10q10k10q10k.net
SSR MINING INC.

SSR MINING INC.SSRMEarnings & Financial Report

Nasdaq · Financials · Mineral Royalty Traders

SSR Mining Inc., formerly Silver Standard Resources is a Denver-based gold, silver, copper, lead and zinc producer that owns the largest silver mine in Argentina. In addition it engages in exploration activity throughout the Americas and Turkey. In 2020, SSR Mining merged with Alacer Gold. Since the merger, the company has moved headquarters to Denver, Colorado. Rodney P. Antal is now the president and CEO of SSR mining. In February 2021, SSR Mining announced that Alison White would be the ne...

What changed in SSR MINING INC.'s 10-K — 2022 vs 2023

Top changes in SSR MINING INC.'s 2023 10-K

832 paragraphs added · 835 removed · 534 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

43 edited+13 added−27 removed11 unchanged
The Company sells gold doré produced at Marigold and Seabee primarily to banks, and gold doré produced at Çöpler is sold to the Central Bank of Türkiye . Puna produces silver, lead and zinc concentrates, which are sold to smelters or traders for further refining.
The Company sells gold doré produced at Marigold and Seabee primarily to banks, and sells gold doré produced at Çöpler to the Central Bank of Türkiye . Puna produces silver, lead and zinc concentrates, which are sold to smelters or traders for further refining.
Environmental Regulations The Company’s activities are subject to extensive laws and regulations governing the protection of the environment and natural resources in all jurisdictions where the Company operates throughout the exploration, development and operating stages of a mining property.
Environmental Regulations The Company’s activities are subject to extensive laws and regulations governing the protection of the environment and natural resources in all jurisdictions where the Company operates throughout the exploration, development and production stages of a mining property.
All references to www.ssrmining.co m in this Annual Report are inactive textual references only and information contained at that website is not incorporated herein and does not constitute a part of this Annual Report. 11
All references to www.ssrmining.co m in this Annual Report are inactive textual references only and information contained at that website is not incorporated herein and does not constitute a part of this Annual Report. 10
Environmental, Social and Governance ("ESG") The Company’s approach to environmental and social development is underpinned by the goal of minimizing the impact of our operations to the environment and leaving a positive legacy in the communities where the Company operates.
Environmental, Social and Governance (“ESG”) The Company’s approach to environmental and social development is underpinned by the goal of minimizing the impact of our operations to the environment and leaving a positive legacy in the communities where the Company operates.
The Company acknowledges that there are inherent risks associated with the Company’s business and, through proactive risk management, continuously strives to maximize the safety of its operations and minimize and control health and safety risks. The Company’s safety framework emphasizes effective risk-centered management systems, positive and effective work cultures and proactive leadership to drive culture enhancement.
Health and Safety The Company acknowledges that there are inherent risks associated with the Company’s business and, through proactive risk management, continuously strives to maximize the safety of its operations and minimize and control health and safety risks. The Company’s safety framework emphasizes effective risk-centered management systems, positive and effective work cultures and proactive leadership.
In addition, the SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers, such as the Company, that are filed electronically with the SEC. The address of that website is http://www.sec.gov . The documents that the Company files under Canadian securities law requirements are available on SEDAR at the following address http://sedar.com .
In addition, the SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers, such as the Company, that are filed electronically with the SEC. The address of that website is https://www.sec.gov . The documents that the Company files under Canadian securities law requirements are available on SEDAR+ at the following address https://sedarplus.ca .
The prices of gold and silver can fluctuate widely and are affected by a number of macroeconomic factors, including global or regional consumption patterns, the supply of, and demand for gold and silver, interest rates, exchange rates, inflation or deflation, global economic conditions resulting from the COVID-19 pandemic, and the political and economic conditions of major gold- and silver-producing and gold- and silver-consuming countries throughout the world.
The prices of gold and silver can fluctuate widely and are affected by a number of macroeconomic factors, including global or regional consumption patterns, the supply of, and demand for gold and silver, interest rates, exchange rates, inflation or deflation, and the political and economic conditions of major gold- and silver-producing and gold- and silver-consuming countries throughout the world.
Management’s Discussion and Analysis of Financial Condition and Results of Operations, below, for further information relating to metal prices. For further details, see "Consolidated Results" and "Results of Operations" in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations. Competition The precious and base metals mineral exploration and mining business is competitive.
Management’s Discussion and Analysis of Financial Condition and Results of Operations, below, for further information relating to metal prices. For further details, see “Consolidated Results” and “Results of Operations” in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations. Competition The precious and base metals mineral exploration and mining business is competitive.
The concentrates are sold under supply contracts updated annually or as needed through spot sales, with processing fees based on the demand for the concentrates in the global marketplace. 3 The Company’s revenue by product category for the years ended December 31 was as fol lows: Years Ended December 31, Product Revenue (1) 2022 2021 2020 Gold 82 % 84 % 88 % Silver 14 % 12 % 11 % Lead 3 % 2 % 1 % Zinc 1 % 2 % — % (1) The Company also realizes de minimus revenue from copper.
The concentrates are sold under supply contracts updated annually or as needed through spot sales, with processing fees based on the demand for the concentrates in the global marketplace. 5 The Company’s product revenue by category for the following years was as fol lows: Year Ended December 31, Product Revenue (1) 2023 2022 2021 Gold 80 % 82 % 84 % Silver 15 % 14 % 12 % Lead 3 % 3 % 2 % Zinc 1 % 1 % 2 % Other (2) 1 % — % — % (1) The Company also realizes de minimus revenue from copper.
Management’s Discussion and Analysis of Financial Condition and Results of Operations, for further information regarding closure and reclamation cost estimates. 7 Human Capital Management Employees and Contractors A s of December 31, 2022, t he Company employed approximately 2,500 full-time employees and 2,050 contract employees throughout the United States, Canada, Peru, Argentina and Türkiye.
See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, for further information regarding closure and reclamation cost estimates. 8 Human Capital Management Employees and Contractors A s of December 31, 2023, t he Company employed approximately 2,500 full-time employees and 2,900 contract employees throughout the United States, Canada, Argentina and Türkiye.
Segment Information The Company's operations consist of four operating mine sites - Çöpler Gold Mine, located in Erzincan Province, Türkiye ("Çöpler"), Marigold Mine, located in Nevada, United States ("Marigold"), Seabee Gold Operations, located in Saskatchewan, Canada ("Seabee" or "SGO"), and Puna Operations, located in Jujuy Province, Argentina ("Puna") - each of which is a reportable operating segment and which are also referred to as producing assets.
Segment Information The Company’s operations consist of four mine sites - Çöpler, located in Erzincan Province, Türkiye (“Çöpler”), Marigold, located in Nevada, United States (“Marigold”), Seabee, located in Saskatchewan, Canada (“Seabee” or “SGO”), and Puna, located in Jujuy Province, Argentina (“Puna”) - each of which is a reportable operating segment and which are also referred to as producing assets.
Condition of Physical Assets and Insurance Our business is capital intensive and requires ongoing capital investment for the replacement, modernization or expansion of equipment and facilities. See Results of Consolidated Operations and Liquidity and Capital Resources within Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, for further information.
See Item 1A. Risk Factors for further information. Condition of Physical Assets and Insurance Our business is capital intensive and requires ongoing capital investment for the replacement, modernization or expansion of equipment and facilities. See Results of Consolidated Operations and Liquidity and Capital Resources within Item 7.
The financial and operational effect of environmental protection requirements on the capital expenditures and earnings of each mineral property are not significantly different than that of similar sized mines in the same jurisdiction, and therefore should not have a negative effect on the Company’s competitive position in the future. See Item 7.
The financial and operational effect of environmental protection requirements on the capital expenditures and earnings of each mineral property are not significantly different than that of similar sized mines in the same jurisdiction, are provided for through bonds and other financial assurance instruments and therefore should not have a negative effect on the Company’s competitive position in the future.
See Note 4 to the Consolidated Financial Statements for further information relating to our reportable operating segments. In addition to current mine production, the Company also participates in exploration and development activities at properties located in Canada, Türkiye, and Peru . See Item 2, Properties, for further information about the Company's production and exploration properties.
See Note 3 to the Consolidated Financial Statements for further information relating to reportable operating segments. The Company also participates in exploration and development activities at properties located in the United States, Argentina, Canada and Türkiye. See Item 2, Properties, for further information about the Company’s production and exploration properties. Item 2.
In this report, "SSR Mining," the "Company," "our" and "we" refer to SSR Mining Inc. together with its affiliates and subsidiaries, unless the context otherwise requires. All currency references herein are in United States dollars ("USD") unless otherwise indicated. References to "CAD" or the use of the symbol “C$” refers to Canadian dollars.
In this report, “SSR Mining,” the “Company,” “our,” “us” and “we” refer to SSR Mining Inc. together with its affiliates and subsidiaries, unless the context otherwise requires. All currency references herein are in United States dollars (“USD”) unless otherwise indicated. References to “CAD” or the use of the symbol “C$” refers to Canadian dollars.
The Company’s press releases and filings with the SEC in the United States and on SEDAR in Canada are available free of charge within the Investors section of the Company’s website at http://ir.ssrmining.com/investors .
General information about the Company is available through the Company’s website at https://www.ssrmining.com . The Company’s press releases and filings with the SEC in the United States and on SEDAR+ in Canada are available free of charge within the Investors section of the Company’s website at https://ir.ssrmining.com/investors .
The contributions to our revenue by reportable operating segment for the year ended December 31, 2022 were 31% from Çöpler (2021 – 41%; 2020 – 24%), 30% from Marigold (2021 – 29%; 2020 – 48%), 21% from Seabee (2021 – 15%; 2020 – 16%) and 18% from Puna (2021 – 15%; 2020 – 12%).
The contributions to revenue by reportable operating segment for the year ended December 31, 2023 were 31% from Çöpler (2022 – 31%; 2021 – 41%), 38% from Marigold (2022 – 30%; 2021 – 29%), 11% from Seabee (2022 – 21%; 2021 – 15%) and 20% from Puna (2022 – 18%; 2021 – 15%).
Performance measurement and accountability provides feedback and maintains focus on continuous improvement. Human Rights As part of the Company’s commitment to being a responsible corporate citizen, the Company recognizes the important role and responsibility it has in respecting the human rights of its stakeholders.
Human Rights As part of the Company’s commitment to being a responsible corporate citizen, the Company recognizes the important role and responsibility it has in respecting the human rights of its stakeholders.
During 2020, sales of gold doré to CIBC, Central Bank of Türkiye and Bank of Montreal accounted for 45%, 24% and 14% of the Company's total revenues, re spectively. The Company sells lead and zinc concentrate with high silver content, through contractual arrangements with smelters and traders located in Asia and Europe.
During 2021, sales of gold doré accounted for 84% of revenue, with 41% and 30% sold to Central Bank of Türkiye and CIBC, re spectively. The Company sells lead and zinc concentrate with high silver content, through contractual arrangements with smelters and traders located in Asia and Europe.
Community Engagement The Company’s community relations program is based on open and continuous communication with the members of communities located in its areas of operation. The Company takes a shared-value approach to local development activities to promote sustainable long-term economic and social benefits. In addition, the Company strives to ensure that local stakeholders have an opportunity for input and dialogue.
Risk Factors, below for further information. 7 Community Engagement The Company’s community relations program is based on open and continuous communication with the members of communities located in its areas of operation. The Company takes a shared-value approach to local development activities to promote sustainable long-term economic and social benefits.
The Company's Environmental & Sustainability Policy and its ESG and Sustainability Report are available on the Company’s website. 5 The Company’s Board of Directors has also established an Environmental, Health, Safety and Sustainability Committee (the “EHS&S Committee”) that, as part of its mandate, is responsible for reviewing the Company’s safety, health, security, risk, environment, community relations and sustainability policies and practices, and monitoring the Company’s performance in these areas.
The Company’s Board of Directors has also established a Technical, Safety and Sustainability Committee (the “TSS Committee”) that, as part of its mandate, is responsible for reviewing the Company’s safety, health, security, risk, environment, community relations and sustainability policies and practices, and monitoring the Company’s performance in these areas.
The Company focuses on balancing the human and technical aspects of safety: blending leadership behaviors with traditional management activities to create a safe, productive culture. The Company ensures that its workers understand their individual roles and contributions to safe production and a safe workplace.
This approach balances the human and technical aspects of safety by blending leadership behaviors with traditional management activities to create a safe, productive culture. The Company ensures that its workers understand their individual roles and contributions to safe production and a safe workplace, maintaining safety awareness, recognizing hazards and assessing risk in their daily activities.
During 2022, sales of gold doré accounted for 82% of revenue, with 31% sold to Central Bank of Türkiye, 28% to CIBC and 16% to Bank of Montreal. During 2021, sales of gold doré to Central Bank of Türkiye and CIBC accounted for 41% and 30% of the Company's total revenues, respectively.
During 2023, sales of gold doré accounted for 80% of revenue, with 31% sold to Central Bank of Türkiye and 33% to CIBC. During 2022, sales of gold doré accounted for 82% of revenue, with 31% sold to Central Bank of Türkiye, 28% to CIBC and 16% to Bank of Montreal.
Competition is primarily for: mineral properties that can be developed and produced economically; technical experts that can find, develop and mine such mineral properties; labor to operate the mineral properties; and capital to finance exploration, development and operations.
Competition with other mining and exploration companies is significant and is primarily for: mineral properties that can be developed and produced economically; technical experts that can find, develop and mine such mineral properties; labor to operate the mineral properties; and capital to finance exploration, development and operations. Many larger competitors have additional financial and technical resources available to them.
Principal Products Çöpler, Marigold and Seabee produce gold doré. Doré is unrefined gold bullion bars usually consisting of in excess of 90% gold, which is subsequently refined by a third party to gold bullion.
Properties does not take into account the Çöpler Incident as the impact of the incident on the operations is not yet known. Principal Products Çöpler, Marigold and Seabee produce gold doré. Doré is unrefined gold bullion bars usually consisting of in excess of 90% gold, which is subsequently refined by a third party to gold bullion.
In addition to direct investments made by SSR Mining, the Company also invests in the local communities surrounding its operations by supporting education, social programs and infrastructure projects.
At all times, the Company works to be a partner in the long-term sustainability of the communities in which it operates. In addition to direct investments made by SSR Mining, the Company also invests in the local communities surrounding its operations by supporting education, social programs and infrastructure projects.
ITEM 1. BUSINESS Introduction SSR Mining is a precious metals mining company with four producing assets located in the United States, Türkiye, Canada and Argentina. The Company is engaged in the operation, acquisition, exploration and development of precious metal resource properties, producing gold doré as well as silver and lead and zinc concentrates.
ITEM 1. BUSINESS Introduction SSR Mining Inc. and its subsidiaries (collectively, “SSR Mining,” or “Company”) is a precious metals mining company with four 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.
In March 2019, the Company became a member of each of the Catalyst Accord 2022 and the 30% Club Canada. These initiatives are aimed at accelerating the advancement of women in the workplace with a target goal of at least 30% representation of women on public-company boards.
The Company is a member of the Catalyst Accord 2022 and the 30% Club Canada. These initiatives are aimed at accelerating the advancement of women in the workplace with a target goal of at least 30% representation of women on public-company boards. Over 44% of the current independent Board members self-identify as being “diverse” under the Nasdaq Board Diversity Rules.
The Company's operations are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy. Transitioning to a lower-carbon economy may entail extensive policy, legal, technology, and market changes to address mitigation and adaptation requirements related to climate change.
The Company’s operations are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy. See Item 1A.
SSR Mining’s common shares are listed on the Nasdaq Global Market and the Toronto Stock Exchange under the trading symbol “SSRM.” The Company’s CHESS depositary interests (“CDIs”) are listed under the ticker symbol “SSR” on Australian Securities Exchange (ASX) . General information about the Company is available through the Company’s website at http://www.ssrmining.com .
The corporate office is located at Suite 1300 - 6900 E. Layton Ave Denver, Colorado 80237. SSR Mining’s common shares are listed on the Nasdaq Global Select Market and the Toronto Stock Exchange under the trading symbol “SSRM.” The Company’s CHESS depositary interests (“CDIs”) are listed under the ticker symbol “SSR” on Australian Securities Exchange (“ASX”) .
As o f December 31, 2022, of the 630 full-time employees in Türkiye, approximately 64% were represented by a union, and of the 900 full-time employees in Argentina, approximately 60% were represented by a union.
Certain of the Company’s employees in Türkiye and Argentina are represented by a union. As o f December 31, 2023, approximately 37% of the Company ’ s workforce were represented by a union.
In many countries, however, we conduct our mining and exploration activities pursuant to concessions granted by, or under contracts with, the host government, including the United States, Canada, Mexico, Peru, Argentina, and Türkiye. The concessions and contracts are subject to the political risks associated with the host country. See Item 1A. Risk Factors for further information.
Risk Factors for further information. 6 Licenses and Concessions Other than operating licenses for our mining and processing facilities, there are no third party patents, licenses or franchises material to our business. However, we conduct our mining and exploration activities pursuant to concessions granted by, or under contracts with, the host government, including the United States, Canada, Argentina, and Türkiye.
Reclamation The Company’s mining, exploration and development activities are subject to various federal, provincial, state and municipal laws and regulations relating to the protection of the environment, including requirements for closure and 6 reclamation of mining properties. The Company believes that how it closes a mine is just as important as how it opens and operates a mine.
Reclamation and Remediation The Company’s mining, exploration and development activities are subject to various federal, provincial, state and municipal laws and regulations relating to the protection of the environment, including requirements for closure and reclamation of mining properties. The Company has certain reclamation obligations at its mineral properties, including Çöpler, Marigold, Seabee and Puna.
There can be no assurance that claims would be paid under such insurance policies in connection with a particular event. See Item 1A.
Such insurance, however, contains exclusions and limitations on coverage, particularly with respect to environmental liability and political risk. There can be no assurance that claims would be paid under such insurance policies in connection with a particular event.
Environment Stewardship The Company is committed to executing its business with strong environmental and community stewardship through the ongoing development of a sustainable approach to operating its business. The Company’s Environmental & Sustainability Policy defines the organization’s commitments to responsible environmental stewardship and to health and welfare of the people and communities in which the Company operates.
The Company’s Environmental & Sustainability Policy defines the organization’s commitments to responsible environmental stewardship and to the health and welfare of the people and communities in which the Company operates. The policy is designed to guide the Company in advancing each of those commitments.
Projects aimed at assisting and advancing the Company’s communities include training and employment, development of infrastructure and support for education and medical services, among others. At all times, the Company works to be a partner in the long-term sustainability of the communities in which it operates.
In addition, the Company strives to ensure that local stakeholders have an opportunity for input and dialogue. Projects aimed at assisting and advancing the Company’s communities include training and employment, development of infrastructure and support for education and medical services, among others.
References to “TL” are to the lawful currency of Türkiye, the Turkish Lira. References to “ARS” are to the lawful currency of Argentina, the Argentine peso. All share data in this report refers to consolidated shares/data, unless otherwise indicated.
References to “TRY” are to the lawful currency of Türkiye, the Turkish Lira. References to “ARS” are to the lawful currency of Argentina, the Argentine peso.
We maintain insurance policies against property loss and business interruption and insure against risks that are typical in the operation of our business, in amounts that we believe to be reasonable. Such insurance, however, contains exclusions and limitations on coverage, particularly with respect to environmental liability and political risk.
Management’s Discussion and Analysis of Financial Condition and Results of Operations, for further information. We maintain insurance policies against property loss and business interruption and insure against risks that are typical in the operation of our business, in amounts that we believe to be reasonable.
The policy is designed to guide the Company in advancing each of those commitments. The Company annually publishes an ESG and Sustainability Report, which is developed using the Global Reporting Initiative framework and outlines the Company’s approach to sustainability across a range of areas and summarizes the Company’s sustainability performance.
The Company publishes an ESG and Sustainability Report, which outlines the Company’s approach to sustainability across a range of areas and summarizes the Company’s sustainability performance. The Company’s Environmental & Sustainability Policy and its ESG and Sustainability Report are available on the Company’s website.
The Company’s Corporate Governance and Nominating Committee oversees the diversity initiatives at the Board level and the Company’s Compensation and Leadership Development Committees oversee such initiatives across the Company. The Company’s Corporate Governance and Nominating Committee reviews the Diversity Policy available on our website annually and assesses its effectiveness.
The Company has adopted a Diversity Policy, which requires the Company to establish specific diversity initiatives, programs and targets. The Company’s diversity initiatives are overseen by the Corporate Governance and Nominating Committee at the Board level and by the Compensation and Leadership Development Committee across the Company. The Diversity Policy is reviewed annually and is available on the Company’s website.
Available Information SSR Mining Inc. was incorporated in British Columbia, Canada in 2005 and its predecessor companies date back to 1946. The corporate office is located at Suite 1300 - 6900 E. Layton Ave Denver, Colorado 80237.
This includes support and respect for the human rights expressed in the International Bill of Human Rights and the principles concerning fundamental rights set out in the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work. 9 Available Information SSR Mining Inc. was incorporated in British Columbia, Canada in 2005 and its predecessor companies date back to 1946.
If the Company is unsuccessful in acquiring additional mineral properties or qualified personnel, the Company may not be able to replace mineral reserves, maintain production or grow. 4 Licenses and Concessions Other than operating licenses for our mining and processing facilities, there are no third party patents, licenses or franchises material to our business.
If the Company is unsuccessful in acquiring or retaining the required technical, financial or personnel resources, the Company may not be able to replace mineral reserves, maintain production or grow. See Item 1A.
As of December 31, 2022, the Company had attributable proven and probable gold reser ves o f 7,620 koz. For information on the mineral resources and mineral reserves for each operating asset, see Item 2, “Proven and Probable Reserve Estimates" and "Resource Estimates”. The market prices of gold and silver are key drivers of the Company’s profitability.
For information on the mineral resources and mineral reserves for each operating asset, see Item 2, “Proven and Probable Reserve Estimates” and “Resource Estimates.” Item 2. Properties does not take into account the Çöpler Incident as the impact of the incident on the operations is not yet known.
Removed
SSR Mining's diversified asset portfolio is comprised of high-margin, long-life assets located in some of the world's most prolific metal districts. The Company has an experienced leadership team with a proven track record of delivery and value creation.
Added
The Company produces gold doré as well as copper, silver, lead and zinc concentrates. The Company has $492.4 million in cash and cash equivalents as of December 31, 2023, to support its growth pipeline.
Removed
Across the organization, the Company has expertise in project construction, mining (open pit and underground), and processing (pressure oxidation, heap leach and flotation), with a robust commitment to health, safety, community engagement and environmental management.
Added
(2) 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. As of December 31, 2023, the Company had attributable proven and probable gold reser ves o f 7,275 koz.
Removed
The Company has a strong balance sheet, with over $655.5 million in cash and cash equivalents as of December 31, 2022, to support its growth pipeline. The Company intends to leverage its balance sheet strength and proven track record of free cash flow generation to fund growth across its portfolio to facilitate superior returns to shareholders.
Added
The market prices of gold and silver are key drivers of the Company’s profitability.
Removed
During 2022, the gold price, based on the London Bullion Market Association (“LBMA”) averaged $1,800 per ounce, which was $1 per ounce, or 0.1%, higher than the 2021 annual average of $1,799 per ounce and $30 per ounce, or 2%, higher than the 2020 annual average of $1,770 per ounce.
Added
The London Bullion Market Association (“LBMA”) average gold and silver prices for the following years were as follows: Year Ended December 31, 2023 2022 2021 LBMA Average Gold Price $ 1,943 $ 1,800 $ 1,799 LBMA Average Silver Price $ 23.39 $ 21.73 $ 22.92 See Item 7.
Removed
During 2022, the price of silver, based on the LBMA silver price, averaged $21.73 per ounce, which was $3.41 less per ounce, or 14%, less than the 2021 annual average of $25.14 per ounce and $4.59 per ounce, or 6%, higher than the 2020 annual average of $20.55 per ounce. See Item 7.
Added
The concessions and contracts are subject to the political risks associated with the host country.
Removed
The Company competes with other mining and exploration companies in the acquisition of mineral properties and in connection with the recruitment and retention of qualified employees. There is significant competition for mineral properties. Many larger competitors have greater financial and technical resources available to them.
Added
Additionally, community reaction to our presence, which can be influenced by the manner in which we operate our mine, address human capital considerations, focus on environmental and sustainability concerns and other factors may impact our ability to continue to operate in a jurisdiction and could impact our ability to gain a license or franchise to operate in a new jurisdiction.
Removed
Risk Factors, below for further information. Çöpler Operations Temporary Shutdown In June 2022, Türkiye's Ministry of Environment, Urbanization and Climate Change (“Ministry of Environment”) temporarily suspended operations at the Çöpler mine site as a result of a leak of leach solution containing a small amount of diluted cyanide on June 21, 2022.
Added
At this time, we have not determined whether our insurance will be adequate to cover the losses and liabilities that are expected to result from the Çöpler Incident, if at all. See Item 1A. Risk Factors, below for further information.
Removed
The leak occurred from a pipeline that pumps diluted cyanide solution to Çöpler’s heap leach pad. The Ministry of Environment ordered certain remediation and improvement initiatives to be undertaken. The Company completed these initiatives and received the required regulatory approvals from Türkiye's government authorities on September 22, 2022, at which time all operations were restarted at the Ҫӧpler mine.
Added
Additionally, under the TSS Committee charter, the TSS Committee reviews significant incidents relating to these areas. The TSS Committee’s charter is available on the Company’s website. Producing precious metals is an energy-intensive business, resulting in carbon emissions.
Removed
During Ҫӧpler’s temporary suspension, the Company accelerated and completed planned maintenance in Ҫӧpler’s sulfide plant that had been previously scheduled for the fourth quarter of 2022. During this period, the Company completed a scheduled partial relining of the face bricks in Autoclave 1.
Added
Although the Ministry of Environment of Türkiye has not asserted that the Company has violated any environmental regulations in connection with the Çöpler Incident, the Company is assessing the application of environmental regulations, including whether it may become subject to any civil or criminal sanction or monetary penalties.
Removed
The Company’s EHS&S Committee charter is available on the Company’s website. In 2007, Marigold became the first operating gold mine in the world certified as fully compliant with the International Cyanide Management Code (the “Cyanide Code”), a voluntary industry program for companies involved in the production of gold by the cyanidation process.
Added
At this time, the Ministry of Environment of Türkiye is leading the remediation efforts of the affected areas and has revoked the Company’s environmental permit pending further progression of the investigation and remediation efforts. See Item 1A. Risk Factors, below for further information.
Removed
The Cyanide Code addresses the production of cyanide, its transport from the producer to the mine, its on-site storage and use, decommissioning and financial assurance, worker safety, emergency response, training, stakeholder involvement and verification of implementation of the Cyanide Code.
Added
Reclamation obligations may be backed by bonds or other financial assurances held by the relevant jurisdictional authority. As required by the Company’s environmental permits, all closure plans are periodically updated. The Company accrues remediation costs when it is probable that an obligation has been incurred and the cost can be reasonably estimated.
Removed
Marigold has been recertified in compliance with the Cyanide Code each time it has been audited by the International Cyanide Management Institute, with the most recent successful recertification occurring in 2021. Producing precious metals is an energy-intensive business, resulting in carbon emissions. The Company's principal energy sources are purchased electricity, diesel fuel, natural gas and propane.
Added
In addition to the remediation costs, estimates may include ongoing care, maintenance, and monitoring costs. At this time, the Company does not have any remediation liabilities recorded; however, as a result of the Çöpler Incident the Company is in the process of evaluating the estimated remediation costs and anticipates recording a remediation liability during the first quarter of 2024.
Removed
SSR Mining plans to establish an action plan to achieve net zero emissions by 2050.
Added
The technical aspects of safety are addressed through established systems, policies and procedures describing how risk and controls are managed to reduce the risk of harm to workers. Performance measurement and accountability provides feedback and maintains focus on continuous improvement.
Removed
Consistent with this commitment, actions taken to achieve transition to a low-carbon economy may result in increased costs for the Company's operations, partners and suppliers, including increased energy, capital equipment, environmental monitoring and reporting and other costs to achieve the Company's carbon neutrality goal and to comply with ongoing regulations and legislation to address carbon emissions.
Removed
The Company has certain reclamation obligations at its mineral properties, including Çöpler, Marigold, Seabee and Puna Operations. At Marigold, the Company engages in concurrent reclamation practices and provides bonds for all permitted features, as part of the State of Nevada permitting process.
Removed
Current bonding amounts are based on third party cost estimates to reclaim all permitted features at Marigold, with the exception of a few features permitted as permanent, post-mining features. The U.S. Bureau of Land Management (“BLM”) and the State of Nevada both review and approve the bond estimate, and the BLM holds the financial instruments providing the bond backing.
Removed
At Seabee, the Company also has an approved closure plan and financial assurance held by the Province of Saskatchewan. The closure plan addresses all final reclamation requirements as well as the longer-term post-reclamation monitoring and maintenance phase. As required by the Company’s environmental permits, the closure plan is periodically updated.
Removed
In 2022, the Board of Directors added two members who are women, bringing the total female representation on the Board to over 30%. The Company has adopted a Diversity Policy which requires the Company to establish specific diversity initiatives, programs and targets.
Removed
The Company and the Board of Directors are committed to establishing measurable diversity objectives and assessing on an annual basis the achievement against these objectives, including the representation of women at all levels of the organization.
Removed
Health and Safety The Company is committed to the health and safety of its employees and does so by creating and maintaining a safe working environment, equipment, work processes, effective safety and health management systems, and by complying with all applicable health and safety laws and regulations.
Removed
In this way, the Company’s employees maintain safety awareness, recognize hazards and analyze risk in their daily activities. The technical aspects of safety are addressed through established systems, policies and procedures that enable the Company's employees to identify and assess job-related risks, and that support our efforts to provide appropriate training and verify training competencies.
Removed
This includes support and respect for the human rights expressed in the International Bill of Human Rights and the principles concerning fundamental rights set out in the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work. 8 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.
Removed
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.
Removed
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.

