Ssr Mining Reports Fourth Quarter and Full Year 2022 Results Full Year 2022 Highlights (1)
News Release
February 22, 2023
SSR MINING REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS
FULL YEAR 2022 HIGHLIGHTS (1)
• ATTRIBUTABLE & ADJUSTED ATTRIBUTABLE DILUTED EPS OF $0.89 AND $0.67 PER SHARE, RESPECTIVELY
• PRODUCTION OF 623,819 GOLD EQUIVALENT OUNCES AT COST OF SALES (2) OF $985 PER OUNCE AND ALL-IN SUSTAINING COSTS
(“AISC”) OF $1,339 PER OUNCE
• FULL-YEAR 2022 CAPITAL RETURNS OF $158.8 MILLION, AN APPROXIMATELY 5.0% YIELD
FOURTH QUARTER 2022 HIGHLIGHTS
• ATTRIBUTABLE & ADJUSTED ATTRIBUTABLE DILUTED EPS OF $0.43 AND $0.12 PER SHARE, RESPECTIVELY
• PRODUCTION OF 182,655 GOLD EQUIVALENT OUNCES AT COST OF SALES OF $1,064 PER OUNCE AND AISC OF $1,358 PER OUNCE
• STRONG FOURTH QUARTER OPERATING CASH FLOW OF $118 MILLION, FREE CASH FLOW OF $97 MILLION
• CLOSED THE ACQUISITION OF AN ADDITIONAL 30% INTEREST IN KARTALTEPE JOINT VENTURE, EXPANDING OWNERSHIP OF THE
ÇӦPLER DISTRICT
• SUBSEQUENT TO YEAR-END, RELEASED 2023 GUIDANCE AND ROLLING THREE-YEAR OUTLOOK CONFIRMING 700,000 GOLD
EQUIVALENT OUNCE PLATFORM
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, 2022. In addition, the Board of Directors declared
a quarterly cash dividend of $0.07 per common share payable on March 30, 2023 to holders of record at the close of
business on March 3, 2023. This dividend qualifies as an 'eligible dividend' for Canadian tax purposes.
Rod Antal, President and CEO of SSR Mining, said, “We closed 2022 with a strong balance sheet and met our revised
guidance targets. We are now focused on delivering strong production and free cash flow in 2023. With the release of our
2023 and three-year guidance earlier this month, we presented our expectations for a significant year-over-year
production improvement and a three-year production profile targeting 700,000 gold equivalent ounces.
Our 2023 cost guidance incorporates two significant growth initiatives for the business, the ramp-up at Çöpler’s
Çakmaktepe Extension where first production is expected within the year, and waste stripping activities at Marigold’s Red
Dot as we aim to optimize Marigold’s longer-term production profile. These initiatives, along with our continued
advancement of the C2 expansion project at Çöpler and exploration and resource development activities across the
portfolio, are key elements of our plan to sustain a longer-term production platform at or above 700,000 gold equivalent
ounces annually.
Despite our continued and significant reinvestment in the business, we expect to deliver another strong year of free cash
flow and capital returns to shareholders. The Company has a number of potential key catalysts targeted for 2023,
including continued work on updated mine plans at Çöpler incorporating the C2 expansion project, and at Marigold
highlighting the initial contribution of the New Millennium target. All considered, we see a strong and exciting year ahead
for the business.”
SSR Mining Inc. PAGE 1
(1) 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.
(2) During the fourth quarter of 2022, the Company has revised the “Production costs” caption to “Cost of sales” within its Consolidated Statements of Operations to
provide a more accurate description of the costs and align with commonly used terminology by industry participants. No changes were made to the previously
reported amounts or the applicable accounting policies. Cost of sales excludes depreciation, depletion, and amortization.
