SSR Mining Inc. Q3 FY2025 earnings call

Production and Guidance

• Third quarter produced 103,000 gold equivalent ounces; full year production of 327,000 is in line with plan, lower half of full year guidance 410,000 to 480,000. AISC trending towards high end of full year guidance due to higher royalties and share-based compensation.

Projects Progress

• Cripple Creek & Victor technical report near completion; Hod Maden spent $44 million, on track for growth capital; Buffalo Valley at Marigold progressing; Çöpler restart discussions ongoing.

Financial Position

• Ended Q3 with $409 million in cash and over $900 million total liquidity, strong balance sheet to fund growth initiatives.

In the third quarter, Marigold produced 36,000 ounces of gold with an AISC of $1,840 per ounce, working on Buffalo Valley for mine life extension. CC&V produced 30,000 ounces of gold with an AISC of $1,756 per ounce, with a technical report on track for Q4 showing a 10-plus year life of mine. Seabee produced 9,000 ounces at an AISC of $3,003 per ounce, focusing on underground development. Puna produced 2.4 million ounces of silver at an AISC of $1,354 per ounce, advancing Chinchillas extension and Cortaderas target. Hod Maden spent $44 million in Q3, on track for $60 million to $100 million in full year growth capital.

• Full year production expected in lower half of 410,000 to 480,000 gold equivalent ounces.
• AISC trending towards high end of full year cost guidance range due to higher royalties and share-based compensation.
• Hod Maden on track for $60 million to $100 million in growth capital.
• Cripple Creek & Victor technical report to showcase a 10-plus year life of mine and mineral resource upside.

• Production in lower half of guidance impacting AISC.
• Higher-than-forecasted royalty costs and share-based compensation.
• Bottleneck in converting CC&V mineral resources to reserves due to permitting issues.

Q: Expectations for Q4, Marigold fines impact A: Q4 expected to be strong, predominantly from Marigold; fines may cause some production to spill into Q1 next year Q: Seabee grade issue A: Lower grade due to material from Gap Hanging Wall, focus on underground development continues Q: Çöpler progress, community support A: Focus on remediation and regulatory approvals, community support for reopening growing Q: Hod Maden guidance, report, connection to Çöpler A: On track for midpoint of $60 million to $100 million growth capital, report to refresh tech details, no dependency on Çöpler for Hod Maden decision Q: Strategy on M&A A: Follow criteria for strategic and bolt-on acquisitions, focus on core jurisdictions of Canada, U.S., Argentina, Turkey