SSRM

• Strategic Repositioning

  • Completed exit from Turkey via divestment of Chirpler and Hod Madden, received $1.5 billion in cash proceeds from the Chirpler sale before quarter-end
  • SSR is now a pure-play free cash flow-focused Americas gold and silver producer, and the third largest gold producer in the United States
  • Ended Q2 with nearly $1.8 billion in cash and no debt; amended and extended the revolving credit facility, increasing size from $400 million to $600 million with a 25 basis point reduction in borrowing rates over the prior facility

• Capital Returns and Allocation

  • Returned over $400 million to shareholders year-to-date, implying an ~8% yield ahead of remaining 2026 dividends and share buybacks
  • Repurchased 10.4 million shares for $338 million in Q2 2026; as of July 31, ~$70 million remaining capacity under the $500 million approved June 2026 buyback program, with 8.6 million additional shares available under the normal course issuer bid extending to March 2027
  • Reinstated the quarterly dividend; management views ongoing share repurchases as an attractive, accretive use of capital at current valuations
  • Capital allocation framework prioritizes balance sheet strength, organic growth investment, disciplined opportunistic M&A, and shareholder returns

• Operational Updates

  • Q2 2026 operating results were in line with expectations; full-year production is on track to hit guidance, with 55-60% of second half production weighted to Q4 2026
  • Increased 2026 growth capital expenditure across the portfolio to advance organic growth and mine life extension initiatives:
    • Marigold growth capex raised from $48 million to $65 million
    • Seabee growth capex raised from $15 million to $35 million to advance the Porky West project
    • CC&V growth capex increased modestly to accelerate the VLF2 expansion
  • An updated Marigold technical report and life of mine plan will be published by the end of 2026, which is expected to show meaningful mine life extension while maintaining comparable total production over the next five years relative to the 2024 technical report
  • Amendment 14 for CC&V, which enables mine life extension to 2030, is progressing on schedule for final regulatory approval by the end of 2027
  • Made a 9.9% strategic investment in Phenom Resources, holder of the Carlin-style Dobbin exploration project in Nevada; first drilling on the property commenced in Q3 2026, with an option to earn a minority ownership via $4 million in exploration spending

• Financial Performance

  • Q2 2026 net income and adjusted net income were both $0.66 per diluted share
  • Free cash flow from continuing operations was $50 million in Q2, bringing year-to-date free cash flow to nearly $300 million including working capital changes; free cash flow before working capital changes was $123 million in Q2

• Production Guidance: Full-year 2026 production guidance is maintained:
  • Marigold: 170,000 to 200,000 ounces, with ~65% of second half production weighted to Q4
  • CC&V: 125,000 to 150,000 ounces, with 50-55% of second half production weighted to Q4
  • Seabee: Full-year production is tracking to the lower end of its guidance range, with peak production expected in Q4 driven by higher grades
  • Overall consolidated full-year production guidance is unchanged, with 55-60% of second half production weighted to Q4
• Cost Guidance: Consolidated full-year all-in sustaining cost (AISC) is expected to come in at the upper end of the prior guidance range, driven by higher fuel prices, elevated sustaining capital spending, and Argentine inflation at Puna. Sustaining capital expenditure for 2026 is now expected to be $25 million to $35 million above the prior guidance of $202 million, putting it in the ~$227 million to $237 million range
• Growth Capital Guidance: Increased across all assets to accelerate mine life extension projects, as detailed in operational highlights
• No downward revision to production targets; management reaffirms expectations of strong full-year free cash flow generation

SSR Mining reports Q2 2026 total consolidated revenue from continuing operations of $443 million, from sales of 98,000 gold equivalent ounces. Total Q2 2026 production was 102,000 gold equivalent ounces at a consolidated all-in sustaining cost (AISC) of $26.22 per ounce. By individual operating segment:

