Ssr Mining Reports Fourth Quarter and Full-Year 2024 Results

SSR Mining Inc. PAGE 1

News Release

February 18, 2025

SSR MINING REPORTS FOURTH QUARTER AND FULL-YEAR 2024 RESULTS

DENVER - SSR Mining Inc. (Nasdaq/TSX: SSRM, ASX: SSR) ("SSR Mining" or the “Company") reports consolidated

financial results for the fourth quarter and full -year ended December 31, 2024, as well as an update on the February 13,

2024 incident at the Çöpler mine (the “Çöpler Incident”).

Fourth Quarter and Full-Year 2024 Results: (1)

(All figures are in U.S. dollars unless otherwise noted)

▪ Operating results: Fourth quarter 2024 production was 124,154 gold equivalent ounces at a consolidated cost of

sales of $1, 295 per payable ounce and all -in sustaining costs (“AISC”) of $1, 857 per payable ounce . For the full year

2024, the Company produced 399,267 gold equivalent ounces at a consolidated cost of sales of $1,307 per payable

ounce and AISC of $1,87 8 per payable ounce. As o perations at Çöpler remain suspended following the Çöpler

Incident, SSR Mining’s full -year AISC included $60.8 million in cash care & maintenance costs at Çöpler, or $155 per

ounce of gold equivalent sold . Full -year 2024 production from Marigold, Seabee and Puna totaled 371,061 gold

equivalent ounces at cost of sales of $1,317 per payable ounce and AISC of $1,5 42 per payable ounce. SSR Mining

recognized two significant production milestones in 2024, including 5 million ounces of life of mine gold production from

Marigold, achieved on December 30, 2024, as well as record full-year silver production at Puna.

▪ Financial results: In the fourth quarter of 2024, SSR Mining reported net income attributable to SSR Mining

shareholders of $ 5.6 million, o r $0.03 per diluted share, while adjusted net income attributable to SSR Mining

shareholders was $21.3 million, or $0.10 per diluted share . Under U.S. GAAP, care and maintenance costs are

included in adjusted net income. For the fourth quarter care and maintenance costs totaled $35.9 million, or $0.18 per

diluted share. Net income (loss) attributable to SSR Mining shareholders for the full year of 2024 was $( 261.3) million,

or $(1. 29) per diluted share, reflecting approximately $272.9 million in incurred and anticipated reclamation and

remediation costs, $114.2 million in non -cash impairment charges, and $108.7 million in total care and maintenance

costs incurred as a result of the Çöpler Incident . Adjusted net income attributable to SSR Mining shareholders for the

full year of 2024 was $ 57.6 million, or $0.28 per diluted share, after adjusting for non-recurring items largely related to

the Çöpler Incident. In the fourth quarter of 2024, SSR Mining generated $95.0 million in operating cash flow and $56.4

million in free cash flow. For the full -year 2024, SSR Mining generated $40.1 million in operating cash flow, while free

cash flow was $(103. 4) million, inclusive of the aforementioned care and maintenance costs as well as $127.6 million

spent on reclamation and remediation efforts at Çöpler.

▪ Cash and liquidity position: As of December 31, 2024 , the Company had a cash and cash equivalent balance of

$387.9 million and total liquidity of $887.5 million inclusive of its revolving credit facility and accompanying accordion

feature. At the end of the fourth quarter of 2024, the Company had no borrowings outstanding under the revolving

credit facility, exclusive of de minimis letters of credit, and was in compliance with its covenants.

▪ Mineral Reserves & Mineral Resources (“MRMR”): Total Proven and Probable gold equivalent Mineral Reserves as

of December 31, 2024 were 8.0 million ounces, up 3% on a year -over-year basis due in part to the declaration of an

initial 523,000 ounces of gold Mineral Reserves at Marigold's Buffalo Valley deposit, as well as other Mineral Resource

conversion and minor changes to metals price assumptions. SSR Mining increased the gold and silver price

assumptions used in the calculation of 2024 Mineral Reserves at Marigold and Puna by approximately 3%, from

$1,450 per ounce gold in 202 3 to $1,500 per ounce in 2024, and from $18.50 per ounce silver in 2023 to $19.00 per

ounce in 2024. Mineral Reserve gold price assumptions at Çöpler and Seabee of $1,450 and $1,600 per ounce,

SSR Mining Inc. PAGE 2

respectively, were unchanged. Total Measured and Indicated gold equivalent Mineral Resources as of December 31,

2024 were 5.2 million ounces, down 1% on a year -over-year basis. Metals price assumptions used in the calculation of

Mineral Resources were unchanged from 2023. SSR Mining’s c onsolidated 2024 MRMR figures exclude the Hod

Maden project and the recently announced CC&V transaction (discussed below).

