Ssr Mining Reports First Quarter 2022 Results Highlights
SSR Mining Inc. PAGE 1
News Release
May 3, 2022
SSR MINING REPORTS FIRST QUARTER 2022 RESULTS
HIGHLIGHTS
▪ ATTRIBUTABLE & ADJUSTED ATTRIBUTABLE Q1 DILUTED EPS OF $0.31 AND $0.30 PER SHARE, RESPECTIVELY
▪ ROBUST QUARTERLY PRODUCTION OF APPROXIMATELY 174,000 OUNCES AT AISC * OF $1,093 PER OUNCE
▪ ÇӦPLER QUARTERLY SULFIDE THROUGHPUT RECORD, FLOTATION PLANT RAMP UP CONTINUED
▪ SEABEE ACHIEVED QUARTERLY PRODUCTION RECORD OF APPROXIMATELY 53,000 OUNCES
▪ ÇAKMAKTEPE EXTENSION (“ARDICH”) ADVANCING TOWARDS 2023 FIRST PRODUCTION
▪ INTERNAL APPROVALS TO ADVANCE ~60% IRR C2 PROJECT TO PFS
▪ CLOSED THE ACQUISITION OF TAIGA GOLD, EXPANDING LAND POSITION IN SASKATCHEWAN TO APPROXIMATELY
131,000 HECTARES
▪ INCREASED Q1 DIVIDEND BY 40%
▪ PUBLISHED FOURTH ANNUAL ESG AND SUSTAINABILITY REPORT
DENVER - SSR Mining Inc. (NASDAQ/TSX: SSRM, A SX: SSR) ("SSR Mining" or the “Company") reports consolidat ed
financial results for the first quarter ended March 31, 2022. In addition, the Board of Directors declared a quarterly cash
dividend of $0.07 per common share payable on June 9, 2022 to holders of record at the close of business on May 13,
2022. This dividend qualifies as an 'eligible dividend' for Canadian tax purposes.
Rod Antal, President and CEO said, "The first quarter of 2022 continued SSR Mining’s proud track record of operational
outperformance, as we delivered gold equivalent production of 173, 675 ounces at AISC of $1,093/oz, positioning the
Company well against full year guidance. In particular, we reported record quarterly production of 52,582 ounces at Seabee
as we accessed a continua tion of a high -grade zone outside of the Mineral Reserve th at was first mined in the second
quarter of 2021. Similarly at Çöpler, the ramp up of the flotation circuit is well underway, allowing us to process a record
number of tonnes through the sulfide pl ant in the quarter. Across the remainder of the portfolio, we continue to expect
stronger production in the quarters ahead, in line with our previously announced guidance of 700,000 to 780,000 gold
equivalent ounces at AISC of $1,120 to $1,180 per gold equivalent ounce.
From a financial perspective, we increased our quarterly dividend payment by 40% to $0.07 per share within the first quarter.
We continue to expect free cash flow to be weighted to the second half of 2022, and we will work to ensure that o ur capital
returns initiatives appropriately reflect our robust free cash flow generation. Finally, our high-return growth initiatives continue
to advance on schedule with Çakmaktepe Extension and C2 targeting first production in 2023 and 2025, respec tively. We
expect to release a number of exploration update s across our asset base through the second half of the year and will look
to incorporate those results into updated technical reports in 2023 that build on the strong base-line established earlier this
year.”
* AISC is a non-GAAP metric which is customary in the mining industry, but for which there is no standardized definition or comparable financial measure
under U.S. GAAP. As a result, we have not identified a comparable financial measure calculated under U.S. GAAP . See "Cautionary Note Regarding Non-
GAAP Financial Measures".
SSR Mining Inc. PAGE 2
First Quarter 2022 Highlights:
(All figures are in U.S. dollars unless otherwise noted)
▪ Robust quarterly operating performance: Delivered first quarter production of 173,67 5 gold equivalent ounces at
AISC of $1,093/oz. (1) Previously announced full year guidance of 700,000 – 780,000 gold equivalent ounces at AISC
of $1,120 to $1,180 per gold equivalent ounce is unchanged and remains weighted to the second half of the year.
