Ssr Mining Reports Full-Year 2025 Results and 2026 Operating Guidance
SSR MINING | PAGE 1
News Release
February 17, 2026
SSR MINING REPORTS FULL-YEAR 2025 RESULTS
AND 2026 OPERATING GUIDANCE
▪ 2025 PRODUCTION OF 447,207 GOLD EQUIVALENT OUNCES (“GEOs”), ABOVE THE MIDPOINT OF ANNUAL PRODUCTION GUIDANCE
▪ FOURTH QUARTER OPERATING CASH FLOW OF $172 MILLION AND FREE CASH FLOW OF $106 MILLION; YEAR-END CASH TOTALS $535 MILLION (1)
▪ 2026 PRODUCTION GUIDANCE OF 450,000 TO 535,000 GOLD EQUIVALENT OUNCES REPRESENTS 10% YEAR-OVER-YEAR INCREASE IN GEOs
▪ YEAR-END 2025 MINERAL RESERVES TOTAL 11 MILLION GOLD EQUIVALENT OUNCES, A NEARLY 40% YEAR-OVER-YEAR INCREASE
▪ CONTINUED INVESTMENT AT GROWTH PROJECTS ACROSS PORTFOLIO, INCLUDING HOD MADEN, BUFFALO VALLEY AT MARIGOLD, CORTADERAS AT
PUNA AND PORKY AT SEABEE
▪ SSR MINING’S BOARD OF DIRECTORS APPROVED A SHARE BUYBACK PROGRAM OF UP TO $300 MILLION
DENVER - SSR Mining Inc. (Nasdaq/TSX: SSRM) ("SSR Mining" or the “Company") reports consolidated financial results
for the fourth quarter and full-year ended December 31, 2025, as well as updated Mineral Reserves and Mineral Resources
(“MRMR”) as of December 31, 2025 and full-year 2026 operating guidance. (1)
▪ Consolidated operating results: Fourth quarter 2025 production was 120,267 gold equivalent ounces at consolidated
cost of sales of $1,613 per payable ounce and AISC of $2,250 per payable ounce, or $2,002 per payable ounce exclusive
of costs incurred at Çöpler in the quarter. For the full-year 2025, the Company produced 447,207 gold equivalent ounces
at consolidated cost of sales of $1,472 per payable ounce and AISC of $2,153 per payable ounce, or $1,923 per payable
ounce exclusive of costs incurred at Çöpler. Full-year production was above the midpoint of the Company’s 410,000 to
480,000 gold equivalent ounce consolidated guidance range, while full-year AISC were well aligned with the Company’s
third quarter disclosures.
▪ Financial results: In the fourth quarter of 2025, the Company reported net income attributable to SSR Mining
shareholders of $ 181.5 million, or $ 0.84 per diluted share and adjusted net income attributable to SSR Mining
shareholders of $ 190.5 million, or $ 0.88 per diluted share. For the full -year 2025, SSR Mining reported net income
attributable to SSR Mining shareholders of $395.8 million, or $1.85 per diluted share and adjusted net income attributable
to SSR Mining shareholders of $ 430.5 million, or $ 2.01 per diluted share. In the fourth quarter of 2025, SSR Mining
generated $172.1 million in operating cash flow and $106.4 million in free cash flow. Full-year 2025 operating cash flow
and free cash flow totaled $471.9 million and $241.6 million, respectively.
▪ Cash and liquidity position: As of December 31, 2025, SSR Mining had a cash and cash equivalent balance of $534.8
million and total liquidity of $ 1,034.8 million, inclusive of the Company’s undrawn revolving credit facility and
accompanying accordion feature.