1. Marigold: Produced 31,000 gold ounces in Q2 2026, 69,000 ounces year-to-date. Contributes approximately 30% of total consolidated gold production. AISC is elevated due to higher sustaining and growth capital spending and unhedged fuel price impacts.
2. Cripple Creek & Victor (CC&V): Produced 28,000 gold ounces in Q2 2026, 66,000 ounces year-to-date. Contributes approximately 27% of total consolidated gold production. AISC came in at $19.95 per ounce in Q2, trending toward the upper end of full-year guidance due to fuel costs and increased sustaining capital.
3. Seabee (CB): Produced nearly 17,000 gold ounces in Q2 2026, 23,000 ounces year-to-date. Contributes approximately 17% of total consolidated gold production. AISC was $23.58 per ounce in Q2, expected at the upper end of full-year guidance.
4. Puna: Produced 1.7 million silver ounces in Q2 2026, 3.4 million ounces year-to-date. Contributes approximately 17% of total consolidated silver equivalent production. AISC was $29.52 per ounce in Q2, trending to the upper end of full-year guidance due to local inflation in Argentina.

• Higher global oil prices present direct and indirect inflationary pressure: a $10 per barrel increase in oil prices is estimated to increase consolidated AISC by ~$10 per ounce in 2026, and management is monitoring secondary impacts on transportation, reagents, and other consumables
  • Only ~70% of diesel for U.S. operations is hedged, leaving the remaining portion exposed to spot market price volatility
  • Fuel makes up 10-15% of total cost base, while consumables make up an additional 15%
• Inflationary pressures are impacting operating costs across the portfolio, with particularly notable impact at Puna due to ongoing macroeconomic inflation in Argentina
• The ongoing federal court lawsuit regarding the Carleton Tunnel discharge permit at CC&V is controlled by Newmont (from the original asset purchase agreement structure), and SSR is contractually protected from any additional liabilities stemming from the case
• Regulatory approval for Amendment 14 at CC&V is not expected until the end of 2027, extending the timeline for long-term mine expansion

Q: What is SSR's approach to early-stage strategic exploration investments like the Phenom Resources deal, and will this be the template for future M&A activity? / A: The Phenom investment is an early-stage opportunity in a prospective, newly available Nevada exploration asset that SSR identified through on-the-ground teams. Drilling has only just commenced, so the opportunity remains unproven. SSR’s M&A approach has not changed: the company considers everything from structured earn-in arrangements like this to full asset acquisitions, and remains disciplined about deploying capital only for value-accretive opportunities. Management is in no rush to deploy its large cash balance and will not pursue deals just for the sake of growth. / Q: What is the planned pace of share buybacks for the remainder of 2026, and does management expect to fully use the $500 million approved buyback by year end? / A: Capital allocation follows four priorities: balance sheet resiliency, internal organic growth investment, disciplined M&A, and shareholder returns. Management continues to believe SSR shares are undervalued relative to intrinsic value. Buybacks will continue through March 2027 (when the current normal course issuer bid expires) and are expected to fully use the $500 million approved amount by that time. If the current program is exhausted earlier, a new program will be considered in March. / Q: How will the updated Marigold mine plan impact near-term production, and what is the main goal of the plan update? / A: The updated technical report will not be finalized or published until the end of 2026, so details remain preliminary. The main goal of the update is to formalize a meaningful extension of Marigold’s mine life, incorporating growth opportunities including Buffalo Valley, DG80, and New Millennium. Total production over the next five years is expected to remain comparable to the prior 2024 technical report, even with new ore blending requirements, so no material near-term production change is expected. / Q: Why did SSR increase the size of its revolving credit facility when it already holds a large net cash position? Is this for potential M&A? / A: The revolving credit facility renewal and upsizing is ordinary course business: the prior facility was reaching maturity. The transaction improved borrowing terms by reducing interest rates, extended the facility for a new four-year term, and increased size to match SSR’s larger current scale after strategic repositioning. There is no hidden M&A motive, and the move should not be interpreted as a signal of imminent large acquisitions. / Q: Why was Q2 AISC above annual guidance for most assets, and what gives management confidence in hitting full-year AISC guidance? / A: The elevated Q2 AISC is largely driven by normal timing factors: approximately half of SSR’s full-year annual cash tax payments are typically made in Q2, which temporarily boosted quarterly costs. As we move into the second half, the stronger production profile will bring costs back into line, with full-year AISC still expected to land at the upper end of the original guidance range.