Mr. Edward Farid reports

SSR MINING ANNOUNCES THE ACQUISITION OF AN UP TO 40% OWNERSHIP INTEREST AND OPERATORSHIP IN THE HOD MADEN GOLD-COPPER PROJECT THROUGH AN EARN-IN STRUCTURED TRANSACTION

SSR Mining Inc. has reached an agreement to acquire from Lidya Mines an up to 40-per-cent interest in, and operational control of, the Hod Maden gold-copper development project, located in northeastern Turkiye. Currently, Lidya Mines and Horizon Copper Corp. hold a 70-per-cent and 30-per-cent ownership interest, respectively, in Hod Maden.

As consideration for the 40-per-cent ownership interest in Hod Maden, SSR Mining's payments include:

• $120-million upfront cash payment to acquire a 10-per-cent interest in the project paid on closing of the transaction on May 8, 2023;
• $150-million in earn-in structured cash milestone payments to acquire an additional 30-per-cent interest in the project, payable in accordance with an agreed upon schedule beginning at the start of construction and ending on the first anniversary of commercial production.

With the upfront cash payment made on closing, SSR Mining now serves as sole project operator responsible for project development, construction and operations. Upon completion of the milestone payments, SSR Mining will own 40 per cent of the project.

Rod Antal, president and chief executive officer of SSR Mining, said: "We have been closely monitoring Hod Maden for well over seven years as it has progressed through critical development and permitting milestones, largely derisking the project as it approaches a construction decision in 2024. Our due diligence team was complimentary as to the detail and quality of work completed so far on the project. Following our review and after discussions with our joint venture partners, we believe there are several positive operational value levers as well as exploration potential beyond the existing life of mine plan that was presented in the 2021 feasibility study. We will now spend the next 12 months updating the existing technical report for these value enhancing opportunities, as well as to account for changes in market conditions.

"We would like to thank our joint venture partners in the project for their support and co-operation during this process. We are excited for the outcome, which delivers our stakeholders exposure to what we believe is one of the most compelling undeveloped gold-copper projects in the world. It is clear that Hod Maden is one of the highest-margin, lowest-capital-intensity projects in the sector, and once operational should be a meaningful free cash flow contributor to the SSR Mining business as our fifth producing asset. This is supported by the projected greater than 15-per-cent IRR the project will generate after acquisition costs.

"Our proven project development team will work to advance Hod Maden to a full construction decision in 2024 with a goal of delivering first production in 2027. The same principles and discipline that enabled our team to deliver the Copler sulphide plant project in Turkiye on time and under budget will be applied to Hod Maden to help us maximize the value of the project. The project's robust economics have the ability to support a project-level finance facility, and we will build upon the project finance work completed by the joint venture to date as a potential funding opportunity while limiting SSR Mining's cash outlay. Over all, this prudently structured transaction presents an opportunity to further our commitment to low capital intensity growth, strong free cash flow generation and continued robust capital returns."

Following completion of the earn-in structured cash milestone payments, SSR Mining will own 40 per cent of the project, Lidya Mines will retain a 30-per-cent ownership interest and Horizon will own the remaining 30 per cent. Horizon acquired its 30-per-cent ownership in the project from Sandstorm Gold Ltd. on Aug. 31, 2022, in exchange for a gold stream on production from a portion of Horizon's 30-per-cent interest and certain other non-cash consideration. SSR Mining's attributable production and free cash flow are not encumbered by the gold streaming agreement between Horizon and Sandstorm. As an upside sharing mechanism with Lidya Mines, if an additional 500,000 ounces of gold equivalent mineral reserves, beyond those currently identified as mineral reserves and mineral resources (MRMR) in the 2021 feasibility study, are delineated, SSR Mining will make an $84-million payment to Lidya Mines.

Key regulatory approvals for the transaction have been obtained and the transaction closed on May 8, 2023.