▪ Capital Returns: On February 13, 2026, SSR Mining’s Board of Directors approved a share buyback program of up to
$300 million . Given the Company ’s strong free cash flow projections and its portfolio of growth opportunities, the
Company sees significant value to its shareholders in pursuing a share buyback program. Share buybacks have
historically been an important part of SSR Mining’s capital return strategy with approximately 20 million shares
repurchased between 2021 and 2024 at an average price of $15.76 per share. Under the share buyback program, share
repurchases may be carried out from time to time over the next twelve months through opportunistic open -market
purchases or by other means in amounts and at prices at SSR Mi ning’s discretion, subject to market and business
conditions, applicable legal requirements, and other considerations.
SSR MINING | PAGE 2
▪ Mineral Reserves & Mineral Resources: Total Proven and Probable Mineral Reserves as of December 31, 2025, were
11.0 million gold equivalent ounces , an increase of nearly 40% as compared to year -end 2024. Total Measured and
Indicated Mineral Resources as of December 31, 2025 , exclusive of Mineral Reserves, were 9.5 million gold equivalent
ounces, an increase of over 80% as compared to year -end 2024. Year-over-year changes in Mineral Reserves and
Mineral Resource s include the addition of CC&V and the Hod Maden development project to consolidated totals,
resource development activity and an increase in the base gold and silver price assumptions for Mineral Reserves to
$1,700 and $20.50 per ounce, respectively.
▪ 2026 operating guidance: In 2026, SSR Mining expects to deliver production of 450,000 to 535,000 gold equivalent
ounces from its Marigold, CC&V, Seabee and Puna operations at consolidated cost of sales of $1,560 to $1,640 per
payable ounce and AISC of $2,360 to $2,440 per payable ounce. Exclusive of Care & Maintenance costs at Çöpler, the
Company expects full -year consolidated AISC would be $2,180 to $2, 260 per payable ounce. The midpoint of 2026
production guidance represents a 10% increase in gold equivalent ounces over 2025 results.
▪ Çöpler: Fourth quarter remediation and reclamation spend at Çöpler was $7.4 million, bringing total remediation spend
in 2025 to $21.7 million. Since February 2024, SSR Mining has spent $149.3 million on reclamation and remediation
activities at the site.
• Hod Maden development project: SSR Mining spent $33.8 million at the Hod Maden development project in the fourth
quarter of 2025 as engineering and initial site establishment efforts continued to progress. Full-year spend at Hod Maden
totaled $78.2 million, in line with guidance of $60 to $100 million . On January 29, 2026, SSR Mining announced the
completion and issuance of a Technical Report Summary for the Hod Maden development project with a $1. 7B NPV5%
and 39% IRR at consensus commodity prices. For more information on Hod Maden, please see the Hod Maden Technical
Report Summary filed on a Current Report on Form 8 -K with the Securities and Exchange Commission (“SEC”) on
January 30, 2026.
• Development & exploration: Throughout 2025, SSR Mining continued to advance key brownfield organic growth
projects across the portfolio, including Buffalo Valley at Marigold, Cortaderas at Puna, and Porky at Seabee. These
projects represent low-cost, high-return development opportunities and have the potential to meaningfully extend the
mine lives at each asset . SSR Mining is also investing $35 million in growth exploration and resource development
activity in 2026 as it aims to identify and advance growth targets across its portfolio.
Rod Antal, Executive Chairman of SSR Mining, said, “ The fourth quarter of 2025 was a strong finish to the year as we
delivered full-year consolidated production above the midpoint of our original guidance range at AISC well aligned with
expectations. This operating performance allowed us to capitalize on the strong metals prices into year -end and generate
approximately $172 million in operating cash flow and $106 million in free cash flow in the quarter. Our results were buoyed
by an excellent fourth quarter at both CC&V and Puna, with each operation exceeding full-year production guidance.
Looking ahead, our 2026 operating guidance has our business on track to deliver a 10% year-over-year increase in gold
equivalent ounce production and reinforces our position as the third largest gold producer in the United States. Our
consolidated production platform is poised to deliver strong free cash flow in 2026, and we are working hard to continue
surfacing additional value for our shareholders through key organic growth initiatives at each of our assets.
