Ssr Mining Announces Initial 12 Year Life of MINE Plan FOR Cc&v with an NPV5% of $824M and Potential FOR Further Mineral Reserve Conversion
SSR Mining Inc. PAGE 1
News Release
November 10, 2025
SSR MINING ANNOUNCES INITIAL 12 YEAR LIFE OF MINE PLAN
FOR CC&V WITH AN NPV5% OF $824M AND POTENTIAL FOR FURTHER
MINERAL RESERVE CONVERSION
DENVER – SSR Mining Inc. (Nasdaq/TSX: SSRM) (“SSR Mining” or the “Company”) announces the results of a
Technical Report Summary (“TRS”) for the Cripple Creek & Victor Gold Mine (“CC&V”) in Colorado, USA (the “2025
CC&V TRS”).
Highlights of the 2025 CC&V TRS:
• After-tax NPV5% of $824 million at consensus gold prices averaging $3,240 per ounce over the life of mine
o After-tax NPV5% increases to approximately $1.5 billion at a gold price of $4,000 per ounce
• 12-year mine life, 26 years of total production based on 2.8 million ounces of gold Mineral Reserves
• Average annual production of 141,000 ounces of gold over the three-year period from 2026 to 2028
o Over the same three-year period, annual after-tax operating cash flow and free cash flow averages $196
million, and $128 million, respectively, based on consensus gold prices (1)
▪ At a gold price of $4,000 per ounce, annual after-tax operating cash flow and free cash flow from 2026
to 2028 averages $235 million and $168 million, respectively
• Measured & Indicated Mineral Resources, exclusive of Mineral Reserves, total 4.8 million ounces of gold with
an additional 2.0 million ounces of Inferred Mineral Resources, highlighting potential for future growth
o The gold prices used in the calculation of CC&V Mineral Reserves and Mineral Resources are $1,700/oz
and $2,000/oz, respectively. These gold price assumptions are unchanged from CC&V’s prior Mineral
Reserve and Mineral Resource statement as of December 31, 2024
• Based on the upfront $100 million cash payment in February 2025 , upcoming contingent payments , realized
mine site after-tax free cash flow and the TRS free cash flow projections, the acquisition of CC&V has an implied
after-tax transaction IRR in excess of 100%
Rod Antal, Executive Chairman of SSR Mining, said, “The transformational acquisition of CC&V established SSR
Mining as the third largest gold producer in the United States , with two core operations each with mine lives in
excess of 10 years. Following a very successful integration process , CC&V has already paid back the initial $100
million upfront acquisition price in mine-site after-tax free cash flow. Including the total potential transaction outlay
(1) The Company reports non-GAAP financial measures including after-tax free cash flow to manage and evaluate its operating performance at
its mines. See "Cautionary Note Regarding Non-GAAP Financial Measures" for an explanation of this financial measure to the most comparable
GAAP financial measures.
SSR Mining Inc. PAGE 2
of $275 million, the results from this initial Technical Report Summary demonstrate a transaction IRR in exce ss of
100%, a truly exceptional outcome with meaningful growth potential for the operation still ahead.
Today’s initial life of mine plan already demonstrates a long-lived operation and with nearly five million ounces of
Measured & Indicated Mineral Resources and two million ounces of Inferred Mineral Resources, there is a clear
opportunity for future growth.”
The TRS, with an effective date of July 1, 2025 , has been prepared in accordance with S-K 1300 and will be
available by November 14, 2025 on the Company’s website and on a Current Report on Form 8-K to be filed with
the U.S. Securities and Exchange Commission (“SEC”).
Figure 1: 2025 CC&V TRS – Production Summary (2)
(2) 2025 production represents the full-year guidance range of 90,000 to 110,000 ounces of gold attributable to SSR Mining, as well as the 28,000
ounces attributable to Newmont for the period of January 1 to February 28, 2025.
Table 1: CC&V TRS Highlights at Consensus Gold Prices
Three-Year Profile Five-Year Profile
Unit 2026 – 2028 2026 – 2030
Total Gold Production Au koz 424 657
Average Annual Gold Production Au koz 141 131
Total Operating Cash Flow (GAAP) $M $587 $761
Total Capital Costs (GAAP) (3) $M $203 $283
Total Free Cash Flow (non-GAAP) (4) $M $384 $478
Average Annual Free Cash Flow $M $128 $96
Cost of Sales (GAAP) $/oz sold $1,799 $1,901
Cash Costs (non-GAAP) (4) $/oz sold $1,800 $1,902
All-In Sustaining Costs (non-GAAP) (4) $/oz sold $2,051 $2,135
(3) Total capital costs include sustaining capital, development capital, and reclamation.
