February 2026
Diversified Portfolio with Six Key Assets
Focused on Delivering Free Cash Flow and Growth
Porky
Amisk
Seabee
Diversified Portfolio With Six Key Assets
exposure to gold, silver and copper production across four core
high-quality jurisdictions
Free Cash Flow Focused
strong margins with >$240M in free cash flow in 2025 (1)
Marigold
Buffalo Valley New Millenium
CCGV
Çöpler
Hod Maden
3rd Largest U.S.
Gold Producer
long-lived Marigold and CC&V mines provide robust U.S. platform
Strong Balance Sheet
total cash of $535M; total liquidity of
$1.0B to support growth and capital commitments (1)
Organic Growth & Prudent M&A
greenfield & brownfield targets to drive production growth complemented by value accretive M&A
Operations
Projects
Key Exploration
Puna
Cortaderas
NSR Royalty
(1) Free cash flow and total liquidity are non-GAAP metrics please see end notes and cautionary notes for a discussion on non-GAAP metrics
(2) MRMR shown as attributable to SSR Mining only; Measured and Indicated Mineral Resources are shown exclusive of Mineral Reserves; see endnotes and cautionary notes for additional information
SSR MINING | 3
Large Mineral Reserve Base
& Resource Upside
11Moz AuEq Mineral Reserves, 10Moz AuEq M&I Mineral Resources,
& 5Moz AuEq Inferred Mineral Resources
as of December 31, 2025
(2)
2025 Fourth Quarter Results
Quarterly Operating Summary
Q4/25 production of 120.3 k GEOs at cost of sales of $1,613/oz and AISC of $2,250/oz ($2,002 ex. costs incurred at Çöpler)(1)
At Marigold, production was 42.8 koz gold at cost of sales of $1,825/oz and AISC of $2,089/oz
At CC&V, production was 39.4 koz gold at cost of sales of $1,279/oz and AISC of $1,596/oz
At Seabee, production was 8.9 koz gold at cost of sales of $2,435/oz and AISC of $3,433/oz
At Puna, production was 2.1 Moz silver at cost of sales of $20.13/oz and AISC of $18.39/oz
At Çöpler, reclamation & remediation spend totaled $7.4 million and care & maintenance costs totaled $41.0 million
Liquidity and Balance Sheet as of December 31, 2025
Cash and cash equivalent balance of $534.8 million
Total liquidity of $1.0 billion includes undrawn $400 million revolving credit facility and $100 million accordion feature(1)
Operating cash flow of $172.1 million and free cash flow of $106.4 million in the quarter (1)
SSR Mining's Board of Directors approved share buyback program of up to $300 million
Exploration & Development Activities
On November 10, 2025, published a Technical Report Summary ("TRS") for its CC&V mine with an $824M NPV5% and 2.8 Moz of gold Mineral Reserves supporting initial 12-year mine plan; additional 4.8Moz M&I and 2.0Moz Inf. provide optionality for future growth (2)
At Hod Maden, $33.8 million spent during the quarter as engineering and initial site establishment efforts progressed
5%
In Q1 2026, published a TRS for the Hod Maden development project with a $1.7B NPV and 39% IRR at consensus commodity prices (2)
Continuing to advance key brownfield growth projects across the portfolio, including Buffalo Valley at Marigold, Cortaderas at Puna, and Porky at Seabee
(1) AISC, Adjusted Net Income Attributable to SSRM Shareholders, Adjusted Net Income Per Share Attributable to SSRM Shareholders, Cash Provided by Operating Activities Before Changes in Working Capital, Free Cash Flow, Free Cash Flow Before Changes in Working Capital, and Total Liquidity are non-GAAP metrics; please see endnotes and cautionary notes for a discussion on non-GAAP metrics
(2) Please see endnotes and cautionary notes for
additional information regarding Technical Report Summaries
SSR MINING | 4
2025 Fourth Quarter & Full-Year Financial ResultsFinancial & Operating Performance (1)
Balance Sheet & Liquidity
(1)
Q4 2025
2025
Gold Equivalent Production
oz
120,267
447,207
Gold Equivalent Sales
oz
116,581
443,902
Revenue
$M
$521.7
$1,629.6
Net Income (loss)
$M
$170.5
$362.4
Net Income (loss) Attributable to SSRM Shareholders
$M
$181.5
$395.8
Net Income (loss) Per Share Attributable (Basic / Diluted)
$/sh
$0.89 / $0.84
$1.95 / $1.85
Adjusted Net Income Attributable to SSRM Shareholders
$M
$190.5
$430.5
Adjusted Net Income Per Share (Basic / Diluted) Attributable
$/sh
$0.94 / $0.88
$2.12 / $2.01
Cash Provided by Operating Activities
$M
$172.1
$471.9
Cash Provided by Operating Activities (Basic / Diluted)
$/sh
$0.85 / $0.79
$2.33 / $2.17
Cash Provided by Operating Activities Before Changes in Working Capital
$M
$211.5
$644.5
Free Cash Flow Before Change in Working Capital
$M
$145.8
$414.3
Free Cash Flow
