SSR MINING INC. Q4 FY2024 earnings call

• Acknowledged the one-year anniversary of the Çöpler incident and progress made at Çöpler, including discussions with Turkish authorities on restart. - Acquired Cripple Creek and Victor Mine from Newmont, with integration planning ongoing. - Consolidated reserves totaled 8 million gold equivalent ounces at end of 2024, a 3% increase from 2023. - Fourth quarter 2024 saw 124,000 gold equivalent ounces produced at all-in sustaining cost of $18.57 per ounce. Full year 2024 produced 399,000 gold equivalent ounces at AISC of $18.78 per ounce. - Fourth quarter operating cash flow was $95 million and free cash flow was $56 million. Finished 2024 with $388 million in total cash, net cash position of $158 million, and total liquidity ~$890 million. - Updates on each segment: Marigold's Buffalo Valley reserve, Seabee's drilling at Porky targets, Puna's silver production and life extension evaluations, and Çöpler's remediation efforts. - Confidence in realizing value from Cripple Creek and Victor Mine post-integration.

Marigold: In 2024, produced 160,000 ounces with AISC of $1,711 per ounce. Declared a 523,000 ounce maiden reserve for Buffalo Valley. Fourth quarter production was 60,000 ounces. Seabee: Restarted in October 2024. Finished the year with 79,000 ounces ASIC at $1,515 per ounce. Drilling at Porky and Porky west targets increased measured and indicated mineral resources by 88%. Puna: Produced a record 10.5 million ounces of silver in 2024, with fourth quarter production of 3 million ounces. Full year ASIC was $15.56 per ounce. Çöpler: Under care and maintenance, with full year reclamation and remediation spend of $128 million. Cash care and maintenance costs at Çöpler and Seabee in Q4 were $36 million.

• Consolidated 2025 cost and production guidance including CC&V to be released shortly after CC&V transaction closes. - Priorities in 2025 include delivery of technical report and updated life of mine plan for CC&V, advancing Hod Maden towards construction decision, progress on Puna's life extension, advancing Buffalo Valley at Marigold, exploration activities across portfolio, and continuing to advance Çöpler to restart.

• Regulatory approvals needed for Çöpler restart, including finalizing closure plans and heap leach closure. - Remediation costs at Çöpler, which are estimated to be $250 million to $300 million and will continue beyond restart. - Commodity price fluctuations impacting production costs and financial results. - Integration risks with Cripple Creek and Victor Mine.

Q: Should we expect outperformance like Seabee's Q4 to continue into 2025?

A: Bill MacNevin said they can't expect same grade every quarter but expect to continue along the same vein.

Q: What's needed for regulators to approve Çöpler restart?

A: Rod Antal said it's a package of work including closure plans for storage facility and heap leach, and ongoing discussions with regulators.

Q: Does Hod Maden development hinge on Çöpler restart?

A: Rod Antal said it's not hinged, work on Hod Maden is ongoing separately.

Q: How does Buffalo Valley reserve slot into Marigold's production profile?

A: Bill MacNevin said it's a feasibility study type work with engineering, and timing depends on net value and permitting.

Q: Why conservative commodity price assumptions?

A: Rod Antal said it was a decision based on asset status (Çöpler on care and maintenance, Seabee's short mine life) and consensus view.

Q: Timing of remaining Çöpler remediation spend?

A: Michael Sparks said material movement will be subdued in 2025 and ramp up once east storage facility is constructed.

Q: Marigold guidance and potential investment push?

A: Rod Antal said using the 2024 tech report as a placeholder.

Q: Turkey's conditions for Çöpler operating approvals?

A: Rod Antal said there's no playbook, but progress is being made on engineering for storage facility and heap leach remediation, with dialogue ongoing with regulators.