Fourth Quarter and Full Year 2022 Highlights:
(All figures are in U.S. dollars unless otherwise noted)
▪ Solid fourth quarter operating performance: Delivered fourth quarter production of 182,655 gold equivalent ounces
at cost of sales of $ 1,064 per gold equivalent ounce and AISC of $ 1,358 per gold equivalent ounce. For the full year
2022, SSR Mining reported production of 623,819 gold equivalent ounces at cost of sales of $ 985 per gold equivalent
ounce and AISC of $1,339 per gold equivalent ounce. Production and costs were previously reported in early
February 2023 and were in line with revised 2022 guidance.
▪ Announced 2023 guidance and three-year operating outlook: Previously announced 2023 production guidance of
700,000 to 780,000 gold equivalent ounces at consolidated cost of sales of $1,055 to $1,115 per gold equivalent
ounce and AISC of $1,365 to $1,425 per gold equivalent ounce. SSR Mining’s three-year outlook highlights a strong
and stable production base of approximately 700,000 gold equivalent ounces through 2025 without requiring
significant capital investment. The Company believes these production levels are sustainable through the end of the
decade.
▪ Strong quarterly free cash flow: Attributable net income in the fourth quarter was $93.9 million, or $0.43 per diluted
share, and adjusted attributable net income was $25.6 million, or $0.12 per diluted share. Fourth quarter operating
cash flow was $118.1 million with free cash flow of $96.7 million and free cash flow before changes in working capital
of $74.1 million. For the full year 2022, attributable net income was $194.1 million, or $0.89 per diluted share and
adjusted attributable net income was $144.8 million, or $0.67 per diluted share. For the twelve months ending
December 31, 2022, operating cash flow was $160.9 million, free cash flow was $23.4 million and free cash flow
before changes in working capital was $170.7 million.
▪ Continued delivery of peer-leading capital returns program : For the twelve months ending December 31, 2022,
SSR Mining returned $158.8 million to shareholders, marking the Company’s second consecutive year with a capital
returns yield of approximately 5.0%. Quarterly dividend payments in 2022 totaled $58.8 million, reflecting SSR
Mining’s announcement of a 40% increase to the base dividend on January 31, 2022. In addition, the Company
returned $100.0 million to shareholders through the cancellation of 6,053,126 shares as part of SSR Mining’s current
NCIB program. Subsequent to the quarter, the Board declared a quarterly dividend of $0.07 per share to be payable
on March 30, 2023.
▪ Robust balance sheet with strong net cash position: At the end of 2022, SSR Mining had a cash and cash
equivalent balance of $655.5 million reflecting $58.8 million in dividend payments to shareholders, $100.0 million in
share repurchases, $71.2 million in scheduled debt repayments, and $170.0 million for strategic M&A transactions,
including the acquisition of Taiga Gold Corp. for $20.0 million and 30% of the Kartaltepe joint venture for $150.0
million.Net cash as of year-end 2022 was $387.3 million.
▪ Technical Report Summaries published for all producing assets: On February 23, 2022, the Company released
Technical Report Summaries (“TRS”) for each of its operating assets in compliance with Subpart 1300 of Regulation
S-K, which TRS were subsequently amended and released on September 29, 2022. These reports include refreshed
operating and economic assumptions for each asset and provided a base case for further growth and optimization to
support the Company’s target of a long-term annual production base of 700,000 gold equivalent ounces.
▪ Mineral Reserves and Mineral Resource : The Company reported updated Mineral Reserve and Mineral Resource
(“MRMR”) figures as of December 31, 2022 in the Company’s Annual Report on Form 10-K (the “Annual Report”),
including total Mineral Reserves of 7.6 million gold ounces and 8.3 million gold equivalent ounces. This MRMR update
does not incorporate new drilling results or resource modeling changes since the prior MRMR’s December 31, 2021
effective date and accordingly solely reflects depletion that occurred through 2022 mining activity, stockpile changes
and changes resulting from asset acquisitions and divestment activity completed in 2022.
