Ssr Mining Reports Second Quarter 2024 Results

SSR Mining Inc. PAGE 1

News Release

July 31, 2024

SSR MINING REPORTS SECOND QUARTER 2024 RESULTS

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

financial results for the second quarter ended June 30, 2024, as well as an update on the February 13, 2024 incident at the

Çöpler mine (the “Çöpler Incident” or the “Incident”).

Çöpler Update

The primary focus following the Çöpler Incident was the recovery and return of our missing colleagues to their families. All

nine of the individuals who were lost as a result of the Incident have now been recovered. We want to thank all of those

who worked tirelessly to locate and return these individuals to their families. We continue to provide support to the families,

our colleagues and the community members impacted by the tragic events of February 13, 2024 , and to -date we have

retained a full complement of salaried staff at Çöpler.

Immediately following the Incident, in partnership with the Turkish authorities, several steps were taken to ensure

containment of the Incident. All of the containment infrastructure, including the grout curtain, coffer dam, and buttress, as

well as pumping systems and the Sabırlı Creek diversion, are successfully in place . Public statements from the Turkish

government have continued to affirm that there has been no recordable contamination to local soil, water or air in the

sampling locations being monitored.

Over 13 million tonnes of displaced heap leach material at Çöpler have been moved since the Incident, including more than

9 million tonnes from the Sabırlı Valley. As previously guided , all displaced material is expected to be removed from the

Sabırlı Valley into temporary storage areas by the end of the third quarter of 2024. From the start of the second quarter of

2024 onwards, estimates for the cost of site remediation are between $250 to $300 million, including legal contingencies ,

material movement and construction costs. In the second quarter, $55 million was spent on remediation activities at Çöpler.

With total cash of $358 million at the end of the second quarter, total available liquidity in excess of $850 million, and ongoing

free cash flow generation from Marigold, Seabee and Puna, SSR Mining’s balance sheet remains strong.

The investigations into the cause of the Çöpler Incident continue and we are cooperating fully with the relevant authorities

in Türkiye. The Company has commissioned independent third parties to review the design, construction and operation of

the heap leach pad. Although the review is ongoing, to date, these reviews have not identified any material non-conformance

with the construction or operation of the heap leach pad relative to the third-party engineered design parameters.

SSR Mining continues to work closely with the relevant authorities to secure the required permits for the East Storage

Facility and the restart of the Çöpler mine. Once all necessary regulatory approvals, including the Environmental Impact

Assessment (EIA) and operating permits, are reinstated, it is anticipated that initial operations at Çöpler will consist of

processing stockpiled ore through the sulfide plan t while Çöpler’s mining team remains focused on completing the

remediation work. As of the end of 2023, sulfide stockpiles contained approximately 706,000 ounces. SSR Mining expects

the Çöpler Sulfide Plant could process the stockpiles economically while the remediation work is completed.

At this time, the Company is not able to estimate when and under what conditions operations will resume at Çöpler.

SSR Mining Inc. PAGE 2

More information related to the Çöpler Incident is included in the Company’s Annual Report on Form 10-K filed on February

27, 2024 and in the Company’s Quarterly Report s on Form 10-Q filed on May 8, 2024 and July 31, 2024. Further updates

on the Çöpler Incident, as and when available, will continue to be provided through press releases and posts to the

Company’s website.

Second Quarter 2024 Update (1)

In the second quarter of 2024, SSR Mining produced 76,102 gold equivalent ounces at cost of sales of $1,357 per payable

ounce and AISC of $ 2,116 per payable ounce, which includes $17.3 million in care and maintenance costs incurred at

Çöpler. First half consolidated production of 155,864 gold equivalent ounces from Marigold, Seabee and Puna is in line with

expectations for a second-half weighted production profile. Full-year 2024 production guidance of 340,000 to 380,000 gold

equivalent ounces for Marigold, Seabee and Puna remains unchanged.

(1) The Company reports non -GAAP financial measures including 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 Regarding Non-GAAP Financial Measures" for an explanation of this financial

measure and a reconciliation to cost of sales, which is the most comparable GAAP financial measure.

