Mr. Rod Antal reports

SSR MINING REPORTS THIRD QUARTER 2023 RESULTS

SSR Mining Inc. has released consolidated financial results for the third quarter ended Sept. 30, 2023. In addition, the board of directors has declared a quarterly cash dividend of seven per common share payable on Dec. 11, 2023, to holders of record at the close of business on Nov. 13, 2023. This dividend qualifies as an eligible dividend for Canadian tax purposes.

Rod Antal, executive chairman of SSR Mining, said: "The third quarter of 2023 featured strong operating and financial results that were well aligned to our forecasts, including record production from Marigold and record throughput at Puna. In addition, first ore from Cakmaktepe Extension was accessed late in the quarter, and the project is on track to deliver initial production of 10,000 to 15,000 ounces in the fourth quarter of 2023 as planned. The results to date continue to put us on track for the lower end of our production guidance in 2023.

"As we work towards a strong finish to the year, we have also committed a substantive effort towards the advancement of refreshed technical reports for both Marigold and Copler. To ensure we best align the reoptimized production profiles at each asset with the growth trajectory of the overall portfolio, we now expect to release the results of this ongoing technical work alongside our guidance forecasts and updated mineral reserves and resources in February, 2024. The interim analysis of the work completed to date is revealing initial positives with respect to replacing and expanding our mineral reserve and mineral resource base through recent exploration success.

"At Cakmaktepe Extension in particular, continued exploration success has pointed to potential growth beyond the current mineral reserves at the mine. This increased scale has led to the re-evaluation of prior plans to heap leach the project's oxide ore at recovery rates averaging approximately 60 per cent. We are currently conducting trade-off studies evaluating the benefit of installing additional grinding and leaching capacity in the Copler processing facility to meaningfully improve gold recoveries. This value accretive pathway has the potential to increase the profitability of Cakmaktepe Extension, but will result in a delayed ramp-up to full production levels from the mine until late 2026 given the potential addition of this incremental processing equipment.

"As a result of the ongoing efforts to optimize our portfolio, the business is entering a three-year growth capital investment period, particularly at Hod Maden and Copler, and we expect adjustments to the production and cost profile over the upcoming three- to five-year period as compared to prior life-of-mine plans. While initial work to date indicates that mine resequencing and optimization activities across the portfolio will drive 2024 production that is lower than 2023 levels at higher costs, annual gold production will grow as development projects at Hod Maden, Marigold and Copler are completed. We are excited by the high-return growth opportunities on the horizon as we continue to expand both the production levels and net asset value of our portfolio."

Third quarter 2023 highlights (all figures are in U.S. dollars unless otherwise noted):

