Slide 1: A High-Quality Intermediate Precious Metals Producer
A HIGH-QUALITY INTERMEDIATE PRECIOUS METALS PRODUCER Combining Margin and Scale March 2016
Slide 2: Cautionary Notes
Cautionary Notes Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, “f
Slide 3: Conference Call Participants
Conference Call Participants Silver Standard Claude Resources Paul Benson Brian Skanderbeg President, CEO and Director President, CEO and Director Gregory Martin SVP and CFO Alan Pangbourne COO John DeCooman VP, Business Development and Strategy Kelly Stark-Anderson VP, Legal and Corporate Secretary
Slide 4: Transaction Highlights
Transaction Highlights Establishes a high-quality intermediate precious metals producer with margin and scale in attractive mineral belts and political regions Combined company is expected to produce ~390,000 gold equivalent ounces at cash costs of ~$735 per Au Eq ounce sold in 2016 Immediatel
Slide 5: Transaction Summary
Transaction Summary Terms and Conditions Total equity value of approximately C$337 million Acquisition of all outstanding common shares of Claude via Plan of Arrangement Proposed All outstanding options to purchase Claude common shares will be exchanged for options to Transaction purchase Silv
Slide 6: Pro Forma Capitalization and Balance Sheet
Pro Forma Capitalization and Balance Sheet Claude Silver Units Resources Pro Forma Standard (at offer) TSX Share Price C$ $8.93 $1.65 $8.93 FDITM Shares Outstanding M 82 204 119 FDITM Market Capitalization C$M 730 337 1,066 Cash and Marketable Securities US$M 300 30 330 Total Debt US$M 269 14 283 Fi
Slide 7: Diversified Operating and Geopolitical Platform
Diversified Operating and Geopolitical Platform Santoy and Seabee Mines Other Development / Exploration Peru (San Luis) Location Saskatchewan, Canada Development Assets Mexico (Pitarrilla) Argentina (Diablillos) Operation Type Underground, Mill Processing Canada (Amisk, Sunrise Lake) 2016E Productio
Slide 8: Benefits to Silver Standard Shareholders
Benefits to Silver Standard Shareholders Immediate positive free cash flow from high-margin mining operations Results in production growth with minimal capital investment and a cash flow accretive transaction Establishes an operating presence in Canada, providing further geopolitical diversifi
Slide 9: Benefits to Claude Shareholders
Benefits to Claude Shareholders Results in an immediate premium of 25% based on Silver Standard and Claude Resources’ 20-day VWAP on March 4, 2016 Immediate premium of 30% to Claude Resources’ closing price of C$1.27 per common share on March 4, 2016 Provides exposure to Silver Standard’s dive
Slide 10: Claude Resources Overview
Claude Resources Overview Gold mining and exploration company with a large exploration land package Mining complex consists of two underground mines Santoy Mine (since 2011) and Seabee Mine (since 1991) Located in the La Ronge Mining District, Saskatchewan, Canada Discovery of Santoy depos
Slide 11: Claude: Improved Operating & Financial Profile
Claude: Improved Operating & Financial Profile Higher gold grade and lower costs … … has led to increased cash balance $40 Cash, Short Term Investments & Bullion (C$M) 100 $40 $983 $1,000 $836 76 Cash Cost (C$/oz Au) 75 $30 Production (Koz Au) $800 63 $669 $600 50 44 $20 $400 $12 25 $10 $200 $2 0 $0
Slide 12: Santoy and Seabee Opportunities
Santoy and Seabee Opportunities Operational excellence program for continued safety and efficiency improvements Areas to target: mine planning, plant throughput and gold recoveries Exploration potential for resource and reserve expansion Underexplored land package of over 19,000 hectares C
Slide 13: Seabee: Large, Underexplored Land Package
Seabee: Large, Underexplored Land Package ~25 km Well Positioned to Increase Exploration Total exploration spend from 2013 to 2015 of ~C$2.5 million Notes: Exploration spend for Claude Resources includes actual spend in 2013 and 2014 and exploration spend guidance for 2015. SSRI:NASDAQ │SSO:TSX │ CR
Slide 14: Higher Pro Forma Production at Lower Costs
Higher Pro Forma Production at Lower Costs 2016 Gold Eq Production Guidance 2016 Gold Eq Cash Costs Guidance $774 $39 69 392 $735 400 Mid-point Guidance (US$/oz) $700 324 Mid-point Guidance (koz) 300 $554 200 $500 100 0 $300 SSRI Claude SSRI Pro Forma Claude SSRI Claude SSRI Impact Pro Forma Margin
Slide 15: Leading Mid-Cap Precious Metals Producer
Leading Mid-Cap Precious Metals Producer Market Capitalization (US$M) $1,913 $1,389 $1,007 $795 $739 $690 $542 $404 $277 $268 $188 NGD AGI HL Pro Forma KGI CDE SSO KDX P MND AR Cash & Marketable Securities (US$M) Net Cash (US$ M) ($452) $46 $31 ($22) ($347) ($365) ($12) ($9) ($85) $42 $28 $336 $330
Slide 16: High Quality Producer with Margin and Scale
High Quality Producer with Margin and Scale 2016 Production Estimates (Koz Au Eq) 554 440 392 392 381 324 287 250 178 151 144 CDE AGI Pro Forma HL NGD SSO KGI P MND KDX AR 2016 Cash Costs Estimates (US$/oz Au Eq) $789 $803 $763 $774 $709 $730 $735 $696 $575 $543 $452 NGD P KDX KGI HL AGI Pro Forma M
Slide 17: Creating Value and Growth
Creating Value and Growth Combines operations with margin and scale Accelerates production growth and exploration Maintains strong financial position Adds underground mining skillset An immediately accretive transaction Enhances credit quality and trading liquidity SSRI:NASDAQ │SSO:TSX │ CRJ:TSX │Ma
Slide 18: Appendix
APPENDIX SSRI:NASDAQ │SSO:TSX │ CRJ:TSX │March 2016 18
Slide 19: Pro Forma 2016 Guidance
Pro Forma 2016 Guidance Silver Standard Claude Pro Forma Gold Gold Silver Gold Equivalent 200,000 – 8.0 – 10.0 65,000 – 370,000 – Production 210,000 oz Moz 72,000 oz 414,000 oz Cash Costs $690/oz – $10.50/oz – $525/oz – $690/oz – (US$/oz) $740/oz $12.50/oz $580/oz $780/oz Notes: Pro forma gold equiv
Slide 20: Silver Standard Resources Inc. / Claude Resources Inc.
Silver Standard Resources Inc. Claude Resources Inc. Website: www.silverstandard.com Website: www.clauderesources.com Email: invest@silverstandard.com Email: ir@clauderesources.com Toll-free: 1.888.338.0046 Telephone: 1.306.668.7505 Telephone: 1.604.689.3846 Fax: 1.306.668.7500