Through our continued focus on operational delivery and free cash flow generation, as well as our newly announced share
buyback program, we expect to continue building on our positive momentum through 2026.”
SSR MINING | PAGE 3
Financial and Operating Summary
A summary of the Company's consolidated financial and operating results for the three and twelve months ended
December 31, 2025 and December 31, 2024 are presented below:
(in thousands, except per share data or otherwise stated)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025 2024 2025 2024
Financial Results
Revenue $ 521,725 $ 323,187 $ 1,629,637 $ 995,618
Cost of sales $ 188,032 $ 153,268 $ 653,303 $ 514,032
Operating income (loss) $ 202,333 $ 34,382 $ 461,442 $ (322,285)
Net income (loss) $ 170,517 $ (3,135) $ 362,417 $ (352,582)
Net income (loss) attributable to SSR Mining shareholders $ 181,457 $ 5,555 $ 395,754 $ (261,277)
Basic net income (loss) per share attributable to SSR Mining shareholders $ 0.89 $ 0.03 $ 1.95 $ (1.29)
Diluted net income (loss) per share attributable to SSR Mining shareholders $ 0.84 $ 0.03 $ 1.85 $ (1.29)
Adjusted net income attributable to SSR Mining shareholders (1) $ 190,465 $ 21,266 $ 430,468 $ 57,591
Basic adjusted net income per share attributable to SSR Mining shareholders (1) $ 0.94 $ 0.11 $ 2.12 $ 0.28
Diluted adjusted net income per share attributable to SSR Mining shareholders (1) $ 0.88 $ 0.10 $ 2.01 $ 0.28
Cash provided by operating activities $ 172,051 $ 94,979 $ 471,853 $ 40,130
Cash provided by operating activities before changes in working capital (1) $ 211,491 $ 89,623 $ 644,511 $ 112,395
Cash used in investing activities $ (53,342) $ (39,560) $ (339,697) $ (143,116)
Cash provided by financing activities $ 5,443 $ 2,308 $ 26,170 $ 6,918
Operating Results
Gold produced (oz) 91,031 89,178 333,078 275,013
Gold sold (oz) 88,819 86,320 331,534 279,121
Silver produced ('000 oz) 2,050 2,970 9,814 10,500
Silver sold ('000 oz) 2,097 2,709 9,663 9,642
Lead produced ('000 lb) (2) 9,363 15,409 45,881 53,703
Lead sold ('000 lb) (2) 9,557 14,276 46,756 49,631
Zinc produced ('000 lb) (2) 1,133 687 4,120 3,641
Zinc sold ('000 lb) (2) 974 531 3,470 3,121
Gold equivalent produced (oz) (3) 120,267 124,154 447,207 399,267
Gold equivalent sold (oz) (3) 116,581 118,220 443,902 393,216
Average realized gold price ($/oz sold) $ 4,142 $ 2,603 $ 3,524 $ 2,381
Average realized silver price ($/oz sold) $ 54.83 $ 31.53 $ 42.49 $ 29.16
Cost of sales per gold equivalent ounce sold (3) $ 1,613 $ 1,295 $ 1,472 $ 1,307
Cash cost per gold equivalent ounce sold (1, 3) $ 1,524 $ 1,203 $ 1,362 $ 1,200
AISC per gold equivalent ounce sold (1, 3) $ 2,250 $ 1,857 $ 2,153 $ 1,878
Financial Position December 31, 2025 December 31, 2024
Cash and cash equivalents $ 534,834 $ 387,882
Current assets $ 1,287,121 $ 1,029,034
Total assets $ 6,093,898 $ 5,189,020
Current liabilities $ 618,357 $ 218,877
Total liabilities $ 1,779,644 $ 1,242,159
Working capital (4) $ 668,764 $ 810,157
(1) The Company reports non-GAAP financial measures including total liquidity, adjusted net income (loss) 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, free cash flow, mine site free
cash flow, cash costs and AISC per ounce sold to manage and evaluate its operating performance at its mines. Cost of sales excludes depr eciation, depletion,
and amortization. AISC includes the cash component of care and maintenance costs. See “Cautionary Note Regarding Non-GAAP 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, mine segment
revenue, and cash generated by operating activities, which are the most comparable GAAP financial measures. Mine site free cash flow means revenue less cost
of sales, exploration, evaluation, reclamation expenditures, cash care and maintenance costs, capital expenditures and taxes.
