UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, ~~2022~~2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________to__________

Commission File Number: 001-35455

SSR MINING INC.

(Exact name of registrant as specified in its charter)


British Columbia (State or Other Jurisdiction of Incorporation or Organization)						98-0211014 (I.R.S. Employer Identification No.)
Suite 1300 - 6900 E. Layton Ave, Denver, Colorado, 80237

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code (303) 292-1299

Securities registered pursuant to Section 12(b) of the Act.


Title of each class	Trading symbol	Name of each exchange on which registered
Common shares without par value	SSRM	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12-b2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act). ☐ Yes ☒ No

There were ~~208,623,220~~203,870,671 common shares outstanding on July ~~29, 2022.~~31, 2023.

TABLE OF CONTENTS


			Page
PART I - FINANCIAL INFORMATION
SECOND QUARTER ~~2022~~202 3 HIGHLIGHTS			2
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA			43
Condensed Consolidated Statements of Operations (unaudited)			54
Condensed Consolidated Statements of Cash Flows (unaudited)			65
Condensed Consolidated Balance Sheets (unaudited)			87
Condensed Consolidated Statements of Changes in Equity (unaudited)			98
Notes to Condensed Consolidated Financial Statements ~~(unaudited)~~ (unaudited)			1110
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			28
Business Overview			28
~~Operating Statistics~~Consolidated Results of Operations			29
~~Consolidated Results of Operations~~			3328
Results of Operations			3832
Liquidity and Capital Resources			4338
Non-GAAP Financial Measures			4540
Critical Accounting ~~Policies and~~ Estimates			5248
New Accounting Pronouncements			5248
Forward-Looking Statements			5348
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			5449
ITEM 4. CONTROLS AND PROCEDURES			5449
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS			5449
ITEM 1A. RISK FACTORS			5449
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			5449
ITEM 3. DEFAULTS UPON SENIOR SECURITIES			5550
ITEM 4. MINE SAFETY DISCLOSURES			5550
ITEM 5. OTHER INFORMATION			5550
ITEM 6. EXHIBITS, FINANCIAL STATEMENT SCHEDULES			5551
SIGNATURES			5652

PART I - FINANCIAL INFORMATION

SECOND QUARTER ~~2022~~2023 HIGHLIGHTS (dollars, except per share, per ounce and per pound amounts)

•: ~~Solid quarterly operating performance:~~ ~~Delivered second quarter production of 159,262 gold equivalent ounces, and first half production of 333,201 gold equivalent ounces.~~(1)

•~~Strong financial~~Operating performance: The Company reported 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, the Company has delivered production of 303,518 gold equivalent ounces at cost of sales of $1,224 per gold equivalent ounce and all-in sustaining costs (“AISC”) of $1,663 per gold-equivalent ounce.

•Financial results: Attributable net income in the second quarter of 2023 was ~~$58.5~~$74.9 million, or ~~$0.27~~$0.35 per diluted share, and adjusted attributable net income was ~~$66.8~~$75.1 million, or ~~$0.30~~$0.35 per diluted share. For the six months ~~ending~~ended June 30, ~~2022,~~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. For the three months ended June 30, 2023, operating cash flow was ~~$95.0~~$80.3 million and free cash flow was ~~$18.7~~$22.4 million.~~(1)~~

•~~Renewed commitment to~~Continued delivery of peer-leading capital returns:On During the second quarter of 2023, the Company repurchased a total of $40.1 million of its outstanding common shares at an average share price of $14.97 per share. On June 16, ~~2022,~~2023, the Company announced a new Normal Course Issuer Bid (“NCIB”) permitting SSR Mining to purchase for cancellation up to ~~10,600,000~~10,200,000 common shares of the Company representing approximately 5.0% of SSR Mining’s total issued and outstanding common shares. ~~At the end of the second quarter, the Company had repurchased a total of 797,842 of its outstanding common shares at an average share price of $18.38 per share.~~ During the second quarter, the Board declared a quarterly cash dividend of $0.07 per ~~share.~~share.

•Balance sheet ~~reinforces business resiliency:~~ ~~At the end~~and financial strength: As of ~~the second quarter,~~June 30, 2023, the Company had a cash and cash equivalents balance of ~~$938.6~~$379.2 million, after ~~$35.6~~returning $14.3 million to shareholders and making $17.5 million in ~~scheduled~~ debt repayments ~~$30.1 million in dividend payments to equity shareholders, $14.7 million in share repurchases, and $30.8 million in dividends to joint venture partners in~~during the ~~first half of 2022.~~quarter.

•~~Russell 1000~~®Acquired an up to 40% ownership interest and operatorship in the Hod Maden Gold-Copper project: ~~Index inclusion:~~ ~~On June 27, 2022,~~In the second quarter of 2023, the Company ~~was incorporated into~~announced that it has acquired an up to 40% interest and immediate operational control in the ~~Russell 1000~~® ~~Index as well as~~Hod Maden gold-copper development project (“Hod Maden”) in northeastern Türkiye from Lidya Mines. Aggregate acquisition consideration totals $270 million, which includes a $120 million in 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 ~~broad-market Russell 3000~~® ~~Index as part~~start of construction and the first anniversary of commercial production. The acquisition of Hod Maden will add one of the ~~annual reconstitution~~highest margin and lowest capital intensity development projects globally to SSR Mining’s robust portfolio of ~~the Russell indexes. Russell indexes are widely used by investment managers~~high-return growth projects and ~~institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12.0 trillion~~leverages SSR Mining’s significant experience in assets are benchmarked against Russell’s US indexes. We believe the inclusion in these indexes is expected to increase the Company’s exposure in the investment community and provide an opportunity to expand our shareholder base.Türkiye.

•~~2021~~ ESG and Sustainability Report:On April 14, ~~2022,~~2023, the Company published its ~~fourth~~fifth annual ESG and Sustainability ~~Report.~~Report, which is available on the Company’s website. The report ~~outlines~~provided a comprehensive overview of how the Company manages sustainability across the business, detailed specific achievements from 2022 and outlined commitments made for 2023. Information included in the Company’s ~~approach to sustainability across a range of areas, including health & safety, environment, communities~~ESG and ~~diversity, as well as summarizes our 2021 ESG performance.~~Sustainability Report is not incorporated by reference into this Form 10-Q.

•~~Completed~~Delivered strong exploration results at Copper Hill: The Company continued to showcase its global exploration platform with positive exploration results at the ~~sale of the Pitarrilla project:~~ Subsequent to the quarter, on July 6, 2022 the Company announced the closing of the sale of the Pitarrilla project to Endeavour Silver Corp. (“Endeavour Silver”) following receipt of all required regulatory approvals and customary closing conditions.~~As consideration~~Copper Hill property in Türkiye. To-date, 77 diamond drill holes, totaling 24,600 meters, have been completed showcasing mineralization starting from surface over broad intercepts, suggesting potential for the sale, the Company received $35.0 million in cash, $35.0 million in shares of Endeavour Silver, and a 1.25% net smelter return royalty on the Pitarrilla property. The sale was originally announced on January 13, 2022.

•~~Closed the acquisition of Taiga Gold Corp.:~~On April 14, 2022, the Company completed the acquisition to acquire all of the issued and outstanding shares of Taiga Gold Corp. (CSE: TGC) (“Taiga Gold”) at a price of CAD $0.265 per Taiga Gold share, representing an aggregate consideration of approximately $24.5 million. The transaction materially expands the Company’s presence in Saskatchewan, Canada, a core jurisdiction, by adding five new properties, covering over 29,100 hectares, which provide new exploration targets stretching south from the Seabee mine to the Company’s 100%-owned Amisk property. Further, the acquisition consolidates a 100% interestopen pit operation in the Fisher property contiguous to the Seabee mine. The Company will leverage its existing teams and infrastructure to advance the exploration of these assets. The Company’s Saskatchewan assets now cover an area of approximately 131,150 hectares.

•~~Çöpler temporarily suspended:~~ At the end of the second quarter, Türkiye’s Ministry of Environment, Urbanization and Climate Change (“Ministry of Environment”) temporarily suspended operations pending implementation of the required improvement initiatives. The Company has completed these initiatives under the oversight of the Ministry of Environment, and after inspection and verification by the Regulators, the Company will move towards obtaining the approvals to restart operations during the third quarter of 2022.future.

(1) ~~Free~~AISC, free cash flow, adjusted attributable net income (loss), and adjusted attributable net income (loss) per diluted share are non-GAAP financial measures. For explanations of these measures and reconciliations to the most comparable financial measure calculated under U.S. GAAP, please see the discussion under "Non-GAAP Financial Measures" in Part I, Item 2, Management’s Discussion and Analysis herein.

ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

SSR Mining Inc.

Condensed Consolidated Statements of Operations

(unaudited, in thousands except per share)


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021			2023		2022		2023		2022
Revenue	Revenue	$	319,583	$	376,950	$	675,029	$	743,434	Revenue	$	301,026	$	319,583	$	615,640	$	675,029
Operating Costs and Expenses:
Production costs			164,928		166,946		318,448		328,809
Operating costs and expenses:										Operating costs and expenses:
Cost of sales (1)										Cost of sales (1)		170,640		164,928		369,937		318,448
Depreciation, depletion, and amortization	Depreciation, depletion, and amortization		53,848		55,993		112,590		109,772	Depreciation, depletion, and amortization		44,641		53,848		91,736		112,590
General and administrative expense	General and administrative expense		19,468		15,208		35,707		22,967	General and administrative expense		16,291		19,468		34,832		35,707
Exploration, evaluation, and reclamation costs	Exploration, evaluation, and reclamation costs		11,244		11,848		21,102		21,252	Exploration, evaluation, and reclamation costs		16,148		11,244		28,846		21,102
Impairment of long-lived and other assets			—		22,345		—		22,349
Transaction, integration, and SEC conversion expense			—		894		1,217		5,386
Operating income			70,095		103,716		185,965		232,899
Other operating expenses, net										Other operating expenses, net		377		—		375		1,217
Operating income (loss)										Operating income (loss)		52,929		70,095		89,914		185,965
Other income (expense):	Other income (expense):									Other income (expense):
Interest expense	Interest expense		(4,273)		(4,891)		(8,568)		(9,835)	Interest expense		(4,959)		(4,273)		(10,019)		(8,568)
Other income (expense)	Other income (expense)		(2,395)		(182)		(2,762)		(1,793)	Other income (expense)		12,369		(2,395)		25,421		(2,762)
Foreign exchange gain (loss)	Foreign exchange gain (loss)		(4,869)		(930)		(8,156)		(1,309)	Foreign exchange gain (loss)		(21,176)		(4,869)		(34,361)		(8,156)
Total other income (expense)	Total other income (expense)		(11,537)		(6,003)		(19,486)		(12,937)	Total other income (expense)		(13,766)		(11,537)		(18,959)		(19,486)
Income before income and mining taxes			58,558		97,713		166,479		219,962
Income (loss) before income and mining taxes										Income (loss) before income and mining taxes		39,163		58,558		70,955		166,479
Income and mining tax benefit (expense)	Income and mining tax benefit (expense)		8,979		(19,578)		(22,583)		(13,198)	Income and mining tax benefit (expense)		83,388		8,979		80,600		(22,583)
Equity income (loss) of affiliates	Equity income (loss) of affiliates		(18)		(343)		(271)		(1,521)	Equity income (loss) of affiliates		(175)		(18)		(175)		(271)
Net income			67,519		77,792		143,625		205,243
Net income (loss)										Net income (loss)		122,376		67,519		151,380		143,625
Net loss (income) attributable to non-controlling interest	Net loss (income) attributable to non-controlling interest		(9,031)		(3,073)		(17,574)		(21,664)	Net loss (income) attributable to non-controlling interest		(47,510)		(9,031)		(46,701)		(17,574)
Net income attributable to SSR Mining shareholders		$	58,488	$	74,719	$	126,051	$	183,579
Net income (loss) attributable to SSR Mining shareholders										Net income (loss) attributable to SSR Mining shareholders	$	74,866	$	58,488	$	104,679	$	126,051

Net income per share attributable to SSR Mining shareholders
Net income (loss) per share attributable to SSR Mining shareholders										Net income (loss) per share attributable to SSR Mining shareholders
Basic	Basic	$	0.28	$	0.34	$	0.59	$	0.84	Basic	$	0.37	$	0.28	$	0.51	$	0.59
Diluted	Diluted	$	0.27	$	0.33	$	0.57	$	0.81	Diluted	$	0.35	$	0.27	$	0.49	$	0.57

(1) Excludes depreciation, depletion, and amortization.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited, in thousands)


		Six Months Ended June 30,					Six Months Ended June 30,
		2022		2021			2023		2022
Operating activities	Operating activities					Operating activities
Net income		$	143,625	$	205,243
Net income (loss)						Net income (loss)	$	151,380	$	143,625
Adjustments for:	Adjustments for:					Adjustments for:
Depreciation, depletion, and amortization	Depreciation, depletion, and amortization		112,590		109,772	Depreciation, depletion, and amortization		91,736		112,590
Amortization of debt discount	Amortization of debt discount		475		461	Amortization of debt discount		490		475
Reclamation costs			2,622		2,410
Reclamation accretion expense						Reclamation accretion expense		4,346		2,622
Deferred income taxes	Deferred income taxes		(41,899)		(35,818)	Deferred income taxes		(90,599)		(41,899)
Stock-based compensation	Stock-based compensation		6,158		3,231	Stock-based compensation		3,521		6,158
Equity pickup on investments in joint ventures			271		1,521
Equity (income) loss of affiliates						Equity (income) loss of affiliates		175		271
Unrealized loss (gain) on derivative instruments	Unrealized loss (gain) on derivative instruments		(116)		(4,687)	Unrealized loss (gain) on derivative instruments		360		(116)
Change in fair value of marketable securities	Change in fair value of marketable securities		3,799		1,947	Change in fair value of marketable securities		(1,120)		3,799
Non-cash fair value adjustment on acquired inventories	Non-cash fair value adjustment on acquired inventories		7,503		32,044	Non-cash fair value adjustment on acquired inventories		10,736		7,503
Loss (gain) on sale of mineral properties, plant and equipment	Loss (gain) on sale of mineral properties, plant and equipment		1,341		(1,614)	Loss (gain) on sale of mineral properties, plant and equipment		1,050		1,341
Impairment of long-lived and other assets			—		22,349
Change in fair value of deferred consideration						Change in fair value of deferred consideration		2,025		—
Loss (gain) on foreign exchange						Loss (gain) on foreign exchange		21,034		—
Net change in operating assets and liabilities	Net change in operating assets and liabilities		(141,344)		(73,603)	Net change in operating assets and liabilities		(111,824)		(141,344)
Net cash provided by operating activities	Net cash provided by operating activities		95,025		263,256	Net cash provided by operating activities		83,310		95,025

Investing activities	Investing activities					Investing activities
Acquisitions, net (1)						Acquisitions, net (1)		(119,925)		(24,838)
Additions to mineral properties, plant and equipment	Additions to mineral properties, plant and equipment		(76,330)		(93,247)	Additions to mineral properties, plant and equipment		(117,177)		(51,492)
Purchases of marketable securities	Purchases of marketable securities		(2,603)		—	Purchases of marketable securities		(2,484)		(2,603)
Proceeds from sale of marketable securities			12,830		4,592
Net proceeds from sale of marketable securities						Net proceeds from sale of marketable securities		7,845		12,830
Proceeds from repayment of note receivable	Proceeds from repayment of note receivable		8,358		—	Proceeds from repayment of note receivable		—		8,358
Proceeds from sale of mineral properties, plant and equipment			—		2,500

Other investing activities			—		(295)

Net cash used in investing activities	Net cash used in investing activities		(57,745)		(86,450)	Net cash used in investing activities		(231,741)		(57,745)

Financing activities	Financing activities					Financing activities
Repayment of debt, principal	Repayment of debt, principal		(35,568)		(35,000)	Repayment of debt, principal		(35,336)		(35,568)
Repurchase of common shares	Repurchase of common shares		(14,667)		(70,254)	Repurchase of common shares		(45,305)		(14,667)
Proceeds from exercise of stock options	Proceeds from exercise of stock options		2,628		3,600	Proceeds from exercise of stock options		208		2,628
Principal payments on finance leases	Principal payments on finance leases		(8,203)		(4,017)	Principal payments on finance leases		(1,913)		(8,203)
Non-controlling interest dividend	Non-controlling interest dividend		(30,773)		(38,084)	Non-controlling interest dividend		—		(30,773)
Dividends paid	Dividends paid		(30,100)		(21,966)	Dividends paid		(28,788)		(30,100)
Other financing activities			—		(1,114)

Net cash used in financing activities	Net cash used in financing activities		(116,683)		(166,835)	Net cash used in financing activities		(111,134)		(116,683)
Effect of foreign exchange rate changes on cash and cash equivalents	Effect of foreign exchange rate changes on cash and cash equivalents		524		(247)	Effect of foreign exchange rate changes on cash and cash equivalents		(16,738)		524
Net increase (decrease) in cash, cash equivalents, and restricted cash	Net increase (decrease) in cash, cash equivalents, and restricted cash		(78,879)		9,724	Net increase (decrease) in cash, cash equivalents, and restricted cash		(276,303)		(78,879)
Cash, cash equivalents, and restricted cash beginning of period	Cash, cash equivalents, and restricted cash beginning of period		1,052,865		895,921	Cash, cash equivalents, and restricted cash beginning of period		689,106		1,052,865
Cash, cash equivalents, and restricted cash end of period	Cash, cash equivalents, and restricted cash end of period	$	973,986	$	905,645	Cash, cash equivalents, and restricted cash end of period	$	412,803	$	973,986

SSR Mining Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited, in thousands)


		Six Months Ended June 30,					Six Months Ended June 30,
		2022		2021			2023		2022
Reconciliation of cash, cash equivalents, and restricted cash:	Reconciliation of cash, cash equivalents, and restricted cash:					Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	Cash and cash equivalents	$	938,599	$	870,352	Cash and cash equivalents	$	379,243	$	938,599
Restricted cash	Restricted cash		35,387		35,293	Restricted cash		33,560		35,387
Total cash, cash equivalents, and restricted cash	Total cash, cash equivalents, and restricted cash	$	973,986	$	905,645	Total cash, cash equivalents, and restricted cash	$	412,803	$	973,986

(1) Acquisitions, net for the six months ended June 30, 2023 is comprised of $120.0 million cash paid in the acquisition of Hod Maden Project, net of cash and cash equivalents acquired. Acquisitions, net for the six months ended June 30, 2022 is comprised of $24.8 million cash paid in the acquisition of Taiga Gold Corp., net of $4.7 million of cash and cash equivalents acquired.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Condensed Consolidated Balance Sheets

(unaudited, in thousands)


		June 30, 2022		December 31, 2021			June 30, 2023		December 31, 2022
ASSETS	ASSETS					ASSETS
Cash and cash equivalents	Cash and cash equivalents	$	938,599	$	1,017,562	Cash and cash equivalents	$	379,243	$	655,453
Marketable securities	Marketable securities		25,946		40,431	Marketable securities		32,866		40,280
Trade and other receivables	Trade and other receivables		123,096		121,356	Trade and other receivables		125,207		117,675
Inventories	Inventories		437,980		389,416	Inventories		561,495		501,607
Restricted cash						Restricted cash		33,560		33,653
Prepaids and other current assets	Prepaids and other current assets		18,427		31,549	Prepaids and other current assets		23,009		27,767
Assets held for sale			63,443		—
Total current assets	Total current assets		1,607,491		1,600,314	Total current assets		1,155,380		1,376,435

Mineral properties, plant and equipment, net	Mineral properties, plant and equipment, net		3,186,953		3,249,764	Mineral properties, plant and equipment, net		4,249,441		3,549,446
Inventories	Inventories		219,780		221,617	Inventories		215,640		218,999
Restricted cash			35,387		35,303
Equity method investments			4,647		4,918

Goodwill	Goodwill		49,786		49,786	Goodwill		49,786		49,786
Deferred income tax assets	Deferred income tax assets		6,729		8,501	Deferred income tax assets		—		1,915
Other non-current assets	Other non-current assets		57,178		41,235	Other non-current assets		69,232		58,076
Total assets	Total assets	$	5,167,951	$	5,211,438	Total assets	$	5,739,479	$	5,254,657

LIABILITIES	LIABILITIES					LIABILITIES
Accounts payable	Accounts payable	$	41,755	$	34,844	Accounts payable	$	56,268	$	78,929
Accrued liabilities and other	Accrued liabilities and other		103,016		165,108	Accrued liabilities and other		107,957		124,654
Finance lease liabilities	Finance lease liabilities		3,810		12,439	Finance lease liabilities		3,944		3,872
Current portion of debt	Current portion of debt		70,924		71,491	Current portion of debt		35,508		71,797
Liabilities held for sale			6,923		—
Total current liabilities	Total current liabilities		226,428		283,882	Total current liabilities		203,677		279,252

Debt	Debt		261,009		295,493	Debt		227,000		226,510
Finance lease liabilities	Finance lease liabilities		104,395		105,965	Finance lease liabilities		100,401		102,434
Reclamation liabilities	Reclamation liabilities		138,864		122,660	Reclamation liabilities		161,513		153,972
Deferred income tax liabilities	Deferred income tax liabilities		289,347		338,788	Deferred income tax liabilities		385,826		342,401
Other non-current liabilities	Other non-current liabilities		22,775		12,133	Other non-current liabilities		49,334		23,889
Total liabilities	Total liabilities		1,042,818		1,158,921	Total liabilities		1,127,751		1,128,458

EQUITY	EQUITY					EQUITY
Common shares – unlimited authorized common shares with no par value; 211,842 and 211,879 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively			3,133,009		3,140,189
Common shares – unlimited authorized common shares with no par value; 203,871 and 206,653 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively						Common shares – unlimited authorized common shares with no par value; 203,871 and 206,653 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively		3,016,844		3,057,920
Retained earnings (deficit)	Retained earnings (deficit)		490,662		397,667	Retained earnings (deficit)		596,843		521,817
SSR Mining’s shareholders’ equity	SSR Mining’s shareholders’ equity		3,623,671		3,537,856	SSR Mining’s shareholders’ equity		3,613,687		3,579,737
Non-controlling interest	Non-controlling interest		501,462		514,661	Non-controlling interest		998,041		546,462
Total equity	Total equity		4,125,133		4,052,517	Total equity		4,611,728		4,126,199
Total liabilities and equity	Total liabilities and equity	$	5,167,951	$	5,211,438	Total liabilities and equity	$	5,739,479	$	5,254,657

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

SSR Mining Inc.

Condensed Consolidated Statement of Changes in Equity

(unaudited, in thousands)

Common shares
Number of shares Amount Retained earnings (accumulated deficit) Total equity attributable to equity holders of SSR Mining Non-controlling interest Total equity
Balance as of December 31, 2021 211,879 $ 3,140,189 $ 397,667 $ 3,537,856 $ 514,661 $ 4,052,517
Exercise of stock options 166 2,433 — 2,433 — 2,433
Settlement of restricted share units (RSUs) 512 — — — — —
Equity-settled stock-based compensation — 823 — 823 — 823
Dividends declared to equity holders of SSR Mining — — (15,015) (15,015) — (15,015)
Dividends paid to non-controlling interest — — — — (30,773) (30,773)
Net income (loss) — — 67,563 67,563 8,543 76,106
Balance as of March 31, 2022 212,557 $ 3,143,445 $ 450,215 $ 3,593,660 $ 492,431 $ 4,086,091
Repurchase of common shares (798) (11,711) (2,956) (14,667) — (14,667)
Exercise of stock options 14 242 — 242 — 242
Settlement of RSUs 69 — — — — —
Equity-settled stock-based compensation — 1,033 — 1,033 — 1,033
Dividends paid to equity holders of SSR Mining — — (15,085) (15,085) — (15,085)
Net income (loss) — — 58,488 58,488 9,031 67,519
Balance as of June 30, 2022 211,842 $ 3,133,009 $ 490,662 $ 3,623,671 $ 501,462 $ 4,125,133


	Common shares
	Number of shares	Amount		Retained earnings (accumulated deficit)		Total equity attributable to equity holders of SSR Mining		Non-controlling interest		Total equity
Balance as of December 31, 2022	206,653	$	3,057,920	$	521,817	$	3,579,737	$	546,462	$	4,126,199
Repurchase of common shares	(348)		(5,111)		(86)		(5,197)				(5,197)
Exercise of stock options	17		216		—		216		—		216
Settlement of restricted share units (RSUs)	198		—		—		—		—		—
Equity-settled stock-based compensation	—		2,037		—		2,037		—		2,037


Dividends declared to equity holders of SSR Mining	—		—		(14,448)		(14,448)		—		(14,448)


Net income (loss)	—		—		29,813		29,813		(809)		29,004
Balance as of March 31, 2023	206,520	$	3,055,062	$	537,096	$	3,592,158	$	545,653	$	4,137,811
Repurchase of common shares	(2,679)		(39,329)		(779)		(40,108)		—		(40,108)

Settlement of RSUs	30		—		—		—		—		—
Equity-settled stock-based compensation	—		1,111		—		1,111		—		1,111
Dividends paid to equity holders of SSR Mining	—		—		(14,340)		(14,340)		—		(14,340)
Acquisition of non-controlling interest	—		—		—		—		404,878		404,878


Net income (loss)	—		—		74,866		74,866		47,510		122,376
Balance as of June 30, 2023	203,871	$	3,016,844	$	596,843	$	3,613,687	$	998,041	$	4,611,728

SSR Mining Inc.

