Marigold Reports Record Quarterly Gold Production

DENVER, CO - Rod Antal, Executive Chairman of SSR Mining Inc., said, “The third quarter of 2023 featured strong operating and financial results that were well aligned to our forecasts, including record production from Marigold and record throughput at Puna. In addition, first ore from Çakmaktepe Extension was accessed late in the quarter, and the project is on track to deliver initial production of 10,000 to 15,000 ounces in the fourth quarter of 2023 as planned. The results to date continue to put us on track for the lower-end of our production guidance in 2023.

As we work towards a strong finish to the year, we have also committed a substantive effort towards the advancement of refreshed technical reports for both Marigold and Çöpler. To ensure we best align the reoptimized production profiles at each asset with the growth trajectory of the overall portfolio, we now expect to release the results of this ongoing technical work alongside our guidance forecasts and updated Mineral Reserves and Resources in February 2024. The interim analysis of the work completed to-date is revealing initial positives with respect to replacing and expanding our Mineral Reserve and Mineral Resource base through recent exploration success.

At Çakmaktepe Extension in particular, continued exploration success has pointed to potential growth beyond the current Mineral Reserves at the mine. This increased scale has led to the re-evaluation of prior plans to heap leach the project’s oxide ore at recovery rates averaging approximately 60%. We are currently conducting trade-off studies evaluating the benefit of installing additional grinding and leaching capacity in the Çöpler processing facility to meaningfully improve gold recoveries. This value accretive pathway has the potential to increase the profitability of Çakmaktepe Extension, but will result in a delayed ramp up to full production levels from the mine until late 2026 given the potential addition of this incremental processing equipment.

As a result of the ongoing efforts to optimize our portfolio, the business is entering a three-year growth capital investment period, particularly at Hod Maden and Çöpler, and we expect adjustments to the production and cost profile over the upcoming three- to five-year period as compared to prior life of mine plans. While initial work to-date indicates that mine resequencing and optimization activities across the portfolio will drive 2024 production that is lower than 2023 levels at higher costs, annual gold production will grow as development projects at Hod Maden, Marigold and Çöpler are completed. We are excited by the high-return growth opportunities on the horizon as we continue to expand both the production levels and net asset value of our portfolio.”

The Company delivered third quarter 2023 production of 192,195 gold equivalent ounces at Cost of sales of $1,095 per gold equivalent ounce and AISC of $1,289 per gold equivalent ounce. Year-to-date production is 495,668 gold equivalent ounces at Cost of sales of $1,173 per gold equivalent ounce and AISC of $1,516 per gold equivalent ounce. The Company continues to track towards the lower-end of its production guidance in 2023.\

Record quarterly production at Marigold with gold production of 83,272 ounces in the third quarter of 2023 was a record at Cost of sales of $980 per ounce and AISC of $1,106 per ounce. During the third quarter of 2023, newly acquired haul trucks intended for stripping activities at Red Dot were reassigned to ore mining in the Mackay pit as the Company focused on the delivery of 2023 guidance. This resequencing is likely to result in delayed access to first ore from Red Dot to the second half of 2024, deferring the associated production into 2025 and 2026.

Seabee production gold production was 19,823 ounces in the third quarter of 2023 at Cost of sales of $1,026 per ounce and AISC of $1,382 per ounce. Seabee is on track for further production and cost improvement in the fourth quarter of 2023, as grades are forecasted to average between 6.0 g/t and 7.0 g/t in the quarter. Puna delivers record quarterly operating performance of silver production in the third quarter of 2023 was 2.6 million ounces at Cost of sales of $15.23 per ounce of silver and AISC of $13.04 per ounce of silver. Quarterly process plant throughput averaged nearly 4,900 tonnes per day, a record for the mine.

Exploration programs continue to showcase growth potential across the portfolio with significant investment in exploration activities across its operations has continued to yield success indicating potential for Mineral Reserve and Mineral Resource growth across the portfolio. At Seabee, regional exploration activities have focused on the Porky West and Petunia targets with more than 80 holes drilled in 2023, including 46.1 g/t gold over 5.6 meters at Porky West. At Puna’s Cortaderas target, nine holes have returned assay results since the March 2023 exploration update from the mine, including a 190 meter intercept of 155 g/t silver and 10.6% zinc (479 g/t AgEq). SSR Mining has also commenced an infill drilling campaign at Hod Maden with the aim to de-risk the ramp up of initial mining at the project, expected in 2027. The three holes with assays returned to date include a highlight intercept of 90 meters at 16.5 g/t gold and 1.56% copper, reiterating the world class nature of the Hod Maden orebody.

High-return development projects expected to drive meaningful production growth over the three- to five-year period. SSR Mining is currently reviewing its forward-looking production profile ahead of 2024 and multi-year guidance that will be announced in the first quarter of 2024. A number of low capital intensity, high-return organic growth projects, including Hod Maden, the Red Dot deposit at Marigold and the grind and leach circuit for Çakmaktepe Extension, are expected to drive future production growth. Advancing these projects effectively, as well the resequencing of waste stripping at Marigold and the transition to mining of the Gap Hanging Wall ore body at Seabee, is expected to bring 2024 production below 2023 levels at higher costs. Non-core Sunrise Lake exploration property divested subsequent to quarter’s end, SSR Mining announced a definitive agreement to sell its Sunrise Lake Property (“Sunrise Lake” or the “Property”) in exchange for a 4.0% net smelter return (NSR) royalty on the Property. Under the terms of the agreement, at any time until commencement of construction activities, 2.0% of the NSR royalty can be repurchased by Honey Badger for total consideration of $10 million.