SSRM.TO · 2018-06-18 12:00:00

Updated Marigold Life of MINE Plan Confirms Near-Term Production Growth and Robust Economics

Economic Studies

News Release 18-09

SSR Mining Inc. PHONE +1 604.689.3846 Suite 800 - 1055 Dunsmuir Street

www.ssrmining.com TOLL FREE +1 888.338.0046 PO Box 49088

Vancouver, BC, Canada V7X 1G4

June 18, 2018

UPDATED MARIGOLD LIFE OF MINE PLAN CONFIRMS NEAR-TERM PRODUCTION

GROWTH AND ROBUST ECONOMICS

VANCOUVER, B.C. – SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (“SSR Mining”) is

pleased to report results of an updated life of mine plan for the Marigold mine in Nevada, U.S.,

evaluating a sustained mining rate from the additional haul trucks added in 2016 and 2018 as well

as year-end 2017 Mineral Reserves, for over ten years of mining to 2028.

Paul Benson, President and CEO said, “This life of mine plan builds on our exploration success

and Operational Excellence track record at Marigold. Annual gold production is forecast to exceed

265,000 ounces in 2021 and 2022, a more than 30% increase over 2017. The new reserve

supports mining for over ten years and gold production for fifteen years, with significant resources

and exploration potential existing beyond the currently defined reserves.

Marigold opened in 1989 with an initial estimated eight-year mine life and next year celebrates its

30th year of continuous operation. We continue to invest in exploration at the site and expect to

continue to increase reserves and resources.”

Marigold Life of Mine Plan Highlights

(All references to “dollars” or “$” are to U.S. dollars and all technical data are presented with an eff ective date of

December 31, 2017 unless otherwise noted.)

 Robust economics: After-tax net present value of $552 million based on a $1,300 per ounce

gold price, a 5% discount rate and the 2017 year-end Mineral Reserves.

 Large gold reserve base in Nevada: Mineral Reserves of 3. 2 million ounces of gold for over

ten years of mining to 2028 and gold production through to 2032.

 Near-term production growth: Average annual production for the period 2019 to 2020 increases

to 218,000 ounces of gold, in-line with the 5-Year Outlook announced in 2016.

 Increased production scale: Average annual production is 236,000 ounces of gold in the first

six years, with peak gold production of more than 265,000 ounces of gold in 2021 and 2022.

 Competitive life of mine cost position: Life of mine cash costs of $730 per payable ounce of

gold and all-in sustaining costs of $966 per payable ounce of gold.

 Low capital intensity: Capital expenditures of $284 million or $120 per ounce of gold over the

life of mine.

 Potential for further mine life extension: Incremental Indicated Mineral Resources of 2.5 million

ounces of gold provides potential to extend mine life or increase annual production.

SSR Mining Inc.

PAGE 2

Marigold Project Overview

The Marigold mine is located in southeastern Humboldt County, in the northern foothills of the

Battle Mountain Range of Nevada, U.S. The mine is situated approximately five kilometers south-

southwest of the town of Valmy, Nevada via a public road emanating from Interstate Highway 80

approximately 325 kilometers east of Reno . The Marigold mine currently encompasse s

approximately 10,570 hectares. We hold a 100% interest in the Marigold mine through our wholly-

owned subsidiary, Marigold Mining Company. The mine has been in continuous production since

1989.

Mineral Resources Estimate

The Mineral Resources estimate is based on all available data for the Marigold mine as at

December 31, 2017.

Table 1: Marigold Mine Mineral Resources Estimate (as at December 31, 2017)

Category

Tonnes Gold Grade Gold Contained

(Mt) (g/t) Moz

Probable Mineral Reserves

Marigold 205.1 0.46 3.00

Marigold Leach Pad Inventory -- -- 0.19

Notes:

 Mineral Reserves estimate was prepared in accordance with the CIM Standards and NI 43-101 under the supervision of Thomas

Rice, SME Registered Member (#2693800), our Technical Services Manager at the Marigold mine, a qualified person. Trevor J.

