SSR Mining Inc. Q1 FY2026 earnings call

• Rod Antle mentioned in March, the definitive agreement to sell the Chirpler mine for $1.5 billion in cash is progressing well and expected to close before end of third quarter 2026, repositioning SSR as a focused Americas-based gold and silver producer. - Operationally, it was a solid quarter with results tracking well against internal plans and full year guidance. - Financially, generated over $210 million in free cash flow in first quarter, finished quarter with over $630 million in cash and zero debt, and completed $300 million share repurchases. - Bill McNevin spoke about EHSS, commencing implementation of iCareWeCare safety, leadership and culture program. - Bill discussed each operation: Marigold had solid start, production expected 55%-60% weighted in second half, working on growth initiatives like Buffalo Valley; CCMB had great quarter, generated significant free cash flow since acquisition; Seabed focused on underground development, impacted by extreme cold; Puna had excellent operating results, delivered over $120 million in mine site free cash flow, advancing opportunities to extend mine life

In the first quarter, SSR Mining produced 110,000 gold equivalent ounces with all and sustaining costs of $2,433 per ounce. PUNA delivered over $120 million in site-level free cash flow, being one of the highest-margin primary silver mines globally. CCMB generated approximately $325 million in mine site free cash flow since acquisition in 2025. Revenue was nearly $600 million from 113,000 ounces of gold equivalent sales. The business had over $210 million in free cash flow in first quarter, finished the quarter with over $630 million in cash and zero debt, and completed $300 million in share repurchases acquiring over 9 million shares

• Expect to provide updated life and mine plan for Marigold in coming 12 months, incorporating growth opportunities like Buffalo Valley. - Continue to advance brownfield growth opportunities across business, including Puna and Seabee. - Anticipate update on strategic review of Hot Madden in coming months. - Expect Chirpler transaction to close before end of third quarter 2026, adding $1.5 billion in cash to balance sheet. - For remainder of 2026, for every $10 per barrel increase in oil prices, translates to approximately $7 to $10 per ounce increase in consolidated AISC

Q: On the Hodman Strategic Review, goals and process, and timeline if sale is outcome.

A: Haven't given much guidance on process, objective is to consider all options from building to sale, details will come when clearer direction set.

Q: Carlton Tunnel payment at CC&V and share buyback average price.

A: $87.5 million paid for Carlton Tunnel, share buyback average around $32 with NCIB allowing to exercise outside material information.

Q: Buyback and capital allocation, why not continue buyback interim before Chirpler closing.

A: Important to close deal and get cash in bank, work on holistic capital allocation with board.

Q: Hod Madden costs, what minimal costs going forward.

A: Majority of $31 million in first quarter from early site works, anticipate lower costs in coming months.

Q: Fuel price sensitivity, what number incorporates and includes.

A: $10 increase in oil price translates to $7 - $10 per ounce increase in AISC this year with hedge programs in place, without hedge programs in 2027 it goes to $20, only 10% of fuel costs are operating costs.

Q: CCNV payment and Amendment 14, read-through.

A: Carlton Tunnel discussions separate from Amendment 14, Amendment 14 was constrained around already in process when acquired.

Q: Marigold new mine plan, improvement in production profile.

A: To include growth options, understand requirements, initial focus on blending requirements, growth options beyond to extend mine life.

Q: Contingent payment $87.5 million, what it means.

A: Newmont achieved permitting requirements necessitating payment, ongoing dialogue on long-term water flow plan.

Q: CB costs beyond cold weather, modeling Q2 costs.

A: Focus on development at CB, production profile to improve incrementally, Q1-Q2 may be above guidance range, Q3-Q4 may be below, costs average out over year