• ATTRIBUTABLE AND ADJUSTED ATTRIBUTABLE DILUTED EARNINGS PER SHARE OF $0.35 AND $0.35, RESPECTIVELY
• QUARTERLY PRODUCTION OF 156,625 GOLD EQUIVALENT OUNCES AT COST OF SALES OF $1,155 AND AISC OF $1,633 PER OUNCE
• YEAR-TO-DATE PRODUCTION OF 303,518 GOLD EQUIVALENT OUNCES AT COST OF SALES OF $1,224 AND AISC OF $1,663 PER OUNCE
• QUARTERLY OPERATING CASH FLOW AND FREE CASH FLOW OF $80.3 MILLION AND $22.4 MILLION, RESPECTIVELY
• QUARTERLY OPERATING CASH FLOW AND FREE CASH FLOW BEFORE WORKING CAPITAL ADJUSTMENTS OF $104.3 MILLION AND
$46.3 MILLION, RESPECTIVELY
• REPURCHASED 2.7 MILLION SHARES FOR $40.1 MILLION IN THE SECOND QUARTER; YEAR-TO-DATE 2023 CAPITAL RETURNS NOW
TOTAL APPROXIMATELY $74 MILLION AND ON TRACK FOR A MINIMUM FULL-YEAR CAPITAL RETURNS YIELD OF 3.4%
• ANNOUNCED NEW NORMAL COURSE ISSUER BID (“NCIB”) ENABLING THE COMPANY TO REPURCHASE UP TO 10,200,000 SHARES
THROUGH JUNE 19, 2024
• COMMENCED WASTE STRIPPING AT THE ÇAKMAKTEPE EXTENSION PROJECT; FIRST PRODUCTION ON TRACK WITHIN 2023
• ACQUIRED AN UP TO 40% OWNERSHIP INTEREST AND OPERATORSHIP IN THE WORLD-CLASS HOD MADEN GOLD-COPPER PROJECT,
TARGETING A CONSTRUCTION DECISION IN 2024 AND FIRST PRODUCTION IN 2027
• PUBLISHED FIFTH ANNUAL ESG AND SUSTAINABILITY REPORT
DENVER - SSR Mining Inc. (NASDAQ/TSX: SSRM, ASX: SSR) ("SSR Mining" or the “Company") reports consolidated
financial results for the second quarter ended June 30, 2023. In addition, the Board of Directors declared a quarterly cash
dividend of $0.07 per common share payable on September 11, 2023 to holders of record at the close of business on August
14, 2023. This dividend qualifies as an 'eligible dividend' for Canadian tax purposes.
Rod Antal, Executive Chairman of SSR Mining, said, “As we close the first half of 2023, our consolidated operating and
financial results have generally been well aligned to our initial expectations with output from Çöpler, Marigold and Puna
partially offsetting the slower start to the year at Seabee. In the second half of the year, we expect all four of our operations
to deliver improved consolidated production of approximately four hundred thousand gold equivalent ounces at reduced
costs, resulting in strong free cash flow generation. While we are tracking to the lower end of our consolidated production
guidance as a result of Seabee’s year-to-date performance, it is pleasing to see the mine positioned for an improved second
half, particularly as production levels and grades improved in July.
Given our expectations for a strong second half of 2023, we have been very active with our capital returns program,
repurchasing over $45 million of our shares in the first half of the year. Combined with our base dividend, we are on track
to exceed $100 million in capital returns in 2023, or a 3.4% yield.
From a growth perspective, we continue to advance technical work to support anticipated updated life of mine plans at
Çöpler and Marigold. In addition, we initiated waste stripping activities at Çakmaktepe Extension and remain on track for
first gold production from the project within the year. Finally, at Hod Maden, initial site preparation activities are currently
underway and we continue to expect an updated technical report and construction decision for the project in 2024. Overall,
SSR Mining remains in a position of strength, supported by a significant cash position, key growth catalysts and the tailwind
of improving production and free cash flow into the end of 2023.”
(1) The Company reports non-GAAP financial measures including adjusted attributable net income, adjusted attributable net income per share, cash generated by operating
activities before working capital adjustments, free cash flow, free cash flow before changes in working capital, total cash, net cash (debt), cash costs and AISC per ounce sold
(a common measure in the mining industry), to manage and evaluate its operating performance at its mines. See "Cautionary Note Regarding Non-GAAP Financial Measures"
for an explanation of these financial measures and a reconciliation of these financial measures to the most comparable GAAP financial measures.