Condensed Consolidated Statement of Changes in Equity

(unaudited, in thousands)

Common shares
Number of shares Amount Retained earnings (accumulated deficit) Total equity attributable to equity holders of SSR Mining Non-controlling interest Total equity Contingently redeemable shares  
Balance as of December 31, 2020 219,607 $ 3,242,821 $ 92,077 $ 3,334,898 $ 512,279 $ 3,847,177 $ 3,311
Exercise of stock options 364 2,750 — 2,750 — 2,750 —
Settlement of RSUs and PSUs 92 89 — 89 — 89 —
Equity-settled stock-based compensation — 1,037 — 1,037 — 1,037 —
Transfer of cash-settled RSUs — 8,802 — 8,802 — 8,802 —
Reclassification of contingently redeemable shares — 3,311 — 3,311 — 3,311 (3,311)
Dividends paid to equity holders of SSR Mining — — (10,992) (10,992) — (10,992) —
Dividends paid to non-controlling interest — — — — (38,084) (38,084) —
Other — — (18) (18) — (18) —
Net income (loss) — — 108,861 108,861 18,590 127,451 —
Balance as of March 31, 2021 220,063 $ 3,258,810 $ 189,928 $ 3,448,738 $ 492,785 $ 3,941,523 $ —
Repurchase of common shares (4,000) (58,654) (11,600) (70,254) — (70,254) —
Exercise of stock options 79 850 — 850 — 850 —
Settlement of RSUs 157 406 — 406 — 406 —
Equity-settled stock-based compensation — 1,594 — 1,594 — 1,594 —
Dividends paid to equity holders of SSR Mining — — (10,974) (10,974) — (10,974) —
Other — — (204) (204) — (204) —
Net income (loss) — — 74,719 74,719 3,073 77,792 —
Balance as of June 30, 2021 216,299 $ 3,203,006 $ 241,869 $ 3,444,875 $ 495,858 $ 3,940,733 $ —


	Common shares
	Number of shares	Amount		Retained earnings (accumulated deficit)		Total equity attributable to equity holders of SSR Mining		Non-controlling interest		Total equity
Balance as of December 31, 2021	211,879	$	3,140,189	$	397,667	$	3,537,856	$	514,661	$	4,052,517
Exercise of stock options	166		2,433		—		2,433		—		2,433
Settlement of RSUs and PSUs	512		—		—		—		—		—
Equity-settled stock-based compensation	—		823		—		823		—		823


Dividends paid to equity holders of SSR Mining	—		—		(15,015)		(15,015)		—		(15,015)
Dividends paid to non-controlling interest	—		—		—		—		(30,773)		(30,773)

Net income (loss)	—		—		67,563		67,563		8,543		76,106
Balance as of March 31, 2022	212,557	$	3,143,445	$	450,215	$	3,593,660	$	492,431	$	4,086,091
Repurchase of common shares	(798)		(11,711)		(2,956)		(14,667)		—		(14,667)
Exercise of stock options	14		242		—		242		—		242
Settlement of RSUs	69		—		—		—		—		—
Equity-settled stock-based compensation	—		1,033		—		1,033		—		1,033
Dividends paid to equity holders of SSR Mining	—		—		(15,085)		(15,085)		—		(15,085)

Net income (loss)	—		—		58,488		58,488		9,031		67,519
Balance as of June 30, 2022	211,842	$	3,133,009	$	490,662	$	3,623,671	$	501,462	$	4,125,133

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

109

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

1.THE COMPANY

SSR Mining Inc. and its subsidiaries (collectively, "SSR Mining," or the "Company”) is incorporated under the laws of the Province of British Columbia, Canada. The Company's common shares are listed on the Toronto Stock Exchange (TSX) in Canada and the Nasdaq Global Select Market (Nasdaq) in the U.S. under the symbol "SSRM" and the Australian Securities Exchange (ASX) in Australia under the symbol "SSR."

~~SSR Mining is~~ a precious metals mining company with 4four producing assets located in the United States, Türkiye, Canada and Argentina. The Company is principally engaged in the operation, acquisition, exploration and development of precious metal resource properties located in Türkiye and the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates. The Company’s diversified asset portfolio is comprised of high-margin, long-life assets located in some of the world's most prolific metal ~~districts.The~~districts. The Company’s focus is on safe, profitable ~~gold and silver~~ production from its Çöpler Gold Mine ("Çöpler") in Erzincan, Türkiye, Marigold mine ("Marigold") in Nevada, USA, Seabee Gold Operation ("Seabee") in Saskatchewan, Canada, and Puna Operations ("Puna") in Jujuy, Argentina, and to advance, as market and project conditions permit, its principal development ~~projects towards development and commercial production.~~projects.

~~In December 2021, Türkiye began~~SSR Mining is incorporated under the ~~move to change its internationally recognized official name~~laws of the Province of British Columbia, Canada. The Company's common shares are listed on the Toronto Stock Exchange (“TSX”) in ~~English from Turkey to Türkiye. In June 2022,~~Canada and the ~~United Nations announced it would recognize~~Nasdaq Global Select Market (“Nasdaq”) in the ~~new name. The Company is pleased to adopt~~U.S. under the ~~new name.~~symbol "SSRM" and the Australian Securities Exchange (“ASX”) in Australia under the symbol "SSR."

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Risks and Uncertainties

As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, ~~zinc~~lead and ~~lead.~~zinc. The prices of these metals are volatile and affected by many factors beyond the Company’s control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Mineral properties, plant and equipment; Inventories; Deferred income tax assets; and Goodwill are sensitive to the outlook for commodity prices. A decline in the Company’s price outlook could result in material impairment charges related to these assets. In addition, the Company maintains cash balances at banking institutions in various jurisdictions which may or may not have deposit insurance. The Company mitigates potential cash risk by maintaining bank accounts with credit-worthy financial institutions. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows.

Basis of ~~presentation~~Presentation

The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States. Therefore, this information should be read in conjunction with SSR Mining Inc.’s Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2021~~2022 filed on February ~~23, 2022.~~22, 2023, as amended on Form 10-K/A filed on March 17, 2023, solely to correct a typographical error related to the date of the audit opinion (together, “Form 10-K”). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. The results for the six month period ended June 30, ~~2022,~~2023, are not necessarily indicative of the results that may be expected for the year ending December 31, ~~2022.~~2023.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

Reclassifications

Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation.

Changes to operating segments

During the first quarter of 2023 the Company changed the way management internally reviews and evaluates operating performance and manages the business. The Company determined it has four reportable segments: Çöpler, Marigold, Seabee and Puna. The Company’s previous exploration, evaluation and development properties are now managed by the nearest or adjacent reportable segment except for greenfield standalone prospects, which are included in Corporate and other.

Prior period segment information has been recast to conform with current period presentation.

Recently Issued Accounting Pronouncements

As of June 30, 2023, there were no recently issued accounting pronouncements that are expected to have a material effect on the Company’s Condensed Consolidated Financial Statements.

3.ACQUISITIONS AND DIVESTITURES

Acquisitions

Acquisition of an up to 40% ownership and operatorship in the Hod Maden Project

On May 8, 2023, the Company, through its wholly owned subsidiary Alacer Gold Corporation, reached an agreement to acquire from Lidya Madencilik Sanayi ve Ticaret A.Ş (“Lidya Mines”) an up to 40% interest in, and operational control of, the Hod Maden gold-copper development project, located in northeastern Turkiye (the "Transaction"). Hod Maden is owned by Artmin Madencilik Sanayi Ve Ticaret A.Ş (“Artmin”), a joint venture owned 70% by Lidya Mines and 30% by Horizon Copper Corp. (“Horizon”) prior to the closing of the Transaction. Upon closing of the Transaction, the Company made a $120.0 million cash payment to Lidya Mines to acquire a 10% interest in Artmin. The Company has the option to acquire an additional 30% interest in Artmin from Lidya Mines for $120.0 million in structured payments tied to the completion of project construction spending milestones. Additionally, the Company will make contingent payments to Lidya Mines including $30.0 million in milestone payments payable in accordance with an agreed upon schedule beginning at the start of construction and ending on the first anniversary of commercial production and $84.0 million payable upon the delineation of an additional 500,000 gold equivalent ounces of mineral reserves at the Hod Maden project in excess of the project’s current mineral reserves and mineral resources.

The acquisition date fair value of the consideration paid is as follows (in thousands):


Cash paid to Lidya Mines for 10% interest	$	120,000
Contingent consideration tied to completion of operational milestones (1)		24,300
Contingent consideration tied to delineation of new reserves (1)		4,300
Total consideration	$	148,600

(1) The fair value of the two elements of contingent consideration are based on a discounted cash flow model. The contingent consideration is considered a Level 3 fair value measurement due to certain assumptions that are not based on observable market data (refer to Note 9 for more information). The significant assumptions include estimates of timing of completion of project milestones, probability of delineation of additional reserves, and discount rates. The contingent consideration is included within Other non-current liabilities on the Condensed Consolidated Balance Sheets.

The Company determined that Artmin is a variable interest entity (“VIE”) for which it is the primary beneficiary and is consolidated under ASC 810 as the Company has the power to direct the significant activities and the right to receive benefits and obligation to absorb losses of Artmin. The assets of Artmin can only be used to settle the obligations of Artmin and not the obligations of the Company. The creditors of Artmin do not have recourse to the assets or general credit of the Company to satisfy its liabilities. The Company concluded that Artmin was not a business based on its assessment under ASC 805 and accounted for the acquisition as an initial consolidation of a

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

3.VIE that is not a business under ASC 810. There was no gain or loss recognized upon initial consolidation of the VIE as the sum of the fair value of the consideration paid and non-controlling interest equaled the fair value of the net assets on the acquisition date. The Company incurred transaction costs of approximately $0.4 million in connection with the Transaction included in ~~ACQUISITIONS AND DIVESTITURES~~Other operating expenses, net in the Consolidated Statements of Operations.

The Company retained a third-party appraiser to determine the fair value of the consideration paid, assets acquired, liabilities assumed, and non-controlling interest as of the acquisition date. The fair value estimates were based on income and market valuation methods. The following table summarizes the fair value of the assets acquired and liabilities assumed on the acquisition date (in thousands):


ASSETS
Cash and cash equivalents	$	11
Trade and other receivables		36
Inventories		3
Prepaids and other current assets		24
Mineral properties, plant and equipment, net (1)		688,611
Other non-current assets		1,690
Total assets acquired	$	690,375

LIABILITIES
Accounts payable	$	315
Accrued liabilities and other		643
Deferred income tax liabilities (2)		135,939
Total liabilities assumed		136,897
Net assets acquired and liabilities assumed		553,478
Non-controlling interest		(404,878)
	$	148,600

(1) The fair value of mineral properties, plant and equipment is based on applying the income and market valuation methods. The significant assumptions include future metal prices, estimated quantities of mineral reserves and mineral resources, future capital and operating expenditures, and discount rates.

(2) Deferred income tax liabilities represent the future tax expense associated with the differences between the fair value allocated to assets and liabilities and the historical carryover tax basis of these assets and liabilities.

The assets acquired are included in the Corporate and other operating segment. The non-controlling interest is representative of Lidya Mines and Horizon’s combined 90% interest and is inclusive of the 30% redeemable interest. As the redemption features are solely within the control of the Company, the redeemable non-controlling interest in Artmin is classified within permanent equity under ASC 480.

Acquisition of Taiga Gold Corp.

On April 14, 2022, the Company completed the purchase of all the issued and outstanding common shares of Taiga Gold ~~Corporation~~Corp. (“Taiga Gold”) ~~at a price of CAD $0.265 per Taiga Gold share. The total purchase price consideration of $24.8 million was comprised of $24.5 million in cash paid to acquire~~, which holds the ~~common shares of Taiga Gold and transaction costs totaling $0.3 million. Taiga Gold holds~~ exploration and evaluation stage ~~resource assets~~resources in Saskatchewan, Canada in proximity to the Company’s Seabee mine and Fisher ~~Project.~~project. The transaction was accounted for as an asset acquisition for total consideration of $24.8 million. The total consideration was allocated to the assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, which consisted primarily of cash and cash equivalents of $24.8 million, exploration and evaluation assets of $27.8 million, and a related deferred tax liability of $7.5 million. The assets are included in the Seabee mine operating segment.

The acquisition was accounted for as an asset acquisition and the following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date (in thousands):


	~~April 14, 2022~~
~~Cash and cash equivalents~~	$	~~4,741~~
~~Exploration and evaluation assets~~		~~27,769~~
~~Accounts payable~~		~~(90)~~
~~Accrued liabilities and other~~		~~(85)~~
~~Deferred tax liability~~		~~(7,497)~~
~~Net assets acquired~~	$	~~24,838~~

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

4.OPERATING SEGMENTS

The Company currently has 4four producing mines which represent the Company’s reportable and ~~a portfolio of precious metal dominant projects. Each individual~~ operating ~~mine site and the Company's exploration, evaluation and development properties are considered reportable~~ segments. ~~Operating~~The results of operating segments are reviewed by ~~the Company's chief operating decision maker ("CODM")~~management to make decisions about resources to be allocated to the segments and to assess their performance.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

The following tables provide a summary of financial information related to the Company's segments (in thousands):

Three Months Ended June 30, 2022
Çöpler
Marigold
Seabee
Puna
Exploration, evaluation
and development properties(2)
Corporate and other (1)
Total
Revenue $ 108,743 $ 85,425 $ 79,110 $ 46,305 $ — $ — $ 319,583
Production costs $ 63,095 $ 50,422 $ 19,015 $ 32,396 $ — $ — $ 164,928
Depletion, depreciation, and amortization $ 27,081 $ 8,395 $ 14,370 $ 4,002 $ — $ — $ 53,848
Exploration, evaluation, and reclamation costs $ 643 $ 1,045 $ 2,972 $ 2,131 $ 4,605 $ (152) $ 11,244
Transaction, integration, and SEC conversion expense $ — $ — $ �� $ — $ — $ — $ —
Impairment of long-lived and other assets $ — $ — $ — $ — $ — $ — $ —
Operating income $ 17,194 $ 25,563 $ 42,745 $ 7,763 $ (4,608) $ (18,562) $ 70,095
Capital expenditures $ 3,915 $ 15,331 $ 8,852 $ 2,262 $ — $ — $ 30,360
Total assets as of June 30, 2022 $ 2,139,413 $ 599,062 $ 583,523 $ 302,529 $ 934,861 $ 608,563 $ 5,167,951


	Three Months Ended June 30, 2023
	Çöpler		Marigold		Seabee		Puna		Corporate and other (1)		Total
Revenue	$	97,856	$	117,806	$	30,058	$	55,306	$	—	$	301,026
Cost of sales (2)	$	54,949	$	63,965	$	18,272	$	33,454	$	—	$	170,640
Depletion, depreciation, and amortization	$	20,099	$	9,982	$	8,360	$	6,200	$	—	$	44,641
Exploration, evaluation, and reclamation costs	$	1,738	$	3,807	$	5,565	$	3,064	$	1,974	$	16,148



Operating income (loss)	$	19,744	$	40,053	$	(2,139)	$	12,552	$	(17,281)	$	52,929
Capital expenditures	$	13,719	$	33,677	$	12,027	$	1,901	$	—	$	61,324
Total assets as of June 30, 2023	$	3,261,738	$	730,579	$	521,586	$	314,706	$	910,870	$	5,739,479

(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.

(2) ~~The Company entered into an agreement on January 12, 2022 to sell its Pitarrilla project. The assets related to the Pitarrilla project are classified as~~ ~~Current assets held for sale~~ ~~on the Condensed Consolidated Balance Sheets as of June 30, 2022. Refer to Note 18 for further information.~~Excludes depreciation, depletion, and amortization.

~~SSR Mining Inc.~~

~~Notes to Condensed Consolidated Financial Statements~~

~~(unaudited)~~

Three Months Ended June 30, 2021
Çöpler
Marigold
Seabee
Puna
Exploration, evaluation
and development properties
Corporate and other (1)
Total
Revenue $ 140,654 $ 109,533 $ 67,127 $ 59,636 $ — $ — $ 376,950
Production costs $ 69,737 $ 51,590 $ 15,467 $ 30,152 $ — $ — $ 166,946
Depletion, depreciation, and amortization $ 29,365 $ 8,481 $ 12,525 $ 5,622 $ — $ — $ 55,993
Exploration, evaluation, and reclamation costs $ 3,589 $ 935 $ 3,483 $ 441 $ 3,238 $ 162 $ 11,848
Transaction, integration, and SEC conversion expense $ — $ — $ — $ — $ — $ 894 $ 894
Impairment of long-lived and other assets $ — $ — $ — $ — $ 22,345 $ — $ 22,345
Operating income $ 37,108 $ 48,527 $ 35,534 $ 22,884 $ (25,587) $ (14,750) $ 103,716
Capital expenditures $ 10,719 $ 11,873 $ 9,128 $ 2,245 $ — $ — $ 33,965
Total assets as of June 30, 2021 $ 2,305,611 $ 523,421 $ 458,067 $ 270,705 $ 999,930 $ 596,175 $ 5,153,909


	Three Months Ended June 30, 2022
	Çöpler		Marigold		Seabee		Puna		Corporate and other (1)		Total
Revenue	$	108,743	$	85,425	$	79,110	$	46,305	$	—	$	319,583
Cost of sales (2)	$	63,095	$	50,422	$	19,015	$	32,396	$	—	$	164,928
Depletion, depreciation, and amortization	$	27,081	$	8,395	$	14,370	$	4,002	$	—	$	53,848
Exploration, evaluation, and reclamation costs	$	749	$	4,046	$	2,972	$	2,131	$	1,346	$	11,244


Operating income (loss)	$	17,087	$	22,562	$	42,745	$	7,764	$	(20,063)	$	70,095
Capital expenditures	$	3,915	$	15,331	$	8,852	$	2,262	$	—	$	30,360
Total assets as of June 30, 2022	$	2,951,865	$	635,283	$	583,523	$	302,530	$	694,750	$	5,167,951

(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. During the first quarter of 2023, the Company determined it has four reportable segments: Çöpler, Marigold, Seabee and Puna. The exploration, evaluation and development properties are no longer considered a reportable segment and the portfolio of prospective exploration tenures, near or adjacent to the existing operations (near-mine) are included in the respective reportable segment and the greenfield standalone prospects are included in Corporate and other.

(2) Excludes depreciation, depletion, and amortization.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)


		Six Months Ended June 30, 2022															Six Months Ended June 30, 2023
		Çöpler			Marigold		Seabee		Puna		Exploration, evaluation and development properties(2)		Corporate and other (1)		Total		Çöpler		Marigold		Seabee		Puna		Corporate and other (1)			Total
Revenue	Revenue	$	246,150	$	154,318	$	169,967	$	104,594	$	—	$	—	$	675,029	Revenue	$	208,369	$	215,974	$	62,151	$	129,146	$	—	$	615,640
Production costs		$	125,679	$	89,157	$	35,425	$	68,187	$	—	$	—	$	318,448
Cost of sales (2)																Cost of sales (2)	$	129,595	$	118,506	$	41,537	$	80,299	$	—	$	369,937
Depletion, depreciation, and amortization	Depletion, depreciation, and amortization	$	57,594	$	15,283	$	29,749	$	9,964	$	—	$	—	$	112,590	Depletion, depreciation, and amortization	$	42,750	$	18,556	$	17,347	$	13,083	$	—	$	91,736
Exploration, evaluation, and reclamation costs	Exploration, evaluation, and reclamation costs	$	1,692	$	1,788	$	5,346	$	2,612	$	8,857	$	807	$	21,102	Exploration, evaluation, and reclamation costs	$	2,722	$	7,575	$	9,724	$	4,901	$	3,924	$	28,846
Transaction, integration, and SEC conversion expense		$	—	$	—	$	—	$	—	$	—	$	1,217	$	1,217
Impairment of long-lived and other assets		$	—	$	—	$	—	$	—	$	—	$	—	$	—

Operating income (loss)	Operating income (loss)	$	59,731	$	48,089	$	99,436	$	23,669	$	(8,858)	$	(36,102)	$	185,965	Operating income (loss)	$	31,240	$	71,337	$	(6,457)	$	30,775	$	(36,981)	$	89,914
Capital expenditures	Capital expenditures	$	10,786	$	33,566	$	21,766	$	4,475	$	—	$	—	$	70,593	Capital expenditures	$	23,788	$	63,269	$	20,472	$	4,478	$	—	$	112,007
Total assets as of June 30, 2022		$	2,139,413	$	599,062	$	583,523	$	302,529	$	934,861	$	608,563	$	5,167,951
Total assets as of June 30, 2023																Total assets as of June 30, 2023	$	3,261,738	$	730,579	$	521,586	$	314,706	$	910,870	$	5,739,479

(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.

(2) Excludes depreciation, depletion, and amortization.

~~(2) The Company entered into an agreement on January 12, 2022 to sell its Pitarrilla project. The assets related to the Pitarrilla project are classified as~~ ~~Current assets held for sale~~ ~~on the Condensed Consolidated Balance Sheets as of June 30, 2022. Refer to Note 18 for further information.~~

~~SSR Mining Inc.~~

~~Notes to Condensed Consolidated Financial Statements~~

~~(unaudited)~~


		Six Months Ended June 30, 2021															Six Months Ended June 30, 2022
		Çöpler			Marigold		Seabee		Puna		Exploration, evaluation and development properties		Corporate and other (1)		Total		Çöpler		Marigold		Seabee		Puna		Corporate and other (1)		Total
Revenue	Revenue	$	292,176	$	225,506	$	112,834	$	112,918	$	—	$	—	$	743,434	Revenue	$	246,150	$	154,318	$	169,967	$	104,594	$	—	$	675,029
Production costs		$	136,154	$	105,301	$	32,028	$	55,326	$	—	$	—	$	328,809
Cost of sales (2)																Cost of sales (2)	$	125,679	$	89,157	$	35,425	$	68,187	$	—	$	318,448
Depletion, depreciation, and amortization	Depletion, depreciation, and amortization	$	59,943	$	17,415	$	22,122	$	10,292	$	—	$	—	$	109,772	Depletion, depreciation, and amortization	$	57,594	$	15,283	$	29,749	$	9,964	$	—	$	112,590
Exploration, evaluation, and reclamation costs	Exploration, evaluation, and reclamation costs	$	6,657	$	1,693	$	6,356	$	866	$	5,276	$	404	$	21,252	Exploration, evaluation, and reclamation costs	$	1,837	$	7,887	$	5,346	$	2,612	$	3,420	$	21,102
Transaction, integration, and SEC conversion expense		$	—	$	—	$	—	$	—	$	—	$	5,386	$	5,386
Impairment of long-lived and other assets		$	—	$	—	$	—	$	—	$	22,349	$	—	$	22,349

Operating income (loss)	Operating income (loss)	$	84,866	$	101,200	$	52,301	$	44,812	$	(27,625)	$	(22,655)	$	232,899	Operating income (loss)	$	59,585	$	41,990	$	99,436	$	23,670	$	(38,716)	$	185,965
Capital expenditures	Capital expenditures	$	19,754	$	35,286	$	22,567	$	5,521	$	—	$	—	$	83,128	Capital expenditures	$	10,786	$	33,566	$	21,766	$	4,475	$	—	$	70,593
Total assets as of June 30, 2021		$	2,305,611	$	523,421	$	458,067	$	270,705	$	999,930	$	596,175	$	5,153,909
Total assets as of June 30, 2022																Total assets as of June 30, 2022	$	2,951,865	$	635,283	$	583,523	$	302,530	$	694,750	$	5,167,951

(2) Excludes depreciation, depletion, and amortization.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

Geographic Area

The following are non-current assets, excluding Goodwill, Restricted cash and Deferred income taxes, by location as of June 30, ~~2022~~2023 and December 31, ~~2021~~2022 (in thousands):


		June 30, 2022		December 31, 2021			June 30, 2023		December 31, 2022
Türkiye	Türkiye	$	2,724,071	$	2,744,707	Türkiye	$	3,725,669	$	3,064,482
Canada	Canada		315,400		292,264	Canada		324,684		311,937
United States	United States		312,463		307,857	United States		363,428		321,423
Argentina	Argentina		122,276		123,834	Argentina		119,556		127,661
Mexico	Mexico		573		48,345	Mexico		495		536
Peru	Peru		504		527	Peru		481		482
Total	Total	$	3,475,287	$	3,517,534	Total	$	4,534,313	$	3,826,521

~~SSR Mining Inc.~~

~~Notes to Condensed Consolidated Financial Statements~~

~~(unaudited)~~

The following is revenue information by geographic area based on the location for the three and six months ended June 30 (in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021			2023		2022		2023		2022
Türkiye	Türkiye	$	108,743	$	140,654	$	246,150	$	292,176	Türkiye	$	97,856	$	108,743	$	208,369	$	246,150
Canada	Canada		79,110		67,127		169,967		112,834	Canada		30,058		79,110		62,151		169,967
United States	United States		85,425		109,533		154,318		225,506	United States		117,806		85,425		215,974		154,318
Argentina	Argentina		46,305		59,636		104,594		112,918	Argentina		55,306		46,305		129,146		104,594
Total	Total	$	319,583	$	376,950	$	675,029	$	743,434	Total	$	301,026	$	319,583	$	615,640	$	675,029

5.REVENUE

The following table represents revenues by product (in thousands):

Three Months Ended June 30,
2022 2021
Gold doré sales
Çöpler $ 107,999 $ 140,654
Marigold 85,403 109,509
Seabee 79,069 67,097
Concentrate sales
Puna 47,055 58,979
Other (1)

Çöpler 744 —
Marigold 22 24
Seabee 41 30
Puna (750) 657
Total $ 319,583 $ 376,950


		Six Months Ended June 30,					Three Months Ended June 30,
		2022		2021			2023		2022
Gold doré sales	Gold doré sales					Gold doré sales
Çöpler	Çöpler	$	243,943	$	292,176	Çöpler	$	97,356	$	107,999
Marigold	Marigold		154,255		225,446	Marigold		117,769		85,403
Seabee	Seabee		169,890		112,772	Seabee		30,043		79,069
Concentrate sales	Concentrate sales					Concentrate sales
Puna	Puna		101,186		112,907	Puna		51,211		47,055
Other (1)	Other (1)					Other (1)
Çöpler	Çöpler		2,207		—	Çöpler		500		744
Marigold	Marigold		63		60	Marigold		37		22
Seabee	Seabee		77		62	Seabee		15		41
Puna	Puna		3,408		11	Puna		4,095		(750)
Total	Total	$	675,029	$	743,434	Total	$	301,026	$	319,583

(1) Other revenue ~~includes:~~includes changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré.

