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What changed in SSR MINING INC.'s 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of SSR MINING INC.'s 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+589 added−598 removedSource: 10-K (2025-02-18) vs 10-K (2024-02-27)

Top changes in SSR MINING INC.'s 2024 10-K

589 paragraphs added · 598 removed · 467 edited across 10 sections

Item 1. Business

Business — how the company describes what it does

34 edited+1 added−3 removed30 unchanged
Biggest changeProperties 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.
Biggest changeDoré is unrefined gold bullion bars usually consisting of in excess of 90% gold, which is subsequently refined by a third party to gold bullion. 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 .
The Company’s Board of Directors also recognizes that a diverse board of directors makes prudent business sense and makes for better oversight and corporate governance and is committed to a merit-based process, which is based on objective criteria, solicits multiple perspectives and is free of conscious or unconscious bias and discrimination, for the identification and selection of nominees to the Board.
The Board also recognizes that a diverse board of directors makes prudent business sense and makes for better oversight and corporate governance and is committed to a merit-based process, which is based on objective criteria, solicits multiple perspectives and is free of conscious or unconscious bias and discrimination, for the identification and selection of nominees to the Board.
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’s Board of Directors (the “Board”) 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.
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.
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. 5 Producing precious metals is an energy-intensive business, resulting in carbon emissions.
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 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 Data are available on the Company’s website.
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.
Risk Factors for further information. 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. 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.
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.
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”), 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.
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”) .
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 (“Nasdaq”) and the Toronto Stock Exchange (“TSX”) under the trading symbol “SSRM.” The Company’s CHESS depositary interests (“CDIs”) are listed under the ticker symbol “SSR” on Australian Securities Exchange (“ASX”) .
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.
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. 7 Available Information SSR Mining Inc. was incorporated in British Columbia, Canada in 2005 and its predecessor companies date back to 1946.
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
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. 8
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.
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 product revenue by category for the following years was as fol lows: Year Ended December 31, Product Revenue (1) 2024 2023 2022 Gold 67 % 80 % 82 % Silver 27 % 15 % 14 % Lead 5 % 3 % 3 % Zinc — % 1 % 1 % Other (2) 1 % 1 % — % (1) The Company also realizes de minimis revenue from copper.
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.
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. Risk Factors, below for further information.
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.
See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, for further information regarding closure and reclamation cost estimates. 6 Human Capital Management Employees and Contractors A s of December 31, 2024, t he Company employed approximately 2,300 full-time employees and 1,200 contract employees throughout the United States, Canada, Argentina and Türkiye.
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.
Risk Factors, below for further information. 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.
In addition, the Company’s Code of Business Conduct and Ethics (the “Code of Conduct”), available on the Company's website, promotes and supports diversity and inclusion.
The Diversity Policy is reviewed annually and is available on the Company’s website. In addition, the Company’s Code of Business Conduct and Ethics (the “Code of Conduct”), available on the Company's website, promotes and supports diversity and inclusion.
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%).
The contributions to revenue by reportable operating segment for the year ended December 31, 2024 were 7% from Çöpler (2023 – 31%; 2022 – 31%), 41% from Marigold (2023 – 38%; 2022 – 30%), 19% from Seabee (2023 – 11%; 2022 – 21%) and 33% from Puna (2023 – 20%; 2022 – 18%).
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.
See Note 5 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. Principal Products Çöpler, Marigold and Seabee produce gold doré.
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.
Certain of the Company’s employees in Türkiye and Argentina are represented by a union. As o f December 31, 2024, approximatel y 32% of the Company ’ s workforce were represented by a union.
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.
The London Bullion Market Association (“LBMA”) average gold and silver prices for the following years were as follows: Year Ended December 31, 2024 2023 2022 LBMA Average Gold Prices Per Ounce $ 2,387 $ 1,943 $ 1,800 LBMA Average Silver Prices Per Ounce $ 28.25 $ 23.39 $ 21.73 See Item 7.
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.
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.
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 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.
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$” refers to Canadian dollars.
The Company produces gold doré as well as copper, silver, lead and zinc concentrates. In this report, “SSR Mining,” the “Company,” “our,” “us” and “we” refer to SSR Mining Inc. together with its affiliates and subsidiaries, unless the context otherwise requires. All currency references herein are in United States dollars (“USD”) unless otherwise indicated.
(2) Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré. As of December 31, 2023, the Company had attributable proven and probable gold reser ves o f 7,275 koz.
(2) Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré.
At all times, the Company works to be a partner in the long-term sustainability of the communities in which it operates. In addition to direct investments made by SSR Mining, the Company also invests in the local communities surrounding its operations by supporting education, social programs and infrastructure projects.
In addition to direct investments made by SSR Mining, the Company also invests in the local communities surrounding its operations by supporting education, social programs and infrastructure projects.
References to “TRY” are to the lawful currency of Türkiye, the Turkish Lira. References to “ARS” are to the lawful currency of Argentina, the Argentine peso.
References to “CAD” or the use of the symbol “C$” refers to Canadian dollars. 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.
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.
At this time, we do not expect our potential insurance coverage will fully cover the losses and liabilities that are expected to result from the Çöpler Incident, and we have not determined if they will be adequate to cover the losses and liabilities that are expected to result from the temporary closure of Seabee, if at all. See Item 1A.
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.
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 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.
In addition to the remediation costs, estimates may include ongoing care, maintenance, and monitoring costs. The Company recorded reclamation and remediation costs of approximately $272.9 million during 2024 as a result of the Çöpler Incident.
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.
Over 44% of the current independent Board members self-identify as being “diverse.” The Company has adopted a Diversity Policy, and 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.
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.
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.
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.
The Company sells lead and zinc concentrate with high silver content, through contractual arrangements with smelters and traders located in Asia and Europe.
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.
The Company continues to work with the Ministry of Environment, Urbanization and Climate Change of Türkiye on remediation of the affected areas at Çöpler. See Item 1A. Risk Factors, below for further information.
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.
Puna produces silver, lead and zinc concentrates, which are sold to smelters or traders for further refining. During 2024, sales of gold doré accounted for 67% of revenue, with 30% sold to Canadian Imperial Bank of Commerce (“CIBC”) and 13% sold to Asahi Refining.
Additionally, environmental laws in the countries in which the Company operates require that the Company periodically perform environmental impact studies and updates at its mines.
Additionally, environmental laws in the countries in which the Company operates require that the Company periodically perform environmental impact studies and updates at its mines. Turkish government officials have stated that there has been no recordable contamination to local soil, water or air in the sampling locations resulting from the displaced heap leach material in connection with the Çöpler Incident.
Removed
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.
Added
Additionally, any insurance recovery which the Company may receive may not be adequate to cover the total losses and liabilities resulting from a particular event, including, but not limited to, the Çöpler Incident or the temporary closure of the Seabee mine during the third quarter of 2024 as a result of forest fires in the vicinity of the mine.
Removed
The market prices of gold and silver are key drivers of the Company’s profitability.
Removed
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.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

93 edited+22 added−14 removed318 unchanged
Biggest changeThe Company cannot provide assurance that these studies will not reveal environmental impacts that would require the Company to make significant capital outlays or cause material changes or delays in its intended activities, any of which could adversely affect the Company’s business.
Biggest changeThe Company cannot provide assurance that these studies will not reveal environmental impacts that would require the Company to make significant capital outlays or cause material changes or delays in its intended activities, any of which could adversely affect the Company’s business. 35 The failure to comply with environmental laws and regulations or liabilities related to hazardous substance contamination could result in project development delays, material financial impacts or other material impacts to the Company’s projects and activities, fines, penalties, lawsuits by the government or private parties, or material capital expenditures.
An annualized dividend payout level has not been declared by the Board of Directors, and the declaration and payment of future dividends, including future quarterly dividends, remains at the discretion of the Board of Directors.
An annualized dividend payout level has not been declared by the Board of Directors, and the declaration and payment of future dividends, including future quarterly dividends, remains at the discretion of the Board.
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. • Changes in the market prices of gold, silver and other metals, which in the past have fluctuated widely, will affect the Company’s operations. • The Company’s estimates of mineral reserves and mineral resources are based on interpretation and assumptions and may yield less mineral production under actual conditions than is currently estimated. • The Company may be unable to replace its mineral reserves or acquire additional commercially mineable mineral rights. • The Company faces intense competition in the mining industry. • Increased operating and capital costs could affect the Company’s profitability. • The Company is subject to supply chain disruptions and transportation risks. • The Company’s operations may be adversely affected by rising energy prices or energy shortages. • Continuation of the Company’s mining production is dependent on the availability of sufficient water supplies to support our mining operations. • The Company may be exposed to future development risks. • Land reclamation, mine closure and remediation requirements and costs may be burdensome and actual environmental and asset retirement obligations may exceed estimates and reserves. • The Company is subject to information systems security threats and other risks. • The Company’s joint venture interests are subject to risks. • The Company’s interest in deferred consideration received from divestitures may not be fully realized. • Reputation loss may result in decreased investor confidence, increased challenges in developing and maintaining community relations and an impediment to the Company’s overall ability to advance its business and projects. • The Company’s insurance coverage does not cover all of the Company’s potential losses, liabilities and damages related to its business and certain risks are uninsured and uninsurable. • The Company is exposed to market and/or counterparty risks related to the sale of its concentrates and metals. • Public health crises have, and could in the future, adversely affect the Company’s business.
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. • Changes in the market prices of gold, silver and other metals, which in the past have fluctuated widely, will affect the Company’s operations. • The Company’s estimates of mineral reserves and mineral resources ("MRMR") are based on interpretation and assumptions and may yield less mineral production under actual conditions than is currently estimated. • The Company may be unable to replace its mineral reserves or acquire additional commercially mineable mineral rights. • The Company faces intense competition in the mining industry. • Increased operating and capital costs could affect the Company’s profitability. • The Company is subject to supply chain disruptions and transportation risks. • The Company’s operations may be adversely affected by rising energy prices or energy shortages. • Continuation of the Company’s mining production is dependent on the availability of sufficient water supplies to support our mining operations. • The Company may be exposed to future development risks. • Land reclamation, mine closure and remediation requirements and costs may be burdensome and actual environmental and asset retirement obligations may exceed estimates and reserves. • The Company is subject to information systems security threats and other risks. • The Company’s joint venture interests are subject to risks. • The Company’s interest in deferred consideration received from divestitures may not be fully realized. • Reputation loss may result in decreased investor confidence, increased challenges in developing and maintaining community relations and an impediment to the Company’s overall ability to advance its business and projects. • The Company’s insurance coverage does not cover all of the Company’s potential losses, liabilities and damages related to its business and certain risks are uninsured and uninsurable. • The Company is exposed to market and/or counterparty risks related to the sale of its concentrates and metals. • Public health crises have, and could in the future, adversely affect the Company’s business.
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.
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 other unknown but potentially significant impacts, including the possibility of a significant protracted economic downturn, including a global recession.
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.
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 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; 20 • 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; • natural disasters, 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.
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.
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. 10 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.
Any future acquisitions would be accompanied by risks, including the quality of the mineral deposit acquired proving to be lower than expected; the difficulty of assimilating the operations and personnel of any acquired companies; the potential disruption of its ongoing business; the inability of management to realize anticipated 18 synergies and maximize its financial and strategic position; the failure to maintain uniform standards, controls, procedures and policies; and the potential for unknown or unanticipated liabilities associated with acquired assets and businesses, including tax, environmental or other liabilities.
Any future acquisitions would be accompanied by risks, including the quality of the mineral deposit acquired proving to be lower than expected; the difficulty of assimilating the operations and personnel of any acquired companies; the potential disruption of its ongoing business; the inability of management to realize anticipated synergies and maximize its financial and strategic position; the failure to maintain uniform standards, controls, procedures and policies; and the potential for unknown or unanticipated liabilities associated with acquired assets and businesses, including tax, environmental or other liabilities.
Although we currently do not believe that we will need to seek external sources of funding to operate our business, fund the remediation of the Çöpler Incident and support the additional costs and other liabilities that could arise over the next 12 months, the Çöpler Incident may negatively impact our access to capital through available sources of debt and equity financings in a timely manner and on acceptable terms.
Although we currently do not believe that we will need to seek external sources of funding to operate our business, fund the remediation of the Çöpler Incident, or support the additional costs and other liabilities that could arise over the next 12 months, the Çöpler Incident may negatively impact our access to capital through available sources of debt and equity financings in a timely manner and on acceptable terms.
Although there can be no assurance that such mitigation efforts will prevent future difficulty in obtaining sufficient and timely delivery of certain materials, the Company believes it has adequate programs to ensure a reliable supply of key materials. The Company’s operations may be adversely affected by rising energy prices or energy shortages.
Although there can be no assurance that such mitigation efforts will prevent future difficulty in obtaining sufficient and timely delivery of certain materials, the Company believes it has adequate programs to ensure a reliable supply of key materials. 19 The Company’s operations may be adversely affected by rising energy prices or energy shortages.
In this environment, false or fabricated information about the Company and its business may travel more quickly than the Company can issue or disseminate the truth. The Company does not ultimately have direct control over how it is perceived by others and there is no assurance that the Company would be able to reverse any negative perceptions.
In this environment, false or fabricated information about the Company and its business may travel more quickly than the Company can issue or disseminate the truth. 23 The Company does not ultimately have direct control over how it is perceived by others and there is no assurance that the Company would be able to reverse any negative perceptions.
In addition, extreme weather phenomena, sabotage, vandalism, government, non-governmental organization and community or other interference in the maintenance or provision of such infrastructure could adversely affect the Company’s operations and profitability. Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operations.
In addition, extreme weather phenomena, sabotage, vandalism, government, non-governmental organization and community or other interference in the maintenance or provision of such infrastructure could adversely affect the Company’s operations and profitability. 30 Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain 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 21 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 anticipated or may not be profitable at all.
As described above, as a result of the Çöpler Incident, it may be more challenging for the Company to obtain new sources of debt or equity capital to fund investments, ongoing business activities, construction and operation of potential future projects and exploration projects. 26 The Company may be unable to generate sufficient cash to fund its operations or service its debt.
As described above, as a result of the Çöpler Incident, it may be more challenging for the Company to obtain new sources of debt or equity capital to fund investments, ongoing business activities, construction and operation of potential future projects and exploration projects. The Company may be unable to generate sufficient cash to fund its operations or service its debt.
Additionally, the taking of property by nationalization or expropriation without adequate compensation is a risk in certain jurisdictions in which the Company has operations. Such governmental actions may have an adverse impact on the Company’s operations and profitability. 29 Suitable infrastructure may not be available or damage to existing infrastructure may occur.
Additionally, the taking of property by nationalization or expropriation without adequate compensation is a risk in certain jurisdictions in which the Company has operations. Such governmental actions may have an adverse impact on the Company’s operations and profitability. Suitable infrastructure may not be available or damage to existing infrastructure may occur.
A failure to successfully enter into new contracts or resolve any complaints could result in future labor disputes, work stoppages or other disruptions in production. Any labor unrest or other labor disturbances could have a material adverse effect on the Company’s business. The Company is dependent on its ability to recruit and retain qualified personnel.
A failure to successfully enter into new contracts or resolve any 32 complaints could result in future labor disputes, work stoppages or other disruptions in production. Any labor unrest or other labor disturbances could have a material adverse effect on the Company’s business. The Company is dependent on its ability to recruit and retain qualified personnel.
In addition to potential government restrictions and regulatory fines, penalties or sanctions, the Company’s ability to operate and thus, its results of operations and financial position, could be adversely affected by accidents, injuries, fatalities or events detrimental (or perceived to be detrimental) to the health and safety of our employees, the environment or the communities in which the Company operates.
In addition to potential government restrictions and regulatory fines, penalties or 33 sanctions, the Company’s ability to operate and thus, its results of operations and financial position, could be adversely affected by accidents, injuries, fatalities or events detrimental (or perceived to be detrimental) to the health and safety of our employees, the environment or the communities in which the Company operates.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
While such claims are often dismissed, there can be no assurance that all such claims will be dismissed entirely, or that the Company will not be required to incur significant expenses defending such claims. The Company is subject to assessment by taxation authorities in multiple jurisdictions that arise in the ordinary course of business.
While such claims are often dismissed, there can be no assurance that all such claims will be dismissed entirely, or that the Company will not be required to incur significant expenses defending such claims. 37 The Company is subject to assessment by taxation authorities in multiple jurisdictions that arise in the ordinary course of business.
Any reduction in production forecasts could have a material adverse effect on the Company’s results of operations and financial position. Land reclamation, mine closure and remediation requirements and costs may be burdensome and actual environmental and asset retirement obligations may exceed estimates and reserves.
Any reduction in production forecasts could have a material adverse effect on the Company’s results of operations and financial position. 21 Land reclamation, mine closure and remediation requirements and costs may be burdensome and actual environmental and asset retirement obligations may exceed estimates and reserves.
Maintaining operating costs in currencies subject to significant inflation could expose us to risks relating to devaluation and high domestic inflation. Country-specific inflation rates are often volatile and unpredictable, and global inflation rates 25 have risen consistently in recent years as a result of numerous global economic factors.
Maintaining operating costs in currencies subject to significant inflation could expose us to risks relating to devaluation and high domestic inflation. Country-specific inflation rates are often volatile and unpredictable, and global inflation rates have risen consistently in recent years as a result of numerous global economic factors.
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.
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.
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.
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.
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.
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, 34 or at all.
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.
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.
The above list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and information, and such statements and information will not be updated to reflect events or circumstances arising after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. 11 Risk Factor Summary The Company is subject to a variety of risks and uncertainties which, if any such risk actually occurs, could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flow.
The above list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and information, and such statements and information will not be updated to reflect events or circumstances arising after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. 9 Risk Factor Summary The Company is subject to a variety of risks and uncertainties which, if any such risk actually occurs, could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flow.
The more significant areas requiring the use of management assumptions and estimates relate to: • Recoverable metal in stockpiles and leach pads; • mineral reserves, mineral resources, and other resources that are the basis for future income and cash flow estimates and units-of-production depreciation, depletion and amortization calculations; • impairment of long-lived assets; • goodwill; • income taxes; • reclamation and closure liabilities; • future ore grades, throughput and recoveries; and • valuation of business combinations or asset acquisitions.
The more significant areas requiring the use of management assumptions and estimates relate to: • Recoverable metal in stockpiles and leach pads; • mineral reserves, mineral resources, and other resources that are the basis for future income and cash flow estimates and units-of-production depreciation, depletion and amortization calculations; • impairment of long-lived assets; • goodwill; • income taxes; • reclamation and remediation liabilities; • future ore grades, throughput and recoveries; and • valuation of business combinations or asset acquisitions.