… 3 more changes not shown on this page.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

171 edited+75 added−52 removed179 unchanged
The Company’s profitability and long-term viability and the economic feasibility of its mineral properties depend, in large part, on the market price of gold, silver, copper, lead and zinc.
The Company’s profitability, long-term viability and the economic feasibility of its mineral properties depend, in large part, on the market price of gold, silver, copper, lead and zinc.
The Company's ability to make scheduled payments or to refinance our debt obligations and to fund our planned capital expenditures and other ongoing liquidity needs depends on our financial and operating performance, which is subject to prevailing economic and competitive conditions and to certain financial, business and other factors beyond our control.
The Company’s ability to make scheduled payments or to refinance debt obligations and to fund planned capital expenditures and other ongoing liquidity needs depends on our financial and operating performance, which is subject to prevailing economic and competitive conditions and to certain financial, business and other factors beyond our control.
Although these covenants do not currently restrict the Company’s ability to conduct its business, there can be no assurances that the Company will continue to satisfy these covenants, that such covenants will not limit in its ability to respond to changes in its business or competitive activities in the future, or the Company will not be restricted from engaging in future mergers, acquisitions or dispositions of assets which may be beneficial to the Company.
Although these covenants do not currently restrict the Company’s ability to conduct its business, there can be no assurances that the Company will continue to satisfy these covenants, that such covenants will not limit its ability to respond to changes in its business or competitive activities in the future, or the Company will not be restricted from engaging in future mergers, acquisitions or dispositions of assets which may be beneficial to the Company.
Many of these materials impose obligations on government and companies to respect human rights. Some mandate that governments consult with communities surrounding the Company’s projects regarding government actions that may affect local stakeholders, including actions to approve or grant mining rights or permits.
Many of these materials impose obligations on governments and companies to respect human rights. Some mandate that governments consult with communities surrounding the Company’s projects regarding government actions that may affect local stakeholders, including actions to approve or grant mining rights or permits.
The computation of income taxes payable as a result of these transactions involves many complex factors as well as the Company’s interpretation of, and compliance with, relevant tax legislation and regulations. While the Company’s management believes that the provision for income tax is appropriate and in accordance with U.S.
The computation of taxes payable as a result of these transactions involves many complex factors as well as the Company’s interpretation of, and compliance with, relevant tax legislation and regulations. While the Company’s management believes that the provision for income tax is appropriate and in accordance with U.S.
These risks and uncertainties vary from country to country and include, but are not limited to: royalties and tax increases or claims by governmental bodies; expropriation or nationalization; employee profit-sharing requirements; foreign exchange controls; restrictions on repatriation of profits; import and export regulations; cancellation or renegotiation of contracts; changing fiscal regimes and uncertain regulatory environments; fluctuations in currency exchange rates; high rates of inflation; changes in royalty and tax regimes, including the elimination of tax exemptions; 28 underdeveloped industrial and economic infrastructure; unenforceability of contractual rights and judgments; loss of social license to operate resulting from a decline in societal support for the industry; loss of critical services such as power and water; and environmental permitting regulations.
These risks and uncertainties vary from country to country and include, but are not limited to: royalties and tax increases or claims by governmental bodies; expropriation or nationalization; employee profit-sharing requirements; foreign exchange controls; restrictions on repatriation of profits; import and export regulations; cancellation or renegotiation of contracts; changing fiscal regimes and uncertain regulatory environments; fluctuations in currency exchange rates; high rates of inflation; changes in royalty and tax regimes, including the elimination of tax exemptions; underdeveloped industrial and economic infrastructure; unenforceability of contractual rights and judgments; loss of social license to operate resulting from a decline in societal support for the industry; loss of critical services such as power and water; and environmental permitting regulations.
The market prices for these metals are volatile and are affected by numerous factors beyond the Company’s control, including: • global or regional consumption patterns; • the supply of, and demand for, these metals; • gold sales, purchases or leasing by governments and central banks; • the monetary policies employed by the world’s major central banks; • the fiscal policies employed by the world’s major industrialized economies; • recession or reduced economic activity in the United States and other industrialized or developing countries; • speculative short positions taken by significant investors or traders in gold, silver, lead, zinc or other metals; • forward sales by producers in hedging or similar transactions; • the availability and costs of metal substitutes; • decreased industrial, jewelry, base metal or investment demand; • increased import and export taxes; • inflation and/or expectations for inflation; • other political and economic conditions, including interest rates and currency values; and • changing investor or consumer sentiment, including in connection with transition to a low-carbon economy, investor interest in crypto currencies and other investment alternatives and other factors 15 The Company cannot predict the effect of these factors on metal prices.
The market prices for these metals are volatile and are affected by numerous factors beyond the Company’s control, including: • global or regional consumption patterns; • the supply of, and demand for, these metals; • gold sales, purchases or leasing by governments and central banks; • the monetary policies employed by the world’s major central banks; • the fiscal policies employed by the world’s major industrialized economies; • recession or reduced economic activity in the United States and other industrialized or developing countries; 16 • speculative short positions taken by significant investors or traders in gold, silver, lead, zinc or other metals; • forward sales by producers in hedging or similar transactions; • the availability and costs of metal substitutes; • decreased industrial, jewelry, base metal or investment demand; • increased import and export taxes; • inflation and/or expectations for inflation; • other political and economic conditions, including interest rates and currency values; and • changing investor or consumer sentiment, including in connection with transition to a low-carbon economy, investor interest in crypto currencies and other investment alternatives and other factors The Company cannot predict the effect of these factors on metal prices.
Separately, if the seasonal ice road becomes unusable or unavailable for any reason, the Company may incur significant costs to arrange alternative transportation, if such alternative transportation is even available or possible. There can be no assurance that these transportation risks will not have an adverse effect on any site, particularly Seabee, and therefore on the Company’s profitability.
Separately, if the seasonal 19 ice road becomes unusable or unavailable for any reason, the Company may incur significant costs to arrange alternative transportation, if such alternative transportation is even available or possible. There can be no assurance that these transportation risks will not have an adverse effect on any site, particularly Seabee, and therefore on the Company’s profitability.
There is no assurance that such estimates will be achieved and the failure to achieve production or cost estimates or material increases in costs could have a material adverse effect on the Company’s future cash flows, profitability, results of operations and financial condition and the Company’s share price. 20 In addition, developments are prone to material cost overruns versus budget.
There is no assurance that such estimates will be achieved and the failure to achieve production or cost estimates or material increases in costs could have a material adverse effect on the Company’s future cash flows, profitability, results of operations and financial condition and the Company’s share price. In addition, developments are prone to material cost overruns versus budget.
If the Company were to experience resistance or unrest in connection with its mines or projects, it could have a material adverse effect on the Company’s operations and profitability. Additionally, to the extent that such risks and uncertainties are directed towards local populations, the Company may not be able to retain sufficient labor forces to maintain the Company’s operations.
If the Company were to experience resistance or unrest in connection with its mines or projects, it could have a material adverse effect on the Company’s operations, liquidity and profitability. Additionally, to the extent that such risks and uncertainties are directed towards local populations, the Company may not be able to retain sufficient labor forces to maintain the Company’s operations.
The Company’s ability to achieve and maintain full production rates at these mines is subject to a number of risks and uncertainties. Future development activities may not result in the expansion or replacement of current production forecasts with new production forecasts. One or more new projects may be less profitable than anticipated or may not be profitable at all.
The Company’s ability to achieve and maintain full production rates at these mines is subject to a number of risks and uncertainties. Future development activities may not result in the expansion or replacement of current production forecasts with new production forecasts. One or more new projects may be less profitable than 21 anticipated or may not be profitable at all.
In addition, the risk of unforeseen title claims by indigenous peoples could affect existing operations and development projects. These legal requirements may also affect the Company’s ability to expand or transfer existing operations or to develop new projects. Civil disobedience in certain of the countries where the Company’s mineral properties are located could adversely affect its business.
In addition, the risk of unforeseen title claims by indigenous peoples could affect existing operations and development 30 projects. These legal requirements may also affect the Company’s ability to expand or transfer existing operations or to develop new projects. Civil disobedience in certain of the countries where the Company’s mineral properties are located could adversely affect its business.
The Company's ability to restructure or refinance its debt will depend on the condition of the capital markets and our financial condition at such time. Any refinancing of the Company's debt could be at higher interest rates and may require the Company to comply with more onerous covenants, which could further restrict business operations.
The Company’s ability to restructure or refinance its debt will depend on the condition of the capital markets and our financial condition at 27 such time. Any refinancing of the Company’s debt could be at higher interest rates and may require the Company to comply with more onerous covenants, which could further restrict business operations.
Consultation and other rights of indigenous peoples may require accommodation including undertakings regarding employment, royalty payments and other matters. This may affect the Company’s 31 ability to acquire effective mineral titles, permits or licenses in these jurisdictions within a reasonable time, and may affect the timetable and costs of development and operation of the Company’s mineral properties in these jurisdictions.
Consultation and other rights of indigenous peoples may require accommodation including undertakings regarding employment, royalty payments and other matters. This may affect the Company’s ability to acquire effective mineral titles, permits or licenses in these jurisdictions within a reasonable time, and may affect the timetable and costs of development and operation of the Company’s mineral properties in these jurisdictions.
Any decision made by any of these directors and/or officers involving SSR Mining is required to be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of SSR Mining and its shareholders. The Company could be subject to potential labor unrest or other labor disturbances.
Further, any decision made by any of these directors and/or officers involving SSR Mining is required to be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of SSR Mining and its shareholders. The Company could be subject to potential labor unrest or other labor disturbances.
Regardless of whether future litigants are successful in such claims, such lawsuits may require significant time and attention by the Company’s management, result in significant defense costs and expense or possible penalties and may materially adversely affect the Company’s business and/or its ability to continue all or certain of its mining, exploration and development activities.
Regardless of whether future litigants are successful in such claims, such lawsuits may require significant time and attention by the Company’s management, result in significant defense 35 costs and expense or possible penalties and may materially adversely affect the Company’s business and/or its ability to continue all or certain of its mining, exploration and development activities.
Title insurance is generally not available for mineral properties and the Company’s ability to ensure that it has obtained a secure claim to individual mining properties or mining concessions may be severely constrained. The Company has not conducted surveys of all of the claims in 37 which it holds direct or indirect interests.
Title insurance is generally not available for mineral properties and the Company’s ability to ensure that it has obtained a secure claim to individual mining properties or mining concessions may be severely constrained. The Company has not conducted surveys of all of the claims in which it holds direct or indirect interests.
Changes in such legislation or in the relationship with the Company’s employees may have a material adverse effect on the Company’s business, financial condition and results of operations. Additionally, we could experience labor disputes, work stops or other disruptions in production due to union activities or other employee actions.
Changes in such legislation or in the relationship with the Company’s employees may have a material adverse effect on the Company’s business, financial condition and results of 31 operations. Additionally, we could experience labor disputes, work stops or other disruptions in production due to union activities or other employee actions.
Delays or a failure to obtain such required permits, or the expiry, revocation or failure by the Company to comply with the terms of any such permits that it has obtained, would adversely affect the Company’s business. The Company’s activities are subject to environmental laws and regulations that may increase the Company’s costs and restrict its operations.
Delays or a failure to obtain such required permits, or the expiry, revocation or failure by the Company to comply with the terms of any such permits that it has obtained, would adversely affect the Company’s business. 33 The Company’s activities are subject to environmental laws and regulations that may increase the Company’s costs and restrict its operations.
Failure to obtain sufficient financing could result in the delay or indefinite postponement of exploration, development or production on any or all of its projects. There can be no assurance that additional capital or other types of financing will be available if needed or that, if available, the 26 terms of such financing will be favorable.
Failure to obtain sufficient financing could result in the delay or indefinite postponement of exploration, development or production on any or all of its projects. There can be no assurance that additional capital or other types of financing will be available if needed or that, if available, the terms of such financing will be favorable.
The development and operation of a mine or mine property is inherently risky and involves many risks that even a combination of experience, knowledge and careful evaluation may not be able to overcome, including: • unusual or unexpected geological formations; • metallurgical and other processing problems; • shortages in materials or equipment and energy and electrical power supply interruptions or rationing; • failure of engineered structures; • inaccurate mineral modeling; • unanticipated changes in inventory levels at heap-leach operations; • metal losses; • environmental hazards, including discharge of metals, concentrates, pollutants or hazardous chemicals; • ground and water conditions; • power outages; • remote locations and inadequate infrastructure; • community relations problems; • labor disruptions; • the availability and retention of skilled personnel; 29 • non-governmental organization or community activities; • industrial accidents, including in connection with the operation of mining equipment, milling equipment and/or conveyor systems and accidents associated with the preparation and ignition of large-scale blasting operations, milling and processing; • transportation incidents, including transportation of chemicals, explosions or other materials, transportation of large mining equipment and transportation of employees and business partners to and from sites; • fall-of-ground accidents in underground operations; • failure of mining pit slopes and tailings dam walls; • periodic interruptions due to inclement or hazardous weather conditions; • flooding, explosions, fire, rockbursts, cave-ins and landslides; • seismic activity; • changes to legal and regulatory requirements; • security incidents, including activities of illegal or artisanal miners, gold bullion or concentrate theft, including in transport, and corruption and fraud; • mechanical equipment and facility performance problems; • failure of unproven or evolving technologies or loss of information integrity or data; and • the availability of materials and equipment.
The development and operation of a mine or mine property is inherently risky and involves many risks that even a combination of experience, knowledge and careful evaluation may not be able to overcome, including: • unusual or unexpected geological formations or movements; • metallurgical and other processing problems; • shortages in materials or equipment and energy and electrical power supply interruptions or rationing; • failure of engineered structures; • inaccurate mineral modeling; • unanticipated changes in inventory levels at heap-leach operations; • metal losses; • environmental hazards, including discharge of metals, concentrates, pollutants or hazardous chemicals; • ground and water conditions; • power outages; • remote locations and inadequate infrastructure; • community relations problems; • labor disruptions; • the availability and retention of skilled personnel; • non-governmental organization or community activities; • industrial accidents, including in connection with the operation of mining equipment, milling equipment and/or conveyor systems and accidents associated with the preparation and ignition of large-scale blasting operations, milling and processing; • transportation incidents, including transportation of chemicals, explosions or other materials, transportation of large mining equipment and transportation of employees and business partners to and from sites; • fall-of-ground accidents in underground operations; • failure of mining pit slopes, tailings dam walls and/or heap leach facilities; • periodic interruptions due to inclement or hazardous weather conditions; • flooding, explosions, fire, rockbursts, cave-ins and landslides; • seismic activity; • changes to legal and regulatory requirements; • security incidents, including activities of illegal or artisanal miners, gold bullion or concentrate theft, including in transport, corruption and fraud; 28 • mechanical equipment and facility performance problems; • failure of unproven or evolving technologies or loss of information integrity or data; and • the availability of materials and equipment.
The Company’s mining operations outside of the U.S. are similarly subject to inspection and regulation under applicable jurisdictional laws and regulations. If inspections result in an alleged violation, the Company may be subject to fines, penalties or sanctions and its mining operations could be subject to temporary or extended closures.
The Company’s mining operations outside of the U.S. are similarly subject to inspection and regulation under applicable jurisdictional laws and regulations. If inspections result in an alleged 32 violation, the Company may be subject to fines, penalties or sanctions and its mining operations could be subject to temporary or extended closures.
Therefore, the amount that the Company is required to spend could be 21 materially higher than current estimates. Any additional amounts required to be spent on reclamation and mine closure may have an adverse effect on the Company’s financial position and results of operations and may cause the Company to alter the Company’s operations.
Therefore, the amount that the Company is required to spend could be materially higher than current estimates. Any additional amounts required to be spent on reclamation and mine closure may have an adverse effect on the Company’s financial position and results of operations and may cause the Company to alter the Company’s operations.
Production at Çöpler, Marigold, Seabee and Puna is dependent upon the efforts of the Company’s employees and the Company’s relations with them. Relations with the Company’s employees may be affected by changes in the 32 scheme of labor relations that may be introduced by the relevant governmental authorities in those jurisdictions in which the Company carries on business.
Production at Çöpler, Marigold, Seabee and Puna is dependent upon the efforts of the Company’s employees and the Company’s relations with them. Relations with the Company’s employees may be affected by changes in the scheme of labor relations that may be introduced by the relevant governmental authorities in those jurisdictions in which the Company carries on business.
Losses from these events may cause the Company to incur significant costs that could have a material adverse effect upon its financial performance and results of operations. 24 The Company is exposed to market and/or counterparty risks related to the sale of its concentrates and metals.
Losses from these events may cause the Company to incur significant costs that could have a material adverse effect upon its financial performance and results of operations. The Company is exposed to market and/or counterparty risks related to the sale of its concentrates and metals.
In addition, a decrease in the market price of gold, silver and other metals would affect the profitability of Çöpler, Marigold, Seabee and Puna Operations and could affect the Company’s ability to finance the exploration and development of any of the Company’s other mineral properties. The market price of gold, silver and other metals may not remain at current levels.
In addition, a decrease in the market price of gold, silver and other metals would affect the profitability of Çöpler, Marigold, Seabee and Puna and could affect the Company’s ability to finance the exploration and development of any of the Company’s other mineral properties. The market price of gold, silver and other metals may not remain at current levels.
The Company’s future growth and productivity will depend, in part, on its ability to identify and acquire additional commercially mineable mineral rights, and on the costs and results of continued exploration and potential development programs. Mineral exploration is highly speculative in nature and is frequently non-productive.
The Company’s future growth and productivity will also depend, in part, on its ability to identify and acquire additional commercially mineable mineral rights, and on the costs and results of continued exploration and potential development programs. Mineral exploration is highly speculative in nature and is frequently non-productive.
Furthermore, the Company has inherently less control when it is not 23 the operator of a project subject to a joint venture agreement, even if the Company has a controlling interest under a joint venture agreement. In such instances, the contractual terms of the agreement may limit the Company’s ability to influence the operation of the project.
Furthermore, the Company has inherently less control when it is not the operator of a project subject to a joint venture agreement, even if the Company has a controlling interest under a joint venture agreement. In such instances, the contractual terms of the agreement may limit the Company’s ability to influence the operation of the project.
In the normal course of business, the Company is subject to assessment by taxation authorities in various jurisdictions. Income tax provisions and income tax filing positions require estimates and interpretations of income tax rules and regulations of the various jurisdictions in which the Company operates and judgments as to their interpretation and application to the Company’s specific situation.
In the normal course of business, the Company is subject to assessment by taxation authorities in various jurisdictions. Tax provisions and tax filing positions require estimates and interpretations of tax rules and regulations of the various jurisdictions in which the Company operates and judgments as to their interpretation and application to the Company’s specific situation.
GAAP and applicable legislation and regulations, tax filing positions are subject to review and adjustment by taxation authorities, which may challenge the Company’s interpretation of the applicable tax legislation and regulations. The Company is subject to anti-corruption laws. The Company is subject to anti-corruption laws under the Canadian Corruption of Foreign Public Officials Act and the U.S.
GAAP and applicable legislation and regulations, tax filing positions are subject to review and adjustment by 36 taxation authorities, which may challenge the Company’s interpretation of the applicable tax legislation and regulations. The Company is subject to anti-corruption laws. The Company is subject to anti-corruption laws under the Canadian Corruption of Foreign Public Officials Act and the U.S.
Environmental legislation in many countries is evolving and the trend has been towards stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects, and increasing responsibility for companies and their officers, directors and employees.
Environmental legislation in many countries is evolving and the trend has been towards stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental 34 assessments of proposed projects, and increasing responsibility for companies and their officers, directors and employees.
There can be no assurance that all permits, licenses and approvals that are required for the operations of the Company, including any for construction of mining facilities or conduct of mining, will be obtainable or renewable on reasonable terms, or at all.
There can be no assurance that other permits, licenses and approvals that are required for the operations of the Company, including any for construction of mining facilities or conduct of mining, will be obtainable or renewable on reasonable terms, or at all.
These, or future, measures could require the Company to reduce its direct GHG emissions or energy use or to incur significant costs for GHG emissions permits or taxes or have these costs or taxes passed on by electricity utilities which supply the Company’s 36 operations.
These, or future, measures could require the Company to reduce its direct GHG emissions or energy use or to incur significant costs for GHG emissions permits or taxes or have these costs or taxes passed on by electricity utilities which supply the Company’s operations.
Fabricated and fraudulent news articles may be misinterpreted as true and may lead to increased public scrutiny on the Company. Such increased public scrutiny may also lead to increased governmental or regulatory scrutiny, whether deserved or not, leading to potential reputational damage to the Company.
Fabricated and fraudulent news articles may be misinterpreted as true and may lead to increased public scrutiny on the Company. Such increased public scrutiny may also lead to increased governmental or regulatory scrutiny, whether deserved or not, leading to potential 23 reputational damage to the Company.
Governments in many jurisdictions, including in some parts of Türkiye, Canada, the United States, Argentina, Mexico and Peru, must consult with, or may require the Company to consult with, indigenous peoples with respect to grants of mineral rights and the issuance or amendment of project authorizations and permits, pursuant to various international and national laws, codes, resolutions, conventions and guidelines, such as the International Labour Organization Convention 169.
Governments in many jurisdictions, including in some parts of Türkiye, Canada, the United States, and Argentina must consult with, or may require the Company to consult with, indigenous peoples with respect to grants of mineral rights and the issuance or amendment of project authorizations and permits, pursuant to various international and national laws, codes, resolutions, conventions and guidelines, such as the International Labour Organization Convention 169.
In addition, regulators are increasingly requesting security in the form of cash collateral, credit, trust arrangements or guarantees to secure the performance of environmental obligations, which could have an adverse effect on our financial position. For a more detailed description of potential environmental liabilities, see the discussion in Environmental Matters in Notes 6 and 21 to the Consolidated Financial Statements.
In addition, regulators are increasingly requesting security in the form of cash collateral, credit, trust arrangements or guarantees to secure the performance of environmental obligations, which could have an adverse effect on our financial position. For a more detailed description of potential environmental liabilities, see the discussion in Environmental Matters in Notes 6 and 23 to the Consolidated Financial Statements.
Foreign Corrupt Practices Act or any other relevant compliance, anti-bribery, anti-fraud or anti-corruption laws) being imposed on the Company. 38 Risks Related to Ownership of Company Equity The Company’s common shares are publicly traded and are subject to various factors that have historically made the Company’s common share price volatile.
Foreign Corrupt Practices Act or any other relevant compliance, anti-bribery, anti-fraud or anti-corruption laws) being imposed on the Company. 37 Risks Related to Ownership of Company Equity The Company’s common shares are publicly traded and are subject to various factors that have historically made the Company’s common share price volatile.
The Company is not able at this time to predict the future amount of such issuances or dilution. 39 Furthermore, sales of substantial amounts of the Company’s securities by the Company or the Company’s existing shareholders, or the availability of such securities for sale, could adversely affect the prevailing market prices for the Company’s securities and dilute investors’ earnings per share.
The Company is not able at this time to predict the future amount of such issuances or dilution. 38 Furthermore, sales of substantial amounts of the Company’s securities by the Company or the Company’s existing shareholders, or the availability of such securities for sale, could adversely affect the prevailing market prices for the Company’s securities and dilute investors’ earnings per share.
If the Company’s cash flows and capital resources are insufficient to fund its debt service obligations, it could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance its indebtedness.
If the Company’s cash flows and capital resources are insufficient to fund its operational needs and debt service obligations, it could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance its indebtedness.
As certain of our mines age, the Company may face geotechnical challenges faced by the mining industry as a whole, including mining deeper pits and more complex deposits, which generally leads to higher pit walls, more complex underground environments and increased exposure to geotechnical instability and hydrological impacts.
As certain of our mines age, the Company may face geotechnical challenges faced by the mining industry as a whole, including mining deeper pits and more complex deposits, which generally leads to higher pit walls, more complex underground environments and increased exposure to geotechnical instability or failure and hydrological impacts.
For instance, we review our cybersecurity controls against actual and current industry threats and partner with security vendors to assist with protecting our network and data resources through activities such as penetration and vulnerability testing, assessments against current cybersecurity standards, and leveraging industry recommendations from both independent vendors as well as industry partners.
We review our cybersecurity controls against actual and current industry threats and partner with security vendors to assist with protecting our network and data resources through activities such as penetration and vulnerability testing, assessments against current cybersecurity standards, and leveraging industry recommendations from both independent vendors as well as industry partners.
Geotechnical or tailings storage facility failures could result in limited or restricted access to mine sites, suspension of operations, government investigations, increased monitoring costs, remediation costs and other impacts, which could result in a material adverse effect on our results of operations and financial position.
Geotechnical, heap leach or tailings storage facility failures could result in limited or restricted access to mine sites, suspension of operations, government investigations, increased monitoring costs, remediation costs and other impacts, which could result in a material adverse effect on our results of operations and financial position.
The obligations of government and private parties under the various international and national materials pertaining to human rights continue to evolve and be defined. One or more groups of people may oppose the Company’s current and future operations or further development or new development of its projects or operations.
The obligations of governments and private parties under the various international and national materials pertaining to human rights continue to evolve and be defined. One or more groups of people may oppose the Company’s current and future operations or further development or new development of its projects or operations.
Further, laws and regulations may be introduced in certain operational jurisdictions, which could limit the Company's access to sufficient water resources. Water shortages may also result from weather or environmental changes and climate impacts out of the Company’s control.
Further, laws and regulations may be introduced in certain operational jurisdictions, which could limit the Company’s access to sufficient water resources. Water shortages and excess water may result from weather or environmental changes and climate impacts out of the Company’s control.
While the Company has considered and incorporated systems to address the impact of the dry season as part of its operating plans, there is no assurance that those systems will be sufficient to address all shortages in water supply.
While the Company has considered and incorporated systems to address the impact of the dry season and climate change as part of its operating plans, there is no assurance that those systems will be sufficient to address all shortages in water supply.
The Company may not be able to affect any such alternative measures on commercially reasonable terms or at all and, even if successful, those alternatives may not allow it to meet its scheduled debt service obligations.
The Company may not be able to affect any such alternative measures on commercially reasonable terms or at all and, even if successful, those alternatives may not allow it to meet its operational needs and scheduled debt service obligations.
Any appreciation in the currencies of Türkiye, Canada, Argentina, or any other country in which the Company carries out exploration or development activities against the USD will increase the Company’s costs of carrying on operations in such countries.
Any appreciation in the currencies of Türkiye, Canada, Argentina, or any other country in which the Company carries out exploration or development activities against the USD may increase the Company’s costs of carrying on operations in such countries.
The Company currently conducts operations in the United States, Türkiye, Canada and Argentina, and has development and exploration assets in the United States, Türkiye, Canada, Mexico and Peru; as such, the Company is exposed to various levels of economic, political and other risks and uncertainties.
The Company currently conducts operations in the United States, Türkiye, Canada and Argentina, and has development and exploration assets in the United States, Türkiye, and Canada; as such, the Company is exposed to various levels of economic, political and other risks and uncertainties.
As a result, the Company is and will continue to be subject to all of the risks associated with establishing new mining operations, including: • the availability and cost of skilled labor, and mining and processing equipment; • the availability and cost of appropriate smelting and refining arrangements; • securing long-term access agreements required to develop and operate a mine; • the need to obtain and retain necessary environmental and other governmental approvals and permits and the timing of the receipt of those approvals and permits; • potential opposition from governmental or non-governmental organizations, environmental groups or local community groups which may delay or prevent development activities; • potential for labor unrest or other labor disturbances; • potential increases in cost structures due to changes in input costs including the cost of fuel, power, materials and supplies and fluctuations in currency exchange rates; • the timing and cost, which may be considerable, of the construction and expansion of mining, processing and tailings management facilities; • changes in tonnage, grades and metallurgical characteristics of ore to be mined and processed; • the quality of the data on which engineering assumptions were made; • adverse geotechnical conditions; • changes in tax laws, the laws and/or regulations around royalties and other taxes due to the regional and national governments and royalty agreements; • weather or severe climate impacts, including, without limitation, prolonged or unexpected precipitation, drought and/or sub-zero temperatures; and • potential delays and restrictions in connection with health and safety issues, including pandemics (such as COVID-19) and other infectious diseases.
As a result, the Company is and will continue to be subject to all of the risks associated with establishing new mining operations, including: • the availability and cost of skilled labor, and mining and processing equipment; 20 • the availability and cost of appropriate smelting and refining arrangements; • securing long-term access agreements required to develop and operate a mine; • the need to obtain and retain necessary environmental and other governmental approvals and permits and the timing of the receipt of those approvals and permits and the risk of rescission or revocation of necessary approval and permits; • potential opposition from governmental or non-governmental organizations, environmental groups or local community groups which may delay or prevent development activities; • potential for labor unrest or other labor disturbances; • potential increases in cost structures due to changes in input costs including the cost of fuel, power, materials and supplies and fluctuations in currency exchange rates; • the timing and cost, which may be considerable, of the construction and expansion of mining, processing and tailings management facilities; • changes in tonnage, grades and metallurgical characteristics of ore to be mined and processed; • the quality of the data on which engineering assumptions were made; • adverse geotechnical conditions or unanticipated changes in surface conditions; • changes in tax laws, the laws and/or regulations around royalties and other taxes due to the regional and national governments and royalty agreements; • weather or severe climate impacts, including, without limitation, prolonged or unexpected precipitation, drought and/or sub-zero temperatures; and • potential delays and restrictions in connection with health and safety issues, including pandemics and other infectious diseases.
Greater scrutiny on multi-national companies to contribute to sustainable outcomes in the places where they operate, has led to a proliferation of standards, reporting initiatives and expectations focused on environmental stewardship, social performance, community engagement and transparency. Extractive industries, and mining in particular, have seen significant increases in stakeholder expectations and attention.
Greater scrutiny on multinational companies to contribute to sustainable outcomes in the places where they operate, has led to a proliferation of standards, reporting initiatives and expectations focused on environmental stewardship, social performance, community engagement and transparency. Extractive industries, and mining in particular, have seen significant increases in stakeholder expectations and attention.
These conditions have, at times, caused a loss of confidence in global credit markets, resulting in the collapse of, and/or government intervention in, major banks, financial institutions and insurers, and creating a climate of greater volatility, tighter regulations, less liquidity, widening credit spreads, less price transparency, increased credit losses and tighter credit conditions.
These conditions have, at times, caused a loss of confidence in global credit markets, resulting in the collapse of, and/or government intervention in, banks and investment banks, financial institutions and insurers, and other financial institutions, and creating a climate of greater volatility, tighter regulations, less liquidity, widening credit spreads, less price transparency, increased credit losses and tighter credit conditions.
In addition, while statutory provisions exist in British Columbia for derivative actions to be brought in certain circumstances, the circumstances in which a derivative action may be 40 brought, and the procedures and defenses that may be available in respect of any such action, may be different than those of shareholders of a company incorporated in the United States.
In addition, while statutory provisions exist in British Columbia for derivative actions to be brought in certain circumstances, the circumstances in which a derivative action may be brought, and the procedures and defenses that may be available in respect of any such action, may be different than those of shareholders of a company incorporated in the United States. ITEM 1B.
Any interruption or shortage of water supplies could require the Company to curtail or shut down mining production and could prevent the Company from pursuing expansion opportunities, resulting in production and processing delays or stoppages. 19 The Company may be exposed to future development risks.
Any interruption, or shortage of water supplies and even excess water, could require the Company to curtail or shut down mining production and could prevent the Company from pursuing expansion opportunities, resulting in production and processing delays or stoppages. The Company may be exposed to future development risks.
Our U.S. operations are subject to the Clean Water Act (the "CWA"), which requires permits for certain discharges into waters of the United States.
Our U.S. operations are subject to the Clean Water Act (the “CWA”), which requires permits for certain discharges into waters of the United States.
The Company's level of debt and associated debt service obligations may have adverse effects on our business, financial condition, cash flows or results of operations, including: • making it more difficult for us to satisfy our obligations with respect our outstanding indebtedness; • reducing the amount of funds available to finance our operations, capital expenditures and other activities; • increasing our vulnerability to economic downturns and industry conditions; • limiting our flexibility in responding to changing business and economic conditions; • jeopardizing our ability to execute our business plans; • placing us at a disadvantage when compared to our competitors that have less debt; • increasing our cost of borrowing; and • limiting our ability to borrow additional funds. 27 The Company and its subsidiaries may incur substantial additional indebtedness in the future.
The Company’s level of debt and associated debt service obligations may have adverse effects on our business, financial condition, cash flows or results of operations, including: • making it more difficult for us to satisfy our obligations with respect our outstanding indebtedness; • reducing the amount of funds available to finance our operations, capital expenditures and other activities; • increasing our vulnerability to economic downturns and industry conditions; • limiting our flexibility in responding to changing business and economic conditions; • jeopardizing our ability to execute our business plans; • placing us at a disadvantage when compared to our competitors that have less debt; • increasing our cost of borrowing; and • limiting our ability to borrow additional funds.
To address this risk, generally, the Company seeks to have many sources of supply for key materials in order to avoid significant dependence on any one or a few suppliers, however, prices charged for such key materials by suppliers may differ substantially and obtaining key materials from different suppliers may impact the Company's costs.
To address these risks, generally, the Company seeks to have many sources of supply for key materials in order to avoid significant dependence on any one or a few suppliers, however, prices charged for such key materials by suppliers may differ substantially and obtaining key materials from different suppliers may impact the Company’s costs.
Transportation of such ore is subject to numerous risks including, but not limited to, roadblocks, terrorism, interruption by domesticated and non-domesticated herding animals, theft, weather conditions, environmental liabilities in the event of an accident or spill, inability to transport ore in oversized loads, personal injury and loss of life.
Transportation of any good is subject to numerous risks including, but not limited to, roadblocks, terrorism, interruption by domesticated and non-domesticated herding animals, theft, weather conditions, environmental liabilities in the event of an accident or spill, inability to transport oversized loads, personal injury and loss of life.
COVID-19 exposed the Company to many of the risks described in this report, including operational and supply chain delays and disruptions, labor shortages, social unrest, breach of material contracts and customer agreements, increased insurance premiums and/or taxes, increased supplier and contractor expenses, decreased demand or the inability to sell and deliver precious metals, declines in the price of precious metals, delays in permitting or approvals, governmental disruptions, international economic and political conditions, international or regional consumptive patterns, expectations on inflation or deflation, interest rates, capital markets volatility, or other unknown but potentially significant impacts, including the possibility of a significant protracted economic downturn, including a global recession.
COVID-19 caused operational shut downs at the Company’s properties in 2020 and exposed the Company to many of the risks described in this report, including operational and supply chain delays and disruptions, labor shortages, social unrest, breach of material contracts and customer agreements, increased insurance premiums and/or taxes, increased supplier and contractor expenses, decreased demand or the inability to sell and deliver precious metals, declines in the price of precious metals, delays in permitting or approvals, governmental disruptions, international economic and political conditions, international or regional consumptive patterns, expectations on inflation or deflation, interest rates, capital markets volatility, or 24 other unknown but potentially significant impacts, including the possibility of a significant protracted economic downturn, including a global recession.
The Company is subject to claims and legal proceedings that arise in the ordinary course of business. The Company is subject to various claims and legal proceedings, including adverse rulings in current or future litigation against the Company and/or its directors or officers, covering a wide range of matters that arise in the ordinary course of business activities.
The Company is subject to various claims and legal proceedings, including adverse rulings in current or future litigation against the Company and/or its directors or officers, covering a wide range of matters that arise in the ordinary course of business activities or as a result of unforeseen events.
Corruption, extortion, bribery, pay-offs, theft and other fraudulent practices may occur from time-to-time in Türkiye, Argentina, Peru, Mexico or any other jurisdiction in which the Company may conduct business, and the Company cannot provide assurance that its employees or other agents will not engage in such prohibited conduct for which the Company might be held responsible.
Corruption, extortion, bribery, pay-offs, theft and other fraudulent practices may occur from time-to-time in any jurisdiction in which the Company may conduct business, and the Company cannot provide assurance that its employees or other agents will not engage in such prohibited conduct for which the Company might be held responsible.
The quarterly dividend payment was subsequently increased to $0.07 per common share as approved by the Company's Board of Directors on February 22, 2022. During the year ended December 31, 2022, the Company declared and paid cash dividends of $0.28 per common share in the aggregate amount of $58.8 million.
The quarterly dividend payment was subsequently increased to $0.07 per common share as approved by the Company’s Board of Directors on February 22, 2022. During the year ended December 31, 2023, the Company declared and paid cash dividends of $0.28 per common share in the aggregate amount of $57.7 million.
Although the Company maintains insurance to protect against certain risks in such amounts as it considers reasonable, the Company’s insurance will not cover all of the potential risks associated with a mining company’s operations. The Company may also be unable to maintain insurance to cover these risks at economically feasible premiums.
As described above with respect to the Çöpler Incident, although the Company maintains insurance to protect against certain risks in such amounts as it considers reasonable, the Company’s insurance will not cover all of the potential risks associated with a mining company’s operations. The Company may also be unable to maintain insurance to cover these risks at economically feasible premiums.
Recognizing this risk, while SSR Mining continues to review its existing practices, there can be no assurance that these events will not occur in the future.
Recognizing this risk, while SSR Mining continues to review its existing practices, there can be no assurance that these events will not occur.
Damage to the Company’s reputation can be the result of the actual or perceived occurrence of any number of events, and could include negative publicity, whether true or not.
Damage to the Company’s reputation can be the result of the actual or perceived occurrence of any number of events, and could include negative publicity.
Financial Risks and Risks Related to Our Indebtedness: • The Company is subject to risks associated with its financial instruments. • The Company may be adversely affected by fluctuations in foreign exchange rates. • Inflation may have a material adverse effect on results of operations. • Future funding requirements may affect the Company's business or its ability to develop mineral properties, complete exploration and development programs, pay cash dividends or engage in share repurchase transactions. • The Company may be unable to generate sufficient cash to service its debt and other actions to satisfy such obligations may be unsuccessful. • The Company may fail to fulfill its obligations under existing and future indebtedness, and such indebtedness may impair the financial health of the Company. 13 Risks Related to Our Industry and the Jurisdictions in Which We Operate: • Political or economic instability or unexpected regulatory change in the countries where the Company’s mineral properties are located could adversely affect its business. • Suitable infrastructure may not be available or damage to existing infrastructure may occur. • Mining is inherently risky and subject to conditions and events beyond the Company’s control. • Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operations. • Indigenous peoples’ title claims and rights to consultation and accommodation may affect the Company’s existing operations as well as development projects and future acquisitions. • Civil disobedience in certain of the countries where the Company’s mineral properties are located could adversely affect its business. • The Company and the mining industry face geotechnical challenges, which could adversely impact our production and profitability.
Financial Risks and Risks Related to Our Indebtedness: • General economic conditions may adversely affect the Company’s growth and profitability. • The Company may be adversely affected by fluctuations in foreign exchange rates. • Inflation may have a material adverse effect on results of operations. • The Company is subject to risks associated with hedging activities. • Future funding requirements may affect the Company’s business or its ability to develop mineral properties, complete exploration and development programs, pay cash dividends or engage in share repurchase transactions. • The Company may be unable to generate sufficient cash to fund its operations or service its debt. • The Company’s indebtedness or lack of liquidity may impair the financial health of the Company. 12 Risks Related to Our Industry and the Jurisdictions in Which We Operate: • Mining is inherently risky and subject to conditions and events beyond the Company’s control. • Political or economic instability or unexpected regulatory change in the countries where the Company’s mineral properties are located could adversely affect its business. • Suitable infrastructure may not be available or damage to existing infrastructure may occur. • Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operations. • Indigenous peoples’ title claims and rights to consultation and accommodation may affect the Company’s existing operations as well as development projects and future acquisitions. • Civil disobedience in certain of the countries where the Company’s mineral properties are located could adversely affect its business. • The Company and the mining industry face geotechnical challenges, which could adversely impact our production and profitability.
In the event of any default, the applicable lenders could elect to declare all outstanding borrowings, together with accrued and unpaid interest, fees and other amounts due, to be immediately due and payable, which may have a material adverse impact on the Company’s business, profitability or financial condition.
In the event of any default, the applicable lenders could elect to declare all outstanding borrowings, together with accrued and unpaid interest, fees and other amounts due, to be immediately due and payable, which may have a material adverse impact on the Company’s business, profitability or financial condition, or inhibit the Company’s ability to further its exploration and development activities.
However, cybersecurity attacks or IT disruptions subject us to, among other things, production downtimes, operational delays, the compromising of confidential or otherwise protected information, destruction or corruption of data, security breaches, other manipulation or improper use of our systems and networks or financial losses from remedial actions.
However, cybersecurity attacks or IT disruptions result in, among other things, production downtimes, operational delays, the compromising of confidential or otherwise protected information, destruction or corruption of data, security breaches, other manipulation or improper use of our systems and networks, financial losses from remedial actions and reputational harm.
In addition, SSR Mining has operational and closed tailings impoundments in a variety of climatic and topographic settings. The failure of tailings dam and storage facilities and other impoundments at our mining sites could cause severe, and in some cases catastrophic, property and environmental damage and loss of life.
In addition, SSR Mining has operational and closed tailings impoundments in a variety of climatic and topographic settings. The failure of tailings dam and storage facilities, slopes or pit walls, heap leach pads, and other impoundments at our mining sites could cause severe, and in some cases catastrophic, property and environmental damage and loss of life.
Even with the narrowed rule, it is possible that in the future the definition could again be expanded, or states could take action to address a perceived fall-off in protection under the CWA, either of which could increase litigation involving water discharge permits, which may result in delays in, or in some instances preclude, the commencement or continuation of development or production operations. 35 Enforcement actions by the EPA or other federal or state agencies could also result.
Even with the narrowed rule, it is possible that in the future the definition could again be expanded, or states could take action to address a perceived fall-off in protection under the CWA, either of which could increase litigation involving water discharge permits, which may result in delays in, or in some instances preclude, the commencement or continuation of development or production operations.
Risks Related to Ownership of Company Equity: • The Company’s common shares are publicly traded and are subject to various factors that have historically made the Company’s common share price volatile. • Holders of our common shares may not receive dividends. • Future sales or issuances of equity securities could decrease the value of the Company’s common shares, dilute investors’ voting power and reduce the Company’s earnings per share. 14 Risks Related to the Company's Operations and Business The Company’s production, development plans and cost estimates may vary and/or not be achieved.
Risks Related to Ownership of Company Equity: • The Company’s common shares are publicly traded and are subject to various factors that have historically made the Company’s common share price volatile. • Holders of our common shares may not receive dividends. • Future sales or issuances of equity securities could decrease the value of the Company’s common shares, dilute investors’ voting power and reduce the Company’s earnings per share.
The Company's operations are subject to extensive and complex laws and regulations governing worker health and safety across our operating regions and failure to comply with applicable legal requirements can result in substantial penalties, civil sanctions and, in some cases, criminal sanctions, including the suspension or revocation of permits.
The Company’s operations are subject to extensive and complex federal, state, provincial, territorial and local laws and regulations across our operating regions and failure to comply with applicable legal requirements can result in substantial penalties, civil sanctions and, in some cases, criminal sanctions, including the suspension or revocation of permits.
The provisions of the disclosure standards are intended to align with those used in the major mining regulatory jurisdictions, however certain provisions of the disclosure standards may be more restrictive and/or prescriptive than those used in other regulatory jurisdictions.
The provisions of this disclosure standard are intended to align with those used in the other major mining regulatory jurisdictions, however certain provisions of the disclosure standards may be more restrictive and/or prescriptive, or require a presentation of different information, than those used in other regulatory jurisdictions.
GHGs are emitted directly by the Company’s operations, as well as by external utilities from which it purchases power.
Greenhouse gases (“GHG”) are emitted directly by the Company’s operations, as well as by external utilities from which it purchases power.
A variety of factors, including higher energy usage in emerging market economies, actual and 18 proposed taxation of carbon emissions as well as concerns surrounding unrest and potential and actual conflict in the Middle East and Ukraine, could result in increased demand or limited supply of energy and/or sharply escalating diesel fuel, gasoline, natural gas and other energy prices.
A variety of factors, including higher energy usage in emerging market economies, actual and proposed taxation of carbon emissions as well as concerns surrounding continued and new unrest and conflict in the Middle East and Ukraine, could result in increased demand or limited supply of energy and/or sharply escalating prices.
Such conditions are often affected by risks and hazards outside of our control, such as severe weather and considerable rainfall, which may lead to periodic floods, mudslides, wall instability and seismic activity, which may result in slippage of material. Such events may not be detected in advance.
Unanticipated adverse geotechnical and hydrological conditions may occur at any time. Such conditions are often affected by risks and hazards outside of our control, such as severe weather and considerable rainfall, which may lead to periodic floods, mudslides, wall or slope instability and seismic activity, which may result in slippage of material. Such events may not be detected in advance.
The Company’s operations depend, in part, on how well the Company and its suppliers protect networks, equipment, IT systems and software against damage from a number of threats, including, but not limited to, cable cuts, damage to physical plants, natural disasters, terrorism, fire, power loss, hacking, computer viruses, vandalism and theft.
The Company’s operations depend, in part, on how well the Company, its suppliers and third-party service providers protect networks, equipment, information technology (“IT”) systems and software upon which the Company relies against damage from a number of threats, including, but not limited to, cable cuts, damage to physical plants, natural disasters, terrorism, fire, power loss, hacking, computer viruses, cyberattack, vandalism and theft.
Due to the size of the Company’s organization, the loss of any of these persons, or the Company’s inability to attract and retain suitable replacements for them or additional highly skilled employees and contractors required for the operation of the Company’s corporate offices, Çöpler, Marigold, Seabee and Puna and the Company’s other activities may have a material adverse effect on its business and financial condition.
Due to the size of the Company’s organization, the loss of any of these persons, or the Company’s inability to attract and retain suitable replacements for them or additional highly skilled employees and contractors may have a material adverse effect on its business and financial condition.
In addition, if any of these wastes or other substances we release or cause to be released into the environment cause or has caused contamination in or damage to the environment at a U.S. mining facility, that facility could be designated as a “Superfund” site under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (“CERCLA”).
In addition, if any of these wastes or other substances we release or cause to be released into the environment cause or has caused contamination in or damage to the environment at a U.S. mining facility, that facility could be designated as a “Superfund” site under CERCLA.
The Company could also be held liable for damages to natural resources resulting from hazardous substance contamination. Additionally, environmental laws in some of the countries in which the Company operates require that the Company periodically perform environmental impact studies at the Company’s mines.
The Company could also be held liable for damages to natural resources resulting from hazardous substance contamination. If there is contamination, we could be subject to significant liabilities and held responsible for the remediation. Additionally, environmental laws in some of the countries in which the Company operates require that the Company periodically perform environmental impact studies at the Company’s mines.
In addition, any failure to make payments of interest and principal on outstanding debt on a timely basis would likely result in a reduction of the Company's credit rating, which could harm our ability to incur additional debt.
Any failure to make payments of interest and principal on existing debt on a timely basis, or any other default under the terms of an outstanding debt instrument, would likely result in a reduction of the Company’s credit rating, which could harm our ability to incur additional debt.

… 218 more changes not shown on this page.