1716

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)


	Six Months Ended June 30,
	2023		2022
Gold doré sales
Çöpler	$	207,002	$	243,943
Marigold		215,900		154,255
Seabee		62,127		169,890
Concentrate sales
Puna		117,559		101,186
Other (1)
Çöpler		1,367		2,207
Marigold		74		63
Seabee		24		77
Puna		11,587		3,408
Total	$	615,640	$	675,029

(1) Other revenue includes changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré.

Revenue by metal

Revenue by metal type for the three and six months ended June 30 are as follows (in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021			2023		2022		2023		2022
Gold	Gold	$	272,471	$	317,260	$	568,088	$	630,394	Gold	$	245,168	$	272,471	$	485,029	$	568,088
Silver	Silver		38,739		47,327		72,703		95,340	Silver		40,932		38,739		90,047		72,703
Lead	Lead		6,170		8,170		20,028		13,340	Lead		9,255		6,170		22,031		20,028
Zinc	Zinc		2,146		3,482		8,455		4,227	Zinc		1,024		2,146		5,481		8,455
Other(1)	Other(1)		57		711		5,755		133	Other(1)		4,647		57		13,052		5,755
Total	Total	$	319,583	$	376,950	$	675,029	$	743,434	Total	$	301,026	$	319,583	$	615,640	$	675,029

(1) Other revenue includes changes in the fair value of concentrate trade receivables due to fluctuations in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré.

Provisional metal sales

For the three months ended June 30, ~~2022~~2023 and ~~2021,~~2022, the change in the fair value of the Company's embedded derivatives relating to provisional concentrate metal sales was an increase (decrease) of ~~$(3.0)~~$4.1 million and ~~$0.9~~$(3.0) million, respectively, and for the six months ended June 30, ~~2022~~2023 and ~~2021,~~2022, was an increase of ~~$1.3~~$11.6 million and ~~$0.3~~$1.3 million, respectively. The changes in fair value have been recorded in Revenue.

At June 30, ~~2022,~~2023, the Company had silver sales of ~~3.47~~3.48 million ounces at an average ~~price~~price of ~~$23.18~~$24.04 per ounce, ~~zinc~~lead sales of ~~2.31~~18.92 million pounds at an average price of ~~$1.50~~$0.95 per pound, and ~~lead~~zinc sales of ~~18.81~~3.15 million pounds at an average price of ~~$0.98~~$1.09 per pound, subject to normal course final pricing over the next several months.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

6.INCOME AND MINING TAXES

The Company’s consolidated effective income tax rate was (113.6)% for the first six months of 2023 compared to 13.6% for the first six months of ~~2022 compared to 6.0% for the first six months of 2021.~~2022. The primary ~~driver~~drivers of the change in the effective rate iswere due to foreign currency fluctuations, particularly with the devaluation of the Turkish Lira relative to the USD, as well as ~~changes~~a decline in ~~book~~year-to-date operating income ~~in foreign jurisdictions with varying tax rates.~~compared to 2022. The Company’s statutory tax rate for the period is 27.0%. The effective rate differs from the statutory rate primarily due to foreign ~~exchange~~currency fluctuations, particularly with the devaluation of the Turkish Lira relative to the USD, as well as the release of uncertain tax positions.

Unrecognized Tax Benefits

The Company records uncertain tax positions on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and ~~jurisdictional mix~~(2) for those tax positions meeting the “more-likely-than-not” recognition threshold, the Company recognizes the largest amount of ~~earnings~~tax benefit that is more than 50% likely to be realized upon ultimate settlement with ~~different~~the related tax ~~rates.~~authority.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, inclusive of interest and penalties, is as follows (in thousands):


	Six Months Ended June 30,
	2023		2022
Balance as of January 1	$	8,574	$	—
Increase associated with tax positions taken during the current year		—		—
Increase (decrease) associated with tax positions taken during a prior year (1)		(6,594)		—
Settlements		—		—
Decrease associated with lapses in statutes of limitation		—		—
Balance as of June 30 (1)	$	1,980	$	—

(1) Of the gross unrecognized tax benefits, $2.0 million were recognized as current liabilities in Condensed Consolidated Balance Sheet as of June, 30, 2023.

As of June 30, 2023 and December 31, 2022, $2.0 million and $8.6 million, respectively, represent the amount of unrecognized tax benefits, inclusive of interest and penalties that, if recognized, would impact the Company’s effective income tax rate.

As of June 30, 2023 and December 31, 2022, the total amount of accrued income-tax-related interest and penalties included in the Condensed Consolidated Balance Sheets were nil and $5.2 million. The Company believes it is reasonably possible that total amount of the unrecognized tax benefit of $2.0 million will be settled in the next 12 months. During the six months ended June 30, 2023, the Company released $6.6 million of tax, interest, and penalties in Income and mining tax benefit (expense) in the Condensed Consolidated Statements of Operations. On March 12, 2023, Türkiye enacted Tax Amnesty legislation, which allows taxpayers to voluntarily pay tax on uncertain tax positions and waives assessed interest, penalties and up to 50.0% of tax and risk of audit if paid in accordance with the process outlined in the legislation.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

7.OTHER INCOME (EXPENSE)

The following table includes the components of Other income (expense):


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021			2023		2022		2023		2022
Interest income	Interest income	$	2,234	$	495	$	3,799	$	965	Interest income	$	7,271	$	2,234	$	14,917	$	3,799
Gain (loss) on marketable securities			(2,876)		(1,362)		(3,799)		(1,947)
Gain (loss) on investments and marketable securities sales										Gain (loss) on investments and marketable securities sales		6,550		3,929		11,402		5,586
Change in fair value of marketable securities										Change in fair value of marketable securities		(746)		(2,876)		1,120		(3,799)
Gain (loss) on sale of mineral properties, plant, and equipment	Gain (loss) on sale of mineral properties, plant, and equipment		(757)		1,636		(1,341)		1,614	Gain (loss) on sale of mineral properties, plant, and equipment		(810)		(757)		(1,050)		(1,341)
Other	Other		(996)		(951)		(1,421)		(2,425)	Other		104		(4,925)		(968)		(7,007)
Total	Total	$	(2,395)	$	(182)	$	(2,762)	$	(1,793)	Total	$	12,369	$	(2,395)	$	25,421	$	(2,762)

8.INCOME (LOSS) PER SHARE

The Company calculates basic net income (loss) per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share uses, as its denominator, the weighted average number of common shares outstanding during the period plus the effect of potential dilutive shares during the period.

Potential dilutive common shares include stock options, Restricted Share Units (“RSUs”), ~~RSU Replacement Units,~~ and convertible notes for periods in which the Company has reported net ~~income.~~income (loss).

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

The calculations of basic and diluted net income (loss) per share attributable to ~~stockholders~~shareholders of the Company for the three and six months ended June 30, ~~2022~~2023 and ~~2021~~2022 are based on the following (in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021			2023		2022		2023		2022
Net income		$	67,519	$	77,792	$	143,625	$	205,243
Net income (loss)										Net income (loss)	$	122,376	$	67,519	$	151,380	$	143,625
Net (income) loss attributable to non-controlling interest	Net (income) loss attributable to non-controlling interest		(9,031)		(3,073)		(17,574)		(21,664)	Net (income) loss attributable to non-controlling interest		(47,510)		(9,031)		(46,701)		(17,574)
Net income attributable to shareholders of SSR Mining			58,488		74,719		126,051		183,579
Interest saving on convertible notes, net of tax			1,230		1,259		2,446		3,136
Net income used in the calculation of diluted net income per share		$	59,718	$	75,978	$	128,497	$	186,715
Net income (loss) attributable to SSR Mining shareholders										Net income (loss) attributable to SSR Mining shareholders		74,866		58,488		104,679		126,051
Interest saving on 2019 Notes, net of tax										Interest saving on 2019 Notes, net of tax		1,236		1,230		2,456		2,446
Net income (loss) used in the calculation of diluted net income per share										Net income (loss) used in the calculation of diluted net income per share	$	76,102	$	59,718	$	107,135	$	128,497

Weighted average number of common shares issued			212,600		219,030		212,512		219,409
Weighted average number of common shares outstanding										Weighted average number of common shares outstanding		204,680		212,600		205,723		212,512
Adjustments for dilutive instruments:	Adjustments for dilutive instruments:									Adjustments for dilutive instruments:
Stock options	Stock options		7		133		6		130	Stock options		—		7		—		6
Restricted share units	Restricted share units		110		62		91		59	Restricted share units		16		110		13		91
Convertible notes			12,367		12,164		12,353		12,152
2019 Notes										2019 Notes		12,624		12,367		12,611		12,353
Diluted weighted average number of shares outstanding	Diluted weighted average number of shares outstanding		225,084		231,389		224,962		231,750	Diluted weighted average number of shares outstanding	$	217,320	$	225,084	$	218,347	$	224,962

Net income per share attributable to common shareholders
Net income (loss) per share attributable to SSR Mining shareholders										Net income (loss) per share attributable to SSR Mining shareholders
Basic	Basic	$	0.28	$	0.34	$	0.59	$	0.84	Basic	$	0.37	$	0.28	$	0.51	$	0.59
Diluted	Diluted	$	0.27	$	0.33	$	0.57	$	0.81	Diluted	$	0.35	$	0.27	$	0.49	$	0.57

9.FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS

Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 - Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, quoted prices or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy (in thousands):


		Fair value at June 30, 2022									Fair value at June 30, 2023
		Level 1 (1)		Level 2 (2)		Level 3 (3)		Total			Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Assets:	Assets:									Assets:
Cash	Cash	$	938,599	$	—	$	—	$	938,599	Cash	$	379,243	$	—	$	—	$	379,243
Restricted cash	Restricted cash		35,387		—		—		35,387	Restricted cash		33,560		—		—		33,560
Marketable securities	Marketable securities		33,203		—		—		33,203	Marketable securities		38,765		—		—		38,765
Trade receivables			—		73,457		—		73,457
Derivative asset			—		1,103		—		1,103
Trade receivables from provisional sales, net										Trade receivables from provisional sales, net		—		53,766		—		53,766
Deferred consideration	Deferred consideration		—		—		23,463		23,463	Deferred consideration		—		—		22,344		22,344
		$	1,007,189	$	74,560	$	23,463	$	1,105,212		$	451,568	$	53,766	$	22,344	$	527,678

Liabilities:										Liabilities:

Derivative liabilities										Derivative liabilities		—		356		—		356

Contingent consideration (4)										Contingent consideration (4)		—		—		28,600		28,600
											$	—	$	356	$	28,600	$	28,956


		Fair value at December 31, 2021									Fair value at December 31, 2022
		Level 1 (1)		Level 2 (2)		Level 3 (3)		Total			Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Assets:	Assets:									Assets:
Cash	Cash	$	1,017,562	$	—	$	—	$	1,017,562	Cash	$	655,453	$	—	$	—	$	655,453
Restricted cash	Restricted cash		35,303		—		—		35,303	Restricted cash		33,653		—		—		33,653
Marketable securities	Marketable securities		46,923		—		—		46,923	Marketable securities		44,841		—		—		44,841
Trade receivables			—		72,634		—		72,634
Derivative asset			—		987		—		987
Trade receivables from provisional sales, net										Trade receivables from provisional sales, net		—		49,897		—		49,897
Deferred consideration	Deferred consideration		—		—		22,610		22,610	Deferred consideration		—		—		24,369		24,369
		$	1,099,788	$	73,621	$	22,610	$	1,196,019		$	733,947	$	49,897	$	24,369	$	808,213

(1)Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges.

(2)~~The~~At times, the Company manages a portion of its exposure to fluctuation in diesel prices and foreign currency exchange rates through hedges. ~~The Company’s~~In periods when the Company has open hedge positions, the derivative asset and liabilities are valued using pricing models with inputs derived from observable market data, including quoted prices in active markets. The Company’s provisional metal sales contracts, included in Trade and other receivables in the Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.

(3)Certain items of deferred consideration are included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data. ~~Deferred~~

(4)The contingent consideration isrelated to the Transaction are included in ~~Other non-current assets~~Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data. The fair value of the contingent consideration tied to completion of operational milestones was determined using a discounted cash flow model. The significant assumptions include estimates of timing of completion of milestones and a discount rate of 6.0%. The fair value of the contingent consideration tied to delineation of new reserves was determined using a probability-weighted discounted cash flow model. The significant assumptions include estimates of timing of delineation of new reserves, a 10.0% probability of delineation of new reserves and a discount rate of 6.0%.

SSR Mining Inc.

Notes to Condensed Consolidated ~~Balance Sheets.~~Financial Statements

(unaudited)

The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the consolidated financial statements (in thousands):


		Six Months Ended June 30,					Six Months Ended June 30,
		2022		2021			2023		2022
Deferred consideration assets:						Deferred consideration assets:
Balance as of January 1	Balance as of January 1	$	22,610	$	21,460	Balance as of January 1	$	24,369	$	22,610
Revaluations	Revaluations		853		406	Revaluations		(1,551)		853
Acquisition of deferred consideration			—		480
Receipt of deferred consideration						Receipt of deferred consideration		(474)		—

Balance as of June 30	Balance as of June 30	$	23,463	$	22,346	Balance as of June 30	$	22,344	$	23,463

~~SSR Mining Inc.~~

~~Notes to Condensed Consolidated Financial Statements~~

~~(unaudited)~~


	Six Months Ended June 30,
	2023		2022
Deferred consideration liabilities:
Balance as of January 1	$	—	$	—

Assumption of deferred consideration		28,600		—


Balance as of June 30	$	28,600	$	—

Fair values of financial assets and liabilities not already measured at fair value

The fair value of the 2019 Notes and Term Loan as compared to the carrying amounts were as follows (in thousands):


			June 30, 2022				December 31, 2021						June 30, 2023				December 31, 2022
		Level	Carrying amount		Fair value		Carrying amount		Fair value			Level	Carrying amount		Fair value		Carrying amount		Fair value
2019 Notes (1)	2019 Notes (1)	1	$	226,009	$	261,740	$	225,534	$	286,207	2019 Notes (1)	1	$	227,000	$	245,824	$	226,510	$	257,025
Term Loan (2)	Term Loan (2)	2		105,000		107,932		140,000		144,871	Term Loan (2)	2		35,000		35,412		70,000		71,419
Total borrowings	Total borrowings		$	331,009	$	369,672	$	365,534	$	431,078	Total borrowings		$	262,000	$	281,236	$	296,510	$	328,444

(1) The fair value disclosed for the Company's 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market.

(2) The fair value disclosed for the Company's Term Loan is included in Level 2 as the fair value is determined by an independent third-party pricing source.

~~SSR Mining Inc.~~

~~Notes to Condensed Consolidated Financial Statements~~

~~(unaudited)~~

10.TRADE AND OTHER RECEIVABLES

Trade and other receivables was composed of the following (in thousands):


		June 30, 2022		December 31, 2021			June 30, 2023		December 31, 2022
Trade receivables	Trade receivables	$	74,833	$	86,124	Trade receivables	$	64,398	$	62,563
Value added tax receivables	Value added tax receivables		22,111		20,723	Value added tax receivables		35,429		30,893
Income tax receivable	Income tax receivable		15,829		9,374	Income tax receivable		17,082		14,316
Other taxes receivable	Other taxes receivable		4,037		1,866	Other taxes receivable		4,998		6,750
Other	Other		6,286		3,269	Other		3,300		3,153
Total	Total	$	123,096	$	121,356	Total	$	125,207	$	117,675

No provision for credit loss was recognized as of June 30, ~~2022~~2023 or December 31, ~~2021.~~2022. All trade receivables are expected to be settled within twelve months.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

11.INVENTORIES

The components of Inventories for the periods ended June 30, ~~2022~~2023 and December 31, ~~2021~~2022 are as follows (in thousands):


		June 30, 2022		December 31, 2021			June 30, 2023		December 31, 2022
Materials and supplies	Materials and supplies	$	103,332	$	79,372	Materials and supplies	$	123,421	$	103,380
Stockpiled ore	Stockpiled ore		35,095		27,589	Stockpiled ore		63,639		54,504
Leach pad inventory	Leach pad inventory		275,196		243,627	Leach pad inventory		333,883		300,715
Work-in-process	Work-in-process		8,402		4,951	Work-in-process		9,067		7,549
Finished goods	Finished goods		15,955		33,877	Finished goods		31,485		35,459
Total current inventories	Total current inventories	$	437,980	$	389,416	Total current inventories		561,495		501,607

Stockpiled ore	Stockpiled ore		218,355		220,324	Stockpiled ore		213,455		217,154
Materials and supplies	Materials and supplies		1,425		1,293	Materials and supplies		2,185		1,845
Total non-current inventories	Total non-current inventories	$	219,780	$	221,617	Total non-current inventories	$	215,640	$	218,999

No write-down of inventory was recognized during the three months ended June 30, 2023. During the six months ended June 30, 2023. the Company recognized write-downs of leach pad inventory at Çöpler of $2.0 million, with $1.3 million classified as a component of Cost of sales and $0.7 million classified as a component of Depreciation, depletion and amortization. No write-down of inventory was recognized during the year ended December 31, 2022.

12.MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET

The components of Mineral properties, plant and equipment, net are as follows (in thousands):


		June 30, 2022		December 31, 2021			June 30, 2023		December 31, 2022
Plant and equipment (1)	Plant and equipment (1)	$	1,755,715	$	1,762,833	Plant and equipment (1)	$	1,845,326	$	1,793,914
Construction in process	Construction in process		59,304		36,841	Construction in process		95,394		58,704
Mineral properties subject to depletion	Mineral properties subject to depletion		1,397,838		1,331,615	Mineral properties subject to depletion		1,467,028		1,452,850
Mineral properties not yet subject to depletion	Mineral properties not yet subject to depletion		662,063		141,629	Mineral properties not yet subject to depletion		1,536,367		848,281
Exploration and evaluation assets	Exploration and evaluation assets		348,914		927,176	Exploration and evaluation assets		517,993		515,070
Total mineral properties, plant, and equipment	Total mineral properties, plant, and equipment		4,223,834		4,200,094	Total mineral properties, plant, and equipment		5,462,108		4,668,819
Accumulated depreciation, plant and equipment	Accumulated depreciation, plant and equipment		(575,939)		(529,635)	Accumulated depreciation, plant and equipment		(664,452)		(621,323)
Accumulated depreciation, mineral properties			(460,942)		(420,695)
Accumulated depletion, mineral properties						Accumulated depletion, mineral properties		(548,215)		(498,050)
Mineral properties, plant, and equipment, net	Mineral properties, plant, and equipment, net	$	3,186,953	$	3,249,764	Mineral properties, plant, and equipment, net	$	4,249,441	$	3,549,446

(1) As of June 30, ~~2022~~2023 and December 31, ~~2021,~~2022, plant and equipment includes finance lease right-of-use assets with a carrying amount of ~~$104.4~~$99.0 million and ~~$114.9~~$101.7 million, respectively.

No impairment was recognized for the three and six months ended June 30, 2023 and 2022.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

~~No impairment was recognized for the three and six months ended June 30, 2022~~. During the three month period ended June 30, 2021, the Company recognized an impairment loss of $22.3 million as a result of the agreement entered into subsequent to June 30, 2021 to sell a portfolio of royalty interests and deferred payments (the “Royalty Sales Agreement”) to EMX Royalty Corporation (“EMX”). For the purposes of impairment assessment and measuring the impairment loss, all of the assets within the portfolio have been grouped as one disposal group (the “Royalty Portfolio”). The impairment loss recognized was calculated based on the difference between the estimated fair value of the Royalty Portfolio and its carrying amount prior to the impairment. The fair value of the Royalty Portfolio was estimated based on the fair value of each of the components of the consideration included in the Royalty Sales Agreement. The $22.3 million impairment loss was recognized in the Company's Exploration, evaluation and development properties segment.

13.ACCRUED LIABILITIES AND OTHER

Accrued liabilities and other are comprised of the following items (in thousands):


		June 30, 2022		December 31, 2021			June 30, 2023		December 31, 2022
Accrued liabilities	Accrued liabilities	$	51,800	$	51,544	Accrued liabilities	$	64,907	$	68,254
Royalties payable	Royalties payable		16,833		32,383	Royalties payable		13,529		16,012
Stock-based compensation liabilities	Stock-based compensation liabilities		13,448		22,652	Stock-based compensation liabilities		10,606		10,493

Income taxes payable	Income taxes payable		16,006		52,206	Income taxes payable		8,931		16,374
Lease liabilities	Lease liabilities		1,870		2,238	Lease liabilities		2,329		1,976
Reclamation liabilities						Reclamation liabilities		5,829		10,075
Other	Other		3,059		4,085	Other		1,826		1,470
Total accrued liabilities and other	Total accrued liabilities and other	$	103,016	$	165,108	Total accrued liabilities and other	$	107,957	$	124,654

14.DEBT

The following tables summarize the Company’s debt balances (in thousands):


		June 30, 2022		December 31, 2021		June 30, 2023				December 31, 2022
2019 Notes (1)	2019 Notes (1)	$	226,009		$		225,534	2019 Notes (1)	$	227,000	$	226,510
Term Loan	Term Loan		105,000				140,000	Term Loan		35,000		70,000
Other	Other		924				1,450	Other		508		1,797
Total carrying amount	Total carrying amount	$	331,933		$		366,984	Total carrying amount	$	262,508	$	298,307

Current Portion	Current Portion	$	70,924		$		71,491	Current Portion	$	35,508	$	71,797
Non-Current Portion	Non-Current Portion	$	261,009		$		295,493	Non-Current Portion	$	227,000	$	226,510

(1) Amount is net of discount and debt issuance costs of ~~$4.0~~$3.0 million and ~~$4.5~~$3.5 million, respectively.

Convertible Debt

2019 Notes

On March 19, 2019, the Company issued $230.0 million of 2.50% convertible senior notes due in 2039 (the “2019 Notes”) for net proceeds of $222.9 million after payment of commissions and expenses related to the offering of $7.1 million. The 2019 Notes mature on April 1, 2039 and bear an interest rate of 2.50% per annum, payable semi-annually in arrears on April 1 and October 1 of each ~~year.~~year. The 2019 Notes are convertible into the Company's common shares at a fixed conversion rate, subject to certain anti-dilution adjustments. In addition, if certain fundamental changes occur, holders of the 2019 Notes may be entitled to an increased conversion rate. ~~The~~

As a result of ongoing dividends and in accordance with the 2019 Notes ~~are convertible into~~Agreement, during the ~~Company's common shares at a~~fourth quarter of 2022 the conversion rate ~~of 54.7810~~was adjusted to 55.6750 common shares per ~~$1,000~~$1,000 principal amount of ~~2019 Notes converted, representing an initial conversion price of $18.25 per common share.~~

~~SSR Mining Inc.~~

~~Notes to Condensed Consolidated Financial Statements~~

~~(unaudited)~~

~~Prior to April 1, 2023, the Company may not redeem~~ the 2019 Notes ~~except in the event of certain changes in Canadian tax law. On or after April 1, 2023 and prior~~converted.