▪ Continued delivery of cash flow: Generated cash flows from operating activities of $62.2 million and free cash flow
of $27.7 million in the first quarter. (1) As previously guided, free cash flow was impacted by increased tax and royalty
payments, as well as increased working capital outlays, in the first quarter and remains significantly second half
weighted. Attributable net income in the first quarter was $67.6 million, or $0.31 per diluted share, and adjusted
attributable net income was $65.9 million, or $0.30 per diluted share. (1)
▪ Dividend increased as part of capital returns commitment: During the first quarter, the Board declared a quarterly
cash dividend of $0.07 per share, a 40% increase over the prior quarter, which was paid on April 4, 2022. The Normal
Course Issuer Bid (“NCIB”), first announced on April 19, 2021, remained active during the quarter.
▪ Balance sheet continues to support growth initiatives: At the end of the first quarter, the Company had a cash and
cash equivalent s balance of $99 9.0 million, after $17.8 million in scheduled debt repayments and $30.8 million in
dividends to joint venture partners. Non-GAAP net cash totals $680.6 million as of March 31, 2022. (1)
▪ Three-year guidance showcased stable production profile above 700,000 gold equivalent ounces: In the first
quarter, SSR Mining announced its inaugural three -year production guidance highlighting annual production in excess
of 700,000 gold equivalent ounces in 2022, 2023 and 2024 without requirements for material capital inv estment. In
addition, updated technical report summaries for all four producing assets established a platform that we expect will be
capable of maintaining 700,000 gold equivalent ounces of production for at least the remainder of the decade.
▪ Increased gold Mineral Reserves by 14% to 9.2 million ounces: Mineral Reserve conversion at Ardich and Seabee’s
Gap Hangingwall drove a 1.1 million ounce, or 14%, increase to total gold Mineral Reserves, net of depletion.
▪ Çöpler flotation circuit ramp -up well under way, Çakmaktepe Extension development progressing: Delivered
gold production of 70,641 ounces in the first quarter at AISC of $955 per ounce. The sulfide plant treated a record of
approximately 645,000 tonnes in the quarter. The Company continues to progress Çakmaktepe Extension towards first
gold production in 2023. In the first quarter of 2022, the Company released an updated Çöpler District Master Plan
(“CDMP21”) that showcased life of mine production of more than 1.2 million ounces of gold from Çakmaktepe Extension
for $69 million in initial capital, and an Initial Assessment Case (“IAC”) for the C2 project that featured more than 1.0
million ounces of gold production for $218 million in initial capital and an IRR of approximately 60%.
▪ Marigold on track for full year production guidance: Delivered gold production of 33,788 ounces for the first quarter
as the timing and grade of material stacked deferred some ounces into the second quarter. Full-year production remains
second-half weighted as higher-grade ore is accessed later in the year.
▪ Seabee delivers record quarterly production: Produced 52,582 ounces of gold at AISC of $596 per ounce as
processed grades of 17.8 g/t were well above plan. Mining accessed a continuation of a very high grade zone outsi de
of the Mineral Reserve that was first mined in the second quarter of 2021. Exploration is underway in an attempt to
further define extension of this high-grade zone, though grades are scheduled to return closer to plan of 9.2 g/t for the
remainder of 20 22. Operational excellence initiatives also improved underlying mine performance in the first quarter,
including a quarterly record of nearly 103,000 tonnes mined (approximately 1,150 tonnes per day).
SSR Mining Inc. PAGE 3
▪ Puna continues strong cost performance: Produced 1.3 million ounces of silver at cash costs of $13.06 per ounce
in the first quarter and AISC of $14.67 per ounce. The mine remains on track to achieve its full-year guidance.
▪ 2021 ESG and Sustaina bility Report: On April 14, 2022, the Company published its fou rth annual ESG and
Sustainability Report. The report outlines SSR Mining’s approach to sustainability across a range of areas, including
Health & Safety, environment, communities and diversity, as well as summarizes our 2021 ESG performance.
▪ Announced the sale of the Pitarrilla project: On January 13, 2022, the Company announced it had entered into a
definitive agreement to sell its Pitarrilla silver project in Durango, Mexico to Endeavour Silver Corp. (“EXK”) for total
consideration of up to $127 million. This consideration includes $35 million in cash, $35 million in EXK shares, and a
1.25% Net Smelter Return (“NSR”) royalty on the Pitarrilla property. (2) The transaction, which is subject to TSX and
NYSE regulatory approvals, the approval of the Mexican Federal Economic Competition Commission and customary
closing conditions, is expected to close in the second quarter of 2022.