$M
$106.4
$241.6
$500M
Undrawn Revolving Credit Facility
+ Accordion Feature
$535M
Total Cash
$1,035M
Total Available Liquidity
Strong Financial Position Supports Growth & Capital Commitments
Share Buyback Program
SSR Mining's Board of Directors approved a share buyback program of up to $300 million
Given the Company's strong free cash flow projections and its portfolio of growth opportunities, the Company sees significant value to its shareholders in pursuing a share buyback program
Share buybacks have historically been an important part of SSR Mining's capital return strategy
Between 2021 and 2024, ~20 million shares repurchased at an average price of $15.76/share
(1) Adjusted Net Income Attributable to SSRM Shareholders, Adjusted Net Income Per Share Attributable to SSRM Shareholders, Cash Provided by Operating Activities Before Changes in Working Capital, Free Cash Flow, Free Cash Flow Before Changes in Working Capital, and Total Liquidity are non-GAAP metrics; please see endnotes and cautionary notes for a discussion on non-GAAP metrics
SSR MINING | 5
2026 Guidance2026 Operating Guidance
Annual Gold Equivalent Production (koz)
(100% basis) | Consolidated | ||
Gold Production | koz | 355 - 420 | |
Silver Production | Moz | 6.25 - 7.00 | |
Gold Equivalent Production | koz | 450 - 535 | |
Cost of Sales | $/oz | 1,560 - 1,630 | |
Cash Costs (1) | $/oz | 1,480 - 1,550 | |
Total (Excluding Çöpler) | Consolidated | ||
AISC (1) | $/oz | 2,180 - 2,260 | 2,360 - 2,440 |
Growth spend in 2026 includes $115 million in growth capital and $35 million in growth exploration & resource development expense as SSR Mining continues to advance key organic growth projects across the portfolio | |||
450 - 535
170 - 200
168
154
79
125
125 - 150
55
124
60 - 70
28
114
95 - 115
447
399
2024A 2025A 2026E
Marigold
CC&VSeabee
Puna
Çöpler
SSR MINING | 6
(1) Cash Costs and AISC are non-GAAP metrics; please see endnotes and cautionary notes for a discussion on non-GAAP metrics; The Company has not reflected any production, operating costs, or capital forecasts for Çöpler in its 2026 guidance.
2025 Mineral Reserves & Mineral Resources
Highlights
2025YE total attributable P+P Mineral Reserves of 11.0Moz gold equivalent, increased 38% YoY inclusive of mined depletion
Five-Year Changes to Gold Equivalent Mineral Reserves (Moz)
2025YE
Mineral Reserves
2025YE
Mineral Reserves (ex M&A)
2020YE
Mineral Reserves
Depletion
Additions
M&A
(1)
2.7Moz 11.0Moz
2025YE M&I Mineral Resources, exclusive of Mineral Reserves, of
9.5Moz gold equivalent and Inferred Mineral Resources of 5.1Moz gold equivalent, increased 82% and 95% YoY, respectively
Mineral Reserve commodity price assumptions remain conservative at $1,700/oz Gold, $20.50/oz Silver, $0.90/lb Lead,
$1.15/lb Zinc and $3.50/lb Copper
Following the completion and issuance of Technical Report Summaries for CC&V and the Hod Maden development project, the Company is now able to incorporate these properties into its consolidated MRMR statements (2)
8.2Moz
(3.3Moz)
3.4Moz 8.3Moz
Gold koz | Silver koz | Lead Mlb | Zinc Mlb | Copper Mlb | GEO koz | |
P+P Mineral Reserves | 10,582 | 24,171 | 110 | 17 | 22 | 10,989 |
M&I Mineral Resources (Exclusive) | 8,967 | 32,698 | 40 | 266 | 7 | 9,548 |
Inferred Mineral Resources | 4,456 | 32,272 | 0 | 388 | 3 | 5,085 |
SSR Mining has a pipeline of highly prospective brownfield growth projects across the regional properties in Canada, USA, Türkiye, and Argentina as it targets longer-term growth potential
Attributable Mineral Reserves & Mineral Resources (1)
(1) MRMR shown as attributable to SSR Mining only; Çöpler shown at 80% attributable; Hod Maden shown at 10% attributable; Measured and Indicated Mineral Resources are shown exclusive of Mineral Reserves; See endnotes and cautionary notes for additional information including metal price assumptions used in MRMR calculations (2) Please see endnotes and cautionary notes for additional information regarding Technical Report Summaries
SSR MINING | 7
Growth Portfolio Update
Compelling Opportunities for Potential Mine Life Extensions Across the Portfolio
Hod Maden(1) New Millennium | Buffalo Valley | Porky | Amisk | Chinchillas / Melina (2) | Cortaderas | ||
Country | Türkiye | USA | USA | Canada | Canada | Argentina | Argentina |
Property | Hod Maden | Marigold | Marigold | Seabee | Amisk | Puna | Puna |
Project Type | Greenfield | Brownfield | Brownfield | Brownfield | Greenfield | Brownfield | Brownfield |
Commodity | Au, Cu | Au | Au | Au | Au, Ag | Ag, Zn, Pb | Ag, Zn, Pb |