Prior to April 1, 2026, the Company may redeem all or part of the 2019 Notes for cash, but only if the last reported sales price of its common shares for 20 or more trading days in a period of 30 consecutive trading days exceeds 130% of the conversion price in effect on each such trading day. On or after April 1, 2026, the Company may redeem the 2019 Notes in full or in part, for cash.

Holders of the 2019 Notes have the right to require the Company to repurchase all or part of their 2019 Notes on April 1 of each of 2026, 2029 and 2034, or upon certain fundamental corporate changes. The repurchase price will be equal to par plus accrued and unpaid interest.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

The Company does not have any financial covenants in relation to the 2019 Notes.

Term Loan

On September 16, 2020, in connection with the acquisition of the Çöpler mine, the Company assumed a term loan (the "Term Loan"), with a fair value of $245.0 million as of the date of acquisition, with a syndicate of lenders (BNP Paribas (Suisse) SA, ING Bank NV, Societe Generale Corporate & Investment Banking and UniCredit S.P.A.). The Term Loan bears interest at the London Inter-bank Offered Rate ("LIBOR") plus a fixed interest rate margin in the range of 3.50% to 3.70% depending on the tranche. The Term Loan has no mandatory hedging or cash sweep requirements, no prepayment penalties, and final repayment is scheduled in the fourth quarter of 2023.

Restricted cash accounts must be maintained while the Term Loan is outstanding. As of June 30, ~~2022~~2023 and December 31, ~~2021, $32.9~~2022, $33.6 million and ~~$32.9~~$33.7 million of restricted cash relates to the Term Loan, respectively. Restricted cash is ~~not available for use within one year and is~~ classified as a ~~non-current~~current asset in the Condensed Consolidated Balance Sheets.

The Company is in compliance with all financial covenants in relation to the Term Loan.

Amended Credit ~~Facility~~Agreement

On June 7, 2021, the Company amended its existing ~~credit agreement~~Credit Agreement to extend the maturity ~~of the Credit Facility~~ to June 8, 2025 and increase the Credit ~~Facility~~Agreement to $200.0 million with a $100.0 million accordion feature (the "Amended Credit ~~Facility"~~Agreement"). Amounts drawn under the Amended Credit ~~Facility~~Agreement are subject to variable interest rates at LIBOR plus an applicable margin ranging from 2% to 3%, based on the Company's net leverage ratio. As of June 30, ~~2022,~~2023, the Company was in compliance with its covenants. As of June 30, ~~2022,~~2023, no borrowings were outstanding on the Amended Credit ~~Facility,~~Agreement, $199.1 million of borrowing capacity was available and outstanding letters of credit totaled $0.9 million.

~~As of June 30, 2022, the~~The Company ~~was~~is in compliance with ~~its externally imposed~~all financial covenants in relation to the ~~Term Loan and~~Amended Credit ~~Facility. The Company does not have any financial covenants in relation to the 2019 Notes.~~Agreement.

15.EQUITY

Repurchase of common shares

On June ~~20, 2022,~~16, 2023, the Company received approval of its Normal Course Issuer Bid ("2023 NCIB") to purchase for cancellation up to 10.2 million of its common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a twelve month period beginning June 20, 2023 and ending June 19, 2024.

On June 19, 2023, the Normal Course Issuer Bid established as of June 20, 2022 (the ~~"NCIB"~~“2022 NCIB”), expired. Under the 2022 NCIB, the Company was authorized to purchase for cancellation up to 10.6 million of its common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a ~~twelve-month period beginning June 20, 2022 and ending June 19, 2023.~~twelve month period.

During the three and six months ended June 30, ~~2022,~~2023, the Company purchased ~~797,842~~2,678,822 and 3,026,993 of its outstanding common shares ~~pursuant to the NCIB~~ at an average share price of ~~$18.38~~$14.97 and $14.97 per share, respectively, for total consideration of ~~$14.7~~$40.1 million and $45.3 million. All shares were cancelled upon purchase. ~~The~~During the three and six months ended, the difference of ~~$11.7~~$0.8 million and $0.9 million between the total amount paid and the amount deducted from common shares of ~~$3.0~~$39.3 million and $44.4 million was recorded as a direct charge to retained earnings. The amount deducted from common shares was determined based on the average paid in capital per common share outstanding prior to the repurchase date.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

16.SUPPLEMENTAL CASH FLOW INFORMATION

Net change in operating assets and liabilities during the six months ended June 30, 2023 and 2022 were as follows (in thousands):


		Six Months Ended June 30,					Six Months Ended June 30,
		2022		2021			2023		2022
Decrease (increase) in operating assets:	Decrease (increase) in operating assets:					Decrease (increase) in operating assets:
Trade and other receivables	Trade and other receivables	$	(5,515)	$	(32,592)	Trade and other receivables	$	(9,532)	$	(5,515)
Inventories	Inventories		(56,843)		(16,278)	Inventories		(56,371)		(56,843)
Other operating assets	Other operating assets		7,193		19,817	Other operating assets		(911)		7,193
Increase (decrease) in operating liabilities:	Increase (decrease) in operating liabilities:					Increase (decrease) in operating liabilities:
Accounts payable	Accounts payable		7,101		(4,647)	Accounts payable		(22,700)		7,101
Accrued liabilities	Accrued liabilities		(66,056)		(26,011)	Accrued liabilities		(17,488)		(66,056)
Reclamation liabilities	Reclamation liabilities		62		(70)	Reclamation liabilities		(791)		62
Other operating liabilities	Other operating liabilities		(27,286)		(13,822)	Other operating liabilities		(4,031)		(27,286)
		$	(141,344)	$	(73,603)		$	(111,824)	$	(141,344)

Other cash information during the six months ended June 30, 2023 and 2022 were as follows (in thousands):


		Six Months Ended June 30,					Six Months Ended June 30,
		2022		2021			2023		2022
Interest paid	Interest paid	$	(5,897)	$	(6,658)	Interest paid	$	(9,260)	$	(5,897)
Interest received	Interest received	$	3,799	$	1,114	Interest received	$	9,475	$	3,799
Income taxes paid	Income taxes paid	$	(110,423)	$	(41,538)	Income taxes paid	$	(21,643)	$	(110,423)

~~SSR Mining Inc.~~

~~Notes to Condensed Consolidated Financial Statements~~

~~(unaudited)~~

17.COMMITMENTS AND CONTINGENCIES

General

Estimated losses from loss contingencies are accrued by a charge to income when information is available prior to the issuance of the financial statements that indicates it is probable that a liability could be incurred, and the amount of the loss can by reasonably estimated. Legal expenses associated with the loss contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.

Environmental matters

The Company uses surety bonds to support certain environmental bonding obligations. As of June 30, ~~2022~~2023 and December 31, ~~2021,~~2022, the Company had surety bonds totaling ~~$117.7~~$117.5 million and ~~$117.0~~$117.4 million outstanding, respectively.

Other Commitments and Contingencies

The Company is involved in legal proceedings related to its normal course of business. Management does not believe that these legal cases will have a material effect on the Company’s financial condition or results of the operations.

SSR Mining Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

18.~~ASSETS AND LIABILITIES HELD FOR SALE~~SUBSEQUENT EVENTS

Term Loan amendment

On ~~January 12, 2022,~~July 26, 2023, the Company entered into ~~a Share Purchase Agreement with Endeavour Silver Corp. (“Endeavour Silver”) to sell its Pitarrilla project in Durango, Mexico. Pursuant~~an amendment to the ~~terms of~~Term Loan. The amendment amends the ~~agreement, upon closing of~~Term Loan to replace LIBOR-based benchmark rates with secured overnight financing rate ("SOFR")-based benchmark rates. After giving effect to this amendment, borrowings under the ~~transaction on July 6, 2022, the Company received proceeds of $35.0 million in cash, $35.0 million in Endeavor shares, and a 1.25% net smelter return royalty~~Term Loan will generally bear interest at adjusted term SOFR plus an applicable interest rate margin ranging from 3.5% to 3.7% depending on the ~~Pitarrilla property. The assets and liabilities related~~tranche. Adjusted term SOFR for the Term Loan is the SOFR benchmark plus a credit spread adjustment ranging from approximately 0.0064% to ~~Pitarrilla, which are included in~~0.71513% depending on the Exploration, evaluation and development properties segment, met the criteria to be classified as held for sale on January 7, 2022. The major classes of assets and liabilities related to Pitarrilla presented within ~~Current assets held for sale~~ ~~and~~ ~~Current liabilities held for sale~~ ~~in the Consolidated Balance Sheets as of June 30, 2022 are as follows (in thousands):~~applicable interest period selected.


	~~June 30, 2022~~
~~Cash and cash equivalents~~	$	~~196~~
~~Trade and other receivables~~		12
~~Prepaids and other current assets~~		~~160~~
~~Mineral properties, plant, and equipment, net~~		~~62,149~~
~~Other non-current assets~~		~~926~~
~~Assets held for sale~~	$	~~63,443~~

~~Accounts payable~~	$	22
~~Accrued liabilities and other~~		~~885~~
~~Deferred income tax liabilities~~		~~5,952~~
~~Reclamation and remediation costs~~		64
~~Liabilities held for sale~~	$	~~6,923~~

Türkiye income tax rate change

~~19.SUBSEQUENT EVENTS~~

On July ~~6, 2022,~~15, 2023, the ~~Company completed~~Republic of Türkiye enacted an increase in the ~~sale~~corporate income tax rate. The corporate income tax rate of 20% increased to 25% for 2023 and subsequent years. The increase is effective on July 15, 2023 with retroactive application to January 1, 2023. The tax rate change will affect the ~~Pitarrilla project in Durango, Mexico~~Company’s current and deferred income taxes and will be recorded subsequent to Endeavour Silver for consideration consisting of $35.0 million in common shares of Endeavor Silver, $35.0 million in cash, and a 1.25% net smelter returns royalty on the Pitarrilla property. The assets and liabilities related to Pitarrilla are classified as held for sale as of June 30, ~~2022. For further information, see Note 18 to~~2023 when the ~~Condensed Consolidated Financial Statements.~~increase was enacted.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of SSR Mining Inc. and its subsidiaries (collectively, the “Company”). The Company uses certain non-GAAP financial measures in this MD&A; for a description of each of these measures, please see the discussion under "Non-GAAP Financial Measures" in Part I, Item 2, Management’s Discussion and Analysis herein.

This item should be read in conjunction with the Condensed Consolidated Financial Statements and the notes thereto included in this quarterly report. Additionally, the following discussion and analysis should be read in conjunction with the Consolidated Financial Statements, the related Management’s Discussion and Analysis of Financial Condition and Results of Operations and the discussion of ~~our~~ Business Properties included in the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2021~~2022 filed with the Securities and Exchange Commission (“SEC”) on February ~~23, 2022.~~22, 2023, as amended with Form 10-K/A filed on March 17, 2023, solely to correct a typographical error related to the date of the audit opinion (together, “Form 10-K”).

Business Overview

SSR Mining is a precious metals mining company with four producing assets located in the United States, Türkiye, Canada and Argentina. The Company is primarily engaged in the operation, acquisition, exploration and development of precious metal resource properties located in Türkiye and the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates. The Company’s diversified asset portfolio is comprised of high-margin, long-life assets located in some of the world's most prolific metal districts.

Refer to the “Second Quarter Highlights”, “Consolidation Results of Operations”, “Results of Operations”, “Liquidity and Capital Resources” and ~~Non-GAAP~~“Non-GAAP Financial Measures” for quarterly information for the six months ended June 30, ~~2022.~~

COVID-19 pandemic continues to have an impact globally. Many industries and businesses, including SSR Mining, have learned how to navigate and operate under these conditions but may still be subject to operating challenges, inflationary pressures and outbreaks. The Company will continue to be vigilant and take appropriate measures to protect the health and safety of its employees and surrounding communities.

At the end of the second quarter, Türkiye’s Ministry of Environment temporarily suspended operations pending implementation of required improvement initiatives at Çöpler. The Company has completed the improvement initiatives at the heap leach pad required by Türkiye’s Ministry of Environment, Urbanization and Climate Change (“Ministry of Environment”), and after inspection and verification by the Regulators, we will move towards obtaining the approvals to restart operations during the third quarter of 2022. We expect to record Care and Maintenance expenses in the Statements of Operations until the mine re-opens.

On July 6, 2022, the Company completed the sale of the Pitarrilla project in Durango, Mexico to Endeavour Silver Corp. ("Endeavour Silver") for consideration consisting of $35.0 million in common shares of Endeavor Silver, $35.0 million in cash, and a 1.25% net smelter returns royalty on the Pitarrilla property. The assets and liabilities related to Pitarrilla are classified as held for sale as of June 30, 2022. For further information, see Note 18 to the Condensed Consolidated Financial Statements.

On April 14, 2022, the Company acquired all of the issued and outstanding common shares of Taiga Gold Corporation (“Taiga Gold”) at a price of CAD $0.265 per Taiga Gold share, representing an aggregate consideration of approximately $24.5 million. The transaction materially expands the Company’s presence in Saskatchewan, Canada, a core jurisdiction, by adding five new properties, which provide new exploration targets stretching south from the Seabee mine to the Company’s 100%-owned Amisk property. Further, the acquisition consolidates a 100% interest in the Fisher property contiguous to the Seabee mine. The Company will leverage its existing teams and infrastructure to advance the exploration of these assets.

~~Operating Statistics~~

~~The following tables summarize operating statistics related to production of our operations for the three and six months ended June 30, 2022 and 2021:~~

Three Months Ended June 30, 2022
Çöpler Marigold Seabee Puna
Gold produced (oz) 51,389 45,769 38,341 —
Gold sold (oz) 57,846 45,983 42,500 —
Silver produced ('000 oz) — — — 1,967
Silver sold ('000 oz) — — — 1,771
Lead produced ('000 lb) — — — 8,889
Lead sold ('000 lb) — — — 8,874
Zinc produced ('000 lb) — — — 1,507
Zinc sold ('000 lb) — — — 1,367
Ore mined (kt) 674 4,100 97 505
Waste removed (kt) 6,173 20,576 63 2,311
Total material mined (kt) 6,847 24,676 160 2,816
Ore stacked - oxide (kt) 148 4,100 — —
Gold grade stacked - oxide (g/t) 0.90 0.67 — —
Ore milled (kt) 611 — 99 419
Gold mill feed grade (g/t) 2.55 — 12.06 —
Gold recovery (%) 87.2 — 98.0 —
Silver mill feed grade (g/t) — — — 152.39
Lead mill feed grade (%) — — — 1.01
Zinc mill feed grade (%) — — — 0.33
Silver recovery (%) — — — 95.6
Lead recovery (%) — — — 92.9
Zinc recovery (%) — — — 41.7

Three Months Ended June 30, 2021
Çöpler Marigold Seabee Puna
Gold produced (oz) 75,754 57,892 36,994 —
Gold sold (oz) 76,872 60,000 36,700 —
Silver produced ('000 oz) — — — 1,990
Silver sold ('000 oz) — — — 1,914
Lead produced ('000 lb) — — — 9,642
Lead sold ('000 lb) — — — 7,685
Zinc produced ('000 lb) — — — 3,935
Zinc sold ('000 lb) — — — 3,124
Ore mined (kt) 2,279 5,758 99 375
Waste removed (kt) 3,143 19,267 63 2,652
Total material mined (kt) 5,422 25,024 161 3,026
Ore stacked - oxide (kt) 417 5,758 — —
Gold grade stacked - oxide (g/t) 1.45 0.44 — —
Ore milled (kt) 523 — 88 409
Gold mill feed grade (g/t) 3.55 — 13.19 —
Gold recovery (%) 91.6 — 98.7 —
Silver mill feed grade (g/t) — — — 158.00
Lead mill feed grade (%) — — — 1.15
Zinc mill feed grade (%) — — — 0.65
Silver recovery (%) — — — 95.9
Lead recovery (%) — — — 93.3
Zinc recovery (%) — — — 67.3
2023.

Six Months Ended June 30, 2022
Çöpler Marigold Seabee Puna
Gold produced (oz) 122,030 79,557 90,923 —
Gold sold (oz) 130,271 82,937 90,300 —
Silver produced ('000 oz) — — — 3,270
Silver sold ('000 oz) — — — 3,532
Lead produced ('000 lb) — — — 16,192
Lead sold ('000 lb) — — — 19,087
Zinc produced ('000 lb) — — — 3,350
Zinc sold ('000 lb) — — — 4,495
Ore mined (kt) 1,685 8,920 199 852
Waste removed (kt) 11,308 40,364 128 4,389
Total material mined (kt) 12,993 49,284 327 5,241
Ore stacked - oxide (kt) 210 8,920 — —
Gold grade stacked - oxide (g/t) 0.87 0.52 — —
Ore milled (kt) 1,256 — 194 792
Gold mill feed grade (g/t) 2.95 — 14.85 —
Gold recovery (%) 87.1 — 98.4 —
Silver mill feed grade (g/t) — — — 137.73
Lead mill feed grade (%) — — — 1.02
Zinc mill feed grade (%) — — — 0.37
Silver recovery (%) — — — 95.4
Lead recovery (%) — — — 92.3
Zinc recovery (%) — — — 46.3

Six Months Ended June 30, 2021
Çöpler Marigold Seabee Puna
Gold produced (oz) 154,232 125,828 60,729 —
Gold sold (oz) 159,374 125,012 62,466 —
Silver produced ('000 oz) — — — 3,782
Silver sold ('000 oz) — — — 3,863
Lead produced ('000 lb) — — — 15,806
Lead sold ('000 lb) — — — 13,787
Zinc produced ('000 lb) — — — 7,014
Zinc sold ('000 lb) — — — 3,932
Ore mined (kt) 5,286 11,469 187 614
Waste removed (kt) 6,826 37,318 133 4,646
Total material mined (kt) 12,111 48,787 319 5,260
Ore stacked - oxide (kt) 1,358 11,469 — —
Gold grade stacked - oxide (g/t) 1.34 0.42 — —
Ore milled (kt) 1,103 — 178 792
Gold mill feed grade (g/t) 3.43 — 10.81 —
Gold recovery (%) 91.2 — 98.6 —
Silver mill feed grade (g/t) — — — 156.00
Lead mill feed grade (%) — — — 0.99
Zinc mill feed grade (%) — — — 0.63
Silver recovery (%) — — — 95.3
Lead recovery (%) — — — 91.1
Zinc recovery (%) — — — 63.6

Consolidated Results of Operations

A summary of the Company's consolidated financial and operating results for the three and six months ended June 30, ~~2022~~2023 and ~~2021~~2022 are presented below (in thousands):

Three Months Ended June 30, Six Months Ended June 30,
2022 2021 Change (%) 2022 2021 Change (%)
Financial Results
Revenue $ 319,583 $ 376,950 (15.2) % $ 675,029 $ 743,434 (9.2) %
Operating income $ 70,095 $ 103,716 (32.4) % $ 185,965 $ 232,899 (20.2) %
Production costs $ 164,928 $ 166,946 (1.2) % $ 318,448 $ 328,809 (3.2) %
Net income $ 67,519 $ 77,792 (13.2) % $ 143,625 $ 205,243 (30.0) %
Net income attributable to equity holders of SSR Mining $ 58,488 $ 74,719 (21.7) % $ 126,051 $ 183,579 (31.3) %
Basic net income per share attributable to equity holders of SSR Mining $ 0.28 $ 0.34 (17.6) % $ 0.59 $ 0.84 (29.8) %
Adjusted attributable net income(1)
$ 66,800 $ 107,323 (37.8) % $ 132,742 $ 217,245 (38.9) %
Adjusted basic attributable net income per share (1)
$ 0.31 $ 0.49 (36.7) % $ 0.62 $ 0.99 (37.4) %
Adjusted diluted attributable net income per share (1)
$ 0.30 $ 0.47 (36.2) % $ 0.60 $ 0.95 (36.8) %
Operating Results
Gold produced (oz) 135,500 170,640 (20.6) % 292,510 340,789 (14.2) %
Gold sold (oz) 146,329 173,572 (15.7) % 303,508 346,852 (12.5) %
Silver produced ('000 oz) 1,967 1,990 (1.2) % 3,270 3,782 (13.5) %
Silver sold ('000 oz) 1,771 1,914 (7.4) % 3,532 3,863 (8.6) %
Lead produced ('000 lb) (2)
8,889 9,642 (7.8) % 16,192 15,806 2.4 %
Lead sold ('000 lb) (2)
8,874 7,685 15.5 % 19,087 13,787 38.4 %
Zinc produced ('000 lb) (2)
1,507 3,935 (61.7) % 3,350 7,014 (52.2) %
Zinc sold ('000 lb) (2)
1,367 3,124 (56.3) % 4,495 3,932 14.3 %
Gold equivalent produced (oz) (3)
159,262 199,673 (20.2) % 333,201 395,750 (15.8) %
Gold equivalent sold (oz) (3)
167,201 201,504 (17.0) % 346,893 402,994 (13.9) %
Average realized gold price ($/oz sold) $ 1,862 $ 1,820 2.3 % $ 1,871 $ 1,809 3.4 %
Average realized silver price ($/oz sold) $ 22.12 $ 26.56 (16.7) % $ 22.99 $ 26.29 (12.6) %
Production cost per gold equivalent ounce sold $ 986 $ 828 19.1 % $ 918 $ 816 12.5 %
Cash cost per gold equivalent ounce sold (1, 3)
$ 933 $ 695 34.3 % $ 851 $ 692 23.1 %
AISC per gold equivalent ounce sold (1, 3)
$ 1,267 $ 938 35.1 % $ 1,177 $ 954 23.4 %


	Three Months Ended June 30,						Six Months Ended June 30,
	2023		2022		Change (%)		2023		2022		Change (%)
Financial Results
Revenue	$	301,026	$	319,583	(5.8)	%	$	615,640	$	675,029	(8.8)	%
Cost of sales (1)	$	170,640	$	164,928	3.5	%	$	369,937	$	318,448	16.2	%
Operating income	$	52,929	$	70,095	(24.5)	%	$	89,914	$	185,965	(51.7)	%
Net income (loss)	$	122,376	$	67,519	81.2	%	$	151,380	$	143,625	5.4	%
Net income (loss) attributable to SSR Mining shareholders	$	74,866	$	58,488	28.0	%	$	104,679	$	126,051	(17.0)	%
Basic net income (loss) per share attributable to SSR Mining shareholders	$	0.37	$	0.28	32.1	%	$	0.51	$	0.59	(13.6)	%
Adjusted attributable net income (loss) (2)	$	75,103	$	66,800	12.4	%	$	96,376	$	132,742	(27.4)	%
Adjusted basic attributable net income (loss) per share (2)	$	0.37	$	0.31	19.4	%	$	0.47	$	0.62	(24.2)	%
Adjusted diluted attributable net income (loss) per share (2)	$	0.35	$	0.30	16.7	%	$	0.45	$	0.60	(25.0)	%

Operating Results
Gold produced (oz)		128,902		135,500	(4.9)	%		251,723		292,510	(13.9)	%
Gold sold (oz)		124,916		146,329	(14.6)	%		251,027		303,508	(17.3)	%
Silver produced ('000 oz)		2,269		1,967	15.4	%		4,284		3,270	31.0	%
Silver sold ('000 oz)		1,857		1,771	4.9	%		4,238		3,532	20.0	%
Lead produced ('000 lb) (3)		10,193		8,889	14.7	%		21,554		16,192	33.1	%
Lead sold ('000 lb) (3)		9,805		8,874	10.5	%		23,175		19,087	21.4	%
Zinc produced ('000 lb) (3)		1,748		1,507	16.0	%		4,227		3,350	26.2	%
Zinc sold ('000 lb) (3)		1,033		1,367	(24.4)	%		4,720		4,495	5.0	%

Gold equivalent produced (oz) (4)		156,625		159,262	(1.7)	%		303,518		333,201	(8.9)	%
Gold equivalent sold (oz) (4)		147,705		167,201	(11.7)	%		302,262		346,893	(12.9)	%

Average realized gold price ($/oz sold)	$	1,963	$	1,861	5.5	%	$	1,932	$	1,870	3.3	%
Average realized silver price ($/oz sold)	$	24.61	$	19.64	25.3	%	$	23.92	$	21.75	10.0	%

Cost of sales per gold equivalent ounce sold (1, 4)	$	1,155	$	986	17.1	%	$	1,224	$	918	33.3	%
Cash cost per gold equivalent ounce sold (2, 4)	$	1,108	$	933	18.8	%	$	1,157	$	851	36.0	%
AISC per gold equivalent ounce sold (2, 4)	$	1,633	$	1,267	28.9	%	$	1,663	$	1,177	41.3	%

(1)Excludes depreciation, depletion, and amortization.

