SSR Mining Q4 2024 Earnings Report

SSR Mining EPS Results

• Actual EPS: $0.10
• Consensus EPS: $0.18
• Beat/Miss: Missed by -$0.08
• One Year Ago EPS: N/A

SSR Mining Revenue Results

• Actual Revenue: $323.19 million
• Expected Revenue: $262.20 million
• Beat/Miss: Beat by +$60.99 million
• YoY Revenue Growth: N/A

SSR Mining Announcement Details

• Quarter: Q4 2024
• Date: 2/18/2025
• Time: After Market Closes
• Conference Call Date: Tuesday, February 18, 2025
• Conference Call Time: 5:00PM ET

SSR Mining (NASDAQ:SSRM), together with its subsidiaries, engages in the operation, acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina. The company explores for gold doré, copper, silver, lead, and zinc deposits. Its mines include the Çöpler, located in Erzincan province, Turkey; the Marigold, located in Nevada, the United States; the Seabee, located in Saskatchewan, Canada; and the Puna, located in Jujuy province, Argentina. The company was formerly known as Silver Standard Resources Inc. and changed its name to SSR Mining Inc. in August 2017. SSR Mining Inc. was incorporated in 1946 and is based in Denver, Colorado.

SSR Mining Q4 2024 Earnings Call Transcript

Key Takeaways

• SSR Mining marked the one-year anniversary of the Copler heap-leach incident, completed removal of displaced tailings and, following an independent CNI report attributing the failure to a third-party engineering design flaw, is in active discussions with Turkish authorities to restart operations within 20 days of permit approval.
• The company announced the Cripple Creek & Victor acquisition from Newmont, boosting scale, free cash flow and portfolio diversification, with integration planning well underway and consolidated 2025 guidance to include CC&V contributions.
• In 2024 SSR Mining delivered its strongest quarter in Q4 with 124,000 gold-equivalent ounces at an AISC of $18.57/oz, closed the year with 399,000 oz at $18.78/oz, grew consolidated reserves by 3% to 8 Moz Au-eq, and achieved record silver output of 10.5 Moz at Puna.
• Key catalysts for 2025 include completing a technical report and updated life-of-mine plan for CCMB, advancing Hot Maden toward a construction decision, declaring maiden reserves at Buffalo Valley, and pursuing brownfield exploration across all operations to extend mine life.
• SSR Mining ended 2024 with $388 M in cash, $158 M net cash and approximately $890 M total liquidity, generating $56 M in Q4 free cash flow and positioning itself to fund ongoing remediation and growth initiatives.

Presentation

[Operator]

Hello, everyone, and welcome to SSR Mining's Fourth Quarter and Year End twenty twenty four Conference Call. Please be advised that this call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Alex Huncek from SSR Mining. Please go ahead.

[Alex Hunchak, Vice President - Investor Relations at SSR Mining]

Thank you, operator, and hello, everyone. Thank you for joining today's conference call to discuss SSR Mining's fourth quarter and full year results. Our consolidated financial statements have been presented in accordance with U. S. GAAP.

[Alex Hunchak, Vice President - Investor Relations at SSR Mining]

These financial statements have been filed on EDGAR, SEDAR, the ASX and are also available on our website. There is an online webcast accompanying this call and you will find the information to access the web cast in this afternoon's news release and on our corporate website. Please note that all figures discussed during the call are in U. S. Dollars unless otherwise indicated.

[Alex Hunchak, Vice President - Investor Relations at SSR Mining]

Today's discussion will include forward looking statements, so please read the disclosures in the relevant documents. Additionally, we refer to non GAAP financial measures during our discussion and in the accompanying slides. Please see our press release for information about the comparable GAAP measures. Rod Antle, Executive Chairman, will be joined by Michael Sparks, Chief Financial Officer and Bill McNevin, EVP, Operations and Sustainability on today's call. I will now turn the line over to Rod.

[Operator]

Pardon me. This is the conference operator. Rod, your line may be muted.