(2) 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.
(3) GEOs are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average closing commodity prices for the period. The
Company does not include by-products in the GEO calculations.
(4) Working capital is defined as current assets less current liabilities.
SSR MINING | PAGE 4
Full-Year 2026 Guidance
SSR Mining reports its full-year 2026 guidance that includes production, cost, and capital estimates for each asset and on
a consolidated basis. The Company has not reflected any production, operating costs, or capital forecasts for Çöpler in its
2026 guidance.
Consolidated production in 2026 is expected to be 55 to 60% weighted to the second half, driven largely by the production
profiles at Marigold and CC&V . AISC are expected to be highest in the first half of 2026, reflecting the aforementioned
production profile and higher sustaining capital outlays across the portfolio in the first half of the year.
2026 Operating Guidance (5) Marigold CC&V Seabee Puna Corporate
Total
(Excluding
Çöpler) Çöpler Consolidated
Gold Production koz 170 – 200 125 – 150 60 – 70 – – 355 – 420 – 355 – 420
Silver Production Moz – – – 6.25 – 7.00 – 6.25 – 7.00 – 6.25 – 7.00
Gold Equivalent Production koz 170 – 200 125 – 150 60 – 70 95 – 115 – 450 – 535 – 450 – 535
Cost of Sales per Ounce (GAAP) (6) $/oz 1,720 – 1,790 1,420 – 1,490 1,480 – 1,550 22.30 – 24.30 – 1,560 – 1,640 – 1,560 – 1,640
Cash Cost per Ounce (non-GAAP) (6) $/oz 1,720 – 1,790 1,410 – 1,480 1,480 – 1,550 17.00 – 19.00 – 1,480 – 1,560 – 1,480 – 1,560
Sustaining Capital Expenditures (7) $M 108 34 42 18 – 202 – 202
General & Administrative $M – – – – 65 – 70 65 – 70 – 65 – 70
Share-Based Compensation (8) $M – – – – 50 – 60 50 – 60 – 50 – 60
Care & Maintenance $M – – – – – – 80 – 100 80 – 100
AISC per Ounce (non-GAAP) (6) $/oz 2,320 – 2,390 1,780 – 1,850 2,170 – 2,240 20.00 – 22.00 – 2,180 – 2,260 – 2,360 – 2,440
(5) Amounts presented on 100% basis. As of December 31, 2025, SSR Mining owns 80% of Çöpler . The Company has not reflected any production, operating costs, or
capital forecasts for Çöpler in its 2026 guidance. In 2026, in an effort to limit the impact of gold and silver price volatility, SSR Mining will fix its gold to silver ratio for the
purposes of GEO calculations to 63:1, reflecting the 60 -day average trading prices for each metal. See “Assumptions” at the end of this press release for additional
information.
(6) The Company reports non-GAAP financial measures including 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 "Cautionary Note Regarding Non-
GAAP Measures" at the end of this press release for an explanation of these financial measures and a reconciliation to cost of sales, whic h is the comparable GAAP
financial measure.
(7) Refer to “2026 Capital Guidance” table below for a breakdown of sustaining capital expenditures.
(8) Share-based compensation guidance uses a reference price of approximately US$32.50 per share.