Mine Type | Underground | Open Pit | Open Pit | Underground | Open Pit | Open Pit | Underground |
Current Mineral Reserves | 1,896 koz Au 223 Mlb Cu | 305 koz Au | 565 koz Au | 203 koz Au | n/a | 18.0 Moz Ag | n/a |
Current M&I Mineral Resources (Exclusive) | 658 koz Au 65.3 Mlb Cu | 682 koz Au | 70 koz Au | 15 koz Au | 1,028 koz Au 7.5 Moz Ag | 6.6 Moz Ag | 15.7 Moz Ag 248.8 Mlb Zn |
Current Inferred Mineral Resources | 281koz Au 26.3 Mlb Cu | 132 koz Au | 43 koz Au | 71 koz Au | 830 koz Au 5.6 Moz Ag | 0.1 Moz Ag | 24.1 Moz Ag 388.1 Mlb Zn |
(1) All project metrics sourced from the 2026 Hod Maden Technical Report Study and are shown on a 100% basis; See endnotes and cautionary notes for additional information
(2) Melina is a target northeast of the current Chinchillas pit and is not included as part of SSR Mining's December 31, 2025 MRMR totals
SSR MINING | 8
Proven Track Record of Value Creation
Project Development Track Record
M&A Track Record
Marigold
Seabee
SSR Mining / Alacer Merger
POX Plant (Çöpler)
-10%
Initial Capital Budget Final Capital Spend
(2016 Technical Report) (2020)
Chinchillas Project (Puna)
-8%
$81M
$75M
Initial Capital Budget Final Capital Spend
(2017 PFS) (Q4 2019)
$667M
$744M
~$3,710M
Exploration & Resource Upside
~$900M
Analyst NAV:
>$6,965M
Exploration & Resource Upside
Realized Cash
~$400M
Analyst NAV
>$500M
Exploration & Resource Upside
~$7,440M
$309M
12.0x
Analyst NAV
>$2,750M
Realized Cash
~$960M
3.3x
$278M
2.3x
$3,266M
Capital Returned
Acquisition Value
(2014)
Current Value
(Q4 2025)
Acquisition Value
(2016)
Current Value
(Q4 2025)
Analyst NAV
(At Announcement)
Current Value
(Feb 2026)
CC&V
Hod Maden
Non-Core Asset Sales
~$1,585M
6.0x
Analyst NAV
>$1,380M
2.9x
Exploration & Resource Upside
2.6x
~$305M
Contingent Payments
$100M Acquisition Value (Q4 2024)
Realized Cash
~$205M Current Value (Q4 2025)
Acquisition Value
(Q2 2023)
$120M
Earn-in & Milestone
Payments
2025 TRS
NAV (40%)
~$665M
Exploration & Resource Upside
Current Value
(Q4 2025)
Analyst NAV
(At Announcement)
$119M
Transaction Value
(Q4 2025)
SSR MINING | 9(1) Realized cash may also be referred to as mine site free cash flow and is a non-GAAP metrics; please see endnotes and cautionary notes for a discussion on non-GAAP metrics
Third Largest Gold Producer in the USANearly 6Moz of Gold Mineral Reserves in the US
CC&V hosts 2.7 Moz of gold Mineral Reserves, plus an additional 4.8 Moz of M&I Mineral Resources (exclusive of Reserves) and 2.0 Moz of Inferred Mineral Resources
Combined with Marigold, SSRM's second US gold mine in Nevada, total Mineral Reserves in the USA is nearly 6 Moz Au across two core assets each with operating mine lives in excess of 10 years
Significant Mineral Resource endowment across both operations presents considerable potential for growth in the future
SSRM continues to evaluate additional opportunities for future growth at CC&V, including additional resource development and exploration drilling across the property
Marigold
CC&V
MARIGOLD
USA CONSOLIDATED
Location: Nevada, USA
2026e Production: 170 - 200 koz Au
Denver
CC&V
4.8Moz
2.0Moz
0.5Moz
Location: Colorado, USA
6.6Moz
2.4Moz
2026e Production: 125 - 150 koz Au
2.7Moz
3.2Moz
1.8Moz
5.9Moz
July 2025 Reserves
Mineral Reserves
Mineral Resources
Mineral Reserves
Mineral Resources
Mineral Reserves
July 2025 Resources
2024YE
Resources
2024YE
Reserves
Combined Resources
Combined Reserves
Mineral Resources
(1) MRMR shown as attributable to SSR Mining only; Measured and Indicated Mineral Resources are shown exclusive of Mineral Reserves See endnotes and cautionary notes for additional information
SSR MINING | 1100
Marigold: Large-Scale Open Pit in Nevada
Quarterly & Full-Year Commentary (1)
Q4 2025 production of 42.8 koz gold at cost of sales of $1,825/oz and AISC of $2,089/oz
FY2025 production of 153.5 koz gold at cost of sales of $1,635/oz and AISC of $1,918/oz
2026 guidance of 170 to 200 koz gold at cost of sales of $1,720 to $1,790/oz and AISC of $2,320 to $2,390/oz
Continued to advance drilling and engineering studies at Buffalo Valley and New Millennium as SSR Mining evaluates organic growth and mine life extension opportunities across the Marigold property
Winnemucca• • Elko
Operating Results
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Ore Mined
kt
7,343
5,356
3,425
3,379
7,161
Waste Mined
kt
17,271
20,455
20,912
20,112
17,612
Total Material Mined
kt
24,615
25,811
24,337
23,491
24,773
Strip Ratio
w:o
2.4
3.8
6.1
6.0
2.5
Ore Stacked