• Strong quarterly operating performance: The company delivered third quarter 2023 production of 192,195 gold equivalent ounces at cost of sales of $1,095 per gold equivalent ounce and all-in sustaining cost of $1,289 per gold equivalent ounce. Year-to-date production is 495,668 gold equivalent ounces at cost of sales of $1,173 per gold equivalent ounce and AISC of $1,516 per gold equivalent ounce. The company continues to track toward the lower end of its production guidance in 2023.
• Solid financial results including robust free cash flow generation: Attributable net income in the third quarter of 2023 was $15.2-million, or seven cents per diluted share, reflecting one-time tax expenses associated with the previously announced increase of the corporate income tax rate in Turkey from 20 per cent to 25 per cent. Adjusted attributable net income was $53-million, or 26 cents per diluted share. For the nine months ended Sept. 30, 2023, attributable net income was $119.8-million, or 57 cents per diluted share, and adjusted attributable net income was $149.4-million, or 70 cents per diluted share. In the third quarter of 2023, operating cash flow was $135.3-million, or $142.4-million before working capital adjustments, and free cash flow was $87.8-million, or $94.9-million before working capital adjustments. Free cash flow is expected to remain strong in the fourth quarter of 2023, though sales are expected to lag production into year-end given the impact of the holiday season on metal shipments.
• Balance sheet continues to support organic growth initiatives: As of Sept. 30, 2023, SSR Mining had a total cash balance of $437.8-million, reflecting $14.4-million in dividends paid to shareholders and $35.8-million in debt repayments made in the third quarter of 2023. SSR Mining has now extinguished the outstanding balance on its term loan and exited the third quarter of 2023 with a non-GAAP (generally accepted accounting principles) net cash position of $206.9-million and total available liquidity of $937.8-million, supporting the company's growth capital commitments over the coming three-year reinvestment period. Subsequent to the quarter, the board declared a quarterly cash dividend of seven cents per share to be paid on Dec. 11, 2023. Including the fourth quarter 2023 dividend, the company is expected to return a minimum of $102.7-million in capital returns in 2023, or a 3.6-per-cent yield.
• Revolving credit facility extended: On Aug. 15, 2023, the company announced that its existing revolving credit facility (the second amended credit agreement) was increased from $200-million to $400-million, with an additional accordion feature of $100-million. The second amended credit agreement has a renewed term of four years, and now matures on Aug. 15, 2027. Under the terms of the increased facility, amounts that are borrowed will incur variable interest at the secured overnight financing rate plus an applicable margin ranging from 2 per cent to 2.75 per cent. The expanded facility will provide the company with flexibility for working capital and other general corporate purposes.
• Copler planned maintenance completed; Cakmaktepe Extension delivers first production in the third quarter: Gold production was 56,768 ounces in the third quarter of 2023 at cost of sales of $1,190 per ounce and AISC of $1,378 per ounce. Planned maintenance in the Copler sulphide plant was completed in the third quarter of 2023, and no further planned maintenance is expected until the fourth quarter of 2024. First ore from the Cakmaktepe Extension project was accessed late in the third quarter of 2023, and initial production from the mine was received at quarter's end, in line with expectations.
• Record quarterly production at Marigold: Gold production of 83,272 ounces in the third quarter of 2023 was a record at cost of sales of $980 per ounce and AISC of $1,106 per ounce. During the third quarter of 2023, newly acquired haul trucks intended for stripping activities at Red Dot were reassigned to ore mining in the Mackay pit as the company focused on the delivery of 2023 guidance. This resequencing is likely to result in delayed access to first ore from Red Dot to the second half of 2024, deferring the associated production into 2025 and 2026.
• Seabee production recovers, grades and throughput to improve further in the fourth quarter: Gold production was 19,823 ounces in the third quarter of 2023 at cost of sales of $1,026 per ounce and AISC of $1,382 per ounce. Seabee is on track for further production and cost improvement in the fourth quarter of 2023, as grades are forecasted to average between six grams per tonne and seven g/t in the quarter.
• Puna delivers record quarterly operating performance: Silver production in the third quarter of 2023 was 2.6 million ounces at cost of sales of $15.23 per ounce of silver and AISC of $13.04 per ounce of silver. Quarterly process plant throughput averaged nearly 4,900 tonnes per day, a record for the mine.
• Exploration programs continue to showcase growth potential across the portfolio: SSR Mining's significant investment in exploration activities across its operations has continued to yield success indicating potential for mineral reserve and mineral resource growth across the portfolio. At Seabee, regional exploration activities have focused on the Porky West and Petunia targets with more than 80 holes drilled in 2023, including 46.1 g/t gold over 5.6 metres at Porky West. At Puna's Cortaderas target, nine holes have returned assay results since the March, 2023, exploration update from the mine, including a 190-metre intercept of 155 g/t silver and 10.6 per cent zinc (479 g/t silver equivalent). SSR Mining has also commenced an infill drilling campaign at Hod Maden with the aim to derisk the ramp-up of initial mining at the project, expected in 2027. The three holes with assays returned to date include a highlight intercept of 90 metres at 16.5 g/t gold and 1.56 per cent copper, reiterating the world-class nature of the Hod Maden orebody.
• High-return development projects expected to drive meaningful production growth over the three- to five-year period: SSR Mining is currently reviewing its forward-looking production profile ahead of 2024 and multiyear guidance that will be announced in the first quarter of 2024. A number of low-capital-intensity, high-return organic growth projects, including Hod Maden, the Red Dot deposit at Marigold, and the grind and leach circuit for Cakmaktepe Extension, are expected to drive future production growth. Advancing these projects effectively, as well the resequencing of waste stripping at Marigold and the transition to mining of the Gap hangingwall orebody at Seabee, is expected to bring 2024 production below 2023 levels at higher costs.
• Non-core Sunrise Lake exploration property divested: Subsequent to quarter's end, SSR Mining announced a definitive agreement to sell its Sunrise Lake property in exchange for a 4-per-cent net smelter return (NSR) royalty on the property. Under the terms of the agreement, at any time until commencement of construction activities, 2 per cent of the NSR royalty can be repurchased by Honey Badger for total consideration of $10-million.