Existing or future competition in the mining industry could materially adversely affect the Company’s prospects for mineral exploration and success in the future. Increased operating and capital costs could affect the Company’s profitability.
Existing or future competition in the mining industry could materially adversely affect the Company’s prospects for mineral exploration and success in the future. 18 Increased operating and capital costs could affect the Company’s profitability.
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 and will be made based on the Company’s financial position and other factors relevant at the time.
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.
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. 31 Civil disobedience in certain of the countries where the Company’s mineral properties are located could adversely affect its business.
See Note 20 to the Consolidated Financial Statements for further information. The Company’s indebtedness or lack of liquidity may impair the financial health of the Company.
See Note 20 to the Consolidated Financial Statements for further information. 27 The Company’s indebtedness or lack of liquidity may impair the financial health of the Company.
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.
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.
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.
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 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.
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.
The Company’s ability to pay dividends will be subject to future earnings, capital requirements, financial condition, compliance with covenants and financial ratios related to existing or future indebtedness and other factors deemed relevant by the Board of Directors.
The Company’s ability to pay dividends will be subject to future earnings, capital requirements, financial condition, compliance with covenants and financial ratios related to existing or future indebtedness and other factors deemed relevant by the Board.
In addition, a number of existing risks identified in other sections of this report will be exacerbated as a result of the Çöpler Incident. 13 Potential losses and liability resulting from the Çöpler Incident could have a material adverse effect on our financial condition, liquidity, cash flows and results of operations.
In addition, a number of existing risks identified in other sections of this report will be exacerbated as a result of the Çöpler Incident. 11 Actual and potential losses and liability resulting from the Çöpler Incident could have a material adverse effect on our financial condition, liquidity, cash flows and results of operations.
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 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; 28 • 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 or natural disasters, such as the forest fire in the vicinity of our Seabee mine, which temporarily suspended our operations and damaged equipment; • 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; • 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.
Forward-looking statements include, without limitation: all information related to the Çöpler Incident, including any statements about the impact of the Çöpler Incident on our business, financial condition, results of operations and cash flow, affected individuals and the surrounding community, forecasts and outlook; timing, production, cost, operating and capital expenditure guidance; the Company’s intention to return excess attributable free cash flow to shareholders; the timing and implementation of the Company’s dividend policy; the implementation of any share buyback program; statements regarding plans or expectations for the declaration of future dividends and the amount thereof; future cash costs and all-in sustaining costs (“AISC”) per ounce of gold, silver and other metals sold; the prices of gold, silver, copper, lead, zinc and other metals; mineral resources, mineral reserves, realization of mineral reserves, and the existence or realization of mineral resource estimates; the Company’s ability to discover new areas of mineralization; the timing and extent of capital investment at the Company’s operations; the timing of production and production levels and the results of the Company’s exploration and development programs; current financial resources being sufficient to carry out plans, commitments and business requirements for the next twelve months; movements in commodity prices not impacting the value of any financial instruments; estimated production rates for gold, silver and other metals produced by the Company; the estimated cost of sustaining capital; availability of sufficient financing; receipt of regulatory approvals; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; ongoing or future development plans and capital replacement; estimates of expected or anticipated economic returns from the Company’s mining projects, including future sales of metals, concentrate or other products produced by the Company and the timing thereof; the Company’s plans and expectations for its properties and operations; and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions.
Forward-looking statements include, without limitation: all information related to the Çöpler Incident, including any statements about the impact of the Çöpler Incident on our business, financial condition, results of operations and cash flow, affected individuals and the surrounding community, forecasts and outlook; timing, production, cost, operating and capital expenditure guidance; the Company’s intention to return excess attributable free cash flow to shareholders; the timing and implementation of the Company’s dividend policy; the implementation of any share buyback program; statements regarding plans or expectations for the declaration of future dividends and the amount thereof; future cash costs and all-in sustaining costs (“AISC”) per ounce of gold, silver and other metals sold; the prices of gold, silver, copper, lead, zinc and other metals; mineral resources, mineral reserves, realization of mineral reserves, and the existence or realization of mineral resource estimates; the Company’s ability to discover new areas of mineralization; the timing and extent of capital investment at the Company’s operations; the timing of production and production levels and the results of the Company’s exploration and development programs; current financial resources being sufficient to carry out plans, commitments and business requirements for the next twelve months; movements in commodity prices not impacting the value of any financial instruments; estimated production rates for gold, silver and other metals produced by the Company; the estimated cost of sustaining capital; availability of sufficient financing; receipt of regulatory approvals; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; ongoing or future development plans and capital replacement; estimates of expected or anticipated economic returns from the Company’s mining projects, including future sales of metals, concentrate or other products produced by the Company and the timing thereof; the Company’s plans and expectations for its properties and operations; the Company's ability to efficiently integrate acquired mines and businesses and to manage the costs related to any such integration, or to retain key technical, professional or management personnel; and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions.
The following is a summary of the principal risks faced by the Company, including, but not limited to: Risks Related to the Çöpler Incident: • As a result of the Çöpler Incident, the Company is subject to new risks.
The following is a summary of the principal risks faced by the Company, including, but not limited to: Risks Related to the Çöpler Incident: • As a result of the Çöpler Incident, the Company is subject to new and ongoing risks.
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.
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 7 and 24 to the Consolidated Financial Statements.
Holders of our common shares are entitled to receive only such dividends as the Company’s Board of Directors may declare out of funds legally available for such payments.
Holders of our common shares are entitled to receive only such dividends as the Board may declare out of funds legally available for such payments.
For example, on February 13, 2024, the Company suspended operations at Çöpler as a result of the Çöpler Incident and the Company is unable to reasonably estimate the impact of the Çöpler Incident on the financial position, results of operations and cash flows at this time.
For example, on February 13, 2024, the Company suspended operations at Çöpler as a result of the Çöpler Incident and the Company is unable to reasonably estimate the full impact of the Çöpler Incident on the longer-term financial position, results of operations and cash flows at this time.
Such expectations tend to be particularly focused on companies whose activities are perceived to have high environmental impacts, like mining companies. Following the Çöpler Incident, we are in discussions with the government of Türkiye, local government officials and impacted community members regarding remediation plans.
Such expectations tend to be particularly focused on companies whose activities are perceived to have high environmental impacts, like mining companies. Following the Çöpler Incident, we have been and continue to be in discussions with the government of Türkiye, local government officials and impacted community members regarding remediation efforts.
As a result, we are exposed to a number of new risks, described below, that will have an uncertain and potentially adverse impact on our business, consolidated results of operations, financial position and cash flows, which could be material.
Risks Related to the Çöpler Incident As a result of the Çöpler Incident, we are exposed to a number of new risks, described below, that will have an uncertain and potentially adverse impact on our business, consolidated results of operations, financial position and cash flows, which could be material.
Significant increases in inflation may significantly impact applicable currencies and precipitate governmental efforts to offset inflation impacts and restore the value of the lira, including lowering central bank interest rates.
Significant increases in inflation may significantly impact applicable currencies and precipitate governmental efforts to offset inflation impacts and restore the value of the impacted currency, including lowering central bank interest rates.
The Company’s operations depend on the continued availability and delivery of supplies of consumables, including diesel, tires, sodium cyanide and reagents, and capital items to operate efficiently.
The Company’s operations depend on the continued availability and delivery of supplies of consumables, including, but not limited to, diesel, tires, sodium cyanide and reagents, and capital items to operate efficiently.
Although we do not believe the Çöpler Incident would be considered a material adverse event under the terms of the Second Amended Credit Agreement or that there has been a violation of any covenant or an event of default, if it was later determined 14 that the Çöpler Incident is a material adverse event or the resulting events triggered a violation of a covenant or an event of default, the lenders under the Second Amended Credit Agreement may be permitted to terminate all commitments to extend credit under the Second Amended Credit Agreement and, if we had outstanding borrowings, to exercise remedies against the collateral pledged to secure the obligations thereunder.
Although we do not believe the Çöpler Incident was a material adverse event under the terms of the Second Amended Credit Agreement or that there has been a violation of any covenant or an event of default, if it was later determined that the Çöpler Incident or an event that occurs as a result of the Çöpler Incident, such as an action by Turkish authorities, is a material adverse event or the resulting events triggered a violation of a covenant or an event of default, the lenders under the Second Amended Credit Agreement may be permitted to terminate all commitments to extend credit under the Second Amended Credit Agreement and, if we had outstanding borrowings, to exercise remedies against the collateral pledged to secure the obligations thereunder.
Although the Company currently estimates its existing capital resources and the cash flows generated from its three other mine properties will be sufficient to meet the Company’s ongoing cash flow, capital expenditure and other business requirements for the next twelve months, at a minimum, there are a number of factors that may change the Company’s estimate or that the Company was not able to estimate and, therefore, the Company’s expected cash requirements may increase.
Although the Company currently estimates its existing capital resources and the cash flows generated from its other mine properties will continue to be sufficient to meet the Company’s ongoing cash flow, capital expenditure and other business requirements for the foreseeable future, there are a number of factors that may change the Company’s estimate or that the Company was not able to estimate and, therefore, the Company’s expected cash requirements may increase.
Moreover, there is no assurance that the Company will be able to renew any agreements the Company has in place to sell doré or concentrates when such agreements expire, that the Company will be able to enter into any new or additional sale agreements, or that the Company’s doré or concentrates will meet the qualitative and/or quantitative requirements under supply agreements or of existing or future buyers.
Moreover, there is no assurance that the Company will be able to renew any agreements the Company has in place to sell doré or concentrates when such agreements expire, that the Company will be able to enter into any new or additional sale agreements, or that the Company’s doré or concentrates will meet the qualitative and/or quantitative requirements under supply agreements or of existing or future buyers. 24 Public health crises have, and could in the future, adversely affect the Company’s business.
Additionally, media reports and social media stories, whether or not substantiated, could have an impact on our share price. These factors could subject the market price of our common shares to price fluctuations regardless of our underlying operating performance. As a result, our share price may continue to be volatile.
Additionally, media reports and social media stories, whether or not substantiated, could have an impact on our share price. These factors could subject the market price of our common shares to price fluctuations regardless of our underlying operating performance.
It is likely that our share price will continue to be volatile as a result of decreased investor confidence in the Company and the release of new information about the Çöpler Incident or the Company, including, among other things, reports about our employees or other individuals affected by the Çöpler Incident, actions taken by the Türkiye government, lawsuits or claims filed against us, or financial implications arising from the incident.
It is likely that our share price will continue to be volatile as a result of decreased investor confidence in the Company and the release of new information about the Çöpler Incident or the Company, including, among other things,updates regarding the timing or likelihood of returning to operations at Çöpler, actions taken by the Türkiye government, lawsuits or claims filed against us, or financial implications arising from the incident.
The Company is incurring legal and consulting fees to manage potential lawsuits and financial implications related to the Çöpler Incident, and those amounts are likely to be material, and are in addition to the claims for damages, which could be significant. The Company’s share price may continue to be volatile.
The Company is incurring legal and consulting fees to manage current and potential lawsuits and financial implications related to the Çöpler Incident, and those amounts are likely to be material, and are in addition to the claims for damages, which could be significant.
On February 17, 2021, the Company’s Board of Directors approved its inaugural quarterly dividend payment of $0.05 per common share that was paid on March 31, 2021 to shareholders of record at the close of business on March 5, 2021.
On February 17, 2021, the Board approved its inaugural quarterly dividend payment of $0.05 per common share that was paid on March 31, 2021 to shareholders of record at the close of business on March 5, 2021. The quarterly dividend payment was subsequently increased to $0.07 per common share as approved by the Board on February 22, 2022.
Additionally, to the extent we are put on a “watch” or our credit rating is downgraded by one or more rating agencies our access to capital will be further impacted.
Additionally, to the extent we are put on a “watch” or our credit rating is downgraded by one or more rating agencies as a result of an event related to the Çöpler Incident our access to capital will be further impacted.
If the Company’s estimates of the costs and other expenditures that it will incur in connection with the Çöpler Incident are incorrect or insufficient, it may result in a material adverse effect on Company’s liquidity, cash flow, results of operations and business. Investigations are being conducted and the remediation is being directed by the Türkiye Government.
If the Company’s estimates of the costs and other expenditures that it will incur in connection with the Çöpler Incident are incorrect or insufficient, it may result in a material adverse effect on Company’s liquidity, cash flows, results of operations and business.
As a result of the Çöpler Incident, our share price has experienced a significant decline on both Nasdaq and the TSX and the average trading volume increased significantly immediately following the Çöpler Incident but has subsequently stabilized.
As a result of the Çöpler Incident, our share price has experienced a significant decline on both Nasdaq and the TSX and experienced increased trading volume volatility.
If our reserve estimations are required to be revised using significantly lower gold, silver, copper, zinc, lead and other metal prices as a result of a decrease in commodity prices, increases in operating costs, reductions in metallurgical recovery or other modifying factors, this could result in material write-downs of our investment in mining properties or increased amortization, reclamation and closure charges. 17 Additionally, the Company is required to comply with the disclosure standards under Regulation S-K Subpart 1300 (“S-K 1300”) of the U.S. securities laws.
If our reserve estimations are required to be revised using significantly lower gold, silver, copper, zinc, lead and other metal prices as a result of a decrease in commodity prices, increases in operating costs, reductions in metallurgical recovery or other modifying factors, this could result in material write-downs of our investment in mining properties or increased amortization, reclamation and closure charges.
In addition, any fluctuation in the exchange rate of the TRY, CAD, ARS, or the currency of any other country in which the Company operates, against the USD could result in a loss on the Company’s books to the extent the Company holds funds or net monetary or non-monetary assets denominated in those currencies, and any fluctuations of currency prices generally may result in volatility.
In addition, any fluctuation in the exchange rate of the TRY, CAD, ARS, or the currency of any other country in which the Company operates, against the USD could result in a loss on the Company’s books to the extent the Company holds funds or net monetary or non-monetary assets denominated in those currencies, and any fluctuations of currency prices generally may result in volatility. 25 From time to time, countries in which the Company operates may adopt measures to restrict the availability of the local currency or the repatriation of capital across borders or enact tax rate changes designed to restrict fund movement across borders.
As a result of the Çöpler Incident, there may be increased challenges to our permits for Çöpler or Hod Maden, which could result in the revocation or rescinding of one or more of our permits, or result in our inability to operate the Çöpler mine or continue to pursue the development of Hod Maden.
As a result of the Çöpler Incident, there have been increased challenges to our permits for Çöpler, which has resulted in our inability to operate the Çöpler mine or continue to pursue the development of Hod Maden.
The health, safety, and well-being of our employees, contractors, and their families following the Çöpler Incident and responding to inquiries from the government of Türkiye has been the focus and priority of the management team.
The health, safety, and well-being of our employees, contractors, and their families following the Çöpler Incident, responding to inquiries from the government of Türkiye and progressing the remediation and the steps necessary to resume operations at Çöpler have been key areas of focus and the priority of the management team since the Çöpler Incident.
For example, average gold prices for 2023 were $1,943 per ounce (2022: $1,800; 2021: $1,799), average silver prices for 2023 were $23.39 per ounce (2022: $21.73; 2021: $22.92) , average lead prices for 2023 were $0.99 per pound (2022: $0.91; 2021: $1.04) and average zinc prices for 2023 were $0.92 per pound (2022: $1.60; 2021: $1.27).
For example, average gold prices for 2024 were $2,387 per ounce (2023: $1,943; 2022: $1,800), average silver prices for 2024 were $28.25 per ounce (2023: $23.39; 2022: $21.73), average lead prices for 2024 were $0.93 per pound (2023: $0.99; 2022: $0.91) and average zinc prices for 2024 were $1.14 per pound (2023: $0.92; 2022: $1.60).
On February 13, 2024, the Company suspended operations at Çöpler as a result of a significant slip on the heap leach pad. We cannot determine at this time when operations will resume at Çöpler, if at all. The Çöpler Incident is expected to have a significant impact on the Company’s cash flows, liquidity and capital resources.
On February 13, 2024, the Company suspended operations at Çöpler as a result of a significant slip on the heap leach pad. We cannot determine at this time when operations will resume at Çöpler, if at all.
For example, the global response to the COVID-19 pandemic led to significant restrictions on travel, temporary business closures, quarantines, stock market volatility, supplier and vendor uncertainty and a general reduction in global consumer activity.
An epidemic or pandemic may result in restrictions, orders, protocols and shutdowns that could negatively impact the Company’s operations. For example, the global response to the COVID-19 pandemic led to significant restrictions on travel, temporary business closures, quarantines, stock market volatility, supplier and vendor uncertainty and a general reduction in global consumer activity.
Although the Company makes efforts to mitigate these risks by ensuring that extreme weather conditions are included in emergency response plans at mine sites as required, there can be no assurance that these efforts will be effective and that these risks will not have an adverse effect on the Company’s operations.
Although the Company makes efforts to mitigate these risks by ensuring that extreme weather conditions are included in emergency response plans at mine sites as required, there can be no assurance that these efforts will be effective and that these risks will not have an adverse effect on the Company’s operations. 36 Further, climate change litigation has grown in frequency, as scientists, agencies, and the general public increasingly associate catastrophic environmental events with changing climate.
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.
As a result, our share price may continue to be volatile. 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.
As a result of the investigations, the Company may face, among other things, criminal and/or civil sanction, which may include significant fines, orders for remediation and restitution and loss of permits and/or the ability to operate Çöpler. Although we are cooperating and providing support as requested, the Türkiye government has assumed control and direction of the remediation efforts.
As a result of the investigations, the Company may face, among other things, criminal and/or civil sanction, which may include significant fines, orders for remediation and restitution and loss of permits and/or the ability to operate Çöpler.
If the Company’s mineral reserves are not replaced either by the development of additional mineral reserves and/or additions to mineral reserves, there may be an adverse impact on the Company’s future cash flows, earnings, results of operations and financial condition, and this may be compounded by requirements to expend funds for reclamation and decommissioning.
If the Company’s mineral reserves are not replaced either by the development of additional mineral reserves and/or additions to mineral reserves, there may be an adverse impact on the Company’s future cash flows, earnings, results of operations and financial condition, and this may be compounded by requirements to expend funds for reclamation and decommissioning. 17 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.
In particular, an increase in worldwide supply, and consequential downward pressure on prices, may result over the longer term from increased gold or silver production from mines developed or expanded as a result of current metal price levels.