▪ Closed the acquisition of Taiga Gold Corp.: Subsequent to the quarter’s end, on April 14, 2022, SSR Mining
completed the previou sly announced plan of arrangement (the “Arrangement”) to acquire all of the issued and
outstanding shares of Taiga Gold Corp. (CSE: TGC) (“Taiga Gold”). The transaction consolidated a 100% interest in the
Fisher property contiguous to the Seabee mine, elim inated a 2.5% NSR royalty on the Fisher property, and added five
new properties covering over 29,100 hectares to complement the Company’s existing exploration platform in the
underexplored and geologically prospective Province of Saskatchewan. SSR Mining’s Saskatchewan assets now cover
an area of approximately 131,150 hectares.
(1) The Company reports non -GAAP financial measures including adjusted attributable net income, adjusted basic attributable net income per share,
free cash flow, net cash, cash costs and AISC per ounce sold to manage and evaluate its operating performance at its mines. See "Cautionary Note
Regarding Non-GAAP Financial Measures" for an explanation of these financial measures and a reconciliation of these financial measures to net
income and production costs, which are the comparable GAAP financial measures.
(2) The estimated value of the net smelter return royalty is based on the present value of net smelter returns of the Pitarrilla property from the “NI 43-101
Technical Report on the Pitarri lla Project, Durango State, Mexico”, dated December 14, 2012, which is available on Company’s website at
www.ssrmining.com, discounted at a rate of 5%. The estimated value assumes a silver price of US$25/oz, a lead price of US$0.90/lb, and a zinc
price of US$0.95/lb. The assumptions underlying the estimated value of the Pitarrilla project NSR royalty, including those supporting the Technical
Report on the Pitarrilla Project and future metal prices, represent estimates and actual royalties received by SSR M ining in connection with the
Transaction may differ from projected amounts.
SSR Mining Inc. PAGE 4
Financial and Operating Highlights
A summary of the Company's consolidated financial and operating results for the three months ended March 31, 202 2 are
presented below:
(in thousands of US dollars, except per share data) Three Months Ended March 31,
2022 2021
Financial Results
Revenue $ 355,446 $ 366,484
Income from mine operations (2) $ 143,184 $ 150,842
Gross margin (2) 40 % 41 %
Operating income $ 115,870 $ 129,183
Net income $ 76,106 $ 127,451
Net income attributable to equity holders of SSR Mining $ 67,563 $ 108,861
Basic net income per share attributable to equity holders of SSR Mining $ 0.32 $ 0.50
Diluted net income per share attributable to equity holders of SSR Mining $ 0.31 $ 0.48
Adjusted attributable net income (1) $ 65,942 $ 110,735
Adjusted basic attributable net income per share (1) $ 0.31 $ 0.50
Adjusted diluted attributable net income per share (1) $ 0.30 $ 0.48
Cash generated by operating activities $ 62,187 $ 127,503
Cash used in investing activities $ (27,885) $ (55,734)
Cash used in financing activities $ (53,449) $ (66,407)
Operating Results
Gold produced (oz) 157,010 170,149
Gold sold (oz) 157,179 173,370
Silver produced ('000 oz) 1,303 1,792
Silver sold ('000 oz) 1,760 1,949
Lead produced ('000 lb) (4) 7,303 6,164
Lead sold ('000 lb) (4) 10,212 6,102
Zinc produced ('000 lb) (4) 1,843 3,079
Zinc sold ('000 lb) (4) 3,129 808
Gold equivalent produced (oz) (5) 173,675 196,094
Gold equivalent sold (oz) (5) 179,692 201,494
Average realized gold price ($/oz sold) $ 1,880 $ 1,798
Average realized silver price ($/oz sold) $ 23.85 $ 26.02
Cash cost per gold equivalent ounce sold (1, 5) $ 775 $ 689
AISC per gold equivalent ounce sold (1, 5) $ 1,093 $ 970
Financial Position March 31, 2022 December 31, 2021
Cash and cash equivalents $ 998,986 $ 1,017,562
Current assets $ 1,677,539 $ 1,600,314
Total assets $ 5,212,663 $ 5,211,438
Current liabilities $ 278,501 $ 283,882
Total liabilities $ 1,126,572 $ 1,158,921
Working capital (3) $ 1,399,038 $ 1,316,432
(1) The Company reports non-GAAP financial measures including adjusted attributable net income, adjusted basic attributable net income per share, cash costs
and AISC per ounce sold to manage and evaluate its operating performance at its mines. See "Non -GAAP Financial Measures" for an explanation of these
financial measures and a reconciliation of these financial measures to net income and production costs, which are the comparable GAAP financial measures.
(2) Income from mine operations is defined as revenue less production costs and DD&A. Gross margin is defined as income from mine operations divided by
revenue.
