SSR Mining Reports Third Quarter 2025 Results

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DENVER--(BUSINESS WIRE)--Nov 4, 2025--

SSR Mining Inc. (Nasdaq/TSX: SSRM) ("SSR Mining" or the “Company") reports consolidated financial results for the third quarter ended September 30, 2025.

• Operating results: Third quarter 2025 production was 102,673 gold equivalent ounces at cost of sales of $1,585 per payable ounce and all-in sustaining costs (“AISC”) of $2,359 per payable ounce, or $2,114 per payable ounce exclusive of costs incurred at Çöpler in the quarter.(1) Year-to-date, the Company produced 326,940 gold equivalent ounces at cost of sales of $1,430 per payable ounce and all-in-sustaining costs of $2,131 per payable ounce, or $1,905 exclusive of costs incurred at Çöpler. SSR Mining expects full-year 2025 production in the lower half of the 410,000 to 480,000 gold equivalent ounce guidance range. Reflecting the impacts of higher-than-expected gold prices on royalty costs and SSR Mining’s strong share price performance on share-based compensation, the Company is trending towards the upper end of its consolidated cost guidance ranges for 2025.
• Financial results: In the third quarter of 2025, SSR Mining reported net income attributable to SSR Mining shareholders of $65.4 million, or $0.31 per diluted share and adjusted net income attributable to SSR Mining shareholders of $68.4 million, or $0.32 per diluted share. In the third quarter of 2025, operating cash flow was $57.2 million and free cash flow was negative $2.4 million, largely driven by inventory movements at Marigold and CC&V, as well as prepayments associated with development activities at Hod Maden. Accordingly, operating cash flow and free cash flow before working capital adjustments totaled $132.1 million and $72.5 million in the third quarter, respectively.
• Cash and liquidity position: As of September 30, 2025, SSR Mining had a cash and cash equivalent balance of $409.3 million and total liquidity of $909.3 million, inclusive of the Company’s undrawn revolving credit facility and accompanying accordion feature.
• Hod Maden: During the third quarter of 2025, $17.1 million was spent at Hod Maden as engineering and initial site establishment efforts continued to progress, bringing year-to-date spend to $44.4 million at the project. SSR Mining remains on track for full-year Hod Maden development capital spend of $60 to $100 million. The Company expects to provide an updated life of mine plan and construction decision for Hod Maden in the coming months.
• Çöpler update: SSR Mining continues to work closely with the relevant authorities in Türkiye to advance the restart of the Çöpler mine. While SSR Mining remains confident and committed to restarting operations, at this time, the Company is not able to estimate or predict when and under what conditions operations will resume at Çöpler.
• Development & exploration: During the third quarter of 2025, SSR Mining continued to advance key brownfield growth projects across the portfolio, including Buffalo Valley at Marigold, Cortaderas at Puna, and Porky at Seabee. These projects represent potential low-cost mine life extension opportunities at each operation and are supported by ongoing near-mine and regional exploration activity across the portfolio. In addition, an updated life of mine plan and technical report for CC&V based exclusively on Mineral Reserves remains on track for publication in 2025.

Rod Antal, Executive Chairman of SSR Mining, said, “Our third quarter operating results were generally aligned to our internal plans, and we continue to expect that a solid fourth quarter will bring us within consolidated 2025 production guidance.

Our teams have been hard at work advancing a number of key deliverables, including an initial technical report for CC&V that we expect will showcase a more than 10-year mine life based on Mineral Reserves. At Hod Maden, efforts across the various work streams including engineering, initial site establishment activity and market engagement on major work packages are well progressed, moving us closer to finalizing an updated life of mine plan and capital estimates. Hod Maden remains one of the most compelling and highest returning undeveloped copper-gold projects in the sector and has the potential to generate exceptional free cash flow once in production.

We have numerous growth opportunities across the portfolio, particularly in Türkiye where we continue to advance requirements towards a restart of operations at Çöpler. Together with the Hod Maden investment decision, we look forward to showcasing the significant potential upside ahead for our shareholders.”