In particular, an increase in worldwide supply, and consequential downward pressure on prices, may result over the longer term from increased gold or silver production from mines developed or expanded as a result of current metal price levels. 16 The Company’s estimates of mineral reserves and mineral resources are based on interpretation and assumptions and may yield less mineral production under actual conditions than is currently estimated.
We expect that increasingly our management team will be focused on the remediation effort and responding to the legal and other claims to which we will likely become subject.
Our management team will continue to be focused on the remediation effort and responding to the legal and other claims to which the Company has and may in the future become subject.
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.
Any decline in our realized prices adversely impacts our revenues, net income and ope rating cash flows. 15 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.
Further, climate change litigation has grown in frequency, as scientists, agencies, and the general public increasingly associate catastrophic environmental events with changing climate. In recent years, litigants have utilized common law theories and existing environmental statutes to try to hold companies liable for the effects of climate change.
In recent years, litigants have utilized common law theories and existing environmental statutes to try to hold companies liable for the effects of climate change.
In making determinations about whether to advance any of the Company’s projects to development or to mine existing mineral reserves, the Company must rely upon estimated calculations as to the mineral reserves and grades of mineralization on its properties. Until ore is actually mined and processed, mineral reserves and grades of mineralization must be considered as estimates only.
There are numerous uncertainties inherent in estimating mineral reserves and grades of mineralization, including many factors beyond the Company’s control. In making determinations about whether to advance any of the Company’s projects to development or to mine existing mineral reserves, the Company must rely upon estimated calculations as to the mineral reserves and grades of mineralization on its properties.
Additionally, the Company’s operations, particularly those operations located outside of North America, are exposed to various levels of safety and security risks which could result in injury or death, damage to property, work stoppages, product theft, or blockades of the Company’s mining operations and projects.
The Company may suffer a material adverse effect on its business if it incurs losses related to any significant events that are not covered by the Company’s insurance policies. 29 Additionally, the Company’s operations, particularly those operations located outside of North America, are exposed to various levels of safety and security risks which could result in injury or death, damage to property, work stoppages, product theft, or blockades of the Company’s mining operations and projects.
Extended declines in market prices for gold, silver and other precious metals may render portions of the Company’s mineralization uneconomic and result in reduced reported mineral reserves or mineral resources.
The Company’s estimates of mineral reserves and mineral resources have been determined and valued based on assumed future prices, cut-off grades and operating costs that may prove to be inaccurate. Extended declines in market prices for gold, silver and other precious metals may render portions of the Company’s mineralization uneconomic and result in reduced reported mineral reserves or mineral resources.
We are assessing whether the Çöpler Incident has had an environmental impact on the areas surrounding the site. If the incident resulted in environmental contamination, we may become financially responsible for the remediation, penalties and liable for claims by affected parties, which could be significant.
If the incident resulted (or if applicable Turkish authorities determine that it resulted) in environmental contamination, we may become financially responsible for the remediation, penalties and liable for claims by affected parties, which could be significant.
We cannot predict the outcome of these investigations and they could have a material adverse impact on our cash flows, results of operations or financial condition. The Çöpler Incident may result in environmental contamination of the surrounding area. The Çöpler Incident may result in environmental damage to the surrounding area.
Actual costs of long-term storage and remediation may vary significantly from our current estimates, which could have a material adverse impact on our cash flows, results of operations or financial condition. The Çöpler Incident may result in environmental contamination of the surrounding area.
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.
During the year ended December 31, 2023, the Company paid cash dividends of $0.28 per common share in the aggregate amount of $57.7 million. During the year ended December 31, 2024, the Company declared and paid no dividends.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe VP FT has more than eight years of 40 experience overseeing and managing IT operations, including cybersecurity, within the mining industry and has extensive hands-on, practical experience navigating real-world cyber challenges. The Company’s CSA has more than 25 years of IT, cyber security, and cyber auditing experience.
Biggest changeThe Director of Cybersecurity has more than thirty years of experience overseeing and managing cybersecurity, cyber auditing, and IT operations within the U.S. federal defense, commercial and mining sectors and has extensive hands-on, practical experience navigating real-world cyber challenges.
The Cybersecurity Committee will convene to evaluate the materiality of the breach, with input from the external breach team as required. Internal and external legal counsel will determine whether any disclosures are required pursuant to all relevant jurisdictional rules and regulations. The Company’s Board of Directors will be notified as necessary.
The Cybersecurity Committee will convene to evaluate the materiality of the breach, with input from the external breach team as required. Internal and external legal counsel will determine whether any disclosures are required pursuant to all relevant jurisdictional rules and regulations. The Board will be notified as necessary.
The Board may, from time to time, engage third party advisors and experts, and meet with the Company’s external advisors on cybersecurity matters, as appropriate. 41
The Board may, from time to time, engage third party advisors and experts, and meet with the Company’s external advisors on cybersecurity matters, as appropriate. 42
The CSA holds both a bachelor’s degree and master’s degree in IT/Cyber, several certifications in the industry, including the Certified Information Systems Security Professional (“CISSP”) and Information Systems Security Architecture Professional (“ISSAP”) credentials, Certified Information Systems Auditor (“CISA”) certification, Certified in Risk and Information Systems Control (“CRISC”) certification, Certified Data Privacy Solutions Engineer (“CDPSE”) certification, and other IT technical, cloud, and cyber governance certifications.
The Director of Cybersecurity holds both a bachelor’s degree and master’s degree in IT/Cyber, several certifications in the industry, including the Certified Information Systems Security Professional (“CISSP”) and Information Systems Security Architecture Professional (“ISSAP”) credentials, Certified Information Systems Auditor (“CISA”) certification, Certified in Risk and Information Systems Control (“CRISC”) certification, Certified Data Privacy Solutions Engineer (“CDPSE”) certification, and other IT technical, cloud, and cyber governance certifications.
Longer term cybersecurity risk management strategic planning is addressed by the Company’s management Cybersecurity Committee, which is comprised of the VP FT, the CSA and members from various departments within the Company, including Legal, Operations and Internal Audit. The Cybersecurity Committee meets quarterly to review cybersecurity threats and risks, strategic objectives, and progress on the Company’s cybersecurity initiatives.
Longer term cybersecurity risk management strategic planning is addressed by the Company’s management Cybersecurity Committee, which is comprised of the Director of Cybersecurity and members from various departments within the Company, including Legal, Operations and Internal Audit. The Cybersecurity Committee meets quarterly to review cybersecurity threats and risks, strategic objectives, and progress on the Company’s cybersecurity initiatives.
The Company also provides regular information security training to its employees. The Company engages external consultants and other third parties to provide cybersecurity controls assessment relying on the National Institute of Standards and Technology’s Cybersecurity Framework and for other advisory support. The Company will continue to take additional steps designed to further protect its networks, information and operations as needed.
The Company engages external consultants and other third parties to provide cybersecurity controls assessment relying on the National Institute of Standards and Technology’s Cybersecurity Framework and for other advisory support. The Company will continue to take additional steps designed to further protect its networks, information and operations as needed.
We rely on information technology systems provided by third parties, and our IT department implements procedures that seek to identify cybersecurity risks of these third-party providers to whom we outsource certain of our services or functions, or with whom we interface, store or process company, employee or other confidential information.
We rely on IT systems provided by third parties, and our IT department implements procedures that seek to identify cybersecurity risks of these third-party providers to whom we outsource certain of our services or functions, or with whom we interface, store or process company, employee or other confidential information. The Company also provides regular information security training to its employees.
Governance The Company’s Vice President of Finance and Technology (“VP FT”), assisted by the Company’s Information Technology (“IT”) Director and Cyber Security and Architecture Manager (“CSA”), is responsible for leading the team assessing, identifying and managing cybersecurity risks, including implementation of our cybersecurity risk management program and leading day-to-day cybersecurity operations.
Risk Factors for more information. 41 Governance The Company’s Director of Cybersecurity, assisted by the Company’s IT department, is responsible for leading the team assessing, identifying and managing cybersecurity risks, including implementation of our cybersecurity risk management program and leading day-to-day cybersecurity operations.
No cybersecurity incident during the year ended December 31, 2023, or prior, resulted in an interruption of our operations, known losses of critical data or otherwise had a material impact on our strategy, financial condition or results of operations. The scope of any future incident cannot be predicted. See “Item 1A. Risk Factors” for more information.
The Company has not experienced a cybersecurity incident during the year ended December 31, 2024, or prior, that resulted in an interruption of our operations, known losses of critical data or otherwise had a material impact on our strategy, financial condition or results of operations.
Added
The Company's Turkish subsidiary, Anagold Madencilik Sanayi ve Ticaret Anonim Şirketi (“Anagold”), was the target of a minor ransomware attack in November 2022, which did not cause serious disruption to the Company's or Anagold's operations. The scope of any future incident cannot be predicted. See Item 1A.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeYear ended December 31, 2023 Çöpler Marigold Seabee Puna Gold produced (oz) 220,999 278,488 90,777 — Gold sold (oz) 225,599 275,962 83,610 — Silver produced ('000 oz) — — — 9,688 Silver sold ('000 oz) — — — 9,920 Lead produced ('000 lb) — — — 45,772 Lead sold ('000 lb) — — — 48,640 Zinc produced ('000 lb) — — — 7,127 Zinc sold ('000 lb) — — — 8,166 Ore mined (kt) 4,501 21,846 443 1,926 Waste removed (kt) 25,197 74,800 307 6,240 Total material mined (kt) 29,698 96,646 750 8,166 Ore stacked - oxide (kt) 813 21,846 — — Gold grade stacked - oxide (g/t) 1.36 0.45 — — Ore milled (kt) 2,733 — 445 1,728 Gold mill feed grade (g/t) 2.56 — 6.62 — Gold recovery (%) 87.5 — 96.7 — Silver mill feed grade (g/t) — — — 181.1 Lead mill feed grade (%) — — — 1.27 Zinc mill feed grade (%) — — — 0.34 Silver recovery (%) — — — 96.3 Lead recovery (%) — — — 94.3 Zinc recovery (%) — — — 54.6 92 Year ended December 31, 2022 Çöpler Marigold Seabee Puna Gold produced (oz) 191,366 194,668 136,125 — Gold sold (oz) 192,811 195,617 133,500 — Silver produced ('000 oz) — — — 8,397 Silver sold ('000 oz) — — — 7,864 Lead produced ('000 lb) — — — 41,004 Lead sold ('000 lb) — — — 38,393 Zinc produced ('000 lb) — — — 8,583 Zinc sold ('000 lb) — — — 6,998 Ore mined (kt) 3,161 18,061 425 1,851 Waste removed (kt) 17,311 72,166 291 8,634 Total material mined (kt) 20,472 90,227 716 10,485 Ore stacked - oxide (kt) 459 18,061 — — Gold grade stacked - oxide (g/t) 1.06 0.56 — — Ore milled (kt) 2,068 — 414 1,638 Gold mill feed grade (g/t) 2.86 — 10.36 — Gold recovery (%) 87.0 — 98.0 — Silver mill feed grade (g/t) — — — 166.7 Lead mill feed grade (%) — — — 1.23 Zinc mill feed grade (%) — — — 0.49 Silver recovery (%) — — — 95.7 Lead recovery (%) — — — 92.3 Zinc recovery (%) — — — 48.7 93 Year ended December 31, 2021 Çöpler Marigold Seabee Puna Gold produced (oz) 329,276 235,282 118,888 — Gold sold (oz) 333,761 236,847 118,746 — Silver produced ('000 oz) — — — 8,010 Silver sold ('000 oz) — — — 7,810 Lead produced ('000 lb) — — — 37,695 Lead sold ('000 lb) — — — 33,378 Zinc produced ('000 lb) — — — 13,642 Zinc sold ('000 lb) — — — 10,751 Ore mined (kt) 9,750 19,999 384 1,449 Waste removed (kt) 15,015 79,885 272 9,594 Total material mined (kt) 24,765 99,884 656 11,043 Ore stacked - oxide (kt) 1,786 19,999 — — Gold grade stacked - oxide (g/t) 1.24 0.41 — — Ore milled (kt) 2,325 — 382 1,643 Gold mill feed grade (g/t) 3.71 — 9.92 — Gold recovery (%) 91.0 — 98.4 — Silver mill feed grade (g/t) — — — 158.0 Lead mill feed grade (%) — — — 1.12 Zinc mill feed grade (%) — — — 0.57 Silver recovery (%) — — — 95.8 Lead recovery (%) — — — 93.0 Zinc recovery (%) — — — 65.6 94
Biggest changeYear ended December 31, 2024 Çöpler Marigold Seabee Puna Gold produced (oz) 28,206 168,262 78,545 — Gold sold (oz) 30,382 167,669 81,070 — Silver produced ('000 oz) — — — 10,500 Silver sold ('000 oz) — — — 9,642 Lead produced ('000 lb) — — — 53,703 Lead sold ('000 lb) — — — 49,631 Zinc produced ('000 lb) — — — 3,641 Zinc sold ('000 lb) — — — 3,121 Ore mined (kt) 266 27,690 365 2,328 Waste removed (kt) 3,571 72,028 265 5,900 Total material mined (kt) 3,837 99,718 630 8,228 Ore stacked - oxide (kt) 184 27,690 — — Gold grade stacked - oxide (g/t) 1.17 0.28 — — Ore milled (kt) 343 — 366 1,862 Gold mill feed grade (g/t) 2.39 — 6.93 — Gold recovery (%) 78.9 — 96.4 — Silver mill feed grade (g/t) — — — 181.0 Lead mill feed grade (%) — — — 1.37 Zinc mill feed grade (%) — — — 0.20 Silver recovery (%) — — — 96.9 Lead recovery (%) — — — 95.6 Zinc recovery (%) — — — 44.2 93 Year ended December 31, 2023 Çöpler Marigold Seabee Puna Gold produced (oz) 220,999 278,488 90,777 — Gold sold (oz) 225,599 275,962 83,610 — Silver produced ('000 oz) — — — 9,688 Silver sold ('000 oz) — — — 9,920 Lead produced ('000 lb) — — — 45,772 Lead sold ('000 lb) — — — 48,640 Zinc produced ('000 lb) — — — 7,127 Zinc sold ('000 lb) — — — 8,166 Ore mined (kt) 4,501 21,846 443 1,926 Waste removed (kt) 25,197 74,800 307 6,240 Total material mined (kt) 29,698 96,646 750 8,166 Ore stacked - oxide (kt) 813 21,846 — — Gold grade stacked - oxide (g/t) 1.36 0.45 — — Ore milled (kt) 2,733 — 445 1,728 Gold mill feed grade (g/t) 2.56 — 6.62 — Gold recovery (%) 87.5 — 96.7 — Silver mill feed grade (g/t) — — — 181.1 Lead mill feed grade (%) — — — 1.27 Zinc mill feed grade (%) — — — 0.34 Silver recovery (%) — — — 96.3 Lead recovery (%) — — — 94.3 Zinc recovery (%) — — — 54.6 94 Year ended December 31, 2022 Çöpler Marigold Seabee Puna Gold produced (oz) 191,366 194,668 136,125 — Gold sold (oz) 192,811 195,617 133,500 — Silver produced ('000 oz) — — — 8,397 Silver sold ('000 oz) — — — 7,864 Lead produced ('000 lb) — — — 41,004 Lead sold ('000 lb) — — — 38,393 Zinc produced ('000 lb) — — — 8,583 Zinc sold ('000 lb) — — — 6,998 Ore mined (kt) 3,161 18,061 425 1,851 Waste removed (kt) 17,311 72,166 291 8,634 Total material mined (kt) 20,472 90,227 716 10,485 Ore stacked - oxide (kt) 459 18,061 — — Gold grade stacked - oxide (g/t) 1.06 0.56 — — Ore milled (kt) 2,068 — 414 1,638 Gold mill feed grade (g/t) 2.86 — 10.36 — Gold recovery (%) 87.0 — 98.0 — Silver mill feed grade (g/t) — — — 166.7 Lead mill feed grade (%) — — — 1.23 Zinc mill feed grade (%) — — — 0.49 Silver recovery (%) — — — 95.7 Lead recovery (%) — — — 92.3 Zinc recovery (%) — — — 48.7 95
Each Technical Report Summary has been filed with the SEC as part of the Company’s Current Report on Form 8-K filed on February 13, 2024 and each Technical Report Summary has been filed as an exhibit to this Annual Report and incorporated by reference herein and is available for review on EDGAR at www.sec.gov.
Each Technical Report Summary has been filed with the SEC as part of the Company’s Current Report on Form 8-K filed on February 13, 2024, has been filed as an exhibit to this Annual Report and incorporated by reference herein, and is available for review on EDGAR at www.sec.gov.
SSR controls 80% of the shares of Kartaltepe and Lidya holds the remaining 20%. The Kartaltepe license includes Çakmaktepe, Çakmaktepe Extension, Bayramdere, and the Mavialtin Porphyry Belt. SSR Mining is the operator of both Anagold and Kartaltepe. All of the processing facilities and operating assets are located on land owned by Anagold.
SSR Mining controls 80% of the shares of Kartaltepe and Lidya holds the remaining 20%. The Kartaltepe license includes Çakmaktepe, Çakmaktepe Extension, Bayramdere, and the Mavialtin Porphyry Belt. SSR Mining is the operator of both Anagold and Kartaltepe. All of the processing facilities and operating assets are located on land owned by Anagold.
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.
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 Corporation.
(7) Metallurgical recovery for heap leach oxide and grind leach varies between 40-78% and 53-90%, respectively, based on lithology; metallurgical recovery for sulfide varies between 81-91% based on lithology. (8) Marigold Mineral Resource estimate is based on an optimized pit shell at a cut-off grade of 0.069 g/t payable gold (gold assay factored for recovery, royalty, and net proceeds).
(7) Çöpler metallurgical recovery for heap leach oxide and grind leach varies between 40-78% and 53-90%, respectively, based on lithology; metallurgical recovery for sulfide varies between 81-91% based on lithology. (8) Marigold Mineral Resource estimate is based on an optimized pit shell at a cut-off grade of 0.069 g/t payable gold (gold assay factored for recovery, royalty, and net proceeds).
(6) Mineral Resources are reported at the variable gold cut-off grades based on different metallurgical parameters: heap leach oxide uses a NSR cut-off $18.34, at Bayramdere the heap leach oxide uses a NSR cutoff of $18.34, Oxide Grind Leach uses a NSR cutoff of $19.26, and Çöpler sulfide ore uses a cut-off grade of $39.87, Greater Çakmaktepe sulfide cut-off grade of $44.37, with allowances for payability, deductions, transport, and royalties.
(6) Çöpler Mineral Resources are reported at the variable gold cut-off grades based on different metallurgical parameters: heap leach oxide uses a NSR cut-off of $18.34/t, at Bayramdere the heap leach oxide uses a NSR cutoff of $18.34/t, oxide grind leach uses a NSR cutoff of $19.26/t, and sulfide ore uses a cut-off grade of $39.87/t, Greater Çakmaktepe sulfide cut-off grade of $44.37/t, with allowances for payability, deductions, transport, and royalties.
(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 ($1,750/oz for gold, $22.00/oz for silver, and $3.95/lb for copper. (4) Oxide definitions: heap leach and grind leach material are defined as material (5) Sulfide definitions: sulfide material is ≥2% total sulfur.
(3) Çöpler Mineral Resources were assessed for reasonable prospects for eventual economic extraction by reporting only material that fell within conceptual pit shells ($1,750/oz for gold, $22.00/oz for silver, and $3.95/lb for copper. (4) Çöpler oxide definitions: heap leach and grind leach material are defined as material (5) Sulfide definitions: sulfide material is ≥2% total sulfur.
Metallurgical recoveries vary with grade and on average are 55% for zinc. (2) Pirquitas UG Mineral Resources are contained within underground mining shapes in San Miguel, Potosi, Oploca, and Cortaderas veins based on an NSR cut-off on $110/t and are reported using a silver metal price of $22/oz and $1.15/lb of zinc.
Metallurgical recoveries vary with grade and on average are 55% for zinc. (2) Pirquitas UG Mineral Resources are contained within underground mining shapes in San Miguel, Potosi, Oploca, and Cortaderas veins based on an NSR cut-off on $110/t and are reported using a silver metal price of $22.00/oz and $1.15/lb of zinc.
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.
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. 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.
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.
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 96.4%, 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.
(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.
(4) Çöpler 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.
(4) Ore definitions: oxide and grind leach material are defined as material (5) Chinchillas Mineral Reserves are reported at NSR cut off value of $48.97/t which incorporates appropriate metallurgical recoveries and includes lead and zinc attributable metals. (6) Chinchillas processing recoveries vary based on the feed grade.
(4) Çöpler ore definitions: oxide and grind leach material are defined as material (5) Chinchillas Mineral Reserves are reported at NSR cut off value of $48.97/t, which incorporates appropriate metallurgical recoveries and includes lead and zinc attributable metals. (6) Chinchillas processing recoveries vary based on the feed grade.
(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.
(8) Chinchillas Mineral Resource are contained within a pit shell generated using an NSR cut-off of $37.91/tand 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.
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.
All the exploitation concessions are valid and in good standing. 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.
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.
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 Seabee conducted from 1947 until construction of the Seabee mill was initiated in the summer of 1990.
Mining Operations There is currently one operating mine as part of SGO, the underground Santoy mine, with ore hauled to the surface and then 14 kilometers to the mill located near the old Seabee mine. Ore is mined from the Santoy 8, Santoy 9, and Hanging Wall vein structures.
Mining Operations There is currently one operating mine as part of Seabee, the underground Santoy mine, with ore hauled to the surface and then 14 kilometers to the mill located near the old Seabee mine. Ore is mined from the Santoy 8, Santoy 9, and Hanging Wall vein structures.
In June 2019, SSR acquired the Buffalo Valley property from Newmont, which is located in an 8,900 ha parcel contiguous to the south boundary of the Marigold property.
In June 2019, SSR Mining acquired the Buffalo Valley property from Newmont, which is located in an 8,900 ha parcel contiguous to the south boundary of the Marigold property.
Additional test work is also underway based on the updated mine schedule to facilitate the completion of paste plant design. 90 Exploration and Drilling Between 2014 and 2019, a total of 269 holes, either PQ or HQ, were drilled into the Hod Maden deposit. Twenty-nine holes drilled for geotechnical and hydrogeological reasons were excluded from resource estimation.
Additional test work is also underway based on the updated mine schedule to facilitate the completion of paste plant design. 91 Exploration and Drilling Between 2014 and 2019, a total of 269 holes, either PQ or HQ, were drilled into the Hod Maden deposit. Twenty-nine holes drilled for geotechnical and hydrogeological reasons were excluded from resource estimation.
Elevation of the property ranges from 4,000–4,450 meters above sea level. Activities at the property are centered at approximately 22°42’ South latitude and 66°29’ West longitude. 63 The Chinchillas property is composed of three contiguous claims, totaling 2,043 hectares. The Pirquitas property comprises 54 exploitation concessions that cover an area of approximately 9,742 hectares.
Elevation of the property ranges from 4,000–4,450 meters above sea level. Activities at the property are centered at approximately 22°42’ South latitude and 66°29’ West longitude. 65 66 The Chinchillas property is composed of three contiguous claims, totaling 2,043 hectares. The Pirquitas property comprises 54 exploitation concessions that cover an area of approximately 9,742 hectares.
Geological Setting, Mineralization, and Deposit Types Northern Saskatchewan forms part of the Churchill Province of the Canadian Shield and has been subdivided into a series of litho-structural crustal units. The SGO is located within the Glennie domain of the Proterozoic Trans-Hudson Orogen. All the main gold deposits at SGO are considered orogenic quartz-vein hosted lode gold deposits.
Geological Setting, Mineralization, and Deposit Types Northern Saskatchewan forms part of the Churchill Province of the Canadian Shield and has been subdivided into a series of litho-structural crustal units. Seabee is located within the Glennie domain of the Proterozoic Trans-Hudson Orogen. All the main gold deposits at Seabee are considered orogenic quartz-vein hosted lode gold deposits.
Electricity is produced from natural gas generators at Pirquitas. Government permits required to conduct exploration, drilling, and processing at Puna have been obtained. 65 Mineral Processing and Metallurgical Testing The metallurgical development of Chinchillas ore types commenced in 2013 and continued through 2023. There have been six different test work programs that have been carried out on the Chinchillas ore.
Electricity is produced from natural gas generators at Pirquitas. Government permits required to conduct exploration, drilling, and processing at Puna have been obtained. 67 Mineral Processing and Metallurgical Testing The metallurgical development of Chinchillas ore types commenced in 2013 and continued through 2023. There have been six different test work programs that have been carried out on the Chinchillas ore.
(7) Metallurgical silver recoveries for heap leach and grind leach oxide varies between 0% and 54% based on lithology. Metallurgical recovery for sulfide varies between 0% and 3%. Average silver recoveries are 8%.
(7) Çöpler metallurgical silver recoveries for heap leach and grind leach oxide varies between 0% and 54% based on lithology. Metallurgical recovery for sulfide varies between 0% and 3%. Average silver recoveries are 8%.
Figures may vary due to rounding. 89 The following table summarizes the estimated gold and copper reserves attributable to SSR Mining’s ownership or economic interest as of December 31, 2023 for Hod Maden: Hod Maden Reserves as of December 31, 2023 Proven Probable Proven and Probable Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold Metallurgical (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) Recovery Gold 190 16.70 102 680 6.50 143 870 8.77 245 85 % Tonnes Grade Copper Tonnes Grade Copper Tonnes Grade Copper Metallurgical (kt) % (Mlbs) (kt) % (Mlbs) (kt) % (Mlbs) Recovery Copper 190 1.70 7.1 680 1.40 21.6 870 1.50 28.7 93 % The following table summarizes the Company’s estimated gold and copper resources exclusive of Mineral Reserves attributable to SSR Mining’s ownership or economic interest as of December 31, 2023 for Hod Maden: Hod Maden Resources as of December 31, 2023 Measured Indicated Measured and Indicated Inferred Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) Gold — — — — — — — — — 134 5.40 23 Tonnes Grade Copper Tonnes Grade Copper Tonnes Grade Copper Tonnes Grade Copper (kt) % (Mlbs) (kt) % (Mlbs) (kt) % (Mlbs) (kt) % (Mlbs) Copper — — — — — — — — — 134 0.70 2.1 Mining Operations Hod Maden is planned as an underground mining operation utilizing the long hole stoping method and may include drift and fill in the near surface areas of the ore body.
Figures may vary due to rounding. 90 The following table summarizes the estimated gold and copper reserves attributable to SSR Mining’s ownership or economic interest as of December 31, 2024 for Hod Maden: Hod Maden Reserves as of December 31, 2024 Proven Probable Proven and Probable Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold Metallurgical (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) Recovery Gold 190 16.70 102 680 6.50 143 870 8.77 245 85 % Tonnes Grade Copper Tonnes Grade Copper Tonnes Grade Copper Metallurgical (kt) % (Mlbs) (kt) % (Mlbs) (kt) % (Mlbs) Recovery Copper 190 1.70 7.1 680 1.40 21.6 870 1.50 28.7 93 % The following table summarizes the Company’s estimated gold and copper resources exclusive of Mineral Reserves attributable to SSR Mining’s ownership or economic interest as of December 31, 2024 for Hod Maden: Hod Maden Resources as of December 31, 2024 Measured Indicated Measured and Indicated Inferred Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) Gold — — — — — — — — — 134 5.40 23 Tonnes Grade Copper Tonnes Grade Copper Tonnes Grade Copper Tonnes Grade Copper (kt) % (Mlbs) (kt) % (Mlbs) (kt) % (Mlbs) (kt) % (Mlbs) Copper — — — — — — — — — 134 0.70 2.1 Mining Operations Hod Maden is planned as an underground mining operation utilizing the long hole stoping method and may include drift and fill in the near surface areas of the ore body.
The Hod Maden deposit is on the eastern margin of an extensive domain of Cretaceous-age arc-related volcanic stratigraphy, which hosts several volcanogenic massive sulfide deposits (“VMS”) to the northwest, such as Çayeli. Hod Maden is structurally complex. Many faults, including low-angle and steeply dipping structures, have been identified.
The Hod Maden deposit is on the eastern margin of an extensive domain of Cretaceous-age arc-related volcanic stratigraphy, which hosts several volcanogenic massive sulfide deposits to the northwest, such as Çayeli. 44 Hod Maden is structurally complex. Many faults, including low-angle and steeply dipping structures, have been identified.
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.
Mineral Resources metal prices used for preparation of the 2024 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 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.
Infrastructure, Permitting and Compliance Activities The major infrastructure at the Seabee 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.
The 2023 samples were analyzed by Alex Stewart International, with the physical preparation carried out in Palpala, Jujuy, and the chemical analysis performed in Mendoza. Sample shipment between Jujuy and Mendoza was managed by Alex Stewart following arrival in Jujuy. Both Alex Stewart and ALS are international laboratories certified under ISO 9001:2008, ISO 17025:2008, and ISO 14001: 2004.
The 2024 samples were analyzed by Alex Stewart International, with the physical preparation carried out in Palpala, Jujuy, and the chemical analysis performed in Mendoza. Sample shipment between Jujuy and Mendoza was managed by Alex Stewart following arrival in Jujuy. Both Alex Stewart and ALS are international laboratories certified under ISO 9001:2008, ISO 17025:2008, and ISO 14001: 2004.
(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. (4) Ore definitions: oxide heap leach and grind leach material are defined as material (5) There is no sulfide material at Bayramdere.
(3) Çöpler Mineral Resources were assessed for reasonable prospects for eventual economic extraction by reporting only material that fell within conceptual pit shells. (4) Çöpler ore definitions: heap leach and grind leach material are defined as material (5) There is no sulfide material at Bayramdere, Çöpler.
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.
The Mineral Reserves presented below as of December 31, 2024 and December 31, 2023 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.
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.
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 POX autoclave capacity was constructed and commenced ore production at the end of January 2022.
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.
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. 60 The mine is a remote operation.
The current Marigold workforce totals 478 employees. The power supply for Marigold is provided by NV Energy Inc. Water for Marigold is supplied from three groundwater wells located near the access road to the Property. Marigold owns sufficient ground water rights to support mine operations.
The current Marigold workforce totals 483 employees. The power supply for Marigold is provided by NV Energy Inc. Water for Marigold is supplied from three groundwater wells located near the access road to the Property. Marigold owns sufficient ground water rights to support mine operations.
(9) Pirquitas UG Mineral Resources are contained within underground mining shapes in San Miguel, Potosi, Oploca, and Cortaderas veins based on an NSR cut-off on $110/t and are reported using a silver metal price of $22/oz and $1.15/lb of zinc. Metallurgical recoveries vary with grade and on average are 82.7% silver. There are no Mineral Reserves at Pirquitas.
(9) Pirquitas UG Mineral Resourcesare contained within underground mining shapes in San Miguel, Potosi, Oploca, and Cortaderas veins based on an NSR cut-off on $110/t and are reported using a silver metal price of $22.00/oz and $1.15/lb of zinc. Metallurgical recoveries vary with grade and on average are 82.7% silver. There are no Mineral Reserves at Pirquitas.
All of the Company’s producing properties are wholly owned except for Çöpler, which is 80% owned by SSR through a joint venture agreement. The Çöpler Property (“Çöpler”) is comprised of the Çöpler Mine, Greater Çakmaktepe Mine, and associated processing facilities.
All of the Company’s producing properties are wholly owned except for Çöpler, which is 80% owned by SSR Mining through a joint venture agreement. 43 The Çöpler Property (“Çöpler”) is comprised of the Çöpler Mine, Greater Çakmaktepe Mine, and associated processing facilities.
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.
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, 2024 and December 31, 2023.
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 Marigold for the years ended December 31, 2024 and December 31, 2023, and see “Operating Statistics” in this Item 2 for further information on production of the Marigold operations for the years ended December 31, 2024 and December 31, 2023.
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.
Property Description and Location Seabee 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.
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.
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, 2024 and December 31, 2023, and see “Operating Statistics” in this Item 2 for further information on production of the Puna operations for the years ended December 31, 2024 and December 31, 2023.
The property is centered at approximately 39°26’ North latitude and 38°32’ East longitude and has an approximate elevation of 1,160 meters above mean sea level. Çöpler is accessed from the main paved highway between Erzincan and Kemaliye and is serviced by both road and rail networks. Mining operations are conducted year-round.
The property is centered at approximately 39°26’ North latitude and 38°32’ East longitude and has an approximate elevation of 1,160 meters above mean sea level. Çöpler is accessed from the main paved highway between Erzincan and Kemaliye and is serviced by both road and rail networks. Mining operations can be conducted year-round.
SGO is subject to production and NSR royalties payable to third parties, including certain royalty payments to the Province of Saskatchewan, which are calculated on 10% of net operating profits and are payable once capital and exploration costs are recovered.
Seabee is subject to production and NSR royalties payable to third parties, including certain royalty payments to the Province of Saskatchewan, which are calculated on 10% of net operating profits and are payable once capital and exploration costs are recovered.
In recent years, with incorporation of gravity circuit improvements including the Acacia circuit, gold recovery has improved and is typically 98%. Resource and Reserve Estimates The following tables present the mineral reserves and mineral resources information for SGO.
In recent years, with incorporation of gravity circuit improvements including the Acacia circuit, gold recovery has improved and is typically 98%. Resource and Reserve Estimates The following tables present the mineral reserves and mineral resources information for Seabee.
Gold recovery from future ore is estimated to be 74.5% based on a review of historical assay and recovery data as well as metallurgical test work on future ore. 55 Metallurgical studies were performed by Newmont on the Buffalo Valley deposit and subsequently verified by test work conducted by SSR.
Gold recovery from future ore is estimated to be 74.5% based on a review of historical assay and recovery data as well as metallurgical test work on future ore. 57 Metallurgical studies were performed by Newmont on the Buffalo Valley deposit and subsequently verified by test work conducted by SSR Mining.
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 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. Seabee currently has a valid surface lease with the Province of Saskatchewan, which was amended in March 2010.
(6) Mineral Resources are reported at the variable gold cut-off grades based on different metallurgical parameters: heap leach oxide uses a NSR cut-off $18.34, at Bayramdere the heap leach oxide uses a NSR cutoff of $18.34, Oxide Grind Leach uses a NSR cutoff of $19.26, and sulfide ore uses a cut-off grade of $39.87, Greater Çakmaktepe sulfide cut-off grade of $44.37, with allowances for payability, deductions, transport, and royalties.
(6) Çöpler Mineral Resources are reported at the variable gold cut-off grades based on different metallurgical parameters: heap leach oxide uses a NSR cut-off value of $18.34/t, at Bayramdere the heap leach oxide uses a NSR cutoff value of $18.34/t, Oxide Grind Leach uses a NSR cutoff value of $19.26/t, and sulfide ore uses a cut-off value of $39.87/t, Greater Çakmaktepe sulfide cut-off value of $44.37/t, with allowances for payability, deductions, transport, and royalties.
(6) Mineral Resources are reported at the variable gold cut-off grades based on different metallurgical parameters: heap leach oxide uses a NSR cut-off $18.34, at Bayramdere the heap leach oxide uses a NSR cutoff of $18.34, Oxide Grind Leach uses a NSR cutoff of $19.26, and sulfide ore uses a cut-off grade of $39.87, Greater Çakmaktepe sulfide cut-off grade of $44.37, with allowances for payability, deductions, transport, and royalties.
(6) Mineral Resources are reported at the variable gold cut-off grades based on different metallurgical parameters: heap leach oxide uses a NSR cut-off of $18.34/t, at Bayramdere the heap leach oxide uses a NSR cutoff of $18.34/t, oxide grind leach uses a NSR cutoff of $19.26/t, and Çöpler sulfide ore uses a cut-off value of $39.87/t, Greater Çakmaktepe sulfide cut-off value of $44.37/t, with allowances for payability, deductions, transport, and royalties.
The Greater Çakmaktepe pits are located within Kartaltepe License 1054 and Anagold Licenses 49729 and 20067313. Ore mined at Greater Çakmaktepe is hauled and treated at the Çöpler facilities. 45 Anagold holds mineral title and the exclusive right to engage in mining activities within the Çöpler property area.
The Greater Çakmaktepe pits are located within Kartaltepe License 1054 and Anagold Licenses 49729 and 20067313. Ore mined at Greater Çakmaktepe is hauled and treated at the Çöpler facilities. 47 48 Anagold holds mineral title and the exclusive right to engage in mining activities within the Çöpler property area.
The Sterling Land Package (9,383 hectares) includes properties associated with the Buffalo Valley Mine. 53 54 History Marigold has been in continuous operation for more than 30 years. The first recorded gold production from the Property occurred in 1938 when the Marigold Mining Company operated an underground mine which came to be known as Marigold.
