SSR Expects To Produce Up To 760,000 Ounces Of Gold

DENVER, CO - SSR Mining Inc. reported updated full year 2020 outlook following the successful completion of the merger of equals transaction with Alacer Gold Corp. and reflects the COVID-19 related impacts to operations at Seabee and Puna. The Company expects to produce, on a consolidated basis, 680,000 to 760,000 gold equivalent ounces from its four operating mines at consolidated all-in sustaining costs (AISC) of $965 to $1,040 per ounce.

Rod Antal, President and CEO said, "The completion of the merger between SSR Mining and Alacer has created one of the premier free cash flow generators in the sector with a number of near term, value enhancing catalysts on the horizon. Despite the COVID-19 related challenges, our full year 2020 outlook demonstrates the strength and resilience of the Company's diversified operational base. We anticipate a strong finish to the year, particularly in the fourth quarter, as Çopler and Marigold continue to operate and deliver uninterrupted and Seabee and Puna return to normal operations. We are currently focused on completing our integration efforts and assessing our extensive growth and development portfolio. The upcoming Çopler technical report in the fourth quarter will be the first step in this process and will begin to define our low capital intensity growth pipeline within the Çopler District."

SSR Mining will consolidate the operational and financial results of Çopler commencing from the Alacer transaction closing date of September 16, 2020.

Gold production from Çopler was 167,212 ounces through June 30, 2020 at mine site AISC of $744 per ounce. The 2020 Çopler production outlook is unchanged, with gold production expected to be 310,000 to 360,000 ounces. Mine site AISC are forecast to be $710 to $760 per ounce. Mine site AISC are higher than original Alacer guidance mainly due to the impact of higher gold prices on royalty costs and the announced increase to government royalty rates in Turkey in early September 2020.

Detailed engineering for the proposed flotation circuit is underway and the construction decision remains subject to final Board and other approvals once the technical work is complete. If approved, the flotation circuit commissioning is targeted in the first half of 2021. The preliminary capital estimate for the proposed flotation circuit is approximately $15 million. The flotation circuit is anticipated to increase the gold and sulfide sulfur grades processed through the autoclaves (increasing autoclave and oxygen utilization), reduce unit costs, and increase sulfide plant throughput and gold production.

With respect to the COVID-19 pandemic, Çopler continues to operate uninterrupted. However, COVID-19 restrictions and the diversion of resources to manage the pandemic have delayed improvement initiatives which had an impact on operational performance. Proactively sending home older staff and those with existing health conditions also had an impact on mining operations through a shortfall of mine operators. This contributed to a decision in the first half of 2020 to adopt a revised mine plan to diversify ore sources.

Gold production from Marigold was 108,366 ounces through June 30, 2020 at mine site AISC of $1,319 per ounce. The 2020 Marigold production outlook is unchanged, with gold production expected to be 225,000 to 240,000 ounces. Mine site AISC are forecast to be $1,170 to $1,230 per ounce. Mine site AISC are higher than the original SSR Mining guidance mainly due to the impact of higher gold prices on royalty costs.

Sustaining capital expenditures are planned to total $55 million, which includes the construction of a new leach pad and the purchase of two new haul trucks. Capitalized stripping is expected to be $25 million for the full year due to stripping of the upper portions of the next phase within the Mackay pit. The 2020 exploration spend is anticipated to be $16 million, focusing on expanding oxide Mineral Resources across the Marigold, Valmy, and Trenton Canyon properties, as well as discovery of higher-grade sulfides at Trenton Canyon. The Marigold exploration spend has increased from the original SSR Mining guidance due to the success of the exploration program through the first half of the year.

With respect to the COVID-19 pandemic, Marigold continues to operate uninterrupted. The mine continues to work with national and local authorities in accordance with applicable regulations and remains vigilant with respect to on-site specific protocols to protect the health and safety of our employees and stakeholders.

Seabee Gold production was 29,521 ounces through June 30, 2020 at mine site AISC of $982 per ounce. In 2020, Seabee is expected to produce 80,000 to 90,000 ounces of gold at mine site AISC of $770 to $820 per ounce. Sustaining capital expenditures are planned to total $15 million which includes mining equipment, underground infrastructure and tailings facility expansion. Investment in the tailings facility expansion is expected to be completed in 2021. Growth capital expenditures are planned to total $4 million, which includes phase two of the TSF expansion and development work to access the Santoy Gap Hanging Wall zone. Capitalized development is expected to be $10 million for the full year to support higher mining rates. The 2020 exploration spend is anticipated to be $9 million with a focus on expansion and definition of the Santoy Gap Hanging Wall and surface drill programs at the Seabee and Fisher properties following up on targets identified in 2019.

With respect to the COVID-19 pandemic, Seabee operations were suspended in March 2020 and limited underground development and ore mining operations re-commenced in June 2020. Ore extraction and development rates ramped up through July and milling operations at Seabee commenced in early August. Milling operations re-commenced with an ore stockpile providing mill operating flexibility relative to mine extraction. Mill throughput is anticipated to average over 1,200 tonnes per operating day for the balance of 2020. The restart sequencing and ongoing prioritization of activities at Seabee maintain the flight and camp operations within the determined health and safety protocols.

Silver production from Puna was 2.1 million ounces through June 30, 2020 at mine site AISC of $16.72 per ounce. In 2020, Puna is expected to produce 4.9 to 5.3 million ounces of silver at mine site AISC of $15.00 to $17.00 per ounce.

Sustaining capital expenditures are planned to total $15 million, principally focused on maintenance of the mine, mill and power generating equipment. Growth capital expenditures are planned to total $6 million to replace contracted ore transportation as the operation focuses on lowering unit costs. Capitalized stripping is expected to be $7 million for the full year.

With respect to the COVID-19 pandemic, Puna operations were suspended in March 2020. Puna returned to production late in the second quarter with mining, hauling and milling all re-commencing operations. Travel protocols and restrictions within Argentina and the province of Jujuy remain in place and infection rates have escalated, causing impacts to operations. During the third quarter, Puna has had to reduce and suspend operations sporadically to manage camp occupancy, conduct testing and reduce transmission risk. Strict protocols remain in place to manage COVID risk within the camp and operation.

At the Pitarrilla project, located in Mexico, $5 million is expected to be spent in 2020 as part of a program to extend an existing decline to provide drill access to the underground Mineral Resources. An improved geological model from work completed in 2019 indicates strong potential to better define known, high-grade mineralized veining associated with steeply dipping rhyolite dyke contacts. Extending the underground ramp provides access for tighter spaced drilling at better orientations to test the rhyolite dykes and veins for continuity. If infill drilling confirms the continuity of high-grade mineralized structures, there would be potential to enhance the grades of existing Mineral Resources. The start of the decline development was delayed due to COVID-19 restrictions and is now anticipated to begin during the fourth quarter of 2020.

At the San Luis project, located in Peru, $2 million is expected to be spent in 2020 to commence a detailed mapping program in the area of the existing high-grade gold-silver Mineral Reserves and Resources. Subject to the lifting of travel restrictions in Peru related to COVID-19, work is anticipated to begin during the fourth quarter of 2020.