SSR Mining Announces Positive Results of the Çöpler District Master Plan Studies

The Master Plan Feasibility Level Study Reserve Case Produces an NPV 5% of $1.7 Billion

The Alternative PEA Case Including Ardich Resources Produces a Potential NPV 5% of $2.2 Billion

DENVER, Nov. 30, 2020 /PRNewswire/ - SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (ASX: SSR) ("SSR Mining") is pleased to announce the positive results of its independently prepared Master Plan study of the Çöpler District ("Çöpler District Master Plan 2020" or "CDMP20") which will be set forth in an independent National Instrument 43-101 Technical Report on the Çöpler mine. Çöpler has been in continuous operations since 2010 and has cumulatively produced over 2 Moz of gold. The CDMP20 summarizes SSR Mining's current development strategy for Çöpler and includes analysis for two production scenarios:

1. Mineral Reserve case (the "Reserve Case") incorporating a supplemental flotation circuit prepared to a Feasibility Study level; and
2. An alternative Preliminary Economic Assessment case including the development of Ardich (the "PEA Case"). (1)

Highlights of the Çöpler District Master Plan 2020:(All results on a 100% basis; currency in U.S. dollars)

• Significant increase in Mineral Reserves and Mineral Resources: Updated figures and growth since December 31, 2019:
• 4.0 Moz Mineral Reserves – increase of 22%;
• 7.4 Moz Measured & Indicated Mineral Resources (2) – increase of 24%; and
• 3.1 Moz Inferred Resources – increase of 58%.
• Reserve Case outlines benefits of operational improvements and the addition of a supplemental flotation circuit:
• NPV5% of $1.7 billion;
• Life of mine production of 3.6 Moz of gold;
• Average annual production of 266,000 ounces of gold over the first five years;
• Average AISC of $865 per ounce (3) over the first five years;
• Average annual free cash flow of $224 million (4) over the first five years;
• Incorporation of supplemental flotation circuit: Increases sulfide plant throughput, lowers operating costs; and
• 21-year asset life at higher processing rates: Mine life extension a result of lower processing costs, additional pit phases, additional tailings capacity, and an increased gold price.
• PEA Case shows potentially robust economic results and increased production scale as a result of including development of the Ardich mineral resources:
• NPV5% of $2.2 billion;
• Life of mine production of 4.6 Moz of gold;
• Average annual production of 306,000 ounces of gold over the first five years;
• Average AISC of $886 per ounce (3) over the first five years;
• Average annual free cash flow of $249 million (4) over the first five years;
• 22-year asset life;
• Ardich deposit incremental development capital of ~$50 million;
• The Ardich deposit is a newly identified deposit that is separate to the other deposits on the property. Drilling is continuing at the Ardich deposit and it is expected that the drilling will further define the Mineral Resource; and
• The PEA Case is preliminary in nature and includes an economic analysis that is based, in part, on Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically for the application of economic considerations that would allow them to be categorized as Mineral Reserves, and there is no certainty that the results will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• Approval for construction of the supplemental flotation circuit: SSR Mining's Board of Directors has approved construction of the supplemental flotation circuit at a total cost of $18 million with commissioning expected in Q3 2021.
• Permitting advancing: Permitting and Environmental Impact Assessment ("EIA") updates for both Çöpler and Ardich are underway.
• Tailings capacity constraint removed: A seventh lift of the tailings storage facility ("TSF") along with improved settling, resulting from the flotation circuit removes the Mineral Reserve tailings capacity constraint on total tonnes processed. Engineering and permitting is proceeding on a second smaller tailings facility in anticipation of growth at Ardich and Çöpler.
• Exploration continues at Ardich with positive drill results: Results from drilling completed since February 2020 provide encouragement for extension of the mineralized zones beyond the extents of the updated Mineral Resource. Drilling continues with three drills currently active.

Rod Antal, President and CEO stated, "We are pleased with the results of the updated Çöpler District Master Plan which demonstrates long-term value and the significant organic growth potential of this world-class operation. The CDMP20 clearly outlines a potential path to sustaining ~300,000 ounces of annual production from the district for at least 10 years, the extension of the overall mine life to 20+ years at increased processing rates, and the generation of robust free cash flows over the mine life.

In addition to numerous highly prospective targets identified within the district over the last several years, the subsequent Ardich drilling results, coupled with the C2 exploration results from last week, continue to indicate the significant upside we see at Çöpler for years to come. Ardich represents the most advanced project in the district with exploration, engineering, and permitting continuing to advance the project to potentially bring it into production by 2023."

Çöpler District Master Plan 2020 Summary

The CDMP20 summarizes the current SSR Mining development strategy for Çöpler and includes analysis for two production scenarios:

1. Reserve Case demonstrating the Mineral Reserves and incorporating a supplemental flotation circuit; and
2. The alternative PEA Case outlining the development of Ardich.

A location plan showing the facility locations and the boundaries of the Reserve Case and the PEA Case is shown in Figure 1.

The CDMP20 scope included:

• Updated Mineral Resource on the Çöpler, Çakmaktepe and Ardich deposits;
• Updated Mineral Reserve on the Çöpler and Çakmaktepe deposits;
• The incorporation of a supplemental flotation circuit in the existing sulfide plant; and
• PEA which includes the preliminary development plan for the Ardich Mineral Resources.