The Sterling Land Package (9,383 hectares) includes properties associated with the Buffalo Valley Mine. 55 56 History Marigold has been in continuous operation for more than 30 years. The first recorded gold production from the Property occurred in 1938 when the Marigold Mining Company operated an underground mine which came to be known as Marigold.
The average recovery is estimated to be 63% for zinc. 77 The following tables summarize the Company’s estimated copper reserves attributable to SSR Mining’s ownership or economic interest as of December 31, 2023 and December 31, 2022 for each of its production and exploration assets: Copper Reserves as of December 31, 2023 Proven Probable Proven and Probable SSR Tonnes Grade Copper Tonnes Grade Copper Tonnes Grade Copper Metallurgical Deposit Country Share (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) Recovery Çöpler (OP)* (1)(2)(3)(4)(5)(6) Türkiye 80% 12,701 0.04 11.6 30,498 0.02 15.7 43,198 0.03 27.3 0.4 % 12,701 0.04 11.6 30,498 0.02 15.7 43,198 0.03 27.3 * Operations at Çöpler are currently suspended and we are unable to determine at this time when operations at Çöpler will resume, if at all.
The following tables summarize the Company’s estimated copper reserves attributable to SSR Mining’s ownership or economic interest as of December 31, 2023 for each of its production and exploration assets: Copper Reserves as of December 31, 2023 Proven Probable Proven and Probable SSR Tonnes Grade Copper Tonnes Grade Copper Tonnes Grade Copper Metallurgical Deposit Country Share (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) Recovery Çöpler (OP)* (1)(2)(3)(4)(5)(6) Türkiye 80% 12,701 0.04 11.6 30,498 0.02 15.7 43,198 0.03 27.3 0.4 % 12,701 0.04 11.6 30,498 0.02 15.7 43,198 0.03 27.3 * Operations at Çöpler are currently suspended and we are unable to determine at this time when operations at Çöpler will resume, if at all.
See “Item 1. Çöpler Incident.” (1) Çöpler Mineral Reserves includes reserves from Çöpler Mine and Greater Çakmaktepe. (2) Mineral Reserves shown are SSR ownership share only. SSR owns 80% in both Anagold and Kartaltepe licenses. (3) Mineral Reserve cut-offs are based on $1,450/oz gold price; average oxide recoveries are 73% and average sulfide recoveries are 91%.
See Part 1. Çöpler Incident. (1) Çöpler Mineral Reserves includes reserves from Çöpler Mine and Greater Çakmaktepe. (2) Mineral Reserves shown are SSR Mining ownership share only. SSR Mining owns 80% in both Anagold and Kartaltepe licenses. (3) Mineral Reserve cut-offs are based on $1,450/oz gold price; average oxide recoveries are 73% and average sulfide recoveries are 91%.
Metallurgical recoveries vary with gold grade and on average recoveries are 95.6%. (11) Amisk Mineral Resources are reported using a gold equivalent cut-off grade of 0.30 g/t and include silver attributable ounces.
Metallurgical recoveries vary with gold grade and on average recoveries are 95.6%. (11) Amisk Mineral Resources are reported using a gold equivalent cut-off grade of 0.30 g/t and include silver attributable ounces. Average gold recovery is 90%.
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.
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 Seabee on May 31, 2016. Seabee has produced over 1.86 million ounces of gold since production began in 1991.
Testwork conducted in 2023 on the Porky West deposit show a metallurgical recovery of 96.5%, with a high proportion of recovery coming from gravity processing. Processing and Recovery Operations Material has been processed for 30 years in the mill constructed immediately adjacent to the old Seabee mine.
Testwork conducted in 2023 on the Porky West deposit show a metallurgical recovery of 95.6%, with a high proportion of recovery coming from gravity processing. Processing and Recovery Operations Material has been processed for 30 years in the mill constructed immediately adjacent to the old Seabee mine.
Metallurgical recoveries vary with grade and on average are 53.7% for zinc. There are no Mineral Reserves at Pirquitas.
Metallurgical recoveries vary with grade and on average are 82.7% silver and 53.7% for zinc. There are no Mineral Reserves at Pirquitas.
See “Item 1. Çöpler Incident.” (1) Çöpler Mineral Resources include resources from Çöpler Mine, Greater Cakmaktepe, and Bayramdere. (2) Mineral Resources shown are SSR ownership share only. SSR owns 80% of both Anagold and Kartaltepe licenses.
See Part 1. Çöpler Incident. (1) Çöpler Mineral Resources include resources from Çöpler Mine, Greater Cakmaktepe, and Bayramdere. (2) Çöpler Mineral Resources shown are SSR ownership share only. SSR owns 80% of both Anagold and Kartaltepe licenses.
Additional Mining Company Financial Information The Company is listed on Nasdaq, TSX and the Australian Stock Exchange and is subject to the ongoing disclosure and reporting requirements, including those required of a mineral resource company, in both the United States and Canada. The mineral resource company disclosure requirements in each country are different.
Additional Mining Company Financial Information The Company is listed on Nasdaq, TSX and the ASX and is subject to the ongoing disclosure and reporting requirements, including those required of a mineral resource company, in both the United States and Canada. The mineral resource company disclosure requirements in each country are different.
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 2023 to 2024 is also included below.
As described in “Item 1. Çöpler Incident,” all operations at Çöpler have ceased following the Çöpler Incident and we are unable to determine at this time when operations at Çöpler will resume, if at all.
As described in Part 1. Çöpler Incident, all operations at Çöpler have ceased following the Çöpler Incident and we are unable to determine at this time when operations at Çöpler will resume, if at all.
Metallurgical recoveries vary with grade and on average are 85% for zinc. 86 The following tables summarize the Company’s estimated copper resources attributable to SSR Mining’s ownership or economic interest as of December 31, 2023 and December 31, 2022 for each of its production and exploration assets: Copper Resources as of December 31, 2023 Measured Indicated Measured and Indicated Inferred SSR Tonnes Grade Copper Tonnes Grade Copper Tonnes Grade Copper Tonnes Grade Copper Deposit Country Share (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) Çöpler (OP)* (1)(2)(3)(4)(5)(6)(7) Türkiye 80% 8,605 0.06 11.4 18,572 0.05 19.1 27,177 0.05 30.4 18,886 0.06 24.0 8,605 0.06 11.4 18,572 0.05 19.1 27,177 0.05 30.4 18,886 0.06 24.0 * Operations at Çöpler are currently suspended and we are unable to determine at this time when operations at Çöpler will resume, if at all.
The following tables summarize the Company’s estimated copper resources attributable to SSR Mining’s ownership or economic interest as of December 31, 2023 for each of its production and exploration assets: Copper Resources as of December 31, 2023 Measured Indicated Measured and Indicated Inferred SSR Tonnes Grade Copper Tonnes Grade Copper Tonnes Grade Copper Tonnes Grade Copper Deposit Country Share (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs) Çöpler (OP)* (1)(2)(3)(4)(5)(6)(7) Türkiye 80% 8,605 0.06 11.4 18,572 0.05 19.1 27,177 0.05 30.4 18,886 0.06 24.0 8,605 0.06 11.4 18,572 0.05 19.1 27,177 0.05 30.4 18,886 0.06 24.0 * Operations at Çöpler are currently suspended and we are unable to determine at this time when operations at Çöpler will resume, if at all.
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.
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. There has been no activity in 2024. Since the initial discovery of mineralization at Çakmaktepe Extension, Anagold has undertaken several drilling programs to refine the geological model and increase mineral resources.
Summary Disclosure The following descriptions summarize selected information about the Company’s four producing assets (Çöpler, Marigold, SGO, and Puna, each as defined below), exploration property at Amisk, and development property at Hod Maden as of December 31, 2023.
Summary Disclosure The following descriptions summarize selected information about the Company’s four producing assets (Çöpler, Marigold, Seabee, and Puna, each as defined below), exploration property at Amisk, and development property at Hod Maden as of December 31, 2024.
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 Seabee for the years ended December 31, 2024 and December 31, 2023, and see “Operating Statistics” in this Item 2 for further information on production of Seabee operations for the years ended December 31, 2024 and December 31, 2023.
Certain of these additional disclosures include financial measures that are customary in the mining industry, including capital costs and operating costs, which have been calculated in a manner that is not in accordance with U.S. GAAP. There are no standardized definitions or comparable financial measures under U.S. GAAP for these mining industry non-GAAP financial measures.
Certain of these additional disclosures include financial measures that are customary in the mining industry, which have been calculated in a manner that is not in accordance with U.S. GAAP. There are no standardized definitions or comparable financial measures under U.S. GAAP for these mining industry non-GAAP financial measures.
These mining industry non-GAAP financial measures should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation” and our consolidated financial statements included elsewhere in this Annual Report.
These mining industry non-GAAP financial measures should be read in conjunction with Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation and our consolidated financial statements included elsewhere in this Annual Report.
See “Item 1. Çöpler Incident.” (1) Çöpler Mineral Reserves includes reserves from Çöpler Mine and Greater Cakmaktepe. (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 $1,450/oz gold price.
See Part 1. Çöpler Incident. (1) Çöpler Mineral Reserves includes reserves from Çöpler Mine and Greater Cakmaktepe. (2) Çöpler Mineral Reserves shown are SSR Mining ownership share only. SSR Mining owns 80% of both Anagold and Kartaltepe licenses. (3) Çöpler Mineral Reserve cut-offs are based on a gold price of $1,450/oz.
The current Seabee process plant capacity is nominally 1,320 tonnes per day, or 1,240 tonnes per day annual average. The Seabee operation is characterized by coarse gold, making the gravity recovery circuit critical to the overall gold recovery of the process plant.
The current Seabee process plant capacity is nominally 1,425 tonnes per day, or 1,350 tonnes per day annual average. The Seabee operation is characterized by coarse gold, making the gravity recovery circuit critical to the overall gold recovery of the process plant.
See “Item 1. Çöpler Incident.” (1) Çöpler Mineral Resources include resources from Çöpler Mine, Cakmaktepe, Çakmaktepe Extension and Bayramdere. (2) Mineral Resources shown are SSR ownership share only. SSR owns 80% of both Anagold and Kartaltepe licenses.
See Part 1. Çöpler Incident. (1) Çöpler Mineral Resources include resources from Çöpler Mine, Cakmaktepe, Çakmaktepe Extension and Bayramdere. (2) Mineral Resources shown are SSR Mining ownership share only. SSR Mining owns 80% of both Anagold and Kartaltepe licenses.
In total, 80% of the Mineral Resources and 80% of the Mineral Reserves of Çöpler are owned by SSR Mining. The total cost of Çöpler’s gross mineral properties, plant, and equipment as of December 31, 2023 was $2,874 million.
In total, 80% of the Mineral Resources and 80% of the Mineral Reserves of Çöpler are owned by SSR Mining. The total cost of Çöpler’s gross mineral properties, plant, and equipment as of December 31, 2024 was $2,838 million.
See “Item 1. Çöpler Incident.” (1) Çöpler Mineral Resources include resources from Çöpler Mine, Greater Cakmaktepe, and Bayramdere. (2) Mineral Resources shown are SSR ownership share only. SSR owns 80% of both Anagold and Kartaltepe licenses.
See Part 1. Çöpler Incident. (1) Çöpler Mineral Resources include resources from Çöpler Mine, Greater Cakmaktepe, and Bayramdere. (2) Çöpler Mineral Resources shown are SSR Mining ownership share only. SSR Mining owns 80% of both Anagold and Kartaltepe licenses.
See “Item 1. Çöpler Incident.” (1) Çöpler Mineral Resources include resources from Çöpler Mine, Greater Cakmaktepe, and Bayramdere. (2) Mineral Resources shown are SSR ownership share only. SSR owns 80% of both Anagold and Kartaltepe licenses.
See Part 1. Çöpler Incident. (1) Çöpler Mineral Resources include resources from Çöpler Mine, Greater Cakmaktepe, and Bayramdere. (2) Çöpler Mineral Resources shown are SSR Mining ownership share only. SSR Mining owns 80% of both Anagold and Kartaltepe licenses.
Amisk lies at the southwest exposed end of the Flin Flon Greenstone Belt, the southernmost exposure of the Trans-Hudson Orogeny. The Amisk gold deposit is hosted within the Amisk and Missi Groups rocks. To date, 322 drillholes for 58,283 meters have been completed in the Amisk property area.
Amisk lies at the southwest exposed end of the Flin Flon Greenstone Belt, the southernmost exposure of the Trans-Hudson Orogeny. The Amisk gold deposit is hosted within the Amisk and Missi Groups rocks. To date, 322 drillholes for 58,283 meters have been completed in the Amisk property area. SSR Mining holds a 100% interest in the property.
Heap leach oxide uses a NSR cut-off $21.32/t, grind leach uses a NSR cut-off value $21.77/t, while sulfide ore uses a cut-off grade of $45.58/t.
Heap leach oxide uses a NSR cut-off value of $21.32/t, grind leach uses a NSR cut-off value of $21.77/t, and sulfide ore uses a cut-off value of $45.58/t.
Potable water is obtainable locally through SSR’s potable water system at both the Seabee and Santoy mine sites. The site currently uses a slow sand filter system. The current SGO workforce totals 118 employees. There are currently two tailings management facilities (“TMF”) that are being used by the mill; the East Lake TMF and the Triangle Lake TMF.
Potable water is obtainable locally through SSR Mining’s potable water system at both the Seabee and Santoy mine sites. The site currently uses a slow sand filter system. The current Seabee workforce totals 398 employees. 62 There are currently two tailings management facilities (“TMF”) that are being used by the mill; the East Lake TMF and the Triangle Lake TMF.
(10) 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. Silver process recovery is 80%.
(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.
(4) Chinchillas Mineral Reserves are reported at NSR cut off value of $43.37/t, which incorporates appropriate metallurgical recoveries and includes lead and zinc attributable metals. (5) Chinchillas processing recoveries vary based on the feed grade.
The following tables summarize the Company’s estimated gold reserves attributable to SSR Mining’s ownership or economic interest as of December 31, 2023 and December 31, 2022 for each of its production and exploration assets. 71 Gold Reserves as of December 31, 2023 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% 12,701 2.25 920 30,498 2.44 2,394 43,198 2.39 3,314 86 % Çöpler Stockpile* Türkiye 80% — — — 10,753 2.04 706 10,753 2.04 706 90 % Çöpler Heap Leach Inventory* Türkiye 80% — — — — — 49 — — 49 67 % Marigold (OP) (5) United States 100% — — — 150,700 0.52 2,496 150,700 0.52 2,496 74 % Marigold Stockpile United States 100% — — — 18,600 0.14 85 18,600 0.14 85 77 % Marigold (leach pad inventory) United States 100% — — — — — 282 — — 282 71 % Seabee (UG) (6)(7) Canada 100% 238 6.00 46 1,815 5.01 292 2,053 5.13 338 96 % Seabee Stockpile Canada 100% 13 11.24 5 — — — 13 11.24 5 96 % 12,952 2.33 971 212,365 0.87 6,304 225,318 0.96 7,275 * Operations at Çöpler are currently suspended and we are unable to determine at this time when operations at Çöpler will resume, if at all.
The average recovery is estimted to be 96.1%. 73 Gold Reserves as of December 31, 2023 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% 12,701 2.25 920 30,498 2.44 2,394 43,198 2.39 3,314 86 % Çöpler Stockpile* Türkiye 80% — — — 10,753 2.04 706 10,753 2.04 706 90 % Çöpler Heap Leach Inventory* Türkiye 80% — — — — — 49 — — 49 67 % Marigold (OP) (5) United States 100% — — — 150,700 0.52 2,496 150,700 0.52 2,496 74 % Marigold Stockpile United States 100% — — — 18,600 0.14 85 18,600 0.14 85 77 % Marigold (Leach Pad Inventory) United States 100% — — — — — 282 — — 282 71 % Seabee (UG) (6)(7) Canada 100% 238 6.00 46 1,815 5.01 292 2,053 5.13 338 96 % Seabee Stockpile Canada 100% 13 11.24 5 — — — 13 11.24 5 96 % 12,952 2.33 971 212,365 0.87 6,304 225,318 0.96 7,275 * Operations at Çöpler are currently suspended and we are unable to determine at this time when operations at Çöpler will resume, if at all.
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.
Mineral Reserves metal prices used for preparation of the 2024 Reserve estimate, which were selected, in each case, by the Qualified Persons are: $1,500 per gold ounce, $19.00 per silver ounce, $0.90 per lead pound, $1.05 per zinc pound, and $3.30 per copper pound unless otherwise stated.
ALS, Reno is used as umpire check sample analysis. The drill and geochemical samples are collected in accordance with accepted industry standards. Data verification was completed as part of the generation of the mineral resources estimate.
Both AAL and Paragon laboratories are independent from the Company. ALS, Reno is used as umpire check sample analysis. The drill and geochemical samples are collected in accordance with accepted industry standards. Data verification was completed as part of the generation of the mineral resources estimate.
Low-grade ore is stockpiled near the pit rim for processing at the end of mine life. Waste rock is hauled to on-site rock storage facilities. Infrastructure, Permitting, and Compliance Activities Electricity at Chinchillas is supplied through power lines from natural gas generators at Pirquitas. Water for mining operations is drawn from wells, while bottled potable water is imported to site.
Low-grade ore is stockpiled near the pit rim for processing at the end of mine life. Waste rock is hauled to on-site waste rock storage facilities. Infrastructure, Permitting, and Compliance Activities Electricity at Chinchillas is supplied through power lines from natural gas generators at Pirquitas.
Alex Stewart and ALS are independent from SSR Mining. Data verification was completed as part of the generation of the mineral resources estimate. All data collected, including but not limited to, collar location, downhole survey, geological and analytical data are subject to SSR Mining Quality Assurance, Quality Control (“QAQC”) procedure.
Alex Stewart and ALS are independent from SSR Mining. Data verification was completed as part of the generation of the mineral resources estimate. All data collected, including but not limited to collar location, downhole survey, geological, and analytical data, are subject to SSR Mining's QAQC procedures.
(2) Chinchillas processing recoveries vary based on the feed grade.
Processing recoveries vary based on the feed grade.

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Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeInformation 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.
Biggest changeInformation regarding legal proceedings is contained in Note 24 to the Consolidated Financial Statements contained in this Annual Report and is incorporated herein by reference. On March 18, 2024 and March 22, 2024, two related putative securities class actions, Karam Akhras v. SSR Mining Inc., et. al., Case No. 24-cv-00739 and Eric Lindemann v.
