SSR Mining : Fourth Quarter & Full-Year 2024 Financial Results Presentation

Published: 2025-02-18 17:42:03 ET SSRM

Fourth Quarter &

Year-End 2024

Financial Results

February 2025

Diversified Portfolio with Six Key Assets

Focused on Delivering Free Cash Flow and Growth

(1)

Six Key Assets

Diversified Portfolio

Seabee (2)

across four high quality

focus on free cash flow

jurisdictions

and margins

Marigold

CC&V

3rd Largest US

Large Mineral

Gold Producer

Reserve Base

Marigold and CC&V

8Moz AuEq Mineral

expected to produce 300 to

Reserves, up 3% YoY

400koz annually (1)

(Excludes contributions from Hod Maden and CC&V)

Strong Balance

Organic Growth &

Sheet

Prudent M&A

total liquidity of ~$890M

greenfield and brownfield

to support growth and

targets to drive production

capital commitments (2)

growth

Türkiye

Çöpler

Puna

2025 Priorities

CC&V Close & Integration

2025 Operating Guidance

Advance Çöpler Towards Restart

Hod Maden

Advance Hod Maden

CC&V Technical Report

Puna Mine Life Extension

Advance Buffalo

Valley at Marigold

Portfolio-Wide

Exploration

(1)

Subject to CC&V closing; See "Information Regarding CC&V" in Cautionary Notes for additional information

Operations

Projects

(2)

Free cash flow and total liquidity are non-GAAP metrics; please see end notes and cautionary notes for a

discussion on non-GAAP metrics

Key Exploration

NSR Royalty

PAGE 3

2024 Mineral Reserves & Mineral Resources

Highlights

Year-Over-Year Change in Gold-Equivalent Mineral Reserves (koz)

Total attributable gold equivalent Proven and Probable Mineral Reserves of nearly 8.0Moz (+3% YoY), excluding Hod Maden and CC&V

Attributable Mineral Reserves & Mineral Resources (1)

7,764

Depletion

Closure of

686

7,970

Çöpler Heap

Leach Pad

(466)

(109)

Commodity

Mineral Reserve

Price

Additions

YE2023

YE2024

Mineral

Reserves

Gold

Silver

Lead

Zinc

AuEq

Hod Maden @ 40%

koz

Mlb

koz

AuEq koz

P+P Mineral Reserves

7,567

25,640

111

7,970

1,233

M&I Mineral Resources (Exclusive)

4,398

46,354

341

5,242

Inferred Mineral Resources

2,264

16,689

212

2,614

111

$19.00 per ounce in 2024. Mineral Reserve gold price assumptions at Çöpler and Seabee of $1,450 and $1,600 per ounce, respectively, were unchanged. Mineral Resource metals prices in 2024 were unchanged from 2023. See endnotes and cautionary notes for additional information

PAGE 4

2024 Fourth Quarter & Full-Year Results

Quarterly Summary

▪ Consolidated production was 124.2k GEOs at cost of sales of $1,295/oz and AISC of $1,857/oz (1) ($1,679/oz ex C&M)

Full-Year Results & Liquidity

▪ Consolidated production was 399.3k GEOs at cost of sales of $1,307/oz and AISC of $1,878/oz (1) ($1,699/oz ex C&M)

Exploration & Development Activities

(1) AISC, free cash flow and net cash are non-GAAP metrics; please see end notes and cautionary notes for a discussion on non-GAAP metrics; cost of sales and AISC are reported per ounce of payable metal sold; GEO denotes gold equivalent ounces

PAGE 5

2024 Fourth Quarter & Full-Year Financial Results

Financial & Operating Performance (1)

2024

Gold Equivalent Production

124,154

399,267

Gold Sales

86,320

279,121

Silver Sales

Moz

2.7

9.6

Total Gold Equivalent Sales

118,220

393,216

Revenue

$323.2

$995.6

Net Income (loss)

($3.1)

($352.6)

Net Income (loss) Attributable to SSRM Shareholders

$5.6

($261.3)

Net Income (loss) Per Share Attributable (Basic / Diluted)

$/sh

$0.03 / $0.03

($1.29) / ($1.29)

Adjusted Net Income Attributable to SSRM Shareholders

$21.3

$57.6

Adjusted Net Income Per Share (Basic / Diluted) Attributable

$/sh

$0.11 / $0.10

$0.28 / $0.28

Cash Provided by Operating Activities Before Changes in Working Capital

$89.6

$112.4

Cash Provided by Operating Activities

$95.0

$40.1

Free Cash Flow Before Change in Working Capital

$51.1

($31.1)

Free Cash Flow

$56.4

($103.4)

Balance Sheet & Liquidity (1)

Dec 31, 2024

Dec 31, 2023

Cash and Cash Equivalents

$387.9

$492.4

Total Debt

$230.0

$230.9

Net Cash (Debt)

$157.9

$261.5

Revolving Credit Facility

$0.0

Balance

Total liquidity of ~$890 million with no near-term debt commitments

Fourth quarter adjusted net income

includes $35.9 million or $0.18 per diluted

share in care & maintenance costs

Marigold, Seabee & Puna

anticipated to generate strong asset-level

free cash flow in 2025

(1) Adjusted Net Income Attributable to SSRM Shareholders, Adjusted Net Income Per Share Attributable to SSRM Shareholders, Cash Provided by Operating Activities Before Changes in Working Capital, Free Cash Flow,

PAGE 6

Free Cash Flow Before Changes in Working Capital and total cash, total debt, net cash and total liquidity are non-GAAP metrics; please see endnotes and cautionary notes for a discussion on non-GAAP metrics

Operations

Çöpler Incident Update

Key Priorities in the Ongoing Efforts at Site

1 • RECOVERY: All nine individuals were recovered and returned to their families

• REMEDIATION: As of December 31, 2024, all of the displaced heap leach material from the Sabırlı

2 Valley has been moved to temporary storage locations

3 party engineered design of the heap leach pad

PREPARING FOR RESTART: Continuing to work closely with the relevant authorities to advance the restart of the Çöpler mine

4all necessary regulatory approvals, including the operating permits, are reinstated, it is anticipated that operations at Çöpler would consist of processing a combination of stockpiled ore and ore mined from

Çakmaktepe at 6,000 tpd under the 2014 EIA while the remediation work continues

Please see endnotes and cautionary notes for a discussion on the Çöpler Incident; Call & Nicholas, Inc. may also be referred to as "CNI"

PAGE 8

Marigold: Large-Scale Open Pit in Nevada

Quarterly & Full-Year 2024 Commentary(1)

▪ Q4 2024 production of 59.7 koz gold at cost of sales of $1,406/oz and AISC of $1,638/oz

•Red Dot

▪ As expected, the fourth quarter was Marigold's strongest production and lowest cost period in 2024

▪ Full-year 2024 production of 168.3 koz was in line with guidance, at cost of sales of $1,457/oz and AISC of $1,711/oz

Operating Results

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Ore Mined

3,705

5,721

7,474

7,151

7,343

Waste Mined

25,793

20,587

18,778

15,392

17,271

Total Material Mined

29,498

26,309

26,252

22,543

24,615

Winnemucca •

• Elko

Strip Ratio

w:o

7.0

3.6

2.5

2.2

2.4

• Reno

Ore Stacked

3,705

5,721

7,474

7,151

7,343

Gold Grade Stacked

g/t

0.43

0.13

0.20

0.36

0.42

Gold Production

82,794

34,680

25,691

48,189

59,702

Total Capital Spend

$5.7

$2.4

$13.1

$11.1

$12.5

Cost of Sales

$/oz

$1,095

$1,331

$1,542

$1,573

$1,406

AISC (1)

$/oz

$1,170

$1,430

$2,065

$1,828

$1,638

Location: Nevada, USA Mining: Open Pit

Processing: ROM Heap Leach

Land: ~20,000 ha

Ownership: 100%

PAGE 9

Seabee: High-Grade Underground in Canada

Quarterly & Full-Year 2024 Commentary (1)

Operating Results

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Ore Mined

117

104

115

Ore Milled

122

115

103

Gold Mill Feed Grade

g/t

10.14

6.51

5.40

6.10

9.66

Gold Recovery

97%

96%

95%

96%

97%

Gold Production

38,757

23,773

16,709

10,252

27,811

Total Capital Spend

$8.5

$15.8

$7.1

$3.3

$7.6

Cost of Sales

$/oz

$666

$859

$1,150

$1,280

$816

AISC (1)

$/oz

$916

$1,416

$1,626

$2,301

$1,214

Location: Saskatchewan, Canada

Mining: Underground

Processing: Gravity concentration, CIP

Land: ~74,000 ha

Ownership: 100%

La Ronge•

Saskatoon•

• Flin Flon

(1) AISC are a non-GAAP metric; please see endnotes and cautionary notes for a discussion on non-GAAP metrics and additional details;

PAGE 10

Cost of sales and AISC are reported per ounce of payable metal sold

Disclaimer

SSR Mining Inc. published this content on February 18, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 18, 2025 at 22:39:47.190.