Financial and operating highlights

A summary of the company's consolidated financial and operating results for the three and nine months ended Sept. 30, 2023, and Sept. 30, 2022, is presented herein.

Copler, Turkey

For the three months ended Sept. 30, 2023, and 2022, Copler produced 56,768 and 3,733 ounces of gold, respectively. For the nine months ended Sept. 30, 2023, and 2022, Copler produced 163,873 and 125,763 ounces of gold, respectively. Third quarter 2023 cost of sales of $1,190 per ounce and AISC of $1,378 per ounce reflected normal course costs associated with the planned maintenance of the sulphide plant that was completed in the quarter.

The Cakmaktepe Extension project accessed first ore in the third quarter of 2023, and subsequently delivered first production in late September, 2023. The Cakmaktepe Extension remains on track to produce 10,000 to 15,000 ounces of gold in the fourth quarter 2023.

Marigold, United States

For the three months ended Sept. 30, 2023, and 2022, Marigold produced 83,272 and 52,236 ounces of gold, respectively. For the nine months ended Sept. 30, 2023, and 2022, Marigold produced 195,694 and 131,793 ounces of gold, respectively. Third quarter 2023 cost of sales were $980 per ounce and AISC were $1,106 per ounce.

During the third quarter of 2023, newly acquired haul trucks intended for stripping activities at Red Dot were reassigned to ore mining in the Mackay pit as the company focused on the delivery of 2023 guidance. This resequencing is likely to result in delayed access to first ore from Red Dot to the second half of 2024, deferring the associated production into 2025 and 2026.

Seabee, Canada

For the three months ended Sept. 30, 2023, and 2022, Seabee produced 19,823 and 20,493 ounces of gold, respectively. For the nine months ended Sept. 30, 2023, and 2022, Seabee produced 52,020 and 111,416 ounces of gold, respectively. Improved production resulted in third quarter 2023 cost of sales of $1,026 per ounce and AISC of $1,382 per ounce.

SSR Mining continues to invest significantly in near-mine and regional exploration at Seabee as the company seeks to extend the existing mineral reserve life of the operation. In 2023, drilling at the Porky West and Petunia targets has been a focus for the resource development team. In Seabee's 2021 technical report summary, Porky West hosted approximately 8,000 ounces of indicated mineral resources and approximately 73,000 ounces of inferred mineral resources. Since that time, exploration has focused on stepout and expansion drilling across the greater Porky target area with success.

At present, mineralization at Porky West has been identified to 500 metres of vertical depth and remains open down plunge. Incorporating both Porky West and the Petunia target, mineralization has been identified along 1,250 metres of strike and remains open in both directions. Initial analysis of continuing technical work indicates the potential for a positive updated resource for the Porky targets. If exploration and initial economic studies are successful, the targets have potential as a new underground mining area for the Seabee operation.

Highlights from 2023 drilling at the Porky targets include (all intercepts true width and uncut):

• GAS-23-289: 46.1 g/t Au over 5.6 metres from 242 metres;
• GAS-23-243: 26 g/t Au over 5.5 metres from 193 metres;
• GAS-23-283: 19 g/t Au over 4.4 metres from 190 metres;
• GAS-23-194: 9.4 g/t Au over 8.3 metres from 350.2 metres.

Puna, Argentina

For the three months ended Sept. 30, 2023, and 2022, Puna produced 2.6 million and 2.7 million ounces of silver, respectively, with the year-over-year increase primarily driven by higher mill feed grade. For the nine months ended Sept. 30, 2023, and 2022, Puna produced 6.9 million and six million ounces of silver, respectively. Third quarter 2023 cost of sales of $15.23 per ounce of silver sold and AISC of $13.04 per ounce of silver sold were in line with expectations.