Item 2. Properties

Properties — owned and leased real estate

210 edited+125 added−175 removed29 unchanged
See “Additional Mining Company Financial Information” in this Item 2 for more information. Costs in individual years may vary significantly as a result of, among other things, current or future nonrecurring expenditures, and changes to input costs and exchange rates.
See “Additional Mining Company Financial Information” in this Item 2 for more information. Costs in individual years may vary significantly as a result of, among other things, current or future nonrecurring expenditures, and changes to input costs and exchange rates.
See “Additional Mining Company Financial Information” in this Item 2 for more information. Costs in individual years may vary significantly as a result of, among other things, current or future nonrecurring expenditures, and changes to input costs and exchange rates.
See “Additional Mining Company Financial Information” in this Item 2 for more information. Costs in individual years may vary significantly as a result of, among other things, current or future nonrecurring expenditures, and changes to input costs and exchange rates.
Annually, qualified persons and other employees review the estimates of mineral reserves and mineral resources, the supporting documentation, and compliance to the internal controls, and, based on their review of such information, recommend approval to use the mineral reserve and mineral resource estimates to our senior management.
Annually, the Qualified Persons and other employees review the estimates of mineral reserves and mineral resources, the supporting documentation, and compliance to the internal controls, and, based on their review of such information, recommend approval to use the mineral reserve and mineral resource estimates to our senior management.
(2) Chinchillas processing recoveries vary based on the feed grade.
(2) Chinchillas processing recoveries vary based on the feed grade.
(4) Oxide definitions: At Çöpler: oxide is defined as material (5) Sulfide definitions: At Çakmaktepe Extension, sulfide is comprised of standard sulfide material (≥2% total sulfur) and sulfide-with-Cu material (sulfide with Cu>0.10%). There is no sulfide material at Çakmaktepe or Bayramdere.
(4) Oxide definitions: At Çöpler: oxide is defined as material (5) Sulfide definitions: At Çakmaktepe Extension, sulfide is comprised of standard sulfide material (≥2% total sulfur) and sulfide-with-Cu material (sulfide with Cu>0.10%). There is no sulfide material at Çakmaktepe or Bayramdere.
(3) All Mineral Resources for Çöpler were assessed for reasonable prospects for eventual economic extraction by reporting only material that fell within conceptual pit shells ($1,400/oz gold and $19.00/oz silver for Bayramdere).
(3) All Mineral Resources for Çöpler were assessed for reasonable prospects for eventual economic extraction by reporting only material that fell within conceptual pit shells ($1,400/oz for gold and $19.00/oz for silver for Bayramdere).
(4) Oxide definitions: At Çöpler: oxide is defined as material (5) Sulfide definitions: At Çakmaktepe Extension, sulfide is comprised of standard sulfide material (≥2% total sulfur) and sulfide-with-Cu material (sulfide with Cu>0.10%). There is no sulfide material at Çakmaktepe or Bayramdere.
(4) Oxide definitions: At Çöpler, oxide is defined as material (5) Sulfide definitions: At Çakmaktepe Extension, sulfide is comprised of standard sulfide material (≥2% total sulfur) and sulfide-with-Cu material (sulfide with Cu>0.10%). There is no sulfide material at Çakmaktepe or Bayramdere.
The Company’s 74 quality assurance and control protocols over sampling and assaying of drill hole samples include insertion of blind samples consisting of standards, blanks, and duplicates in the primary sample streams, as well as selective sample validation at secondary laboratories. These controls and other methods help to validate the reasonableness of the estimates.
The Company’s quality assurance and control protocols over sampling and assaying of drill hole samples include insertion of blind samples consisting of standards, blanks, and duplicates in the primary sample streams, as well as selective sample validation at secondary laboratories. These controls and other methods help to validate the reasonableness of the estimates.
The other NSR royalty payments are based on specific gold production and/or sales and vary between 1.0% and 3.0% of the value of gold production and/or sales, as applicable. SGO currently has a valid surface lease with the Province of Saskatchewan, which was amended in March 2010.
The other NSR royalty payments are based on specific gold production and/or sales and vary between 1.0% and 3.0% of the value of gold production and/or sales, as applicable. 59 SGO currently has a valid surface lease with the Province of Saskatchewan, which was amended in March 2010.
The average recovery is estimated to be 98% for silver, 93% for lead and 63% for zinc. (2) Piriquitas UG Mineral Resources are contained within underground mining shapes based on an NSR cut-off on $90-$100/t are reported using a silver metal price of $20.00/oz, $1.10/lb for lead, and $1.30/lb for zinc.
The average recovery is estimated to be 98% for silver, 93% for lead and 63% for zinc. (2) Pirquitas UG Mineral Resources are contained within underground mining shapes based on an NSR cut-off on $90-$100/t are reported using a silver metal price of $20.00/oz, $1.10/lb for lead, and $1.30/lb for zinc.
Metallurgical recoveries vary based on the grade and on average are 98% for silver, 95% for lead and 63% for zinc. (2) Piriquitas UG Mineral Resources are contained within underground mining shapes based on an NSR cut-off on $90-$100/t are reported using a silver metal price of $20.00/oz, $1.10/lb for lead and $1.30/lb for zinc.
Metallurgical recoveries vary based on the grade and on average are 98% for silver, 95% for lead and 63% for zinc. (2) Pirquitas UG Mineral Resources are contained within underground mining shapes based on an NSR cut-off on $90-$100/t are reported using a silver metal price of $20.00/oz, $1.10/lb for lead and $1.30/lb for zinc.
(8) Chinchillas Mineral Resource are contained within a pit shell generated using an NSR cut-off of $33.20. Metallurgical recoveries vary based on the grade and on average are 98% for silver. (9) Piriquitas UG Mineral Resources are reported using a silver metal price of $20.00/oz, $1.10/lb lead, and $1.30/lb zinc.
(8) Chinchillas Mineral Resource are contained within a pit shell generated using an NSR cut-off of $33.20. Metallurgical recoveries vary based on the grade and on average are 98% for silver. (9) Pirquitas UG Mineral Resources are reported using a silver metal price of $20.00/oz, $1.10/lb lead, and $1.30/lb zinc.
Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. The Mineral Resources presented below as of December 31, 2022 have been prepared in accordance with the U.S.
Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. The Mineral Resources presented below as of December 31, 2023 have been prepared in accordance with the U.S.
History The Laonil Lake region has been intermittently explored since the 1940s, with the first gold discovery made by prospectors in 1947, with detailed drilling and exploration of the property constituting the SGO conducted from 1947 until construction of the Seabee mill was initiated in the summer of 1990.
History The Laonil Lake region has been intermittently explored since the 1940’s, with the first gold discovery made by prospectors in 1947, with detailed drilling and exploration of the property constituting the SGO conducted from 1947 until construction of the Seabee mill was initiated in the summer of 1990.
This royalty payment is based on the net recoverable value of the contained metals less certain operating costs. 68 History Chinchillas was first prospected and mined in small scale in the eighteenth century by Jesuit missionaries. An initial mining concession was granted in 1956, with small scale production beginning after 1968 through 1982.
This royalty payment is based on the net recoverable value of the contained metals less certain operating costs. History Chinchillas was first prospected and mined in small scale in the eighteenth century by Jesuit missionaries. An initial mining concession was granted in 1956, with small scale production beginning in 1968 and continuing through 1982.
Market price fluctuations of gold, silver, lead, zinc, and copper as well as increased cost of goods sold or reduced metallurgical recovery rates, could render proven and probable Mineral Reserves containing relatively lower grades of mineralization uneconomic to exploit and might result in a decrease in actual recovery as compared to the Mineral Reserves reported herein.
Market price fluctuations of gold, silver, copper, lead, and zinc, as well as increased cost of sales or reduced metallurgical recovery rates, could render proven and probable Mineral Reserves containing relatively lower grades of mineralization uneconomic to exploit and might result in a decrease in actual recovery as compared to the Mineral Reserves reported herein.
Mining Operations Open pit mining at Çöpler is carried out by a mining contractor and managed by Anagold. The mining method is a conventional open pit method with drill and blast, utilizing excavators and trucks operating on bench heights of 5 meters. The mining contractor provides operators, line supervisors, equipment, and ancillary facilities required for the mining operation.
Mining Operations Mining operations at Çöpler and Greater Çakmaktepe are carried out by a mining contractor and managed by Anagold. The mining method is a conventional open pit method with drill and blast, utilizing excavators and trucks operating on bench heights of 5 meters. The mining contractor provides operators, line supervisors, equipment, and ancillary facilities required for the mining operation.
Geological Setting, Mineralization, and Deposit Types The Chinchillas and Pirquitas properties are considered part of the Bolivian tin‑silver–zinc belt that extends from the San Rafael tin‑copper deposit in southern Peru into the Puna region of Jujuy and are located in the Puna geological belt. Deposits with similar environments and styles of mineralization include San Cristóbal, Potosí, and Pulacayo.
Geological Setting, Mineralization, and Deposit Types The Chinchillas and Pirquitas deposits are considered part of the Bolivian tin-silver–zinc belt that extends from the San Rafael tin-copper deposit in southern Peru into the Puna region of Jujuy. Deposits with similar styles of mineralization include San Cristóbal, Potosí, and Pulacayo.
Mill 63 construction was completed in late 1991, and mining commenced in December 1991. Exploration and production expanded into the Santoy segment of the property through the early 2000s. The Company acquired the SGO on May 31, 2016. SGO has produced over 1.6 million ounces of gold since production began in 1991.
Mill construction was completed in late 1991 and mining commenced in December 1991. Exploration and production expanded into the Santoy segment of the property through the early 2000s. The Company acquired the SGO on May 31, 2016. SGO has produced over 1.7 million ounces of gold since production began in 1991.
Pirquitas has been a permitted commercial mine and processing facility, operated by SSR Mining since December 2009, with existing infrastructure that includes a processing plant, a permitted tailings facility, a fully serviced workers camp sufficient for approximately 670 personnel, a communications system including cellular and intranet access, fully serviced office buildings, and wastewater treatment facilities, organic waste landfill and a recycling center.
Pirquitas is a permitted commercial mine and processing facility, operated by SSR Mining since December 2009, with infrastructure that includes a processing plant, a tailings facility, a fully serviced workers camp sufficient for approximately 670 personnel, a communications system including cellular and intranet access, office buildings, wastewater treatment facilities, organic waste landfill, and recycling center.
All ore is processed at the Seabee mill facility, which is located close to the now-closed Seabee mine and has been in operation since 1991. The Seabee mill facility produces gold doré bars that are shipped to a third-party refinery. The mine is a remote operation.
All ore is processed at the Seabee mill facility, which is located adjacent to the now-closed Seabee mine and has been in operation since 1991. The Seabee mill facility produces gold doré bars that are shipped to a third-party refinery. 58 The mine is a remote operation.
Sampling, Analysis and Data Verification All drill samples in respect of the Seabee Gold Operation underground drilling program and some samples from the surface program were assayed by our onsite non-accredited assay laboratory, which is not independent from the Company.
Sampling, Analysis, and Data Verification All drill samples in respect of the Seabee Gold Operation underground drilling program and some samples from the surface program were assayed by our on-site non-accredited assay laboratory, which is not independent from the Company.
(5) Chinchillas Mineral Reserves are reported at NSR cut off value of $44.11 per tonne which incorporates appropriate metallurgical recoveries and includes lead and zinc attributable metals. (6) Chinchillas processing recoveries vary based on the feed grade.
(5) Chinchillas Mineral Reserves are reported at NSR cut off value of $44.11/t which incorporates appropriate metallurgical recoveries and includes lead and zinc attributable metals. (6) Chinchillas processing recoveries vary based on the feed grade.
(13) Amisk Mineral Resources are reported at a cut-off grade that includes gold ounces and is 0.30 g/t gold equivalent.
(10) Amisk Mineral Resources are reported at a cut-off grade that includes gold ounces and is 0.30 g/t gold equivalent.
The point of reference for Mineral Reserves is the point of feed into the processing facility for all projects except for Marigold, which is entry into the carbon columns in the processing facility. Metals shown in the table are contained metals in ore mined and processed.
The point of reference for Mineral Reserves is the point of feed into the processing facility for all projects except for Marigold and Çöpler Heap Leach ore, which is entry into the carbon columns in the processing facility. Metals shown in the table are contained metals in ore mined and processed.
Seabee processes ore using gravity concentration, cyanide leaching and carbon-in-pulp to produce gold doré. Further information on Seabee is included herein under the “ Seabee Gold Operation, Saskatchewan, Canada ” section and detailed disclosure of a scientific or technical nature regarding Seabee is available in the Seabee 2021 Technical Report Summary.
Seabee processes ore using gravity concentration, cyanide leaching, and carbon-in-pulp to produce gold doré. Further information on Seabee is included herein under the “ Seabee Gold Operation, Saskatchewan, Canada ” section and detailed disclosure of a scientific or technical nature regarding Seabee is available in the Seabee TRS.
Infrastructure, Permitting and Compliance Activities The major infrastructure at the SGO site includes roads, an airstrip, powerhouse and electrical distribution system, mill buildings and related services facilities, portal and ventilation raises, fuel storage, explosive storage, water supply and distribution, water management ponds and water treatment plant, tailings management facilities, administrative buildings and camp accommodation.
Infrastructure, Permitting and Compliance Activities The major infrastructure at the SGO site includes roads, an airstrip, powerhouse and electrical distribution system, mill buildings, and related services facilities, Santoy mine portal and ventilation raises, equipment maintenance facilities, fuel storage, explosive storage, water supply and distribution, water management ponds and water treatment plant, tailings management facilities, administrative buildings and camp accommodation.
Operation of the Çöpler mining and processing facilities, and mining at Çakmaktepe, have been investigated and authorized by means of a series of Environmental Impact Assessments ("EIAs"). The currently permitted EIA boundary incorporates 1,747 hectares.
Operation of the Çöpler mining and processing facilities and mining at Greater Çakmaktepe, have been investigated and authorized by means of a series of Environmental Impact Assessments (“EIAs”). The currently permitted Çöpler EIA boundary incorporates 1,747 hectares.
A total of 136 diamond core holes have been completed since 2019 to test for continuation of the Çakmaktepe deposit to the north and the east. Since the initial discovery of mineralization at Çakmaktepe Extension, Anagold has undertaken several drilling programs to refine the geological model and increase resource inventories.
A total of 136 diamond core holes have been completed since 2019 to test for continuation of the Çakmaktepe deposit to the north and the east. Since the initial discovery of mineralization at Çakmaktepe Extension, Anagold has undertaken several drilling programs to refine the geological model and increase mineral resources.
(2) Chinchillas processing recoveries vary based on the feed grade. The average recovery is estimated to be 95% for lead.
(2) Chinchillas processing recoveries vary based on the feed grade. The average recovery is estimated to be 93.2% for lead.
A discussion of the changes in mineral resources and mineral reserves from 2021 to 2022 is also included below.
A discussion of the changes in mineral resources and mineral reserves from 2022 to 2023 is also included below.
A discussion of the changes in mineral resources and mineral reserves from 2021 to 2022 is also included below.
A discussion of the changes in mineral resources and mineral reserves from 2022 to 2023 is also included below.
Mineral Resources metal prices used for preparation of the 2021 report, which were selected, in each case, by the applicable Qualified Persons for each property, are: $1,750 per gold ounce, $22.00 per silver ounce, $0.95 per lead pound, $1.15 per zinc pound, and $3.95 per copper pound unless otherwise stated.
Mineral Resources metal prices used for preparation of the 2023 Resource estimate, which were selected, in each case, by the applicable Qualified Persons for each property, are: $1,750 per gold ounce, $22.00 per silver ounce, $0.95 per lead pound, $1.15 per zinc pound, and $3.95 per copper pound unless otherwise stated.
Infrastructure, Permitting and Compliance Activities The power supply for the Çöpler mine and processing facilities is provided via a 154 kV transmission line to site. Existing mine site facilities are located primarily within the Çöpler and Sabırlı Creek watersheds immediately upstream of their confluence with the Karasu River.
Infrastructure, Permitting, and Compliance Activities The power supply for the Çöpler mine and processing facilities is provided via a 154 kV transmission line to site. Existing mine site facilities are located primarily within the Çöpler and Sabırlı Creek watersheds immediately upstream of their confluence with the Karasu River. The current Çöpler workforce totals 478 employees.
The currently permitted Çakmaktepe EIA boundary incorporates 360 hectares, and the Company is in the process of submitting an EIA to increase the permitted boundary to 553 hectares. Mineral Processing and Metallurgical Testing Oxide Testwork The heap leaching facilities were commissioned at the Çöpler mine site in late-2010 and have operated continuously since that time.
The currently permitted Greater Çakmaktepe EIA boundary incorporates 360 hectares, and the Company is in the process of submitting an EIA to increase the permitted boundary to 486 hectares. 47 Mineral Processing and Metallurgical Testing Oxide Testwork The heap leaching facilities were commissioned at the Çöpler mine site in late-2010 and have operated continuously since that time until the Çöpler Incident.
Gold in the flotation tails (not recovered to the flotation concentrate) is combined with the material that was processed through the POX autoclave circuit, this combined stream then goes to the gold leaching and recovery circuits to recover gold.
Gold in the flotation tails (i.e., not recovered to the flotation concentrate) is combined with the material that was processed through the POX autoclave circuit; this combined stream then goes to the gold leaching and recovery circuits for gold recovery.
All cut-off values include allowance for royalty payable. There are no credits for silver or copper in the cut-off calculations. Oxide cutoff grades vary between 0.44-0.80g/t gold and sulphide cutoff grades vary between 1.05-1.11g/t gold. (4) There are no sulfide Mineral Reserves at Çakmaktepe and Bayramdere.
All cut-off values include allowance for royalty payable. There are no credits for silver or copper in the cut-off calculations. Oxide cutoff grades vary between 0.44-0.80 g/t gold and sulfide cutoff grades vary between 1.05-1.11 g/t gold. (4) There are no sulfide Mineral Reserves at Çakmaktepe and Bayramdere.
SGO is accessible by fixed-wing aircraft from the town of LaRonge and during the winter months, typically January through the end of March, a 60 kilometers winter road is also built between the mine site and Brabant Lake, approximately 120 kilometers north of La Ronge.
SGO is accessible by fixed-wing aircraft from the towns of LaRonge, Prince Albert, and Saskatoon, SK and during the winter months, typically January through the end of March, a 60 kilometers winter road is also built between the mine site and Brabant Lake, approximately 120 kilometers north of La Ronge.
(2) Chinchillas processing recoveries vary based on the feed grade. The average recovery is estimated to be 63% for zinc.
(2) Chinchillas processing recoveries vary based on the feed grade. The average recovery is estimated to be 38.9% for zinc.
All cut-off values include allowance for royalty payable. There are no credits for silver or copper in the cut-off calculations. Oxide cutoff grades vary between 0.44-0.80g/t gold and sulphide cutoff grades vary between 1.05-1.11g/t gold. (4) There are no sulfide Mineral Reserves at Çakmaktepe and Bayramdere . (5) There is no copper recovery in sulphide material.
All cut-off values include allowance for royalty payable. There are no credits for silver or copper in the cut-off calculations. Oxide cutoff grades vary between 0.44-0.80 g/t gold and sulfide cutoff grades vary between 1.05-1.11 g/t gold. (4) There are no sulfide Mineral Reserves at Çakmaktepe. (5) There is no copper recovery in sulfide material.
Mineral Reserves metal prices used for preparation of the 2022 report, which were selected, in each case, by the Qualified Persons are: $1,350 per gold ounce, $18.50 per silver ounce, $0.90 per lead pound, $1.05 per zinc pound, and $3.30 per copper pound unless otherwise stated.
Mineral Reserves metal prices used for preparation of the 2023 Reserve estimate, which were selected, in each case, by the Qualified Persons are: $1,450 per gold ounce, $18.50 per silver ounce, $0.90 per lead pound, $1.05 per zinc pound, and $3.30 per copper pound unless otherwise stated.
(7) Çöpler oxide recoveries vary between 38.0-78.4% and sulphide recoveries vary between 55-98%. (8) Marigold Mineral Resource estimate is based on an optimised pit shell at a cut off grade of 0.065 g/t payable gold (gold assay factored for recovery, royalty, and net proceeds).
(7) Çöpler oxide recoveries vary between 38.0-78.4% and sulfide recoveries vary between 55-98%. (8) Marigold Mineral Resource estimate includes Marigold Mine and Buffalo Valley. Marigold Mine is based on an optimized pit shell at a cut-off grade of 0.065 g/t payable gold (gold assay factored for recovery, royalty, and net proceeds).
(9) Marigold metallurgical recoveries varies with gold grade and on average recoveries are 67% (10) Seabee Mineral Resources are reported using a cut-off grade of 2.07 g/t and were assessed for reasonable prospects for eventual economic extraction by reporting only material that fell within conceptual underground shapes. Mineral resources includes Santoy 8, Santoy 9, and GHW lodes.
(9) Marigold metallurgical recoveries varies with gold grade and on average recoveries are 73%. (10) Seabee Mineral Resources are reported using a cut-off grade of 2.61 g/t and were assessed for reasonable prospects for eventual economic extraction by reporting only material that fell within conceptual underground shapes. Mineral resources includes Santoy 8, Santoy 9, Hanging Wall and Porky West lodes.
Further information on Marigold is included herein under the “ Marigold Mine, Nevada, United States ” section and detailed disclosure of a scientific or technical nature regarding Marigold is available in the Marigold 2021 Technical Report Summary. 42 Seabee is an underground gold mine located along the Trans-Hudson Corridor in east-central Saskatchewan, Canada.
Further information on Marigold is included herein under the “ Marigold Complex, Nevada, United States ” section and detailed disclosure of a scientific or technical nature regarding Marigold is available in the Marigold TRS. The Seabee Gold Operation (“SGO”) is an underground gold mine complex located along the Trans-Hudson Corridor in east-central Saskatchewan, Canada.
Additionally, see “Proven and Probable Reserve Estimates by Mineral” in this Item 2 for further information on the mineral resources and mineral reserves for Çöpler, and see "Operating Statistics" in this Item 2 for further information on production of the Çöpler operations for the years ended December 31, 2022 and December 31, 2021.
Additionally, see “Proven and Probable Reserve Estimates by Mineral” in this Item 2 for further information on the mineral resources and mineral reserves for Çöpler, and see “Operating Statistics” in this Item 2 for further information on production of the Çöpler operations for the years ended December 31, 2023 and December 31, 2022.
Gold is recovered through a carbon in-column system, followed by stripping of metal values from carbon, electrowinning and smelting to yield a doré (containing gold and silver) suitable for sale. Control of copper in leach solutions is undertaken in a sulfidization, acidification, recovery, and thickening ("SART") plant, which also regenerates cyanide.
Gold is recovered through a carbon in-column system, followed by stripping of metal values from carbon, electrowinning, and smelting to yield a gold doré suitable for sale. Control of copper in leach solutions is undertaken in a sulfidization, acidification, recovery, and thickening (“SART”) plant, which produces a copper sulfide concentrate for sale and regenerates cyanide.
The mill flow sheet is a conventional crushing and grinding circuit employing gravity concentration and cyanide leaching and carbon-in-pulp for recovery and production of doré gold on site. Capital projects have included the addition of the primary ball mill, addition of a second Knelson concentrator and Acacia gravity gold recovery.
The mill flow sheet is a conventional crushing and grinding circuit employing gravity concentration and cyanide leaching and carbon-in-pulp for recovery and production of gold doré on site. Capital projects have included the addition of the primary ball mill and the addition of two further Knelson concentrators and Acacia intensive leach gold recovery unit.
