SSR Mining Inc. announced the completion of a Technical Report Summary (?TRS?) for the Hod Maden project (?Hod Maden? or the ?Project?), located in northeastern Türkiye (the ?2025 Hod Maden TRS?). The 2025 Hod Maden TRS supersedes the ?Hod Maden Project, Feasibility Study ? Technical Report NI 43-101?, dated December 15, 2021. Optimizations to the Project included in the 2025 Hod Maden TRS include: The flowsheet was updated to produce a single copper concentrate, improving upon the prior plan which produced both a copper concentrate and a pyrite concentrate and thereby required batch processing of two ore types. This change is expected to meaningfully simplify process plant operations and increase performance while producing a high-quality, marketable concentrate. Infill drilling has been conducted to derisk early phases of the Hod Maden life of mine plan, improving Mineral Reserve confidence and helping to ensure delivery of the Project?s rapid payback. Significant refinements to project infrastructure design have been made, including optimized earthwork volumes, improved access road alignment, and consolidation of waste storage areas. Detailed engineering of the Project is now nearing completion, de-risking the critical path for project development and improving fidelity in the associated capital costs. A highly detailed project execution plan was developed to manage the Project, and all key positions of the project execution team have been filled to support the anticipated ramp up of activities. SSR Mining has made significant progress on engineering and initial site establishment efforts over the course of 2025. The Hod Maden Project is located in northeastern Türkiye. The Project is located approximately 130 kilometers from the Erzurum airport, and approximately 330 kilometers from SSR Mining?s Çöpler gold mine. The Hod Maden project is 100% owned by Artmin, a company jointly-owned by SSR Mining, Lidya Mines, and Royal Gold Inc. (?Royal Gold?). As per the 2023 Transaction structure, SSR Mining will earn-in to own up to 40% of the project through earn-in payments totaling $120 million, and will also make an additional $30 million in milestone payments to Lidya Mines. Following the completion of the earn-in, Artmin will be 40% owned by SSR Mining, 30% owned by Royal Gold, and 30% owned by Lidya Mines. SSR Mining currently owns 10% of the Project and serves as sole operator. The Hod Maden deposit is part of the Artvin mineral district within the Eastern Pontides metallogenic belt. Hod Maden is comprised of three zones: the Main Zone, the South Zone, and approximately one kilometer further to the south, the Russian Zone. The Main Zone, first discovered by drilling in 2014, extends approximately 150 meters along strike at surface and has a true thickness of up to 70 meters and a down-dip extension of approximately 400 meters. The Main Zone contains most of the high-grade gold and copper mineralization and all of the currently defined Mineral Reserves at the Project. Limited drilling has been completed across the remainder of the Hod Maden property. The 2025 Hod Maden TRS envisages an underground operation accessed through a single surface portal. Mining will be conducted via drift and fill (?DAF?) above 780 meters above sea level (masl) and via long-hole stoping below 780 masl, with overall mining rates averaging approximately 2,200 tonnes per day or 800,000 tonnes per annum. Life of mine ore grades are expected to average 7.6 g/t gold and 1.3% copper. The process plant will feature a design capacity of 800,000 dry metric tonnes per year and will utilize a mill-float-regrind-cleaner float flowsheet yielding a single concentrate with an average grade of 22% copper and 113 g/t gold. The concentrate can be sold through traders or directly to smelters and is expected to be highly desirable due to its grade and lack of deleterious elements. No cyanide is utilized in the process facility. Over the life of mine, gold and copper recoveries are expected to average 87% and 97%, respectively. The Hod Maden project will be connected to Türkiye?s national power grid, which runs directly across the property. Tailings generated during the life of mine will be in part utilized for underground paste fill, with the remainder reporting to the Hod Maden Tailings Storage Facility (?TSF?). The TSF will employ a phased downstream construction technique, and will adhere to Canadian Dam Association Safety Guidelines. Royal Gold holds a 2% net smelter returns (?NSR?) royalty over the Hod Maden property, and at consensus metals prices Turkish State Royalties are expected to average 12.8% over the life of mine, inclusive of the 2025 royalty rate increase and on-site processing deductions for gold and copper.
The Hod Maden licenses cover approximately 3,500 hectares, consisting primarily of forestry and private lands. All 349 parcels of private land within the Project area that required expropriation have been acquired. Environmental and social baseline studies have been conducted in the Project area since 2013, and an Environmental Impact Assessment (?EIA?) for Hod Maden was approved in 2021. The paste fill permit required for mining operations is progressing through the regulatory process and is anticipated to be approved in 2027. A stakeholder engagement plan has been established for Hod Maden, through which the Company will continue engagement activities and plans to support the local communities through employment, local contract opportunities, local purchasing, and community development programs. This plan has resulted in a number of community projects in the villages proximal to the Project area, including road upgrades, construction of a social facility for local residents, repairs to local irrigation infrastructure and also the issuance of more than 30 scholarships to university students from the local communities.