Added
SSR Mining Inc., et. al., Case No. 24-cv-00808, were filed in the United States District Court for the District of Colorado (collectively, the “US Securities Actions”).
Added
The US Securities Actions assert claims for alleged violations of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder against the Company, as well as certain of its current and former members of management (the “Individual Defendants”, and together with the Company, the “Defendants”) and for alleged violations of Section 20(a) of the Exchange Act against the Individual Defendants.
Added
The complaints allege that certain public statements made by the Defendants were rendered materially false and misleading with respect to, among other things, the adequacy of the Company’s internal controls relating to its safety practices and operational integrity at its Çöpler mining facility in Türkiye.
Added
On August 2, 2024, the US Securities Actions were consolidated as Consolidated Civil Action No. 1:24-cv-00739-DDD-SBP (the “Consolidated US Securities Action”) and the court appointed lead counsel and a lead plaintiff for the putative class. On October 15, 2024, the lead plaintiff filed a consolidated amended complaint.
Added
Defendants filed a motion to dismiss the consolidated amended complaint on December 17, 2024, which is currently pending before the court. Additionally, two putative securities class actions, Glenna Padley v. SSR Mining Inc., et. al. and Abdurrazag Mutat v.
Added
SSR Mining Inc., et al., were filed on March 27, 2024 and April 23, 2024, respectively, in the Supreme Court of British Columbia (the “BC Actions”). Two additional putative securities class actions, Chao Liang v. SSR Mining Inc., et. al. (the “Liang Action”) and Michael Jones v. SSR Mining., et. al.
Added
(the “Jones Action”), were filed on April 5, 2024 and May 1, 2024, respectively, in the Ontario Superior Court of Justice (the “Ontario Actions” and together with the BC Actions, the “Canadian Securities Actions”). The Canadian Securities Actions assert claims for alleged misrepresentations by the Defendants at common law and in contravention of applicable Provincial securities law disclosure obligations.
Added
On August 9, 2024, carriage of the proposed Ontario Actions was granted to the Liang Action. The Jones Action is stayed as of such decision. The Consolidated US Securities Action and Canadian Securities Actions seek unspecified compensatory damages on behalf of the putative class members. The Company, along with the Individual Defendants, are defending themselves against these claims.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeMINE 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
Biggest changeMINE 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 1300, and that required information is included in Exhibit 95 to this Annual Report, which is incorporated herein by reference. 96 PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeThis summary does not otherwise take into account any change in law or administrative policy or assessing practice, whether by judicial, governmental, legislative or administrative decision or action, nor does it take into account other federal or provincial, territorial or foreign tax consequences, which may vary from the Canadian federal income tax considerations described herein.
Biggest changeThis summary does not otherwise take into account any change in law or administrative policy or assessing practice, whether by judicial, governmental, legislative or administrative decision or action, nor does it take into account other federal or provincial, territorial or foreign tax consequences, which may vary from the Canadian federal income tax considerations described herein. 98 Currency Conversion For the purposes of the Income Tax Act (Canada), all amounts relating to the acquisition, holding or disposition of common shares, including dividends and proceeds of disposition must be determined in CAD based on the daily exchange rate of the Bank of Canada on the particular day, or such other rate of exchange as acceptable to the CRA.
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 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). 99 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. 99
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. 100
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES The Company’s common shares are listed under the ticker symbol “SSRM” on the Toronto Stock Exchange and Nasdaq Global Select Market. The Company’s CDIs are listed under the ticker symbol “SSR” on ASX.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES The Company’s common shares are listed under the ticker symbol “SSRM” on the TSX and Nasdaq. The Company’s CDIs are listed under the ticker symbol “SSR” on ASX.
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.
Following the Çöpler Incident, the Company delivered notice to its designated broker to terminate its automatic share purchase plan effective March 1, 2024 and the Company ceased all share repurchases under the 2023 NCIB. The Company does not know at this time when it may resume share repurchases.
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.
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.
Dividend Policy On February 17, 2021, the Company’s Board of Directors approved its inaugural quarterly dividend payment of $0.05 per common share that was paid on March 31, 2021 to shareholders of record at the close of business on March 5, 2021.
There were no unregistered sales of equity securities during the quarter ended December 31, 2024. Dividend Policy On February 17, 2021, the Company’s Board approved its inaugural quarterly dividend payment of $0.05 per common share that was paid on March 31, 2021 to shareholders of record at the close of business on March 5, 2021.
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.
As of January 31, 2025, there were approximately 1,161 holders of record of the Company’s common shares without par value, and approximately 2,788 holders of record of the Company’s CDIs.
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.
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. 97 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 SSR Mining Inc. $ 100.00 $ 104.41 $ 93.10 $ 83.80 $ 58.78 $ 39.70 S&P/TSX Global Gold Index $ 100.00 $ 120.71 $ 111.74 $ 106.31 $ 108.71 $ 128.94 S&P 500 Gold (Sub Ind) $ 100.00 $ 137.84 $ 142.74 $ 108.63 $ 95.26 $ 85.66 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.
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.
In 2024, under a Normal Course Issuer bid authorized by the Company's Board of Directors on June 16, 2023 (the "2023 NCIB"), the Company purchased and cancelled an aggregate total of 1,117,100 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 $8.79 and a total repurchase value of $9.8 million.
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.
Performance Graph The following performance graph compares the performance of our common shares during the period beginning December 31, 2019 and ending December 31, 2024 to the S&P 500 and the S&P 500 Gold Index.
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.
The quarterly dividend payment was subsequently increased to $0.07 per common share as approved by the Board on February 22, 2022. During the year ended December 31, 2024 the Company declared no dividends. Following the Çöpler Incident, the Board suspended dividends. The Company does not know at this time when it may resume dividends.
Removed
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”).
Added
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.
Removed
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.
Removed
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
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.
Removed
(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
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.
Removed
Currency Conversion For the purposes of the Income Tax Act (Canada), all amounts relating to the acquisition, holding or disposition of common shares, including dividends and proceeds of disposition must be determined in CAD based on the daily exchange rate of the Bank of Canada on the particular day, or such other rate of exchange as acceptable to the CRA.

Item 6. [Reserved]

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

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Biggest changeITEM 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.
Biggest changeITEM 6. RESERVED 100 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 101 Business Overview 101 Consolidated Results of Operations 102 Results of Operations 108 Liquidity and Capital Resources 112 Non-GAAP Financial Measures 115 Critical Accounting Policies and Estimates 122 New Accounting Pronouncements 125 Risks and Uncertainties 125 ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 125 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 129
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 126 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 130

Item 7. Management's Discussion & Analysis

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

92 edited+40 added−48 removed64 unchanged
Biggest changeConsolidated 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.
Biggest changeConsolidated 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): 102 Year Ended December 31, Change 2024 2023 2022 2024 (%) 2023 (%) Financial Results Revenue $ 995,618 $ 1,426,927 $ 1,148,033 (30.2) % 24.3 % Cost of sales (1) $ 514,032 $ 804,147 $ 607,942 (36.1) % 32.3 % Depreciation, depletion, and amortization $ 130,192 $ 214,012 $ 181,447 (39.2) % 17.9 % General and administrative expenses $ 62,885 $ 67,457 $ 71,660 (6.8) % (5.9) % Exploration and evaluation $ 41,804 $ 50,185 $ 46,811 (16.7) % 7.2 % Reclamation and remediation costs $ 296,871 $ 8,698 $ 6,035 3,313.1 % 44.1 % Impairment of long-lived and other assets $ 114,599 $ 361,612 $ — (68.3) % 100.0 % Impairment charges of goodwill $ — $ 49,786 $ — (100.0) % 100.0 % Care and maintenance $ 120,280 $ — $ 41,800 100.0 % (100.0) % Other operating expense (income), net $ 37,240 $ 1,274 $ 2,070 2,823.1 % (38.5) % Operating income (loss) $ (322,285) $ (130,244) $ 190,268 147.4 % (168.5) % Net income (loss) $ (352,582) $ (120,225) $ 210,428 193.3 % (157.1) % Net income (loss) attributable to SSR Mining shareholders $ (261,277) $ (98,007) $ 194,140 166.6 % (150.5) % Basic net income (loss) per share attributable to SSR Mining shareholders $ (1.29) $ (0.48) $ 0.92 168.8 % (152.2) % Diluted net income (loss) per share attributable to SSR Mining shareholders $ (1.29) $ (0.48) $ 0.89 168.8 % (153.9) % Adjusted attributable net income (loss) (2) $ 57,591 $ 276,494 $ 144,814 (79.2) % 90.9 % Adjusted basic attributable net income (loss) per share (2) $ 0.28 $ 1.35 $ 0.69 (79.3) % 95.7 % Adjusted diluted attributable net income (loss) per share (2) $ 0.28 $ 1.29 $ 0.67 (78.3) % 92.5 % Operating Results Gold produced (oz) 275,013 590,264 522,159 (53.4) % 13.0 % Gold sold (oz) 279,121 585,171 521,928 (52.3) % 12.1 % Silver produced ('000 oz) 10,500 9,688 8,397 8.4 % 15.4 % Silver sold ('000 oz) 9,642 9,920 7,864 (2.8) % 26.2 % Lead produced ('000 lb) (3) 53,703 45,772 41,004 17.3 % 11.6 % Lead sold ('000 lb) (3) 49,631 48,640 38,393 2.0 % 26.7 % Zinc produced ('000 lb) (3) 3,641 7,127 8,583 (48.9) % (17.0) % Zinc sold ('000 lb) (3) 3,121 8,166 6,998 (61.8) % 16.7 % Gold equivalent produced (oz) (4) 399,267 706,894 623,819 (43.5) % 13.3 % Gold equivalent sold (oz) (4) 393,216 704,594 617,135 (44.2) % 14.2 % Average realized gold price ($/oz sold) $ 2,381 $ 1,950 $ 1,812 22.0 % 7.7 % Average realized silver price ($/oz sold) $ 29.16 $ 22.82 $ 19.47 27.8 % 17.2 % Cost of sales per gold equivalent ounce sold (1, 4) $ 1,307 $ 1,141 $ 985 14.5 % 15.8 % Cash cost per gold equivalent ounce sold (2, 4) $ 1,200 $ 1,083 $ 928 10.8 % 16.7 % AISC per gold equivalent ounce sold (2, 4) $ 1,878 $ 1,461 $ 1,339 28.5 % 9.1 % (1) Excludes depreciation, depletion, and amortization.
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.
(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.
(4) Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding. 117 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.
Additionally, the Company will make contingent payments to Lidya Mines including $30.0 million in milestone payments payable in accordance with an agreed upon schedule beginning at the start of construction and ending on the first anniversary of commercial production and $84.0 million payable upon the delineation of an additional 100 500,000 gold equivalent ounces of mineral reserves at the Hod Maden project in excess of the project’s current mineral reserves and mineral resources.
Additionally, the Company will make contingent payments to Lidya Mines including $30.0 million in milestone payments payable in accordance with an agreed upon schedule beginning at the start of construction and ending on the first anniversary of commercial production and $84.0 million payable upon the delineation of an additional 500,000 gold equivalent ounces of mineral reserves at the Hod Maden project in excess of the project’s current mineral reserves and mineral resources.
Credit Agreement On August 15, 2023, the Company entered into a further amendment for its revolving credit facility to the Amended Credit Agreement (the “Second Amended Credit Agreement”) with the Bank of Nova Scotia, as administrative agent, and along with Canadian Imperial Bank of Commerce, as co-lead arrangers and joint bookrunners, the lenders party thereto and certain subsidiary guarantors named therein.
Debt Credit Agreement On August 15, 2023, the Company entered into a further amendment for its revolving credit facility to the Amended Credit Agreement (the “Second Amended Credit Agreement”) with the Bank of Nova Scotia, as administrative agent, and along with Canadian Imperial Bank of Commerce, as co-lead arrangers and joint bookrunners, the lenders party thereto and certain subsidiary guarantors named therein.
On November 27, 2023, in connection with the 2023 NCIB, the Company entered into an automatic share purchase plan 110 with its broker to allow for the repurchase of shares at times when the Company ordinarily would not be active in the market due to regulatory restrictions and customary self-imposed blackout periods.
On November 27, 2023, in connection with the 2023 NCIB, the Company entered into an automatic share purchase plan with its broker to allow for the repurchase of shares at times when the Company ordinarily would not be active in the market due to regulatory restrictions and customary self-imposed blackout periods.
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.
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.
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.
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.
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.
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.
(2) Represents the foreign exchange net loss due to the measures implemented by the Argentine government during the fourth quarter of 2023 which included foreign exchange losses due to the official ARS exchange rate change, foreign exchange gains related to the conversion of a portion of export proceeds at a market exchange rate, and the foreign exchange loss on the utilization of blue chip swaps to convert ARS to USD and manage currency risk.
(4) Represents the foreign exchange net loss due to the measures implemented by the Argentine government during the fourth quarter of 2023 which included foreign exchange losses due to the official ARS exchange rate change, foreign exchange gains related to the conversion of a portion of export proceeds at a market exchange rate, and the foreign exchange loss on the utilization of blue chip swaps to convert ARS to USD and manage currency risk.
(2) Represents the foreign exchange net loss due to the measures implemented by the Argentine government during the fourth quarter of 2023 which included foreign exchange losses due to the official ARS exchange rate change, foreign exchange gains related to the conversion of a portion of export proceeds at a market exchange rate, and the foreign exchange loss on the utilization of blue chip swaps to convert ARS to USD and manage currency risk.
(4) Represents the foreign exchange net loss due to the measures implemented by the Argentine government during the fourth quarter of 2023 which included foreign exchange losses due to the official ARS exchange rate change, foreign exchange gains related to the conversion of a portion of export proceeds at a market exchange rate, and the foreign exchange loss on the utilization of blue chip swaps to convert ARS to USD and manage currency risk.
(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.
(4) Gold equivalent ounces sold may not re-calculate based on amounts presented in this table due to rounding. 118 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.
These interest savings and shares were included in the computation of adjusted net income (loss) per diluted share attributable to SSR Mining shareholders for the year ended December 31, 2023. 119 Non-GAAP Measure - Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA EBITDA represents net income (loss) before interest, taxes, depreciation, and amortization.
These interest savings and shares were included in the computation of adjusted net income (loss) per diluted share attributable to SSR Mining shareholders for the year ended December 31, 2023. 120 Non-GAAP Measure - Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA EBITDA represents net income (loss) before interest, taxes, depreciation, and amortization.
(8) Represents charges related to a one-time tax imposed by Türkiye to fund earthquake recovery efforts, offset by a release of an uncertain tax position during the year ended December 31, 2023. Represents charges related to a tax settlement and an uncertain tax position during the year ended December 31, 2022.
(7) Represents charges related to a one-time tax imposed by Türkiye to fund earthquake recovery efforts, offset by a release of an uncertain tax position during the year ended December 31, 2023. Represents charges related to a tax settlement and an uncertain tax position during the year ended December 31, 2022.
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
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. 125
(9) Adjusted net income (loss) per diluted share attributable to SSR Mining shareholders is calculated using diluted common shares, which are calculated in accordance with GAAP.
(8) Adjusted net income (loss) per diluted share attributable to SSR Mining shareholders is calculated using diluted common shares, which are calculated in accordance with GAAP.
(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 is the comparable GAAP financial measure.
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.
The Board authorized a new NCIB (the “2023 NCIB”) on June 16, 2023, to repurchase up to an aggregate of 10.2 million 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.
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.
Following the Çöpler Incident, the Company delivered notice to its designated broker to terminate its automatic share purchase plan effective March 1, 2024 and the Company ceased all share repurchases under its normal course issuer bids approved by the TSX. The Company does not know at this time when it may resume share repurchases.
(2) Care and maintenance expense in the AISC calculation only includes direct costs, as depreciation is not included in the calculation of AISC. (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.
(2) Care and maintenance expense in the AISC calculation only includes direct costs, as depreciation is not included in the calculation of AISC. (3) Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period.
Accounting for remediation liabilities represents a critical accounting estimate because (i) changes to environmental laws and regulations and/or circumstances affecting the Company’s operations could result in significant changes to the Company’s estimates, (ii) the Company may be required to make estimates over a long period, (iii) calculating the discounted cash flows for certain of the Company’s liabilities may require management to estimate the amounts and timing of projected cash flows and make long-term assumptions about inflation rates, and (iv) changes in estimates used in determining the remediation liabilities could have a significant impact on the Company’s results of operations.
As of December 31, 2024, the Company’s remediation liabilities were $135.9 million. 124 Accounting for remediation liabilities represents a critical accounting estimate because (i) changes to environmental laws and regulations and/or circumstances affecting the Company’s operations could result in significant changes to the Company’s estimates, (ii) the Company may be required to make estimates over a long period, (iii) calculating the discounted cash flows for certain of the Company’s liabilities may require management to estimate the amounts and timing of projected cash flows and make long-term assumptions about inflation rates, and (iv) changes in estimates used in determining the remediation liabilities could have a significant impact on the Company’s results of operations.
(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) 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 Cost of sales , which is the comparable GAAP financial measure.
As of December 31, 2023, the Company had $492.4 million of cash and cash equivalents, and the Company has no borrowings outstanding on the Second Amended Credit Agreement at this time. Each of the Company’s three other mines operate independently and are not dependent on cash flows or operational synergies associated with Çöpler.
As of December 31, 2024, the Company had $387.9 million of cash and cash equivalents, and the Company has no borrowings outstanding on the Second Amended Credit Agreement at this time. Each of the Company’s three other mines operates independently and are not dependent on cash flows or operational synergies associated with Çöpler.
(2) The Company reports non-GAAP financial measures including adjusted attributable net income, adjusted basic attributable net income per share, cash costs and AISC per ounce sold to manage and evaluate its operating performance at its mines.
(2) The Company reports non-GAAP financial measures including adjusted attributable net income (loss), adjusted basic attributable net income (loss) per share, cash costs and all in sustaining costs (“AISC”) per ounce sold to manage and evaluate its operating performance at its mines.
See “Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation of these financial measures to net 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 (loss) attributable to SSR Mining shareholders and Cost of sales , which are the comparable GAAP financial measures. 103 (3) Data for lead production and sales relate only to lead in lead concentrate.
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.
