Ssr Mining Provides 2025 Operating Guidance § 2025 Production Guidance of 410,000 to 480,000 GOLD Equivalent Ounces (“Geos”), Excluding Potential Çöpler Contributions § Production Profile Positioned FOR +10% Year-over-Year Growth IN 2025 with the Addition of Cc&v to the Portfolio
News Release
March 31, 2025
SSR MINING PROVIDES 2025 OPERATING GUIDANCE
§ 2025 PRODUCTION GUIDANCE OF 410,000 TO 480,000 GOLD EQUIVALENT OUNCES (“GEOs”), EXCLUDING POTENTIAL ÇÖPLER CONTRIBUTIONS
§ PRODUCTION PROFILE POSITIONED FOR +10% YEAR-OVER-YEAR GROWTH IN 2025 WITH THE ADDITION OF CC&V TO THE PORTFOLIO
§ HOD MADEN ADVANCING WITH 2025 PROJECT CAPITAL SPEND EXPECTED TO TOTAL $60 TO $100 MILLION
DENVER – SSR Mining Inc. (Nasdaq/TSX: SSRM; ASX: SSR) (“SSR Mining” or the “Company”) is pleased to
announce its full-year 2025 production and cost guidance demonstrating a more than 10% increase in year-over-
year gold equivalent production. In 2025, the Company expects to deliver production of 410,000 to 480,000 gold
equivalent ounces from its Marigold, CC&V, Seabee and Puna operations at consolidated cost of sales of $1,375 to
$1,435 per payable ounce and AISC of $2,090 to $2,150 per payable ounce.
(1) Exclusive of Care & Maintenance
costs at Ҫӧpler, the Company expects full-year consolidated AISC would be $1,890 to $1,950 per payable ounce.
On February 28, 2025, SSR Mining closed the acquisition of CC&V. As a result, CC&V’s attributable production and
cost guidance reflect the period of March 1, 2025 to December 31, 2025. Before the transaction’s close, Newmont
Corporation (“Newmont”) issued an updated Mineral Reserve and Mineral Resource statement for CC&V in its
Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Based on the Newmont disclosure, as of
December 31, 2024, CC&V hosted 2.4 million ounces of gold, an 85% increase over the prior year, including mined
depletion in 2024. Technical work on an updated life of mine plan for CC&V will be completed within the next twelve
months, showcasing SSR Mining’s initial expectations for the life of mine plan for the asset.
Additionally, technical work and initial development activities have continued at Hod Maden as the Company
progresses the project towards a construction decision. As project operator, SSR Mining has planned $60 to $100
million in project development capital for 2025 on a 100% basis. Key activities for 2025 are expected to include
initial site establishment efforts and the commencement of road and tunnel development for site access.
Rod Antal, Executive Chairman of SSR Mining, said, “We entered 2025 with positive momentum. Our Americas
assets, recently bolstered by the acquisition of CC&V, are well positioned for significant production growth and
strong cash flows in 2025. In addition, we see attractive and low capital intensity opportunities to potentially extend
the mine lives at each of these assets going forward and will continue to progress technical work through the year.
In Türkiye, constructive discussions with the relevant Turkish government authorities continue, as the Company
remains committed to both restarting the Ҫӧpler mine and progressing the Hod Maden project towards a
construction decision.
Underpinning our ambitious growth initiatives remains a robust balance sheet. Looking ahead, we have a clear path
forward, with a focus on delivering growth across the portfolio as we look to build our position as a leading mid-tier
gold producer.”
SSR Mining Inc. PAGE 1
(1) The Company reports non-GAAP financial measures including 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. 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.
Full-Year 2025 Guidance
SSR Mining reports its full-year 2025 guidance that includes production and cost assumptions by producing asset
and on a consolidated basis. Production and cost metrics for CC&V reflect the period of March 1, 2025 to
December 31, 2025. In the period from January 1, 2025 to February 28, 2025, CC&V produced approximately
28,000 ounces of gold. Production, cost and capital guidance for Çöpler will be provided following the potential
restart of the operation. Please see Appendix Table 1 for a full reconciliation to the cost metrics provided below.