▪ Marigold operations: In 2024, Marigold produced 168,262 ounces of gold, in line with its full -year guidance, at cost of

sales of $1,457 per payable ounce and AISC of $1,7 11 per payable ounce. As planned, the fourth quarter of 2024 was

Marigold’s strongest, with gold production of 59,702 ounces at cost of sales of $1,406 per payable ounce and AISC of

$1,638 per payable ounce.

▪ Seabee operations: In 2024, Seabee produced 78,545 ounces of gold at cost of sales of $9 60 per payable ounce and

AISC of $1,51 5 per payable ounce. Due to forest fires in the vicinity of the mine, operations at Seabee were

suspended for more than 50 days . No employees were injured and the Seabee process plant and Santoy mine were

not materially impacted. Operations were fully reinstated on October 11, 2024, and in the fourth quarter of 2024

Seabee produced 27,811 ounces of gold at cost of sales of $816 per payable ounce and AISC of $1,214 per payable

ounce. Full -year 2024 production exceeded Seabee’s revised guidance range at costs below guidance, driven by

processed grades that averaged 9.7 g/t in the fourth quarter.

▪ Puna operations: In 2024, Puna produced 10.5 million ounces of silver, a record for the operation and meeting the top

end of the mine’s previously increased full -year guidance range, at cost of sales of $16.14 per payable ounce and

AISC of $15.56 per payable ounce. In the fourth quarter of 2024, silver production was 3.0 million ounces at cost of

sales of $15.84 per payable ounce and AISC of $16.06 per payable ounce.

▪ Çöpler update: As of December 31, 2024, all of the heap leach material displaced in the Çöpler Incident had been

removed from the Sabırlı Valley and moved to temporary storage locations . Reclamation and remediation spend in

2024 totaled $127.6 million , and the forecasted spend on Çöpler remediation and containment work from April 1, 2024

onwards remains unchanged at $250.0 to $300.0 million.

▪ Hod Maden: Throughout 2024, engineering studies and site preparation activities continued as the Company

advances the Hod Maden project through to a construction decision. In 2024, a total of $42. 1 million was spent at Hod

Maden, including approximately $ 14.0 million in the fourth quarter. The Company expects to provide information on its

anticipated 2025 capital spend at Hod Maden with its annual guidance , which is expected within the first quarter of

2025.

▪ Sale of the non-core San Luis project: On May 23, 2024, the Company announced that it had closed the sale of the

San Luis project to Highlander Silver Corp for which it received $5.0 million in cash on closing, and an additional up to

$37.5 million in future cash contingent payments. A 4.0% net smelter return (“NSR”) royalty on the project was also

issued to SSR Mining concurrently with closing of the transaction.

▪ CC&V acquisition: On December 6, 2024, the Company announced it had entered into a definitive purchase

agreement to acquire the Cripple Creek & Victor Gold Mine (“CC&V”) in Colorado for $100 million in upfront cash

consideration and up to $175 million in additional milestone -based payments. The CC&V transaction is aligned with

SSR Mining’s long -stated focus on free cash flow generation, while continuing to diversify the portfolio through the

acquisition, operation and development of long -lived, high return assets. SSR Mining expects to provide the 2025

outlook for CC&V with its annual guidance following the close of the CC&V acquisition, which is expected within the

first quarter of 2025.