SSR Mining Inc. PAGE 3

Second Quarter 2024 Summary: (2)

(All figures are in US dollars unless otherwise noted)

▪ Operating results: Second quarter 2024 production was 76,102 gold equivalent ounces at cost of sales of $1,357 per

payable ounce and AISC of $2,116 per payable ounce. During the second quarter of 2024 , operations at Çöpler

remained suspended following the February 13, 2024 incident. For the first half of 2024, SSR Mining produced 177,691

gold equivalent ounces at a consolidated cost of sales of $1,244 per ounce and AISC of $1,789 per ounce. First half

2024 production from Marigold, Seabee and Puna was 155,864 gold equivalent ounces. The three operations remain

on track for the previously stated consolidated production guidance of 340,000 to 380,000 gold equivalent ounces at

unchanged cost expectations.

▪ Financial results: Net income attributable to SSR Mining in the second quarter of 2024 was $9.7 million, or $0.05 per

diluted share, and adjusted attributable net income in the second quarter of 2024 was $7.5 million, or $0.04 per diluted

share. In the second quarter of 2024, operating cash flow was negative $78.1 million, or negative $23.1 million before

working capital adjustments, and free cash flow was negative $116.3 million, or negative $61.3 million before working

capital adjustments.

▪ Cash and liquidity position: As of June 30, 2024, SSR Mining had a cash and cash equivalent balance of $358.3

million and a net cash position of $128.4 million. In addition, the Company has an undrawn revolving credit facility ,

providing total liquidity of $858.4 million.

▪ Marigold operations: Gold production was 25,691 ounces in the second quarter of 2024 at cost of sales of $1,542 per

payable ounce and AISC of $2,065 per payable ounce. In the first half of 2024, Marigold produced 60,371 ounces of

gold at cost of sales of $1,417 per payable ounce and AISC of $1,690 per payable ounce. As previously guided, year-

to-date operating results reflect increased waste stripping to support near-term development activities at Red Dot, which

are a key focus for 2024 and 2025. Marigold remains on track for full -year 2024 production guidance of 155,000 to

175,000 ounces of gold at mine site cost of sales of $1,300 to $1,340 per payable ounce and AISC of $1,535 to $1,575

per payable ounce. The fourth quarter of 2024 is expected to be Marigold’s strongest production and lowest cost quarter.

▪ Seabee operations: Gold production was 16,709 ounces in the second quarter of 2024 at cost of sales of $1,150 per

payable ounce and AISC of $1,626 per payable ounce. In the first half of 2024, Seabee produced 40,482 ounces of

gold at cost of sales of $959 per payable ounce and AISC of $1,488 per payable ounce. Seabee remains on track for

full-year 2024 production guidance of 75,000 to 85,000 ounces of gold at mine site cost of sales of $990 to $1,030 per

payable ounce and AISC of $1,495 to $1,535 per payable ounce.

▪ Puna operations: Silver production was 2.7 million ounces in the second quarter of 2024 at cost of sales of $16.10 per

payable ounce of silver and AISC of $15.19 per payable ounce of silver. Quarterly process plant throughput averaged

over 5,150 tonnes per day, a record for the mine. In the first half of 2024, Puna produced 4.6 million ounces of silver at

cost of sales of $16.41 per payable ounce and AISC of $15.36 per payable ounce. Puna remains on track for full -year

2024 production guidance of 8.75 to 9.50 million ounces of silver at mine site cost of sales of $16.50 to $18.00 per

payable ounce and AISC of $14.75 to $16.25 per payable ounce.

▪ Hod Maden: During the second quarter of 2024, initial site establishment and engineering activities continued at Hod

Maden as the Company advances the project towards a construction decision.

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

sale of the San Luis project to Highlander Silver Corp. following the receipt of all required regulatory approvals and

satisfaction of all closing conditions. As consideration for the sale, SSR Mining received $5 million in cash and may also

receive up to $37.5 million in contingent payments payable in cash. A 4.0% net smelter return (“NSR”) royalty on the

San Luis project was also granted to SSR Mining concurrently with the closing of the transaction .