SSR Mining Inc. PAGE 2
▪ Çöpler operations return to steady state with record sulfide plant throughput: Gold production was 65,603
ounces in the fourth quarter of 2022 at cost of sales of $ 1,065/oz and AISC of $ 1,269/oz, reflecting the successful
restart of operations that began in the third quarter of 2022. Sulfide plant throughput in the fourth quarter of 2022
averaged more than 8,000 tonnes per day (“tpd”), a quarterly record. In 2022, gold production for Çöpler was 191,366
ounces, above the revised full-year guidance, at full-year cost of sales of $ 985/oz and AISC of $ 1,328/oz. In 2023,
Çöpler is expected to produce 240,000 to 270,000 ounces of gold, 55% weighted to the second half of 2023, at mine
site cost of sales of $1,070 to $1,100 per ounce and AISC of $1,245 to $1,295 per ounce. Çöpler’s cost profile in 2023
reflects the ramp up of the Çakmaktepe Extension project, where first production is expected within the year.
▪ Marigold delivers solid cost performance in fourth quarter; poised for strong 2023: Gold production was 62,875
ounces in the fourth quarter of 2022, a solid finish that included the continued recovery of the higher grade ounces
stacked earlier in 2022. Cost of sales in the fourth quarter of 2022 was $1,004/oz and AISC of $1,160/oz. In 2022,
gold production for Marigold was 194,668 ounces, in line with revised full-year guidance, at cost of sales of $ 1,053/oz
and AISC of $ 1,378/oz. In 2023, Marigold is expected to produce 260,000 to 290,000 ounces of gold, 60 to 70%
weighted to the second half of 2023, at cost of sales of $1,000 to $1,030 per ounce and AISC of $1,315 to $1,365 per
ounce.
▪ Seabee delivers record full-year production: Gold production was 24,709 ounces at cost of sales of $909/oz and
AISC of $1,234/oz in the fourth quarter of 2022. Underground mining and plant throughput averaged approximately
1,300 tonnes per day during the fourth quarter, highlighting the ongoing success of continuous improvement initiatives
at the mine. For 2022, gold production for Seabee was a record 136,125 ounces at cost of sales of $559/oz and AISC
of $823/oz. Seabee is expected to produce 100,000 to 110,000 ounces of gold in 2023, 55% weighted to the second
half of 2023, at mine site cost of sales of $810 to $840 per ounce and AISC of $1,160 to $1,210 per ounce.
▪ Strong finish to a solid year at Puna: Silver production was 2.4 million ounces in the fourth quarter of 2022 at cost
of sales of $16.53/oz and AISC of $15.97/oz. For 2022, Puna’s silver production was 8.4 million ounces at cost of
sales of $ 17.48/oz and AISC of $ 15.50/oz, all metrics within the mine’s original full year guidance range. In 2023,
Puna is expected to produce 8.0 to 9.0 million ounces of silver, 50 – 55% weighted to the second half of 2023, at mine
site cost of sales of $18.00 to $19.50 per payable ounce and AISC of $16.25 to $17.75 per payable ounce.
▪ Closed the acquisition of Taiga Gold Corp.: On April 14, 2022, the Company completed the acquisition of all of the
issued and outstanding shares of Taiga Gold Corp. The transaction consolidated a 100% interest in the Fisher
property contiguous to the Seabee mine, eliminated 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. The Company’s Saskatchewan assets now
cover an area of approximately 131,150 hectares. In 2023, up to 35% of Seabee’s exploration budget is planned for
follow-up drilling of targets on the Fisher property.
▪ Completed the sale of the non-core Pitarrilla project: On July 6, 2022 the Company announced the closing of the
sale of the Pitarrilla project to Endeavour Silver following receipt of all required regulatory approvals and satisfaction
of customary closing conditions. As consideration for the sale, SSR Mining received $35.0 million in cash, $35.0
million (3) in common shares of Endeavour Silver, and a 1.25% net smelter return royalty on the Pitarrilla property. The
sale was originally announced on January 13, 2022.