Additionally, see “Proven and Probable Reserve Estimates by Mineral” in this Item 2 for further information on the mineral resources and mineral reserves for Marigold for the years ended December 31, 2022 and December 31, 2021, and see "Operating Statistics" in this Item 2 for further information on production of the Marigold operations for the years ended December 31, 2022, December 31, 2021 and December 31, 2020.
Additionally, see “Proven and Probable Reserve Estimates by Mineral” in this Item 2 for further information on the mineral resources and mineral reserves for Marigold for the years ended December 31, 2023 and December 31, 2022, and see “Operating Statistics” in this Item 2 for further information on production of the Marigold operations for the years ended December 31, 2023 and December 31, 2022.
Additionally, see “Proven and Probable Reserve Estimates by Mineral” in this Item 2 for further information on the mineral resources and mineral reserves for the SGO for the years ended December 31, 2022 and December 31, 2021, and see "Operating Statistics" in this Item 2 for further information on production of the SGO operations for the years ended December 31, 2022, December 31, 2021 and December 31, 2020.
Additionally, see “Proven and Probable Reserve Estimates by Mineral” in this Item 2 for further information on the mineral resources and mineral reserves for the SGO for the years ended December 31, 2023 and December 31, 2022, and see “Operating Statistics” in this Item 2 for further information on production of the SGO operations for the years ended December 31, 2023 and December 31, 2022.
Additionally, see “Proven and Probable Reserve Estimates by Mineral” in this Item 2 for further information on the mineral resources and mineral reserves for Puna for the years ended December 31, 2022 and December 31, 2021, and see "Operating Statistics" in this Item 2 for further information on production of the Puna operations for the years ended December 31, 2022, December 31, 2021 and December 31, 2020.
Additionally, see “Proven and Probable Reserve Estimates by Mineral” in this Item 2 for further information on the mineral resources and mineral reserves for Puna for the years ended December 31, 2023 and December 31, 2022, and see “Operating Statistics” in this Item 2 for further information on production of the Puna operations for the years ended December 31, 2023 and December 31, 2022.
Significant silver-lead-zinc mineralization occurs in four main areas at the Chinchillas Property deposit: the Silver Mantos and Mantos Basement zones in the west part of the Project, and the Socavon del Diablo and Socavon Basement zones in the east part. Mining Operations The Chinchillas deposit is mined as a conventional open pit operation.
Significant silver-lead-zinc mineralization occurs in five principal areas at the Chinchillas: the Silver Mantos and Mantos Basement zones in the west part of the Project, the Socavon del Diablo and Socavon Basement zones in the east and Melina to the northeast. Mining Operations The Chinchillas deposit is mined as a conventional open pit operation.
Dilution intrinsic to the Mineral Reserves estimate is considered sufficient to represent the mining selectivity considered. (6) Seabee Mineral Reserves are reported using $1,600/oz gold and a cut-off grade of 2.52 g/t gold. Processing recoveries vary based on the feed grade. The average recovery is estimated to be 98%.
Dilution intrinsic to the Mineral Reserves estimate is considered sufficient to represent the mining selectivity considered. (6) Seabee Mineral Reserves are reported using $1,600/oz gold and a cut-off grade of 2.85 g/t gold for production stopes and 1.86g/t for development. Processing recoveries vary based on the feed grade. The average recovery is estimated to be 96.4%.
The process was originally designed to treat approximately 6.0 million tonnes per annum of ore by three-stage crushing (primary, secondary, and tertiary) to 80% passing 12.5 millimeters, agglomeration, and heap leaching on lined heap leach pads with dilute alkaline sodium cyanide solution.
The process has a nominal design capacity of 6.0 million tonnes per annum of ore by three-stage crushing (primary, secondary, and tertiary) to 80% passing 12.5 millimeters, agglomeration, and heap leaching on lined heap leach pads with dilute alkaline sodium cyanide solution.
The Mineral Reserves presented below as of December 31, 2022 have been prepared in accordance with the U.S. Securities and Exchange Commission (SEC) Regulation S-K subpart 1300 rules for Property Disclosures for Mining Registrants (S-K 1300).
The Mineral Reserves presented below as of December 31, 2023 and December 31, 2022 have been prepared in accordance with the U.S. Securities and Exchange Commission (“SEC”) Regulation S-K subpart 1300 rules for Property Disclosures for Mining Registrants (“S-K 1300”), and have been approved by the Qualified Persons.
SGO is comprised of seven mineral leases and 102 mineral claims that cover an area of approximately 62,158 hectares, including the Fisher Property rights.
SGO is comprised of seven mineral leases and 130 mineral claims that cover an area of approximately 73,820 hectares, including the Fisher Property rights.
The basic flow of processing through the sulfide plant is as follows: 50 The incorporation of a flotation circuit into the existing sulfide plant to upgrade sulfide sulfur to fully utilize grinding and pressure oxidation (“POX”) autoclave capacity was constructed and commenced ore production at the end of December 2021.
The basic flow of processing through the sulfide plant is as follows: 48 The incorporation of a flotation circuit into the existing sulfide plant to upgrade sulfide sulfur to fully utilize grinding and POX autoclave capacity was constructed and commenced ore production at the end of January 2022.
Duplicate check assays are conducted at SRC, which are independent from SSR Mining. Mean results of the spot checks were consistent with those reported. Sampling interval was established by minimum or maximum sampling lengths and geological or structural criteria. 66 Capital and Operating Costs.
Duplicate check assays were conducted at site and SRC, which is independent from the Company. Mean results of the spot checks were consistent with those reported. Sampling interval was established by minimum or maximum sampling lengths and geological and/or structural criteria.
The property was further explored and developed by various companies and operations from 1968, with two million ounces of gold recovered from Marigold by mid-2009. The Company acquired Marigold in April 2014 for total cash consideration of $268 million. In August 2015, Marigold mine acquired 2,844 hectares of adjacent land from Newmont Corporation.
The property was explored and developed by various companies and operations from 1968, with two million ounces of gold recovered from Marigold by mid-2009. The Company acquired Marigold in April 2014 from subsidiaries of Goldcorp and Barrick. In August 2015, Marigold mine acquired 2,844 ha of adjacent land from Newmont Goldcorp Corporation.
Gold Reserves as of December 31, 2022 Proven Probable Proven and Probable SSR Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold Metallurgical Deposit Country Share (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) Recovery Çöpler (OP) (1)(2)(3) (4) Türkiye 80% 7,166 2.56 590 40,524 2.03 2,648 47,690 2.11 3,238 84 % Çöpler Stockpile Türkiye 80% — — — 10,605 2.18 745 10,605 2.18 745 91 % Marigold (OP) (5) United States 100% — — — 185,703 0.48 2,842 185,703 0.48 2,842 75 % Marigold (leach pad inventory) United States 100% — — — — — 314 — — 314 74 % Seabee (UG) (6)(7) Canada 100% 86 7.71 21 2,243 6.30 455 2,329 6.35 476 98 % Seabee Stockpile Canada 100% — — — 16 10.00 5 16 10.00 5 98 % 7,252 2.62 611 239,091 0.87 7,009 246,343 0.92 7,620 77 % (1) Çöpler Mineral Reserves includes reserves from Çöpler Mine, Cakmaktepe and Çakmaktepe Extension.
(7) Seabee Mineral Reserves includes Santoy 8, Santoy 9, and Hanging Wall lodes. 72 Gold Reserves as of December 31, 2022 Proven Probable Proven and Probable SSR Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold Metallurgical Deposit Country Share (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) Recovery Çöpler (OP)* (1)(2)(3) (4) Türkiye 80% 7,166 2.56 590 40,524 2.03 2,648 47,690 2.11 3,238 84 % Çöpler Stockpile* Türkiye 80% — — — 10,605 2.18 745 10,605 2.18 745 91 % Marigold (OP) (5) United States 100% — — — 185,703 0.48 2,842 185,703 0.48 2,842 75 % Marigold (leach pad inventory) United States 100% — — — — — 314 — — 314 74 % Seabee (UG) (6)(7) Canada 100% 86 7.71 21 2,243 6.30 455 2,329 6.35 476 98 % Seabee Stockpile Canada 100% — — — 16 10.00 5 16 10.00 5 98 % 7,252 2.62 611 239,091 0.87 7,009 246,343 0.92 7,620 * Operations at Çöpler are currently suspended and we are unable to determine at this time when operations at Çöpler will resume, if at all.
Ore from the Chinchillas mine is transported to the Pirquitas plant for processing. The Chinchillas mine is located approximately 45 kilometers from the Pirquitas plant. Concentrates produced at Puna are subject to a maximum 3% ‘mouth of mine value’ royalty that is payable to the Province of Jujuy.
All the exploitation concessions are valid and in good standing. 64 Ore from the Chinchillas mine is transported approximately 45 kilometers to the Pirquitas plant for processing. Concentrates produced at Puna are subject to a maximum 3% ‘mouth of mine value’ royalty that is payable to the Province of Jujuy.
Lead process recovery is 68%. 91 The following tables summarize the Company's estimated zinc resources reflecting only the resources attributable to SSR Mining's ownership or economic interest as of December 31, 2022 and 2021 for each of its production and exploration assets: Zinc Resources as of December 31, 2022 Measured Indicated Measured and Indicated Inferred SSR Tonnes Grade Zinc Tonnes Grade Zinc Tonnes Grade Zinc Tonnes Grade Zinc Deposit Country Share (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) Chinchillas (OP) (1) Argentina 100% 828 0.26 4.8 4,548 0.17 17.5 5,376 0.19 22.3 123 0.09 0.3 Pirquitas (UG) (2) Argentina 100% 79 1.17 2.0 2,555 4.56 256.8 2,634 4.46 258.9 1,080 7.45 177.4 907 0.34 6.8 7,103 1.75 274.3 8,010 1.59 281.2 1,203 6.70 177.7 (1) Chinchillas Mineral Resources are calculated using a NSR cut off value of $33.20 that includes silver and lead attributable metal.
Zinc Resources as of December 31, 2022 Measured Indicated Measured and Indicated Inferred SSR Tonnes Grade Zinc Tonnes Grade Zinc Tonnes Grade Zinc Tonnes Grade Zinc Deposit Country Share (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) Chinchillas (OP) (1) Argentina 100% 828 0.26 4.8 4,548 0.17 17.5 5,376 0.19 22.3 123 0.09 0.3 Pirquitas (UG) (2) Argentina 100% 79 1.17 2.0 2,555 4.56 256.8 2,634 4.46 258.9 1,080 7.45 177.4 907 0.34 6.8 7,103 1.75 274.3 8,010 1.59 281.2 1,203 6.70 177.7 (1) Chinchillas Mineral Resources are calculated using a NSR cut off value of $33.20 that includes silver and lead attributable metal.
(9) Marigold metallurgical recoveries varies with gold grade and on average recoveries are 67% (10) Seabee Mineral Resources are reported using a cut-off grade of 2.07 g/t and were assessed for reasonable prospects for eventual economic extraction by reporting only material that fell within conceptual underground shapes. Mineral resources includes Santoy 8, Santoy 9, and GHW lodes.
(10) Seabee Mineral Resources are reported using a cut-off grade of 2.07 g/t and were assessed for reasonable prospects for eventual economic extraction by reporting only material that fell within conceptual underground shapes. Mineral resources includes Santoy 8, Santoy 9, and Gap Hanging Wall lodes.
The mineral resource company disclosure requirements in each country are different. As a result, certain additional disclosures have been included in this “Item 2. Properties” to comply with requirements under Canada’s National Instrument 51-102 – Continuous Disclosure Obligations ("NI 52-101") and 43-101.
As a result, certain additional disclosures have been included in this “Item 2. Properties” to comply with requirements under Canada’s National Instrument 51-102 – Continuous Disclosure Obligations (“NI 52-101”) and 43-101.
Most of the in-pit haulage for both ore and waste is carried out using 100 tonne haul trucks. Ore is mined in five-meter benches and stockpiled in a staging area close to the pit. In the staging area, ore is loaded onto 35 tonne road trucks to be transported to the crusher at the Pirquitas operation.
In-pit haulage for both ore and waste utilizes 100 tonne haul trucks. Ore is mined in five-meter benches and stockpiled in a staging area close to the pit. In the staging area, ore is loaded onto 35 tonne road trucks and transported to the processing facility at Pirquitas.
Historical recovery at the Seabee mill was in the 94%–96% range, with routine low levels of losses both in the tailings solids and solution. Future recovery estimates are 98%, based on the recent mill performance with recoveries of more than 98%.
Historical recovery at the Seabee mill was in the 94%–96% range, with routine low levels of losses both in the tailings solids and solution. Future recovery estimates are 98%, based on the recent mill performance with recoveries of more than 98%. These improvements are attributed to the better condition of the leach equipment as well as the restored leach capacity.
Average gold recovery is 94% 87 The following tables summarize the Company's estimated silver resources reflecting only the resources attributable to SSR Mining's ownership or economic interest as of December 31, 2022 and 2021 for each of its production and exploration assets: Silver Resources as of December 31, 2022 Measured Indicated Measured and Indicated Inferred SSR Tonnes Grade Silver Tonnes Grade Silver Tonnes Grade Silver Tonnes Grade Silver Deposit Country Share (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) Çöpler (OP) (1)(2)(3)(4)(5)(6)(7) Türkiye 80% 2,598 4.32 361 68,368 3.37 7,402 70,966 3.40 7,763 82,394 9.57 25,339 Chinchillas (OP) (8) Argentina 100% 828 110.31 2,935 4,548 103.77 15,174 5,376 104.78 18,109 123 112.87 446 Pirquitas (UG) (9) Argentina 100% 79 444.50 1,129 2,555 287.67 23,627 2,634 292.33 24,756 1,080 206.86 7,186 San Luis (UG) (10) Peru 100% — — — 484 578.10 9,003 484 578.56 9,003 20 272.00 175 Amisk (OP) (11) Canada 100% — — — 43,976 5.30 7,531 43,976 5.33 7,531 49,985 3.45 5,550 3,505 39.26 4,425 119,931 16.26 62,737 123,436 16.92 67,162 133,602 9.01 38,696 (1) Çöpler Mineral Resources include resources from Çöpler Mine, Cakmaktepe, Çakmaktepe Extension and Bayramdere.
Silver process recovery is 80%. 83 Silver Resources as of December 31, 2022 Measured Indicated Measured and Indicated Inferred SSR Tonnes Grade Silver Tonnes Grade Silver Tonnes Grade Silver Tonnes Grade Silver Deposit Country Share (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) Çöpler (OP)* (1)(2)(3)(4)(5)(6)(7) Türkiye 80% 2,598 4.32 361 68,368 3.37 7,402 70,966 3.40 7,763 82,394 9.57 25,339 Chinchillas (OP) (8) Argentina 100% 828 110.31 2,935 4,548 103.77 15,174 5,376 104.78 18,109 123 112.87 446 Pirquitas (UG) (9) Argentina 100% 79 444.50 1,129 2,555 287.67 23,627 2,634 292.33 24,756 1,080 206.86 7,186 San Luis (UG) (10) Peru 100% — — — 484 578.10 9,003 484 578.56 9,003 20 272.00 175 Amisk (OP) (11) Canada 100% — — — 43,976 5.30 7,531 43,976 5.33 7,531 49,985 3.45 5,550 3,505 39.26 4,425 119,931 16.26 62,737 123,436 16.92 67,162 133,602 9.01 38,696 * Operations at Çöpler are currently suspended and we are unable to determine at this time when operations at Çöpler will resume, if at all.
Exploration and Development Amisk, Canada Exploration The Amisk property is 39,880 hectares (and 126 claims) with extensive Proterozoic-volcano-sedimentary rock assemblages that are prospective for gold-silver epithermal, gold-rich volcanogenic massive sulfide and orogenic gold deposits. The Amisk property is located in Saskatchewan, Canada.
Exploration and Development Amisk, Canada Exploration The Amisk property is 39,880 hectares (and 126 claims) with extensive Proterozoic-volcano-sedimentary rock assemblages that are prospective for gold-silver epithermal, gold-rich volcanogenic massive sulfide, and orogenic gold deposits. The property is located within the northern Saskatchewan, Canada, centered at approximately 54°42’ North latitude and 102°15’ West longitude .
Silver process recovery is 80% . 89 The following tables summarize the Company's estimated lead resources reflecting only the resources attributable to SSR Mining's ownership or economic interest as of December 31, 2022 and 2021 for each of its production and exploration assets: Lead Resources December 31, 2022 Measured Indicated Measured and Indicated Inferred SSR Tonnes Grade Lead Tonnes Grade Lead Tonnes Grade Lead Tonnes Grade Lead Deposit Country Share (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) Chinchillas (OP) (1) Argentina 100% 828 0.98 18.0 4,548 0.91 91.5 5,376 0.92 109.4 123 0.53 1.4 Pirquitas (UG) (2) Argentina 100% 79 0.20 0.3 2,555 0.02 1.1 2,634 0.02 1.4 1,080 — 0.1 907 0.92 18.3 7,103 0.59 92.6 8,010 0.63 110.8 1,203 0.05 1.5 (1) Chinchillas Mineral Resource are contained within a pit shell generated using an NSR cut-off of $33.20.
Lead Resources December 31, 2022 Measured Indicated Measured and Indicated Inferred SSR Tonnes Grade Lead Tonnes Grade Lead Tonnes Grade Lead Tonnes Grade Lead Deposit Country Share (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) Chinchillas (OP) (1) Argentina 100% 828 0.98 18.0 4,548 0.91 91.5 5,376 0.92 109.4 123 0.53 1.4 Pirquitas (UG) (2) Argentina 100% 79 0.20 0.3 2,555 0.02 1.1 2,634 0.02 1.4 1,080 — 0.1 907 0.92 18.3 7,103 0.59 92.6 8,010 0.63 110.8 1,203 0.05 1.5 (1) Chinchillas Mineral Resource are contained within a pit shell generated using an NSR cut-off of $33.20.
Mineral Processing and Metallurgical Testing SGO was originally developed based on bench-scale metallurgical testwork that characterized the Seabee deposit as a lode gold style of mineralisation that was free milling and that would respond to a standard flow sheet employing gravity recovery and cyanidation.
To ensure that water treatment volumes are attained, a water treatment plant was constructed at East Lake TMF. 60 Mineral Processing and Metallurgical Testing SGO was originally developed based on bench-scale metallurgical testwork that characterized the Seabee deposit as a lode gold style of mineralization that was free milling and that would respond to a standard flow sheet employing gravity recovery and cyanidation.
(“Lidya”) controls 18.5%, and a bank wholly‑owned by Çalık Holdings A.Ş. holds the remaining 1.5%. Çakmaktepe is wholly owned by Kartaltepe Madencilik Sanayi ve Ticaret Anonim Şirketi (“Kartaltepe”).
SSR Mining controls 80% of the shares of Anagold through a joint venture; Lidya Madencilik Sanayi ve Ticaret A.Ş. (“Lidya”) controls 18.5%; and a bank wholly‑owned by Çalık Holdings A.Ş. holds the remaining 1.5%. Greater Çakmaktepe is wholly owned by Kartaltepe Madencilik Sanayi ve Ticaret Anonim Şirketi (“Kartaltepe”).
(4) There are no sulfide Mineral Reserves at Çakmaktepe and Bayramdere. (5) Marigold Mineral Reserves are reported at a cut-off grade of 0.065 g/t payable gold (gold assay factored for metallurgical recovery, royalty, and net proceeds). No mining dilution is applied to the grade of the Mineral Reserves.
(4) Ore definitions: oxide and grind leach material are defined as material (5) Marigold Mineral Reserves are reported at a cut-off grade of 0.069 g/t payable gold (gold assay factored for metallurgical recovery, royalty, and net proceeds). No mining dilution is applied to the grade of the Mineral Reserves.
The average recovery is estimated to be 98% for silver. 80 The following tables summarize the Company's estimated lead reserves reflecting only the reserves attributable to SSR Mining's ownership or economic interest as of December 31, 2022 and December 31, 2021 for each of its production and exploration assets: Lead Reserves as of December 31, 2022 Proven Probable Proven and Probable SSR Tonnes Grade Lead Tonnes Grade Lead Tonnes Grade Lead Metallurgical Deposit Country Share (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) Recovery Chinchillas (OP) (1)(2) Argentina 100% 1,818 1.37 54.8 4,393 1.28 124.0 6,211 1.31 178.8 95 % Chinchillas Stockpile Argentina 100% — — — 412 1.19 10.8 412 1.19 10.8 95 % 1,818 1.37 54.8 4,805 1.27 134.8 6,623 1.30 189.6 95 % (1) Chinchillas Mineral Reserves are reported at NSR cut off value of $44.11 per tonne which incorporates appropriate metallurgical recoveries and includes silver and zinc attributable metals.
Lead Reserves as of December 31, 2022 Proven Probable Proven and Probable SSR Tonnes Grade Lead Tonnes Grade Lead Tonnes Grade Lead Metallurgical Deposit Country Share (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) Recovery Chinchillas (OP) (1)(2) Argentina 100% 1,818 1.37 54.8 4,393 1.28 124.0 6,211 1.31 178.8 95 % Chinchillas Stockpile Argentina 100% — — — 412 1.19 10.8 412 1.19 10.8 95 % 1,818 1.37 54.8 4,805 1.27 134.8 6,623 1.30 189.6 (1) Chinchillas Mineral Reserves are reported at NSR cut off value of $44.11/t which incorporates appropriate metallurgical recoveries and includes silver and zinc attributable metals.
Property Description and Location SGO is located at the north end of Laonil Lake, approximately 125 kilometers north-east of the town of La Ronge, Saskatchewan, Canada.
Property Description and Location SGO is located at the north end of Laonil Lake, approximately 125 kilometers north-east of the town of La Ronge, Saskatchewan, Canada. Activities at the property are centered at approximately 55°41’ North latitude and 103°37’ West longitude.
(2) Mineral Reserves shown are SSR ownership share only. SSR owns 80% in both Anagold and Kartaltepe licenses. Cakmaktepe, Bayramdere and part of Çakmaktepe Extension fall within Kartaltepe license. (3) Mineral Reserve cut-offs are based on $1,350/oz gold price. The average oxide recoveries are 61% and average sulfide recoveries are 91%. The weighted average gold recovery is 84%.
See“Item 1. Çöpler Incident.” (1) Çöpler Mineral Reserves includes reserves from Çöpler Mine, Cakmaktepe and Çakmaktepe Extension. (2) Mineral Reserves shown are SSR ownership share only. SSR owns 80% of both Anagold and Kartaltepe licenses. (3) Mineral Reserve cut-offs are based on $1,350/oz gold price. The average oxide recoveries are 61% and average sulfide recoveries are 91%.
Anagold has completed 659 diamond core holes for 136,436meters at Çakmaktepe Extension from late-2017 through December, 2022, including holes for metallurgical testing and hydrogeological studies. During 2022, 128 diamond core holes for 25,432 meters were completed at Çakmaktepe Extension, mainly for resource-reserve definition purposes. Drilling at Bayramdere commenced in 2007 as part of the near-mine exploration strategy.
A total of 767 diamond core holes for 162,890 meters at Çakmaktepe Extension from late-2017 through December 2023, including holes for metallurgical testing and hydrogeological studies. During 2023, 108 diamond core holes for 26,454 meters were completed at Çakmaktepe Extension, mainly for resource-reserve definition purposes. Drilling at Bayramdere commenced in 2007 as part of the near-mine exploration strategy.
Activities at the property are centered at approximately 55.7° north latitude and 103.5° west longitude. 62 Ore is currently produced from the Santoy underground mine from a ramp access/surface portal and is hauled 14 kilometers to the mill located at the Seabee site. A second underground mine, also having ramp access, was operated from 1991–2018 at Seabee.
Ore is currently produced from the Santoy underground mine from a ramp access/surface portal and is hauled 14 kilometers to the mill located at the Seabee site. A second underground mine, also having ramp access, was operated from 1991–2018 at Seabee.
(3) All Mineral Resources for Çöpler were assessed for reasonable prospects for eventual economic extraction by reporting only material that fell within conceptual pit shells ($1,400/oz for gold and $19.00/oz for silver for Bayramdere).
(3) All Mineral Resources for Çöpler were assessed for reasonable prospects for eventual economic extraction by reporting only material that fell within conceptual pit shells ($1,400/oz for gold and $19.00/oz for silver for Bayramdere). (4) Oxide definitions: heap leach and grind leach material are defined as material (5) Sulfide definitions: sulfide material is ≥2% total sulfur.
The average recovery is estimated to be 95% for lead. 81 The following tables summarize the Company's estimated zinc reserves reflecting only the reserves attributable to SSR Mining's ownership or economic interest as of December 31, 2022 and December 31, 2021 fo r each of its production and exploration assets: Zinc Reserves as of December 31, 2022 Proven Probable Proven and Probable SSR Tonnes Grade Zinc Tonnes Grade Zinc Tonnes Grade Zinc Metallurgical Deposit Country Share (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) Recovery Chinchillas (OP) (1)(2) Argentina 100% 1,818 0.26 10.5 4,393 0.22 21.2 6,211 0.23 31.7 63 % Chinchillas Stockpile Argentina 100% — — — 412 0.60 5.4 412 0.60 5.4 63 % 1,818 0.26 10.5 4,805 0.25 26.6 6,623 0.25 37.1 63 % (1) Chinchillas Mineral Reserves are reported at NSR cut off value of $44.11 per tonne which incorporates appropriate metallurgical recoveries and includes silver and lead attributable metals.
Zinc Reserves as of December 31, 2022 Proven Probable Proven and Probable SSR Tonnes Grade Zinc Tonnes Grade Zinc Tonnes Grade Zinc Metallurgical Deposit Country Share (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) Recovery Chinchillas (OP) (1)(2) Argentina 100% 1,818 0.26 10.5 4,393 0.22 21.2 6,211 0.23 31.7 63 % Chinchillas Stockpile Argentina 100% — — — 412 0.60 5.4 412 0.60 5.4 63 % 1,818 0.26 10.5 4,805 0.25 26.6 6,623 0.25 37.1 (1) Chinchillas Mineral Reserves are reported at NSR cut off value of $44.11/t which incorporates appropriate metallurgical recoveries and includes silver and lead attributable metals.
(8) Chinchillas Mineral Resource are contained within a pit shell generated using an NSR cut-off of $33.20. Metallurgical recoveries vary based on the grade and on average are 98% for silver. (9) Piriquitas UG Mineral Resources are reported using a silver metal price of $20.00/oz, $1.10/lb lead, and $1.30/lb zinc.
(8) Chinchillas Mineral Resource are contained within a pit shell generated using an NSR cut-off of $37.91 and are reported using a silver metal price of $22.00/oz, $0.95/lb lead, and $1.15/lb of zinc. Metallurgical recoveries vary based on the grade and on average are 95.5% silver.
As the Çöpler project produces its gold doré on-site, the Çöpler project is eligible for a 40% reduction to the royalty rate. History The Çöpler region has been subject to gold and silver mining dating back to Roman times. The Turkish Geological Survey carried out regional exploration work in the early-1960s that was predominately confined to geological mapping.
As Çöpler produces its gold doré on-site, it is eligible for a 40% reduction to the royalty rate, an incentive offered to process ore locally. 46 History The Çöpler region has been subject to gold and silver mining dating back to Roman times. The Turkish Geological Survey in the early 1960s conducted regional geological mapping.