(4) The Company reports non-GAAP financial measures including after-tax free cash flow and All-In Sustaining Cost (“AISC”) per ounce sold (a
common measure in the mining industry), to manage and evaluate its operating performance at its mines. All cash flow figures are presented
after tax. Free cash flow is calculated as operating cash flow less capital costs. AISC include costs associated with non -cash inventory
movements. See "Cautionary Note Regarding Non-GAAP Financial Measures" for an explanation of Cash Costs and AISC and a reconciliation
of these financial measures to the most comparable GAAP financial measures.
SSR Mining Inc. PAGE 3
Table 2: 2025 CC&V TRS – After-Tax NPV Sensitivity
LOM Gold Prices $/oz $2,754 Base Case (5) $3,726 $4,212
Sensitivity % -15% — +15% +30%
NPV5% $M $340 $824 $1,299 $1,767
(5) Base Case gold price assumption averages $3,433/oz from 2025 to 2030 and $3,094/oz for the remainder of the mine life.
Since closing of the CC&V acquisition during the first quarter of 2025, the mine has produced 85,165 ounces of
gold from February 28, 2025 to September 30, 2025 , and continues to track to the top -end of its attributable 2025
production guidance of 90,000 to 110,000 ounces. Over this same time period, CC&V has generated approximately
$115 million in mine site after-tax free cash flow to SSR Mining. Inclusive of the $100 million upfront cash payment
and $175 million in future contingent payments, realized free cash flow and the life of mine projections outlined in
the 2025 CC&V TRS, the acquisition is expected to provide SSR Mining with an IRR in excess of 100%.
Figure 2: SSR Mining’s Proven M&A Track Record (6)
(6) Acquisition Value includes initial ly announced acquisition price , subsequent property acquisitions and the present value of contingent
payments; Current values are rounded; “Realized Cash” means revenue less cost of sales, exploration, evaluation, and reclamation
expenditures, cash care and maintenance, capital expenditures and taxes; please see “Cautionary Note Regarding Non-GAAP Measures” at
the end of this press release for additional details. Realized cash for CC&V of $85 million in the first half of 2025 aligns with the TRS effective
date of July 1, 2025. Actual reported mine-site after-tax free cash flow was approximately $115 million from the acquisition’s close to the end
of the third quarter of 2025. Analyst NAV based on broker consensus research as of November 3, 2025.
CC&V Mineral Reserves and Mineral Resources (“MRMR”) (7)
(7) Please see “Supplemental Mineral Reserve and Mineral Resource Information” at the end of this press release for additional details. Mineral
Resources are exclusive of Mineral Reserves. Numbers may not add due to rounding.
Table 3: SSR Mining CC&V MRMR as of July 1, 2025
(100% attributable) Tonnes (kt) Grade (g/t) Gold (koz)
Total P+P Reserves 235,134 0.37 2,814
M&I Mineral Resources 344,844 0.44 4,845
Inferred Mineral Resources 149,603 0.41 1,966
SSR Mining Inc. PAGE 4
Figure 3: SSR Mining’s Mineral Reserves & Mineral Resources by U.S. Asset
The majority of ore mined in the 2025 CC&V TRS is expected to be sourced from the currently active Globe Hill,
Schist Island and South Cresson pits. On average, the operating period from 2026 to 2036 includes average
stacking rates of 52,000 tonnes per day, and total material movement rates of 85,000 tonnes per day for a life of
mine strip ratio of 0.65:1. The average life of mine gold recovery is 51.6%, with an average stacked grade of 0.39
grams per tonne. Approximately 5% of all ore stacked over the life of mine is currently planned to be crushed, with
the remainder placed as Run of Mine (“ROM”) ore. Placement rates and crushed versus ROM considerations reflect
thorough technical analysis and ensure a minimum sufficient leach cycle time of 120 days. The TRS production
plan also includes approximately 334,000 ounces of recoverable gold currently in process inventory.
The CC&V mine is grid connected , with emergency power available via backup diesel generators for critical
systems. The current CC&V heavy equipment fleet includes 17 haul trucks, two front-end loaders and two hydraulic
shovels. NSR royalties across the CC&V property range from 0.5% to 10.0%, with an effective life of mine average
royalty rate of 5%.