Yeomans, ACSM, P. Eng, our Director, Metallurgy, is the qualified person who provided metallurgical parameters that were

incorporated in the Mineral Reserves estimate.

 Mineral Reserves estimate is reported below the as-mined surface as at December 31, 2017.

 Mineral Reserves estimate is contained within pit designs generated using Indicated Mineral Resources only a nd a gold price

assumption of $1,250 per ounce.

 Mineral Reserves estimate is reported at a cut-off grade of 0.065 g/t payable gold.

 Mineral Reserves estimate is reported within a pit design that uses geotechnical parameters proven from actual performance

and reviewed by Call & Nicholas, Inc., Geotechnical Consultants. The design is created using a geometry guideline from a

Lerchs-Grossman algorithm.

 No mining dilution is applied to the grade of the Mineral Reserves. Dilution intrinsic to the Mineral Reserves estimate is considered

sufficient to represent the mining selectivity considered.

 Mining costs are based on historical values and budgeted costs with an incremental haulage component based on estimated

haul cycle times and pit depths. Processing and Gene ral & Administrative costs are estimated based on historical values and

budgeted costs.

 Average LOM strip ratio is 3.2:1 waste to ore.

 Metallurgical recovery is calculated using a formula derived through historical information and laboratory test work. The formula

is cyanide soluble gold grade divided by total gold grade multiplied by 0.92.

 There are no known legal, political or environmental risks that could materially affect the potential development of the Mine ral

Reserves estimate.

 Tonnage and grade measurements are in metric units. Contained gold ounces are reported as millions of troy ounces (Moz), and

“g/t” represents grams per tonne.

 Figures may not total exactly due to rounding.

Mining and Processing

Marigold uses a standard open pit mining method with a current mining rate of approximately

200,000 tonnes per day , expected to increase beginning 2019 to an annual average of over

225,000 tonnes per day through 2028. The property undertakes conventional drilling and blasting

activities to liberate ore and waste. Mining is conducted on 50-foot (15.2 meter) benches for pre-

stripping waste and 25-foot (7.6 meter) benches for ore. Loading operations take place with three

loading shovels. In February 2018, we approved the purchase of four additional 300 tonne class

haul trucks for expected service in the thi rd quarter of 2018, which will expand our truck fleet to

25-300 tonne class haul trucks.

The Marigold processing plant and facilities operate using standard industry run-of-mine heap

leaching, carbon adsorption, carbon desorption and electro -winning circuits to produce a final

precious metal product in the form of doré. All processing of ore, which is oxide in nature, is

completed via run-of-mine heap leach pads, and is a cost effective method to recover gold. Waste

is hauled to locations near mining pits to minimize haulage costs. Ore is delivered to the leach

pads and stacked in 40-foot (12.2 meter) lifts. In 2018, we expect to complete the construction of

an additional leach pad and pumping upgrades, in-line with previous guidance.

SSR Mining Inc.

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Based on the growth of Mineral Reserves since 2014 and updated operating assumptions

encompassing the additional haul trucks purchased in 2016 and 2018 , the Marigold mine is

expected to produce in excess of 235,000 ounces of gold per year on average over the first six

years in the updated life of mine plan. Peak production exceeds 265,000 ounces of gold in both

2021 and 2022. Certain estimated operating, production and cost statistics are detailed in Tables

3, 4 and 5.

Table 3: Operating and Production Statistics

Units

2018-2023

Annual

Average

2018-2027

Annual

Average

Total

Total Material Mined Mt 82 82 863

Waste Removed Mt 58 62 657

Ore Stacked Mt 23 20 205

Strip Ratio waste:ore 2.48 - 3.21

Operating Life years - - 15

Gold Grade to Leach Pad g/t 0.42 - 0.46

Gold Recovery % 75.1% - 74.6%

Gold Production oz 236,073 211,394 2,373,651

Notes: Annual averages exclude the partial year of mining in 2028.