… 430 more changes not shown on this page.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+0 added−0 removed1 unchanged
Information regarding legal proceedings is contained in Note 21 to the Consolidated Financial Statements contained in this Annual Report and is incorporated herein by reference.
Information regarding legal proceedings is contained in Note 2 3 to the Consolidated Financial Statements contained in this Annual Report and is incorporated herein by reference.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

1 edited+0 added−0 removed0 unchanged
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 Annual Report, which is incorporated herein by reference. PART II
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 Annual Report, which is incorporated herein by reference. 95 PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

13 edited+2 added−5 removed14 unchanged
Income Tax Treaty and who is the beneficial owner of the dividends (or to 5.0% if the holder is a company that owns at least 10.0% of the common shares). 101 Capital Gains and Losses Subject to the provisions of any relevant tax treaty, capital gains realized by a holder on the disposition or deemed disposition of common shares held as capital property will not be subject to Canadian tax unless the common shares are taxable Canadian property (as defined in the Income Tax Act (Canada)), in which case the capital gains will be subject to Canadian tax at rates which will approximate those payable by a Canadian resident.
Income Tax Treaty and who is the beneficial owner of the dividends (or to 5.0% if the holder is a company that owns at least 10.0% of the common shares). 98 Capital Gains and Losses Subject to the provisions of any relevant tax treaty, capital gains realized by a holder on the disposition or deemed disposition of common shares held as capital property will not be subject to Canadian tax unless the common shares are taxable Canadian property (as defined in the Income Tax Act (Canada)), in which case the capital gains will be subject to Canadian tax at rates which will approximate those payable by a Canadian resident.
Income Tax Treaty and to whom the common shares are taxable, Canadian property will not be subject to Canadian tax on the disposition or deemed disposition of the common shares unless at the time of disposition or deemed disposition, the value of the common shares is derived principally from real property situated in Canada. ITEM 6. RESERVED Not applicable. 102
Income Tax Treaty and to whom the common shares are taxable, Canadian property will not be subject to Canadian tax on the disposition or deemed disposition of the common shares unless at the time of disposition or deemed disposition, the value of the common shares is derived principally from real property situated in Canada. ITEM 6. RESERVED Not applicable. 99
The quarterly dividend payment was subsequently increased to $0.07 per common share as approved by the Company's Board of Directors on February 22, 2022. During the year ended December 31, 2022, the Company declared and paid cash dividends of $0.28 per common share in the aggregate amount o f $58.8 milli on.
The quarterly dividend payment was subsequently increased to $0.07 per common share as approved 96 by the Company’s Board of Directors on February 22, 2022. During the year ended December 31, 2023, the Company declared and paid cash dividends of $0.28 per common share in the aggregate amount of $57.7 million.
As of January 31, 2023, there were approximately 1,236 holders of record of the Company's common shares without par value, and approximately 3,315 holders of record of the Company's CDIs.
As of January 31, 2024, there were approximately 1,219 holders of record of the Company’s common shares without par value, and approximately 3,061 holders of record of the Company’s CDIs.
The declaration and payment of future dividends is at the discretion of the Board of Directors and will be made based on the Company’s financial position and other factors relevant at the time.
The declaration and payment of future dividends is at the discretion of the Board of Directors and will be made based on the Company’s financial position and other factors relevant at the time. Following the Çöpler Incident, the Board of Directors of the Company has suspended its dividend.
There are no limitations under the laws of Canada or in the organizing documents of the Company on the right of foreigners to hold or vote securities of the Company, except that the Investment Canada Act may require review and approval by the Minister of Industry (Canada) of certain acquisitions of “control” of the Company by a “non-Canadian.” “Non-Canadian” generally means an individual who is not a Canadian citizen, or a corporation, partnership, trust or joint venture that is ultimately controlled by non-Canadians.
There are no laws in Canada or exchange restrictions affecting the remittance of dividends, profits, interest, royalties and other payments to non-resident holders of the Company’s securities, except as discussed in “Canadian Federal Income Tax Considerations” below. 97 There are no limitations under the laws of Canada or in the organizing documents of the Company on the right of foreigners to hold or vote securities of the Company, except that the Investment Canada Act may require review and approval by the Minister of Industry (Canada) of certain acquisitions of “control” of the Company by a “non-Canadian.” “Non-Canadian” generally means an individual who is not a Canadian citizen, or a corporation, partnership, trust or joint venture that is ultimately controlled by non-Canadians.
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 December 31, 2022: 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) October 1 - October 31 — — — 4,546,874 November 1 - November 30 (4) — — — 4,546,874 December 1 - December 31 (4) — — — 4,546,874 (1) The total number of shares purchase (and the average price paid per share) reflects shares purchased pursuant to the 2022 NCIB.
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 December 31, 2023: 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) October 1 - October 31 — — — 10,200,000 November 1 - November 30 396,672 12.10 396,672 9,803,328 December 1 - December 31 543,190 11.17 939,862 9,260,138 (1) The total number of shares purchased (and the average price paid per share) reflects common shares purchased pursuant to the 2023 NCIB.
The graph assumes a $100 investment in our common shares and in each of the indexes since the beginning of the period, and a reinvestment of dividends paid on such investments on a quarterly basis throughout the period. 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 SSR Mining Inc. $ 100.00 $ 137.54 $ 219.11 $ 228.78 $ 203.99 $ 183.62 S&P/TSX Global Gold Index $ 100.00 $ 95.57 $ 133.68 $ 161.37 $ 149.38 $ 142.12 S&P 500 Gold (Sub Ind) $ 100.00 $ 92.35 $ 118.69 $ 163.60 $ 169.42 $ 128.94 The share performance information above is “furnished” and shall not be deemed to be “soliciting material” or subject to Rule 14A of the Exchange Act, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, whether made before or after the date of this Annual Report and 100 irrespective of any general incorporation by reference language in any such filing, except to the extent that it specifically incorporates the information by reference.
The graph assumes a $100 investment in our common shares and in each of the indexes since the beginning of the period, and a reinvestment of dividends paid on such investments on a quarterly basis throughout the period. 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 SSR Mining Inc. $ 100.00 $ 159.31 $ 166.34 $ 148.31 $ 133.50 $ 93.64 S&P/TSX Global Gold Index $ 100.00 $ 139.88 $ 168.86 $ 156.31 $ 148.71 $ 152.06 S&P 500 Gold (Sub Ind) $ 100.00 $ 128.52 $ 177.15 $ 183.45 $ 139.62 $ 122.43 The share performance information above is “furnished” and shall not be deemed to be “soliciting material” or subject to Rule 14A of the Exchange Act, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, whether made before or after the date of this Annual Report and irrespective of any general incorporation by reference language in any such filing, except to the extent that it specifically incorporates the information by reference.
On April 20, 2022, the Company's previous Normal Course Issuer Bid expired, which commenced on April 21, 2021 (the “2021 NCIB”). Under the 2021 NCIB, the Company was authorized to purchase for cancellation up to 10,000,000 common shares of the Company.
The Company’s previous Normal Course Issuer bid, which commenced on June 20, 2022, expired on June 19, 2023 (the “2022 NCIB”). Under the 2022 NCIB, the Company was authorized to purchase for cancellation up to 10,600,000 common shares. The Company’s Board of Directors authorized a new Normal Course Issuer Bid on June 16, 2023 (the “2023 NCIB”).
Performance Graph The following performance graph compares the performance of our common shares during the period beginning December 31, 2017 and ending December 31, 2022 to the S&P 500 and the S&P 500 Gold Index.
The Company does not know at this time when it may resume dividends. Performance Graph The following performance graph compares the performance of our common shares during the period beginning December 31, 2018 and ending December 31, 2023 to the S&P 500 and the S&P 500 Gold Index.
SSR Mining purchased and cancelled 8,800,700 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 US$16.82 for US$148.1 million.
In 2023, under two consecutive Normal Course Issuer bids, the Company purchased and cancelled an aggregate total of 3,966,855 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 $14.20 and a total repurchase value of $56.3 million.
On June 20, 2022, the Board of Directors authorized, and the Company received approval from the TSX to initiate, a new Normal Course Issuer Bid (the "2022 NCIB") permitting the Company to purchase for cancellation up to 10,600,000 common shares of the Company, representing approximately 5.0% of the total issued and outstanding common shares, during the twelve-month period beginning June 20, 2022 and ending June 19, 2023.
Under the 2023 NCIB, the Company is authorized to purchase for cancellation up to 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, 2024.
No shares were purchased in October, November or December pursuant to the 2022 NCIB. 99 (2) The Company's Board of Directors authorized the 2022 NCIB, under which the Company was authorized to repurchase up to 10,600,000 common shares.
(2) 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.
Removed
In connection with the 2022 NCIB, the Company has entered into an automatic share purchase plan with a designated broker (the “ASPP”). The ASPP is intended to allow for the purchase of Common Shares under the NCIB at times when it would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods.
Added
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 2023 NCIB may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of common shares.
Removed
Through the end of December 2022, 6,053,126 common shares were purchased under the 2022 NCIB via open market purchases through the facilities of the TSX and Nasdaq at a weighted average price paid per common share of $16.53 for approximately $100.0 million. No shares were purchased in September 2022 or the fourth quarter of 2022 under the 2022 NCIB.
Added
Following the Çöpler Incident, the Company has delivered notice to its designated broker to terminate its automatic share purchase plan effective March 1, 2024 and the Company has ceased all share repurchases under its normal course issuer bids approved by the Toronto Stock Exchange. The Company does not know at this time when it may resume share repurchases.
Removed
The program commenced June 20, 2022 and on August 16, 2022, the Company had repurchased the maximum value of shares authorized by the Board of Directors.
Removed
The Company expects to declare comparable cash dividends in the future, with increases to the amount of cash dividends declared as possible based on the Company's financial position going forward.
Removed
There are no laws in Canada or exchange restrictions affecting the remittance of dividends, profits, interest, royalties and other payments to non-resident holders of the Company’s securities, except as discussed in “Canadian Federal Income Tax Considerations” below.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

2 edited+0 added−0 removed0 unchanged
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 127 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 130
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 125 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 129
ITEM 6. R ESER VED 102 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 103 Business Overview 103 Consolidated Results of Operations 104 Results of Operations 109 Liquidity and Capital Resources 113 Non-GAAP Financial Measures 116 Critical Accounting Policies and Estimates 123 New Accounting Pronouncements 125 Risks and Uncertainties 125 ITEM 7A.
ITEM 6. RESERVED 99 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 100 Business Overview 100 Consolidated Results of Operations 101 Results of Operations 105 Liquidity and Capital Resources 109 Non-GAAP Financial Measures 113 Critical Accounting Policies and Estimates 121 New Accounting Pronouncements 124 Risks and Uncertainties 124 ITEM 7A.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