▪ Closed the acquisition of an additional 30% ownership in Kartaltepe : In the fourth quarter of 2022, the Company
announced and completed an agreement to acquire an additional 30% ownership interest in the Kartaltepe Mining
Joint Venture at the Çöpler District from partner Lidya Mining for total cash consideration of $150.0 million (the
“Kartaltepe Transaction”), streamlining operating, financial and exploration activities across the Ҫӧpler District while
creating tangible synergies. The Company now owns 80% of the entirety of the Çöpler District.
SSR Mining Inc. PAGE 3
▪ Delivered strong near-mine exploration results across the portfolio: In the fourth quarter of 2022, SSR Mining
announced positive exploration updates from Çöpler’s Çakmaktepe Extension, Seabee, and Marigold. These results
showcase the opportunities for growth across SSR Mining’s global platform and may be incorporated into future
MRMR updates as the required technical work is completed at each respective project.
(3) The fair value of the common shares of Endeavour Silver on July 6, 2022 was $25.6 million. See Note 3 to the Condensed Consolidated Financial Statements in
SSR Mining’s Form 10-K filed February 22, 2023 for more information.
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, 2022 and December 31, 2021 are presented below:
Three Months Ended Twelve Months Ended
(in thousands of US dollars, except per share data) December 31, December 31,
2022 2021 2022 2021
Financial Results
Revenue $ 306,377 $ 407,919 $ 1,148,033 $ 1,474,199
Operating income $ 39,367 $ 118,816 $ 190,268 $ 444,375
Net income $ 95,177 $ 156,499 $ 210,428 $ 425,922
Net income attributable to equity holders of SSR Mining $ 93,884 $ 127,435 $ 194,140 $ 368,076
Basic net income per share attributable to equity holders of SSR Mining $ 0.45 $ 0.60 $ 0.92 $ 1.70
Diluted net income per share attributable to equity holders of SSR Mining $ 0.43 $ 0.57 $ 0.89 $ 1.63
Adjusted attributable net income (4) $ 25,580 $ 98,259 $ 144,814 $ 401,757
Adjusted basic attributable net income per share (4) $ 0.12 $ 0.46 $ 0.69 $ 1.86
Adjusted diluted attributable net income per share (4) $ 0.12 $ 0.44 $ 0.67 $ 1.78
Cash generated by operating activities before changes in working capital (4) $ 95,463 $ 157,218 $ 308,166 $ 638,281
Cash generated by operating activities $ 118,097 $ 184,606 $ 160,896 $ 608,986
Cash generated by (used in) investing activities $ (166,299) $ 1,362 $ (236,282) $ (129,137)
Cash generated by (used in) financing activities $ (33,148) $ (29,380) $ (271,782) $ (319,769)
Operating Results
Gold produced (oz) 153,187 185,044 522,159 683,446
Gold sold (oz) 146,385 186,159 521,928 689,354
Silver produced ('000 oz) 2,389 2,044 8,397 8,010
Silver sold ('000 oz) 2,098 2,461 7,864 7,810
Lead produced ('000 lb) (5) 13,422 11,318 41,004 37,695
Lead sold ('000 lb) (5) 10,138 12,748 38,393 33,378
Zinc produced ('000 lb) (5) 3,643 3,208 8,583 13,642
Zinc sold ('000 lb) (5) 1,452 4,855 6,998 10,751
Gold equivalent produced (oz) (6) 182,655 211,140 623,819 794,456
Gold equivalent sold (oz) (6) 172,308 218,271 617,135 797,602
Average realized gold price ($/oz sold) $ 1,749 $ 1,798 $ 1,811 $ 1,800
Average realized silver price ($/oz sold) $ 18.58 $ 23.48 $ 19.58 $ 22.92
Cost of sales per gold equivalent ounce sold (6) $ 1,064 $ 861 $ 985 $ 842
Cash cost per gold equivalent ounce sold (4, 6) $ 1,019 $ 697 $ 928 $ 698
AISC per gold equivalent ounce sold (4, 6) $ 1,358 $ 961 $ 1,339 $ 955
Financial Position December 31, 2022 December 31, 2021
Cash and cash equivalents $ 655,453 $ 1,017,562
Current assets $ 1,376,435 $ 1,600,314
Total assets $ 5,254,657 $ 5,211,438
Current liabilities $ 279,252 $ 283,882
Total liabilities $ 1,128,458 $ 1,158,921
Working capital (7) $ 1,097,183 $ 1,316,432
(4) 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 and 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, cost of sales, and cash generated by operating activities, which are the most comparable GAAP financial measures.