kt
7,343
5,356
3,426
3,379
7,160
Gold Grade Stacked
g/t
0.42
0.33
0.62
0.35
0.35
Gold Production
oz
59,702
38,586
35,906
36,273
42,770
Total Capital Spend
$M
$12.5
$15.3
$18.8
$13.4
$15.4
Cost of Sales
$/oz
$1,406
$1,453
$1,584
$1,673
$1,825
AISC (1)
$/oz
$1,638
$1,765
$1,977
$1,840
$2,089
Reno
Location: Nevada, USA
Mining: Open Pit
Processing: ROM Heap Leach
Land: ~20,000 ha
Ownership: 100%
(1) AISC are a non-GAAP metric; please see endnotes and cautionary notes for a discussion on non-GAAP metrics and additional details; Cost of sales and AISC are reported per ounce of payable metal sold
SSR MINING | 11
CC&V: Long-Lived Asset With Further Upside
Quarterly & Full-Year Commentary (1)
Q4 2025 production of 39.4 koz gold at cost of sales of $1,279/oz and AISC of
$1,596/oz
From February 28, 2025 to December 31, 2025, CC&V produced 124.6 koz gold;
Cripple Creek
Globe Hill
Schist Island
Grass Valley
Inclusive of first two months of 2025, FY production totaled 152.6 koz gold
During Q4 2025, the Company published a TRS for CC&V highlighting an initial 12-year life of mine plan with significant optionality for future growth (3)
ADR2
VLF2
Mill
Granite Island
CC&V generated over $200 million in mine site free cash flow since its acquisition
Crusher VLF2
ADR1
South Cresson
Victor
Towns
Potential Ore Source Key Infrastructure CC&V Boundary
Operating Results | Q1 2025 (2) | Q2 2025 | Q3 2025 | Q4 2025 | |
Ore Mined | kt | 1,824 | 3,441 | 6,923 | 5,470 |
Waste Mined | kt | 1,571 | 4,880 | 2,496 | 4,318 |
Total Material Mined | kt | 3,395 | 8,321 | 9,419 | 9,788 |
Strip Ratio | w:o | 0.9 | 1.4 | 0.4 | 0.8 |
Ore Stacked | kt | 1,859 | 3,519 | 7,020 | 5,431 |
Gold Grade Stacked | g/t | 0.36 | 0.50 | 0.40 | 0.40 |
Gold Production | oz | 11,282 | 44,062 | 29,821 | 39,392 |
Total Capital Spend | $M | $1.4 | $14.4 | $15.2 | $10.4 |
Cost of Sales | $/oz | $1,590 | $1,116 | $1,394 | $1,279 |
AISC (1) | $/oz | $1,774 | $1,339 | $1,756 | $1,596 |
Denver •
Location: Colorado, USA
Mining: Open Pit
Processing: ROM, two-
stage crushing Land: ~6,075 ha Ownership: 100%
(1) AISC and mine site free cash flow are non-GAAP metrics; please see endnotes and cautionary notes for a discussion (2) Q1 2025 operating results represents the period from February 28, 2025,
(3) Please see endnotes and cautionary notes for additional
SSR MINING | 12
on non-GAAP metrics and additional details; Cost of sales and AISC are reported per ounce of payable metal sold
the closing date of the CC&V acquisition, to March 31, 2025
information regarding Technical Report Summaries
CC&V: 2025 Technical Report Summary (TRS)
After-Tax NPV5% of $824 Million at Consensus Gold Prices; ~$1.5 Billion at Spot Gold Prices
Production Summary 12-year operating mine life; 26-years of total production
5-Yr Avg Production: 131koz
Financial & Operating Highlights at consensus gold prices
3-Yr Avg Production: 141koz
144
138
141
131
119
114
96
76
56
53
39
50
48
45
43
41 39
37
35
33
31 30
28
27
2024 2025
2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050
2029 2030
2026 2027 2028
118
137
146
141
Three-Year Profile Five-Year Profile
Mining & Production | Units | |||
Ore Mined | Mt | 61.0 | 97.3 | |
Waste Mined | Mt | 56.7 | 94.4 | |
Material Mined | Mt | 117.7 | 191.7 | |
Strip Ratio | w:o | 0.9 | 1.0 | |
Gold Grade | g/t | 0.38 | 0.40 | |
Gold Recovery | % | 55% | 52% | |
Total Production | Au koz | 424 | 657 | |
Avg. Annual Production | Au koz | 141 | 131 | |
Financial Highlights | ||||
Total Operating Cash Flow | $M | $587 | $761 | |
Total Capital Costs (1) | $M | $203 | $283 | |
Total FCF (non-GAAP) (2) | $M | $384 | $478 | |
Average Annual FCF | $M | $128 | $96 | |
Cost of Sales (GAAP) | $/oz | $1,799 | $1,901 | |
Cash Costs (non-GAAP) | $/oz | $1,800 | $1,902 | |
AISC (non-GAAP) (2) | $/oz | $2,051 | $2,135 | |
2026 - 2028 2026 - 2030
After-Tax NPV5% Sensitivity ($M) Commentary
$340 | 15% increase in gold price adds ~$470M to NAV $1,299 $824 | $1,767 | |
$2,754 | Consensus | $3,726 | $4,212 |
(-15%) | $3,240 | (15%) | (30%) |
After-tax NPV5% of $824 million at consensus gold prices averaging $3,240/oz over the LOM; increases to $1.5B at a gold price of $4,000/oz
Average annual production of 141 koz Au over first three years, generating
$196 million and $128 million in average annual operating cash flow and free cash flow, respectively, at consensus gold prices
o At $4,000/oz Au, average annual operating cash flow and free cash flow of
$235 million and $168 million, respectively, over same three-year period