78 edited+79 added−40 removed47 unchanged
ITEM 7. 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”).
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“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 believes its estimates and models used to determine fair value are similar to what a market participant would use. Goodwill Goodwill is allocated to reporting units and is tested for impairment annually as of December 31 and when events or circumstances indicate that the carrying value of a reporting unit exceeds its fair value.
The Company believes its estimates and models used to determine fair value are similar to what a market participant would use. Goodwill Goodwill is allocated to reporting units and is tested for impairment annually as of December 31 or when events or circumstances indicate that the carrying value of a reporting unit exceeds its fair value.
Estimates of future cash flows are derived from current business plans which are developed using short and long-term metal price assumptions; estimates of costs; resource, reserve and exploration potential estimates, including timing and costs to develop and produce the material; and the use of discount rates in the measurement of fair value.
Estimates of future cash flows are derived from current business plans which are developed using short and long-term metal price assumptions; estimates of costs; resource, reserve and exploration potential estimates, including timing and costs to develop and produce the material; and the use of discount rates in the measurement of fair value.
Estimates of future cash flows are are developed using short and long-term metal price assumptions; estimates of costs; resource, reserve and exploration potential estimates, including timing and costs to develop and produce the material; and the use of discount rates in the measurement of fair value.
Estimates of future cash flows are developed using short and long-term metal price assumptions; estimates of costs; resource, reserve and exploration potential estimates, including timing and costs to develop and produce the material; and the use of discount rates in the measurement of fair value.
Business combinations The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date. Any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill.
Business combinations The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date. Any excess of the purchase consideration when compared to the 123 fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill.
In addition to the geology of the Company's mines, assumptions are required to determine the economic feasibility of mining these reserves, including estimates of future commodity prices and demand, the mining methods the Company uses and the related costs incurred to develop and mine reserves.
In addition to the geology of the Company’s mines, assumptions are required to determine the economic feasibility of mining these reserves, including estimates of future commodity prices and demand, the mining 121 methods the Company uses and the related costs incurred to develop and mine reserves.
The Company's estimates of 123 recoverable proven and probable mineral reserves are prepared by and are the responsibility of its employees. These estimates are reviewed and verified regularly by independent experts in mining, geology and reserve determination.
The Company’s estimates of recoverable proven and probable mineral reserves are prepared by and are the responsibility of its employees. These estimates are reviewed and verified regularly by independent experts in mining, geology and reserve determination.
The Company is subject to reviews of its income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of its contracts or laws. 124 The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues based on an estimate of whether, and the extent to which, additional taxes will be due.
The Company is subject to reviews of its income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of its contracts or laws. 122 The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues based on an estimate of whether, and the extent to which, additional taxes will be due.
The most directly comparable financial measures prepared in accordance with GAAP are Net income attributable to SSR Mining shareholders and Net income per share attributable to SSR Mining shareholders.
The most directly comparable financial measures prepared in accordance with GAAP are Net income (loss) attributable to SSR Mining shareholders and Net income (loss) per share attributable to SSR Mining shareholders .
The most directly comparable financial measure prepared in accordance with GAAP to EBITDA and Adjusted EBITDA is Net income attributable to SSR Mining shareholders .
The most directly comparable financial measure prepared in accordance with GAAP to EBITDA and Adjusted EBITDA is Net income (loss) attributable to SSR Mining shareholders .
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 II, Item 7, Management’s Discussion and Analysis herein. This item should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in this annual report.
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 II, Item 7, Management’s Discussion and Analysis herein. This item should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in this annual report.
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 (1)1 in common shares of Endeavor Silver, $35.0 million in cash, and a 1.25% net smelter returns royalty on the Pitarrilla property.
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.
(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 cost of sales, which are the comparable GAAP financial measure.
(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 cost of sales, which are the comparable GAAP financial measure.
(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, which are the comparable GAAP financial measure.
(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, which are the comparable GAAP financial measure.
(4) Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding. 119 Non-GAAP Measure - Adjusted Attributable Net Income Adjusted attributable net income and adjusted attributable net income per share are used by management and investors to measure the Company's underlying operating performance.
(4) Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding. 116 Non-GAAP Measure - Adjusted Attributable Net Income 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 Company's working capital as of December 31, 2022, together with future cash flows from operations, are expected to be sufficient to fund planned activities and commitments.
The Company’s working capital as of December 31, 2023, together with future cash flows from operations, are expected to be sufficient to fund planned activities and commitments.
The Company believes this measure provides 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 relevant metric used to understand its operating profitability and ability to generate cash flow.
The Company believes this measure provides 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 relevant metric used to understand its operating profitability.
(4) Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding. 117 Year Ended December 31, 2021 (in thousands, unless otherwise noted) Çöpler Marigold Seabee Puna Corporate Total Cost of sales (GAAP) (1) $ 264,889 $ 219,035 $ 66,354 $ 121,096 $ — $ 671,374 By-product credits $ (5,989) $ (103) $ (94) $ (50,192) $ — $ (56,378) Treatment and refining charges $ — $ 956 $ 394 $ 15,724 $ — $ 17,074 Incremental COVID-19 related costs (2) $ — $ (649) $ (4,786) $ (4,151) $ — $ (9,586) Fair value adjustment on acquired inventories $ (65,939) $ — $ — $ — $ — $ (65,939) Cash costs (non-GAAP) $ 192,961 $ 219,239 $ 61,868 $ 82,477 $ — $ 556,545 Sustaining capital expenditures $ 35,015 $ 57,722 $ 33,010 $ 10,458 $ — $ 136,205 Sustaining exploration and evaluation expense $ 992 $ 1,572 $ — $ 140 $ — $ 2,704 Reclamation cost accretion and amortization $ 2,395 $ 2,738 $ 642 $ 1,624 $ — $ 7,399 General and administrative expense and stock-based compensation expense $ 6,664 $ (103) $ (28) $ 2,165 $ 50,072 $ 58,770 Total AISC (non-GAAP) $ 238,027 $ 281,168 $ 95,492 $ 96,864 $ 50,072 $ 761,623 Gold sold (oz) 333,761 236,847 118,746 — — 689,354 Silver sold (oz) — — — 7,810,282 — 7,810,282 Gold equivalent sold (oz) (3)(4) 333,761 236,847 118,746 108,248 — 797,602 Cost of sales per gold equivalent ounce sold (1) $ 794 $ 925 $ 559 $ 1,119 N/A $ 842 Cash cost per gold ounce sold $ 578 $ 926 $ 521 N/A N/A N/A Cash cost per silver ounce sold N/A N/A N/A $ 10.56 N/A N/A Cash cost per gold equivalent ounce sold $ 578 $ 926 $ 521 $ 762 N/A $ 698 AISC per gold ounce sold $ 713 $ 1,187 $ 804 N/A N/A N/A AISC per silver ounce sold N/A N/A N/A $ 12.40 N/A N/A AISC per gold equivalent ounce sold $ 713 $ 1,187 $ 804 $ 895 N/A $ 955 (1) Excludes depreciation, depletion, and amortization.
(4) Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding. 115 Year ended December 31, 2021 (in thousands, unless otherwise noted) Çöpler Marigold Seabee Puna Corporate and other Total Cost of sales (GAAP) (1) $ 264,889 $ 219,035 $ 66,354 $ 121,096 $ — $ 671,374 By-product credits $ (5,989) $ (103) $ (94) $ (50,192) $ — $ (56,378) Treatment and refining charges $ — $ 956 $ 394 $ 15,724 $ — $ 17,074 COVID-19 related costs (2) $ — $ (649) $ (4,786) $ (4,151) $ — $ (9,586) Fair value adjustment on acquired inventories $ (65,939) $ — $ — $ — $ — $ (65,939) Cash costs (non- GAAP) $ 192,961 $ 219,239 $ 61,868 $ 82,477 $ — $ 556,545 Sustaining capital expenditures $ 36,007 $ 57,722 $ 33,010 $ 10,458 $ — $ 137,197 Sustaining exploration and evaluation expense $ — $ 1,572 $ — $ 140 $ — $ 1,712 Reclamation cost accretion and amortization $ 2,395 $ 2,738 $ 642 $ 1,624 $ — $ 7,399 General and administrative expense and stock-based compensation expense $ 6,664 $ (103) $ (28) $ 2,165 $ 50,072 $ 58,770 Total AISC (non-GAAP) $ 238,027 $ 281,168 $ 95,492 $ 96,864 $ 50,072 $ 761,623 Gold sold (oz) 333,761 236,847 118,746 — — 689,354 Silver sold (oz) — — — 7,810,282 — 7,810,282 Gold equivalent sold (oz) (3)(4) 333,761 236,847 118,746 108,248 — 797,602 Cost of sales per gold equivalent ounce sold (1)(3)(4) $ 794 $ 925 $ 559 $ 1,119 N/A $ 842 Cash cost per gold ounce sold $ 578 $ 926 $ 521 N/A N/A N/A Cash cost per silver ounce sold N/A N/A N/A $ 10.56 N/A N/A Cash cost per gold equivalent ounce sold (3)(4) $ 578 $ 926 $ 521 $ 762 N/A $ 698 AISC per gold ounce sold $ 713 $ 1,187 $ 804 N/A N/A N/A AISC per silver ounce sold N/A N/A N/A $ 12.40 N/A N/A AISC per gold equivalent ounce sold (3)(4) $ 713 $ 1,187 $ 804 $ 895 N/A $ 955 (1) Excludes depreciation, depletion, and amortization.
See "Non-GAAP Financial Measures" for an explanation of these financial measures and a reconciliation of these financial measures to net income and cost of sales, which are the comparable GAAP financial measures. (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.
See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation of these financial measures to net income and cost of sales, which are the comparable GAAP financial measures. (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.
For the year ended December 31, 2022, cash costs and AISC per ounce of gold sold include the impact of any fair value adjustment on acquired inventories. For the years ended December 31, 2021 and 2020, cash costs and AISC per ounce of gold sold exclude the impact of any fair value adjustment on acquired inventories.
For the year ended December 31, 2023 and 2022, cash costs and AISC per ounce of gold sold exclude the impact of any fair value adjustment on acquired inventories. For the year ended December 31, 2021, cash costs and AISC per ounce of gold sold include the impact of any fair value adjustment on acquired inventories.
(2) COVID-19 related costs include direct, incremental costs associated with COVID-19 at all operations. 122 Non-GAAP Measure - Free Cash Flow The Company uses free cash flow to supplement information in its consolidated financial statements. The most directly comparable financial measures prepared in accordance with GAAP is Cash provided by operating activities .
(6) COVID-19 related costs include direct, incremental costs associated with COVID-19 at all operations. 120 Non-GAAP Measure - Free Cash Flow The Company uses free cash flow to supplement information in its consolidated financial statements. The most directly comparable financial measures prepared in accordance with GAAP is Cash provided by (used in) operating activities .
(2) Excludes depreciation, depletion, and amortization. (3) 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 cost of sales, which are the comparable GAAP financial measure.
(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 cost of sales, which are the comparable GAAP financial measure.
(2) COVID-19 related costs include direct, incremental costs associated with COVID-19. (3) Gold equivalent ounces are calculated using the silver ounces produced or sold multiplied by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include copper, lead, or zinc as they are considered by-products.
(3) Gold equivalent ounces are calculated using the silver ounces produced or sold multiplied by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include copper, lead, or zinc as they are considered by-products.
During the year ended December 31, 2022, 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, weakening of the TRY against the USD and its impact on TRY-denominated assets at Çöpler, and weakening of the CAD against the USD and its impact on CAD-denominated assets at Seabee.
During the year ended December 31, 2023, the foreign exchange loss was primarily due to a weakening of the ARS against the USD and its impact on ARS-denominated assets at Puna.
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. 116 The following tables provide a reconciliation of cost of sales to cash costs and AISC: Year Ended December 31, 2022 (in thousands, unless otherwise noted) Çöpler Marigold Seabee Puna Corporate Total Cost of sales (GAAP) (1) $ 189,825 $ 206,014 $ 74,679 $ 137,424 $ — $ 607,942 By-product credits $ (2,928) $ (125) $ (111) $ (48,124) $ — $ (51,288) Treatment and refining charges $ — $ 693 $ 316 $ 14,753 $ — $ 15,762 Cash costs (non-GAAP) $ 186,897 $ 206,582 $ 74,884 $ 104,053 $ — $ 572,416 Sustaining capital expenditures $ 31,189 $ 53,514 $ 32,980 $ 10,446 $ — $ 128,129 Sustaining exploration and evaluation expense $ 2,875 $ 7,377 $ — $ 5,372 $ — $ 15,624 Care and maintenance (2) $ 31,067 $ — $ — $ — $ — $ 31,067 Reclamation cost accretion and amortization $ 1,320 $ 2,181 $ 1,983 $ 1,726 $ — $ 7,210 General and administrative expense and stock-based compensation expense $ 2,794 $ 1 $ 11 $ 266 $ 68,588 $ 71,660 Total AISC (non-GAAP) $ 256,142 $ 269,655 $ 109,858 $ 121,863 $ 68,588 $ 826,106 Gold sold (oz) 192,811 195,617 133,500 — — 521,928 Silver sold (oz) — — — 7,863,646 — 7,863,646 Gold equivalent sold (oz) (3)(4) 192,811 195,617 133,500 95,207 — 617,135 Cost of sales per gold equivalent ounce sold (1) $ 985 $ 1,053 $ 559 $ 1,443 N/A $ 985 Cash cost per gold ounce sold $ 969 $ 1,056 $ 561 N/A N/A N/A Cash cost per silver ounce sold N/A N/A N/A $ 13.23 N/A N/A Cash cost per gold equivalent ounce sold $ 969 $ 1,056 $ 561 $ 1,093 N/A $ 928 AISC per gold ounce sold $ 1,328 $ 1,378 $ 823 N/A N/A N/A AISC per silver ounce sold N/A N/A N/A $ 15.50 N/A N/A AISC per gold equivalent ounce sold $ 1,328 $ 1,378 $ 823 $ 1,280 N/A $ 1,339 (1) Excludes depreciation, depletion, and amortization.
(4) Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding. 114 Year ended December 31, 2022 (in thousands, unless otherwise noted) Çöpler Marigold Seabee Puna Corporate and other Total Cost of sales (GAAP) (1) $ 189,825 $ 206,014 $ 74,679 $ 137,424 $ — $ 607,942 By-product credits $ (2,928) $ (125) $ (111) $ (48,124) $ — $ (51,288) Treatment and refining charges $ — $ 693 $ 316 $ 14,753 $ — $ 15,762 Cash costs (non-GAAP) $ 186,897 $ 206,582 $ 74,884 $ 104,053 $ — $ 572,416 Sustaining capital expenditures $ 34,064 $ 53,514 $ 32,980 $ 10,446 $ — $ 131,004 Sustaining exploration and evaluation expense $ — $ 7,377 $ — $ 5,372 $ — $ 12,749 Care and maintenance (2) $ 31,067 $ — $ — $ — $ — $ 31,067 Reclamation cost accretion and amortization $ 1,320 $ 2,181 $ 1,983 $ 1,726 $ — $ 7,210 General and administrative expense and stock-based compensation expense $ 2,794 $ 1 $ 11 $ 266 $ 68,588 $ 71,660 Total AISC (non-GAAP) $ 256,142 $ 269,655 $ 109,858 $ 121,863 $ 68,588 $ 826,106 Gold sold (oz) 192,811 195,617 133,500 — — 521,928 Silver sold (oz) — — — 7,863,646 — 7,863,646 Gold equivalent sold (oz) (3)(4) 192,811 195,617 133,500 95,207 — 617,135 Cost of sales per gold equivalent ounce sold (1)(3)(4) $ 985 $ 1,053 $ 559 $ 1,443 N/A $ 985 Cash cost per gold ounce sold $ 969 $ 1,056 $ 561 N/A N/A N/A Cash cost per silver ounce sold N/A N/A N/A $ 13.23 N/A N/A Cash cost per gold equivalent ounce sold (3)(4) $ 969 $ 1,056 $ 561 $ 1,093 N/A $ 928 AISC per gold ounce sold $ 1,328 $ 1,378 $ 823 N/A N/A N/A AISC per silver ounce sold N/A N/A N/A $ 15.50 N/A N/A AISC per gold equivalent ounce sold (3)(4) $ 1,328 $ 1,378 $ 823 $ 1,280 N/A $ 1,339 (1) Excludes depreciation, depletion, and amortization.
For further information, see Note 3 to the Condensed Consolidated Financial Statements. The Company acquired all of the issued and outstanding common shares of Taiga Gold Corp. (“Taiga Gold”) at a price of CAD $0.265 per Taiga Gold share on April 14, 2022, representing total consideration of $24.8 million.
The Company acquired all of the issued and outstanding common shares of Taiga Gold Corp. (“Taiga Gold”) at a price of CAD $0.265 per Taiga Gold share on April 14, 2022, representing total consideration of $24.8 million.
Income and mining tax benefit (expense) Income and mining tax expense for the year ended December 31, 2022 was $30.1 million as compared to a benefit of $14.1 million for the year ended December 31, 2021.
Income and mining tax benefit (expense) Income and mining tax benefit for the year ended December 31, 2023 was $82.5 million as compared to an expense of $30.1 million for the year ended December 31, 2022.
Cash (used in) provided by financing activities For the year ended December 31, 2022, cash used in financing activities was $271.8 million compared to cash used in financing activities of $319.8 million for the years ended December 31, 2021.
Cash (used in) provided by financing activities For the year ended December 31, 2023, cash used in financing activities was $182.3 million compared to $271.8 million for the year ended December 31, 2022.
Cash Flows The following table summarizes the Company's cash flow activity for year ended December 31: Years Ended December 31, 2022 2021 2020 Net cash provided by operating activities $ 160,896 $ 608,986 $ 307,098 Cash (used in) provided by investing activities (236,282) (129,137) 240,423 Cash (used in) provided by financing activities (271,782) (319,769) (158,374) Effect of foreign exchange rate changes on cash and cash equivalents (16,591) (3,136) 789 Increase (decrease) in cash, cash equivalents and restricted cash (363,759) 156,944 389,936 Cash, cash equivalents, and restricted cash, beginning of period 1,052,865 895,921 505,985 Cash, cash equivalents, and restricted cash, end of period $ 689,106 $ 1,052,865 $ 895,921 Cash provided by operating activities For the year ended December 31, 2022, cash provided by operating activities was $160.9 million compared to $609.0 million for the year ended December 31, 2021.
Cash Flows The following table summarizes the Company’s cash flow activity for the years ended December 31: Year Ended December 31, 2023 2022 2021 Net cash provided by operating activities $ 421,725 $ 160,896 $ 608,986 Cash (used in) provided by investing activities (339,261) (236,282) (129,137) Cash (used in) provided by financing activities (182,256) (271,782) (319,769) Effect of foreign exchange rate changes on cash and cash equivalents (96,820) (16,591) (3,136) Increase (decrease) in cash, cash equivalents and restricted cash (196,612) (363,759) 156,944 Cash, cash equivalents, and restricted cash, beginning of period 689,106 1,052,865 895,921 Cash, cash equivalents, and restricted cash, end of period $ 492,494 $ 689,106 $ 1,052,865 Cash provided by operating activities For the year ended December 31, 2023, cash provided by operating activities was $421.7 million compared to $160.9 million for the year ended December 31, 2022.
Share Repurchase Plan/ NCIB On June 20, 2022 the Board of Directors authorized a Normal Course Issuer Bid under the requirements of the TSX (the “2022 NCIB”) to repurchase up to an aggregate of 10,600,000 common shares on the Nasdaq, 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.
The Board of Directors authorized a new NCIB (the “2023 NCIB”) on June 16, 2023, to repurchase up to an aggregate of 10,200,000 common shares on the Nasdaq, 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.
On November 17, 2022, the Company completed the acquisition of an additional 30.0% ownership in Kartaltepe Madencilik Sanayi ve Ticaret Anonim Şirketi (“Kartaltepe”) from joint venture partner Lidya Madencilik Sanayi ve Ticaret A.Ş (“Lidya”) for total consideration of $150.0 million in cash. The Company previously owned 50% of Kartaltepe and accounted for the investment as an equity method investment.
The Company owns 10% and consolidates Artmin. On November 17, 2022, the Company completed the acquisition of an additional 30.0% ownership in Kartaltepe Madencilik Sanayi ve Ticaret Anonim Şirketi (“Kartaltepe”) from joint venture partner Lidya Mines for total consideration of $150.0 million in cash.
The following MD&A discusses the Company's consolidated financial condition and results of operations for the years ended 2022 and 2021 and year-over-year comparisons between 2022 and 2021.
The followin g MD&A discusses the Company ’ 's consolidated financial condition and results of operations for the years ended 2023 and 2022 and year-over-year comparisons between 2023 and 2022.
Exploration, evaluation and reclamation costs Exploration, evaluation, and reclamation costs increased by $10.5 million to $52.8 million for the year ended December 31, 2022 as compared to $42.4 million for the year ended December 31, 2021.
Exploration, evaluation and reclamation costs Exploration, evaluation, and reclamation costs increased by $6.1 million to $58.9 million for the year ended December 31, 2023 as compared to $52.8 million for the year ended December 31, 2022.
On April 20, 2022, the Normal Course Issuer Bid established as of April 21, 2021 (the “2021 NCIB”) expired. Under the 2021 NCIB, the Company was authorized by the TSX to the purchase of up to 10,000,000 common shares.
On June 19, 2023, the Normal Course Issuer Bid established as of June 20, 2022 (the “2022 NCIB”), expired. Under the 2022 NCIB, the Company authorized the purchase of up to 10,600,000 common shares.
When deriving the 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.
When deriving the 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 per ounce, the Company also excludes the impact of specific items that are significant, but not reflective of its underlying operations.
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.
This measure seeks to reflect the ongoing cost of gold and silver production from current operations; therefore, growth capital is excluded. Certain other cash expenditures, including tax payments and financing costs are also excluded.
Consolidated Results of Operations A summary of the Company's consolidated financial and operating results for the years ended December 31, are presented below (in thousands): 104 Years Ended December 31, Change 2022 2021 2020 2022 (%) 2021 (%) Financial Results Revenue $ 1,148,033 $ 1,474,199 $ 853,089 (22.1) % 72.8 % Cost of sales (1) $ 607,942 $ 671,374 $ 444,538 (9.4) % 51.0 % Operating income $ 190,268 $ 444,375 $ 188,275 (57.2) % 136.0 % Net income $ 210,428 $ 425,922 $ 157,162 (50.6) % 171.0 % Net income attributable to equity holders of SSR Mining $ 194,140 $ 368,076 $ 151,535 (47.3) % 142.9 % Basic net income per share attributable to equity holders of SSR Mining $ 0.92 $ 1.70 $ 1.00 (45.9) % 70.0 % Adjusted attributable net income (2) $ 144,814 $ 401,757 $ 193,401 (64.0) % 107.7 % Adjusted basic attributable net income per share (2) $ 0.69 $ 1.86 $ 1.28 (62.9) % 45.3 % Adjusted diluted attributable net income per share (2) $ 0.67 $ 1.78 $ 1.21 (62.4) % 47.1 % Operating Results Gold produced (oz) 522,159 683,446 418,745 (23.6) % 63.2 % Gold sold (oz) 521,928 689,354 413,775 (24.3) % 66.6 % Silver produced ('000 oz) 8,397 8,010 5,581 4.8 % 43.5 % Silver sold ('000 oz) 7,864 7,810 4,411 0.7 % 77.1 % Lead produced ('000 lb) (3) 41,004 37,695 17,193 8.8 % 119.2 % Lead sold ('000 lb) (3) 38,393 33,378 14,179 15.0 % 135.4 % Zinc produced ('000 lb) (3) 8,583 13,642 6,988 (37.1) % 95.2 % Zinc sold ('000 lb) (3) 6,998 10,751 5,111 (34.9) % 110.4 % Gold equivalent produced (oz) (4) 623,819 794,456 484,153 (21.5) % 64.1 % Gold equivalent sold (oz) (4) 617,135 797,602 465,471 (22.6) % 71.4 % Average realized gold price ($/oz sold) $ 1,811 $ 1,800 $ 1,812 0.6 % (0.7) % Average realized silver price ($/oz sold) $ 19.58 $ 22.92 $ 21.23 (14.6) % 8.0 % Cost of sales per gold equivalent ounce sold (1) $ 985 $ 842 $ 955 17.0 % (11.8) % Cash cost per gold equivalent ounce sold (2, 4) $ 928 $ 698 $ 814 33.0 % (14.3) % AISC per gold equivalent ounce sold (2, 4) $ 1,339 $ 955 $ 1,193 40.2 % (19.9) % (1) Excludes depreciation, depletion, and amortization.
Consolidated Results of Operations A summary of the Company’s consolidated financial and operating results for the years ended December 31, are presented below (in thousands): 101 Year Ended December 31, Change 2023 2022 2021 2023 (%) 2022 (%) Financial Results Revenue $ 1,426,927 $ 1,148,033 $ 1,474,199 24.3 % (22.1) % Cost of sales (1) $ 804,147 $ 607,942 $ 671,374 32.3 % (9.4) % Depreciation, depletion, and amortization $ 214,012 $ 181,447 $ 227,959 17.9 % (20.4) % Impairment charges $ 411,398 $ — $ 20,275 100.0 % (100.0) % Operating income (loss) $ (130,244) $ 190,268 $ 444,375 (168.5) % (57.2) % Net income (loss) $ (120,225) $ 210,428 $ 425,922 (157.1) % (50.6) % Net income (loss) attributable to SSR Mining shareholders $ (98,007) $ 194,140 $ 368,076 (150.5) % (47.3) % Basic net income (loss) per share attributable to SSR Mining shareholders $ (0.48) $ 0.92 $ 1.70 (152.2) % (45.9) % Adjusted attributable net income (loss) (2) $ 276,494 $ 144,814 $ 401,757 90.9 % (64.0) % Adjusted basic attributable net income (loss) per share (2) $ 1.35 $ 0.69 $ 1.86 95.7 % (62.9) % Adjusted diluted attributable net income (loss) per share (2) $ 1.29 $ 0.67 $ 1.78 92.5 % (62.4) % Operating Results Gold produced (oz) 590,264 522,159 683,446 13.0 % (23.6) % Gold sold (oz) 585,171 521,928 689,354 12.1 % (24.3) % Silver produced ('000 oz) 9,688 8,397 8,010 15.4 % 4.8 % Silver sold ('000 oz) 9,920 7,864 7,810 26.1 % 0.7 % Lead produced ('000 lb) (3) 45,772 41,004 37,695 11.6 % 8.8 % Lead sold ('000 lb) (3) 48,640 38,393 33,378 26.7 % 15.0 % Zinc produced ('000 lb) (3) 7,127 8,583 13,642 (17.0) % (37.1) % Zinc sold ('000 lb) (3) 8,166 6,998 10,751 16.7 % (34.9) % Gold equivalent produced (oz) (4) 706,894 623,819 794,456 13.3 % (21.5) % Gold equivalent sold (oz) (4) 704,594 617,135 797,602 14.2 % (22.6) % Average realized gold price ($/oz sold) $ 1,950 $ 1,812 $ 1,800 7.6 % 0.7 % Average realized silver price ($/oz sold) $ 22.82 $ 19.47 $ 22.92 17.2 % (15.0) % Cost of sales per gold equivalent ounce sold (1, 4) $ 1,141 $ 985 $ 842 15.8 % 17.0 % Cash cost per gold equivalent ounce sold (2, 4) $ 1,083 $ 928 $ 698 16.7 % 33.0 % AISC per gold equivalent ounce sold (2, 4) $ 1,461 $ 1,339 $ 955 9.1 % 40.2 % (1) Excludes depreciation, depletion, and amortization.
Discussions of the consolidated financial condition and results of operations for the year ended 2020 and year-over-year comparisons between 2021 and 2020 are included in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission on February 23, 2022.
Discussions of the consolidated financial condition and results of operations for the year ended 2021 and year-over-year comparisons between 2022 and 2021 are included in Item 7, Management ’ s Discussion and Analysis of Financial Condition and Results of Operations, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (“SEC”) on February 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.
Adjusted EBITDA represents net income 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 the impact of measuring inventories at fair value in connection with business combinations; impairment adjustments and reversals; foreign exchange gains (losses); transaction, integration and SEC conversion costs and other non-recurring items.
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 and transaction, integration and SEC conversion costs.
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 requirements. 120 The following table provides a reconciliation of net income attributable to SSR Mining shareholders to adjusted net income attributable to SSR Mining shareholders: Years Ended December 31, (in thousands, except per share) 2022 2021 2020 Net income attributable SSR Mining shareholders (GAAP) $ 194,140 $ 368,076 $ 151,535 Interest saving on convertible notes, net of tax 4,910 4,889 4,883 Net income used in the calculation of diluted net income per share $ 199,050 $ 372,965 $ 156,418 Weighted-average shares used in the calculation of net income and adjusted net income per share Basic 209,883 215,993 151,144 Diluted 222,481 228,241 163,699 Net income per share attributable to SSR Mining shareholders (GAAP) Basic $ 0.92 $ 1.70 $ 1.00 Diluted $ 0.89 $ 1.63 $ 0.96 Adjustments: Fair value adjustment on acquired assets (1) $ — $ 104,714 $ 48,893 COVID-19 related costs (2) — 9,586 3,447 Foreign exchange loss (gain) 32,460 (3,629) 3,732 Alacer transaction and integration costs — 8,595 20,813 Gain on acquisition of Kartaltepe (81,852) — — Loss (gain) on sale of mineral properties, plant and equipment 1,501 (412) 2,804 Pitarrilla transaction costs 1,561 — — SEC conversion costs 1,255 2,645 — Impairment of long-lived and other assets — 20,275 — Changes in fair value of investments (602) 10,741 (21,368) Income tax impact related to above adjustments (966) (34,120) (15,144) Foreign exchange (gain) loss and inflationary impacts on tax balances (14,128) (97,288) (1,311) Other tax adjustments (3) 11,445 — — Impact of tax rate change on fair value adjustments — 12,574 — Adjusted net income attributable to SSR Mining shareholders (Non-GAAP) $ 144,814 $ 401,757 $ 193,401 Adjusted net income per share attributable to SSR Mining shareholders (Non-GAAP) Basic $ 0.69 $ 1.86 $ 1.28 Diluted $ 0.67 $ 1.78 $ 1.21 (1) Fair value adjustments on acquired assets relate to the acquisition of Alacer's inventories and mineral properties.
The following table provides a reconciliation of Net income (loss) attributable to SSR Mining shareholders to adjusted net income (loss) attributable to SSR Mining shareholders: Year Ended December 31, (in thousands, except per share) 2023 2022 2021 Net income attributable SSR Mining shareholders (GAAP) $ (98,007) $ 194,140 $ 368,076 Interest saving on 2019 Notes, net of tax — 4,910 4,889 Net income (loss) used in the calculation of diluted net income per share $ (98,007) $ 199,050 $ 372,965 Weighted-average shares used in the calculation of net income Basic 204,714 209,883 215,993 Diluted 204,714 222,481 228,241 Net income (loss) per share attributable to SSR Mining shareholders (GAAP) Basic $ (0.48) $ 0.92 $ 1.70 Diluted $ (0.48) $ 0.89 $ 1.63 Adjustments: Impairment charges (1) $ 340,734 $ — $ 20,275 Devaluation of ARS (2) 26,074 — — Fair value adjustment on acquired assets (3) — — 104,714 Changes in fair value of marketable securities (4,221) (602) 10,741 Loss (gain) on sale of mineral properties, plant and equipment — 1,501 (412) Transaction and integration costs (4) — 1,561 8,595 Gain on acquisition of Kartaltepe — (81,852) — Foreign exchange loss (gain) (5) — 32,460 (3,629) SEC conversion costs — 1,255 2,645 COVID-19 related costs (6) — — 9,586 Income tax impact related to above adjustments (9,826) (966) (34,120) Foreign exchange (gain) loss and inflationary impacts on tax balances (5) (16,907) (14,128) (97,288) Impact of tax rate change (7) 37,170 — 12,574 Other tax adjustments (8) 1,477 11,445 — Adjusted net income (loss) attributable to SSR Mining shareholders (Non-GAAP) $ 276,494 $ 144,814 $ 401,757 Adjusted net income (loss) per share attributable to SSR Mining shareholders (Non-GAAP) Basic $ 1.35 $ 0.69 $ 1.86 Diluted (9) $ 1.29 $ 0.67 $ 1.78 118 (1) Represents the impairment of $279.3 million related to Çöpler mineral properties and exploration and evaluation assets (amount is presented net of pre-tax attributable to non-controlling interest of $69.8 million), $49.8 million related to Seabee goodwill, $9.0 million write-off of capitalized cloud computing arrangement (amount is presented net of pre-tax attributable to non-controlling interest of $0.8 million), and $2.6 million related to supplies inventories during the year ended December 31, 2023.