Sustaining capital spend in 2026 is expected to be 60 to 70% weighted to the first half, reflecting winter road expenditures
at Seabee as well as fleet replacements at Marigold. Development capital spend is expected to be highest in the second
and third quarters of 2026, driven by investment in leach pad expansion s at Marigold and CC&V. Initial works including,
engineering completion, access road and site establishment, continue at Hod Maden ahead of a formal construction decision
by the joint venture. On a 100% basis, capital expenditure at Hod Maden is expected to total up to $15 million per month on
this early works scope. SSR Mining intends to update full year capital guidance to include full project ramp-up following a
positive construction decision.
2026 Capital Guidance ($M) (9) Marigold CC&V Seabee Puna Çöpler Other Total
Sustaining Capital 106 31 39 18 – – 194
Sustaining Exploration and Resource
Development Expense 2 3 3 – – – 8
Sustaining Capital Expenditures 108 34 42 18 – – 202
Growth Capital 48 55 8 4 – – 115
Growth Exploration and Resource Development
Expense – – 7 14 – 14 35
Total Growth Expenditures (10) 48 55 15 18 – 14 150
(9) Amounts presented on 100% basis. As of December 31, 2025, SSR Mining owns 80% of Çöpler and 10% of Hod Maden. SSR Mining can earn-in to own up to
40% of the Hod Maden development project through earn-in payments totaling $120 million, and an additional $30 million in milestone payments to Lidya Mines.
All other properties are 100% owned by SSR Mining. Capital expenditures at Çöpler are not included in this guidance. Capital expenditures at Hod Maden are
expected to total $15 million per month until a formal construction decision is made by the joint venture, at which point SSR Mining intends to update development
capital guidance. Figures may not add due to rounding.
(10) All exploration and resource development spend is expensed. Growth exploration includes project studies and evaluation expenses.
SSR MINING | PAGE 5
Marigold, USA
For the three months ended December 31, 2025 and 2024, Marigold produced 42,770 and 59,702 ounces of gold,
respectively. Full-year 2025 production at Marigold of 153,535 ounces of gold compared to full-year guidance of 160,000 to
190,000 ounces.
During the fourth quarter of 2025, Marigold reported cost of sales of $ 1,825 per payable ounce and AISC of $ 2,089 per
payable ounce. For the full -year 2025, cost of sales of $1,635 per payable ounce and AISC of $1,918 per payable ounce,
compared to guidance of $1,530 to $1,570 per payable ounce and $1,800 to $1,840 per payable ounce, respectively.
Three Months Ended
December 31, Twelve Months Ended
December 31,
Operating Data 2025 2024 2025 2024
Gold produced (oz) 42,770 59,702 153,535 168,262
Gold sold (oz) 40,709 58,250 154,024 167,669
Ore mined (kt) 7,161 7,343 19,321 27,690
Waste removed (kt) 17,612 17,271 79,091 72,028
Total material mined (kt) 24,773 24,615 98,412 99,718
Strip ratio 2.5 2.4 4.1 2.6
Ore stacked (kt) 7,160 7,343 19,321 27,690
Gold grade stacked (g/t) 0.35 0.42 0.39 0.28
Average realized gold price ($/oz sold) $ 4,270 $ 2,601 $ 3,509 $ 2,438
Cost of sales ($/oz gold sold) $ 1,825 $ 1,406 $ 1,635 $ 1,457
Cash costs ($/oz gold sold) (11) $ 1,825 $ 1,408 $ 1,636 $ 1,459
AISC ($/oz gold sold) (11) $ 2,089 $ 1,638 $ 1,918 $ 1,711
In 2026, Marigold’s production is expected to be 55 to 60% weighted to the second half, as highe r grades stacked in the
second quarter are anticipated to drive increased production in the second half. Marigold is expected to stack 21 to 23
million ore tonnes in 2026 at an average grade of approximately 0.4 grams per tonne.
As a result of previously highlighted ore blending requirements and to ensure pad recovery performance, the mine schedule
has been updated to account for the blending of durable and non -durable ore. In addition, increased gold price s have
resulted in pit expansions and the relocation of a planned waste dump to avoid sterilizing ounces. Overall, life of mine
production for Marigold remains unchanged and the total ounces produced over the five-year period are materially the same
as reflected in the current TRS. The growth targets of Buffalo Valley and New Mille nnium continue to advance, and SSR
Mining anticipates potentially integrating them into an updated Marigold TRS that is expected to be released in the next 18
months.