(5) 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.
(6) 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
(7) Working capital is defined as current assets less current liabilities.
SSR Mining Inc. PAGE 5
Updated Mineral Reserves and Resources for Year End 2022
SSR Mining reported its updated MRMR as of December 31, 2022 in the Company’s Annual Report. For a detailed
summary by asset, please refer to Item 2 Properties in the annual report, and for a reconciliation of year-over-year
changes to the MRMR figures below, please see “Supplemental Mineral Reserve and Mineral Resource Information” at
the end of this news release.
As per Subpart 1300 of Regulation S-K, MRMR are presented on an attributable basis.
The MRMR as of December 31, 2022 reflect depletion that occurred through mining activity, stockpile changes and
changes resulting from asset acquisitions and divestments completed during 2022. SSR Mining continues to advance
exploration and resource development activities at each of its assets, and this data will be incorporated into MRMR
statements as the accompanying technical work so dictates. A summary of the Company’s year-end 2022 MRMR are
presented below:
▪ Commodity price assumptions unchanged from 2021: Commodity prices used in the calculation of Mineral
Reserves for both 2022 and 2021 are $1,350/oz gold, $18.50/oz silver, $0.90/lb of lead, $1.05/lb of zinc, and $3.30/lb
copper. Mineral Resource prices of $1,750/oz gold, $22.00/oz silver, $0.95/lb lead, $1.15/lb zinc and $3.95/lb copper
were unchanged from 2021.
▪ Acquisition of an additional 30% of Kartaltepe; Pitarrilla divested: In the fourth quarter of 2022, SSR Mining
closed the Kartaltepe Transaction, consolidating SSR Mining’s 80% ownership of the entire Çöpler district. On an
attributable basis, the transaction added 64,000 gold equivalent ounces in Mineral Reserves, 123,000 gold equivalent
ounces in Measured and Indicated Mineral Resources, and 124,000 gold equivalent ounces in Inferred Mineral
Resources to the Company’s MRMR. The accretive sale of the non-core Pitarrilla project in 2022 drove the reduction
of silver and base metal Mineral Resources.
▪ Mineral Reserves: Gold Mineral Reserves as of December 31, 2022 were 7.6 million, down 5% or 0.4 million ounces
as compared to year-end 2021 Mineral Reserves reflecting mine depletion. Total gold equivalent Mineral Reserves as
of December 31, 2022 were 8.3 million ounces, down 6% or 0.6 million ounces from 8.9 million ounces as compared
to year-end 2021.
▪ Measured and Indicated Mineral Resources: Gold Measured and Indicated Mineral Resources as of December 31,
2022 were 5.8 million ounces, effectively flat as compared to year-end 2021. Total gold equivalent Measured and
Indicated Mineral Resources were 7.3 million ounces, a decrease of 9.5 million ounces from the prior year as a result
of the divestment of the Pitarrilla project in 2022.