(1) The Company reports non -GAAP financial measures including adjusted net income (loss) attributable to SSR Mining shareholders, adjusted net income

(loss) per diluted share attributable to SSR Mining shareholders, free cash flow, cash costs and all -in sustaining costs (“AISC”) per ounce sold (a common

measure in the mining industry), to manage and evaluate its operating performance at its mines. See "Cautionary Note Regardin g Non-GAAP Financial

Measures" for an explanation of these financial measures and a reconciliation of these financial measures to the most comparable GAAP financial measures.

SSR Mining Inc. PAGE 3

Update on the Çöpler Incident

On February 13, 2024, SSR Mining Inc. and its subsidiaries suspended all operations at its Çöpler property, in Türkiye, as

a result of a significant slip on the heap leach pad . Nine employees lost their lives in connection with the Çöpler Incident.

The Company continues to support the employees, families, and community members impacted by the Çöpler Incident.

In partnership with the Turkish authorities, the Company has worked to remediate the site. As of December 31, 2024, all of

the displaced heap leach material in the Sabırlı Valley has been moved to temporary storage locations. As part of the

remediation work, the heap leach pad will be permanently closed, and heap leach processing will no longer take place at

Çöpler. Public statements from Turkish government officials have consistently confirmed that there has been no

recordable contamination to local soil, water or air in the sampling locations resulting from the displaced heap leach

material.

Following the Çöpler Incident, the Company commissioned Call & Nicholas, Inc. (“CNI”), an international mining

consulting firm that specializes in geological engineering, geotechnical engineering, and hydrology, to conduct an

independent review of the heap leach failure at Çöpler. After analysis of the engineering design, construction, and

operation of the heap leach facility, and comprehensive reverse -engineering of the failure, CNI determined that the most

likely cause of the Çöpler Incident was a deeply -rooted flaw in the third -party engineered design of the heap leach pad.

The review found that in the third -party engineered design, the assessment of the test data overestimated the shear

strength properties of the liner system at the base of the heap leach, which inflated the calculated factor of safety values

in the third -party engineered design. This error resulted in insufficient shear strength along the liner interface to support

the as-designed heap leach facility. CNI also determined that in all material respects, the heap leach pad construction and

operation was carried out in conformance with the issued -for-construction engineered design parameters. In addition,

CNI’s review did not find any substantiation that excess water, ground vibrations from blasting, nor stacking beyond the

design caused the event.

As previously disclosed, on August 20, 2024, a local court issued a decision cancelling the Çöpler mine’s environmental

impact assessment, which was approved in 2021 (the “2021 EIA”). The Turkish Ministry of Environment, Urbanization and

Climate Change filed an appeal of the decision, and the Company filed a simultaneous intervener appeal as well. On

February 11, 2025 the Turkish Council of State affirmed the finding of the lower court. As previously disclosed, with the

cancellation of the 2021 EIA, the operating guidelines at Çöpler revert to those outlined in the Company’s prior

Environmental Impact Assessment, which was issued in 2014 (the “2014 EIA”). Among other operating considerations, the

2014 EIA prescribes a lower throughput rate for the sulfide plant operations of 6,000 tonnes per day, as compared to

9,000 tonnes per day under the 2021 EIA.

SSR Mining continues to work closely with the relevant authorities to advance the restart of the Çöpler mine. When all

necessary regulatory approvals, including the operating permits, are reinstated, it is anticipated that initial operations at

Çöpler could restart within 20 days and would consist of processing a combination of stockpiled ore and ore mined from

Çakmaktepe, while the remediation work continues. At this time, we are not able to estimate or predict when and under

what conditions we will resume operations at Çöpler.

For additional information on the Çöpler Incident, including a discussion of the associated risks, see the Company’s

Annual Report on Form 10-K for the year ended December 31, 2024 filed on February 18, 2025.