(2) The Company reports non-GAAP financial measures including adjusted attributable net income, adjusted attributable net income per share, cash generated by

operating activities before working capital adjustments, free cash flow, free cash flow before changes in working capital, net cash (debt), cash costs and AISC

per ounce sold (a common measure in the mining industry), 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 the most comparable GAAP

financial measures.

SSR Mining Inc. PAGE 4

Financial and Operating Summary

A summary of the Company's consolidated financial and operating results for the three and six months ended June 30, 2024

and June 30, 2023 are presented below:

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

Three Months Ended

June 30,

Six Months Ended

June 30,

2024 2023 2024 2023

Financial Results

Revenue $ 184,841 $ 301,026 $ 415,075 $ 615,640

Cost of sales $ 96,582 $ 170,640 $ 222,483 $ 369,937

Operating income (loss) $ 10,720 $ 52,929 $ (365,704) $ 89,914

Net income (loss) $ 2,464 $ 122,376 $ (355,698) $ 151,380

Net income (loss) attributable to SSR Mining shareholders $ 9,693 $ 74,866 $ (277,389) $ 104,679

Basic net income (loss) per share attributable to SSR Mining shareholders $ 0.05 $ 0.37 $ (1.37) $ 0.51

Diluted net income (loss) per share attributable to SSR Mining shareholders $ 0.05 $ 0.35 $ (1.37) $ 0.49

Adjusted attributable net income (3) $ 7,489 $ 75,103 $ 29,999

$ 96,376

Adjusted basic attributable net income per share (3) $ 0.04 $ 0.37 $ 0.15 $ 0.47

Adjusted diluted attributable net income per share (3) $ 0.04 $ 0.35 $ 0.15 $ 0.45

Cash generated by (used in) operating activities $ (78,132) $ 80,343 $ (53,501) $ 83,310

Cash generated by (used in) operating activities before changes in working capital (3) $ (23,093) $ 104,265 $ 9,164 $ 195,134

Cash generated by (used in) investing activities $ (31,684) $ (179,860) $ (68,462) $ (231,741)

Cash generated by (used in) financing activities $ 1,488 $ (72,945) $ (9,332) $ (111,134)

Operating Results

Gold produced (oz) 42,400 128,902 122,680 251,723

Gold sold (oz) 40,470 124,916 129,749 251,027

Silver produced ('000 oz) 2,731 2,269 4,646 4,284

Silver sold ('000 oz) 2,489 1,857 4,148 4,238

Lead produced ('000 lb) (4) 13,291 10,193 23,289 21,554

Lead sold ('000 lb) (4) 12,385 9,805 21,050 23,175

Zinc produced ('000 lb) (4) 859 1,748 2,076 4,227

Zinc sold ('000 lb) (4) 1,419 1,033 1,929 4,720

Gold equivalent produced (oz) (5) 76,102 156,625 177,691 303,518

Gold equivalent sold (oz) (5) 71,190 147,705 178,864 302,262

Average realized gold price ($/oz sold) $ 2,378 $ 1,963 $ 2,160 $ 1,932

Average realized silver price ($/oz sold) $ 30.22 $ 24.61 $ 27.01 $ 23.92

Cost of sales per gold equivalent ounce sold (5) $ 1,357 $ 1,155 $ 1,244 $ 1,224

Cash cost per gold equivalent ounce sold (3,5) $ 1,192 $ 1,108 $ 1,137 $ 1,157

AISC per gold equivalent ounce sold (3,5) $ 2,116 $ 1,633 $ 1,789 $ 1,663

Financial Position June 30, 2024 December 31, 2023

Cash and cash equivalents $ 358,307 $ 492,393

Current assets $ 1,021,938 $ 1,196,476

Total assets $ 5,175,554 $ 5,385,773

Current liabilities $ 288,551 $ 170,573

Total liabilities $ 1,234,412 $ 1,081,570

Working capital (6) $ 733,387 $ 1,025,903

(3) The Company reports non-GAAP financial measures including adjusted attributable net income, adjusted attributable net income per share, cash generated by

operating activities before changes in working capital, cash costs and AISC per ounce sold to manage a nd evaluate its operating performance at its mines.

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) attributable to SSR Mining shareholders, cost of sales, and cash generated by operating activities, which are the most

comparable GAAP financial measures. Cost of sales excludes depreciation, depletion, and amortization.