Table 4: 2025 CC&V TRS – Operating Metrics Summary
Unit Life of Mine
Total Material Mined Mt 373
Average Daily Mining Rate ktpd 85
Total Ore Mined Mt 226
Total Waste Mined Mt 146
Strip Ratio W:O 0.65
Total Ore Stacked Mt 226
Average Daily Stacking Rate ktpd 52
Ore Grade Stacked g/t Au 0.39
Contained Gold Stacked koz 2,832
Gold Recovery % 51.6
SSR Mining Inc. PAGE 5
Additional potential for upside at CC&V
The CC&V property covers over 15,000 acres within one of the most prolific gold mining districts in US history. More
than 2.8 million meters of drilling have been completed across more than 17,000 drill holes on the CC&V property.
While not all of this historical drilling has been factored into current Mineral Reserve and Mineral Resource
compilations, as of July 1, 2025, CC&V hosted more than 4.8 million ounces of Measured and Indicated Mineral
Resources and an additional 2.0 million ounces of Inferred Mineral Resources, both exclusive of Mineral Reserves.
These significant Mineral Resource s present considerable potential for growth in the future. A constraint in the
definition of Mineral Reserves as compared to Mineral Resources is the available Valley Leach Facility (“VLF”)
capacity for the placement of additional ore tonnes. The Mineral Reserves included in the 2025 CC&V TRS are
therefore constrained by the VLF capacity provided by the currently in -process Amendment 14 permit with the
Colorado Division of Reclamation, Mining, and Safety (“DRMS”) and Teller County. Amendment 14, once approved,
will provide incremental heap leach pad capacity to process 171 million tonnes (189 million short tons) and support
the CC&V Mineral Reserve life as outlined in the 2025 TRS.
SSR Mining is continuing to evaluate other opportunities for future growth at CC&V, including additional resource
development and exploration drilling across the property , as well as opportunities for fleet optimization and other
potential operating improvements.
2025 CC&V Transaction Overview (8)
1
As announced in December 2024, consideration for the acquisition of CC&V was comprised of a $100 million upfront
cash payment made on closing of the transaction on February 28, 2025 , as well as u p to $175 million in cash
milestone-based payments. These milestone payments were separated into two tranches:
• $87.5 million will be payable upon final approval of the application to amend the CC&V Cresson Permit
(“Amendment 14”). This permit amendment was filed by Newmont on April 25, 2024, with the scope to
extend the life of mine by adding 189 million short tons (171 million metric tonnes) of leach pad capacity
through construction of Phase 4 of the Valley Leach Facility 2 (“VLF2”) and Phase 6 of Valley Leach Facility
1 (“VLF1”), amongst other operational considerations including pit laybacks and road adjustments ; and
• Up to $87.5 million will be payable upon obtaining regulatory relief relating to flow -related permitting
requirements for the Carlton Tunnel, including steps taken to achieve the highest feasible alternative in
relation to Carlton Tunnel water flow.
Upon completion of an updated regulator-approved closure plan and in the event aggregate closure costs at CC&V
exceed $500 million, SSR Mining will be responsible for funding 10% of the incremental closure costs while
Newmont will be responsible for fundin g 90% of the incremental closure costs, either on an as -incurred basis or
pursuant to a lump sum payment option. Reclamation and closure costs in the 2025 CC&V TRS total $517 million.
(8) For additional information regarding the CC&V Transaction, p lease see our press release titled “SSR Mining Announces the Acquisition of
Cripple Creek & Victor Gold Mine From Newmont” dated December 6, 2024
SSR Mining Inc. PAGE 6
Assumptions
All figures are in U.S. dollars, unless otherwise noted. The gold price used in the calculation of Mineral Reserves
was $1,700 per ounce and the gold price used in the calculation of Mineral Resource was $ 2,000 per ounce. The
TRS is based on gold prices of: 202 5 - $3,322/oz; 2026 - $3,793/oz; 2027 - $3,704/oz; 2028 - $3,396/oz; 2029 -
$3,252/oz; 2030 - $3,130/oz; and long-term - $3,094/oz. All references to tonnage in this press release are in metric
tonnes unless otherwise noted. Key assumptions used in the preparation of the TRS are subject to risks and
uncertainties described under “Cautionary Note Regarding Forward -Looking Information and Statements”. All
figures are presented on a 100% basis, unless otherwise noted.
CC&V Technical Report Summary
The CC&V TRS is expected to be included as an exhibit to our Current Report on Form 8 -K that we file with the
SEC by November 14, 2025 and will be available for review on EDGAR at sec.gov at that time. This press release
does not purport to be a complete summary of the CC&V TRS and is qualified in its entirety by reference to the
CC&V TRS that we will file with the SEC. You should read this press release in conjunction with the CC&V TRS,
including the qualifications and limitations described therein, as there may be information in the CC&V TRS that
may be important.