SSR Mining Inc. PAGE 4

Financial and Operating Highlights

A summary of the Company's consolidated financial and operating results for the three and twelve months ended

December 31, 2024 and December 31, 2023 are presented below:

Three Months Ended Twelve Months Ended

(in thousands of US dollars, except per share data) December 31, December 31,

2024 2023 2024 2023

Financial Results

Revenue $ 323,187 $ 425,897 $ 995,618 $ 1,426,927

Cost of sales $ 153,040 $ 219,340 $ 514,032 $ 804,147

Operating income (loss) $ 34,382 $ (297,623) $ (322,285) $ (130,244)

Net income (loss) $ (3,135) $ (264,360) $ (352,582) $ (120,225)

Net income (loss) attributable to SSR Mining shareholders $ 5,555 $ (217,845) $ (261,277) $ (98,007)

Basic net income (loss) per share attributable to SSR Mining shareholders $ 0.03 $ (1.07) $ (1.29) $ (0.48)

Diluted net income (loss) per share attributable to SSR Mining shareholders $ 0.03 $ (1.07) $ (1.29) $ (0.48)

Adjusted net income attributable to SSR Mining shareholders (2) $ 21,266 $ 127,077 $ 57,591 $ 276,494

Basic adjusted net income per share attributable to SSR Mining shareholders (2) $ 0.11 $ 0.62 $ 0.28 $ 1.35

Diluted adjusted net income per share attributable to SSR Mining shareholders(2) $ 0.10 $ 0.59 $ 0.28 $ 1.29

Cash provided by operating activities before changes in working capital (2) $ 89,623 $ 216,922 $ 112,395 $ 554,406

Cash provided by operating activities $ 94,979 $ 203,159 $ 40,130 $ 421,725

Cash used in investing activities $ (39,560) $ (59,050) $ (143,116) $ (339,261)

Cash provided by (used in) financing activities $ 2,308 $ (24,450) $ 6,918 $ (182,256)

Operating Results

Gold produced (oz) 89,178 178,677 275,013 590,264

Gold sold (oz) 86,320 172,917 279,121 585,171

Silver produced ('000 oz) 2,970 2,759 10,500 9,688

Silver sold ('000 oz) 2,709 2,830 9,642 9,920

Lead produced ('000 lb) (3) 15,409 13,814 53,703 45,772

Lead sold ('000 lb) (3) 14,276 13,758 49,631 48,640

Zinc produced ('000 lb) (3) 687 1,322 3,641 7,127

Zinc sold ('000 lb) (3) 531 1,992 3,121 8,166

Gold equivalent produced (oz) (4) 124,154 211,226 399,267 706,894

Gold equivalent sold (oz) (4) 118,220 206,310 393,216 704,594

Average realized gold price ($/oz sold) $ 2,603 $ 1,976 $ 2,381 $ 1,950

Average realized silver price ($/oz sold) $ 31.53 $ 23.23 $ 29.16 $ 22.82

Cost of sales per gold equivalent ounce sold (4) $ 1,295 $ 1,064 $ 1,307 $ 1,141

Cash cost per gold equivalent ounce sold (2, 4) $ 1,203 $ 1,008 $ 1,200 $ 1,083

AISC per gold equivalent ounce sold (2, 4) $ 1,857 $ 1,326 $ 1,878 $ 1,461

Financial Position December 31, 2024 December 31, 2023

Cash and cash equivalents $ 387,882 $ 492,393

Current assets $ 1,029,034 $ 1,196,476

Total assets $ 5,189,020 $ 5,385,773

Current liabilities $ 218,877 $ 170,573

Total liabilities $ 1,242,159 $ 1,081,570

Working capital (5) $ 810,157 $ 1,025,903

(2) The Company reports non -GAAP financial measures including adjusted net income attributable to SSR Mining shareholders , adjusted net income per share

attributable to SSR Mining shareholders , cash provided by operating activities before changes in working capital, cash costs and AISC per ounce sold to

manage and evaluate its operating performance at its mines. Cost of sales excludes depreciation, depletion, and amortization. AISC includes the cash

component of care and maintenance costs. See “Non-GAAP Financial Measures” at the end of this press release for an explanation of these financial measures

and a reconciliation of these financial measures to net income (loss), cost of sales, and cash generated by operating activities, which are the most comparable

GAAP financial measures.

(3) 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.

(4) Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average London Bullion Market

Association (“LBMA”) prices for the period. The Company does not include by-products in the gold equivalent ounce calculations.

(5) Working capital is defined as current assets less current liabilities.