The following table provides a reconciliation of Cash provided by operating activities to free cash flow: Year Ended December 31, (in thousands) 2024 2023 2022 Cash provided by operating activities (GAAP) $ 40,130 $ 421,725 $ 160,896 Expenditures on mineral properties, plant and equipment (143,534) (223,422) (137,515) Free cash flow (non-GAAP) $ (103,404) $ 198,303 $ 23,381 Critical Accounting Estimates This MD&A is based on the Company's consolidated financial statements, which have been prepared in conformity with US GAAP.
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. 113 The following tables provide a reconciliation of Cost of sales to cash costs and AISC: Year ended December 31, 2023 (in thousands, unless otherwise noted) Çöpler Marigold Seabee Puna Corporate and other Total Cost of sales (GAAP) (1) $ 268,628 $ 289,063 $ 82,898 $ 163,558 $ — $ 804,147 By-product credits $ (3,523) $ (154) $ (54) $ (56,773) $ — $ (60,504) Treatment and refining charges $ — $ 666 $ 101 $ 18,649 $ — $ 19,416 Cash costs (non-GAAP) $ 265,105 $ 289,575 $ 82,945 $ 125,434 $ — $ 763,059 Sustaining capital expenditures $ 50,982 $ 79,151 $ 32,994 $ 13,193 $ — $ 176,320 Sustaining exploration and evaluation expense $ — $ 983 $ — $ — $ — $ 983 Reclamation cost accretion and amortization (2) $ 1,709 $ 2,628 $ 3,347 $ 13,598 $ — $ 21,282 General and administrative expense and stock-based compensation expense $ 5,479 $ — $ — $ 246 $ 61,721 $ 67,446 Total AISC (non-GAAP) $ 323,275 $ 372,337 $ 119,286 $ 152,471 $ 61,721 $ 1,029,090 Gold sold (oz) 225,599 275,962 83,610 — — 585,171 Silver sold (oz) — — — 9,920,262 — 9,920,262 Gold equivalent sold (oz) (3)(4) 225,599 275,962 83,610 119,423 — 704,594 Cost of sales per gold equivalent ounce sold (1)(3)(4) $ 1,191 $ 1,047 $ 991 1,370 N/A $ 1,141 Cash cost per gold ounce sold $ 1,175 $ 1,049 $ 992 N/A N/A N/A Cash cost per silver ounce sold N/A N/A N/A $ 12.64 N/A N/A Cash cost per gold equivalent ounce sold (3)(4) $ 1,175 $ 1,049 $ 992 $ 1,050 N/A $ 1,083 AISC per gold ounce sold $ 1,433 $ 1,349 $ 1,427 N/A N/A N/A AISC per silver ounce sold N/A N/A N/A $ 15.37 N/A N/A AISC per gold equivalent ounce sold (3)(4) $ 1,433 $ 1,349 $ 1,427 $ 1,277 N/A $ 1,461 (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. 116 Year ended December 31, 2023 (in thousands, unless otherwise noted) Çöpler Marigold Seabee Puna Corporate and other Total Cost of sales (GAAP) (1) $ 268,628 $ 289,063 $ 82,898 $ 163,558 $ — $ 804,147 By-product credits $ (3,523) $ (154) $ (54) $ (56,773) $ — $ (60,504) Treatment and refining charges $ — $ 666 $ 101 $ 18,649 $ — $ 19,416 Cash costs (non-GAAP) $ 265,105 $ 289,575 $ 82,945 $ 125,434 $ — $ 763,059 Sustaining capital expenditures $ 50,982 $ 79,151 $ 32,994 $ 13,193 $ — $ 176,320 Sustaining exploration and evaluation expense $ — $ 983 $ — $ — $ — $ 983 Reclamation cost accretion and amortization (2) $ 1,709 $ 2,628 $ 3,347 $ 13,598 $ — $ 21,282 General and administrative expense and stock-based compensation expense $ 5,479 $ — $ — $ 246 $ 61,721 $ 67,446 Total AISC (non-GAAP) $ 323,275 $ 372,337 $ 119,286 $ 152,471 $ 61,721 $ 1,029,090 Gold sold (oz) 225,599 275,962 83,610 — — 585,171 Silver sold (oz) — — — 9,920,262 — 9,920,262 Gold equivalent sold (oz) (3)(4) 225,599 275,962 83,610 119,423 — 704,594 Cost of sales per gold equivalent ounce sold (1)(3)(4) $ 1,191 $ 1,047 $ 991 $ 1,370 N/A $ 1,141 Cash cost per gold ounce sold $ 1,175 $ 1,049 $ 992 N/A N/A N/A Cash cost per silver ounce sold N/A N/A N/A $ 12.64 N/A N/A Cash cost per gold equivalent ounce sold (3)(4) $ 1,175 $ 1,049 $ 992 $ 1,050 N/A $ 1,083 AISC per gold ounce sold $ 1,433 $ 1,349 $ 1,427 N/A N/A N/A AISC per silver ounce sold N/A N/A N/A $ 15.37 N/A N/A AISC per gold equivalent ounce sold (3)(4) $ 1,433 $ 1,349 $ 1,427 $ 1,277 N/A $ 1,461 (1) Excludes depreciation, depletion, and amortization.
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.
Cash (used in) provided by investing activities For the year ended December 31, 2024, cash used in investing activities was $143.1 million compared to $339.3 million for the year ended December 31, 2023.
Liquidity and Capital Resources The Company analyzed its liquidity position subsequent to the Çöpler Incident, taking into consideration its available cash and cash equivalents; expected revenues and operating and capital expenditures for the Company’s other three mines; and estimates of remediation related costs, care and maintenance expenditures at Çöpler over the next twelve months.
Liquidity and Capital Resources The Company continues to analyze its liquidity position subsequent to the Çöpler Incident, taking into consideration its available cash and cash equivalents; expected revenues and operating and capital expenditures for the Company’s other three mines; potential penalties and fines, restitution, and legal obligations; estimates of reclamation and remediation related costs; and care and maintenance expenditures at Çöpler over the next twelve months.
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.
Foreign exchange gain (loss) Foreign exchange loss for the year ended December 31, 2024 was $9.7 million compared to a loss of $105.7 million for the year ended December 31, 2023.
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.
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. As of December 31, 2024, the Company’s reclamation liabilities were $209.9 million.
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.
During the year ended December 31, 2024, the decrease in foreign exchange loss was mainly due to the weakening of the ARS against the USD and its impact on ARS-denominated assets at Puna in 2023 compared to 2024.
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 (used in) provided by financing activities For the year ended December 31, 2024, cash provided by (used in) financing activities was $6.9 million compared to $(182.3) million for the year ended December 31, 2023.
The Company does not include copper, lead, or zinc as they are considered by-products. (2) Excludes depreciation, depletion, and amortization. (3) The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of silver sold to manage and evaluate operating performance at Puna.
The Company does not include by-products in the gold equivalent ounce calculations. (2) Excludes depreciation, depletion, and amortization. (3) The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of silver sold to manage and evaluate operating performance at Puna.
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.
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.
(4) Represents the transaction of integration costs of $1.6 million for the sale of Pitarrilla during the year ended December 31, 2022 and $8.6 million for the acquisition of Alacer during the year ended December 31, 2021. (5) Effective January 1, 2023, the Company no longer adjusts for the fluctuations of foreign exchange gains and losses.
For the year ended December 31, 2022, represents $1.6 million for the sale of Pitarrilla. (6) Effective January 1, 2023, the Company no longer adjusts for the fluctuations of foreign exchange gains and losses.
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.
Refer to the Cash Flows section below for additional detail of the Company’s cash flow activities. The Company held $349.0 million of its cash and cash equivalents balance in USD. Additionally, the Company held cash and cash equivalents of $26.9 million, $9.0 million and $2.4 million in ARS, CAD and TRY, respectively.
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.
Income and mining tax benefit (expense) Income and mining tax expense for the year ended December 31, 2024 was $33.3 million as compared to a benefit of $82.5 million for the year ended December 31, 2023.
Non-GAAP Measure - Cash Costs and AISC The Company uses cash costs per ounce of precious metals sold to monitor its operating performance internally. The most directly comparable measure prepared in accordance with GAAP is Cost of sales .
The World Gold Council is a market development organization for the gold industry. The Company uses cash costs per ounce of precious metals sold to monitor its operating performance internally. The most directly comparable measure prepared in accordance with GAAP is Cost of sales .
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.
General and administrative expense General and administrative expense for the year ended December 31, 2024 was $62.9 million as compared to $67.5 million for the year ended December 31, 2023, a decrease of $4.6 million mainly due to lower employee compensation expense.
(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) 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 is the comparable GAAP financial measure.
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.
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 $57.7 million.
Cost of sales per ounce of gold sold, cash costs per ounce of gold sold, and AISC per ounce of gold sold increased 77.3%, 76.8%, and 73.4% respectively, due to fewer gold ounces sold as the result of lower mill feed grade and higher cost of sales. 107 Puna, Argentina Year Ended December 31, Change Operating Data 2023 2022 2021 2023 (%) 2022 (%) Silver produced ('000 oz) 9,688 8,397 8,010 15.4 % 4.8 % Silver sold ('000 oz) 9,920 7,864 7,810 26.1 % 0.7 % Lead produced ('000 lb) 45,772 41,004 37,695 11.6 % 8.8 % Lead sold ('000 lb) 48,640 38,393 33,378 26.7 % 15.0 % Zinc produced ('000 lb) 7,127 8,583 13,642 (17.0) % (37.1) % Zinc sold ('000 lb) 8,166 6,998 10,751 16.7 % (34.9) % Gold equivalent sold ('000 oz) (1) 119,423 95,207 108,248 25.4 % (12.0) % Average realized silver price ($/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.
AISC per ounce of gold sold increased 6.2% due to care and maintenance expenses incurred during the temporary suspension of operations due to forest fires near the mine during the third quarter of 2024. 110 Puna, Argentina Year Ended December 31, Change Operating Data 2024 2023 2022 2024 (%) 2023 (%) Silver produced ('000 oz) 10,500 9,688 8,397 8.4 % 15.4 % Silver sold ('000 oz) 9,642 9,920 7,864 (2.8) % 26.1 % Lead produced ('000 lb) 53,703 45,772 41,004 17.3 % 11.6 % Lead sold ('000 lb) 49,631 48,640 38,393 2.0 % 26.7 % Zinc produced ('000 lb) 3,641 7,127 8,583 (48.9) % (17.0) % Zinc sold ('000 lb) 3,121 8,166 6,998 (61.8) % 16.7 % Gold equivalent sold ('000 oz) (1) 114,095 119,423 95,207 (4.5) % 25.4 % Average realized silver price ($/oz) $ 29.16 $ 22.82 $ 19.47 27.8 % 17.2 % Ore mined (kt) 2,328 1,926 1,851 20.9 % 4.0 % Waste removed (kt) 5,900 6,240 8,634 (5.4) % (27.7) % Total material mined (kt) 8,228 8,166 10,485 0.8 % (22.1) % Ore milled (kt) 1,862 1,728 1,638 7.8 % 5.5 % Silver mill feed grade (g/t) 181.0 181.1 166.7 (0.1) % 8.6 % Lead mill feed grade (%) 1.37 1.27 1.23 7.9 % 3.3 % Zinc mill feed grade (%) 0.20 0.34 0.49 (41.2) % (30.6) % Silver recovery (%) 96.9 96.3 95.7 0.6 % 0.6 % Lead recovery (%) 95.6 94.3 92.3 1.4 % 2.2 % Zinc recovery (%) 44.2 54.6 48.7 (19.0) % 12.2 % Cost of sales (2) $ 155,659 $ 163,558 $ 137,424 (4.8) % 19.0 % Cost of sales ($/oz silver sold) (2) $ 16.14 $ 16.49 $ 17.48 (2.1) % (5.7) % Cost of sales ($/oz gold equivalent sold) (1, 2) $ 1,364 $ 1,370 $ 1,443 (0.4) % (5.1) % Cash costs ($/oz silver sold) (3) $ 11.64 $ 12.64 $ 13.23 (7.9) % (4.5) % Cash costs ($/oz gold equivalent sold) (1, 3) $ 984 $ 1,050 $ 1,093 (6.3) % (3.9) % AISC ($/oz silver sold) (3) $ 15.56 $ 15.37 $ 15.50 1.2 % (0.8) % AISC ($/oz gold equivalent sold) (1, 3) $ 1,315 $ 1,277 $ 1,280 3.0 % (0.2) % (1) Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period.
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.
See "Non-GAAP Financial Measures" for an explanation of these financial measures and a reconciliation to Cost of sales , which is the comparable GAAP financial measure. 111 Year ended December 31, 2024 compared to the year ended December 31, 2023 Silver production increased 8.4% due to more ore tonnes milled.
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.
Depreciation, depletion and amortization Year Ended December 31, Change 2024 2023 2022 2024 (%) 2023 (%) Depreciation, depletion, and amortization ($000s) $ 130,192 $ 214,012 $ 181,447 (39.2) % 17.9 % Gold equivalent ounces sold 393,216 704,594 617,135 (44.2) % 14.2 % Depreciation, depletion, and amortization per gold equivalent ounce sold $ 331 $ 304 $ 294 8.9 % 3.4 % Depreciation, depletion, and amortization (“DD&A”) expense decreased by $83.8 million, or 39.2%, to $130.2 million for the year ended December 31, 2024 as compared to $214.0 million for the year ended December 31, 2023, primarily due to fewer gold equivalent ounces sold.
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.
The Company’s working capital as of December 31, 2024, together with future cash flows from operations, are expected to be sufficient to fund planned activities and commitments. 113 Cash Flows The following table summarizes the Company’s cash flow activity for the years ended December 31: Year Ended December 31, 2024 2023 2022 Net cash provided by operating activities $ 40,130 $ 421,725 $ 160,896 Cash (used in) provided by investing activities (143,116) (339,261) (236,282) Cash (used in) provided by financing activities 6,918 (182,256) (271,782) Effect of foreign exchange rate changes on cash and cash equivalents (8,544) (96,820) (16,591) Increase (decrease) in cash, cash equivalents and restricted cash (104,612) (196,612) (363,759) Cash, cash equivalents, and restricted cash, beginning of period 492,494 689,106 1,052,865 Cash, cash equivalents, and restricted cash, end of period $ 387,882 $ 492,494 $ 689,106 Cash provided by operating activities For the year ended December 31, 2024, cash provided by operating activities was $40.1 million compared to $421.7 million for the year ended December 31, 2023.
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.
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. 112 Cash and Cash Equivalents At December 31, 2024, the Company had $387.9 million of cash and cash equivalents, a decrease of $104.6 million from December 31, 2023.
(4) 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 London Bullion Market Association (“LBMA”) prices for the period.
Data for zinc production and sales relate only to zinc in zinc concentrate. (4) Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average London Bullion Market Association (“LBMA”) prices for the period.
The 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.
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) 2024 2023 2022 Net income attributable SSR Mining shareholders (GAAP) $ (261,277) $ (98,007) $ 194,140 Interest saving on 2019 Notes, net of tax — — 4,910 Net income (loss) used in the calculation of diluted net income per share $ (261,277) $ (98,007) $ 199,050 Weighted-average shares used in the calculation of net income (loss) per share Basic 202,258 204,714 209,883 Diluted 202,258 204,714 222,481 Net income (loss) per share attributable to SSR Mining shareholders (GAAP) Basic $ (1.29) $ (0.48) $ 0.92 Diluted $ (1.29) $ (0.48) $ 0.89 Adjustments: Effects of the Çöpler Incident (1) $ 320,994 $ — $ — Reclamation costs (2) 14,310 — — Impairment charges (3) 369 340,734 — Devaluation of ARS (4) — 26,074 — Changes in fair value of marketable securities (7,676) (4,221) (602) Loss (gain) on sale of mineral properties, plant and equipment — — 1,501 Transaction and integration costs (5) 1,698 — 1,561 Gain on Kartaltepe acquisition — — (81,852) Foreign exchange loss (gain) (6) — — 32,460 SEC conversion costs — — 1,255 Income tax impact related to above adjustments 1,440 (9,826) (966) Foreign exchange (gain) loss and inflationary impacts on tax balances (12,267) (16,907) (14,128) Impact of income tax rate change in Türkiye — 37,170 — Other tax adjustments (7) — 1,477 11,445 Adjusted net income (loss) attributable to SSR Mining shareholders (Non-GAAP) $ 57,591 $ 276,494 $ 144,814 Adjusted net income (loss) per share attributable to SSR Mining shareholders (Non-GAAP) Basic $ 0.28 $ 1.35 $ 0.69 Diluted (8) $ 0.28 $ 1.29 $ 0.67 119 (1) The effects of the Çöpler Incident represent the following unusual and nonrecurring charges: (1) reclamation costs of $9.0 million and remediation costs of $209.4 million (amounts are presented net of pre-tax attributable to non-controlling interest of $54.6 million); (2) impairment charges of $91.4 million related to plans to permanently close the heap leach pad (amount is presented net of pre-tax attributable to non-controlling interest of $22.8 million); and (3) contingencies and expenses of $11.3 million (amount is presented net of pre-tax attributable to non-controlling interest of $2.8 million).
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.
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. 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 impairment charges were primarily due to non-cash impairment charges of $349.2 million at Çöpler, which are unrelated to the Çöpler Incident, $49.8 million goodwill impairment at Seabee, and $9.8 million non-cash write-offs of capitalized cloud computing arrangement implementation costs.
Impairment of long-lived and other assets for the year ended December 31, 2023 were primarily due to non-cash impairment charges of $349.2 million at Çöpler, which are unrelated to the Çöpler Incident, and $9.8 million non-cash write-offs of capitalized cloud computing arrangement implementation costs. Refer to Note 8 to the Consolidated Financial Statements for further details.
Based on this analysis, the Company believes that its current liquidity position is sufficient to sustain the operational needs for the Company’s three other mines, as well as satisfy remediation related costs, monitoring and care and maintenance efforts at Çöpler, for the next twelve months, at a minimum.
Based on this analysis, the Company believes that its current liquidity position is sufficient to sustain the operational needs for the Company’s three other mines, as well as satisfy reclamation and remediation related costs, monitoring and care and maintenance efforts at Çöpler, for the next twelve months without needing to borrow under its Second Amended Credit Agreement, including after taking into consideration any cash outlays contemplated by the previously announced CC&V transaction.
Cost of sales per ounce of gold sold, cash costs per ounce of gold sold and AISC per ounce of gold sold remained consistent period over period. 106 Seabee, Canada Year Ended December 31, Change Operating Data 2023 2022 2021 2023 (%) 2022 (%) Gold produced (oz) 90,777 136,125 118,888 (33.3) % 14.5 % Gold sold (oz) 83,610 133,500 118,746 (37.4) % 12.4 % Average realized gold price ($/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.