(2)The Company reports non-GAAP financial measures including adjusted attributable net income (loss), adjusted basic attributable net income (loss) per share, cash costs and AISC per ounce sold to manage and evaluate its operating performance at its mines. See "Non-GAAP Financial Measures" for an explanation of these financial measures and a reconciliation of these financial measures to ~~net~~Net income (loss) attributable to SSR Mining shareholdersand ~~production costs,~~Cost of sales, which are the comparable GAAP financial measures.

~~(2)~~

(3)Data for lead production and sales relate only to lead in lead concentrate. Data for zinc production and sales relate only to zinc in zinc concentrate.

~~(3)~~

(4)Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average London Bullion Market Association (“LBMA”) prices for the period. The Company does not include by-products in the gold equivalent ounce calculations.

Revenue

For the three months ended June 30, ~~2022,~~2023, revenue decreased by ~~$57.4~~$18.6 million, or ~~15.2%~~5.8%, to ~~$319.6~~$301.0 million, as compared to ~~$377.0~~$319.6 million for the three months ended June 30, ~~2021.~~2022. The decrease was mainly due t~~o a decrease in~~ to 14.6% fewer ounces of gold ~~ounces~~ sold, ~~of 15.7%, partially~~partially offset by a 2%5.5% increase in average realized gold ~~prices. At Çöpler, gold sales decreased by $31.9 million, or 22.7%, for the three months ended June 30, 2022 compared to the three months ended June 30, 2021 due to 24.8%~~ ~~fewer~~ ~~gold ounces sold, partially offset by a 3.0% increase in the average realized gold price. Çöpler experienced a 32.2% reduction in gold ounces produced~~ ~~mainly due to lower sulfide grade mined.~~ ~~At Marigold, gold sales decreased by $24.1 million, or 23.4%,~~ ~~due to fewer gold ounces sold, offset partially by a 1.9% increase in the average realized gold price. As expected, Marigold’s gold ounces produced decreased 20.9% compared to the same period in 2021 as a~~ ~~result of planned mining in lower tonnage ore zones.~~ ~~At Seabee, gold sales increased by $12.0 million, or 17.9%, due to a 1.8% increase in the average realized gold price~~prices and ~~15.8%~~ 4.9% more ~~gold ounces sold, the result of~~ ~~a 12.0% increase of ore tonnes milled compared to the same period in 2021.~~ ~~At Puna, sales decreased by $13.3 million, or 22.4%, primarily due to a decrease~~ ~~of $9.3 million in silver~~ ~~revenue for the three months ended June 30, 2022 compared to the same period in 2021. During the three months ended June 30, 2022,~~ ~~7.4% fewer~~ ounces of silver ~~were sold at a 16.7% lower average realized silver price compared to the same period in 2021.~~sold.

For the six months ended June 30, ~~2022,~~2023, revenue decreased by ~~$68.4~~$59.4 million, or ~~9.2%~~8.8%, to ~~$675.0~~$615.6 million as compared to ~~$743.4~~$675.0 million for the six months ended June 30, ~~2021.~~2022. The decrease was mainly due to a ~~reduction in~~17.3% fewer ounces of gold ~~equivalent ounces~~ sold, ~~of 13.9%,~~ partially offset by a ~~3.4%~~3.3% increase in average realized gold ~~prices. At Çöpler, gold~~prices and 20.0% more ounces of silver sold.

Cost of sales ~~decreased~~

Cost of sales increased by ~~$46.0~~$5.7 million, or ~~15.8%~~3.5%, to $170.6 million for the ~~six~~three months ended June 30, ~~2022~~2023, as compared ~~to the six months ended June 30, 2021 due to 18.3%~~ ~~fewer~~ ~~gold ounces sold, partially offset by a 3.2% increase in the average realized gold price. Çöpler experienced a 20.9% reduction in gold ounces produced~~ ~~mainly due to lower sulfide grade mined.~~ ~~At Marigold, gold sales decreased by $71.2 million, or 31.6%,due to 33.7%~~ ~~fewer gold~~ ~~ounces sold, offset partially by a 3.1% increase in the average realized gold price. Marigold’s gold ounces produced expectedly decreased 36.8% compared to the same period in 2021 as a~~ ~~result of mining in lower tonnage ore zones.~~ ~~At Seabee, gold sales increased by $57.1 million, or 50.6%, due to a 4.1% increase in the average realized gold price and 44.6%~~ ~~more~~ ~~gold ounces sold. This was due to a 49.7%~~ ~~increase of gold ounces produc~~ed at Seabee, which was the result a 37.4% increase in mill feed grade to 14.85 g/t gold and increased mine and mill productivity levels during the six months ended June 30, 2022 compared to the same period in 2021. At Puna, sales decreased by $8.3 million, or 7.4%, due to a decrease of $19.2 ~~million in~~ silver revenue, partially offset by $6.7 million and $4.2 million in lead and zinc revenue, respectively for the six months ended June 30, 2022 compared to the same period in 2021. During the six months ended June 30, 2022, 8.6% fewer ounces of silver were sold at a 12.6% lower average realized price compared to the same period in 2021. The decrease is primarily due to a 25.6% lower grade of silver ore processed and 2.6% less ore processed. The unfavorable weather conditions during the first two months of the first quarter of 2022 impeded access to the bottom benches of the mine containing higher grade ore. As such, low and medium grades of ore in existing stockpiles were fed into the plant, which resulted in fewer silver ounces produced. Additionally, 38.4% and 14.3% higher pounds of lead and zinc, respectively, were sold at a 13.9% lower and a 11.3% higher average realized lead and zinc price, respectively, during the six months ended June 30, 2022 compared to the same period in 2021.

~~Production costs~~

~~Production costs decreased by $2.0 million, or 1.2%,~~ to $164.9 million for the three months ended June 30, ~~2022, as compared~~2022. This increase was mainly due to ~~$166.9 million for~~higher operating costs and inflationary pressure on costs, although 14.6% fewer ounces of gold were sold and 4.9% more ounces of silver were sold during the three months ended June 30, ~~2021. During the three months ended June 30, 2022, 20.6% fewer ounces of gold were produced and 1.2% fewer ounces of silver were produced~~ 2023, compared to the same period in ~~2021. Although production costs decreased $6.6~~2022.

Cost of sales increased by $51.5 million, or ~~9.5%~~16.2%, ~~at Çöpler in part due~~ to ~~lower sulfide grade mined, production costs per ounce sold were 20.2% higher due to higher reagent unit prices and 24.8% fewer gold ounces sold. Production costs at Marigold decreased $1.2~~$369.9 million ~~or 2.3%, due to 20.9% fewer ounces produced, partially offset by higher fuel costs. However, production costs per ounce sold were 27.5% higher primarily due to~~ ~~23.4%~~ ~~fewer ounces sold. Production costs at Seabee increased $3.5 million, or~~ ~~22.9%, due to more ounces sold. Production costs~~ per ounce sold at Seabee were in line with the same period in the prior year. At Puna, production costs increased $2.2 million, or 7.4%, although silver ounces produced decreased by 1.2%, primarily due to a rise in the inflation rate in Argentina, alongside weakening of the ARS against the USD, causing overall costs to increase. Production costs per gold equivalent ounce sold at Puna from increased to $1,552 from $1,079 due to higher production costs and a 25.3% decrease in gold equivalent ounces sold for the ~~three~~six months ended June 30, ~~2022~~2023, as compared ~~to the same period in 2021.~~

~~Production costs decreased by $10.4 million, or 3.2%,~~ to $318.4 million for the six months ended June 30, ~~2022, as compared~~2022. This increase was mainly due to ~~$328.8 million for~~higher operating costs and inflationary pressure on costs, although 17.3% fewer ounces of gold were sold and 20.0% more ounces of silver were sold during the six months ended June 30, ~~2021.~~ ~~During the~~ ~~six months ended June 30,~~ ~~2022, 14.2% fewer ounces of gold were produced and 13.5% fewer ounces of silver were produced~~2023, compared to the same

period in ~~2021. Although production~~2022. For a complete discussion of costs ~~decreased $10.5 million, or 7.7%, at Çöpler in part due~~of sales by site, refer to lower sulfide grade mined and depleting oxide ore, production costs per ounce sold were 12.9% higher due to higher reagent unit prices and 18.3% fewer gold ounces sold. Production costs at Marigold decreased $16.1 million, or 15.3%, due to 36.8% fewer ounces produced, partially offset by higher fuel costs. However, production costs per ounce sold were 27.6% higher primarily due to ~~33.7%~~ ~~fewer ounces sold~~. Production costs at Seabee increased $3.4 million, or 10.6%, due to a 49.7% increase in gold ounces produced. In addition, production costs per ounce sold at Seabee were 23.5% lower due to higher mill feed grade. ~~At Puna, production costs increased $12.9 million, or 23.2%, although silver ounces produced decreased by 13.5%, primarily due to a rise in~~ the ~~inflation rate in Argentina, alongside weakening~~Results of the ARS against the USD, causing overall costs to increase. Production costs per gold equivalent ounce sold at Puna increased to $1,572 from $985 due to higher production costs and a 22.7% decrease in gold equivalent ounces sold.Operations below.

Depreciation, depletion and amortization


		Three Months Ended June 30,							Six Months Ended June 30,						Three Months Ended June 30,						Six Months Ended June 30,
		2022		2021		Change (%)			2022		2021	Change (%)			2023		2022		Change (%)		2023		2022		Change (%)
Depreciation, depletion, and amortization ($000s)	Depreciation, depletion, and amortization ($000s)	$	53,848	$	55,993	(3.8)	%	$	112,590	$	109,772	2.6	%	Depreciation, depletion, and amortization ($000s)	$	44,641	$	53,848	(17.1)	%	$	91,736	$	112,590	(18.5)	%
Gold equivalent ounces sold	Gold equivalent ounces sold		167,201		201,504	(17.0)	%		346,893		402,994	(13.9)	%	Gold equivalent ounces sold		147,705		167,201	(11.7)	%		302,262		346,893	(12.9)	%
Depreciation, depletion, and amortization per gold equivalent ounce sold	Depreciation, depletion, and amortization per gold equivalent ounce sold	$	322	$	278	15.9	%	$	325	$	272	19.2	%	Depreciation, depletion, and amortization per gold equivalent ounce sold	$	302	$	322	(6.2)	%	$	303	$	325	(6.8)	%

Depreciation, depletion, and amortization (“DD&A”) expense decreased by ~~$2.1~~$9.2 million, or ~~3.8%~~17.1%, to $44.6 million for the three months ended June 30, 2023, as compared to $53.8 million for the three months ended June 30, 2022, ~~as compared~~primarily due to ~~$56.0~~fewer gold equivalent ounces sold.

DD&A expense decreased by $20.9 million, or 18.5%, to $91.7 million for the ~~three~~six months ended June 30, 2021, primarily due to a decrease in gold equivalent ounces sold. A $2.3 million decrease at Çöpler and a $1.6 million decrease at Puna, offset by a $1.8 million increase at Seabee. At Marigold, DD&A remained consistent for the three months ended June 30, 20222023, as compared ~~to the same period in 2021.~~

~~DD&A expense increased by $2.8 million, or 2.6%,~~ to $112.6 million for the six months ended June 30, 2022, ~~as compared to $109.8 million for the six months ended June 30, 2021,~~ primarily due to a $7.6 million increase at Seabee, offset partially by a $2.3 million decrease at Çöpler and a $2.1 million decrease at Marigold. At Puna, DD&A remained consistent for the six months ended June 30, 2022 compared to the same period in 2021. The increase in DD&A at Seabee was driven by an increase in gold ounces sold. The increase in DD&A per gold equivalent ounces sold is driven by fewer ~~gold equivalent ounces sold at Çöpler, Marigold, and Puna comprising the majority of~~ gold equivalent ounces sold.

General and administrative expense

General and administrative expense for the three months ended June 30, ~~2022~~2023 was ~~$19.5~~$16.3 million as compared to ~~$15.2~~$19.5 million for the three months ended June 30, ~~2021~~2022. General and administrative expenses ~~increased~~decreased primarily due to a ~~$4.8 million increase~~decrease in consulting ~~expenses~~ and ~~a $3.0 million increase in wage and benefit expenses, partially offset by a $3.7 million in decrease in stock based compensation for~~ ~~three months ended June 30, 2022~~ ~~compared to the same period in 2021.~~professional fees.

General and administrative expense for the six months ended June 30, 2023 and 2022 was ~~$35.7 million as compared to $23.0 million for the six months ended June 30, 2021~~consistent period over period.~~. General and administrative expenses increased primarily due to a $5.8 million increase in wage and benefit expenses, a~~

~~$5.1 milli~~

~~on increase in stock based compensation expense, and a $3.0 million increase in consulting expenses during the~~
~~six months ended June 30, 2022~~ ~~compared to the same period in 2021.~~

Exploration, evaluation and reclamation costs

Exploration, evaluation, and reclamation costs ~~remained consistent for the three and six months ended June 30, 2022 compared to the same periods in 2021.~~

~~Impairment of long-lived and other assets~~

~~No impairment was recognized for the three and six months ended June 30, 2022~~. ~~Impairment loss for the three and six months ended June 30, 2021~~ ~~was $22.3 million. During 2021, t~~he Company recognized an impairment loss related to the Royalty Portfolio sold on October 21, 2021, based on the difference between the carrying amount of the assets within the Royalty Portfolio, and the estimated net transaction price.

~~Transaction, integration and SEC conversion expense~~

~~No transaction, integration and SEC conversion expenses were incurred for the three months ended June 30, 2022 compared to $0.9~~increased by $4.9 million for the three months ended June 30, ~~2021.~~ The expenses incurred during the second quarter of 2022 were related to the Company’s transition from a foreign private issuer to a domestic filer under SEC reporting requirements. As the majority of the transition activities were completed during the year ended December 31, 2021, the lower expense incurred during the second quarter of 2022 is a reflection of the transition nearing completion. The expenses incurred during the second quarter of 2021 were associated with the integration activities related to the merger with Alacer.

~~Transaction, integration~~2023 and ~~SEC conversion expense for the six months ended June 30, 2022 was $1.2 million as compared to $5.4~~by $7.7 million for the six months ended June 30, ~~2021.~~ ~~The expenses incurred during~~2023 compared to the ~~six~~same periods in 2022. For the three months ended June 30, ~~2022 were related~~ 2023, the year over year increase was primarily due to a $5.6 million increase in exploration drilling, partially offset by a $1.6 million decrease in reclamation expenses compared to the ~~Company’s transition from a foreign private issuer to a domestic filer under SEC reporting requirements. As~~same period in 2022. For the ~~majority of the transition activities were completed during the year ended December 31, 2021, the lower expense incurred during the~~ ~~six months ended June 30,~~ ~~2022 is a reflection of the transition nearing completion. The expenses incurred during the~~ six months ended June 30, ~~2021 were associated with~~2023, the ~~integration activities related~~increase is due to a $7.6 million increase in exploration drilling compared to the ~~merger with Alacer.~~same period in 2022. The Company has committed to additional exploration during the year to support growth and resource conversion across the portfolio.

Interest expense

Interest expense for the three months ended June 30, ~~2022~~2023 was ~~$4.3~~$5.0 million as compared to ~~$4.9~~$4.3 million for the three months ended June 30, ~~2021.~~2022. Interest expense for the six months ended June 30, ~~2022~~2023 was ~~$8.6~~$10.0 million as compared to ~~$9.8~~$8.6 million for the six months ended June 30, ~~2021.~~2022. The ~~decreases~~increases are mainly due to ~~less~~increases in interest ~~incurred on the Term Loan at Çöpler as repayments were made on the principal balance throughout 2021 and during the first quarter of 2022.~~rates.

Other income (expense)

Other ~~expense~~income for the three months ended June 30, ~~2022~~2023 was ~~$2.4~~$12.4 million as compared to an expense of ~~$0.2~~$2.4 million for the three months ended June 30, ~~2021.~~2022. The ~~increase~~change is ~~mainly~~primarily due to ~~the fluctuation~~an increase in ~~fair value~~interest income of $5.0 million due to higher interest rates and gains on marketable ~~securities. For the three months ended June 30, 2022 and 2021, the Company recognized a loss~~securities of ~~$2.9 million and a loss of $1.4 million, respectively.~~$4.8 million.

Other ~~expense~~income for the six months ended June 30, ~~2022~~2023 was ~~$2.8~~$25.4 million as compared to an expense of ~~$1.8~~$2.8 million for the six months ended June 30, ~~2021.~~2022. The ~~increase~~change is ~~mainly~~primarily due to ~~the fluctuation~~an increase in ~~fair value~~interest income of $11.1 million during 2023 due to higher interest rates and gains on marketable ~~securities. For the six months ended June 30, 2022 and 2021, the Company recognized a loss~~securities of ~~$3.8 million and a loss of $1.9 million, respectively.~~

$10.7 million.

Foreign exchange gain (loss)

Foreign exchange loss for the three months ended June 30, ~~2022~~2023 was ~~$4.9~~$21.2 million compared to a loss of ~~$0.9~~$4.9 million for the three months ended June 30, ~~2021.~~2022. The Company's main foreign exchange exposures are related to net monetary assets and liabilities denominated in TRY, ARS and CAD. ~~During the~~ ~~three months ended June 30,~~ ~~2022 and 2021, the~~The increase in foreign exchange loss was mainly due to a weakening of the ~~CAD~~ARS against the USD and its impact on ~~CAD-denominated~~ARS-denominated assets at ~~Seabee, partially offset by a~~Puna and the weakening of the TRY against the USD and its impact on TRY-denominated ~~liabilities~~assets at Çöpler.

Foreign exchange loss for the six months ended June 30, ~~2022~~2023 was ~~$8.2~~$34.4 million compared to a loss of ~~$1.3~~$8.2 million for the six months ended June 30, ~~2021.~~2022. The Company's main foreign exchange exposures are related to net monetary assets and liabilities denominated in TRY, ARS and CAD. During the six months ended June 30, 2023 and 2022, ~~and 2021,~~ the foreign exchange loss was mainly due to a weakening of the ARS against the USD and its impact on ARS-denominated assets at Puna and the weakening of the TRY against the USD and its impact on TRY-denominated ~~liabilities~~assets at Çöpler.

Income and mining tax benefit (expense)

Income and mining tax benefit for the three months ended June 30, ~~2022~~2023 was ~~$9.0~~$83.4 million as compared to ~~an expense~~a benefit of ~~$19.6~~$9.0 million for the three months ended June 30, ~~2021.~~2022. The increase in income tax benefit was primarily as a result of the devaluation of the TRY relative to the USD, as well as a decline in year-to-date operating income compared to 2022.

Income and mining tax benefit for the six months ended June 30, 2023 was $80.6 million as compared to a tax expense of $22.6 million for the six months ended June 30, 2022. The decrease in tax expense was primarily as a result of the devaluation of the TRY relative to the USD, the release of uncertain tax positions, and ~~withholding taxes on dividend distributions,~~weaker operating results year-to-date, although these tax benefit drivers were partially offset by ~~more favorable results at Seabee.~~

~~Income and mining~~ tax ~~expense for the six months ended June 30, 2022 was $22.6 million as compared~~return adjustments, largely due to ~~an expense of $13.2 million for the six months ended June 30, 2021. The increase in~~retroactive earthquake tax ~~expense was primarily as a result of more favorable results at Seabee and withholding taxes on dividend distributions, offset by the devaluation of the TRY relative to the USD.~~assessments.

3731

Results of Operations

Çöpler, Türkiye


		Three Months Ended June 30,						Six Months Ended June 30,							Three Months Ended June 30,						Six Months Ended June 30,
Operating Data	Operating Data	2022		2021		Change (%)		2022		2021		Change (%)		Operating Data	2023		2022		Change (%)		2023		2022		Change (%)
Gold produced (oz)	Gold produced (oz)		51,389		75,754	(32.2)	%		122,030		154,232	(20.9)	%	Gold produced (oz)		52,031		51,390	1.2	%		107,105		122,030	(12.2)	%
Gold sold (oz)	Gold sold (oz)		57,846		76,872	(24.8)	%		130,271		159,374	(18.3)	%	Gold sold (oz)		49,197		57,846	(15.0)	%		107,211		130,271	(17.7)	%
Average realized gold price ($/oz sold)	Average realized gold price ($/oz sold)	$	1,863	$	1,809	3.0	%	$	1,869	$	1,810	3.2	%	Average realized gold price ($/oz sold)	$	1,979	$	1,863	6.2	%	$	1,934	$	1,869	3.5	%

Production costs		$	63,095	$	69,737	(9.5)	%	$	125,679	$	136,154	(7.7)	%
Production costs ($/oz gold sold)		$	1,091	$	907	20.2	%	$	965	$	854	12.9	%
Ore mined (kt)														Ore mined (kt)		1,184		674	75.7	%		2,363		1,685	40.2	%
Waste removed (kt)														Waste removed (kt)		4,841		6,173	(21.6)	%		10,216		11,308	(9.7)	%
Total material mined (kt)														Total material mined (kt)		6,025		6,847	(12.0)	%		12,579		12,993	(3.2)	%

Cash costs ($/oz gold sold) (1)		$	1,078	$	684	57.7	%	$	948	$	634	49.4	%
AISC ($/oz gold sold) (1)		$	1,253	$	824	52.0	%	$	1,087	$	780	39.5	%
Ore milled (kt)														Ore milled (kt)		680		611	11.3	%		1,404		1,256	11.8	%
Gold mill feed grade (g/t)														Gold mill feed grade (g/t)		2.34		2.55	(8.2)	%		2.40		2.95	(18.6)	%
Gold recovery (%)														Gold recovery (%)		89.1		87.2	2.2	%		88.4		87.1	1.5	%

Ore stacked (kt)														Ore stacked (kt)		154		148	4.1	%		342		210	62.9	%
Gold grade stacked (g/t)														Gold grade stacked (g/t)		1.46		0.90	62.2	%		1.33		0.87	52.9	%

Cost of sales (1)														Cost of sales (1)	$	54,949	$	63,095	(12.9)	%	$	129,595	$	125,679	3.1	%
Cost of sales ($/oz gold sold) (1)														Cost of sales ($/oz gold sold) (1)	$	1,117	$	1,091	2.4	%	$	1,209	$	965	25.3	%
Cash costs ($/oz gold sold) (2)														Cash costs ($/oz gold sold) (2)	$	1,107	$	1,078	2.7	%	$	1,196	$	948	26.2	%
AISC ($/oz gold sold) (2)														AISC ($/oz gold sold) (2)	$	1,384	$	1,253	10.5	%	$	1,404	$	1,087	29.2	%

(1)Excludes depreciation, depletion, and amortization.

(2)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Çöpler. See "Non-GAAP Financial Measures" for an explanation of these financial measures and a reconciliation to ~~production costs,~~Cost of sales, which ~~are~~is the comparable GAAP financial measure. For the three and six months ended June 30, 2022, cash costs and AISC per ounce of gold sold include the impact of any fair value adjustment on acquired inventories. For the three and six months ended June 30, 2021, cash costs and AISC per ounce of gold sold exclude the impact of any fair value adjustment on acquired inventories.

~~Production and Production Costs~~Three months ended June 30, 2023 compared to three months ended June 30, 2022

~~For~~

Gold production remained consistent period over period. Gold sold was less than gold production during the three months ended June 30, ~~2022 and 2021, Çöpler produced 51,389 and 75,754 ounces~~2023 as a result of timing of sales due to Turkish holiday closures during the last week of the quarter, which resulted in a build up of finished goods inventory. Revenue decreased by $10.9 million, or 10.0%, of which $16.6 million was the result of lower volume of gold ~~respectively. For the six months ended June 30, 2022 and 2021, Çöpler produced 122,030 and 154,232~~sold partially offset by a $5.7 million increase as a result of higher average realized gold price. Cost of sales decreased by $8.1 million, or 12.9%, as a result of fewer gold ounces sold. Cost of sales per ounce of gold ~~respectively. Lower production for the three~~sold and ~~six months ended June 30, 2022, is mainly due to~~ ~~lower sulfide grade mined and processed as well as depleting oxide ore~~.

Production costs for the three and six months ended June 30, 2022 were $63.1 million and $125.7 million, decreases of 9.5% and 7.7%, respectively, compared to the three and six months ended June 30, 2021. Production costs per ounce sold increased 20.2% and 12.9% for the three and six months ended June 30, 2022, respectively, due primarily to higher reagent unit prices as well as lower mill grade feed.