[Rodney Antal, Executive Chairman at SSR Mining]

Thanks, Alex. I want to start today's call by acknowledging that February 13 marked the one year anniversary of the tragic incident at AAA. An emotional memorial service was held at site to reflect on the nine lost colleagues. This incident has left an indelible mark on all of us here at SSR and I want to acknowledge the hard work and dedication demonstrated by everyone across this entire organization in 2024. We have made good progress at Copler, especially in recent months.

[Rodney Antal, Executive Chairman at SSR Mining]

Constructive discussions continue with the relevant Turkish authorities on a pathway to advance the restart of the operations. Bill will provide further update on the current activities at Copler later in the call. Now looking at our results for 2024, I'm pleased to report that we closed the year on a strong note with solid operating results, a year over year increase to our consolidated reserves and a major strategic announcement with the acquisition of Cripple Creek and Victor mine from Newmont. As a result, CC and V will increase our scale, free cash flow and portfolio diversification and we have made excellent progress on the integration planning since announcing the transaction in December. Our consolidated 2025 cost and production guidance, including CC and V, will be released shortly after the transaction closes in the coming weeks.

[Rodney Antal, Executive Chairman at SSR Mining]

Looking forward and as we progress our efforts at Gerfla, we have several important priorities and catalysts on horizon in 2025. These include the delivery of a technical report and updated life of mine plan for CCMB, advancing Hot Matting towards a construction decision, continued progress on an updated and extended life of mine for Kuna, including potential laybacks in Chichairs and evaluation of a longer term potential of Cortaderas advancing the Buffalo Valley deposit at Marigold, which now hosts more than 500,000 ounces in its maiden reserve ongoing exploration activities across the portfolio as we evaluate other opportunities for mine life extension at each one of the operations and most importantly continuing to advance Chirpah to Arista. I also want to highlight two significant milestones achieved by SSR team in 2024. At Marigold, we celebrated 5,000,000 ounces of life of mine gold production from the asset on December 30, a huge accomplishment and a testament to the quality of the mine and the team. Additionally, Puna produced 10,500,000 ounces of silver in 2024, which was a record for the operation's fifteen years life and hitting the top end of its previously increased production guidance.

[Rodney Antal, Executive Chairman at SSR Mining]

We are proud of our team in Argentina for their efforts in building Puna into one of the previous silver mines. Let's turn to Slide four for a discussion on the MR MR update. Our consolidated reserves totaled 8,000,000 gold equivalent ounces at the end of twenty twenty four, excluding any contributions from CC and V or Hot Madam. This was a 3% increase over 2023 after mine depletion, which is a strong result that showcases the success of our resource development drilling. Notably, Marigold's reserves increased 14% year over year, driven by the declaration of a 523,000 ounce maiden reserve for Buffalo Valley, which will be a key life of mine extension opportunity for Marigold going forward.

[Rodney Antal, Executive Chairman at SSR Mining]

It is also worth noting that metal price changes were not a material driver in this reserve growth. Gold price assumptions at Copler and CB was unchanged for 2023, while Marigold and Puna increased their metal price assumptions by just 3% over the prior year. Our gold equivalent resources, exclusive of reserves, were down just 1% year over year despite the strong reserve conversion and unchanged metal price assumptions. Gold only M and I resources increased 9% over 23% driven in part by continued resource additions at CB. Further, the addition of both Hot Matin and CC and V will deliver meaningful reserve and resource growth in 2025.

[Rodney Antal, Executive Chairman at SSR Mining]

And we will continue advancing resource development activities across the portfolio as we strive to extend mine lines at each one of the producing assets. This includes the progress at Marigold's new Millennium and Buffalo Valley deposits, CV's Porky's target and at Puna, the Cortaderas project. Now, I'm going to hand the call over to Michael to discuss the quarter on Slide number five.

[Michael Sparks, Executive VP, CFO & Secretary at SSR Mining]

Thanks, Rod,

[Michael Sparks, Executive VP, CFO & Secretary at SSR Mining]

and good afternoon, everyone. The fourth quarter of twenty twenty four was our strongest of the year with 124,000 gold equivalent ounces produced at all in sustaining cost of $18.57 per ounce. For the full year, we produced 399,000 gold equivalent ounces at AISC of $18.78 per ounce. Production of Marigold, Seabee and Puna combined to produce 371,000 gold equivalent ounces in 2024 and an AISC of $15.42 per ounce. As a reminder, under U.