About SSR Mining
SSR Mining is listed under the ticker symbol SSRM on the Nasdaq and the TSX.
For more information, please visit: www.ssrmining.com.
E-Mail: [email protected]
Phone: +1 (888) 338-0046
SSR Mining Inc. PAGE 7
Cautionary Note Regarding Forward-Looking Information and Statements:
Except for statements of historical fact relating to us, certain statements contained in this news release constitute forward-looking
information, future oriented financial information, or financial outlooks (collectively “forward -looking information”) wit hin the
meaning of applicable securities laws. Forward -looking information may be contained in this document and our other public
filings. Forward-looking information relates to statements concerning our outlook and anticipated events or results and in som e
cases, can be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”,
“estimate”, “projects”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts.
Forward-looking information and statements in this news release are based on certain key expectations and assumptions made
by us. Although we believe 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 we
can give no assurance that they will prove to be correct. Forward-looking information and statements are subject to various risks
and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations
expressed in this news release. The key risks and uncertainties include, but are not limited to: local and global political a nd
economic conditions; governmental and regulatory requirements and actions by governmental authorities, including changes in
government policy, government ownership requirements, changes in environmental, tax and other laws or regulations and the
interpretation thereof; developments with respect to global pandemics, including the duration, severity and scope of a pandemic
and potential impacts on mining operations; risks and uncertainties resulting from the incident at Çöpler described in our Annual
Report on Form 10-K for the year ended December 31, 2024; and other risk factors detailed from time to time in our reports filed
with the Securities and Exchange Commission on EDGAR and the Canadian securities regulatory authorities on SEDAR.
Forward-looking information and statements in this news release include any statements concerning, among other things: all
information related to the Company’s CC&V operations, including forecasts and outlook; preliminary cost reporting in this
document; timing, production, operating, cost, and capital expenditure guidance; our operational and development targets and
catalysts and the impact of any suspensions on operations; the results of any gold reconciliations; the ability to discover additional
oxide gold ore; the generation of free cash flow and payment of dividends; matters relating to proposed exploration;
communications with local stakeholders; maintaining community and government relations; negotiations of joint ventures;
negotiation and completion of transactions; commodity prices; Mineral Resources, Mineral Reserves, conversion of Mineral
Resources, realization of Mineral Reserves, and the existence or realization of Mineral Reso urce estimates; the development
approach; the timing and amount of future production; the timing of studies, announcements, and analysis; the timing of
construction and development of proposed mines and process facilities; capital and operating expenditure s; economic
conditions; availability of sufficient financing; exploration plans; receipt of regulatory approvals; timing and impact surro unding
suspension or interruption of operations as a result of regulatory requirements or actions by governmental autho rity; and any
and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental,
regulatory, and political matters that may influence or be influenced by future events or conditions.
Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not
limited in any manner to, those disclosed in any other of our filings on EDGAR and SEDAR, and include: the assumptions made
in respect of the Company’s Çöpler operations; the inherent speculative nature of exploration results; the ability to explore;
communications with local stakeholders; maintaining community and governmental relations; status of negotiations of joint
ventures; wea ther conditions at our operations; commodity prices; the ultimate determination of and realization of Mineral
Reserves; existence or realization of Mineral Resources; the development approach; availability and receipt of required
approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development
plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and
associated cost of funds; availability of a qualified work force; ability to negotiate, finalize, and execute relevant agreements; the
Company’s ability to efficiently integrate acquired mines and businesses and to manage the costs related to any such integration,
or to retain key technical, professional or management personnel; lack of social opposition to our mines or facilities; lack of legal
challenges with respect to our properties; the timing and amount of future production; the ability to meet production, cost, and
capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic
conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economi cally
favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal,
social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors
and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.
The above list is not exhaustive of the factors that may affect any of the Company’s forward-looking information. You should not
place undue reliance on forward -looking information and statements. Forward -looking information and statements are only
predictions based on our current expectations and our projections about future events. Actual results may vary from such
forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in our filings
on our website at www.ssrmining.com, on SEDAR at www.sedarplus.ca, and on EDGAR at www.sec.gov and other unforeseen
events or circumstances. Other than as required by law, we do not intend, and undertake no obligation to update any forward -
looking information to reflect, among other things, new information or future events. The information containe d on, or that may
be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
SSR Mining Inc. PAGE 8
Qualified Persons
The scientific and technical information concerning our mineral projects in this news release have been reviewed and verified by
SLR International Corporation, a “qualified person” under subpart 1 of Regulation S -K 1300 (“S-K 1300”). For a description of
the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources included in this news
release, as well as data verification p rocedures and a general discussion of the extent to which the estimates may be affected
by any k nown environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review
the Technical Report Summaries for the properties discussed in this news release , which are available under the Company’s
corporate profile on EDGAR at www.sec.gov.