Active mining continues to 2036, with 26 years of total gold production
Based on $100 million upfront cash payment, forthcoming contingent payments, realized mine-site free cash flow and TRS free cash flow projections, the acquisition of CC&V has an implied after-tax transaction IRR of +100%
(1) Total capital costs include sustaining capital, development capital, and reclamation. (2) The Company reports non-GAAP financial measures including FCF and AISC per ounce sold (a common measure in the mining industry), to manage and evaluate its operating performance at its mines; All cash flow figures are presented after tax. FCF is calculated as operating cash flow less capital costs. AISC include costs associated with non-cash inventory movements; please see endnotes and cautionary notes for a
discussion on non-GAAP metrics; 2025 Production illustrated in the graph above represents the full-year guidance range of 90koz to 110koz Au attributable to SSR Mining as well as the 28 koz attributable to prior ownership for the period of January 1 to February 28, 2025
SSR MINING | 13
Seabee: High-Grade Underground in CanadaQuarterly & Full-Year Commentary (1)
Location: Saskatchewan, Canada
Mining: Underground
Processing: Gravity concentration, CIP
Land: ~74,000 ha
Ownership: 100%
Q4 2025 production of 8.9 koz gold at cost of sales of $2,435/oz and AISC of $3,433/oz
FY2025 production of 55.0 koz gold at cost of sales of $1,525/oz and AISC of $2,231/oz
Production from Seabee reflected the temporary suspension of operations in Q2 2025 due to the impacts of regional forest fires, as well as the previously guided effort to prioritize underground mine development in H2 2025
Continuing to advance near-mine drilling exploration and resource development activity at Santoy and progress engineering at Porky ahead of potential development in 2027
Operating Results
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Ore Mined
kt
90
82
66
85
92
Ore Milled
kt
92
90
68
83
91
Gold Mill Feed Grade
g/t
9.66
9.00
5.22
3.46
3.16
Gold Recovery
%
97%
97%
97%
95%
95%
Gold Production
oz
27,811
26,001
10,998
9,118
8,869
Total Capital Spend
$M
$7.6
$11.8
$8.8
$6.8
$8.7
Cost of Sales
$/oz
$816
$890
$1,785
$2,185
$2,435
AISC (1)
$/oz
$1,214
$1,374
$2,708
$3,003
$3,433
(1) AISC are a non-GAAP metric; please see endnotes and cautionary notes for a discussion on non-GAAP metrics and additional details; Cost of sales and AISC are reported per ounce of payable metal sold
La Ronge• Saskatoon•
Flin Flon
SSR MINING | 14
Puna: Argentina's Largest Producing Silver MineQuarterly & Full-Year Commentary (1)
Q4 2025 production of 2.1 Moz silver at cost of sales of $20.13/oz and AISC of
$18.39/oz
FY2025 production of 9.8 Moz silver exceeded production guidance for the third consecutive year; FY 2025 cost of sales of $16.74/oz and AISC of $14.24/oz
Record throughputs in Q4 2025 and FY 2025 demonstrated delivery of continuous improvement initiatives and drove +$250 million in FY mine site free cash flow
Continue to evaluate numerous opportunities to extend Puna's mine life beyond 2028, including additional expansions at the Chinchillas open pit and advancement of the Cortaderas deposit for longer-term growth
Operating Results
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Ore Mined
kt
750
627
475
367
332
Waste Mined
kt
1,337
1,089
1,592
1,833
1,892
Total Material Mined
kt
2,087
1,716
2,067
2,199
2,225
Strip Ratio
w:o
1.8
1.7
3.4
5.0
5.7
Ore Milled
kt
489
454
492
506
513
Silver Mill Feed Grade
g/t
194.0
177.8
186.6
155.9
129.6
Silver Recovery
%
97%
97%
97%
95%
96%
Silver Production
koz
2,970
2,505
2,849
2,409
2,050
Total Capital Spend
$M
$5.0
$2.0
$4.0
$3.1
$4.8
Cost of Sales
$/oz
$15.84
$15.51
$15.03
$16.80
$20.13
AISC (1)
$/oz
$16.06
$13.16
$12.57
$13.54
$18.39
(1) AISC and mine site free cash flow are non-GAAP metrics; please see endnotes and cautionary notes for a discussion on non-GAAP metrics and additional details; Cost of sales and AISC are reported per ounce of payable metal sold
Cortaderas
Pirquitas Mill
•
San Salvador de
Jujuy
•
Buenos Aires
Chinchillas Pit
Puna Boundary Haul Road
5km
Location: Jujuy, Argentina Mining: Open Pit Processing: Flotation Land: ~12,000 ha Ownership: 100%
SSR MINING | 15
Hod Maden: World-Class Copper-Gold ProjectMining: Underground
Quarterly Commentary Location: Artvin, Türkiye
Processing: Flotation
In Q4 2025, $33.8 million was spent as engineering and initial site establishment
efforts continued to progress