Since the release of positive exploration results from Puna in March, 2023, SSR Mining has continued exploration across both the Chinchillas and Pirquitas properties targeting potential mine life extensions for the operation. A focus of the 2023 drilling campaign is the Cortaderas target located approximately seven kilometres west of the Pirquitas processing facility, which has potential as a new development pathway for Puna over the medium term. Reinterpretation of historical drill results suggested an area of mineralization directly adjacent to the existing Cortaderas deposit, and drilling in 2023 has confirmed the presence of high-grade silver and zinc mineralization in this area now referred to as Cortaderas hangingwall. Of the nine holes with assay data returned, seven intersected the north-dipping Cortaderas hangingwall target, and mineralization has currently been identified over a strike length of 450 metres. The target remains open along trend.

Highlights from 2023 drilling at Cortaderas include (all intercepts core length and uncut):

• DDH-406: 155 g/t Ag and 10.6 per cent Zn (479 g/t AgEq) over 190 metres from 230 metres;
  • Including: 332 g/t Ag and 22.8 per cent Zn (1,020 g/t AgEq) over 53 metres from 276 metres;
• DDH-400: 391 g/t Ag and 2.2 per cent Zn (388 g/t AgEq) over 33 metres from 596 metres;
  • 3,325 g/t Ag and 0.7 per cent Zn (2,719 g/t AgEq) over four metres from 385 metres;
• DDH-405: 198 g/t Ag and 4 per cent Zn (291 g/t AgEq) over 45 metres from 495 metres.

Conference call information

This news release should be read in conjunction with the company's quarterly report on Form 10-Q for the quarter ended Sept. 30, 2023, filed with the U.S. Securities and Exchange Commission (SEC) and available on the SEC website or SSR Mining's website.

Conference call and webcast: Wednesday, Nov. 1, 2023, at 5 p.m. EDT

Toll-free in U.S. and Canada: 1-800-319-4610

All other callers: 1-604-638-5340

Webcast: SSR Mining website

The conference call will be archived and available on SSR Mining's website. Audio replay will be available for two weeks by calling:

Toll-free in U.S. and Canada: 1-855-669-9658, replay code 0374

All other callers: 1-412-317-0088, replay code 0374

Dividend declaration

On Nov. 1, 2023, the board of directors declared a quarterly cash dividend of seven cents per common share, payable on Dec. 11, 2023, to holders of record at the close of business on Nov. 13, 2023. This dividend qualifies as an eligible dividend for Canadian income tax purposes.

The dividend payment applies to holders of SSR Mining's common shares, which trade on the Toronto Stock Exchange and the Nasdaq under the symbol SSRM, and to holders of its CHESS Depositary Interests (CDIs), which trade on the Australian Securities Exchange under the symbol SSR. Each CDI confers a beneficial interest in one common share. Therefore, CDI holders are entitled to a dividend calculated on the same basis as the holders of SSR Mining's common shares.

SSR Mining has sought and been granted a temporary waiver of certain of the ASX settlement operating rules. Under the authority of the waiver, the processing of conversions of common shares to CDIs, or CDIs to common shares, lodged on or after or after Nov. 10, 2023, will be deferred until after the record date of Nov. 13, 2023. The key dates with respect to the dividend are as follows:

• Last date for processing requests to convert CDIs into common shares and to convert common shares into CDIs before the record date for the dividend: Nov. 9, 2023;
• CDIs trade on the ASX on an ex dividend basis: Nov. 10, 2023;
• Common shares trade on the TSX and Nasdaq on an ex dividend basis: Nov. 10, 2023;
• Record date for the dividend: Nov. 13, 2023;
• Processing recommences for requests to convert CDIs into common shares and to convert common shares into CDIs: Nov. 14, 2023;
• Common share dividend payment date (in Canada and the United States): Dec. 11, 2023;
• Payment of dividend to CDI holders (in Australia): Dec. 12, 2023.

Payments to Canadian shareholders will be made in Canadian dollars based on the exchange rate on the record date as reported by the Bank of Canada. Payments to other shareholders will be made in U.S. dollars. For CDI holders, payments will be made in Australian dollars, and it is expected to be based on the prevailing exchange rate sourced from the wholesale foreign exchange market on or around five business days after the record date.

About SSR Mining Inc.

SSR Mining Inc. is a leading, free-cash-flow-focused gold company with four producing operations located in the U.S., 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. SSR Mining is listed under the ticker symbol SSRM on the Nasdaq and the TSX, and SSR on the ASX.