[Michael Sparks, Executive VP, CFO & Secretary at SSR Mining]

S. GAAP, we do not adjust for care and maintenance costs incurred during the year and the cash impact of these expenses are reflected in our AISC numbers. Excluding the approximately $178 per ounce of cash care and maintenance costs incurred at Cherpler and Seabee in Q4, AISC

[Michael Sparks, Executive VP, CFO & Secretary at SSR Mining]

for

[Michael Sparks, Executive VP, CFO & Secretary at SSR Mining]

the quarter was $16.79 dollars per ounce. For the full year, excluding care and maintenance costs, AISC was $16.99 per ounce. At Sherpler, full year reclamation and remediation spend was $128,000,000 We also spent approximately $14,000,000 advancing Hodmaden in the fourth quarter, bringing full year spend at the project to $42,000,000 as we progress engineering and preliminary site development activities. Lastly, as Rod mentioned, we had a good year at the drill bit in 2024 and look forward to continued advancement of these brownfield opportunities in 2025. Moving to our financial results on Slide six, we recorded attributable net income of $0.03 per diluted share in the fourth quarter and adjusted net income of $0.1 per diluted share.

[Michael Sparks, Executive VP, CFO & Secretary at SSR Mining]

Care and maintenance costs at Cherpler and Seabee, which totaled $36,000,000 in the fourth quarter, accounts for $0.18 per diluted share. Fourth quarter operating cash flow was $95,000,000 and free cash flow was $56,000,000 a very strong result to close out 2024. We finished the year with $388,000,000 in total cash, a net cash position of $158,000,000 and total liquidity of approximately $890,000,000 With this existing liquidity and an outlook for continued free cash flow generation in 2025, we have closed the year in a strong position financially and we are well positioned to manage remediation costs at Sherpler as well as our reinvestment needs across the business. Furthermore, we expect CC and B will contribute immediate free cash flow to our business upon integration, enabling a rapid payback of the transaction's $100,000,000 upfront consideration, particularly at these gold prices. Now over to Bill for Slide eight.

[William MacNevin, Executive Vice President of Operations & Sustainability at SSR Mining]

Thanks, Michael. I'll start with a brief update on Cherpla. In the fourth quarter of twenty twenty four, we continued to advance reclamation and remediation activities at site. And we have now removed all of the displaced tea bleach material from the Sibeli Valley. We are continuing discussions with Turkish government officials around the final remediation plan at Copla.

[William MacNevin, Executive Vice President of Operations & Sustainability at SSR Mining]

Positively, we continue to note public commentary from Turkish officials affirming that there was no recordable contamination to local soil, water or air in the locations sampled. Following the incident, we commissioned Col and Nicholas Inc, or C and I, an international mining consultant firm to conduct an independent review of the Copler heap leach failure. This was an important body of work for us as we sought to determine the cause of the Copler incident. C and I determined the most likely cause of the Copler incident was a deep rooted flaw in the third party engineering design of the ePlex pad, namely an overestimation of the shear strength properties of the liner system at the base of the ePlex. This error inflated the calculated factor of safety and resulted in insufficient shear strength along the liner interface to support the as designed heap leach facility.

[William MacNevin, Executive Vice President of Operations & Sustainability at SSR Mining]

CNI also determined that in all material aspects, the heap leach pad construction and operation was carried out in conformance with the issued for construction engineered design parameters and that there was no substantiation that excess water, ground vibrations from blasting or stacking beyond the design caused the event. These outcomes provide clarity and understanding for our team on the ground as we seek to restart the Cherpla mine. And we continue to work closely with relevant authorities on this front. As a reminder, we expect Cherpla to be restarted within twenty days from the seat of the necessary permits with initial operations consisting of processing a combination of stockpiled ore and ore mined from Cakmaktepe whilst the remediation work continues. Now let's move on to Slide eight for some commentary on Marigold.

