SSR Mining Inc. Q2 FY2025 earnings call

• Rod noted a strong quarter with good operating results and significant free cash flow despite Seabee suspension due to forest fire. Progressed Çöpler mine restart work in Turkiye, including engineering plans. Achieved Puna mine life extension plan. Consolidated free cash flow near $100 million. Strong first full quarter from CC&V with excellent free cash flow. Advanced Hod Maden project with $29 million capital expenditure YTD. Catalysts in second half include CC&V technical report and life of mine plan release, Hod Maden construction decision advancement, and evaluation of organic growth initiatives across portfolio.

Marigold:

• Second quarter production: 36,000 ounces of gold
• AISC: $1,977 per ounce

CC&V (Cripple Creek and Victor):

• Second quarter production: 44,000 ounces of gold
• AISC: $1,339 per ounce
• Since acquisition, has generated nearly $85 million in free cash flow

Seabee:

• Impacted by forest fire-related power interruption, produced 11,000 ounces of gold
• AISC: $2,708 per ounce

Puna:

• Second quarter production: 2.8 million ounces of silver
• AISC: $12.57 per ounce
• Developed plan to extend Chinchillas mine life by 3 years through to 2028

• For CC&V, tracking to plan as of now and still comfortable with guidance for the second half. - No definitive timeline for Çöpler restart but continuing to make progress on engineering plans and related studies for heap leach pad closure and East storage facility construction.

• Seabee was heavily impacted by power interruption caused by forest fires in Saskatchewan, leading to downtime and higher costs in the quarter.

Q: Many congrats on the Q2 beat and successful integration at CC&V. Any chance CC&V can beat guidance? Thoughts on second half?

A: Things have gone well at CC&V. It's tracking to plan as of now. The higher production in Q2 was due to higher grades stacked on the heap leach last year and early this year. Still comfortable with guidance for the second half.

Q: Color on the technical review for CC&V and possibility of improving mine life?

A: The technical review is to have the most recent information in public domain based on current reserve base. It's early to say about significantly improving mine life or pulling forward production. First objective is getting Amendment 14 approved to underpin reserves, then will evaluate further opportunities later.

Q: Where is Çöpler restart in terms of time frame? Any idea if it won't be within 1 or 3 months?

A: There isn't a definitive time line. Made good progress in the quarter with work on East storage facility construction and heap leach pad closure planning. Continuing to make progress but not yet at a point where a restart can be scheduled with certainty.

Q: Permitting status at Çöpler? What's current permitted throughput and process for restart permitting?

A: Revert to 2014 EIA with around 6,000 tonnes per day throughput rate as starting point for restart. Then will seek to refresh the EIA to account for necessary aspects once restart is being considered.