FY2025 spend of $78.2 million in line with guidance of $60 to $100 million
Project Overview
On January 29, 2026, SSR Mining announced the completion of a Technical Report Summary for the Hod Maden project: (1)
Estimated after-tax NPV5% of $1.7B and IRR of 39% at consensus commodity prices
Life of Mine production projected to total 1.6Moz gold and 209Mlb copper at estimated average cost of sales of $1,120/oz payable gold and by-product AISC of $590/oz payable gold
Projected annual after-tax operating cash flow of $343 million and free cash flow of $328 million at consensus metals prices during expected production period of 2028 to 2037
SSR Mining's remaining investment is expected to total ~$469 million:
$364 million for 40% of the attributable development capital costs
$105 million in remaining earn-in and milestone payments
In 2023, SSR Mining acquired an up to 40% ownership and immediate operational control in Hod Maden project through an earn-in structured transaction for total consideration of $270 million (2)
(1) All project metrics sourced from the 2026 Hod Maden Technical Report Study and are shown on a 100% basis; SSR Mining currently owns 10% of Hod Maden. See endnotes and cautionary notes for a discussion on the 2026 Hod Maden TRS and associated MRMR
(2) For additional details on the Hod Maden transaction, please see endnotes and refer to the Company's news released on May 8, 2023, filed as a form 8-K on EDGAR at www.sec.gov or on the Company's website at www.ssrmining.com.
Land: ~3,500 ha
Ownership: 10% (1)
Hod Maden
SSR MINING | 16
Hod Maden: 2025 Technical Report Summary (TRS)
After-Tax NPV5% of $1.7 Billion at Consensus Gold Prices; ~$2.9 Billion at $4,900/oz Gold Price
Highlights
Production Summary
(koz AuEq)
Key Metrics
3-Yr Avg Production: 237koz AuEq
5-Yr Avg Production: 223koz AuEq
Gold Production (koz Au)
Copper Production (koz AuEq)
236
206
190
202
172
163
146
92
Y1
Y2
Y3
Y4
Y5
Y6
Y7
Y8
Y9
Y10
214
269
Operating Metrics | Units | |
Total Material Mined | Mt | 9,196 |
Ore Processed | Mt | 7,726 |
Gold Grade Processed | g/t | 7.6 |
Copper Grade Processed | % | 1.3% |
Gold Recovery | % | 87% |
Copper Recovery | % | 97% |
Total Gold Production | koz | 1,609 |
Total Copper Production | Mlb | 209 |
Total Production | AuEq koz | 1,909 |
Avg Annual Production (2) | AuEq koz | 189 |
Financial Highlights | ||
Total Operating Cash Flow | $M | $3,452 |
Total Capital Costs | $M | $999 |
Total FCF (non-GAAP) (1) | $M | $2,453 |
Average Annual FCF (2) | $M | $328 |
Cost of Sales (GAAP) | $/oz | $1,120 |
Cash Costs (non-GAAP) (1) | $/oz | $535 |
AISC (non-GAAP) (1) | $/oz | $590 |
After-Tax NPV5% | $M | $1,657 |
After-Tax IRR | % | 39% |
(On 100% basis, at consensus gold prices) Life of Mine
After-tax NPV5% of $1.7B at consensus gold prices averaging
$3,167/oz Au and $4.52/lb Cu over the LOM; increases to $2.9B at
$4,900/oz Au and $5.75/lb Cu
Life of mine production is projected to total 1.6 million ounces of gold and 209 million pounds of copper
Projected average cost of sales of
$1,120/oz Au and by-product AISC of $590/oz Au
Project execution has been meaningfully de-risked through significant detailed engineering completed since SSR's initial investment
Most major development contracts tendered or in place; key project development team members onboard
Total remaining development capital spend estimated at $910 million, supported by the high level of design definition in critical areas of project construction planning, including main access roads, earthworks and camp construction
Annual After-Tax Free Cash Flow Profile
$512
(In millions at consensus gold prices)
$429
$345
$377
$324
$355
$287
$273
$263
$114
Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
All figures are presented on a 100% basis; Graphs are used for illustrative basis for select years; Please see endnotes for additional details
(1) The Company reports non-GAAP financial measures including AISC per ounce of gold sold (a common measure in the mining industry), and Free Cash Flow to manage and evaluate its operating performance at its mines; please see endnotes and cautionary notes for a discussion on non-GAAP metrics (2) Average annual production and Free Cash Flow metrics are calculated over the period of 2028 to 2037. GEOs are calculated using the copper sold multiplied by the ratio of the copper price to the gold price, using the average closing commodity prices for the period stated in the TRS. GEOs sold may not re-calculate based on amounts presented in this table due to rounding.
