SSR Mining Inc. Q4 FY2025 earnings call

• Closed 2025 on high note, full year production above guidance midpoint, generated over $100M free cash flow in Q4, ended year with $535M cash and over $1B liquidity. Board approved $300M share buyback. - Key catalysts/milestones: Strong Q4 results from Cripple Creek and Victor mine and Puna operations; released two technical report summaries for Cripple Creek and Victor, and Hod Maden; advancing brownfield growth projects. - Hod Maden: Technical report summary reaffirmed as high-quality project, expected to generate avg annual free cash flow $328M at consensus prices, remaining investment ~$470M, 2.5 - 3-year construction period once decision made. - 2026 guidance: Expect to produce 450,000 - 535,000 gold equivalent ounces; AISC range $2,360 - $2,440/ounce (excluding Çöpler care and maintenance); total gross spend $150M, Hod Maden CapEx up to $15M/month ahead of construction decision. - EHS&S: 2025 successful in strengthening programs, working on growing business through greenfield and brownfield opportunities. - Year-end MRMR: 11M ounces of gold equivalent mineral reserves, ~15M measured indicated and inferred ounces; replaced mine depletion since 2020.

In Q4, produced 120,000 gold equivalent ounces at AISC of $22.50 per ounce (excluding Çöpler costs); full-year production was 447,000 gold equivalent ounces. Marigold: Q4 produced 43,000 ounces at AISC $2,089/ounce; 2026 expected to produce 170,000 - 200,000 ounces at AISC $2,320 - $2,390/ounce. CC&V: Q4 produced 39,000 ounces at AISC $1,596/ounce; full-year SSR Mining attributable production 125,000 ounces. Seabee: Q4 ~9,000 ounces at AISC $3,433/ounce; 2026 expected to produce 60,000 - 70,000 ounces. Puna: Q4 produced 2.1 million ounces of silver at AISC $18.39/ounce; full-year AISC $14.24/ounce, 2026 expected to produce 6.25 million - 7 million ounces of silver at AISC $20 - $22/ounce. Revenue contributions: Each segment contributes based on production and pricing.

• 2026 production expected between 450,000 and 535,000 gold equivalent ounces from Marigold, CC&V, Seabee and Puna operations. - AISC expected to range between $2,360 and $2,440 per ounce or $2,180 to $2,260 per ounce, excluding Çöpler care and maintenance. - Total gross spend expected $150M in 2026, driven by capital investments and exploration. - Hod Maden CapEx expected up to $15M per month ahead of construction decision. - Marigold 2026 production 170,000 - 200,000 ounces, AISC $2,320 - $2,390/ounce. - CC&V 2026 production 125,000 - 150,000 ounces, AISC 1,780 - 1,850 per ounce. - Seabee 2026 production 60,000 - 70,000 ounces, AISC $2,170 - $2,240/ounce

• Uncertainties around mine plan execution and growth project advancements. - Risks related to metal price fluctuations affecting free cash flow and production costs. - Uncertainties in obtaining approvals and completing early site works for growth projects like Hod Maden. - Risks associated with EHS&S compliance and potential impacts on operations. - Uncertainties in integrating new deposits like Buffalo Valley, New Millennium, and Cortaderas into mine plans.

Q: Can you provide more color on Marigold's guidance range?

A: Work on technical front baked into updated schedule, blending and plan considered, guidance good indication.

Q: Timeline for SSR Mining's construction decision on Hod Maden?

A: Work on ground continues, going through review processes with partners, no set timeline yet.

Q: Puna's potential beyond 2028?

A: Opportunities at Chinchillas, Molina, Cortaderas, silver prices support extension.

Q: Durable vs nondurable ore and blending at Marigold?

A: Fines content impacts heap leach pad effectiveness, work done to understand and incorporate into mine plans.

Q: New mine plan for Puna including Cortaderas?

A: May see additions to mine life through extensions in Chinchillas, Molina, and Cortaderas as work progresses.

Q: Sustaining CapEx at Marigold in 2026?

A: Substantial investment in fleet and process improvements, one-time in nature but optimized for value.

Q: Spend on Hod Maden before construction decision?

A: Early site works already ongoing, spending $15M/month is for ongoing activities ahead of decision.