No changes were made to the accounting policies or previously reported amounts. 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.
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 following is a reconciliation of Net income attributable to SSR Mining shareholders to EBITDA and adjusted EBITDA: Years Ended December 31, (in thousands) 2022 2021 2020 Net income attributable to SSR Mining shareholders (GAAP) $ 194,140 $ 368,076 $ 151,535 Net income (loss) attributable to non-controlling interests 16,288 57,846 5,627 Depletion, depreciation and amortization 181,447 227,959 109,258 Interest expense 19,116 19,097 13,876 Income and mining tax expense (benefit) 30,068 (14,116) 43,203 EBITDA (non-GAAP) 441,059 658,862 323,499 Fair value adjustment on acquired inventories (1) — 65,939 51,931 COVID-19 related costs (2) — 9,586 3,447 Foreign exchange loss (gain) 32,460 (3,629) 3,732 Alacer transaction and integration costs — 8,595 20,813 Gain on acquisition of Kartaltepe (81,852) — — Loss (gain) on sale of mineral properties, plant and equipment 1,501 (412) 2,804 Pitarrilla transaction costs 1,561 — — SEC conversion costs 1,255 2,645 — Impairment of long-lived and other assets — 20,275 — Changes in fair value of investments (602) 10,741 (21,368) Adjusted EBITDA (non-GAAP) $ 395,382 $ 772,602 $ 384,858 (1) Fair value adjustments on acquired inventories relate to the acquisition of Alacer.
The following is a reconciliation of Net income (loss) attributable to SSR Mining shareholders to EBITDA and adjusted EBITDA: Year Ended December 31, (in thousands) 2023 2022 2021 Net income attributable to SSR Mining shareholders (GAAP) $ (98,007) $ 194,140 $ 368,076 Net income (loss) attributable to non-controlling interests (22,218) 16,288 57,846 Depreciation, depletion and amortization 214,012 181,447 227,959 Interest expense 16,616 19,116 19,097 Income and mining tax expense (benefit) (82,534) 30,068 (14,116) EBITDA (non-GAAP) 27,869 441,059 658,862 Impairment charges (1) 411,398 — 20,275 Devaluation of ARS (2) 26,074 — — Changes in fair value of marketable securities (4,221) (602) 10,741 Loss (gain) on sale of mineral properties, plant and equipment — 1,501 (412) Transaction and integration costs (3) — 1,561 8,595 Gain on acquisition of Kartaltepe — (81,852) — Foreign exchange loss (gain) (4) — 32,460 (3,629) SEC conversion costs — 1,255 2,645 Fair value adjustment on acquired inventories (5) — — 65,939 COVID-19 related costs (6) — — 9,586 Adjusted EBITDA (non-GAAP) $ 461,120 $ 395,382 $ 772,602 (1) Represents the impairment of $349.2 million related to Çöpler mineral properties and exploration and evaluation assets, $49.8 million related to Seabee goodwill, $9.8 million write-off of capitalized cloud computing arrangement implementation, and $2.6 million related to supplies inventories during the year ended December 31, 2023.
New Accounting Pronouncements As of December 31, 2022, the Company has adopted all accounting pronouncements affecting the Company. Risks and Uncertainties The mining industry involves many risks including global pandemics which are inherent to the nature of the business, global economic trends and economic, environmental and social conditions in the geographical areas of operation.
New Accounting Pronouncements For a discussion of Recently Issued Accounting Pronouncements, see Note 2 of the Consolidated Financial Statements. Risks and Uncertainties The mining industry involves many risks including global pandemics which are inherent to the nature of the business, global economic trends and economic, environmental and social conditions in the geographical areas of operation.
Adjusted attributable net income is defined as net income adjusted to exclude the after-tax impact of specific items that are significant, but not reflective of the Company's underlying operations, including the impact of measuring inventories and mineral properties at fair value in connection with business combinations; impairment adjustments; foreign exchange (gains) losses and inflationary impacts on tax balances; transaction, integration and SEC conversion costs; changes in tax rate for fair value adjustments and other non-recurring items.
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; inflationary impacts on tax balances and transaction, integration and SEC conversion costs.
The policies identified as being critical to the understanding of the business and results of operations and that require the application of significant management judgment are outlined below.
The areas requiring the use of management’s estimates are also discussed in Note 2 – Summary of Significant Accounting Policies of the Consolidated Financial Statements. The policies identified as being critical to the understanding of the business and results of operations and that require the application of significant management judgment are outlined below.
As a result, the Company is subject to a number of risks and uncertainties, each of which could have an 125 adverse effect on its operating results, business prospects or financial position.
As a result, the Company is subject to a number of risks and uncertainties, each of which could have an adverse effect on its operating results, business prospects or financial position. The Company continuously assesses and evaluates these risks, seeking to minimize them by implementing high operating standards and processes to identify, assess, report and monitor risk across the organization.
See "Non-GAAP Financial Measures" for an explanation of these financial measures and a reconciliation to cost of sales, which are the comparable GAAP financial measure. Production and Cost of sales For the year ended December 31, 2022, Puna produced 8.4 million ounces of silver, a 4.8% increase compared to the year ended December 31, 2021.
See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation to cost of sales, which are the comparable GAAP financial measure. 108 Year ended December 31, 2023 compared to the year ended December 31, 2022 Silver production increased 15.4% due to higher mill throughput and higher grade ore milled.
Other operating expenses, net Other operating expenses, net for the year ended December 31, 2022 were $2.1 million as compared to $11.2 million for the year ended December 31, 2021. The expenses incurred during 2022 were transaction costs related to the sale of the Pitarrilla project.
The expenses incurred during 2022 were transaction costs related to the sale of the Pitarrilla project and SEC conversion costs. Other income (expense) Other income for the year ended December 31, 2023 was $50.2 million as compared to income of $20.3 million for the year ended December 31, 2022, an increase of $29.9 million.
Additionally, the Company held cash and cash equivalents of $43.8 million, $23.1 million and $20.6 million in ARS, CAD and TRY, respectively. All cash is invested in short-term investments or high interest savings accounts in accordance with the Company's investment policy with maturities of 90 days or less, providing the Company with sufficient liquidity to meet its foreseeable capital needs.
All cash is invested in short-term investments or high interest savings accounts in accordance with the Company’s investment policy with maturities of 90 days or less, providing the Company with sufficient liquidity to meet its foreseeable capital needs. Debt Term Loan On September 22, 2023, the Company terminated the Term Loan upon full repayment of the outstanding balance.
The increase is primarily due to the increase in cash costs per ounce, and was partially offset by lower sustaining capital per ounce. 111 Puna, Argentina Years Ended December 31, Change Operating Data 2022 2021 2020 2022 (%) 2021 (%) Silver produced ('000 oz) 8,397 8,010 5,581 4.8 % 43.5 % Silver sold ('000 oz) 7,864 7,810 4,411 0.7 % 77.1 % Lead produced ('000 lb) 41,004 37,695 17,193 8.8 % 119.2 % Lead sold ('000 lb) 38,393 33,378 14,179 15.0 % 135.4 % Zinc produced ('000 lb) 8,583 13,642 6,988 (37.1) % 95.2 % Zinc sold ('000 lb) 6,998 10,751 5,111 (34.9) % 110.4 % Gold equivalent sold ('000 oz) (1) 95,207 108,248 51,696 (12.0) % 109.4 % Average realized silver price ($/oz) $ 19.58 $ 22.92 $ 21.23 (14.6) % 8.0 % Cost of sales (2) $ 137,424 $ 121,096 $ 65,991 13.5 % 83.5 % Cost of sales ($/oz silver sold) (2) $ 17.48 15.51 14.96 12.7 % 3.7 % Cost of sales ($/oz gold equivalent sold) (2) $ 1,443 $ 1,119 $ 1,277 29.0 % (12.4) % Cash costs ($/oz silver sold) (3) $ 13.23 $ 10.56 $ 12.72 25.3 % (17.0) % Cash costs ($/oz gold equivalent sold) $ 1,093 $ 762 $ 1,085 43.4 % (29.8) % AISC ($/oz silver sold) (3) $ 15.50 $ 12.40 $ 18.56 25.0 % (33.2) % AISC ($/oz gold equivalent sold) $ 1,280 $ 895 $ 1,584 43.0 % (43.5) % (1) Gold equivalent ounces are calculated using the silver ounces produced or sold multiplied by the ratio of the silver price to the gold price, using the average LBMA prices for the period.
Cost of sales per ounce of gold sold, cash costs per ounce of gold sold, and AISC per ounce of gold sold increased 77.3%, 76.8%, and 73.4% respectively, due to fewer gold ounces sold as the result of lower mill feed grade and higher cost of sales. 107 Puna, Argentina Year Ended December 31, Change Operating Data 2023 2022 2021 2023 (%) 2022 (%) Silver produced ('000 oz) 9,688 8,397 8,010 15.4 % 4.8 % Silver sold ('000 oz) 9,920 7,864 7,810 26.1 % 0.7 % Lead produced ('000 lb) 45,772 41,004 37,695 11.6 % 8.8 % Lead sold ('000 lb) 48,640 38,393 33,378 26.7 % 15.0 % Zinc produced ('000 lb) 7,127 8,583 13,642 (17.0) % (37.1) % Zinc sold ('000 lb) 8,166 6,998 10,751 16.7 % (34.9) % Gold equivalent sold ('000 oz) (1) 119,423 95,207 108,248 25.4 % (12.0) % Average realized silver price ($/oz) $ 22.82 $ 19.47 $ 22.92 17.2 % (15.1) % Ore mined (kt) 1,926 1,851 1,449 4.1 % 27.7 % Waste removed (kt) 6,240 8,634 9,594 (27.7) % (10.0) % Total material mined (kt) 8,166 10,485 11,043 (22.1) % (5.1) % Ore milled (kt) 1,728 1,638 1,643 5.5 % (0.3) % Silver mill feed grade (g/t) 181.1 166.7 158.0 8.6 % 5.5 % Lead mill feed grade (%) 1.27 1.23 1.12 3.3 % 9.8 % Zinc mill feed grade (%) 0.34 0.49 0.57 (30.6) % (14.0) % Silver recovery (%) 96.3 95.7 95.8 0.6 % (0.1) % Lead recovery (%) 94.3 92.3 93.0 2.2 % (0.8) % Zinc recovery (%) 54.6 48.7 65.6 12.1 % (25.8) % Cost of sales (2) $ 163,558 $ 137,424 $ 121,096 19.0 % 13.5 % Cost of sales ($/oz silver sold) (2) $ 16.49 $ 17.48 $ 15.51 (5.7) % 12.7 % Cost of sales ($/oz gold equivalent sold) (1, 2) $ 1,370 $ 1,443 $ 1,119 (5.1) % 29.0 % Cash costs ($/oz silver sold) (3) $ 12.64 $ 13.23 $ 10.56 (4.5) % 25.3 % Cash costs ($/oz gold equivalent sold) (1,3) $ 1,050 $ 1,093 $ 762 (3.9) % 43.4 % AISC ($/oz silver sold) (3) $ 15.37 $ 15.50 $ 12.40 (0.8) % 25.0 % AISC ($/oz gold equivalent sold) $ 1,277 $ 1,280 $ 895 (0.2) % 43.0 % (1) Gold equivalent ounces are calculated using the silver ounces produced or sold multiplied by the ratio of the silver price to the gold price, using the average LBMA prices for the period.
The Company bases these estimates on historical experience and on assumptions that the Company considers reasonable under the circumstances; however, reported results could differ from those based on the current estimates under different assumptions or conditions. The areas requiring the use of management’s estimates are also discussed in Note 2 – Summary of Significant Accounting Policies.
The preparation of these statements requires that the Company makes estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases these estimates on historical experience and on assumptions that the Company considers reasonable under the circumstances; however, reported results could differ from those based on the current estimates under different assumptions or conditions.
The increase was due to $9.2 million for more exploration drilling and a $1.2 million increase in accretion expense compared to the same period in 2021. Care and maintenance Care and maintenance expense for the year ended December 31, 2022 was $41.8 million.
The increase was primarily due to $3.0 million in exploration expense and a $2.7 million increase in reclamation accretion expense compared to the same period in 2022. Impairment charges Impairment charges for the year ended December 31, 2023 were $411.4 million.
The Company continuously assesses and evaluates these risks, seeking to minimize them by implementing high operating standards and processes to identify, assess, report and monitor risk across the organization. For a comprehensive list of other known risks and uncertainties affecting the business, please refer to the section entitled “Risk Factors” in Part 1, Item 1A. 126
For a comprehensive list of other known risks and uncertainties affecting the business, please refer to the section entitled “Risk Factors” in Part 1, Item 1A. 124
At Puna, cost of sales increased $16.3 million, or 13.5%, primarily due to increased cost pressures for fuel, electricity, and reagents in Argentina. 106 Depreciation, depletion and amortization Years Ended December 31, Change 2022 2021 2020 2022 (%) 2021 (%) Depreciation, depletion, and amortization ($000s) $ 181,447 $ 227,959 $ 109,258 (20.4) % 108.6 % Gold equivalent ounces sold 617,135 797,602 465,471 (22.6) % 71.4 % Depreciation, depletion, and amortization per gold equivalent ounce sold $ 294 $ 286 $ 235 2.8 % 21.7 % Depreciation, depletion, and amortization expense decreased by $46.5 million, or 20.4%, to $181.4 million for the year ended December 31, 2022 as compared to $228.0 million for the year ended December 31, 2021, primarily due to a decrease in gold equivalent ounces sold as a result of the temporary suspension of operations at Çöpler.
Depreciation, depletion and amortization Year Ended December 31, Change 2023 2022 2021 2023 (%) 2022 (%) Depreciation, depletion, and amortization ($000s) $ 214,012 $ 181,447 $ 227,959 17.9 % (20.4) % Gold equivalent ounces sold 704,594 617,135 797,602 14.2 % (22.6) % Depreciation, depletion, and amortization per gold equivalent ounce sold $ 304 $ 294 $ 286 3.4 % 2.8 % Depreciation, depletion, and amortization (“DD&A”) expense increased by $32.6 million, or 17.9%, to $214.0 million for the year ended December 31, 2023 as compared to $181.4 million for the year ended December 31, 2022, primarily due to a 14.2% increase in the amount of gold equivalent ounces sold.
The Company does not include copper, lead, or zinc as they are considered by-products. 105 Revenue For the year ended December 31, 2022, revenue decreased by $326.2 million, or 22.1%, to $1,148.0 million as compared to $1,474.2 million for the year ended December 31, 2021. The decrease was mainly due to a 22.6% decrease in gold equivalent ounces sold.
The Company does not include copper, lead, or zinc as they are considered by-products. 102 Revenue For the year ended December 31, 2023, revenue increased by $278.9 million, or 24.3%, to $1,426.9 million as compared to $1,148.0 million for the year ended December 31, 2022.
Cash Dividends During the year ended December 31, 2022, we declared and paid cash dividends of $0.28 per common share in the aggregate amount of 58.8 million. During the year ended December 31, 2021, we declared and paid cash dividends of $0.20 per common share in the aggregate amount of $43.2 million.
For further information, s ee Note 20 to the Consolidated Financial Statements. Cash Dividends During the year ended December 31, 2023, the Company declared and paid cash dividends of $0.28 per common share in the aggregate amount of $57.7 million.
Refer to the Cash flows part of the Liquidity and Capital Resources section of the MD&A for additional detail of the Company's cash flow activities. The Company held $566.0 million of its cash and cash equivalents balance in USD.
Refer to the Cash Flows section below for additional detail of the Company’s cash flow activities. The Company held $444.9 million of its cash and cash equivalents balance in USD. Additionally, the Company held cash and cash equivalents of $28.7 million, $11.1 million and $7.3 million in ARS, CAD and TRY, respectively.
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 manages its liquidity risk through 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. 109 Cash and Cash Equivalents At December 31, 2023, the Company had $492.4 million of cash and cash equivalents, a decrease of $163.1 million from December 31, 2022, mainly due to cash used for the Company’s investing and financing activities, including cash expenditures for acquisitions, partially offset by cash flows generated by the Company’s operations.
On October 21, 2021, the Company completed the sale of a portfolio of 16 royalties and various deferred consideration interests in Türkiye and the Americas (the "Royalty Portfolio") to EMX Royalty Corporation 1 The fair value of the common shares of Endeavour Silver on July 6, 2022 was $25.6 million.
The Company will leverage its existing teams and infrastructure to advance the exploration of these assets. On October 21, 2021, the Company completed the sale of a portfolio of 16 royalties and various deferred consideration interests in Türkiye and the Americas (the “Royalty Portfolio”) to EMX Royalty Corporation (“EMX”).
In connection with the 2022 NCIB, the Company entered into an automated share purchase plan. During the year ended December 31, 2022, the Company repurchased and cancelled common shares of 6,053,126 for $100.0 million at a weighted average price paid per common share of $16.53.
Share Repurchase Plan / NCIB During the year ended December 31, 2023, the Company repurchased and cancelled common shares of 3,966,855 for $56.3 million, respectively, at a weighted average price paid per common share of $14.20.
The following table provides a reconciliation of cash provided by operating activities to free cash flow: Years Ended December 31, (in thousands) 2022 2021 2020 Cash provided by operating activities (GAAP) $ 160,896 $ 608,986 $ 307,098 Less: Additions to mineral properties, plant and equipment 1 (137,515) (164,810) (138,990) Free cash flow (non-GAAP) $ 23,381 $ 444,176 $ 168,108 (1) Represents purchases of plant and equipment, excluding purchases of mineral properties.
The following table provides a reconciliation of Cash provided by operating activities to free cash flow: Year Ended December 31, (in thousands) 2023 2022 2021 Cash provided by operating activities (GAAP) $ 421,725 $ 160,896 $ 608,986 Expenditures on mineral properties, plant and equipment (223,422) (137,515) (164,810) Free cash flow (non-GAAP) $ 198,303 $ 23,381 $ 444,176 Critical Accounting Estimates This MD&A is based on the Company's consolidated financial statements, which have been prepared in conformity with US GAAP.
Cost of sales Cost of sales decreased by $63.4 million, or 9.4%, to $607.9 million for the year ended December 31, 2022, as compared to $671.4 million for the year ended December 31, 2021. Çöpler cost of sales decreased $75.1 million, or 28.3%, due to the temporary suspension of operations during the third quarter of 2022.
Cost of sales Cost of sales increased by $196.2 million, or 32.3%, to $804.1 million for the year ended December 31, 2023, as compared to $607.9 million for the year ended December 31, 2022.
The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site. Remediation costs are accrued based on the Company’s best estimate at the end of each period of the costs expected to be incurred at a site.
The Company’s cost estimates are reflected on a third-party cost basis and comply with the Company’s legal obligation to retire long-lived assets in the period incurred. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation liability at each mine site.
Foreign exchange gain (loss) Foreign exchange loss for the year ended December 31, 2022 was $32.5 million compared to a gain of $3.6 million for the year ended December 31, 2021. The Company's main foreign exchange exposures are related to net monetary assets and liabilities denominated in TRY, ARS and CAD.
Foreign exchange gain (loss) Foreign exchange loss for the year ended December 31, 2023 was $105.7 million compared to a loss of $32.5 million for the year ended December 31, 2022.
The decrease of $48.0 million in cash used in financing activities is mainly due to lower repurchase and cancellation of common shares under the NCIB of $48.1 million as compared to the same period in 2021. Contractual Obligations The Company enters into contracts in the normal course of business that give rise to commitments for future minimum payments.
Contractual Obligations The Company enters into contracts in the normal course of business that give rise to commitments for future minimum payments.
In addition, the Company will receive up to $34.0 million in contingent cash payments payable upon completion of certain milestones related to the Yenipazar project. For further information, see Note 3 to the Consolidated Financial Statements. On September 16, 2020, the Company completed the business acquisition of Alacer Gold Corp. ("Alacer").
The Company received total consideration of $33.0 million in cash and $34.5 million in common shares in EMX. In addition, the Company will receive up to $34.0 million in contingent cash payments payable upon completion of certain milestones related to the Yenipazar project.
The change is primarily due to an increase in 107 interest and other finance income of $14.4 million earned principally through its investments, which consisted primarily of short-term investments and money market funds during 2022 and an increase in the gain on marketable securities of $14.8 million.
The change is primarily due to an increase in the gain on sale of investments and marketable securities of $11.8 million, an increase in interest income of $6.3 million during 2023 due to higher interest rates, and an increase in the change of the fair value of marketable securities of $3.6 million.
Any such changes in future costs, the timing of reclamation activities, scope, or the exclusion of certain costs not considered reclamation costs, could materially impact the amounts charged to earnings for reclamation. Additionally, future changes to environmental laws and regulations could increase the extent of reclamation work required.
Any such changes, including but not limited to, changes in environment laws and regulations, which could increase the extent of reclamation work required; changes in future costs; changes in the timing of reclamation activities; and changes in the methods and technology utilized to do reclamation, could have a material impact on the Company’s results of operations.
The increases are due to 42.2% fewer gold ounces sold during the year ended December 31, 2022 compared to same period in 2021 as a result of the temporary suspension of operations that occurred for the majority of the third quarter of 2022 in addition to the increase in cash costs per ounce. 109 Marigold, USA Years Ended December 31, Change Operating Data 2022 2021 2020 2022 (%) 2021 (%) Gold produced (oz) 194,668 235,282 234,443 (17.3) % 0.4 % Gold sold (oz) 195,617 236,847 229,892 (17.4) % 3.0 % Average realized gold price ($/oz sold) $ 1,747 $ 1,763 $ 1,783 (0.9) % (1.1) % Cost of sales (1) $ 206,014 $ 219,035 $ 216,358 (5.9) % 1.2 % Cost of sales ($/oz gold sold) (1) $ 1,053 $ 925 $ 941 13.8 % (1.7) % Cash costs ($/oz gold sold) (2) $ 1,056 $ 926 $ 938 14.0 % (1.3) % AISC ($/oz gold sold) (2) $ 1,378 $ 1,187 $ 1,205 16.1 % (1.5) % (1) Excludes depreciation, depletion, and amortization.
AISC per ounce of gold sold increase d 7.9% due to higher cash costs per ounce of gold sold and higher sustaining capital expenditures, partially offset by care and maintenance costs incurred during the temporary suspension of operations in the three months ended September 30, 2022. 105 Marigold, USA Year Ended December 31, Change Operating Data 2023 2022 2021 2023 (%) 2022 (%) Gold produced (oz) 278,488 194,668 235,282 43.1 % (17.3) % Gold sold (oz) 275,962 195,617 236,847 41.1 % (17.4) % Average realized gold price ($/oz sold) $ 1,950 $ 1,783 $ 1,763 9.4 % 1.1 % Ore mined (kt) 21,846 18,061 19,999 21.0 % (9.7) % Waste removed (kt) 74,800 72,166 79,885 3.6 % (9.7) % Total material mined (kt) 96,646 90,227 99,884 7.1 % (9.7) % Ore stacked (kt) 21,846 18,061 19,999 21.0 % (9.7) % Gold grade stacked (g/t) 0.45 0.56 0.41 (19.6) % 36.6 % Cost of sales (1) $ 289,063 $ 206,014 $ 219,035 40.3 % (5.9) % Cost of sales ($/oz gold sold) (1) $ 1,047 $ 1,053 $ 925 (0.6) % 13.8 % Cash costs ($/oz gold sold) (2) $ 1,049 $ 1,056 $ 926 (0.7) % 14.0 % AISC ($/oz gold sold) (2) $ 1,349 $ 1,378 $ 1,187 (2.1) % 16.1 % (1) Excludes depreciation, depletion, and amortization.
The 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.
Represents impairment charges related to the Royalty Portfolio sale, based on the differences between the carrying amount of the assets within the Royalty Portfolio, and the estimated net transaction price for the year ended December 31, 2022. See Note 7 to the Consolidated Financial Statements for further details.
Under the 2021 plan, the Company purchased and cancelled 8,800,700 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 and a total repurchase value of $148.1 million. 113 Cash and Cash Equivalents At December 31, 2022, the Company had $655.5 million of cash and cash equivalents, a decrease of $362.1 million from December 31, 2021, mainly due to cash used in the Company’s investing and financing activities, and partially offset by cash flows generated by the Company's operations.
The Company purchased and cancelled 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 $16.01 and a total repurchase value of $145.3 million.
The decrease in cash provided by operating activities is mainly due to the impact of lower gold sales at Çöpler, due to the temporary suspension of operations, and lower sales at Marigold in addition to the net change in operating assets and liabilities for the year ended December 31, 2022 as compared to the year ended December 31, 2021. 114 Cash (used in) provided by investing activities For the year ended December 31, 2022, cash used in investing activities was $236.3 million compared to cash used in investing activities of $129.1 million for the year ended December 31, 2021.
Cash (used in) provided by investing activities For the year ended December 31, 2023, cash used in investing activities was $339.3 million compared to $236.3 million for the year ended December 31, 2022.
Cost of sales for the year ended December 31, 2022 was $74.7 million, a 12.5% increase compared to the year ended December 31, 2021. The increase was due to higher gold ounces sold, and the cost of sales per ounce sold was consistent year over year.
The increase was primarily due to a 12.1% increase in the number of gold ounces sold, higher operating costs and inflationary pressure on costs during the year ended December 31, 2023, compared to the same period in 2022. For a complete discussion of costs of sales by site, refer to the Results of Operations below.
The increase is mainly due to the increase in cash costs per ounce from fewer ounces sold as well as higher sustaining capital related to dewatering and leach pad construction costs, partially offset by lower componentization costs. 110 Seabee, Canada Years Ended December 31, Change Operating Data 2022 2021 2020 2022 (%) 2021 (%) Gold produced (oz) 136,125 118,888 81,686 14.5 % 45.5 % Gold sold (oz) 133,500 118,746 75,600 12.4 % 57.1 % Average realized gold price ($/oz sold) $ 1,795 $ 1,800 $ 1,790 (0.3) % 0.6 % Cost of sales (1) $ 74,679 $ 66,354 $ 40,575 12.5 % 63.5 % Cost of sales ($/oz gold sold) (1) $ 559 $ 559 $ 537 — % 4.1 % Cash costs ($/oz sold) (2) $ 561 $ 521 $ 522 7.7 % (0.2) % AISC ($/oz sold) (2) $ 823 $ 804 $ 1,110 2.4 % (27.6) % (1) Excludes depreciation, depletion, and amortization.
Cost of sales per ounce of gold sold, cash costs per ounce of gold sold and AISC per ounce of gold sold remained consistent period over period. 106 Seabee, Canada Year Ended December 31, Change Operating Data 2023 2022 2021 2023 (%) 2022 (%) Gold produced (oz) 90,777 136,125 118,888 (33.3) % 14.5 % Gold sold (oz) 83,610 133,500 118,746 (37.4) % 12.4 % Average realized gold price ($/oz sold) $ 1,965 $ 1,833 $ 1,800 7.2 % 1.8 % Ore mined (kt) 443 425 384 4.2 % 10.7 % Ore milled (kt) 445 414 382 7.5 % 8.4 % Gold mill feed grade (g/t) 6.62 10.36 9.92 (36.1) % 4.4 % Gold recovery (%) 96.7 98.0 98.4 (1.3) % (0.4) % Cost of sales (1) $ 82,898 $ 74,679 $ 66,354 11.0 % 12.5 % Cost of sales ($/oz gold sold) (1) $ 991 $ 559 $ 559 77.3 % — % Cash costs ($/oz sold) (2) $ 992 $ 561 $ 521 76.8 % 7.7 % AISC ($/oz sold) (2) $ 1,427 $ 823 $ 804 73.4 % 2.4 % (1) Excludes depreciation, depletion, and amortization.
The expenses incurred during 2021 related to the integration activities following the 2020 merger with Alacer and costs for the transition from a foreign private issuer to a domestic filer under SEC reporting requirements. Gain on acquisition of Kartaltepe Gain on acquisition of Kartaltepe in the 2022 year was $81.9 million.
SEC conversion costs are the costs associated with the 117 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 requirements.
Cost of sales for the year ended December 31, 2022 was $206.0 million, a 5.9% decrease as compared to the year ended December 31, 2021. Cost of sales were lower due to fewer ounces sold, partially offset by higher cost of sales per ounce.
General and administrative expense General and administrative expense for the year ended December 31, 2023 was $67.5 million as compared to $71.7 million for the year ended December 31, 2022, a decrease of $4.2 million primarily due to lower employee compensation expenses.
At Seabee, gold sales increased $30.8 million as the result of high mill feed grade, increasing ounces sold by 12.4% which was slightly offset by a 14.4% decrease in the average realized gold price. At Puna, sales decreased $26.6 million, or 11.8%, primarily due to a 14.6% decrease in the average realized silver price.
Revenue increased by $87.3 million, or 24.6%, of which $60.4 million was the result of an increase in gold ounces sold and $26.9 million was the result of higher average realized gold price.
Other income (expense) Other income for the year ended December 31, 2022 was $20.3 million as compared to expense of $14.1 million for the year ended December 31, 2021, an increase of $34.4 million.
Refer to Note 7 to the Consolidated Financial Statements for further details. 103 Other operating expenses, net Other operating expenses, net for the year ended December 31, 2023 were $1.3 million as compared to $2.1 million for the year ended December 31, 2022.
Removed
During the fourth quarter of 2022, the Company revised the previously reported caption of Production costs to Cost of sales within its Consolidated Statements of Operations to provide a more accurate description of the costs and align with commonly used terminology by industry participants. Cost of sales does not include depreciation, depletion and amortization.
Added
On February 13, 2024, the Company suspended all operations at its Çöpler property as a result of a significant slip on the heap leach pad (the “Çöpler Incident”). The Çöpler Incident is expected to have a significant impact on the Company’s operations, results of operations, cash flows and financial condition.

