case $ billions $1.0 $1.3 $1.5 $1.7 $2.0 $2.2
$1.0
$1.3
$1.5
$1.7
$2.0
$2.2
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$1,000 $1,200 $1,400 $1,585 $1,800 $2,000
NPV (5%) ($ billions)
Long-Term Gold Price ($/oz)
Reserve Case
NPV (5%) Units
Long-Term Gold Price ($/oz)
$1,000 $1,200 $1,400 $1,585 $1,800 $2,000
PEA Case $ billions $1.2 $1.6 $1.9 $2.2 $2.5 $2.7
$1.2
$1.6
$1.9
$2.2
$2.5
$2.7
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$1,000 $1,200 $1,400 $1,585 $1,800 $2,000
NPV (5%) ($ billions)
Long-Term Gold Price ($/oz)
PEA Case