SSR Mining Inc. PAGE 5

Marigold, USA

Three Months Ended Twelve Months Ended

December 31, December 31,

Operating Data 2024 2023 2024 2023

Gold produced (oz) 59,702 82,794 168,262 278,488

Gold sold (oz) 58,250 81,173 167,669 275,962

Ore mined (kt) 7,343 3,705 27,690 21,846

Waste removed (kt) 17,271 25,793 72,028 74,800

Total material mined (kt) 24,615 29,499 99,718 96,646

Strip ratio 2.4 7.0 2.6 3.4

Ore stacked (kt) 7,343 3,705 27,690 21,846

Gold grade stacked (g/t) 0.42 0.43 0.28 0.45

Average realized gold price ($/oz sold) $ 2,601 $ 1,971 $ 2,438 $ 1,950

Cost of sales ($/oz gold sold) $ 1,406 $ 1,095 $ 1,457 $ 1,047

Cash costs ($/oz gold sold) (6) $ 1,408 $ 1,097 $ 1,459 $ 1,049

AISC ($/oz gold sold) (6) $ 1,638 $ 1,170 $ 1,711 $ 1,349

(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 Marigol d. See

"Cautionary Note Regarding Non -GAAP Financial Measures" at the end of this press release for an explanation of these financial measures and a reconciliation to cost of

sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization.

For the three months ended December 31, 2024 and 2023, Marigold produced 59,702 and 82,794 ounces of gold,

respectively. For the three months ended December 31, 2024, Marigold reported cost of sales of $ 1,406 per payable

ounce and AISC of $1,638 per payable ounce.

For the twelve months ended December 31, 2024 and 2023, Marigold produced 168,262 and 278,488 ounces of gold,

respectively. For the twelve months ended December 31, 2024, Marigold reported cost of sales of $ 1,457 per payable

ounce and AISC of $1,711 per payable ounce. In addition, Marigold achieved a significant milestone of 5 million ounces of

life of mine gold production on December 30, 2024.

SSR Mining Inc. PAGE 6

Seabee, Canada

Three Months Ended Twelve Months Ended

December 31, December 31,

Operating Data 2024 2023 2024 2023

Gold produced (oz) 27,811 38,757 78,545 90,777

Gold sold (oz) 26,350 32,050 81,070 83,610

Ore mined (kt) 90 117 365 443

Ore milled (kt) 92 122 366 445

Gold mill feed grade (g/t) 9.66 10.14 6.93 6.62

Gold recovery (%) 97.2 97.0 96.4 96.7

Average realized gold price ($/oz sold) $ 2,632 $ 1,988 $ 2,362 $ 1,965

Cost of sales ($/oz gold sold) $ 816 $ 666 $ 960 $ 991

Cash costs ($/oz gold sold) (7) $ 817 $ 666 $ 961 $ 992

AISC ($/oz gold sold) (7) $ 1,214 $ 916 $ 1,515 $ 1,427

(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 Seabee. See

"Cautionary Note Regarding Non -GAAP Financial Measures" at the end of this press release for an explanation of these financial measures and a reconciliation to cost of

sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization.

For the three months ended December 31, 2024 and 2023, Seabee produced 27,811 and 38,757 ounces of gold,

respectively, with the temporary suspension of operations at Seabee offset by strong grades of approximately 9.7 g/t in

the fourth quarter of 2024. For the three months ended December 31, 2024, Seabee reported cost of sales of $ 816 per

payable ounce and AISC of $1,214 per payable ounce.

For the twelve months ended December 31, 2024 and 2023, Seabee produced 78,545 and 90,777 ounces of gold,

respectively. For the twelve months ended December 31, 2024, Seabee reported cost of sales of $960 per payable ounce

and AISC of $1,515 per payable ounce.