(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 by 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.

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

SSR Mining Inc.

PAGE 5

Marigold, USA

Three Months Ended

June 30, Six Months Ended

June 30,

Operating Data 2024 2023 2024 2023

Gold produced (oz) 25,691 60,443 60,371 112,422

Gold sold (oz) 25,450 60,389 62,319 111,686

Ore mined (kt) 7,474 5,042 13,196 10,409

Waste removed (kt) 18,778 15,648 39,365 32,678

Total material mined (kt) 26,252 20,690 52,561 43,086

Strip ratio 2.5 3.1 3.0 3.1

Ore stacked (kt) 7,474 5,042 13,196 10,409

Gold grade stacked (g/t) 0.20 0.52 0.17 0.47

Average realized gold price ($/oz sold) $ 2,391 $ 1,950 $ 2,203 $ 1,933

Cost of sales costs ($/oz gold sold) $ 1,542 $ 1,059 $ 1,417 $ 1,061

Cash costs ($/oz gold sold) (7) $ 1,542 $ 1,063 $ 1,418 $ 1,065

AISC ($/oz gold sold) (7) $ 2,065 $ 1,656 $ 1,690 $ 1,659

(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 "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 June 30, 2024 and 2023, Marigold produced 25,691 and 60,443 ounces of gold, respectively.

For the six months ended June 30, 202 4 and 2023, Marigold produced 60,371 and 112,422 ounces of gold, respectively.

During the second quarter of 2024, Marigold reported cost of sales of $1,542 per payable ounce and AISC of $2,065 per

payable ounce. As planned, the first half of 2024 results include increased waste stripping to support near-term development

activities at Red Dot, which is a key focus for 2024 and 2025. As previously guided, first half 2024 cost of sales of $1,417

per payable ounce and AISC of $1,690 per payable ounce were above the full -year cost guidance ranges . Costs are

expected to meaningfully improve in the second half of 2024, particularly in the fourth quarter.

Full-year 2024 production guidance for Marigold is 155,000 to 175,000 ounces of gold at mine site cost of sales of $1,300

to $1,340 per payable ounce and AISC of $1,535 to $1,575 per payable ounce.

SSR Mining Inc.

PAGE 6

Seabee, Canada

Three Months Ended

June 30, Six Months Ended

June 30,

Operating Data 2024 2023 2024 2023

Gold produced (oz) 16,709 16,428 40,482 32,196

Gold sold (oz) 15,020 15,330 43,470 32,130

Ore mined (kt) 115 119 219 218

Ore milled (kt) 103 105 218 218

Gold mill feed grade (g/t) 5.40 5.25 5.99 4.91

Gold recovery (%) 95.5 96.9 96.0 96.5

Average realized gold price ($/oz sold) $ 2,355 $ 1,960 $ 2,169 $ 1,931

Cost of sales ($/oz gold sold) $ 1,150 $ 1,192 $ 959 $ 1,293

Cash costs ($/oz gold sold) (8) $ 1,152 $ 1,192 $ 960 $ 1,294

AISC ($/oz gold sold) (8) $ 1,626 $ 1,690 $ 1,488 $ 1,960

(8) 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 June 30, 2024 and 2023, Seabee produced 16,709 and 16,428 ounces of gold, respectively.

For the six months ended June 30, 202 4 and 2023, Seabee produced 40,482 and 32,196 ounces of gold, respectively.

During the second quarter of 2024, Seabee reported cost of sales of $1,150 per payable ounce and AISC of $1,626 per

payable ounce. During the first half of 2024, the Company reported cost of sales of $959 per payable ounce and AISC of

$1,488 per payable ounce.

Full-year 2024 production guidance at Seabee is 75,000 to 85,000 ounces of gold at mine site cost of sales of $990 to

$1,030 per payable ounce and AISC of $1,495 to $1,535 per payable ounce. As previously guided, processed grades are

expected to average between 5.0 and 6.0 g/t over 2024.

SSR Mining Inc.