Supplemental Mineral Reserve and Mineral Resource Information
CC&V’s Mineral reserves and Mineral Resources have been classified in accordance with the definitions for Mineral Resources
in S-K 1300. Mineral Resources are presented on a project basis and have an effective date of July 1, 2025 . Mineral Reserves
and Mineral Resources have been reported on a 100% basis as SSR Mining wholly owns the property.
(1) The Mineral Reserve estimate was prepared in accordance with SK -1300
(2) The effective date of Mineral Reserves is July 1, 2025
(3) The Mineral Reserve estimate is based on a metal price assumption of $1,700/oz gold
(4) Gold cut-off grade for crush leach is 0.10g/t Au extractable cyanide soluble (factored for recovery) and run of mine leach is 0.069 g/ t Au extractable cyanide
soluble (factored for recovery)
(5) Metallurgical recoveries varies by lithology and oxidation state and ranges between 24.8% - 94.9%
(6) No mining dilution is applied to the grade of the Mineral Reserves. Dilution intrinsic to the Mineral Reserves estimate is co nsidered sufficient to represent the
mining selectivity considered
(7) Average bulk densities (in t/m3) were assigned based on lithologies and oxidation state
(8) The Property is 100% owned by SSRM
(9) Metals shown in this table are the contained metals in ore mined and processed
(10) All ounces reported represent troy ounces, and g/t represents a grade expressed in grams per metric tonne
(11) The point of reference for Mineral Reserves is the entry to the carbon columns in the processing facility
(12) Totals may vary due to rounding
(13) Leach Pad Inventory of 334koz represents work-in-process gold and is 100% recoverable over the LOM
(14) Project-to-Date combined Heap Leach Recovery is 53.6%, with VLF 1 at 57.8% and VLF2 at 43.1%. Note that most of the remaining inventory to be leached
is located in VLF2, therefore the apparent lower recovery
(1) The Mineral Resources estimate was prepared in accordance with SK -1300
(2) The effective date of Mineral Resources is July 1, 2025
(3) The Mineral Resource estimate is based on a metal price assumption of $2,000/oz gold
(4) Gold cut-off grade for crush leach is 0.10g/t Au extractable cyanide soluble (factored for recovery) and run of mine leach is 0.069 g/ t Au extractable cyanide
soluble (factored for recovery)
(5) Metallurgical recoveries varies by lithology and oxidation state and ranges between 24.8% - 94.9%
(6) No mining dilution is applied to the grade of the Mineral Resources
(7) Bulk densities (in t/m3) are average densities was assigned based on lithologies and oxidation state
(8) The Property is 100% owned by SSRM
(9) Metals shown in this table are contained metals
(10) All ounces reported represent troy ounces, and g/t represents grams per metric tonne
(11) The point of reference for Mineral Resources is the processing facility
(12) Totals may vary due to rounding
For Information regarding Marigold’s Mineral Reserves and Mineral Resources, refer to Item 2. Properties in the Company’s
Annual Report on Form 10 -K for the year ended December 31, 2024 filed on February 18, 2025 and the Technical Report
Summary included as an exhibit to our Annual Report on Form 10-K.
SSRM Metallurgical
Share Tonnage Au Grade Gold Tonnage Au Grade Gold Tonnage Au Grade Gold Recovery
(%) (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) (%)
CC&V (OP) United States 100% 115,160 0.43 1,594 48,493 0.40 627 163,653 0.42 2,221 52%
Stockpile United States 100% — — — 71,481 0.26 593 71,481 0.26 593 48%
115,160 0.43 1,594 119,974 0.32 1,220 235,134 0.37 2,814 52%Total
Gold Country
Proven Probable Proven + Probable
SSRM
Share Tonnage Au Grade Gold Tonnage Au Grade Gold Tonnage Au Grade Gold Tonnage Au Grade Gold
(%) (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz)
CC&V (OP) United States 100% 157,193 0.49 2,458 149,138 0.43 2,079 306,330 0.46 4,537 149,603 0.41 1,966
Stockpile United States 100% — — — 38,514 0.25 308 38,514 0.25 308 — — —
157,193 0.49 2,458 187,652 0.40 2,387 344,844 0.44 4,845 149,603 0.41 1,966Total
Gold Country
Measured Indicated Measured + Indicated Inferred