SSR Mining Inc. PAGE 7

Puna, Argentina

Three Months Ended Twelve Months Ended

December 31, December 31,

Operating Data 2024 2023 2024 2023

Silver produced ('000 oz) 2,970 2,759 10,500 9,688

Silver sold ('000 oz) 2,709 2,830 9,642 9,920

Lead produced ('000 lb) 15,409 13,814 53,703 45,772

Lead sold ('000 lb) 14,276 13,758 49,631 48,640

Zinc produced ('000 lb) 687 1,322 3,641 7,127

Zinc sold ('000 lb) 531 1,992 3,121 8,166

Gold equivalent sold ('000 oz) (8) 31,900 33,393 114,095 119,423

Ore mined (kt) 750 545 2,328 1,926

Waste removed (kt) 1,337 1,377 5,900 6,240

Total material mined (kt) 2,087 1,921 8,228 8,166

Strip ratio 1.8 2.5 2.5 3.2

Ore milled (kt) 489 450 1,862 1,728

Silver mill feed grade (g/t) 194.0 196.7 181.0 181.1

Lead mill feed grade (%) 1.48 1.46 1.37 1.27

Zinc mill feed grade (%) 0.18 0.26 0.20 0.34

Silver mill recovery (%) 97.3 96.9 96.9 96.3

Lead mill recovery (%) 96.3 95.7 95.6 94.3

Zinc mill recovery (%) 36.3 51.6 44.2 54.6

Average realized silver price ($/oz sold) $ 31.53 $ 23.23 $ 29.16 $ 22.82

Cost of sales ($/oz silver sold) $ 15.84 $ 14.07 $ 16.14 $ 16.49

Cash costs ($/oz silver sold) (9) $ 11.47 $ 10.32 $ 11.64 $ 12.64

AISC ($/oz silver sold) (9) $ 16.06 $ 15.51 $ 15.56 $ 15.37

(8) Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The

Company does not include by-products in the gold equivalent ounce calculations.

(9) The Company reports the non -GAAP financial measures of cash costs and AISC per ounce of silver sold to manage and evaluate operating performance at Puna. See

“Cautionary Note Regarding Non -GAAP Financial Measures" at the end of this press release for an explanation of these financial measures and a reconciliation to cost of

sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization.

For the three months ended December 31, 2024 and 2023, Puna produced 3.0 million and 2.8 million ounces of silver,

respectively. For the three months ended December 31, 2024, Puna reported cost of sales of $15.84 per payable ounce

and AISC of $16.06 per payable ounce.

For the twelve months ended December 31, 2024 and 2023, Puna produced 10.5 million ounces of silver and 9.7 million

ounces of silver. Production in 2024 was a record in Puna’s more than 15-year operating life and met the top end of the

mine’s previously increased full-year production guidance range. For the twelve months ended December 31, 2024, Puna

reported cost of sales of $16.14 per payable ounce and AISC of $15.56 per payable ounce.

SSR Mining Inc. PAGE 8

Çöpler, Türkiye

(amounts presented on 100% basis)

Operations at Çöpler were suspended following the Çöpler Incident. During the suspension, care and maintenance

expense has been recorded which represents depreciation and direct costs not associated with the environmental

reclamation and remediation costs.

Three Months Ended Twelve Months Ended

December 31, December 31,

Operating Data 2024 2023 2024 2023

Gold produced (oz) 1,665 57,126 28,206 220,999

Gold sold (oz) 1,720 59,694 30,382 225,599

Ore mined (kt) — 1,223 266 4,501

Waste removed (kt) — 7,533 3,571 25,197

Total material mined (kt) — 8,756 3,837 29,698

Strip ratio — 6.2 13.4 5.6

Ore stacked (kt) — 182 184 813

Gold grade stacked (g/t) — 1.24 1.17 1.36

Ore milled (kt) — 710 343 2,733

Gold mill feed grade (g/t) — 2.55 2.39 2.56

Gold recovery (%) — 88.2 78.9 87.5

Average realized gold price ($/oz sold) $ 2,230 $ 1,989 $ 2,103 $ 1,945

Cost of sales ($/oz gold sold) $ 3,921 $ 1,160 $ 1,192 $ 1,191

Cash costs ($/oz gold sold) (10) $ 4,419 $ 1,146 $ 1,222 $ 1,175

AISC ($/oz gold sold) (10) $ 18,051 $ 1,535 $ 3,814 $ 1,433

(10) 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

"Cautionary Note Regarding Non -GAAP Financial Measures" at the end of this press release for an explanation of these financial measures and a reconciliation to cost of

sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization.