SSR Mining Reports Fourth Quarter and Full-Year 2024 Results

DENVER--(BUSINESS WIRE)--February 18, 2025-- 

SSR Mining Inc. (Nasdaq/TSX: SSRM, ASX: SSR) ("SSR Mining" or the "Company") reports consolidated financial results for the fourth quarter and full-year ended December 31, 2024, as well as an update on the February 13, 2024 incident at the Çöpler mine (the "Çöpler Incident").

Fourth Quarter and Full-Year 2024 Results: (1) (All figures are in U.S. dollars unless otherwise noted)

   -- Operating results: Fourth quarter 2024 production was 124,154 gold 
      equivalent ounces at a consolidated cost of sales of $1,295 per payable 
      ounce and all-in sustaining costs ("AISC") of $1,857 per payable ounce. 
      For the full year 2024, the Company produced 399,267 gold equivalent 
      ounces at a consolidated cost of sales of $1,307 per payable ounce and 
      AISC of $1,878 per payable ounce. As operations at Çöpler 
      remain suspended following the Çöpler Incident, SSR Mining's 
      full-year AISC included $60.8 million in cash care & maintenance costs at 
      Çöpler, or $155 per ounce of gold equivalent sold. Full-year 
      2024 production from Marigold, Seabee and Puna totaled 371,061 gold 
      equivalent ounces at cost of sales of $1,317 per payable ounce and AISC 
      of $1,542 per payable ounce. SSR Mining recognized two significant 
      production milestones in 2024, including 5 million ounces of life of mine 
      gold production from Marigold, achieved on December 30, 2024, as well as 
      record full-year silver production at Puna. 
   -- Financial results: In the fourth quarter of 2024, SSR Mining reported net 
      income attributable to SSR Mining shareholders of $5.6 million, or $0.03 
      per diluted share, while adjusted net income attributable to SSR Mining 
      shareholders was $21.3 million, or $0.10 per diluted share. Under U.S. 
      GAAP, care and maintenance costs are included in adjusted net income. For 
      the fourth quarter care and maintenance costs totaled $35.9 million, or 
      $0.18 per diluted share. Net income (loss) attributable to SSR Mining 
      shareholders for the full year of 2024 was $(261.3) million, or $(1.29) 
      per diluted share, reflecting approximately $272.9 million in incurred 
      and anticipated reclamation and remediation costs, $114.2 million in 
      non-cash impairment charges, and $108.7 million in total care and 
      maintenance costs incurred as a result of the Çöpler Incident. 
      Adjusted net income attributable to SSR Mining shareholders for the full 
      year of 2024 was $57.6 million, or $0.28 per diluted share, after 
      adjusting for non-recurring items largely related to the Çöpler 
      Incident. In the fourth quarter of 2024, SSR Mining generated $95.0 
      million in operating cash flow and $56.4 million in free cash flow. For 
      the full-year 2024, SSR Mining generated $40.1 million in operating cash 
      flow, while free cash flow was $(103.4) million, inclusive of the 
      aforementioned care and maintenance costs as well as $127.6 million spent 
      on reclamation and remediation efforts at Çöpler. 
   -- Cash and liquidity position: As of December 31, 2024, the Company had a 
      cash and cash equivalent balance of $387.9 million and total liquidity of 
      $887.5 million inclusive of its revolving credit facility and 
      accompanying accordion feature. At the end of the fourth quarter of 2024, 
      the Company had no borrowings outstanding under the revolving credit 
      facility, exclusive of de minimis letters of credit, and was in 
      compliance with its covenants. 
   -- Mineral Reserves & Mineral Resources ("MRMR"): Total Proven and Probable 
      gold equivalent Mineral Reserves as of December 31, 2024 were 8.0 million 
      ounces, up 3% on a year-over-year basis due in part to the declaration of 
      an initial 523,000 ounces of gold Mineral Reserves at Marigold's Buffalo 
      Valley deposit, as well as other Mineral Resource conversion and minor 
      changes to metals price assumptions. SSR Mining increased the gold and 
      silver price assumptions used in the calculation of 2024 Mineral Reserves 
      at Marigold and Puna by approximately 3%, from $1,450 per ounce gold in 
      2023 to $1,500 per ounce in 2024, and from $18.50 per ounce silver in 
      2023 to $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. Total Measured and Indicated gold 
      equivalent Mineral Resources as of December 31, 2024 were 5.2 million 
      ounces, down 1% on a year-over-year basis. Metals price assumptions used 
      in the calculation of Mineral Resources were unchanged from 2023. SSR 
      Mining's consolidated 2024 MRMR figures exclude the Hod Maden project and 
      the recently announced CC&V transaction (discussed below). 