… 117 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

15 edited+4 added−2 removed12 unchanged
Additionally, Argentina introduced further currency control measures in 2022, including restrictions on the timing of payments to vendors in currencies other than ARS. While these provisions remain in effect, the Company is unable to hold funds in Argentina in USD, which has increased its exposure to the ARS.
Argentina introduced further currency control measures in 2022, including restrictions on the timing of payments to vendors in currencies other than ARS. While these provisions remain in effect, the Company is unable to hold funds in Argentina in USD, which has increased its exposure to the ARS.
The risks associated with the Company's financial instruments, and the policies on how the Company mitigates those risks are set out below. This is not intended to be a comprehensive discussion of all risks. There were no significant changes to the Company's exposures to these risks or the management of its exposures during the year ended December 31, 2022.
The risks associated with the Company's financial instruments, and the policies on how the Company mitigates those risks are set out below. This is not intended to be a comprehensive discussion of all risks. There were no significant changes to the Company's exposures to these risks or the management of its exposures during the year ended December 31, 2023.
Effective September 2, 2019, Argentina introduced new Central Bank regulations which require export proceeds to be converted into ARS within five business days of such proceeds entering the country. These provisions were intended to be temporary until December 31, 2019; however, the provisions remained in effect as of December 31, 2022.
Effective September 2, 2019, Argentina introduced new Central Bank regulations which require export proceeds to be converted into ARS within five business days of such proceeds entering the country. These provisions were intended to be temporary until December 31, 2019; however, the provisions remained in effect as of December 31, 2023.
The Company is also exposed to currency risk arising from cash, cash equivalents and restricted cash held in foreign currencies, marketable securities, accounts receivable and other financial assets, trade and other payables, lease liabilities, other financial liabilities, and current and deferred income and other taxes denominated in foreign currencies.
The Company is also exposed to currency risk arising from cash, cash equivalents and restricted cash held in foreign currencies, as well as marketable securities, accounts receivable and other financial assets, trade and other payables, lease liabilities, other financial liabilities, and current and deferred income and other taxes denominated in foreign currencies.
The Company assessed the impact of a 10% change in the USD exchange rate relative to the ARS and CAD and a 25% change in the USD exchange rate relative to the TRY as of December 31, 2022, on the Company's net income based on the above net financial assets and liabilities.
The Company assessed the impact of a 10% change in the USD exchange rate relative to the TRY, CAD, and ARS as of December 31, 2023, on the Company's net income based on the above net financial assets and liabilities.
As of December 31, 2022, the Company is exposed to interest rate cash flow risk arising from its cash and restricted cash in bank accounts that earn variable interest rates, and interest expense on variable rate borrowings.
As of December 31, 2023, the Company is exposed to interest rate cash flow risk arising from its cash in bank accounts that earn variable interest rates, and interest expense on variable rate borrowings.
With other variables unchanged, a 1.0% change in the annualized interest rate would impact the Company's after-tax net income b y $5.4 million and $6.4 million for the years ended December 31, 2022 and December 31, 2021, respectively.
With other variables unchanged, a 1.0% change in the annualized interest rate would impact the Company's after-tax net income b y $3.1 million and $5.4 million for the years ended December 31, 2023 and December 31, 2022, respectively.
This adjustment period represents the Company's exposure to commodity price risk on its trade receivables. A 10% increase or decrease in the silver price as of December 31, 2022, with all other variables held constant, would have resulted in a $6.6 million increase or decrease to the Company's after-tax net income, respectively.
This adjustment period represents the Company's exposure to commodity price risk on its trade receivables. A 10% increase or decrease in the silver price as of December 31, 2023, with all other variables held constant, would have resulted in a $9.8 million increase or decrease to the Company's after-tax net income, respectively.
As of December 31, 2022, a 1.0% increase or decrease in the LIBOR interest rate, assuming all other variables remained constant, would decrease or increase the Company's after-tax net income for the year ended December 31, 2022 by $0.8 million.
As of December 31, 2023, a 1.0% increase or decrease in the SOFR interest rate, assuming all other variables remained constant, would decrease or increase the Company's after-tax net income for the year ended December 31, 2023 by $0.2 million.
As of December 31, 2022 and 2021, the weighted average interest rate earned on the Company's cash and cash equivalents wa s 4.39% an d 0.14%, respectively.
As of December 31, 2023 and 2022, the weighted average interest rate earned on the Company's cash and cash equivalents wa s 4.67% an d 4.39%, respectively.
In addition, the Company uses surety bonds to support certain environmental bonding obligations. As of December 31, 2022 and 2021, the Company had surety bonds totaling $117.4 million and $117.0 million, respectively, outstanding. 129
In addition, the Company uses surety bonds to support certain environmental bonding obligations. As of December 31, 2023 and 2022, the Company had surety bonds totaling $142.7 million and $117.4 million, respectively, outstanding. 128
As of December 31, 2022, depreciation of the TRY, CAD, and ARS against the USD would have resulted in an increase (decrease) to the Company's total net income as follows: (in thousands) Year Ended December 31, 2022 TRY $ (4,169) CAD $ (514) ARS $ (2,535) 128 Interest Rate Risk Interest rate risk is the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates.
As of December 31, 2023, depreciation of the TRY, CAD, and ARS against the USD would have resulted in an increase (decrease) to the Company's total net income as follows: (in thousands) Year ended December 31, 2023 TRY $ (646) CAD $ 504 ARS $ (3,732) 127 Interest Rate Risk Interest rate risk is the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates.
The Company's maximum exposure to credit risk as of December 31, 2022 and December 31, 2021 was as follows (in thousands): December 31, 2022 2021 Cash and cash equivalents $ 655,453 $ 1,017,562 Trade receivables 62,563 73,656 Value added tax receivable 32,535 22,456 Restricted cash 33,653 35,303 Other current and non-current financial assets 27,526 39,335 $ 811,730 $ 1,188,312 As of December 31, 2022, no amounts were held as collateral except those discussed above related to other financial assets.
The Company's maximum exposure to credit risk as of December 31, 2023 and 2022 was as follows (in thousands): December 31, 2023 2022 Cash and cash equivalents $ 492,393 $ 655,453 Trade receivables 91,339 62,563 Value added tax receivable 31,087 32,535 Restricted cash 101 33,653 Other current and non-current financial assets 26,593 27,526 $ 641,513 $ 811,730 As of December 31, 2023, no amounts were held as collateral except those discussed above related to other financial assets.
The Company continuously monitors the effects of inflationary factors, such as increases in our cost of sales and operating expenses, which may adversely affect our results of operations. 127 At December 31, 2022 and 2021, the Company was primarily exposed to currency risk through the following financial assets and liabilities denominated in foreign currencies: December 31, 2022 (in thousands) TRY CAD ARS Financial assets Cash and cash equivalents $ 20,575 $ 23,087 $ 43,822 Marketable securities — 351 7,852 Accounts receivable and other financial assets (1) 24,875 588 12,566 Financial liabilities Trade and other payables (27,898) (17,336) (18,350) Lease liabilities (1) (4,562) (527) — Other financial liabilities (314) (504) (27) $ 12,676 $ 5,659 $ 45,863 December 31, 2021 (in thousands) TRY CAD ARS Financial assets Cash and cash equivalents $ 2,968 $ 12,763 $ 24,450 Marketable securities — 7,820 3,489 Accounts receivable and other financial assets (1) 20,004 39 4,716 Financial liabilities Trade and other payables (26,782) (24,954) (14,374) Lease liabilities (1) (4,456) (278) — Other financial liabilities (4,354) (236) — $ (12,620) $ (4,846) $ 18,281 (1) Includes current and non-current portion.
The Company utilizes blue chip swaps, which are a legal indirect foreign exchange mechanism to convert ARS to USD and manage currency risk related to the ARS, but cannot remove all such risk and such swaps may result in losses which may be significant. 126 At December 31, 2023 and 2022, the Company was primarily exposed to currency risk through the following financial assets and liabilities denominated in foreign currencies: December 31, 2023 (in thousands) TRY CAD ARS Financial assets Cash and cash equivalents $ 7,262 $ 11,090 $ 28,654 Marketable securities — 204 10,403 Accounts receivable and other financial assets (1) 24,784 231 8,166 Financial liabilities Trade and other payables (18,922) (15,206) (6,172) Lease liabilities (1) (6,021) (805) — Other financial liabilities — (1,061) — $ 7,103 $ (5,547) $ 41,051 December 31, 2022 (in thousands) TRY CAD ARS Financial assets Cash and cash equivalents $ 20,575 $ 23,087 $ 43,822 Marketable securities — 351 7,852 Accounts receivable and other financial assets (1) 24,875 588 12,566 Financial liabilities Trade and other payables (27,898) (17,336) (18,350) Lease liabilities (1) (4,562) (527) — Other financial liabilities (314) (504) (27) $ 12,676 $ 5,659 $ 45,863 (1) Includes current and non-current portion.
The Company's variable rate borrowings are the Term Loan, which is subject to a variable interest rate of LIBOR plus 3.50% to 3.70%, and the Amended Credit Agreement, which is subject to a variable interest rate of LIBOR plus 2% to 3%.
The Company's variable rate borrowings are the revolving credit facility, Second Amended Credit Agreement, which is subject to a variable interest rate of SOFR plus applicable margin varying based on the Company’s consolidated leverage ratio and amounts drawn on the credit facility ranging from 2.00% to 2.75%. The Second Amended Credit Agreement is undrawn at December 31, 2023.
Removed
The economies of Argentina and Türkiye are currently considered highly inflationary, which is defined as cumulative inflation rates exceeding 100 percent in the most recent three‑year period based on inflation data published by the respective governments. The volatility of exchange rates depends on many factors that we cannot forecast with reliable accuracy.
Added
As previously disclosed, the Central Bank of Argentina has continued to maintain certain capital and currency controls that generally restrict the Company’s ability to access USD in Argentina and remit earnings from its Argentine operations.
Removed
The Term Loan and Amended Credit Agreement contain fallback language that replaces LIBOR with an alternative benchmark rate based on either SOFR or another alternative benchmark rate when LIBOR ceases to exist. The Amended Credit Agreement is undrawn at December 31, 2022.
Added
During the fourth quarter of 2023, the Argentine government implemented a series of measures to address the current economic situation, which included increasing the exchange rate for ARS more than 50.0% following the presidential elections on December 12, 2023.
Added
Additionally during October 2023, following new resolutions by the Argentinian government, a change was instituted in the conversion of USD-denominated export revenues. Prior to the resolutions, all export proceeds were mandatorily converted to ARS at the official exchange rate.
Added
However, the 125 new policy dictated that a portion of these proceeds could be converted at the market rate, which was significantly higher than the official rate until the major devaluation on December 12, 2023.

Other SSRM 10-K year-over-year comparisons