(operating guidance 100% basis) (2) Marigold CC&V (3) Seabee Puna Corporate
Total
(Excluding Çöpler) Çöpler Consolidated
Gold Production koz 160 – 190 90 – 110 70 – 80 — — 320 – 380 — 320 – 380
Silver Production Moz — — — 8.00 – 8.75 — 8.00 – 8.75 — 8.00 – 8.75
Gold Equivalent Production koz 160 – 190 90 – 110 70 – 80 90 – 100 — 410 – 480 — 410 – 480
Cost of Sales per Ounce (GAAP) (4) $/oz 1,530 – 1,570 1,470 – 1,510 1,230 – 1,270 12.50 – 14.00 — 1,375 – 1,435 — 1,375 – 1,435
Cash Cost per Ounce (non-GAAP) (5) $/oz 1,530 – 1,570 1,460 – 1,500 1,230 – 1,270 11.35 – 12.85 — 1,350 – 1,410 — 1,350 – 1,410
Sustaining Capital Expenditures (6) $M 45 27 32 15 — 119 — 119
General & Administrative $M — — — — 60 – 65 60 – 65 — 60 – 65
Share-Based Compensation (7) $M — — — — 30 – 35 30 – 35 — 30 – 35
Care & Maintenance (8) $M — — — — — — 80 – 100 80 – 100
All-In Sustaining Cost per Ounce (non-GAAP) (5) $/oz 1,800 – 1,840 1,800 – 1,840 1,710 – 1,750 14.25 – 15.75 — 1,890 – 1,950 — 2,090 – 2,150
(2) Figures may not add due to rounding.
(3) CC&V figures are presented as of March 1, 2025 onwards to account for attributable production to SSR Mining following the close of the CC&V transaction. Prior to the closing of the
acquisition, CC&V produced approximately 28,000 ounces of gold. For the full year, inclusive of ounces produced under Newmont’s ownership, CC&V is expected to produce between
118,000 and 138,000 ounces of gold.
(4) Excludes depreciation, depletion, and amortization.
(5) 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 its mines. AISC includes
reclamation cost accretion and amortization and certain lease payments. Total AISC includes G&A costs and share-based compensation, but excludes any care & maintenance costs
incurred at Çöpler. Consolidated AISC reflects cash care & maintenance costs of approximately $20 - $25 million per quarter incurred at Çöpler until the mine is restarted. 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.
(6) Refer to “2025 Capital Guidance” table below for a breakdown of sustaining exploration and evaluation expenditures.
(7) Share-based compensation guidance uses a reference price of approximately US$15 per share.
(8) Reflects the cash component of care & maintenance expenses that would be incurred at Çöpler in the event the operation did not restart within 2025. SSR Mining continues to work closely
with the relevant authorities in Türkiye to advance the restart of the Çöpler mine, but at this time the Company is not able to estimate or predict when and under what conditions operations
will resume.
2025 Capital Guidance ($M) (9) Marigold CC&V (10) Seabee Puna Hod Maden Çöpler Other Total
Sustaining Capital 42 24 30 15 — — — 111
Sustaining Exploration and Resource
Development Expense 3 2 2 — — — — 7
Sustaining Capital Expenditures 45 27 32 15 — — — 119
Growth Capital 15 23 2 — 60 – 100 — — 100 – 140
Growth Exploration and Resource
Development Expense 19 3 16 9 5 — 6 58
Total Growth Expenditures (11) 34 25 18 9 65 – 105 — 6 157 – 197
(9) Figures may not add due to rounding. Amounts presented on 100% basis. Hod Maden is currently 10% owned by SSR Mining. SSR Mining has the option to increase its ownership to 40%
through funding of 40% of the pre-production capital commitments and up to $150 million in contingent payments. No material capital expenditures are expected at Çöpler until the mine is
restarted.
(10) CC&V figures are presented as March 1, 2025 onwards.
(11) All exploration and resource development spend is expensed. Growth exploration includes project studies and evaluation.
SSR Mining Inc. PAGE 2
2025 Guidance Overview
Consolidated production in 2025, excluding any potential contributions from Çöpler, is expected to be 55% weighted
to the second half of the year, reflecting the attributable period of operations at CC&V in the first quarter and the
grade profile at Marigold. Quarterly AISC is expected to be highest in the first and third quarters of 2025, reflecting
expenditures associated with the winter road at Seabee and the cadence of sustaining capital spend across the
portfolio. Development capital, largely attributable to the advancement of the Hod Maden project, is expected to be
relatively evenly distributed throughout the year.
Marigold, USA
2025 Guidance Production (koz) Cost of sales ($/oz) AISC ($/oz)
Gold 160 – 190 1,530 – 1,570 1,800 – 1,840
For the full-year, Marigold’s production is expected to be 55 to 60% weighted to the second half of 2025, as higher
grades stacked at the end of the first half drive increased production in the second half. Marigold is expected to
stack 18 to 20 million ore tonnes at an average grade of 0.35 to 0.40 grams per tonne. Sustaining capital spend is
approximately 70% weighted to the first half of the year, with AISC expected to peak in the first quarter of 2025.