   -- Marigold operations: In 2024, Marigold produced 168,262 ounces of gold, 
      in line with its full-year guidance, at cost of sales of $1,457 per 
      payable ounce and AISC of $1,711 per payable ounce. As planned, the 
      fourth quarter of 2024 was Marigold's strongest, with gold production of 
      59,702 ounces at cost of sales of $1,406 per payable ounce and AISC of 
      $1,638 per payable ounce. 
   -- Seabee operations: In 2024, Seabee produced 78,545 ounces of gold at cost 
      of sales of $960 per payable ounce and AISC of $1,515 per payable ounce. 
      Due to forest fires in the vicinity of the mine, operations at Seabee 
      were suspended for more than 50 days. No employees were injured and the 
      Seabee process plant and Santoy mine were not materially impacted. 
      Operations were fully reinstated on October 11, 2024, and in the fourth 
      quarter of 2024 Seabee produced 27,811 ounces of gold at cost of sales of 
      $816 per payable ounce and AISC of $1,214 per payable ounce. Full-year 
      2024 production exceeded Seabee's revised guidance range at costs below 
      guidance, driven by processed grades that averaged 9.7 g/t in the fourth 
      quarter. 
   -- Puna operations: In 2024, Puna produced 10.5 million ounces of silver, a 
      record for the operation and meeting the top end of the mine's previously 
      increased full-year guidance range, at cost of sales of $16.14 per 
      payable ounce and AISC of $15.56 per payable ounce. In the fourth quarter 
      of 2024, silver production was 3.0 million ounces at cost of sales of 
      $15.84 per payable ounce and AISC of $16.06 per payable ounce. 
   -- Çöpler update: As of December 31, 2024, all of the heap leach 
      material displaced in the Çöpler Incident had been removed from 
      the Sabırlı Valley and moved to temporary storage locations. 
      Reclamation and remediation spend in 2024 totaled $127.6 million, and the 
      forecasted spend on Çöpler remediation and containment work 
      from April 1, 2024 onwards remains unchanged at $250.0 to $300.0 million. 
   -- Hod Maden: Throughout 2024, engineering studies and site preparation 
      activities continued as the Company advances the Hod Maden project 
      through to a construction decision. In 2024, a total of $42.1 million was 
      spent at Hod Maden, including approximately $14.0 million in the fourth 
      quarter. The Company expects to provide information on its anticipated 
      2025 capital spend at Hod Maden with its annual guidance, which is 
      expected within the first quarter of 2025. 
   -- Sale of the non-core San Luis project: On May 23, 2024, the Company 
      announced that it had closed the sale of the San Luis project to 
      Highlander Silver Corp for which it received $5.0 million in cash on 
      closing, and an additional up to $37.5 million in future cash contingent 
      payments. A 4.0% net smelter return ("NSR") royalty on the project was 
      also issued to SSR Mining concurrently with closing of the transaction. 
   -- CC&V acquisition: On December 6, 2024, the Company announced it had 
      entered into a definitive purchase agreement to acquire the Cripple Creek 
      & Victor Gold Mine ("CC&V") in Colorado for $100 million in upfront cash 
      consideration and up to $175 million in additional milestone-based 
      payments. The CC&V transaction is aligned with SSR Mining's long-stated 
      focus on free cash flow generation, while continuing to diversify the 
      portfolio through the acquisition, operation and development of 
      long-lived, high return assets. SSR Mining expects to provide the 2025 
      outlook for CC&V with its annual guidance following the close of the CC&V 
      acquisition, which is expected within the first quarter of 2025. 
 
(1)  The Company reports non-GAAP financial measures including adjusted net 
     income (loss) attributable to SSR Mining shareholders, adjusted net 
     income (loss) per diluted share attributable to SSR Mining shareholders, 
     free cash flow, cash costs and all-in sustaining costs ("AISC") per ounce 
     sold (a common measure in the mining industry), to manage and evaluate 
     its operating performance at its mines. See "Cautionary Note Regarding 
     Non-GAAP Financial Measures" for an explanation of these financial 
     measures and a reconciliation of these financial measures to the most 
     comparable GAAP financial measures. 
 

Update on the Çöpler Incident

On February 13, 2024, SSR Mining Inc. and its subsidiaries suspended all operations at its Çöpler property, in Türkiye, as a result of a significant slip on the heap leach pad. Nine employees lost their lives in connection with the Çöpler Incident. The Company continues to support the employees, families, and community members impacted by the Çöpler Incident.

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