Financial and Operating Summary

A summary of the Company's consolidated financial and operating results for the three and nine months ended September 30, 2025 and September 30, 2024 are presented below:

Marigold, USA

For the three months ended September 30, 2025 and 2024, Marigold produced 36,273 and 48,189 ounces of gold, respectively. For the nine months ended September 30, 2025 and 2024, Marigold produced 110,765 and 108,560 ounces of gold, respectively. During the third quarter of 2025, Marigold reported cost of sales of $1,673 per payable ounce and AISC of $1,840 per payable ounce.

Cripple Creek & Victor, USA

(For the nine months ended September 30, 2025, all metrics represent the period from February 28, 2025 to September 30, 2025, the period for which the Company was entitled to the economic benefits of CC&V following the acquisition).

For the three months ended September 30, 2025, CC&V produced 29,821 ounces of gold. Reflecting the closing of the CC&V acquisition during the first quarter of 2025, CC&V produced 85,165 ounces of gold for the period from February 28, 2025 to September 30, 2025. Inclusive of the 28,000 ounces of gold produced in the first two months of 2025, year-to-date production from CC&V totaled 113,165 ounces of gold. During the third quarter of 2025, CC&V reported cost of sales of $1,394 per payable ounce and AISC of $1,756 per payable ounce. A technical report for CC&V remains on track for publication in 2025.

Seabee, Canada

For the three months ended September 30, 2025 and 2024, Seabee produced 9,118 and 10,252 ounces of gold, respectively. For the nine months ended September 30, 2025 and 2024, Seabee produced 46,117 and 50,734 ounces of gold, respectively. During the third quarter of 2025, Seabee reported cost of sales of $2,185 per payable ounce and AISC of $3,003 per payable ounce. Operating results in the third quarter reflected the concerted effort to prioritize underground mine development, as well as lower than expected grades in the quarter.

Puna, Argentina

For the three months ended September 30, 2025 and 2024, Puna produced 2.4 and 2.9 million ounces of silver, respectively. For the nine months ended September 30, 2025 and 2024, Puna produced 7.8 and 7.5 million ounces of silver, respectively. During the third quarter of 2025, Puna reported cost of sales of $16.80 per payable ounce and AISC of $13.54 per payable ounce.

Çöpler, Türkiye
(amounts presented on 100% basis)

Operations at Çöpler were suspended following the February 13, 2024 incident at the Çöpler mine (the “Çöpler Incident”). During the suspension, care and maintenance expense has been recorded which represents depreciation and direct costs not associated with the environmental reclamation and remediation costs.

The Company continues to work closely with the relevant authorities in Türkiye to advance the restart of the Çöpler mine.

While SSR Mining remains confident and committed to restarting operations, at this time, the Company is not able to estimate or predict when and under what conditions operations will resume at Çöpler. For additional information on the Çöpler Incident, including a discussion of the associated risks, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 18, 2025, and the Company’s Quarterly Reports on Form 10-Q for the quarter ended March 31, 2025, filed on May 6, 2025, the quarter ended June 30, 2025, filed on August 5, 2025, and the quarter ended September 30, 2025, filed on November 4, 2025.

Conference Call Information

This news release should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) and available on the SEC website at www.sec.gov or www.ssrmining.com.

• Conference call and webcast: Tuesday, November 4, 2025, at 5:00 pm EST.
  Toll-free in U.S. and Canada: +1 (833) 752-3757
  All other callers: +1 (412) 652-1234
  For the webcast or to register for expedited access to the call: ir.ssrmining.com/investors/events.

• The webcast will be available on our website. Audio replay will be available for two weeks by dialing:
  Toll-free in U.S. and Canada: +1 (855) 669-9658, replay code 4473128
  All other callers: +1 (412) 317-0088, replay code 4473128

About SSR Mining

SSR Mining is listed under the ticker symbol SSRM on the Nasdaq and the TSX.

For more information, please visit: www.ssrmining.com.

Cautionary Note Regarding Forward-Looking Information and Statements:

Except for statements of historical fact relating to us, certain statements contained in this news release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively “forward-looking information”) within the meaning of applicable securities laws. 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.