▪ Inferred Mineral Resources: Gold Inferred Mineral Resources of 4.7 million ounces increased by 2% or 0.1 million
ounces as compared to year-end 2021 Inferred Mineral Resources, a result of the acquisition of an additional 30%
interest at the Kartaltepe licenses. Gold equivalent Inferred Mineral Resources of 5.8 million ounces decreased by 6%
or 0.3 million ounces as compared to year-end 2021 Inferred Mineral Resources. This was largely driven by lower
silver ounces as a result of the sale of Pitarrilla in 2022.
SSR Mining Mineral Reserves and Resources as of December 31, 2022 (8)
Gold y/y Silver y/y Lead Zinc Copper GEO (11)
koz % koz % Mlb Mlb Mlb Koz
Total P+P Reserves (9) 7,620 (5%) 39,903 (13%) 190 37 7 8,339
Total M&I Resource (10) 5,753 0% 67,162 (89%) 111 281 224 7,349
Total Inferred Resource 4,716 2% 38,696 (41%) 2 178 228 5,836
(8) MRMR are shown as attributable to SSR Mining only. SSR owns 80% of the Çöpler district.
(9) At Seabee, a $1,600/oz gold price was used in the calculation of Mineral Reserves for 2021 and 2022 to better align with site-level mine plans.
(10) Measured and indicated Mineral Resources are shown exclusive of Mineral Reserves.
(11) All gold equivalent ounces (GEO) figures are based on the above-mentioned commodity prices. metal equivalence is calculated for the respective and
applicable metals as follows: AuEq = Au koz + ((Ag koz * Ag price) + (Pb klb * Pb price per pound) + (Zn klb * Zn price per pound) + (Cu klb * Cu price per
pound)) / (Au price per ounce).
SSR Mining Inc. PAGE 6
Çöpler, Türkiye
(amounts presented on 100% basis)
Three Months Ended Twelve Months Ended
December 31, December 31,
Operating Data 2022 2021 2022 2021
Gold produced (oz) 65,603 92,069 191,366 329,276
Gold sold (oz) 59,949 94,333 192,811 333,761
Ore mined (kt) 1,407 2,270 3,161 9,750
Waste removed (kt) 5,596 4,124 17,311 15,015
Total material mined (kt) 7,003 6,395 20,472 24,765
Strip ratio 4.0 1.8 5.5 1.5
Ore stacked (kt) 249 95 459 1,786
Gold grade stacked (g/t) 1.22 1.07 1.06 1.24
Ore milled (kt) 748 609 2,068 2,325
Gold mill feed grade (g/t) 2.75 4.11 2.86 3.71
Gold recovery (%) 86.8 91.0 87.0 91.0
Average realized gold price ($/oz sold) $ 1,743 $ 1,789 $ 1,826 $ 1,800
Cost of sales ($/oz gold sold) $ 1,065 $ 667 $ 985 $ 794
Cash costs ($/oz gold sold) (12) $ 1,053 $ 474 $ 969 $ 578
AISC ($/oz gold sold) (12) $ 1,269 $ 591 $ 1,328 $ 713
(12) 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 cost of sales, which are the comparable
GAAP financial measure. For the three and twelve months ended December 31, 2022, cash costs and AISC per ounce of gold sold include the impact of any
fair value adjustment on acquired inventories. For the three and twelve months ended December 31, 2021, cash costs and AISC per ounce of gold sold
exclude the impact of any fair value adjustment on acquired inventories.
For the three months ended December 31, 2022 and 2021, Çöpler produced 65,603 and 92,069 ounces of gold,
respectively. During the fourth quarter of 2022, cost of sales was $ 1,065 per ounce while AISC were $ 1,269 per ounce.
The sulfide plant operated at an average throughput rate of more than 8,000 tonnes per day in the fourth quarter of 2022,
a quarterly record and reflecting the successful restart of operations that began in the third quarter of 2022.