(3) Working capital is defined as current assets less current liabilities.
(4) Data for lead production and sales relate only to lead in lead concentrate. Data for zinc production and sales relate only to zinc in zinc concentrate.
(5) Gold equivalent ounces are calculated using the silver ounces produced or sold multiplied by the ratio of the silver price to the g old price, using the average
London Bullion Market Association (“LBMA”) prices for the period. The Company does not include copper, lead, or zinc as they are considered by-products..
SSR Mining Inc. PAGE 5
Çöpler, Turkey
(amounts presented on 100% basis)
Three months ended March 31,
Operating Data 2022 2021
Gold produced (oz) 70,641 78,478
Gold sold (oz) 72,425 82,502
Ore mined (kt) 1,011 3,007
Waste removed (kt) 5,135 3,683
Total material mined (kt) 6,146 6,689
Strip ratio 5.1 1.2
Ore stacked (kt) 63 941
Gold grade stacked (g/t) 0.78 1.29
Ore milled (kt) 645 580
Gold mill feed grade (g/t) 3.32 3.32
Gold recovery (%) 87.0 90.8
Average realized gold price ($/oz sold) $ 1,873 $ 1,811
Production costs ($/oz gold sold) $ 864 $ 805
Cash costs ($/oz gold sold) 6 $ 844 $ 589
AISC ($/oz gold sold) 6 $ 955 $ 738
(6) The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at
Çöpler. See "Non-GAAP Financial Measures" for an explanation of these financial measures and a reconciliation to production costs, which are the comparable
GAAP financial measure. Cash costs and AISC per ounce of gold sold in 2022 no longer exclude the impact of any fair value adjustment on acquired inventories
as of the date of the Company's acquisition of Alacer.
For the three months ended March 31, 2022 and 2021, Çöpler produced 70,641 and 78,478 ounces of gold, respectively.
Lower production against the prior year period is mainly due to depleting oxide ore. AISC of $955/oz for the first quarter was
in line with full-year guidance.
Çöpler remains on track with 2022 production guidance of 255,000 to 285,000 ounces of gold at mine site AISC of $915 to
$965 per payable ounce. The flotation circuit continued to ramp up in the quarter, supporting record throughput of 645,239
tonnes in the sulfide plant while helping to reduce reagent usage going forward. Scheduled autoclave maintenance is
planned for the second and fourth quarters of 2022.
Çakmaktepe Extension continues to progress towards first gold production in 2023. As highlighted in the CDMP21,
Çakmaktepe Extension is expected to contribute more than 1.2 million ounces of gold production for initial capital of $69
million. The Company is also progressing the C2 project through a Pre -Feasibility Study in 2022, targeti ng first production
for the project in 2025 for initial capital of $218 million.
SSR Mining Inc. PAGE 6
Marigold, USA
Three months ended March 31,
Operating Data 2022 2021
Gold produced (oz) 33,788 67,936
Gold sold (oz) 36,954 65,012
Ore mined (kt) 4,820 5,711
Waste removed (kt) 19,788 18,051
Total material mined (kt) 24,608 23,763
Strip ratio 4.1 3.2
Ore stacked (kt) 4,820 5,711
Gold grade stacked (g/t) 0.39 0.41
Average realized gold price ($/oz sold) $ 1,864 $ 1,787
Production costs ($/oz gold sold) $ 1,048 $ 826
Cash costs ($/oz gold sold) 7 $ 1,048 $ 823
AISC ($/oz gold sold) 7 $ 1,564 $ 1,195
(7) The Company reports the non -GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at
Marigold. See "Non -GAAP Financial Measures" for an explanation of these financial measures and a reconciliation to production costs, which are the
comparable GAAP financial measure.
For the three months ended March 31, 2022 and 2021, Marigold produced 33,788 and 67,936 ounces of gold, respectively.
Marigold stacked 46,4 45 ounces of recoverable gold to the heap leach in Q1 2022. The decrease against the prior year
period was the result of mine scheduling and increase in heap leach inventory delaying some gold production into the
second quarter. The heap leach inventory increased due to the timing of the ore placements on the pads and slower leaching
rates of finer ore from the north pits. As previously guided, quarterly AISC of $1,564/oz was above Marigold’s full -year
guidance range due to increased waste stripping and fewer ounces sold.