Table 4: Operating Statistics Per Annum

Year

Ore Mined Waste Removed Strip Ratio Gold Grade Gold Recovery

(Mt) (Mt) (waste:ore) (g/t) (%)

2018 28.6 41.7 1.5 0.33 72.4%

2019 21.9 56.3 2.6 0.39 74.0%

2020 20.6 67.0 3.3 0.42 75.3%

2021 23.6 58.1 2.5 0.52 76.0%

2022 21.7 63.1 2.9 0.53 76.8%

2023 24.2 63.3 2.6 0.36 74.7%

2024 11.7 71.3 6.1 0.40 74.0%

2025 7.4 85.0 11.5 0.89 77.0%

2026 18.0 46.6 2.6 0.53 71.9%

2027 20.5 69.4 3.4 0.41 71.9%

2028 6.7 35.5 5.3 0.68 77.3%

Total 205.1 657.5 3.2 0.46 74.6%

Note: Figures may not total exactly due to rounding.

SSR Mining Inc.

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Table 5: Production and Cost Statistics Per Annum

Year

Recoverable Gold

Stacked

on Leach Pads

Gold

Produced

Cash

Costs

All-In Sustaining

Costs

(oz) (oz) ($/payable ounce of

gold sold)

($/payable ounce of

gold sold)

2018 222,987 196,052 $726 $936

2019 205,947 210,424 $847 $1,062

2020 207,767 225,307 $744 $1,125

2021 300,024 266,101 $603 $940

2022 281,831 266,102 $623 $796

2023 209,683 252,455 $712 $844

2024 112,050 146,198 $924 $1,305

2025 161,894 145,487 $674 $1,426

2026 221,105 201,614 $679 $807

2027 195,903 204,198 $771 $835

2028 113,748 136,637 $712 $787

2029 - 61,966 $823 $839

2030 - 20,370 $920 $956

2031 - 20,370 $1,013 $1,046

2032 - 20,370 $1,193 $1,219

Total 2,232,938 2,373,651 $730 $966

Notes: Figures may not total exactly due to rounding. Cash costs and all-in sustaining costs (“AISC”) per payable ounce of gold sold

are non-GAAP financial measures. Please see “Cautionary Note Regarding Non-GAAP Measures”.

Capital Costs Summary

Capital expenditures over the life of mine are estimated to be $284 million and are consistent with

historical operating and maintenance practices. These capital expenditures , which include the

addition of the four 300 tonne class haul trucks, are detailed in Table 6.

Table 6: Summary of Capital Expenditures ($M)

Capital Expenditures Value

Mining Equipment $105

Capitalized Equipment Maintenance $130

Processing $37

Administration & Permitting $12

Total Capital Expenditures $284

Note: Figures may not total exactly due to rounding.

In addition to the capital expenditures outlined above, capitalized stripping during active mining is

estimated to be $277 million.

SSR Mining Inc.

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Operating Costs Summary

Cash costs and AISC per payable ounce of gold sold are non-GAAP financial measures. Please

see “Cautionary Note Regarding Non-GAAP Measures”.

Total estimated operating costs for the Marigold mine are presented in Table 7. These costs were

developed based on actual operating experience and adjusted to consider future o perating

conditions.

Table 7: Summary of Operating Costs

Operating Costs Units Value

Mining

$/t mined $1.50

$/t processed $6.32

Processing $/t processed $1.22

General and Administrative $/t processed $0.67

Total $/t processed $8.20

Note: Figures may not total exactly due to rounding.

Estimated cash costs and AISC per payable ounce sold over the life of mine are presented in

Table 8.

Table 8: Cash Costs and AISC per Payable Ounce of Gold Sold ($/oz)

Value

Mine Operations (including capitalized stripping) $544

Processing $105

General and Administrative $58

Inventory Adjustment $36

Royalties & Refining (net of silver credits) $104

Capitalized Stripping ($117)

Total Cash Costs $730

Capitalized Stripping $117

Sustaining Capital $110

Reclamation and exploration $9

All-In Sustaining Costs $966

Note: Figures may not total exactly due to rounding.

Financial Analysis

Estimated cash flows, as well as Net Present Value (“NPV”), over the life of mine are presented

in Tables 9 and 10.

SSR Mining Inc.