~~Cash Costs~~

~~For the three months ended June 30, 2022 and 2021,~~ cash costs per ounce of gold sold ~~were $1,078~~increased 2.4% and ~~$684, respectively. For~~2.7%, respectively, due to fewer gold ounces sold and higher contracted mining costs and employee-related costs. AISC per ounce of gold sold increased 10.5% due to fewer gold ounces sold, higher cash costs, and higher capital expenditures primarily related to the tailings storage facility.

Six months endedJune 30, 2023 compared to six months ended June 30, 2022

Gold production decreased 12.2% due to lower grade sulfide ore milled. Revenue decreased by $37.8 million, or 15.3%, of which $44.5 million was the result of lower volume of gold sold partially offset by a $6.7 million increase as a result of higher average realized gold price. Cost of sales increased by $3.9 million, or 3.1%, as a result of higher contracted mining costs, community donations, and ~~2021,~~consumption and unit costs of oxygen, electricity and sulfuric acid. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold ~~were $948~~increased 25.3% and ~~$634, respectively. The increases are mainly~~26.2%, respectively, due to ~~24.8% and 18.3%~~ fewer gold ounces sold ~~due to~~ ~~lower sulfide grades mined~~ and ~~fewer oxide ounces produced during the three and six months ended June 30, 2022, in addition to~~ higher ~~reagent unit prices during the three and six months ended June 30, 2022 compared to the same periods in 2021.~~

~~AISC~~

~~For the three months ended June 30, 2022 and 2021,~~cost of sales. AISC per ounce of gold sold ~~were $1,253 and $824, respectively. For the six months ended June 30, 2022 and 2021, AISC per ounce of~~increased 29.2% due to fewer gold ounces sold, ~~were $1,087 and $780, respectively. The increases are mainly due to~~ higher cash costs, and ~~24.8% and 18.3% fewer gold ounces sold during the three and six months ended June 30, 2022, respectively, compared~~higher capital expenditures primarily related to the ~~same periods in 2021.~~

tailings storage facility.

3833

Marigold, USA


		Three Months Ended June 30,						Six Months Ended June 30,							Three Months Ended June 30,						Six Months Ended June 30,
Operating Data	Operating Data	2022		2021		Change (%)		2022		2021		Change (%)		Operating Data	2023		2022		Change (%)		2023		2022		Change (%)
Gold produced (oz)	Gold produced (oz)		45,769		57,892	(20.9)	%		79,557		125,828	(36.8)	%	Gold produced (oz)		60,443		45,769	32.1	%		112,422		79,557	41.3	%
Gold sold (oz)	Gold sold (oz)		45,983		60,000	(23.4)	%		82,937		125,012	(33.7)	%	Gold sold (oz)		60,389		45,983	31.3	%		111,686		82,937	34.7	%
Average realized gold price ($/oz sold)	Average realized gold price ($/oz sold)	$	1,860	$	1,826	1.9	%	$	1,862	$	1,806	3.1	%	Average realized gold price ($/oz sold)	$	1,950	$	1,857	5.0	%	$	1,933	$	1,860	3.9	%

Production costs		$	50,422	$	51,590	(2.3)	%	$	89,157	$	105,301	(15.3)	%
Production costs ($/oz gold sold)		$	1,097	$	860	27.5	%	$	1,075	$	842	27.6	%
Ore mined (kt)														Ore mined (kt)		5,042		4,100	23.0	%		10,409		8,920	16.7	%
Waste removed (kt)														Waste removed (kt)		15,648		20,576	(24.0)	%		32,678		40,364	(19.0)	%
Total material mined (kt)														Total material mined (kt)		20,690		24,676	(16.2)	%		43,086		49,284	(12.6)	%

Cash costs ($/oz gold sold) (1)		$	1,099	$	856	28.4	%	$	1,076	$	839	28.3	%
AISC ($/oz gold sold) (1)		$	1,458	$	1,091	33.6	%	$	1,505	$	1,145	31.5	%
Ore stacked (kt)														Ore stacked (kt)		5,042		4,100	23.0	%		10,409		8,920	16.7	%
Gold grade stacked (g/t)														Gold grade stacked (g/t)		0.52		0.67	(22.4)	%		0.47		0.52	(9.6)	%

Cost of sales (1)														Cost of sales (1)	$	63,965	$	50,422	26.9	%	$	118,506	$	89,157	32.9	%
Cost of sales ($/oz gold sold) (1)														Cost of sales ($/oz gold sold) (1)	$	1,059	$	1,097	(3.5)	%	$	1,061	$	1,075	(1.3)	%

Cash costs ($/oz gold sold) (2)														Cash costs ($/oz gold sold) (2)	$	1,063	$	1,099	(3.3)	%	$	1,065	$	1,076	(1.0)	%
AISC ($/oz gold sold) (2)														AISC ($/oz gold sold) (2)	$	1,656	$	1,458	13.6	%	$	1,659	$	1,505	10.2	%

(1)Excludes depreciation, depletion, and amortization.

(2)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Marigold. See "Non-GAAP Financial Measures" for an explanation of these financial measures and a reconciliation to ~~production costs,~~Cost of sales, which ~~are~~is the comparable GAAP financial measure.

~~Production and Production Costs~~

~~For the~~Three months endedJune 30, 2023 compared to three months ended June 30, 2022 ~~and 2021, Marigold produced 45,769 and 57,892 ounces~~

Gold production increased 32.1% due to more tonnes stacked as well as the timing of ~~gold, respectively. For the six months ended June 30, 2022 and 2021, Marigold produced 79,557 and 125,828 ounces~~leach recoveries. Revenue increased by $32.4 million or 37.9%, of ~~gold, respectively. The expected production decreases were primarily~~which $26.8 million was the result of ~~mining in lower tonnage ore zones with recoverable~~higher volume of gold ~~placements weighted late in~~sold and $5.6 million was the ~~second quarter.~~

~~Production costs for the three and six months ended June 30, 2022 were $50.4 million and $89.2 million, decreases~~result of 2.3% and 15.3%, respectively, compared to the three and six months ended June 30, 2021. Production costs were lower due to fewer ounces produced. Production costs per ounce sold were 27.5% and 27.6% higher for the three and six months ended June 30, 2022, respectively, compared to the same periods of 2021 due to fewer gold ounces leached along with higher royalty cost per ounce due to a higher average realized gold price.

~~Cash Costs~~

~~For the three months ended June 30, 2022~~ Cost of sales increased by $13.5 million, or 26.9%, due to more gold ounces sold. Cost of sales per ounce of gold sold and ~~2021,~~ cash costs per ounce of gold sold ~~were $1,099~~decreased 3.5% and ~~$856, respectively. For~~3.3%, respectively, due to fewer waste tonnes mined. AISC per ounce of gold sold increased 13.6% primarily as a result of higher capital expenditures related to the purchase of two haul trucks.

Six months ended June 30, 2023 compared to six months ended June 30, 2022

Gold production increased 41.3% due to more tonnes stacked as well as the timing of leach recoveries. Revenue increased by $61.7 million or 40.0%, of which $53.5 million was the result of higher volume of gold sold and ~~2021,~~$8.2 million was the result of higher average realized gold price. Cost of sales increased by $29.3 million, or 32.9%, due to more gold ounces sold. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold ~~were $1,076 and $839, respectively. The increases are mainly due to 23.4% and 33.7% fewer gold ounces sold for the three and six months ended June 30, 2022, respectively.~~

~~AISC~~

~~For the three months ended June 30, 2022 and 2021,~~remained consistent. AISC per ounce of gold sold ~~were $1,458 and $1,091, respectively. For the six months ended June 30, 2022 and 2021, AISC per ounce~~increased 10.2% primarily as a result of ~~gold sold were $1,505 and $1,145, respectively. The increases are mainly due~~higher capital expenditures related to the ~~increase in cash costs, as well as a higher capital cost per ounce sold due to 23.4% and 33.7% fewer gold ounces sold for the three and six months ended June 30, 2022, respectively.~~purchase of four haul trucks.

3934

Seabee, Canada


		Three Months Ended June 30,						Six Months Ended June 30,							Three Months Ended June 30,						Six Months Ended June 30,
Operating Data	Operating Data	2022		2021		Change (%)		2022		2021		Change (%)		Operating Data	2023		2022		Change (%)		2023		2022		Change (%)
Gold produced (oz)	Gold produced (oz)		38,341		36,994	3.6	%		90,923		60,729	49.7	%	Gold produced (oz)		16,428		38,341	(57.2)	%		32,196		90,923	(64.6)	%
Gold sold (oz)	Gold sold (oz)		42,500		36,700	15.8	%		90,300		62,466	44.6	%	Gold sold (oz)		15,330		42,500	(63.9)	%		32,130		90,300	(64.4)	%
Average realized gold price ($/oz sold)	Average realized gold price ($/oz sold)	$	1,863	$	1,830	1.8	%	$	1,884	$	1,810	4.1	%	Average realized gold price ($/oz sold)	$	1,960	$	1,862	5.3	%	$	1,931	$	1,882	2.6	%

Production costs		$	19,015	$	15,467	22.9	%	$	35,425	$	32,028	10.6	%
Production costs ($/oz gold sold)		$	447	$	421	6.2	%	$	392	$	513	(23.5)	%
Ore mined (kt)														Ore mined (kt)		119		97	22.7	%		218		199	9.5	%

Cash costs ($/oz gold sold) (1)		$	449	$	383	17.4	%	$	394	$	479	(17.7)	%
AISC ($/oz gold sold) (1)		$	628	$	580	8.4	%	$	611	$	799	(23.5)	%
Ore milled (kt)														Ore milled (kt)		105		99	6.1	%		218		194	12.4	%
Gold mill feed grade (g/t)														Gold mill feed grade (g/t)		5.25		12.06	(56.5)	%		4.91		14.85	(66.9)	%
Gold recovery (%)														Gold recovery (%)		96.9		98.0	(1.1)	%		96.5		98.4	(1.9)	%

Cost of sales (1)														Cost of sales (1)	$	18,272	$	19,015	(3.9)	%	$	41,537	$	35,425	17.3	%
Cost of sales ($/oz gold sold) (1)														Cost of sales ($/oz gold sold) (1)	$	1,192	$	447	166.7	%	$	1,293	$	392	229.8	%

Cash costs ($/oz gold sold) (2)														Cash costs ($/oz gold sold) (2)	$	1,192	$	449	165.5	%	$	1,294	$	394	228.4	%
AISC ($/oz gold sold) (2)														AISC ($/oz gold sold) (2)	$	1,690	$	628	169.1	%	$	1,960	$	611	220.8	%

(1)Excludes depreciation, depletion, and amortization.

(2)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Seabee. See "Non-GAAP Financial Measures" for an explanation of these financial measures and a reconciliation to ~~production costs,~~Cost of sales, which ~~are~~is the comparable GAAP financial measure.

~~Production and Production Costs~~

~~For the~~Three months ended June 30, 2023 compared to three months ended June 30, 2022 ~~and 2021, Seabee produced 38,341 and 36,994 ounces~~

Gold production decreased 57.2% due to lower grade ore milled. Revenue decreased by $49.1 million, or 62.0%, of which $50.6 million was the result of lower volume of gold respectively. For the six months ended June 30, 2022 and 2021, Seabee produced 90,923 and 60,729 ounces of gold, respectively. The 3.6% increase in the gold ounces produced during three months ended June 30, 2022 compared to the same period of 2021, is due to a 11.9% increase of ore tonnes milled, andsold partially offset by a ~~8.6% decrease in mill feed grade. The 49.7%~~$1.5 million increase ~~in gold ounces produced during the six months ended June 30, 2022 compared to the same period of 2021,was the~~as a result of higher average realized gold price. Cost of sales decreased by $0.7 million, or 3.9%, as a ~~37.4% increase in~~ ~~mill feed grade to 14.85 g/t~~result of lower volume of gold sold, partially offset by higher contractor costs and ~~increased mine~~equipment and ~~mill productivity levels.~~

~~Production costs for the three and six months ended June 30, 2022 were $19.0 million and $35.4 million, increases~~repair costs. Cost of 22.9% and 10.6%, respectively, compared to the three and six months ended June 30, 2021. The cost increase is due to an increase in gold ounces produced of 3.6% and 49.7% for the three and six months ended June 30, 2022, compared to the same periods of 2021. Production costssales per ounce of gold sold, for the three months ended June 30, 2022 were $447, which is in line with the three months ended June 30, 2021. Production costs per ounce sold was 23.5% lower for the six months ended June 30, 2022 as compared to 2021 due to higher mill feed grade during 2022.

~~Cash Costs~~

~~For the three months ended June 30, 2022 and 2021,~~ cash costs per ounce of gold sold, ~~were $449~~ and ~~$383, respectively. The increase is mainly~~AISC per ounce of gold sold increased 166.7%, 165.5%, and 169.1%, respectively, due to ~~higher direct site operating expenditures, partially offset by a 15.8% increase in~~fewer gold ounces sold ~~during~~as a result of the ~~three~~lower mill feed grade.

Six months ended June 30, ~~2022. For the~~2023 compared to six months ended June 30, 2022

Gold production decreased 64.6% due to lower grade ore milled. Revenue decreased by $107.8 million, or 63.4%, of which $109.4 million was the result of lower volume of gold sold partially offset by a $1.6 million increase as a result of higher average realized gold price. Cost of sales increased by $6.1 million, or 17.3%, as a result of higher employee-related costs, mobile maintenance costs, and ~~2021,~~utilization of contractors for winter road construction. Cost of sales per ounce of gold sold and cash costs per ounce of gold sold ~~were $394~~increased 229.8% and ~~$479, respectively. The decrease is mainly~~228.4%, respectively, due to ~~a 44.6% increase in~~fewer gold ounces sold ~~during the six months ended June 30, 2022 compared to the same period in 2021 as a result~~and higher cost of ~~higher mill feed grade and productivity improvements achieved during 2022.~~

~~AISC~~

~~For the three months ended June 30, 2022 and 2021,~~sales. AISC per ounce of gold sold ~~were $628 and $580, respectively. The increase is mainly~~increased 220.8% due to the higher cash cost, and partially offset by lower capitalized development expenditures. For the six months ended June 30, 2022 and 2021, AISC per ounce of gold sold were $611 and $799, respectively. The decrease is mainly due to a 44.6% increase infewer gold ounces sold, ~~during~~higher cash costs, and an increase in capital expenditures related to underground mine development and machinery and equipment purchases delivered over the ~~six months ended June 30, 2022 compared to the same period in 2021 as a result of higher mill feed grade.~~winter road.

4035

Puna, Argentina


		Three Months Ended June 30,						Six Months Ended June 30,							Three Months Ended June 30,						Six Months Ended June 30,
Operating Data	Operating Data	2022		2021		Change (%)		2022		2021		Change (%)		Operating Data	2023		2022		Change (%)		2023		2022		Change (%)
Silver produced ('000 oz)	Silver produced ('000 oz)		1,967		1,990	(1.2)	%		3,270		3,782	(13.5)	%	Silver produced ('000 oz)		2,269		1,967	15.4	%		4,284		3,270	31.0	%
Silver sold ('000 oz)	Silver sold ('000 oz)		1,771		1,914	(7.4)	%		3,532		3,863	(8.6)	%	Silver sold ('000 oz)		1,857		1,771	4.9	%		4,238		3,532	20.0	%
Lead produced ('000 lb)	Lead produced ('000 lb)		8,889		9,642	(7.8)	%		16,192		15,806	2.4	%	Lead produced ('000 lb)		10,193		8,889	14.7	%		21,554		16,192	33.1	%
Lead sold ('000 lb)	Lead sold ('000 lb)		8,874		7,685	15.5	%		19,087		13,787	38.4	%	Lead sold ('000 lb)		9,805		8,874	10.5	%		23,175		19,087	21.4	%
Zinc produced ('000 lb)	Zinc produced ('000 lb)		1,507		3,935	(61.7)	%		3,350		7,014	(52.2)	%	Zinc produced ('000 lb)		1,748		1,507	16.0	%		4,227		3,350	26.2	%
Zinc sold ('000 lb)	Zinc sold ('000 lb)		1,367		3,124	(56.2)	%		4,495		3,932	14.3	%	Zinc sold ('000 lb)		1,033		1,367	(24.4)	%		4,720		4,495	5.0	%
Gold equivalent sold ('000 oz) ~~(2)~~(1)	Gold equivalent sold ('000 oz) ~~(2)~~(1)		20,872		27,932	(25.3)	%		43,385		56,142	(22.7)	%	Gold equivalent sold ('000 oz) ~~(2)~~(1)		22,789		20,872	9.2	%		51,235		43,385	18.1	%
Average realized silver price ($/oz)	Average realized silver price ($/oz)		22.12		26.56	(16.7)	%		22.99		26.29	(12.6)	%	Average realized silver price ($/oz)	$	24.61	$	19.64	25.3	%	$	23.92	$	21.75	10.0	%

Ore mined (kt)														Ore mined (kt)		510		505	1.0	%		859		852	0.8	%
Waste removed (kt)														Waste removed (kt)		1,524		2,311	(34.1)	%		3,508		4,389	(20.1)	%
Total material mined (kt)														Total material mined (kt)		2,034		2,816	(27.8)	%		4,367		5,241	(16.7)	%

Production costs		$	32,396	$	30,152	7.4	%	$	68,187	$	55,326	23.2	%
Production costs ($/oz gold equivalent sold)(2)		$	1,552	$	1,079	43.8	%	$	1,572	$	985	59.5	%
Ore milled (kt)														Ore milled (kt)		419		419	—	%		834		792	5.3	%
Silver mill feed grade (g/t)														Silver mill feed grade (g/t)		175.53		152.39	15.2	%		166.48		137.73	20.9	%
Lead mill feed grade (%)														Lead mill feed grade (%)		1.18		1.01	16.8	%		1.25		1.02	22.5	%
Zinc mill feed grade (%)														Zinc mill feed grade (%)		0.36		0.33	9.1	%		0.40		0.37	8.1	%
Silver recovery (%)														Silver recovery (%)		96.1		95.6	0.5	%		96.0		95.4	0.6	%
Lead recovery (%)														Lead recovery (%)		93.4		92.9	0.5	%		93.9		92.3	1.7	%
Zinc recovery (%)														Zinc recovery (%)		52.7		41.7	26.4	%		57.8		46.3	24.8	%

Cash costs ($/oz silver sold) (1)		$	13.54	$	11.50	17.8	%	$	13.30	$	11.07	20.2	%
Cash costs ($/oz gold equivalent sold)(1)(2)		$	1,150	$	788	45.8	%	$	1,083	$	762	42.2	%
AISC ($/oz silver sold) (1)		$	15.23	$	13.19	15.5	%	$	14.95	$	13.14	13.8	%
AISC ($/oz gold equivalent sold)(1)(2)		$	1,293	$	904	43.1	%	$	1,217	$	904	34.6	%
Cost of sales (2)														Cost of sales (2)	$	33,454	$	32,396	3.3	%	$	80,299	$	68,187	17.8	%
Cost of sales ($/oz silver sold) (2)														Cost of sales ($/oz silver sold) (2)	$	18.02	$	18.29	(1.5)	%	$	18.95	$	19.31	(1.9)	%
Cost of sales ($/oz gold equivalent sold) (1, 2)														Cost of sales ($/oz gold equivalent sold) (1, 2)	$	1,468	$	1,552	(5.4)	%	$	1,567	$	1,572	(0.3)	%

Cash costs ($/oz silver sold) (3)														Cash costs ($/oz silver sold) (3)	$	14.40	$	13.54	6.4	%	$	14.41	$	13.30	8.3	%
Cash costs ($/oz gold equivalent sold) (1, 3)														Cash costs ($/oz gold equivalent sold) (1, 3)	$	1,173	$	1,150	2.0	%	$	1,192	$	1,083	10.1	%
AISC ($/oz silver sold) (3)														AISC ($/oz silver sold) (3)	$	17.41	$	15.23	14.3	%	$	16.84	$	14.95	12.6	%
AISC ($/oz gold equivalent sold) (1, 3)														AISC ($/oz gold equivalent sold) (1, 3)	$	1,418	$	1,293	9.7	%	$	1,393	$	1,217	14.5	%

(1)Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include by-products in the gold equivalent ounce calculations.

(2)Excludes depreciation, depletion, and amortization.

(3)The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of silver sold to manage and evaluate operating performance at Puna. See "Non-GAAP Financial Measures" for an explanation of these financial measures and a reconciliation to ~~production costs,~~Cost of sales, which ~~are~~is the comparable GAAP financial measure.

~~(2)~~Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include by-products in the gold equivalent ounce calculations.

~~Production and Production Costs~~

For the three months ended June 30, 2022, Puna produced 2.0 million ounces of silver, which is in line with the three months ended June 30, 2021. For the six months ended June 30, 2022 and 2021, Puna produced 3.3 million and 3.8 million ounces of silver, respectively, a 13.5% decrease. The decrease is primarily due to a 25.6% lower grade of silver ore processed and 2.6% less ore processed during the three months ended March 31, 2022. The unfavorable weather conditions during the first two months of the first quarter of 2022 impeded access to the bottom benches of the mine containing higher grade ore. As such, low and medium grades of ore in existing stockpiles were fed into the plant, which resulted in fewer silver ounces produced.

Production costs for the three and six months ended June 30, 2022 were $32.4 million and $68.2 million, increases of 7.4% and 23.2%, respectively as compared to the three and six months ended June 30, 2021, respectively. The increases in production costs was primarily due to a rise in the inflation rate in Argentina, alongside weakening of the ARS against the USD, causing overall costs to increase.

4136

~~Cash Costs~~Three months endedJune 30, 2023 compared to three months ended June 30, 2022

~~For~~

Silver production increased 15.4% due to higher mill feed grade. Silver sold was less than silver production during the three months ended June 30, ~~2022~~2023 as a result of timing of sales due to transportation delays, which resulted in a build up of finished goods inventory. Revenue increased by $9.0 million, or 19.4%, of which $1.9 million was the result of higher volume of concentrate sold and ~~2021, cash~~$9.2 million was the result of higher average realized silver price, partially offset by a $2.1 million decrease as a result of lower average realized zinc price. Cost of sales increased by $1.1 million, or 3.3%, as a result of more silver ounces sold. Cost of sales per ounce of silver sold remained consistent period over period. Cash costs per ounce of silver sold ~~were $13.54~~increased 6.4% due to lower by-product revenue attributable to mark-to-market adjustments on silver-zinc concentrate, partially offset by more silver ounces sold. AISC per ounce of silver sold increased 14.3% due to higher cash costs and ~~$11.50, respectively. For the~~sustaining exploration expense related to exploration drilling near Chinchillas, partially offset by more silver ounces sold.

Six months endedJune 30, 2023 compared to six months ended June 30, 2022

Silver production increased 31.0% due to more tonnes milled and ~~2021, cash~~higher mill feed grade. Revenue increased by $24.6 million, or 23.5%, of which $19.9 million was the result of higher volume of concentrate sold and $9.2 million was the result of higher average realized silver price, partially offset by a $4.5 million decrease as a result of lower average realized zinc price. Cost of sales increased by $12.1 million, or 17.8%, as a result of more silver ounces sold. Cost of sales per ounce of silver sold remained consistent period over period. Cash costs per ounce of silver sold ~~were $13.30 and $11.07, respectively. The increases in cash cost per ounce of silver sold for the three and six months ended June 30, 2022 compared to the same periods of 2021 were primarily due to~~ increased ~~production costs and increased transportation costs~~8.3% due to higher ~~international transport prices.~~

~~AISC~~

~~For the three months ended June 30, 2022~~treatment and ~~2021,~~refining costs, partially offset by more silver ounces sold. AISC per ounce of silver sold were $15.23 and $13.19, respectively. For the six months ended June 30, 2022 and 2021, AISC per ounce of silver sold were $14.95 and $13.14, respectively. The increases in AISC per ounce of silver sold for the three and six months ended June 30, 2022 compared to the same periods of 2021 were primarilyincreased 12.6% due to ~~the~~ higher cash costs ~~per ounce sold~~and sustaining exploration expense related to exploration drilling near Chinchillas, partially offset ~~partially~~ by ~~lower sustaining capital expenditures.~~more silver ounces sold.

4237

Liquidity and Capital Resources

The Company manages its liquidity risk through a rigorous planning, budgeting and forecasting process, which is reviewed and updated on a regular basis, to help determine the funding requirements to support its current operations, expansion and development plans, and by managing its capital structure.

The Company's objectives when managing capital are to invest in strategic growth initiatives, return cash to shareholders, and maintain balance sheet strength and flexibility.

In assessing capital structure, the Company includes the components of shareholders’ equity, the 2019 Notes, the Term Loan and the Amended Credit ~~Facility.~~Agreement. In order to facilitate the management of capital requirements, the Company prepares annual budgets and continuously monitors and reviews actual and forecasted cash flows. The annual budget is monitored and approved by the Company's Board of Directors. To maintain or adjust the capital structure, the Company may, from time to time, issue new shares or debt, repay debt, dispose of non-core assets, or buy back shares. The Company expects its current capital resources will be sufficient to meet its business requirements for a minimum of twelve months.