SSR MINING | 17
Appendix & EndnotesSSR MINING | 18
Endnotes
Disclosures & References
Çöpler
Detailed disclosure related to the February 13, 2024 incident at the Çöpler mine (the "Çöpler Incident" or the "Incident") was included in the Annual Report on Form 10-K for the year ended December 31, 2025 filed on February 17, 2026. As of April 1, 2024 the Çöpler remediation and containment work was estimated to cost between $250.0 to $300.0 million and take a total of 24 to 36 months to complete. During 2025, the Company spent $21.7 million on reclamation and remediation at Çöpler, bringing total spending related to the Çöpler incident to $149.3 million. At this time, we are not able to estimate or predict if, when, and under what conditions we will resume operations at Çöpler. Please refer to our website at www.ssrmining.com, or our filings on SEDAR at www.sedarplus.ca, and on EDGAR at www.sec.gov.
Hod Maden Development Project
The information contained in this presentation should be read in conjunction with the 2026 Hod Maden TRS. The 2026 Hod Maden TRS has been prepared in accordance with Regulation S-K 1300 and is available as of January 29, 2026 on the Company's website and on a Current Report on Form 8-K filed with the SEC on January 30, 2026. All Hod Maden project metrics referenced are shown on 100% basis unless otherwise noted and are extracted from, or based on, the 2025 Hod Maden TRS.
CC&V
The information contained in this presentation should be read in conjunction with our press release titled "SSR Mining Announces Initial 12 Year Life of Mine Plan for CC&V With an NPV5% of $824M and Potential For Further Mineral Reserve Conversion" dated November 10, 2025 as well as the 2025 CC&V TRS. The 2025 CC&V TRS, with an effective date of July 1, 2025, has been prepared in accordance with Regulation S-K 1300 and will be available by November 14, 2025 on the Company's website and on a Current Report on Form 8-K to be filed with the U.S. SEC. For additional information regarding the CC&V Transaction, please see our press release titled "SSR Mining Announces the Acquisition of Cripple Creek & Victor Gold Mine From Newmont" dated December 6, 2024.
SSR Mining Track Record of Value Creation
Acquisition Value for the SSR Mining / Alacer Merger and non-core asset sales are based on the analyst NAV at announcement; Acquisition Value for all other transactions include initially announced acquisition price, subsequent property acquisitions, earn-in milestone payments and the present value of contingent payments.
Current values are rounded and Analyst NAV are based on broker consensus research as of February 19, 2026; "Realized Cash" means revenue less cost of sales, exploration, evaluation, and reclamation expenditures, cash care and maintenance, capital expenditures and taxes; please see non-GAAP reconciliation for additional details.
SSR Mining's historical capital returns program includes a base dividend and NCIB repurchases between January 1, 2021 and March 31, 2024; Following the Çöpler Incident, the Company suspended dividends and ceased all share repurchases under the 2023 NCIB. On February 17, 2026, the Company announced that the Board of Directors approved a share buyback program of up to $300 million.
Realized proceeds from non-core asset sales include $100 million for the sale of SSR Mining's non-core royalty portfolio on July 29, 2021, $127 million for the sale of the Pitarrilla project on January 13th , 2022, $1.5 million for the sale of Sunrise Lake exploration property on October 17, 2023, $57.5 million for the sale of the San Luis project on November 27, 2023, and approximately $19 million in proceeds from the sale of non-core equity positions from April 1, 2021 to December 31, 2025.
Mineral Reserves and Mineral Resources
The Mineral Reserves and Mineral Resources ("MRMR") information should be read in conjunction with Item 2. Properties in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 filed on February 17, 2026, the Technical Report Summaries for each of our material properties included as exhibits to our Annual Report on Form 10-K as well as the press release titled "SSR Mining Reports Full-Year Results and 2026 Operating Guidance" dated February 17, 2026.
As per Subpart 1300 of Regulation S-K, the Company's year-end 2025 MRMR are presented on an attributable basis, reflecting the Company's ownership interest in each material property. As of December 31, 2025, SSR Mining owns 80% of the Çöpler district and 10% of the Hod Maden Project. Mineral Resources are presented exclusive of Mineral Reserves.
2025 | 2024 | |||||||||
Mineral Reserves | Gold | Silver | Lead | Zinc | Copper | Gold | Silver | Lead | Zinc | Copper |
Metal Prices Assumptions | ($/oz) | ($/oz) | ($/lb) | ($/lb) | ($/lb) | ($/oz) | ($/oz) | ($/lb) | ($/lb) | ($/lb) |
Marigold | $1,700 | - | - | - | - | $1,500 | - | - | - | - |
CC&V | $1,700 | - | - | - | - | N/A | N/A | N/A | N/A | N/A |
Seabee | $2,000 | - | - | - | - | $1,600 | - | - | - | - |
Puna | - | $20.50 | $0.90 | $1.15 | - | - | $19.00 | $0.90 | $1.05 | - |
Çöpler | $1,450 | - | - | - | - | $1,450 | - | - | - | - |
Hod Maden | $1,700 | - | - | - | $3.50 | N/A | N/A | - | - | N/A |
Corporate | $1,700 | $20.50 | $0.90 | $1.15 | $3.50 | $1,500 | $19.00 | $0.90 | $1.05 | $3.30 |
2025 | 2024 | |||||||||
Mineral Resources Metal Prices Assumptions | Gold ($/oz) | Silver ($/oz) | Lead ($/lb) | Zinc ($/lb) | Copper ($/lb) | Gold ($/oz) | Silver ($/oz) | Lead ($/lb) | Zinc ($/lb) | Copper ($/lb) |
Marigold | $2,000 | - | - | - | - | $1,750 | - | - | - | - |
CC&V | $2,000 | - | - | - | - | N/A | N/A | N/A | N/A | N/A |
Seabee | $2,200 | - | - | - | - | $1,750 | - | - | - | - |
Puna | - | $23.00 | $0.95 | $1.30 | - | - | $22.00 | $0.95 | $1.15 | - |
Çöpler | $1,750 | - | - | - | - | $1,750 | - | - | - | - |
Hod Maden | $2,000 | - | - | - | $4.00 | N/A | N/A | - | - | N/A |
Corporate | $2,000 | $23.00 | $0.95 | $1.30 | $4.00 | $1,750 | $22.00 | $0.95 | $1.15 | $3.95 |
Metals prices used for preparation of the Mineral Reserves and Mineral Resources estimates were selected, in each case, by the Qualified Persons. Key assets are summarized in the tables below. Gold equivalent figures are based on the corporate commodity prices listed below.
