SSR Mining : First Quarter 2024 Corporate Presentation

First Quarter 2024 Financial Results

May 2024

Cautionary Notes

Cautionary Note Regarding Forward-Looking Information and Statements

Except for statements of historical fact relating to us, certain statements contained in this presentation (including information incorporated by reference herein) constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and are intended to be covered by the safe harbor provided for under these sections. Forward-looking information may be contained in this document and our other public filings. Forward-looking information relates to statements concerning our outlook and anticipated events or results and in some cases, can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts, as well as statements written in the future tense. When made, forward-looking statements are based on information known to management at such time and/or management's good faith belief with respect to future events. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the Company's forward-looking statements. Many of these factors are beyond the Company's ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on forward-looking statements.

The key risks and uncertainties include, but are not limited to: local and global political and economic conditions; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, government ownership requirements, changes in environmental, tax and other laws or regulations and the interpretation thereof; developments with respect to global pandemics, including the duration, severity and scope of a pandemic and potential impacts on mining operations; risks and uncertainties resulting from the incident at Çöpler described in our Annual Report on Form 10-K for the year ended December 31, 2023 and in our quarterly report on Form 10-Q for the quarter end March 31, 2024; and other risk factors detailed from time to time in the Company's reports filed with the Securities and Exchange Commission on EDGAR at www.sec.govthe Canadian securities regulatory authorities on SEDAR at www.sedarplus.caand on our website at www.ssrmining.com.

Forward-looking information and statements in this presentation include any statements concerning, among other things: all information related to the Company's Çöpler operations, including timelines, outlook, preliminary costs, remediation plans, and possible restart plans; forecasts and outlook; preliminary cost reporting in this document; timing, production, operating, cost, and capital expenditure guidance; our operational and development targets and catalysts and the impact of any suspensions on operations; the results of any gold reconciliations; the ability to discover additional oxide gold ore; the generation of free cash flow and payment of dividends; matters relating to proposed exploration; communications with local stakeholders; maintaining community and government relations; negotiations of joint ventures; negotiation and completion of transactions; commodity prices; Mineral Resources, Mineral Reserves, conversion of Mineral Resources, realization of Mineral Reserves, and the existence or realization of Mineral Resource estimates; the development approach; the timing and amount of future production; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; availability of sufficient financing; exploration plans; receipt of regulatory approvals; timing and impact surrounding suspension or interruption of operations as a result of regulatory requirements or actions by governmental authority; renewal of NCIB program; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions.

Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited in any manner to, those disclosed in any other of our filings on EDGAR and SEDAR, and include: any assumptions made in respect of the Company's Çöpler operations; the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders; maintaining community and governmental relations; status of negotiations of joint ventures; weather conditions at our operations; commodity prices; the ultimate determination of and realization of Mineral Reserves; existence or realization of Mineral Resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize, and execute relevant agreements; lack of social opposition to our mines or facilities; lack of legal challenges with respect to our properties; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.

Such factors are not exhaustive of the factors that may affect any of the Company's forward-looking statements and information, and such statements and information will not be updated to reflect events or circumstances arising after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Forward-looking information and statements are only predictions based on our current estimates and assumptions Actual results may vary materially from such forward-looking information. Other than as required by law, the Company does not intend, and undertake no obligation to update any forward-looking information to reflect, among other things, new information or future events. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of this document. All references to "$" in this presentation are to U.S. dollars unless otherwise stated.

Cautionary Note Regarding Non-GAAP Financial Measures

This presentation includes certain non-GAAP financial measures to assist in understanding the Company's financial results. The non-GAAP financial measures are employed by us to measure our operating and economic performance and to assist in decision-making, as well as to provide key performance information to senior management. We believe that, in addition to conventional measures prepared in accordance with GAAP, certain investors and other stakeholders will find this information useful to evaluate our operating and financial performance; however, these non-GAAP performance measures - including total cash, total debt, net cash (debt), cash costs, all-in sustaining costs ("AISC") per ounce sold, adjusted net income (loss) attributable to shareholders, cash generated by (used in) operating activities before changes in working capital, free cash flow, and free cash flow before changes in working capital- do not have any standardized meaning. These performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Our definition of our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. These non-GAAP measures should be read in conjunction with our consolidated financial statements. Readers should also refer to the endnotes in this presentation for further information regarding how the Company calculates certain of these measures.

