Ssr Mining Inc. · NASDAQ:SSRM

Ssr Mining — Q4 2021 Earnings Presentation

45 slides from Ssr Mining's earnings presentation, Feb 23, 2022

  1. Slide 1: Q4 & 2021 Financial Results

    A FREE CASH FLOW FOCUSED GOLD PRODUCER Q4 & 2021 Financial Results February 2022

  2. Slide 2: Cautionary Notes

    Cautionary Notes Cautionary Note Regarding Forward-Looking Statements Except for statements of historical fact relating to the Company, certain statements contained in this presentation constitute forward-looking information, future oriented financial information, or financial outlooks (collectively

  3. Slide 3: Diversified Portfolio of High Quality, Long-Life Assets

    Diversified Portfolio of High Quality, Long-Life Assets Stable Operating Platform of 700 – 780 koz AuEq Annually (1) High Stable production platform of 700 – 780 koz AuEq (1) Operations Quality  Four core operating jurisdictions Projects Diversified  10+ Moz AuEq Mineral Reserves (2) Seabee Portfo

  4. Slide 4: ESG Strategic Priorities: Developing a Sustainable Legacy

    ESG Strategic Priorities: Developing a Sustainable Legacy (9) Focused Initiatives As Part Of SSR Mining’s Sustainability Vision Successful culture focused on discipline, integrity, and local partnerships Sustainability policies aligned with leading industry practices  Continue implementation of an

  5. Slide 5: Q4 and Full-Year 2021 Highlights

    Q4 and Full-Year 2021 Highlights Continued Operational Outperformance & Free Cash Flow Generation (5) Reached Top of 2021 Production Guidance, Beat Previously Lowered Cost Guidance (1) Operational  Q4 consolidated production of 212 koz AuEq at AISC * of $961/ oz AuEq  Full-year production of 794 k

  6. Slide 6: Continued Track Record of Delivery

    Continued Track Record of Delivery Three-year Guidance Showcases Stable Production Platform Continuing To Deliver Against Production Stability (6) Production Guidance (6,7) MOE with Alacer COVID-19 Suspensions Commercial Production at Çöpler Sulfide 900 Plant Three-year Guidance Range of 700 – 780 k

  7. Slide 7: 2022: A Catalyst-Rich Year Ahead

    2022: A Catalyst-Rich Year Ahead Building on Operating Milestones and Corporate Strategy from 2021 2022 Priorities 2022 Production Guidance (1)  Update Sustainability Report highlighting progress on ESG priorities Çöpler Au koz 255 – 285  Issue inaugural 3-year guidance illustrating platform stabi

  8. Slide 8: SK1300 TRS Highlight Robust Production Platform

    SK1300 TRS Highlight Robust Production Platform (3) Includes 14% Increase in Mineral Reserves (2) Mineral Reserves & Resources (2)  Total Gold Mineral Reserves increase 14% or 1.1 Moz over 2020, net of depletion, to 9.2 Moz  Driven by maiden Mineral Reserve at Çakmaktepe Extension and Seabee’s Gap

  9. Slide 9: Strong Quarterly & Full-Year Financial Results

    Strong Quarterly & Full-Year Financial Results Results Reported Under U.S. GAAP Financial Highlights (5,6) Basic Q4 2021 EPS Bridge (5) Units Q4 2021 FY 2021 U.S. GAAP adjustment Gold Equivalent Production oz 211,717 794,456 relating to F(x) on Çöpler's Purchase Price Accounting Gold Sales oz 186,15

  10. Slide 10: Key Implications of SEC Transition

    Key Implications of SEC Transition Full-Year 2021 Results Reported Under U.S. GAAP  No changes to underlying business through SEC transition  Largest differences are listed in the table below - other changes are largely immaterial with respect to estimates and forecasts Topic Adjustment ($000) US

  11. Slide 11: Significant Financial Strength

    Significant Financial Strength Robust Balance Sheet and Credit Metrics +$1B in Total Cash, ~96% Held in USD (8) Net Debt to 2022E EBITDA (4) Centerra (1.8x) Face Value Debt Maturity Interest Rate ($M) SSR Mining (1.1x) LIBOR + Term Loan US$140 2023 Market Capitalization (12) ~$3.9B 3.50% - 3.70% IAM