Figure 1. CDMP20 Reserve Case and PEA Case Boundaries.

The Reserve Case is supported by feasibility study level work on the currently operated pits at the Çöpler and Çakmaktepe deposits, the heap leach facility, and the sulfide plant. The processing analysis in the Reserve Case includes incorporation of a flotation circuit into the existing sulfide plant to upgrade sulfide sulfur to fully utilize grinding and pressure oxidation ("POX") autoclave capacity. The flotation circuit is in detailed design and preliminary construction works are underway pending final permitting which is expected in late 2020.

The PEA Case on an expanded Çöpler project includes the new predominantly oxide Ardich deposit for the enlarged project area, and that reflects the increased capital costs and infrastructure required. The PEA Case analyzes inclusion of production from Ardich in a whole of project analysis and represents a significant change from the Reserve Case economic results and production profile.

The key production and economic analysis from the CDMP20 are shown in Table 1.

Table 1. CDMP20 Results Summary.

Sulfide Plant Flotation Circuit

A 50 to 150 tph flotation circuit will increase overall sulfide plant throughput, utilizing latent capacity in the sulfide plant, in particular the grinding and POX circuits. Total plant throughput will increase up to a maximum of 400 tph, depending on ore type and chemistry. Total plant and flotation circuit throughput will modulate to produce a concentrate that will maintain maximum autoclave sulfide sulfur throughput rates.

The flotation circuit is being installed between grinding and acidulation, as shown in Figure 2. A bleed / slip stream from the grinding thickener feed will go to flotation, gold bearing sulfide concentrate will return to the grinding thickener to be combined with POX feed. The carbonate rich flotation tailings go directly to leaching.

The projected benefits of the flotation circuit are:

• A significant increase in overall plant throughput rate (1.9 to 2Mtpa design up to a max 3Mtpa);
• Increased tailings settled density provides additional TSF capacity;
• Reduced reagent usage (acid and lime); and
• Making the sulfide plant less dependent on input ore chemical parameters (less process excursions & reduced mine costs).

Figure 2. Flotation circuit block flow diagram and graphics.

Figure 3. Flotation circuit graphics.

Figure 4. Flotation circuit graphics.

Ardich

The Ardich deposit is a newly discovered deposit that is separate to the other deposits on the property. Drilling is continuing at Ardich and is expected to further define and expand the Mineral Resource. The development of Ardich requires development of a new open pit that is 6 km from the current Çöpler pit and 1 km from the Çakmaktepe pit.

The PEA Case defines the first iteration of the potential development plan for Ardich. Permitting and planning for development is underway. The production profile of the PEA Case is outlined below in Figure 5.

Figure 5. PEA Case production profile.

Inferred Mineral Resources from Ardich are included in the PEA Case. The Ardich oxide Mineral Resources in the PEA Case for feed to the oxide heap leach represent a more than doubling of the production rate at an average grade that is 50% higher than the Çöpler oxide heap leach processing rate and average grade in the Reserve Case. The PEA Case includes assumptions for separate capital, infrastructure and permitting that will be required to develop the Ardich Mineral Resources. The Ardich Mineral Resource was not included in the previous Technical Report and so the PEA represents a significant change in information.

The PEA Case is preliminary in nature and includes an economic analysis that is based, in part, on Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically for the application of economic considerations that would allow them to be categorized as Mineral Reserves, and there is no certainty that the results will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

NPV Sensitivities

Figure 6. Reserve Case NPV Sensitivity.

Figure 7. PEA Case NPV Sensitivity.

Mineral Resources

Overall, there has been a 24% increase in Measured and Indicated contained gold and a 58% increase in Inferred contained gold. The new work has for the first time identified Measured Mineral Resources at Çöpler and Ardich.

The differences have been calculated between the CDMP20 Mineral Resources and the previous Mineral Resources reported as at December 31, 2019. The complete Mineral Resource is shown in Table 2 for each deposit, material type, and classification.

The differences are a function of the following changes:

• Reduction in cut-off grades due to lower unit costs, higher throughputs in the sulfide plant, and increased gold price;
• Larger conceptual pit shell selecting additional model cells above the cut-off;
• Review of metallurgical recoveries;
• Update to Çakmaktepe and Ardich resource models to incorporate recent drillhole data;
• Review of Mineral Resource classification method; and
• Depletion through mining since 31 December 2019.

Table 2. CDMP20 Mineral Resources Summary.

• Mineral Resources have an effective date of November 27, 2020.
• Mineral Resources are reported based on end of August 2020 topography surface.
• Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• Mineral Resources are shown on a 100% basis. Çöpler Mineral Resources are located on ground held 80% by SSR Mining, Çakmaktepe and Bayramdere Mineral Resources are located on ground held 50% by SSR Mining, and approximately 96% of Ardich Mineral Resources are located on ground held 80% by SSR Mining, with the remainder located on ground 50% held by SSR Mining.
• Çöpler Sulfide Indicated total includes stockpiles: 6,674 kt @ 2.63 g/t Au (*).
• Çakmaktepe Oxide Indicated total includes stockpiles: 11 kt @ 2.69 g/t Au (t).
• At Çöpler: oxide is defined as material