In 2022, Marigold remains on track for production guidance of 215,000 to 245,0 00 ounces of gold at mine site AISC of
$1,245 to $1,295 per ounce. As previously guided, production is weighted to the second half of the year. Production will
increase in subsequent quarters, alongside improving AISC, as the heap leach inventory is drawn back down and as higher-
grade ore is accessed later in the year.
SSR Mining Inc. PAGE 7
Seabee, Canada
Three months ended March 31,
Operating Data 2022 2021
Gold produced (oz) 52,582 23,735
Gold sold (oz) 47,800 25,766
Ore mined (kt) 103 88
Waste removed (kt) 65 70
Total material mined (kt) 167 158
Ore milled (kt) 95 90
Gold mill feed grade (g/t) 17.77 8.45
Gold recovery (%) 98.6 98.3
Average realized gold price ($/oz sold) $ 1,902 $ 1,780
Production costs ($/oz gold sold) $ 343 $ 643
Cash costs ($/oz gold sold) 8 $ 344 $ 616
AISC ($/oz gold sold) 8 $ 596 $ 1,111
(8) The Company reports the non -GAAP financial measures of cash costs and AISC per ounce o f gold sold to manage and evaluate operating performance at
Seabee. See "Non-GAAP Financial Measures" for an explanation of these financial measures and a reconciliation to production costs, which are the comparable
GAAP financial measure.
For the three months ended March 31, 2022 and 2021, Seabee produced 52,582 and 23,735 ounces of gold, respectively.
The increase in gold production was the result of a mill feed grade of 17.8 g/t during the first quarter of 2022, a 110%
increase compared to the same period in 2021, as mining accessed a continuation of a very high grade zone outside of the
Mineral Reserve that was first mined in the second quarter of 2021. AISC of $596/oz was below full -year guidance due to
the increased production during the quarter. Seab ee also benefited from con tinued operational excellence initiatives that
drove improved mine performance in the first quarter, including a quarterly record of 102,528 tonnes mined (approximately
1,150 tonnes per day). Grades are expected to return closer to plan (approximately 9.2 g/t) through the remainder of 2022.
Following the record quarterly performance, Seabee is tracking to the top end of the mine’s 115,000 to 125,000 gold
production guidance, while costs track to the lower end of the $895 to $945 per ounce AISC guidance.
SSR Mining Inc. PAGE 8
Puna, Argentina
Three months ended March 31,
Operating Data 2022 2021
Silver produced ('000 oz) 1,303 1,792
Silver sold ('000 oz) 1,760 1,949
Lead produced ('000 lb) 7,303 6,164
Lead sold ('000 lb) 10,212 6,102
Zinc produced ('000 lb) 1,843 3,079
Zinc sold ('000 lb) 3,129 808
Gold equivalent sold ('000 oz) (2) 22,513 28,214
Ore mined (kt) 347 239
Waste removed (kt) 2,078 1,994
Total material mined (kt) 2,425 2,234
Strip ratio 6.0 8.3
Ore milled (kt) 373 383
Silver mill feed grade (g/t) 114.4 153.7
Lead mill feed grade (%) 0.97 0.83
Zinc mill feed grade (%) 0.44 0.61
Silver mill recovery (%) 92.8 94.6
Lead mill recovery (%) 91.6 87.8
Zinc mill recovery (%) 44.0 59.4
Average realized silver price ($/oz sold) $ 23.85 $ 26.02
Production costs ($/oz silver sold) $ 20.33 $ 12.92
Cash costs ($/oz silver sold) 9 $ 13.06 $ 10.65
AISC ($/oz silver sold) 9 $ 14.67 $ 13.10
(9) The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at
Puna. See "Non-GAAP Financial Measures" for an explanation of these financial measures and a reconciliation to production costs, which are the comparable
GAAP financial measure.
For the three months ended March 31, 2022 and 2021, Puna produced 1.3 million and 1.8 million ounces of silver,
respectively, a 27% decrease against the prior year period. The decrease is primarily due to silver grades and tonnes
processed that were 26% and 3% lower, respectively, during the three months ended March 31, 2022. Unfavorable weather
conditions during the first two months of the first quarter of 2022 impeded access to the bottom of Phase 2 of the mine
containing high-grade ore. As such, lower grades of ore in existing stockpiles were fed into the plant, which resulted in fewer
silver ounces produced.
Puna remains on track to produce 8.0 to 9.0 million ounces of silver at mine site AISC of $14.75 to $16.25 per ounce in
2022. Production is expected to remain weighted to the second half of 2022, with tonnes processed targeted to remain at
or above 4,500 tpd throughout the year.