Sustaining capital spend for Marigold in 2025 is forecasted to total $45 million, including approximately $10 million
on normal course dewatering initiatives as mining advances into the Red Dot deposit.
Building on the success of declaring a maiden resource at Buffalo Valley in 2024, the Company is continuing to
advance resource development and technical work with the goal to enable mine life extensions at Marigold beyond
the current eight year Mineral reserve life, including potential expansions to the Mackay, Valmy, New Millennium,
and Buffalo Valley deposits. Exploration and resource development expenditures at Marigold are expected to total
$22 million, including $19 million in growth exploration spend. An additional $15 million in growth capital is targeted
for 2025, reflecting capitalized resource development drilling and leach pad expansions.
CC&V, USA
2025 Guidance (Commencing March 1, 2025) Production (koz) Cost of sales ($/oz) AISC ($/oz)
Gold 90 – 110 1,470 – 1,510 1,800 – 1,840
SSR Mining completed the acquisition of CC&V on February 28, 2025, and as a result, all guidance for CC&V
reflects the attributable period of SSR Mining’s ownership commencing March 1, 2025. CC&V produced
approximately 28,000 ounces of gold in the first two months of 2025, bringing the mine’s full-year production
expectations to 118,000 and 138,000 ounces of gold. In 2024, CC&V produced 146,000 ounces of gold at cost of
sales of $1,390 per ounce and AISC of $1,691 per ounce.
From March 1, 2025, CC&V is expected to stack 18 to 20 million ore tonnes at an average grade of 0.35 to 0.40
grams per tonne and gold recovery of 55% to 60%. The stripping ratio is expected to average 0.7:1 over this period.
Sustaining capital is expected to total $27 million, peaking in the second quarter of 2025. Sustaining capital spend
includes $2 million on resource development and exploration as the Company evaluates opportunities to expand
CC&V’s existing 2.4 million ounces of proven and probable Mineral Reserves. SSR Mining expects to spend an
additional $25 million in growth capital at CC&V in 2025, primarily focused on leach pad development and
expansions. Technical work on an updated life of mine plan for CC&V is progressing and is expected to be released
within the next 12 months, showcasing SSR Mining’s initial life of mine expectations for the asset.
SSR Mining Inc. PAGE 3
Seabee, Canada
2025 Guidance Production (koz) Cost of sales ($/oz) AISC ($/oz)
Gold 70 – 80 1,230 – 1,270 1,710 – 1,750
Seabee’s 2025 production is expected to be strongest in the first quarter of the year, reflecting the processing of ore
from a higher grade stope that was first accessed in the fourth quarter of 2024. For the remainder of 2025, grades
are expected to reflect Seabee’s Mineral Reserve grade and average between 5.0 and 5.5 g/t, and processing plant
throughputs are expected to average approximately 1,300 to 1,350 tonnes per day. AISC are expected to be highest
in the first half of the year, particularly the first quarter, reflecting the typical spend profile associated with the winter
road season. Sustaining capital expenditures are planned to total $32 million in 2025.
Near-mine exploration continues with the goal of delineating new Mineral Reserves at Santoy 8, 9 and the Gap and
Santoy Hangingwall targets. Exploration and resource development activity is expected to total $16 million in 2025
as SSR Mining continues to advance the Porky target as a potential new underground mining front that could
complement and extend the existing Seabee mine life.
Puna, Argentina
2025 Guidance Production (Moz / koz) Cost of sales ($/oz) AISC ($/oz)
Silver 8.00 – 8.75 12.50 – 14.00 14.25 – 15.75
Gold Equivalent 90 – 100
In 2025, production at Puna is expected to be 50 to 55% weighted to the first half, driven largely by grades.
Continued delivery of operational improvement initiatives has enabled further increases to process plant
throughputs at Puna, which are targeted to average approximately 5,000 tonnes per day throughout the year. AISC
are expected to be highest in the second half of 2025, including a peak in the third quarter, largely reflecting the
aforementioned production profile and increased waste stripping in the second half.
Sustaining capital expenditures are planned to total $15 million in 2025. SSR Mining is continuing to advance
opportunities to extend the mine life at Puna, including pit laybacks at the Chinchillas pit and advancing exploration
and engineering work at Cortaderas.