[William MacNevin, Executive Vice President of Operations & Sustainability at SSR Mining]

Marigold produced 60,000 ounces in the fourth quarter, its strongest period of the year and marking 5,000,000 ounces of total production over the mine's thirty five year operating loss. This is a significant milestone for any gold mine and is a clear testament to the quality of the people we have on the ground in Nevada. For the full year, Marigold produced 160,000 ounces and NASIC of $17.11 dollars per ounce with costs reflecting increased royalty expenses given the current gold price and also continued cost pressures with respect to OEM components. We expect these costs to remain elevated in 2025. As Rod noted in the MR MR update, we made some great progress with Bramfield exploration and studies at Buffalo Valley, enabling the declaration of a 05/3000 ounce maiden mineral reserve at the deposit.

[William MacNevin, Executive Vice President of Operations & Sustainability at SSR Mining]

We also delivered mineral resource growth at New Millennium and will continue to advance brownfield drilling activity at Marigold in 2025 to build on these positive outcomes. Now on to Seabee on Slide nine. Operations restarted Seabee on October 11, and the mine closed the year with its strongest quarter of twenty twenty four with production at 28,000 ounces at an ASIC of twelve fourteen per ounce. This strong production was driven by higher than expected head growth, which averaged 9.7 grams per tonne in the quarter. Thanks to the strong fourth quarter, Seabee finished the year above its previously revised production guidance with 79,000 ounces ASIC and an ASIC of $15.15 dollars per ounce.

[William MacNevin, Executive Vice President of Operations & Sustainability at SSR Mining]

The team continued evaluating the drilling at the Porky and Porky West targets in 2024, which helped deliver an 88% increase in measured and indicated mineral resources for Sealy. We're advancing further drilling and technical studies to better delineate the opportunity to potentially extend the operating life at Sealy through both additional mineralization at Santoy and a potential new development pathway at the Borki targets. Now, on to Puna. Puna produced 3,000,000 ounces of silver in the fourth quarter, driving record full year production of 10,500,000 ounces of silver. This production meant the top end of Purna's previously increased guidance, bringing a strong close to a truly exceptional year for the operation.

[William MacNevin, Executive Vice President of Operations & Sustainability at SSR Mining]

Full year ASIC at Puna was $15.56 per ounce, delivering significant free cash flow margins in the current silver price environment. We made good progress evaluating life extension opportunities at Puna in 2024, including at both Chinchillas Pit and Cortaderas target. We expect to be in a position to provide further updates on these initiatives within 2025 and are excited to be in a position to build on Puna's recent success by delivering a longer mine life and continued economic benefits for our local stakeholders. Before I turn back to Rod, I would quickly speak to the Cripple Creek and Victor acquisition. I personally overseen the integration process since we announced the transaction in December, and I'm confident we are positioned to realize significant value from CCV right out of the gate.

[William MacNevin, Executive Vice President of Operations & Sustainability at SSR Mining]

Our due diligence identified meaningful opportunities to build on the sizable mineral reserves and resources that already exist at the asset. And we look forward to demonstrating other opportunities to deliver additional value from the asset in an updated life mine plan for CC and B within 2025. I'm thrilled to bring an asset and team of this caliber into our portfolio and look forward to discussing our long term plans for the mine in the near future. I'll turn back to Rod for closing remarks.

[Rodney Antal, Executive Chairman at SSR Mining]

Well, thank you, Bill, and thanks, Michael. When I closed this call at the end of the third quarter, I noted that we were looking forward to a strong close in 2024. I'm happy to say that we delivered on those expectations and we look forward to continuing this positive momentum by delivering a number of catalysts in 2025. With the CC and V transaction closing in the coming weeks, we have added another long lived and free cash flow generative asset to our portfolio and we look forward to sharing our consolidated production and cost outlook for the company before the end of the quarter. At the same time, we continue to diligently advance towards a potential restart of operations at Copler.