Sustaining capital spend at Marigold is approximately 70% weighted to the first half of the year, with AISC expected to peak
in the first quarter of 2026. Accordingly, AISC are expected to trend above the full-year guidance range in the first half of the
year. Sustaining capital spend for Marigold in 2026 is forecasted to total $ 108 million, driven largely by spend on fleet
replacements, ongoing fleet component purchases and plant upgrades. The investments in Marigold’s mining and hauling
fleet are expected to help both near-term haulage requirements and enable the development of a number of potentially
significant mine life extension opportunities ahead.
(2026 Guidance) Production (koz) Cost of sales ($/oz) (11) AISC ($/oz) (11)
Gold 170 – 200 $1,720 – $1,790 $2,320 – $2,390
(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
Marigold. See "Cautionary Note Regarding Non -GAAP Measures" at the end of this press release for an explanatio n 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.
Growth opportunities at Marigold include continued advancement of the Buffalo Valley project, which currently hosts
approximately 570,000 ounces of gold Mineral Reserves, New Millennium, Marigold North and Valmy South. In 2026, growth
capital at Marigold is expected to total $48 million, with the majority of that spend focused on heap leach expansions and
continued development of the Buffalo Valley and New Millennium expansion studies.
SSR MINING | PAGE 6
Cripple Creek & Victor, USA
(For the twelve months ended December 31, 2025, all metrics represent the period from February 28, 2025, the closing date of the CC&V acquisition, to
December 31, 2025, unless otherwise stated.)
For the three months ended December 31 , 2025, CC&V produced 39,392 ounces of gold. From February 28, 2025 to
December 31, 2025, CC&V produced 124,557 ounces of gold. Inclusive of the 28,000 ounces of gold produced in the first
two months of 2025 under prior ownership, full-year production from CC&V totaled 152,557 ounces of gold.
During the fourth quarter of 2025, CC&V reported cost of sales of $1,279 per payable ounce and AISC of $1,596 per payable
ounce. For the period from February 28, 2025 to December 31, 2025, CC&V reported cost of sales of $ 1,274 per payable
ounce and AISC of $1,555 per payable ounce, better than guidance of $1,470 to $1,510 per payable ounce and $1,800 to
$1,840 per payable ounce, respectively.
With the strong close to the year, CC&V recognized over $450 million in revenue and $200 million in mine site free cash
flow since acquisition, an impressive result as compared to the initial $100 million upfront cash payment for the asset and
total transaction consideration of $275 million. Additionally, during the fourth quarter of 2025, the Company published a TRS
for CC&V highlighting an initial 12-year life of mine plan with significant optionality for future growth. For more information
on CC&V, please see the CC&V Technical Report Summary filed on a Current Report on Form 8 -K with the SEC on
November 12, 2025.
Three Months Ended
December 31, Twelve Months Ended
December 31,
Operating Data 2025 2024 2025 2024
Gold produced (oz) 39,392 — 124,557 —
Gold sold (oz) 39,460 — 123,510 —
Ore mined (kt) 5,470 — 17,658 —
Waste removed (kt) 4,318 — 13,265 —
Total material mined (kt) 9,788 — 30,923 —
Strip ratio 0.8 — 0.8 —
Ore stacked (kt) 5,431 — 17,829 —
Gold grade stacked (g/t) 0.40 — 0.42 —
Average realized gold price ($/oz sold) $ 4,230 $ — $ 3,635 $ —
Cost of sales ($/oz gold sold) $ 1,279 $ N/A $ 1,274 $ N/A
Cash costs ($/oz gold sold) (12) $ 1,278 $ N/A $ 1,265 $ N/A
AISC ($/oz gold sold) (12) $ 1,596 $ N/A $ 1,555 $ N/A
In 2026, production at CC&V is expected to be 50 to 55% weighted to the second half. CC&V is expected to stack 18 to 20
million ore tonnes in 2026 at an average grade of 0.35 to 0.40 grams per tonne and a full-year average stripping ratio of
1.0:1. Sustaining capital is expected to total $ 34 million in 2026, with more than 60% of that spend incurred in the first half
of the year. Accordingly, AISC are expected to trend above the full-year guidance range in the first half of the year.