Çöpler, Türkiye
SSR Mining continues to work closely with the relevant authorities to advance the required permits for the restart of
the Çöpler mine following the February 13, 2024 incident. Once all necessary regulatory approvals, including the
operating permits, are reinstated, it is anticipated that initial operations would consist of processing a combination of
stockpiled ore and ore mined from Çakmaktepe, in conjunction with future remediation work. At this time, we are not
able to estimate or predict when and under what conditions the Company will resume operations at Çöpler.
SSR Mining continues to anticipate the cost for Çöpler remediation and containment work from April 1, 2024
onwards remains unchanged at $250 to $300 million. SSR Mining spent $127.6 million on reclamation and
remediation spend in 2024. Reclamation and remediation spend at Çöpler will be reduced until final approvals are
received for the East Storage Facility. Depending on the timing of these approvals, reclamation and remediation
spend is estimated to total between $50 to $90 million in 2025. Çöpler is also expected to incur quarterly care and
maintenance costs of approximately $35 to $40 million until the mine returns to operation, including $20 to $25
SSR Mining Inc. PAGE 4
million in cash care and maintenance costs per quarter which impact the Company’s consolidated AISC. SSR
Mining does not adjust for any care & maintenance expense in its financial reporting.
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 with the SEC on February 18, 2025.
Growth Exploration and Resource Development
In 2025, growth exploration and resource development expenditures are expected to total $50 million, while growth
capital expenditures are expected to total $100 to 140 million, driven largely by Hod Maden.
At Hod Maden, technical work has continued ahead of a construction decision. In 2024, SSR Mining spent
approximately $42 million in growth capital at Hod Maden, predominantly allocated to early works and site access
activities. In 2025, attributable growth capital expenditures are expected to total between $60 and 100 million,
focused on the continued advancement of initial earth works and site access activities, including the
commencement of road and tunnel development. Technical work completed at Hod Maden to-date continues to
affirm prior due diligence outcomes around the project scope, and infill drilling continues at site with the aim of de-
risking the first four years of the mine. An initial exploration program is also planned at Hod Maden for 2025,
focused on potential extensions to the existing deposit and defining potential new targets across the 3,500 hectare
property.
At Marigold, 2025 consolidated exploration and resource development expenditures are estimated at $22 million,
focusing on oxide Mineral Reserve additions and conversion at Buffalo Valley and New Millennium. Growth
exploration expenditures also include geophysics and testing of new targets across the greater Marigold land
package.
At CC&V, initial exploration spend will be focused on converting existing Mineral Resources into Mineral Reserves
and defining additional shallow Mineral Resources adjacent to existing mineralization.
At Seabee, 2025 consolidated exploration and resource development expenditures are estimated at $18 million with
a focus on defining initial Mineral Reserves at the Porky targets. Further drilling will also be completed at the Gap
Hangingwall to evaluate potential extensions to the existing Mineral Reserves and mine life at Seabee. Earlier stage
exploration activity also continues across the broader Seabee property, including mapping and sampling new
outcrop exposures created by the 2024 forest fires at a number of regional targets.
At Puna, 2025 exploration and resource development expenditures are anticipated to total $9 million, with the
majority of that spend allocated to advancing Mineral Resource definition at the Cortaderas target ahead of an initial
economic evaluation of the target. Work is also underway to evaluate potential Mineral Reserve conversion at
Chinchillas in order to extend the mine life in the near-term.
Other exploration and development expenditures total $6 million as SSR Mining advances greenfield opportunities
across its portfolio, including drilling programs at regional projects in Saskatchewan, Nevada and Türkiye. Mapping
and sampling work is also continuing at earlier stage and regional opportunities in the U.S., Türkiye, Argentina and
Canada.
SSR Mining Inc. PAGE 5
Assumptions
All figures are in U.S. dollars, unless otherwise noted. Gold equivalent figures for operating guidance are based on
a gold-to-silver ratio of 88:1 in 2025. Cost of sales, cash costs, AISC and capital expenditure guidance is based on
an exchange rate of 1.36 Canadian dollars to one U.S. dollar and are subject to the key assumptions, risks and
uncertainties described under “Cautionary Note Regarding Forward-Looking Information and Statements”. All
figures are presented on a 100% basis, unless otherwise noted.
About SSR Mining
SSR Mining is listed under the ticker symbol SSRM on the Nasdaq and the TSX. The Company expects to remain
listed on the ASX under the ticker symbol SSR until market close on April 7, 2025.
For more information, please visit www.ssrmining.com.