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Table 9: Key Financial Estimates

Units Value

Net Revenue $M $3,090

Mining Costs (excluding capitalized stripping) $M ($1,018)

Processing Costs $M ($250)

General and Administrative Costs $M ($137)

Royalties and Other $M ($247)

Change in Net Working Capital $M ($14)

Operating Cash Flow $M $1,424

Capitalized Stripping $M ($277)

Capital Expenditures $M ($284)

Reclamation and Severance $M ($48)

Salvage Value $M $8

Pre-Tax Cash Flow $M $823

Tax $M ($81)

Post-tax Cash Flow $M $741

Pre-Tax NPV (5%) $M $611

Post-Tax NPV (5%) $M $552

Note: Figures may not total exactly due to rounding.

Table 10: Key Economic Assumptions

Assumption Units Value

Gold Price $/oz $1,300

Oil Price $/bbl $65

Average NSR Royalty Rate % 7.9%

Sensitivity Analysis

The Marigold mine is most sensitive to the gold price . Estimated NPV sensitivities for key

operating and economic metrics are presented in Table 11.

Table 11: After-Tax Net Present Value Sensitivity Analysis

Units -10% Base Case +10%

Gold Price $/oz $1,170 $1,300 $1,430

NPV (5%) $M $392 $552 $737

Operating Costs $/tonne $7.38 $8.20 $9.02

NPV (5%) $M $664 $552 $437

Capital Expenditures $M $256 $284 $312

NPV (5%) $M $573 $552 $530

Oil Price $/bbl $58.50 $65.00 $71.50

NPV (5%) $M $567 $552 $536

Discount Rate % 0% 5% 10%

NPV $M $741 $552 $426

SSR Mining Inc.

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Opportunities

Several opportunities to improve the economics of the Marigold mine may include:

 Ongoing exploration on the leases to increase Mineral Resources and conversion to Mineral

Reserves;

 Increasing equipment availabilities through improved maintenance practices;

 Evaluation of staggered breaks for mine personnel, leading to increased equipment utilization;

and

 Automation aimed at increasing equipment productivity and reducing operating costs.

The majority of this year’s exploration budget is focused on the Red Dot deposit. If the Red Dot

exploration program converts sufficient amounts of Mineral Resources to Mineral Reserves, a

study to consider the expansion of the Marigold mine will be prepared by the first half of 2019.

Additional exploration following the Red Dot work will focus on delineation of potential new Mineral

Resources and the advancing of known Mineral Resources to Mineral Reserves status near

existing deposits such as Terry Zone North, Mackay North and the Valmy property area.

Additional untested targets exist to the north and south of the Red Dot area, which may also be

subject to drilling, as these areas have the potential to expand Mineral Resources or extend the

mine life.

Qualified Persons

Except as otherwise set out herein, the scientific and technical information contained in this news

release pertaining to the Marigold has been reviewed and approved by the following qualified

persons under NI 43-101:

 James N. Carver, SME Registered Member, our Chief Geologist at the Marigold mine;

 Karthik Rathnam, MAusIMM (CP), our Chief Engineer at the Marigold mine;

 Thomas Rice, SME Registered Member, our Technical Services Manager at the Marigold

mine; and

 Trevor J. Yeomans, ACSM, P.Eng., our Director, Metallurgy.

The qualified persons have verified the information disclosed herein, including the sampling,

preparation, security and analytical procedures underlying such information, and are not aware

of any significant risks and uncertainties that could b e expected to affect the reliability or

confidence in the information discussed herein.

Technical Report

A NI 43-101 technical report with respect to the updated life of mine plan prepared by SSR Mining

will be filed on SEDAR within 45 days of this news release and will be available at that time on

the SSR Mining website.

About SSR Mining

SSR Mining Inc. is a Canadian-based precious metals producer with three operations, including

the Marigold gold mine in Nevada, U.S., the Seabee Gold Operation in S askatchewan, Canada

and the 75% -owned and operated Puna Operations joint venture in Jujuy, Argentina. We also

have two feasibility stage projects and a portfolio of exploration properties in North and South

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