(2026 Guidance) Production (koz) Cost of sales ($/oz) (12) AISC ($/oz) (12)
Gold 125 – 150 $1,420 – $1,490 $1,780 – $1,850
(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 CC&V.
See "Cautionary Note Regarding Non-GAAP 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.
Development capital spend at CC&V is expected to total $55 million in 2026, primarily driven by expansions to the existing
valley leach facilities. As of year-end 2025, CC&V hosted 4.8 million ounces of Measured & Indicated Mineral Resources
and an additional 2.0 million ounces of Inferred Mineral Resources, representing significant life of mine extension potential
for CC&V in the future.
SSR MINING | PAGE 7
Seabee, Canada
For the three months ended December 31, 2025 and 2024, Seabee produced 8,869 and 27,811 ounces of gold, respectively.
Production from Seabee in 2025 reflected the temporary suspension of operations in the second quarter due to the impacts
of regional forest fires, as well as the previously guided effort to prioritize underground mine development in the second half
of the y ear. For the twelve months ended December 31, 2025, Seabee produced 54,986 ounces of gold , compared to
production guidance of 70,000 to 80,000 ounces.
During the fourth quarter of 2025, Seabee reported cost of sales of $ 2,435 per payable ounce and AISC of $ 3,433 per
payable ounce. For the full-year 2025, Seabee reported cost of sales of $1,525 per payable ounce and AISC of $2,231 per
payable ounce, compared to guidance of $1,230 to $1,270 per payable ounce and $1,710 to $1,750 per payable ounce,
respectively.
Three Months Ended
December 31, Twelve Months Ended
December 31, (13)
Operating Data 2025 2024 2025 2024
Gold produced (oz) 8,869 27,811 54,986 78,545
Gold sold (oz) 8,650 26,350 54,000 81,070
Ore mined (kt) 92 90 326 365
Ore milled (kt) 91 92 331 366
Gold mill feed grade (g/t) 3.16 9.66 5.25 6.93
Gold recovery (%) 95.0 97.2 96.4 96.4
Average realized gold price ($/oz sold) $ 4,247 $ 2,632 $ 3,316 $ 2,362
Cost of sales ($/oz gold sold) $ 2,435 $ 816 $ 1,525 $ 960
Cash costs ($/oz gold sold) (14) $ 2,435 $ 817 $ 1,525 $ 961
AISC ($/oz gold sold) (14) $ 3,433 $ 1,214 $ 2,231 $ 1,515
(13) Operations for the twelve months ended December 31, 2025 and 2024 were impacted by forest fires. See the Company’s Annual Report on Form 10 -K for
additional details.
In 2026, production from Seabee is expected to be strongest in the fourth quarter due to higher grades. Over the course of
the year, processed grades at Seabee are expected to average approximately 5.0 g/t, while process plant throughputs are
expected to average approximately 1,200 tonnes per day, inclusive of planned maintenance downtime in the second quarter.
AISC are expected to be highest in the first half of the year, particularly the first quarter, reflecting the typical spend p rofile
associated with the winter road season. Sustaining capital expenditures are planned to total $ 42 million in 2026.
(2026 Guidance) Production (koz) Cost of sales ($/oz) (14) AISC ($/oz) (14)
Gold 60 – 70 $1,480 – $1,550 $2,170 – $2,240
(14) 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 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.