[Rodney Antal, Executive Chairman at SSR Mining]

Copler is a meaningful contributor to the local and national economies in Turkey and we are keen to return to operations while we continue the remediation and reclamation efforts in 2025 and beyond. I'm proud for the tremendous resilience of our teams and the business demonstrated in 2024. We have entered a new year with renewed optimism and while we have a busy year ahead, we look forward to servicing value across all of our assets in 2025. So with that, I'm going to turn the call over to operator for questions. Thank you.

[Operator]

Thank you, Mr. Antal. We will now begin the question and answer session. And your first question today will come from Ovaiz Habib with Scotiabank. Please go ahead.

[Ovais Habib, Precious Metals Analyst at Scotiabank]

Thanks, operator. Hi, Rod and SSR team. Just a couple of questions for me. Just starting off with CB, obviously, you had a great quarter in Q4. Should we expect any sort of outperformance like this to continue into 2025?

[Rodney Antal, Executive Chairman at SSR Mining]

Hey, guys. I'm going to let Bill take that one.

[William MacNevin, Executive Vice President of Operations & Sustainability at SSR Mining]

Yes, Luke. Thanks for the question. It was a great quarter. We obviously hit some very, very special grade. We continue to search and do further exploration in Santoy.

[William MacNevin, Executive Vice President of Operations & Sustainability at SSR Mining]

Cannot expect those grades to continue each and every other every quarter, but we do expect to continue along that same vein year in, year out. But we, as you know, if you've been tracking Seabee, there's times where we hit some of that better grade and this quarter was definitely one of them.

[Ovais Habib, Precious Metals Analyst at Scotiabank]

Okay. Thanks for that, Bill. And just then moving to Jopler. Rod, just in terms of is there any sort of key information or study the regulators are waiting for before they make any sort of decision on moving forward with the restart of operations? Or was the recent findings of C and I enough for the regulators to make their decision to move forward?

[Rodney Antal, Executive Chairman at SSR Mining]

Yes. Look, I think the simple way to think about it, my base, it's a package of work. If you think about in the year that we've had since the incident, we've made tremendous progress as we've been continually reporting all through 2024 and obviously now with our full year financials. And the priorities that we set ourselves and the aggressive timetable that we set ourselves to achieve what we've actually done in terms of control the site. Ensure we didn't have any environmental contamination to remediate and clear the Superle Valley to make the site safe are all sort of precursors to a restart as you would expect.

[Rodney Antal, Executive Chairman at SSR Mining]

Similarly, the C and I report itself obviously isn't a precursor, but it's important to understand as we're talking and working with the regulators. I mean, the last few pieces are really around locking down and agreeing on what the closure plans will be. And that is in respect to the East Storage facility that Bill mentioned. So that's concluding now, as well as the final heap Leach closure itself. So it's all been a package, if you like, as a progression to where we are today to get us into this place as we're looking forward to a restart.

[Rodney Antal, Executive Chairman at SSR Mining]

We still got work to do as similarly as we always will. Remediation efforts will continue beyond even when Schuessler restarts as we've talked about before etcetera, etcetera. So restart doesn't necessarily mean there's not more work to be done. But I think as I think back to where we were this time last year, where clearly we're all shocked about what happened and to where we are now. We've come a long ways and obviously we're working confidently with the regulators to seek a permission and permits to get restarted at Chipotle.

[Ovais Habib, Precious Metals Analyst at Scotiabank]

Thanks for that color a lot. And then just kind of number three on my end. Again, in terms of moving on to Hotmaiden, does the commencement of the development of Hotmaiden hinge anywhere on the restart of operations at Chopra?

[Rodney Antal, Executive Chairman at SSR Mining]

Yes. I think the simple way to think about it, I've always we might have talked about it before. When we acquired our interest in Hotmartin, we did talk about the fact that we wanted to take the time to develop a plan. And when I say plan, a technical study that represents our approach to developing the asset with the necessary detail around the execution plan, the necessary technical detail, particularly in the sort of years one, two, three, after you start the asset up to get a higher level of fidelity around what we expect in the asset in the initial years because that's clearly where the payback is, etcetera, etcetera, etcetera. So that work's been working going on in the background and we're studiously working on all those components exclusive of CHERPLER.

