SSR MINING ANNOUNCES THE SALE OF ITS PITARRILLA PROJECT FOR TOTAL CONSIDERATION OF UP TO US$127 MILLION

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[{"type":"text","content":"DENVER, Jan. 13, 2022 /PRNewswire/ - SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (ASX: SSR) (\"SSR Mining\" or the \"Company\") announced today that it has entered into a definitive agreement to sell its Pitarrilla project in Durango, Mexico to Endeavour Silver Corp. (TSX: EDR; NYSE: EXK) (\"Endeavour Silver\") for total consideration of up to US$127 million (the \"Transaction\").\nTotal consideration consists of US$35 million in cash, US$35 million in Endeavour Silver shares (with the number of shares to be issued based on the 10-day volume weighted average trading price preceding the date of the share purchase agreement), and a 1.25% net smelter return royalty on the Pitarrilla property currently estimated by SSR Mining to be valued at up to US$57 million (based on the \"NI 43-101 Technical Report on the Pitarrilla Project, Durango State, Mexico\", dated December 14, 20121). In addition, Endeavour Silver has committed to incur a minimum of US$10 million in exploration expenditures on the Pitarrilla project over a five-year period following closing of the Transaction.\nThe cash and equity components of the consideration totaling US$70 million will be paid upon closing of the Transaction. On closing, SSR Mining will hold approximately 5% of the outstanding shares of Endeavour Silver, which will be subject to a hold period of four months and one day following the date of closing. Closing of the Transaction remains subject to TSX and NYSE regulatory approvals and the approval of the Mexican Federal Economic Competition Commission, as well as customary closing conditions for a transaction of this kind and is expected to occur in the first half of 2022.\nThe Transaction is expected to be accretive to SSR Mining on an NAV per share basis, based on street consensus estimates. In addition, the cash and equity components of the consideration received exceed the net book value of the Pitarrilla project. With this transaction, SSR Mining continues to deliver on its goal of portfolio rationalization, realizing value for shareholders by monetizing non-core assets. Together with the sale of our non-core royalty portfolio in the third quarter of 2021 and ongoing rationalization of non-core equity positions, SSR Mining has realized in excess of US$235 million in aggregate consideration over the past 7 months.\nPitarrilla is a silver, lead, and ...

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