SSRM:NASDAQ / TSX, SSR:ASX

PAGE 2

Çöpler Incident: Situation Update and Next Steps

Update as of May 8, 2024

	▪	Primary focus is on the return of our five missing colleagues to their families
Recovery	▪	To-date 6.7 million tonnes of heap leach material has been relocated, including 4.2
		million tonnes from the Sabırlı Valley

• Removal of all displaced heap leach material out of the Sabırlı Valley and into temporary storage locations expected to be completed in Q3 2024

Containment ▪ Containment efforts have been completed alongside the removal of displaced material with the installation of a grout curtain, coffer dam, and buttress, and the

ongoing installation of pumping systems and diversion channels in the Sabırlı Valley

• Remediation plan progressing following consultation and evaluations with various Turkish government agencies, ministries, independent experts and external consultants
• Remediation plan to be submitted for approval in Q2 2024 and will include:

Remediation	▪ Construction of the East Storage Facility, designed for permanently storing the 18
to 20 million tonnes of displaced heap leach material

• • Permanent closure of heap leach pad
• Current remediation cost estimated between $250M to $300M, on a 100% basis, in addition to the $22.5M incurred as of March 31, 2024; expected to be implemented over a period of approximately 24 to 36 months
• In order to restart the operations, the Company will require the reinstatement of the previously suspended Environmental Impact Assessment and operating permits
• Moving forward, once all necessary permits are reinstated, we initially anticipate only
  Next Steps processing ore from existing stockpiles through the sulfide plant while recovery and remediation work continues
• • As of the end of 2023, sulfide stockpiles totaled 10.8 million tonnes of ore at 2.0 g/t gold, or 706 thousand contained ounces

• •

••

Proposed

East Storage

Facility Location

Displaced	Diversion
Channel &
Heap Leach
Pumps
Material
North
Buttress

Coffer Dam &

Grout Curtain

Location of containment and proposed remediation infrastructure overlain on

an aerial view of the Çöpler site as of May 1, 2024

SSRM:NASDAQ / TSX, SSR:ASX	Note: At this time, we are not able to estimate or predict when and under what conditions we will resume operations at Çöpler.	PAGE 3

Financials

2024 First Quarter Results

Production From Marigold, Seabee and Puna on Track to Meet Guidance

First Quarter Operating Summary (1)

• Consolidated production was 101.9 k gold equivalent ounces (GEOs) at cost of sales of $1,166/oz and AISC of $1,569/oz
• • At Marigold, production was 34.7 koz gold at cost of sales of $1,331/oz and AISC of $1,430/oz
  • • Marigold production profile remains approximately 70% weighted to the second half of 2024
    • • At Seabee, production was 23.8 koz gold at cost of sales of $859/oz and AISC of $1,416/oz
      • At Puna, production was 1.9 Moz silver at cost of sales of $16.87/oz silver and AISC of $15.61/oz silver
      • Combined, the three assets produced 80.0 k GEOs at cost of sales of $1,208/oz and AISC of $1,415/oz
      • Marigold, Seabee and Puna remain on track to achieve for 2024 guidance of 340,000 to 380,000 GEOs; consolidated production from the three assets is expected to be approximately 60% weighted to H2 2024

Liquidity and Balance Sheet as of March 31, 2024

• • Finished the quarter with a cash and cash equivalent balance of $467 million and a net cash position of $236 million
• No borrowings outstanding on $400 million revolving credit facility

Development Activities

• Advancing engineering, execution planning activities and technical studies for the Hod Maden project

(1)	AISC 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	PAGE 5
SSRM:NASDAQ / TSX, SSR:ASX

2024 First Quarter Financial Results

Financial & Operating Performance(1)

		1Q 2024	1Q 2023
Gold Equivalent Production	oz	101,873	146,894
Gold Sales	oz	89,279	126,111
Silver Sales	Moz	1.7	2.4
Total Gold Equivalent Sales	oz	107,983	154,557
Revenue	$M	$230.2	$314.6
Net Income (loss)	$M	($358.2)	$29.0
Attributable Net Income (loss)	$M	($287.1)	$29.8
Attributable Earnings (loss) Per Share	$/sh	($1.42) - ($1.42)	$0.14 - $0.14
(Basic / Diluted)
Adjusted Attributable Net Income	$M	$22.5	$21.3
Adjusted Attributable Net Income Per Share (Basic / Diluted)	$/sh	$0.11 - $0.11	$0.10 - $0.10
Cash Generated by Operating Activities Before Changes in Working Capital	$M	$32.3	$90.9
Cash Generated by Operating Activities	$M	$24.6	$3.0
Free Cash Flow Before Change in Working Capital	$M	($1.8)	$31.6
Free Cash Flow	$M	($9.4)	($56.3)

Balance Sheet & Liquidity(1)

		Mar 31, 2024	Dec 31, 2023
Cash and Cash Equivalents	$M	$467.0	$492.4
Total Debt	$M	$231.0	$230.9
Net Cash (Debt)	$M	$236.2	$261.6
Revolving Credit Facility Balance	$M	$0.0	$0.0

No borrowings outstanding on $400 million

revolving credit facility

No near-term debt commitments

$230M face value convertible notes mature in

2039; can be first called in April 2026

Marigold, Seabee & Puna expected to generate

solid asset-level free cash flow in 2024

(1)	Adjusted Attributable Net Income, Adjusted Attributable Net Income Per Share, Cash Generated by Operating Activities Before Changes in Working Capital, Free Cash Flow, Free Cash Flow Before Changes in Working Capital and	PAGE 6
SSRM:NASDAQ / TSX, SSR:ASX	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

Çöpler Incident

Remediation Costs & Heap Leach Impairment Included in Q1 2024 Financials

Financial Impacts of Çöpler Incident		Çöpler Charges Recorded in Q1 2024	Impact ($M)
Reclamation and Remediation			Reclamation & Remediation	$273
▪ In Q1 2024, SSR Mining incurred reclamation and remediation costs of $22M
		Costs incurred to date	$22

• Current estimates of future reclamation and remediation costs total $250 to $300M,

including:	Estimated future reclamation and remediation	$250

• Construction of the East Storage Facility (ESF)

	▪	Transportation of all material out of the Sabırlı Valley and into ESF	Contingencies and Other Legal Matters	$15
	▪	Construction of environmental impact containment structures, including a	Total Cash Impact	$288
		coffer dam, grout curtain, and buttress substantially complete, installation of
		pumping systems and diversion channels ongoing				Impairment Charges (Non-Cash)	$114
Impairment of Heap Leach Inventory & Infrastructure
		Leach pad inventory	$76
▪	Following the incident, SSR Mining recorded an impairment of $76M of heap leach
	inventory, along with $38M of now obsolete infrastructure and equipment			Mineral properties, plant and equipment, net	$38
	associated with the heap leach operation
▪	Heap leach facilities to be permanently closed as part of remediation	Total Financial Impact	$402

Other Financial Impacts

• A $15M legal contingency charge was recorded in Q1 2024
• Care & maintenance charges of $14M, including $7M in depreciation, recorded in Q1 2024

SSRM:NASDAQ / TSX, SSR:ASX	PAGE 7

Operations

Marigold: Large-Scale Open Pit in Nevada	Operations
Page on
First Quarter Production In Line With Expectations	Website

Quarterly Commentary (1)

• Production of 34.7 koz gold at cost of sales of $1,331/oz and AISC of $1,430/oz

• Focus on waste stripping at Red Dot in 2024, particularly in first half of year, with strongest production expected in fourth quarter as previously planned
• On track for 2024 production guidance of 155 to 175 koz gold at cost of sales of $1,300 to $1,340/oz and AISC of $1,535 to $1,575/oz

Production (oz Au)				Mining Rates (ktpd)
83,272	82,794	Production				321
			289
		expected
		249		262
		to be 70%
60,443		227
	weighted to
51,979		H2 2024
		34,680

Valmy •

New •

Millennium

																Buffalo	•
	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024			Valley
	Operating Results	unit		Q1 2023	Q2 2023		Q3 2023	Q4 2023		Q1 2024		Winnemucca •	• Elko
	Ore Mined		kt		5,367	5,042			7,732	3,705		5,721		• Reno
	Waste Mined	kt		17,029	15,648		16,329	25,793		20,587			Location: Nevada, USA
																	Mining: Open Pit
	Total Material Mined	kt		22,396	20,690		24,061	29,498		26,309
						Processing: ROM Heap Leach
	Strip Ratio		w:o		3.2	3.1			2.1	7.0		3.6				Land: ~20,000 ha
	Ore Stacked		kt		5,367	5,042			7,732	3,705		5,721				Ownership: 100%
	Gold Grade Stacked	g/t		0.42	0.52			0.45	0.43		0.13
	Total Capital Spend	$M		$29.6	$33.7			$13.3	$5.7		$2.4
	Cost of Sales		$/oz		$1,063	$1,059		$980	$1,095		$1,331
	AISC (1)		$/oz		$1,663	$1,656		$1,106	$1,170		$1,430

SSRM:NASDAQ / TSX, SSR:ASX	(1)AISC are a non-GAAP metric; please see endnotes and cautionary notes for a discussion on non-GAAP metrics and additional details; cost of sales and AISC are reported per ounce of payable metal sold	PAGE 9

Seabee: High-Grade Underground in Canada

Exploration Program Focused on Extending Mine Life & Advancing Porky Targets

Operations

Page on

Website

Quarterly Commentary (1)

• Production of 23.8 koz gold at cost of sales of $859/oz and AISC of $1,416/oz
• Costs in the first half of 2024 include purchases associated with the winter road season
• On track for 2024 production guidance of 75 to 85 koz gold at cost of sales of $990 to $1,030/oz and AISC of $1,495 to $1,535/oz

Production (oz Au)							Plant Throughput (tpd)
				38,757									1,340
										1,244					1,264
			19,823		23,773						1,154	1,141
15,768	16,428
	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q1 2023	Q2 2023	Q3 2023	Q4 2023		Q1 2024
	Operating Results	unit	Q1 2023	Q2 2023		Q3 2023	Q4 2023		Q1 2024
	Ore Mined		kt	99	119			108	117		104
	Ore Milled		kt	112	105			105	122		115
	Gold Mill Feed Grade	g/t	4.60	5.25			6.17	10.14		6.51
	Gold Recovery	%	96%	97%			97%	97%		96%
	Total Capital Spend	$M	$8.4	$12.0			$8.6	$8.5		$15.8
	Cost of Sales		$/oz	$1,385	$1,192			$1,026	$666		$859
	AISC (1)		$/oz	$2,207	$1,690			$1,382	$916		$1,416

Location: Saskatchewan, Canada

Mining: Underground

Processing: Gravity concentration, CIP

Land: ~74,000 ha

Ownership: 100%

La Ronge •	• Flin Flon
Saskatoon •

Porky

Targets

Seabee

Processing

Facility

Santoy Mine

Fisher Camp

Santoy

Shear

SSRM:NASDAQ / TSX, SSR:ASX	(1)AISC are a non-GAAP metric; please see endnotes and cautionary notes for a discussion on non-GAAP metrics and additional details; cost of sales and AISC are reported per ounce of payable metal sold	PAGE 10