SSR MINING | 19
Endnotes: Non-GAAP ReconciliationsThe Company reports Non-GAAP financial measures including adjusted net income (loss) attributable to SSR Mining shareholders, adjusted net income (loss) per share attributable to SSR Mining shareholders, total debt, total cash, net debt (cash), total liquidity, cash provided by (used in) operating activities before changes in working capital, free cash flow (FCF), free cash flow before changes in working capital, mine site free cash flow, cash costs and AISC per ounce sold to manage and evaluate its operating performance at its mines. These Non-GAAP Measures have no standardized definition under U.S GAAP. For explanations of these measures and reconciliations to the most comparable financial measure calculated under U.S. GAAP, please see "Cautionary Note Regarding Non-GAAP Financial Measures" and "Non-GAAP Reconciliations" in this presentation for additional details.
(in thousands) | Three Months Ended December 31 2025 2024 | Year Ended December 31 | ||
2025 | 2024 | |||
Cash provided by operating activities (GAAP) | $172,051 | $94,979 | $471,853 | $40,130 |
For detailed definitions of these Non-GAAP measures and a reconciliation of these financial measures to the most comparable GAAP financial measure, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2025 filed on February 17, 2026 as well as the accompanying press release. The Company's 10-K and 10-Q filings are available on our website at www.ssrmining.com, on EDGAR at www.sec.gov, and on SEDAR at www.sedarplus.ca.
Net Cash & Liquidity | Free Cash Flow | ||||||||
As of | |||||||||
(in thousands) | December 31, 2025 | December 31, 2024 | |||||||
Cash and cash equivalents (GAAP) | $534,834 | $387,882 | |||||||
Restricted cash | $0 | $0 | Expenditures on mineral properties, plant, and equipment | ($65,685) | ($38,573) | ($230,204) | ($143,534) | ||
Total cash (non-GAAP) | $534,834 | $387,882 | Free cash flow (non-GAAP) | $106,366 | $56,406 | $241,649 | ($103,404) | ||
Face value of 2019 convertible note | $230,000 | $230,000 | Cash provided by (used in) operating activities (GAAP) | $172,051 | $94,979 | $471,853 | $40,130 | ||
Other debt | $0 | $0 | Net change in operating assets and liabilities | $39,440 | ($5,356) | $172,658 | $72,265 | ||
Total debt (non-GAAP) | $230,000 | $230,000 | Cash provided by (used in) operating activities before changes in working capital (non-GAAP) | $211,491 | $89,623 | $644,511 | $112,395 | ||
Expenditures on mineral properties, plant, and equipment
($65,685)
($38,573)
($230,204)
($143,534)
Free cash flow before changes in working capital (non-GAAP) $145,806 $51,050 $414,307 ($31,139)
Restricted cash
$0
$0
Borrowing capacity on accordion feature of credit facility
$100,000
$100,000
Total Liquidity (non-GAAP) (1) $1,034,834 $887,882
Borrowing capacity on credit facility $400,000 $400,000
Total cash (non-GAAP) $534,834 $387,882
Cash and cash equivalents (GAAP) $534,834 $387,882
Net cash (debt) (non-GAAP) $304,834 $157,882
Mine Site Free Cash Flow (Year Ended 2025) (2)
(in millions of US dollars, except per share data)
Revenue (GAAP)
Marigold
$4,142
Seabee
$1,564
CC&V
$450
Puna
$459
Cost of sales ($2,265) ($611) ($157) ($162)
Exploration & reclamation ($111) ($108) ($14) ($14)
(1) Excludes $0.5 million in letters of credit. Inclusive of these letters of credit, total liquidity is $1,034.4 million
Cash care and maintenance - ($23) - -
Capital Expenditures ($664) ($292) ($41) ($14)
Mine site free cash flow before taxes (non-GAAP) $1,102 $530 $238 $270
Taxes ($140) ($133) ($32) ($9)
Mine site free cash flow (non-GAAP) $962 $398 $205 $261
(2) Realized cash for CC&V from February 28, 2025, the closing date of the CC&V acquisition, to December 31, 2025;
Numbers presented in this table may not add due to rounding
(3) Represents federal and state taxes paid since acquisition
SSR MINING | 20
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