Cash Dividends

During the three and six months ended June 30, ~~2021,~~2023, the Company declared quarterly cash dividends of $0.07 during each quarter, for total dividends of ~~$15.0~~ $14.3 million during the three months ended June 30, 2023 and $28.8 million for the six months ended June 30, 2023.

During the three and six months ended June 30, 2022, the Company declared quarterly cash dividends of $0.07 during each quarter, for total dividends of $15.1million during the three months ended June 30, 2022 and ~~$30.8~~ $30.1million for the six months ended June 30, 2022.

During the three and six months ended June 30, 2021, the Company paid quarterly cash dividends of $0.05 and $0.10 per common share, respectively, for total dividends of $11.0 million during the three months ended June 30, 2021 and $22.0 million for the six months ended June 30, 2021.

Share Repurchase Plan/ Normal Course Issuer Bid

On ~~April 20, 2022,~~June 19, 2023, the Normal Course Issuer Bid established as of ~~April 21, 2021~~June 20, 2022 (the ~~“2021~~“2022 NCIB”), expired. Under the ~~2021~~2022 NCIB, the Company ~~was~~ authorized the purchase of up to ~~10,000,000~~10,600,000 common shares. The Company purchased and cancelled ~~8,800,700~~9,080,119 common shares via open market purchases through the facilities of the TSX and the Nasdaq at a weighted average price paid per common share of ~~$16.82~~$16.01 and a total repurchase value of ~~$148.1~~$145.3 million.

~~On June 20, 2022, the~~The Board of Directors authorized a new NCIB (the ~~“2022~~“2023 NCIB”), on June 16, 2023, to repurchase up to an aggregate of ~~10,600,000 of our~~10,200,000 common shares on the Nasdaq, ~~Global Select Market,~~ the TSX and/or other exchanges and alternative trading systems in Canada and/or the United States, if eligible, subject to applicable law and stock exchange rules. ~~In connection with the 2022 NCIB, the Company entered into an automated share purchase plan with a designated broker which sets certain price thresholds for purchases of common shares.~~

During the three and six months ended June 30, ~~2022,~~2023, the Company repurchased and cancelled ~~797,842~~ common shares of 2,678,822 and 3,026,993, for ~~$14.7 million.~~$40.1 million and $45.3 million, respectively, at a weighted average price paid per common share of $14.97.

Cash and Cash Equivalents

At June 30, ~~2022,~~2023, the Company had ~~$939~~$379.2 million of cash and cash equivalents, a decrease of ~~$79~~$276.2 million from December 31, ~~2021,~~2022, mainly due to cash used in the Company’s investing and financing activities, and partially offset by cash flows generated ~~at each of~~by the Company's operations. The Company held ~~$873.3~~$327.0 million of its cash and cash equivalents balance in USD. Additionally, the Company held cash and cash equivalents of ~~$45.9~~$43.6 million, ~~$15.2~~$4.8 million and ~~$1.7~~$1.3 million in ARS, CAD and TRY, respectively.

The Company maintains cash balances at banking institutions in various jurisdictions which may or may not have deposit insurance. The Company mitigates potential cash risk by maintaining bank accounts with credit-worthy financial institutions. All cash is invested in short-term investments or high interest savings accounts in accordance with the Company's investment policy with maturities of 90 days or less, providing the Company with sufficient liquidity to meet its foreseeable corporate needs.

Debt

On July 26, 2023, the Company entered into an amendment to the Term Loan. The amendment amends the Term Loan to replace LIBOR-based benchmark rates with secured overnight financing rate ("SOFR")-based benchmark rates.

There were no other material changes to ~~our~~the Company’s debt and revolving credit facilities since December 31, ~~2021, except as noted in Note 14 to the Condensed Consolidated Financial Statements.~~

2022.

The Company's working capital at June 30, ~~2022,~~2023, together with future cash flows from operations, are expected to be sufficient to fund planned activities and commitments.

Cash Flows

The following table summarizes the Company's cash flow activity ~~for~~for six months ended June 30:


		Six Months Ended June 30,					Six Months Ended June 30,
		2022		2021			2023		2022
Net cash provided by operating activities	Net cash provided by operating activities	$	95,025	$	263,256	Net cash provided by operating activities	$	83,310	$	95,025
Cash used in investing activities	Cash used in investing activities		(57,745)		(86,450)	Cash used in investing activities		(231,741)		(57,745)
Cash used in financing activities	Cash used in financing activities		(116,683)		(166,835)	Cash used in financing activities		(111,134)		(116,683)
Effect of foreign exchange rate changes on cash and cash equivalents	Effect of foreign exchange rate changes on cash and cash equivalents		524		(247)	Effect of foreign exchange rate changes on cash and cash equivalents		(16,738)		524
Net increase (decrease) in cash, cash equivalents and restricted cash			(78,879)		9,724
Increase (decrease) in cash, cash equivalents and restricted cash						Increase (decrease) in cash, cash equivalents and restricted cash		(276,303)		(78,879)
Cash, cash equivalents, and restricted cash, beginning of period	Cash, cash equivalents, and restricted cash, beginning of period		1,052,865		895,921	Cash, cash equivalents, and restricted cash, beginning of period		689,106		1,052,865
Cash, cash equivalents, and restricted cash, end of period	Cash, cash equivalents, and restricted cash, end of period	$	973,986	$	905,645	Cash, cash equivalents, and restricted cash, end of period	$	412,803	$	973,986

Cash provided by operating activities

For the six months ended June 30, ~~2022,~~2023, cash provided by operating activities was ~~$95.0~~$83.3 million compared to ~~$263.3~~$95.0 million for the six months ended June 30, ~~2021.~~2022. The decrease in cash provided by operating activities is mainly due to the impact of lower gold sales at Çöpler and ~~Marigold.~~Seabee.

Cash used in investing activities

For the six months ended June 30, ~~2022,~~2023, cash used in investing activities was ~~$57.7~~$231.7 million compared to ~~$86.5~~$57.7 million for the six months ended June 30, ~~2021.~~2022. The ~~decrease in cash~~increase of $174.0 million used ~~in investing activities~~ is ~~mainly~~primarily due to ~~a $16.9~~spend of $120.0 million ~~decrease in capital expenditures. Additionally,~~for the ~~Company received $8.4 million from the repayment~~acquisition of the ~~EMX note receivable~~Hod Maden project in 2023 compared to $24.8 million for the acquisition of Taiga Gold in 2022, increased capital expenditures in the amount of $65.7 million, and lower net proceeds ~~of $12.8 million~~ from ~~the sale of marketable securities offset by the purchase of~~ marketable securities in the amount of ~~$2.6 million during the six months ended June 30, 2022 as compared to $4.6 million in net proceeds during the same period in 2021.~~$5.0 million.

Cash used in financing activities

For the six months ended June 30, ~~2022,~~2023, cash used in financing activities was ~~$116.7~~$111.1 million compared to ~~$166.8~~$116.7 million for the ~~six months ended June 30, 2021.~~same period in 2022. The decrease in cash used in financing activities was primarily due to a ~~$55.6 million~~ reduction ~~of repurchases and cancellations of common shares, partially offset by $4.2 million less~~ in principal payments on ~~financing~~finance leases in the amount of $6.3 million, a decrease in dividends paid for the ~~six months ended June 30, 2022~~year in the amount of $1.3 million, offset by a decrease in proceeds from the exercise of stock options in the amount of $2.4 million when compared to the six months ended June 30, ~~2021.~~2022.

Contractual Obligations

As of June 30, ~~2022,~~2023, there have been no material changes in ~~our~~the Company’s contractual obligations since December 31, ~~2021~~2022 to the Condensed Consolidated Financial Statements. Refer to Part II, Item 7 in ~~our annual report~~the Annual Report on Form 10-K for ~~the year ended December 31, 2021 for~~ information regarding ~~our~~the Company’s contractual obligations.

4439

Non-GAAP Financial Measures

The Company has included certain non-GAAP financial measures to assist in understanding the Company's financial results. The non-GAAP financial measures are employed by the Company to measure its operating and economic performance and to assist in decision-making, as well as to provide key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors and other stakeholders will find this information useful to evaluate the Company's operating and financial performance; however, these non-GAAP performance measures do not have any standardized meaning. These performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. These non-GAAP measures should be read in conjunction with the Company's condensed consolidated financial statements.

Non-GAAP Measure - Cash Costs and AISC

The Company uses cash costs and cash costs per ounce of precious metals sold to monitor its operating performance internally. The most directly comparable measure prepared in accordance with GAAP is ~~production costs.~~cost of sales. The Company believes ~~this measure provides~~these measures provide investors and analysts with useful information about its underlying cash costs of operations and the impact of by-product credits on its cost structure. The Company also believes ~~it is a~~they are relevant ~~metric~~metrics used to understand its operating profitability and ability to generate cash flow. When deriving the ~~production costs~~cost of sales associated with an ounce of precious metal, the Company includes by-product credits. Thereby allowing management and other stakeholders to assess the net costs of gold and silver production. In calculating cash costs and cash costs per ounce, the Company also excludes the impact of specific items that are significant, but not reflective of its underlying operations.

AISC includes total ~~production costs~~cost of sales incurred at the Company's mining operations, which forms the basis of cash costs. Additionally, the Company includes sustaining capital expenditures, sustaining mine-site exploration and evaluation costs, reclamation cost accretion and amortization, and general and administrative expenses. This measure seeks to reflect the ongoing cost of gold and silver production from current operations; therefore, expansionary capital and non-sustaining expenditures are excluded. Certain other cash expenditures, including tax payments and financing costs are also excluded.

The Company believes that AISC represents the total costs of producing gold and silver from current operations and provides the Company and other stakeholders with additional information about its operating performance and ability to generate cash flows. ItAISC allows the Company to assess its ability to support capital expenditures and to sustain future production from the generation of operating cash flows.

When deriving the number of ounces of precious metal sold, the Company considers the physical ounces available for sale after the treatment and refining process, commonly referred to as payable metal, as this is what is sold to third parties.

~~AISC includes total production costs incurred at the Company's mining operations, which forms the basis of its cash costs and which are reconciled to reported production costs.~~

4540

The following tables provide a reconciliation of ~~production costs~~cost of sales to cash costs and AISC:


		Three Months Ended June 30, 2022													Three Months Ended June 30, 2023
(in thousands, unless otherwise noted)	(in thousands, unless otherwise noted)	Çöpler		Marigold		Seabee		Puna		Corporate		Total		(in thousands, unless otherwise noted)	Çöpler		Marigold		Seabee		Puna		Corporate		Total
Production costs (GAAP)		$	63,095	$	50,422	$	19,015	$	32,396	$	—	$	164,928
Cost of sales (GAAP)(1)														Cost of sales (GAAP)(1)	$	54,949	$	63,965	$	18,272	$	33,454	$	—	$	170,640
By-product credits	By-product credits	(743)		(22)		(41)		(11,836)		—		(12,642)		By-product credits	(500)		(37)		(14)		(10,462)		—		(11,013)
Treatment and refining charges	Treatment and refining charges	—		142		117		3,433		—		3,692		Treatment and refining charges	—		276		19		3,749		—		4,044
Cash costs (non-GAAP)	Cash costs (non-GAAP)	62,352		50,542		19,091		23,993		—		155,978		Cash costs (non-GAAP)	54,449		64,204		18,277		26,741		—		163,671
Sustaining capital expenditures	Sustaining capital expenditures	8,104		15,331		7,386		2,427		—		33,248		Sustaining capital expenditures	10,511		31,312		6,872		2,477		—		51,172
Sustaining exploration and evaluation expense	Sustaining exploration and evaluation expense	1,346		618		—		115		—		2,079		Sustaining exploration and evaluation expense	1,354		3,829		—		2,299		—		7,482
Reclamation cost accretion and amortization	Reclamation cost accretion and amortization	(133)		557		209		432		—		1,065		Reclamation cost accretion and amortization	427		666		761		765		—		2,619
General and administrative expense and stock-based compensation expense	General and administrative expense and stock-based compensation expense	800		1		8		15		18,644		19,468		General and administrative expense and stock-based compensation expense	1,326		—		—		37		14,899		16,262
Total AISC (non-GAAP)	Total AISC (non-GAAP)	$	72,469	$	67,049	$	26,694	$	26,982	$	18,644	$	211,838	Total AISC (non-GAAP)	$	68,067	$	100,011	$	25,910	$	32,319	$	14,899	$	241,206

Gold sold (oz)	Gold sold (oz)	57,846		45,983		42,500		—		—		146,329		Gold sold (oz)	49,197		60,389		15,330		—		—		124,916
Silver sold (oz)	Silver sold (oz)	—		—		—		1,771,455		—		1,771,455		Silver sold (oz)	—		—		—		1,856,600		—		1,856,600
Gold equivalent sold (oz) ~~(2)~~(3)	Gold equivalent sold (oz) ~~(2)~~(3)	57,846		45,983		42,500		20,872		—		167,201		Gold equivalent sold (oz) ~~(2)~~(3)	49,197		60,389		15,330		22,789		—		147,705

Production cost per gold equivalent ounce sold(1)		$	1,091	$	1,097	$	447	$	1,552	N/A		$	986
Cost of sales per gold equivalent ounce sold(1)														Cost of sales per gold equivalent ounce sold(1)	$	1,117	$	1,059	$	1,192	$	1,468	N/A		$	1,155
Cash cost per gold ounce sold	Cash cost per gold ounce sold	$	1,078	$	1,099	$	449	N/A		N/A		N/A		Cash cost per gold ounce sold	$	1,107	$	1,063	$	1,192	N/A		N/A		N/A
Cash cost per silver ounce sold	Cash cost per silver ounce sold	N/A		N/A		N/A		$	13.54	N/A		N/A		Cash cost per silver ounce sold	N/A		N/A		N/A		$	14.40	N/A		N/A
Cash cost per gold equivalent ounce sold~~(1)~~	Cash cost per gold equivalent ounce sold~~(1)~~	$	1,078	$	1,099	$	449	$	1,150	N/A		$	933	Cash cost per gold equivalent ounce sold~~(1)~~	$	1,107	$	1,063	$	1,192	$	1,173	N/A		$	1,108
AISC per gold ounce sold	AISC per gold ounce sold	$	1,253	$	1,458	$	628	N/A		N/A		N/A		AISC per gold ounce sold	$	1,384	$	1,656	$	1,690	N/A		N/A		N/A
AISC per silver ounce sold	AISC per silver ounce sold	N/A		N/A		N/A		$	15.23	N/A		N/A		AISC per silver ounce sold	N/A		N/A		N/A		$	17.41	N/A		N/A
AISC per gold equivalent ounce sold(1)	AISC per gold equivalent ounce sold(1)	$	1,253	$	1,458	$	628	$	1,293	N/A		$	1,267	AISC per gold equivalent ounce sold(1)	$	1,384	$	1,656	$	1,690	$	1,418	N/A		$	1,633

~~(2)Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding.~~

Excludes depreciation, depletion, and amortization.

Three Months Ended June 30, 2021
(in thousands, unless otherwise noted) Çöpler Marigold Seabee Puna Corporate Total
Production costs (GAAP) $ 69,737 $ 51,590 $ 15,467 $ 30,152 $ — $ 166,946
By-product credits (1,218) (24) (30) (11,433) — (12,705)
Treatment and refining charges — 67 71 4,159 — 4,297
Incremental COVID-19 related costs(1)
— (272) (1,470) (861) — (2,603)
Fair value adjustment on acquired inventories (15,975) — — — — (15,975)
Cash costs (non-GAAP) 52,544 51,361 14,038 22,017 — 139,960
Sustaining capital expenditures 9,308 12,493 — 2,245 — 24,046
Sustaining exploration and evaluation expense 57 835 6,916 35 — 7,843
Reclamation cost accretion and amortization 559 779 201 406 — 1,945
General and administrative expense and stock-based compensation expense 894 — 118 538 13,657 15,208
Total AISC (non-GAAP) $ 63,362 $ 65,468 $ 21,273 $ 25,241 $ 13,657 $ 189,002
Gold sold (oz) 76,872 60,000 36,700 — — 173,572
Silver sold (oz) — — — 1,914,030 — 1,914,030
Gold equivalent sold (oz) (2)(3)
76,872 60,000 36,700 27,932 — 201,504
Production cost per gold equivalent ounce sold(2)
$ 907 $ 860 $ 421 $ 1,079 N/A $ 828
Cash cost per gold ounce sold $ 684 $ 856 $ 383 N/A N/A N/A
Cash cost per silver ounce sold N/A N/A N/A $ 11.50 N/A N/A
Cash cost per gold equivalent ounce sold(2)
$ 684 $ 856 $ 383 $ 788 N/A $ 695
AISC per gold ounce sold $ 824 $ 1,091 $ 580 N/A N/A N/A
AISC per silver ounce sold N/A N/A N/A $ 13.19 N/A N/A
AISC per gold equivalent ounce sold(2)
$ 824 $ 1,091 $ 580 $ 904 N/A $ 938

~~(1)COVID-19 related costs include direct, incremental costs associated with COVID-19.~~

(2)Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include by-products in the gold equivalent ounce calculations.

(3)Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding.

4741


		Six Months Ended June 30, 2022													Three Months Ended June 30, 2022
(in thousands, unless otherwise noted)	(in thousands, unless otherwise noted)	Çöpler		Marigold		Seabee		Puna		Corporate		Total		(in thousands, unless otherwise noted)	Çöpler		Marigold		Seabee		Puna		Corporate		Total
Production costs (GAAP)		$	125,679	$	89,157	$	35,425	$	68,187	$	—	$	318,448
Cost of sales (GAAP)(1)														Cost of sales (GAAP)(1)	$	63,095	$	50,422	$	19,015	$	32,396	$	—	$	164,928
By-product credits	By-product credits	(2,207)		(63)		(77)		(28,569)		—		(30,916)		By-product credits	(743)		(22)		(41)		(11,836)		—		(12,642)
Treatment and refining charges	Treatment and refining charges	—		177		207		7,366		—		7,750		Treatment and refining charges	—		142		117		3,433		—		3,692
Cash costs (non-GAAP)	Cash costs (non-GAAP)	123,472		89,271		35,555		46,984		—		295,282		Cash costs (non-GAAP)	62,352		50,542		19,091		23,993		—		155,978
Sustaining capital expenditures	Sustaining capital expenditures	14,479		33,566		19,261		4,640		—		71,946		Sustaining capital expenditures	8,104		15,331		7,386		2,427		—		33,248
Sustaining exploration and evaluation expense	Sustaining exploration and evaluation expense	1,728		935		—		165		—		2,828		Sustaining exploration and evaluation expense	1,346		618		—		115		—		2,079
Reclamation cost accretion and amortization	Reclamation cost accretion and amortization	262		1,070		351		863		—		2,546		Reclamation cost accretion and amortization	(133)		557		209		432		—		1,065
General and administrative expense and stock-based compensation expense	General and administrative expense and stock-based compensation expense	1,714		1		11		163		33,818		35,707		General and administrative expense and stock-based compensation expense	800		1		8		15		18,644		19,468
Total AISC (non-GAAP)	Total AISC (non-GAAP)	$	141,655	$	124,843	$	55,178	$	52,815	$	33,818	$	408,309	Total AISC (non-GAAP)	$	72,469	$	67,049	$	26,694	$	26,982	$	18,644	$	211,838

Gold sold (oz)	Gold sold (oz)	130,271		82,937		90,300		—		—		303,508		Gold sold (oz)	57,846		45,983		42,500		—		—		146,329
Silver sold (oz)	Silver sold (oz)	—		—		—		3,531,842		—		3,531,842		Silver sold (oz)	—		—		—		1,771,455		—		1,771,455
Gold equivalent sold (oz) ~~(2)~~(3)	Gold equivalent sold (oz) ~~(2)~~(3)	130,271		82,937		90,300		43,385		—		346,893		Gold equivalent sold (oz) ~~(2)~~(3)	57,846		45,983		42,500		20,872		—		167,201

Production cost per gold equivalent ounce sold(1)		$	965	$	1,075	$	392	$	1,572	N/A		$	918
Cost of sales per gold equivalent ounce sold(1)														Cost of sales per gold equivalent ounce sold(1)	$	1,091	$	1,097	$	447	$	1,552	N/A		$	986
Cash cost per gold ounce sold	Cash cost per gold ounce sold	$	948	$	1,076	$	394	N/A		N/A		N/A		Cash cost per gold ounce sold	$	1078	$	1099	$	449	N/A		N/A		N/A
Cash cost per silver ounce sold	Cash cost per silver ounce sold	N/A		N/A		N/A		$	13.30	N/A		N/A		Cash cost per silver ounce sold	N/A		N/A		N/A		$	13.54	N/A		N/A
Cash cost per gold equivalent ounce sold~~(1)~~	Cash cost per gold equivalent ounce sold~~(1)~~	$	948	$	1,076	$	394	$	1,083	N/A		$	851	Cash cost per gold equivalent ounce sold~~(1)~~	$	1078	$	1099	$	449	$	1,150	N/A		$	933
AISC per gold ounce sold	AISC per gold ounce sold	$	1,087	$	1,505	$	611	N/A		N/A		N/A		AISC per gold ounce sold	$	1,253	$	1,458	$	628	N/A		N/A		N/A
AISC per silver ounce sold	AISC per silver ounce sold	N/A		N/A		N/A		$	14.95	N/A		N/A		AISC per silver ounce sold	N/A		N/A		N/A		$	15.23	N/A		N/A
AISC per gold equivalent ounce sold~~(1)~~(2)	AISC per gold equivalent ounce sold~~(1)~~(2)	$	1,087	$	1,505	$	611	$	1,217	N/A		$	1,177	AISC per gold equivalent ounce sold~~(1)~~(2)	$	1,253	$	1,458	$	628	$	1,293	N/A		$	1,267

~~(2)Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding.~~

Excludes depreciation, depletion, and amortization.

Six Months Ended June 30, 2021
(in thousands, unless otherwise noted) Çöpler Marigold Seabee Puna Corporate Total
Production costs (GAAP) $ 136,154 $ 105,301 $ 32,028 $ 55,326 $ — $ 328,809
By-product credits (3,007) (60) (62) (18,282) — (21,411)
Treatment and refining charges — 261 259 7,480 — 8,000
Incremental COVID-19 related costs(1)
— (603) (2,322) (1,755) — (4,680)
Fair value adjustment on acquired inventories (32,044) — — — — (32,044)
Cash costs (non-GAAP) 101,103 104,899 29,903 42,769 — 278,674
Sustaining capital expenditures 16,572 35,906 19,662 5,521 — 77,661
Sustaining exploration and evaluation expense 220 989 — 54 — 1,263
Reclamation cost accretion and amortization 1,384 1,440 317 812 — 3,953
General and administrative expense and stock-based compensation expense 4,989 (103) 27 1,622 16,432 22,967
Total AISC (non-GAAP) $ 124,268 $ 143,131 $ 49,909 $ 50,778 $ 16,432 $ 384,518
Gold sold (oz) 159,374 125,012 62,466 — — 346,852
Silver sold (oz) — — — 3,863,116 — 3,863,116
Gold equivalent sold (oz) (2)(3)
159,374 125,012 62,466 56,142 — 402,994
Production cost per gold equivalent ounce sold(2)
$ 854 $ 842 $ 513 $ 985 N/A $ 816
Cash cost per gold ounce sold $ 634 $ 839 $ 479 N/A N/A N/A
Cash cost per silver ounce sold N/A N/A N/A $ 11.07 N/A N/A
Cash cost per gold equivalent ounce sold(2)
$ 634 $ 839 $ 479 $ 762 N/A $ 692
AISC per gold ounce sold $ 780 $ 1,145 $ 799 N/A N/A N/A
AISC per silver ounce sold N/A N/A N/A $ 13.14 N/A N/A
AISC per gold equivalent ounce sold(2)
$ 780 $ 1,145 $ 799 $ 904 N/A $ 954

~~(1)COVID-19 related costs include direct, incremental costs associated with COVID-19.~~

(3)Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding.