Strategic rationale for the Hod Maden investment

• Adds a near-term, derisked growth project to SSR Mining's robust development pipeline:
  • On a 100-per-cent basis, Hod Maden features total payable gold production of 2,027,000 ounces gold and 255 million pounds copper over a 13-year mine life;
  • Significant exploration potential across a 3,500-hectare property, including numerous untested soil geochemistry targets and a geological setting conducive to further exploration targeting through geophysical surveying;
  • Project derisked with several key permits and EIA in place.
• Accretive transaction delivering a projected after-tax IRR (internal rate of return), post due diligence and acquisition cost, of greater than 15 per cent:
  • Incorporating $270-million acquisition cost and inflationary impacts since completion of 2021 feasibility study, the transaction is expected to deliver an after-tax IRR of greater than 15 per cent to SSR Mining including due diligence outcomes;
    • Returns analysis incorporates due diligence outcomes and inflationary impacts beyond the $309-million in preproduction capital originally outlined in 2021 feasibility study.
  • Project stand-alone IRR on a 100-per-cent basis of 36 per cent, based on 2021 feasibility study;
  • Transaction accretive to SSR Mining's key per-share metrics, including expected increases to net asset value, attributable mineral reserves and mineral resources, production, and 2027/2028 operating and free cash flow.
• Fits SSR Mining's proven strategy of low capital intensity growth in core jurisdictions:
  • One of the lowest capital intensity undeveloped mining projects in the industry;
    • Approximately $30-million in site establishment costs (at a 100-per-cent basis) are expected to be incurred during 2023, including spend on site access and earthworks.
  • Opportunities for project level financing, ensuring SSR Mining retains balance sheet flexibility to support continued investment in capital returns and organic growth opportunities.
• Low-cost, high-margin production expected to further bolster the company's strong corporate-level free cash flow generation:
  • Current life of mine average by-product cash costs of $84/ounce and AISC (all-in sustaining cost) of $334/oz. Life of mine co-product cash costs of $387/oz and AISC of $588/oz;
  • Hod Maden is expected to generate approximately $164-million in annual free cash flow (on a 100-per-cent basis, at a $1,599/oz gold price and $3.19/lb copper price) once at full production, which is expected in 2027;
  • Opportunity to complement SSR Mining's delivery of strong free cash flow generation and continued robust capital returns;
  • Transaction expected to reduce SSR Mining's consolidated asset-level life-of-mine AISC.
• Adds high-grade mineral reserves and mineral resources to SSR Mining platform:
  • Mineral reserves of 8,696,000 tonnes at 8.8 g/t gold and 1.5 per cent copper for 2,452,000 ounces gold and 287 million pounds copper (100-per-cent basis);
  • Measured and indicated mineral resources of 8,143,000 tonnes at 10.6 g/t Au and 1.8 per cent Cu for 2,768,000 ounces gold and 330 million pounds copper, inclusive of mineral reserves (100-per-cent basis);
  • Inferred mineral resources of 1,342,000 tonnes at 5.4 g/t gold and 0.7 per cent copper for 232,000 ounces gold and 21 million pounds copper (100-per-cent basis).
• Transaction builds on the company's long-standing, value accretive and exclusive partnership with Lidya Mines and operational expertise in Turkiye:
  • Immediate operatorship will allow SSR Mining's proven project development team, which successfully delivered the Copler sulphide plant project on time and under budget, to work to advance Hod Maden to a full construction decision in 2024;
  • Potential for meaningful synergies between the Hod Maden project and existing operations at SSR Mining's Copler gold mine.

Overview of the Hod Maden project

The Hod Maden project is located in northeastern Turkiye within the Eastern Pontides metallogenic belt and approximately 130 kilometres from the Erzurum airport. The project is located approximately 330 km from SSR Mining's Copler gold mine and 260 km from the Copper Hill development prospect. The Hod Maden licences cover approximately 3,500 hectares, consisting primarily of forestry and private lands. With the successful closing of the transaction and the accompanying $120-million upfront cash payment made on May 8, 2023, the licences are now managed under a tri-party ownership structure where SSR Mining will earn in to own up to 40 per cent of the project and serve as project operator, while Lidya Mines will own 30 per cent and Horizon will own 30 per cent.

2021 feasibility study metrics

The 2021 feasibility study included the following life of mine metrics (all metrics shown on a 100-per-cent basis):

• Total production of 2,027,000 ounces gold and 255 million pounds copper over a 13-year life of mine
  • Average annual production of 156,000 ounces gold and 19.6 million pounds copper;
  • Life of mine revenue split: 80 per cent gold, 20 per cent copper.
• Mill design capacity of 800,000 tonnes per annum, with average gold and copper recoveries of 85 per cent and 93 per cent, respectively;
• Average head grade over the life of mine of 8.8 grams per tonne gold and 1.5 per cent copper;
• Life of mine average byproduct all-in-sustaining cost of $334/oz and co-product all-in sustaining cost of $588/oz;
• At base case metal pricing of $1,599/oz gold and $3.19/pound copper, a $1.05 billion NPV (net present value) per cent with an after-tax IRR of 36 per cent and a two-year payback period from the start of production.

Conference call information

SSR Mining will host a conference call to discuss the transaction on May 8, 2023, at 5 p.m. ET. Participants may dial-in using the numbers herein.

Toll-free in United States and Canada:  1-800-319-4610

All other callers:  1-604-638-5340

The conference call will be available for playback for two weeks by dialling toll-free in U.S. and Canada: 1-855-669-9658, replay code 0175. All other callers: 1-412-317-0088, replay code 0175.

About SSR Mining Inc.

SSR Mining is a leading, free-cash-flow-focused gold company with four producing operations located in the United States, Turkey, Canada and Argentina, combined with a global pipeline of high-quality development and exploration assets. Over the last three years, the four operating assets combined have produced on average more than 700,000 gold-equivalent ounces annually.

Qualified person

Imola Gotz, a qualified person under National Instrument 43-101, has reviewed the technical and scientific information contained in this press release and verifies that such information conforms to the information disclosed in the Hod Maden feasibility study -- technical report NI 43-101 effective Feb. 28, 2021. For additional information, readers should refer to the 2021 feasibility study which is available under Horizon Copper Corp.'s profile at SEDAR filed on July 20, 2022.

We seek Safe Harbor.