Sampling and analytical procedures

All Porky drilling samples completed since May 28, 2023, were sent to ALS Geochemistry in Vancouver, Canada, which is an accredited laboratory independent of SSR Mining. SSR Mining conducts routine quality assurance/quality control analysis on all assay results, including the systematic utilization of certified reference materials, blanks, field duplicates, analytical duplicates and umpire laboratory check assays. Mean results of the spot checks were consistent with those reported. Sampling interval was established by minimum or maximum sampling lengths and geological and/or structural criteria. ALS prepares a crusher/rotary splitter combo, crushing to 70 per cent less than two millimetres, rotary splitting off one kilogram and pulverizing split to better than 85 per cent passing 75 microns. Fire assay with atomic absorption finish was completed on a 50-gram aliquot to produce gold analytical results with a 0.01 g/t gold detection limit. Fire assay with gravimetric finish was prepared on those samples with greater than 10 g/t gold result, with a 0.05 g/t gold detection limit.

All Porky drill samples prior to May 28, 2023, were assayed by SSR Mining's on-site non-accredited assay laboratory, which is not independent from SSR Mining. Duplicate check assays were conducted at site as well as at ALS Laboratories, Winnipeg, which is independent from SSR Mining. Mean results of the spot checks were consistent with those reported. Sampling interval was established by minimum or maximum sampling lengths and geological and/or structural criteria. Seabee's site lab typically prepares two 100-gram samples that were pulverized until greater than 80 per cent passed through a 150-mesh screen. Thirty-gram pulp samples were then analyzed for gold by fire assay with gravimetric finish (0.01 g/t gold detection limit).

All drill samples of Cortaderas surface drilling program were analyzed at Alex Stewart Laboratories (ASL), Argentina. SSR Mining's drill and geochemical samples were collected in accordance with accepted industry standards. SSR Mining conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks, field duplicates, analytical duplicates and umpire laboratory check assays. Sampling interval was most commonly one metre, using geological and/or structural criteria. ASL crushed each sample to 80 per cent passing two mm and a 200-gram split was pulverized to better than 95 per cent passing 106 microns. A four-acid multielement analysis with a mass spectrometry finish, using a 0.2-gram sample, was used to produce Ag, Pb and Zn analytical results. For all Ag results greater than 200 parts per million, or Pb and Zn results greater than 10,000 ppm, a four-acid overlimit method (optic) was completed using a 0.2-gram sample size. For all Ag results greater than 2,000 ppm a gravimetric analytical method was completed using 0.3-gram sample size.

All drill samples in respect to the Hod Maden drilling program were analyzed at ALS Laboratories in Izmir and SGS Laboratories in Ankara, Turkey. SSR Mining's drill and geochemical samples were collected in accordance with accepted industry standards. SSR Mining conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks, field duplicates and umpire laboratory check assays. The sampling interval was most commonly one metre, using geological and/or structural criteria. The analysis method of the drilling conducted by SGS Ankara is performed for trace multielement (ICP 40B) and trace gold (FA 303) in order to detect the gold concentrate between 0.01 and 100 ppm (30-gram fire assay). The analysis method of the drilling conducted by ALS Chemex Izmir is performed for trace multielement (ME-ICP 61a) and trace gold (Au-AA25) in order to detect the gold concentrate between 0.01 and 100 ppm (30-gram fire assay). All samples from drilling completed since June, 2023, were analyzed by ALS Chemex Izmir for trace multielement (ME-MS61) four-acid digestion with inductively coupled plasma atomic emission spectroscopy and inductively coupled plasma mass spectrometry analysis for 48 elements and trace gold (Au-AA24) in order to detect the gold concentrate between 0.005 and 10 ppm (50-gram fire assay).

There were no adverse material results detected and the QA/QC indicates the information collected is acceptable, and the database can be used for further studies.

Qualified persons

The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a qualified person for purposes of Subpart 1300 of Regulation S-K and National Instrument 43-101- - Standards of Disclosure for Mineral Projects. Specifically, the scientific and technical data in this news release relating to: (i) resource development activity at the Seabee property have been reviewed and approved by Jeffrey Kulas, PGeo, manager, resource development; (ii) exploration activity at the Puna project have been reviewed and approved by David Gale, PGeo, senior manager, exploration; and (iii) exploration activity at the Hod Maden project have been reviewed and approved by Rex Brommecker, PGeo, senior vice-president, exploration; each of whom is a qualified person for purposes of SK-1300 and NI 43-101.

We seek Safe Harbor.