E-Mail: [email protected]
Phone: +1 (888) 338-0046
SSR Mining Inc. PAGE 6
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”) within 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 some
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 and
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 Çöpler operations, including timelines, outlook, preliminary costs, remediation plans, and
possible restart plans; 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 Resource 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 expenditures; economic conditions; availability of sufficient financing; exploration plans; receipt of
regulatory approvals; timing and impact surrounding suspension or interruption of operations as a result of regulatory
requirements or actions by governmental authority; 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; weather 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
economically 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, on EDGAR at www.sec.gov and on the ASX at
www.asx.com.au and other unforeseen events or circumstances. Other than as required by law, we do not intend, and undertake
SSR Mining Inc. PAGE 7
no obligation to update any forward-looking information to reflect, among other things, new information or future events. The
information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part
of, this document.
Cautionary Note to U.S. Investors
This news release includes terms that comply with reporting standards in Canada under National Instrument 43-101 – Standards
of Disclosure for Mineral Projects (“NI 43-101”), including the terms “Mineral Reserves” and “Mineral Resources”. NI 43-101 is a
rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral projects. The standards of NI 43-101 differ significantly from the
requirements of the SEC. Accordingly, information concerning mineral deposits set forth herein may not be comparable with
information made in accordance with U.S. standards.
Qualified Persons
All key assumptions, parameters and methods used to estimate Mineral Reserves and Mineral Resources reported herein in
respect of Çöpler, Marigold, Seabee and Puna, and the data verification procedures followed, are set out in the Technical Report
Summary on the Çöpler Property, Türkiye, the Technical Report Summary on the Marigold Complex, Nevada, USA , the
Technical Report Summary on the Seabee Gold Operation, Saskatchewan, Canada, and the Technical Report Summary on the
Puna Operations, Argentina (each a “Technical Report Summary”). Each Technical Report Summary has been filed with the
SEC as part of the Company's Current Report on Form 8-K filed on February 13, 2024, and incorporated by reference herein,
and is available for review on EDGAR at www.sec.gov.
Cautionary Note Regarding Non-GAAP Measures
We have included certain non-GAAP performance measures throughout this document. These performance measures are
employed by us to measure our operating and economic performance internally and to assist in decision-making, as well as to
provide key performance information to senior management. We believe that, in addition to conventional measures prepared in
accordance with GAAP, certain investors and other stakeholders also use this information to evaluate our operating and financial
performance; however, these non-GAAP performance measures do not have any standardized meaning. Accordingly, these
performance measures are intended to provide additional information and should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with GAAP. Our definitions of our non-GAAP financial measures may not
be comparable to similarly titled measures reported by other companies. These non-GAAP measures should be read in
conjunction with our condensed consolidated interim financial statements.
Cash costs, AISC per ounce sold, and free cash flow are Non-GAAP Measures with no standardized definition under U.S GAAP.
The Company uses cash costs per ounce of precious metals sold, a non-GAAP financial measure, to monitor its operating
performance internally, including operating cash costs, and for internal decision making. The Company believes this measure
provides investors and analysts with useful information about its underlying cash costs of operations and the impact of by-
product credits on its cost structure. The Company also believes it is a relevant metric used to understand its operating
profitability and ability to generate cash flow. When deriving the cost of sales associated with an ounce of precious metal, the
Company includes the by-product credits as it considers the cost to produce the gold or silver is reduced as a result of the by-
product sales incidental to the gold and silver production process, thereby allowing management and other stakeholders to
assess the net costs of gold and silver production. In calculating cash costs per payable ounce, the Company also excludes the
impact of specific items that are significant, but not reflective of its underlying operations. When deriving the number of ounces of
precious metal sold, the Company considers the physical ounces available for sale after the treatment and refining process,
commonly referred to as payable metal, as this is what is sold to third parties. Cash costs per payable ounce metrics, net of by-
product credits, are also used in the Company's internal decision making processes.
AISC includes total cost of sales incurred at the Company's mining operations, which forms the basis of its by-product cash
costs. Additionally, the Company includes sustaining capital expenditures, sustaining mine-site exploration and evaluation costs,
reclamation cost accretion and amortization and general and administrative expenses. This measure seeks to reflect the ongoing
cost of gold and silver production from current operations; therefore, growth expenditures are excluded. Certain other cash
expenditures, including tax payments and financing costs are also excluded. The Company believes that this measure
represents the total costs of producing gold and silver from current operations and provides the Company and other stakeholders
with additional information about its operating performance and ability to generate cash flows. It allows the Company to assess
its ability to support capital expenditures and to sustain future production from the generation of operating cash flows.
SSR Mining Inc. PAGE 8