[Rodney Antal, Executive Chairman at SSR Mining]

So, and that work will continue during this year until we're in such a stage where we can wrap all that up to basically redo the technical reports and then start the project financing discussions externally with the banks to bring Holmaden into construction. So it's not hinged on Sherpa. And in fact, the work we've been doing and the way we've separated the teams and the efforts around the teams is set up to be mutually exclusive.

[Ovais Habib, Precious Metals Analyst at Scotiabank]

Perfect. Thanks for that. And then thanks for taking my questions, Rod. And looking forward to the guidance after the closing of CC and V.

[Rodney Antal, Executive Chairman at SSR Mining]

Great. Thanks, Ava. Appreciate it.

[Operator]

And your next question today will come from Cosmos Chiu with CIBC. Please go ahead.

[Cosmos Chiu, Executive Director & Institutional Equity Research - Precious Metals at CIBC World Markets]

Hi. Thanks, Rod and team. Maybe my first question is on Marigold. Good to see that you have declared an initial reserve at Buffalo Valley. Could you remind me in terms of how that slots into the production profile in Marigold?

[Rodney Antal, Executive Chairman at SSR Mining]

Yes, look, I'll let Bill answer the question. But I think what's important for us, I think for most people to take away from the year, there could have been a period where we may have forgotten about the rest of the business. But the fact that we're able to achieve what we achieved with the challenge of Churbler in respect to the operations performing, as well as continuing to evolve and daylight the growth from the portfolio. I'm really proud of the team and what they've been able to do. And I want to make that declaration very public because we sort of forget, right?

[Rodney Antal, Executive Chairman at SSR Mining]

We just take it as a I think as a for granted, but the efforts in the background to bring a Buffalo Valley now into a reserve shouldn't go unnoticed, because it is important for the future of Marigold. And again, another really good indication of the focus that we've had and energy that we've got in the business. But Bill, why don't you answer the question around the sort of timing?

[William MacNevin, Executive Vice President of Operations & Sustainability at SSR Mining]

Yes. So Cosmos, we're very excited about it. It's like a satellite of that main area. There was a lot of good work done already working it through this year. We're taking that further into feasibility study type work with a lot of engineering.

[William MacNevin, Executive Vice President of Operations & Sustainability at SSR Mining]

And we'll be updating our life of mine plans as typically throughout this year. So in terms of the timing, it will be driven by two things, the net value, which is we believe is going to be high for Buffalo value, but we've also got to still go through the permitting processes. So it's still several years off, but it's definitely something that we're excited about it progressing through the pipeline and we'll be able to give more color to that later in the year after we've worked through our life of mine scheduling processes.

[Cosmos Chiu, Executive Director & Institutional Equity Research - Precious Metals at CIBC World Markets]

Great. And thanks, Bill. And echoing your comments, Rod, and that's why I wanted to ask that question in terms of a pleasantly surprise as well that we're able to see progress at some of these different assets, including Buffalo Valley. So I agree with what you said, Rod.

[Rodney Antal, Executive Chairman at SSR Mining]

Yes, I appreciate it, Charles. I think the other thing just one more thing on Marigold, just while you're talking about. I think the other area of focus for us in 2025 beyond what Bill described for Buffalo Valley, which is important, will be people putting holes into the new millennium target, which is another one that's progressed, just not as far advanced as what Buffalo Valley is.

[Cosmos Chiu, Executive Director & Institutional Equity Research - Precious Metals at CIBC World Markets]

Yes, great. And then as you mentioned, you put out your updated mineral reserve mineral resource estimate today as well for the year. And as you mentioned, you used very conservative commodity price assumptions, 1,500 for some of the assets, even lower for the other ones. Could you maybe talk about the decision to use Deek's conservative commodity price assumptions? And what would have happened?

[Cosmos Chiu, Executive Director & Institutional Equity Research - Precious Metals at CIBC World Markets]

Some of the like Marigold, for example, I would imagine there's some ounces that could come in into the pit if you were to have used a higher commodity price assumption. So two parts, why did you continue to use commodity price much lower than spot prices today? And what could have happened?