	Six Months Ended June 30, 2023
(in thousands, unless otherwise noted)	Çöpler		Marigold		Seabee		Puna		Corporate		Total
Cost of sales (GAAP)(1)	$	129,595	$	118,506	$	41,537	$	80,299	$	—	$	369,937
By-product credits	(1,367)		(74)		(24)		(28,476)		—		(29,941)
Treatment and refining charges	—		459		49		9,247		—		9,755
Cash costs (non-GAAP)	128,228		118,891		41,562		61,070		—		349,751
Sustaining capital expenditures	17,214		64,434		20,007		5,307		—		106,962
Sustaining exploration and evaluation expense	2,115		683		—		3,371		—		6,169
Reclamation cost accretion and amortization	854		1,311		1,416		1,530		—		5,111
General and administrative expense and stock-based compensation expense	2,062		—		—		89		32,652		34,803
Total AISC (non-GAAP)	$	150,473	$	185,319	$	62,985	$	71,367	$	32,652	$	502,796

Gold sold (oz)	107,211		111,686		32,130		—		—		251,027
Silver sold (oz)	—		—		—		4,238,140		—		4,238,140
Gold equivalent sold (oz) (2)(3)	107,211		111,686		32,130		51,235		—		302,262

Cost of sales per gold equivalent ounce sold(1)	$	1,209	$	1,061	$	1,293	$	1,567	N/A		$	1,224
Cash cost per gold ounce sold	$	1,196	$	1,065	$	1,294	N/A		N/A		N/A
Cash cost per silver ounce sold	N/A		N/A		N/A		$	14.41	N/A		N/A
Cash cost per gold equivalent ounce sold	$	1,196	$	1,065	$	1,294	$	1,192	N/A		$	1,157
AISC per gold ounce sold	$	1,404	$	1,659	$	1,960	N/A		N/A		N/A
AISC per silver ounce sold	N/A		N/A		N/A		$	16.84	N/A		N/A
AISC per gold equivalent ounce sold(1)	$	1,404	$	1,659	$	1,960	$	1,393	N/A		$	1,663

(1)Excludes depreciation, depletion, and amortization.

(3)Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding.


	Six Months Ended June 30, 2022
(in thousands, unless otherwise noted)	Çöpler		Marigold		Seabee		Puna		Corporate		Total
Cost of sales (GAAP)(1)	$	125,679	$	89,157	$	35,425	$	68,187	$	—	$	318,448
By-product credits	(2,207)		(63)		(77)		(28,569)		—		(30,916)
Treatment and refining charges	—		177		207		7,366		—		7,750
Cash costs (non-GAAP)	123,472		89,271		35,555		46,984		—		295,282
Sustaining capital expenditures	14,479		33,566		19,261		4,640		—		71,946
Sustaining exploration and evaluation expense	1,728		935		—		165		—		2,828
Reclamation cost accretion and amortization	262		1,070		351		863		—		2,546
General and administrative expense and stock-based compensation expense	1,714		1		11		163		33,818		35,707
Total AISC (non-GAAP)	$	141,655	$	124,843	$	55,178	$	52,815	$	33,818	$	408,309

Gold sold (oz)	130,271		82,937		90,300		—		—		303,508
Silver sold (oz)	—		—		—		3,531,842		—		3,531,842
Gold equivalent sold (oz) (2)(3)	130,271		82,937		90,300		43,385		—		346,893

Cost of sales per gold equivalent ounce sold(1)	$	965	$	1,075	$	392	$	1,572	N/A		$	918
Cash cost per gold ounce sold	$	948	$	1,076	$	394	N/A		N/A		N/A
Cash cost per silver ounce sold	N/A		N/A		N/A		$	13.30	N/A		N/A
Cash cost per gold equivalent ounce sold	$	948	$	1,076	$	394	$	1,083	N/A		$	851
AISC per gold ounce sold	$	1,087	$	1,505	$	611	N/A		N/A		N/A
AISC per silver ounce sold	N/A		N/A		N/A		$	14.95	N/A		N/A
AISC per gold equivalent ounce sold(2)	$	1,087	$	1,505	$	611	$	1,217	N/A		$	1,177

(1)Excludes depreciation, depletion, and amortization.

(3)Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding.

4944

Non-GAAP Measure - Adjusted Attributable Net Income (Loss)

Adjusted attributable net income (loss) and adjusted attributable net income (loss) per share are used by management and investors to measure the Company's underlying operating performance. The most directly comparable financial measures prepared in accordance with GAAP are ~~net~~Net income (loss) attributable to ~~equity holders of~~ SSR Mining shareholdersand ~~net~~Net income (loss) per share attributable to ~~equity holders of~~ SSR ~~Mining.~~Mining shareholders. Adjusted attributable net income (loss) is defined as net income (loss) adjusted to exclude the after-tax impact of specific items that are significant, but not reflective of the Company's underlying operations, including impairment ~~charges; foreign exchange (gains) losses and~~adjustments; inflationary impacts on tax balances; transaction, integration and SEC conversion ~~expenses;~~costs; changes in tax rate for other non-recurring items. SEC conversion costs are the costs associated with the Company's transition in 2022 from being a foreign private issuer to a domestic reporting issuer for purposes of the SEC's reporting and other ~~non-recurring items.~~requirements.

The following table provides a reconciliation of ~~net~~Net income (loss) attributable to ~~equity holders of~~ SSR Mining shareholders to adjusted net income (loss) attributable to ~~equity holders of~~ SSR ~~Mining:~~Mining shareholders:

Three Months Ended June 30, Six Months Ended June 30,
(in thousands, except per share) 2022 2021 2022 2021
Net income attributable to equity holders of SSR Mining (GAAP) $ 58,488 $ 74,719 $ 126,051 $ 183,579
Interest saving on convertible notes, net of tax 1,230 1,259 2,446 3,136
Net income used in the calculation of diluted net income per share $ 59,718 $ 75,978 $ 128,497 $ 186,715
Weighted-average shares used in the calculation of net income and adjusted net income per share
Basic 212,600 219,030 212,512 219,409
Diluted 225,084 231,389 224,962 231,750
Net income per share attributable to common stockholders (GAAP)
Basic $ 0.28 $ 0.34 $ 0.59 $ 0.84
Diluted $ 0.27 $ 0.33 $ 0.57 $ 0.81
Adjustments:
Fair value adjustment on acquired assets(1)
24,254 $ 49,479
COVID-19 related costs (2)
— 2,603 — 4,680
Foreign exchange loss (gain) 4,869 930 8,156 1,309
Transaction, integration, and SEC conversion expense — 894 1,217 5,386
Impairment of long-lived and other assets — 22,345 — 22,349
Changes in fair value of investments 2,876 1,362 3,799 1,947
Loss (gain) on sale of mineral properties, plant and equipment 757 (1,636) 1,341 (1,614)
Income tax impact related to above adjustments (945) (10,198) (1,653) (16,841)
Foreign exchange (gain) loss and inflationary impacts on tax balances 755 (12,558) (6,169) (37,637)
Impact of tax rate change on fair value adjustments — 4,608 — 4,608
Adjusted net income attributable to equity holders of SSR Mining (Non-GAAP) $ 66,800 $ 107,323 $ 132,742 $ 217,245
Adjusted net income per share attributable to SSR Mining shareholders (Non-GAAP)
Basic $ 0.31 $ 0.49 $ 0.62 $ 0.99
Diluted $ 0.30 $ 0.47 $ 0.60 $ 0.95


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share)	2023		2022		2023		2022
Net income (loss) attributable to SSR Mining shareholders (GAAP)	$	74,866	$	58,488	$	104,679	$	126,051
Interest saving on 2019 Notes, net of tax		1,236		1,230		2,456		2,446
Net income (loss) used in the calculation of diluted net income per share	$	76,102	$	59,718	$	107,135	$	128,497

Weighted-average shares used in the calculation of net income and adjusted net income (loss) per share
Basic		204,680		212,600		205,723		212,512
Diluted		217,320		225,084		218,347		224,962

Net income (loss) per share attributable to SSR Mining shareholders (GAAP)
Basic	$	0.37	$	0.28	$	0.51	$	0.59
Diluted	$	0.35	$	0.27	$	0.49	$	0.57

Adjustments:


Foreign exchange loss (gain) (2)		—		4,869		—		8,156


Artmin transaction and integration costs		377		—		377		—
SEC conversion costs		—		—		—		1,217

Change in fair value of marketable securities		746		2,876		(1,120)		3,799
Loss (gain) on sale of mineral properties, plant and equipment		810		757		1,050		1,341

Income tax impact related to above adjustments		(109)		(945)		30		(1,653)
Foreign exchange (gain) loss and inflationary impacts on tax balances (2)		(1,587)		755		(10,741)		(6,169)
Other tax adjustments(1)		—		—		2,101		—

Adjusted net income (loss) attributable to SSR Mining shareholders (Non-GAAP)	$	75,103	$	66,800	$	96,376	$	132,742

Adjusted net income (loss) per share attributable to SSR Mining shareholders (Non-GAAP)
Basic	$	0.37	$	0.31	$	0.47	$	0.62
Diluted	$	0.35	$	0.30	$	0.45	$	0.60

(1)~~Fair value adjustments on acquired assets relate~~Represents charges related to ~~the acquisition~~a one-time tax imposed by Türkiye to fund earthquake recovery efforts, offset by a release of ~~Alacer's inventories and mineral properties.~~an uncertain tax position.

(2)~~COVID-19 related costs include direct, incremental costs associated with COVID-19 at all operations.~~Effective January 1, 2023, the Company no longer adjusts for the effects of foreign exchange gains and losses.

5046

Non-GAAP Measure - Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA

EBITDA represents net income (loss) before interest, taxes, depreciation, and amortization. EBITDA is an indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.

Adjusted EBITDA represents net income (loss) before interest, taxes, depreciation, and amortization, adjusted to exclude the impact of specific items that are significant, but not reflective of the Company's underlying operations, including impairment charges; ~~foreign exchange gains (losses);~~ transaction, integration and ~~integration expenses; unrealized gains (losses) on derivatives;~~SEC conversion costs; and other non-recurring items.

The most directly comparable financial measure prepared in accordance with GAAP to EBITDA and Adjusted EBITDA is ~~net~~Net income (loss) attributable to ~~equity holders of~~ SSR ~~Mining.~~Mining shareholders.

The following is a reconciliation of ~~net~~Net income (loss) attributable to ~~equity holders of~~ SSR Mining shareholders to EBITDA and adjusted EBITDA:


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	(in thousands)	2022		2021		2022		2021		(in thousands)	2023		2022		2023		2022
Net income attributable to equity holders of SSR Mining (GAAP)		$	58,488	$	74,719	$	126,051	$	183,579
Net income (loss) attributable to SSR Mining shareholders (GAAP)										Net income (loss) attributable to SSR Mining shareholders (GAAP)	$	74,866	$	58,488	$	104,679	$	126,051
Net income (loss) attributable to non-controlling interests	Net income (loss) attributable to non-controlling interests		(9,031)		3,073		(17,574)		21,664	Net income (loss) attributable to non-controlling interests		47,510		9,031		46,701		17,574
Depletion, depreciation and amortization	Depletion, depreciation and amortization		53,848		55,993		112,590		109,772	Depletion, depreciation and amortization		44,641		53,848		91,736		112,590
Interest expense	Interest expense		(4,273)		4,891		(8,568)		9,835	Interest expense		4,959		4,273		10,019		8,568
Income and mining tax expense (benefit)	Income and mining tax expense (benefit)		8,979		19,578		(22,583)		13,198	Income and mining tax expense (benefit)		(83,388)		(8,979)		(80,600)		22,583
EBITDA (non-GAAP)	EBITDA (non-GAAP)		108,011		158,254		189,916		338,048	EBITDA (non-GAAP)		88,588		116,661		172,535		287,366
Fair value adjustment on acquired inventories (1)			—		15,975		—		32,044
COVID-19 related costs (2)			—		2,603		—		4,680

Foreign exchange loss (gain)(1)	Foreign exchange loss (gain)(1)		4,869		930		8,156		1,309	Foreign exchange loss (gain)(1)		—		4,869		—		8,156
Transaction, integration, and SEC conversion expense			—		894		1,217		5,386
Impairment of long-lived and other assets			—		22,345		—		22,349
Changes in fair value of investments			2,876		1,362		3,799		1,947

Artmin transaction and integration costs										Artmin transaction and integration costs		377		—		377		—
SEC conversion costs										SEC conversion costs		—		—		—		1,217

Change in fair value of marketable securities										Change in fair value of marketable securities		746		2,876		(1,120)		3,799
Loss (gain) on sale of mineral properties, plant and equipment	Loss (gain) on sale of mineral properties, plant and equipment		757		(1,636)		1,341		(1,614)	Loss (gain) on sale of mineral properties, plant and equipment		810		757		1,050		1,341

Adjusted EBITDA (non-GAAP)	Adjusted EBITDA (non-GAAP)	$	116,513	$	200,727	$	204,429	$	404,149	Adjusted EBITDA (non-GAAP)	$	90,521	$	125,163	$	172,842	$	301,879

(1)~~Fair value adjustments on acquired inventories relate to~~Effective January 1, 2023, the ~~acquisition~~Company no longer adjusts for the effects of ~~Alacer.~~

~~(2)COVID-19 related costs include direct, incremental costs associated with COVID-19 at all operations.~~foreign exchange gains and losses.

5147

Non-GAAP Measure - Free Cash Flow

The Company uses free cash flow to supplement information in its condensed consolidated financial statements. The most directly comparable financial measures prepared in accordance with GAAP is ~~cash~~Cash provided by (used in) operating ~~activities.~~activities. The Company believes that in addition to conventional measures prepared in accordance with US GAAP, certain investors and analysts use this information to evaluate the ability of the Company to generate cash flow after capital investments and build the Company's cash resources. The Company calculates free cash flow by deducting cash capital spending from cash generated by operating activities.

The following table provides a reconciliation of ~~cash~~ Cash provided by operating activities to free cash flow:

Six Months Ended June 30,
(in thousands) 2022 2021
Cash provided by operating activities (GAAP) $ 95,025 $ 263,256
Expenditures on mineral properties, plant and equipment (76,330) (93,247)
Free cash flow (non-GAAP) $ 18,695 $ 170,009


	Six Months Ended June 30,
(in thousands)	2023		2022
Cash provided by operating activities (GAAP)	$	83,310	$	95,025
Expenditures on mineral properties, plant and equipment		(117,177)		(51,492)
Free cash flow (non-GAAP)	$	(33,867)	$	43,533

Critical Accounting Estimates

Refer to ~~our~~the Company’s Management’s Discussion and Analysis of Critical Accounting Estimates included in Part II of ~~our Annual Report on~~ Form ~~10-K for the year ended December 31, 2021 filed with the SEC on February 23, 2022.~~10-K.

New Accounting Pronouncements

For a discussion of Recently Issued Accounting Pronouncements, see Note 2 of the Condensed Consolidated Financial Statements.

Forward-Looking Statements

Certain statements contained in this report (including information incorporated by reference herein) are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provided for under these sections. Forward looking statements can be identified with words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “anticipate,” “believe,” “intend,” “estimate,” “projects,” “predict,” “potential,” “continue” and similar expressions, as well as statements written in the future tense. When made, forward-looking statements are based on information known to management at such time and/or management’s good faith belief with respect to future events. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the Company's forward-looking statements. Many of these factors are beyond the Company's ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on forward-looking statements.

Forward-looking statements include, without ~~limitation: forecasts and outlook; timing, production, cost, operating and capital expenditure guidance;~~limitation, the ~~Company’s intention to return excess attributable free cash flow to shareholders;~~types of statements listed under the ~~timing and implementation~~heading “Forward-Looking Statements” in Part I, Item 1. Business of the Company’s dividend policy; the implementation of any share buyback program; statements regarding plans or expectations for the declaration of future dividends and the amount thereof; future cash costs and AISC per ounce of gold, silver and other metals sold; the prices of gold, silver, copper, lead, zinc and other metals; mineral resources, mineral reserves, realization of mineral reserves, and the existence or realization of mineral resource estimates; the Company’s ability to discover new areas of mineralization; the timing and extent of capital investment at the Company’s operations; the timing of production and production levels and the results of the Company’s exploration and development programs; current financial resources being sufficient to carry out plans, commitments and business requirements for the next twelve months; movements in commodity prices not impacting the value of any financial instruments; estimated production rates for gold, silver and other metals produced by the Company; the estimated cost of sustaining capital; availability of sufficient financing; receiptForm 10-K.

of regulatory approvals; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; ongoing or future development plans and capital replacement; estimates of expected or anticipated economic returns from the Company’s mining projects, including future sales of metals, concentrate or other products produced by the Company and the timing thereof; the impact of COVID-19, including any existing and new variants, on the Company's operations; the Company’s plans and expectations for its properties and operations and the expected impact of any suspensions on operations; and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions.

~~Such~~The forward-looking information and statements in this report are based on a number of material factors and assumptions, including, but not limited to: the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders; maintaining community and governmental relations; status of negotiations of joint ventures; weather conditions at the Company’s operations; commodity prices; the ultimate determination of and realization of mineral reserves; existence or realization of mineral resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; inflation; access to capital markets and associated cost of funds; availability of a qualified workforce; ability to negotiate, finalize, and execute relevant agreements; lack of social opposition to the Company’s mines or facilities; lack of legal challenges with respect to the Company’s properties; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions, including factors discussed in ~~our Annual Report on~~the Form 10-K, for the year ended December 31, 2021 filed on February 23, 2022, which was amended on July 12, 2022 solely to reorganize information included in Part I, Item 2, and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including those discussed in the “Business,” “Risk Factors,” “Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of those reports.

~~The above list is~~ Such factors are not exhaustive of the factors that may affect any of the Company’s forward-looking statements and information, and such statements and information will not be updated to reflect events or circumstances arising after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

5348

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in ~~our~~ market risks during the six month period ended June 30, ~~2022.~~2023.

For additional information on market risks, refer to “Disclosures About Market Risks” included in Part II, Items 7A of ~~our~~the Annual Report on Form 10-K for the year ended December 31, ~~2021 filed with the SEC on February 23,~~ 2022.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company’s Management assessed the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a–15(f) and 15d–15(f) under the Exchange Act) as of the end of the period covered by this quarterly report on Form 10-Q. Based upon its assessment, Management concluded that the Company’s disclosure controls and procedures were effective as of June 30, ~~2022.~~2023.

Changes in Internal Control Over Financial Reporting

There were no changes in ~~our~~ internal control over financial reporting that occurred during the three months ended June 30, ~~2022,~~2023, that has materially affected, or is reasonably likely to materially affect, ~~our~~ internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, the Company and its subsidiaries have become involved in litigation relating to claims arising out of operations in the normal course of business. Information regarding legal proceedings is contained in Note 17 to the Condensed Consolidated Financial Statements contained in this Report and is incorporated herein by reference.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item IA., “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, ~~2021.~~2022. The risks described in ~~our~~the Annual Report and herein are not the only risks facing the Company. Additional risks and uncertainties not currently known to the Company or that ~~we currently deem~~is deemed to be immaterial may also materially adversely affect ~~our~~the business, financial condition, cash flows and/or future results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The ~~Company terminated its~~Company’s previous Normal Course Issuer ~~Bid,~~bid, which commenced on ~~April 21, 2021, on April~~June 20, 2022, expired on June 19, 2023 (the ~~“2021~~“2022 NCIB”). Under the ~~2021~~2022 NCIB, the Company was authorized ~~the~~to purchase offor cancellation up to ~~10,000,000~~10,600,000 common shares. ~~SSR Mining~~The Company purchased and cancelled ~~8,800,700~~a total of 9,080,119 common shares under the 2022 NCIB via open market purchases through the facilities of the TSX and ~~the~~ Nasdaq at a weighted average price paid per common share of ~~US$16.82~~$15.89 for ~~US$148.1~~approximately $145.3 million.

The Company’s Board of Directors authorized a new Normal Course Issuer Bid ~~which commenced~~ on June ~~20, 2022~~16, 2023 (the ~~“2022~~“2023 NCIB”). Under the ~~2022~~2023 NCIB, the Company is authorized to purchase for cancellation up to ~~10,600,000~~10,200,000 common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a twelve month period beginning June 20, 2023 and ending June 19, ~~2023.~~2024. The extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including trading volume, market conditions, legal requirements, business conditions and other factors. The ~~2022~~2023 NCIB may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock.

The following table summarizes purchases by the Company, or an affiliated purchaser, of the Company’s equity securities registered pursuant to Section 12 of the Exchange Act during the three months ended June 30, ~~2022:~~2023:

~~Period~~

~~Total Number of Shares Purchased~~

~~Average Price Paid Per Share~~

~~Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs~~

~~Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs~~

~~April 1 - April 30~~

~~1,199,300 (1)~~

~~May 1 - May 31~~

~~June 1 - June 30~~

~~797,842 (2)~~

~~$18.38 (2)~~

~~797,842 (2)~~

~~9,802,158 (3)~~


Period	Total Number of Shares Purchased (1)	Average Price Paid Per Share (1)	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2)
April 1 - April 30	1,564,065	15.18	7,965,362	2,634,638
May 1 - May 31	890,157	14.71	8,855,519	1,744,481
June 1 - June 30(3)	224,600	14.58	9,080,119	10,200,000(4)

(1) ~~No shares were purchased in April pursuant to the 2021 NCIB, which terminated on April 20, 2022 with 1,199,300 authorized shares remaining.~~

~~(2)~~ The total number of shares purchased ~~in June~~ (and the average price paid per share) reflects shares purchased pursuant to the 2022 NCIB.

~~(3)~~(2) The Company's Board of Directors previously authorized the 2022 NCIB, under which the Company was authorized to ~~repurchase~~purchase up to 10,600,000 common shares. The program commenced June 20, 2022 and ~~will expire~~on March 27, 2023, the Board of Directors authorized the Company to make additional purchases under the 2022 NCIB up to an aggregate 10,600,000 common shares through June 19, 2023. The Company’s Board of Directors authorized the 2023 NCIB, under which the Company is authorized to repurchase up to 10,200,000 common shares during the period commencing June 20, 2023 and ending on June 19, 2024.

(3) All shares purchased in June were purchased pursuant to the 2022 NCIB. No shares were purchased in the quarterly period ended June 30, 2023 pursuant to the 2023 NCIB, which commenced on June 20, 2023.

(4) The 10,200,000 shares represent the maximum number of shares that may be purchased under the 2023 NCIB.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

The Company is required to report certain mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K, and that required information is included in Exhibit 95 to this Quarterly Report, which is incorporated herein by reference.

ITEM 5. OTHER INFORMATION

~~None.~~Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements by our Directors and Officers

During the quarterly period covered by this report, our directors and officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) did not adopt, terminate or modify Rule 10b5-1 or non-Rule 10b5-1 trading arrangements (as defined in Item 408 Regulation S-K).

5550

ITEM 6. EXHIBITS, FINANCIAL STATEMENT SCHEDULES


Exhibit Number
10.1 +++	Third Amendment and Restatement Deed, dated July 26, 2023, among Anagold Madencilik Sanayi ve Ticaret A.S., as Borrower, Alacer Gold Corp., as Parent, Lidya Madencilik Sanayi ve Ticaret A.S., Alacer Gold Madencilik A.S. and Banka Kombetare Tregtare SHA, as Shareholders, and ING Bank N.V., as Facility Agent and Security Holder (with the amended and restated Facility Agreement, originally dated September 21, 2015 attached as Schedule 1 thereto).
31.1 +	Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 +	Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1++	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2++	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
95 +	Mine Safety Information Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
101 +	101.INS 101.SCH 101.CAL 101.DEF 101.LAB 101.PRE	XBRL Instance - XBRL tags are embedded within the Inline XBRL document XBRL Taxonomy Extension Schema XBRL Taxonomy Extension Calculation XBRL Taxonomy Extension Definition XBRL Taxonomy Extension Labels XBRL Taxonomy Extension Presentation
104 +	Cover Page Interactive Data File (embedded within the Inline XBRL document).
+	Filed herewith
++	Furnished herewith
+++	Previously filed
*	Indicates a management contract or compensatory plan or arrangement.

5651

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


			SSR MINING INC. Registrant
Date: August 2, ~~2022~~2023			/s/ Alison White
			Name: Alison White Title: ��Executive Vice President and Chief Financial Officer (Principal Financial Officer)

Date: August 2, ~~2022~~2023			/s/ Russell Farnsworth
			Name: Russell Farnsworth Title: Vice President, Controller (Principal Accounting Officer)

5752


	Three Months Ended June 30, 2021
	Çöpler			Marigold		Seabee		Puna		Exploration, evaluation and development properties		Corporate and other (1)		Total
Revenue	$	140,654	$	109,533	$	67,127	$	59,636	$	—	$	—	$	376,950
Production costs	$	69,737	$	51,590	$	15,467	$	30,152	$	—	$	—	$	166,946
Depletion, depreciation, and amortization	$	29,365	$	8,481	$	12,525	$	5,622	$	—	$	—	$	55,993
Exploration, evaluation, and reclamation costs	$	3,589	$	935	$	3,483	$	441	$	3,238	$	162	$	11,848
Transaction, integration, and SEC conversion expense	$	—	$	—	$	—	$	—	$	—	$	894	$	894
Impairment of long-lived and other assets	$	—	$	—	$	—	$	—	$	22,345	$	—	$	22,345
Operating income	$	37,108	$	48,527	$	35,534	$	22,884	$	(25,587)	$	(14,750)	$	103,716
Capital expenditures	$	10,719	$	11,873	$	9,128	$	2,245	$	—	$	—	$	33,965
Total assets as of June 30, 2021	$	2,305,611	$	523,421	$	458,067	$	270,705	$	999,930	$	596,175	$	5,153,909