AISC per ounce of gold sold increased 26.8% due to higher cash costs per ounce of gold sold, partially offset by lower sustaining capital expenditures compared to 2023, which reflected the purchase of four haul trucks. 109 Seabee, Canada Year Ended December 31, Change Operating Data 2024 2023 2022 2024 (%) 2023 (%) Gold produced (oz) 78,545 90,777 136,125 (13.5) % (33.3) % Gold sold (oz) 81,070 83,610 133,500 (3.0) % (37.4) % Average realized gold price ($/oz sold) $ 2,362 $ 1,965 $ 1,833 20.2 % 7.2 % Ore mined (kt) 365 443 425 (17.6) % 4.1 % Ore milled (kt) 366 445 414 (17.8) % 7.6 % Gold mill feed grade (g/t) 6.93 6.62 10.36 4.7 % (36.1) % Gold recovery (%) 96.4 96.7 98.0 (0.3) % (1.3) % Cost of sales (1) $ 77,846 $ 82,898 $ 74,679 (6.1) % 11.0 % Cost of sales ($/oz gold sold) (1) $ 960 $ 991 $ 559 (3.1) % 77.3 % Cash costs ($/oz sold) (2) $ 961 $ 992 $ 561 (3.1) % 76.8 % AISC ($/oz sold) (2) $ 1,515 $ 1,427 $ 823 6.2 % 73.4 % (1) Excludes depreciation, depletion, and amortization.
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.
Other operating expenses (income), net Other operating expenses (income), net for the year ended December 31, 2024 were $37.2 million as compared to $1.3 million for the year ended December 31, 2023.
Revenue increased by $82.5 million, or 41.3%, of which $51.4 million was the result of higher volume of concentrate sold and $36.7 million was the result of higher average realized silver and lead price, partially offset by a $5.6 million decrease as a result of lower average realized zinc price.
Revenue increased by $48.6 million, or 17.2%, of which $61.8 million was a result of higher average realized silver and zinc prices, partially offset by $3.0 million as a result of lower average realized lead price and $10.0 million due to lower volume of concentrate sold.
The adjustment only impacts the AISC calculation and does not impact Exploration, evaluation and reclamation costs or Net income (loss) attributable to SSR Mining shareholders in the Company's Consolidated Statements of Operations.
The adjustment only impacts the AISC calculation and does not impact Reclamation and remediation costs or Net income (loss) attributable to SSR Mining shareholders in the Company's Consolidated Statements of Operations. (3) Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period.
The 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.
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) 2024 2023 2022 Net income attributable to SSR Mining shareholders (GAAP) $ (261,277) $ (98,007) $ 194,140 Net income (loss) attributable to non-controlling interests (91,305) (22,218) 16,288 Depreciation, depletion and amortization 130,192 214,012 181,447 Interest expense 13,028 16,616 19,116 Income and mining tax expense (benefit) 33,302 (82,534) 30,068 EBITDA (non-GAAP) (176,060) 27,869 441,059 Effects of the Çöpler Incident (1) 401,242 — — Reclamation costs (2) 14,310 — — Impairment charges (3) 369 411,398 — Devaluation of ARS (4) — 26,074 — Changes in fair value of marketable securities (7,676) (4,221) (602) Loss (gain) on sale of mineral properties, plant and equipment — — 1,501 Transaction and integration costs (5) 1,698 — 1,561 Gain on acquisition of Kartaltepe — — (81,852) Foreign exchange loss (gain) (6) — — 32,460 SEC conversion costs — — 1,255 Adjusted EBITDA (non-GAAP) $ 233,883 $ 461,120 $ 395,382 (1) The effects of the Çöpler Incident represent the following unusual and nonrecurring charges: (1) reclamation costs of $11.2 million and remediation costs of $261.7 million; (2) impairment charges of $114.2 million related to plans to permanently close the heap leach pad; and (3) contingencies and expenses of $14.1 million.
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 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.
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.
Cost of sales Cost of sales decreased by $290.1 million, or 36.1%, to $514.0 million for the year ended December 31, 2024, as compared to $804.1 million for the year ended December 31, 2023.
The followin g MD&A discusses the Company ’ 's consolidated financial condition and results of operations for the years ended 2023 and 2022 and year-over-year comparisons between 2023 and 2022.
The following MD&A discusses the Company's consolidated financial condition and results of operations for the years ended 2024 and 2023 and year-over-year comparisons between 2024 and 2023. Discussions of the consolidated financial condition and results of operations for the year ended 2022 an d year-over-year comparisons between 2023 and 2022 are included in Item 7.
A change in the recovery rate or the quantity of recoverable gold ounces in stockpiled ores on leach pad inventories could materially impact the financial statements. Mineral reserves Recoverable proven and probable reserves are the part of a mineral deposit that can be economically and legally extracted or produced at the time of the reserve determination.
A change in the recovery rate or the quantity of recoverable gold ounces in stockpiled ores on leach pad inventories could materially impact the financial statements.
The Company continues to progress on its assessment of Pillar Two exposures and expects to complete its initial assessment in the first of half of financial year 2024. 104 Results of Operations Çöpler, Türkiye Year Ended December 31, Change Operating Data 2023 2022 2021 2023 (%) 2022 (%) Gold produced (oz) 220,999 191,366 329,276 15.5 % (41.9) % Gold sold (oz) 225,599 192,811 333,761 17.0 % (42.2) % Average realized gold price ($/oz sold) $ 1,945 $ 1,826 $ 1,800 6.5 % 1.4 % Ore mined (kt) 4,501 3,161 9,750 42.4 % (67.6) % Waste removed (kt) 25,197 17,311 15,015 45.6 % 15.3 % Total material mined (kt) 29,698 20,472 24,765 45.1 % (17.3) % Ore milled (kt) 2,733 2,068 2,325 32.2 % (11.1) % Gold mill feed grade (g/t) 2.56 2.86 3.71 (10.5) % (22.9) % Gold recovery (%) 87.5 87.0 91.0 0.6 % (4.4) % Ore stacked (kt) 813 459 1,786 77.1 % (74.3) % Gold grade stacked (g/t) 1.36 1.06 1.24 28.3 % (14.5) % Cost of sales (1) $ 268,628 $ 189,825 $ 264,889 41.5 % (28.3) % Cost of sales ($/oz gold sold) (1) $ 1,191 $ 985 $ 794 20.9 % 24.1 % Cash costs ($/oz gold sold) (2) $ 1,175 $ 969 $ 578 21.3 % 67.6 % AISC ($/oz gold sold) (2) $ 1,433 $ 1,328 $ 713 7.9 % 86.3 % (1) Excludes depreciation, depletion, and amortization.
The Company does not anticipate exposure to taxes under Pillar Two for the 2024 tax year as the jurisdictions it operates in have an effective tax rate greater than the 15% or meet the routine profits test. 107 Results of Operations Çöpler, Türkiye Year Ended December 31, Change Operating Data 2024 (1) 2023 2022 2024 (%) 2023 (%) Gold produced (oz) 28,206 220,999 191,366 (87.2) % 15.5 % Gold sold (oz) 30,382 225,599 192,811 (86.5) % 17.0 % Average realized gold price ($/oz sold) $ 2,103 $ 1,945 $ 1,826 8.1 % 6.5 % Ore mined (kt) 266 4,501 3,161 (94.1) % 42.4 % Waste removed (kt) 3,571 25,197 17,311 (85.8) % 45.6 % Total material mined (kt) 3,837 29,698 20,472 (87.1) % 45.1 % Ore milled (kt) 343 2,733 2,068 (87.4) % 32.1 % Gold mill feed grade (g/t) 2.39 2.56 2.86 (6.6) % (10.5) % Gold recovery (%) 78.9 87.5 87.0 (9.8) % 0.5 % Ore stacked (kt) 184 813 459 (77.4) % 77.2 % Gold grade stacked (g/t) 1.17 1.36 1.06 (14.0) % 28.4 % Cost of sales (2) $ 36,215 $ 268,628 $ 189,825 (86.5) % 41.5 % Cost of sales ($/oz gold sold) (2) $ 1,192 $ 1,191 $ 985 0.1 % 20.9 % Cash costs ($/oz gold sold) (3) $ 1,222 $ 1,175 $ 969 4.0 % 21.3 % AISC ($/oz gold sold) (3) $ 3,814 $ 1,433 $ 1,328 166.2 % 7.9 % (1) Operations at Çöpler were suspended on February 13, 2024 following the Çöpler Incident and have not restarted.
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.
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, 2023 filed with the Securities and Exchange Commission (“SEC”) on February 27, 2024.
Revenue decreased by $80.3 million, or 32.8%, of which $91.3 million was the result of lower volume of gold sold partially offset by a $11.0 million increase as a result of higher average realized gold price.
Revenue decreased by $129.2 million or 24.0%, of which $211.0 million was the result of fewer gold ounces sold partially offset by a $81.8 million increase due to higher average realized gold price in 2024.
AISC per ounce of gold sold increase d 7.9% due to higher cash costs per ounce of gold sold and higher sustaining capital expenditures, partially offset by care and maintenance costs incurred during the temporary suspension of operations in the three months ended September 30, 2022. 105 Marigold, USA Year Ended December 31, Change Operating Data 2023 2022 2021 2023 (%) 2022 (%) Gold produced (oz) 278,488 194,668 235,282 43.1 % (17.3) % Gold sold (oz) 275,962 195,617 236,847 41.1 % (17.4) % Average realized gold price ($/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.
Care and maintenance expense of $108.7 million was recorded which represents direct costs not associated with the environmental reclamation and remediation costs and depreciation. 108 Marigold, USA Year Ended December 31, Change Operating Data 2024 2023 2022 2024 (%) 2023 (%) Gold produced (oz) 168,262 278,488 194,668 (39.6) % 43.1 % Gold sold (oz) 167,669 275,962 195,617 (39.2) % 41.1 % Average realized gold price ($/oz sold) $ 2,438 $ 1,950 $ 1,783 25.0 % 9.4 % Ore mined (kt) 27,690 21,846 18,061 26.8 % 21.0 % Waste removed (kt) 72,028 74,800 72,166 (3.7) % 3.6 % Total material mined (kt) 99,718 96,646 90,227 3.2 % 7.1 % Ore stacked (kt) 27,690 21,846 18,061 26.8 % 21.0 % Gold grade stacked (g/t) 0.28 0.45 0.56 (37.8) % (18.8) % Cost of sales (1) $ 244,312 $ 289,063 $ 206,014 (15.5) % 40.3 % Cost of sales ($/oz gold sold) (1) $ 1,457 $ 1,047 $ 1,053 39.2 % (0.6) % Cash costs ($/oz gold sold) (2) $ 1,459 $ 1,049 $ 1,056 39.1 % (0.7) % AISC ($/oz gold sold) (2) $ 1,711 $ 1,349 $ 1,378 26.8 % (2.1) % (1) Excludes depreciation, depletion, and amortization.
Cost of sales per ounce of gold sold and cash costs per ounce of gold sold increase d 20.9% and 21.3%, resp ectively, due to higher cost of sales as discussed above and lower grade sulfide ore milled.
Cost of sales per ounce of gold sold and cash costs per ounce of gold sold decreased 3.1% and 3.1%, respectively, due to higher grade ore milled.
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.
When deriving the cost of sales associated with an ounce of precious metal, the Company includes by-product credits, which allows management and other stakeholders to assess the net costs of gold and silver production. AISC includes total Cost of sales incurred at the Company’s mining operations, which forms the basis of cash costs.
Some of these tax regimes are defined by contractual agreements with the local government, while others are defined by general tax laws and regulations.
Some of these tax regimes are defined by contractual agreements with the local government, while others are defined by general tax laws and regulations. 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.
See Currency Risk in Item 7A. Quantitative and Qualitative Disclosures About Market Risk for further details. (3) Represents the transaction of integration costs of $1.6 million for the sale of Pitarrilla during the year ended December 31, 2022 and $8.6 million for the acquisition of Alacer during the year ended December 31, 2021.
See Currency Risk in Item 7A. Quantitative and Qualitative Disclosures About Market Risk for further details. (5) For the year ended December 31, 2024, represents the transaction costs of $1.7 million related to the CC&V transaction, which is expected to close in the first quarter of 2025.
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.
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, growth capital is excluded.
Cost of sales increased by $26.1 million, or 19.0%, as a result of more silver ounces sold. Cost of sales and cash costs per ounce of silver sold decreased by 5.7% and 4.5%, respectively, due to higher grade ore milled. AISC per ounce of silver sold remained consistent period over period.
Cost of sales decreased by $7.9 million, or 4.8%, due to a lower strip ratio and fewer silver ounces sold. Cost of sales per ounce of silver sold remained consistent period over period.
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.
Reclamation and remediation costs Reclamation and remediation costs for the year ended December 31, 2024 were $296.9 million as compared to $8.7 million for the year ended December 31, 2023. Reclamation and remediation costs increased by $288.2 million mainly due to reclamation and remediation costs related to the Çöpler Incident.
Year ended December 31, 2023 compared to the year ended December 31, 2022 Gold production decreased 33.3% due to lower grade ore milled and lower recoveries during 2023.
Year ended December 31, 2024 compared to the year ended December 31, 2023 Gold production decreased 39.6% due to lower grade ore stacked, partially offset by more ore tonnes stacked.
In such instances, the Company may elect to borrow under the Second Amended Credit Agreement or seek alternate sources of capital.
The Company anticipates funding the initial cash payment of the CC&V transaction using cash on hand. The Company may still elect to borrow under the Second Amended Credit Agreement or seek alternate sources of capital for any liquidity needs.
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.
The Company does not include by-products in the gold equivalent ounce calculations. 104 Revenue For the year ended December 31, 2024, revenue decreased by $431.3 million, or 30.2%, to $995.6 million as compared to $1,426.9 million for the year ended December 31, 2023.
The increase was mainly due to a 12.1% increase in gold ounces sold at a 7.6% increase in average realized gold price and a 26.1% increase in silver ounces sold at a 17.2% increase in average realized silver price.
The decrease was mainly due to a 52.3% decrease in gold ounces sold, or $596.9 million, and a 2.8% decrease in silver ounces sold, or $6.4 million, partially offset by a 22.0% increase in average realized gold price, or $120.1 million, and a 27.8% increase in realized silver price, or $61.1 million.
The increase in cash provided by operating activities is mainly due to a 7.6% higher average realized gold price in 2023 as compared to 2022, an increase in sales in 2023 at Marigold, Puna and Çöpler, partially offset by lower sales at Seabee.
The decrease in cash provided by operating activities is mainly due to a 44.2% decrease in gold equivalent ounces sold as well as an increase in expenditures for remediation and care and maintenance primarily related to the suspension of operations at Çöpler, partially offset by a favorable working capital change and a 22.0% higher average realized gold price in 2024 as compared to 2023.
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.
The expenses incurred during 2023 were primarily related to the loss on the sale of assets of $0.8 million and transaction and integration costs of $0.4 million. Interest expense Interest expense for the year ended December 31, 2024 was $13.0 million as compared to $16.6 million for the year ended December 31, 2023.
At this time, the Company is not able to estimate or predict when it will resume operations at Çöpler. The oxide heap leach represented approximately 11.0% of total production and total revenue at Çöpler for the year ended December 31, 2023.
Following the Çöpler Incident, the heap leach pad will be permanently closed, and heap leach processing will no longer take place at Çöpler. At this time, the Company is not able to estimate or predict when it will resume operations at Çöpler.
(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.
(2) Care and maintenance expense only includes direct costs not associated with environmental reclamation and remediation costs, as depreciation is not included in the calculation of AISC. (3) Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeThe 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.
Biggest changeThe 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. 127 At December 31, 2024 and 2023, the Company was primarily exposed to currency risk through the following financial assets and liabilities denominated in foreign currencies: December 31, 2024 (in thousands) TRY CAD ARS Financial assets Cash and cash equivalents $ 2,427 $ 8,975 $ 26,948 Marketable securities — 643 30,218 Accounts receivable and other financial assets (1) 22,921 511 19,211 Financial liabilities Trade and other payables (16,532) (14,034) (7,522) Lease liabilities (1) (7,301) (803) — Other financial liabilities — — — $ 1,515 $ (4,708) $ 68,855 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 (1) Includes current and non-current portion.
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.
However, the 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.
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.
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, 2024.
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.
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, 2024.
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.
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, 2024.
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.
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, 2024, on the Company's net income based on the above net financial assets and liabilities.
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.
As of December 31, 2024, 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.
The Company's overall risk management strategy seeks to reduce potential adverse effects on its financial performance. Risk management is carried out under policies approved by the Board of Directors.
The Company's overall risk management strategy seeks to reduce potential adverse effects on its financial performance. Risk management is carried out under policies approved by the Board.
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, 2024, 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, 2024 by $2.7 million.
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.
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, 2024, with all other variables held constant, would have resulted in a $13.5 million increase or decrease to the Company's after-tax net income, respectively.
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.
As of December 31, 2024, 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, 2024 TRY $ (138) CAD $ 428 ARS $ (6,260) 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.
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.
With other variables unchanged, a 1.0% change in the annualized interest rate would impact the Company's after-tax net income by $2.0 million and $3.1 million for the years ended December 31, 2024 and December 31, 2023, 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.
As of December 31, 2024 and 2023, the weighted average interest rate earned on the Company's cash and cash equivalents wa s 4.36% and 4.67%, respectively.
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
In addition, the Company uses surety bonds to support certain environmental bonding obligations. As of December 31, 2024 and 2023, the Company had surety bonds totaling $153.0 million and $142.7 million, respectively, outstanding. 129
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's maximum exposure to credit risk as of December 31, 2024 and 2023 was as follows (in thousands): December 31, 2024 2023 Cash and cash equivalents $ 387,882 $ 492,393 Trade receivables 78,621 91,339 Value added tax receivable 24,191 31,087 Restricted cash 1 101 Other current and non-current financial assets 28,545 26,593 $ 519,240 $ 641,513 As of December 31, 2024, no amounts were held as collateral except those discussed above related to other financial assets.
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.
All of our foreign operations use the USD as the functional currency and local currency monetary assets and liabilities are remeasured into USD with gains and losses resulting from foreign currency transactions included in current results of operations. 126 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
All of our foreign operations use the USD as the functional currency and local currency monetary assets and liabilities are remeasured into USD with gains and losses resulting from foreign currency transactions included in current results of operations.

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