  12. Slide 12: Free Cash Flow Leadership Translating into Capital Returns

    Free Cash Flow Leadership Translating into Capital Returns (5) Peer Leader in Capital Returns Since Merger Completion Last Twelve Months Capital Returns vs. Mid-cap Peer Group (4,14) * $M | Consensus Capital Returns (100% basis) $191** $181 $126 $90 $46 $33 $32 $0 $0 $0 $0 SSRM Peer 1 Peer 2 Peer 3

  13. Slide 13: Production Profile – SK1300 Technical Report Summaries

    Production Profile – SK1300 Technical Report Summaries (3,13) 2.5 Moz AuEq Added vs. Prior Technical Reports 700 koz until the end of the decade 731 737 in sight with modest conversion / 710 716 698 exploration assumptions 112 112 20 97 95 637 623 47 69 122 127 93 70 511 LOM aggregate production (20

  14. Slide 14: Çöpler District Master Plan (CDMP21): Overview

    Çöpler District Master Plan (“CDMP21”): Overview (3) The Continued Evolution of a Cornerstone Asset Scope of Work Çöpler District The CDMP21 included two production scenarios that expand on the Çöpler District Master Plan from Nov. 2020 (“CDMP20”): 1. Reserve Case  Incorporates maiden reserves from

  15. Slide 15: Marigold Updated Technical Report Summary: Overview

    Marigold Updated Technical Report Summary: Overview (3) Long-life Open Pit With Significant Exploration Upside Scope of Work Marigold Exploration Targets The Marigold Technical Report Summary reports the Mineral Reserves base case production profile Assumptions  Economic analysis uses consensus gol

  16. Slide 16: Seabee Updated Technical Report Summary: Overview

    Seabee Updated Technical Report Summary: Overview (3) Underground Gold Mine With History Of Mineral Reserve Conversion Scope of Work Track Record of Reserve and Resource Replacement (2) The Seabee Technical Report Summary reports the Mineral Reserves base case production profile, and incorporates im

  17. Slide 17: Puna Updated Technical Report Summary

    Puna Updated Technical Report Summary (3) Refreshed LOM Plan Reflecting Recent Outperformance Scope of Work Puna Exploration Targets The Puna Technical Report Summary includes a Mineral Reserves-only base case production profile Assumptions  Economic analysis uses consensus silver prices averaging

  18. Slide 18: Robust Exploration and Growth Pipeline

    Robust Exploration and Growth Pipeline Exploration Budget Will Be Increased in 2022 (1) Near Mine Targets To Sustain And Grow From +700koz (16) AuEq For At Least 10+ Years Çöpler District Marigold Seabee Puna Çakmaktepe Mackay Santoy 8 & 9 Chinchillas Extension (Ardich) Cöpler In-Pit/Saddle Valmy Sa

  19. Slide 19: Asset Overviews

    ASSET OVERVIEWS

  20. Slide 20: CDMP21: Reserve Case Highlights

    CDMP21: Reserve Case Highlights Çöpler: Long-Life Operation Generating Strong Free Cash Flow (5) Reserve & Resource Highlights (2) Reserve Case Summary (3) Reserve Item Unit Case  5.2 Moz Au Mineral Reserves Oxide Processed o 34% increase from year-end 2020, net of 2021 depletion Heap Leach Quantit

  21. Slide 21: CDMP21: Reserve Case Overview

    CDMP21: Reserve Case Overview (3) Robust Production Platform Builds On CDMP20 CDMP21 Reserve Case Life of Mine Production Summary 391 Average of 2022 – 2031 10-Year Profile: 258 koz 329 37% increase in LOM production 327 318 310 314 301 versus remaining years of 302 2020 CDMP Reserve Case 268 264 23

  22. Slide 22: CDMP21: Initial Assessment Case Highlights

    CDMP21: Initial Assessment Case Highlights Çöpler Copper-Gold Project (C2) Adds Next Phase of District Growth Reserve & Resource Highlights (2) Initial Assessment Case Summary (3,13) Initial Item Unit Assessment  5.2 Moz Au Mineral Reserves Case Oxide Processed o 34% increase from year-end 2020, ne

  23. Slide 23: CDMP21: Initial Assessment Case Overview

    CDMP21: Initial Assessment Case Overview (13) Robust Production Platform Builds On CDMP20 CDMP Initial Assessment Case Life of Mine Production Summary (3,13) Average of 2022 – 2031 10-Year Profile: 300 koz 401 391 375 358 351 26% increase in LOM production 327 329 320 323 versus remaining years of 2

  24. Slide 24: CDMP21: Valuation Sensitivities

    CDMP21: Valuation Sensitivities After-Tax NPV Sensitivity (3) Long-Term Gold Price ($/oz) NPV5% Units $1,300 $1,500 Consensus (i, ii) $1,800 $2,000 Reserve Case $ Millions $909 $1,412 $1,732 $2,047 $2,438 Initial Assessment Case (13) $ Millions $1,400 $1,798 $2,004 $2,354 $2,704 $3,000 $2,704 $200/o

  25. Slide 25: Marigold Updated Technical Report Summary

    Marigold Updated Technical Report Summary Highlights Expanded LOM Production Profile Reserve Reserve & Resource Highlights (2) Item Unit Case (3) Mining & Production  3.4 Moz Au Mineral Reserves Ore Mined Mt 205 o 8% decrease from year-end 2020, reflecting 2021 depletion Waste Mined Mt 728 o Minera

  26. Slide 26: Marigold Updated Technical Report Summary

    Marigold Updated Technical Report Summary (3) Exploration Targeting Oxide Reserve Growth and Higher Grades Marigold SK1300 Life of Mine Production Summary (3) Average of 2022 – 2031 10-Year Profile: 222koz 303 72% increase in LOM 279 260 production over remaining period in 2018 technical 234 235 230

  27. Slide 27: Marigold: TRS Valuation Sensitivities

    Marigold: TRS Valuation Sensitivities After-Tax NPV Sensitivity (3) Long-Term Gold Price ($/oz) NPV5% Units $1,300 $1,500 Consensus (i) $1,800 $2,000 Marigold $ Millions $413 $664 $860 $1,040 $1,292 $1,400 $200/oz increase in gold price adds ~$250M to Marigold NAV $1,292 Marigold TRS $1,200 $1,040 $

  28. Slide 28: Seabee Updated Technical Report Summary

    Seabee Updated Technical Report Summary Reserve and Resource Base Poised For Continued Growth Reserve Reserve & Resource Highlights (2) Item Unit Case (3) Mining & Production  580 koz Au Mineral Reserves Ore Milled kt 2,684 o 18% increase from year-end 2020, net of 2021 depletion o Reserve grade of

  29. Slide 29: Seabee TRS: Reserve Overview

    Seabee TRS: Reserve Overview (3) Considerable Exploration Potential to Extend and Expand TRS Mine Plan Seabee SK1300 Life of Mine Production Summary (3) Average of 2022 – 2026 Five-Year Profile: 96koz 127 119 122 151% increase in 112 LOM production over remaining 96 93 production from 2017 PEA 82 69

  30. Slide 30: Seabee: TRS Valuation Sensitivities

    Seabee: TRS Valuation Sensitivities After-Tax NPV Sensitivity (3) Long-Term Gold Price ($/oz) NPV5% Units $1,300 $1,500 Consensus (i) $1,800 $2,000 Seabee $ Millions $99 $173 $249 $283 $357 $400 $200/oz increase in gold price adds ~$75M to Seabee NAV $357 $350 Seabee TRS $300 $283 $249 NPV5% ($ Mill

  31. Slide 31: Puna Updated Technical Report Summary

    Puna Updated Technical Report Summary Continued Strong Free Cash Flow Generation Reserve Reserve & Resource Highlights (2) Item Unit Case (3) Mining & Production  39 Moz Ag Mineral Reserves Ore Mined Mt 7.2 o 9% decrease from year-end 2020, partially offsetting 2021 depletion Waste Mined Mt 22.5 o

  32. Slide 32: Puna TRS: Reserve Overview

    Puna TRS: Reserve Overview (3) Steady Production Platform at Baseline 4,500tpd Throughput Puna SK1300 Life of Mine Production Summary (3) Average of 2022 – 2026 Five-Year Profile: 7.0 Moz 8.4 8.0 8.1 7.7 7.6 7.4 5.6 3.7 3.7 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E Actual Results 2021Tec

  33. Slide 33: Puna: TRS Valuation Sensitivities

    Puna: TRS Valuation Sensitivities After-Tax NPV Sensitivity (3) Long-Term Silver Price ($/oz) NPV5% Units $17.50 $20.00 Consensus (i) $25.00 $27.50 Puna $ Millions $118 $173 $228 $284 $339 $400 $2.50/oz increase in silver price adds ~$55M to Puna NAV $350 Puna TRS $339 $300 $284 NPV5% ($ Millions) $

  34. Slide 34: Appendix

    Appendix

  35. Slide 35: Executive Team and Board of Directors

    Executive Team and Board of Directors Depth of Experience and Track Record of Delivery Executive Team Rodney Antal Alison White Stewart Beckman F. Edward Farid Michael Sparks President, Chief EVP, Chief EVP, Chief EVP, Chief Corporate EVP, Chief Legal & Executive Officer Financial Officer Operating

  36. Slide 36: Building on Proven History of Project Delivery and M&A

    Building on Proven History of Project Delivery and M&A Non-Core Asset Sales in Excess of US$235M Over the Past 8 Months Delivering Projects On Time & Building Value Through Disciplined M&A (11) Budget (10) POX Plant (Çöpler) SSRM / Alacer Merger Non-Core Asset Sales -10% Exploration 1.3x 2.3x $744M

  37. Slide 37: Çakmaktepe Extension: Development to Commence in 2022

    Çakmaktepe Extension: Development to Commence in 2022 Strong Potential for Further Conversion and Resource Growth Overview Çakmaktepe Extension Geological Cross Section *  Çakmaktepe Extension located ~6 km from Çöpler  2021 Initial Mineral Reserve included in CDMP21 (2,3)  1.68Moz Au in total Mi

  38. Slide 38: Copper Hill: Greenfield Discovery

    Copper Hill: Greenfield Discovery Near-surface Copper Sulfide Mineralization Overview 2021 Exploration Drilling & Sampling  Located in the Black Sea region of northeast Turkey; 70% owned by SSR Mining  Drilling started in 2018, with 35 holes (~11,000 m) drilled to-date *  Highlight intercepts inc

  39. Slide 39: Marigold: Targeting Additional Oxide Mineralization

    Marigold: Targeting Additional Oxide Mineralization New Millennium Target Presents Opportunity For Resource Growth Recent Drilling * At New Millennium Target Recent Exploration Highlights  Marigold currently hosts a mine life of +10 years, with current exploration focused on additional oxide ore th

  40. Slide 40: First Mover Advantage In Saskatchewan

    First Mover Advantage In Saskatchewan Pipeline of Regional Targets Across Underexplored Province Saskatchewan Platform Crossfire  Seabee is the only producing gold mine in Saskatchewan Valmy  Proposed acquisition of Taiga Gold Corp. * significantly expands SSR Mining’s regional platform in the Val

  41. Slide 41: Exploration Program Yielding Positive Results

    Exploration Program Yielding Positive Results Gap Hanging Wall Reserves Included in 2021 R&R Statement Overview Highlight Intercepts * At Seabee’s Joker Target  2021 drilling focused on brownfields development targets across Seabee and Fisher properties  Gap Hanging Wall (GHW) hosts potential as S

  42. Slide 42: Endnotes

    Endnotes 1. Please see our news release dated January 31, 2022 titled “SSR Mining achieves top end of 2021 Production Guidance, Beats AISC Guidance, Outlines Three-Year Outlook and Intends to Increase 2022 Dividend by 40%”. Gold equivalent production and AISC are based on a gold to silver ratio of 7

  43. Slide 43: Adjusted Attributable Net Income per Share

    Non-GAAP Reconciliations Adjusted Attributable Net Income per Share Three Months Ended December 31, Years Ended December 31, (in thousands, except per share) 2021 2020 2021 2020 Net income attributable to equity holders of SSR Mining (GAAP) $127,435 $83,178 $368,076 $151,535 Interest saving on conve

  44. Slide 44: Cash Costs and AISC

    Non-GAAP Reconciliations Cash Costs, AISC, Free Cash Flow, Net Cash Three Months Ended December 31, Years Ended December 31, (in thousands, unless otherwise noted) 2021 2020 2021 2020 Production costs (GAAP) $187,865 $170,595 $671,374 $444,538 By-product credits ($22,665) ($6,046) ($56,378) ($17,282

  45. Slide 45: SSR Mining Inc.

    SSR Mining Inc. www.ssrmining.com F. Edward Farid, Executive Vice President, Chief Corporate Development Officer Alex Hunchak, Director, Corporate Development and Investor Relations Email: invest@ssrmining.com SSRM:NASDAQ / TSX, SSR:ASX

SSR Mining — Q4 2021 Earnings Presentation on 6ix