Mr. F. Edward Farid reports

SSR MINING ANNOUNCES THE SALE OF ITS SAN LUIS PROJECT FOR TOTAL CONSIDERATION OF UP TO US$42.5 MILLION AND A 4% NSR ROYALTY

SSR Mining Inc. has entered into a definitive agreement to sell its San Luis project to Highlander Silver Corp. in exchange for total consideration of up to $42.5-million (U.S.).

Total consideration consists of $5-million (U.S.) in upfront cash and up to $37.5-million (U.S.) in contingent payments payable in cash. Pursuant to the terms of the agreement, SSR Mining will retain a 4-per-cent net smelter return (NSR) royalty on the project, which will be granted prior to the closing of the transaction.

The upfront cash component of the consideration will be paid upon closing of the transaction and the contingent payments are expected to be received in five instalments beginning with the commencement of an initial drilling program at the project and ending on the second anniversary of commercial production from the project. Under the terms of the agreement, at any time until commencement of construction, half of the NSR royalty can be repurchased by Highlander Silver for $15-million (U.S.) in cash.

Closing of the transaction is expected to occur in the first quarter of 2024 and is subject to the receipt of any required regulatory approvals and certain customary closing conditions for transactions of this nature.

The transaction is expected to be accretive to SSR Mining on a net-asset-value-per-share basis, based on street consensus estimates. With this transaction, SSR Mining continues to deliver on its goal of portfolio rationalization, realizing more than $300-million (U.S.) in aggregate consideration for non-core assets since the start of 2021.

San Luis is a greenfield gold and silver development project located in the Ancash department of central Peru.

About SSR Mining Inc.

SSR Mining is a leading, free-cash-flow-focused gold company with four producing operations located in the United States, Turkiye, 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 Stock Market and the Toronto Stock Exchange and the symbol SSR on the Australian Securities Exchange.

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