SSR Mining Inc. PAGE 2
Second Quarter 2023 Highlights: (1)
(All figures are in U.S. dollars unless otherwise noted)
? Operating performance tracking well against full-year guidance: The Company delivered second quarter 2023
production of 156,625 gold equivalent ounces at cost of sales of $1,155 per gold equivalent ounce and all-in sustaining
costs (“AISC”) of $1,633 per gold equivalent ounce. Year-to-date production is 303,518 gold equivalent ounces at cost
of sales of $1,224 per gold equivalent ounce and AISC of $1,663 per gold equivalent ounce. In the second half of 2023,
the Company expects production to be evenly distributed over the balance of the year. The Company’s consolidated
2023 production guidance of 700 to 780 thousand gold equivalent ounces at cost of sales of $1,055 to $1,115 per gold
equivalent ounce and AISC of $1,365 to $1,425 per gold equivalent ounce remains unchanged.
? Strong financial results: Attributable net income in the second quarter of 2023 was $74.9 million, or $0.35 per diluted
share, and adjusted attributable net income was $75.1 million, or $0.35 per diluted share. An approximately $25.1 million
gain was included in the second quarter 2023 attributable and adjusted attributable net income, representing the net
impact of foreign exchange losses and the deferred tax benefit resulting from currency devaluation, namely the Turkish
Lira. For the six months ended June 30, 2023, attributable net income was $104.7 million, or $0.49 per diluted share,
and adjusted attributable net income was $96.4 million, or $0.45 per diluted share. In the second quarter of 2023,
operating cash flow was $80.3 million, or $104.3 million before working capital adjustments, and free cash flow was
$22.4 million, or $46.3 million before working capital adjustments. Free cash flow remains strongly weighted to the
second half of 2023, in line with previously stated guidance, and is expected to be relatively evenly split between the
third and fourth quarters.
? Continued delivery of peer-leading capital returns: During the second quarter of 2023, the Board declared a
quarterly cash dividend of $0.07 per share and the Company repurchased a total of 2,678,822 of its outstanding
common shares at an average share price of $14.97 per share. Combined, the Company returned $54.5 million to
shareholders during the second quarter of 2023 including the $14.3 million in quarterly dividend payments and $40.1
million in share repurchases. The Company is on track to return a minimum of $102.6 million in capital returns in 2023,
or a 3.4% yield, which includes a total of 3,026,993 shares repurchased in the first half of 2023 for $45.3 million. On
June 16, 2023, the Company announced a new Normal Course Issuer Bid (“NCIB”) enabling SSR Mining to purchase
for cancellation up to 10,200,000 common shares of the Company representing approximately 5.0% of SSR Mining’s
total issued and outstanding common shares.
? Balance sheet continues to support growth initiatives: As of June 30, 2023, SSR Mining had a total cash balance
of $412.8 million, reflecting the $120 million upfront cash payment as part of the previously announced Hod Maden
transaction and the aforementioned capital returns in the second quarter of 2023. SSR Mining’s strong balance sheet,
including non-GAAP net cash of $147.3 million and total available liquidity of $712.8 million, supports the Company’s
long-term capital commitments and the continuation of the Company’s dynamic shareholder returns strategy.
? Acquired an up to 40% ownership interest and operatorship in the Hod Maden Gold-Copper project: In the
second quarter of 2023, the Company announced the acquisition of an up to 40% interest and immediate operational
control in the Hod Maden gold-copper development project (“Hod Maden”) in northeastern Türkiye from Lidya Mines.
Aggregate acquisition consideration totals $270 million, which included a $120 million upfront cash payment to acquire a 10% interest in Hod Maden, followed by $150 million in earn-in structured milestone payments to acquire an additional 30% interest, payable between the start of construction and the first anniversary of commercial production. The
acquisition of Hod Maden adds one of the highest margin and lowest capital intensity development projects globally to
SSR Mining’s robust portfolio of high-return growth projects and leverages SSR Mining’s significant experience in Türkiye. see & read more on
https://www.ssrmining.com/_resources/news/SSR-MINING-REPORTS-SECOND-QUARTER-2023-RESULTS-20230801.pdf