Growth expenditures at Seabee are expected to total $ 15 million in 202 6 as the Company advances near -mine drilling
exploration and resource development activity at Santoy and progresses engineering at Porky ahead of potential
development in 2027. An initial 203,000 ounce Mineral Reserve was declared at Porky in 2025 with the potential to represent
a new underground mining front to further complement and extend the existing Seabee mine life.
SSR MINING | PAGE 8
Puna, Argentina
For the three months ended December 31, 2025 and 2024, Puna produced 2.1 and 3.0 million ounces of silver, respectively.
For the twelve months ended December 31, 2025 and 2024, Puna produced 9.8 and 10.5 million ounces of silver,
respectively. Puna’s full-year 2025 production of 9.8 million ounces of silver exceeded full-year production guidance of 8.00
to 8.75 million ounces for the third consecutive year . The strong operating results at Puna were supported by continuous
improvements in the performance of the Pirquitas process plant, which achieved quarterly and full-year records in tonnes
processed in the fourth quarter and full-year 2025, respectively.
For the fourth quarter of 2025, Puna reported cost of sales of $ 20.13 per payable ounce and AISC of $ 18.39 per payable
ounce. For the full-year 2025, Puna reported cost of sales of $ 16.74 per payable ounce and AISC of $ 14.24 per payable
ounce. Full-year AISC at Puna were better than the mine’s 2025 AISC guidance range of $14.25 to $15.75 per payable
ounce. Puna realized nearly $460 million in revenue and generated mine site free cash flow of over $250 million in 2025.
Three Months Ended
December 31, Twelve Months Ended
December 31,
Operating Data 2025 2024 2025 2024
Silver produced ('000 oz) 2,050 2,970 9,814 10,500
Silver sold ('000 oz) 2,097 2,709 9,663 9,642
Lead produced ('000 lb) 9,363 15,409 45,881 53,703
Lead sold ('000 lb) 9,557 14,276 46,756 49,631
Zinc produced ('000 lb) 1,133 687 4,120 3,641
Zinc sold ('000 lb) 974 531 3,470 3,121
Gold equivalent sold ('000 oz) (15) 27,762 31,900 112,368 114,095
Ore mined (kt) 332 750 1,802 2,328
Waste removed (kt) 1,892 1,337 6,406 5,900
Total material mined (kt) 2,225 2,087 8,208 8,228
Strip ratio 5.7 1.8 3.6 2.5
Ore milled (kt) 513 489 1,965 1,862
Silver mill feed grade (g/t) 129.6 194.0 161.8 181.0
Lead mill feed grade (%) 0.90 1.48 1.14 1.37
Zinc mill feed grade (%) 0.22 0.18 0.23 0.20
Silver mill recovery (%) 95.8 97.3 96.0 96.9
Lead mill recovery (%) 91.8 96.3 93.2 95.6
Zinc mill recovery (%) 45.5 36.3 40.9 44.2
Average realized silver price ($/oz sold) $ 63.33 $ 31.53 $ 42.49 $ 29.16
Cost of sales ($/oz silver sold) $ 20.13 $ 15.84 $ 16.74 $ 16.14
Cash costs ($/oz silver sold) (16) $ 15.21 $ 11.47 $ 11.79 $ 11.64
AISC ($/oz silver sold) (16) $ 18.39 $ 16.06 $ 14.24 $ 15.56
(15) GEOs are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average closing commodity prices for the period. The
Company does not include by-products in the GEO calculations.
In 2026, production at Puna is expected to be 50 to 55% weighted to the first half, driven largely by grades processed.
Process plant throughputs in 2026 are expected to average 5,250 to 5,500 tonnes per day at average grades of 110 to 120
g/t silver. AISC are expected to be highest in the first half of 2026, including a peak in the second quarter, largely reflecting
the sustaining capital spend profile which is nearly 75% weighted to the first half. Sustaining capital expenditures at Puna
are expected to total $18 million in 2026 and are primarily related to equipment and process plant component costs.