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Puna, Argentina

Three Months Ended

June 30, Six Months Ended

June 30,

Operating Data 2024 2023 2024 2023

Silver produced ('000 oz) 2,731 2,269 4,646 4,284

Silver sold ('000 oz) 2,489 1,857 4,148 4,238

Lead produced ('000 lb) 13,291 10,193 23,289 21,554

Lead sold ('000 lb) 12,385 9,805 21,050 23,175

Zinc produced ('000 lb) 859 1,748 2,076 4,227

Zinc sold ('000 lb) 1,419 1,033 1,929 4,720

Gold equivalent sold ('000 oz) (9) 30,720 22,789 49,115 51,235

Ore mined (kt) 668 510 931 859

Waste removed (kt) 1,519 1,524 3,029 3,508

Total material mined (kt) 2,187 2,034 3,959 4,367

Strip ratio 2.3 3.0 3.3 4.1

Ore milled (kt) 470 419 887 834

Silver mill feed grade (g/t) 186.3 175.5 168.5 166.5

Lead mill feed grade (%) 1.34 1.18 1.25 1.25

Zinc mill feed grade (%) 0.18 0.36 0.22 0.40

Silver mill recovery (%) 97.0 96.1 96.7 96.0

Lead mill recovery (%) 95.7 93.4 94.9 93.9

Zinc mill recovery (%) 46.4 52.7 48.0 57.8

Average realized silver price ($/oz sold) $ 30.22 $ 24.61 $ 27.01 $ 23.92

Cost of sales ($/oz silver sold) $ 16.10 $ 18.02 $ 16.41 $ 18.95

Cash costs ($/oz silver sold) (10) $ 11.38 $ 14.40 $ 11.75 $ 14.41

AISC ($/oz silver sold) (10) $ 15.19 $ 17.41 $ 15.36 $ 16.84

(9) 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.

(10) 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 June 30, 2024 and 2023, Puna produced 2.7 and 2.3 million ounces of silver, respectively with

the year-over-year increase primarily driven by more ore tonnes milled and higher mill feed grade. Quarterly process plant

throughput averaged over 5,150 tonnes per day, a record for the mine. For the six months ended June 30, 2024 and 2023,

Puna produced 4.6 and 4.3 million ounces of silver, respectively. During the second quarter of 2024, Puna reported cost of

sales of $16.10 per payable ounce and AISC of $15.19 per payable ounce. During the first half of 2024, the Company

reported cost of sales of $16.41 per payable ounce and AISC of $15.36 per payable ounce.

Full-year 2024 production guidance at Puna is 8.75 to 9.50 million ounces of silver at mine site cost of sales of $16.50 to

$18.00 per payable ounce and AISC of $14.75 to $16.25 per payable ounce.

SSR Mining Inc.

PAGE 8

Çöpler, Türkiye

(amounts presented on 100% basis)

Operations at Çöpler were suspended following the Çöpler Incident on February 13, 2024. During the suspension, care and

maintenance expense has been recorded which represents direct costs not associated with the environmental reclamation

and remediation costs and depreciation. No production was recorded in the second quarter of 2024.

Three Months Ended

June 30, Six Months Ended

June 30,

Operating Data 2024 2023 2024 2023

Gold produced (oz) — 52,031 21,827 107,105

Gold sold (oz) — 49,197 23,960 107,211

Ore mined (kt) — 1,184 266 2,363

Waste removed (kt) — 4,841 3,571 10,216

Total material mined (kt) — 6,025 3,837 12,579

Strip ratio — 4.1 13.4 4.3

Ore stacked (kt) — 154 184 342

Gold grade stacked (g/t) — 1.46 1.17 1.33

Ore milled (kt) — 680 343 1,404

Gold mill feed grade (g/t) — 2.34 2.39 2.40

Gold recovery (%) — 89.1 78.9 88.4

Average realized gold price ($/oz sold) $ — $ 1,979 $ 2,013 $ 1,934

Cost of sales ($/oz gold sold) $ — $ 1,117 $ 1,019 $ 1,209

Cash costs ($/oz gold sold) (11) $ — $ 1,107 $ 1,020 $ 1,196

AISC ($/oz gold sold) (11) $ — $ 1,384 $ 2,507 $ 1,404

(11) 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.