Forward-looking information and statements in this news release are based on certain key expectations and assumptions made by us. Although we believe that the expectations and assumptions on which such forward-looking information and statements are based are reasonable, undue reliance should not be placed on the forward-looking information and statements because we can give no assurance that they will prove to be correct. Forward-looking information and statements are subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. 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, 2024; and other risk factors detailed from time to time in our reports filed with the Securities and Exchange Commission on EDGAR and the Canadian securities regulatory authorities on SEDAR.

Forward-looking information and statements in this news release 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; 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: the 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; the Company’s ability to efficiently integrate acquired mines and businesses and to manage the costs related to any such integration, or to retain key technical, professional or management personnel; 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.

The above list is not exhaustive of the factors that may affect any of the Company’s forward-looking information. You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in our filings on our website at www.ssrmining.com, on SEDAR at www.sedarplus.ca, and on EDGAR at www.sec.gov and other unforeseen events or circumstances. Other than as required by law, we do 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.

Cautionary Note Regarding Non-GAAP Measures

We have included certain non-GAAP performance measures throughout this document. These performance measures are employed by us to measure our operating and economic performance internally 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 also use this information to evaluate our operating and financial performance; however, these non-GAAP performance measures do not have any standardized meaning. Accordingly, 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 definitions 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 condensed consolidated interim financial statements.

Cash costs, AISC per ounce sold, and free cash flow are Non-GAAP Measures with no standardized definition under U.S. GAAP.

Non-GAAP Measure – Net Cash
Net cash (debt) are used by management and investors to measure the Company's underlying operating performance. The Company believes that net cash (debt) is a useful measure for shareholders as it helps evaluate liquidity and available cash.

The following table provides a reconciliation of cash and cash equivalents to net cash:

In addition to net cash and net debt, the Company also uses Total liquidity to measure its financial position. Total liquidity is calculated as Cash and cash equivalents plus Restricted cash and borrowing capacity under current revolving credit facilities, including accordion features. As of September 30, 2025, no borrowings were outstanding on the Company’s $400 million credit facility with a $100 million accordion feature.

The following table provides a reconciliation of Cash and cash equivalents to Total liquidity:

Non-GAAP Measure - Cash Costs and AISC
Cash Costs and All-In Sustaining Costs (“AISC”) per payable ounce of gold and respective unit cost measures are non-U.S. GAAP metrics developed by the World Gold Council to provide transparency into the costs associated with producing gold and provide a standard for comparison across the industry. The World Gold Council is a market development organization for the gold industry.

The Company uses cash costs per ounce of precious metals sold and AISC per ounce of precious metals to monitor its operating performance internally. The most directly comparable measure prepared in accordance with GAAP is cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying cash costs of operations and the impact of byproduct credits on its cost structure. The Company also believes it is a relevant metric used to understand its operating profitability. When deriving the cost of sales associated with an ounce of precious metal, the Company includes by-product credits, which allows management and other stakeholders to assess the net costs of gold and silver production.

AISC includes total cost of sales incurred at the Company's mining operations, which forms the basis of cash costs. Additionally, the Company includes sustaining capital expenditures, sustaining mine-site exploration and evaluation costs, reclamation cost accretion and amortization, and general and administrative expenses. This measure seeks to reflect the ongoing cost of gold and silver production from current operations; therefore, growth capital is excluded. The Company determines sustaining capital to be capital expenditures that are necessary to maintain current production and execute the current mine plan. The Company determines growth capital to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation.

The Company believes that AISC provides additional information to management and stakeholders that provides visibility to better define the total costs associated with production and better understanding of the economics of the Company's operations and performance compared to other producers. In deriving the number of ounces of precious metal sold, the Company considers the physical ounces available for sale after the treatment and refining process, commonly referred to as payable metal, as this is what is sold to third parties.

The following tables provide a reconciliation of cost of sales to cash costs and AISC used in the calculation of 2025 cost guidance:

The following tables provide a reconciliation of Cost of sales to cash costs and AISC: