Ssr Mining Inc. · NASDAQ:SSRM

Ssr Mining — Silver Standard Resources — Investor Presentation (April 2016)

101 slides from Ssr Mining's investor presentation, Apr 13, 2016

1. Slide 1: Marigold Mine Tour & Corporate Presentation

   MARIGOLD MINE TOUR & CORPORATE PRESENTATION April 13, 2016 SSRI:NDAQ | SSO: TSX 1

2. 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, “

3. Slide 3: Agenda

   Agenda  Introduction and Safety Induction 8:30am  Management Presentation 8:45am  Lunch / PPE Handout 12:00pm  Marigold Mine Tour 12:30pm  Depart Marigold Mine 3:30pm SSRI:NASDAQ SSRI:NDAQ | |SSO: SSO:TSX TSX 3

4. Slide 4: Management Presentation

   Management Presentation  SSRI Corporate 5 minutes  Marigold 80 minutes  Introduction and History/Overview  Environment, Safety and Health  Geology  Mineral Resources and Reserves  Mine Operations  Processing  Financial Summary  Opportunities and Next Steps  Pirquitas 20 minutes  Chinchil

5. Slide 5: Safety Induction

   Safety Induction  Safety Share  Building Emergency Muster Locations  PPE Requirements  Basic Site Safety Location Requirements SSRI:NASDAQ SSRI:NDAQ | |SSO: SSO:TSX TSX 5

6. Slide 6: Why Silver Standard?

   Why Silver Standard? Strong Operating Performance & Free Cash Flow  Free cash flow ASSETS  Two large mines  Focused portfolio  $212M in cash  $88M in marketable CAPITAL securities  Strong balance sheet  Experienced team MANAGEMENT  In-country expertise  Deliver to plan Note: Cash and market

7. Slide 7: Strong Technical and Commercial Experience

   Strong Technical and Commercial Experience Board of Directors Management Team Peter Tomsett Paul Benson Chairman President, CEO and Director Michael Anglin Gregory Martin SVP and CFO Paul Benson Gustavo Herrero Alan Pangbourne COO Beverlee Park John DeCooman Richard Paterson VP, Business Development

8. Slide 8: Record 2015 Production

   Record 2015 Production 98.9 97.3 350Koz 100.0 $926 93.2 $1,000 Gold Eq. Production in 2015 $906 87.3 82.6 $768 80.7 Gold Equivalent Production (Koz) 76.0 $800 $723/oz Gold Equivalent Cash Costs ($/oz) 75.0 $765 $746 $719 $702 $695 Gold Eq. Cash Costs in 2015 $600 53.7 50.0 $400 25.0 30.9 25.4Moz $20

9. Slide 9: Marigold Growth in Nevada

   MARIGOLD GROWTH IN NEVADA SSRI:NDAQ | SSO: TSX 9

10. Slide 10: History and Overview

    History and Overview SSRI:NDAQ | SSO: TSX 10

11. Slide 11: Mine Overview

    Mine Overview  Open pit, run-of-mine heap leach operation  Conventional truck and shovel equipment  Gold doré  Continuous operation since 1988 Twin Creeks Goldstrike Maverick MARIGOLD Springs Phoenix  Strong safety and environmental practices Cortez Carlin Trend  Excellent infrastructure Battl

12. Slide 12: History

    History  1988: Commenced production under Rayrock/Homestake/Placer Dome  1999: Transitioned to 100% ROM heap leach processing  1999: Glamis Gold acquired Rayrock Mines  2001: Barrick acquired 33% ownership through Homestake Mining  2005: Mine expanded  2006: Goldcorp acquired 66% ownership thr

13. Slide 13: Marigold Operations Overview

    Marigold Operations Overview Plant and Administrative Facilities Redacted Target Valmy and Mud Pits Leach 8N Pads E.Basalt and HideOut Battle Cry Targets 8D 8Sx Target Pit Terry Pit Mackay Pit TZN Basalt – Antler Backfilled Pit N Concept Target 1 km SSRI:NDAQ | SSO: TSX 13

14. Slide 14: Environment, Safety and Health

    Environment, Safety and Health SSRI:NDAQ | SSO: TSX 14

15. Slide 15: Achieving a Safe Workplace

    Achieving Achievinga Safe Workforce a Safe Workplace  Face Time with the Workforce  Safe for Life Behavior Reviews  Safety Meetings  Formal Task Observations  Workplace Inspections  Line Out Meetings  Field Level Risk Assessment Effectiveness Reviews  Field Interaction Coaching Program  Imp

16. Slide 16: Environmental Best Practices

    Environmental Best Practices  First operating mine to receive the International Cyanide Management Code certification  One of the first to install mercury pollution control devices  Partnered with the Nevada Division of Wildlife  Annual environmental awareness training  Highly regarded by regul

17. Slide 17: Permitting Strategy and Results

    Permitting Strategy and Results Property boundary Pit & Dump increase Expansion Valmy Land Mackay PoO Optimization Future SEIS Defined permitting of Exploration Dewatering/Pit Lake Transfer EIS Valmy lands Future Pit & Dump Infrastructure Expansion Expansion Bonding Midyear approval in 2017 progress

18. Slide 18: Geology

    Geology SSRI:NDAQ | SSO: TSX 18

19. Slide 19: Major Gold Belt in Northern Nevada

    Major Gold Belt in Northern Nevada Idaho Star Lake Concept Twin Midas Creeks Turquoise Rabbit Suture Pinson Ridge Trend Alligator Ridge Sandman Preble Iron Point Utah Hollister Lone Tree Sierra Tact- Buff-T Marigold Convers Willow e Trenton Mule Creek Canyon Canyon Goldbanks Phoenix Fire Creek Kenne

20. Slide 20: Battle Mountain Mining District Geology

    Battle Mountain Mining District Geology 5 kms SSRI:NASDAQ SSRI:NDAQ ||SSO: SSO:TSX TSX 20

21. Slide 21: Marigold Mineralization of Sedimentary Rocks

    Marigold Mineralization of Sedimentary Rocks Terry Zone Complex (looking north) Fault zone Alteration zone Mineralized zone N W SSRI:NASDAQ SSRI:NDAQ ||SSO: SSO:TSX TSX 21

22. Slide 22: Marigold Mineralization of Sedimentary Rocks North

    Marigold Mineralization of Sedimentary Rocks 5 North Discover, Define & Develop Hercules GRADE THICKNESS High 70 g-m 8 South Medium 5-70 g-m 8Sx & HideOut Low <5 g-m GEOLOGY Quaternary / Tertiary Alluvium Mackay Tertiary Tuff Permian / Mississippian Cross-section Havallah Permian / location Pennsylv

23. Slide 23: Resource to Reserve Conversion

    Resource to Reserve Conversion Pit Outline as of December 2015 Original Topography (2) Reserve Pit 150 meters Resource Outline W E Mineral Resources increased to 4.58M oz Au in 2015 Note: Measured and Indicated Mineral Resources are inclusive of Mineral Reserves. Please refer to “Cautionary Notes” a

24. Slide 24: Marigold 2014 / 2015 Drilling Results

    Marigold 2014 / 2015 Drilling Results Selected Drill Results 5NE Discover, Define & Develop SSRI Drilling 8SX: 91.4 m @ 2.48 g/t 5N 2014 Collar 2015 Collar 8D: 164.6 m @ 1.67 g/t Pre-2014 Collar HideOut: 76.2 m @ 2.47 g/t 5N: 70.1 m @ 1.10 g/t N 8N 8D 500 meters Waste Dump 8S 8Sx Mineralized A A’ St

25. Slide 25: Marigold 2014 / 2015 Drilling Results

    Marigold 2014 / 2015 Drilling Results Current Topography Rock Stockpile B B’ 2015 Resource Outline Gold (g/t) <0.06 0.06 – 0.6 Pre-mining Topography 0.6 – 1.2 > 1.2 50 meters W E SSRI:NDAQ | SSO: TSX 25

26. Slide 26: Re-Assay Program 2016

    Re-Assay Program 2016  Pre-2009 drill intercepts included “0” when below historic cut-off  Consistent higher ore tonnage & higher ounces  Re-assaying pulps logged as “0” in current planned mining shells  First 89 sections completed over 9,000’ yielding in 2015 ~ 24% more tonnage & 13% more ounce

27. Slide 27: Marigold 2015 Re-Assay Program

    Marigold 2015 Re-Assay Program Increases Ore Zones SSRI:NDAQ | SSO: TSX 27

28. Slide 28: Marigold 2015 Re-Assay Program

    Marigold 2015 Re-Assay Program Increases Contained Gold by 13% SSRI:NDAQ | SSO: TSX 28

29. Slide 29: 2016 Exploration Program

    2016 Exploration Program  HideOut – Definition and step-out drilling towards north  8Sx – Infill drilling within 8Sx & 8S backfill as well as the east & west mineralized stockpiles  TZN – Infill drilling targeting high grade structures  Assay Program – Complete assay program to cover the remaind

30. Slide 30: Valmy Acquisition

    Valmy Acquisition  Land contiguous to Marigold (~2,000 ha formerly part of the Trenton Canyon project)  Added ~300k ounces of gold to Mineral Resources estimate as at December 31, 2015 = Marigold Land  Strong potential to expand the resource = Valiant Land (~6,000 ha)  Purchase land for cash plu

31. Slide 31: Exploration Potential

    Exploration Potential  Oxides  Resource replacement drilling within and directly adjacent to current pit limits  Resource upgrade drilling of Inferred to Indicated  Step-out drill programs focusing on high grade, near surface, following mineralization along known trends, laterally and then to de

32. Slide 32: Sulphide Potential Below Oxide Resources

    Sulphide Potential Below Oxide Resources Long Section 55 kms northward 3 kms 5N Mackay North 10 kms Mackay Valmy pits Antler & Basalt N Gold mineralization: 10 kms by 3 kms SSRI:NDAQ | SSO: SSRI:NASDAQ TSX | SSO:TSX 32 32

33. Slide 33: Conceptual Cross-Section With Local Analogs

    Conceptual Cross-Section With Local Analogs 55 kms MPh PPa Ov Getchell/TRJV Twin Creeks Across valley Across valley Oxide 4.7M ozs 11.1M ozs mineralization Un-Ox sulphide mineralization COc Twin Creeks Comus Fm. COc 6.1M ozs Au Marigold’s unknown Turquoise Ridge Comus Fm. COc gold mineralization 22M

34. Slide 34: Core Program

    Core Program Older Core Axis of antiform Core Holes Targeted axis of broad folds with bounding fault(s) (5) Core holes have been drilled for 18,065 feet (5,506m) COLOG structural survey Rather than use oriented core Carbonate debris flow Comus correlated between DHs. 1500m Marigold Results prompted

35. Slide 35: Geologic Reconstruction

    Geologic Reconstruction SSRI:NASDAQ SSRI:NDAQ ||SSO: SSO:TSX TSX 35

36. Slide 36: Geologic Reconstruction

    Geologic Reconstruction SSRI:NASDAQ SSRI:NDAQ ||SSO: SSO:TSX TSX 36

37. Slide 37: Geologic Reconstruction

    Geologic Reconstruction SSRI:NASDAQ SSRI:NDAQ ||SSO: SSO:TSX TSX 37

38. Slide 38: Geologic Reconstruction

    Geologic Reconstruction SSRI:NASDAQ SSRI:NDAQ ||SSO: SSO:TSX TSX 38

39. Slide 39: Geologic Reconstruction

    Geologic Reconstruction The following slides will be within this window SSRI:NASDAQ SSRI:NDAQ ||SSO: SSO:TSX TSX 39

40. Slide 40: Geologic Reconstruction

    Geologic Reconstruction Rock and soil anomalies Antler Fm Drilling >0.05 opt Au Valmy Fm Drilling >0.05 opt Au MMI Anomalous Gold in Soils 1 km 1 mi N Current position Current position SSRI:NASDAQ SSRI:NDAQ ||SSO: SSO:TSX TSX 40

41. Slide 41: Geologic Reconstruction

    Geologic Reconstruction Rock and soil anomalies Antler Fm Drilling >0.05 opt Au Valmy Fm Drilling >0.05 opt Au Northward MMI Anomalous Gold in Soils displacement (since mineralization) 1 km 1 mi N Extensional movement Surface Sampling is on the footwall… Current position SSRI:NASDAQ SSRI:NDAQ ||SSO:

42. Slide 42: Geologic Reconstruction

    Geologic Reconstruction Rock and soil anomalies Antler Fm Drilling >0.05 opt Au Valmy Fm Drilling >0.05 opt Au Pushed back MMI Anomalous Gold in Soils to original position 1 km 1 mi N Reconstructed Oyarbide Let’s peek through the hanging wall to the footwall rock: Reconstructed position SSRI:NASDAQ

43. Slide 43: Geologic Reconstruction

    Geologic Reconstruction Rock and soil anomalies Antler Fm Drilling >0.05 opt Au Redacted Valmy Fm Drilling >0.05 opt Au target MMI Anomalous Gold in Soils Wild 1 km 1 mi N Bill Target Gold sampled on the footwall…was born below this hanging wall! Concept target Battle Cry Reconstructed position SSRI

44. Slide 44: Geologic Reconstruction

    Geologic Reconstruction Illustration by Matt Fithian SSRI:NASDAQ SSRI:NDAQ ||SSO: SSO:TSX TSX 44

45. Slide 45: Mineral Resources and Reserves

    Mineral Resources and Reserves SSRI:NDAQ | SSO: TSX 45

46. Slide 46: Key Assumptions for Resources and Reserves

    Key Assumptions for Resources and Reserves  Mineral Resources (as at December 31, 2015)  Estimated by ordinary kriging  Constrained by an optimized pit at a gold price of $1,400 per ounce  Indicated Mineral Resources are inclusive of Mineral Reserves  Mineral Reserves (as at December 31, 2015)

47. Slide 47: Mineral Resources and Reserves Estimate

    Mineral Resources and Reserves Estimate Probable  140.3 Mt grading 0.45 g/t gold Mineral Reserves*  Contained gold of 2.17 Moz * Indicated  301.7 Mt grading 0.46 g/t gold Mineral Resources*  Contained gold of 4.58 Moz * Inferred  38.8 Mt grading 0.44 g/t gold Mineral Resources  Contained gold

48. Slide 48: Gold Mineral Resources

    Increased Mineral Resources 6.0 0.55 10% increase in 4.58 0.30 Gold Mineral Resources 0.25 0.08 M+I Mineral 4.16 0.20 0.63 0.35 Resources (million ounces) 4.0 year-on-year Mineral 2.0 Resources based on $1,400/oz gold price, 0.0 2014 M+I Depletion Gold Price Drilling / Assay Basalt Pit 2015 M+I Valm

49. Slide 49: Mine Operations

    Mine Operations SSRI:NDAQ | SSO: TSX 49

50. Slide 50: Mine Fleet

    Mine Fleet  Hauling  9 x Komatsu 930  12 x Hitachi EH5000  Loading  1 x P&H 4100  2 x Hitachi EX5500  1 x Komatsu WA 1200  Drilling  2 x Atlas Copco PV271  2 x Ingersoll Rand DML SSRI:NDAQ | SSO: TSX 50

51. Slide 51: Mining Position: EOY 2015 and EOY 2025

    Mining Position: EOY 2015 and EOY 2025 2015 2025 5North 1 Pit 5North 2 Pit Waste Dump Hercules 1 Pit Leach Pad Waste Dump Leach Pad Mackay Pits Mackay Pits Waste Dump Waste Dump Waste Dump SSRI:NDAQ | SSO: TSX 51

52. Slide 52: Operating Statistics: Gold Production Schedule

    Operating Statistics: Gold Production Schedule 250 200 - 225 210 209 207 160 - 183 200 175 176 173 166 159 Ounces Produced 150 100 70 50 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 NI 2014 43-101 NI 43-101 Technical Technical ReportReport 2015 Actual / 2016 Guidance Stable production base Notes:

53. Slide 53: Mine Optimization

    Mine Optimization SSRI:NDAQ | SSO: TSX 53

54. Slide 54: Case Study – P&H 4100

    Case Study – P&H 4100  Situation:  New equipment  New bench height Needs Identified Space  Identify areas/bench height where the shovel can be effective  Continue double side loading High quality blasted material  Drilling correct level, fragmentation study  Sufficient blasted stock in front

55. Slide 55: Top Quartile Loading Efficiency

    Top Quartile Loading Efficiency 8,000 Average tonnes loaded per hour 6,000 4,000 2,000 0 M1 M8 Marigold M17 M2 M2 M20 M10 M14 M21 M4 495HR 4100 XPB 4100 XPC 495HR 4100 XPB 495HR 495HR 4100 XPC 495HR 495HR 4100 XPB High loading productivity drives efficiencies and lower costs Note: Marigold 4100 XPB

56. Slide 56: Top Quartile Loading Efficiency

    Top Quartile Loading Efficiency Rope Shovel Availability Rope Shovel Use of Availability 90% 90% 70% 70% 50% 50% Tonnes Moved per Day 120,000 70,000 20,000 Loading trends leading to lower costs SSRI:NDAQ | SSO: TSX 56

57. Slide 57: Delivering Value with Operational Excellence

    Delivering Value with Operational Excellence DRILLING BLASTING LOADING HAULING Opportunity: To decrease Opportunity: To resolve Opportunity: To improve Opportunity: To decrease non-productive time, hard toe presence, rope shovel productivity the length of a shift change, identified by a time study r

58. Slide 58: Processing

    Processing SSRI:NDAQ | SSO: TSX 58

59. Slide 59: Process Flow Sheet

    Process Flow Sheet Lean Solution Barren Solution Lime Heap Leach Pad Pregnant Solution Barren Solution Pregnant Solution Barren Ponds Ponds Barren Strip Solution Carbon Adsorption Columns Pregnant Pregnant Carbon Eluant Stripping/Acid Electro-winning Washing/Reactivating E/W Sludge Barren Carbon Slu

60. Slide 60: Financial Summary

    Financial Summary SSRI:NDAQ | SSO: TSX 60

61. Slide 61: Operating Cost Summary – Impact of Re-assay

    Operating Cost Summary – Impact of Re-assay 43-101 LOM Cost / $ / tonne 2015 Actual Cost / $ / tonne tonne Processed tonne Processed Mine Operations $7.13 Mine Operations $5.65 Processing 1.33 Processing 0.81 G&A 0.69 G&A 0.51 Total $9.16 Total $6.97 Estimate as at November 19, 2014. Actual as at De

62. Slide 62: 2015 Operating Cost Summary

    2015 Operating Cost Summary 1,000 $ per Payable Ounce of Gold Sold $194 $8 $894 800 $60 $632 600 400 200 0 Cash Cost Capitalized Sustaining Reclamation / All-In Stripping Capital Other Sustaining Cash Cost Increased tonnage 21%; Increases ounces 12% Note: Cash costs and all-in sustaining costs are n

63. Slide 63: Payable Cash Cost per Ounce Sold

    Cash Costs $1,200 $1,103 Payable Cash Cost per Ounce Sold $997 $1,000 $800 $725 $717 $718 $665 $690 - $740 $613 $600 $400 $200 $0 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 2016 Guidance Achieving Efficiencies Note: 2014 cash costs are for the nine months ending December 31, 2014. Cash

64. Slide 64: Average royalty rate of 9.8% over LOM

    Average royalty rate of 9.8% over LOM  Annual average varies from 9.1-10.0% 5%  Royalty Holders:  Century Gold 5% 3%  Royal Gold  Franco-Nevada 10%  University of Nevada  VEK/Andrus 10%  Sections in blue have no royalty 10% 5% Vek/Andrus SSRI:NASDAQ SSRI:NDAQ ||SSO: SSO:TSX TSX 64

65. Slide 65: Opportunities and Next Steps

    Opportunities and Next Steps SSRI:NDAQ | SSO: TSX 65

66. Slide 66: Marigold Going Forward

    Marigold Going Forward  Resource delineation and upgrade  Operational excellence focused on mining costs and practices  Exploration for oxide and sulphide mineralization Focused on costs and exploration SSRI:NASDAQ SSRI:NDAQ | |SSO: SSO:TSX TSX 66

67. Slide 67: Pirquitas Large Open-Pit Silver Mine

    PIRQUITAS LARGE OPEN-PIT SILVER MINE SSRI:NDAQ | SSO: TSX 67

68. Slide 68: San Miguel Open Pit

    San Miguel Open Pit SSRI:NASDAQ SSRI:NDAQ | |SSO: SSO:TSX TSX 68

69. Slide 69: Pirquitas Mine: Plant Flow Sheet

    Pirquitas Mine: Plant Flow Sheet Source: NI 43-101 Technical Report on the Pirquitas Mine, Jujuy Province, Argentina dated December 23, 2011. SSRI:NASDAQ SSRI:NDAQ | |SSO: SSO:TSX TSX 69

70. Slide 70: Pirquitas Mill Throughput

    Pirquitas Mill Throughput 5000 4,579 4,590 4,350 4,454 4,208 4000 3,815 Tonnes milled per day 3000 2000 1000 0 FY 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Achieved record mill throughput in Q1 2016 SSRI:NASDAQ SSRI:NDAQ | |SSO: SSO:TSX TSX 70

71. Slide 71: Pirquitas Cash Costs Trending Down

    Pirquitas Cash Costs Trending Down $25 10.3 8.0 - 10.0 10 8.7 $19.70 8.6 $20 8.2 $16.88 8 Cash costs per payable Silver Production (Moz) ounce of silver sold 7.1 $15 $12.87 $10.50 - $12.50 6 $12.08 $10.68 $10 4 $5 2 $0 0 2011 2012 2013 2014 2015 Guidance 2016 Achieved record low cash costs in 2015 N

72. Slide 72: Chinchillas: Potential to Extend Operating Life

    Chinchillas: Potential to Extend Operating Life  Silver-zinc-lead deposit located 30 km from Pirquitas  +10,000 meters infill drilling completed in Q4 2015  61 meters at 673 g/t silver  50 meters at 637 g/t silver  38 meters at 278 g/t silver  $7.5M planned in 2016 for exploration and technica

73. Slide 73: Potential Feed - Pirquitas

    Chinchillas Mineral Resources Chinchillas M & I Mineral Resources Cut-off AgEq Ag Pb Zn AgEq Ag Pb Zn Mt AgEq (g/t) (g/t) (g/t) (%) (%) (Moz) (Moz) (Mlbs) (Mlbs) 45 34.2 142 91 0.8 0.57 155 100 618 431 90 21.9 183 123 1.1 0.62 129 86 510 301 110 17.5 204 139 1.2 0.62 115 79 453 241 130 13.9 226 158

74. Slide 74: Chinchillas: Looking Ahead

    Chinchillas: Looking Ahead  Completed Infill Program of 5,000 meters  Updated Resource Models  Complete conceptual mine plan & financial evaluation  Commence exploration program on Chinchillas properties  Complete full draft EIS  Engineering studies on road upgrade and tailings options  Updat

75. Slide 75: Pirquitas Underground

    Pirquitas Underground  Potential small-scale, high-grade ore feed from the Chocaya, Oploca and Cortaderas veins  Positive drill results from 2015 drill program:  3.16 meters at 1,436 g/t silver  1.93 meters at 1,890 g/t silver  0.83 meters at 2,670 g/t silver  Conceptual study underway Focused

76. Slide 76: Properties, Projects and Production

    Properties, Projects and Production 10 1 8 7 7. Candelaria 11 4 9 1. Marigold 8. Maverick 3. San Luis Springs 5. Diablillos 9. San Marcial 2. Pirquitas 6. Berenguela 3 6 4. Pitarrilla 10. Sunrise Lake 2 5 11. Parral + $570M SSRI:NASDAQ SSRI:NDAQ | |SSO: SSO:TSX TSX 76

77. Slide 77: San Luis: High Grade Gold Development Option

    San Luis: High Grade Gold Development Option Ancash Region, Peru  High grade mineralization with N M+I Mineral Resources of:  9.0 Moz Ag at 578.1 g/t Ecash Community  0.35 Moz Au at 22.4 g/t  Already secured  EIA Ayelén Vein  Feasibility study  Going forward San Simon Vein  Pursuing communit

78. Slide 78: Pitarrilla: Large Option

    Pitarrilla: Large Option  Development stage silver-lead-zinc deposit  Open pit / UG project with potential for long life Parral Mining District Chihuahua  Conventional flotation and leaching Pitarrilla Project Durango  526 Moz Ag Mineral Resources Mexico (Measured and Indicated)  Evaluating opt

79. Slide 79: Perdito Project

    Perdito Project High-grade, Carlin-type sediment-hosted gold deposits in California  Gold grades of up to 10.9 g/t confirmed by duplicate surface sampling  Multiple, ready-to-drill targets based on previous exploration, mapping and drilling  Airborne geophysical surveys completed in December 2015

80. Slide 80: A High-Quality Intermediate Precious Metals Producer

    A HIGH-QUALITY INTERMEDIATE PRECIOUS METALS PRODUCER Combining Margin and Scale SSRI:NDAQ | SSO: TSX 80 80

81. Slide 81: Transaction Summary: Terms and Conditions

    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 Sil

82. Slide 82: 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

83. Slide 83: 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

84. Slide 84: 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

85. Slide 85: Claude Resources Overview

    Claude Resources Overview Building Value for the Gold Investor 100%  Leveraged to Canadian Dollar Canadian  2nd best mining jurisdiction in the world Free Cash  ~20% FCF margin in 2015 – expect similar in Flow 2016 at C$1,620/oz Strong  C$45.2M in cash and bullion (1); C$17.3M in debt Financial

86. Slide 86: 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$2.8 million Notes: Exploration spend for Claude Resources includes actual spend in 2013, 2014, and 2015. SSRI:NASDAQ SSRI:NDAQ | |SSO: SSO:TSX TSX 86

87. Slide 87: Claude: Improved Operating & Financial Profile

    Claude: Improved Operating & Financial Profile Higher gold grade and lower costs … … have led to increased cash balance 100 $50 Cash, Short Term Investments & Bullion (C$M) $983 $1,000 $45 $836 76 $40 $40 75 $800 63 $672 Cash Cost (C$/oz Au) Production (Koz Au) $30 $600 50 44 $400 $20 $12 25 $200 $1

88. Slide 88: Key Driver: Santoy Gap

    Key Driver: Santoy Gap  2,000 oz per vertical metre (Seabee: ~ 1,000 oz/vertical meter)  Production well-ahead of schedule and pre-feasibility design  Reconciling above reserves and resources on ounces and below on tonnage  Infrastructure upgrades on-going for 650-700 tpd profile in 2016  ~10 y

89. Slide 89: Santoy Mine Complex: Excellent Growth Opportunity

    Santoy Mine Complex: Excellent Growth Opportunity  2016 surface exploration budget of $2.5 million (18,000 metres)  Exploration will focus on: Expanding Mineral Resources near infrastructure & testing greenfield targets for the next Santoy Gap  Underground drilling demonstrated economic grades an

90. Slide 90: Benefits to Claude Shareholders

    Benefits to Claude Shareholders  32% ownership in mid-tier precious metals producer  Provides immediate exposure to Silver Standard’s diversified project portfolio  Lowers operating risk and provides scale with multiple mining operations  Significantly enhances financial strength and free cash f

91. Slide 91: 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

92. Slide 92: 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) $774 $789 $803 $730 $735 $763 $696 $709 $543 $575 $452 NGD P KDX KGI HL AGI Pro Forma M

93. Slide 93: 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

94. Slide 94: 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 SSRI:NDAQ | |SSO: SSO:

95. Slide 95: Value & Growth

    Value & Growth SSRI:NDAQ | SSO: TSX 95 95

96. Slide 96: Mineral Resources: Measured and Indicated

    Mineral Resources: Measured and Indicated (as at December 31, 2015) Mineral Resources Location Tonnes Silver Gold Lead Zinc Copper Silver Gold millions g/t g/t % % % million oz million oz Measured Mineral Resources (Inclusive of Proven Mineral Reserves) Pitarrilla Mexico 10.13 91.7 29.8 San Luis Per

97. Slide 97: Mineral Resources: Inferred

    Mineral Resources: Inferred (as at December 31, 2015) Mineral Resources Location Tonnes Silver Gold Lead Zinc Copper Silver Gold millions g/t g/t % % % million oz million oz Inferred Mineral Resources Marigold U.S. 38.80 0.44 0.55 Pirquitas Argentina 0.79 87.3 1.88 2.2 Pirquitas UG Argentina 0.94 20

98. Slide 98: Reserves and Resources: Notes to Tables

    Reserves and Resources: Notes to Tables All estimates set forth in the Mineral Reserves and Mineral Resources table have been prepared in accordance with NI 43-101. The estimates of Mineral Reserves and Mineral Resources for each property other than the Marigold mine have been reviewed and approved

99. Slide 99: Silver Mineral Reserves

    Pirquitas Mineral Reserves 40.8 17.7 40.0 Silver Mineral Reserves (million ounces) 0.5 2.0 24.3 20.0 0.0 2014 Reserves Depletion Silver Price Operational 2015 Reserves Excellence Mineral Reserves are based on $16.00/oz silver price assumption. Notes: Silver Proven and Probable Mineral Reserves have

100. Slide 100: Silver Mineral Resources

     Pirquitas Mineral Resources 97.8 17.7 9.7 9.6 80.0 Silver Mineral Resources 80.0 (million ounces) 40.0 0.0 2014 M+I Resources Depletion Silver Price Operational 2015 M+I Resources Excellence Mineral Resources are based on $22.50/oz silver price assumption. Notes: Measured and Indicated Mineral Resou

101. Slide 101: Silver Standard Resources Inc.

     Silver Standard Resources Inc. Website: www.silverstandard.com Email: invest@silverstandard.com Toll-free: 1.888.338.0046 Telephone: 1.604.689.3846 SSRI:NDAQ | SSO: TSX 101

Silver Standard Resources — Investor Presentation (April 2016) on 6ix