For the twelve months ended December 31, 2022 and 2021, Çöpler produced 191,366 and 329,276 ounces of gold,
respectively. During the full year 2022, cost of sales was $ 985 per ounce while AISC were $ 1,328 per ounce. Operations
at Çöpler were suspended in late June until late September in response to a leak of leach solution containing diluted
cyanide at the Çöpler mine site on June 21, 2022. After completing the required improvement initiatives in early August,
the Company received the required regulatory approvals on September 22, 2022 from Türkiye’s Government authorities
and all operations were subsequently restarted.
In 2023, Çöpler is expected to produce 240,000 to 270,000 ounces of gold at mine site cost of sales of $1,070 to $1,100
per payable ounce and AISC of $1,245 to $1,295 per payable ounce, reflecting the costs associated with the ramp up of
mining activity at the Çakmaktepe Extension starter pit, where first production is expected in 2023. Ҫӧpler’s production
profile is approximately 55% weighted to the second half of 2023, reflecting a second half weighted grade profile and the
planned maintenance shutdown in the second quarter of 2023. The C2 expansion project continues to progress towards a
pre-feasibility study, including maiden Mineral Reserves and updated Mineral Resources, anticipated in the second half of
2023.
SSR Mining Inc. PAGE 7
Marigold, USA
Three Months Ended Twelve Months Ended
December 31, December 31,
Operating Data 2022 2021 2022 2021
Gold produced (oz) 62,875 57,405 194,668 235,282
Gold sold (oz) 62,936 58,496 195,617 236,847
Ore mined (kt) 4,861 4,478 18,061 19,999
Waste removed (kt) 15,880 21,221 72,166 79,885
Total material mined (kt) 20,741 25,699 90,227 99,884
Strip ratio 3.3 4.7 4.0 4.0
Ore stacked (kt) 4,861 4,478 18,061 19,999
Gold grade stacked (g/t) 0.60 0.39 0.56 0.41
Average realized gold price ($/oz sold) $ 1,719 $ 1,811 $ 1,747 $ 1,763
Cost of sales ($/oz gold sold) $ 1,004 $ 1,085 $ 1,053 $ 925
Cash costs ($/oz gold sold) (13) $ 1,010 $ 1,095 $ 1,056 $ 926
AISC ($/oz gold sold) (13) $ 1,160 $ 1,332 $ 1,378 $ 1,187
(13) 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 cost of sales, which are the comparable
GAAP financial measure.
For the three months ended December 31, 2022 and 2021, Marigold produced 62,875 and 57,405 ounces of gold,
respectively. The fourth quarter of 2022 represented a strong finish to the year for Marigold and included the continued
recovery of the higher grade ounces stacked earlier in 2022. During the fourth quarter of 2022, cost of sales was $ 1,004
per ounce while AISC were $1,160 per ounce.
For the twelve months ended December 31, 2022 and 2021, Marigold produced 194,668 and 235,282 ounces of gold,
respectively. During the full year 2022, cost of sales was $1,053 per ounce while AISC were $1,378 per ounce.
In 2023, Marigold is expected to produce 260,000 to 290,000 ounces of gold at mine site cost of sales of $1,000 to $1,030
per payable ounce and AISC of $1,315 to $1,365 per ounce. For the full year, production is expected to be 60 to 70%
weighted to the second half of 2023, reflecting a slower than expected leach cycle due to the increased proportion of finer
ore stacked to the pads earlier in 2022. Marigold’s cost profile is expected to largely reflect the 2023 production profile,
with first half costs above the full-year guidance range and the lowest cost periods in the third and fourth quarters.
Activities to enhance and extend the Marigold life of mine plan are continuing to advance. This includes accelerating
spend associated with waste stripping activity at the Red Dot target in order to optimize the production profile for the
remainder of the decade. In 2023, $28 million of Marigold’s $81 million sustaining capital budget is allocated to the
purchase of new haul trucks. The stripping activity associated with Red Dot accounts for nearly $100 per ounce of SSR
Mining’s corporate-level cost of sales. .
SSR Mining Inc. PAGE 8