[Rodney Antal, Executive Chairman at SSR Mining]

Yes, look, I'm not going to speculate on what could have been because they're all sensitive in their own right. But what I'll say is the simple reason for where we ended up cause is, if you look at Sherpa, given the asset is on care and maintenance, we left the metal prices unchanged. It just made sense to until we get a restart. That was really key. CV, as you remember, is already at $16.50 dollars because of its relatively short mine life.

[Rodney Antal, Executive Chairman at SSR Mining]

So we saw we didn't see a reason to change it. And then the other ones increased slightly obviously as well. So that was a decision made as we were going through our assumptions. We also take a sort of view of consensus. We look at what our peers are doing.

[Rodney Antal, Executive Chairman at SSR Mining]

And that's how we ended up with the reserve and resource statements as they were. We'll continue to review that. We only do one sort of strategic mine plan review a year because otherwise it just becomes unwieldy. And we'll review that during 2025. Remember, we've also got to take into account now the acquisition of CC and B.

[Rodney Antal, Executive Chairman at SSR Mining]

And historically, Newmont have been fairly conservative in their resource and reserve statements. We'll have to wait and see what they do with their new resource and reserve statements here in the next little while. And we'll take that into account as we look at the sort of full portfolio review strategically through our mine plan process in 2025. So there could be some updates to it as we progress into this year or later in the year. How they impact, how the commodity prices impact the pit shells, the optimal pit shells, etcetera, they're all very differently positioned in terms of their sensitivity.

[Rodney Antal, Executive Chairman at SSR Mining]

So again, I'm not going to sort of go into wax lyrical about each one of them, but they will obviously have the benefit of a high commodity price over the years. So more to come later this year.

[Cosmos Chiu, Executive Director & Institutional Equity Research - Precious Metals at CIBC World Markets]

Of course. And maybe one last question. As you mentioned sorry, bringing this back to triple here. As you mentioned, the remediation and containment costs overall $250,000,000 to $300,000,000 you've spent $200,000,000 1 hundred and 20 7 dollars ish million so far. Could you remind us in terms of the timing of the remainder of that spend?

[Rodney Antal, Executive Chairman at SSR Mining]

Yes. I'm going to let Michael take a call, but he's maybe you, Michael.

[Michael Sparks, Executive VP, CFO & Secretary at SSR Mining]

Yes. Thanks, Cosmos. I think as you look at what Rod mentioned earlier that in this call, a lot of the focus in 2024 was the Suburban Valley and that work has been completed. As we work for the engineering and the timeline for the e storage facility, the material movement will be subdued throughout 2025. Once that facility is constructed, then the material movement will pick back up.

[Michael Sparks, Executive VP, CFO & Secretary at SSR Mining]

So I would expect that remediation and reclamation spend to be lower than it was in 2024. And as we get that permitting and other things done for the e storage facility, we'll ramp up that material movement again.

[Cosmos Chiu, Executive Director & Institutional Equity Research - Precious Metals at CIBC World Markets]

Great.

[Rodney Antal, Executive Chairman at SSR Mining]

And we'll put that out with guidance calls as best we can. The one thing I would say too is the it's an important you pronounce the numbers correctly in terms of the liability that we're carrying because I think it's important that people understand it. The $250,000,000 to $300,000,000 is still our estimate that hasn't changed. I mean that's sound and we're obviously already churned through quite a lot of that with the '24 efforts. So the expectation is the rest of the spend will take place over a number of years beyond 2025 as we progressively build the storage facility and the remediation efforts on the pad as Michael said.

[Rodney Antal, Executive Chairman at SSR Mining]

So I think taking away from that, if you think about lower laying that on our liquidity position, we're obviously in an extremely strong position.

[Cosmos Chiu, Executive Director & Institutional Equity Research - Precious Metals at CIBC World Markets]

Great. Thanks, Rod, Michael and Bill, those are the questions I have. Thank you.

[Rodney Antal, Executive Chairman at SSR Mining]

Thanks, guys.

[Operator]

Your next question today will come from Lawson Winter with Bank of America Securities. Please go ahead.

[Lawson Winder, Analyst at Bank of America]

Yes. Thank you very much, operator. Good morning or good evening, Rod and Tim. I wanted to ask about Marigold in advance of your guidance. I mean, I'm not going to ask you for a preview of the guidance, which conceptually Marigold a year ago was conceived to be going through a period of investment.

[Lawson Winder, Analyst at Bank of America]

So 2025 would have as a result experienced lower gold production and then a rebound in 'twenty six and then still higher in 'twenty seven. Just generally, is that still the concept or could there be a push out of the investment that was considered a year ago?

[Rodney Antal, Executive Chairman at SSR Mining]

Sorry, Lawson, I had you on mute. I think if you use the tech report we put out this time last year as the placeholder for guidance, I think that's still sound. So until we do it, I think that's the best reference point.

[Lawson Winder, Analyst at Bank of America]

Okay, fantastic. And then to what extent can you provide us some additional color in terms of what Cartier is considering as conditions for reinstatement of the operating approvals for Turplers. So for example, is there any consideration to some increase in local ownership of part of the mine? Is there consideration for a resubmission of a completely new EIA? Or what are some kind of the moving parts?

[Lawson Winder, Analyst at Bank of America]

Or do you have some stage gates that you can share with us just to help us kind of think about potential timelines? Anything you could share would be very

[Lawson Winder, Analyst at Bank of America]

helpful.

[Rodney Antal, Executive Chairman at SSR Mining]

Yes. Look, I think sort of I'll repeat what I sort of said a moment ago. But if you think about the incident itself, it was unprecedented, right? So, there is no playbook to this in terms of what needs to be done for a restart.

[Rodney Antal, Executive Chairman at SSR Mining]

However, the efforts that we made and have made in themselves is entirely in alignment to seeking a restart. So we've made terrific progress on those fronts and we continue to make progress on those fronts. We believe we're getting to the pointy end of that work, which necessitates the completion of the engineering for the storage facility and the engineering around the heap leach pad remediation, which we're closing in fast to complete. And obviously those discussions are going on in parallel with the regulators to ensure that we're doing all the things that we need to do before we seek approval for the reinstatement of the temporary operating certificate. So there's no condition precedent.

[Rodney Antal, Executive Chairman at SSR Mining]

There's no determinant around you have to do a new EIA. We will be operating under the 2014 EIA. And as I mentioned, I think probably on the last call, no matter what, we actually had to do a new EIA for Cherpler anyway, which we fully expect to complete this year for some middle of what we'll call the CHERPLER twenty twenty five EIA. That will take into account the anticipated Grand Leach Circuit and some of the expansion opportunities that we identified in the last tech report this time last year. And that's sort of normal course.

[Rodney Antal, Executive Chairman at SSR Mining]

It's obviously more important now because we want to get the higher throughput rates back up at Triplett, but nonetheless, it was sort of more in the ordinary course for us than having to be done because of anything the regulators want. So I think it's I think again, as we're moving forward, we're doing all the things we need to do and we've got to just continue to deliver those and continue with our dialogue with the regulators.

[Lawson Winder, Analyst at Bank of America]

Okay. Thank you. Look forward to further updates on that. Appreciate it.

[Rodney Antal, Executive Chairman at SSR Mining]

Good stuff. Thank you, Lawson.

[Operator]

We have the question and answer session as well as today's conference call. You may now disconnect your lines. Thank you for participating and have a pleasant

Participants

Executives

• Alex Hunchak, Vice President - Investor Relations
• Rodney Antal, Executive Chairman
• Michael Sparks, Executive VP, CFO & Secretary
• William MacNevin, Executive Vice President of Operations & Sustainability

Analysts

• Ovais Habib, Precious Metals Analyst at Scotiabank
• Cosmos Chiu, Executive Director & Institutional Equity Research - Precious Metals at CIBC World Markets
• Lawson Winder, Analyst at Bank of America